TELSTRA GROUP LIMITED — Capital/Financing Update 2005

Apr 10, 2005

Service Stream Ltd 23-27 Wellington Street St Kilda, Victoria, 3182

Telephone: 61 3 9510 7604
Fax: 61 3 9510 6305
ABN: 58 008 027 978

ASX & Media Release

11 April 2005

New Telstra contract awarded

Diversified industrial services company Service Stream Limited ('Service Stream') is pleased to announce that it has been awarded a new labour services contract with Telstra Limited ('Telstra') for the provision of Technical Staff.

The Company's Communications Division will commence the contract immediately, with work to be carried out in all capital cities and regional centres across Australia. The contract term is 2 years with options to extend for a further 2 year period.

Service Stream is already supplying in excess of 200 Technical Staff to Telstra, and accordingly, mobilisation and start costs are expected to be nominal.

This contract compliments other works currently undertaken by the Communications Division with Telstra in the area of Installation and Maintenance.

Service Stream has established a leading position in servicing the Communications sector, with existing operating revenues exceeding \$120 million per annum. The addition of this latest contract places the Company firmly on target to achieve its stated ambition of in excess of \$300 million in operating revenues within 3 years.

For more information: Patrick Flannigan, Managing Director & Chief Executive Officer Service Stream Limited Tel: (61 3) 9510 7604

Michael Doery, Finance Director Service Stream Limited Tel: (61 3) 9510 7604

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

About Service Stream Limited:

Service Stream is a public company listed on the Australian Stock Exchange (Code: STR) with annual revenues exceeding A\$120 million. The company is an Australian owned and operated industrial services enterprise with proven outsourced field force management, technical support, 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.