Serko Limited — Major Shareholding Notification 2020

May 4, 2020

Disclosure of movement of 1% or more in substantial holding or change in nature of relevant interest, or both

Sections 277 and 278, Financial Markets Conduct Act 2013

Note: This form must be completed in accordance with the instructions at the end of the form.

To: The New Zealand Stock Exchange and

To: Serko Limited

Relevant event being disclosed: Change in nature of relevant interest

Date of relevant event: 30/04/2020

Date this disclosure made: 04/05/2020

Date last disclosure made: 06/03/2020

Substantial product holder(s) giving disclosure

Full name(s): Milford Asset Management Limited

Summary of substantial holding

Class of quoted voting products: Ordinary Shares

Summary for Milford Asset Management Limited

For this disclosure, —

• (a) total number held in class: 4,850,534

(b) total in class: 92,738,865

(c) total percentage held in class: 5.230% (note, relevant interests held by the manager as follows):

Milford Active Growth Wholesale Fund (1.878%), (Custodian - NNL Custodians),

Milford Dynamic Wholesale Fund (1.826%), (Custodian - NNL Custodians),

NZ Equities Wholesale Fund (1.448%), (Custodian - NNL Custodians),

Milford Dynamic Fund (AUT) (0.078%), (Custodian – National Australia Bank Limited).

For last disclosure, —

(a) total number held in class: 5,773,273

(b) total in class: 92,660,344

(c) total percentage held in class: 6.231% (note, relevant interests held by the manager as follows):

Milford Active Growth Wholesale Fund (2.827%), (Custodian - NNL Custodians),

Milford Dynamic Wholesale Fund (1.828%), (Custodian - NNL Custodians),

NZ Equities Wholesale Fund (1.497%), (Custodian - NNL Custodians),

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Milford Dynamic Fund (AUT) (0.078%), (Custodian – National Australia Bank Limited).

Details of transactions and events giving rise to relevant event

Details of the transactions or other events requiring disclosure under the instructions to this form:

Milford Asset Management Limited undertook the below transactions:

During the period 06/03/2020 to 30/04/2020,

• on- market purchases of 255,000 ordinary shares for a total consideration of $377,366.00, and

• on- market sales of 1,177,739 ordinary shares for a total consideration of $3,342,675.48

Details after relevant event

Details for Milford Asset Management Limited

Nature of relevant interest(s): N/A

Additional information

Address(es) of substantial product holder(s): Milford Asset Management Limited, Level 28, 48 Shortland Street, Auckland 1140, New Zealand.

Contact details: Stuart Bradley, Operations Associate, contact: (09) 921 4700

E-mail: trades@milfordasset.com

Name of any other person believed to have given, or believed to be required to give, a disclosure under the Financial Markets Conduct Act 2013 in relation to the financial products to which this disclosure relates: N/A

Certification

I, Stuart Bradley, certify that, to the best of my knowledge and belief, the information contained in this disclosure is correct and that I am duly authorised to make this disclosure by all persons for whom it is made.

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