SEEK LIMITED — AGM Information 2021

Nov 16, 2021

17 November 2021

The Manager ASX Market Announcements Office Australian Securities Exchange

Dear Manager

SEEK Limited 2021 Annual General Meeting – CEO Presentation – Trading & FY22 Guidance Update

In accordance with the Listing Rules, attached is the presentation to be delivered by the Chief Executive Officer at today's 2021 Annual General Meeting, including a trading and FY22 Guidance update, for release to the market.

Yours faithfully,

Rachel Agnew Company Secretary

This announcement was authorised for release by the Board.

For further information contact:

Investors & Analysts: Dan McKenna 0404 868 465 Media: Daniel Ellis 0400 587 232

SEEK LIMITED ANNUAL GENERAL MEETING 2021

CEO's address – 17th November 2021 To be read in conjunction with SEEK's FY21 Results Presentation released on 24th August 2021

We help people live more fulfilling and productive working lives and help organisations succeed

Refer to pages 9-11 where SEEK provides a trading update and FY22 guidance

FY21 highlights

• Operational v

• Strong recovery in key markets
• Benefits for OES and the ESVs from COVID-19 related demand
• Progress against major strategic initiatives

• Corporate v

• Sell-down of Zhaopin stake from 61.1% to 23.5%
• Announcement of new structure including creation of the SEEK Growth Fund

• Capital Management v

• Application of Zhaopin proceeds to debt reduction
• Resumption of dividend payments following a pause in FY20

FY21 Group Financial Results

	Revenue	EBITDA	NPAT excl. significant items
Group	A$1,591m	A$474m	A$141m
	+1% vs pcp	+15% vs pcp	+58% vs pcp
Continuing	A$760m	A$332m	A$135m
Operations	+17% vs pcp	+30% vs pcp	+68% vs pcp
Discontinued	A$831m	A$142m	A$6m
Operations	(10%) vs pcp	(9%) vs pcp	(34%) vs pcp

• As a result of the new structure and sell-down in SEEK's ownership interest in Zhaopin (from 61.1% to 23.5%) during FY21, SEEK results have been presented on the basis of Continuing and Discontinued Operations

• FY21 Group results and Discontinued Operations reflect 10 months consolidated Zhaopin results (FY20: 12 months)

APAC key metrics

Strong market positions across ANZ and SEEK Asia

Operational highlights

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Continued to progress against SEEK's strategic priorities

Rolled out new flexible contracts and pricing model to the majority of customers in AU and NZ

Launched unified search and recommendations platforms across Asia

Adopted bolder approach to complete ANZ systems unification within 2-3 years

Introduced new products to deepen engagement (e.g., Certsy)

Completed M&A including JobKorea minority investment and Sourcr

Continued focus on building sustainable businesses in LatAm

SEEK's growth drivers

Significant growth opportunities in our core businesses (ANZ and Asia)

Underlying economic growth and offline to online migration (Asia)

Enrichment and expansion of products including through unique data

Aligning price to the value we create

Organic growth the focus, but will consider M&A

M&A to enhance capabilities and/or create options in new revenue pools

We have the opportunity to double revenue in our core business over the next 5 years (if we execute well and markets are stable)

SEEK's strategic outlook

over the next 5 years

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Opportunity to double revenue over the next 5 years

Investment and innovation required to realise SEEK's growth potential in a competitive environment

Investment will continue through periods of cyclical revenue weakness

Greater operating leverage to emerge over the next 3 years then accelerate post Unification

EPS expected to grow but will be impacted by large work programs in short term (e.g., Unification)

Capital management approach

Including SEEK's updated dividend policy

* Deleveraging or the option (but not the obligation) to invest further in the SEEK Growth Fund

Updated Dividend Policy from FY22 onwards

• Target payout of greater than 75% of Cash NPAT less Capex
• Payout will be subject to forward-looking considerations including long-term investment opportunities and external market conditions

Trading update

Strong year to date ad volumes in Australia, Hong Kong, Singapore and Malaysia

• Planned investments progressing well
• Based on year to date trading performance, results are tracking to the top end of SEEK's FY22 guidance for revenue, EBITDA and NPAT for continuing operations1
  • Guidance assumes the usual seasonal volume decline in December-January. If that does not occur, and/or there is a sustained acceleration in early 2022:
    • results will track ahead of the top end of our current revenue guidance; and
    • we would likely accelerate some investment, though EBITDA and NPAT would also exceed current guidance
• Risk of economic volatility remains

Update to be provided at SEEK's H1 22 Results in February 2022

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FY22 Guidance: SEEK (excluding the SEEK Growth Fund)1

FY22 Guidance (excluding significant items) for SEEK (excluding the SEEK Growth Fund)1 : v

• UPDATE: EBITDA to be at the upper end of the A$425m to A$450m range
  • o UPDATE: Based on assumed revenue at the upper end of the A$950m to A$1bn range
• UPDATE: NPAT to be at the upper end of the A$190m to A$200m range

Context

• Forecasting remains challenging given volatility caused by COVID-19, changes in hiring sentiment and FX
• If revenue is weaker than anticipated, SEEK has some flexibility to reduce discretionary opex but will proceed with strategic investment
• Refer to page 36 of SEEK's FY21 Results Presentation for other key assumptions

FY22 Guidance: SEEK Growth Fund

FY22 Guidance (excluding significant items) for the SEEK Growth Fund: v

• UPDATE: SEEK's share of NPAT to be in the range of A$5m to A$10m profit for H1 22 (previous guidance range of A$20m to A$25m in NPAT losses for H1 22)
  • Update to guidance to reflect revised statutory accounting treatment following further review1 . Prior to this revision in treatment, net losses are in line with the previously anticipated range of A$20m to A$25m in NPAT losses for H1 22

Key assumptions: The SEEK Growth Fund

• Point at which SEEK will lose control of the Fund is uncertain. Guidance assumes SEEK will control the Fund until at least 31 December 2021. On loss of control SEEK will account for the Fund as an "associate" and will recognise "fair value" movements in its income statement to reflect revaluations of the Fund's investments. Given fair value movements are difficult to predict, SEEK's guidance does not include any estimates of fair value movements in H2 22.

1 For statutory reporting purposes, SEEK will not be required to recognise its share of the H1 22 profits or losses from the ESVs that are equity accounted associates or JVs until the point of deconsolidation. These unrecognised profits or losses will form part of any fair value gains or losses calculated and recognised at the time of deconsolidation. This is a revision in statutory accounting treatment since SEEK's Aug-21 guidance. Based on this change, SEEK will only recognise results arising from its ownership interest in subsidiaries (i.e. OES and Sidekicker) in H1 22.

Well positioned to grow long-term shareholder value

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Attractive opportunity exists in our core markets to grow revenue and expand margins over time

Leveraged to improving economic conditions and structural changes in the labour market

Ability to capture and apply deep and unique data to create more value for candidates and hirers

Opportunity to price for the additional value we create

High cash flow generation provides ability to reinvest in our capabilities whilst also providing an ongoing stream of dividends

New structure provides shareholders with access to capital growth in the SEEK Growth Fund

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 independentfinancial advice.

Non-IFRSFinancial Information

SEEK's results are reported under International Financial Reporting Standards (IFRS). This presentation also includes certain non-IFRS measures including, "Underlying NPAT", "EBITDA". "significant items" and "pro forma". 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 Appendix 4E and Statutory Accounts 2021 for IFRS financial information that is presented in accordance with all relevant accounting standards.