ENERO GROUP LIMITED — Director's Dealing 2010

Jan 5, 2010

Appendix 3Y Change of Director’s Interest Notice

Rule 3.19A.2

Appendix 3Y

Change of Director’s Interest Notice

Information or documents not available now must be given to ASX as soon as available. Information and documents given to ASX become ASX’s property and may be made public.

Introduced 30/9/2001.

Name of entity Photon Group Limited ABN 97 091 524 515

We (the entity) give ASX the following information under listing rule 3.19A.2 and as agent for the director for the purposes of section 205G of the Corporations Act.

Name of Director	Timothy James Hughes
Date of last notice	18 September 2009

Part 1 - Change of director’s relevant interests in securities

In the case of a trust, this includes interests in the trust made available by the responsible entity of the trust

Note: In the case of a company, interests which come within paragraph (i) of the definition of “notifiable interest of a director” should be disclosed in this part.

Direct or indirect interest	Indirect
Nature of indirect interest(including registered holder)Note: Provide details of the circumstances giving rise to the relevantinterest.	�Oldyear Pty Limited as trustee for EgnarHoldings Superannuation Fund. TimHughes is a beneficiary of the fund.�Carinya Investment Management PtyLimited. Tim Hughes is a director.�Carinya Media Management Pty Limited.Tim Hughes is a director.�Timothy James Hughes and JacquelineAnne Hughes. Tim Hughes is a jointholder.
Date of change	30 December 2009

• See chapter 19 for defined terms.

Appendix 3Y Page 1

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Appendix 3Y Change of Director’s Interest Notice

No. of securities held prior to change		IndirectOldyear Pty Limited ATF Egnar HoldingsSuperannuation Fund – 1,507,449 ordinarysharesCarinya Investment Management Pty Limited– 1,843,715 ordinary sharesCarinya Media Management Pty Limited –3,490,436 ordinary sharesTimothy James Hughes & Jacqueline AnneHughes – 12,225 ordinary sharesDirectTimothy James Hughes-2,000,000 options
Class		Ordinary Shares
Number acquired		51,530
Number disposed		Nil
Value/ConsiderationNote: If consideration is non-cash, provide details and estimatedvaluation		$1.44
No. of securities held after change		IndirectOldyear Pty Limited ATF Egnar HoldingsSuperannuation Fund – 1,558,979 ordinarysharesCarinya Investment Management Pty Limited– 1,843,715 ordinary sharesCarinya Media Management Pty Limited –3,490,436 ordinary sharesTimothy James Hughes & Jacqueline AnneHughes – 12,225 ordinary sharesDirectTimothy James Hughes-2,000,000 options
Nature of changeExample: on-market trade, off-market trade, exercise of options, issue ofsecurities under dividend reinvestment plan, participation in buy-back		On market acquisition

Part 2 – Change of director’s interests in contracts

Note: In the case of a company, interests which come within paragraph (ii) of the definition of “notifiable interest of a director” should be disclosed in this part.

Detail of contract	N/A
Nature of interest	N/A

• See chapter 19 for defined terms.

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Appendix 3Y Change of Director’s Interest Notice

Name of registered holder(if issued securities)	N/A
Date of change	N/A
No. and class of securities towhich interest related prior tochangeNote: Details are only required for a contract in relationto which the interest has changed	N/A
Interest acquired	N/A
Interest disposed	N/A
Value/ConsiderationNote: If consideration is non-cash, provide details andan estimated valuation	N/A
Interest after change	N/A

• See chapter 19 for defined terms.

Appendix 3Y Page 3

11/3/2002