SEEK LIMITED — Capital/Financing Update 2006

Sep 19, 2006

ASX Announcement

20 September 2006

SEEK Limited makes strategic investment in leading Chinese employment site

SEEK Limited (ASX: SEK) announced today that it has agreed to acquire a 25% interest in Zhaopin, one of the three leading online recruitment sites in China. Subject to final agreement on terms and conditions and Zhaopin shareholder approval, SEEK Limited has agreed to purchase 25% of Zhaopin.

The online employment classifieds market in China is expected to enjoy significant growth over the next few years. The market was estimated at US\$100m in 2005 and is expected to grow to over US\$500m by 2011.

SEEK will pay approximately US\$20m (A\$26.6m) and will provide strategic input and operational support in return for a 25% stake. The investment is expected to have a small negative impact on earnings per share in FY07 as Zhaopin increases its levels of investment

The Zhaopin investment represents SEEK's first investment in an internet employment site outside Australia and New Zealand. It follows on from SEEK's acquisition earlier this month of 50% of IDP Education Pty Ltd in the training and education market.

Andrew Bassat, Joint Chief Executive of SEEK said:

"We are very excited by this opportunity. Zhaopin has a strong management team and has done an excellent job over the past couple of years gaining market share against better resourced competitors. We expect that the addition of significant capital plus our ability to add value to the Zhaopin management through our own expertise and experience will ensure that Zhaopin becomes an even more formidable player in what is expected to be a very large market.

SEEK has for some time been looking for opportunities to take significant stakes overseas in internet employment sites as a means of leveraging the expertise developed in the Australian and New Zealand market place. We are delighted to have found an opportunity to make an important initial investment in this area."

Hao Liu, Zhaopin's Chief Executive Officer said:

"We are very impressed by SEEK's management team for their achievements in the Australian recruitment market. We are confident that with the new injection of capital and knowledge sharing, we will be able to build Zhaopin into the leading franchise in the recruitment space in the fastest growing economy of the world."

About Zhaopin Pty Ltd

"Founded in 1997, Zhaopin Ltd (www.zhaopin.com) is one of the leading HR service providers in China. Headquartered in Beijing, Zhaopin has branch companies in over 30 cities in China. Since founding, Zhaopin has provided professional HR services to over 190,000 organizations across various industries. These services include online recruiting, newspaper recruiting, headhunting, campus recruiting, HR outsourcing, corporate training and staff assessment."

About SEEK Limited

seek.com.au currently hosts about two thirds of all online ads, equating to approximately 60% of all Internet and newspaper job ads in Australia. In any given month, over 120,000 job advertisements are posted on the SEEK website and approximately 2.0 million jobseekers lodge over 1 million job applications.

http://www.seek.com.au/investor/news.ascx