New Work SE — Investor Presentation 2013

May 6, 2013

XING – #1 Professional Social Network In German Speaking Europe

Q1 Results Presentation, May 6, 2013

Continuing member growth in core region Long runway left for further growth in D-A-CH

Premium member base also growing

Premium member base & net adds in D-A-CH

Solid top & bottom line development in Q1'2013

6

Public launch of XING projects – a marketplace for freelancers

• Logical extension for e-Recruiting business
• Public launch January 28, 2013

• 700,000 freelancers on XING already (D-A-CH)

• 5 digit-number of projects are being posted already
• Monetization will start at the end of Q2
• Listing fee for a project will be @195 for 30 days

Launch of XING ipad App

• Mobile XING usage now at 36% of tota visits
• iPad closes the gap between the Laptop and the smartphone
• Extending XING usage into early morning and evening times
• Focus on key functions:
• Contacts
• Messages
• Search
• Exclusive iPad feature: "Bookmarking" job ads and member profiles

Update on kununu integration Lots of progress in the first quarter 2013

XING Talentmanager update – Significant product improvements thanks to valuable customer feedback

	 XTM selling above internal plans: >1,500 seats sold
	 >4,000 recommended feature additions received from users
	 Fast iteration with weekly feature updates to XTM  Positive customer feedbacks
	 Old "Recruiter Membership" will be phased out at the end of 2014

Key management positions filled now

 Managing Director "Events"	Q4'2012
 Senior Vice President "Premium Club"	Q1'2013
 Head of Sales & Customer Service "Events"	Q1'2013
 Head of Sales "e-Recruiting"	Q1'2013
 Vice President "Data Science"	Q1'2013
 Head of "User Experience"	Q2'2013

Executive summary – Financials

Q1'13: €19.6m revenues, €5.3m EBITDA

	Q1'13	Q4'12	Q1'13 vs. Q4'12	Q1'12	Q1'13 vs. Q1'12
	Abs	Abs.2	%	Abs.	%
Total revenue1	19.6	19.0	3%	17.7	11%
Costs	(14.3)	(12.4)	(15%)	(12.9)	(11%)
EBITDA	5.3	6.6	(19%)	4.8	11%
Margin	27%	35%	(8%pts)	27%	0%pts
Depreciation	(2.3)	(2.3)	2%	(1.8)	(25%)
Financial result	0.0	0.0	19%	0.1	(70%)
Taxes	(1.1)	(1.4)	22%	(1.1)	5%
Net result	2.0	2.9	(32%)	2.0	1%

(1) Including other operating income

(2) Adjusted for one-time expenses related to Burda bid and kununu acquisition (€1.9m)

Q1'2013: e-recruiting with 32% yoy growth

Personnel main investment area to further drive company growth

Personnel

in €m in % of total revenue

• Q1'12 Q4'12 Q1'13
• Investment into product/technology organization & sales/marketing
• 22 new FTEs in Q1 (inkl. 25 from kununu)
• 65 new FTE's since Q1'12

Marketing in €m

in % of total revenue

Online display & social media adv. Search engine marketing (SEM) Offline marketing expenditure

Q1'12 Q4'12 Q1'13

3%

0.6 1.2

6%

(conferences & events,

print, sponsoring) Affiliate marketing

Other Expenses

in €m in % of total revenue

Q1'12 Q4'12 Q1'13

• External services, legal, audit & consulting
• Payment processing, server hosting
• Rent & other costs

Cost development reflects first-time consolidation of kununu

1.9

10%

Q1'2013: Operating cash flow: €6.4m

	Q1'13	Q4'12	Q1'13 vs. Q4'12	Q1'12	Q1'13 vs. Q1'12
	Abs.	Abs.	Abs.	Abs.	Abs.
EBITDA	5.3	4.7	0.6	4.8	0.5
Interest/tax/ESOP	(1.1)	(1.4)	0.2	(0.8)	(0.4)
Net working capital	2.2	0.5	1.8	2.4	(0.2)
Operating cashflow excl. organizer cash	6.4	3.8	2.6	6.5	(0.1)
Investment – operating	(1.8)	(2.1)	0.3	(1.3)	(0.5)
Investment – acquisitions	(2.9)	(2.5)	-0.4	(0.0)	(2.9)
Financing incl. transaction of own shares	0.0	1.9	-1.9	(20.0)	20.0
Free cashflow excl. organizer cash	1.7	1.1	0.6	(14.8)	16.5
Effects organizer cash	1.0	(2.1)	3.1	1.2	(0.2)
Free cashflow incl. organizer cash	2.7	(1.0)	3.7	(13.6)	16.3

Kununu contributing positively to operating cashflow

Thank you for your kind attention!

The professional network www.xing.com

Negative invested capital from shareholders' perspective

in €m [Excl. event organizer cash and NWC]

	As of March 2013
	Abs.
Assets	101.2
Operating assets	25.0
Acquisitions / international	16.8
TAX A/R	1.5
Cash	57.9
Liabilities	101.2
Equity	53.8
Deferred income	30.0
Liabilities	14.1
Tax liabilities	3.3
Other	0.0

Invested capital w/o cash	(€19.1m)
Liabilities	(€14.1m)
Deferred income	(€30.0m)
Operating assets	€25.0m

XING AG IR stats Market cap: ~€215m / €58m cash / no debt

	Consensus from 10 brokers	2013e	2014e	2015e		Average trading volume per day (XETRA)
3)	Total revenues	81.8	91.4	94.1	27,677
	EBITDA	24.0	29.3	32.1
May 3, 201 s u	Margin	29%	32%	34%		21,259
s n	Depreciation	(8.1)	(8,1)	(8,1)	17,362	15,437
mates as of e s	EBIT	15.9	21.1	23.2		14,156 11,601
n o	Margin	19%	23%	25%			9,807
Analyst esti C	Net income	11.1	14.6	16.7		6,216	6,222	6,989 6,621 6,537
(	EPS in €	2.04	2.69	3.02			3,683
	DPS in €	0.71	0.82	0.87
					Apr-12 May-12	Jun-12 July 12 Aug-12 Sep-12 Oct-12	Nov-12 Dec - 12 Jan-13	Feb-13 Mar-13 Apr-13
Analyst coverage			Berenberg Bank, Commerzbank, Close Brothers, Deutsche Bank, Hauck & Aufhäuser, HSBC, JP Morgan Cazenove, MM Warburg, Montega		Burda	Digital GmbH	2,922,244	52.61%
						DWS Investment	361,000	6.50%
					Ennismore		293,622	5.29%
Shares				5,554,353	Schroders		282,421	5.08%
TecDax ranking end of April 2013				Ruane, Cunniff	& Goldfarb	169,259	3.05%
					Treasury Shares		37,832	0.68%
Market Cap. Turnover				35	Other		1,487,865	26.79%
				29		Numbers based on last filing – actual shareholdings can differ

XING share price development since IPO in Dec 06 as of April 30, 2013

Investor Relations

Contact details & social media channels

Patrick Moeller

Director Investor Relations

XING AG Dammtorstraße 29-32 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/