ENERO GROUP LIMITED — Capital/Financing Update 2007

Nov 19, 2007

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20 November 2007

ASX/MEDIA RELEASE

PHOTON GROUP STRENGTHENS ITS UK EXPERIENTIAL AND FIELD MARKETING BUSINESS WITH THE ACQUISITON OF SLEDGE

• Acquires leading UK brand experience agency, Sledge Limited

• Provides significant impetus to Photon’s experiential and field marketing division

• Builds Photon’s UK presence even further

• Acquisition earnings per share accretive over 12 months

Photon Group (ASX:PGA) has further strengthened its experiential and field marketing division, and boosted its UK presence with the acquisition of one of the UK’s leading brand experience agencies, Sledge Limited (Sledge).

Sledge specialises in live brand experience marketing, bringing clients’ brands to life through a strategic mix of creative planning and execution, including live events, film, digital and print. It is a top-six agency in the UK with a range of leading brands across a range of sectors and employs 38 people based in London.

Executive Chairman of Photon, Tim Hughes said: “This acquisition is another example of the Photon model successfully identifying great companies which are a natural fit for the group. Sledge is a highly creative and innovative agency which delivers fantastic results for its clients and has a history of earnings growth.”

Chief Executive of Photon, Matt Bailey “With a strong suite of leading brands, Sledge, with its thought leadership position in brand experience marketing is an ideal complement to our existing UK field marketing business, REL and this significantly builds our experiential and field marketing division within Photon.”

Joint Chairman of Sledge, Tom Beaumont-Griffin said: “We were impressed by Photon’s understanding and commitment to brand experience marketing as it becomes the new ‘centre of gravity’ around which brands pivot their relationship with consumers. Sledge is committed to leading the thinking in this area, and now that we are part of one of the most exciting Groups to emerge in the UK it is the perfect way to express our ambitions.”

The purchase price comprises an initial payment in cash of A$9.2 million plus deferred payments tied to performance targets. The initial payment was funded from Photon’s acquisition facility.

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Over the next 12 months, the acquisition of Sledge is expected to be accretive to Photon’s earnings per share.

Photon is a specialist marketing services company comprised of five strategic divisions: Strategic Intelligence, Integrated Communications & Digital, Experiential & Field Marketing, Internet Marketing & Communications and Specialised Communications.

Contact

Tim Hughes Tom Beaumont-Griffin Executive Chairman Joint Chairman Photon Group Limited Sledge Limited +61 2 8213 3036 + 44 (0) 208 743 3232 + 61 419 555 733 + 44 (0) 7768 583 888

Matt Bailey Chief Executive Officer Photon Group Limited + 61 413 337 722

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