AMG Critical Materials N.V.

Investor Presentation • Nov 12, 2008

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AMG at a Glance

Preeminent global specialty materials and materials technology company serving high growth end-markets

Advanced Materials Division: Niche and complex specialty materials

Engineering Systems Division: Advanced vacuum furnace systems for high-purity metals

Timminco (50.4%-owned): Solar grade silicon and silicon metal

Graphit Kropfmühl (79.5%-owned): Integrated miner of natural graphite and antimony tri-oxide

Strong Third Quarter 2008 results: Revenue up 49% to \$437.6 million and EBITDA up 121% to \$71.1 million

Business Highlights 3rd Quarter 2008

• Timminco signed two additional contracts for the production of solar grade silicon, selling out the existing capacity
• Timminco shipped 300 metric tonnes and produced 342 metric tonnes of solar grade silicon during the 3rd quarter 2008
• Acquired the remaining 50% of its nuclear joint venture, Furnaces Nuclear Grenoble S.A., a designer and producer of sintering systems for nuclear energy applications
• Awarded a contract by Shaw Areva MOX Services LLC for detailed engineering of sintering furnace systems for the production of mixed oxide nuclear fuels
• Global economic uncertainty began to affect product demand during the quarter

Financial Highlights 3rd Quarter 2008

• Revenue rose 49% to a record \$437.6 million
• EBITDA increased 121% to a record \$71.1 million
• EBITDA margin was 16% from 11% in the same period last year
• EPS increased 240% to \$1.19 per share
• Year to date free cash flow(1) was \$114.8 million
• Net working capital increased to \$88.4 million, including \$17 million acquired in GK transaction
• Strong balance sheet:
• Cash on balance sheet of \$154.2
• Net Debt of \$79.6; Net Debt to EBITDA less than 1.0x
• Capital expenditures in Q3 were \$38.7 million
• Maintenance: \$6.6 million
• Growth: \$32.1 million

⁽¹⁾ Free cash flow is defined as EBITDA less change in working capital and maintenance capital expenditures

Strategic Overview

Focus on CO² Technologies and Markets

Solar

• Furnace technology leadership for the production of high-purity solar wafers
• Low-cost producer of solar silicon based on proprietary technology
• New Timminco solar silicon facility is producing and shipping
• Significant producer of silicon metal sold to polysilicon producers

Nuclear

• Sintering furnaces for nuclear fuel
• Furnaces and process technology for pebble bed reactors
• Graphite production from GK acquisition is a critical input for nuclear components
• 100% owned business for the production of nuclear fuel sintering and related furnaces

Fuel Economy Recycling

• Proprietary alloys and superalloys for aerospace applications

• Furnace technology for production of titanium and other weight-advantaged metals

• Spent refinery catalyst and power plant residue recovery for production of ferrovanadium and ferronickel-molybdenum

• − Capacity expansion in progress
• New long-term contract for spent catalysts supports capacity expansion plans

End Markets

					AMG Advanced Metallurgical Group N.V. (1)
		Solar	Fuel Economy		Recycling		Nuclear		Other		Total Group YTD
	2008	2007	2008	2007	2008	2007	2008	2007	2008	2007	2008	2007
Revenue	278	164	421	273	152	97	0	-	326	304	1,177	839
Margin	70	24	76	47	53	27	0	-	55	50	254	148
Margin %	25%	15%	18%	17%	34%	28%	47%	N/A	17%	16%	22%	18%
	 Solar Grade Silicon  Silicon metal  DSS Vacuum furnaces 	Coatings for thin film applications	 Vacuum furnace systems for the purity metals  VAl alloys  Superalloys for the Ti industry	production of high	 Ferrovanadium  Ferro nickel - molybdenum		  Engineering for processing of weapons grade plutonium into	Vacuum sintering furnace systems MOX nuclear fuel	 Chromium metal  Tantalum  furnace systems  Antimony trioxide  Natural graphite  Al master alloys	Vacuum sintering
	 producer of applications	World's largest UMG Si for solar	 Petrol prices drive growth in specialty metals to improve fuel economy		 Secondary business model enables unique low cost feedstock		 Acquired venture	remaining 50% of nuclear joint	 Portfolio of diverse metals based businesses
			A focus on global CO2 reduction technologies and industries

(1) Year to date through 30 September revenue and gross margin. Includes GK from date of acquisition

Advanced Materials Division

	Markets	Pricing
	#1 global producer from secondary sources (i.e., spent  refinery catalysts and power plant residues)	FeV Reference pricing up 68%
	Customers include Arcelor Mittal and Steel Dynamics 
Recycling - Ferrovanadium	Cambridge (U.S.) vanadium expansion  – Current capacity 4.5 million lbs – Capacity expansion to 5.5 million lbs to be completed in 2010 Secured long-term contract for supply of spent refinery  catalysts for ferrovanadium production	\$19.46	\$32.65
	One of a few certified aerospace alloy producers globally 	Q3-07	Q3-08
Fuel Economy &	Key customers include Allegheny Technologies and  Titanium Metals	Cr Metal Reference pricing up 58%
Aerospace	Capacity expansion in production of coating materials for  thin film solar applications
Selected	Tantalum mine expansion completed; hydro electric  expansion on schedule for 2009	\$3.70	\$5.83
Other Materials	High-purity chromium metal demand decreased do to  weakness in specialty stainless steel	Q3-07	Q3-08

Engineering Systems Division

		Market Leadership	Order Backlog
	Solar	Demand for solar silicon melting and crystallisation  furnace systems remained stable during Q3 2008	Backlog of \$393 million at 30 September 2008 
		Key customers include REC and Elkem 
		Berlin facility is producing six DSS systems per  week
	Fuel Economy & Aerospace	Multi-industry demand for titanium alloys (e.g.,  aerospace engine and industrial gas turbine markets)	\$444 \$397 \$393 \$393 \$351 \$313 \$268 \$251
		Key customers include ThyssenKrupp, Baosteel  and Allegheny Technologies	Dec-07 Mar-08 Jun-08 Sept-08
			Backlog at the spot rate as of the balance sheet date (dark blue) and on a constant currency basis using 30 Sep 08 rate (light blue).
	Nuclear	FN acquisition strengthens position in pebble bed  nuclear reactor process technology	On a Euro basis, (functional currency of the  ESD) the backlog was essentially flat from
		Signed first major contract for the engineering of  sintering systems to produce nuclear fuel from weapons grade plutonium	June 2008 (€ 282 million) to September 2008 (€ 279 million)

Timminco

	Market Leadership			UMG Shipments
Solar Grade Silicon	Producer of UMGSi for the rapidly growing solar  photovoltaic energy industry Solar silicon producer with proprietary production  technology 99.999% purity achieved  Low boron and phosphorous levels  Shipments of at least 1,200 tonnes expected in 2008  Began construction of expansion of solar silicon  capacity to 14,400 tonnes by mid 2009	■			UMG shipments up 837% year over year 300
Silicon Metal	Si metal supplier to leading manufacturers in the  chemicals, aluminium and polysilicon industries including Alcoa, Rio Tinto, Alcan and Wacker	32 Q4 07	100 Q1 08	221 Q2 08	Q3 08

Graphit Kropfmühl

	Market Summary	Proforma Results
Silicon Metal	Largest producer in Germany  Supplier to leading European manufacturers in the  chemicals, aluminium and polysilicon industries including Wacker Chemie Silicon metal business supports growth in solar  applications and improves access to the largest solar market in Europe GK's silicon metal assets  30,000 tonnes of Si metal capacity – Potential for UMGSi expansion –	Listed on Frankfurt stock exchange  ("GKRG.DE / GKR GR") AMG currently owns approximately 79.5% of  GK at a total cash purchase price of \$62.9 million Q3 2008 Revenues: \$36.4 million  Q3 2008 EBITDA: \$4.8 million  30 September 2008:  Assets: \$130.6 million – Liabilities: \$69.0 million – Debt: \$23.6 million –
Fuel Economy & Nuclear	Natural graphite adds to specialty metals capabilities  with significant market opportunities in nuclear applications Builds on existing product and technology portfolio  for nuclear industry	Equity: \$61.6 million –

Record Results in Q3 2008

Advanced Materials Division

Engineering Systems Division

Timminco

Capital Programmes

Current Capital Programmes

Product (1)	Amount	Purpose	Timing
Ferrovanadium	\$25m	Second phase of expansion to enable doubling of spent catalyst processing capabilities	2008–2009
Silicon	\$30m	Further expansion of Timminco's high-purity solar silicon metal facility to 14,400 tonnes	2008–2009
Tantalum	\$2m	Expansion of tantalite mine and hydro-electric powerplant in Brazil	Q1 2009
Thin film Coatings	\$1m	Increase capacity of ZnO coatings for thin film solar applications	Q1 2009
Maintenance Capex	\$10–\$15m	Maintenance of facilities and equipment	Annual basis

(1) Balance of capital projects to be funded in 2008/2009. The Company has the ability to delay the ferrovanadium expansion if market conditions warrant.

Strong Capital Base

Note: Cash includes short term investments

2009 Outlook

Advanced Materials	Global demand is adversely affected by current market slowdown  Ferrovanadium prices have decreased due to slowing demand for North American structural steel  Chromium metal, tantalum, aluminum master alloys volumes are affected by global slowdown  Specialty alloys for titanium and superalloys' demand is decreasing due to slowing aerospace  market Working capital should decrease due to price and volume decreases of raw materials 
Engineering Systems	Global demand expected to stabilize at current level due to economic uncertainty  Backlog is solid as of 30 September  Solar silicon furnace production ramp up: 6 systems produced per week during Q3  Pricing remains steady  – 2009 margin levels are expected to be consistent with 2008
Timminco	2008 guidance of at least 1,200 tonnes of Upgraded Metallurgical Silicon shipments  Upgraded Metallurgical Silicon capacity expansion continuing  − One line has been installed − Additional line installations expected to continue through mid 2009 While difficult to be definitive on the UMG Si ramp up schedule, Timminco is working toward  substantially increasing production in 2009 UMG Si forecast for 2009 at a price of \$50kg-\$55kg 

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).

Revenue

• Timminco sold 300 MT of solar-grade silicon in the quarter
• Continued strong demand for sales of solar and remelting furnaces

Gross Profit

• FeV and specialty alloys gross profit increased, driving growth in Advanced Materials
• Improved silicon metal pricing and more volume of UMG increased Timminco gross profit
• DSS furnace systems revenues and economies of scale increased Engineering Systems gross profit
• Graphit Kropfmühl gross profit was negative due to the impact of one-time purchase accounting adjustments

EBITDA

EBITDA
\$ in millions	Q3 2007	Q3 2008
Operating Profit + Depreciation / Amortization + / - FX income (loss) + Restructuring and Impairment + Environmental + Stock Option Expense	23,902 4,302 1,217 21 42 2,635	47,665 18,313 (2,105) 4,318 104 2,823
Adjusted EBITDA	32,119	71,118

Consolidated Income Statement

\$ in thousands	Q3 2007 Actual	Q3 2008 Actual
Total Revenue	292,897	437,561
Cost of Goods Sold	243,312	342,960
Gross Margin	49,585	94,601
Selling, General and Admin. Impairment of Fundo	31,900 -	44,397 3,652
Other Expense (Income)	(6,217)	(1,113)
Operating Profit	23,902	47,665
Net Finance Costs	36,901	6,650
Equity Accounted Investee Profit	(877)	(11,717)
Profit before Income taxes	(13,876)	29,298
Tax Provision	11,215	13,974
Profit for the Year	(25,091)	15,324
Attributable to: Shareholders of the Company Minority Interest	(25,630) 539	20,769 (5,445)

Consolidated Balance Sheet

\$ in thousands	December 31, 2007 Actual	September 30, 2008 Actual
Fixed Assets	155,763	297,807
Goodwill and Intangibles	50,291	69,863
Other non-current assets	76,613	76,558
Inventories	186,410	330,997
Receivables	187,243	235,055
Other current assets	52,336	75,145
Cash	187,891	154,162
TOTAL ASSETS	896,547	1,239,587
TOTAL EQUITY	309,797	378,432
Long-term Debt	115,726	157,296
Pension Liabilities	102,809	119,014
Other long-term liabilities	61,872	82,072
Current Debt	25,056	76,501
Accounts Payable	126,827	186,333
Advance Payments	74,731	100,312
Accruals	42,356	54,264
Other current liabilities	37,373	85,363
TOTAL LIABILITIES	586,750	861,155
TOTAL LIABILITIES AND EQUITY	896,547	1,239,587

Consolidated Cash Flows

\$ in thousands	Q3 2007 Actual	Q3 2008 Actual
Cash Flows from Operations	34,054	67,788
Capital Expenditures	(14,905)	(38,758)
Other Investing Activities	(44,282)	(3,717)
Cash Flows from Investing Activities	(59,187)	(42,475)
Cash Flows from Financing Activities Net increase (decrease) in cash Beginning Cash Effects of exchange rates on cash Ending Cash	178,409 153,276 77,377 13,532 244,185	29,680 54,993 113,362 (14,192) 154,162
Approximate availability under AMG lines of credit Total Liquidity		21,944 176,106