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	AndrewCraigWinkler(CraigWinkler)
Dateoflastnotice	4December2012

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: Provide details of the circumstances giving rise to the relevantinterest.	Givia Pty Limited (as trustee of an Australian Charitable Trust) is registered holder of ordinary shares in Xero Limited (Ordinary Shares). Craig WinklerisadirectorofGiviaPtyLimited.
Dateofchange	26November2015
No.ofsecuritiesheldpriortochange	18,454,545
Class	OrdinaryShares
Numberacquired	None
Numberdisposed	1,000,000
Value/Consideration Note:IfconsiderationisnonVcash,providedetailsandestimated valuation	NZ$20,010,000for1,000,000OrdinarySharesatan averagesalepriceofNZ$20.01perOrdinaryShare
No.ofsecuritiesheldafterchange	17,454,545OrdinaryShares (CraigWinkleralsohasanindirectinterestin21,445 OrdinarySharesthroughBangarieInvestmentsPty Limited,whichremainsunchanged)

• See chapter 19 for defined terms.

01/01/2011 Appendix 3Y Page 1

Appendix 3Y Change of Director’s Interest Notice

Natureofchange Example: onVmarket trade, offVmarket trade, exercise of options, issueofsecuritiesunderdividendreinvestmentplan,participation inbuyVback	OnVmarketdisposalof1,000,000OrdinarySharesat an average sale price of NZ$20.01 per Ordinary 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! nonVcash,! 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