AMG Critical Materials N.V.

Investor Presentation • Apr 3, 2009

AMG Advanced Metallurgical Group N.V.

Kepler Alternative Energy Conference

Jonathan Costello, Vice President, Corporate Communications 3 April 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.

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.

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AMG at a Glance

• Preeminent global specialty metals 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
• Timminco (50.7%-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

Strategic Overview

AMG's strategy is to increase shareholder value through focusing on global CO² reduction technologies and industries – Solar, Fuel Efficiency, Recycling and Nuclear

CO² Stabilization Wedges (1)

There are 15 potential wedges each reducing 1 GtC/year of carbon emissions. The implementation of 7 wedges now will reduce emissions by 7 GtC/year in 2054.

CO² Stabilization Wedges as they relate to AMG

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 sold to polysilicon industry
• Coatings for thin film solar cells

Fuel 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 recovery for production of ferrovanadium and ferronickelmolybdenum and vanadium alloys

• Sintering furnaces for nuclear fuel and related furnaces for the nuclear fuel cycle
• Furnaces and process technology for pebble bed reactors
• GK"s high purity natural graphite is a critical input for nuclear components

					AMG Advanced Metallurgical Group	N.V.
	Solar		Fuel 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  Coatings for thin film applications		 Vacuum furnace systems for the production of high purity metals  VAl alloys  Superalloys for the Ti industry		 Ferrovanadium  Ferro nickel – molybdenum  Vanadium chemicals		 Vacuum sintering furnace systems  Engineering for processing of weapons grade plutonium into MOX nuclear fuel		 Chromium metal  Tantalum  Vacuum sintering furnace systems  Antimony trioxide  Natural graphite  Al master alloys
	 World's largest for solar applications	producer of UMG Si	 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

Solar Value Chain

AMG participates in multiple steps in the solar value chain

Solar - AMG SCU 400 ingot furnaces

Solar - AMG ingot furnace

Solar - AMG ingot furnaces

Number of Solar Silicon Remelting and DSS Furnaces Produced

Total Reduction in Production Cost (\$ million)

Solar – Rotatable targets used for CIGS thin film

CIGS ternary target material (patent pending)

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

AMG"s Focus

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

AZOY® on Copper backing plate

Solar – Rotatable targets for CIGS thin film

A rotatable sputtering target is a key element in thin film production

Vacuum Chamber

AZOY® Rotatable Target Vertical In-Line Sputter System

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

Fuel 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

Fuel 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

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 – AMG technology applications

		APPLICATIONS
		Fuel	Waste
	Coating	TRISO coating of UO and PuO for: 2 2 - Fuel Spheres - Prismatic Fuel	TRISO Coating of HLW Particles
Y G O L O N H C E T	Graphite	HTR Fuel Spheres HTR Prismatic Fuel Elements HTR Reflector Blocks	I-Graphite HTR Spent Fuel Spheres LWR Spent Fuel Pellets HLW Coated Particles
	Other	Zircaloy Tube Annealing Sintering of UO Fuel Pellets 2 Sintering of MOX Fuel Pellets Thorium Pellets Lab Furnaces Intellifast Fasteners

Nuclear furnaces for mixed oxide (MOX) fuel production

MOX fuel pellets made of uranium oxide and plutonium oxide can be used in LWR fuel elements

• In 2008, AMG was awarded a contract by Shaw Areva MOX Services for engineering of sintering furnace systems for the US Dept of Energy
• AMG manufactures sintering furnaces for the production of MOX pellets
• 20 furnaces delivered to leading producers such as Melox and British Nuclear Fuels

Sintering Furnaces

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

Business Highlights

• Global economic downturn significantly affected demand during the 4th quarter
• Market conditions are unpredictable and will be challenging in 2009
• The Advanced Material Division is implementing a 15% reduction in staffing (1)
• All non-essential capital spending programs have been postponed
• Timminco produced 554 mt and shipped 424 mt of Upgraded Metallurgical (UMGSi) solar silicon during the 4th quarter 2008
• Total production for 2008: 1,214 mt
• Total shipments for 2008: 1,045 mt
• 4 th quarter 2008 UMGSi average selling price: C\$65/kg
• 4 th quarter 2008 UMGSi average cost: less than C\$30/kg
• Timminco is adjusting expansion and operating plans to market demand

Financial Highlights

• 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 2008 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

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, tantalum, aluminum master alloys volumes are affected by global slowdown  Working capital should decrease due to price and volume decreases of raw materials 
Engineering Systems	Global demand expected to decrease due to economic uncertainty  \$332 million backlog as of 31 December  Berlin production facility being adapted to produce multiple furnace types  Pricing remains steady 
Timminco	Upgraded Metallurgical Silicon capacity expansion on hold; orders significantly below  contracted levels − Seven lines have been installed as of February 2009 UMGSi production levels being adjusted to meet current market demand  Ingot process is proceeding; goal of reducing UMGSi processing costs  Silicon metal production is being temporarily shutdown in Q2 2009 due to decrease in  market demand

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).

AMG Advanced Metallurgical Group N.V.