Ann: Change of Director's Interest Notice, page-46

Harpoon

At a price of 2.10 this will have a market cap of 400m and Guaranteed will not be Breakeven.

The only way it will be 2 bucks without considerable earnings to back it up will be via takeover. Which is possible, but at this stage of it's lifecycle quite slim.

It is much more likely to be lower by way way slower than expected product penetration, resulting in longer lead times for Breakeven, higher marketing and merchandising costs, and a diverse geographical expansion expansion strategy that will result in a cap raise before this quarterly.

Prepare for disappointment around the rev numbers. But don't worry Harpoon, it will be 2 dollars by Jan ??? I'd love to hear your reasoning.

Also, I had a friend ring a Yowie back from NY last week - expiry Decemebr 15. CLEAR indication of not selling like it did in Aussie. For all the sensitive, I am not saying it is not selling, but the under capacity utilisation of the plant and this sort of evidence demonstrates not the 50m pa this did in Australia.

Recalibration needed here. Success but over a much longer period. It will also need to be supported by serious marketing- $$ - cap raise