These are the steps I used to get Ubuntu ARM aarch64 running with QEMU latest 5.0.0
Get Ubuntu Image and QEMU EFI:
wget https://cloud-images.ubuntu.com/releases/16.04/release/ubuntu-16.04-server-cloudimg-arm64-uefi1.img
wget https://releases.linaro.org/components/kernel/uefi-linaro/latest/release/qemu64/QEMU_EFI.fd