HSBC SRI 2008 Conference - Frankfurt

Arthur R. SpectorDeputy Chairman of the Management Board

Disclaimer

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 directors of AMG Advanced Metallurgical Group N.V. (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 andfinancial 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 orobligation 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.

AMG at a Glance

Preeminent global specialty metals company organised in two business units

Advanced Materials: develops and produces a number of different niche and complex specialty metals

Engineering Systems: designs and produces advanced vacuum furnace systems

Market leadership in both segments based on superior technologies

Customers include world leading metals producers and consumers in high growth end-markets

Global presence with operations in 12 countries on 5 continents

LTM(1) revenue of \$1,011m and EBITDA of \$90m with attractive growth potential

(1) As per 30 June 2007

Complementary Business Units

(1) As per 30 June 2007

Advanced Materials Unit – Selected Products

Pr du t o c	Ap l ica io t p n	Co i ive Po i io & Gr h Po ia l t t t t te t m p e s n ow n
Fe d ium rro va na •	H ig h p for er ma nc e • l loy ing in l t tee a ag en s	La du f fer d ium in No h Am ica ly ing t p t rg es ro ce r o rov an a r er su p p • ha f No h Am ica ire 2 5 % t t ts mo re n o r er n r eq u me n
	Im l s h tee tre t p rov es s ng • ig h io to t ra t we	De d dr ive by ing l p du ion d inc ing tee t ma n n g row s ro c an rea s • d ium in l ten t tee va na co n s
		Pr i l is ing da ia ls – l ing f s i l t ter t o oc es s u se co n ry raw m a rec y c o p en • f ine ly d p lan i du ta ts t re re ry ca s an ow er p s es
		Ex ion lan in dr ive by ke tro t p an s p s p rog res s n s ng m ar • fun da ls ta me n
S i l ico l ta n m e	Re lar i l ico l: ta g s n m e u •	nd 2 lar in de de du f s i l ico l in No h Am ica t t p ta t g es p en n ro ce r o n m e r er •
inc lu d ing lar so de g ra	C he ica ls ( lu br ica ) ts m n –	So lar de i l ico l p du ion ta t g ra s n m e ro c •
	A lum in ium ( l loy ing ) t a ag en – E lec ics tro n –	fro Pr du ion d o he du le in De be 2 0 0 7 t o c co mm en ce n s c ce m r m – he 's fac i l i t ty co mp an y ne w
	( ico du ) tor se m n c s	Lo ie du ion hn log ( d ing ) t p tar t tec ten t p w- co s rop r y p ro c o y p a en –
	H ig h p i i l ico ty ur s n: •	Fo lon ig d for lar de ia l ( ter tra ts ter to ur g- m co n c s ne so g ra m a up –
	En ( lar l ls ) erg y so ce –	l o f ive ) 2 6, 4 0 0 ton to ta t ne s ve r n ex y ea rs
Sp ia l l loy ty ec a s fo i ium d t ta r n an	Im h a d tre t p rov es s ng n • fun ion l i f m ls t ty ta c a o e	On f few i f ie d p du lo ba l ly for in t ta e o ce r ro ce rs g ce r ae ros p ac e • l loy a s
l loy su p er a s	Inc fue l e f f ic ien rea se s cy •	S la ion h ip du l ia b i l i is i ica l tro tom t t re ty t ng cu s er re s as p ro c cr •
	Co for he ts t mp on en • d ae ros p ac e, en erg y an ive in du ies tom t tr au o s	So l i d m ke fun da ls dr ive by de d fro t ta ar me n n ma n m ae ros p ac e • d e tor an ne rg y se c s

Engineering Systems Unit – Selected Products

Pr du t o c	Ap l ica io t p n	Co i ive Po i io & Gr h Po ia l t t t t te t m p e s n ow n
Re l ing t te me sy s ms •	Re f ine s r aw •	(1) Es im d m ke ha f a t te t s 5 5 % a ar re o p p rox •
	ia ls, ter ma rem ov es im i ies d t	Gr h dr ive by de lop f i ium in du t tro t o t tan try ow n s ng ve me n s : •
	p ur an inc rea se s	Inc in ts rea se ae ros p ac e c om p on en –
	ho isa ion t mo g en	Inc in l ig h d m fue l e f f ic ien ter tro t rea se s ng er an ore – , ion ia ls d c tra ta t ter ts ns p or m a an om p on en
		Inc in ing ke d in fra t e tru tur rea se em erg m ar ne rg an s c e y – de d ma n
So lar i l ico s n •	So lar fer w a •	(1) Es im d m ke ha f a 2 5 % t te t s a ar re o p p rox •
l ing d t me an l l isa ion ta t s	du ion t p ro c	G lo ba l lea de in de ig f s lar i l ico fur tem r s n o o s n na ce sy s s •
cry fu te rn ac e s y s ms		S ig i f ica inc in de d for lar f lec d in fas t te t n n rea se ma n so en erg y re • ing de ba k log g row or r c
Va he t cu um a • ice tre tm t s a en er v s	He f t tre tm t o a a en • ive tom t au o g ea rs	Ou ing by O E Ms f n iv i ies du ing i l c tso t t ta ts urc o on -co re ac re c ca p os • G d be f i ing fro A M 's fur ise t t an ne m va cu um na ce ex p er
( "O Op ") & te wn er a	d fue l in j tor an ec s inc to tre rea se s ss ler lev ls to an ce e	Gr h dr ive by inc ing de d fro ion for t tra ta t tor ow n rea s ma n m ns p or se c • h ig h p for in h ig h-s l ica ion ts tre t er ma nc e c om p on en ss ap p s

(1) 2006 market share estimate

Global Operations

AMG Advanced Metallurgical Group N.V.

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)

Focus on High Growth Markets – Solar

• Timminco's development remains on-track
3,600 tonnes per year at full capacity, expected by end of Q1 2008 (production from new facility started on schedule in Dec 2007)
Up to 26,400 tonnes sold over next 5 years through initial three contracts
Effectively books out and exceeds capacity for initial plant expansion
• Key demand drivers:
Rising conventional energy prices
Concerns over global warming
Energy security
• Demand for silicon used in solar PV still growing explosively
Most new polysilicon capacity expansions backstopped with long-term contracts
5–10 year contracts being signed at approx. \$60/kg
• China is a growing consumer of polysilicon – solar cell capacity of ~3GW by year-end, more than triple year-end 2006 capacity

Focus on High Growth Markets - Infrastructure

Worldwide infrastructure projects continue to create significant demand for high strength vanadiumbearing steel

Source: Xstrata investor presentation

•

• Cambridge (Ohio) vanadium expansion project completed on-time and on-budget
Successful restart completed in August
Incremental throughput from 4.0 million lbs to 4.5 million lbs

•Vanadium pricing has remained stable and strong

Source: Ryan's Notes

• Production of vanadium from 100% secondarysources of raw materials, incl. spent catalysts fromthe oil industry

Focus on High Growth Markets – Aerospace

• Airbus and Boeing production rates will increase through at least 2010 based on existing backlog
• Up-cycle driven largely by low-cost, Asian and Middle Eastern carriers as well as new model introductions
• Titanium demand has surged
Higher production rates
Requirements for increased fuel efficiency
Significant further growth as titanium-rich 787 goes into production

Source: Allegheny Technologies investor presentation

Leadership in Specialty Metals andVacuum Furnace Markets

Leadership in Specialty Materials

Ferrovanadium

Largest producer in North America
World's largest producer from secondary sources

Silicon metal

Second largest independent producer in North America

Specialty alloys for titanium and superalloys
Largest global producer

Leadership in Vacuum Furnace Systems

•Largest global producer
Integral in production of metal alloys for high-intensity applications including jet engines and airframes

Turbine blade coating systems

•Largest global producer
•Used in production of jet turbines

Induction melting systems

One of the largest global producers
Developed the largest vacuum induction melting furnace

Technological leadership

Outstanding reputation for technological and service excellence in vacuum furnace systems

Market leadership through technology leadership

Converting Strategy into Sustainable Growth

En ine ing Sy te g er s ms	En ine ing Sy te g er s ms	Fe d ium d Fe ic ke l rro va na an rro n
Le d ing lar i l ico l ing d c l l isa ion t ta t a so s n m e an ry s •	Ow Op ion & te n era ex p an s •	Mo ly b de nu m
fur lar ba k log ( Be l in ) na ce s – g e c r Su ly ing ig i f ica ion f g lo ba l i ium in du t p t t tan try p p s n n or o s •	Cu ba k log for 2 0 0 8– 2 0 0 9 w h ic h t rre n c • ds 2 0 1 0 ten to ex	Inc ing i inc i de i h ty to t rea s ca p ac co w • f ine ion in A l be i l s ds ta re ry ex p an s r o an
fur lar ba k log na ce s – g e c Ow Op ion & te n era ex p an s •	S in ing fur for lea ter na ce s nu c r • l ica ion t ap p s	E lec ic fur ion 2 0 1 1– tr arc na ce ex p an s • 2 0 1 2
So lar Gr de S i l ico Me l ta a n Co ly ig d for 2 6, 4 0 0 tra ts t to ton n c rec en s ne up ne s o ve r •	So lar Gr de S i l ico Me l ta a n	Do b le fer d ium du ion t rov an a p ro c u • i ty ca p ac
5 y t ne ea rs x Ne fac i l i d be fu l l c i by d o f ty te to t ty w ex p ec a ap ac en • Q 1 2 0 0 8 - du ion d in De 2 0 0 7 t ro c co mm en ce c	Co inu ion f c for 2 6, 4 0 0 t t tra ts to n a o on c up • 5 y ton t ne s o ve r n ex ea rs	So Gr S lar de i l ico Me l ta a n Fu he ion t r r e xp an s •
p -- Sp ia l A l loy fo T i ium d Su l loy ty ta ec s r n an p er a s	Ca i ion fun de d by ty p ac ex p an s • T im inc 's i i l ra is in ta m	P las Co ing t ma a
Fo d o in du 's d for ig h try t cu se n a ero sp ac e s ne e w e • du ion im fue l e f f ic ien	ing ty o eq u ca p s 2 0 0 7	Fu he ion t r r e xp an s •
t to re c p rov e cy Ca i ion ty ac ex an s •	Co ing Ma ia ls t te a r
p p C hr ium Me l ta om	Ne du for h in f i lm lar ke ts t t p ro c so m ar w •
Re ly ig h la d inu d s t s t tne te to t tro ce n up p ss re co n e ng • , de d, ha le d ice inc inc to 2 1 % 3 0 ma n s a p r rea se s e Se 2 0 0 7 p	P las ing t ma co a s • Fe d ium d Fe ic ke l rro va na an rro n Mo ly b de nu m
C h ina ins i d e No l ing in t tu te t tax 1 2 0 0 6 r t xp or on v es u • (1) 4 7 % ice ia ion inc 1 Ja 2 0 0 7 t a p r ap p rec s e n	Ca i ion in 2 0 0 9– 2 0 1 0 ty p ac ex p an s •
Ta lum ta n
S Fa b le ly / de d dy ics U t vo ura su p p ma n na m p os • kp i le le t s toc g ov ern me n sa
Ex ion do b le l m in ing i to ty p an s u an nu a ca p ac •
Ex ion f hy dro lec ic lan tr t p an s o -e p ow er p •
N T e a r- e r m ( 2 0 0 8 )	M i d- T e r m ( 2 0 0 9– 2 0 0 ) 1	L -T o n g e r m ( 2 0 0+ ) 1

(1) As per 4 January 2008

Growth-Oriented Capital Programme

Pr du t o c	Am t ou n	Pu rp os e	T im ing
Fe d ium rro va na	\$ 3 0m	F irs ha f e ion b le do b l ing f c i in l ine i h m j l ier 's t p to ty t se o xp an s en a u o ap ac w a or su p p Ca d ian i l s ds ion na o an ex p an s	2 0 0 7– 2 0 0 9
(1) S i l ico n	\$ 2 2m	Ex ion f T im inc 's h ig h p i i l ico l fac i l i ty ta ty p an s o m o ur s n m e	2 0 0 7– 2 0 0 8
Sp ia l l loy for ty ec a s i ium d s l loy t tan a n up era s	\$ 5m	Ne fur for du ion ion t w na ce p ro c ex p an s	2 0 0 8
Ow & Op te n era	\$ 1 5m	Ne fac i l i in Me ico ty w x	2 0 0 7– 2 0 0 8
Ta lum ta n	\$ 7m	Ex ion f l i ine d hy dr lec ic lan in Br i l tan ta te tr t p an s o m a n o- e p ow er p az	2 0 0 7– 2 0 0 8
P las ing t ma co a s	\$ 4m	Ex ion in ing du to t ts p an s ne w co a p ro c	2 0 0 8
Ma in te na nc e ca p ex	\$ \$ 8– 1 0m	Ma in f fac i l i ies d e ip te t t na nc e o a n q u me n	An l ba is nu a s

Experienced Growth-OrientedManagement Team

Ins ert	Pi Ins Pi ctu ert ctu re re	Ins Pi ert ctu re	Ins Pi ert ctu re
He in z Ar hu t Sc h im l bu h m e sc De ty pu C E O a nd C ha irm f t he an o f t he Ma o na Ma Bo d t na g em en ar	Er ic Ja ks c on Sp to r ec r Pre ide Ad nt s van ce C ha irm an Ma ia ls a nd Me mb ter er Bo d t g em en ar he Ma Bo t t na g em en	Re in ha d W l te r a r d Pre ide En ine ing nt s g er f Sy d Me mb ste o ms an er d f t he Ma Bo d t ar o na g em en ar	W i l l iam J. Le vy C F O a nd Me mb er f t he Ma Bo d t o na g em en ar
Fo de d Sa feg rd Fo de d Sa un ua un • • Int ion l as M ing at Int ion at ern a an ag ern Pa in 19 97 Pa in rtn rtn er er Cu ly C ha irm f Cu ly nt nt rre an o rre • • Tim mi d Dir f Tim mi ect nco an or o nco No rils k N ic ke l Fo C ha rm er • Fo C ha irm f Sy Ne rm er an o ow are • Me llg llsc ha ft a nd Na ion l B ta t es e a Me ha Co ion d t t d Ab ha ne x rp ora an an ra Dir f M M C ( Fe de l Sa ect or o no w ra Inm Min ing ) et	feg rd ua C O O f M llur eta o g • l as M ing a an ag inc 20 02 s e 19 97 Se nio r V ice -Pr ide nt es • Vic C ha irm f e an o Me llur 's No h d ta rt g an So h Am ica ut er n o p era irm C E O f an or o inc e 1 99 8 s Sta ste te ms , k o f M lan d an ary Lin ln m co vin Ba nk g s	C ha irm f A LD inc Ju ly an o s e • 20 04 j ine d 2 00 1 ; o De C ha irm d C F O uty p an an f • o f V BH Ho ld ing A G fro o m 199 7 t o 2 00 1 ion t s	Vic Pre ide d C F O nt e s an o • Me llur inc No mb ta g s e ve er 20 05 Fo C F O f P Q rm er o • Co ion t rp ora Wi h I ia l C he mic ls t mp er a • C Ind rie PL in t he U K ust s d U S fro 19 84 19 96 to an m Ce ifie d p b lic rt tan u ac co un •

Strong Supervisory Board

	Pe dr Pa b lo o- Ku k i cz y ns C ha irm an	Pri M inis f P ( ) 20 05 & 20 06 ter me o eru • Pe 's Min iste f E d Fin ( 20 01 –2 00 2 & 20 04 –2 00 5 ) ru r o co no my an an ce • Pe 's Min iste f E d Min ( 2) d De D ire Ge l o f t he Pe ian Re Ba nk late 198 0-1 98 uty cto -19 60 ru r o ne rg y an es an p r ne ra ruv se rve s • , Fo de d t he La in A rica n E rise Fu nd riva ity firm in 19 92 C ha irm f F irst Bo n I ion l, 19 82 –1 99 2 t nte te sto nte t un me rp , a p eq u ; an o rna a • , Se Gr nio dv iso he Ro ha r to t ty r a n ou p •
	An dr i e Bo ug ro v D ire tor c	Bo d m be f In ion l B k f Re ion d De lop he Int ion l D lop As iat ion d t he ter t nst t nt, t at nt ar em r o na a an or co ruc an ve me ern a ev e me so c an • Int ion l F ina Co ion ( be 2) at t twe 19 93 –2 00 ern a nce rp ora en Ad vis he Eu n B k f Re ion d De lop in t he U K ( be 19 91 -19 93 ) d a dv ise he D ire to t nst t nt twe r to t cto rat er rop ea an or co ruc an ve me en an n a e • for In ion l E mic Or isa ion Min istr for Fo ig n A ffa irs Th So vie Un ion ( be ) ter t t t twe 19 79 -19 82 na a co no g an s, y re e en , Dir f I / S T E ity Pa No rils k N ic ke l a nd Ro ba nk ect rtn or o q u ers s • ,
	W ley es C lar k D ire tor c	Un ite d Sta Ar nke d a fo l; Su All ie d Co de Eu f N AT O ( 19 97 –2 00 0 ) tes sta my , ra ur- r g en era p rem e mm an r, rop e, o • Ca nd ida for he De ic n ina ion fo he Pr ide f t he Un ite d Sta te t t t r t nt tes mo cra om es o • C ha irm f R dm & Re ha inv ba nk est nt an o o an ns w me •
	Ja k L. c Me ss m an D ire tor c	C O Fo Pre ide d E f N ll In nt rm er s an o ov e c. • Fo C E O f U nio n P ific Re Co rm er o ac so urc es mp an y • Dir f U nio n P ific Co ion Wa r A Ca b le Co ica ion Inc nd MT V N ks, In ect t t etw or o ac rp ora rne me x mm un s, . a or c. • , Me mb f t he bo d o f d ire f Sa feg rd Sc ien ific Inc Ra d io S ha k Co ion d Tim mi Li mit d cto t t er o ar rs o ua s c rp ora an nco e • .,
	No be t r r Qu in ke t r D ire tor c	C ha irm f M la Gm b H ( 19 95 ) oto an o ro • Vic ide f Ce l E ion for G E M d ica l Sy Ce l E nd Pr ide f Ge l E lec ic De hla nd nt ntr t ste ntr nt tr uts e-p res o a uro p ea n o p era s e ms a uro p e a es o ne ra c • Me mb f t he iso bo d o f P FW Ae nd M la Gm b H b h b d in Ge oto ot er o su p erv ry ar ros p ac e a ro as e rm an y. • Me mb f t he dv iso il o f D dn Kle inw Be Fra nkf ort urt er o a ry co un c res er nso n, •
	Gu y Se De l l ier s D ire tor c	C ha irm f H B A dv iso fin dv iso firm fo d o ls a nd mi nin ind te eta ust an o rs, a co rp ora an ce a ry cu se n m g ry • Fo Bo d Me mb d C ha irm f R be Fle mi Co . L im ite d, Ea Eu rt & ste rm er ar er an an o o ng rn rop e • Dir f So lva S. A., No rils k N ic ke l a nd l ot he r R ian ies ect or o y, se ve ra uss co mp an •

Top-Line Revenue Growth Accelerating and Good Revenue Visibility

Improved Profitability

Capital Structure Will Facilitate Growth

• Net IPO proceeds of \$275m together with new \$175m credit facility used to repay substantially all outstanding debt
• Revolving credit facility will support working capital requirements and facilitate quick reaction to opportunities
•Debt-related interest expense will be down significantly
•Earnings will be retained to finance growth – dividend policy to be reviewed from time to time

	30- JU NE -07	30- JU NE -07 PF
Ca sh	\$ 77	(1) \$ 178
Cu rs' dep osi sto ts me	( ) 134	( ) 134	\$ i l l i f l i i d i ( l 1 4 4 t m o n o q u y r e v o v e r
Av aila ble sh ca	( 57)	44	i l b i l i l h- h d ) t a v a a y p u s c a s o n- a n
Sh deb ort -te t rm	73	26
Lon m d ebt ter g-	216	107
To tal de bt	\$ 289	\$ 134
Ne t d eb t	\$ 346	\$ 90	( 2) N D b f l 1. 0 L T M E B I T D A t t e e o o n y x
Sh hol de rs' ity are equ	4	256
To tal ital isa tion cap	\$ 294	\$ 389

AMG Investor Summary

L is ing Eu Am da t t t te a ron ex s r m		A M G ha ice hro h 2 3. 0 1. 2 0 0 8 t s re p r ug
I S I N	N L 0 0 0 0 8 8 8 6 9 1
I P O	Ju ly h, E U R 1 1 t 2 0 0 7 a t 2 4. 0 0
S ha d ing ts ta res o u n	2 6, 7 9 9, 5 0 4
Ma ke i l iza ion ( E U R ) t c ta t 3 8, 2 0 r ap	E U R 1, 0 2 3, 7 4 1, 0 5 2
Av l iq i d i ty era g e u	ha 1 4 9, 1 2 2 s res
Ma j S ha ho l de or re rs
Sa feg d In ion l Fu d L P te t ua r rna a n	2 6, 5 6 %
Lu Ma L L C t xo r na g em en	5, 4 5 %
C Gr i de l Inv L d ta tm t t es en ou p	5, 1 8 %
F i de l i Fu d ty n	5. 0 8 %
Ca i l Re h a d Ma Co ta t p se arc n na g em en mp an y	5, 0 1 %
O Z Ma L P t na g em en	4, 0 2 %

AMG Advanced Metallurgical Group N.V.

Thank you very much for your attention!

AMG Advanced Metallurgical Group N.V. Investor Relations+49 89 122858 46+49 173 9090902www.amg-nv.com

Advanced Materials UnitNiche Specialty Metals Overview

PR O DU C T	FU NC TIO NA LIT Y	AP PL IC AT IO NS	EN D-M AR KE TS	20 0 6 RE VE NU E
Fe d ium rro va na	Im h t str t • p rov es en g o ig ht io a nd rat we du ility f s l ct tee o	Hig h s h s l, r ba tre t tee • ng e r d p ip ing an	Inf tru ctu • ras re, en erg y d t ion ort at an ran sp	\$ 67 m
Fe nic ke l rro ly b de mo nu m	Co ion ista • rro s re s nce	Sta inle l ste • ss e	Ae • ros p ac e	\$ 20 m
S ilic l eta on m inc lu d ing lar de so g ra	Im • p rov es nd ivit uct co y Pro vid ion • es co rro s ista res nce Inc ha rdn • rea ses ess	Se mic du fib ic cto t • on rs, re op b les lar lls, lan ts, ca , so ce se a lu br ica ics nts et , co sm	Ele ics ctr • on , lar ho lta ic, tov so -p o he mic l a nd c a lum iniu a m	\$ 90 m
Alu mi niu ste m ma r llo d s / te a co mp ac y llo ing du cts a y p ro	rfa Im • p rov es su ce ap p ea ran ce , h a nd du ility str t ct en g f a lum iniu o m	Alu mi niu b ille ts, • m ion he fo il, ext et, rus s, s lec ica l ca b les d tr e an be ve rag e c an s	Tra ion ort at • nsp , ion nst t co ruc , nd ae ros p ac e a kag ing p ac	\$ 139 m
C hro mi l eta um m	Im hig h • p rov es tem tur p era e, we ar d c ion an orr os ista f s res nce o up er lloy a s	Je ine b ine t e tur • ng s, g as s, nd ip d in pu mp s a p es use he mic l re fin ies etr p oc a er	Ae • ros p ac e, en erg y d t ion ort at an ran sp	\$ 36 m
Ma ium tru ion g ne s ex s s d fa br ica d te an du cts p ro	Co ion ion rot ect • rro s p , ig ht du ion ct we re	Wa he de hot ter ate • r a no s, p o ing ion nst t en g rav , co ruc ls a nd ing ds too ort sp g oo	Du b le g ds • ra oo , ion rint ing nst t co ruc , p d le isu ds an re g oo	\$ 65 m

Advanced Material UnitComplex Metals Products Overview

PR O DU C T	FU NC TIO NA LIT Y	AP PL IC AT IO NS	EN D-M AR KE TS	20 0 6 RE VE NU E
Sp ia lty llo for ita niu d t ec a y s m an llo su p era y s	Im h tre t • p rov e s ng d fun ion lity ct an a f m ls eta o	Tu rb ine • ts co mp on en	Ae • ros p ac e, d en erg y an ive tom ot au	\$ 54 m
Co ing ria ls at ate m	Im • p rov e w ea r ista i nt res nce , a fle ing ct re ing ide at co s, p rov s d tra nt nsp are an nd ive la uct co y ers	To ls, t • o co mp on en de ive art rat p s, co , ics t op , ho lta ics tov p o	Inf tru ctu • ras re, lec nic nd tro e s a en erg y	\$ 29 m
Ta lum d n io b ium ide nta an ox s	Im • p rov e nd ivit uct co y, ista he to at res nce d c ion in an orr os nic ke l a nd ba lt co ba d s lloy se up era s	Ele ic ctr • on ito ca p ac rs	Ele ics d ctr • on an ion nst t co ruc	\$ 10 m
An im iox ide t tr on y	Fla da tar nt • me re	Ca b le ho ing • us s, las ics iles t tex t p ,	Ele ics ctr • on , bu ild ing ria ls ate m d t ion ort at an ran sp	\$ 60 m
Me ls- ba d p de ta se ow rs	Im • p rov e b ioc ib ility at om p , im lloy ing p rov e a , im du ivit ct p rov e c on y	Me d ica l im lan ts, • p ints net p a , m ag s	Me d ica l •	\$ 59 m

Engineering Systems UnitProducts Overview

FU RN AC E T YP E	SP EC IFI C P RO DU CT	AP PL ICA TIO NS	EN D-M AR KE TS	20 06 RE VE NU E
Re ltin me g	Va elt ing fu • cu um ar c r em rna ce s Ele lag ltin fur ctr • o s re me g na ces	To ol els tita niu ing d ste ots • m an , lloy s in ots su p era g	Ae he mic al, • ros p ace , c en erg y, atio nd dic al tra ort nsp n a me	\$ 66 m
So lar si lic elt ing on m d c llis ati sta an ry on	Sil ico elt ing d c llis atio sta • n m an ry n fur na ce s	Hig h p urit lar sili n in ots • y so co g d i he rod ion f w fer n t uct use p o a s	En (so lar hot ltai c) • erg y p ovo	\$ 19 m
Va in du cti cu um on ltin me g	Va in du ctio n d ing d • cu um eg ass an rin fur p ou g na ce s	Su lloy nd ialt allo • p era s a sp ec s y y for ols to Ste el a nd rod • s	Ae atio nd tra ort • ros p ace nsp n a , ch ica l em	\$ 17 m
Va he at tre atm t cu um en wi th hig h p res su re g as hin q ue nc g	Va in ha rde nin • cu um ca se g fur na ce s Pla arb uri sin fur • sm a c g na ce s	Ge die l fu el inj d ect • ars se ors an , ls too	Tra ati d ort • nsp on , a ero sp ace an ling too	\$ 16 m
Va isi cu um p rec on sti ca ng	Pre cis ion stin fur fo • ca g na ces r S/ S C uia ing d D ast eq x c an stin ca g	Co for ts • mp on en ae ros p ace ine nd ind ria l g ust en g s a as bin ol f c lub nd dic al tur es , g s a me imp lan ts	Ae ed ica l an d • ros p ace , e ne rgy , m leis ure	\$ 10 m
Tu rbi bl ad tin ne e c oa g	Ele be hy sic al v ctr • on am p ap ou r de itio n f p os urn ace s	Co ati for rbi bla de tu • ng s ne for ts co mp on en ae ros p ace ine nd ind ria l g ust en g s a as bin tur es	Ae d e • ros p ace an ne rgy	\$ 9m
Sin ing ter	Va si rin fur nte • cu um g na ces Hig h p sin ing fu ter • res su re rna ce s	To ols nd cle fue ls net • , m ag s a nu ar	To olin lea nd • g, nuc r e ne rgy , a tal me s	\$ 8m
Ow n & O te p era	Va rbu rizi lica tio • cu um ca ng ap p ns	Ge d i nj ect • ars an ors	Tra ati d ort • nsp on , a ero sp ace an ls too	\$ 22 m

Combined Income Statement

(\$ in tho nds ) usa	YEA R E ND ED 31	DE CE MB ER	SIX MO NT HS EN	DE D 3 0 J UN E
	FY 200 5	FY 200 6	1H 20 06	1H 20 07
Co nti ing tio nu op era ns
Re ven ue	906 ,71 1	927 ,80 8	460 ,92 1	543 ,85 3
Cos t of les sa	728 ,83 4	777 ,20 3	385 ,74 2	445 ,67 2
Gro fit ss pro	177 877 ,	150 605 ,	75, 179	98, 181
Sel ling al a nd adm inis iv e trat , ge ner ex pen ses	100 ,09 5	97, 236	47, 294	53, 406
Re ring d a t im irm stru ctu ent an sse pa ex pen se	20, 961	19, 341	4,1 83	30
Env iron l Ex nta me pen ses	199	11, 044	5,8 82	202
Oth er e xpe nse s	2,9 88	1,3 24	–	–
Pen sio n C ilm Ga in urta ent	–	( ) 15, 159	–	–
Oth er i nco me	( 6,4 13)	( 1,2 64)	( 565 )	( 1,1 82)
Op tin rof it era g p	60, 047	38, 083	18, 385	45, 725
Los xtin ish f deb nt o t s o n e gu me	10, 234	–	–	–
Inte t ex res pen se	33, 207	36, 559	–	–
Inte t In res com e	( 68) 3,9	( 44) 3,5	–	–
Ne t fi ts nan ce cos	39, 473	33, 015	14, 323	14, 367
Sha f p rof f a it o cia tes re o sso	447	( 2,3 72)	( 1,2 87)	( 1,0 85)
Pro fit bef in tax ore co me	21, 021	2, 696	2, 775	30, 273
Inc e ta om x e xpe nse	16, 332	8,3 83	3,7 76	11, 639
Pro fit for th e y ear	689 4,	( 687 ) 5,	( 001 ) 1,	18, 634
Att rib uta ble to :
Sha reh old of the Co ers mp any	16, 874	4,5 07	( 15)	19, 158
Min orit inte ts y res	( 12, 185 )	( 10, 194 )	( 986 )	( 524 )

Combined Balance Sheet

(\$ in thou sand s)	YEA R E NDE D 3 1 D ECE	MB ER	SEC ON D Q UAR TER
	FY 200 5	FY 200 6	30 J UNE 200 7
Ass ets
Pro lant and ipm pert ent y, p equ	105 ,792	101 ,256	–
Inta ngib le a ts sse	42,3 67	44, 898	–
Inve stm ents in a ciat sso es	11,7 34	13, 303	–
Def d ta sets erre x as	16,6 39	21, 731	–
Oth ts er a sse	4,59 6	4,9 81	–
Tot al n rent ets on- cur ass	181 ,128	186 ,169	212 ,303
Inve ntor ies	153 ,332	159 ,651	168 ,617
Tra de a nd o ther eiva bles rec	128 ,010	140 ,976	182 ,450
Der ivat ive fina ncia l ins trum ents	1,89 6	2,4 48	–
Oth nt a ts er c urre sse	–	–	45, 531
Pre ts pay men	31,2 21	26, 784	–
Cas h an d ca sh e quiv alen ts	50,3 17	54, 610	178 ,075
Tot al c nt a ts urre sse	364 ,776	384 ,469	574 ,673
Tot al a ts sse	,904 545	570 ,638	786 ,976
Equ ity
Issu ed c apit al	–	59	–
Sha ium re p rem	129 ,131	129 ,986	–
Oth er r ese rves	(3,5 93)	(15 ) ,313	–
Ret aine d ea rnin gs	(153 ,347 )	(14 8,84 0)	–
Equ ity a ttrib utab le to sha reh old of t he C ers om pan y	(27, 809 )	(34, 108 )	225 ,284
Min orit y in tere sts	18,9 84	10,3 67	30,4 34
Tot al e qui ty	(8,8 25)	(23, 741 )	255 ,718
Liab ilitie s
Loa nd b win ns a orro gs	199 ,280	185 ,386	107 ,173
Rela ted y de bt part	3,88 1	721	–
Emp loye e be nefi ts	105 ,485	94, 245	–
Pro visi ons	14,4 91	5,8 35	–
Oth er li abil ities	8,03 1	9,5 79	136 ,423
Def d ta x lia bilit ies erre	10,5 62	12, 989	–
Tot al n liab ilitie rent on- cur s	341 ,730	308 ,755	243 ,596
Loa nd b win ns a orro gs	7,77 9	22, 659	26, 481
Sho rt-te rm b ank deb t	41,7 49	53, 180	–
Rela ted y de bt part	5,45 7	14, 815	–
Tra de a nd o ther able pay s	78,4 14	93, 841	122 ,197
Oth er li abil ities	40,0 95	44, 417	71, 764
Der ivat ive fina ncia l ins trum ents	1,95 0	1,3 03	–
Adv nts anc e pa yme	18,9 52	29, 739	67, 220
Cur ble rent tax es p aya	7,71 6	13, 126	–
Pro visi ons	10,8 87	12, 544	–
Tot al c nt l iabi litie urre s	212 ,999	285 ,624	287 ,662
Tot al li abi litie s	554 ,729	594 ,379	531 ,258
Tot al e qui nd liab ilitie ty a s	545 ,904	570 ,638	786 ,976

Note: 30 June 2007 Balance Sheet is pro forma for the IPO and debt refinancing

Combined Cash Flow Statement

(\$ in tho nds ) usa	YE AR EN DE D 3 1 D EC EM BE R		SIX MO NT HS EN DE D 3 0 J UN E
	FY 200 5	FY 200 6	1H 200 6	1H 200 7
Cas h fl s fr ting tivi ties ow om op era ac
Pro fit f he iod or t per	4, 689	( ) 5, 687	( ) 1, 001	18, 634
Adj for: ust nts me
Dep iatio nd orti ion zat rec n a am	18, 272	18, 529	8, 461	9, 278
Pen sio ilme ain urta nt g n c	–	( 15, 159 )	–	–
Res turi nd imp airm los truc ent ng exp ens e a ses	20, 961	19, 341	–	–
Env iron l ex nta me pen se	151	11, 844	–	–
Net fin ost anc e c s	29, 239	33, 015	–	–
Sha f lo fit) of a (pro ciat re o ss sso es	( 447 )	2, 372	–	–
Los ale or d ispo sal of p lant d e ipm erty ent s o n s rop , p an qu	692	2, 617	–	–
Equ ity-s ettl ed sha re-b d p ctio ent tra ase aym nsa ns	282	386	–	–
Inco tax me ex pen se	16, 332	8, 383	–	–
Cha in rkin ital nge wo g c ap	1, 418	( 16, 255 )	( 28, 334 )	4
Oth er	( 4, 276 )	( 1, 644 )	135	( 1, 865 )
Inte id t pa res	( 22, 012 )	( 28, 650 )
Inco id tax me pa	( ) 6, 692	( ) 5, 799	( ) 15, 131	( ) 21, 522
Cas h p aid for div ide nds	–
Non sh -ca exp ens es	–	– –	30, 283	27, 113
Net sh flow s fr ting tivi ties ca om op era ac	58, 609	23, 353	( ) 5, 587	31, 642
Cas h fl sed in inv est ing tivi ties ow s u ac
Pro ds from le o f pr lant d e ipm rty, ent cee sa ope p an qu	191	420	–	–
Cas h re ceiv ed for ceiv abl not e re e	1, 353	–	–	–
Acq uisi tion of oci ate ass s	( 382 )	( 4, 003 )	–	–
Acq uisi tion of lant d e ipm ty, ent pro per p an qu	( ) 13, 659	( ) 24, 292	( ) 10, 458	( ) 18, 174
Acq uisi tion f ca sh et o s, n			–	–
Rel d p loa ate arty ns	( ) 14, 312	( ) 11, 046	–	–
Oth er			( 4, 282 )	( 112 )
Net sh flow sed in inv ing tivi ties est ca s u ac	( 26, 809 )	( 38, 921 )	( 14, 740 )	( 18, 286 )
Cas h fl s fr (us ed in) fina nci ivit ies act ow om ng
from of d Pro ds iss ebt cee uan ce	209 893 ,	26, 619	4, 893	( 18, 590 )
Pay f tra ctio nt o ost me nsa n c s	( 13, 487 )	( 207 )	–	–
Rep of bor ing ent aym row s	( ) 219 883 ,	( ) 11, 878	–	–
Issu f Sh anc e o are s	–	59	–	–
Ca ital infu sio p n	–	–	–	26, 599
Oth er	( 4)	( 121 )	135	–
Net sh flow s fr (us ed in) fina nci ivit ies act ca om ng	( 23, 481 )	14, 472	4, 763	8, 009
Net de in h a nd h e iva len ts cre ase cas cas qu	8, 319	( 1, 096 )	( 15, 564 )	21, 365
Cas h a nd h e ival Jan ent t 1 cas qu s a uar y	45, 827	50, 317	50, 317	54, 610
Effe f ex cha e fl ion ash he ld ct o rat uct uat nge s o n c	( 3, 829 )	5, 389	2, 646	1, 402
Cas h a nd h e iva len t 31 De ber ts a cas qu cem	50, 317	54, 610	37, 399	77, 377

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AMG Critical Materials N.V.

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