New Work SE — Investor Presentation 2011

Nov 15, 2011

XING Q3 results Presentation

November 15, 2011

Executive Summary

Significant product investments ("mobile", features & new "sales" membership)

Growth Momentum In Core Market Continues

Comments

• Total member base up 19% (Sep11 vs. Sep10)
• Business Networking Penetration D-A-CH still low (~7%)
• Confirming large growth potential: D-A-CH market with significant runway for further growth

Subscriber Base Growing

10k Net Adds In Q3'11 Despite Price Increase In April

Gross subscriber adds D-A-CH in thousands

Net subscriber adds

D-A-CH in thousands Paying subscriber base in thousands

Q3'10 Q4'10 Q1'11 Q2'11 Q3'11 Intl. Total

Pricing structure effective since April 2011 for all new members 3m = €7.95 (€6.36 for first 3 months new price after first renewal) 12m = €6.95 (€5.56 for first 12 months new price after first renewal)

'Verticals' Drive Overall Growth

"Verticals": Continued strong growth

Revenues from "verticals" (recruiting, advertising, events & other) in €m & in % of total revenues

¹ Source: Company estimates, RW Baird estimates (2008), Monster.com research & internal estimates

² Source: OVK Report 2/2011

³ Source: Meeting- und Eventbarometer (GCB 2009 & 2010), Anbieterbefragung 2008 (ghh consult GmbH), PR 17.06.2008 (Verlagsgruppe Handelsblatt), Bilanz 2009: Kennzahlen der Messewirtschaft (AUMA)

Product improvements Q3'2011 & Q4'2011

New sharing functions, Sales membership & improvements to XING mobile…

Financial Summary

Fully on track regarding our financial goals

Healthy top-line growth of 20%

Continued diversification of our revenue base

Accelerated investments in future growth reflected in EBITDA & margins

Revenues €16.6m, EBITDA €5.4m With 32% Margin

	Q3'11	Q2'11	Q3'11 vs. Q2'11	Q3'10	Q3'11 vs. Q3'10
	Abs.	Abs.		Abs.
Total revenue1	16.6	16.3	+1%	13.8	20%
Costs	(11.2)	(10.7)	(6%)	(9.3)	(20%)
EBITDA	5.4	5.7	(6)%	4.5	20%
Margin	32%	35%	-3%pt	32%	0%pt
Depreciation	(1.8)	(2.2)	20%	(1.3)	(36%)
Financial result	0.2	0.1	+241%	-0.0	NA
Taxes	(1.2)	(1.2)	(4%)	(1.0)	(20%)
Net result	2.6	2.4	10%	2.11	23%

(1) Of revenue

(2) Including other operating income

• EBITDA margin impacted by startup investments in
• Events (approx. -4 percentage points), relocation of data center & +27 FTE
• Financial result further improved through new treasury policy

Ongoing Diversification Of Revenue Streams

Personnel Expenses Are Main Investment Area To Further Drive Company Growth

Personnel in €m in % of total revenue Marketing in €m in % of total revenue Q3'10 Q2'11 Q3'11 31% 35% +38% Q3'10 Q2'11 Q3'11 15% 8% -28% 36% 9% 4.3 5.7 5.9 2.1 1.4 1.5

• Yoy increase due to amiando acquisition
• Investment into product/technology organization & sales/marketing

• 27 new FTEs (40 heads) in Q3

• Online display & social media adv.

• Search engine marketing (SEM)
• Offline marketing expenditure (conferences & events, print, sponsoring)
• Affiliate marketing

Other Expenses in €m

in % of total revenue

• External services, legal, audit & consulting
• Payment processing, server hosting
• Rent & other costs
• Yoy increase due to amiando
• Data center move in H2 2011

Operating Cash-flow

	Q3'11	Q2'11	Q3'11 vs. Q2'11	Q3'10	Q3'11 vs. Q3'10
	Abs.	Abs.	Abs.	Abs.	Abs.
EBITDA	5.4	5.7	-0.3	4.5	+0.9
Interest/tax/ESOP	+0.1	-6.6	+6.7	-1.3	+1.4
Net working capital	-0.8	+0.0	-0.8	+0.8	-1.6
Operating cashflow excl. organizer cash	4.7	-0.9	+5.6	4.0	+0.7
Investment – operating	-1.8	-1.4	-0.7	-1.6	-0.5
Investment – acquisitions	-0.3	0.0	0.0	0.0	0.0
Financing incl. transaction of own shares	+0.8	4.0	-3.2	0.0	+0.8
Free cashflow excl. organizer cash	3.4	+1.7	+1.7	2.4	+1.0
Effects organizer cash	+2.4	-0.4	+2.8	0.0	+2.4
Free cashflow incl. organizer cash	5.8	1.3	4.5	2.4	3.4

Thank you for your kind attention!

The professional network www.xing.com

Backup

XING AG IR stats Market cap: ~€325m / ~€63m cash / no debt

Total revenues	66.4	77.6	88.3
EBITDA	21.0	25.4	29.9
Margin	32%	33%	34%
Depreciation	-6.3	-6.9	-7.5
EBIT	14.7	18.5	22.5
Margin	22%	24%	25%
Net income	9.9	12.8	15.7
EPS in €	1.88	2.43	2.98
Free cashflow	7.3	11.5	16.0

Consensus

2011e 2012e 2013e Average trading volume per day (XETRA)

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

Analyst coverage	Deutsche Bank, DZ Bank, Hauck & Aufhäuser, HSBC, Montega AG, Close Brothers
Shares	5,410,771
TecDax ranking end of October 2011
Market Cap.	25
Turnover	27

Free float according to Deutsche Börse: 69.3%

XING Share Price Since IPO In Dec 2006

(as of November 11, 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