Serko launches NZ$85 million capital raise

Capital Raise23 November 2021SKOIndustrials

Serko Limited, Saatchi Building, Unit 14D 125 The Strand, Parnell, Auckland, New Zealand
PO Box 47-638, Ponsonby, T: +64 9 309 4754, F: +64 9 377 0545 company.secretary@serko.com
Incorporated in New Zealand ARBN 611 613 980

3465-0668-9303 1 1
NOT FOR DISTRIBUTION OR RELEASE INTO THE UNITED STATES
Market Release
24 November 2021
Serko launches NZ$85 million capital raise to continue to invest for growth
Serko Limited (NZX/ASX:SKO) ("Serko") today announced it is conducting an equity raising of up to NZ$85
million to continue to execute on its global growth strategy.
Serko plans to raise the capital via the issuance of ordinary shares in Serko by way of a NZ$75 million fully
underwritten placement ("Placement") and a NZ$10 million non-underwritten retail offer (“Retail Offer”)
(together, the "Offer").
Darrin Grafton, CEO of Serko, said: “Despite the ongoing impacts of the COVID-19 pandemic on the travel
industry, Serko has continued to maintain a strong market position in Australasia, invest in the Booking.com for
Business global opportunity and increase market presence in North America. Serko is now poised to enter the
next phase of growth – to scale up and progress our long-term strategy of becoming a global business travel
marketplace.”
Serko has also today announced its unaudited financial results for the half year to 30 September 2021. Further
details of the results were released to the NZX and ASX today.
DETAILS OF THE CAPITAL RAISE
Placement
The Placement will be conducted through a bookbuild in which institutional and other select investors in New
Zealand, Australia, Hong Kong, United Kingdom, Switzerland and Singapore will be invited to participate by
Craigs Investment Partners Limited and Ord Minnett Limited. A trading halt has been granted by NZX and ASX
prior to the market opening today.
The Placement will be fully underwritten by Craigs Investment Partners Limited and Ord Minnett Limited. The
Placement will raise gross proceeds of approximately NZ$75 million and is underwritten at a floor price of
NZ$7.05 per share, which represents a 10.2% discount to the last close price of NZ$7.85 per share on 23
November 2021 and a discount of 11.0% to the 5-day VWAP of NZ$7.92 prior to announcement.
Retail Offer
Serko intends to make the Retail Offer to eligible existing Serko shareholders with a registered address in New
Zealand or Australia, enabling them to subscribe for up to NZ$50,000 / A$46,500 of new Serko shares. The
Retail Offer size is up to NZ$10 million (with Serko retaining the ability to accept oversubscriptions at its sole
discretion to ensure that it has sufficient flexibility to cater for demand from its retail shareholder base). If
scaling of the Retail Offer is required, it will be done with reference to the shareholders' existing holdings of
Serko shares at the record date of 23 November 2021. The price of the Serko shares offered under the Retail
Offer will be the lower of the Placement price or the five-day VWAP during the last five trading days prior to,
and including, the Retail Offer closing date (being 14 December 2021).

Serko Limited, Saatchi Building, Unit 14D 125 The Strand, Parnell, Auckland, New Zealand
PO Box 47-638, Ponsonby, T: +64 9 309 4754, F: +64 9 377 0545 company.secretary@serko.com
Incorporated in New Zealand ARBN 611 613 980

3465-0668-9303 1 2
Serko assesses that the Retail Offer will cater for a high majority of Serko’s non institutional shareholders,
enabling them to participate and potentially increase their relative percentage holdings in Serko.
The final terms of the Retail Offer are expected to be announced in more detail on 30 November 2021. A Retail
Offer Booklet, together with an application form, will be sent to eligible shareholders on 30 November 2021 and
will be available on the website established for the Retail Offer on the same day. The closing date for
applications by eligible shareholders is 14 December 2021.
Eligible shareholders wishing to acquire Serko shares under the Retail Offer will need to complete the
application form or apply online via the website established for the Retail Offer. Eligible shareholders may
choose to take up their entitlements in whole, in part, or not at all.
The Serko shares to be issued under both the Placement and Retail Offer will rank equally in all respects with
Serko's existing ordinary shares.
Key dates relating to the Placement and Retail Offer are set out in the Appendix to this announcement.
A copy of the investor presentation, cleansing notice and corporate action notice accompany this
announcement.
Craigs Investment Partners Limited and Ord Minnett Limited are acting as Joint Bookrunners and Underwriters
for the Placement.
Craigs Investment Partners Limited and Cameron Partners Limited (New Zealand global alliance partner of
Rothschild & Co.) are Joint Arrangers for the Offer. Serko's legal advisers are Russell McVeagh and Herbert
Smith Freehills.
USE OF PROCEEDS
The proceeds from the equity raise will be used as follows:
1.

Investing for growth with Booking.com for Business (~35%)
• Following the successful migration of Booking.com business customers onto the new Zeno
powered Booking.com for Business platform, Serko will undertake targeted investment to
optimise customer engagement and extend the offering across global markets to maximise the
potential of the opportunity.
• This second acceleration phase includes expanding new content such as air, rail and car rentals
within target regions as well as investing in mobile and user experience enhancements to
optimise delivery of the content, thereby extending the connected trip offering.
• As we move to extend both the languages and features available, we believe we will create
broader global appeal to scale up our platform allowing for an increasing focus on new customer
acquisition through targeted marketing activity and strategic partnerships.

2.

Develop global marketplace strategy (~40%)
• Drive the strategy to transform from an online booking tool into a distributed marketplace,
creating an ecosystem of travel content suppliers and business travel market segments connected
through the Zeno platform.

Serko Limited, Saatchi Building, Unit 14D 125 The Strand, Parnell, Auckland, New Zealand
PO Box 47-638, Ponsonby, T: +64 9 309 4754, F: +64 9 377 0545 company.secretary@serko.com
Incorporated in New Zealand ARBN 611 613 980

3465-0668-9303 1 4
Appendix – Key Dates for Capital Raising
2

Placement
Conduct underwritten placement Wednesday, 24 November 2021
Trading halt on NZX and ASX Wednesday, 24 November 2021
Announce results of Placement and resume trading Thursday, 25 November 2021
Settlement on the ASX Tuesday, 30 November 2021
Settlement on the NZX Wednesday, 1 December 2021
Allotment and trading of shares on NZX and ASX Wednesday, 1 December 2021
Retail Offer
Retail Offer Record Date Tuesday, 23 November 2021
Retail Offer Opens Tuesday, 30 November 2021
Retail Offer Closes Tuesday, 14 December 2021
Announce results of Retail Offer Friday, 17 December 2021
Settlement on the ASX Monday, 20 December 2021
Settlement on the NZX Tuesday, 21 December 2021
Allotment of shares on NZX and ASX Tuesday, 21 December 2021
Commencement of trading of shares on NZX Tuesday, 21 December 2021
Commencement of trading of shares on ASX Wednesday, 22 December 2021

This announcement is not a product disclosure statement or offering document under New Zealand law or under any other law. It is
for information purposes only and does not constitute an offer, invitation or recommendation to subscribe for, retain or purchase
any securities in Serko in any jurisdiction. This announcement does not constitute financial product advice or investment advice and
does not and will not form part of any contract for the acquisition of Serko securities.
This announcement has been prepared for release in New Zealand and Australia. This announcement may not be released to US wire
services or distributed in the United States. This announcement does not constitute an offer to sell, or a solicitation of an offer to
buy, securities in the United States (or to, or for the account or benefit of, any person in the United States) or in any other
jurisdiction in which such an offer would be unlawful.
The information in this announcement is of general background and does not purport to be complete. It should be read in
conjunction with Serko's other market announcements lodged with NZX and ASX, which are available at at www.nzx.com and
www.asx.com.au under ticker code SKO.
Future performance: This announcement and the other materials released with this announcement today (including the investor
presentation ("Investor Presentation")) may include forward-looking statements about Serko and the environment in which Serko
operates, such as indications of, and guidance on, future earnings and financial positions and performance. You are strongly
cautioned not to place undue reliance on forward-looking statements, particularly in light of the current economic climate
and significant volatility, uncertainty and disruption caused by the outbreak of COVID-19. Forward-looking information is
inherently uncertain and subject to contingencies, known and unknown risks and uncertainties and other factors outside of Serko's
control, and may involve significant elements of subject judgement and assumptions as to future events which may or may not be
correct. Forward-looking statements may also assume the success of Serko's business strategies. The success of any of these
strategies is subject to uncertainties and contingencies beyond Serko's control, and no assurance can be given that any of the
strategies will be effective or that the anticipated benefits from the strategies will be realized in the period for which the forward
looking statements may have been prepared or otherwise. Refer to the key risks section of the Investor Presentation for a non-

2
The timetable presented is indicative only and is subject to change without notice (subject to applicable laws and NZX Listing Rules
and ASX Listing Rules). All dates and times are New Zealand times (unless stated otherwise).

Serko Limited, Saatchi Building, Unit 14D 125 The Strand, Parnell, Auckland, New Zealand
PO Box 47-638, Ponsonby, T: +64 9 309 4754, F: +64 9 377 0545 company.secretary@serko.com
Incorporated in New Zealand ARBN 611 613 980

3465-0668-9303 1 5
exhaustive summary of certain key business, offer and general risk factors that may affect Serko. No assurance can be given that
actual outcomes or performance will not materially differ from the forward-looking statements. A number of important factors
could cause Serko's actual results or performance may differ materially from these statements, particularly as a result of the impacts
of COVID-19. The forward-looking statements are based on information available to Serko as at the date of this announcement.
Except as required by law or regulation (including the NZX Listing Rules or ASX Listing Rules), Serko undertakes no obligation to
provide any additional or updated information whether as a result of new information, future events or otherwise.
Non-GAAP financial information: Certain financial measures included in this announcement and the Investor Presentation are
non-GAAP financial 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 auditors. Non-GAAP measures are used by management to monitor the
business and are useful to provide investors additional information to assess business performance.

---

Interimresults for the half year to 30 September 2021 and $85m Capital Raising
Investor Presentation–24 November 2021

DISCLAIMER
The following notice and disclaimer applies to this investor presentation and you must read this carefully before reading or making any other use of this presentation or any information
contained in this presentation. By accepting this presentation you represent and warrant that you are entitled to receive this presentation in accordance with the restrictions, and agree to be
bound by the limitations, contained within it.
This presentation has been prepared by Serko Limited (Serko) in relation to an offer of new shares in Serko (New Shares) by way of a:
•placement to selected investors (Placement); and
•retail offer to Serko's existing shareholders with an address either in New Zealand or Australia (Retail Offer),
under clause 19 of Schedule 1 of the Financial Markets Conduct Act 2013 (together, the Offer).
All information is current at the date of this presentation, unless stated otherwise. All currency amounts are in NZ dollarsunless stated otherwise.
Information
: This presentation contains summary information about Serko and its activities. The information in this presentation is of ageneral nature and does not purport to be complete, nor
does it contain all the information which a prospective investor may require in evaluating a possible investment in Serko or that would be required in a product disclosure statement for the
purposes of the Financial Markets Conduct Act 2013 or a prospectus or other disclosure document for the purpose of the Corporations Act 2001 (Cth). This presentation should be read in
conjunction with Serko's other periodic and continuous disclosure announcements, which are available at www.nzx.comand www.asx.com.au.
Not financial product advice
: This presentation is for information purposes only and is not financial or investment advice or a recommendation to acquireSerko securities, and has been
prepared without taking into account the objectives, financial situation or needs of individuals. Before making an investmentdecision, prospective investors should consider the appropriateness
of the information having regard to their own objectives, financial situation and needs and consult a broker, or solicitor, accountant and/or other professional adviser.
Past performance
: Any information given in this presentation regarding Serko's historical performance (whether financial or otherwise) is given for illustrative purposes only and should not be
relied upon as (and is not) an indication of future performance. No representations or warranties are made as to the accuracyorcompleteness of such information.
Future performance
: The information contained in this presentation may include forward-looking statements about Serko and the environment in which Serko operates, such as indications of,
and guidance on, future earnings and financial positions and performance.
You are strongly cautioned not to place undue reliance on forward-looking statements, particularly in light of the
significant volatility, uncertainty and disruption caused by the outbreak of COVID-19.
Forward-looking information is inherently uncertain and subject to contingencies, known and unknown
risks and uncertainties and other factors outside of Serko's control, and may involve significant elements of subject judgement and assumptions as to future events which may or may
not be correct.
2
|

DISCLAIMER
Forward-looking statements may also assume the success of Serko's business strategies.The success of any of these strategies is subject to uncertainties and contingencies beyond Serko's
control, and no assurance can be given that any of the strategies will be effective or that the anticipated benefits from thestrategies will be realised in the period for which the forward looking
statements may have been prepared or otherwise.Refer to the key risks described in the appendix to this presentation for a non-exhaustive summary of certain key business, offer and general
risk factors that may affect Serko.No assurance can be given that actual outcomes or performance will not materially differ from the forward-looking statements.A number of important factors
could cause Serko's actual results or performance to differ materially from these statements, particularly as a result of theimpacts of COVID-19. The forward-looking statements are based on
information available to Serko as at the date of this presentation.Except as required by law or regulation (including the NZX Listing Rules), Serko undertakes no obligation to provide any
additional or updated information whether as a result of new information, future events or otherwise.
Non-GAAP financial information
:Certain financial measures included in this presentation are non-GAAP financial 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. Thenon-GAAP financial information included in this release has
not been subject to review by auditors. Non-GAAP measures are used by management to monitor the business and are useful to provide investors to assess business performance. Please refer
to the definitions section for further detail on non-GAAP measures used by management and referred to in this presentation.
Distribution of presentation
: This presentation must not be distributed in any jurisdiction to the extent that its distribution in that jurisdiction is restricted or prohibited by law or would constitute a
breach by Serko of any law. The distribution of this presentation in other jurisdictions outside New Zealand or Australia mayberestricted by law, and persons into whose possession this
presentation comes should observe any such restrictions. Any failure to comply with such restrictions may violate applicable securities laws. See the “Foreign Selling Restrictions” section of this
presentation. None of Serko, any person named in this presentation or any of their affiliates accept or shall have any liabilityto any person in relation to the distribution or possession of this
presentation from or in any jurisdiction.
Note for distribution or release in the United States
: This presentation may not be distributed or released in the United States. This presentation does not constitute an offer to sell, or a
solicitation of an offer to buy, any securities in the United States or any other jurisdiction in which such an offer would be illegal. The New Shares have not been and will not be registered under
the U.S. Securities Act of 1933 (the U.S. Securities Act) or the securities laws of any state or other jurisdiction of the United States. Accordingly, the New Shares may not be offered or sold, directly
or indirectly, in the United States or to persons that are acting for the account or benefit of persons in the United States,unless they have been registered under the U.S. Securities Act, or are
offered and sold in a transaction exempt from, or not subject to, the registration requirements of the U.S. Securities Act and any other applicable state securities laws.
Disclaimer
: To the maximum extent permitted by law, none of Craigs Investment Partners Limited, Cameron Partners Limited, Ord MinnettLimited or any of their respective subsidiaries, related
companies, shareholders, directors, officers or employees, or any other person, makes any representation or warranty, or provides any undertaking, in relation to any information contained in
this presentation and they shall have no liability (including for negligence) for: any errors or omissions in the informationorfailure to correct or update the information, or any other written or
oral communications provided in relation to the information or any claim, loss or damage (whether foreseeable or not) arisingfrom the use of any of the information or otherwise arising in
connection with the information. The information in this presentation remains subject to change without notice. Serko reserves the right to withdraw the Offer or vary the timetable for the Offer
without notice.Determination of eligibility of investors for the purposes of the Retail Offer is determined by reference to a number of matters, including legal regimes and the discretion of Serko.
Serko, Craigs Investment Partners Limited, Cameron Partners Limited, and Ord MinnettLimited disclaim all liability in respect of the exercise of that discretion to the maximum extent permitted
by law.
3
|

Capital Raising
Overview
Executing Into Our
Global Strategy
Strategic
Priorities
Contents
Financial Update
and Outlook
Company Snapshot
and Key Risks
4
|

Executive Summary
•The COVID-19 pandemic is a rare event that is reshaping the business travel industry landscape, impacting both the suppliers of travel
content and services and the evolving needs of business travel buyers.
•This shift is giving rise to consolidation and disruption within the market, and as business travel returns over the coming years, we believe
there will be only a handful of players who will have an outsized opportunity through the recovery.
•Serko is positioning itself to be a player of global standing that is able to take advantage of these opportunities. We intend to continue
investing in the global growth opportunities being presented, notwithstanding the ongoing head-winds of COVID, in the confidencethat
business travel will resume.
•During the past year we have rolled-out our Zeno platform globally in partnership with Booking.com, laying solid foundations for growth as
business travel resumes. We are at the early stages of our journey to globalize as we realiseour vision of a business travel marketplace and
have only just started to capture the opportunities of our partnership with Booking.comand the North American market.
•We are raising capital to:
•Invest for growth into the unmanaged travel segment through our Booking.comfor Business partnership;
•Accelerate the development of our global marketplace strategy; and
•Pursue opportunities for inorganic global expansion.
•The money raised is intended to ensure Serko retains sufficient capital resilience to pursue these opportunities in the eventthat business
travel takes longer to recover than is currently anticipated.
5
|

Executing Into Our Global Strategy
6
|

SERKO HAS INVESTED FOR GROWTH AGAINST THE HEAD-WINDS OF COVID
PROGRESS SINCE OCTOBER 2020
Booking.com
Delivered a self-service solution to on-board
customers to book and manage
accommodationwith a
connected trip offering
including flights available in select countries and
rail content expected to be available in 2H22.
Completed an accelerated migration
of
300,000+ existing Booking.comfor Business
customers onto the Zeno platform.
Tr a n s i t i o n e d
from migration to activation
phase
with multiple product enhancements to support
the needs of unmanaged SME business
travellers.
From a zero base
grew to a range of between
1,000 –1,500 bookings per weekday
despite
ongoing COVID related restrictions in primary
markets.
7
|
North America
Movedbeyond market validationand
now positioned forgrowth. Seeing an
increase inmarket engagement
throughinbound enquiries and RFPs
1
.
Addedtwo new TMC resellers and now
have a total of tenacross US and
Canada, with six active and producing
transactions albeit at lowlevels due to
COVID.
2
Launcheda refreshed version of
Zeno Expense to complement Zeno
Tr a v e l a n d p o s i t i o n S e r k oas an
innovative alternative to existing travel
& expense solutions in North America.
Australia / New Zealand
Demonstrated resilience through
strong customer retention
in the
face of recurrent travel shutdowns.
Continued to deliver market
growth with
NZ volumes up over
160%
on 2019 volumes in June
2021, before lockdowns imposed.
Continued customer migration
from Serko Online, with
67% of
customers currently booking on
Zeno.
3
1
There is no guarantee that these inbound enquiries and RFPs will result in a signed agreement on the terms currently envisaged or at all.
2
One reseller terminated its contract with Serko during the period following acquisition by a competitor.
3
As at 31 October 2021.

8
|
OUR GROWTH OPPORTUNITY HAS GLOBAL SCALE
THE ZENO TRAVELPLATFORM IS NOW AVAILABLE IN 180 COUNTRIES
§In 2019, Zeno Travel was available in English and Te
ReoMāori, primarily distributed across Australia
and New Zealand with nascent market entry in
North America and the UK.
§2021 was the year that redefined Serko’s global
ambition, with investment in growth allowing us to
expand to a total of 9 languages available in 180
countries via our partnershipwith Booking.com.
§Serko is on a journey to solve the challenges of
business travel globally, through partnerships with
channel partners that have strong bases of
business travel customers.
5
180
2019
2021

9
|
SERKO IS NOW POISED TO ENTER THE NEXT PHASE OF GROWTH
CONSOLIDATE GROWTH
IN A/NZ
ESTABLISH GROWTH
IN NORAM
ACTIVATE & ENGAGE
BOOKING.COM FOR
BUSINESS CUSTOMERS
VALIDATION IN NORAM
MIGRATE BOOKING.COM
FOR BUSINESS
CUSTOMERS
ESTABLISH MARKET
LEADERSHIP IN A/NZ
We are
here
REGIONAL ONLINE
BOOKING TOOL
GLOBAL ONLINE
BOOKING TOOL
BECOME A
MARKET LEADER
IN A/NZ
GLOBAL BUSINESS TRAVEL
MARKETPLACE
OPPORTUNITIES TO
ACCELERATE
MARKETPLACE
STRATEGY
A / NZ = Australia & New Zealand
NORAM = North America

WE ARE BUILDING A GLOBAL BUSINESS TRAVEL MARKETPLACE
BY BRINGING THE WORLD’S TRAVEL SUPPLIERS AND TRAVEL BUYERS TOGETHER
Enhance Zeno to
become a
distributed
marketplace that
aggregates content
and simultaneously
serves multiple
market segments
and regions.
The world’s travel content
The world’s business travel buyers
Air
Rail
Accommodation
Rental Car
Ground Transport
Dining
1
Meeting Rooms
1
Carbon Offset
1
Risk Management
1
Travel Spend
Expense Management
Disruption Management
1
SMEsCorporatesEnterprise
UNMANAGED
MANAGEDSERVICES
CONTENT
1
These content and service offerings are planned or in development.
10
|

11
|
THROUGH A SINGLE PLATFORM TO SERVE MULTIPLE CUSTOMER SEGMENTS
NB: These are representations of content suppliers and partners, not an exhaustive list of available providers.
The world’s travel content
The world’s business travel buyers
CONTENT PARTNERS
GLOBAL DISTRIBUTION SYSTEMS
AGGREGATORS
MANAGED
CORPORATES
UNMANAGED SME
CUSTOMERS
TMC PARTNERSTMC STOREFRONTS

SERKO IS SOLVING THE FRICTION OF THE BUSINESS TRAVEL LIFECYCLE
12
|
*These content and service offerings are planned or in development.
ü
ü
ü
ü
ü
ü
§From pre-trip approval through in-trip purchasing to post-trip
reporting, the current reality is that business travellers are
required to interact with a multitude of disconnected systems,
providers and data.
§These challenges are generally consistent across the spectrum
of small business (unmanaged) and large corporate and
enterprise travellers (managed travel).
§Serko’s vision of a business travel marketplace that supports a
connected trip aims to reduce this friction through an
integrated application encompassing travel, expense and
payment.

Strategic Priorities
13
|

Our plan
on a page
OUR VISION
OUR MISSION
The reinvention of
business travel retailing
with
the world’s first
business travel marketplace
.
We’re on a mission to connect the world’s
business travellers with the universe of travel
suppliers, providing travel buyers with the
content, information and services they need at
every stage of the journey to create a
connected trip.
STRATEGIC SUMMARY
Leverage our strength in A/NZ to expand into international markets
through strategic alliances that enable the business model transformation
from an OnlineBooking Toolto a B2B Marketplace.
OUR 5 STRATEGIC PILLARS
Expand A/NZ customer
base through
continued investment
in product innovation.
Drive into North
America scaling growth
in Managed TMCs and
Global Corporates.
Become the leading
digital business travel
platform for SMEs in
partnership with
Booking.com.
Scale the technology and data platform to enable connectivity to a broader
range of partners to deliver a connected trip offering in all markets.
Attract, acquire and develop talent to create the organisation foundations
for a successful scale-up with global coverage.
3
21
A/NZ
NORAM
BOOKING.COM
4
BUILD OUT THE MARKETPLACE MODEL
5
BUILD TEAM SERKO TO ENABLE SCALE-UP
14
|

BOOKING.COM FOR BUSINESS
MIGRATION
PHASE 3:
SCALING
PHASE 2:
ACTIVATING
+ ENGAGING
PHASE 1:
MIGRATION
COMPLETE
H2 FY22-FY23FY23-FY24
1
•Mission to become the leading digital travel platform for small and medium sized businesses in the unmanaged travel space.
•Successfully completed the migration of Booking.com for Business customers onto the new Zeno powered platform, having
migrated over 300,000 existing customers onto the platform, with >30,000 new sign-ups onto the platform since launch.
1
As
announced to the market previously, the migration phase was extended two months to the end of September to accommodate
the transfer of remaining customers during a period of pandemic related disruption.
•From a zero base grew to a range of between 1,000 and 1,500 transactions per week-day in October despite ongoing COVID
related restrictions in primary markets.Average Revenue per Booking in October wasabove the NZ$20 targetwe have
previously communicated to the market.
•The foundations of the new platform are in place, and Serko and Booking.com are now looking to expeditiously undertake the
next phase of the roll-out to maximiseand capture revenue opportunities as global business travel recovers.
1
We expect SME business booking behaviourswill be different from our enterprise customers.Itis uncertain when, and how often, migrated (also referred to as activated) customers and new sign-ups will transact, particularly during COVID-
affectedperiodsand as a result of intermittent travel needs of SME’s.There is no guarantee that migrated/activated customers, or new sign-ups, will make bookings in the current financial period or at all.
15
|

ACTIVATING & ENGAGING
BOOKING.COM FOR BUSINESS
PHASE 3:
SCALING
PHASE 2:
ACTIVATING
+ ENGAGING
PHASE 1:
MIGRATION
COMPLETE
H2 FY22-FY23FY23-FY24
1
16
|
•Through the initial migration phase we believe we have captured under 10% of the pre-
COVID opportunity and the journey to more fully realise the opportunity through our
multi-year plan has begun.
•In addition to the uplift that we expect from industry forecasts of business travel
recovery, we are also bringing forward our investment in product and content to
unlock further upside from this opportunity.
•Key focus areas for attention and investment as we move into the next phase include:
1.Activating the existing base
of migrated customers by increasing conversion
rates through enhancementsto the user experience that reinforce the business
tool value proposition, and launch of a mobile app offering to capture what has
become an increasingly significant booking channel over the past 18 months.
2.Growing the base of SME customers
through investment in content to support a
more complete connected trip offering, expanded servicing options to address
additional customer segments and expansion to regions that require complex
language sets.
BOOKING.COM
RENTALCARS.COM
AGODA
PRICELINE
OPEN TABLE
LIVE
IN DISCUSSION
POTENTIAL FUTURE
INTEGRATIONS

ESTABLISHING GROWTH IN NORTH
AMERICA
•Validation phase in North America is complete, and the Zeno brand now has a presence in market that is driving pipeline growth.
•Focus is now on scaling growth over a multi year period through two market channels:
1.TMC resellers:
•Serko now has10 TMC resellers signed, with active customers transacting across 6 of these partners.
•Transaction volumes have averaged more than 10% monthly growth from May 2021 to September 2021 despite ongoing
pandemic related travel restrictions, although remain at low levels.
•Activated additional expense channel partner through OMNIA Partners.
2.Direct to Corporate and White Label Deals:
•Uplift in inbound enquiries with multiple requests to participate in RFPs for Fortune 500 companies. Currently in discussionswith
several large global US corporations about providing the Zeno platform for use by employees globally.
1
•Requests to white label the Zeno platform to non-TMC resellers who have existing business travel customers.
1
1
There is no guarantee that these negotiations will result in a signed agreement on the terms currently envisaged or at all.
PHASE 3:
SCALING
PHASE 2:
ESTABLISHING
GROWTH
PHASE 1:
VALIDATION
COMPLETE
FY22-FY23FY24
2
17
|

CONSOLIDATING OUR LEADERSHIP IN A/NZ MANAGED TRAVEL
•The majority of Serko’s revenues come from domestic
bookings in Australia and New Zealand. Serko continues
to occupy a strong market position in Australasia,
providing corporate travel content to a large share of
managed travel customers in the region.
•Despite the pandemic, Serko’s customer base has
demonstrated resilience, winning new enterprise
customers and achieving 60% adoption across the ASX
50 which should position Serko well when business travel
returns.
•Serko’s reseller partners have continued to transition
customers on to Zeno,with Serko securing increased
transaction fees as part of migration arrangements.
Zeno adoption has increased from 53% of corporate
customers in September 2020 to 67% in September
2021, and migrations are expected to continue over the
next 12 months.
3
18
|
* From September 2019 to February 2021 numbers are against the same month in the
prior year. From March 2021 onwards transactionsare measured against the same
month in 2019 to reflect pre-Covid-19 volumes.

>
<
PRE
POST
Move
Fly
Work
Stay
Eat
Play
Rest
Book + Change
Book + Change
4
•Building out our connected trip vision is a core focus for Serko, creating an open
platform with a content hub that enables the scalable connection of additional supply
partners.
•Progressively integrating new content within each market such as air, rail, car rentals and
ground transport; activating Booking Holdings’ content brands (e.g. Agoda,
Rentalcars.com) and bringing additional content brands to the platform (e.g. rail
providers).
•Continued product innovation with the vision to reduce the friction inherent in business
travel and deliver additional customer benefits through value added content includes:
•COVID-19 health & safety and arrival requirements information from specialist
providers.
•Risk Management to ensure travellersand companies are informed of destination
risk with appropriate approval workflows.
1
•Integrated environmental impact and carbon offset.
1
•Enhanced corporate travel policy compliance.
1
•NDC airline content.
•Support the end-to-end travel buyer journey through further integration of expense
management into a single business travel application.
ESTABLISHING OUR GLOBAL OFFERING THROUGH ZENO
TRANSFORMING FROM AN ONLINE BOOKING TOOL INTO A MARKETPLACEECOSYSTEM PLATFORM
1
Integration of these capabilities into the Zeno platform is either in development or planned.
19
|

BUILDING TEAM SERKO TO ENABLE SCALE-UP
INVESTING IN THE PEOPLE , BUSINESS PROCESSES AND TECHNOLOGY FOUNDATIONS
•Serko is focused on developing our employee experience to engage and retain a global, diverse
workforce in a competitive talent landscape and aligning our people to organisational objectives
through OKRs
1
.
•Developing our operational model to support the transition to a marketplace platform
encompassing organisational design to scale and building robust leadership to amplify our
capability and expertise.
•Building a next generation data platform by investing in the people and technology to enable
advanced analytics, machine learning and AI to support an enhanced in-trip customer experience
(e.g. proactive disruption management) and intelligent customer preferencing.
•Establishing a centre of excellence to design, build and run content connectors for Serko and 3
rd
parties to plug and play additional content partners cost-effectively at scale.
•Ensuring Serko stays current with developments in payment and verification technology and
continuing investment and certification in ISO27001 compliance and SOC2 assessment.
5
Serko is shortlisted for the 2021 AFR Best
Places to Work List
20
|
1
OKRs refer to Objectives and Key Results.

ESG: SERKO LAUNCHES MISSION ZERO
•In October 2021 Serko announced the launch of Mission Zero. As a company providing travel-related booking tools that are
used by thousands of organisationsaround the world to book millions of trips, we recognisedwe could play a key role in
helping reduce the environmental impact of our customers’ activity. By providing insight into travel-related CO2 emissions and
environmental impact at point of sale, and enabling corporates to integrate the offset of their travellers’carbon footprints into
the booking, the Mission Zero capabilities can shape user behaviourto preference lower impact options and develop more
sustainable travel programs.
•While we can have our biggest impact through the way we serve our customers, we also want to have a big impact as a global
corporate citizen. We aim to achieve this through:
1.Focusing on long-term growth and business sustainability;
2.Applying best practice governance and risk management procedures;
3.Cultivating an inclusive workplace of diverse and engaged staff; and
4.Enabling environmentally sustainable choices through technology.
21
|

UPDATE ON M&A ACTIVITY
•As part of its growth strategy Serko regularly assesses potential strategic acquisitions which would accelerate realisationof its
strategic goals, particularly the global marketplace strategy.
•Serko is currently in negotiations regarding the potential acquisition of a global travel technology business. Serko anticipates
that the total consideration payable for the acquisition, primarily in scrip, would be between NZD$50m and $75m. There would
be a smaller cash component. It is likely that a significant portion of the total consideration would be deferred and
performance-based.
•No definitive transaction documents have been signed in respect of the potential acquisition and Serko's due diligence is not
complete. Consistent with Serko's rigorous approach to assessing potential acquisitions, a transaction will only proceed if the
strategic business case is proven out, due diligence is successfully completed, and binding terms that meet Serko's investment
criteria can be agreed.
•There is therefore no certainty that this acquisition will proceed, and Serko will update the market if and when definitive
transaction documents are signed.
•If the potential acquisition was to proceed, the earliest would be in Q1 2022.
22
|

Financial Update and Outlook
UNAUDITED FINANCIAL RESULTS FOR THE HALF YEAR TO 30 SEPTEMBER 2021
23
|

PROFIT (LOSS)REVENUEACTIVITYCOSTS
NET LOSS AFTER
TAX
(15.2m)
EBITDA
1
loss
$(11.8m)
OPERATING
REVENUE
81%
Operating revenue
from core products
plus services revenue
$9.2m
RECURRING
REVENUE
2
81%
Recurring revenue
(core product
revenue only)
91% of total operating
revenue
$8.4m
TOTAL
INCOME
16%
Total income from all
sources including
grants
$9.9m
PEAK ATMR
3
95%
Indicator of future
growth potential
based on current
trading
$20.3m
TRAVEL
BOOKINGS
4
157%
Travel platform
bookings for the
period
1.3m
PRODUCT
DESIGN &
DEVELOPMENT
5
52%
147% of Revenue
Capex $7m
$13.4m
OPERATING
EXPENSES
42%
Net FTE
6
increase in
the past 12 months of
60toa total of 295
employees
$25.3m
Notes 1-6: Refer to Appendix for definitions anddescriptions of the non-GAAP measures used by management.
1HFY22: WEATHERING THE PANDEMIC, INVESTING FOR GROWTH
PERFORMANCE COMPARED TO PRIOR COMPARABLE PERIOD
24
|

25
|
NET PROFIT SUMMARY/ EBITDA RECONCILATION
•Operating Revenue of $9.2m is up 81% from
H1 FY21 (when COVID-19 disruptions to
Australasia travel markets had peaked).
•Other income includes Grants of which
$0.6m relates to COVID-19government
subsidies recognised in income.
•EBITDA loss of $(11.8m) is $(5.1m) more than
the previous year with the increase in
Operating expenses more than offsetting
revenue improvements, representing the
deliberate increase in investment in our
platform and markets.
•Net loss for the period was $(15.2m).
H1 FY22
$000
9,150
728
9,878
(25,301)
-277%
(15,163)
-166%
106
-
(15,163)
(106)
-
3,663
(154)
(11,760)
-129%
Net Profit Summary
EBITDA Reconciliation
Revenue
Other income (including Grants)
H1 FY21
$000
5,061
3,472
Total income
Operating expenses
8,533
(17,850)
Percentage of operating revenue
-353%
Net profit /loss) before tax
(10,027)
Percentage of operating revenue-198%
Net finance income/(expense)(158)
Income tax expense(84)
Net lossafter tax(10,111)
Add back: net interest and dividend income
Add back: income tax
Add back: depreciation and amortisation
Add back: net foreign exchange (gains)/losses
158
84
2,619
552
EBITDA(6,698)
EBITDA margin-132%
$000
4,089
(2,744)
1,345
(7,451)
(5,136)
264
84
(5,052)
(264)
(84)
1,044
(706)
(5,062)
%
81%
-79%
16%
42%
51%
-167%
-100%
50%
-167%
-100%
40%
-128%
-76%
FY21
$000
12,420
4,476
16,896
(44,854)
-361%
(29,048)
-234%
247
(341)
(29,389)
(247)
341
5,633
1,337
(22,325)
-180%
6 monthschangechange6 months12 months
Foreign exchange gains/(losses)
154
(552)
706-128%
(1,337)

26
|
REVENUE ANALYSIS
•Recurring product revenue is up 81%.
•Travel platform revenue is up 170% primarily
due to increased travel compared to H1 FY21.
•Content commissions is up 94% reflecting
increased volume.
•Average Revenue per Booking (ARPB) (based
on total recurring revenue/online bookings)
for the period was $7.38, down 31% from
$10.76
1
during the same period last year and
$8.76 for the full year. The decrease is a result
in the change of the proportion of travel
revenue vs expense management between
the periods.
H1 FY22H1 FY21FY21
Revenue and Other Income
by Type
Travel platform revenue
Expense platform revenue
Content commissions
Other revenue
Recurring product revenue
Recurring revenue % operating revenue
Services revenue
Total operating revenue
Total revenue and other income
Australia
New Zealand
North America
Other
Operating Revenue by Geography
$000
5,826
1,966
408
159
8,359
91%
791
9,150
9,878
5,614
1,045
1,342
1,149
9,150
Total operating revenue
$000
2,159
2,013
210
225
4,607
91%
454
5,061
8,533
3,359
377
1,231
94
5,061
$000
3,667
(47)
198
(66)
3,752
337
4,089
1,345
2,255
668
111
1,055
4,089
%
170%
-2%
94%
-29%
81%
74%
81%
16%
67%
177%
9%
1122%
81%
$000
6,354
3,997
538
386
11,275
91%
1,145
12,420
16,896
7,520
2,154
2,369
377
12,420
Total other income
Government grants
Sundry income
723
5
3,023
449
(2,300)
(444)
-76%
-99%
4,382
94
7283,472(2,744)-79%4,476
6 monthschangechange6 months12 months
Total travel bookings (000)
Online bookings (000)
ARPB (recurring revenue/online bookings)
1
ARPB (travel related revenue only/online bookings)
1,345
1,133
$7.38
$5.50
523
428
$10.76
$5.54
822
705
($3.38)
($0.04)
157%
165%
-31%
-0.7%
1,566
1,287
$8.76
$5.36
1
In the 1H FY21 report Serko disclosed Recurring revenue/online + offline bookings of $8.80. At 1H FY22, ARPB is shown as
Recurring revenue /online bookings only which is consistent with the FY21 full year disclosure.

27
|
TRANSACTION ANALYSIS -A/ NZ
•In the first quarter, NZ booking volumes
averaged 151% of pre-COVID-19 levels; peaking
in June at over160%.
•In Australia, the first quarter recovery was
slower, averaging at 62% of pre-COVID-19
levels and peaking at 72% in April 2021.
•The peak average for all of Australasia was
84%, averaging 74% in the first quarter.
•With extended travel restrictions starting in late
June in Australia and August in NZ, transaction
volume in 1H FY22 compared to pre-COVID-19
in NZ was 117% (a low of 47%) and 46% in
Australia (low of 29%).
•In September 2021, NZ bookings were 47%,
and Australian bookings 33%, of pre-COVID-19
levels.
•In Australia transactions in the first half of
November 2021 are averaging 52% of pre-
COVID-19 levels.
* From September 2020 to February 2021 numbers are against the same month in the prior year. From March 2021 onward
transactions are measured against the same month in 2019to reflect pre-Covid-19 volumes.
0%
20%
40%
60%
80%
100%
120%
140%
160%
180%
Sep-20Oct-20Nov-20Dec-20Jan-21Feb-21Mar-21Apr-21May-21Jun-21Jul-21Aug-21Sep-21
Australasia transactions as % of pre-COVID-19*
New Zealand TMCsAustralian TMCsAustralasia
27
|

28
|
OPERATING EXPENSES
•Operating expenses increased compared to
H1 FY21 in all categories with higher activity
and increased remuneration and benefits
(R&B) which increased 33%, with increased
headcount.
•R&B before capitalisation was $21.8m in H1
FY22 compared to $16.1m in H1 FY21.
•Headcount increased to 295at 30
September 2021 up from 235 at 30
September 2020 and 287 at 31 March 2021.
H1 FY22
$000
25,301
1,903
2,269
14,878
2,588
3,663
277%
Operating Expenses
Total Operating Expense
H1 FY21
$000
17,850
Selling and marketing
Hosting
Remuneration and benefits
Administration
Amortisationand Depreciation
913
1,230
11,213
1,875
2,619
353%
$000
7,451
990
1,039
3,665
713
1,044
%
42%
108%
84%
33%
38%
40%
FY21
$000
44,854
2,056
2,710
29,527
4,928
5,633
361%
Percentage of Operating Revenue
6 monthschangechange6 months12 months
Number of Employees at period end
29523560
33%
287
Note: A further breakdown of Operating Expenses can be found in Note 3 of the financialstatements.
28
|

29
|
PRODUCT DESIGN AND DEVELOPMENT
•Product design and development costs is a
non-GAAP measure representing the internal
and external costs related to research,
development, design and maintenance of
software, both expensed and capitalised but
excluding depreciation and amortisation.
•This incorporates research and development
costs previously disclosed but provides a
wider view of all Product Design and
Development expenditure.
•Duringthe period, Serko invested $4.6m
more in product design and development
than the comparative period.
•52% of these costs were included as
capitalised product development costs (55%
in the comparative period).
•Ta k i n g i n t o a c c o u n t a m o r t i s a t i o n of
previously capitalised development costs, the
total impact on Comprehensive Income in
the period was $9.3m ($5.7m in H1 FY21).
H1 FY22
$000
6,491
13,442
147%
2,852
(6,951)
9,343
102%
Product Design and Development
Expenditure
Total Product Design & Development
(excluding amortisation)
H1 FY21
$000
3,963
Total Product Design & Development
8,861
Percentage of operating revenue175%
Add: Amortisationof capitalised
development costs
1,746
Less: capitalisedproduct development costs(4,898)
Total5,709
Percentage of operating revenue113%
$000
2,528
4,581
1,106
(2,053)
3,634
%
64%
52%
63%
42%
64%
FY21
$000
11,972
19,203
155%
3,909
(7,231)
15,881
128%
52%Percentage of Product Design & Development costs55%38%
71%Percentage of operating revenue78%96%
6 monthschangechange6 months12 months

30
|
BALANCE SHEET
•Average monthly cash burn in the half year
was $2.9m, below the midpoint of the
guidance of $2m -$4m.
•Cash and Short-term deposits reduced by
$17.6m since 31 March 2021.
•Other current assets increased by $1.1m since
31 March 2021 reflecting anticipated
government grant income and BBZ
receivable.
•Intangible assets increased by $4.0m since 31
March 2021 reflecting capital product
development costs of $7.0m less
amortisation of $2.9m.
H1 FY22
$000
98,624
62,346
6,464
27,343
2,471
Balance Sheet
Total assets
H1 FY21
$000
61,442
Cash and Short-term deposits
Other current assets
Intangible Assets
Other non-current assets
31,504
4,071
23,089
2,778
$000
37,182
30,842
2,393
4,254
-307
%
61%
98%
59%
18%
-11%
FY21
$000
111,309
79,919
5,400
23,304
2,686
30 Sep 20changechange30 Sep 2131 Mar 21
Current liabilities
Non-current liabilities
Equity
Total equity and liabilities
98,62461,44237,182
61%
111,309
8,857
832
88,935
5,671
707
55,064
3,186
125
33,871
56%
18%
62%
8,363
418
102,528

•Serko continues to see strong growth opportunities and we believe our target of reaching $100 million revenue in the mid-term remains
achievable. This revenue target has been delayed during this COVID-affected year, and impacts from the pandemic and other factors
continue to make it challenging to determine the timing of realisation of revenues from these opportunities.
•We are raising capital to allow us to invest to capture the growth opportunities while retaining a prudent cash buffer to guard against
potential ongoing impacts of COVID-19 and other uncertainties.
•Serko anticipates full year revenue and other income of between $21m and $25m. This outlook assumes a general reduction of domestic
travel restrictions within Australia and New Zealand and no significant lockdowns in Europe or North America.
•The upper end of the FY22 range assumes:
•A/NZ transaction volumes in the December quarter at 50% of 2019 levels rising in the March quarter to 75% of 2019 levels as lockdown
restrictions lift.
•Booking.comfor Business revenues grow from current levels through to March 2022 as enhancements are made to the offering with a
similar COVID-19 rebound as that assumed for A/NZ.
•The lower end of the range assumes:
•A/NZ transaction volumes in the December quarter at 50% of 2019 levels rising to only 60% of 2019 levels in the March quarter.
•Limited growth in Booking.comfor Business revenues with increasing COVID impacts offsetting the impact of new feature
enhancements to the offering.
•At the lower end of the revenue range average monthly cash burn in the six months to 31 March 2022 is expected to be close to$4.0
million as investment is accelerated.
•In the second half Serko does not expect to be eligible for New Zealand government wage subsidies due to the growth in revenue from
Booking.comfor Business.
FY22 OUTLOOK
31
|

Capital Raising Overview
32
|

33
|
USE OF PROCEEDS
1.Investing for growth with Booking.com for Business (~35%)
•Following the successful migration of Booking.com business customers onto the new Zeno powered Booking.com for Business platform, Serko will
undertake targeted investment to optimisecustomer engagement and extend the offering across global markets to maximisethe potential of the
opportunity.
•This second acceleration phase includes expanding new content such as air, rail and car rentals within target regions as wellasinvesting in mobile
and user experience enhancements to optimize delivery of the content, thereby extending the connected trip offering.
•As we move to increase both the languages and features available, we believe we will create broader global appeal to scale upour platform
allowing for an increasing focus on new customer acquisition through targeted marketing activity and strategic partnerships.
2.Develop global marketplace strategy (~40%)
•Drive the strategy to transform to a distributed marketplace, creating an ecosystem of travel content suppliers and business travel market
segments connected through the Zeno platform.
•Expand sales and support capacity for increased demand of customer and reseller onboarding to drive volume across all markets, particularly in
North America, as global deals we are in the process of negotiating progress
1
.
•Continue to scale up the technology and data powering our platform, as well as Serko’s operational capabilities to execute around the globe.
3.Inorganic acceleration of global expansion opportunities (~25%)
•Fund potential acquisition opportunities aligned to strategy, if and when they arise. In this respect, Serko has an active M&A strategy, and is
assessing opportunities that would enable it to expand global volume and content efficiently to support acceleration of our marketplace strategy.
Serko will use current cash on hand of approximately $62m to maintain a prudent working capital buffer and preserve a high levelof balance sheet flexibility, in
acknowledgement of the ongoing risks presented by COVID-19 and other uncertainties.
1
There is no guarantee that these negotiations will result in a signed agreement on the terms currently envisaged or at all.

CAPITAL RAISING OVERVIEW
Offer size
-NZ$85 million
1
equity raising, comprising:
-NZ$75 million fully underwritten Placement
-NZ$10 million non-underwritten Retail Offer
together representing approximately 11.2% of Serko’s currently issued capital
2
Issue price
-New shares to be offered under the Placement at a price to be determined via a book build process today (subject to a floor price of
NZ$7.05 per share), representing:
-10.2% discount to the last close (NZ$7.85); and
-11.0% discount to the 5-day VWAP of NZ$7.92 prior to announcement
-The Australian dollar Placement price will be determined using the AUD/NZD exchange rate as at 3.00pm (NZT) on 24 November 2021
-New shares from the Retail Offer will be priced at the lower of the Placement price or the 5-day VWAP over the last five days ofthe Retail
Offer period
Retail Offer
-Serko is offering up to NZ$10 million of newly issued ordinary shares to Serko’s eligible existing shareholders resident in Australia and New
Zealand (up to a maximum of NZ$50,000/A$46,500 per shareholder) under a Retail Offer
-Serko, at its discretion, has the ability to accept Retail Offer oversubscriptions
Ranking
-The new shares to be issued under both the Placement and Retail Offer will rank equally in all respects with Serko’s existingordinary shares
from allotment
Arranging
-Craigs Investment Partners and Cameron Partners are acting as Joint Arrangers, and Craigs Investment Partners and Ord Minnettare
acting as Bookrunners and Underwriters
1
The Serko board reserves the right to vary the size of the placement based on the size, quality and price level of investor demand.
2
At the underwritten floor price of NZ$7.05 per share.
34
|

TIMELINE
Offer announcement
Wednesday, 24 November 2021
Placement
Conduct placementWednesday, 24 November2021
Trading halt on NZX and ASXWednesday, 24 November2021
Announce completion and resume tradingThursday, 25 November2021
Settlement on the ASXTuesday, 30 November2021
Settlement on the NZXWednesday, 1 December 2021
Allotment and trading of shares on NZX and ASX Wednesday, 1 December 2021
Retail Offer
Retail Offer Record Date Tuesday, 23 November2021
Retail Offer Opens Tuesday, 30 November2021
Retail Offer Closes Tuesday, 14 December 2021
Settlement on the ASX Monday, 20 December 2021
Settlement on the NZXTuesday, 21 December 2021
Allotment of shares on NZX and ASXTuesday, 21 December 2021
Trading of shares on NZXTuesday, 21 December 2021
Trading of shares on ASX Wednesday, 22 December 2021
35
|

Company Snapshot and Key Risks
37
|

ABOUT SERKO
FOUNDED IN 2007
Innovative Solutions
Serko is a technology company focused on
innovative solutions that address the
challenges of corporate travel and expense
management. The majority of Serko’s
revenue comes from Travel Management
Companies (TMCs) (“Resellers”), who
provide our online travel booking (OBT)
solution to their corporate customers.
Serko also sells Expense management
solutions to corporate customers directly.
Market Leader
Serko is a leading supplier of travel
technology solutions for TMCs in Australasia
and is now expanding into Northern
Hemisphere markets with multiple signed
reseller agreements in North America and a
global agreement to power an upgraded
Booking.com for Business offering.
NZX/ASX Listed
Serko listed on the New Zealand stock
exchange in June 2014. In June 2018, Serko
listed as a foreign exempt listing on the
Australian Securities Exchange. Serko
trades under the ticker ‘SKO’ on both
exchanges.
Serko employs around 300 people
worldwide with its HQ in New Zealand, and
offices across Australia, the U.S. and China
For further information refer to Serko’s website www.serko.comand its 2021 Annual Report which can be found under Investor Centre.
38
|

Zeno TravelZeno Expense
Zeno Travel is an
Online
Booking Tool (OBT)
that
corporate travellers use to
book flights, trains, hotels,
rental cars and airport
transfers in line with their
corporate travel policies.
Zeno Expense
automates
the process
of corporate
card and out-of-pocket
expense submission,
reconciliation and
reimbursement.
SERKO PRODUCTS
39
|

KEY RISKS
Like any investment, there are risks associated with an investment in Serko shares. Before investing in Serko, you should be aware than an investment in Serko has a number of risks, some of
which are specific to Serko and some of which relate to listed securities generally, and many of which are beyond the controlofSerko. Additionally, some risks may be unknown and other risks,
currently believed to be immaterial, could turn out to be material. Whilst the section below aims to highlight some of the key risks, it is not exhaustive.
Investors should be aware that the spread of COVID-19 and the actions taken in response by governments in New Zealand and other countries, including border controls and travel restrictions,
and the resulting effects on the global economy have had, and are likely to continue to have, a material adverse effect on Serko, its financial performance and position, liquidity, financial
condition and results of operations. It is also likely that there will be further unforeseen negative impacts from the COVID-19 pandemic, of an as-yet unknown magnitude and duration. It is not
currently clear when these negative impacts will begin to abate. Serko will continue to respond to the challenges facing it, butthere is no certainty as to the severity or likelihood of such
unforeseen impacts arising nor whether any mitigating action can be taken or will be effective.
Before deciding whether to invest in Serko shares, you must make your own assessment of the risks associated with the investment, including the inherent uncertainties due to the impact of
COVID-19 noted above, and consider whether such an investment is suitable for you having regard to all other Serko continuous disclosure announcements and publicly available information,
and consult your financial adviser and other professional advisers.
Travel industry disruption and the impact of COVID-19
Serko's operating and financial performance is dependent on the health of the travel industry generally. A decline in the domestic and/or international travel industry, whether as the result of a
particular event (such as a war, terrorist attack, outbreak of disease epidemic/pandemic or a natural disaster, such as earthquakes or volcanic ash clouds), economic conditions (such as a
decrease in consumer and business demand), or any other factors would have a material adverse effect on Serko's operating andfinancial performance.
The events relating to COVID-19 have resulted in unprecedented restrictions on domestic and international travel, major reductions in airline capacity and general disruption to the tourism
industry. The extent of the effects of the COVID-19 outbreak on Serko's business, results of operations, cash flows and growth prospects is highly uncertain and will ultimately depend on future
developments. These include, but are not limited to, the severity, extent and duration of the global pandemic and its impact on the travel industry and consumer spending more broadly; actions
taken by national, state and local governments to contain the disease or treat its impact, including travel restrictions and bans, required closures of non-essential businesses, vaccination levels
and aid and economic stimulus efforts, the speed and extent of the recovery across the broader travel ecosystem; short-term and long-term changes in travel patterns, including business travel;
and the duration, timing and severity of the impact on customer spending, including the economic recession resulting from thepandemic. There is no certainty that demand for Serko's services
will normalise to a level existing prior to the impact of COVID-19 (or how long such normalisation could take), even once the domestic and international travel restrictions are lifted.
40
|

KEY RISKS (continued)
Global travel trends generally
Serko’s revenue is highly dependent on transaction volumes in the global travel industry, particularly air travel transactionvolumes. Serko's revenue is largely tied to travel suppliers’ transaction
volumes booked via the Serko platform rather than to the unit pricing for travel products booked (e.g. airplane tickets or hotelrooms). This revenue is generally not contractually committed to
recur annually under Serko's agreements with its travel suppliers and as a result, is highly dependent on the health of the global travel industry. Serko’s revenue is therefore highly susceptible to
declines in or disruptions to business travel that may be caused by factors entirely out of Serko's control. It is currently unclear what the medium to long-term impact of the COVID-19 pandemic
will be on the level of demand for business and other travel. Various other factors may cause temporary or sustained disruption to leisure and business travel. The impact these disruptions would
have on Serko’s business depend on the magnitude and duration of such disruption. Such factors include, amongst others, an increased focus on the environmental impact of travel, which may
include travelers electing not to fly (and instead traveling via rail or other ground travel) as a result of an increased globalfocus on reducing carbon emissions. To the extent that there is a
sustained decline in business travel that continues after the government restrictions and other short-term factors impacting global business travel have been lifted, whether due to lingering
health and safety concerns, changes in attitudes towards business travel, the increased use of alternatives such as video conferencing, or for other reasons, this could have a materially adverse
impact on Serko’s financial performance.
Booking.com for Business platform
Serko’s current revenue forecast includes expected revenue generation from the Zeno powered Booking.com for Business platform(“BBZ”) and the anticipated growth of the BBZ platform’s use
in the business travel marketplace. Serko is currently looking to expeditiously undertake the next stage of the roll-out of BBZto maximiseand capture revenue opportunities as global business
travel recovers. Despite this, BBZ is a new product offering and as such, any revenue forecasts are sufficiently uncertain. In addition to the extent and pace of global business travel recovery as
noted above, there are also risks in growing the BBZ platform that the costs of the roll-out are higher than forecast, uptake and growth less than forecast, and that revenues do not materialize
as anticipated. The market for the services Serko offers, including BBZ, is increasingly and intensely competitive. Serko faces increased competition in the business travel booking solutions space,
including by other corporate travel management service providers. Some of these competitors may have more financial resources, greater name recognition, well-established client bases,
differentiated business models or a broader global presence than Serko, which may make it difficult for Serko to retain or attract new corporate travel clients in this next phase of the BBZ roll-
out, which may result in BBZ revenues being less than forecast.
41
|

KEY RISKS (continued)
Competitor risks / reseller relationships
Serko competes globally with both online and traditional travel reservation and related services. The markets for the services Serko offers is intensely competitive, constantly evolving and subject
to rapid change, and current and new competitors can launch new services at a relatively low cost. Serko also competes with certain companies that it does business with, including some of its
travel partners and related parties. Travel service providers, including airlines, hotel chains and rental car companies withwhich Serko conducts business, compete with Serko in online channels
to drive consumers to their own platforms in lieu of third-party distributors such as Serko. Further, the consolidation of Serko’s competitors and travel partners may affect Serko’s relative
competitiveness and its travel partner relationships. Travel technology is rapidly evolving as travel suppliers seek new or improved means of accessing their customers and
increasing value. Serko must continue to innovate and evolve to respond to the changing needs of travel suppliers and meet intense competition. As travel suppliers adopt innovative solutions
that function across channels, Serko’s operating results could suffer if it does not foresee the need for new products or services to meet competition. In addition, Serko’s competitors are
constantly evolving, including increasing their product and service offerings through organic research and development or through strategic acquisitions. As a result, Serko must continue to
invest significant resources in research and development in order to continually improve the speed, accuracy and comprehensiveness of our services and Serko may be required to make
changes to its technology platforms or increase its investment in technology, increase marketing, adjust prices or business models and take other actions, which could affect Serko’s financial
performance and liquidity
Key person risk
Serko’s operating and financial success is dependent upon the experience of its directors, key senior management and staff generally. The loss of any personnel, as well as high staff turnover
could cause disruption to the conduct of Serko’s business in the short term and negatively affect Serko’s operating and financial performance. Serko is dependent on the continuing service of its
directors as well as other key executives. The loss of key executives or the delay in their replacement, or the inability toattract key executives with the requisite skills and experience, could
materially and adversely affect Serko’s ability to implement its business strategies. Serko’s success also depends on the continued efforts and ability to hire and retain skilled travel and other
professionals (including, for example, information technology, business development, product management, sales and finance professionals) with the requisite industry and/or technical
experience. The dynamic and rapid changes in the travel industry requires Serko’s skilled professionals to keep abreast of changing industry standards and trends to adapt to the changing
requirements and business environment. Competition to attract such skilled professionals and personnel is intense and there is no assurance that Serko will be successful in retaining or
attracting skilled professionals and the lack of availability of such skills may materially and adversely affect operations, performance and reputation of Serko.
42
|

KEY RISKS (continued)
Information technology and cybersecurity risk
Serko relies on the performance, reliability and availability of its information technology, communication and other businesssystems. Any damage or interruption to, or failure of, Serko's key
systems may result in significant disruptions to Serko's business. Any failures of, or malicious attacks on, Serko's business systems, a breach of Serko's cybersecurity measures or any other
compromise to the security of data (including any personal information / data) held by Serko may similarly impact both Serko's business and its reputation. Financial penalties for data breaches
can be significant, which if levied on Serko could have an adverse effect on the reputation and the financial performance of Serko.
General economic conditions
Serko's operating and financial performance is influenced by a variety of general economic and business conditions in New Zealand and overseas. A prolonged deterioration in general
economic conditions, including a decrease in consumer and business demand, would likely have a material adverse effect on Serko's business or financial condition (or both). This risk is
heightened in the current uncertain economic environment.
In light of recent New Zealand and global macroeconomic events, including but not limited to the global impact of COVID-19, it is possible that New Zealand and Australia will experience an
economic downturn of uncertain severity and duration which is likely to affect spending on travel by businesses and the operating and financial performance of Serko. Furthermore, containment
measures implemented in response to COVID-19 are expected to result in significant and prolonged dislocation to economies globally, including in many of the markets in which Serko operates,
which could affect spending on travel in those markets, which would in turn impact on the operating and financial performanceofSerko.
Market volatility of Serko's shares
Any investment in equity capital carries general risks. Serko's shares are currently listed on NZX and ASX and are subject to the usual market-related forces which impact on Serko's share price.
There can be no assurance that trading in the shares following the offer will not result in the share price trading at levelsbelow the price paid by investors in the offer. The equity markets have in
recent times been subject to pronounced volatility due to the continuing impacts of COVID-19. There is no certainty that this recent volatility will not continue or worsen, which could have a
materially adverse impact on the market price of Serko's shares.
Factors such as the risk factors disclosed in this presentation as well as other factors could cause the market price of Serko'sshares to decline or to materially fluctuate. It also is possible that new
market risks may develop as a result of the New Zealand or Australian markets experiencing extreme stress, or due to existingrisks (including the impacts of COVID-19) manifesting themselves in
ways that are not currently foreseeable.
A weakening in the New Zealand dollar as against other currencies will cause the value of the shares to decline in any portfoliowhich is denominated in a currency other than New Zealand
dollars.
43
|

Appendix:
Foreign Selling Restrictions
44
|

FOREIGN SELLING RESTRICTIONS
International Offer Restrictions
This document does not constitute an offer of ordinary shares (New Shares) of Serko in any jurisdiction in which it would be unlawful. In particular, this document may not be distributed to any
person, and the New Shares may not be offered or sold, in any country outside New Zealand except to the extent permitted below.
Australia
This document and the offer of New Shares under the Placement is only made available in Australia to persons to whom a disclosure document is not required to be given under Chapter 6D of
the Australian Corporations Act 2001 (Cth) (Australian Corporations Act). This document is not a prospectus, product disclosure statement or any other form of formal “disclosure document” for
the purposes of the Australian Corporations Act, and is not required to, and does not, contain all the information which would be required in a disclosure document under the Australian
Corporations Act. If you are in Australia, this document is made available to you provided you are a person to whom an offer of securities can be made without a disclosure document such as a
professional investor, sophisticated investor or wholesale client for the purposes of Chapter 6D of the Australian Corporations Act. This document has not been lodged or registered with the
Australian Securities and Investments Commission. The persons referred to in this document may not hold Australian financial services licences and may not be licensed to provide financial
product advice in relation to securities. No “cooling-off” regime will apply to an acquisition of any interest in Serko. This document does not take into account the investment objectives, financial
situation or needs of any particular person. Accordingly, before making any investment decision in relation to this document,you should assess whether the acquisition of any interest in Serko is
appropriate in light of your own financial circumstances or seek professional advice.
If you acquire the New Shares under the Placement in Australia then you:
•represent and warrant that you are a wholesale client; and
•represent and warrant that you are a professional or sophisticated investor;
•agree not to sell or offer for sale any New Shares issued under the Placement in Australia within 12 months from the date of their issue under the Placement, except in circumstances where:
•disclosure to investors would not be required under Chapter 6D of the Australian Corporations Act; or
•such sale or offer is made pursuant to a disclosure document which complies with Chapter 6D or Chapter of the Australian Corporations Act.
45
|

FOREIGN SELLING RESTRICTIONS
Hong Kong
WARNING: The contents of this document have not been reviewed by any regulatory authority in Hong Kong. You are advised to exercise caution in relation to the Placement. If you are in any
doubt about any of the contents of this document, you should obtain independent professional advice. This document has not been,and will not be, registered as a prospectus under the
Companies (Winding Up and Miscellaneous Provisions) Ordinance (Cap.32, Laws of Hong Kong) (the “C(WUMP)O”), nor has it been authorised by the Securities and Futures Commission in
Hong Kong pursuant to the Securities and Futures Ordinance (Cap. 571) of Hong Kong (the “SFO”). No action has been taken in HongKong to authorise or register this document or to permit
the distribution of this document or any documents issued in connection with it. Accordingly, (i) the New Shares may not be offered or sold in Hong Kong by means of this document or any
other document other than (a) to "professional investors" as defined in the SFO and any rules made under the SFO; or (b) in other circumstances which do not result in the document being a
"prospectus" as defined in the C(WUMP)O or which do not constitute an offer to the public within the meaning of the C(WUMP)O;and (ii) no person shall issue or possess for the purposes of
issue, whether in Hong Kong or elsewhere, any advertisement, invitation or document relating to the New Shares which is directedat, or the contents of which are likely to be accessed or read
by, the public of Hong Kong (except if permitted to do so under the securities laws of Hong Kong) other than with respect to theNew Shares which are or are intended to be disposed of only to
persons outside Hong Kong or only to “professional investors” as defined in the SFO and any rules made under the SFO. No person allotted New Shares may sell, or offer to sell, such shares in
circumstances that amount to an offer to the public in Hong Kong within six months following the date of issue of such shares.
Singapore
This document and any other materials relating to the New Shares has not been and will not be registered as a prospectus withthe Monetary Authority of Singapore (“MAS”). Accordingly, the
New Shares may not be offered or sold or made the subject of an invitation for subscription or purchase, nor may this document or any other document or material in connection with the offer
or sale, or invitation for subscription or purchase, of the New Shares be circulated or distributed, whether directly or indirectly, to any person in Singapore other than (i) to an "institutional
investor" or an "accredited investor" pursuant to the Securities and Futures Act, Chapter 289 of Singapore (the “SFA”), in accordance with the conditions of any other applicable provision
(including resale restrictions) of the SFA. Notification under Section 309B(1)(c) of the SFA -in connection with Section 309B of the SFA and the Securities and Futures (Capital Markets Products)
Regulations 2018 (the “CMP Regulations 2018”) of Singapore, Serko has determined the classification of the New Shares as prescribed capital markets products (as defined in the CMP
Regulations 2018) and Excluded Investment Products (as defined in MAS Notice SFA 04-N12: Notice on the Sale of Investment Products and MAS Notice FAA-N16: Notice on Recommendations
on Investment Products).
46
|

FOREIGN SELLING RESTRICTIONS
Switzerland
This document is not intended to constitute an offer or solicitation to purchase or invest in the New Shares described herein. The New Shares may not be publicly offered, sold or advertised,
directly or indirectly, in, into or from Switzerland but may be offered to individually approached professional investors as defined in Article 4 of the Swiss Financial Services Act ("FinSA") and no
application has been or will be made to admit the New Shares to trading on any trading venue (exchange or multilateral trading facility) in Switzerland. Neither this document nor any other
offering or marketing material relating to the New Shares constitutes a prospectus compliant with the requirements of Article652a or 1156 of the Swiss Code of Obligations or the listing rules of
SIX Exchange Regulation or pursuant to the FinSAfor a public offering of the New Shares and neither this document nor any other offering or marketing material relating to the New Shares may
be distributed or otherwise made publicly available in, into or from Switzerland.
Neither this document nor any other offering or marketing material relating to the offering of the New Shares has been or will be filed with or approved by any Swiss regulatory authority or any
review body. This document is personal to the recipient only and not for general circulation in Switzerland.
United Kingdom
Neither this document nor any other document relating to the offer has been delivered for approval to the Financial Conduct Authority in the United Kingdom and no prospectus (within the
meaning of section 85 of the Financial Services and Markets Act 2000, as amended (“FSMA”) has been published or is intended to be published in respect of the New Shares. This document is
issued on a confidential basis to “qualified investors” (within the meaning of Section 86(7) of the FSMA) in the United Kingdom,and the New Shares may not be offered or sold in the United
Kingdom by means of this document, any accompanying letter or any other document, except in circumstances which do not require the publication of a prospectus pursuant to Section 86(1) of
the FSMA. This document should not be distributed, published or reproduced, in whole or in part, nor may its contents be disclosed by recipients to any other person in the United Kingdom.
Any invitation or inducement to engage in investment activity (within the meaning of section 21 of the FSMA) received in connection with the issue or sale of the New Shares has only been
communicated or caused to be communicated and will only be communicated or caused to be communicated in the United Kingdom incircumstances in which Section 21(1) of the FSMA does
not apply to Serko. In the United Kingdom, this document is being distributed only to, and is directed at, persons (i) who have professional experience in matters relating to investments falling
within Article 19(5) (investment professionals) of the Financial Services and Markets Act 2000 (Financial Promotion) Order 2005 (“FPO”), (ii) who fall within the categories of persons referred to in
Article 49(2)(a) to (d) (high net worth companies, unincorporated associations, etc.) of the FPO or (iii) to whom it may otherwise be lawfully communicated (together “relevant persons”). The
investments to which this document relates are available only to, and any offer or agreement to purchase will be engaged in onlywith, relevant persons. Any person who is not a relevant person
should not act or rely on this document or any of its contents.
47
|

FOREIGN SELLING RESTRICTIONS
United States
This document may not be distributed or released in the United States. This document does not constitute an offer to sell, ora solicitation of an offer to buy, securities in the United States or in
any other jurisdiction in which such an offer would be illegal or impermissible. The New Shares have not been, and will not be, registered under the U.S. Securities Act or the securities laws of any
state or other jurisdiction of the United States and may not be offered or sold, directly or indirectly, in the United Statesunless they have been registered under the U.S. Securities Act (which
Serko has no obligation or intention to do or procure) or are offered and sold in a transaction exempt from, or in a transactionnot subject to, the registration requirements of the U.S. Securities
Act and other applicable securities laws.
48
|

•Peak ATMR (AnnualisedTr a n s a c t i o n a l M o n t h l y R e v e n u e ) i s a n o n-GAAP measure. Serko uses this as an indicator of recurring revenues from Serko
products. It is calculated by annualisingthe combination travel and expense platform monthly revenues for the most recent non-seasonal month. The
travel platform revenue is annualisedby taking the monthly online booking transactions divided by the number of weekdays for that month multiplied by
the average ARPB and multiplied by 260 days.The expense platform revenue is based on the monthly revenue from active users multiplied by 12
months.The impacts COVID-19 is having on the current operating environment means ATMR is a less reliable indicator of future growth potential than it
was pre-COVID.
•ARPB (Average Revenue Per Booking) is a non-GAAP measure.Serko uses this as a useful indicator of the revenue value per travel booking.It is
calculated by taking total Recurring Product Revenue divided by the total number of online bookings.
•To t a l t r a v e l b o o k i n g s i n c l u d e b o t h o n l i n e a n d o f f l i n e t r a n s a c t i o n s u n l e s s o t h e r w i s e s t a t e d .
•To t a l o p e r a t i n g r e v e n u e (a non-GAAP measure) is revenue excluding income from grants and finance income; total income includes grants.
•Recurring product revenue is a non-GAAP measure.Recurring revenue is derived from transactions and usage of Serko products by contracted
customers. It excludes revenues from customisedsoftware development (services revenue).
•Product design and development costs is a non-GAAP measure representing the internal and external costs related to research, development, design and
maintenance of software, both expensed and capitalised but excluding depreciation and amortisation.
•Operating costs is a non-GAAP measure which excludes costs relating to taxation, interest, depreciation, and amortisationcharges.
•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.
DEFINITIONS
Serko Limited, 125 The Strand, Parnell, Auckland, New Zealand
T: +64 9 309 4754
investor.relations@serko.com
Incorporated in New Zealand ARBN 611 613 980
49
|

Thank you

---

Template
Corporate Action Notice
(Other than for a Distribution)
Updated as at 17 October 2019

Page 1 of 2
Section 1: issuer information (mandatory)
Name of issuer Serko Limited
Class of Financial Product Ordinary Shares
NZX ticker code SKO
ISIN (If unknown, check on NZX
website)
NZSKOE0001S7
Name of Registry Link Market Services Limited
Type of corporate action
(Please mark with an X in the relevant
box/es)
Share purchase
plan
X
Renounceable
Rights issue

Capital
reconstruction

Non
Renounceable
Rights issue

Call Bonus issue
Record date 23 November 2021
Ex-Date (one business day before the
Record Date)
22 November 2021
Currency NZD
Section 2: Share purchase plans (delete if not applicable)
Number of financial products to be
issued
OR
Maximum dollar amount of
Financial Products to be issued
Up to NZ$50,000 (comprising a share purchase plan
component of NZ$15,000, with provision to apply for up to
a further NZ$35,000) per eligible shareholder / beneficial
owner with a registered address in New Zealand or
Australia, for an aggregate offer size of up to $10 million.
SKO reserves the right to, at its absolute discretion, allow
oversubscriptions.
Minimum application amount (if
any)
N/A
Subscription Price The lower of:
(a) the price paid by SKO's investors in the
placement announced on 24 November 2021; or
(b) the five day volume weighted average price of
ordinary shares in SKO on the NZX during the last
five trading days of the Retail Offer period, up to,
and including, the closing date of the Retail Offer.
Scaling reference date By reference to holdings at Record Date
Closing Date 14 December 2021
Allotment Date 21 December 2021

2 of 2
Section 3: Authority for this announcement (mandatory)
Name of person authorised to make this
announcement
Shane Sampson
Contact person for this announcement Shane Sampson
Contact phone number +64 9 884 5916
Contact email address investor.relations@serko.com
Date of release through MAP 24 November 2021

---

1
Serko Limited, Saatchi Building, Unit 14D 125 The Strand, Parnell, Auckland, New Zealand
PO Box 47-638, Ponsonby, T: +64 9 309 4754, F: +64 9 377 0545, company.secretary@serko.com
Incorporated in New Zealand ARBN 611 613 980

Market Release
24 November 2021

Notice Pursuant to Clause 20(1)(a) of Schedule 8 to the Financial Markets Conduct
Regulations 2014
Serko releases Cleansing Notice in relation to Offer of Shares

1. Serko Limited (NZX/ASX:SKO) ("Serko") today announced that it intends to undertake a capital
raising, comprising:
(a) a fully underwritten placement of NZ$75 million of newly issued ordinary shares to
institutional and other select investors (the "Placement"); and
(b) a retail offer to Serko's eligible existing shareholders with an address in New Zealand or
Australia to raise up to NZ$10 million (with the ability to accept oversubscriptions at its
discretion to ensure that it has sufficient flexibility to cater for demand from its retail
shareholder base), which is not underwritten (the "Retail Offer"),
(together, the "Offer").
2. The Placement opens today, 24 November 2021. The Retail Offer will open on or around 30
November 2021.
3. The Offer is being made in reliance upon the exclusion in clause 19 of schedule 1 to the Financial
Markets Conduct Act 2013 ("Act").
4. This notice is provided under:
(a) subclause 20(1)(a) of schedule 8 to the Financial Markets Conduct Regulations 2014
("Regulations"); and
(b) paragraph 708A(12G) of the Corporations Act 2001 (Cth) (“Corporations Act”) as
notionally inserted by ASIC Instrument 18-0299; and
(c) ASIC Corporations (Share and Interest Purchase Plans) Instrument 2019/547 as amended
by ASIC Instrument 21-0975.
5. Serko will issue the relevant securities under the Placement and Retail Offer components of the
Offer without disclosure to investors under Part 6D.2 of the Corporations Act.
6. As at the date of this notice:

2
Serko Limited, Saatchi Building, Unit 14D 125 The Strand, Parnell, Auckland, New Zealand
PO Box 47-638, Ponsonby, T: +64 9 309 4754, F: +64 9 377 0545, company.secretary@serko.com
Incorporated in New Zealand ARBN 611 613 980

(a) Serko is in compliance with the continuous disclosure obligations that apply to it in
relation to ordinary shares in Serko;
(b) Serko is in compliance with its financial reporting obligations (as defined in subclause
20(5) of schedule 8 to the Regulations);
(c) Serko has complied with its obligations under Rule 1.15.2 of the ASX Listing Rules; and
(d) there is no information that is "excluded information" (as defined in subclause 20(5) of
schedule 8 to the Regulations) in respect of Serko.
7. The Offer is not expected to have any material effect or consequence on the control of Serko
within the meaning set out in clause 48 of Schedule 1 of the Act.

This announcement has been authorised for release to NZX and ASX by:
Shane Sampson, Chief Financial Officer
Phone: +64 9 884 5916
Email: investor.relations@serko.com

Ends

Investor Relations Enquiries:
Shane Sampson, Chief Financial Officer
Phone: +64 9 884 5916
Email: investor.relations@serko.com

SPH Notice – Fisher Funds Management Limited Serko Limited (“SKO”) – Trading Halt of Securities Lifted

Data sourced from publicly available filings. Our datasets may not be complete. Automated analysis can produce errors. If you believe any data on this page is incorrect, please contact us at hello@nzxplorer.co.nz. For informational purposes only. Not investment advice.