XERO LIMITED — Director's Dealing 2016

Feb 17, 2016

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	ChrisLiddell
Dateoflastnotice	17February2015

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	(a) Direct (options to subscribe for Ordinary SharesinXeroLimited(Options)) (b) Indirect
Natureofindirectinterest (includingregisteredholder) Note:Providedetailsofthecircumstancesgivingrisetotherelevant interest.	(a) N/A (b) Ordinary Shares held by FNZ Custodians Limited(onbehalfofChristopherPellLiddell)
Dateofchange	12February2016
No.ofsecuritiesheldpriortochange	(a) 110,644Options (b) 15,000OrdinaryShares
Class	(a) UnlistedOptions (b) OrdinaryShares
Numberacquired	(a) 36,912Options (b) N/A
Numberdisposed	N/A

• 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 nonWcash, provide details and estimated valuation	(a) The Options have been granted pursuant to the Xero Limited (USA) Equity Incentive Scheme as remuneration and incentive for Chris Liddell (in his role as director). The Options have an exercise price of NZ$16.00 perOption,beingthe20dayvolumeweighted average market price of Xero Limited’s Ordinary Shares on the NZX Main Board throughto11February2016 (b) N/A
No.ofsecuritiesheldafterchange	(a) 147,556Options (b) 15,000OrdinaryShares
Natureofchange Example:onWmarkettrade,offWmarkettrade,exerciseofoptions,issue of securities under dividend reinvestment plan, participation in buyW back	The Options have been granted pursuant to the Xero Limited (USA) Equity Incentive Scheme as remunerationandincentiveforChrisLiddell(inhis roleasdirector).Additionaldetailsrelatingtothe OptionsaresetoutintheAppendix3Breleased byXeroLimitedtoASXon15February2016

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! nonWcash,! 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?	N/A
Ifso,waspriorwrittenclearanceprovidedtoallowthe tradetoproceedduringthisperiod?	N/A
If prior written clearance was provided, on what date wasthisprovided?	N/A

• See chapter 19 for defined terms.

01/01/2011 Appendix 3Y Page 3