None of the Lead Managers or any of its respective affiliates, related bodies corporate, directors, officers, partners, employees, agents or advisers have authorised, permitted or caused the issue, submission, dispatch or provision of this announcement and none of them makes or purports to make any statement in this announcement and there is no statement in this announcement which is based on any statement by any of them. Investors should be aware that certain financial measures included in this announcement are ‘non-GAAP financial measures’ under the New Zealand Financial Markets Authority Guidance Note on disclosing non GAAP financial information, "non-IFRS financial information" under Regulatory Guide 230: ‘Disclosing non-IFRS financial information’ published by ASIC and "non-GAAP financial measures" within the meaning of Regulation G under the U.S. To the maximum extent permitted by law, each of the Company, Barrenjoey Markets Pty Limited, acting jointly with Forsyth Barr Limited, and UBS New Zealand Limited (the "Lead Managers") and their respective affiliates, related bodies corporate, directors, officers, partners, employees, agents and advisers disclaim all liability and responsibility (whether in tort (including negligence) or otherwise) for any direct or indirect loss or damage which may be suffered by any person through use of or reliance on anything contained in, or omitted from, this announcement.

The Lead Managers and its respective affiliates, related bodies corporate, directors, officers, partners, employees, agents and advisers make no representation or warranty, express or implied, as to the currency, accuracy, reliability or completeness of information in this announcement and, with regard to the Lead Managers and its respective advisers, affiliates, related bodies corporate, directors, officers, partners, employees, shareholders, representatives and agents take no responsibility for any part of this announcement, the Placement or the Retail Offer. Determination of eligibility of investors for the purposes of the Retail Offer is determined by reference to a number of matters, what is control cable including legal regimes and the discretion of the Lead Managers and the Company. The Company and the Lead Managers disclaim all liability in respect of the exercise of that discretion to the maximum extent permitted by law. SI - How big is your shareholding in Xero and how important to you is it that you and other Xero directors have a financial interest in the company as an added incentive to do better?

These statements are not guarantees of future performance and are subject to known and unknown risks, uncertainties and other factors, many of which are beyond the control of IFT, its directors and management, are difficult to predict and may involve significant elements of subjective judgement and assumptions as to future events which may not be correct and could cause actual results to differ materially from those expressed in the forward-looking statements. Fuses blowing or circuit breakers regularly tripping may indicate an overload or fault condition. Securities Act. Although IFT believes these non-IFRS financial measures provide useful information to investors in measuring the financial performance and condition of its business, investors are cautioned not to place undue reliance on any non-IFRS financial information/non-GAAP financial measures included in this announcement. The distribution of this announcement in jurisdictions outside New Zealand and Australia may be restricted by law and you should observe any such restrictions. This announcement may contain pro forma and forecast financial information. This announcement is for information purposes only and is not financial or investment advice or a recommendation to acquire the Company’s securities, and has been prepared without taking into account the objectives, financial situation or needs of prospective investors.

Before making an investment decision, prospective investors should consider the appropriateness of the information having regard to their own objectives, financial situation and needs and consult a financial adviser, solicitor, accountant or other professional adviser if necessary. New Zealand Reserve Bank on its website at 3.00pm New Zealand time on the closing date of the Retail Offer), shares having a total issue price equal to NZ$50,000 (converted in accordance with the Retail Offer booklet), which may be less than A$45,000, will be issued to the shareholder and they will be refunded the excess cash amount. Very old power cables may have a material sheath. Heat damage can cause the cable sheath to become hard and brittle, exposing wires. Flooding or other extensive water damage at least requires and electrical check and can necessitate some degree of rewiring. Does your house need rewiring? We cater to all sizes of electrical wiring jobs from small repairs to new house wiring installation and rewiring of old houses. So the small business market we believe is the largest monetizable opportunity out there. I understand that for many SMEs there is a fine line between personal accounting and their business accounting, but I think that providing a solution to solve this for small business owners doesn’t require all the Xero Personal features.