New Work SE

Earnings Release • Aug 10, 2011

Q2'2011 Results Presentation XING AG

Dr. Stefan Gross-Selbeck (CEO) & Ingo Chu (CFO) Hamburg, August 10, 2011

Big product launch successfully implemented

		Q2"2011	Q2"2010	yoy
Subscriptions	€m	11.32	10.51	8%
E-Recruiting	€m	2.81	1.55	81%
Advertising	€m	1.48	0.88	68%
New verticals	€m	0.55	0.01	N.A.
Service revenues	€m	16.17	12.95	25%
Other*	€m	0.17	0.31	-45%
Total revenues	€m	16.33	13.26	23%
EBITDA	€m	5.67	3.74	70%
EBITDA-Margin	%	35	28	7%pts
Net-result	€m	2.37	1.35	76%

¹ Other revenue & other operating income

Growth momentum in core market continues (D-A-CH) 04

Member adds (D-A-CH): Accelerating growth

in 000"

Q1'10 Q2'10 Q3'10 Q4'10 Q1'11 Q2'11 Q2'2011

Comments

• Total member base up 20% (June 11 vs. June 10)
• Q2 impacted by seasonality …
• … but growth momentum continues
• Confirming large growth potential: D-A-CH market with significant runway for further growth

New pricing structure since April 2011 for all new members 3m = €7.95 (€6.95 for first 3 months new price after first renewal) 12m = €6.95 (€5.95 for first 12 months new price after first renewal)

'Verticals' drive overall growth with 75% contribution to overall yoy topline growth 03

Big product launch in Q2 – New design, new architecture and more social interaction 04

• Strong increase of social activities (e.g., comments & likes) traffic on core site sections (groups, events, jobs) up significantly

Ongoing investment mode, acceleration in H2

P&L
in €m	Q2"11	Q1"11	Q2"11 vs. Q1"11	Q2"10	Q2"11 vs. Q2"10
	Abs.	Abs.		Abs.
Total revenue1	16.3	15.7	+4%	13.3	23%
Costs	(10.6)	(10.0)	(6%)	(9.5)	(12%)
EBITDA	5.7	5.6	+2%	3.7	53%
Margin	35%	36%	-0.1%pt	28%	+7%pt
Depreciation	(2.2)	(1.5)	(50%)	(1.2)	(81%)
Financial result	0.1	0.0	+104%	0.0	231%
Taxes	(1.2)	(1.5)	(19%)	(1.2)	1%
Net result	2.4	2.7	(11%)	1.4	78%

(1) Of revenue

(2) Including other operating income

• xxx EBITDA margin impacted by start-up investments in events (-4%-points)
• Depreciation impacted by one-off write-down (-€0.6m)
• Financial result improved through new treasury policy

Ongoing diversification of revenue streams 05

Personnel Expenses Are Main Investment Area To Further Drive Company Growth 05

Search Engine Advertising Offline Marketing spends (Conferences & Events, Print, Sponsorings)

• Payment processing, Server hosting
• Rent & other costs
• Amiando

Operating Cash-flow impacted by one-time 05tax cash-outs for 2009/2010

	Q2'11	Q1'11	Q2'11 vs. Q1'11	Q2'10	Q2'11 vs. Q2'10
	Abs.	Abs.	Abs.	Abs.	Abs.
EBITDA	5.7	5.6	+0.1	3.3	+2.4
Interest/tax/ESOP	-6.6	+0.0	-6.6	+0.3	-6.9
Net working capital	+0.0	+2.0	-2.0	+5.6	-5.6
Operating cashflow excl. Organizer cash	-0.9	+7.6	-8.5	+9.2	-10.1
Investment – operating	-1.4	-1,1	-0.3	-1.4	+0.0
Investment – acquisitions	0.0	-5,1	+5.1	-0.7	+0.7
Financing incl. transaction of own shares	4.0	0.0	+4.0	0.0	+4.0
Free cashflow excl. organizer cash	+1.7	+1.4	+0.3	+7.1	-5.4
Effects organizer cash	-0.4	+2.5	-2.9		-0.4
Free cashflow incl. organizer cash – reported	+1.3	+3.9	-2.6		+1.3

One-time tax cash-out for years 2009/2010

Deferred tax cash-out for Q1 2011

Cash-in from employees exercising their options (+4m€)

Thank you for your attention!

POWERING RELATIONSHIPS WWW.XING.COM

XING AG IR stats Market cap: ~€240m / ~€63m cash / No debt

Total revenues	65.7	77.3	88.6
EBITDA	20.8	25.6	29,9
Margin	32%	33%	34%
Depreciation	-6.0	-6.9	-7.4
EBIT	14.8	18,7	22.5
Margin	22%	24%	25%
Net income	10.0	12.9	15.7
EPS in €	1.89	2.46	2.98
Free cash flow	7.7	15.1	17.0

2011e 2012e 2013e Average Trading Volume per day (XETRA)

Jul 10 Aug 10 Sep 10 Oct 10 Nov 10 Dez 10 Jan 11 Feb 11 Mrz 11 Apr 11 Mai 11 Jun 11 Jul 11

	Deutsche Bank,
	DZ Bank,
	Hauck & Aufhäuser,
Analyst coverage	HSBC,
	Montega AG,
	Close Brothers
Shares	5,394,172

TecDax ranking end of July 2011
Market Cap.	27
Turnover	31

Free float according to Deutsche Börse: 68.8%

XING share price since IPO in Dec 2006

(as of August 9, 2011)

Investor Relations Contact details

Patrick Möller

Director Investor Relations

XING AG Gänsemarkt 43 20354 Hamburg Germany

Tel.: +49 (0)40 419 131-793 Fax.: +49 (0)40 419 131-44 (Please use this number to submit "WpHG notifications")

Email.: patrick.moeller@xing.com

Website: http://corporate.xing.com/english/investor-relations/

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