2007 Media Releases

Deutsche Bank has initiated coverage of online employment classifieds stock, Seek Ltd (ASX: SEK), with a Buy recommendation.

Research analyst, Tim Plumbe initiated coverage with an A$9.15 twelve month price target.

Mr Plumbe said “Seek dominates the on-line employment classifieds market, with more than twice the unique browsers and more than three times the number of jobs advertised than its closest competitor.”

“We see value in entrenched leading classifieds players who have created a marketplace and brand that is difficult to replicate.”

“We forecast FY08 group EBITDA growth of 38 percent to $111million” he noted.

Seek is the clear market leader in the rapidly growing Australian on-line employment classified market, with a commanding 59% share of jobs advertised on the top three sites and an estimated 63% market share of the on-line employment advertising dollars.

The on-line classified and display advertising sectors are benefiting from the fundamental structural change as advertising revenues rapidly shift from traditional media to on-line platforms. This shift is being driven by superior product proposition with improved functionality and at significantly lower price points.

Seek has been operating in the Australian on-line employment classifieds market since 1997. Whilst heavily penetrated in industries such as information technology, accounting, recruitment and other white collar categories, significant revenue growth opportunities exist from expansion into relatively new on-line employment categories.

Tim Plumbe noted that at a market price of $8.33 (as at 14 November 2007) SEK is trading at a FY09 EV to EBITDA multiple of 15.3 times, which is a discount to its global peers which are trading at a multiple range of 16.2 to 16.8 times.

For further information, please call:

Monika Lancucki +61 2 8258 2792 or Kate Abrahams +61 2 8258 2416