AMG Critical Materials N.V.

Investor Presentation • Mar 24, 2010

AMG Advanced Metallurgical Group N.V.

Investor Presentation March 2010

Disclaimer

THIS DOCUMENT IS STRICTLY CONFIDENTIAL AND IS BEING PROVIDED TO YOU SOLELY FOR YOUR INFORMATION BY AMG ADVANCED METALLURGICAL GROUP N.V. (THE "COMPANY") AND MAY NOT BE REPRODUCED IN ANY FORM OR FURTHER DISTRIBUTED TO ANY OTHER PERSON OR PUBLISHED, IN WHOLE OR IN PART, FOR ANY PURPOSE. FAILURE TO COMPLY WITH THIS RESTRICTION MAY CONSTITUTE A VIOLATION OF APPLICABLE SECURITIES LAWS.

This presentation does not constitute or form part of, and should not be construed as, an offer to sell or issue or the solicitation of an offer to buy or acquire securities of the Company or any of its subsidiaries nor should it or any part of it, nor the fact of its distribution, form the basis of, or be relied on in connection with, any contract or commitment whatsoever.

This presentation has been prepared by, and is the sole responsibility of, the Company. This document, any presentation made in conjunction herewith and any accompanying materials are for information only and are not a prospectus, offering circular or admission document. This presentation does not form a part of, and should not be construed as, an offer, invitation or solicitation to subscribe for or purchase, or dispose of any of the securities of the companies mentioned in this presentation. These materials do not constitute an offer of securities for sale in the United States or an invitation or an offer to the public or form of application to subscribe for securities. Neither this presentation nor anything contained herein shall form the basis of, or be relied on in connection with, any offer or commitment whatsoever. The information contained in this presentation has not been independently verified. No representation or warranty, express or implied, is made as to, and no reliance should be placed on, the fairness, accuracy or completeness of the information or the opinions contained herein. The Company and its advisors are under no obligation to update or keep current the information contained in this presentation. To the extent allowed by law, none of the Company or its affiliates, advisors or representatives accept any liability whatsoever (in negligence or otherwise) for any loss howsoever arising from any use of this presentation or its contents or otherwise arising in connection with the presentation.

Certain statements in this presentation constitute forward-looking statements, including statements regarding the Company's financial position, business strategy, plans and objectives of management for future operations. These statements, which contain the words "believe," "expect," "anticipate," "intends," "estimate," "forecast," "project," "will," "may," "should" and similar expressions, reflect the beliefs and expectations of the management board of directors of the Company and are subject to risks and uncertainties that may cause actual results to differ materially. These risks and uncertainties include, among other factors, the achievement of the anticipated levels of profitability, growth, cost and synergy of the Company"s recent acquisitions, the timely development and acceptance of new products, the impact of competitive pricing, the ability to obtain necessary regulatory approvals, and the impact of general business and global economic conditions. These and other factors could adversely affect the outcome and financial effects of the plans and events described herein.

Neither the Company, nor any of its respective agents, employees or advisors intend or have any duty or obligation to supplement, amend, update or revise any of the forward-looking statements contained in this presentation.

The information and opinions contained in this document are provided as at the date of this presentation and are subject to change without notice.

This document has not been approved by any competent regulatory or supervisory authority.

Introduction

• Listed on NYSE-Euronext Amsterdam (Euronext: AMG)
• Products
• High purity metals and complex metal products
• Vacuum furnaces used to produce high purity metals
• 2009 Full Year December 31
• Revenues \$867.4 million
• EBITDA \$69.1 million
• Net debt \$86.8 million
• Capital Investment \$25.5 million
• Global presence
• Europe, North America, South America and Asia
• 2,200 employees

Technology-driven specialty metals company

Financial Highlights - Fourth Quarter 2009

• Revenue: \$231.4 million
• EBITDA: \$12.4 million, 5.0 % EBITDA margin
• Reduced sales prices
• Low capacity utilizations
• Advanced Materials profitability improved substantially in Q4
• Engineering Systems order intake remained low
• EPS, excluding Timminco and restructuring charges, of \$0.03
• Capital investment of \$8.7 million in Q4 2009
• Cash: \$117.0 million and debt of \$203.8 million ■ Net debt of \$86.8 million

Macroeconomic Trends and Markets

• AMG is focused on the global macroeconomic trend of sustainable development of natural resources and CO² reduction for the growing end markets in:
• Aerospace
• Infrastructure Recycling
• Energy Solar & Nuclear
• Specialty Metals & Chemicals

Products & End Markets

Advanced Materials

• High-value alloys
• Essential raw materials

Vacuum Furnaces

Capital equipment for high purity materials

AMG Advanced Metallurgical Group N.V.

End Products

Typical aerospace jet engine

Vacuum furnaces for solar ingot production

High purity stainless steel

Specialty Metals and Energy Chemicals

Tantalum based capacitor

Paints and pigments

Markets & Products

2009 Revenue by End Market

2009 Revenue by Product

Global Operations

Note: This chart is a simplified depiction of AMG"s organisational structure.

• (1) Timminco Limited is listed on the Toronto stock exchange (TIM CN / TIM.TO).
• (2) Graphit Kropfmühl AG ("GK") is listed on the Frankfurt stock exchange (GKRG.DE / GKR GR).

Financial Highlights - by Business Unit

Financial Highlights

EBITDA

Revenue Highlights

• Q4 Revenue: \$231.4 million
• 2009 revenue: \$867.4 million
• Q4 EBITDA: \$12.4 million
• 2009 EBITDA: \$69.1 million
• Balance sheet highlights at Dec 31, 2009
• Cash: \$117.0 million
• Debt: \$203.8 million
• Net debt: \$86.8 million
• Total liquidity: \$196.9 million

Advanced Materials - Market, Products and Customers

	Aerospace	Infrastructure - FeV	Other
Products	Specialty alloys for titanium 	Ferro-vanadium 	Chromium Metals 
	Coatings for wear  resistance	Ferro-nickel molybdenum 	Tantalum 
			Antimony 
			Aluminium master alloys 
Competitors	Reading Alloys Inc. 	Highveld Steel & Vanadium 	KBM Affilips B.V. 
	Strategic Minerals  Corporation	Gulf Chemical &  Metallurgical Corporation	KB Alloys, Inc. 
			Delachaux S.A. 
		Strategic Minerals  Corporation	Campine S.A. 
		Xstrata plc 	Chemtura Corporation 
Sample Customers		Chengde Vanadium &  Titanium Stock Co. Ltd.

Infrastructure - Pricing

Significant price trends – 10 years

Advanced Materials

Financial Summary Highlights

Q4 2008 EBITDA adjusted for inventory write downs of \$20.5 million

• Infrastructure ferrovanadium
• Reference prices declined 47% v. Q4 "08
• Volumes declined 12% v. Q4 "08
• Demand remained soft due to lower structural steel production levels
• Aerospace master alloys volumes declined 80% compared to Q4 2008
• Year over year reduction in personnel expenses improved EBITDA margins
• CAPEX limited to maintenance activities and expansion of mining operation in Brazil

Engineering Systems - Market, Products and Customers

Energy -	Solar

Solar silicon melting and crystallisation systems (DSS furnaces)

Aerospace

• Vacuum Melting and Remelting Systems
• Precision Casting and Coating Systems
• Heat Treatment with high pressure gas quenching
• 2009 Market Share leader in Ti remelting in China, the fastest growing Ti market
• 2009 80% market share in turbine blade coating

Energy - Nuclear

Vacuum Sintering Systems

• July 2008 Secured first nuclear engineering contract with DOE, through Shaw-Areva
• Two strategic acquisitions completed to expand product portfolio

Products

• Notable Successes 2001 Secured furnace exclusivity with REC
• 2005 Introduced single crucible furnaces
• 2009 >\$172 mm in revenue, 2nd largest market participant

Sample Customers

Engineering Systems

Financial Summary Highlights ( in millions) - - \$16.1 \$23.4 \$22.5 \$11.0 \$5.9 \$106.7 \$96.2 \$91.2 \$61.6 Q4 08 Q1 09 Q2 09 Q3 09 Q4 09 Revenue EBITDA

• Revenue: \$73.8 million, 31% decrease YoY
• Solar silicon DSS furnace revenues decreased 53% in Q4 "09 v. Q4 "08
• EBITDA: \$6 million
• Backlog declined from \$332 million at December 31 2008 to \$162 million at December 31, 2009
• Order backlog is now primarily comprised of furnaces for fuel efficiency end market
• 2010 EBITDA is expected to be lower than 2009 due to the decline in backlog

Graphit Kropfmühl

Financial Summary Highlights

• Revenue: \$33.3 million; 24% increase YoY
• increases in silicon metal revenue
• EBITDA: \$1.2 million
• Improved from Q4 "08 due to cost containment measures and increased revenue
• CAPEX only for maintenance activities and upgrading of IT systems
• Silicon metal prices have rebounded slightly from Q4 "08. Market demand is improving

Capital Base

Note: Cash includes short term investments

Outlook

• Advanced Materials
• Prices have rebounded slightly from historic lows and the markets are improving gradually; 2010 revenues and EBITDA will improve significantly
• Engineering Systems
• Order intake continues to be sluggish
• Lower order backlog entering 2010 will result in lower 2010 revenues and EBITDA
• Graphit Kropfmühl
• Silicon metal and graphite demand improving
• Timminco
• AMG owns 42.5% of Timminco; AMG supports Timminco"s focus on its core silicon metal business

Appendix

Consolidated Balance Sheet

\$ in thousands	December 31, 2008	December 31, 2009
Fixed Assets	206,596	211,022
Goodwill and Intangibles	28,557	28,253
Other non-current assets	103,564	78,209
Inventories	240,426	193,378
Receivables	145,534	147,787
Other current assets	56,527	35,313
Cash	139,786	117,016
TOTAL ASSETS	920,990	810,978
TOTAL EQUITY	269,488	228,423
Long-term Debt	138,830	168,319
Pension Liabilities	84,931	91,358
Other long-term liabilities	69,919	51,249
Current Debt	44,522	35,477
Accounts Payable	113,742	69,791
Advance Payments	94,049	54,764
Accruals	48,369	46,179
Other current liabilities	57,140	65,418
TOTAL LIABILITIES	651,502	582,555
TOTAL LIABILITIES AND EQUITY	920,990	810,978

Inventories managed during 2009 to adapt to changing economic requirements Other current liabilities higher due to expected tax payment required for Engineering Systems

NOTE: Balance sheet at 12/31/2008 has been restated for comparative purposes. It will not be restated in published results.

Consolidated Income Statement

\$ in thousands	2008	2009
Total Revenue Cost of Goods Sold Gross Margin	1,280,120 1,017,751 262,369	867,447 701,860 165,587
Selling, General and Admin. Asset impairment and restructuring Environmental Other Expense (Income)	138,227 49,998 1,433 (6,158)	137,537 9,500 3,998 (6,009)
Operating Profit	78,869	20,561
Net Finance Costs	18,734	17,250
Equity Accounted Investee Profit	547	(31,958)
Profit before Income taxes	60,682	(28,647)
Tax Provision	36,962	15,205
Profit for the Year from continuing operations Discontinued Operations Profit for the Year	23,720 (21,162) 2,558	(43,852) (54,378) (98,230)
Attributable to: Shareholders of the Company Minority Interest	14,453 (11,895)	(75,642) (22,588)

•Restructuring costs include AMG Corp severance, headcount reductions in AMD as well as headcount reductions and asset impairment within ESD Own and Operate

•Environmental provision recorded due to revision of estimates for New Jersey decommissioning

•Tax provision booked due to losses occurring in jurisdictions where tax benefits cannot be booked (US, Germany)

Consolidated Cash Flows

\$ in thousands	2008	2009
Cash Flows from Continuing Operations	117,575	16,368
Cash Flows from Discontinued Operations	5,778	(18,459)
Cash Flows from Operations	123,353	(2,091)
Capital Expenditures	(68,429)	(25,532)
Cash Flows from Discontinued Operations	(65,485)	(32,039)
Other Investing Activities	(86,776)	(32,610)
Cash Flows from Investing Activities	(220,690)	(90,181)
Cash Flows from Continued Operations	30,774	15,060
Cash Flows from Discontinued Operations	48,800	47,578
Cash Flows from Financing Activities	79,574	62,638
Net increase (decrease) in cash	(17,763)	(29,634)
Beginning Cash	172,558	143,473
Effects of exchange rates on cash	(11,322)	3,177
Ending Cash	143,473	117,016
Approximate availability under AMG lines of
credit	103,108	79,906
Total Liquidity	246,581	196,922

AMG Advanced Metallurgical Group N.V.