SEEK LIMITED — AGM Information 2011

Nov 20, 2011

SEEK LIMITED

Annual General Meeting of Shareholders Monday 21 November 2011 – 3.00pm

CHAIRMAN’S ADDRESS

Ladies and gentlemen, the 2011 financial year was another very successful year for SEEK. The Company once again achieved record financial results and we continued to strengthen our strategic position through enhanced service offerings and the expansion of our footprint across international markets. As a result, our services now have exposure to over 2 billion people in 11 countries, including some of the fastest growing economies in the world. SEEK is the largest business of its kind in the world as measured by market cap – a position we have worked hard to achieve and of which we are very proud.

SEEK is structured into three business areas:

1. Australian and New Zealand employment classifieds

2. International employment classifieds

3. Education.

I will provide brief comments on each of these areas, beginning with Australian and New Zealand Employment.

The domestic Employment business delivered solid financial results in 2011, increasing its market leadership and achieving impressive results in key jobseeker and advertiser metrics.

SEEK is the number one online employment website in Australia. Out of the top 3 job boards in Australia SEEK has 69% share of ads. We expect to continue to benefit from our leadership position and the structural migration of employment advertising

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from print to online. Current estimates suggest print advertising still represents around $200-250 million in job ad spend.

Despite global economic uncertainty, we expect the domestic Employment business will continue to grow during 2012.

Turning now to our international business, our strategy includes actively seeking and assessing new investment opportunities. In 2011 we identified two such targets.

In August last year we announced the acquisition of a 40% stake in Online Career Centre Mexico, the number one job board in the early-stage Mexican market. Online Career Centre has delivered sound underlying results since the acquisition.

The second acquisition was announced in December last year, with the news that we had acquired a 40% interest in JobsDB , the number one job board in key markets throughout South East Asia, through our newly formed subsidiary, SEEK Asia. SEEK holds a 69% stake in SEEK Asia, which was formed with Consolidated Media Holdings , Macquarie Capital and Tiger Global. SEEK Asia’s interest in JobsDB was increased to 60% in May this year and 80% in June .

We are very pleased with the relationships we have established with JobsDB management and we are keen to invest further in the early stage markets in which JobsDB operates across Asia..

As a result of these two acquisitions during 2011, our portfolio now includes five international employment businesses and exposure to some of the world’s largest and most exciting emerging markets.

In addition to Online Career Centre and JobsDB, we hold a 56% equity interest in the Chinese employment business, Zhaopin, which achieved a very strong result in 2011. Zhaopin is now China’s second largest job board and is growing rapidly. Our investments in Brasil Online and South East Asia’s JobStreet also continue to perform well.

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Together, our international portfolio contributed an impressive $17 million to the Group’s NPAT in 2011, up from only $1.6 million the previous year. .

Our international investments are less susceptible to the macro-economic environment due to the rapid growth in internet penetration and the nature of the labour markets in which they operate. We therefore anticipate sustained improvement in results from these businesses.

Looking now at our Education business, in 2011, SEEK entered into a 50-50 joint venture with Swinbourne University to deliver online tertiary courses specifically for working Australians. The first intake of students is expected in the second half of the 2012 financial year and will complement our existing SEEK Education businesses.

2011 proved to be a challenging year for SEEK Learning and THINK and we responded by making operational improvements in SEEK Learning and invested in building the capability and operations of THINK.

We anticipate stronger results from our education businesses during 2012 as a result of these improvements.

SEEK’s record financial results for the 2011 financial year included sales revenue of $343 million, up 22%, and EBITDA of $143million ( excluding abnormal items ), also up 22% on 2010.

As a result of SEEK’s strong cash flows, shareholders received a fully franked final dividend of 7.5 cents, representing a dividend pay-out ratio of 50% of NPAT. Total dividends for the 2011 financial year were 14.3 cents, up from 11.9 cents in 2010.

Finally, I would like to pay tribute to the SEEK team, including CEO Andrew Bassat,and former Joint CEO, Paul Bassat, who left the Group during 2011.

Paul made an enormous contribution to SEEK as both co-founder and Joint CEO, and it is to both his and Andrew’s credit that the transition by Andrew to become sole

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CEO has been seamless. On behalf of the Board, I would like to thank Paul and Andrew for their vision, leadership, and commitment to SEEK over the past 13 years.

On behalf of the Board, I congratulate the SEEK team on the delivery of another record financial result and for continuing to provide a first class service for our customers, jobseekers and students.

I also thank our shareholders for their ongoing support of the company. SEEK has never been stronger nor better positioned for future growth.

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