SEEK Limited makes strategic investment in leading South East Asian employment website provider

SEEK Limited announced today that it has purchased through off-market trades a 10% interest in JobStreet Corporation Berhad (JobStreet, listed in Malaysia). JobStreet is a leading provider of online employment websites in South East Asia. Total consideration was MYR 55.1m (A$ 19.3m), or an average of MYR 1.78 per share compared to the 90 day VWAP (volume weighted average price) of MYR 1.72 per share.

JobStreet is a leading provider of employment websites in South East Asia with strong market positions in Malaysia, Singapore and the Philippines, and an active presence in Indonesia and India, amongst other countries. The company has also recently announced a joint venture to enter the Thailand market.

In the second calendar quarter of 2008, the company grew its revenues at 35% YoY and grew EBIT at 38% YoY. JobStreetís Q2 2008 revenues were A$ 8.9m and EBIT was A$ 3.5m.

According to Andrew Bassat, Co-Founder and Joint CEO of SEEK:

ìThe online employment classifieds market in South East Asia is expected to enjoy significant growth over the next few years due to economic growth and the migration of classified advertising from print to online.

ìJobStreet has a strong and widely respected management team which has delivered outstanding results. We are delighted to have become a shareholder.

ìWe will now seek to enter a dialogue with management to explore how we might provide our support and expertise.î

SEEKís Director of Corporate Strategy, Jason Lenga said ìTogether with our investment in China, this investment positions SEEK strongly across the Asian region. We are very confident of JobStreetís prospects and ability to replicate its success in attractive emerging markets.î

SEEK has funded this investment from a new $200 million syndicated loan facility. The syndicate comprises The National Australia Bank (lead arranger), ANZ Bank, Commonwealth Bank of Australia and Westpac Bank. The facility is structured on a senior unsecured basis, and comprises two equal tranches with terms of 2 and 3 years, with an opening margin of 125 and 130 basis points above the bank bill rate respectively.