XERO LIMITED — Director's Dealing 2015

Nov 18, 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	BillVeghte
Dateoflastnotice	18February2015

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	(a) Direct (options to subscribe for Ordinary SharesinXeroLimited(Options)) (b) Indirect (c) Indirect
Natureofindirectinterest (includingregisteredholder) Note:Providedetailsofthecircumstancesgivingrisetotherelevant interest.	(a) N/A (b) FNZ Custodians Limited (on behalf of Bean BrookFarm2013AnnuityTrust(Trust))isthe holder of 26,000 Ordinary Shares in Xero Limited(OrdinaryShares).BillVeghteisthe trustee of the Trust and beneficiaries of the Trustareimmediatefamilymembers (c) NationalFinancialServicesLLC(onbehalfof theTrust)istheholderofOrdinarySharesin the form of securities purchased in the US through OTC Markets as “XROLF” (OTC Securities). Bill Veghte is the trustee of the Trust and beneficiaries of the Trust are immediatefamilymembers
Dateofchange	12November2015(US,EST)
No.ofsecuritiesheldpriortochange	(a) 88,515Options (b) 26,000OrdinaryShares (c) None
Class	(a) UnlistedOptions (b) OrdinaryShares (c) OTCSecurities

• See chapter 19 for defined terms.

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Appendix 3Y Change of Director’s Interest Notice

Numberacquired	(a) N/A (b) N/A (c) 15,321OTCSecurities
Numberdisposed	N/A
Value/Consideration Note: If consideration is non]cash, provide details and estimated valuation	(a) N/A (b)N/A (c) The OTC Securities were purchased on 12 November 2015 (US, EST) at an average priceofUS$13.05perOTCSecurity(ranging from US$12.90 to US$13.10 per OTC Security)
No.ofsecuritiesheldafterchange	(a) 88,515Options (b) 26,000OrdinaryShares (c) 15,321OTCSecurities
Natureofchange Example:on]markettrade,off]markettrade,exerciseofoptions,issue of securities under dividend reinvestment plan, participation in buy] back	AcquisitionofOTCSecurities

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! non]cash,! provide! details! and! an! estimated! valuation!! Interest(after(change(

Part(3(–([+] Closed(period(

• See chapter 19 for defined terms.

Appendix 3Y Page 2

01/01/2011

Appendix 3Y Change of Director’s Interest Notice

Were the interests in the securities or contracts detailed above traded during a +closed period where priorwrittenclearancewasrequired?	No,butpriorwrittenclearanceis requiredatalltimesfordirectors totrade
Ifso,waspriorwrittenclearanceprovidedtoallowthe tradetoproceedduringthisperiod?	Prior written clearance was provided
If prior written clearance was provided, on what date wasthisprovided?	12November2015(NZT)

• See chapter 19 for defined terms.

01/01/2011 Appendix 3Y Page 3