Citi- SELL rating on PL$, page-141

Looking out, well over the horizon, and trying to predict a future stock price
is better left to the professionals and they don't have much of a track record either.
Better for us to do what this message board does so well, which is monitor everything
happening in our industry that could influence share price in the future. This is particularly
true related to competition. Competition from other producers, competition from other
means of providing low cost electricity, and competition from new producers.

The second arena we monitor well here is how the electric vehicle industry and ESS industry
are progressing and growing. These two arenas growth and competition provide us with an
in depth insight into future supply and demand. That knowledge was the fundamental insight
that provided us with the will power to remain patient and not sell our shares during the recent
bad times.

That is why many of us found the recent citicorp decision to place a sell on the stock so distasteful.
It goes completely counter to everything we know and have read about the current supply/demand
condition in this industry. We have a company here who is rapidly moving toward very attractive levels
of profitability. There is no calvery coming over the hill to rescue demand. The shortfall in supply will be
with us for a while. How in the world does that rate a sell recommendation? It does not.