ENERO GROUP LIMITED — AGM Information 2011

Nov 28, 2011

29.11.2011

==> picture [108 x 20] intentionally omitted <==

2011 Annual General Meeting Chairman’s Address

Good afternoon Ladies and Gentlemen,

I am your Chairman, Brian Bickmore, and I would like to welcome you all here today.

Before we start the formal business of the Meeting, let me introduce the people who are with me on stage today - your Directors Susan McIntosh, Roger Amos, Max Johnston and the Chief Executive Officer, Jeremy Philips.

Seated in the front row we have members of the Senior Management Team, Chief Financial Officer Clare Battellino and Company Secretary Eleni North.

Today, I am pleased to stand before you as chairman of a very different company from a year ago.

During the past year, the Board and management set out a very clear strategy to reduce debt and simplify Photon’s structure.

The CEO and the management team have achieved a dramatic turnaround, taking the company from an unsustainable debt load of $450 million to being debt free. We did so while protecting shareholders from the risk of a fire sale. In fact, since the recapitalisation in September 2010, Photon has sold 13 businesses for a total of $233 million, being an average of 7.5 times trailing annual EBITDA.

While the company achieved strong multiples for the businesses we sold, we didn’t just sell businesses haphazardly. We sold businesses that were non-core and the result is a company that is now much simpler and stronger. The company is now well placed to grow in the coming years by taking advantage of the many opportunities available to its business units.

On behalf of the Board I would like to applaud the efforts of Jeremy Philips, his senior management team, and all of the staff at Photon’s businesses.

Our business units around the world continued to provide outstanding service, creativity and counsel to their clients during fiscal 2011. Photon’s businesses are recognised as leaders in their fields. To the benefit of Photon investors, their efforts over the past year saved the company and helped secure the jobs of the company’s employees.

In closing, I would like to thank my fellow directors for their support and hard work during the past year. It is pleasing to have emerged from this past year with the company in far better shape for the future. However, there is still much to be done to rebuild Photon and ensure it takes advantage of its new and solid financial foundation to grow in the future.

I will now hand over to our Jeremy to speak in more detail about the company’s strategy and operating position.

Contact

Andrew Butcher Butcher & Co +61 400 841 088

==> picture [53 x 5] intentionally omitted <==