Ann: Appendix 4C - quarterly, page-11

Overall for me this is an ok announcement.

I'm loving the momentum in profits, which is more than I had expected.....higher margins is a great LT sign for me.

I not surprised at the lower PowerEagle volumes as I thought after half year that the full year 65,000 target was going to be a stretch. It looks like they will get around 50,000. For 2015, the orginal OEM was looking at 150,000 units.....well that looks like a dream now - with probably 75,000 probably the best they can hope for. I guess there is not a lot Vmoto can do if PowerEagle cannot meet it's sales targets. If it wasn't for the momentum in the other areas of the business, then the SP probably would be under pressure from the lower PowerEagle volumes.

A $2.5m profit in 2014 would be a good result and my numbers indicate that they will at least double that in 2015, even with a much lower PowerEagle volume, and assuming around $1m contribution from the Tech business.

It would be ideal if they announced something new in the next couple of months which would further diversify revenue streams in 2015 - and ensure the conversion of the options which could fund any new initiative.

sents