Ann: NTU Hallgarten and Company Coverage Update, page-59

The EV market is in its infancy. There’s Tesla and a few manufacturers providing the odd hybrid model such as the i3, Prius etc. Petrol and diesel cars have an expiry date - we’re in a transition process. Manufacturers of EV’s are look at long term supply chain issues when they plan for future models. Issues like the Dy prices of 2011 are a reminder that this is a monopoly that needs to be broken by opening up rare earth suppliers outside China. Manufacturers need confidence that 2011 isn’t going to happen again. Patience is a virtue.