2018 Annual Meeting Addresses & Presentations

Serko Limited, Saatchi Building, Unit 14D 125 The Strand, Parnell, Auckland, New Zealand
PO Box 47-638, Ponsonby, T: +64 9 309 4754, company.secretary@serko.com
Incorporated in New Zealand ARBN 611 613 980




Market Release

22 August 2018


Serko Limited – 2018 Annual Meeting Addresses & Presentations

The attached addresses and presentation will be given today at Serko’s Annual Meeting which
is to commence at 2.00pm and is being held at Link Market Services, Level 11, Deloitte Centre,
80 Queen Street, Auckland, New Zealand.

1. 2018 Serko Limited – Chair and CEO’s Address
2. 2018 Serko Limited – Presentation

The meeting is also being webcast at: http://www.ustream.tv/channel/jGdxWLD2DGS



ENDS

For investor relations queries please contact:
Susan Putt, Chief Financial Officer, Serko
+64 9 309 4754
investor.relations@serko.com

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Serko Limited - 2018 Annual Shareholder Meeting
Chairman’s Address
Strategic Goals Slide: Delivery against our strategy for FY18
Serko is transforming the way businesses manage travel and expenses by pursuing a
three-pronged strategy of:
• Being a technology leader – we have a clear vision of what the future of
corporate travel looks like. Our tech delivers tangible benefits such as
compliance with corporate travel policy, pre-approvals, the sourcing of
content from many providers to provide choice and value as well as our
integrated expense management offering and associated reporting. We aspire
to be the world leader in this space with Zeno, our new premium product.
• Growing our customer base - by expanding into new territories through
strategic alliances as well as reaching the under-served small and medium
sized enterprise (SME) market; and
• Increasing average revenue per booking (ARPB) - by offering a broader range
of content throughout the entire customer journey including transfers and
other modes of transport such as rail. We are also progressing the transition
of our customers onto Zeno, our premium offering packed with additional
features which will include predictive booking and voice recognition booking
via our chatbot.
We have made good progress on all three fronts. More importantly, our success has
contributed to significant improvements in financial performance in the 2018 financial
year.
Technology Innovation:
At last year’s Annual Meeting we demonstrated Zeno and I’m pleased to report that
Zeno has now been successfully deployed into general release. We now have over

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two hundred of our corporate and government entities booking and managing travel
via Zeno; and we commenced globalising this technology for launch into new markets.
White-labelled self-service travel booking portals (serko.travel) launched by our Travel
Management Company (TMC) partners, included Corporate Traveller and Helloworld
Business Travel.
Growing the Customer Base:
We have succeeded in signing up TMC’s in international markets to roll out Zeno to
their customers. In February 2018 we announced that ATPI signed an agreement to
resell Zeno in more than 50 countries.
A new customer to Serko in FY18, Tandem Travel, Air New Zealand’s TMC, also began
migrating customers to Zeno. Darrin will speak to other contracts signed post year-
end.
Growing Average Revenue per Booking:
Key to achieving a higher ARPB is the transition of customers to Zeno, which achieves
a higher pricing schedule than Serko Online, as well as creating an uplift in attachment
rates from the availability of our ‘market place’ content. When elements of this range
of content are booked via Zeno, this results in Serko receiving commission in addition
to the traditional booking fee.
In 2018, Serko achieved a 72% increase in supplier commissions. We continued to
increase our content sources during the year and added HRS Hotels, GTA Hotels and
Hotel Hub.
All three key elements of strategy contributed to Serko’s financial performance for the
year ended March 2018 and this is demonstrated in the next slide.
Performance Dashboard Slide
Our performance dashboard shows the key metrics we monitor for the 2018 financial
year. We recorded a maiden profit of $2.0 million Net Profit Before Tax which was

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higher than our initial target of breaking-even for the financial year. This represents a
turnaround of $5.3 million from the prior year loss of $3.3 million.
Operating Revenue increased 28% to $18.3 million. Recurring revenue of $16.4 million
represented an increase of 27% over the prior year and, in aggregate, represented
90% of operating revenue. Of this increase, Travel platform revenue grew by 23%,
Expense platform revenue grew by 37% and, as mentioned earlier, supplier
commission revenue grew by 72%. Services revenue, while not recurring revenue,
grew 35%.
Total income, including grants, was $19.3 million for the year.
Peak Annualised Transactional Monthly Revenue (ATMR), a representative indicator
of future recurring revenue, grew 24% to $18.4 million and was up 20% over the end
of year ATMR reported last year of $15.3 million.
Online bookings were up 20% year-on-year.
Economies of scale were achieved with operating costs down 6%, primarily as a result
of holding staff costs to the same level as at the end of the prior year.
R&D Costs were 16% lower with a minimal share of the costs capitalised at $0.4 million
of the total $4.9 million spend.
A more detailed analysis of the financial performance is included in the Annual Report.
This strong performance was recognised by the market with the share price of Serko
rising from a low of 29 cents on 31 March 2017 to $2.45 a year later. An increase of
745% over the financial year.
Since announcing our 2018 financial year results, and more recent announcements,
our share price has continued to climb and has hit a high of $3.08 in May 2018. We
know this has been a bumpy ride for our shareholders, however we are now trading
at a healthy multiple of our IPO price of $1.10 in June 2014. Such is the level of interest
in and support for Serko that our recent capital raise was heavily over-subscribed.

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Outlook FY19 Slide
In terms of current trading trends, after announcing new Zeno contract signings, we
recently updated previous guidance from revenue growth of an increase of 15-30%
year-on-year to a revised range of 20-30%. We continue to expect that we will achieve
EBITDA in-line with the prior year.
We continue to experience solid transactional travel booking growth, as well as
expense platform revenue growth. Peak ATMR, for the first quarter of the 2019
financial year was $18.8 million.
Cash balances at the end of July, before the recent capital raise, were $4.7 million
against $5.2 million at 31 March 2018. The decline largely represents the ASX listing
fees and incentive payments relating to the 2018 financial year with other operating
cashflows largely break-even on a year-to-date basis for the 2019 financial year.
Governance Updates Slide
ESG Reporting:
During the last financial year, Serko assessed its ESG (environmental, social and
governance) reporting requirements in line with the NZX Governance Code
recommendations. To that end we produced our first ESG report, and that can be
found on Serko’s website. That report includes Serko goals on environmental, social
and governance objectives for the Company, and follows the UN Sustainable
Development Goals. Serko is committed to both long-term value creation and making
positive improvements in social, economic and environmental outcomes, and we will
continue to evolve our ESG strategy.
We have made a concerted effort to better communicate with our stakeholders over
the past year – including simplified and clearer reporting of our key strategic
measures, providing more detailed analysis of our financial results in the Annual
Report, as well as providing the ESG report. This effort was recognised when Serko
was nominated as a finalist in the NZX Emerging Leaders Best Investor Relations
category at the 2018 INFINZ Awards.

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We broadened our investor communication programme to include investor roadshow
presentations outside of New Zealand, and this year we completed visits to Melbourne
and Sydney on the release of our full-year results in May 2018.

ASX Listing and Subsequent Capital Raise:
In June 2018, Serko dual-listed on the ASX as a Foreign Exempt Listing. This
generated significant additional institutional demand for Serko shares out of
Australia and we recently completed a capital raise of $15 million which, as I
mentioned, was heavily oversubscribed. The proceeds have bolstered our working
capital position and strengthened our balance sheet considerably, giving Serko
greater flexibility to both accelerate organic growth opportunities and execute
potential acquisitions. These include:

• Undertaking investments to drive revenue growth, such as establishing sales
and support functions in new international markets;
• Accelerating product development and integration of local content and
functionality in international markets which are required in order to appeal
to a wider range of TMCs and corporate users; and
• Providing funding capacity for potential acquisitions that deliver additional
customers, development capability and in-market infrastructure, facilitating
and enhancing the pace of Serko’s expansion into new geographies.

Additionally, the capital raising served to increase Serko's free float; provide greater
liquidity for investors; and broaden the investor-base by introducing new
shareholders. We were very pleased that the issue attracted many new institutional
shareholders (primarily from Australia); that the issue was completed at a very tight
discount to the prevailing trading price; and that the buying interest followed
through in the after-market with a number of buyers in the placement increasing
their holdings on-market.

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Retail shareholders were invited to register their interest with their broker and 20%
of the placement was allocated to retail. Some shareholders would have preferred a
rights issue so that the offer was open to all shareholders. The Board acknowledges
that rights issues can be preferable in some situations (and may well be for Serko in
the future), and the Board certainly considered all the options but chose a placement
as:
• Widening the base of investors was a very important objective of the
capital raising. Greater institutional interest in Serko creates better
liquidity, better pricing and potentially better broker research coverage.
These are benefits to all investors, particularly retail. A rights issue could
not achieve these objectives to anywhere near the same extent
• A wider shareholder-base also makes it easier to raise money in the
future should continued growth require that. The reality is that at some
point we were going to need to widen our shareholder base. We have
managed to achieve this now and with almost no value dilution (3.2%). A
very good outcome.
• Based on history, there was a material risk of a low level of uptake by
retail investors in a rights issue. Given the thinness of any market for the
rights and the small parcels that would have existed, non-participating
investors (mainly retail) would likely have been significantly worse-off as
the discount would have been significantly greater. We were very aware
of this risk and of the very low levels of interest in the retail Share
Purchase Plan undertaken by Serko when we raised capital at 82 cents a
couple of years ago.
• It would have been difficult to generate genuine demand from Australian
institutions if we had gone down the rights issue route as there’s no
guarantee they would have been able to access stock. A rights issue might
have resulted in the perpetuation of a narrow set of investors on the
Serko register with little or no follow-on buying in the market.

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• The tight placement discount of 3.2%, which is almost half of the average
discount of capital raises in last three years and compares favourably to
on average -17% discounts for placements under $50m over that time.
This provided extremely positive signalling to the market – once again
supporting value. The underwriting costs for a discounted rights issue
would also have been significantly higher.
We think the capital raising has created a great outcome for shareholders and,
whilst we acknowledge that retail shareholders who did not participate in the issue
were diluted, we feel that the resultant share register and the market trading price
justifies our approach. Faced with a different situation and objectives in the future
we may choose a rights issue.

The 2018 financial year has been a great year for Serko and we confidently look
forward to the next year. On behalf of the Board I would like to acknowledge and
thank the entire Serko Team for their hard work and dedication to deliver to our
financial goals, whilst also delivering high standards of customer service and
innovation over the past year. Importantly all this was achieved in an environment
with a strong health and safety record.

I’ll now invite Darrin Grafton, CEO, to address you. At the conclusion of Darrin’s
presentation, we will allow questions before we move to the formal business of the
meeting where you will also get the opportunity to ask questions on the particular
resolutions.

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CEO’s Presentation
CEO’s Presentation Slide
Thanks Simon. Welcome everyone.
Firstly 2018 was a break-through year for Serko and to finish the year as New Zealand’s
top performing stock is a credit to an amazing team, our customers and suppliers. But
most of all we want to thank you, our, shareholders for your continued support.
For me the highlight of the last year has been the realisation of our original vision of
creating an integrated travel platform that caters to the variety of stakeholders in the
end-to-end corporate travel and expense process without any of the stakeholders
having to compromise. That vision became a reality with the launch of Zeno and our
Content Marketplace. It is exciting and gratifying to see the global interest in Zeno
and the opportunity this creates for Serko.
During 2018 we enhanced our team by recruiting incredibly talented and
accomplished new people that will help us take this product and strategy global.

Executive Changes Slide
Since last year, Tony D’Astolfo, former Chief Commercial Officer of Deem has joined
as Senior VP, North American Market and is working along-side Richard Miller, former
executive from NuTravel. Murray Warner, who was a long-time employee of Concur
has joined us as Head of Australasia. John Challis, our previous Australian head has
become our Head of Business Development. Last year I introduced our new COO and
CFO, Charlie Nowaczek and Susan Putt. Together with my fellow co-founder Bob
Shaw, introduced earlier by Simon, this is our new executive team.

Collectively we are excited about our future and are aiming to repeat our success in
the Australasian market in the wider Northern Hemisphere markets.

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Serko Solutions Slide
Just a quick recap for new investors. Serko is a Software as a Service (SaaS) or cloud-
based corporate travel and expense management solution provider.
Our purpose remains to transform the way businesses manage travel and expenses.
We provide a variety of products including Serko Online, Serko Expense and Serko
Mobile. Zeno is our new connected product bringing together the functionality of
Serko Online and Serko Expense along with a Marketplace for additional services used
by travellers.

The Connected Traveller Slide
I believe that Zeno will revolutionise the world of online travel and expense through a
connected Marketplace. Designed around the seven phases of travel – Fly, Stay, Move,
Eat, Work, Play and Rest. Zeno keeps business travellers connected with their
organisation’s preferred suppliers from pick-up to drop-off.
With Zeno, our philosophy is “no more compromise”. This is enabled through the 4
pillars that make up our eco-system:
• By providing the booker/traveller with a rich consumer experience.
• By giving the corporation more visibility and savings across their spend and
Duty of Care / governance controls via a truly connected platform.
• For the Travel Management Company, by providing an online booking tool that
is customized for their value proposition and has the ability to generate new
revenues as they activate more of the market place suppliers.
• And for the suppliers, by giving them what they want in an enterprise solution
with the ability to show their product as they do within their own consumer
sites today.

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We have built a solution where no parts of the core eco-system are compromised and
through this change we are building not just a product, we are now building a global
connected community.
Corporate travel is not like leisure travel. Corporate travel is complex, completed
under policy rules by employees who regularly need to change their travel, where
disruption and change occurs for almost 30% of all bookings. By creating the
connected Marketplace, we not only enable the booking of this content, but will
increasingly develop technology to manage the downstream impact of delays,
disruption and general changes across all parts of the journey.
When we looked at this connected traveller we realized by creating the seven core
modes or states that we go through we could bring this vision to life. Fly, Stay, Move,
Eat, Work, Play, Rest are modes that can also enable Serko to make money across the
entire journey which is aligned to our strategy of growing our average revenue per
booking.
Commercial Model Slide
We aim to grow recurring revenue whilst controlling costs such that the profit margin
grows over time. Our primary revenue source is travel platform revenue for which
Serko receives a booking fee for every booking completed in Serko Online or Zeno. If
the traveller books a hotel or another travel-related service during that booking, then
Serko can earn supplier-paid commissions in addition to the flat booking fee. If the
traveller also completes an expense submission via the expense platform, we receive
a monthly user fee which contributes to our expense platform revenue. If the traveller
uses other ancillary services, like Mobile, then we receive a license fee, and this
contributes to other revenue sources.
These revenue sources we classify as recurring revenue. While services revenue will
continue to be earned by Serko, it is primarily related to one-off services.
We earn services revenue from customers and suppliers. For example, TMC’s pay us
to integrate with Serko, and customise their version of Zeno. Suppliers also pay us to
have their content or services connected to the Serko Marketplace.

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Strategic Update Slide
As Simon mentioned, our strategy has three core elements and I will use these to
update on activities that have occurred since the end of the financial year or are
currently in progress.
• We aim to deliver market-leading technological innovations to underpin our
platform for global expansion.
o Serko was recognized as one of the top innovators by Skift, an industry
leading travel media company, in their 2018 Corporate Travel
Innovators List. We were also again nominated as a finalist for both the
NZ Hi-Tech Awards, Company of the Year Award and Most Innovative
Hi-Tech Service Award. Furthermore, Serko was recognized in the Air
New Zealand Cargo Export NZ Awards for Excellence in Innovation this
year.
o As announced in May 2018, a strategic partnership with Qantas
enabled Serko to become the first NDC level 3 certified online booking
and expense tool. NDC or New Distribution Capability is a direct
connect to the airlines own system and enables a newer, more modern
consumer experience across the purchasing of air travel.
The future state of these new airline connections will bring benefits
around how we display air availability, make and change bookings,
purchase airfares with the use of loyalty points as well as exciting user-
orientated features that simplify the travel process.
We believe this tech platform, its features and simplicity make Serko a
global leader. Serko continues to work on making Zeno even smarter
and more intuitive through the use of artificial intelligence (AI) and our
chat bot “Ask Zeno”.

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• We seek to grow our customer base.
o We announced Orbit World Travel (House of Travel’s corporate arm) as
a new TMC reseller on 4 July. We are currently working on their
customised solution “Orbit Online” powered by Zeno and they will
commence rollout to their customers in the second half of this financial
year. We expect full migration to be completed within the FY20
financial year and will contribute to Serko’s expected growth for FY20.
o Tandem has completed the transition of the majority of their
customers to Zeno.
o Based on transactional volume for the first quarter of the 2019 financial
year, Serko now has agreements with ~65% of its customer base to
enable transition to Zeno from Serko Online.
We recently announced that Flight Centre is also committed to building
their own version of our tech, to be known as “Savi” and we expect to
launch next month. Flight Centre are also renewing their contract for
a further four years, endorsing Serko as a provider.
o Progress has been made on Northern Hemisphere expansion with the
first live transactions in the UK commencing in July. This included the
addition of British Rail bookings within Zeno as well as connections to
other UK air suppliers. ATPI are now activating that market using Zeno.
This is still in its early stage of rollout as we closely monitor how the
technology works using an iterative Agile approach. Pleasingly, the
feedback has been very positive from our first customer. Plans are
currently being made to scope the content requirements for other
counties in Europe as we expand the offering to meet the ATPI
contract.

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o We have signed two TMCs in Canada, being Voyages Travel Encore and
Custom Travel Solutions. We expect to start the rollout of these
Canadian sites shortly.
o We have also recently announced Flight Centre’s intention to extend
its Serko offering to include Canada, the United States and Mexico.
• We seek to grow our average revenue per booking and we do this by adding
to our market place, as well as signing TMCs to Zeno.
o The commitment to rollout customised versions of Zeno within Flight
Centre, Tandem and Orbit will add to both Serko’s transaction growth
as well as increasing average revenue per booking.
o Serko has completed its integration with RoomIt this quarter, which is
a global hotel solution provided by the Carlsen Wagonlit Travel group.
o We also announced a partnership with Uber for Business that is
designed to seamlessly transfer all receipts to the Serko expense
solution. We are looking at other exciting features around booking too.
o Additional content choices will expand as Serko continues to add
content connections for both the current and new Northern
Hemisphere market.

Growth Pathways Slide
We have a strong core business base in Australasia and one of the most pleasing
aspects of Serko’s performance over the past 18 months has been the strong
operating leverage we have demonstrated.
We are now deploying the cashflow we generate in Australasia into our Northern
Hemisphere expansion as we drive to globalise Zeno. As we expand, we expect each
region to eventually contribute to favourable operating leverage as we ramp-up
platform utilisation through the scale of our operation.

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Serko is targeting total bookings of approximately five million on a run-forward basis
at the end of this financial year. On top of this we are pursuing our strategy of offering
ancillary content to our TMCs that can be attached to the customer’s journey and for
which we earn a commission fee. We are also offering additional value-add services,
such as expense, which add incremental revenue to the Average Revenue per Booking.
Together the multiplier effect of increasing transactional volume, while driving
significant gains in Average Revenue per Booking, will contribute to Serko’s aspiration
of achieving $100 million of revenue.
Serko aims to double the five million bookings expected out of Australasian markets
with its expansion into new territories. The estimated total corporate bookings in the
US is approximately 460 million per annum. It would, therefore, require Serko to gain
market share of a little over 1% to achieve that goal. Considering the additional
opportunities within UK, Europe and the rest of the world, we believe this is a realistic
and achievable goal.
I have just returned from GBTA, a travel industry conference held in San Diego this
year, where we showcased Zeno to the US market. There is significant excitement
based on the opportunity to grow our market share with Zeno. The product is
perceived as being ahead of its time and the interest expressed by customers is the
strongest I have seen in my time at Serko.
The vision is proving to be the right one - the product is being well received, and the
leadership team is in place to execute. We will continue to be laser-focused on
delivering to our strategy and be actively looking at ways to accelerate both organic
and inorganic opportunities during the next phase of Serko.
The milestones that we have achieved to date have set Serko up for success. There is
still a lot of work to do to activate the opportunities. The capital raise will enable us to
accelerate the realization of these opportunities.
I’d like to acknowledge the Board in their diligence in guiding Serko through this
growth phase. We listed four years ago in July 2014. Our growth based on annual
bookings over the four-year period March 2014 to March 2018 was 215%. We now

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do more bookings per week than we did for the entire 2008 financial year, our first
year of operations. We have just reached the milestone of 15 million bookings
completed through our system since 2008.
We remain strategically committed to continue to achieve high growth as well as
focusing on the long term profitably of the business with robust management of our
cash to make sure we are gaining the best possible return from the use of this capital.

I am happy to take questions now or talk to you after the meeting is completed. I will
hand back to Simon to moderate any questions during the Q&A session.

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1
Serko Limited
Annual Shareholders Meeting, 22 August 2018

2
WELCOME FROM
THE CHAIRMAN
Simon Botherway
Chairman of the Board

3
ORDER OF MEETING
•Chairman welcome
•CEO’s Presentation
•Shareholder Q+A
•Formal Business + Resolution
•General Business

4
DELIVERY
•Zeno transition will achieve premium pricing
and higher attachment of new content
sources
•Higher attachment will result in increased
supplier commissions
•72% increase in supplier commission revenue
for FY18
•Added new content sources – HRS Hotels,
GTA Hotels, Hotel Hub,
Against our strategy for FY18
Grow ARPB by offering increased
content and moving customers to Zeno
Offer premium, integrated
global solutions
•Zeno launched domestically
•Commenced Northern
Hemisphere market
development
•White-label self-onboarding
SME solution now powering
partner solutions HWFB and
Flight Centre Corporate
Traveller – CT GO
Expand into new territories
through strategic alliances and
reach the unserved SME market
•ATPI signed - 50 countries
•Tandem Travel transitioning
to Zeno (previously
transacting on Sabre Online)

5

6
OUTLOOK FY19
GROWTH IN OPERATING REVENUE EXPECTED
TO BE IN 20-30% RANGE
PEAK ATMR HAS RISEN TO $18.8M
FY19 EBITDA PROFIT EXPECTED TO BE IN
LINE WITH FY18
CASH BALANCES AT 31 JULY $4.7M (BEFORE
CAPITAL RAISE)

7
GOVERNANCE UPDATES
•ESG Report
•ASX Listing (June 2018)
•$15m Capital Raise (Aug 2018)
•Accelerate revenue growth
•Investigate potential acquisitions

8
CEO PRESENTATION
Darrin Grafton
Chief Executive Officer

9
EXECUTIVE CHANGES
Susan Putt
Chief Financial Officer
Charlie Nowaczek
Chief Operating Officer
Murray Warner
Head of Australasian Market
John Challis
Head of Business Development
Tony D’Astolfo
Senior Vice President, NORAM

10
Serko – Transforming the Way Businesses Manage Travel and Expense
6
Software as a Service (SasS)/cloud based solutions provided in conjunction with Travel Management
Companies (TMCs) to corporates to manage travel spend and support duty of care to its employees

11
THE CONNECTED TRAVELLER
Zeno is a single application to manage travel across every phase of the journey

12
COMMERCIAL MODEL
Recurring revenue split
$
Corporate traveller
makes a booking via
Serko Online/Zeno
Booking and other fees
Serko charges the TMCs a fee per booking
(which varies based on volume).
Year ended 31 March2018
Travel platform booking revenue
Expense platform revenue
Supplier commissions revenue
Other revenue
13,283
1,539
1,125
334
Recurring Product Revenue16,443
Services revenue1,835
Total Revenue$18,279
$
Traveller books hotel
or taxi via Serko
Online/Zeno
Supplier commission
Serko also generates revenue through
commissions on hotels, rental cars, airport
transfers and other travel providers that
are booked through its platform.
$
Traveller downloads
and uses Serko Mobile
Mobile subscription
$
Traveller submits
receipts using Serko
Expense/Zeno
Monthly user fee
Serko Expense customers pay a fee based
on the number of active users each month
directly to Serko.
Additional Services
Serko also earns other miscellaneous
revenue such as mobile licenses
Services Revenue
$
Paid customisation, market place
integration or implementation assistance

13
STRATEGIC FOCUS
UPDATE
•Reseller agreements in
place to enable uplift
in ARPB with
transition to Zeno
(65% coverage based
on Q1 transactional
volume)
•Marketplace
expansion - RoomIT
•Content attachment
continues to increase
•Industry Recognition for Innovation
•Leadership in NDC with Qantas
partnership
•Leading edge intelligence with AI and
Ask Zeno under commercial
development
Building to accelerate signed opportunities
•AUS/NZ – Orbit; Flight Centre
•UK/EU – ATPI have commenced
deployment in UK
•NORAM
oNew Canadian resellers content
requirements in development
(Voyages Travel Encore, Custom
Travel Solutions)
oFlight Centre reseller agreement
to deploy in Canada, US and
Mexico

14
GROWTH PATHWAYS
•Serko is still gaining domestic volume through new TMCs as
well as new corporates coming on to existing TMCs
•Targeting run forward bookings of 5 million by 31 March 2019
•International growth opportunities are very significant
•Activating these opportunities this year
•Building to double volumes and increase revenues to $100M

15
QUESTIONS

16
FORMAL BUSINESS
& RESOLUTIONS

17
That the directors are authorised to fix the fees and expenses of the auditor of Serko Limited
2018 RESOLUTIONS
Resolution 1
That Mr Simon Botherway be re-elected as a director of Serko Limited
Resolution 2
That Mr Robert (Bob) Shaw be re-elected as a director of Serko Limited
Resolution 3
That the (US) Employee Share Incentive Plan be and is hereby approved
Resolution 4

23
GENERAL BUSINESS

24
THANK YOU

25
For further information refer to Serko’s website www.serko.comand its 2018 Annual Report which can be found under Investor Centre.
ABOUT SERKO
•Serko provides innovative cloud based corporate travel and expense technology solutions.
•Founded in 2007 by Darrin Grafton and Robert Shaw, Serko listed on the New Zealand stock exchange in June 2014, and
more recently in June 2018, has listed as a Foreign Exempt Listing on the Australian Securities Exchange. Serko remains
founder led. Serko trades under the ticker ‘SKO’.
•Serko is a major supplier of technology solutions for Travel Management Companies (TMCs) in Australasia and is now
expanding into Northern Hemisphere markets with signed global supply arrangements.
•The majority of Serko’s revenue comes from TMCs who provide our solution to their corporate customers.
•Serko is head quartered in New Zealand and employs more than 120 people worldwide including offices in Australia, United
States and China and India.

26
DEFINITIONS
•ATMR (Annualised Transactional Monthly Revenue) is a non-GAAP measure. Serko uses this as useful indicator of recurring revenues from Serko products based on the
monthly transactions from the most recent month.
•ARPB (Average Revenue Per Booking) is a non-GAAP measure.
•Recurring product revenue (a non-GAAP measure) is the recurring revenue derived from transactions and usage of Serko products by contracted customers. It excludes
revenues from customised software development.
•R&D (Research & Development) costs is a non-GAAP measure representing the internal and external costs related to R&D both expensed and capitalised.
•Operating Costs is a non-GAAP measure which excludes costs relating to taxation, interest, depreciation, and amortisation charges
•EBITDA is a non-GAAP measure representing Earnings Before the deduction of costs relating to Interest, Taxation, Depreciation and Amortisation.
•FTE = Full time equivalent employee

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IMPORTANT NOTE
This presentation is given on behalf of Serko Limited. Information in this presentation:
•is for general information purposes only, and is not an offer or invitation for subscription, purchase, or recommendation of securities in Serko Limited;
•should be read in conjunction with, and is subject to, Serko’s Annual Report, market releases and information published on Serko’s website (www.serko.com);
•includes forward-looking statements about Serko and the environment in which Serko operates, which are subject to uncertainties and contingencies outside of Serko’s
control – Serko’s actual results or performance may differ materially from these statements;
•includes statements relating to past performance, which should not be regarded as a reliable indicator of future performance; and may contain information from third-parties
believed to be reliable; however, no representations or warranties are made as to the accuracy or completeness of such information.
•Non-GAAP financial information does not have a standardised meaning prescribed by GAAP and therefore may not be comparable to similar financial information presented
by other entities. The non-GAAP financial information included in this release has not been subject to review by the auditors. Non-GAAP measures are used by management
to monitor the business and are useful to provide investors to access business performance.
All information in this presentation is current at the date of this presentation, unless otherwise stated. All currency amounts are in NZ dollars unless stated otherwise.