AERIS ENVIRONMENTAL LTD — Capital/Financing Update 2007

Nov 28, 2007

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29 November 2007

Aeris Technologies Ltd ABN: 19 093 977 336 Level 1, 5/26-34 Dunning Ave Rosebery NSW 2018 Australia

Tel: +61 2 8344 1315 Fax: +61 2 9697 0944

Companies Announcements Office Australian Securities Exchange Limited

PLACEMENT OF SHARES AND OPTIONS

Aeris Technologies Limited (ASX Code: AEI) is pleased to announce that it is undertaking the placement of a minimum of 6,800,000 and a maximum of 9,750,000 ordinary shares at a price of 40 cents with one attaching three year option (at an exercise price of $0.30) issued for every three shares subscribed for.

The issue of the shares is within the Company’s existing 15% share issue capacity.

The shares will be placed with professional, sophisticated and institutional investors pursuant to section 708 of the Corporations Act 2001 . A copy of Appendix 3B as required by ASX Listing Rule 3.10.3 will be submitted at the time of allotment of the shares.

The funds raised in the placement will be applied to the continued expansion of the Company’s international proprietary food cold storage, air-conditioning energy reduction and water treatment businesses.

“It is satisfying to see the support for AEI’s growth plans from a range of existing and new investors,” Aeris CEO Huw Jones said. “The Aeris team will continue to focus on driving business from our strategic distribution partners (including Trane who recently signed a pan-Asian partnership agreement) and securing further long term service agreements with large multi-site corporations”

Yours faithfully

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Huw D Jones

Chief Executive Officer

About Aeris Technologies

Aeris Technologies Ltd is an environmental services company focusing on the international environmental hygiene and protection market. The Company has three core patented technologies centered on multi-enzyme biofilm removal solutions, residual anti-microbial coatings and corrosion protection coatings. Aeris has developed products for application in the airconditioning and refrigeration service and manufacturing industries together with the large water treatment market.