To: Wolff who wrote (1626 ) 1/23/2004 8:29:27 AM From: Pluvia Read Replies (1) | Respond to of 1766 Libertyville, USA – Jan 23, Pluvia Securities Research Continues Coverage of IVANHOE ENERGY (NasdaqSC:IVAN), at the current price, with a STRONG SELL/SHORTSELL Rating and a target price of under $1.00 Ivanhoe Energy Report - PART THREE *********************************1. HMS T-IVAN-TIC As the HMS IVAN slips deeper into the water, it would appear the Calandra rats are jumping ship and in the case of CBS Marketwatch’s chief legal counsel Doug Appleton – more like trampling women and children trying to get a spot on the lifeboat. 2. CBS MARKETWATCH SHOULD HAVE ACTED SOONER Marketwatch Attorney Appleton was given evidence Calandra was using CBS as a platform to launch promotion of public companies. The evidence is quite clear reviewing Calandra’s on air performances and subscription based Calandra Report. We provided them this proof in early November 03. Message 19723816 So what did CBS do about it? NOTHING. Not until the SEC knocked on their door…. 3. LONG HISTORY OF PUMPING STOCKS HE OWNED Calandra’s history of “questionable” journalistic behavior is not new. Here’s an article written about it in 1999, where Calandra’s on air behavior (pumping stocks he owned), was essentially identified as an example of unethical journalism by leaders in that field. Maybe CBS’s attorney’s missed that also? sfgate.com We think Marketwatch and CBS are going to be served a big ‘ol hot steaming cup of reality this morning… Today’s Wall Street Journal states Marketwatch’s attorney Appleton found no merit to the evidence we provided him. Well Doug, we’ve got news for you:Mr. Appleton, the elevator goes up to the suit and down to the street – YOU’RE FIRED. ********************************************IVAN REPORT THREE pg 1 of 1 Pluvia Securities Research, their agents, associates and or employees have investment positions consistent with the above-stated investment opinion. All comments are the EXPRESS opinion of the Author(s) - All rights reserved.