SEEK LIMITED — Earnings Release 2006

Aug 20, 2006

MEDIA RELEASE 21 August 2006

Results for the year ended 30 June 2006 exceed Full Year Prospectus

Forecasts

Revenue growth of 52.6% to \$106.2m, EBITDA growth of 66.1% to \$49.0m

SEEK Limited, the leader in the online employment market in Australia and New Zealand, today announced a net profit after tax of \$34.1m for the year to 30 June 2006, exceeding prospectus forecasts by 29.7%.

	Full Year 2005	Full Year 2006	Growth	Full Year Prospectus	% Change
				Forecasts
Sales	\$69.6m	\$106.2m	52.6%	\$90.4m	17.5%
revenue
EBITDA	\$29.5m	\$49.0m	66.1%	\$40.0m	22.5%
EBITA	\$28.5m	\$47.5m	66.7%	\$38.8m	22.4%
NPAT	\$20.4m	\$34.1m	67.2%	\$26.3m	29.7%
Earnings Per Share	7.6 cents	12.1 cents	59.2%	$10.3$ cents	17.5%
Dividend	N/A	$8.5$ cents	N/A	$7.2$ cents

SEEK Joint Chief Executive Officer, Mr Paul Bassat said: "We are delighted by these results, with strong revenue growth translating into outstanding earnings growth which have exceeded our Prospectus forecasts across all metrics".

"We continued to have a strong operating environment during the 2006 financial vear. More significantly, a key driver of earnings growth has been the continued structural move in employment advertising from print to online. We expect that structural move to continue for several vears".

"We have had very strong advertising volume growth of 31.3%. This compares to volumes in print media declining by 2% over the year¹. We believe this trend is set to continue. Overall our client numbers are up by 42%

^<sup>1 ANZ Job Advertisements Series June 05- June 06

"In our Prospectus, we outlined a very clear strategy to deliver growth from the existing employment classifieds business and from new businesses. This full year result is evidence of the successful execution of that growth strategy."

Mr Andrew Bassat, Joint Chief Executive Officer, said: "We have continued to target particular industries and particular geographic regions where our penetration is lower than our "traditional" markets. These industries and areas have delivered substantial improvements in advertising volumes this year".

"We targeted the SME market and have seen a substantial increase in the number of SME customers with our SME revenue up 63%.

"We are seeing structural shifts of employment advertising from print to online in early stage markets such as Government, Healthcare, Education and Executive. Western Australia and South Australia also providing many opportunities for SEEK and we believe the growth potential in all of these areas remains strong."

"Our market leadership continues to grow and the investment we have made in our brand is delivering real results with increased iobseeker traffic to the SEEK website and job advertisement volumes. We have strengthened our management capability and are continually striving to improve customer satisfaction."

"The SEEK Learning business is growing rapidly and we expect the rate of growth in the business to be sustained. The proposed acquisition of a 50% interest in IDP that we announced recently is a great opportunity. IDP and SEEK will represent the marriage of the unrivalled industry expertise of IDP's university shareholders with the marketing, sales, technology and business development expertise that have contributed to the success of SEEK."

"We will continue to grow the SEEK Learning business through acquisitions and partnerships, product expansion and driving operational execution".

"This result, we believe positions us well for the 2007 financial year. The employment market remains strong and the ongoing migration of employment advertising from print to online will continue to drive our growth for several more years. SEEK Learning is growing rapidly and we anticipate strong top and bottom line growth for the financial year ahead".

Directors have declared a final dividend of 4.8¢ per share, fully franked. This gives a total dividend of 8.5c for the 2006 financial year, fully franked, when combined with the interim dividend of 3.7c per share, fully franked. This compares favourably to the estimated dividend in the Prospectus of 7.2c per share, fully franked. The dividend will be paid on 29 September 2006 to shareholders who were registered at 15 September 2006.

For further information or to arrange an interview please contact:

Paul Bassat Joint Chief Executive Officer SEEK Limited Tel: (03) 9510 7200

Terri-Helen Gavnor Reputation Telephone: 02 8252 7001 Mobile: 040 987 0022 thgaynor@reputation.net.au