SERKO LIMITED — Major Shareholding Notification 2025

Dec 18, 2025

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

To	NZX Limited
and
To	Serko Limited (SKO)
Relevant event being disclosed:	Disclosure of movement of 1% or more in
	substantial holding
Date of relevant event:	18 December 2025
Date this disclosure made:	19 December 2025
Date last disclosure made:	18 June 2025

Substantial product holder(s) giving disclosure

Full name(s): Harbour Asset Management Limited

Summary of substantial holding: Harbour Asset Management Limited

Class of quoted voting products: Ordinary Shares (Shares)	Class of quoted voting products: Ordinary Shares (Shares)	Class of quoted voting products: Ordinary Shares (Shares)
Summary for:		Harbour Asset Management Limited
Forthis disclosure -	(a) total number held in class:	18,809,633
	(b) total in class:	124,881,635
	(c) total percentage held in class:	15.062%
Forlast disclosure -	(a) total number held in class:	17,359,434
	(b) total in class:	124,600,150
	(c) total percentage held in class:	13.932%

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Details of transactions and events giving rise to relevant event:

The transactions/events giving rise to this disclosure obligation are on-market buy and sell trades by Harbour Asset Management Limited since the previous relevant event on 17 June 2025, as summarised in the table below.

Details for:	Harbour Asset Management Limited	BNZ Investment Services Limited
Nature of relevant interest(s):	Relevant interest in Shares that FirstCape wholly-owned subsidiary Harbour Asset Management Limited (Harbour) has a relevant interest in. Harbour has the power to exercise (or control the exercise of) rights to vote attached to, and power to acquire or dispose of (or control the acquisition or disposal of), Shares under investment powers contained in trust deeds or investment management agreements with clients, including BNZ Investments Limited (see right). FirstCape has those powers and controls indirectly, as the ultimate owner of Harbour.	Relevant interest in Shares that its wholly-owned subsidiary BNZ Investment Services Limited (BNZIL) has a relevant interest in. BNZIL has a beneficial ownership interest in these shares, which are managed by Harbour under an investment management agreement, so are also included in Harbour’s interest referred to the left.
On-market purchases –Number of Shares	2,292,578	823,754
On-market purchases –Gross Consideration	$6,382,357.99	$2,295,241.39
On-market sales – Number of Shares	842,379	N/A
On-market sales – Gross Consideration	$2,297,984.64	N/A

Details after relevant event:

Details for:	Harbour Asset Management Limited	BNZ Investment Services Limited
Number held in class after the relevant event:	18,809,633	4,417,061
Percentage held in class:	15.062%	3.537%
Current registered holder of financial products:	For on market purchases: Unknown For on market sales: Various nominees or custodians for and on behalf of Harbour Asset Management Limited	For on market purchases: Unknown For on market sales: Various nominees or custodians for and on behalf of Harbour Asset Management Limited
Registered holder of financial products once transfer is registered:	For on market purchases: Various nominees or custodians for and on behalf of Harbour Asset Management Limited For on market sales: Unknown	For on market purchases: Various nominees or custodians for and on behalf of Harbour Asset Management Limited For on market sales: Unknown

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Additional information:

Address(es) of substantial Level 21, 171 Featherston Street, Wellington product holder(s): Contact details: Madeleine Pumphrey M +64 27 376 8309 madeleine.pumphrey@jbwere.co.nz

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: none.

Certification:

I, Madeleine Pumphrey, 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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