SEEK LIMITED — Interim / Quarterly Report 2021

Feb 22, 2021

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6 months to 31 December 2020

Key Announcements

Senior leadership change & more focused AP&A and Investments

Andrew Bassat to transition to new role and be succeeded by Ian Narev

• Andrew Bassat will step down as MD & CEO and be succeeded by Ian Narev, effective 1 July 2021

• Andrew Bassat will transition to a new full-time role as Executive Chairman and CEO of SEEK Investments and remain a Director of SEEK

More focused AP&A and SEEK Investments

• The Board believes SEEK Asia Pacific & Americas (“AP&A”) and SEEK Investments (“Investments”) can benefit from a greater degree of independence and focus and is in a unique position to have two experienced executives to lead its operating business and its investment arm

Reviewing options and targeting the following business outcomes

• SEEK: To focus on the growth opportunities for the AP&A business and relevant adjacencies whilst retaining its economic exposure to Investments and Zhaopin

• Investments: To focus on being an investor and business builder that partners with emerging leaders to support their aspirations and deliver strong long-term returns. Key to its success will be the ability to operate independently and access third party capital

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SEEK Limited H1 21 Results Presentation

3

Targeting greater independence and focus for SEEK and Investments

SEEK

Investments

	SEEK	Investments
	Composition • AP&A with ownership interests in Zhaopin and SEEK Investments	• Investments will focus on being a long-term investor and business builder partnering with emerging leaders • ESV portfolio and OES
	Strategic Focus • SEEK will focus on capturing the significant growth opportunities in its core online employment businesses
	Key benefits of greater degree of independence • Greater capacity to re-invest and pay dividends1 • AP&A’s financial performance will be the cornerstone of SEEK’s results	• Better placed to make aggressive long- term investment decisions • Can access external capital without compromising SEEK’s balance sheet

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SEEK Limited H1 21 Results Presentation

4 1 SEEK will have the pro-rata right but not obligation to invest in Investments

Potential sell-down of SEEK’s ownership interest in Zhaopin

• SEEK and other Zhaopin shareholders are in advanced discussions with a consortium looking to acquire an ownership interest in Zhaopin

• The transaction valuation will be in the order of A$2.2 billion (100% implied Equity Value)

• If the proposed transaction is completed, it is expected that SEEK would reduce its stake to c23.5%. None of the investors will hold a controlling interest

• Potential benefits include

• For Zhaopin: new ownership structure to support long-term growth strategy

• For SEEK : ability to realise a strong financial return, rebalance SEEK’s portfolio exposure, creates

• capital management flexibility

• There is no certainty that these advanced discussions will result in a transaction. SEEK will update the market as is appropriate

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SEEK Limited H1 21 Results Presentation

5

Executive Summary

SEEK is fulfilling its purpose on a large scale

Large addressable markets

c2.9B Population exposure

GDP exposure c27% of Global GDP

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Leading market positions
Asia Pacific & SEEK
Americas (AP&A) Investments
45M+ 220M+
Candidates Candidates
230k+ c820k
Hirers Hirers [2]
1.3B+ 80M+
Visits per annum [1] Students / Learners
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Entrepreneurial mindset with a track record of long-term value creation

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TSR [3 ] of
1,741%
vs ASX of 237%
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SEEK Investments [4 ]
IRR
c25%
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SEEK’S PURPOSE:

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

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1 AP&A visits include Jora 2 Relates to the 12 months ended 30 Jun 2020

SEEK Limited H1 21 Results Presentation

7

3 Total shareholder returns includes dividends and share price appreciation from 19 April 2005 to 18 February 2021

4 Based on SEEK Investments Portfolio. Includes capital deployed into ESVs in H1 21

SEEK is recovering well and executing on its key priorities

H1 21 result broadly in line with pcp despite COVID-19 impact

• Revenue cA$819m, EBITDA cA$246m, NPAT cA$70m

• H1 21 results broadly in line with pcp despite no COVID impact in H1 20

YTD results and improved momentum leading to upgraded FY21 guidance[1]

• As a result, SEEK intends to repay A$9.8m of COVID-19 subsidies (incl. JobKeeper)[2]

Key employment businesses have performed better than expected

• SEEK ANZ: Results were broadly in line with pcp

• Zhaopin: Revenue -8% and EBITDA +13% vs pcp (local currency)

OES and ESVs capitalising on growth opportunities

• OES: COVID-19 beneficiary with revenue growth of +38% vs pcp

• ESVs: ‘Look-through’ revenue of A$50m, growth of +38% vs pcp[3] on strong unit economics

Strategic and operational priorities continue to progress well

• Decision to prioritise our people has protected our culture and maintained high productivity

• All key milestones met, and higher confidence to accelerate some strategic priorities

Long-term value creation requires ongoing investment

• AP&A has exceptional growth opportunities, but also intense competition

• Investment in ESVs will remain high but will create long-term value

1 Expectations at the time of setting the AGM Guidance (Nov-20)

2 Voluntarily repayment of COVID-19 subsidies from the Australian and New Zealand Governments will be made net of tax

3 ‘Look-through’ share represents revenue of investments multiplied by SEEK’s ownership interest (based on comparable ownership interest across H1 20 & H1 21). In H1 21 look-through revenue was cA$50m on a net revenue basis and cA$125m on a gross revenue basis. Excludes Coursera

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SEEK Limited H1 21 Results Presentation

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Potential changes will impact our A$5bn revenue aspiration but longterm growth drivers remain unchanged…

• Intended changes to SEEK Investments & potential reduction in Zhaopin ownership will impact SEEK’s A$5b aspirational revenue opportunity

• Long-term strategic growth drivers and substantial revenue opportunity remains intact

• If executed well, SEEK’s growth drivers and the future changes to SEEK Investments are expected to generate long-term shareholder value

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Asia Pacific & Americas (AP&A) SEEK Investments
Early Stage
Ventures
ANZ
Online Education
Scaling up existing
Online Employment partners & signing
Unify APAC platforms for faster, scalable product
new partners
roll-out
Align price to value
HR SaaS
Deepen engagement through data, analytics &
Adjacent market
product innovation
expansion
Adjacent Market
(short & micro-
Expansion
courses, unbundled
Contingent Labour
services)
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SEEK Limited H1 21 Results Presentation

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…and we made tangible progress against them in H1 21.

Asia Pacific & Americas (AP&A)

SEEK Investments

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ANZ
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Early Stage Ventures

Unify APAC platforms

• Common discovery experience rolled out across Asia

• Smarter Search now in the majority of Asian markets

Align price to value

• New pricing model & contract structure rolled out to majority of AU customers[1]

• Commenced pricing trials in Asia

Deepen engagement

• Profile Apply released to all devices; Certsy assessment launched (ANZ); optimising the hirer experience in Asia

Online Employment

• Migration to online services

• Realising efficiencies alongside investment in mobile, data & AI

Adjacent Mkt Expansion

• Solid growth in Campus revenue

Scaling up existing partners

Investing and building emerging leaders

• Scaling partnerships (e.g. QUT, Monash)

• Deployed A$99m of capital into new and existing investments

Signing new partners

• Construct Education • Strong growth in operational acquisition[2] extends global metrics footprint

• ‘Look-through’ revenue[3]

• Adjacent Mkt Expansion growth has accelerated • Delivering learning design H1 21: 38% v FY20: 35% solutions and managed services to partners in AU, US, NZ, UK and mainland Europe

1 c90% conversion of AU subscription contracts which have come up for renewal & c85% of total AU ads are now variably priced

2 OES acquired a controlling interest in Construct Education (Nov-20), a designer and developer of online education with a presence in the US, UK and South Africa

3 ‘Look-through’ share represents revenue of investments multiplied by SEEK’s ownership interest (based on comparable ownership interest across H1 20 & H1 21).

Excludes Coursera

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SEEK Limited H1 21 Results Presentation

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SEEK’s long term approach has created significant shareholder value

c7x[1] TSR vs ASX 200 since IPO despite the economic cycle and aggressive competition

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3
1,741.1%
Product & Tech
evolution
2
M&A led growth
(Int’l & Education)
1
ANZ led
growth
236.5%
Apr-2005 Jul-2007 Oct-2009 Jan-2012 May-2014 Aug-2016 Nov-2018 Feb-2021
SEEK ASX 200
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• SEEK has continually invested for the long-term and evolved its business (phases 1 to 3 above)

• Track record of strong returns where SEEK’s TSR is c7x[1] vs ASX 200

• Today’s announcements to support SEEK next leg of long-term growth

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1 Total shareholder returns includes dividends and share price appreciation from 19 April 2005 to 18 February 2021

SEEK Limited H1 21 Results Presentation

11

Group Financial Performance

SEEK’s H1 21 results are broadly in line with pcp despite COVID-19 challenges

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Group Group
Revenue EBITDA
A$819.1m A$245.9m [2]
-6% vs pcp -1% vs pcp
Key employment businesses EBITDA benefiting from
recovering well vs pcp improving revenue
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Key employment businesses
recovering well vs pcp
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• SEEK ANZ -1%; Zhaopin -8%[1]

Continuing to make operational improvements while investing strategically for long-term growth EBITDA Margin 30% (H1 20: 28%)

• SEEK Asia recovering but at a slower rate -23%[1]

OES performing well +38% vs pcp and benefiting from offline to online migration

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Reported
NPAT
A$69.7m
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-8% vs pcp
Higher D&A, +8% due to product
& tech investment
Increased NCI, +42% driven by
higher Zhaopin & OES profits
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Offset partly by lower net interest

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1 Constant currency

SEEK Limited H1 21 Results Presentation

2 In H1 21, SEEK received A$9.8m in COVID-19 subsidies from the Australian and New Zealand Governments. SEEK intends to voluntarily repay these amounts, therefore there is nil benefit to EBITDA in H1 21. Repayments will be made net of tax.

13

Group Financial Result: Detailed comparison H1 21 vs H1 20

H1 21 Financials (A$m) Key Insights: Below the line items

Revenue SEEK ANZ SEEK Asia LatAm AP&A Other AP&A Zhaopin OES ESVs SEEK Investments Total Revenue EBITDA SEEK ANZ SEEK Asia LatAm AP&A Other AP&A Zhaopin OES ESVs SEEK Investments Corporate Costs Total EBITDA Depreciation & Amortisation Net interest Share-based payments Share of equity accounted results Other items Tax Non-controlling interests Reported NPAT	H1 21 H1 20 223.0 224.4 67.1 91.3 24.8 43.0 0.6 1.1 315.5 359.8 376.2 418.4 89.7 65.1 37.7 32.2 503.6 515.7 819.1 875.5 133.1 134.2 22.2 45.6 2.5 7.4 (4.1) (9.2) 153.7 178.0 77.3 69.9 26.8 18.6 (1.9) (5.2) 102.2 83.3 (10.0) (13.9) 245.9 247.4 (70.4) (65.0) (20.7) (28.0) (11.3) (11.8) (18.9) (18.2) 0.0 (0.5) (36.1) (35.1) (18.8) (13.2) 69.7 75.6	% (1%) (27%) (42%) (45%) (12%) (10%) 38% 17% (2%) (6%) (1%) (51%) (66%) 55% (14%) 11% 44% 63% 23% 28% (1%) (8%) 26% 4% (4%) n/m (3%) (42%) (8%) Growth	Constant Currency %
			(1%) (23%) (24%) (45%) (9%) (8%) 38% 18%
			(1%)
			(4%)
			(1%) (49%) (59%) 55% (13%) 13% 44% 58%
			24% 28%
			1%

Reported NPAT down 8%

• Higher D&A: increased product & tech investment

• Lower net interest: reflecting lower funding rates

• Higher NCI: reflecting higher Zhaopin and OES profits

• Reported NPAT includes losses in SEEK Investments ESVs: A$22.4m (H1 20: A$25.3m)

FX impact

• Reported A$ results negatively impacted by A$ appreciation against major currencies (mainly Chinese Renminbi)

Reported EPS of 19.7 cents

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SEEK Limited H1 21 Results Presentation

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SEEK has a track record of generating strong cash flows and deploying capital into high growth opportunities

Strong cash flows…

...have been deployed into high returning capex…

...and high growth M&A.

Operating cash flows[1] A$m

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$258m
$250m
$242m
$232m
$203m $198m
$174m
$137m
$95m
H1 13 H1 14 H1 15 H1 16 H1 17 H1 18 H1 19 H1 20 H1 21
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Product & Tech capex A$m

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$56.7m
$55.4m
$51.4m
$42.6m
$27.7m
$21.6m
$19.2m
$15.9m
$5.0m
H1 13 H1 14 H1 15 H1 16 H1 17 H1 18 H1 19 H1 20 H1 21
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Capital deployed into current Online Education, HR SaaS & Contingent Labour portfolio A$m

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$334m
ESVs -
Online $210m
Education
$148m $147m
OES $124m
Online ESVs - ESVs -
Education HR SaaS Contingent
labour
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Operating cash flow[1] to EBITDA to conversion of c105%

• Includes OES cash receipts of cA$33.8m (received Jan 2021)

• Excluding OES, conversion was 91%

Track record of generating high ROI

• Continuing to deploy significant capital into our capex investment given track record of high returns

Focus on key themes of Online Education, HR SaaS & Contingent Labour

• Strong results during COVID-19 period

• Deployed cA$99m in H1 21 (primarily in HR SaaS)

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SEEK Limited H1 21 Results Presentation

15 1 Cash flows from operating activities excluding interest, transaction costs, tax payments

In H1 21, we undertook strategic investment and intend to recommence paying dividends in FY21

Net debt

Update on Dividends

Flexibility to invest in H1 21

• Covenant limits have been increased through to Jun-21[1]

• Operating cash flows and EBITDA are improving

• In H1 21, we invested for the long-term

• Investment in Product & Tech

• Deployed capital for M&A (HR SaaS focus)

• Group net debt (cA$905m) was broadly in line with Jun-20

No interim H1 21 dividend

• It is the Board’s intention to recommence payment of ordinary dividends at full year (FY21) subject to ongoing improvement in the macroeconomic conditions across our key markets

• In lieu of an interim H1 21 dividend, and subject to the signing and completion of a Zhaopin transaction, the Board intends to declare and pay a dividend prior to the FY21 results (Aug-21)[4]

Strong liquidity and flexibility in capital structure

• Strong liquidity via Cash and undrawn debt facilities in Borrower Group[2]

• Proceeds from the A$75m Subordinated Notes “tap” received in July-20

• Earliest debt maturity is Nov-22[3 ] given redemption of A$175m Senior Notes (completed July-20)

1 Refers to a temporary increase in key covenant limits in SEEK’s senior syndicated debt facility (to June 2021)

2 Borrower Group includes SEEK Limited and all subsidiaries in which its ownership is at least 90%

3 Next maturity relates to the A$362.5m Revolving tranche of SEEK’s senior syndicated debt facility, which matures in Nov 2022

4 Record and Payment dates for this dividend to be determined upon declaration of the dividend

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SEEK Limited H1 21 Results Presentation

16

Asia Pacific & Americas (AP&A)

AP&A progressed well in H1 21 as it looks to unlock the significant APAC opportunity

H1 21 Summary

Significant APAC opportunity

• Market positions remained strong though competition intense

Variable recovery across regions; ANZ strongest

EBITDA benefited from revenue outperformance vs expectation[1]

Key operational progress

New contract structure rolled out to majority of AU customers

• Unification progressing well giving confidence for more ambitious approach

• Deepening engagement with candidates and hirers through the roll-out of Smarter Search and several other product initiatives

Strategic focus areas

Focus areas remain unchanged:

1. Unify APAC platforms for faster, scalable product roll-out

2. Align price to value

3. Deepen engagement through data, analytics & product innovation

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Asia relative
to ANZ
ANZ
Population c590m c19.5x
c30m
1 2
GDP
cA$5.1t c2.1x
cA$2.4t
1 2
Urbanisation c0.6x
c86%
c53%
1 2
Ave. GDP
c0.4x
per Capita cA$72k
cA$31k
1 2
Revenue
cA$387m cA$163m c0.4x
(FY20)
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SEEK Limited H1 21 Results Presentation

1 Refers to SEEK’s expectations at the time of setting AGM guidance (Nov-20)

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ANZ job ad volume ended H1 21 ahead of pcp

SEEK ANZ - Volume trends

Detailed Insights

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Job ad volumes by month (‘000s)
250
200
150 -c65%
vs pcp
100
50
PcP Actual
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General observations

• Relatively short recovery period (c10 months) vs the GFC (31 months)

Industries hardest hit by COVID-19 have recovered well

• Hospitality & Tourism and Retail & Consumer amongst the hardest hit in H2 20 but moved ahead of pcp from Nov-20

• Other large industries including Trades & Services, Healthcare & Medical, Manufacturing, Transport & Logistics and Community Services & Development all moved ahead of pcp during H1 21

• Professional Services continue to be impacted with volumes down c25% (Dec-20 Qtr vs pcp)

SME led the recovery

• SME volumes up 15% (H1 21 vs H1 20)

• High concentration of SMEs in fastest recovering industries (e.g. Hospitality, Trades & Services) and in regional areas

• Recruiter activity remains subdued as a result of exposure to industries which have generally been slower to recover

Varying rates of recovery across Australia

• Recovery in NSW, VIC & ACT slower but still improving (higher proportion of Professional Services)

• Solid recovery in other states with positive growth on pcp

• Employment activity strongly impacted by lengthy lockdowns

• Recovery accelerated in late H1 21 (Dec-20 job ad volumes ahead of pcp), potentially linked to pent up demand

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SEEK Limited H1 21 Results Presentation

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SEEK ANZ benefited from higher SME contribution and depth product adoption

Financials

Depth revenue result

Revenue EBITDA EBITDA (%)	H1 21 H1 20 223.0 224.4 (1%) 133.1 134.2 (1%) 60% 60% A$m Growth %

Revenue decline of 1% attributable to:

• (16%) volume decline

• 12% yield driven by customer mix[1] and lower discounting[2] , partly offset by lower variable ad pricing due to market conditions

• 3% depth (Premium, Standout, Premium Talent Search etc)

Recovery continues, led by SMEs and strong depth utilisation

• Ad volumes 3% ahead of pcp (Dec-20)

• SMEs strong (now c38% of volume), Corporates also improving

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A$m
+12%
68.8
61.4
52.6
37.7
29.3
22.2
17.6 17.3 18.0
15.5
H1 12 H1 13 H1 14 H1 15 H1 16 H1 17 H1 18 H1 19 H1 20 H1 21
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Ongoing growth opportunity

• Strong depth product usage with revenue up 12% vs pcp

• Premium Ad revenue up 43% and now c7% of total ads

Managed costs while continuing to invest for the long-term

• Reduction in discretionary costs balanced with product & tech investment

• Significant upside from aligning price to value and deepening candidate and hirer engagement

• Volumes remain highly leveraged to macro conditions

• Positive yield skew from SMEs unlikely to continue at this level

• SEEK intends to voluntarily repay A$9.8m in COVID-19 subsidies[3] (incl. JobKeeper) received in H1 21 (nil benefit to EBITDA)

3 COVID-19 subsidies received from the Australian and New Zealand Governments in H1 21. Repayments will be made net of tax.

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1 Increased SME hirer activity

2 Lower avg. discounts due to: (1) reductions in committed ad spend (macro related); and (2) the transition to standardised discounts for all hirers

SEEK Limited H1 21 Results Presentation

20

SEEK ANZ is the market leader but competition is intensifying

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DELIVERING VALUE FOR CANDIDATES

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DELIVERING VALUE FOR HIRERS

c16m

Candidate Profiles[1] 85%+ of ANZ labour force[2]

c160k

Active Unique Hirers[5] Last 12 months

35m+

Monthly visits[3] c70% of traffic via mobile/apps c75% of traffic is direct[4]

c135k

Job ads on platform H1 21 monthly average

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UNPROMPTED BRAND AWARENESS [7]
78%
+2x lead vs nearest competitor
SHARE OF AU PLACEMENTS [8]
Last 12 months
30.9%
6.1%
4.2% 4.1%
Professional Online Aggregators SEEK
Networks Classifieds (incl. JORA)
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Note: Offline channels (including word of mouth, internal referrals, notice boards, etc.) account for a combined 26% of placements

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c20%

Uplift in Applications[6] driven by AI-powered Smarter HIGHLY EFFECTIVE Search and Recommendations MARKETPLACE

c31%

Share of placements lead of c5x over nearest competitor (see RHS)

Placement share fell in an unusual market

• COVID-19 had a significant impact on role mix and candidate behaviour

• Facebook in particular saw increased placement attribution of lower skilled roles

Overall, no change to SEEK’s lead vs. nearest competitor (c5x)

• Intense competition continues requiring ongoing innovation

• 1 Searchable profiles of c11.4m as at 31 December 2020

• 2 Source data: ABS and Stats NZ

• 3 Total visits including desktop, mobile & app

• 4 Direct visits includes traffic direct to the SEEK website & apps (including traffic from notifications)

• 5 Total number of active advertisers (posting any job ads) between 1 Jan 2020 and 31 Dec 2020

• 6 Refers to application starts per candidate. Management estimate based on internal analysis.

• 7 Source: Independent research conducted on behalf of SEEK. Study is conducted monthly among c800 people and weighted to be representative of the Australian labour force

• 8 Includes SEEK and Jora placements. Source: Independent research conducted on behalf of SEEK (as at January 2021). Study is conducted quarterly among c3k Australian’s that changed / started jobs in the last 12 months. Data is weighted to be nationally representative of the Australian labour force with quotas set for age, gender, location and employment status.

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SEEK Limited H1 21 Results Presentation

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SEEK Asia volume recovery is variable

SEEK Asia - Volume trends

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General observations

• Steady recovery in job volumes but to varying degrees by market

• Rates of recovery highly correlated to COVID-19 restrictions

• Hong Kong, Singapore, Malaysia and Thailand are showing better signs of recovery

• Philippines & Indonesia continue to be impacted by ongoing lockdowns

Key insights by market

Hong Kong

• Improving ad volume trends (Q2 FY21 ad volume up 7% vs Q1 FY21)

• Momentum building in Financial Services, Telecommunication and Construction

• Geopolitical issues/social unrest remains

Malaysia

• Volumes steadily recovering but stalled by lock-downs in early CY21

• Improving GDP indicators across Building & Construction, Manufacturing & Services

Singapore

• Lower levels of COVID-19 restrictions and improving economic conditions have translated into a faster recovery

Developing Markets

• Philippines: recovery continues to be held back by high rates of COVID-19 infections and restrictions

• Thailand: strong recovery amongst SMEs and positive signs from Corporates in Q2 FY21

• Indonesia: slowing volume declines and improving economic indicators

• SME segment is leading the recovery as observed in SEEK ANZ

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SEEK Limited H1 21 Results Presentation

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SEEK Asia maintained operational progress despite the disruption

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Financials

Operational insights

SEEK Reported Revenue EBITDA EBITDA (%)	H1 21 H1 20 67.1 91.3 22.2 45.6 33% 50% A$m	Growth Constant Currency % %
		(27%) (23%) (51%) (49%)

Revenue decline (constant currency) of 23% attributable to:

Operational progress from recent investment and unification initiatives

• Brand refresh (Jobstreet & JobsDB)

• Smarter Search technology rolling out to Asian markets

• Improved Mobile App technology

• Evolving depth product suite with launch of Branded Ads which are performing well

• (29%) volume decline

• 12% yield driven by price[1] , country & customer mix

• (3%) depth[2] (Stand Out, Talent Search etc)

• (3%) other (non-core revenue streams)

Growth opportunity

COVID-19 continues to impact volumes but signs of recovery

• Hong Kong, Malaysia and Singapore were key contributors to the revenue decline but are recovering faster than developing markets

• Depth increased to 18% of revenue

Increasing investment in capability, product and technology

• New CEO and refreshed Exec team focused on improving capability to drive future growth

Opportunity is large but requires continued investment

• Long-term revenue opportunity is larger than ANZ with similar growth strategy but requires investment

• Progress from initial platform and product integration

• Considering new pricing models with trials underway

Leveraged to upside when economic conditions improve

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1 Benefit relates to price rises implemented in late H1 20

SEEK Limited H1 21 Results Presentation

23

2 Defined as non-basic job ad revenue (e.g. Stand Out /Branded ads and Talent Search, etc.)

SEEK Asia has strong marketplace metrics and a large geographic footprint

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c29m

Candidate Profiles[1] c12% of labour force[2]

DELIVERING VALUE FOR CANDIDATES

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c105k

Active Unique Hirers[5] Last 12 months

DELIVERING VALUE FOR HIRERS

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c20%

Uplift in Applications[6] driven by AI-powered Smarter Search and Recommendations

HIGHLY EFFECTIVE MARKETPLACE

• 1 Searchable profiles of c23.2m as at 31 December 2020

40m+

Monthly visits[3] c70% of traffic via mobile/apps c70% of traffic is direct[4]

c160k

Job ads on platform H1 21 monthly average

c21%

Share of Placements (Avg)[7] across all SEEK Asia markets

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• 2 Source data: World Bank

• 3 Total visits including desktop, mobile & app

• 4 Direct visits includes traffic direct to the JobStreet and JobsDB websites & apps (including traffic from notifications)

• 5 Number of active advertisers (posting any job ads)

• 6 Refers to application starts per visit. Management estimate based on internal analysis.

• 7 Placements data based on independent SEEK Asia Placement Study (November 2020) conducted on behalf of SEEK. Sample data weighted by education.

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To capitalise on the large APAC opportunity SEEK is focused on three key strategic areas

Progress in H1 21 Roadmap for H2 21

• 1. Unify Commenced candidate experience unification •

• platforms Common discovery experience (search, view job etc) rolled out across Asia

• Unify APAC platforms for faster, •

• scalable product roll-out Smarter Search rolled out to majority of Asian

• Complete Smarter Search platform roll-out

• platforms • Common discovery experience (search, view job etc) • APAC unification to be accelerated rolled out across Asia

• Unify APAC platforms for faster, •

• scalable product roll-out Smarter Search rolled out to majority of Asian markets driving strong engagement uplift

• 2. Align price • AU: new pricing model rolled out to majority of • AU: complete contract and pricing transition to all hirers to value customers (c85% of total ads are now variably priced • NZ: transition to new pricing model expected to and c90% conversion to new SEEK contract[1] ) commence from March 2021

• Moving to more value aligned,

• fairer and efficient marketplace • Asia: Branded Ad launched and pricing trials commenced • Asia: continue value alignment trials with greater flexibility 3. Deepen • APAC: Enhancements to Smarter Search algorithms • APAC: Enhancements to search personalisation

• engagement • ANZ: Profile Apply released to all devices, Certsy • ANZ: Scale Certsy validations & assessments, assessment launched (AU), new hirer reporting tools, AI enhancements to Talent Search

• Deepen engagement through data, analytics & product recommendations and notification platform upgraded • Asia: Scale unified recommendations platform and innovation • Asia: Releases focused on optimising hirer experience release of Role Requirements (Indonesia)

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1 c90% conversion refers to the transition of subscription contracts which have come up for renewal

Acceleration of our unification program will help unlock the APAC market opportunity earlier

APAC unification will provide scale efficiencies and increase speed to market

• Unified technology allows us to better leverage our people and products across a broader footprint

• Increased speed to market will strengthen SEEK’s competitive position

Progress made on the Candidate side of the marketplace

• Brand refresh and alignment for Jobstreet & JobsDB

• Rolled out ANZ Job Discovery experience into Asia

• New Home page, Search Results and Job Detail pages rolled out to all Asian markets

• Smarter Search rolled out to majority of countries, Hong Kong and Thailand to complete in H2 21

Progress to date gives us confidence to be bolder and bring forward unification on the Hirer side

• Over the next two years, SEEK will unify both the Candidate and Hirer sides of its marketplace in parallel

• Scaling up our resources and investment in order to realise the benefits earlier

• Will require significant capital investment over the coming two financial years

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LatAm: focused on re-building sustainable businesses

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Brasil Online

Key insights

Pro-Forma Revenue EBITDA EBITDA (%) EBITDA A$m (100%)	Growth H1 21 H1 20 % 61.7 80.7 (24%) 2.7 9.4 (71%) 4% 12% 0.7 3.4 (79%) BRLm

• COVID-19 impact continues to be severe in Brazil and Mexico

• Strategy is in place to re-build sustainable businesses

• o Focusing on a range of initiatives including pricing model trials o Requires time and successful execution

• Goal of cash neutrality remains, but will be hard to achieve in FY21

OCC

Pro-Forma H1 21 H1 20 Revenue 138.8 182.7 EBITDA 27.2 52.9 EBITDA (%) 20% 29% EBITDA A$m (100%) 1.8 4.0 MXNm	Growth %
	(24%) (49%) (55%)

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SEEK Investments

M&A and entrepreneurial ventures are a key part of creating longterm value for SEEK shareholders

Investing in emerging leaders leveraged to long-term structural trends in the Human Capital Market. We then work with management teams to unlock the full potential of their businesses

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• SEEK Investments SEEK Investments unique Focused on long-term approach strategic advantages returns

• • Investing in purpose aligned • Deep expertise from c23 years as • Focused on investment to businesses across the Human a leading operator and investor in build market share ahead of Capital Market Human Capital businesses short-term profits

• • Active partner offering • Significant deal flow based on • Focused on long-term unit strategic & operational support reputation and strategic assets economics

• • • • Adopting a patient and longPotential synergies across the Target is to generate longterm mindset to build large portfolio leveraging scale of data, term capital appreciation defensible businesses relationships and learnings (e.g. IRRs of 15-20%, 5+ years)

Intended changes to increase independence are expected to allow SEEK Investments to:

1. Aggressively invest and build large businesses

2. Source external long-term capital to meet the needs of high growth ESV portfolio

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Zhaopin achieved a solid result driven by improving billing trends and operational efficiencies

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Financials

Results & Insights

Pro-Forma Online Revenue (100%) Adjacent Services Revenue (100%) Revenue (100%) EBITDA (100%) EBITDA (%) EBITDA A$m (100%)	H1 21 H1 20 969.5 1,091.4 875.1 924.0 1,844.6 2,015.3 380.8 337.4 21% 17% 77.3 69.9 RMBm	Growth %
		(11%) (5%) (8%) 13% 11%

Online and Adjacent revenue showing good momentum

• Online billings recovering faster than reported revenue o Billings (lead indicator) up 6% YoY with Q2 FY21 up 12% YoY; H2 21 has started positively

• Adjacent services revenue grew faster than online revenue o Adjacent services (excl BPO) grew by 3% o BPO declined 15% YoY partly due to a change in revenue recognition[3]

Operational Metrics

Hirer metrics and usage impacted by COVID-19

• Total active hirers on platform +18% vs pcp (paying & non-paying hirers)

• Paying hirers[1] of 405k, down 34% Q2 FY21 vs pcp

• Higher ARPU vs pcp due to change in customer mix (less low value / more high value hirers)

• Billings improving, quarterly growth rates are increasing (refer RHS)

Solid candidate metrics

EBITDA up YoY due to efficiencies and online adoption

• Realised operating efficiencies across personnel, marketing and migration to online solutions (e.g. self-service, campus)

• Ongoing investment in mobile, data/AI and product & tech

Well placed to capture long-term market opportunity

• Ongoing innovation and strong execution required given intensely competitive market

• Zhaopin well placed to drive market penetration, monetisation & scale adjacent services

• 229m registered candidates, up 12% YoY[2]

• 146m completed resumes, up 12% YoY[2]

• 3.6m average daily unique visitors, down -1% YoY[1]

1 Metrics relate to Q2 FY21 vs Q2 FY20. Paying / Unique hirers represents customers that have an active contract in Q2 FY21 (includes contracts purchased in prior 12 months including COVID-19 period)

2 Metrics as at 31 Dec 2020 vs pcp

3 As a result of changes in contract terms, in FY21 some of Zhaopin’s BPO Services are transitioning from Gross Revenue to Net Revenue recognition. Zhaopin’s BPO service offerings attract varying GP margins, all of which are low. The accounting change does not impact EBITDA.

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OES: COVID-19 increased the demand for online education

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Financials

Growth Strategy & Outlook

Pro-Forma H1 21 H1 20 Revenue (100%) 89.7 65.1 EBITDA (100%) 26.8 18.6 EBITDA (%) 30% 29% A$m	Growth %
	38% 44%

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----- Start of picture text -----

1 2 3 4
Post-grad Under-grad Short & Unbundled
OPM Services OPM Services Micro-courses Services [3]
----- End of picture text -----

Results & Insights

Strong revenue growth of 38% (vs pcp)

• Results better than anticipated

• All revenue lines favoured by COVID-19 related demand

• Strong progress in growing new revenue streams o New Monash contract (Post-grad) performing well o New contract wins for unbundled services

Progress made against key growth drivers

• 1 Leveraging expertise to scale new partners (QUT & Monash) and pursuing new opportunities

• 2 Good growth in student body despite Australian funding caps

• 3 Delivering short courses on behalf of Swinburne & QUT

EBITDA result driven by revenue growth

• Earnings result demonstrates scalability of online model

• 4 Delivering learning design solutions and managed services to partners in AU, US, NZ, UK and mainland Europe

Delivering world-class student outcomes on an increasing scale

• 14k+ students across 6 uni partners (AU & UK)[1]

• Student satisfaction scores of c89%[2]

• Delivering OPM and online content services to partners in AU, US, NZ, UK and mainland Europe

Investing to build a large and scalable business

• Expect an aggressive investment bias to build a global OPM business

• Construct Education[4] acquisition to help open up new markets

• 1 Total current students: Swinburne Online, WSU, QUT, Monash & UK partnerships

2 Metrics relate to Swinburne Online (UG). Source: QILT Student Experience Survey (SES) data. Student satisfaction scores based on teaching quality & student support

3 Unbundled Services relates to customised education solutions, including certain elements of full OPM Services

4 OES acquired a controlling interest in Construct Education (Nov-20), a designer and developer of online education with a presence in the US, UK and mainland Europe

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Our diverse portfolio of Online Education businesses are disrupting traditional modes of education delivery

Online Program Management & Higher Education Services

Online Education Marketplaces / Distribution

	Online Program Management & Higher Education Services Online Education Marketplaces / Distribution	Online Program Management & Higher Education Services Online Education Marketplaces / Distribution	Online Program Management & Higher Education Services Online Education Marketplaces / Distribution	Online Program Management & Higher Education Services Online Education Marketplaces / Distribution
	Investments in emerging leaders Australia, US, NZ, UK and Europe Latin America Latin America UK, Europe & Australia Global Latin America 1
	Investments in emerging leaders Australia, US, NZ, UK and Europe Latin America 1	Latin America	Latin America	UK, Europe & Australia Global
	Serving an important need • Partners with universities to bring content online and expand student access to high-quality online education	• Online university offering high-quality education for Spanish speaking students	• Provides career- relevant IT (incl coding) courses	• Enabling partners to reach new students (global and local) and provides learners with access to global career-relevant education (short courses through to degrees)
	Portfolio metrics • c60k students / learners • c60% student growth vs pcp		• 80m+ students / learners • 50%+ student growth vs pcp • 400+ education partners

44% ‘look-through’[3] revenue growth (vs pcp)

1 OES is one of SEEK’s more mature Online Education investments and is reported separately to SEEK’s Online Education ESVs

2 Online Education TAM = Enterprise Training opportunity of cA$50b + MOOCs/Online Short Courses/Online Program Management of cA$5b+. Source: Internal management analysis supported by external market studies

• 3 Look-through’ share represents revenue of investments multiplied by SEEK’s ownership interest (based on comparable ownership interest across H1 20 & H1 21). Excludes OES & Coursera

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Our HR SaaS businesses provide tech-enabled solutions to solve complex problems

	Investments in emerging leaders Australia, Asia, UK & US	Australia, NZ, UK & US	Australia, NZ, UK & SE Asia	Israel, UK, & US
	Serving an important need • A leading digital learning platform enabling organisations to source, curate, deliver and track employee training	• A talent acquisition suite that simplifies the hiring process for recruiters and corporate talent acquisition teams	• A HR Information System that helps SMEs to easily manage HR, payroll and employee benefits	• A HR Information System tailored to mid-large sized businesses, with a focus on employee experience
	Portfolio metrics • >90% recurring revenue • c8k customers growing at c30%+ • >100% net revenue retention (i.e. value from upselling more than offsets value from churned customers) • Strong unit economics driven by effective customer acquisition and low churn
	Levers of growth Accessing a Global TAM of A$55b+1 • Adding new customers (replacing manual solutions with HR Software, winning share from legacy providers) • Growing customer value through innovation (e.g. new modules, upsell, cross-sell) • Pursue new partnerships & new geographies

45% ‘look-through’[2] revenue growth (vs pcp)

1 HR SaaS TAM includes both Talent Acquisition software (e.g. JobAdder) and Talent Management software (e.g. GO1, Employment Hero, Hibob). Source: Internal management analysis supported by external data

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2 ‘Look-through’ share represents revenue of investments multiplied by SEEK’s ownership interest (based on comparable ownership interest across H1 20 & H1 21)

Our contingent labour platforms are leveraged to the growing temporary labour force

Investments in emerging leaders Europe & Latin America	Australia & NZ	UK	Latin America & SE Asia
Serving an important need • A tech-enabled staffing marketplace connecting pre- qualified workers to medium- to-long term assignments, providing reliable work to a large labour pool	• A tech-enabled marketplace providing pre-qualified shift- based workers to employers and reliable work to a large labour pool	• A tech-enabled marketplace connecting pre-qualified Nurses and Care Workers with clients in the Social Care industry looking to fill shifts	• A tech-enabled marketplac connecting businesses wit freelancers that work in IT, programming, design and content writing

• A tech-enabled marketplace connecting businesses with freelancers that work in IT, programming, design and content writing

• Portfolio metrics • Overall strong net revenue growth despite COVID-19 impacts • Improvements in net revenue margins (take rates) across most of the portfolio

• Levers of growth Pursue new industry verticals & new geographies • Adding new customers (including through new channels)

• Accessing a TAM of •

• A$20b+ across Driving greater usage from existing customers (including new product features) AP&A and Europe[1]

28% ‘look-through’[2] revenue growth (vs pcp)

1 Contingent Labour TAM includes net revenue of non-permanent labour across AP&A Geographies and Europe . Source: Internal management analysis supported by external market studies

2 ‘Look-through’ share represents revenue of investments multiplied by SEEK’s ownership interest (based on comparable ownership interest across H1 20 & H1 21)

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Outlook

YTD Performance vs SEEK’s AGM guidance

Since late Nov-20 SEEK’s results and momentum have been significantly better than our AGM expectations[1]

• Results for the last 6 weeks of CY20 were significantly better than our AGM expectations[1]

• Mainly driven by ANZ, with OES and SEEK Asia to a lesser extent

• Trading momentum has continued into early CY21

• As a result, our expectations for FY21 have increased

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1 Expectations at the time of setting the AGM Guidance (Nov-20)

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FY21 Guidance Update

Context

• Forecasting remains challenging given volatility caused by COVID-19, changes in hiring sentiment and FX

• SEEK’s ad volumes have responded quickly to changes in COVID-19 restrictions, both positively and negatively. Yields are also sensitive to the sectors in which activity occurs

SEEK Group FY21 Guidance (excluding significant items)

• UPDATE: Revenue to be in the order of A$1,700m

• UPDATE: EBITDA to be in the order of A$460m

• AFFIRM: SEEK Investments ESV losses to be in the order of A$55m[1] (SEEK share of NPAT losses)

• UPDATE: Reported NPAT to be in the order of A$100m

Key assumptions: operating environment

• COVID-19: Health environment remains broadly consistent with current conditions (e.g. no pro-longed lockdowns)

• Macro: No material changes in macro settings or FX to cause a shift in hiring demand

• SMEs: Currently a key driver of revenue recovery (esp. SEEK ANZ) and in H2 21 have assumed more normalised hiring levels

Other assumptions vs AGM guidance

• Revenue: SEEK ANZ significantly outperforms, OES and SEEK Asia slightly outperform

• Opex: Increase in re-investment given revenue outperformance

• D&A, Net Interest & Capex: All broadly in line with AGM guidance[2,3]

• Assumes consolidation of Zhaopin at 61.1% ownership interest for H2 21

• SEEK will update the market as appropriate on the Zhaopin discussions

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1 SEEK share of NPAT losses in H1 21 was A$22m, H2 21 in the order of cA$33m

2 D&A and Net Interest: Aggregate amounts to be broadly comparable to FY20

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3 Capex: Product & Tech Capex to be broadly comparable to FY20, and H2 21 to include cA$50m related to new Melbourne Head Office

Well positioned to grow SEEK’s long-term value

Strong performance during COVID-19 and in initial recovery stage demonstrates SEEK’s resilience and strength

We see significant opportunities to grow SEEK and SEEK Investments

• Both businesses are executing well against key strategic priorities

• Competition is intense and further investment is required to grow our advantages

We expect a seamless leadership transition

• SEEK has a deep management team and strong track record of developing and attracting senior leaders

The Board is undertaking a review that is targeting the following outcomes:

1. Greater independence and focus to execute their growth strategies

2. More efficient capital structure to unlock the full potential of SEEK Investments

3. Remove SEEK’s requirement to fund SEEK Investments, and as a result create greater flexibility for SEEK to re-invest and pay dividends

Confident the review can deliver the right outcomes which will position SEEK and SEEK Investments for their next leg of growth

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Appendices

SEEK Group: H1 21 Segment Results

H1 21 Segment Results (from Note 1, p18 of SEEK’s Half-year Report 2021)

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SEEK Group: Net Debt Breakdown (31 December 2020)

SEEK Ltd - A$ bank debt SEEK Ltd - US$ bank debt SEEK Ltd -A$Subordinated FloatingRate Notes		31 December 2020(A$m)
	Facility Limit	Borrowings Cash Short -term Investments Funds on deposit2 Net Cash/ (Debt)
	A$612.5m US$552.5m A$225.0m	(487.5) (662.2) (225.0)
Cash & short-term investments		(1,374.7) (1,374.7)
		158.5 0.1 158.6
SEEK Ltd Borrower Group1 Zhaopin Zhaopin	RMB 789.9m US$240.0m	(1,374.7) 158.5 0.1 - (1,216.1) (81.0)
		(215.8)
Zhaopin Total2 Other	A$14.2m	(296.8) 354.0 0.6 250.2 308.0 (4.8) 8.3 0.1 - 3.6
SEEK GroupTotal	A$2,037.4m	(1,676.3) 520.8 0.8 250.2 (904.5)
Less transaction costs capitalised Per Consolidated Balance Sheet		10.1 (1,666.2)

Subsequent to 31 December 2020, during January 2021, OES established a new A$15m revolving loan facility maturing in January 2024

1 ‘Borrower Group includes SEEK Limited and all subsidiaries in which its ownership is at least 90% 2 Funds on deposit relates to A$250.2m held as security by Zhaopin lenders which is recognised in Other receivables’(A$113.4m) and ‘Other financial assets’ (A$136.8m) in SEEK’s Half-Year Report 2021

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Group Capex of A$67m with majority of investment in Product & Tech

SEEK Group Capex

Key insights

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Product & Tech:

AP&A capex of cA$43m mainly relating to:

• ANZ: AI & Search, CRM, Mobile, Hirer analytics & insights

• Asia: Platform unification (incl. Smarter Search, Recommendations, Notifications) and Mobile

SEEK Investments capex of cA$12m relating to :

• Zhaopin: Mobile App enhancements, Search optimisation, and initiatives across data, platform & AI

• OES: partner integrations and software to support course delivery

P&L impact

Depreciation & amortisation

• Product & tech assets amortised over an average of 3-5 years

• Expect D&A expense to increase over time reflecting higher Capex

PPA Amortisation

• Purchase Price Amortisation (PPA) for existing businesses to reduce over time

• PPA expense (pre-tax & NCI), expected to be cA$7m in FY21, cA$2m in FY22 and negligible thereafter

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Continued focus on key ESG areas

Data Trust

Protecting data privacy

• Data governance reflects importance of customer trust

• Ethical use of data for candidate benefit

Cyber Security

Significant investment in cyber controls

• Protecting systems, infrastructure & processes

• Tackling current and emerging threats

• Simulated hacking and penetration testing

Data and technology

• Driving transparency and efficiency in recruitment

• Artificial intelligence delivering candidate value

• Underpinned by Trusted & Ethical AI Principles

Climate Change

Carbon emissions

• Online business with low emissions - business travel, offices and data centres

• Greenhouse Gas disclosures in our Sustainability Report

Candidate security

• Screening/blocking technologies to prevent online fraud

• Certsy helps candidates protect their personal documents

Modern Slavery

Risk assessment & due diligence

• SEEK employment platforms in Asia

• Supply chains - low risk

• SEEK’s office operations - very low risk

• No instances of modern slavery detected

Climate strategy

• Minimising energy use - ongoing initiatives

• Planning net zero transition in line with Paris Agreement

SEEK Group Modern Slavery Statement 2020

• Available on the SEEK corporate website

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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, “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 4D and Half Year Report for the 6 months ended 31 December 2020 for IFRS financial information that is presented in accordance with all relevant accounting standards.

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