XERO LIMITED — Director's Dealing 2015

Nov 25, 2015

Appendix 3Y Change of Director’s Interest Notice

Rule%3.19A.2

Appendix(3Y(

Change(of(Director’s(Interest(Notice(

Information%or%documents%not%available%now%must%be%given%to%ASX%as%soon%as%available.%%Information% and%documents%given%to%ASX%become%ASX’s%property%and%may%be%made%public.%

Introduced!30/09/01!!Amended!01/01/11!

Name(of(entity:(Xero(Limited ARBN:(160(661(183

We!(the!entity)!give!ASX!the!following!information!under!listing!rule!3.19A.2!and!as!agent!for! the!director!for!the!purposes!of!section!205G!of!the!Corporations!Act.!!!

NameofDirector	GarethSamuelMorgan(SamMorgan)
Dateoflastnotice	20December2012

Part(1(F(Change(of(director’s(relevant(interests(in(securities

In%the%case%of%a%trust,%this%includes%interests%in%the%trust%made%available%by%the%responsible%entity%of%the%trust%

Note:!In!the!case!of!a!company,!interests!which!come!within!paragraph!(i)!of!the!definition!of!“notifiable!interest!of!a!director”!should! be!disclosed!in!this!part.!

bedisclosedinthispart.
Directorindirectinterest	Indirect
Natureofindirectinterest (includingregisteredholder) Note:Providedetailsofthecircumstancesgivingrisetotherelevant interest.	Indirect ownership of Ordinary Shares in Xero Limited (Ordinary Shares) though Jasmine InvestmentHoldingsLimited.
Dateofchange	26November2015
No.ofsecuritiesheldpriortochange	5,122,609
Class	OrdinaryShares
Numberacquired	None
Numberdisposed	500,000
Value/Consideration Note: If consideration is nonUcash, provide details and estimated valuation	NZ$10,005,000 for 500,000 Ordinary Shares in Xero Limited at an average sale price of NZ$20.01perOrdinaryShare
No.ofsecuritiesheldafterchange	4,622,609OrdinaryShares

• See chapter 19 for defined terms.

01/01/2011 Appendix 3Y Page 1

Appendix 3Y Change of Director’s Interest Notice

Natureofchange Example:onUmarkettrade,offUmarkettrade,exerciseofoptions,issue of securities under dividend reinvestment plan, participation in buyU back	OnUmarket disposal of 500,000 Ordinary Shares atanaveragesalepriceofNZ$20.01perOrdinary Shareon26November2015

Part(2(–(Change(of(director’s(interests(in(contracts(

Note:!In!the!case!of!a!company,!interests!which!come!within!paragraph!(ii)!of!the!definition!of!“notifiable!interest!of!a!director”!should! be!disclosed!in!this!part.

Detail(of(contract( Nature(of(interest( Name(of(registered(holder( (if(issued(securities)( Date(of(change( No.( and( class( of( securities( to( which( interest(related(prior(to(change( Note:!Details!are!only!required!for!a!contract!in!relation!to!which!the!interest! has!changed! Interest(acquired( Interest(disposed( Value/Consideration( Note:! If! consideration! is! nonUcash,! provide! details! and! an! estimated! valuation!! Interest(after(change(

Part(3(–([+] Closed(period(

Part3–+Closedperiod
Were the interests in the securities or contracts detailed above traded during a +closed period where priorwrittenclearancewasrequired?	No, but prior written clearance requiredatalltimesfordirectors totrade–priorwrittenclearance was provided for the disposal disclosedinthisAppendix3Y
Ifso,waspriorwrittenclearanceprovidedtoallowthe tradetoproceedduringthisperiod?	N/A
If prior written clearance was provided, on what date wasthisprovided?	N/A

• See chapter 19 for defined terms.

Appendix 3Y Page 2

01/01/2011