Ann: Notice of AGM/Proxy Form and Board Update, page-21

Graziano and Castiglioni.:

Didn't Charles do well, not only finding Graziano but also structuring a JV deal that made it possible for him to own 50% of the Italian distribution business during the loss making start up years, working for nothing while building the foundations for our multi bag opportunity.



Getting Graziano's and Castiglioni's feet firmly stuck on the VMT sticky paper was a real coup.

Haven't they done a fantastic job,
*changing the image of Vmoto with all the connections to the Moto GP champions and
* the Ducati badging agreement and
* getting C Creative involved when the time was right for VMT to have it's own B2C products.

The next move which involved Giovani and Graziano becoming strategic investors in VMT and agreeing to sell there share in VSI to Vmoto to finance their take up of the options they were awarded was also brilliant.

With those options way out of the money, following the collapse of the market, the importance of having them both committed to providing their expertise to VMT's success as executives/ advisers and most importantly big shareholders wasn't lost on Charles and we saw the put and call contract superseded by the recent acquisition agreement to buy their half of VSI. A definite win win situation.

With Super Soco belly up and their patents in the VMT safe house and the UK, French and Italian distributors fully owned all is looking well.

All we need is the long awaited economic recovery so the new plant thats well underway can achieve the goal of lifting sales 10x plus.

23c is a crap target for the share price:

Absolutely no doubt about that.

The current share price is also crap but last years performance awards were scrapped because of it .

Given the 14c share price at the beginning of the performance period and the KPI that measures performance, a share price of 23c is far from absurd its mathematically spot on.

You win some, you loose some, rolling with the punches will reduce the pain.