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XERO LIMITED Director's Dealing 2012

Dec 19, 2012

66106_rns_2012-12-19_c417ce6b-cf10-4f90-8886-3cd60789b9e9.pdf

Director's Dealing

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MARKET RELEASE

Director reduces stake in Xero

20 December 2012

Xero Limited (XRO) advises that Xero director Sam Morgan sold 1 million shares at $7.40 in an off-market transaction to a range of New Zealand institutions. This reduces his stake in the company to under 5%. Mr Morgan retains 5.1 million shares (4.37% of shares on issue).

Sam Morgan says, "I remain completely committed and excited about the company. Xero is my largest individual investment and trimming my shareholding is something I've done simply to restore a bit of balance in my portfolio after Xero’s share appreciation in 2012."

ENDS

For more information contact:

Rod Drury Xero CEO [email protected] +64 27 6000 007

www.xero.com