SEEK LIMITED 2014 Annual General Meeting

27 November 2014

Disclaimer

The material in this presentation has been prepared by SEEK Limited ABN 46 080 075 314 ("SEEK") and is general background information about SEEK's activities current as at the date of this presentation. The information is given in summary form and does not purport to be complete. In particular you are cautioned not to place undue reliance on any forward looking statements regarding our belief, intent or expectations with respect to SEEK's businesses, market conditions and/or results of operations, as although due care has been used in the preparation of such statements, actual results may vary in a material manner.

Information in this presentation, including forecast financial information, should not be considered as advice or a recommendation to investors or potential investors in relation to holding, purchasing or selling securities. Before acting on any information you should consider the appropriateness of the information having regard to these matters, any relevant offer document and in particular, you should seek independent financial advice.

Non-IFRS Financial Information

SEEK's results are reported under International Financial Reporting Standards (IFRS). This presentation also includes certain non-IFRS measures including, "normalised", "pro forma" and "look-through". These measures are used internally by management to assess the performance of our business, our associates and Joint Ventures, make decisions on the allocation of our resources and assess operational management. Non-IFRS measures have not been subject to audit or review.

Refer to SEEK's FY14 Annual Report for IFRS financial information that is presented in accordance with all relevant accounting standards and has been subject to review and audit by SEEK's external auditors. Detailed reconciliation of FY14 non-IFRS financial information and the relevant definitions can be found in the Appendices to SEEK's FY14 Investor Presentation.

KEY MESSAGES

SEEK's purpose is to help people live more fulfilling and productive working lives and help organisations succeed

SEEK is making a positive contribution to people's lives on a global scale

FY14 Key Business Accomplishments

Executed numerous strategic transactions

Successful listing of Zhaopin on NYSE
JobStreet: Transaction completed on 20 November 2014 $\bullet$
Sale of remaining 80% of THINK for cA$100m $\bullet$
Investments in Bangladesh & new technologies to support placements

Creating value via capital management

Strong support from financiers: Underpinned A$770m domestic refinancing to support accretive M&A
Generating "cash returns" from M&A: Received record dividends from Investments (cA$87m)
SEEK Domestic is making strong progress in evolving its product and technology offerings
- Over 35 new product enhancements
- Rapid growth in interactions between hirers & jobseekers
Launch of SEEK's purpose, vision and beliefs and attributes ("This is SEEK")
- Codified & rolled-out "This is SEEK" which will underpin the organisational culture to help the business achieve its purpose & vision

In the last 12 months, SEEK has continued to build the foundations for future growth

SEEK achieved a record full year result in FY14

SEEK Group	FY14$A\sin$	GrowthVS DCD
Revenue	756.4	22%
EBITDA	308.5	29%
EBITDA (%)	41%
NPAT excl significant items (Post NCI)	179.7	27%
Dividends per share (cents)	30.0	36%

SEEK Domestic	SEEK International	SEEK Education
Solid financial resultsdespite moderate economicconditions	• Strong financial resultsacross Asia, China andLatin America	• Record result by SEEKEducation
• Investing aggressively toadvance the placementstrategy	• Dividends received ofcA$70m	• Exceptional results by SEEKLearning & SwinburneOnline

SEEK's long-term strategic focus has led to a strong track record of growth...

FY14 delivered "look-through1" Revenue and EBITDA growth of c17% & c20% vs pcp $\bullet$

SEEK is the largest global online employment marketplace by EBITDA, NPAT & Market Cap

1 "Look-through" Revenue and EBITDA presented is based on "continuing businesses" and ownership interests as at each reporting period (30Jun). THINK has been excluded retrospectively for all periods as it was divested in Nov-13. Refer to SEEK's FY14 Investor Presentation for detailed reconciliation of "look-through" financials to IFRS financials.

...which has translated into strong cash flows and dividends paid to shareholders

Growth in Operating Cash Flows of c30% (FY14 v FY13)
High earnings to cash flow conversion
- FY14 Op. Cash Flow/EBITDA conversion of c102%1
Post GFC, SEEK's total dividends paid has increased by a CAGR of 28% (FY10 to FY14)

SEEK has delivered strong shareholder returns and is well positioned for future growth

Key Investment Highlights

$\circ$

SEEK DOMESTIC

SEEK Domestic delivered a solid result despite subdued conditions

SEEK Domestic Financials

	$A$ m		Growth
	FY14	FY13	%
Revenue	241.2	234.9	3%
EBITDA	143.9	141.6	2%
EBITDA (%)	6በ%	60%

Pleasing FY14 result in subdued operating conditions

As context, from FY13 to FY14 the average U/E rate increased from 5.4% to 5.8%

Track record of financial performance demonstrates the strength of the business model

SEEK has grown EBITDA by c54% despite U/E rate increasing from 5.5% (FY10) to 5.8% (FY14)

Continuation of strong progress in placement strategy

Key Insights

Candidate profiles c4.2m, up c61% vs pcp
Mobile growing, now >50% of total visits
Expect continued strong re-investment (opex and capex) to accelerate the placement strategy
Increased investment in new technologies and services (eq.JobSeeker)

SEEK is the clear market leader across key metrics

SEEK's leadership in jobs...

SEEK is the #1 brand when people think "jobs"
SEEK delivers the largest pool of relevant candidates
SEEK has more unique and relevant job opportunities
SEEK delivers more placements
Despite increased competition (LinkedIn, Indeed $\bullet$ and other businesses), SEEK remains clearly the most effective online employment marketplace across key metrics
We continue to evolve our product and service offerings to better facilitate the matching of jobseekers to hirers

... is reflected in competitor metrics

(100% owned by SEEK)

A market leader in the aggregator space & is the leader on a number of key metrics

SEEK Domestic's core drivers of future earnings growth

Placement Strategy

Significant opportunity to leverage SEEK's market position to grow its share of facilitated placements

SEEK's market leadership positions it as a strong beneficiary of continued structural migration

Online is the clear leader in job ad volumes anduser preferences			Structural migration of revenue from print to onlineis a continuing trend
	Job AdVolume 1	JobseekerPreferences 2	Share ofSpend 3	10090	USA$90% +$
	Jul-14	$Jul-14$	Mar-14 Est	80	Australi
Online	89%	93%	71%	70	c71%
Print	11%	7%	29%	60∞ਠ

Key Insights

Increasing online share of spend: now at c71% [Mar-14 est] from 63% [Mar-13]
SEEK's market leadership means it is well $\bullet$ positioned to capitalise on ongoing structural revenue migration from print to online

Source: Corzen, WARC, WAN, IAB, Classifieds Intelligence, analyst reports, market research and internal analysis

14 2 Independent research (online-based) conducted by Newspoll Online Omnibus, conducted 26-29 June 2014. Refer FY14 Results presentation for further details 3 Estimate based on analyst reports, market research and internal analysis

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SEEK is investing in its placement strategy to unlock a large growth opportunity...

Aspirations of Placement Strategy

SEEK's role is to facilitate the matching and communication of job opportunities
Our aspiration is:

seek is the answer for the questions below:

Jobseekers: Where did you find your last job? Hirers: Where did you source your last candidate?

Changes to support Placement Strategy

• Over 35 product enhancements in last 12 mths

• Continuing to invest strongly (opex & capex) to support the placement strategy

Growth opportunity from Placement Strategy

SEEK currently accounts for only 22% of placements despite:
- c30m+ visitors a month & growing interactions between jobseekers & hirers
- The leading brand in online employment
As SEEK executes its strategy this will grow SEEK's share of placements and grow its addressable market opportunity beyond online job ads

... which is delivering strong results across key work streams

SEEK INTERNATIONAL

Aspiring to be the global leader in online employment, matching more people with job opportunities than any other organisation

SEEK owns #1 or #2 online employment marketplaces that have a strong track record and exposed to over 2.5b people and >20% of Global GDP

SEEK International achieved a strong result and is well positioned for future growth

"Look-through" Revenue (A$m)

FY14 Highlights

Strong YoY growth of Revenue 16% & EBITDA 25% driven by organic growth
Strong presence across Asia & China and performing well on financial & operational metrics
Latin America businesses are realising benefits of re-investment
Investing in early stage investments for long term growth
Received A$70m of dividends in FY14 (>6x of pcp)
SEEK is well positioned to benefit from a declining AUD

Refer to SEEK's FY14 Investor Presentation for IFRS 20 financials in A$m by business

FY07 FY08 FY09 FY10 FY11 FY12 FY13 FY14

JobStreet Transaction Update

Transaction completed on 20 November 2014
Total Transaction Consideration paid by SEEK Asia was US$586m
- SEEK's total consideration was cUS$372m (of which cUS$114m is settled via SEEK's existing JobStreet equity)
- Other SEEK Asia co-investors contributed cUS$80m
- SEEK Asia accessed debt of US$135m1
- SEEK now owns 75.56% of SEEK Asia (previously 68.96%)
- Refer to ASX Announcement dated 21 November 2014 for further details

$\cdot$ Key Insights

Executive Team for "SEEK Asia" is now in place led by
- CEO: Peter Everingham (SEEK Exec, former MD of SEEK Education)
- COO: Suresh A/L Thirugnanam (Former COO of JobStreet)
Integration plan & activities led by experienced Senior Management team from SEEK, JobsDB and JobStreet
Re-affirm guidance: Transaction is slightly cash EPS2 accretive in FY15 and strongly thereafter
- SEEK Asia has market leadership positions across major markets in South East Asia that are favourably exposed to structural trends & robust economic growth

Amounts shown in US dollars based on USD: MYR exchange rate of 3.246

SAAI

1 Includes bank debt of US$125m (non-recourse to the SEEK Group) and a loan from SEEK Limited

2 Excludes any amortisation of identifiable intangibles that may arise from purchase price allocation activities, transaction and one-off restructuring costs and other non-cash items

Zhaopin achieved a strong result & successfully listed on the NYSE

Zhaopin Financials
		RMBm	Growth
Pro-Forma	FY14	FY13	%
Revenue (100%)	1,035.9	889.6	16%
EBITDA (100%)	295.4	246.8	20%
EBITDA (%)	29%	28%

Strong FY14 Result

Rev & EBITDA growth of 16% & 20% despite focusing on re-investment
Debuted on the NYSE & seeing "tangible" benefits of being listed
Paid cA$21m in dividends to SEEK in FY14

Highlights from Recent Q1 FY151 Result

Strong Q1 FY151

• Rev & EBITDA growth of $32%$ & $34%$

Growing market share

• Strong customer growth of 28% vs pcp & ZPIN remains market leader amongst jobseekers

New product and service initiatives to accelerate market share
Q2 FY15 Revenue guidance range of RMB 325m to RMB 335m2

JobsDB achieved a solid result in a rebuilding period