AMG Critical Materials N.V.

Investor Presentation • Nov 12, 2009

AMG Advanced Metallurgical Group N.V.

Third Quarter 2009 Investor Presentation

November 2009

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.

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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.

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Contents

• Highlights and Operational Review
• Financial Review
• Market Overview and Outlook

AMG Advanced Metallurgical Group

…Global specialty metals and materials technology company

Fuel Efficiency

Proprietary alloys, superalloys and vacuum furnaces for aerospace applications

Recycling

Recycling of spent refinery catalysts and power plant residues used to produce ferrovanadium and ferronickel-moly and vanadium alloys

Solar

Crystallisation vacuum furnace technology for the creation of solar ingots and silicon metal producer

Nuclear

Vacuum furnace technology for nuclear fuels and storage technology for nuclear waste

Global Operations

Global presence enables access to key growth markets

• 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 - Third Quarter 2009

■ Revenue: \$205.4 million

• EBITDA: \$18.6 million, 9.0 % EBITDA margin
• Reduced sales prices
• Low capacity utilizations
• Advanced Materials profitability improved
• Engineering Systems order intake remained low
• Capital investment reduced to \$3.6 million in Q3 2009
• Cash: \$124.4 million and debt of \$202.3 million ■ Net debt of \$77.9 million
• AMG owns 44.5% of Timminco and no longer consolidates Timminco"s financial information
• Treated as equity method accounting under IFRS

Market Overview

AMG Advanced Metallurgical Group N.V.		(1)

											Total
		Solar		Fuel Efficiency		Recycling	Nuclear			Other	Group QTD
	Q3 09	Q3 08	Q3 09	Q3 08	Q3 09	Q3 08	Q3 09	Q3 08	Q3 09	Q3 08	Q3 09	Q3 08
Revenue	53	103	58	112	12	46	2	-	80	110	205	371
Gross Margin	17	31	7	24	5	18	(1)	-	12	10	40	83
Margin %	31%	30%	12%	21%	43%	39%	-29%	N/A	15%	10%	19%	22%
	  Silicon metal Vacuum furnace  systems for the DSS Vacuum production of high furnaces and other purity metals solar furnaces   VAl alloys Coatings for thin film  Superalloys for the Ti applications industry			 Ferrovanadium  Ferro nickel - molybdenum		 Vacuum sintering furnace systems  Engineering for processing of weapons grade nuclear fuel	plutonium into MOX	 Chromium metal  Tantalum  Vacuum sintering furnace systems  Antimony trioxide  Natural graphite  Al master alloys
	 solar furnaces for	Producer of leading the production of solar silicon ingots	 Petrol prices drive metals to improve fuel economy	growth in specialty	 Secondary raw material source business model cost feedstock	enables unique low	 technologies portfolio and expertise	Expanding nuclear	 metals based businesses	Portfolio of diverse

A focus on global clean energy technologies and industries

Solar

Thin film solar sputtering process

• Market continues to struggle
• Oversupply still evident in the value chain
• Production moving to Asia
• Order intake for solar ingot furnaces remains subdued
• Long term prospects for solar remain positive
• Thin film market bottoming, 2010 should improve

■ Operations

• Formed AMG Conversion Limited
• Retooling Berlin facility to produce non-solar furnaces

Fuel Efficiency

	Typical aerospace jet engine
e.g.	Ti-64	Ti-6246	Ti-834	Ni-based Superalloys
Operating

[ C]

• Market demand moderating
• Market adversely impacted by Boeing 787 and 747-8 delays
• Significant inventory overhang in value chain
• Prices have rebounded slightly from Q2 lows; demand still lagging
• Operations
• Reducing headcount at titanium master alloy production facility to match demand
• Working capital reductions ongoing to improve cash flow

Fuel Efficiency – Market Trends

Titanium Sponge Production by Country

• China production has surpassed other countries and will continue to lead in sponge
• Russia, Ukraine, Kazakhstan have become major producers of titanium sponge

Titanium Metal Demand by Segment

• Despite recent market turmoil, titanium metal will continue to grow substantially for the next 20 years
• Aviation will be the key market going forward

Recycling

North American steel capacity utilization

■ Market demand moderating

• AMG shut down operations during Q3 2009 – 6 weeks
• North American steel capacity utilization approaching 60% in Q3 "09 ■ FeV pricing reached \$13/lb; currently at \$11.25/lb
• Long term trends still positive
• Infrastructure growth from emerging markets will drive demand

Recycling - Pricing

Nuclear

• Market development ongoing
• U.S. DOE engineering project on schedule
• Impermeable graphite glass matrix (IGM) achieved development milestone
• Business development projects are long term
• New business opportunities in Russia and U.S.

■ Operations

• Engineering team has expanded to 20 engineers
• AMG working with partners to expand product offering

Financial Review

Financial Highlights

• Q3 Revenue: \$205.4 million
• YTD 2009 revenue: \$636.1 million
• Q3 EBITDA: \$18.6 million
• YTD 2009 EBITDA: \$56.7 million
• Balance Sheet highlights at September 30, 2009
• Cash: \$124.4 million
• Debt: \$202.3 million
• Net debt: \$77.9 million
• Total liquidity: \$222.4 million

Advanced Materials - Market, Products and Customers

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

Advanced Materials

• Recycling ferrovanadium
• Reference prices declined 62% v. Q3 "08
• Volumes declined 43% v. Q3 "08
• Demand remained soft due to lower structural steel production levels
• Fuel Efficiency master alloys volumes declined 77% compared to Q3 2008
• SG&A expense reduction of 21% from September 30, 2008
• CAPEX limited to maintenance activities

Engineering Systems - Market, Products and Customers

Solar	Fuel Efficiency	Nuclear
Solar silicon melting and  crystallisation systems	Vacuum Melting and Re  melting Systems	Vacuum Sintering  Systems
	Precision Casting and  Coating Systems
	Heat Treatment with high  pressure gas quenching
2001 – Secured furnace  exclusivity with REC	2008 – Market Share leader  in Ti remelting in China, the	July 2008 – Secured first  nuclear engineering contract
2005 – Introduced single 		with DOE, through Shaw Areva
2008 – >\$200mm in  revenue, 2nd largest market participant	turbine blade coating	Portfolio of problem solving  technologies under development
	(DSS furnaces) crucible furnaces	fastest growing Ti market 2008 – 80% market share in 

AMG ADVANCED METALLURGICAL GROUP N.V. 19

Engineering Systems

• Revenue: \$61.6 million, 54% decrease YoY
• Solar silicon DSS furnace revenues decreased 66% in Q3 "09 v. Q3 "08
• EBITDA: \$11 million
• Backlog declined from \$332 million at December 31 2008 to \$204 million at September 30, 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

• Revenue: \$33.7 million; 8% decrease YoY
• 30% reduction in natural graphite in revenue; stable silicon metal revenue
• EBITDA: \$2.6 million
• Improved from Q2 "09 due to cost containment measures and increased revenue
• CAPEX only for maintenance activities
• Silicon metal prices have rebounded slightly from Q2 "09. Market demand is improving

Capital Base

Highlights – September 30 2009

• Cash: \$124.4 million
• Total debt: \$202.3 million
• Net debt: \$77.9 million
• Revolver availability: \$98 million
• Total liquidity \$222.4 million

Note: Cash includes short term investments

Outlook

■ Advanced Materials

• Prices have rebounded slightly from historic lows; remain well below normal market levels
• Return to historical levels will take some time

■ Engineering Systems

• Order intake continues to be sluggish
• Lower order backlog entering Q4 2009 will result in lower 2010 revenues and EBITDA

■ Graphit Kropfmühl

• H2 2009 silicon metal and graphite demand improving over H1 2009
• Timminco
• AMG owns 44.5% of Timminco; Timminco remains a strategic asset of AMG

Appendix

Consolidated Balance Sheet

\$ in thousands	December 31, 2008	September 30, 2009
Fixed Assets	206,596	220,308
Goodwill and Intangibles	28,557	27,877
Other non-current assets	103,564	106,403
Inventories	240,426	197,886
Receivables	145,534	149,277
Other current assets	56,527	41,114
Cash	139,786	124,391
TOTAL ASSETS	920,990	867,256
TOTAL EQUITY	269,488	259,158
Long-term Debt	138,830	165,367
Pension Liabilities	84,931	91,004
Other long-term liabilities	69,919	73,522
Current Debt	44,522	36,965
Accounts Payable	113,742	80,556
Advance Payments	94,049	47,945
Accruals	48,369	45,492
Other current liabilities	57,140	67,247
TOTAL LIABILITIES	651,502	608,098
	920,990	867,256

TOTAL LIABILITIES AND EQUITY

NOTE: Balance sheet at 12/31/2008 has been restated for comparative purposes. To reflect the IFRS equity accounting treatment for AMG"s investment in Timminco

Consolidated Income Statement

\$ in thousands	Q3 2008	Q3 2009
Total Revenue	370,982	205,406
Cost of Goods Sold	288,177	165,457
Gross Margin	82,805	39,949
Selling, General and Admin.	39,069	31,876
Asset impairment and restructuring	-	5,302
Environmental	10	4,075
Other Expense (Income)	(1,883)	(1,194)
Operating Profit	45,609	(110)
Net Finance Costs	5,432	5,465
Equity Accounted Investee Profit	24	(1,285)
Profit before Income taxes	40,201	(6,860)
Tax Provision	11,921	5,694
Profit for the Quarter from continuing operations	28,280	(12,554)
Discontinued Operations	(12,956)	(14,240)
Profit for the Quarter	15,324	(26,794)
Attributable to:
Shareholders of the Company	20,769	(20,302)
Minority Interest	(5,445)	(6,492)

Consolidated Cash Flows

\$ in thousands	Q3 2008	Q3 2009
Cash Flows from Operations	76,038	(6,033)
Capital Expenditures	(42,060)	(20,755)
Other Investing Activities	(116,695)	(31,964)
Cash Flows from Investing Activities	(158,755)	(52,719)
Cash Flows from Financing Activities	73,123	35,415
Net increase (decrease) in cash	(9,594)	(23,337)
Beginning Cash	172,558	143,473
Effects of exchange rates on cash	(8,803)	4,255
Ending Cash	154,162	124,391
Approximate availability under AMG lines of
credit		97,708
Total Liquidity		222,099

AMG Advanced Metallurgical Group N.V.