Investment in JobsDB December 2010

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Beatrix Stephens
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1 Investment in JobsDB Investment in JobsDB December 200

2 Disclaimer Summary information The following disclaimer applies to this document and any information provided regarding the information contained in this document (the Information ). The Information in this presentation is of general background and does not purport to be complete. It should be read in conjunction with SEEK s otherperiodic and continuous disclosure announcements lodged with ASX Limited, which are available at asx.com.au. You are advised to read this disclaimer carefully before reading or making any other use of this document or any information contained in this document. In accepting this document, you agree to be bound by the following terms and conditions including any modifications to them. Not financial or product advice This presentation is for information purposes only and is not financial product or investment advice or a recommendation to acquire SEEK shares, and has been prepared by SEEK Limited ( SEEK or the Company ) without taking into account the objectives, financial situation or needs of individuals. You are solely responsible for forming your own opinions and conclusions on such matters and the market and for making your own independent assessment of the Information. You are solely responsible for seeking independent professional advice in relation to the Information and any action taken on the basis of the Information. 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 seek legal and taxation advice appropriate to their jurisdiction. SEEK is not licensed to provide financial product advice in respect of SEEK shares. Cooling off rights do not apply to the acquisition of SEEK shares. Past performance Past performance information given in this presentation is given for illustrative purposes only and should not be relied upon as (and is not) an indication of future performance. Future performance The presentation includes forward-looking statements regarding future events and the future financial performance of SEEK. Forward looking words such as expect, should, could, may, predict, plan, will, believe, forecast, estimate, target or other similar expressions are intended to identify forward-looking statements. Any forward looking statements included in this document involve subjective judgment and analysis and are subject to significant uncertainties, risks and contingencies, many of which are outside the control of, and are unknown to, SEEK and its officers, employees, agents or associates. In particular, factors such as variable climatic conditions and regulatory decisions i and processes may cause may affect the future operating and financial performance of SEEK. Actual results, performance or achievement may vary materially from any forward looking statements and the assumptions on which those statements are based. The Information also assumes the success of SEEK s business strategies. The success of the strategies is subject to uncertainties and contingencies beyond SEEK s control, and no assurance can be given that the anticipated benefits from the strategies will be realized in the periods for which forecasts have been prepared or otherwise. Given these uncertainties, you are cautioned to not place undue reliance on any such forward looking statements. SEEK undertakes no obligation to revise the forward looking statements included in this presentation to reflect any future events or circumstances. Disclaimer Except as required by law, no representation or warranty, express or implied, is made as the fairness, accuracy, completeness, reliability or correctness of the Information, opinions and conclusions, or as to the reasonableness of any assumption contained in this document. By receiving this document and to the extent permitted by law, you release SEEK, and its advisers, officers, employees, agents and associates from any liability (including, without limitation, in respect of direct, indirect or consequential loss or damage or loss or damage arising by negligence) arising as a result of the reliance by you or any other person on anything contained in or omitted from this document.

3 Introduction Creation of SEEK Asia, a SEEK controlled and majority owned subsidiary - Other investors in SEEK Asia are Consolidated Media Holdings, Macquarie Capital and Tiger Global SEEK Asia has executed a share purchase agreement to acquire 60% of Jobs DB Inc. ( JobsDB ) from JDB Holdings Limited ( Vendor ) JobsDB is a leading online recruitment company with operations throughout South East Asia - Acquisition increases SEEK's commitment to the highly strategic and attractive SE Asian employment sector The purchase price for the 60% shareholding is HK$,590 million (c.a$206 million) - SEEK s investment will be c.a$42 million - Funded through a new, underwritten bank debt facility Vendor to retain a 40% shareholding in JobsDB - Vendor has expressed a desire to retain a long-term interest in JobsDB SEEK expects the transaction to be earnings per share neutral in FY and marginally accretive in FY2, both on a cash basis 2 2 Purchase price is shown before transaction costs and any adjustment required in relation to any potential post completion purchase price adjustment. 2 Excludes any amortisation of identifiable intangibles that may arise from any purchase price allocation calculations and excludes one-off costs associated with the transaction. Currency conversion to Australian dollars for illustrative purposes only, assuming AUD:HKD rate of 7.7.

4 The JobsDB transaction is consistent with our strategy to invest in leading online employment businesses in high growth regions 3 Comprises SEEK Asia s 60% ownership. 2 CJOL currently owned 5.88% by JobsDB with acquisition of a further 23.7% by JobsDB pending. 3 Job88 is 00% owned by JobsDB.

5 JobsDB Investment highlights Leading online employment network in Asia with # or #2 positions in key SE Asian territories Attractive regional macroeconomic thematics with significant headroom for growth in the online employment space Track record of strong long-term growth in operating metrics and earnings Significant scope for continued revenue and earnings growth Strong management team Retained shareholding and continuing involvement of the founder 4

6 JobsDB is a leading online recruitment website in Hong Kong and various high growth SE Asia territories Business Snapshot Launched original recruitment network in Hong Kong in 998 Grown to become a leading recruitment network in SE Asia with substantial positions across a number of key territories Acquired CJOL (China), Ezyjob (Thailand) and Job88 (China) Key operating statistics: Present in nine countries 6 million+ unique visitors per month 5 million+ active jobseeker profiles 236,000+ corporate clients Over,000 employees CY0 revenues and EBITDA forecast to be c.hk$320m and c.hk$20m¹, respectively Key Operations Hong Kong 6% Singapore Thailand Indonesia Southern China Philippines Malaysia Position in online employment sector # # # # #2 #2 #3 5 Estimates based on year-to-date results to November 200 and forecast results for December 200.

7 JobsDB operates in countries with strong economic growth prospects and significant scope for growth in the employment classified sector Thailand Population: 64.7m Labour force: 37.8m Unemployment: 2% 0F GDP growth: 5.5% Internet pen: 24% Malaysia Population: 28.m Labour force:.5m Unemployment: 4% 0F GDP growth: 5.7% Internet pen: 56% Singapore China Population:,328m Labour force: 793m Unemployment: 4% 0F GDP growth: 0.5% Internet pen: 23% Hong Kong Population: 7.m Labour force: 3.6m Unemployment: 5% 0F GDP growth: 5.0% Internet pen: 67% Philippines Population: 4.7m Labour force:.9m Unemployment: 4% 0F GDP growth: 6.6% Internet pen: 70% Population: 92.m Labour force: 33.9m Unemployment: 8% 0F GDP growth: 4.6% Internet pen: 62% Indonesia Internet pen: 70% Population: 230m Internet pen: 6.2% Labour force: 4m Unemployment: 8% 0F GDP growth: 6.0% Internet pen: 7.9% 6 Source: EuroMonitor, ITU, ILO

8 Transaction details Acquisition of 60% shareholding in JobsDB Creation of SEEK Asia acquisition iti vehicle for SEEK, CMH, Macquarie and Tiger - Majority owned by SEEK (69%) with the remainder owned by CMH, Macquarie and Tiger SEEK Asia to acquire 60% of JobsDB - Purchase price of HK$,590 million (c.a$206 million) - SEEK investing c.a$42 million - CMH, Macquarie and Tiger investing c.a$64 million 40% equity interest expected to be acquired on 23 December % to be acquired in early 20 subject to fulfilment (or waiver by SEEK Asia) of certain conditions JobsDB does not currently have interest bearing debt - Expected cash on balance sheet of c.hk$70 million at completion As a 60% shareholder, SEEK Asia will have typical majority shareholder rights - SEEK Asia will be able to appoint the majority of directors to the JobsDB Board Vendor s intention is to retain a long-term interest in JobsDB - Vendor has certain minority protection rights over its 40% shareholding Purchase price is shown before transaction costs and any adjustment required in relation to any potential post completion purchase price adjustment. 7 Currency conversion to Australian dollars for illustrative purposes only, assuming AUD:HKD rate of 7.7.

9 Transaction details (continued) Funding overview SEEK s investment to be funded through a new A$340 million bank debt facility - Revolving unsecured senior debt facility - Fully underwritten by NAB - 3 year term - Key terms / covenants remain largely unchanged - SEEK / NAB to syndicate new loan in the new year to existing and possibly new lenders Expect bank facility to be drawn to c.a$230 million at 3 December Sufficient headroom and internally generated cash flows to fund further potential investments - Expect to pay down debt quickly post transaction FX hedging strategy - SEEK to adopt prudent risk management strategy to mitigate FX risk Increased facility size is an endorsement of SEEK s strategic business model and strong cash flow generation Estimated debt and cash balances at 3 December 200, including drawn for SEEK s contribution towards SEEK Asia s upfront 40% investment in JobsDB. Pro forma for SEEK s funding contribution for SEEK Asia s acquisition of 60% of JobsDB, drawn debt would be c.a$280 million. 8

10 JobsDB's strong management team will be supported by strategic oversight from SEEK JobsDB is a well run business with robust financial systems and a strong senior management team SEEK's senior management team will work closely with the JobsDB team through the ownership transition JobsDB founder and major shareholder in JobsDB Holdings, Mr Samuel Sung, will continue to be actively engaged in the business SEEK has strong experience of deploying its strategic expertise in high growth territories SEEK Asia will have a right to 3 of the 5 JobsDB Board seats following completion of the acquisition of its 60% shareholding 9

11 0 QUESTIONS

Capital raising. May Doug Rathbone Managing Director and Chief Executive Officer. Kevin Martin Chief Financial Officer

Capital raising. May Doug Rathbone Managing Director and Chief Executive Officer. Kevin Martin Chief Financial Officer May 15 2009 Capital raising Doug Rathbone Managing Director and Chief Executive Officer Kevin Martin Chief Financial Officer Robert Reis Group GM - Corporate Strategy & External Affairs Important information