New Work SE

Investor Presentation • May 9, 2014

XING – #1 Professional Social Network In German Speaking Europe

Q1 results

May 6, 2014

Dr. Thomas Vollmoeller (CEO ) & Ingo Chu (CFO)

Strong organic growth in revenues with 16% Significant acceleration vs. 7% growth in Q1 2013

Strongest member growth since 2009 Start communication of XING-EVENTS user development

[Member & total user base in million] [Member & XING-EVENTS user net adds in thousands]

Growth rate in Network / Premium segment doubled Q1/2014: 8% vs. Q1/2013: 4%

Paying member base D-A-CH [thousands]

Network / Premium revenues [€m]

2 new Premium perks added in Q1 Total of 9 exclusive partnerships for XING Premium members

• Mobile access to more than 150,000 conferences, seminars and other networking events
• Users can discover/register relevant events within their vicinity
• Integration of personal network and matchmaking (recos)
• Messaging function: direct communication with other event participants
• Add event participants to your personal XING network

New XING-EVENTS users in Q1/14: +81,000 Total number of B2B-Event customers: 2,400 (+411 vs. Q1/13)1)

Improved Empoyer Branding Profile & new search filters for job ads

Employer Branding Active Sourcing

• Redesign of EBP and entire kununu website
• Launch of industry sponsorships
• €395-1,095 p.m.

• 60% organic revenue growth in Q1

• XTM: ~3,800 seats as of today (3,700 end of Q1)

• New project admin
• New XTM homepage
• Workflow improvements

Passive Recruiting

• Screen job ads for additional benefits (i.e. flexible working hours, home office, health measurements, etc.)
• Partnerships with eFinancialCareers, stelllenanzeigen.de & yourfirm.de to icrease jobs inventory

Total number of B2B e-recruiting customers: 16k (+450 vs. Q1/13)

Q1/14 numbers

The professional network www.xing.com

Strong member growth w/ 242K net member adds

Accelerating organic revenue growth at 16% (2013 Q1: 7%, Q2 11%, Q3 12%, Q4 12%)

e-Recruiting and Premium Club both growing strongly

EBITDA impacted by investment in TV campaign

Continuously strong operating cash-flow at €7.6m

EBITDA impacted by costs for TV campaign of ~€3m

	Q1/14	Q4/13	Q1/14 vs. Q4/13	Q1/13	Q1/14 vs. Q1/13
(1) Including other operating income	Abs.	Abs.	%	Abs.	%
Total revenue1	22.8	22.7	0%	19.6	16%
Costs	(18.7)	(17.3)	(9%)	(14.3)	(31%)
EBITDA incl. kununu earn-out	4.0	5.5	(27%)	5.3	(24%)
Non-operating costs from kununu earn-out	0.5	1.5	NA	0.0	NA
EBITDA w/o kununu earn-out	4.5	7.0	(35%)	5.3	(15%)
Margin w/o kununu earn-out	20%	31%	(11%pts)	27%	(7%pts)
Depreciation (incl. PPA)	(2.2)	(2.2)	1%	(2.3)	3%
Financial result	0.0	0.0	NA	0.0	NA
Taxes	(0.8)	(1.5)	51%	(1.1)	29%
Net result incl. kununu earn-out	1.0	1.7	(39%)	2.0	(48%)
Net result w/o kununu earn-out	1.5	3.2	(68%)	2.0	(23%)

• New IFRS rules: earn-out now accounted for in personnel expenses instead of goodwill
• Margin impact of TV campaign 12% of total revenue

	Segment EBITDA	Margin
Network / Premium	€ 9.3m	67%
E-Recruiting1	3.5m1 € € 3.0m2	49%1 42%2
Events	(€ 0.5m)	(37%)
Tech, Central Services & Other	(€ 7.7m)	N.A.
Total EBITDA w/o kununu earn-out	€ 4.5m	20%

1) W/o kununu earn-out 2) Incl. Kununu earn-out

• Costs for TV campaign of ~€3m (12%pts of total revenue) included in central marketing in "Tech, Central Services & Other"
• Margin dilution by Events: 4%pts

Organic revenue growth rates significantly increased

Marketing expenses impacted by TV campaign in Q1 (~€ 3m)

Personnel

in €m in % of total revenue

Q1/13 Q4/13 Q1/14

• Investment in product/technology organization & sales/marketing
• 19 new FTEs in Q1/14
• 53 new FTEs since March '13
• Q4/13 and Q1/14 including nonoperating costs from kununu earn-out

Marketing

in €m in % of total revenue

Q1/13 Q4/13 Q1/14

• TV branding campaign in Q1/14
• 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

• Q1/13 Q4/13 Q1/14
• External services, legal, audit & consulting
• Payment processing, server hosting
• Rent & other costs

Q1/14: Operating cash flow: €7.6m

	Q1/14	Q4/13	Q1/14 vs. Q4/13	Q1/13	Q1/14 vs. Q1/13
	Abs.	Abs.	Abs.	Abs.	Abs.
EBITDA	4.0	5.5	(1.4)	5.3	(1.3)
Interest/tax & kununu earn out	(0.2)	0.0	(0.2)	(1.1)	1.0
Net working capital	3.8	0.6	3.2	2.2	1.5
Operating cash flow excl. organizer cash	7.6	6.0	1.6	6.4	1.2
Investment – operating	(2.3)	(3.0)	0.7	(1.8)	(0.5)
Investment – acquisitions	0.0	0.0	0.0	(2.9)	2.9
Financing incl. transaction of own shares	0.0	0.6	(0.6	0.0	0.0
Free cash flow excl. organizer cash & dividends	5.3	3.6	1.8	1.7	3.6
Regular dividends	0.0	0.0	0.0	0.0	0.0
Free cash flow excl. event organizer cash & incl. dividends	5.3	3.6	1.8	1.7	3.6
Effects organizer cash	3.6	(2.4)	6.1	1.0	2.6
Free cash flow incl. organizer cash & dividends	9.0	1.1	7.8	2.7	6.2

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
	2014
	Abs.
Assets	115.7
Operating assets	31.8
Acquisitions	10.9
TAX A/R	1.5
Cash	71.5
Liabilities	115.7
Equity	61.6
Deferred income	36.2
Liabilities	14.1
Tax liabilities	3.8

Invested capital w/o cash	(€18.5m)
Liabilities	(€14.1m)
Deferred income	(€36.2m)
Operating assets	€31.8m

Investor information & contact

The professional network www.xing.com

XING AG IR stats Market cap: ~€580m / >€70m cash / no debt

	Consensus from 8 brokers	2014e	2015e	2016e
4)	Total revenues	94.3	105.8	121.3
s	EBITDA	29.4	35.3	42.1
mates as of April, 201 u s	Margin	31%	33%	35%
n e	Depreciation	(8.6)	(9.2)	(9.8)
s n	EBIT	20.7	26.0	32.3
Analyst esti o C	Margin	22%	25%	27%
	Net income	14.0	17.9	21.6
(	EPS in €	2.54	3.37	4.07
	DPS in € (regular)	0.67	0.94	1.19
Berenberg Close Brothers, Deutsche Bank, Analyst coverage Jefferies, JP Morgan Cazenove,			Bank, Commerzbank, Hauck & Aufhäuser, MM Warburg, Montega
Shares		5,592,137

Average trading volume per day (XETRA) & Market Cap

Burda Digital GmbH	2,922,244	50.51%
Deutsche Asset & Wealth Mngt	372,660	6.66%
Schroders	282,421	5.05%
Union Investment	173,284	3.10%
Treasury Shares	12,832	0.23%
Rest	1,828,696	34.45%
Numbers based on last filing – actual shareholdings can differ

Analyst coverage	Berenberg Bank, Commerzbank, Close Brothers, Deutsche Bank, Hauck & Aufhäuser, Jefferies, JP Morgan Cazenove, MM Warburg, Montega

TecDax	ranking end of March 2013
Market Cap.		27

XING share price development since IPO in Dec 06 as of May 02, 2014

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/

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March 25 – May, 7 2014