FY20 Financial and Strategic Overview

International highlights United Kingdom • Making Tax Digital (MTD) continued to contribute to performance • Launched first phase of Xero Tax, activating proven ANZ compliance product strategy • Investment in readiness for Open Banking • Two awards won for Xero Expenses (AccountingWeb Software Excellence Awards, Digital Accountancy Awards 2019) • Revenue growth of 50% YOY constant currency North America • Continued growth in estimated partner channel capacity to almost 1.5 million small businesses • • Signed new partnership agreements with number of large national accounting firms in both Canada and the US New Toronto office strengthening presence in Canada • Revenue growth of 19% YOY constant currency Rest of World • Launch of e-invoicing by Singapore Government from January 2020 a catalyst for SME digitisation • Enterprise partnership with leading Malaysian accounting firm YYC Advisors to migrate SME clients onto Xero • Strong progress in South Africa, executing the partner-led market development playbook • Revenue growth of 36% YOY constant currency FY20 YOY change FY20 YOY change Subscribers 613k +32% Subscribers 241k +24% Net additions 150k -1% Net additions 46k +5%¹ Revenue $184m +54% Revenue $55m +25% 1 excludes acquired Hubdoc subscribers in FY19 FY20 YOY change Subscribers 125k +51% Net additions 42k +68% Revenue $43m +43% 10

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