notice received, page-19

I tend to also agree with Anyone and Jaluma.

Sales from own stores do not seem to be growing as quickly as expected given the number of store openings. Maybe most sales are coming for their largest store.

E-tropolis sales - very disappointing (but not surprising to me) - this is important as it diversifies the revenue stream (reduces reliance on Power Eagle OEM).

Also disappointing for me is the slow progress on the JV getting up an running - as this also would take reliance off most of revenue coming from PowerEagle.

I thought that they had flagged 2014 Q1 as the quarter when they would be cashflow positive...I would suggest this is in doubt with the slow Etropolis sales and progress on the JV getting up and running. They have probably had to stock up a bit in Dec for the increased PowerEagle production in 2014 which could explain some of their cash for operations position.

Positives - they are clearly looking at other OEM's/JV's - which would diversify revenue streams. I think this is quite important - especially if PowerEagle miss their increased 2014 targets like Etropolis has in 2013.

Overall - still another profitable month which is a positive - slow and steady progress (which isn't all that different from what we have seen in the past). Probably not just as quick as some would like to see.

The site visit by investors is important and could explain the solid buying we have seen recently. It will be interesting to see if they step in with this pullback - it would be a great indicator for me that they think that around 4-5 cents is an ok buy - given they probably have a 3 yr view on Vmoto.

Gotta - got your timing right to exit - it had over run. If the general market corrects, we could see 3.0 to 3.5 as a bottom for mine.

I need to wait until the full year results come out in March - I want to see sales and cost of sales numbers before I can really crunch some numbers and make any assessment on the next 12 months.

sents.