Capital Change Notice

Section 1: Issuer information Name of issuer Serko Limited NZX ticker code SKO Class of financial product Ordinary shares in Serko ISIN (If unknown, check on NZX website) NZSKOE0001S7 Currency NZD Section 2: Capital change details Number issued/acquired/redeemed 25,000 ordinary shares issued upon exercise of 25,000 options Nominal value (if any) Not applicable Issue/acquisition/redemption price per security $2.97 Nature of the payment (for example, cash or other consideration) Not applicable Amount paid up (if not in full) Fully paid Percentage of total class of Financial Products issued/acquired/redeemed/ (calculated on the number of Financial Products of the Class, excluding any Treasury Stock, in existence) 0.027% For an issue of Convertible Financial Products or Options, the principal terms of Conversion (for example the Conversion price and Conversion date and the ranking of the Financial Product in relation to other Classes of Financial Product) or the Option (for example, the exercise price and exercise date) Not applicable Reason for issue/acquisition/redemption and specific authority for issue/acquisition/redemption/ (the reason for change must be identified here) Exercise of options under the Serko Limited (US) 2018 Share Incentive Plan and issue of 25,000 ordinary shares. Total number of Financial Products of the Class after the issue/acquisition/redemption/Conversion (excluding Treasury Stock) and the total number of Financial Products of the Class held as Treasury Stock after the issue/acquisition/redemption. 92,086,422 In the case of an acquisition of shares, whether those shares are to be held as treasury stock Not applicable Specific authority for the issue, acquisition, or redemption, including a reference to the rule pursuant to which the issue, acquisition, or redemption is made Directors' resolution dated 6 July 2018 for issue under NZX Listing Rule 4.6. Terms or details of the issue, acquisition, or redemption (for example: restrictions, escrow arrangements) The new shares will rank equally with all other fully paid ordinary shares on issue. Date of issue/acquisition/redemption 25 November 2019 Section 3: Authority for this announcement and contact person Name of person authorised to make this announcement Susan Putt Contact person for this announcement Susan Putt Contact phone number +64 21388009 Contact email address Investor.relations@serko.com Date of release through MAP 25 November 2019 End CA:00344874 For:SKO Type:SECISSUE Time:2019-11-25 15:45:46