New Work SE

Investor Presentation • Apr 2, 2011

XING - #1 European Professional Social Network

US Roadshow Presentation Stefan Gross-Selbeck (CEO), Ingo Chu (CFO), Patrick Moeller (IR) April 2011

This presentation was produced in April 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 March 2011. 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.

Leading social media network among professionals in (D-A-CH)1 Europe"s largest economy
Large and loyal customer base creating strong barriers to entry
Strong top and bottom line performance
Successful revenue diversification
Large growth potential in core markets

Why People use XING 02

Digital Identity Management

Core networking functions 1 2

3 Efficient Tools for Corporates

			Recruitment
			Communication
			Events Management

	PAID MEMBERSHIP			VERTICALS
"Freemium" Subscription model: Pricing: 3M @ €6.95 p.m. 12M @ €5.95 p.m. 24M @ €4.95 p.m. Total of 745k payers 16% payer ratio	Premium Member	g n si ti r e v d A	s t n e v E	g n ti ui r c e r - E	E-recruiting  Job ads (Fix price and click price)  Recruiter membership: 3M @ €49.95 p.m. 6M @ €39.95 p.m. 12M @ €29.95 p.m. Advertising CPM model   Company Profiles Standard @ €24.90 p.m. Plus @ €129 p.m. Events (as of Feb'11)  Provision to XING 5.9% of ticket price & €0.99 per ticket sold
	BASIC MEMBERSHIP
	Core networking functions Free of charge Total:10.5m (D-A-CH: 4.5m)

Our Core Region: German Speaking Europe (D-A-CH) 02

1) Source: http://en.wikipedia.org/wiki/List_of_countries_by_GDP_%28nominal%29

2) Source: Forsa

3) Source: Wirtschaftskammer Österreich (2010); EU: Eurozone"s 17 nations

02Our Competitive Strength

XING vs. Next competitor in Germany XING vs. next competitor in Germany

Member base1	4	:	1
New members2	3	:	1
Activity (PI's)3	17	:	1
"I prefer the product"4	5	:	1
Brand awareness5	5	:	1
ARPU6	~13€	:	4€

Outstanding Product

• High customer satisfaction (Net promoter score of +7)
• High Customer Loyalty (90% Renewal rate)
• Unique offline-networking opportunities
• Deep local integration

High Barriers to Entry

• Network Effects
• Every 4th business pro in major German cities is on XING
• Tailored to local needs
• Only social network fully compliant with local privacy laws

(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 20110

Penetration gap promises Upside

Business Networking penetration in selected countries¹

Significant Growth potential in D-A-CH Addressable market

D-A-CH: 19m people

Growth opportunity from mobile "revolution"

XING mobilie visits in m

High willingness to pay³

¹ Source: XING analysis

² Source: Comscore MobilLens, 3mon avg. ending Dec-2010 vs. Dec 2009

³ Source: Onsite-Poll on TFM-network; n=5.537; Januar 2011

Conversion: Established Tactics In Place 03To Drive Payer Growth

Why Members Pay

• Visitors to your profile (Leads)
• Extended & pro-active usage of XING through i.e. advanced search, messages to non-contacts, references, attachments to profile
• No advertising / privacy protection

High Payer Ratio and Strong Loyalty

• 716k payers = 16% of members (D-A-CH)

• 90% renewal rate

SEARCH HOME	MESSAGES CONTACTS GROUPS	BEST OFFER EVENTS JOBS COMPANIES
Powersearch
Members you may know		Search ٠
Name, Company
Anna Verena Raudszus SMA Solar Technology AG		Add as contact Do not show again
Renate Hauss GRENKELEASING AG		Add as contact Do not show again
Zsuzsanna Beata Rudeloff HSH Nordbank		Add as contact Do not show again

Growth Opportunities

• New premium features
• New membership types
• Funnel optimization

Visitors to your profile	Advanced Search	References
Baseder View Profits Retard Novmann W Kinkli Censularg A 5 Algorist Retailer Genetian Peace Julia Indones W Advertised Automotivene	Suchergebris variation Rentalizarea B de litches C michalls better fluinges & Creative Automaker UA gradultion Northern 2770 Bester Ave	Project Manager, WAAAG (million) USA LIVERATIVES the senit usual surfured curvation Salmun
View and get in touch with visitors to your profile to find out why they're interested in you.	Find what you're looking for quickly and easily	Have your superiors, colleagues, and clients rate your work and skills.
	Premium Members have access to all of the Premium benefits

03Develop And Build: Expanding Leadership In Social Recruiting

Revenues from E-Recruiting up by 61% to €7.1 million in FY 2010

Develop And Build: Leading Business Network Attracts Leading Brands 03

Revenues from Advertising up by 64% to €2.4 million in FY 2010

Develop And Build: Leverage Recently Acquired Technology To Monetize Events Business

Fully integrated ticketing solution successfully launched in early 2011

Biggest Monetization Opportunity in German Speaking Europe

Member Adds (D-A-CH): Accelerating Growth

in 000"

"Verticals": Accelerating Growth

Revenues from "verticals" (recruiting, advertising, events) in €m incl. yoy growth in %

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) Including other operating income

Attractive growth and strong profitability xxx

Large And Growing Member Base As Basis For Future Growth 04

• Significant growth potential left with addressable market of 19m people Re-acceleration of growth achieved in 2010
• Mobile revolution additional opportunity

2011: Resources in place to re-accelerate payer conversion

E-Recruiting in €m Advertising (incl. Company Profiles) in €m 4.4 7.1 +61% 2.4 3.9 +64%

2010: Strategy to invest in attractive adjacent markets is paying off 2011: Develop existing verticals and build new verticals

Personnel Expenses Are Main Investment Area To Further Drive Company Growth 04

Personnel in €m in % of total revenue Marketing in €m in % of total revenue Other Expenses in €m in % of total revenue 35% 33% 12% 13% +13% +28% +7%

• Employees are our productive capital (Engineering, product & sales
• 270FTE"s

• Shift from one-product to multi-product company

• Member acquisition & product marketing

• Display, SEM, affiliate

• Selected offline campaigns

• 27% 24%

• External Services, Legal, audit & consulting
• Payment processing, Server hosting
• Rent & other costs

XING Business Model With Strong Cash Flow Generation FY10 Operating Cash Flow €22m 04

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

Exceptionally strong FCF in 2010 due to:

• Positive one-off (€3.5m) by improved NWC-management
• Tax cash exceptionally low due to ramp up of taxable income/phasing

Low Invested Capital From Shareholders' Perspective

in €m

04

	2010
	Abs.
Assets	95.6
Operating Assets	19.3
Acquisitions / International	16.6
TAX A/R	0.6
Cash	59.0
Liabilities	95.6
Equity	61.2
Deferred Income	20.2
Liabilities	6.5
Tax Liabilities	7.7
Other	0.0

Invested Capital w/o cash	-€7.5m
Liabilities	-€6.5m
Deferred Income	-€20.2m
Operating Assets	€19.3m

Plan to return €20m of cash to shareholders

XING To Pursue Clearly Defined Objectives In 2011 05

Strategic	Operational	Financial
Expand D-A-CH leadership Further develop "verticals"	Maintain net member growth rates Increase member activity Push conversion of base to premium membership	Continue to deliver profi table growth and strong operating cash flow Plan to return up to €20m excess cash or €3.7 per share to share holders

POWERING RELATIONSHIPS WWW.XING.COM

Recruitment through social networks is growing quickly* In %

Where do Companies post their jobs? Companies use Web 2.0 to search for employees General job boards Company website Print (Newspaper) Social Networks Specialised jobboards Print (Magazines) (2009:12%)

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

* Source: Social Media HR Report 2010 * Source: BITKOM

XING AG IR stats Market cap: ~€210m / ~€60m cash / No debt

Total revenues	64.8	74.6	87.1
EBITDA	20.0	24.3	29.8
Margin	31%	33%	34%
Depreciation	-5.9	-6.6	-7.0
EBIT	14.1	17.8	22.8
Margin	22%	24%	26%
Net income	9.7	12.3	16.0
EPS in €	1.84	2.34	3.04
Free cash flow	6.7	11.4	14.3

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

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

TecDax ranking end of February 2011
Market Cap.	35
Turnover	38

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%

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