AMG Critical Materials N.V.

Investor Presentation • Jun 2, 2009

Investor Presentation

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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AMG at a Glance

• Preeminent global specialty materials and materials technology company serving growing end-markets
• Advanced Materials Division: Niche and complex specialty materials
• Engineering Systems Division: Advanced vacuum furnace systems for high-purity metals
• Majority Owned Subsidiaries:
• Timminco (52.5%-owned): (1) Solar grade silicon and silicon metal
• Graphit Kropfmühl (79.5%-owned): Integrated miner of natural graphite and producer of silicon metal
• 2008 FY Results: Revenue up 31% to \$1,518 million and EBITDA up 55% to \$185 million

2008 Business Highlights

• Acquired 79.5% of Graphit Kropfmühl
• Established full scale nuclear technology business
• won contract from Shaw Areva/ U.S. DOE
• Timminco shipped 1,045 mt of Upgraded Metallurgical (UMGSi) solar silicon in 2008
• Cash of \$143 million and debt at \$232 million at Dec 2008
• Net debt of \$89 million at year end 2008
• Market conditions are challenging in 2009
• The Advanced Material Division is implementing an 18% reduction in staffing
• The Engineering Systems Division and GK are also implementing staffing reductions
• Timminco is renegotiating contracts with Q-Cells and other customers

AMG Advanced Metallurgical Group N.V.
	Solar		Energy Efficiency		Recycling		Nuclear		Other		Total Group
	2008	2007	2008	2007	2008	2007	2008	2007	2008	2007	2008	2007
Revenue	452	213	410	366	167	115	3	-	485	462	1,518	1,156
Gross Margin	117	40	77	67	43	33	1	-	60	62	298	201
Margin %	26%	19%	19%	18%	26%	28%	50%	N/A	12%	13%	20%	17%
	 UMG Solar Grade Silicon  Silicon metal  DSS Vacuum furnaces  applications	Coatings for thin film	 Vacuum furnace systems for the production of high purity metals  Master alloys for the Ti industry  Natural graphite		 Ferrovanadium  Ferro nickel – molybdenum  Vanadium chemicals		 Vacuum sintering furnace systems  Engineering for processing of weapons grade nuclear fuel  Vacuum sintering furnace systems	plutonium into MOX	 Chromium metal  Tantalum  Antimony trioxide  Al master alloys
	 World's largest for solar applications	producer of UMG Si	 Petrol prices drive growth in specialty metals to improve fuel economy		 model enables unique low cost feedstock	Secondary business	 venture	Acquired remaining 50% of nuclear joint	 metals based businesses	Portfolio of diverse

A focus on global CO² reduction technologies and industries

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).

Engineering Systems Division

Focus on CO² Technologies and Markets

Solar

• Furnace technology leadership for the production of solar silicon wafers
• Low-cost producer of UMG solar silicon based on proprietary technology
• Producer of silicon metal feedstock used to manufacture polysilicon and coating materials for thin film photovoltaics

Fuel Efficiency Nuclear

• Proprietary alloys and superalloys for aerospace applications
• Furnace technology for production of titanium and other weightadvantaged alloys

Recycling

• Spent refinery catalyst and power plant residue recycling used to produce ferrovanadium and ferronickelmolybdenum and vanadium alloys

• Long-term contract for spent catalysts supports long term capacity expansion plans

• Sintering furnaces for nuclear fuel and related furnaces for the nuclear fuel cycle

• Furnaces and process technology for pebble bed reactors
• Graphite produced by GK is a critical input for nuclear components

AMG Advanced Metallurgical Group N.V.
	Solar		Energy Efficiency		Recycling		Nuclear		Other		Total Group
	2008	2007	2008	2007	2008	2007	2008	2007	2008	2007	2008	2007
Revenue	452	213	410	366	167	115	3	-	485	462	1,518	1,156
Gross Margin	117	40	77	67	43	33	1	-	60	62	298	201
Margin %	26%	19%	19%	18%	26%	28%	50%	N/A	12%	13%	20%	17%
	 UMG Solar Grade Silicon  Silicon metal  DSS Vacuum furnaces  applications	Coatings for thin film	 Vacuum furnace systems for the production of high purity metals  Master alloys for the Ti industry  Natural graphite		 Ferrovanadium  Ferro nickel – molybdenum  Vanadium chemicals		 furnace systems  Engineering for processing of weapons grade plutonium into  furnace systems	Vacuum sintering MOX nuclear fuel Vacuum sintering	 Chromium metal  Tantalum  Antimony trioxide  Al master alloys
	 World's largest for solar applications	producer of UMG Si	 Petrol prices drive growth in specialty metals to improve fuel economy		 model enables unique low cost feedstock	Secondary business	 venture	Acquired remaining 50% of nuclear joint	 metals based businesses	Portfolio of diverse

A focus on global CO² reduction technologies and industries

Engineering Systems

• Achieved record revenue and EBITDA during 2008
• \$435.5 million in revenue, a 40% increase
• \$95.6 million EBITDA, a 38% increase

Backlog

• \$332 million at December 2008, from \$393 million at September 2008
• Completed the expansion of the Berlin production facility
• Product mix: 80% of Q4 revenues were from DSS furnace systems
• Current environment
• Reasonable visibility for 2009 revenues despite challenging environment

End Markets Q1 2009

AMG Advanced Metallurgical Group N.V. (1)

		Solar	Efficiency	Energy	Recycling			Nuclear		Other	Total Group YTD
Revenue	Q1 09	Q1 08	Q1 09	Q1 08	Q1 09	Q1 08	Q1 09	Q1 08	Q1 09	Q1 08	Q1 09	Q1 08
Gross	97	71	59	100	17	39	2	0	72	117	246	326
Margin	13	19	7	18	(3)	13	1	-	6	17	24	67
Margin %	14%	26%	12%	18%	-15%	34%	36%	N/A	8%	15%	10%	21%
	 Silicon  Silicon metal  DSS Vacuum furnaces  applications	UMG Solar Grade Coatings for thin film	 Vacuum furnace systems for the purity metals  VAl alloys  Ti industry  Natural graphite	production of high Master alloys for the	 Ferrovanadium  Ferro nickel - molybdenum		  processing of weapons grade plutonium into 	Vacuum sintering furnace systems Engineering for MOX nuclear fuel Vacuum sintering furnace systems	 Chromium metal  Tantalum   Al master alloys	Antimony trioxide
	 World's largest Si for solar applications	producer of UMG	 Petrol prices drive metals to improve fuel economy	growth in specialty	 model enables unique low cost feedstock	Secondary business	 venture	Acquired remaining 50% of nuclear joint	 metals based businesses	Portfolio of diverse

A focus on global CO2 reduction technologies and industries

Engineering Systems

• Revenue increased 2% to \$96 million
• Solar silicon DSS furnace revenues increased 74% in Q109 as compared to Q108
• EBITDA was up 7% to \$23 million largely due to increase in revenue and the weaker U.S. Dollar
• Backlog declined from \$332 million at December 31 2008 to \$247 at March 31, 2009
• New orders of solar silicon DSS furnaces declined prompting the decline in backlog
• Reasonable visibility for 2009 revenue and gross margin due to remaining backlog

Solar – DSS furnaces for the production of ingots

Solar - AMG ingot furnaces

Number of Solar Silicon Remelting and DSS Furnaces Produced

Total Reduction in Production Cost (\$ million)

Solar Value Chain

AMG participates in multiple steps in the solar value chain

Solar - AMG ingot furnace

Solar - AMG SCU 400 ingot furnaces

Nuclear – technologies to store waste

Nuclear

AMG's nuclear business utilizes the core vacuum furnace technology for sintering and coating of both nuclear fuel and radioactive waste streams

(1) From 30 September 2008 levels AMG's nuclear technology is attempting to solve very large critical problems in this growing alternative energy sector

Nuclear – AMG's participation in the value chain

Nuclear technologies for HTR fuel production

AMG can support projects for graphite moderated HTR reactors for power generation and hydrogen production with the following technologies:

• Calcining and sintering of kernels
• Coating of TRISO coated particles
• Molding of fuel spheres
• Molding of monolithic block fuel elements
• Use of corrosion resistant graphite matrix

Energy Efficiency - Vacuum furnaces

Vacuum Melting and Remelting Systems

• Refine raw materials by removing impurities aerospace, energy
• Refine, treat, and adjust the chemical composition of metals – aerospace, energy, infrastructure

Precision Casting Systems

■ Cast high grade metals and nickel based superalloys in a high purity environment – aerospace, infrastructure

Coating Systems

■ High-powered electron beam, physical vapour deposition furnace systems to melt, evaporate, and deposit metals and ceramics onto aerospace and industrial gas turbine blades

Advanced Materials Division

Advanced Materials

Global presence enables access to key growth markets

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

Focus on CO² Technologies and Markets

Solar

• Furnace technology leadership for the production of solar silicon wafers
• Low-cost producer of UMG solar silicon based on proprietary technology
• Producer of silicon metal feedstock used to manufacture polysilicon and coating materials for thin film photovoltaics

Energy Efficiency Nuclear

• Proprietary alloys and superalloys for aerospace applications
• Furnace technology for production of titanium and other weight-advantaged alloys

Recycling

• Spent refinery catalyst and power plant residue recycling used to produce ferrovanadium and ferronickel-molybdenum and vanadium alloys

• Long-term contract for spent catalysts supports long term capacity expansion plans

• Sintering furnaces for nuclear fuel and related furnaces for the nuclear fuel cycle

• Furnaces and process technology for pebble bed reactors
• Graphite produced by GK is a critical input for nuclear components

Advanced Materials

• Achieved record revenue and EBITDA during 2008
• \$756.7 million in revenue, a 10% increase
• \$62.1 million EBITDA, a 13% increase
• EBITDA includes inventory write-downs of \$20 million in Q408
• Ferrovanadium
• Reference prices decreased 35% during Q4
• March 2009 reference price is \$10.25/lb
• Grew sales of rotatable zinc oxide targets for solar thin films increased by 322% in 2008 over 2007
• Current environment
• Market conditions are extremely challenging
• Reducing headcount
• Reducing all non-essential capital investment

Advanced Materials

Q1 2009 Financial Summary Highlights

• FeV prices declined 65% and FeV volumes declined 21% year over year impacting both revenue and EBITDA
• Demand remains soft in most markets, most notably steel, superalloys and titanium
• EBITDA includes inventory write-downs of \$6.6 million in Q109
• FTE headcount reduction of 18% from September 30, 2008
• Capital expenditures in Q109 represents completion of projects started in 2008
• Expansion capital has been delayed until market conditions improve

Market Environment

* Monthly average index prices

Advanced Materials Division - Q1 2009 Highlights

Selling & Administrative USD thousand Capital Expenditures USD thousand

Quarter Ending Amounts

Recycling - Ferrovanadium Business Model Innovation

Innovation drives margin expansion and increase in revenues and earnings

Commercial Uses of Vanadium

Commercial uses of vanadium include:

• Alloys used for micro-alloying in steel to improve properties (~85% of V consumption)
• Aerospace master alloys (~10% of V consumption)
• Chemicals (~5% of V consumption)

Produced from ore, as a co-product of steel slag, refinery spent catalysts, and power plant ashes and residues

Annual World Production1 (mt/year)
Steel	1.4 Billion
Nickel	1.0 Million
Molybdenum	180,000
Vanadium	54,000

Sources of V Bearing Raw Materials are Limited

Recycling

AMG is the largest recycler of spent oil refinery catalysts and power plant residues to produce ferro vanadium – a key alloy used to improve the strength to weight ratio in structural steel

Industry Leading Environmental Solution

100% Recycled Raw Materials

• We only use secondary or waste materials
• V raw materials are hazardous wastes
• 100% secondary aluminum is used as reductant

Industry Leading Process

• No process wastewater
• Lowest discharge of toxic elements to land/air/water
• Highest industry conversion to saleable products

FeV is an Energy Efficient Micro Alloy

• Vanadium alloy steels reduce steel requirements by 20-40%
• Vanadium alloy steels reduce the need for large quantities of other raw materials and energy

Solar - Rotatable targets for TCOs for thin films

Solar - Rotatable targets for CIGS thin films

CIGS ternary target material (patent pending)

(S) can be sulphur, selen or the combination of both

AMG Focus

■ Increase the cost reduction for our customers by using rotatable targets and CuInGa-alloys

AZOY® on Copper backing plate

Energy Efficiency - Gamma Ti Aluminides for Aerospace

2000 Rev: \$0.7mn

2008 Rev: \$1.5mn

Energy Efficiency – Specialty Alloys

Master Alloys for the production of titanium and superalloys

• Titanium master alloys (e.g. VAl, MoAl, multinary alloys)
• Master alloys for super alloys (e.g. NiNb, FeNb hp)
• Gamma titanium

Applications:

• Aerospace turbine blades, fuselage, nozzle, etc.
• Satellites skin
• Energy industrial gas turbines
• Energy off-shore-transportation and drilling tubes

Master alloys

Finance

Financial Update 2008

• Full Year 2008 Revenues up 31% to 1,518 million
• Full Year 2008 EBITDA up 55% to \$185 million
• Adjusted EPS up 17% to \$2.00
• 4 th quarter 2008 revenue up 8% over 4th quarter 2007 to \$341 million
• 4 th quarter EBITDA decreased 73% to \$8 million
• Cash of \$143 million and debt at \$232 million at year end 2008
• Net debt of \$89 million at year end 2008

Record Results for 2008

Financial Update Q1 2009

• Q1 Revenues declined 25% to \$246.1 million
• Excluding Timminco, revenues declined 23% to \$215.7
• Q1 EBITDA down 92% to \$3.3 million
• Excluding Timminco, EBITDA declined 62% to \$15.9
  • Adjusted EPS was (\$0.50) in Q1 2009 as compared to \$0.82 in Q1 2008
  • Adjusted EPS was (\$0.22) in Q1 2009 excluding Timminco
• Cash of \$122.8 million and debt at \$229.5 million at March 31, 2009
• Net debt of \$106.7 million at March 31, 2009
• Excluding Timminco, net debt was \$62.8 million

Results for Q1 2009

EBITDA Overview

Total EBITDA EBITDA

\$ in millions	Q1 2008	Q1 2009
Operating Profit	\$35.4	(\$13.9)
+ Depreciation / Amortization	5.7	8.0
+ / - FX income (loss)	(1.3)	(0.4)
+ Restructuring and Impairment	0.1	3.8
+ Environmental	-	-
+ Stock Option Expense	2.6	5.7
Adjusted EBITDA	\$42.6	\$3.3
Adjusted EBITDA excluding Timminco	\$41.3	\$15.9

Significant non-recurring items include:

• Timminco restructuring charges
• Inventory write-down to LCM in the amount of \$7.1, which is not adjusted from EBITDA
• \$6.6 million adjustment to Advanced Materials
• \$0.5 million adjustment to Engineering Systems

Free Cash Flow Overview

\$ in millions	Q1 2008	Q1 2009
Adjusted EBITDA	42,633	3,263
+ / - Change in working capital	(9,811)	(873)
- Maintenance capital	(1,699)	(3,143)
Free Cash Flow	31,123	(753)
Free Cash Flow excluding Timminco	38,463	9,662

■ Reduction in free cash flow primarily due to EBITDA decline

• Advanced Materials EBITDA declined but this was more than offset by a working capital reduction of more than \$24 million in the quarter
• Engineering Systems saw an increase in EBITDA but this was offset by an increase in working capital primarily due to a reduction in advance payments

Cost Savings

AMG headcount by unit

Working Capital

\$157.4	\$158.2
December 2008	March 2009

	METRIC	December 2008	March 2009
Trade and other receivables	days of sales	44	54
Inventories	days of COGS	100	115
Trade and other payables	days of COGS	64	66
Advance Payments	days of sales	34	41
Net Working Capital	days of sales	46	63
Net Working Capital	% of sales	10.4%	16.1%

Note: On a dollar basis, inventories and receivables declined in Q109 by 11% and 12%, respectively

Capital Investment

• Maintenance capital was \$3.1 million in Q1 2009
• All major expansion projects have been curtailed
• Capital spend in Q1 2009 primarily related to completion of projects started in 2008
• Excluding Timminco, capital was \$13.7 and \$8.1 in Q1 2008 and Q1 2009 respectively

Q1 Capital Expenditures Growth Capex Programmes

Major Capital Projects

Project (\$ in millions)	Q1 2009	Q1 2008
Timminco – Solar Silicon Plant & Expansion	\$10.0	\$14.6
Engineering Systems– Mexico heat treatment facility	0.1	6.9
Advanced Materials – Tantalum mine & hydropower expansion	0.7	1.3
Engineering Systems – Berlin modification	0.7	0.4
Advanced Materials - Ferrovanadium expansion	0.4	0.1

Capital Base

• Cash of \$122.8 million at 31 March 2009
• Total debt decreased to \$229.5 million at 31 March 2009
• AMG had a net debt position of \$106.7 million at 31 March 2009 of which \$43.9 million was related to Timminco
• Net Debt to EBITDA (based on LTM) of less than 1.0x

2009 Outlook

Advanced Materials	Global demand is significantly affected by current market slowdown Ferrovanadium prices and demand have decreased due to slowing demand for North American structural steel Chromium metal, aluminum master alloys, Titanium master alloy volumes are being materially affected by global slowdown Focus on working capital reduction due to price and volume decreases
Engineering Systems	Global demand decreasing due to economic uncertainty \$247 million backlog as of 31 March; order intake environment is challenging Berlin production facility being adapted to produce multiple furnace types Margins remains relatively steady – 2009 margin levels may be impacted by declining economies of scale
Timminco	Upgraded Metallurgical Silicon capacity expansion on hold; orders significantly below contracted levels − Seven lines have been installed as of February 2009 UMGSi operations being improved to increase quality and reduce costs Ingot process is proceeding; goal of reducing UMGSi processing costs Silicon metal production is temporarily shutdown in Q2 2009 

Appendix

Consolidated Balance Sheet

\$ in thousands	December 31, 2008	March 31, 2009
Fixed Assets	313,470	320,947
Goodwill and Intangibles	47,060	47,421
Other non-current assets	74,514	74,853
Inventories	318,793	283,371
Receivables	173,422	153,219
Other current assets	59,292	47,228
Cash	143,473	122,773
TOTAL ASSETS	1,130,024	1,049,812
TOTAL EQUITY	311,811	303,353
Long-term Debt	138,990	145,021
Pension Liabilities	103,176	100,302
Other long-term liabilities	81,920	77,919
Current Debt	93,043	84,500
Accounts Payable	156,696	121,613
Advance Payments	94,049	74,637
Unearned Revenue	35,624	36,177
Accruals	53,882	40,558
Other current liabilities	60,833	65,792
TOTAL LIABILITIES	818,213	746,458
TOTAL LIABILITIES AND EQUITY	1,130,024	1,049,812

•Inventory decline due to working capital management strategies in all segments of business

and write-downs in excess of \$7.1 million

•Receivables decline due to lower sales in Q1 09

•Accounts payable declined due to held payments at year-end

•Advance payments declined due to lower order intake at ALD in Q1

Consolidated Income Statement

\$ in thousands	Q1 2008	Q1 2009
Total Revenue	326,148	246,095
Cost of Goods Sold	258,938	221,962
Gross Margin	67,210	24,134
Selling, General and Admin.	32,969	35,894
Asset impairment and restructuring	128	3,779
Environmental	84	111
Other Expense (Income)	(1,379)	(1,691)
Operating Profit	35,408	(13,959)
Net Finance Costs	3,298	4,948
Equity Accounted Investee Profit	101	(787)
Profit before Income taxes	32,211	(19,694)
Tax Provision	(8,680)	4,039
Profit for the Quarter	23,531	(23,733)
Attributable to:
Shareholders of the Company	22,509	(15,394)
Minority Interest	1,022	(8,339)

•Cost of goods sold includes over \$7.1 million in inventory write-downs

•Timminco production issues negatively impacted gross margin

•SG&A higher due to share-based payment expense which was \$3.2 million higher in Q109 than in Q108

•Restructuring charge recorded at Timminco for closure of Aurora facility

•Finance charges increased due to increased debt at Timminco

•Tax provision booked due to losses occurring in jurisdictions where tax benefits cannot be booked

Consolidated Cash Flows

\$ in thousands	Q1 2008	Q1 2009
Cash Flows from Operations	30,352	(1,062)
Capital Expenditures	(29,223)	(21,430)
Other Investing Activities	(3,831)	(5,001)
Cash Flows from Investing Activities	(33,054)	(26,431)
Cash Flows from Financing Activities	25,951	12,918
Net increase (decrease) in cash	23,249	(14,575)
Beginning Cash	172,558	143,473
Effects of exchange rates on cash	6,895	(6,125)
Ending Cash	202,702	122,773
Approximate availability under AMG lines of credit	64,000	71,000
Total Liquidity	266,702	193,773

AMG Advanced Metallurgical Group N.V.