SEEK LIMITED — AGM Information 2009

Nov 29, 2009

SEEK Limited Annual General Meeting

30 November 2009

Joint CEO update

Full Year Overview

Consistent strategy and effective execution delivers a strong result

Financial Performance

Strong financial result in a challenging year with EBITDA of $97.8m and NPAT of $55.3m

Result driven by resilience in Ad revenues, growth in SEEK Learning and a reduction in discretionary costs

Employment Dynamics

Migration of revenue from print to online continues to accelerate in the downturn

SEEK continues to be the leader in market share and job seeker metrics

The downturn has enhanced SEEK's strategic positioning for a rebound in revenue & earnings through the cycle

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SEEK's Education & Training Businesses comprises: SEEK Learning (100% owned), IDP (50%) and THINK (50% from 8 Oct 2007 to 11 May 2009 and 100% from 12 May 2009 to 30 June 2009). The Revenue & EBITDA for IDP & THINK have been included on a "look through" basis. However, for SEEK's FY09 statutory accounts, IDP's Revenue & EBITDA do not consolidate into SEEK's statutory accounts but THINK's financials are included in SEEK's statutory accounts but only for the period 12 May 2009 to 30 June 2009.

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Strong Financial Results to 30 June 2009

SEEK LTD	$M's		Growth
	FY08	FY09	$s	%
Sales Revenue	210.2	208.3	(1.8)	$-1%$
Other Revenue	1.3	1.4	0.1	8%
Total Revenue	211.5	209.8	(1.7)	$-1%$
Opex	100.4	110.6	10.2	10%
EBITDA	109.8	97.8	(12.0)	$-11%$
EBITDA Margin (%)	52.2%	46.9%
Net Int. Income/(Expense)	(0.4)	(5.8)	(5.5)	-1384%
& Div Income
D&A (incl share based payments)	5.6	7.5	2.0	35%
SEEK's share of Associates NPAT	8.9	15.8	6.9	77%
(Excl Zhaopin)
Normalised NPAT(Excl Zhaopin & Non Trading Items 1 )	82.5	76.1	(6.5)	-8%
NPAT (Reported) for the full year	76.3	55.3	(21.0)	-28%

	FY08	FY09	Growth%
Basic EPS	26.6	18.8	$-29%$
H1 - Interim Dividend	8.7	4.5	$-48%$
H2 - Final Dividend	9.9	4.7	$-53%$
Full Year Dividend	18.6	9.2	-51%

Change to Dividend Policy commencing H2 FY09 - Final Dividend

Current policy is to pay out 40%-70% of NPAT with the current pay out ratio being 40%. being

Revised policy is that SEEK will continue with the 40% pay-out ratio but from "Cash NPAT"2

Change was made to more closely align the payment of dividends in line with the "cash dividendscashearnings" of the SEEK Group.

1 Non-trading items and write downs Nontrading write

2 Cash NPAT defined as: NPAT (reported) – Associates NPAT +/- Non Cash Items + Associate Dividends

SEEK has a strong track record over a sustained period

Employment Dynamics

During the GFC there was an acceleration of print to online migration …

S C C CfSource: Corzen, WAR C, WAN, IAB, Classifieds Intelligence, analyst reports, market research and internal analysis

…with further growth to come from revenue migration from print to online which is an ongoing structural trend.

Online vs Print (%)

	Olinne	Pi(%)tvvssrn
	11Jbb-AAddVVllooume	2SSffJbbkkPPoeeerreerences	3SSffSShhdareopen
Olinne	77%	74%	39%
Pitrn	23%	26%	61%

1 ANZ Job Series Data

2Calculated from Newspoll Telephone Omnibus 6 November to 8 November 2009 ; Sample size 703 adults aged 18+ in Sydney, Melbourne, Brisbane, Adelaide and Perth

3As at 31 March 2009 based on analyst reports market research and internal analysis reports,

Online is the way to search for jobs where SEEK continues to be the #1 brand…

1Source: Calculated from Newspoll Telephone Omnibus 6 November to 8 November 2009 ; Sample size 703 adults aged 18+ in Sydney, Melbourne, Brisbane, Adelaide and Perth

…which is reflected in SEEK rapidly increasing it share of unique browsers relative to its competitors.

SEEK has rapidly grown its share of UBs

SEEK is positioned for growth in its online business in Australia and NZ given its strong market position and favourable exposure to structural trends.

Core drivers of long term employment earnings

SEEK's core growth strategy remains on accelerating the structural migration of revenue from print to online, attacking under-penetrated segments and developing new products and services.

Volume

Target medium term growth opportunities in ESM markets (eg. Healthcare and Govt) and SME. Through the cycle, online ad volumes to rebound faster than print reflecting user preferences to search for jobs online.

Yield

Expect average yields to increase as SME ad volumes continue to migrate online.

Standout & Premium Ads performing well and poised for further growth performing growth.

When job ad markets improve, SEEK should capture a disproportionate share of the rebound in ad revenues given its strong market position and structural trends favouring online over print.

Product Extension

SEEK launched Great Australian Pay Check to improve the job seeker and advertiser experience alike.

A number of new products and initiatives to be launched in FY10.

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Education – SEEK Learning, THINK and IDP

SEEK has a broad and diverse presence in education and training…

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…and in just over five years, SEEK has built a large Education business.

SEEK's Education Business

SEEK Learning +	$M			Growth
Associates 3		FY08 1 FY09 2		%
Revenue 4,5		101.4 152.5 51.1		-50%
EBITDA	18.9	28.2	-9.3	49%
NPAT	9.9	16.6	6.7	68%

In five years SEEK has built a large Education years, large business with "look through" revenue of $152.5m and EBITDA of $28.2m in FY09.

Revenue growth4 of 50% for FY09 was split between organic growth of 45% and acquisition growth 5%.

SEEK believes there are stillsignificant growth opportunities.

1. Note, revenue includes interest income

1. SEEK's Education & Training Businesses comprises: SEEK Learning (100% owned), IDP (50%) and THINK (50% from 8 Oct 2007 to 11 May 2009 and 100% from 12 May 2009 to 30 June 2009). The Revenue & EBITDA for IDP & THINK have been included on a "look through" basis. However, y ) for SEEK's statutory accounts, IDP does not form part of SEEK's consolidated Revenue & EBITDA but THINK's Revenue & EBITDA are included in SEEK's statutory accounts but only for the period 12 May 2009 to 30 June 2009.

Since the acquisition, THINK's performance has been strong

• • Pleased with progress by THINK and SEEK Learning to extract integration & synergy benefits
  • THINK benefiting from SEEK's existing capabilities & expertise
• •Strong year on year enrolment growth
• • Acquisition of Australian College of Natural Beauty
  • Acquisition deepens THINK's cap y abilit y in health and wellness
• • Significant progress in THINK's geographic expansion plans

Update THINK is executing well against the core drivers that impact earnings & revenue growth

Update on SEEK Learning & IDP

Update

• • Strong growth in leads & enrolments acrossexisting and new partn ersac oss e s d e pa e s with project progressing well
• • Achieving economies of scale and earnings expansion
• • Continuing to observe stron g underl yin g demand for career related education and training

Update

• • Continued expenditure into USA expansion
• •Strong enrolment growth from China
• • Overall weaker than anticipated g g yg performance driven by drop in Indian driven by students and changes by DIAC1 to student entry requirements

International

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SEEK has an attractive suite of international investments exposed to fast growing economies and favourable structural trends

Brasil Online Holdings (SEEK owns 30%)

• •FY09 SEEK's share of revenue A$18.3m & EBITDA of A$3.3m (margin of 18%)
• •Performing well across all user and advertiser metrics
• • Continuing g to invest in new growth opportunities

Zhaopin (SEEK owns 56.1%)

• • FY09 Revenue growth of 14% in a challen gin g environment1 g gg
• •Continued growth in key operational metrics & expansion outside the Big 4 cities
• •Losses are continuing to decline

JobStreet (SEEK owns 10.1%)

• •Robust Q3 revenue & op. profit growth vs pcp across all key markets
• • Proposing to increase its stake in 104 Corp (Taiwan 104 Corp s' #1 job board) from its current stake of 15.79%2
• • Expectation is for strong pcp growth as market conditions in SE Asia continue to improve

FY10 Outlook

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¨	INTERNATIONALOBrillineExFY10lbhaFY09bdichdibialttttttttt•asnpecresuoegreaernaseonorgangrowespesusan–invladfohiiettttutesmenpnner newgrowoppornsZhainExigificduioinloinFY10tttoppecsnanrecnsses•–
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Focus drivers for SEEK's growth remains consistent

SEEK is well positioned to strongly grow earnings