SEEK LIMITED — Annual Report 2012

Aug 21, 2012

2012 Full Year Results Presentation

12 months to 30 June 2012

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 slide 70 for further details.

Key Messages

FY12 Key Messages

Strong result in challenging conditions reflecting market leadership, strength of business model and execution of strategy

Group reported result

• Record full year result with FY12 v pcp
  • Revenue 29%, EBITDA 43% and NPAT (Post NCI) 35%
• Result achieved despite far from buoyant conditions in all our markets
• Strong cash flows and balance sheet

SEEK Australia & New Zealand

• Pleasing result reflects market leadership & resilience of business model
• Result achieved despite subdued labour market conditions
• Successful launch of several new products & services

SEEK International

• Achieved strong "look-through1 " revenue and earnings growth
• Moved to majority ownership in OCC and Brasil Online

SEEK Education

4

• Achieved solid "look-through1 " revenue growth & strong earnings growth
• Particularly pleasing underlying result achieved by THINK in H2 FY12

Execution of strategy has led to FY12 "look-through" result of Revenue ~A$657m & EBITDA ~A$235m

Revenue	CAGR (%)	Period	EBITDA	CAGR (%)	Period
SEEK Domestic	25.7%	FY04 - FY12	SEEK Domestic	52.5%	FY04 - FY12
SEEK Education	68.6%	FY05 - FY12	SEEK Education	65.0%	FY05 - FY12
SEEK International2	96.1%	FY07 - FY12	SEEK International2	132.7%	FY10 - FY12
SEEK Group	42.0%	FY04 - FY12	SEEK Group	61.0%	FY04 - FY12

5 1 "Look-through" Revenue and EBITDA based on ownership as at each reporting date (30 June). Refer slide 43 for further details of SEEK's "look-through" methodology. 2SEEK International "look-through" Revenue CAGR has been calculated over the period FY07 to FY12 as FY07 was the first period in which SEEK International "look-through" Revenue was recognised. SEEK International "look-through" EBITDA CAGR has been calculated over the period FY10 to FY12 as FY10 is the first period in which a positive "look-through" EBITDA was recognised

Financial Performance

Record full year results achieved in FY12...

Group Headline Performance

	A$m			Growth
	FY12	FY11	$m	%
Revenue1	442.3	343.1	99.2	29%
Reported EBITDA	193.6	135.6	58.0	43%
Reported EBITDA (%)	44%	40%
Reported NPAT (Post NCI)	131.7	97.7	34.0	35%
Basic EPS (cents)	39.1	29.0	10.1	35%
Dividend per share2(cps)	17.3	14.3	3.0	21%

		cents per share		Growth
	FY12	FY11	cents	%
H1 - Interim Dividend	8.3	6.8	1.5	22%
H2 - Final Dividend	9.0	7.5	1.5	20%

• Reported EPS growth of 35%
• Total FY12 dividends of 17.3 cents per share representing growth of 21% (vs FY11: 20%)
  • SEEK has maintained its dividend payout ratio at 50% of Cash NPAT2
  • Third consecutive year of delivering +20% growth in fully franked dividends

Key Financial Highlights

Strong performance across all of SEEK's businesses has driven a record full year result • Strong Revenue growth of 29% (A$99.2m) in FY12 driven by: • 13% organic growth (A$45.8m) • 16% acquisition related growth (A$53.4m) • Full year benefit of JobsDB (A$44.2m) • Consolidation of Brasil Online3 & OCC3 (A$9.2m) • Strong EBITDA growth of 43% (A$58.0m) in FY12 driven by: • 28% organic growth (A$37.6m) • 15% acquisition related growth (A$20.4m) • Full year benefit of JobsDB (A$17.3m) • Consolidation of Brasil Online3 & OCC3 (A$3.1m)

• Reported NPAT (post NCI) growth of 35% in FY12 includes the following significant items:
  • One-off fair value gains of A$25.1m (net of tax) on OCC & Brasil Online acquisitions
  • Impairment loss on THINK4 intangibles (A$23.6m) (net of tax)
  • Normalised NPAT (post NCI) is A$130.2m adjusted for the significant items above. Refer slide 47 for further detail on normalisation adjustments

1 Excludes interest income

7 Dividends paid out of Cash NPAT defined as: NPAT (Post NCI) (Reported) – Associates NPAT +/- Non Cash Items + Associate Dividends Brasil Online was consolidated into SEEK's statutory accounts from 31 May 2012 and OCC from 19 June 2012 Director's view that carrying value of Goodwill and Brand Intangibles was higher than fair value less cost to sell as at 30 June 2012. Refer to slide 47 for further detail

... which is a continuation of SEEK's track record of consistent growth over a long period

Key Insights

• 3 rd consecutive year of record Revenue, EBITDA and NPAT
• Resilient earnings through challenging conditions
• Total Shareholder returns1 of ~234% since IPO vs ASX 200 of ~49%

Consistent performance across the board

Reported Results by Operating Division Reported EBITDA by Business

		A$m	Growth
	FY12	FY11	$m	%
Domestic Employment
Operating Revenue	247.8	224.0	23.8	11%
EBITDA	152.1	133.5	18.6	14%
EBITDA (%)	61%	60%
International1
Operating Revenue	62.1	8.7	53.4	n/m
EBITDA	20.9	(3.4)	24.3	n/m
EBITDA (%)	34%	(39%)
Education
Operating Revenue2	132.4	110.3	22.1	20%
EBITDA	20.5	5.5	15.0	270%
EBITDA (%)	16%	5%
SEEK Group
Operating Revenue	442.3	343.1	99.2	29%
EBITDA	193.6	135.6	58.0	43%
EBITDA (%)	44%	40%

	A$m		Growth
	FY12	FY11	$m	%
International
EBITDA3JobsDB	20.8	3.5	17.3	n/m
Brasil4	3.0	n/a	3.0	n/a
OCC5	0.1	n/a	0.1	n/a
International costs6	(3.0)	(6.9)	3.9	57%
Total International EBITDA	20.9	(3.4)	24.3	n/m
Education
SKL	15.3	13.1	2.2	17%
THINK	5.3	(7.5)	12.8	n/m
Total Education EBITDA	20.5	5.5	15.0	270%

• Refer to slides in body of the presentation for further detail by Business

• Refer to slide 42 for detailed reported results by Business

1International results comprise: FY11 - Consolidation of JobsDB for May-June 2011, incl. A$6.2m of acquisition costs; FY12 – Consolidation of JobsDB for a full 12 months, Consolidation of Brasil Online from 31 May & OCC from 19 June 2012. FY11 & FY12 results include the costs associated with managing SEEK International investments 2Includes intercompany revenue of A$4m (FY12) and A$3m (FY11) that are eliminated upon consolidation

3JobsDB was equity accounted for the period 1 January 2011 to 5 May 2011 and was consolidated by SEEK for the period 5 May 2011 to 30 June 2011

4 Brasil was consolidated from 31 May 2012 upon increase in ownership from 30% to 51%. In FY11, Brasil Online was equity accounted

9 5 OCC was consolidated from 19 June 2012 upon increase in ownership from 41% to 57%. In FY11, OCC was equity accounted from 10 August 2010 (date of SEEK's initial 40% acquisition) 6 FY11 & FY12 International costs include the costs associated with managing SEEK International investments. FY11 also includes A$6.2m of acquisition costs related to JobsDB acquisition

Strong Associate results and growth in dividends

Results by Associate & JV: Seek Share of NPAT

		A$m	Growth
International	FY12	FY11	$m	%
Zhaopin	16.5	8.7	7.8	91%
JobsDB1	0.0	0.7	(0.7)	(100%)
JobStreet	2.8	2.7	0.1	4%
Brasil2	4.7	4.1	0.6	14%
OCC3	0.8	0.7	0.1	9%
	24.7	16.9	7.9	47%
Education
IDP	8.2	7.7	0.4	5%
Swinburne4	(2.0)	(0.0)	(2.0)	n/a
	6.1	7.7	(1.6)	(20%)
SEEK Share of Associates Profit	30.9	24.6	6.3	26%

Dividends Received6

		A$m		Growth
Dividends Received6	FY12	FY11	$m	%
JobsDB5	4.2	0.0	4.2	n/a
JobStreet	1.5	1.5	0.0	2%
Brasil	4.2	4.4	(0.2)	(4%)
OCC	1.1	1.7	(0.5)	(32%)
IDP	6.0	2.5	3.5	140%
Total Dividends received6	17.1	10.0	7.1	70%

Key Insights

SEEK achieved ~70% growth in Dividends Received6

• Since SEEK's investment into the businesses below it has received total dividends6 of A$35.8m
  • IDP A$16.0m (~44% of initial investment)
  • Brasil Online A$8.6m
  • JobStreet A$4.2m
  • JobsDB A$4.2m
  • OCC A$2.8m
• All of SEEK's International investments & Education investments (IDP & Swinburne Online) are in net cash position with "look-through" cash balance of ~A$107.6m

Changes in ownership interest

• JobsDB moved from associate to subsidiary after 5 May 2011, therefore $nil associates contribution in FY12
• In FY12, Brasil and OCC moved from associates to subsidiaries at 31 May 2012 and 19 June 2012 respectively

1 JobsDB was equity accounted for the period between 1 January 2011 & 5 May 2011 and consolidated by SEEK post 5 May 2011

2 Brasil Online was equity accounted during FY11 and the period between 1 July 2011 & 30 May 2012. Brasil Online was consolidated into SEEK's results from 31 May 2012

3 OCC was equity accounted from 10 August 2012 (date of SEEK's initial investment @40%), and from 1 July 2011 to 18 June 2012. OCC was consolidated into SEEK's results from 19 June 2012

10 4 In FY11, Start up costs of A$0.2m were incurred at EBITDA and SEEK's share of Swinburne NPAT in FY11 was a loss of (A$46k) 5SEEK share of JobsDB dividend declared (eliminated on consolidation) 6Dividends received includes distributions

SEEK generates strong cash flows and is well capitalised

• Well progressed refinancing discussions with lending syndicate
  • Expect finalisation of a new facility to complete in 3-4 weeks
  • Syndicated loan facility not due to expire until Dec-2013
• Syndicate is very supportive of the refinancing and SEEK
• Currently not contemplating other SEEK Group capital management activities
• All Education and International businesses have cash & zero debt

11 Based on SEEK's operating cash flows (FY04 to FY12) Calculated as SEEK's borrowings comprising its syndicated debt facility (gross) less SEEK Group cash, divided by SEEK Group Reported EBITDA at 30 June Calculated as SEEK's Group Reported EBITDA divided by Net Interest Expense per SEEK's Financial Statements at 30 June

SEEK Domestic

SEEK has changed the way people find jobs, and will do so again

Key Insights

• By looking at all channels that source candidates, the market opportunity for SEEK is larger than previous addressable market of only job ads
  • Currently, job ads account for <30% of placed candidates
• SEEK to utilise its core assets & invest in new products & services to be the key source of placed candidates

SEEK is extending its core capabilities to create a more effective and efficient sourcing marketplace

Leading positional assets

• SEEK accounts for 70% of ad share from top 3 online job boards
• Clear leader in engagement and visitor metrics
• Strong unaided brand awareness

Strong engagement with jobseekers

• Over 7.6m job seeker accounts with ~37% new additions in the last 3 years
• 87% growth in SEEK's resumes database (JSP) from H1 FY12 v H2 FY12

...and refine & develop products to create better matching/search experiences SEEK to leverage its core assets ...

Key Insights

• Refinement of SEEK's market place provides better capabilities to go after a larger market opportunity
• Intent of SEEK's product development is to better assist (not cannibalise) recruiters & corporates

If we execute on our strategy, the answer to the questions below will be "SEEK"

For All Job Seekers: Where did you find your last job?

For All Recruiters & Corporates: Where did you source your last candidate?

SEEK's role is to assist with the matching & communication of job opportunities to job seekers

SEEK Australia & New Zealand achieved a solid result in a challenging macro environment

SEEK Domestic Financials Key Insights Growth FY12 FY11 $m % A$m

Revenue	247.8	224.0	23.8	11%
EBITDA	152.1	133.5	18.6	14%
EBITDA (%)	61%	60%

Historical Results v AU U/E Rate1

Revenue growth of 11% (FY12 v FY11)

• Revenue growth attributable to volume of 1% & yield of 10%
• Solid result despite far from buoyant conditions
• In subdued conditions, SEEK has generated strong revenue & earnings growth from FY09 to FY12

EBITDA growth of 14% (FY12 v FY11)

• EBITDA margins increased from 60% to 61%
• Continued strong cost control in FY12

Operational Update

• 87% increase in Job Seeker Profiles (H1 FY12 v H2 FY12)
• Strong growth in prominence products
• Price increase of 5% implemented in FY13

Outlook

• SEEK's focus is on creating a high quality employment market place

Major product achievements in FY12

Product developments in Mobile & Tablet

Refinement of Jobseeker Profiles

• Launch of iPhone app with >560k apps downloaded in the last 3 months
  • Since launch #1 iPhone app in lifestyle category
• Mobile accounts for ~30% of monthly visits or ~6m monthly visits
  • Mobile traffic has extended SEEK's audience
• Mobile presents monetisation opportunities
• 17 • Optimised the SEEK site for tablet users

• Our first release towards a more two-way candidate sourcing market
• Improved automatic matching of candidates to roles
• Estimated18,000 placements in year one

SEEK is well positioned versus its competitors...

AU Competitive Landscape1

	Ads		Visits
	Jul 12	GrowthYoY %	Jul 12	GrowthYoY %
SEEK	139,094	(9%)	14,247,774	9%
CareerOne	33,686	(15%)	2,921,041	13%
MyCareer	25,147	(4%)	2,235,613	(0%)
% of Top 3			Jul-12
	Ads		Visits	TTOS
SEEK	70%		73%	86%
CareerOne	17%		15%	9%
MyCareer	13%		12%	5%
	NZ Competitive Landscape1
	Ads		Visits

NZ Competitive Landscape1

	Jul 12	GrowthYoY %	Jul 12	GrowthYoY %
SEEK NZ	15,980	2%	2,201,818	2%
Trademe	12,081	21%	2,280,738	10%

% of Top 2		Jul-12
	Ads	Visits	TTOS
SEEK	57%	49%	61%
Trademe	43%	51%	39%

Key Insights

• We take all competitors (including LinkedIn) very seriously
  • To date, LinkedIn has had very limited impact on SEEK's key jobseeker or job ad metrics
  • Jobs on LinkedIn are a fraction of SEEK's total job ads
  • SEEK's new product portfolio will enable us to compete with LinkedIn in their share of placements
  • SEEK is the clear #1 brand that people think of in terms of employment websites
    • SEEK is the #1 brand that people think of in terms of employment websites (54.5%) vs nearest competitor (16.2%), and vs LinkedIn (1.8%)2

• Close competitive environment in NZ

1Source: Jul-12, Nielsen Net Ratings, SEEK Count of Websites

2 Independent research conducted by Newspoll Telephone Omnibus, conducted 17 – 20 August 2012. Sample size 705 people aged 18+ in Sydney, Melbourne, Brisbane, Adelaide and Perth 3 Definitions:

Visits: Number of visits per site

18 TTOS ('000): Total amount of time, reported in thousands of seconds, all users spent on site in the reporting period. This is calculated by multiplying Page Impressions by Average Page Duration Page Impressions: Total number of web pages successfully viewed within the selected reporting period. A Page Impression is recorded each time a page instrumented with the Nielsen Online code is displayed in a browser window. This will occur whether the page is served directly from the web server, from a proxy, or from the browser's cache

... positioned for growth via cyclical & structural shifts in Australia's labour market...

Record results achieved despite ad volumes being 27% below the peak

Key Insights

• SEEK Domestic achieved record results despite SEEK New Job Index being ~27% below the Dec-07 peak
• SEEK is well positioned to capture growth in job ad volumes through the cycle

Demand for labour & ageing of population likely to lead to labour shortages

Key Insights

• Demand for labour to rise with all industries (excl manufacturing) projected to increase their employment over the next 5 years2
• Supply of labour is declining with an increasing ageing population (65+ projected to increase by 1.2m by 20202 )
• Potential for labour shortages provide SEEK with an opportunity to benefit and play a meaningful role in matching jobseekers & advertisers

...and well placed for growth due to continuing structural migration from print to online

Structural migration of revenue from print to online is a continuing trend ...

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

4http://www.finance.gov.au/advertising/docs/non-campaign\_recruitment\_advertising\_policy.pdf

user preferences.
	Job AdVolume1Jul-12	Job SeekerPreferences2Aug-12	Share ofSpend3Mar-12
Online	84%	78%	58%
Print	16%	22%	42%

...reflecting ad volume trends and

Key Insights

• Reflecting this structural shift, the Australian Federal Government mandated the use of online recruitment advertising at the expense of major daily newspapers4

20 1ANZ Advertisement Series for Jul-12 2Independent research conducted by Newspoll Telephone Omnibus, conducted 17 – 20 August 2012. Sample size 705 people aged 18+ in Sydney, Melbourne, Brisbane, Adelaide and Perth. Job seeker preferences considers online and print methods of finding a job only (represents ~74% of total means) at May 2012 3Estimate based on analyst reports, market research and internal analysis

SEEK International

Market opportunity is large with coverage of ~2.2b people, >20% of Global GDP & exposure to favourable structural trends

Source: CIA World Factbook; Internal World Stats

22 1JobsDB owns 75.58% of CJOL as at 30 June 2012

Strategy Update: International

Strategic Objectives for Medium to Long Term

SEEK has market leading positions across Asia and Latin America

• Re-invest in people, sales, marketing, product & IT to either maintain or grow market share in key markets

Build capabilities to support the business for medium to long term

• There is a consistent philosophy to build market leading businesses to support significant medium to long term growth

SEEK has already significantly increased its involvement and support for International businesses

• All departments actively involved in SEEK International
• Active two way engagement including secondments
• SEEK to provide strategy support that leverages our deep understanding & experience of employment marketplaces

SEEK International achieved a strong result

SEEK International1 – "Look-through"2 "Look-through" Historical financials1, 2

	A$m		Growth
"Look-through"	FY12	FY11	$m	%
Revenue	173.8	128.3	45.5	35%
EBITDA	49.8	35.7	14.2	40%
EBITDA (%)	29%	28%
Cash3	89.6	55.7

Refer to appendices for details of SEEK's "look-through" methodology which reconciles 100% local currency Revenue & EBITDA to SEEK "look-through" in A$, and also for a reconciliation of SEEK's Reported Revenue & EBITDA to SEEK's "look-through" Revenue & EBITDA

SEEK International1 – Reported Key Insights

		A$m		Growth
Reported	FY12	FY11	$m	%
Revenue	62.1	8.7	53.4	n/m
EBITDA	20.9	(3.4)	24.3	n/m
SEEK share of associate NPAT	24.7	16.9	7.9	47%

Reported revenue growth of $53.4m (FY12 v FY11) driven by:

• Full year consolidation of JobsDB in FY12 contributing A$44.2m
• Consolidation of Brasil5 & OCC5 contributing A$9.2m

Reported EBITDA growth of $24.3m (FY12 v FY11) driven by:

• Full year consolidation of Jobs DB in FY12 contributing A$17.3m
• Consolidation of Brasil5 & OCC5 contributing A$3.1m
• Total reduction in international costs by A$3.9m
  • Driven by JobsDB acquisition costs of A$6.2m FY11

1 As at 30 June 2012 SEEK International comprised Zhaopin (56%), JobsDB (80% owned by SEEK Asia), JobStreet (22%), Brasil Online (51%) and OCC (57%)

2 "Look-through" Revenue and EBITDA is based on SEEK's ownership as at each reporting date (30 June) . Refer slide 43 for further details of SEEK's "look-through" methodology

3 The cash balances for Zhaopin, JobStreet, JobsDB, Brasil Online and OCC have been included on a "look-through" basis based on SEEK's ownership levels at 30 June. Cash balances for Zhaopin and JobStreet are not consolidated in SEEK's statutory accounts as the entities are equity accounted investments.

24 4SEEK International "look-through" Revenue CAGR has been calculated over the period FY07 to FY12 as this was the first period in which SEEK International "look-through" Revenue was recognised. "Look-through" EBITDA CAGR has been calculated over the period FY10 to FY12 as FY10 is the first period in which a positive "look-through" EBITDA was recognised 5 Brasil Online was consolidated into SEEK's statutory accounts from 31 May 2012 and OCC from 19 June 2012

Zhaopin continues to achieve strong results

Zhaopin Financials

		RMBm	Growth
Pro-Forma	FY12	FY11	RMBm	%
Online Revenue (100%)	692.8	529.6	163.1	31%
Total Revenue (100%)	821.5	640.9	180.6	28%
EBITDA (100%)	207.3	121.7	85.6	70%
EBITDA (%)	25%	19%
Cash (100%)	617.8	386.8

	A$m		Growth
SEEK Reported	FY12	FY11	$m	%
SEEK share of associate NPAT1	16.5	8.7	7.8	91%

Refer to appendices for a reconciliation of the 100% local currency EBITDA to SEEK share of NPAT in A$

Key Financial Drivers

	30-Jun		Growth
	FY12	FY11	%
Positions Posted (#)	726,199	494,350	47%
Unique Customers (#)	151,521	135,364	12%
Jobseeker resumes ('m)	41.3	32.0	29%

Source: iResearch

Key Insights

Strong Result in FY12

• Online revenue growing at 31% vs pcp
• EBITDA margins at 25% driven by operating efficiencies
• Zhaopin is well capitalised with cash of RMB 617.8m (FY12), growth of ~60% vs pcp

Key Drivers of FY12 result

• Revenue result achieved via growth in customers & increased spend per customer
• Growth achieved across both Tier 1 & Tier 2 markets
• Zhaopin's share of online revenue vs market leader remained relatively constant in FY12
  • Key focus is to continue to bridge this gap

Operational Update

• Currently holds market leadership based on monthly page views and UBs
• Five new offices launched in FY12
• Zhaopin has 41m CV's with growth of 29% vs pcp
• Appointment of Geoff Raby, former Australian Ambassador to China as a strategic adviser to SEEK

Outlook

• Continues to achieve solid pcp growth but rate of growth has moderated due to softening macro conditions

JobsDB achieved solid earnings growth and is positioning the business for the long-term

JobsDB Financials

		HKDm	Growth
Pro-Forma	FY12	FY113	HKDm	%
Revenue (100%)	420.9	384.7	36.2	9%
EBITDA (100%)	165.2	134.3	30.8	23%
EBITDA (%)	39%	35%
Cash (100%)	225.8	162.0

Source: JobsDB management financials

The financial results in table above assume 100% of Revenue & EBITDA for the 12 month period in FY11 although the JobsDB transaction only occurred on 23 Dec 2010

	A$m		Growth
SEEK Reported1, 2	FY12	FY11	$m	%
Revenue	52.9	8.7	44.2	n/m
EBITDA	20.8	3.5	17.3	n/m
SEEK share of associate NPAT	-	0.7	(0.7)	n/m

1Average FX rates utilised have been FY12: A$1:HK$7.96 , FY11: A$1: HK$7.82

26 2 JobsDB accounted for as an associate for the period 1 January 2011 to 5 May 2011 and consolidated by SEEK for the period 5 May 2011 to 30 June 2011 3 FY11 results include Revenue (HKD 8.5m) & costs (HKD 19.0m) relating to businesses which were closed in FY11

4 On a cash basis, JobsDB was marginally EPS accretive in FY12. EPS on a cash basis excludes any amortisation of identifiable intangibles that may arise from any purchase price allocation calculations and excludes one-off costs associated with the investment

Key Insights

Performing well and continues to pay dividends

• Pleasing result despite slowing economic conditions in key regions
• Continues to pay dividends with SEEK's share being A$4.2m
• JobsDB met SEEK's EPS expectations in FY124

Key Drivers of FY12 result

• Revenue growth strongest in Hong Kong, Indonesia and Thailand underpinned by ad volume & customer growth

Operational Update

• Numerous key appointments made in FY12 to support long-term growth
• Strategic review undertaken across product, marketing & sales
  • Review will underpin numerous initiatives to be undertaken in FY13

Outlook

• Softening macro conditions are likely to impact near term earnings, however, the key focus remains:
  • Continuing to invest in sales & marketing to increase market share across jobseekers & advertisers
  • Invest in people and making operational efficiencies to build a scalable business for the long-term

JobStreet achieved solid revenue growth

JobStreet Financials

Pro-Forma	FY12	FY11	MYRm	%
Revenue2(100%)	153.0	129.6	23.4	18%
EBITDA (100%)	58.0	54.5	3.5	6%
EBITDA (%)	38%	42%
Cash (100%)	76.9	59.5
		A$m	Growth
SEEK Reported1	FY12	FY11	$m	%
SEEK share of associate NPAT	2.8	2.7	0.1	4%

Source: JobStreet Quarterly Reports

Historic Track Record Revenue by Quarter2

Source: JobStreet Quarterly Reports

Solid revenue growth & continues to pay dividends

• Revenue growth of 18% & EBITDA growth of 6% vs pcp
• Continues to pay dividends with SEEK share A$1.5m during FY12 (FY11: A$1.5m)
• Cash balance of MYR 76.9m (A$23.7m) at 30 June 2012

Key Drivers of FY12 result

• Strong year on year growth in Malaysia & Philippines
• Higher staff, marketing & IT costs impacted EBITDA

Outlook

• Continued focus on sales & marketing execution across core markets
• Further investment to expand customer and jobseeker databases across key markets
• Announced expansion into Vietnam with a local partner

27 1Average FX rates utilised have been FY12: A$1:MYR 3.19 & FY11: A$1:MYR 3.03 2FY12 revenue includes MYR 4.7m of dividends from investments (FY11: MYR 1.4m) of which MYR 4.1m was received in Q2 CY12

Brasil Online achieved a solid result in an investment period

Brasil Online Financials

		BRLm	Growth
Pro-Forma	FY12	FY11	BRLm	%
Revenue (100%)	200.3	176.2	24.2	14%
EBITDA (100%)	47.8	51.9	(4.0)	(8%)
EBITDA (%)	24%	29%
Cash (100%)	38.7	39.4

	A$m		Growth
SEEK Reported1	FY12	FY11	$m	%
Revenue2	8.8	n/a	8.8	n/a
EBITDA2	3.0	n/a	3.0	n/a
SEEK share of associate NPAT2	4.7	4.1	0.6	14%

Key Financial Drivers

FY12	FY11	Growth %
306,629	280,437	9%
288,259	264,012	9%
		At 30 June

	At 30 June
Advertiser Metrics	FY12	FY11	Growth %
CV Search Users	5,193	4,226	23%
Unique Employers	21,262	19,793	7%
# of New Job Ads3	653,591	587,237	11%

Source: Brasil Management

Key Insights

• Solid result in context of investment period
  • Pleasing revenue result given soft macro conditions
  • Ongoing investment in transitioning the brand and business model to serve both candidate rich / jobseeker pays & candidate short / employer pays segments
    • In this context, result is in line with SEEK's expectations
    • EBITDA adversely impacted by legacy provisions
  • Generating strong cash flow & paid SEEK distributions of A$4.2m (A$4.4m in FY11) – strong indication of business strength

Key Drivers of Result

• FY12's initiatives led to strong results in:
  • CV search: Strong revenue growth of 27% vs pcp this product will become central in future business model
  • Tactical changes to website & pricing drove growth in invoiced users of 9% vs pcp

Operational Update

• New CEO and CFO hired in FY12 to implement new strategy
• Opportunities identified in FY12 across website, sales & marketing to be implemented in next 6-12 months

Outlook

• In short to medium term, expect Brasil to generate strong revenue & earnings growth from both:
  • New employer paid products
  • Current jobseeker paid products

1 Average FX rates utilised are FY12: A$1: BRL1.85 & FY11: A$1: BRL1.65

28 2 SEEK acquired a controlling interest in Brasil Online on 31 May 2012 by increasing its ownership from 30% to 51%. Brasil Online's results were equity accounted for all of FY11 and from 1 July 2011 to 30 May 2012 (in SEEK Share of NPAT), and consolidated in SEEK's statutory results for the month of June 2012. 3 Based on cumulative new jobs ads for 12 month to June

OCC performing well and generating strong cash flow

	OCC Financials
		MXNm	Growth
Pro-Forma	FY12	FY11	MXNm	%
Revenue (100%)	199.5	173.0	26.5	15%
EBITDA (100%)	82.0	79.1	2.9	4%
EBITDA (%)	41%	46%
Cash (100%)	128.6	81.9

	A$m		Growth
SEEK Reported1	FY12	FY11	$m	%
Revenue2	0.4	n/a	0.4	n/a
EBITDA2	0.1	n/a	0.1	n/a
SEEK share of associate NPAT2	0.82	0.75	0.07	10%

Key Financial Drivers

		30-Jun
	FY12	FY11	%
Ad Volume	109,089	89,150	22%
Total Customers	59,406	41,302	44%

Key Insights

Solid Results achieved during significant transition period

• Undertaken transition to better capture value via new pricing model and improved product platform
• Costs impacted by investment in new ad usage model
• Cash flow growth of 57% (FY12 vs pcp) & ability to pay strong dividends of A$1.1m reflect "true" strength of business
  • SEEK received dividends of A$1.1m in FY12 (FY11: A$1.7m)

Key Drivers of Result

• Given transition to "ad usage" model, billing growth of 22% (H2 FY12 v H1 FY12) is a better indicator of business growth3
• OCC is clear market leader with 84% share of ad volumes at 30 June 2012

Operational Update

• OCC has completed transition from "unlimited subscription" to "ad usage" model4

Outlook

• Still early but pleasing results from transition so far with significant increase in SME penetration
• Expect strong earnings growth in medium to long term to reflect OCC's strong market position

1 Average FX rates utilised are FY12: A$1: MXN13.39 & FY11: A$1: MXN12.11

2 SEEK acquired a controlling interest in OCC, effective 19 June 2012 by increasing its ownership from 41% to 57%. OCC's results were equity accounted from August 2010 (SEEK's initial investment in OCC) to 18 June 2012, and consolidated from 19 June 2012 to 30 June 2012

29 3Billing revenue represents cash received upfront from customers vs reported accounting revenue which is amortised based on ad usage post the ad plan transition. Billing revenue in H2 FY12 was MXN120.1m representing growth of +22% vs H1 FY12 and +20% vs H2 FY11. Ad plan transition in H2 FY12 impacted the accounting revenue profile with a longer period of amortisation than the previous model 4Previously the "unlimited subscription" advertisers would typically purchase a 3 month contract where they could advertise an unlimited number of jobs. Under the "ad usage pack model" advertisers buy ad packs based on a set number of ads with typically a ~12 month expiration period

SEEK Education

Update: THINK Education Group

Potential minority investment by a leading Global Education Company into THINK

• SEEK is in exclusive discussions with a Global Education Company looking to acquire a minority shareholding (c.20%) in THINK
• If completed, this will be accompanied by Board representation in THINK proportionate to its shareholding & typical minority shareholder protection rights
• Strategic rationale for SEEK is that it brings onto the THINK Board additional expertise and capabilities to assist in the ongoing growth of THINK
• SEEK will update the market accordingly in regards to the status of this transaction

SEEK Education performed well in FY12

SEEK Education1 – "Look-through"2

		A$m		Growth
"Look-through"	FY12	FY11	$m	%
Revenue	235.8	205.3	30.5	15%
EBITDA	33.0	18.4	14.7	80%
EBITDA (%)	14%	9%
A$, and also for a reconciliation of SEEK's Reported Revenue & EBITDA to	SEEK Education1	SEEK's "look-through" Revenue & EBITDA–Reported
		A$m		Growth

"Look-through" Historical financials 1, 2

SEEK Education1 – Reported

			Growth
Reported	FY12	FY11	$m	%
Revenue	132.4	110.3	22.1	20%
EBITDA	20.5	5.5	15.0	270%
SEEK Share of associate NPAT3	6.1	7.7	(1.6)	(20%)

• SEEK share of associate NPAT declined in FY12 as a result of losses in Swinburne JV's start-up phase

1 As at 30 June 2012 SEEK Education comprised SEEK Learning (100%), THINK (100%), IDP (50%) and Swinburne Online (50%)

2 "Look-through" Revenue and EBITDA is based on SEEK's ownership as at each reporting date (30 June) . Refer slide 43 for further details of SEEK's "look-through" methodology. The Revenue and EBITDA for

32 IDP & Swinburne Online have been included on a "look-through" basis at SEEK's 50% ownership level. However, for SEEK's statutory accounts, IDP & Swinburne Online do not form part of SEEK's Consolidated Revenue & EBITDA.

SEEK Learning achieved a strong result

SEEK Learning Financials1

	A$m		Growth
	FY12	FY11	$m	%
Revenue	49.5	44.5	5.0	11%
EBITDA	15.3	13.1	2.2	17%
EBITDA (%)	31%	29%

SEEK Learning Key Drivers

		Growth
FY12	FY11	%
413.2	385.9	7%
31.9	31.5	1%
1,431	1,289	11%

33

Key Insights

Solid H2 FY12 Result with

• Revenue of A$28.5m (H2 v pcp growth of ~18%2 )
• EBITDA of A$10.1m (H2 v pcp growth of ~18%2 ) with margins of 35%

Key Drivers of result include

• H2 seasonality driving increased enquiries
• Growth in average yield driven by focus on sales in higher value courses
• Continuation of improvements in marketing efficiency reducing cost per inquiry vs pcp

Operational Update

• Launch of 3 new partners & 49 new courses
• Investment in offline brand and mobile increased brand awareness & visitor growth

Outlook

• Focus on operational improvements particularly in optimising the quality of enquiries and enquiry to enrolment conversion rates
• Expect continued growth in Swinburne Online JV from existing and new courses

THINK achieved a strong underlying result in H2 FY12*

THINK Financials

	A$mGrowth
	FY12	FY11	$m	%
Revenue	86.9	69.1	17.8	26%
EBITDA	5.3	(7.5)	12.8	n/m
EBITDA (%)	6%	(11%)

THINK Key Drivers

	#		Growth
	FY12	FY11	%
Students Educated	16,578	14,894	11%
- Campus	8,159	7,732	6%
- Online	8,419	7,162	18%

Key Insights

Strong H2 FY12 Result

• Revenue of A$46.5m (H2 pcp growth of 29%)
• EBITDA of A$5.0m

Key drivers of result

• Strong growth in online students (+18%) and improvement in campus students (+6%)
• Strong student growth across all faculties:
  • +22% in Business & Hospitality
  • +2% in Health & Wellness
  • +17% in Design
• Growing contribution from online revenue in FY12, representing 37% of total fee revenue (vs 23% in FY11)
• Efficiency improvements across the business driving operating leverage
  • In H2 FY12 shared services as % of Revenue was 20% (vs 26% in H2 FY11)

Operational update

• Successful launch of new Melbourne Design campus with ~730 students educated in FY12
• Roll out of five new accredited courses in FY12
  • Total no. accredited courses to 122 (FY12)

Outlook

• Focus on growing enrolments (new & retention) whilst generating operating leverage from operational efficiencies and cost control

IDP achieved a pleasing result despite subdued market conditions

IDP Financials

	A$m			Growth
	FY12	FY11	$m	%
Revenue (100%)	204.6	189.8	14.8	8%
EBITDA (100%)	28.1	25.7	2.4	9%
EBITDA (%)	14%	14%

	A$m			Growth
SEEK Reported	FY12	FY11	$m	%
SEEK share of associate NPAT1	8.2	7.7	0.4	5%

Refer to appendices for a reconciliation of the 100% local currency EBITDA to SEEK share of NPAT in A$

IDP Key Drivers

		#	Growth
	FY12	FY11	%
APF Students	19,473	21,030	(7%)
IELTS Students	576,496	514,054	12%

Key Insights

Solid financial result

• Revenue growth of 8% despite challenging conditions
• In FY12, received total dividends of A$6.0m2 (FY11: A$2.5m)
  • Dividend declared of A$5m to be received in H1 FY13
• Solid cash position as at 30 June 2012 (A$33m vs FY11 $20m)

Key drivers of result

• Growth in IELTS candidates underpinned revenue growth
• Cost containment in core operations
• H2 FY12 APF revenue & student numbers slightly higher than H2 FY11
• Multi-destination now comprising ~7% of APF Revenue a pleasing result given infancy of operations

Operational Update

• Multi-destination strategy delivering students, most notably in the US & UK
• 100 new institutions signed in FY12: US (30), UK (41), Canada (20) & NZ (9)
• IELTS expansion across the Middle East with new test centres across Dubai, Turkey and Saudi Arabia

Outlook

• Multi-destination strategy to grow student placements and be a material contributor to APF revenue
• Remain hopeful the implementation of Knight Review will lead to a steady improvement in the Australian market

35

Swinburne Online performing ahead of expectations

	Swinburne Online Financials
	A$m			Growth
	FY12	FY11	$m	%
Revenue (100%)	2.2	0.0	2.2	n/a
EBITDA (100%)	(3.2)	(0.2)	(3.0)	n/a
EBITDA (%)	(145%)	n/a
		A$m
SEEK Reported	FY12	FY11	$m	%

Refer to appendices for a reconciliation of the 100% local currency EBITDA to SEEK share of NPAT in A$

(2.0) (0.0) (2.0) n/a

SEEK share of associate NPAT1

Swinburne Online Key Drivers

Trimester 1 CY12		#	Growth
	FY12	FY11	%
Students	581	n/a	n/a
Units taught	1,111	n/a	n/a

Key Insights

Pleasing financial result

• Revenue and EBITDA result are ahead of business plan expectations for initial start-up phase

Key drivers of result

• Higher than anticipated Trimester 1 CY12 student enrolments & revenue per student

Operational update

• Currently 15 courses are offered across Business, Social Sciences, Communication and Technology

Outlook

• Roll out new courses & specialisations in areas of known student demand
• Continue investing particularly in marketing, teaching and student admin to support Swinburne Online's long-term aspirations

Outlook

FY13: Short Term Outlook

The guidance statements below may vary in the event of a major macroeconomic shock in either or both domestic and global economic conditions

SEEKGROUP	•Expect an improved result for FY13 from FY12 across Revenue, EBITDA and NPAT•SEEK to provide an update on trading results at the AGM (November)•SEEK has a portfolio of market leading businesses that are well-positioned over the medium to long term todrive strong earnings growth
SEEKDomestic	•FY13 YTD Revenue and EBITDA is in line with FY12•If labour market conditions in FY13 improve or are in line with FY12, expect SEEK to grow its financial results•If labour market conditions in FY13 are worse than FY12 & ad volumes significantly decline, expect the FY13price increase & rate card protection to partially offset revenue loss from ad volume declines
SEEK International	•The individual performances of each business may vary but in aggregate, expect "look-through" Revenue &EBITDA in FY13 to be greater than FY121•Irrespective of market conditions, the focus is on investing in brand, product and people to build leadingemployment marketplaces that will deliver large long term growth opportunities
SEEKEducation	SKL, THINK, IDP, Swinburne Online2•: expect underlying Revenue & EBITDA in FY13 to be greater than FY12

Medium to Long term Outlook for SEEK

Medium Term Outlook

SEEK Domestic

• Through the cycle, expect continuation of structural migration of revenue from print to online
• SEEK to generate robust incremental earnings from revenue growth given operating leverage

SEEK International

• SEEK International has exposure to over 2.2b people and >20% of global GDP
• SEEK to utilise its domestic experience and work with local management teams to create market leading job boards in fast growing economies

SEEK Education

• Continue to grow synergies between SEEK Learning and SEEK Employment
• Utilise SEEK Learning's audience & capabilities to enrol students for THINK & Swinburne Online
• THINK to be Australia's leading provider in the fast growing private domestic sector by delivering high quality niche and vocational higher education
• IDP to leverage its world leading student network to enrol students into Australia, USA, Canada, UK & NZ

Long Term Outlook

Long term growth horizon for SEEK

• Through the cycle, SEEK is well positioned for robust growth in each of Domestic Employment, International Employment & Education

Each pillar has multiple growth opportunities that are executable

• Strong operational synergies as well as strategic insight & proprietary IP that can be leveraged across each pillar

Appendices

Contents	Page Number
SEEK Group	41
SEEK Domestic	48
SEEK International	51
SEEK Education	63
Overview of Non-IFRS Information	69

SEEK Group

Results by Business

Reported Results by Business
------------------------------	--	--	--

International		A$m		Growth
JobsDB1	FY12	FY11	$m	%
Operating Revenue	52.9	8.7	44.2	n/m
EBITDA	20.8	3.5	17.3	n/m
EBITDA (%)	39%	40%
2Brasil
Operating Revenue	8.8	n/a	8.8	n/a
EBITDA	3.0	n/a	3.0	n/a
EBITDA (%)	34%	n/a
3OCC
Operating Revenue	0.4	n/a	0.4	n/a
EBITDA	0.1	n/a	0.1	n/a
EBITDA (%)	40%	n/a
International costs4
EBITDA	(3.0)	(6.9)	3.9	57%
Education
SKL
Operating Revenue	49.5	44.5	5.0	11%
EBITDA	15.3	13.1	2.2	17%
EBITDA (%)	31%	29%
THINK
Operating Revenue	86.9	69.1	17.9	26%
EBITDA	5.3	(7.5)	12.8	n/m
EBITDA (%)	6%	(11%)

1JobsDB was equity accounted for the period 1 January 2011 to 5 May 2011 and was consolidated by SEEK for the period 5 May 2011 to 30 June 2011

2 Brasil was consolidated from 31 May 2012 upon increase in ownership from 30% to 51%. In FY11, Brasil Online was equity accounted

42 3 OCC was consolidated from 19 June 2012 upon increase in ownership from 41% to 57%. In FY11, OCC was equity accounted from 10 August 2010 (date of SEEK's initial 40% acquisition) 4 International costs in FY11 include A$6.2m of acquisition costs related to JobsDB acquisition

Details of SEEK's "look-through" P&L Methodology

"Look-through" P&L Methodology

• "Look-through" Revenue & EBITDA presented for each respective 12 month period has been calculated based on:
  • A) SEEK's proportional ownership interest at the end of each full year reporting period (as disclosed in the table opposite)
  • X (multiplied (A) x (B))
  • B) Underlying 100% Revenue or EBITDA of the entity or associate/JV
• As such, SEEK's "look-through" interest is not necessarily reflective of the pro-rata basis Revenue & EBITDA over period which that interest was held
• As a number of the entities (Associates /JVs) included in the "lookthrough" P&L are not controlled and therefore not consolidated by SEEK, the "look-through" Revenue and EBITDA does not reconcile to SEEK's Consolidated Reported Revenue & EBITDA
• A reconciliation between the "look-through" Revenue & EBITDA and the Consolidated Reported Revenue & EBITDA (as per SEEK's statutory accounts) has been provided in the next slide

JobsDB

• The "look-through" Revenue and EBITDA of JobsDB has been calculated as follows:
  • On the basis of SEEK's 68.96% interest in SEEK Asia multiplied by SEEK Asia's 80% ownership interest in JobsDB as at 30 June ("look-through" ownership of 55.2%)
• For SEEK's statutory accounts, 100% of JobsDB's Revenue and EBITDA was consolidated in FY12 compared with May and June only in FY11

Equity Ownership & FX Rates Applied

	SEEK's Equity Ownership
	FY04	FY05	FY06	FY07	FY08	FY09	FY10	FY11	FY12
SEEK Employment				100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0%
SEEK Education
SEEK Learning				0.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0%
THINK	0.0%	0.0%	0.0%	0.0%					50.0% 100.0% 100.0% 100.0% 100.0%
IDP	0.0%	0.0%	0.0%		50.0% 50.0% 50.0% 50.0% 50.0% 50.0%
Swinburne Online	0.0%	0.0%	0.0%	n/a	0.0%	0.0%	0.0%		50.0% 50.0%
SEEK International
Zhaopin	0.0%	0.0%	0.0%		24.0% 34.7% 56.1% 56.1% 56.1% 56.1%
JobsDB	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%		55.2% 55.2%
JobStreet	0.0%	0.0%	0.0%	0.0%	0.0%			10.1% 22.4% 22.0% 22.0%
Brasil	0.0%	0.0%	0.0%	0.0%	0.0%			30.0% 30.0% 30.0% 51.0%
OCC	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%		40.0% 56.7%

Average FX Rate
SEEK International	FY04	FY05	FY06	FY07	FY08	FY09	FY10	FY11	FY12
Zhaopin	n/a	n/a	n/a	5.89	6.48	5.07	5.85	6.65		6.51 AUD:RMB
JobsDB	n/a	n/a	n/a	n/a	n/a	n/a	n/a	7.82		7.96 AUD:HKD
JobStreet	n/a	n/a	n/a	n/a	n/a	3.06	2.89	3.03		3.19 AUD:MYR
Brasil	n/a	n/a	n/a	n/a	n/a	1.57	1.59	1.65		1.85 AUD:BRL
OCC	n/a	n/a	n/a	n/a	n/a	n/a	11.44	12.11		13.39 AUD:MXN

SEEK's detailed "look-through" P&L Analysis

A$m	FY04	FY04	FY05	FY05	FY06	FY06	FY07	FY07	FY08	FY08	FY09	FY09	FY10	FY10	FY11	FY11	FY12	FY12
		Underlying SEEK Share		Underlying SEEK Share		Underlying SEEK Share		Underlying SEEK Share		Underlying SEEK Share		Underlying SEEK Share		Underlying SEEK Share		Underlying SEEK Share		Underlying SEEK Share
Revenue		100% "look through"		100% "look through"		100% "look through"		100% "look through"		100% "look through"		100% "look through"		100% "look through"		100% "look through"		100% "look through"
SEEK Employment	39.7	39.7	63.5	63.5	95.2	95.2	140.2	140.2	190.0	190.0	170.9	170.9	172.7	172.7	224.0	224.0	247.8	247.8
SEEK Education	-	-	6.1	6.1	11.1	11.1	103.0	59.9	179.1	100.2	264.3	169.0	306.1	207.8	300.2	205.3	339.2	235.8
SEEK Learning	n/a	n/a	6.1	6.1	11.1	11.1	16.8	16.8	21.4	21.4	29.6	29.6	40.0	40.0	41.3	41.3	45.5	45.5
THINK	n/a	n/a	n/a	n/a	n/a	n/a	n/a	n/a	23.1	11.5	44.1	44.1	69.5	69.5	69.1	69.1	86.9	86.9
IDP	n/a	n/a	n/a	n/a	n/a	n/a	86.2	43.1	134.7	67.3	190.6	95.3	196.6	98.3	189.8	94.9	204.6	102.3
Swinburne Online	n/a	n/a	n/a	n/a	n/a	n/a	n/a	n/a	n/a	n/a	n/a	n/a	n/a	n/a	-	-	2.2	1.1
SEEK International	-	-	-	-	-	-	25.0	6.0	40.8	14.2	167.0	59.6	198.0	73.8	308.8	128.3	349.7	173.8
Zhaopin	n/a	n/a	n/a	n/a	n/a	n/a	25.0	6.0	40.8	14.2	59.9	33.6	65.7	36.9	97.3	54.6	125.3	70.3
JobsDB	n/a	n/a	n/a	n/a	n/a	n/a	n/a	n/a	n/a	n/a	n/a	n/a	n/a	n/a	48.7	26.9	52.9	29.2
JobStreet	n/a	n/a	n/a	n/a	n/a	n/a	n/a	n/a	n/a	n/a	30.9	3.1	36.2	8.1	42.2	9.3	47.9	10.5
Brasil	n/a	n/a	n/a	n/a	n/a	n/a	n/a	n/a	n/a	n/a	76.2	22.9	96.0	28.8	106.3	31.9	108.7	55.4
OCC	n/a	n/a	n/a	n/a	n/a	n/a	n/a	n/a	n/a	n/a	n/a	n/a	n/a	n/a	14.3	5.7	14.8	8.4
Total Revenue	39.7	39.7	69.6	69.6	106.3	106.3	268.2	206.1	409.9	304.4	602.1	399.4	676.8	454.3	833.0	557.7	936.6	657.4
EBITDA
SEEK Employment	5.2	5.2	28.4	28.4	44.2	44.2	76.9	76.9	106.7	106.7	90.9	90.9	93.4	93.4	133.5	133.5	152.1	152.1
SEEK Education	-	-	1.0	1.0	3.1	3.1	21.2	12.3	34.6	18.8	49.3	28.8	55.4	39.7	31.1	18.4	45.5	33.0
SEEK Learning	n/a	n/a	1.0	1.0	3.1	3.1	3.4	3.4	3.1	3.1	7.6	7.6	16.7	16.7	13.1	13.1	15.3	15.3
THINK	n/a	n/a	n/a	n/a	n/a	n/a	n/a	n/a	1.0	0.5	0.6	0.6	7.3	7.3	(7.5)	(7.5)	5.3	5.3
IDP	n/a	n/a	n/a	n/a	n/a	n/a	17.8	8.9	30.6	15.3	41.1	20.6	31.4	15.7	25.7	12.8	28.1	14.1
Swinburne Online	n/a	n/a	n/a	n/a	n/a	n/a	n/a	n/a	n/a	n/a	n/a	n/a	-	-	(0.2)	(0.1)	(3.2)	(1.6)
SEEK International	-	-	-	-	-	-	(13.4)	(3.2)	(19.4)	(6.7)	2.6	(8.5)	39.4	9.2	91.1	35.7	102.5	49.8
Zhaopin	n/a	n/a	n/a	n/a	n/a	n/a	(13.4)	(3.2)	(19.4)	(6.7)	(26.6)	(14.9)	(5.3)	(3.0)	18.3	10.3	31.7	17.8
JobsDB	n/a	n/a	n/a	n/a	n/a	n/a	n/a	n/a	n/a	n/a	n/a	n/a	n/a	n/a	17.2	9.5	20.8	11.4
JobStreet	n/a	n/a	n/a	n/a	n/a	n/a	n/a	n/a	n/a	n/a	12.0	1.2	16.2	3.6	17.7	3.9	18.2	4.0
Brasil	n/a	n/a	n/a	n/a	n/a	n/a	n/a	n/a	n/a	n/a	17.3	5.2	28.5	8.6	31.4	9.4	25.8	13.2
OCC	n/a	n/a	n/a	n/a	n/a	n/a	n/a	n/a	n/a	n/a	n/a	n/a	n/a	n/a	6.5	2.6	6.1	3.5
Total EBITDA	5.2	5.2	29.4	29.4	47.3	47.3	84.7	86.0	121.9	118.8	142.8	111.1	188.2	142.3	255.8	187.5	300.2	235.0

					Reported (IFRS Financial Information)
A$m	FY04Reported	FY05Reported	FY06Reported	FY07Reported	FY08Reported	FY09Reported	FY10Reported	FY11Reported	FY12Reported
Revenue
SEEK Employment	39.7	63.3	94.9	140.2	189.4	170.1	172.0	224.0	247.8
SEEK Employment	39.7	63.5	95.2	140.2	190.0	170.9	172.7	224.0	247.8
Interco Elimination	n/a	(0.2)	(0.3)	n/a	(0.6)	(0.8)	(0.7)	n/a	n/a
SEEK Education	-	6.1	11.1	16.8	21.4	29.6	109.5	110.4	132.4
SEEK Learning	n/a	6.1	11.1	16.8	21.4	29.6	40.0	41.3	45.5
THINK	n/a	n/a	n/a	n/a	n/a	n/a	69.5	69.1	86.9
Interco Elimination	n/a	n/a	n/a	n/a	n/a	n/a	n/a	n/a	n/a
SEEK International	n/a	n/a	n/a	n/a	n/a	n/a	n/a	8.7	62.1
JobsDB	n/a	n/a	n/a	n/a	n/a	n/a	n/a	8.7	52.9
Brasil	n/a	n/a	n/a	n/a	n/a	n/a	n/a	n/a	8.8
OCC	n/a	n/a	n/a	n/a	n/a	n/a	n/a	n/a	0.4
Total Revenue	39.7	69.4	106.0	157.0	210.8	199.8	281.5	343.1	442.3
EBITDA
SEEK Employment	5.2	28.4	44.2	76.9	106.7	90.9	93.4	133.5	152.1
SEEK Education	-	1.0	3.1	3.4	3.1	7.6	24.0	5.6	20.5
SEEK Learning	n/a	1.0	3.1	3.4	3.1	7.6	16.7	13.1	15.3
THINK	n/a	n/a	n/a	n/a	n/a	n/a	7.3	(7.5)	5.3
SEEK International	n/a	n/a	n/a	n/a	n/a	n/a	n/a	(3.5)	20.9
JobsDB	n/a	n/a	n/a	n/a	n/a	n/a	n/a	3.4	20.8
Brasil	n/a	n/a	n/a	n/a	n/a	n/a	n/a	n/a	3.0
OCC	n/a	n/a	n/a	n/a	n/a	n/a	n/a	n/a	0.1
Other costs	n/a	n/a	n/a	n/a	n/a	n/a	n/a	(6.9)	(3.0)
Total EBITDA	5.2	29.4	47.3	80.3	109.8	98.5	117.2	135.6	193.6

"Look-through" Revenue & EBITDA (Non-IFRS Financial Information)

Net Debt & Capex Summary

Net Debt movements 30 June 2011 to 30 June 2012 Capex Summary

Reconciliation of SEEK Reported Net Debt
A$m	Reported30 June 2011	Payment toJDB Vendor	Acquisitionof BOL	Acquisitionof OCC	Operationalmovements	Reported30 June 2012
Cash - Domestic	68.2	(41.6)	(50.6)	(22.3)	78.4	32.1
Cash - Overseas entities	30.1		18.3	8.2	4.0	60.6
Borrowings	(278.7)	(11.8)	(30.0)			(320.5)
Net Debt	(180.4)	(53.4)	(62.3)	(14.1)	82.4	(227.8)

Key insights

Payment to JDB Vendor (7 July 2011)

• As at 30 June 2011 SEEK Asia had a payable of A$71.8m to the founder of JobsDB to increase its ownership interest from 60% to 80%
  • As at 30 June 2011 SEEK's share of the consideration payable to the founder of JobsDB was A$54.4m1
  • The outstanding payable was settled on 7 July 20112

Acquisition of BOL (30 May 2012)

• On 30 May 2012 SEEK acquired an additional 21% interest in Brasil Online for A$80.6m (funded via cash of $50.6m and $30m of borrowings)
• The acquisition resulted in SEEK holding a controlling interest in Brasil Online (51%) & SEEK consolidating 100% of Brasil Online's assets (including cash of A$18.3m)

Acquisition of OCC (18 June 2012)

• On 18 June 2012 SEEK acquired an additional 21% interest in OCC Mundial for A$22.3m (funded via cash)
• The acquisition resulted in SEEK holding a controlling interest in OCC (57%) & SEEK consolidating 100% of OCC's assets (including cash of A$8.2m)

Operational movements

Other operating, investing & financing cash flows during FY12

45 1 Consideration payable by SEEK Asia to the founder of JobsDB was A$71.8m (HKD600m) at 30 June 2011. SEEK's interest in the A$71.8m was A$49.5m (68.96% x A$71.8m) and the co-investors in SEEK Asia's interest was A$22.3m (31.04%). The co-investors paid A$4.9m of their liability to SEEK prior to 30 June 2011 and as a result, SEEK's liability became A$54.4m (A$49.5m + A$4.9m). As a result of movements in exchange rates, SEEK settled its current obligation for A$70.3m and received A$17.0m from the co-investors in SEEK Asia (net outflow for SEEK A$53.4m) 2A$0.7m of the liability remains payable to the vendor at a future date

Key insights

FY12 Capex of $16.9m, growth of $4.8m (40%) on FY11 driven by:

• Growth in intangibles expenditure on FY11 as a result of investment in system development and product enhancements primarily in SEEK Domestic
• Comparable level of PP&E spend vs FY11, comprising:
  • THINK campus fit-outs
  • BAU IT infrastructure spend
• FY12 capex of A$16.9m was split across the Business Units as follows:
  • SEEK Domestic A$6.0m
  • SEEK Education A$9.5m
  • SEEK International A$1.4m

Analysis of key items below EBITDA

Analysis Growth FY12 FY11 A$m % Net Interest Expense 20.6 12.9 7.7 60% Depreciation 8.8 6.2 2.6 41% Amortisation 11.6 6.4 5.3 83% 4.1 1.0 3.1 311% Other (5.2) 0.8 (6.0) n/m Total 40.0 27.3 12.7 46% Amortisation of share-based payments & other LTI schemes A$m

Key Insights

Net Interest Expense

• Higher net debt at 30 June 2012 of A$227.8m was key driver of increased net interest expense1
• Higher net debt driven predominantly by the acquisition of JobsDB (various dates during 2011)
• Drawn debt as at 30 June 2012 was A$320.5m (syndicated facility limit of A$340m)

Depreciation

• Higher depreciation driven by Education and International businesses. Increases reflective of THINK office & campus fit-outs (A$1.2m), SEEK Learning A$0.3m (other assets) and International (+A$1.1m), driven by full year consolidation of JobsDB

Amortisation

• Higher amortisation due to full year impact of JobsDB PPA amortisation3 +A$4.6m (+A$2.5m post allocation to NCI)
• Refer to slide 56 for further detail

Amortisation of share-based payments & other LTI schemes

• Increase in FY12 vs FY11 to reflect the following:
  • Lower FY11 expense due to benefit of Paul Bassat's options lapsing & other vesting conditions not being met (A$2.5m credit)
  • In FY12, additional option allocations were made and accrued
    • The ultimate payment of options expenses are subject to performance hurdles that may or may not be met

Other

• Reflects fair value gains (pre-tax) on OCC and Brasil Online acquisitions (A$28.2m), hedge gains (A$1.2m) and impairment loss for THINK Intangibles2 (A$24.1m)

3JobsDB PPA amortisation in FY12 of A$5.5m (A$3.0m post NCI) v FY11 A$0.9m (A$0.5m post NCI). Refer slide 56 for further detail

46 46

Significant items included in reported results

EBITDA			Key Insights
	A$m		FY11 Significant items
	FY12	FY11
Reported EBITDA	193.6	135.6	JobsDBtransaction costs•SEEK Asia's share of transaction costs on acquisition of
Reported EBITDA includes the following:			JobsDB(EBITDA)
JobsDB Transaction Costs		6.2	•SEEK's share of transaction costs only (NPAT) based on
Write-off borrowing costs		1.8	SEEK's 68.96% ownership of SEEK Asia
	-	8.0
			Write-off borrowing costs•Write-off of SEEK's syndicated loan in FY11 (established in
'Normalised' EBITDA	193.6	143.6	July 2010)
NPAT			Fair Value Loss on JobsDBTransaction•Recognised on SEEK Asia increasing its ownership stake
		A$m	from 40% to 60% in May 2011
	FY12	FY11
Reported NPAT (Post NCI)	131.7	97.7	FY12 Significant items
Reported NPAT (Post NCI) includes the following:			Fair Value gain on BrasilOnline Transaction
JobsDB Transaction Costs		4.3	•Recognised on SEEK increasing its stake from 30% to 51%
Write-off borrowing costs		1.8	on 31 May 2012
Fair Value Loss on JobsDB Transaction		0.8
Fair Value Gain on Brasil Online Transaction	(11.6)		Fair Value gain on OCC Transaction
Fair Value Gain on OCC Transaction	(13.5)		•Recognised on SEEK increasing its stake from 41% to 57%
Impairment loss (THINK intangibles)1	23.6		on 19 June 2012
	(1.5)	6.9	Impairment loss (THINK intangibles)1
'Normalised' NPAT	130.2	104.6	•Impairment charge of $23.6m (net of tax) relating to writedown of THINK brands and goodwill

'Normalised NPAT' does not adjust for the impact of additional JobsDB PPA amortisation in FY11 or FY12. JobsDB PPA amortisation was A$5.5m in FY12 (A$3.0m post NCI) & A$0.9m in FY11 ($0.5m post NCI)

47 1A review of the business operations and strategy has indicated that the carrying value of THINK's intangibles is higher than a recent internal valuation which is supported by reference to market-based valuation methodologies including comparison with recent transactions in the industry and cross checked with discounted cash flow analysis. As a result an impairment charge of A$24.1m (before tax) has been recognised in FY12, and allocated between brands and licences ($A1.6m) and goodwill ($A22.5m), total of A$23.6m post tax

SEEK Domestic

Social Networks (incl. LinkedIn) - What is SEEK's position?

What we're seeing Our Assessment Our Strategy

• Social networking is growing but fragmented with Facebook, LinkedIn, twitter and Google+ as leading players

  • Also, seeing an emergence of network within networks (e.g. beknown by Monster on Facebook)

• At the recruiter level there remains most interest in LinkedIn because it's a professional social network

• At the top end of corporates we are seeing interest in LinkedIn and more broadly in social platforms such as Facebook from a brand and candidate engagement perspective

• As the social space matures the calls for measuring ROI are growing louder

  • Our research suggests <1% of placements reported by recruiters is attributable to social networking platforms – despite time & effort expended

• Increasingly free access is restricted (in favour of direct monetisation) in turn adversely impacting the "network" effect

• Important to "look-through" the headline audience numbers on LinkedIn as the actual job ad searches

• Our threat assessment hasn't materially changed

  • LinkedIn's core database product still feels complementary to job ads despite clear intent from LinkedIn to move in job ads direction
  • SEEK's scale and value pricing is a strong defence (because it delivers very high ROI)
  • Important to note that AU and US are very different - In the US, fragmented markets and high pricing makes building a "viable ads" proposition easier for entrants

• Increasingly seeing opportunity in social more broadly

  • Social is driving a willingness to share data which we are turning into deeper and richer relationships with jobseekers
  • Our advertisers increasingly pushing SEEK ads across a range of social platforms extending our reach on a highly targeted basis

• SEEK's position has always been to align its content with main sources of traffic

• Stay focused on ROI leadership

  • Our view of jobseeker intent and preferences delivers clear ROI advantages
    • Make job search even more efficient
  • Forming deeper relationships with jobseekers enhances our leadership position

• Keep SEEK at the centre

  • Integrating with a social network where it makes sense
  • Help our advertisers access an increasingly fragmenting social world – help them understand where they are getting results
  • Leverage our leadership position into a more efficient job seeker database
  • 87% growth in SEEK's resumes database (H1 FY12 v H2 FY12)

4949 are ~1% of total activity on LinkedIn

SEEK Mobile is attracting strong visitor growth in Australia

Key Insights

• ~6m mobile visits in July 2012
• ~2.3m iPhone visits per month

• 560k SEEK Apps downloaded in last 3 months

SEEK International

Zhaopin – Detailed Financials & Key drivers

P&L Total Positions Posted

RMBm - at 100% of Zhaopin unless indicated

Revenue	H1 FY11	H2 FY11	H1 FY12	H2 FY12	900,000
Online Revenue	234.4	295.3	336.1	356.7	800,000
Other Revenue	60.8	50.5	74.7	54.1
Total Revenue	295.2	345.8	410.8	410.7	700,000
Business Tax	18.4	20.1	24.2	24.4	600,000
Net Revenue	276.8	325.7	386.6	386.3	500,000
COGS	26.1	28.1	30.4	30.1	400,000
GP	250.6	297.6	356.2	356.2	300,000
GP Margin (%)	85%	86%	87%	87%	200,000
Total Overheads	207.2	219.4	246.2	258.9	100,000
EBITDA	43.5	78.2	110.0	97.3	-
EBITDA Margin (%)	15%	23%	27%	24%	Dec-09Feb-09Mar-09Apr-09Jun-09Jul-09Sep-09Oct-09Nov-09Jan-10Jan-09May-09Aug-09
SEEK Reported (A$'m)
SEEK Share of associate NPAT1	3.7	5.0	7.5	9.0	Source: ZhaopinManagement

Key Insights

• A$ equivalent, FY12 Revenue of A$125.3m and EBITDA of A$31.8m (both 100% share)
• In local currency, H2 FY12 vs pcp
  • Total revenue grew by 19% vs pcp
  • Online revenue by by 21% vs pcp
  • Slow down in growth reflects slowing macroeconomic conditions in China

Total Customers

Source: Zhaopin Management

Zhaopin–Key Competitor Metrics

Monthly Page Views - month end (m) Job Ads - month end ('000)

Monthly UBs - month end (m)

JobsDB – Detailed Financials & Key Markets

P&L

Market Landscape

HKD m - at 100% of JobsDB unless otherwise indicated

	H1 FY11	H2 FY11	H1 FY12	H2 FY12
Net Revenue	172.0	212.7	201.8	219.1
Total Overheads	112.1	138.3	120.3	135.4
EBITDA	59.9	74.4	81.5	83.7
EBITDA / Net Rev %	35%	35%	40%	38%

The financial results in table above assume 100% of Revenue & EBITDA for the 12 month period in FY11 although the JobsDB transaction only occurred on 23 Dec 10

SEEK Reported1,2 (A$'m)	H1 FY11	H2 FY11	H1 FY12	H2 FY12
Revenue	-	8.7	25.4	27.5
EBITDA	-	3.5	10.2	10.5
SEEK Share of associate NPAT	-	0.7	-	-

Source: CIA World Factbook, Internal World Stats, EuroMonitor, ITU, ILO

• Exposure to high growth markets
• Favourable structural trends in geographies with large populations and low internet penetration

OCC & Brasil Transactions

Transaction Overview - OCC

• SEEK increased its stake in OCC from 41% to 57%1
• Total consideration for the transaction was ~A$22.3m

Transaction Overview- Brasil Online

• SEEK increased its stake in Brasil Online from 30% to 51%
• Total consideration for the transaction was ~A$80.6m

Accounting Implications

Consolidated entities

• 12% • OCC and Brasil Online are now controlled entities with results consolidated into SEEK's results
• Previously they were associates and equity accounted

P&L impact

• SEEK to consolidate 100% of OCC and Brasil Online P&L
• NPAT adjusted to reflect interests of non-controlling shareholders

Balance Sheet impact

• SEEK to consolidate 100% of OCC's and Brasil Online Assets & Liabilities
• Equity adjusted to reflect interests of non-controlling shareholders

Fair value gain arising from transactions

• One-off fair value gains in FY12 due to an increase in valuation from SEEK's original investments:
  • OCC A$13.5m (post tax)
  • Brasil Online A$11.6m (post tax)

Purchase Price Allocation (PPA)

• 9% • At acquisition date, the acquirer is required to separately identify the identifiable assets, liabilities & Non-Controlling Interests with the balance between these items and the acquisition price attributable to Goodwill. This is known as the Purchase Price Allocation ("PPA") process
• Accounting standards require fair values to be ascribed to the identifiable assets and liabilities and as such the amounts recognised in the acquirer's books may vary from those in the books of the acquired entity & some previously unrecognised assets may be recognised (e.g. contract or relationship intangibles)
• The acquirer has 12 months from acquisition date to finalise these adjustments
• The balance sheet impact of OCC and Brasil Online acquisitions at 30 June 2012 is detailed on slide 57
• The forecast amortisation profile of PPA assets is detailed on slide 56

PPA Amortisation Profile – OCC, Brasil & JobsDB

• The amortisation profiles provided above are estimates only and actual amortisation may be impacted by prevailing FX rates and finalisation of the Brasil & OCC PPA exercises1
• The JobsDB PPA was finalised during FY12 and there were no material change to the anticipated profile

OCC & Brasil Transactions - Balance Sheet Impacts

Balance Sheet- Acquisition impacts

	SEEK Group	OCCBrasil
As at 30 June 2012 A$M	(excl. BOL &OCC)	UnderlyingBS	PPA entries	Consolidated	UnderlyingBS	PPA entries	Consolidated	SEEK Group(Reported)
Assets				35%
Cash and cash equivalents47%	65.0	9.4	-	9.4	18.3	-	18.3	92.7
Receivables	50.8	1.4	-	1.4	13.4	-	13.4	65.6
Equity accounted investments	196.1	-	-	-	-	-	-	196.1
Plant and equipment	19.4	1.7	-	1.7	3.7	-	3.7	24.7
Intangible assets	451.8	0.1	151.2	151.3	0.9	380.4	381.3	984.5
Other Assets	15.8	2.1	-	9%2.1	6.6	3.7	10.3	28.2
12%TOTAL ASSETS	798.9	14.7	151.2	165.9	42.9	384.0	426.9	1,391.7
Liabilities
Trade and other payables	51.1	1.3	-	1.3	9.3	-	9.3	61.7
Provisions	7.0	-	-	-	13.0	11.3	24.3	31.3
Short & Long Term Borrowings	318.4	-	-	-	-	-	-	318.4
Other Liabilities	158.4	6.8	7.6	14.4	17.0	19.4	36.4	209.2
TOTAL LIABILITIES	534.9	8.1	7.6	15.7	39.3	30.7	70.0	620.6
NET ASSETS	263.9	6.6	143.6	150.2	3.7	353.3	356.9	771.1

• At 30 June 2012 assets and liabilities recognised on SEEK's balance sheet relating to OCC include:
  • Cash (A$9.4m)
  • Intangibles: Primarily Goodwill (A$124.2m), Brands (A$18.8m), Customer relationships (A$8.3m)
  • Unearned income (A$6.0m) & deferred tax liabilities recognised on intangibles (A$7.4m)

OCC Brasil

• At 30 June 2012 assets and liabilities recognised on SEEK's balance sheet relating to Brasil include :
  • Cash (A$18.3m)
  • Intangibles: Primarily Goodwill (A$311.4m) & Brands (A$65.6m)
  • Liabilities: Primarily unearned income (A$11.5m), deferred tax liabilities primarily on intangibles (A$23.5m) & provisions relating to outstanding legal, tax, labour and social securities ($24.3m)

OCC – Detailed Financials & Key drivers

MXN m - at 100% of OCC unless otherwise indicated

P&L Ad volume

H1 FY11 H2 FY11 H1 FY12 H2 FY12 Net Revenue 82.3 90.7 101.1 98.4 COGS 12.8 15.9 17.2 19.4 GP 69.5 74.8 83.9 79.0 GP / Net Rev % 84% 82% 83% 80% Total Overheads 29.8 35.4 39.0 41.8 EBITDA 39.7 39.4 44.9 37.1 EBITDA / Net Rev % 48% 43% 44% 38% SEEK Reported1 (A$'m) H1 FY11 H2 FY11 H1 FY12 H2 FY12 Revenue2 n/a n/a n/a 0.4 EBITDA2 n/a n/a n/a 0.1 SEEK share of associate NPAT20.4 0.3 0.4 0.4

• A$ equivalent, FY12 Revenue of A$14.9m and EBITDA of A$6.1m (100% share)
• Transition to ad plan impacted revenue performance in H2 FY12 & therefore billing revenue is best indicator of underlying revenue (+22% growth in H2 FY12 v H1 FY12)
• Total overhead growth in FY12 was incurred in sales support and marketing to support the transition to the new ad plan model

58

Source: OCC Management

1 Average FX rates utilised are FY12: A$1: MXN13.39 & FY11: A$1: MXN12.11 2 SEEK acquired a controlling interest in OCC, effective 19 June 2012 by increasing its ownership from 41% to 57%. OCC's results were equity accounted from August 2010 (SEEK's initial investment in OCC) to 18 June 2012, and consolidated from 19 June 2012 to 30 June 2012.

Key Insights Total Customers

OCC–Key Competitor Metrics1

Monthly Page Views Paid Job Ads ('000) 2 ('000)

Source: Comscore

% Share of Top 3 - June 12

1 OCC's competitors include Bumeran & Zonajobs

2 Monthly page views and unique browsers (Ubs) sourced from Comscore. All periods have been restated to reflect Comscore data

59

Brasil Online – Detailed Financials & Key Drivers

BRL m - at 100% of Brasil Online unless otherwise indicated

	H1 FY11	H2 FY11	H1 FY12	H2 FY12
Net Revenue	83.2	92.9	95.3	105.0
Total Overheads (incl. COGS)3	61.2	63.1	72.6	80.0
EBITDA	22.0	29.8	22.8	25.1
EBITDA / Net Rev %	26%	32%	24%	24%

SEEK Reported1(A$'m)	H1 FY11	H2 FY11	H1 FY12	H2 FY12
Revenue2	n/a	n/a	n/a	8.8
EBITDA2	n/a	n/a	n/a	3.0
SEEK Share of associate NPAT2	2.0	2.1	2.6	2.1

Top 3 Employment Sites

• A$ equivalent, FY12 Revenue A$134.4m & EBITDA A$32.1m (100% share)
• CV search now accounts for ~9% of revenue in FY12

Unique Ad visits & Job Positions

1 Average FX rates utilised are FY12: A$1: BRL1.85 & FY11: A$1: BRL1.65

60

2 SEEK acquired a controlling interest in Brasil Online on 31 May 2012 by increasing its ownership from 30% to 51%. Brasil Online's results were equity accounted for all of FY11 and from 1 July 2011 to 30 May 2012 (in SEEK Share of NPAT), and consolidated in SEEK's statutory results for the month of June 2012

3 Local management has changed the classification of some classes of expenditure between "COGS" and "Operating Costs" as such COGS & Operating Costs have been aggregated for comparative purposes 4 Source: Hitwise Brazil. Vagas traffic may be to the individual employer portals from their corporate websites as these use a vagas.com.br domain. Whereas the traffic for other competitors including Brasil Online is traffic directly to their website

P&L Invoiced & Active Users

Reconciliation of SEEK's International associate's EBITDA to SEEK share of profits

		FY12			FY11
A. Underlying RMB$m at 100%		RMB$m			RMB$m
EBITDA		207.3			121.7
D&A		(12.4)			(11.7)
Interest / other income & expense		15.9			(8.2)
Gain on sale of 23.7% interest in CJOL					7.8
Income Tax		(40.2)			(23.1)
NPAT locally reported		170.6			86.5
Remove: Gain on sale of 23.7% interest in CJOL					(7.8)
Withholding tax1		(8.5)			(8.6)
Share Based Payments		(4.2)
FX gain on Pref share revaluation2		16.8			34.5
Prior year tax adjustment3		16.7
Adjusted NPAT		191.3			104.5
B. SEEK Share & Equity Accounting Related Adjustments
SEEK Share of Adjusted NPAT = Adjusted NPAT x SEEK share		56% 107.3			56% 58.6
Less SEEK PPA amortisation adjustments					(0.4)
SEEK Share of NPAT post PPA amortisation		107.3			58.2
			A$m			A$m
Converted into AUD @	6.51			6.65
SEEK share of NPAT as Reported			16.5			8.7

Zhaopin JobStreet

		FY12			FY11
A. Underlying MYRm at 100%		MYRm			MYRm
EBITDA		58.0			53.6
Tax & other		(11.2)			(9.1)
NPAT		46.7			44.4
Share dilution impact of Employee Share Options		(0.5)			(0.5)
Adjusted NPAT		46.2			43.9
B. SEEK Share & Equity Accounting Related Adjustments
SEEK Share of Adjusted NPAT = Adjusted NPAT x SEEK share	22%	10.2		22%	9.7
Less SEEK PPA amortisation adjustments		(1.4)			(1.3)
SEEK Share of NPAT post PPA amortisation		8.8			8.3
			A$m			A$m
Converted into AUD @	3.19			3.03
SEEK share of NPAT as Reported			2.8			2.7

61 This represents 10% withholding tax liability for SEEK's share of Zhaopin's distributable profits from China to the Cayman Islands SEEK's share of non-cash FX gains and losses arising on redeemable Preference Shares whose redemption amount is payable in US$ CY2011 review adjustment on income tax benefit as a result of the newly granted High and New Technology Enterprise status, reducing the tax rate for major subsidiaries from 25% to 15% for 3 years

Reconciliation of SEEK's International associate's EBITDA to SEEK share of profits

	FY12		FY11
A. Underlying MXNm at 100%	MXNm		MXNm
EBITDA	82.0		79.1
Non-recurring expenses	-		(26.8)
D&A	(6.8)		(4.2)
Interest / other income & expense	(10.2)		(1.6)
Income Tax	(23.5)		(21.0)
NPAT	41.5		25.5
Pre-acquisition NPAT (1 July 2010 - 10 Aug 2010)			(4.8)
Pre-acquisition Share Based Payment expense			16.7
Less consolidation period NPAT (19 June- 30 June 2012)	(1.0)
Adjusted NPAT	40.5		37.3
B. SEEK Share & Equity Accounting Related Adjustments
41%SEEK Share of Adjusted NPAT = Adjusted NPAT x SEEK share	16.6		40% 14.9
Less SEEK PPA amortisation adjustments	(5.3)		(6.0)
SEEK Share of NPAT post PPA amortisation	11.4		8.9
		A$m		A$m
Converted into AUD @13.39		12.11
SEEK share of NPAT as Reported		0.8		0.7

OCC Brasil Online

		FY12			FY11
A. Underlying BRL$m at 100%		BRL$m			BRL$m
EBITDA		47.8			51.9
Other non-operating expenses		(0.1)			(0.1)
Tax		(13.4)			(18.9)
Other non-recurring items1		8.0			(8.0)
NPAT		42.3			24.9
Less Consolidation period NPAT (June 2012)		(4.1)			-
Adjusted NPAT		38.2			24.9
B. SEEK Share & Equity Accounting Related Adjustments
SEEK Share of NPAT = Adjusted NPAT x SEEK share	30%	11.5		30%	7.5
Less SEEK PPA amortisation adjustments		(0.4)			(0.6)
Less Other SEEK adjustments		(2.4)
SEEK Share of NPAT post PPA amortisation		8.6			6.8
			A$m			A$m
Converted into AUD @	1.85			1.65
SEEK share of NPAT as Reported			4.7			4.1

SEEK Education

SEEK Learning – Detailed Financials & Key drivers

	P&L					Key Drivers
A$'m						H1 FY11	H2 FY11	H1 FY12	H2 FY12
Revenue	H1 FY11	H2 FY11	H1 FY12	H2 FY12	Enquiries ('000)	179.0	207.2	187.3	225.9
SEEK Learning AUS	18.5	22.1	19.1	26.5	pcp growth (%)	6%	8%	5%	9%
SEEK Learning UK1	-	-	-	-
DWT	1.7	2.1	1.8	2.0	Enrolments ('000)	14.2	17.3	14.5	17.4
	20.2	24.2	21.0	28.5	Enrolment/Enquiries (%)	8%	8%	8%	8%
					pcp growth (%)	14%	6%	3%	0%
EBITDA					Average Yield ($)	1,306.1	1,277.8	1,316.0	1,526.0
SEEK Learning AUS	4.7	8.2	5.0	9.7	pcp growth (%)	(3)%	(4)%	1%	19%
SEEK Learning UK1	(0.4)	(0.0)	0.1	0.1
DWT	0.2	0.4	0.1	0.3
	4.5	8.5	5.2	10.1
Reported EBITDA margins	22%	35%	25%	35%

	Key Insights		Key Insights
•	FY12EBITDAmarginsof31%vs29%(pcp)drivenbythefollowing:	•	IncreasednumberofenquiriesfromH1FY12toH2FY12drivenbyseasonaldemandforcourses

• Overall reduction in cost per lead as a result of launch of SEEK mobile site and improvements in digital marketing
• Personnel costs staying relatively constant as % of revenue
• A sales & marketing focus on higher value courses drove growth in average yield

THINK– Detailed Financials & Key drivers

A$m	H1 FY11	H2 FY11	H1 FY12	H2 FY12
Revenue
Net Revenue	32.6	34.1	39.7	42.8
Other Revenue	0.5	1.8	0.6	3.7
Total Revenue	33.1	36.0	40.4	46.5
COGS	13.5	15.9	16.3	18.0
Gross Profit	19.6	20.1	24.1	28.6
GP Margin	59%	56%	60%	61%
College OPEX	14.2	13.8	14.3	14.3
College EBITDA	5.4	6.3	9.8	14.2
EBITDA Margin	16%	17%	24%	31%
Shared Services	10.0	9.2	9.4	9.3
Group EBITDA	(4.6)	(2.9)	0.3	5.0

P&L Group

P&L By Faculty

A$m	B&H	H&W	Design	Total
Revenue
Net Revenue	21.9	22.9	37.8	82.6
Other Revenue	1.2	2.3	0.8	4.3
Total Revenue	23.1	25.2	38.6	86.9
COGS	8.3	12.1	13.9	34.3
Gross Profit	14.8	13.1	24.7	52.6
GP Margin	64%	52%	64%	61%
College OPEX	7.6	10.5	10.5	28.6
College EBITDA	7.2	2.6	14.2	24.0
EBITDA Margin	31%	10%	37%	28%
Shared Services				18.7
Group EBITDA				5.3

FY12 Key Earnings Drivers

Key Insights

• Overall revenue growth of +26% (FY12 v FY11) driven mainly by online revenue growth
• From H1 FY11 to H2 FY12, improvements in operating efficiencies drove:
  • Improvements in GP margins from 59% to 61%
  • College Opex as % of revenue decreasing from 43% to 31%
• Operating leverage achieved due to a historic investment driving operating efficiencies across IT, Student Admin, Marketing and Sales

65

THINK–Key drivers

Students Educated1 by Modality

Students Educated1 by Faculty

Discussion on Student Trends

• Overall student growth of 11% (+1,684 students)
• Continuation of growth in online students with +18% (+1,257 students)
  • Online student growth strongest in CATC, William Blue and APM
• Improvement in campus students with growth of +6% (+427 students)
  • Growth in campus students strongest in CATC ANCB and JNI
• SKL generated 37k leads for THINK

Discussion on Student Trends

• Business & Hospitality (+22%, 556 students)
  • Driven by APM Online and William Blue Online
• Health & Wellness (+2%, 106 students)
  • Improved performance by ACNT with new courses launched in H2 FY12
  • ACNT to open new campus in February 2013
• Design (+17%, 1,022 students)
  • Driven primarily by CATC across both online & campus growth

1 Student numbers shown in this year's report may differ from prior years. This occurs as prior period student numbers are taken at a point in time and do not necessarily take into certain events such as withdrawals & re-enrolments which may occur after 31 December or 30 June reporting dates

IDP - Detailed Financials & Key drivers

A$m	H1 FY11	H2 FY11	H1 FY12	H2 FY12
Revenue
IELTS	62.3	67.5	66.0	76.9
APF	20.3	22.1	18.7	22.8
Other	7.5	10.1	8.9	11.4
Total Revenue	90.1	99.7	93.6	111.0
COGS	39.2	50.9	44.8	54.5
GP	50.9	48.8	48.8	56.5
GP Margin	56%	49%	52%	51%
Overheads	37.5	36.5	36.9	40.3
EBITDA	13.4	12.3	11.9	16.2
EBITDA margin	15%	12%	13%	15%
SEEK share of associate NPAT1	4.2	3.6	4.2	4.0

P&L IELTS Metrics

Multi-destination financials

H1 FY11	H2 FY11	H1 FY12	H2 FY12
0.0	0.5	1.5	1.5
3.1	4.3	3.3	3.3
7.3	2.3	0.5	0.6
10.4	6.6	3.8	3.9

Reconciliation of SEEK's Education Associate's EBITDA to SEEK share of profits

IDP				Swinburne Online
		FY12		FY11			FY12		FY11
A. Underlying A$m at 100%		A$m		A$m	A. Underlying A$m at 100%		A$m		A$m
EBITDA		28.1		25.7	EBITDA		(3.2)		(0.2)
D&A		(6.8)		(2.5)	D&A		(0.0)		-
Prior year adjustment		(1.5)		-	Other		-		-
Net Interest		0.9		0.5	Net Interest		0.2		0.1
Tax		(4.4)		(8.1)	Tax		0.0		-
NPAT		16.3		15.5	NPAT		(3.0)		(0.1)
B. SEEK Share & Equity Accounting Related Adjustments					B. SEEK Share & Equity Accounting Related Adjustments
SEEK Share of NPAT = Adjusted NPAT x SEEK share	50%	8.2	50%	7.7	SEEK Share of NPAT = Adjusted NPAT x SEEK share	50%	(1.5)	50%	(0.0)
					Less SEEK COGS adjustments		(0.5)		-
					SEEK share of NPAT as Reported		(2.0)		(0.0)
SEEK share of NPAT as Reported		8.2		7.7

Overview of Non-IFRS Information

Overview of SEEK's non-IFRS financial information

What is non-IFRS financial information?

• IFRS financial information is financial information that is presented in accordance with all relevant accounting standards
• Non-IFRS financial information is financial information that is presented other than in accordance with all relevant accounting standards. For example:
  • Profit information calculated on a basis other than under accounting standard definitions or calculated in accordance with accounting standards and then adjusted, e.g. "normalised", "underlying" or "cash basis";
  • Profits that exclude certain transactions, e.g. exclude "one-off" or "non-recurring" items; and
  • Pro forma financial information

What non-IFRS financial information does SEEK disclose in its half year and full year results presentations?

• SEEK presents reported financial information for its business segments along with its Associates & JVs (IFRS financial information). The financial information presented is sourced directly from financial information prepared in accordance with all relevant accounting standards and as such has been subject to either review or audit by SEEK's external auditors (PwC)
• In SEEK's investor presentations, we aim to provide equal or greater prominence to IFRS financial information. However, we also present or refer to non-IFRS financial information
• Non-IFRS financial information is calculated based on underlying IFRS financial and adjusted to show either a position excluding abnormal items which have been removed OR presented based on SEEK's effective equity ownership interest of an entity's underlying revenue or EBITDA
• Any non-IFRS financial information is clearly labelled as "normalised", "pro forma" or "look-through" to differentiate it from reported/IFRS financial information
• SEEK provides reconciliations on the face of the slides, appendices and in the footnotes of the presentation in order allow the reader of the presentations to clearly reconcile between the IFRS and non-IFRS financial information.

Why does SEEK disclose non-financial information in its half year and full year results presentations?

• SEEK management believes that the presentation of additional non-IFRS information in its half year and full year results presentations provides readers of these documents with a greater understanding into the way in which management analyses the business as well as meaningful insights into the financial condition or SEEK's overall performance
• The Australian Securities and Investments Commission ("ASIC") acknowledges the relevance of non-IFRS financial information in providing "meaningful insight" as long as it does not mislead the reader