New Work SE — Investor Presentation 2011

Feb 3, 2011

Investor Presentation XING AG

Dr. Stefan Gross-Selbeck (CEO) Frankfurt, February 2011

Strong market position in high growth segment

• Clear market leader in German speaking Europe
• 10.11m members +22% yoy 733,000 payers +11% yoy

Attractive economics

€39.6m [9M"10] revenues +19% yoy

• 29% EBITDA margin [9M"10]
• €13.5m [9M"10] free cash flow

Significant growth opportunities

• Further growth of core subscription business
• New revenue streams (Recent acquisition of amiando AG)

Clear strategic focus

• Outgrowing competition in core market
• Increasing market share in e-recruiting and advertising

facebook / XING comparison*

Helps me to find experts

Helps me to find colleagues and business partners

Helps me to discover new business opportunities

My personal data are safe

An excellent platform for sharing my ideas/knowledge

Is a great way of bringing like-minded people together

Makes it easy to manage my private contacts

Offers good entertainment options such as gaming

*Percentage points delta between perceived characteristics of facebook and XING

Comparison XING vs. LI in Germany

¹ Source: XING analysis

² Source: XING analysis

³ Source: Quantcast/Comscore reports 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?" 4

	Paid Membership	Verticals
	Premium Membership	E-Recruiting	Advertising (incl. Company Profiles)	Other (Events)
Q3 Revs. yoy growth in %	€10.8m +11%	€1.9m +82%	€0.9m +46%	n.a.
Recent Highlights	Recent product  launches showing very positive impact  Strongest member growth since Q2"09  Turnaround in member net adds in DACH	another  quarter of accelerating growth  2009 investments paying off New coop with  No.1 Swiss job portal (Jobs.ch) to cover Swiss market	Boost in  eCPM (x5 since Jan 2010) New formats  (i.e. wallpaper)	 Acquisition of amiando AG  Networking is key driver for participation in events  Capitalize >50k "Paid" events on XING p.a.
Market potential	~19m people1	>€200m	>€3bn	~26bn1

¹ Source: XING analysis of addressable market

Group revenues in €m Group EBITDA in €m

Successful diversification of revenue streams 07

17%	15%	14%	15%	18%	18%	20%

Overview/segmentation events market 09

*Sources: Meeting- und Eventbarometer (GCB 2009 & 2010), Anbieterbefragung 2008 (ghh consult GmbH), PR 17.06.2008 (Verlagsgruppe Handelsblatt), Bilanz 2009: Kennzahlen der Messewirtschaft (AUMA), BI Portal Events

Strong market position in high growth segment

Significant market opportunities

Good results of strategic focus

Thank you for your attention!

POWERING RELATIONSHIPS WWW.XING.COM

Core Use Cases of XING as a Professional Network

Large Potential For Further Member & Payer Growth Addressable Market DACH: Market Size Estimate 2015 02

Source: United Nations World Population Prospects 2006, United Nations Economic Commission for Europe – Statistical Division, European Commission Long-Term Labour Force Projections 2005, OECD's Committee Information Service, CEDEFOP Future Skill Needs in Europe Forecast 2008, Sal. Oppenheim estimates

XING"s total addressable market in DACH (2015) is estimated at 19 million users

Jobs & Recruiting Business (DACH) at a glance 02

Massive native potential for XING, >€200m addressable market

Many HR executives reckon XING to be the Next Big Thing in Recruiting

Significant product launches with 03 promising early impact

DACH: Promising trend of net member adds 03

Strongest member growth (+194k) since Q2"2009

Continuously strong #1 in DACH

XING usage 10x higher than next competitor in Germany*

DACH: Payer base up 12% 03

Q3 net payer adds (16k) up vs. previous quarter (11k)

"E-Recruiting" revenues in €m

Selection of new customers in Q3"10 More than 300 in total

Distribution partnership with leading job portal in Switzerland www.jobs.ch

Q3 display ad revenues impacted by seasonality Decent qoq increase in Q4 expected

Significant member base in both markets Future focus: driving activity

XING AG - Acquisition of amiando AG (Dec. 9, 2010) Executive Summary 04

1. XING AG acquires amiando AG

Objective: to form a fully integrated service provider for the promotion and fulfillment of business related events

2. amiando AG is Europe's leading platform for event management and ticketing

• 1,600 paying organizers ~€1.5m revenues in 2010e
• Full service to event hosts (i.e. Reg. forms & ticketing, participant management, payment handling, marketing tools, event data management & CRM, etc.)

3. Events are a key element of the XING platform

• 150,000 user generated events p.a. (DACH)

• 750,000 event participants p.a. (DACH)

3. The XING/amiando AG events business is a significant revenue opportunity

• Jointly we can build and market very attractive solutions for organizers and attendees
• Covering the most attractive parts of the value chain (fulfillment, event promotion, post-event)
• Significant market size
• 4. Purchase price: initial payment of app. €5.1m + second payment of up to €5.25m on March 31, 2013 depending on numerous conditions to be met

amiando AG The online event registration and ticketing tool 04

Proven success

Pricing

• Ticketing: 5.9% of attendance fee plus 0.99 Eur fix fee per ticket
• Event management: add-on services such as ticket papers, mailing tool coustomization services for extra charge

XING Events: >130k events, >47k paid events with >690k participants 04

amiando integration # of paid events in DACH in 000s # of events in DACH in 000s # of participants in DACH in 000s

Why events on XING work:

• "Perfect" target group
• Unique targeting capabilities
• High relevance of business graph

XING and amiando AG will cover the most attractive parts of the value chain 04

1. Acquisition of 100% of the shares of amiando AG

2. Purchase price:

1.Payment upon closing: app. €5.1 million

• 1. Second payment of a maximum amount of €5.25m payable by March
• 31, 2013 if numerous milestones are met including:
  • Current amiando management team (founders) stays on board for at least 18 months after closing
  • The new "events" entity generates revenues of €12m in 2011 & 2012 (cumulated)
• The new "events" entity achieves a cumulated positive result in 2011 & 2012

4. Timing

Full Consolidation as of 1st January 2011

Improved profitability:

EBITDA: 4.46m (32.4% margin), up 52% yoy

Strong growth of non subscription revenues

E-Recruiting:

• DACH revenues up +84% yoy, (82% yoy globally)
• Continuing path of accelerating growth

Advertising:

DACH revenues up +51% yoy, (46% yoy globally)

Subscription:

• Stable increase in payer base
• DACH revenues up 13% yoy, (11% yoy globally)

Product:

Major platform improvements with highly encouraging early results

2010 – The year of profitable growth

	Q3"10	Q2"10	Q3"10 vs. Q2"10	Q3"09	Q3"10 vs. Q3"09
	Abs.	Abs.	Rel.	Abs.	Rel.
Total revenue1	13.8	13.3	+4%	11.7	+18%
Costs	-9.3	-9.5	-2%	-8.7	+7%
EBITDA	4.5	3.7	+19%	2.9	+52%
Margin	32%	28%	+4%pt	25%	+7%pt
Depreciation	-1.3	-1.2	6%	-1.5	-11%
Financial Result	-0.0	0.0		0.0
Taxes	-1.0	-1.2	-15%	-1.1	-10%
Net Result	2.1	1.3	+56%	0.3	+513%

¹ Including other operating income

EBITDA-Margin up 5th consecutive quarter in a row

Quarterly revenues continue to grow 05 EBITDA €4.5m; margin 32%

EBITDA Margin >30% for the first time since Q2"09

Continuing strong growth in e-recruiting & advertising 05

XING community and web 2.0 context powerful assets to enter and exploit adjacent markets

Personnel costs Q3"10: €4.4m; 32% of revenues 05

• Global figures -

Personnel

in €m in % of revenue

Comments

• Q2 impacted by negative one-off from reorg
• Q3 impacted by positive one-off from release of personnelrelated accruals
• FTE"s qoq flat

Marketing expenditures First XING-TV campaign ever started in Sep"2010 05

• Global figures -

Marketing

in €m in % of revenue

Comments

First XING TV Campaign

• SEM
• Display campaigns
• Affiliate programs
• Cooperations

Other operating expenses in Q3"10: €2.8m; 21% of revenues 05

• Global figures -

Other operating expenses

Comments

in €m in % of revenue

Cost line includes:

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

Cash Flow Statement Operating cash flow €4.0m in Q3"2010 05

• Global figures -

in €m	2009			2010
	Q3"09	Q4"09	Q1"10	Q2"10	Q3"10	Q3"10 vs. Q3"09	Q3"10 vs. Q2"10
	Abs.	Abs.	Abs.	Abs.	Abs.	Abs.	Abs.
EBITDA	2.9	3.0	3.3	3.7	4.5	+1.6	+0.8
Interest/Tax/ESOP	0.0	+0.3	+0.3	+0.1	-1.3	-1.3	-1.4
Net Working Capital	+1.4	+1.1	+5.6	+1.2	+0.8	-0.6	-0.5
Operating Cash flow	+4.3	+4.4	+9.2	+5.0	+4.0	-0.3	-1.0
Investment -	-1.5	-1.1	-1.4	-1.1	-1.2	-0.3	-0.1
Operating Investment -	0.0	0.0	-0.7	0.0	-0.4	-0.4	-0.4
Acquisitions Financing incl. Share Buyback	0.0	1.0	0.0	0.0	0.0	0.0	0.0
Other	0.0	-0.1	0.0	0.0	0.0	0.0	0.0

in €m		2010		2009
	Q3"10	Q2"10	Q1"10	Q4"09	Q3"09
	Abs.	Abs.	Abs.	Abs.	Abs.
Assets	90.8	88.6	84.9	80.7	82.1
Operating assets	17.1	17.0	17.0	19.6	21.3
Acquisitions / International	16.9	17.2	17.5	17.9	21.7
TAX A/R	0.4	0.5	0.5	0.4	0.5
Cash	56.4	53.9	50.0	42.9	38.6
Liabilities	90.8	88.6	84.9	80.7	82.1
Equity	58.3	55.9	54.3	52.7	55.7
Deferred Income	20.1	19.6	18.7	16.2	14.8
Liabilities	5.3	5.7	5.8	6.4	6.5
Tax Liabilities	7.1	7.4	6.2	5.4	5.0
Other	0.0	0.0	0.0	0.0	0.0

Negative net working capital

Backup

POWERING RELATIONSHIPS WWW.XING.COM

XING AG IR stats Market Cap: ~€220m / €56m cash / no debt

	Total revenues	54.3	64.9	72.8	85.2
s	EBITDA	16.3	21.3	24.7	29.4
u 0) s	Margin	30%	33%	34%	35%
n e	Depreciation	(5.2)	(5.8)	(6.3)	(8.3)
(January,201 s n	EBIT	11.1	15.5	18.5	21.1
o C	Margin	20%	24%	25%	25%
	Net income	7.5	10.9	13.0	14.6
	EPS in €	1.45	2.09	2.50	2.83

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

Analyst coverage	Deutsche Bank, DZ Bank, Hauck & Aufhäuser, HSBC
Shares	5,291,996

Free cash flow 11.8 13.7 15.6 18.4

TecDax ranking end of December 2010
Market Cap.	35
Turnover	44

Free float according to Deutsche Börse: 68.3%

XING share price since IPO in Dec"06 (as of Jan 31, 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   733k 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	Best Offers   Enterprise Groups  Display Advertising  Company Profiles	 Set up fee & rev. Share  Set up & regular fee eCPM  €24.90 (Standard) / €129 (Plus)* 

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 September 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.