Serco Regulatory News (SRP)

PDMR

Number of Shares subject to the Performance Award

Mark Irwin,

Group Chief Executive

1,042,752

Nigel Crossley,

Group Chief Financial Officer

547,445

David Eveleigh,

Group General Counsel & Company Secretary

229,855

Anthony Kirby,

CEO UK & Europe

367,570

Philip Malem,

CEO Middle East

239,162

Kate Steadman,

Group Strategy & Communications Director

142,335

Tom Watson,

CEO Americas

353,680

Peter Welling

CEO AsPac

257,119

Performance

Measure

Weighting

Performance Target

Aggregate EPS

25%

Statutory Earnings Per Share (EPS) before exceptional items (adjusted to reflect tax paid on a cash basis) of 34.64p (threshold, 25% vesting) to 38.49p (target, 50% vesting) to 42.34p (maximum, 100% vesting), measured as an aggregate over the three-year performance period ending 31 December 2025.

Relative TSR

25%

Total Shareholder Return (TSR) of median (threshold, 25% vesting) to upper quartile (maximum, 100% vesting) when ranked relative to companies in the FTSE250 (excluding investment trusts), measured over the three-year performance period ending 31 December 2025.

Average ROIC

25%

Pre-tax Return on Invested Capital (ROIC) of 18.3% (threshold, 25% vesting) to 20.4% (target, 50% vesting) to 22.4% (maximum, 100% vesting), measured as an average over the three-year performance period ending 31 December 2025.

ESG Scorecard

15%

Employee engagement:

· Average annual Group employee engagement score over the three-year performance period at or above 70 for on target performance, and at or above 72 for maximum performance.

Improvement in colleague diversity:

· Performance will be assessed against a scorecard of factors relating to the improvement in colleague diversity. This will include reviewing progress on activities which support diversity, such as:

o  commitment to diversity charters, where appropriate, such as the UK Race at Work charter, and progress shown against the commitments made;

o  the continued implementation of policies to promote diversity in recruitment and candidate pools;

o  wider and better targeted participation in learning and career development; and

o  active management of a talent pipeline and progression within the organisation which will, in time, result in a more diverse leadership cadre.

· To track progress, the Committee will also review quantitative metrics such as the percentage of women and colleagues of diverse ethnic backgrounds, holding senior global leadership roles.

Improvement in our understanding, management and disclosure of Serco's environmental risks:

· Demonstrate improvements in environmental performance and management of environmental risks, through actions taken in line with our environmental strategy and improvements in externally issued environment/climate change ratings.

Order Book

10%

Book-to-bill ratio of 100% (target, 50% vesting) to 105% (maximum, 100% vesting) measured on a cumulative basis over the three-year performance period ending 31 December 2025.

1

Details of the person discharging managerial responsibilities / person closely associated

a)

Name

Mark Irwin

2

Reason for the notification

a)

Position/status

Group Chief Executive

b)

Initial notification /Amendment

Initial notification

3

Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor

a)

Name

Serco Group plc

b)

LEI

549300PT2CIHYN5GWJ21

4

Details of the transaction(s): section to be repeated for (i) each type of instrument; (ii) each type of transaction; (iii) each date; and (iv) each place where transactions have been conducted

a)

Description of the financial instrument, type of instrument

Ordinary shares of 2 pence each ("Ordinary Shares")

Identification code

ISIN: GB0007973794

b)

Nature of the transaction

The grant of conditional share awards on 6 April 2023 under the Serco Group plc 2019 Long-Term Incentive Plan.

c)

Price(s) and volume(s)

Price(s)

Volume(s)

n/a

1,042,752

d)

Aggregated information

- Aggregated volume

1,042,752

- Price

n/a

e)

Date of the transaction

6 April 2023

f)

Place of the transaction

n/a

1

Details of the person discharging managerial responsibilities / person closely associated

a)

Name

Nigel Crossley

2

Reason for the notification

a)

Position/status

Group Financial Controller

b)

Initial notification /Amendment

Initial notification

3

Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor

a)

Name

Serco Group plc

b)

LEI

549300PT2CIHYN5GWJ21

4

Details of the transaction(s): section to be repeated for (i) each type of instrument; (ii) each type of transaction; (iii) each date; and (iv) each place where transactions have been conducted

a)

Description of the financial instrument, type of instrument

Ordinary shares of 2 pence each ("Ordinary Shares")

Identification code

ISIN: GB0007973794

b)

Nature of the transaction

The grant of conditional share awards on 6 April 2023 under the Serco Group plc 2019 Long-Term Incentive Plan.

c)

Price(s) and volume(s)

Price(s)

Volume(s)

n/a

547,445

d)

Aggregated information

- Aggregated volume

547,445

- Price

n/a

e)

Date of the transaction

6 April 2023

f)

Place of the transaction

n/a

1

Details of the person discharging managerial responsibilities / person closely associated

a)

Name

David Eveleigh

2

Reason for the notification

a)

Position/status

Group General Counsel & Company Secretary

b)

Initial notification /Amendment

Initial notification

3

Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor

a)

Name

Serco Group plc

b)

LEI

549300PT2CIHYN5GWJ21

4

Details of the transaction(s): section to be repeated for (i) each type of instrument; (ii) each type of transaction; (iii) each date; and (iv) each place where transactions have been conducted

a)

Description of the financial instrument, type of instrument

Ordinary shares of 2 pence each ("Ordinary Shares")

Identification code

ISIN: GB0007973794

b)

Nature of the transaction

The grant of conditional share awards on 6 April 2023 under the Serco Group plc 2019 Long-Term Incentive Plan.

c)

Price(s) and volume(s)

Price(s)

Volume(s)

n/a

229,855

d)

Aggregated information

- Aggregated volume

229,855

- Price

n/a

e)

Date of the transaction

6 April 2023

f)

Place of the transaction

n/a

1

Details of the person discharging managerial responsibilities / person closely associated

a)

Name

Anthony Kirby

2

Reason for the notification

a)

Position/status

CEO UK & Europe

b)

Initial notification /Amendment

Initial notification

3

Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor

a)

Name

Serco Group plc

b)

LEI

549300PT2CIHYN5GWJ21

4

Details of the transaction(s): section to be repeated for (i) each type of instrument; (ii) each type of transaction; (iii) each date; and (iv) each place where transactions have been conducted

a)

Description of the financial instrument, type of instrument

Ordinary shares of 2 pence each ("Ordinary Shares")

Identification code

ISIN: GB0007973794

b)

Nature of the transaction

The grant of conditional share awards on 6 April 2023 under the Serco Group plc 2019 Long-Term Incentive Plan.

c)

Price(s) and volume(s)

Price(s)

Volume(s)

n/a

367,570

d)

Aggregated information

- Aggregated volume

367,570

- Price

n/a

e)

Date of the transaction

6 April 2023

f)

Place of the transaction

n/a

1

Details of the person discharging managerial responsibilities / person closely associated

a)

Name

Philip Malem

2

Reason for the notification

a)

Position/status

CEO Middle East

b)

Initial notification /Amendment

Initial notification

3

Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor

a)

Name

Serco Group plc

b)

LEI

549300PT2CIHYN5GWJ21

4

Details of the transaction(s): section to be repeated for (i) each type of instrument; (ii) each type of transaction; (iii) each date; and (iv) each place where transactions have been conducted

a)

Description of the financial instrument, type of instrument

Ordinary shares of 2 pence each ("Ordinary Shares")

Identification code

ISIN: GB0007973794

b)

Nature of the transaction

The grant of conditional share awards on 6 April 2023 under the Serco Group plc 2019 Long-Term Incentive Plan.

c)

Price(s) and volume(s)

Price(s)

Volume(s)

n/a

239,162

d)

Aggregated information

- Aggregated volume

239,162

- Price

n/a

e)

Date of the transaction

6 April 2023

f)

Place of the transaction

n/a

1

Details of the person discharging managerial responsibilities / person closely associated

a)

Name

Kate Steadman

2

Reason for the notification

a)

Position/status

Group Strategy & Communications Director

b)

Initial notification /Amendment

Initial notification

3

Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor

a)

Name

Serco Group plc

b)

LEI

549300PT2CIHYN5GWJ21

4

Details of the transaction(s): section to be repeated for (i) each type of instrument; (ii) each type of transaction; (iii) each date; and (iv) each place where transactions have been conducted

a)

Description of the financial instrument, type of instrument

Ordinary shares of 2 pence each ("Ordinary Shares")

Identification code

ISIN: GB0007973794

b)

Nature of the transaction

The grant of conditional share awards on 6 April 2023 under the Serco Group plc 2019 Long-Term Incentive Plan.

c)

Price(s) and volume(s)

Price(s)

Volume(s)

n/a

142,335

d)

Aggregated information

- Aggregated volume

142,335

- Price

n/a

e)

Date of the transaction

6 April 2023

f)

Place of the transaction

n/a

1

Details of the person discharging managerial responsibilities / person closely associated

a)

Name

Tom Watson

2

Reason for the notification

a)

Position/status

CEO Americas

b)

Initial notification /Amendment

Initial notification

3

Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor

a)

Name

Serco Group plc

b)

LEI

549300PT2CIHYN5GWJ21

4

Details of the transaction(s): section to be repeated for (i) each type of instrument; (ii) each type of transaction; (iii) each date; and (iv) each place where transactions have been conducted

a)

Description of the financial instrument, type of instrument

Ordinary shares of 2 pence each ("Ordinary Shares")

Identification code

ISIN: GB0007973794

b)

Nature of the transaction

The grant of conditional share awards on 6 April 2023 under the Serco Group plc 2019 Long-Term Incentive Plan.

c)

Price(s) and volume(s)

Price(s)

Volume(s)

n/a

353,680

d)

Aggregated information

- Aggregated volume

353,680

- Price

n/a

e)

Date of the transaction

6 April 2023

f)

Place of the transaction

n/a

1

Details of the person discharging managerial responsibilities / person closely associated

a)

Name

Peter Welling

2

Reason for the notification

a)

Position/status

CEO AsPac

b)

Initial notification /Amendment

Initial notification

3

Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor

a)

Name

Serco Group plc

b)

LEI

549300PT2CIHYN5GWJ21

4

Details of the transaction(s): section to be repeated for (i) each type of instrument; (ii) each type of transaction; (iii) each date; and (iv) each place where transactions have been conducted

a)

Description of the financial instrument, type of instrument

Ordinary shares of 2 pence each ("Ordinary Shares")

Identification code

ISIN: GB0007973794

b)

Nature of the transaction

The grant of conditional share awards on 6 April 2023 under the Serco Group plc 2019 Long-Term Incentive Plan.

c)

Price(s) and volume(s)

Price(s)

Volume(s)

n/a

257,119

d)

Aggregated information

- Aggregated volume

257,119

- Price

n/a

e)

Date of the transaction

6 April 2023

f)

Place of the transaction

n/a