Service Stream Limited · ASX:SSM

Service Stream — Merger or Acquisition (December 2018)

12 slides from Service Stream's merger presentation, Dec 3, 2018

1. Slide 1: Acquisition of Comdain Infrastructure

   Service Stream Limited Acquisition of Comdain Infrastructure Leigh Mackender Managing Director 3 December 2018

2. Slide 2: Transaction Overview

   Transaction Overview  Service Stream has entered into a binding agreement to acquire Comdain Infrastructure Pty Ltd (Comdain Infrastructure) Comdain Infrastructure  Comdain Infrastructure is a market leading provider of integrated asset lifecycle services to Australia’s utility asset owners and op

3. Slide 3: Transaction Overview … continued

   Transaction Overview … continued  The acquisition is strategically attractive…  Consistent with Service Stream’s strategy of diversifying and increasing annuity-style revenues, leading to a relatively even distribution of Group revenues from the utility and telecommunications sectors. Strategic 

4. Slide 4: 4

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5. Slide 5: Strategic Rationale

   Strategic Rationale Enhancing Service Stream’s exposure to the utility market, supporting a broader utility asset life-cycle service capability  Highly complementary to Service Stream’s existing capabilities and service offerings  Comdain Infrastructure is a market leader across gas and water util

6. Slide 6: Strategic Rationale … continued

   Strategic Rationale … continued Enhancing Service Stream’s exposure to the utility market, supporting a broader utility asset life-cycle service capability  Enhances markets Service Stream’s capabilities and increases the Group’s exposure to growing  Enhances the provision of services offered to u

7. Slide 7: 7

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8. Slide 8: Comdain Infrastructure

   Comdain Infrastructure A leading provider of critical infrastructure services across Australia’s east coast, supporting major utility network owners and operators throughout the asset life-cycle process    FY19 Forecast Exposed to large and growing Revenue ~$320m Solid order book of $640m Align

9. Slide 9: Comdain Infrastructure

   Comdain Infrastructure A leading provider of critical infrastructure services across Australia’s east coast, supporting major utility network owners and operators throughout the asset life-cycle process Management & Workforce Geographic Footprint  Well regarded and highly experienced management tea

10. Slide 10: 15

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11. Slide 11: Pro Forma Financials

    Pro Forma Financials Service Stream’s acquisition of Comdain Infrastructure is EPS accretive by 11.3%1 on a FY19 pro forma basis2 SSM 3 Comdain 4 Transaction Pro forma 5 3 $m FY19F FY19F Adjustments Combined 1 2 4 Broker consensus Mgmt forecast Group Revenue 678.6 320.0 998.6 EBITDA 72.5 22.0 94.5 %

12. Slide 12: 12

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