SERVICE STREAM LIMITED — AGM Information 2007

Oct 24, 2007

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Annual General Meeting

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Capability + Ambition + Growth
Record earnings performance
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	Pro forma	Statutory
Revenue	$292.5M, +71.1%	$247.1M, +44.5%
EBITDA	$30.1M, +244.3%	$21.2M, +142.6%
NPAT	$17.5M, +301.6%	$11.2M, +158.2%

		Capability + Ambition + Growth	Capability + Ambition + Growth
Year in Review
July 2006	Acquired Radhaz Consulting
August 2006	Acquired Fibercom
August 2006	Vodafone contract extension and expansion
January 2007	Completes merger with TCI, cancels 40.3M shares
January 2007	Acquired General Purpose Group
February 2007	Awarded Do Not Call Register contract
May 2007	Awarded Telstra Payphones contract
May 2007	Awarded Energex contract
June 2007	Acquired Serviceworks Metering
July 2007	Awarded 2nd Energex contract
September 2007	Awarded AAS Contract
September 2007	Acquired Alinta sub metering business
October 2007	Acquired McCourt Dando

Resolution 1

“That the remuneration report of the Company presented at the meeting and signed by the chair for the purposes of identification, be received and adopted.”

Resolution 2

“That John Llewellyn Davies who retires by rotation in accordance with rule 7.1(d) of the Company’s constitution and, being eligible, stands for reelection, be re-elected as a director of the Company.”

Resolution 3

“That Michael Edward Doery who retires by rotation in accordance with rule 7.1(d) of the Company’s constitution and, being eligible, stands for reelection, be re-elected as a director of the Company.”

Resolution 4

“That Russell Andrew Small who retires by rotation in accordance with rule 7.1(d) of the Company’s constitution and, being eligible, stands for reelection, be re-elected as a director of the Company.”

Resolution 5

“That Adrian James Field who retires by rotation in accordance with rule 7.1(d) of the Company’s constitution and, being eligible, stands for reelection, be re-elected as a director of the Company.”

Resolution 6

“That Stephe Peter Wilks who retires by rotation in accordance with rule 7.1(f) of the Company’s constitution and, being eligible, stands for reelection, be re-elected as a director of the Company.”

Resolution 7

Approval of issue of 20 million placement shares

Resolution 8

Establish and implement an employee share ownership plan, and the issue of securities of the Company under the Service Stream ESOP be approved as an exception to rule 7.1 of the ASX Listing Rules

Resolution 9

The Service Stream ESOP be approved for all other purposes, including for the purposes of part 2J.2 and part 2J.3 of the Corporations Act 2001

Resolution 10

Establish and implement an exempt employee share ownership plan, and the issue of securities of the Company under the Service Stream Exempt ESOP be approved as an exception to rule 7.1 of the ASX Listing Rules

Resolution 11

The Service Stream Exempt ESOP be approved for all other purposes, including for the purposes of part 2J.2 and 2J.3 of the Corporations Act 2001

Resolution 12

That the issue to John Llewellyn Davies (or an entity nominated by him that is his family trustee, controlled entity or superannuation fund) of 100,000 fully paid ordinary shares in the Company for no consideration, be approved for the purpose of rule 10.11 of the ASX Listing Rules.

Resolution 13

Issue to Patrick Joseph Flannigan of up to 800,000 fully paid ordinary shares each year subject to completion of one or more milestone projects

Resolution 14

Issue to Michael Edward Doery of up to 800,000 fully paid ordinary shares each year subject to completion of one or more milestone projects

Resolution 15

Increase in the remuneration of the directors for their services as directors be increased from $500,000 to $750,000

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Annual General Meeting - CEO Presentation

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Capability + Ambition + Growth
Agenda
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• Year in Review

• Financials

• AAS Contract Structure

• • Business Overview

• • Future Outlook

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Capability + Ambition + Growth
Year in Review
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• Strong Financial Performance

• Increased Fully Franked Dividend of 4.5 cps

• Successful integration of TCI

• TOW growth to 12,000 per day by July 2008

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		Capability + Ambition + Growth	Capability + Ambition + Growth
Year in Review
July 2006	Acquired Radhaz Consulting
August 2006	Acquired Fibercom
August 2006	Vodafone contract extension and expansion
January 2007	Completes merger with TCI, cancels 40.3M shares
January 2007	Acquired General Purpose Group
February 2007	Awarded Do Not Call Register contract
May 2007	Awarded Telstra Payphones contract
May 2007	Awarded Energex contract
June 2007	Acquired Serviceworks Metering
July 2007	Awarded 2nd Energex contract
September 2007	Awarded AAS Contract
September 2007	Acquired Alinta sub metering business
October 2007	Acquired McCourt Dando

	FY 2007	FY 2006	% change
Revenue	$247.1M	$171.0M	44.5%
EBITDA	$21.2M	$8.7M	142.6%
EBIT	$18.5M	$7.2M	157.5%
NPAT	$11.2M	$4.4M	158.2%
Earnings Per Share	10.66 cps	6.97 cps	52.9%
Final dividend	4.5 cps	1.12 cps	301.8%
Interim Dividends	3.0 cps	0.75 cps	300.0%

		Capability + Ambition + Growth	Capability + Ambition + Growth
Balance Sheet
$ million	30 Jun	30 Jun
	2007	2006
Cash	5.2	2.0
Receivables & WIP	80.3	31.9
Fixed Assets	5.2	3.4
Other	7.7	3.5
Goodwill	155.7	18.6
Total Assets	254.1	59.4
Payables & provisions	78.1	23.6
Borrowings	35.5	6.5
Other	1.2	0.6
Total Liabilities	114.8	30.7
Net Assets	139.3	28.7
Issued Capital	130.8	25.9
Reserves	0.7	-
Retained earnings	7.8	2.8
Equity	139.3	28.7

Six monthly Revenue / EBITDA (Pro Forma Dec 06)

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November 2004 February 2005 January 2006 August 2006 January 2007
190
Acquired Skilled Acquired operating Acquired Acquired Merger
Communications Businesses of Milcom Fibercom TCI Ltd
170 Services Pracom Limited Technology Proforma result
154.0
150
138.5
130
110
91.2
90
79.8
70
48.7
50
30
14.5 15.6
11.8
10 2.4 4.1 4.7
-0.2
-10 Dec-04 Jun-05 Dec-05 Jun-06 Dec-06 Jun-07
$M
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Capability + Ambition + Growth
Current AAS Activity
Metro BNE/SYD/ADL/PER QLD
Service Stream
Current FTEs – 523 • Teneriffe
Current Revenues AAS • Geebung
TCI
• Brisbane
06/07 - $55M
NSW
07/08 (Forecast) - $60M Service Stream
• Silverwater
• North Ryde
• St Leonards
GPG
• Wetherill Park
TCI
• St Leonards
Telephony VIC
Service Stream
I&M Broadband (ADSL)
• Lonsdale St,
Exchange Jumpers Melbourne
SA • Collins St,
Poles Melbourne
Service Stream
Specialist Pits WA • Fullarton • Springvale
• Mulgrave
Copper (Repairs) Service Stream • Welland
• North
• Welshpool TCI Melbourne
TCI • Welland • Tullamarine
• Balcatta
GPG
• Springvale
TCI
• Collins St,
Melbourne 26
• Doncaster
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Capability + Ambition + Growth
Post AAS Activity
Now known as AAS QLD AAS Regions
Service Stream
National 4 year Contract • Teneriffe Queensland
-Brisbane Nth
Forecast FTEs – 1,882 • Geebung
-Queensland Sth
TCI
13 New Branches
• Brisbane
NSW
Forecast Revenues AAS
NSW -Sydney Sth
Service Stream -NSW North East
2007/08 $200M (Forecast) • Silverwater -NSW South East
2008/09 $300M (Forecast) • North Ryde
WA/SA/NT
• St Leonards
-WA South
GPG
-SA North
• Wetherill Park (incl. NT)
TCI
Telephony • St Leonards Victoria/Tasmania
I&M Broadband (ADSL) -Melb South East
VIC
Broadband Cable -Victoria West
Service Stream
Exchange Jumpers (incl. Tas)
• Lonsdale St,
Melbourne
Poles
SA • Collins St,
Specialist Pits SA Melbourne
Service Stream
ASC Pre ProvisioningNew EstatesCopper (Repairs) WAService Stream • Welshpool TCIService Stream •• Fullarton Welland TCI •• Fullarton Welland Melbourne••• Springvale Mulgrave North
Copper (Structural Project Based) TCI • Balcatta • Welland• Welland • Tullamarine
GPG
• Springvale
TCI
• Collins St,
Melbourne 27
• Doncaster
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TOW (Ticket of Work)

Contact Centre Solutions

• AAS Contract

• AAS Contract • I&M • Embedded Technology • I&M Solutions • • TelephonyTelephony • Broadband

• • Broadband • Customer Care • • ExchangeExchange

• • Specialist • Specialist • Directory Assistance • Poles

• • Poles • Pits

• • Pits • Bundled Outsourced Solutions • • Copper (repairs)Copper (repairs) • Installs and Logistics

• • ASC

• • ASC • Do Not Call Register • New estates

• • New estates • Insurance Services • • Pre provisioningPre provisioning • • Copper (structural projects)Copper (structural projects) • Other Projects

• • Payphones • Payphones • Cleaning • Cleaning • Technical

• • Technical

• • Training company • Training company • Labour Services

• • Labour Services

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Infrastructure Services

• Recoverable works

• GPG

• Wireless

• Fixed Infrastructure

• Fibercom

• Fibre

• Broadband

• • Copper • Build / Maintain

• • McCourt Dando • TCI • Property Acquisition • Planning • Design

• Install

• Construct

• Commissioning

• • EME (Radhaz)

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Capability + Ambition + Growth
Future Outlook
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• Focus on delivery of major contracts

• Strong organic growth to continue

• Continue to execute sensible acquisitions

• • Drive development of utility sector growth

• • Use our strong position to build healthy order book

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Annual General Meeting

This presentation has been prepared by the management of Service Stream Limited (the ‘Company’) for the benefit of brokers, analysts and investors and not as specific advice to any particular party or person.

Neither the Company, nor any of its officers, employees, servants, agents and advisers makes any recommendation as to whether you should acquire shares in the Company nor does any such person make any representation or warranty to you concerning the merits of any investment in the Company, the value of the shares, or the risks associated with the Company.

This presentation does not contain any invitation for applications or offers to subscribe for any shares in the Company and nothing in this presentation constitutes a securities recommendation or the provision of financial product advice. Before acquiring shares in the Company, you should consider, with the assistance of an independent financial adviser, whether the potential investment is appropriate in light of your particular investment needs, objectives and financial circumstances.

The information in this presentation is based on publicly available information, internally developed data and other sources. No independent verification of those sources has been undertaken and where any opinion is expressed in this document it is based on the assumptions and limitations mentioned herein and is an expression of present opinion only. No warranties or representations can be made as to the origin, validity, accuracy, completeness, currency or reliability of the information. The Company disclaims and excludes all liability (to the extent permitted by law), for losses, claims, damages, demands, costs and expenses of whatever nature arising in any way out of or in connection with the information, its accuracy, completeness or by reason of reliance by any person on any of it.

Where the Company expresses or implies an expectation or belief as to the success of its business model, such expectation or belief is expressed in good faith and believed to have a reasonable basis. However, such projections are subject to risks, uncertainties and other factors which could cause actual results to differ materially from future results expressed, projected or implied by such projections. Such risks include, but are not limited to changes to assumptions for capital and operating costs as well as political and operational risks and governmental regulation outcomes. The Company does not have any obligation to advise any person if it becomes aware of any inaccuracy in or omission from any projection or to update such projection.