New Work SE — Investor Presentation 2012

May 14, 2012

XING Q1'2012 results presentation

May 14, 2012

Disclaimer

This presentation was produced in April 2012 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 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.

Executive Summary

Highest number of new members in D-A-CH in the last 12 quarters

Important product launches in preparation

New CEO Thomas Vollmoeller will join in August

Strongest quarterly member growth in D-A-CH in the last 3 years

Development of subscriber base Net adds in Q1'12

Gross subscriber adds D-A-CH in thousands

Net subscriber adds D-A-CH in thousands

Subscriber base in thousands

'Verticals' drive overall growth

XING Talentmanager (Corporate Recruiter Account) to be launched in summer 2012

USPs Search >12m profiles of highly qualified business professionals – completely anonymously Your projects, candidate lists, messages, etc. are all centrally stored and retained in the company rather than individual recruiter profiles Extensive project & candidate management options Wide range of collaboration tools Assign candidates to several different vacancies

XING's new self-booking ad tool

• Launch Q2/2012
• First use case: promote your event
• Further roll-out across the platform
• Important step towards social advertising

User benefits

• Targeting with real data
• Outstanding ad placements on XING
• Total cost control
• Easy to use
• Individual XING support

Financial summary

Continued phase of accelerated investments in future growth

EBITDA of €4.8m w/ 27% margin reflecting investments

	Q1'12	Q4'11	Q1'12 vs. Q4'11	Q1'11	Q1'12 vs. Q1'11
	Abs.	Abs.		Abs.
Total revenue1	17.7	17.6	+1%	15.7	13%
Costs	(12.9)	(12.0)	(7%)	(10.0)	(29%)
EBITDA	4.8	5.6	(14%)	5.6	(15%)
Margin2	27%	32%	(5%pt)	36%	(9%pt)
Depreciation	(1.8)	(2.6)3	31%	(1.5)	(24%)
Financial result	0.1	0.2	(29%)	0.0	272%
Taxes	(1.1)	(1.4)3	(18%)	(1.5)	25%
Net result	2.0	1.83	12%	2.7	(27%)

(1) Including other operating income

(2) Of revenue

(3) Adjustment for one time write-down of market entries for Spain & Turkey (€14.4m) & taxes adjusted by €0.3m accordingly

Continued strong growth of vertical revenues

Personnel main investment area to further drive company growth

Personnel in €m in % of total revenue Marketing in €m in % of total revenue in €m in % of total revenue Investment into product/technology organization & sales/marketing Online display & social media adv. Q1'11 Q4'11 Q1'12 35% 37% 34% Q1'11 Q4'11 Q1'12 7% 10% 63% 22% 22% 9% 41% 10% 5.4 6.5 7.3 1.1 1.7 1.9

• 24 new FTEs in Q1

• 111 new FTE's yoy

• Search engine marketing (SEM)

• Offline marketing expenditure (conferences & events, print, sponsoring)
• Affiliate marketing
• Local and segment marketing

Other expenses

• External services, legal, audit & consulting
• Payment processing, server hosting
• Rent & other costs
• Search Engine Optimization (SEO)

Quarterly operating cash-flow €6.5m

13

	Q1'12	Q4'11	Q1'12 vs. Q4'11	Q1'11	Q1'12 vs. Q1'11
	Abs.	Abs.	Abs.	Abs.	Abs.
EBITDA	4.8	5.6	(0.8)	5.6	(0.8)
Interest/tax/ESOP	(0.8)	(2.7)	1.9	0.0	(0.8)
Net working capital	2.4	(0.4)	2.0	2.0	0.4
Operating cashflow excl. organizer cash	6.5	2.5	4.0	7.6	(1.3)
Investment – operating	(1.3)	(2.2)	0.8	(1.1)	(0.1)
Investment – acquisitions	(0.0)	(0.0)	0.0	(5.1)	5.1
Financing incl. transaction of own shares	(20.0)	0.4	(19.6)	0.0	(20.0)
Free cashflow excl. organizer cash	(14.8)	0.7	(14.1)	1.4	(13.2)
Effects organizer cash	1.2	(2.5)	1.3	2.5	(0.2)
Free cashflow incl. organizer cash	(13.6)	(1.8)	(11.8)	3.9	(11.1)

Free cashflow before organizer cash excluding capital return of €20m amounts to €5.2m

Thank you for your kind attention!

The professional network www.xing.com

Backup

XING AG IR stats Market cap: €290m / ~€51m cash / no debt

Total revenues	76.2	86.0	92.0	98.4
EBITDA	25.1	29.6	33.2	38.8
Margin	33%	34%	36%	39%
Depreciation	-7.5	-7.8	-8.2	-8.5
EBIT	17.6	21.7	24.8	30.3
Margin	23%	25%	27%	31%
Net income	12.2	15.1	17.3	21.4
EPS in €	2.26	2.81	3.23	4.03
Free cash flow		12.6	19.3	23.8
DPS in €*	0.56

Analyst coverage	Commerzbank, Close Brothers, Deutsche Bank, DZ Bank, Hauck & Aufhäuser, HSBC, Jefferies, JP Morgan Cazenove, MM Warburg, Macquarie, Montega
Shares	5,455,145

TecDax ranking end of April 2012
Market Cap.	25
Turnover	21

Burda Digital GmbH - 29.5% Langfrist TGV - 5.0% Ennismore - 5.1% HVB Principal Equity - 5.2% Cyrte Investments - 4.9% Whalerock Capital - 3.3% Treasury Shares - 1.6% Baillie Gifford -3.0% Other 42.3%

Free float according to Deutsche Börse: 68.9%

XING share price since IPO in Dec 2006 (as of May 11, 2012)

Investor Relations

Contact details & social media channels

Patrick Moeller

Director Investor Relations

XING AG Gaensemarkt 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

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