SEEK LIMITED — AGM Information 2008

Nov 5, 2008

SEEK LimitedAnnual General Meeting 6 November 2008

Agenda

Ordinary Business

• 1. Joint Chief Executive officers update
• 1. Financial Reports
• 1. Remuneration Report
• 1. Election of Directors

Special Business

1. Issue of Securities to Executive Directors – Mr Andrew Bassat & Mr Paul Bassat

Joint CEO update

Andrew Bassat

&

Paul Bassat

Consistent strategy and effective execution…

Financial Performance

Strong financial performance across all metrics

Market Dynamics

Migration from print to online continues to be key driver of organic growth

Clear market leader in advertiser and job seeker metrics

Focused Strategic Agenda Continues

SEEK Learning growth

IDP performing ahead of expectations

Significant growth in Zhaopin

Investment in Malaysia & Brazil

…delivers strong FY08 Financial Results

	$	M		Grhtow
SEEKLTD (d)Rertepo	FY07	FY08	$	%
Revenue	157.0	210.2	53.2	34%	©
EBITDA	80.3	109.8	29.5	37%	©
EBITDA Min %arg	51%	52%	-	1%	©
Asciatesso	2.0	2.7	0.7	35%	©
NPAT	55.5	76.3	20.8	37%	©
OptinCashflow (befor)e teragax	77.7	105.2	27.5	35%	©

	FY07	FY08	Grhtow%
SEP	19.6	26.6	36%	©
H1- IrimDividdnteen	6.0	8.7	45%	©
H2- Final Dividend	7.7	9.9	29%	©
Full Yr Dividendea	13.7	18.6	36%	©

Financial Results - Five Year Trend

Note: Revenue excludes interest income

EBITDA of $109.8M includes $3.0M of "one off" costs related to the set up of Learning UK, SAP and acquisition due diligence work

5

Strong , conservatively geared balance sheet…..

fiiLltoanacy	CdSbdllbhjAlibk2008,4ttttommenceepemersupporeequayyemaorusraanans•$filiihh200tttt•macywworances:$ih1002ttmwyearerm–$ih1003ttmwyearerm–
Ctovenans	Fiilillldhididlfilittttttt•nancaraoscurrenyweexceeewomansyncaeoanacycovenansEidif11.9iEBITDAttttt(1)•smaenerescoveromes
Blhtaanceseelktooou	Nllfhlblhihhdittttttttopanscrrenorereerageaanceseenesoromemerm•uyuvu

(1) Based on consensus EBITDA and SEEK internal estimated interest costs for FY09

Employment

Seek	16/08/08
PAYTO OUR WEEKLY WINNER!
THE ORDER OF ONE THOUSAND, ONE HUNDRED & THREE DOLLARS	$1,103
COMPLETING THE SALARY SURVEYFOR:
401204507841102 #120+0120450#

7

Employment market dynamics: migration of employment advertising from Print to Online continues rapidly…

Structural shift in the Australian Classifieds Market

Source: ANZ Job Advertisements Series

… and job seeker preferences for online is at an all time high…

Source: Newspoll Telephone Omnibus 16th – 18th Aug 2008; Sample size 699 adults aged 18+ in Sydney, Melbourne, Brisbane, Adelaide and Perth

…as we maintain a strong market leadership position in Australia & NZ

Australia

Source: September 08 Nielsen NetRatings, SEEK Count of websites

%ofTo3p	Ads	UBs	TTOS	t ReMarkeh UBsac
SEEK	59%	52%	77%	66%
MyCareer	18%	22%	12%	28%
CarOreene	23%	25%	11%	32%

	ADs			UBs
YeYeOnarar	@Sep 2008	th YoGrowBSY A	Grth YoowY %	@Sep 2008	th YoGrowBSY A	Grth YoowY %
SEEK	172,185	(1,013)	(1%)	2,790,334	538,526	24%
CaMyreer	52827,	(6)5,55	()10%	1,175337,	152104,	15%
CarOreene	65782,	7,064	12%	91,350,48	8390,95	41%

NZldeeaanw
%fTo3op	Ads	UBs	TTOS	MaketrRehacUBs
SEEK	%55	49%	63%	63%
Trdeame	33%	40%	33%	51%
Sehjbs4arco	12%	11%	4%	14%

Significant headroom still remains as the share of spend is predominantly in print

Online vs. Print (%)

	Jb-AdVlooume	SfJbkPoeeerreerences	SfShdareopen
Olinne	79%	67%	29%
Pitrn	21%	33%	1%7

Note: Job seeker preferences considers online and print methods of finding a job only (represents ~70% of total means) Source: ANZ Job Advertisements Series, Newspoll, SEEK Estimates

Focus on key employment growth drivers remains consistent

Drivers of future growth

Volume

Continue to pursue SME & ESM markets

Migration from print to online expected to continue ©

Yield

Changing customer mix, with SME comprising a larger proportion of the overall volume Yield increasing as market moves from print to online

Product Extension

Standout Ads launched Dec07, experiencing strong uptake

Premium Ads continue to perform well

Premium Ads self service launched in September 08 and performing strongly

©

©

©

©

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Learning - Training & Education

SEEK has a diverse presence in education and training

Our education assets have achieved strong financial performance

Each of SEEK Learning / IDP & THINK are progressing well

•

•

• Best & first place to go for career related training & education
• Continue to sign important new provider partners (6 in the last 12 months)
• • Strong improvement in operational effectiveness
• • Continuing strong growth in all key metrics with a very good first quarter of FY09

• • IDP continues to perform well ahead of expectations
• • On our 50% share, revenue of $67.3M & EBITDA of $15.3M in FY08 represents growth of 56% & 73% respectively on FY07
• • FY08 performances implies forward EV / EBITDA ratio of 2.3 for SEEK investment
• • Significant growth opportunities being pursued in each of student recruitment & English language testing businesses

• • Education investment company focused on growth & development of high quality education enterprise
• • Think operates in key private education "niches" for example Design, Hospitality, Healthcare & Business
• • Think is complementary to existing SEEK Learning business; 1st partnership with ACNT now in place
• • Recent acquisition of CATC is important & will assist in expansion into Melbourne & Brisbane
• Strong investment in developing new courses, building distance education, and management resources

•

International

Our international footprint is expanding

Zhaopin

• •Online employment market in China is currently estimated to be $165M AUD, and forecast to reach $400M AUD by 2011
• •Significant growth in job seeker metrics, now on par with market leader
• •Substantial increase in sales footprint (presence in over 20 markets) and in online & offline marketing activity
• •As at September, 125% growth in page views in last 12 months vs 39% for market leader
• •As At June, 115% growth in online revenue in last 12 months, compared to 36% online revenue growth for market leader

	iqUnue	isiVtors	Page	iewVs
000s	Se08p-	YoYGrthow	Se08p-	YoYGrthow
Zhainop	1,674	50%	42,730	125%
51Job	1,253	1%	46,083	39%
ChinaHR	1,118	29%	17,676	46%

Source: iresearch**Note:**Seek will account for 56.2% in FY09 vs 34.7% in FY08 on an undiluted basis

Our strategic focus on international expansion has reached a major milestone through our investment in SE Asia …

Who is JobStreet?

• •One of two leading job board players in SE Asia (with competitor JobsDB)
• •Listed in Malaysia with 52% of stock held by management and associates
• • Range of revenue streams across jobs value chain, including head-hunting, website / database management
• •>5.5m Jobseekers and 50,000 customers

Strategy/Opportunity

• •Based in Malaysia (#1), with established presence in Singapore (#2) and Philippines (#1)
• • Broadening their coverage throughout SE Asia, where they are competitively placed in key emerging markets
• •Management confident of cross border synergies in SE Asia

Deal Parameters

• •A$19.3M investment for 10% shareholding
• •JobStreet investment will be treated as an Associate as per Zhaopin
• • In second calendar quarter of 2008, revenues grew 35% YoY to A$8.9m, and adjusted EBITDA grew 55% YoY to A$3.5M.

…and also our investment in Brazil

What is Brasil Online?

• •Owner of Catho and Manager – the #1 and #2 online employment websites in Brazil
• •A senior management team with long-term experience in the Brazilian online employment market
• • Owner of the leading brands in Brazil, with approximately 200,000 job postings on each site, a combined 2.7m unique visitors per month, and over 70% brand awareness among internet users

Strategy/Opportunity

• • Building on the leading position in an under-penetrated growth market:
  • An internet user base of 43m, growing at over 22% per annum
  • World's 5th largest population at 192m, and the world's 10th largest economy by GDP at over $1.3 trillion
• • Embryonic business model; bulk of revenues from jobseekers, with employer-pays products now being aggressively pursued
• •Provides potential for expansion into Brazilian education sector

Deal Parameters

• •US$67.5M investment for 30% shareholding. CPH is co-investing for a 5% shareholding.
• •Brasil Online Holdings will be treated as an Associate as per Zhaopin
• •One Board seat and taking the lead in driving strategic issues

Outlook FY09

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¨	Qfo1FY09 pinlineih eionttaterrmancewxpecsTrdingdiioninloybuinehakedinhe6 wksttttaconsempmensssveweanepasee
¨	SEEKLeingfoingllarnperrmwe
¨	IDP/Think -incdfiinFYt09reasepro
¨	(1)ZhainopCoCinudidhinFY09leadingdud olllosH1losillbehaPPdtttotetneraprevenuegrowreceveras;s wgrearnan-H2losllerhaPCPts smanS$EEK'shaflosbehighehaFY08duincd shaholdingd wkeAUDtottosreosesrnereasereanear-BrilOnlinedJobSinvdbeEPSlinFY09trettmtstetotraasaneesenexpecneu
¨	Cafil edidbeigiicalylowhaFY08tatutetottpxpenreexpecsnnernIncdinduddiionlinvinZhaindinvinMalayiadBriltet etottmttmtreaseresxpenseeaaesenopanesensanaz
¨	AnicipingEBITDAinFYbeinlineihFYtt09tot08awfAnicipNPATinFY09beinlineihFY08 eludingheimincd shaholdinginZhainttetottt oaxcpacreasereopw
	(1)- Sk will at foinFYinFYdilutedbasisr 56.2%0934.7%08eeccounvsonanun

In conclusion…

Our focus on key drivers of growth remains consistent…

EMPLOYMENT	LEARNING	INTERNATIONAL
Vlomeu	SEEKLiearnng	China
Yilde	IDP	Bilraz
NPdtewroucs	Thikn	ShEAittoassau

Delivering strong financial performance