Update and clarification of the preliminary notice to market

Projet Cadence Rail s.e.c. (“Cadence”) is publishing this document (the “Update”) to clarify and update certain information presented in the June 23, 2026 Preliminary Notice to Market concerning the Central Segment of the Alto Project (the “PNM”). The PNM outlined the overall procurement strategy, the proposed work packaging, and the principal delivery models. It also stated that these elements were preliminary and could be amended, supplemented, or clarified as the Project evolved, further analysis was completed, and additional consultations were held. Since then, consideration of the Project has continued. The multi-criteria assessments conducted, together with the questions, comments, and suggestions received during the information sessions held on July 8, 9, and 10 and through market soundings relating to certain work packages, have helped refine some of the directions initially presented. This Update reflects those developments and Cadence’s intention to consider the views expressed by the market. It should therefore be read together with the PNM. More specifically, the Update is intended to: (i) describe changes to the Central Segment work packaging and to the delivery models contemplated for the various work packages; and (ii) clarify the principles applicable to consortium formation.