The following High Yield research analysts periodically issue research reports that
include opinions concerning Metallurg's future profitability, recommendations related
to the Company's outstanding public debt issuances as well as projections for the
general financial outlook of the metals industry

Metallurg, Inc. ("Metallurg") is followed by the analyst(s) listed above. Please note that any opinions,
estimates or forecasts regarding Metallurg's performance made by these analysts are theirs alone
and do not represent opinions, forecasts or predictions of Metallurg or its management. Metallurg does
not by its reference above or distribution imply its endorsement of or concurrence with such information,
conclusions or recommendations.