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	RodneyKennethDrury(RodDrury)
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.!

Directorindirectinterest	Indirect
Natureofindirectinterest (includingregisteredholder) Note:Providedetailsofthecircumstancesgivingriseto therelevantinterest.	Anna Margaret Clare Drury, Rodney Kenneth Drury and ScottMoran(astrusteesoftheRodannaVenturesTrust (Trust)) are the registered holders of ordinary shares in XeroLimited(OrdinaryShares).ThetrusteesoftheTrust were changed from Kenneth Drury and Anna Margaret Clare Drury to Anna Margaret Clare Drury, Rodney KennethDrury,andScottMoranon26November2015. Rod Drury and family members are beneficiaries of the Trust.
Dateofchange	26November2015
No. of securities held prior to change	21,719,779
Class	OrdinaryShares
Numberacquired	None
Numberdisposed	1,000,000

• See chapter 19 for defined terms.

01/01/2011 Appendix 3Y Page 1

Appendix 3Y Change of Director’s Interest Notice

Value/Consideration Note: If consideration is nonYcash, provide details and estimatedvaluation	NZ$20,010,000for1,000,000Ordinaryatanaveragesale priceofNZ$20.01perOrdinaryShare
No. of securities held after change	20,719,779OrdinaryShares
Natureofchange Example:onYmarkettrade,offYmarkettrade,exerciseof options,issueofsecuritiesunderdividendreinvestment plan,participationinbuyYback	OnYmarket disposal of 1,000,000 Ordinary Shares at an averagesalepriceofNZ$20.01perOrdinaryShareon26 November2015

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! nonYcash,! 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