Exposure adjustments are to be done AFTER stitching rather than before because.
1. Even when shooting in Manual Mode, cameras often have slight exposure variations (±0.3 stops) between frames due to metering shifts, temperature changes, or lens flare as you pan.
If you brighten BEFORE stitching: You permanently bake these slight differences into the files. When PTGui blends them, it has to work much harder to hide the transitions. If the differences are too large (which they will be after a +2.0 stop lift), PTGui cannot fully hide them, resulting in visible vertical bands or "paneling" where each of the 10 frames looks slightly different in brightness.
2. The files before exposure adjustments are "flat" and dark. This preserves the maximum highlight and shadow information for PTGui’s blending engine to analyze.
Once the panorama is created, you have a single 32-bit or 16-bit file with a unified histogram. Applying the +2.0 stop lift here affects the entire image uniformly, ensuring the sky gradient remains smooth from left to right.