ENERO GROUP LIMITED — Capital/Financing Update 2007

Jul 16, 2007

==> picture [348 x 117] intentionally omitted <==

17 July 2007

ASX RELEASE

PHOTON ANNOUNCES SUCCESSFUL PUSH INTO OFFSHORE MARKETS, A ORGANISATIONAL RESTRUCTURE AND 2 NEW ACQUISITIONS.

Photon Executive Chairman, Mr Tim Hughes today announced a number of initiatives, "we are pleased to announce a successful push into the United Kingdom with an agreement to acquire leading field marketing company REL Field Marketing. REL will increase our presence in the market joining existing U.K based market research businesses, The Leading Edge and DVL Smith.

Here in Australia the opportunities are not letting up. We have today announced the acquisition of MessageNet, a digital SMS marketing specialist.

The purchase price payable at completion of these 2 acquisitions amounts to $24m to be funded from existing debt facilities. The shareholders of each company acquired will be entitled to additional deferred payments tied to future earnings.

Over the next 12 months these acquisitions are expected to be earnings per share accretive.

Today we have also announced an organisational and management restructure, this new structure will better manage our growth prospects. The divisional group

environment will enable greater divisional, group referrals, new business and operational economies of scale.

Our June 2007 results will be announced on 22 August 2007. Early indications are that they will be very much in line with consensus forecasts.

Page 1

We also announced today that we have a new debt facility following payments of $24m for the acquisitions today we will still have un-drawn total credit facilities of $118m."

International Operations

United Kingdom

Photon has agreed to acquire field marketing company REL Marketing. Completion of the acquisition is subject to a number of conditions precedent, including the finalisation of transaction documents.

Existing Photon Company, The Leading Edge has commenced operations in the United Kingdom. Last November Photon set up high end research house DVL Smith. Both companies have recently been awarded large market research projects.

In commenting on the growth in the United Kingdom Mr Matt Bailey said, "Following this acquisition we will have three companies in the United Kingdom. We are also in active discussions with a number of other companies which will further increase our presence in the United Kingdom."

United States, China and Asian Market

Photon first entered the United States last year with the acquisition of OB Media a search engine marketing company based in Houston, Texas. Photon Company IMega is in the process of setting up an internet product development team in San Francisco.

Photon has set up a local holding company in China. Australian Business Theatre, China was recently awarded a large contract to put together the Olympic showcase experience for State Grid, the State owned Electricity Company of China.

Last year Photon’s Research Company, The Leading Edge commenced operations in Singapore to service Asian clients.

Photon continues to explore potential opportunities to take other Photon companies into these markets or acquire existing local marketing businesses.

Page 2

Australian Acquisitions

Photon today announced the acquisition of MessageNet.

MessageNet is a digital agency that specialises in SMS Communication programs for the business sector.

Mr Matt Bailey said, "the acquisition of MessageNet is very complimentary with our existing digital agency Belong. This deal also increases our exposure to the fast growing digital communications sectors."

Organisational and Management Restructure

Photon today announced the restructure of the group into 5 divisions: Insights and Intelligence, Field Marketing, Integrated Communications and Digital, Internet Marketing and Communications and Specialised Communications.

Each division will be headed by a Divisional Managing Director. Photon today announced the appointments of Derek Leddie, Stewart Bailey, Tony Rowlinson, and Adam Kilgour. Photon is in the process of recruiting a Divisional Managing Director for Internet Marketing and Communications.

Divisional Managing Directors will report to the Executive Chairman, Tim Hughes and CEO, Matt Bailey.

Acquisition Funding

Photon today announced they have organised a new debt facility. After payments for acquisitions announced today of $24m Photon will have a further $118m total available facilities.

Outlook

Mr Hughes commented that “our 2007 results will be announced on 22 August 2007. They are in line with market forecasts. The advertising, marketing and communication sector has commenced the new financial year very strong. We have been a beneficiary

Page 3

so the outlook is very positive. Our new management and organisational structure will provide us a solid platform for both organic and acquisitive growth. We are expecting to complete a number of new acquisitions over the next few months here and overseas.”

Contact

Tim Hughes Photon Group Limited (02) 8213 3036 0419 555 733

Matt Bailey Photon Group Limited 0413 337 722

Martin Cole CPR 02 8213 3082

Page 4