New Work SE — Earnings Release 2010

Mar 1, 2011

Full Year Results 2010

(preliminary)

Dr. Stefan Groß-Selbeck (CEO) & Ingo Chu (CFO) March 1, 2011

Strong financial performance

Re-accelerated member growth in DACH

Strong growth of "vertical" revenues

Strengthened competitive positioning

Successful product launch

		2010	2009	Change
Total income1	€m	54.3	45.1	+20%
EBITDA	€m	16.7	11.8	+41%
EBITDA-Margin	%	31	26	+5%pts
Net-result	€m	7.2	-1.7
Net-result adjusted	€m	7.2	3.92	+85%

¹ Including other operating income

² Adjusted for tax provisions resulting from the retroactive tax audit for the fiscal years 2003 to 2007 as well extraordinary write downs of €5.4m in Q4"2009

	Paid Membership	"Verticals"
	Premium Membership	E-Recruiting (Job ads & recruiter membership)	Advertising (incl. Company Profiles)	Other (incl. Events)
2010 revs. yoy growth in %	€42.4 +14%	€7.1m +61%	€3.9m +64%	n.a.
Recent Highlights	Recent product  launches showing very positive impact  Re-acceleration in DACH member adds  Solid payer conversion throughout Q4"10  Constant and low churn rate	 5th quarter of accelerating growth Web 2.0 is the  job-boards of the future  Market leader in social media recruitment	 Boost in eCPM (x4 since Jan 2010)  New formats (i.e. wallpaper) Company Profiles  turned profitable	 Acquisition of amiando AG Networking is  key driver for participation in events Capitalise >70k  "Paid" events on XING p.a.
Market potential	~19m people1	>€200m1	~€3.8bn2	>5bn1

¹ Source: XING analysis of addressable market

² Source: OVK Report 1/2011 display ad market estimates 2011

DACH: Re-acceleration of member growth 03 Driven by successful site improvements

6

DACH: >61k net new paying subscribers in 2010 03

Successful diversification of revenue streams 04 E-Recruiting & Advertising show strong momentum

* Total revenue includes other revenues (events) & other operating income

Selection of new customers in Q4"10 More than 300 in total

Recruitment through social networks is growing quickly*

In %

What kind of social media HR services are you going to use in the future?* In %

* Source: BITKOM

* Source: Social Media HR Report 2010

• CPM 4x compared to January 2010
• New ad formats
• New targeting options
• Positive seasonal effect in Q4
• "Company Profiles" profitable since July 2010

Comparison XING vs. next competitor in Germany

Member base¹ New members² Activity (PI"s) 3 "I prefer the product"⁴ Brand awareness⁵ 4 : 1 3 : 1 17 : 1 5 : 1 5 : 1

¹ Source: XING analysis

² Source: XING analysis

• ³ Source: Quantcast/Comscore reports (DACH) for december 2010
• ⁴ Source: Survey among 1,600 XING users: Question:"If you could use either LinkedIn or XING, which platform would you choose?"

⁵ Source: forsa study January 2011

Interactive "News from my network" 06 launched today!

Attractive revenue growth Revenues grow 20% to 54m€

Improved profitability EBITDA grows 41% to 16.7m€ Margin increases to 31%

Investment in verticals is paying off E-recruiting and advertising with attractive margins

Strong cash-flow generation Operating cash-flow 22m€ Free cash-flow 16m€

Q4 continues upward trend Revenues 14.7m€ EBITDA 5.2m€; margin 35%

P&L

in €m

	2010		2009
	Abs.	in%1	Abs.	in%1	Abs.	in%
Total revenue2	54.3	100%	45.1	100%	+9.2	+20%
Costs	-37.6	-69%	-33.2	-74%	-4.3	-13%
EBITDA	16.7	31%	11.8	26%	+4.9	+41%
Depreciation	-5.2	-10%	-10.9	-24%	+5.7	+48%
Financial Result	0.0	0%	0.3	0%	-0.3	-97%
Taxes	-4.3	-8%	-2.9	-6%	-1.4	-48%
Net result	7.2	13%	-1.7	-4%	+8.9	NA

1) of revenue

2) incl. Other operating income

Strong growth in core subscription business and new business segments e-recruiting/advertising 07

in €m

	2010	2009
	Abs.	Abs.	Abs.
EBITDA	16.7	11.9	4.9
Interest/Tax/ESOP	-1.5	-0.6	-0.9
Net Working Capital	7.1	2.8	4.3
Operating Cashflow	22.3	14.1	8.3
Investment - Operating	-5.7	-6.8	1.1
Investment - Acquisitions	-1.1	-7.1	6.0
Financing incl. share buyback	0.6	-0.2	0.7
Other	-0.0	-0.1	0.1
Free Cash Flow	16.2	-0.1	16.2

Strongest FCF generation in XINGs history

Q4 2010: Further increase in operating performance 07

in €m	Q4"10	Q3"10	Q4"10 vs. Q3"10	Q4"09	Q4"10 vs. Q4"09
	Abs.	Abs.	Rel.	Abs.	Rel.
Total revenue1	14.7	13.8	+6%	11.9	+23%
Costs	-9.4	-9.3	-1%	8.9	-6%
EBITDA	5.2	4.5	+17%	3.0	+73%
Margin	36%	32%	+4%pt	26%	+10%pt
Depreciation	-1.5	-1.3	-14%	-6.8	+78%
Financial Result	0.0	-0.0		0.1
Taxes	-1.3	-1.0	-22%	-0.6	-121%
Net Result	2.5	2.1	+19%	-4.2

¹ Including other operating income

Strong & profitable bottom line growth in 2010 07 Q4"10 EBITDA €5.2m; margin >35%

Revenues

In €m - (Total revenue inc. other revenues)

EBITDA

In €m In % of total revenue

10% pts EBITDA-margin increase within 4 quarters

Continuing strong growth in e-recruiting & advertising 07

Personnel

in €m in % of revenue

• Q4 includes negative one-offs for severance payments international
• Q4 includes positive one-offs from release of accruals (e.g. ESOP) and fluctuation in vacation accruals
• Net impact of one-offs significantly positive
• FTE"s constant due to fluctuations
• Training expenses retroactively shifted from personnel to other expenses

Marketing

in €m in % of revenue

• Cost line includes
• SEM
• Display
• Affiliate
• Coops
• DACH TV campaign
• Decrease in international marketing spendings due to new international strategy

Other operating expenses

in €m in % of revenue

• Cost line includes:
• External services
• Legal, audit, consulting
• Payment processing
• Server hosting
• Rent & other costs
• Q4 includes negative one-offs
• Amiando acquisition
• Restructuring international
• Training expenses retroactively shifted from personnel to other expenses

in €m	2009		2010
	Q4"09	Q1"10	Q2"10	Q3"10	Q4"10	Q4"10 vs. Q4"09	Q4"10 vs. Q3"10
	Abs.	Abs.	Abs.	Abs.	Abs.	Abs.	Abs.
EBITDA	3.0	3.3	3.7	4.5	5.2	2.2	0.8
Interest/Tax/ESOP	+0.3	+0.3	+0.1	-1.3	-0.6	-0.9	0.7
Net Working Capital	+1.1	+5.6	+1.2	+0.8	-0.5	-1.6	-1.4
Operating Cash flow	+4.4	+9.2	+5.0	+4.0	+4.1	-0.3	-0.1
Investment - Operating	-1.1	-1.4	-1.1	-1.2	-2.0	-0.9	-0.8
Investment - Acquisitions	0.0	-0.7	0.4	-0.4	-0.0	-0.0	0.3
Financing incl. Share Buyback	1.0	0.0	0.0	0.0	0.6	-0.4	0.6
Other	-0.1	0.0	0.0	0.0	-0.1	0.1	-0.1
Free Cash flow	+4.2	+7.1	+4.0	+2.4	+2.7	-1.6	0.2

Thank you for your kind attention!

POWERING RELATIONSHIPS WWW.XING.COM

Backup

POWERING RELATIONSHIPS WWW.XING.COM

in €m		2010		2009
	Q4"10	Q3"10	Q2"10	Q4"09	Q3"09
	Abs.	Abs.	Abs.	Abs.	Abs.
Assets	95.6	90.8	88.6	80.7	82.1
Operating assets	19.3	17.1	17.0	19.6	21.3
Acquisitions / International	16.6	16.9	17.2	17.9	21.7
TAX A/R	0.6	0.4	0.5	0.4	0.5
Cash	59.0	56.4	53.9	42.9	38.6
Liabilities	95.6	90.8	88.6	80.7	82.1
Equity	61.2	58.3	55.9	52.7	55.7
Deferred Income	20.2	20.1	19.6	16.2	14.8
Liabilities	6.5	5.3	5.7	6.4	6.5
Tax Liabilities	7.7	7.1	7.4	5.4	5.0
Other	0.0	0.0	0.0	0.0	0.0

XING AG IR stats Market Cap: ~€210m / ~€56m cash / no debt

	Total revenues	54.2	64.1	73.1	86.8
	EBITDA	16.2	20.2	24.1	28.8
	Margin	30%	31%	33%	33%
	Depreciation	-5.2	-5.9	-6.5	-7.0
(February, 2011)	EBIT	11.0	14.2	17.6	21.8
	Margin	20%	22%	24%	25%
	Net income	6.8	10.2	12.0	NA
	EPS in €	1.32	1.88	2.33	NA
	Free cash flow	9.8	11.6	13.9	NA

Consensus

Analyst coverage	Deutsche Bank, DZ Bank, Hauck & Aufhäuser, HSBC, Montega AG, Close Brothers
Shares	5,291,996

TecDax ranking end of January 2011
Market Cap.	33
Turnover	39

2010e 2011e 2012e 2013e Average Trading Volume per day (XETRA)

Burda Digital GmbH 29.6% Allianz Global Investors 5.1% Langfrist TGV 6.5% Ennismore 5.2% HVB 3.4% Cyrte Investments 5.0% Treasury Shares 2.1% Rest 43.1%

Free float according to Deutsche Börse: 68.3%

XING share price since IPO in Dec"06 (as of Feb 28, 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/

http://www.youtube.com/user/XINGcom

XING"s current revenue streams

Subscription business	Paid in advance   745k Payers  >90% activity rate	3 months: €6.95  12 months: €5.95  24 months: €4.95* 
E-Recruiting	 Recruiter memberships Click Price Job Ads   Fix Price Job Ads	 €49.95/€39.95/€29.95 (3/6/12 months)  €0.69 per job click LOGO: €395 / DESIGN: €495+ 
Advertising	Display Advertising   Partnerships  Best Offers Enterprise Groups  Company Profiles 	CPM  Fixed Fee   Set up fee & rev. share  Set up & regular fee €24.90 (Standard) / €129 (Plus)* 
Others	 Paid-Events  XING Seminars	Provision to XING  (5.9% of ticket price + 0.99€ per ticket sold) Provision to XING 

Disclaimer

This presentation was produced in February 2011 by XING AG (the "Company") solely for use as an information source for potential business partners and is strictly confidential. It has been made available to you solely for your own information and may not be copied, distributed or otherwise made available to any other person by any recipient. This presentation is not an offer for sale of securities in the United States. The distribution of this presentation to you does not constitute an offer or invitation to subscribe for, or purchase, any shares of the XING AG and neither this presentation nor anything contained herein shall form the basis of, or be relied on in connection with, any offer or commitment whatsoever.

The facts and information contained herein are as up-to-date as is reasonably possible and are subject to revision in the future. Neither the Company nor any of its subsidiaries, any directors, officers, employees, advisors nor any other person makes any representation or warranty, express or implied as to, and no reliance should be placed on, the accuracy or completeness of the information contained in this presentation. Neither the Company nor any of its subsidiaries, any directors, officers, employees, advisors or any other person shall have any liability whatsoever for any loss arising, directly or indirectly, from any use of this presentation. The same applies to information contained in other material made available at the presentation.

While all reasonable care has been taken to ensure the facts stated herein are accurate and that the opinions contained herein are fair and reasonable, this document is selective in nature and is intended to provide an introduction to, and overview of, the business of the Company. Where any information and statistics are quoted from any external source, such information or statistics should not be interpreted as having been adopted or endorsed by the Company as being accurate.

This presentation contains forward-looking statements relating to the business, financial performance and results of the Company and/or the industry in which the Company operates. These statements are generally identified by words such as "believes," "expects," "predicts," "intends," "projects," "plans," "estimates," "aims," "foresees," "anticipates," "targets," and similar expressions. The forward-looking statements, including but not limited to assumptions, opinions and views of the Company or information from third party sources, contained in this presentation are based on current plans, estimates, assumptions and projections and involve uncertainties and risks. Various factors could cause actual future results, performance or events to differ materially from those described in these statements. The Company does not represent or guarantee that the assumptions underlying such forward-looking statements are free from errors nor do they accept any responsibility for the future accuracy of the opinions expressed in this presentation. No obligation is assumed to update any forward-looking statements.

This presentation speaks as of December 2010. Neither the delivery of this presentation nor any further discussions of the Company with any of the recipients shall, under any circumstances, create any implication that there has been no change in the affairs of the Company since such date.

IMPORTANT NOTICE

Pro-forma results

Results contained in this presentation are partly based on unaudited pro-forma financial results that the Company derived from its preliminary and past financial statements for the indicated periods in order to make these periods comparable and show non-recurring costs.

Cautionary note regarding preliminary results and pro-forma financial results

This presentation contains preliminary results and pro-forma results. The preliminary results may change during their final review. While the Company believes that its pro-forma financial results are reflective of its recurrent trends and the on-going status of its business, there can be no assurance that its pro-forma results will accurately reflect these trends and status and therefore, its investors are urged not to rely solely upon the pro-forma results when making their investing decision and the pro-forma results should always be reviewed together with its actual financial results.