SERVICE STREAM LIMITED — Capital/Financing Update 2007

May 15, 2007

Service Stream Limited Level 12, 555 Lonsdale Street
Melbourne, Victoria, 3000 PO Box 14570 Melbourne, Víctoria 8001 www.servicestream.com au

Tel: 61 3 9677 8888 Fax: 61 3 9677 8800 ABN: 46-072-369-870

16 May 2007

ASX & Media Release

Awarded Utilities Construction & Maintenance Contract

Leading industrial and technical services group Service Stream Limited (ASX Code: SSM) announces that it has been awarded a construction and maintenance contract with Queensland's major power utility Energex.

The 2 year contract with a 2 year option represents Service Stream's first major foray into the utilities sector. Under the contract Service Stream's Queensland operations will provide minor construction and maintenance of the underground network for the South Coast Hub, including the Gold Coast, Beaudesert and surrounding areas. Activities include installation of conduit and cable and all intermediate works.

Commenting on the announcement, Service Stream's Managing Director and CEO Patrick Flannigan said:

"This is an important piece of work for Service Stream. The contract also represents another milestone in the Company's development, supporting the strategy to diversify its infrastructure asset management services into the Utilities sector.

Importantly, this contract represents a strategic move into the Utilities sector by leveraging our existing capability in an organic sense".

For further details contact:

Patrick Flannigan, Managing Director & Chief Executive Officer Service Stream Limited Tel: (61 3) 9677 8888

Michael Doery, Executive Director & Chief Financial Officer Service Stream Limited Tel: (61 3) 9677 8888

Jo May, Investors & Media Alitum Partnership Tel: (61 3) 9200 7069

About Service Stream Limited:

Service Stream is a public company listed on the Australian Stock Exchange (Code: SSM) with annual revenues approaching A\$300 million. The company is an Australian owned and operated industrial services enterprise with proven outsourced field force management, technical support, customer contact, customer assistance and asset management capabilities. Service Stream aims to generate superior returns for shareholders by leveraging its equipment installation and maintenance capabilities across a range of infrastructure based industries. For more information please visit the Company's website at www.servicestream.com.au.