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MARKET RELEASE Xero exceeds 10,000 customer milestone 23 July 2009 In advance of the Xero Annual Meeting this afternoon Xero wishes to provide the market with a short update of the Company’s progress. Xero has now exceeded 10,000 paying customers, what is control cable which amounts to ten-fold growth since March 2008. Crossing this threshold two years after the IPO (read the 2007 Xero Prospectus for detail) is a significant milestone and positions Xero as one of the leading online accounting software providers in the world. SI - How crucial is cracking the United States to your future growth and profitability? There were a number of similar releases plus the annual report and audited accounts that clearly states that the customer numbers are "paying customers". This means that there are two or more power supplies in the system, with one providing power and the other acting as a backup. The ignition system, the starter motor, the lights, the radio and all of the electrical parts run on battery power.

This beacon is powered by a battery that has a shelf life of six years. For 30 years he stole, kidnapped, poached and smuggled his way into becoming one of the most wanted men in the country. I’d expect them to do acquistions over the next few years but it’s hard to see who they would buy. It’s really hard to find great product testers in New Zealand. SI - How are you different from the aforementioned competition in terms of product offering, price and service? SI - What are the biggest commercial threats to your businesses in terms of competition and is your reaction to this competition likely to be aggressive or reactive in nature? SI - Is Xero capable of footing it with the big boys, especially as the company gains some sort of scale in terms of customer base and revenue size? The delay in implementation delayed revenue so we now count customers as they implemented which more closely aligns revenue. Xero has excluded those unimplemented customers from its customer count to more closely align the timing of revenue. Our biggest risk is losing customers data so we ensure that we cover that risk with the appropriate risk management strategies.

SI - What are your biggest challenges as the company expands? The market is really just starting and with accelerators like iPads, Google's up comingChrome operating system we think that things are only just getting exciting. SI - With the question above in mind, do you see Xero coming back to the market and or its shareholders for more capital to grow your business? In the UK, the sales efforts were re-configured to focus on Xero implementation by accountants and to encourage adoption among key individuals within practices. The timing is really due to focus. RD - Yes. Our team is first class across the board. RD - Yes we have a lot of US customers now and have good feedback for a few things we need to do. An assertion that was made repeatedly in various interviews and blog posts that the customers were paying customers. Rod clarifies and confirms that the previous numbers were not paying customers on the Xero website. On paying customers: How do Rod and the board of Xero reconcile the following? In the UK we had a number of larger firms committing to orders but not following through with implementation. This follows commitments from a number of sizeable UK accounting firms for large up-front orders without actual implementation.

RD - Accounting software is a referral model, so the social media can be used to accelerate that. The social media side is working pretty well for us. RD - We’re more scared of a well funded new SaaS competitor like us than the incumbents. Our hypothesis was always that it would be tough for them to transfer from a Windows desktop model to SaaS and that has been proved to be correct. The way they would do it, admittedly, is a little tough for a non-physicist to fathom: A spacecraft capable of receiving communications transmissions would be positioned in interstellar space opposite the direction that the starship is going, about 51 billion miles (82 billion kilometers) away from the sun. In most cases, the repossession agent will contact the owner and explain the situation ahead of time to attempt to work out a way to bring the repo off smoothly.