AMG Critical Materials N.V.

Investor Presentation • Mar 18, 2009

Investor Presentation 1 st Quarter 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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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
• 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

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

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

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
• New Timminco UMG solar silicon facility is producing and shipping
• Significant producer of silicon metal sold to polysilicon producers

Recycling

• Spent refinery catalyst and power plant residue recovery for production of ferrovanadium and ferronickel-molybdenum and vanadium alloys
• Long-term contract for spent catalysts supports long term capacity expansion plans

Fuel Efficiency Nuclear

• Proprietary alloys and superalloys for aerospace applications

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

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

• Furnaces and process technology for pebble bed reactors
• Graphite production from GK acquisition 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  industry	Superalloys for the Ti	 Ferrovanadium  Ferro nickel – molybdenum 	Vanadium chemicals	 Vacuum sintering furnace systems  Engineering for processing of weapons grade nuclear fuel	plutonium into MOX	  Tantalum    	Chromium metal 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

Record Results for 2008

Advanced Materials

• Achieved record revenue and EBITDA during 2008
• \$756.7 million in revenue, a 10% increase
• \$62.1 million EBITDA, a 13% increase

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 by 15% from 30 September 2008 levels
• Reducing all non-essential capital investment

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

Timminco

• Achieved strong revenue and EBITDA during 2008
• \$237.8 million in revenue, a 53% increase
• \$20.0 million EBITDA
• UMGSi Expansion
• 7 production lines installed as of Q1 2009
• Shipped 1,045 mt in 2008; 424 mt in Q4
• Q4 average price C\$65/kg
• Re-evaluating further expansion in light of current poor market conditions
• Magnesium spin off expected to be completed during Q2 2009

Graphit Kropfmühl

Highlights

• Strong revenue and EBITDA in (eight months) 2008
• \$87.9 million in revenue for 8 months ended December 2008
• \$7.6 million EBITDA for the 8 months ended December 2008
• Capital expenditure of \$7.6 million primarily for the expansion of silicon metal capacity
• AMG acquired 79.5% of GK in Q2 2008 for \$66.9 million
• Silicon Metal
• 30,000 mt of Si metal capacity
• Secures large Si metal supply to Western Europe polysilicon producers
• Natural Graphite
• Natural graphite used in the fuel efficiency and transportation industries

EBITDA Overview

EBITDA
in millions	Q4 2007	Q4 2008
Operating Profit	\$14.5	(\$48.7)
+ Depreciation / Amortization	5.1	8.6
+ / - FX income (loss)	0.8	(2.7)
+ Restructuring and Impairment	(0.3)	43.9
+ Environmental	1.9	5.0
+ Stock Option Expense	1.6	11.9
+ One time items (pension, SERP)	6.9	(9.9)
Adjusted EBITDA	\$30.5	\$8.1

EBITDA BRIDGE

Working Capital

\$ in millions

	METRIC	December 2007	December 2008
Trade and other receivables	days of sales	53	44
Inventories	days of COGS	68	100
Trade and other payables	days of COGS	58	64
Advance Payments	days of sales	21	34
Net Working Capital	days of sales	42	46
Net Working Capital	% of sales	12.2%	10.4%

Capital Investment

2008 Q4 Capital Expenditures Growth Capex Programmes

• Maintenance capital is typically \$15 20 million per annum and was \$24.3 million in 2008.
• Timminco's solar silicon plant and expansion expenditures were \$76.9 million in 2008.

Q4 2008 Major Capital Projects

Project	Q4 2008	2008
Timminco – Solar Silicon Plant & Expansion	\$30.5	\$76.9
Engineering Systems– Mexico heat treatment facility	\$2.8	\$12.1
Advanced Materials – Tantalum mine & hydropower expansion	\$6.1	\$11.6
Engineering Systems – Berlin modification	\$4.5	\$7.2
Advanced Materials - Ferrovanadium expansion	\$2.8	\$3.1

Strong Capital Base

• Cash of \$143.4 million at 31 December 2008
• Total debt increased to \$232.0 million at 30 September 2008
• GK acquisition used \$62.9 million of cash and included \$27.3 million of assumed debt
• Timminco debt increased by \$40.6 million to fund expansion
• AMG had a net debt position of \$88.6 million at 31 December 2008
• Net Debt to EBITDA of less than 1.0x

Note: Cash includes short term investments

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  – 2009 margin levels are expected to be consistent with 2008
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

Appendix

Consolidated Balance Sheet

\$ in thousands	December 31, 2007	December 31, 2008
Fixed Assets	155,763	313,470
Goodwill and Intangibles	50,291	47,060
Other non-current assets	76,613	74,514
Inventories	186,410	318,793
Receivables	187,243	173,422
Other current assets	67,669	59,292
Cash	172,558	143,473
TOTAL ASSETS	896,547	1,130,024
TOTAL EQUITY	309,797	311,811
Long-term Debt	115,726	138,990
Pension Liabilities	102,809	103,176
Other long-term liabilities	61,872	81,920
Current Debt	25,056	93,043
Accounts Payable	126,827	156,697
Advance Payments	74,731	94,049
Unearned Revenue	0	35,624
Accruals	42,356	53,882
Other current liabilities	37,373	60,832
TOTAL LIABILITIES	586,750	818,213
TOTAL LIABILITIES AND EQUITY	896,547	1,130,024

Consolidated Income Statement

\$ in thousands	Q4 2007	Q4 2008
Total Revenue	316,925	341,230
Cost of Goods Sold	263,261	296,764
Gross Margin	53,664	44,466
Selling, General and Admin.	38,107	50,084
Asset impairment and restructuring	(292)	29,391
Environmental	1,863	5,036
Other Expense (Income)	(557)	(1,260)
Operating Profit	14,543	(38,785)
Net Finance Costs	878	5,603
Equity Accounted Investee Profit	(1,250)	(9,534)
Profit before Income taxes	12,415	(53,922)
Tax Provision	(2,147)	5,172
Profit for the Quarter	14,562	(59,094)
Attributable to:
Shareholders of the Company	18,177	(54,096)
Minority Interest	(3,615)	(4,998)

Consolidated Cash Flows

\$ in thousands	Full Year December 31, 2007	Full Year December 31, 2008
Cash Flows from Operations	74,500	123,353
Capital Expenditures	(58,259)	(158,290)
Other Investing Activities	(34,600)	(62,400)
Cash Flows from Investing Activities	(92,859)	(220,690)
Cash Flows from Financing Activities	123,425	79,574
Net increase (decrease) in cash	105,066	(17,763)
Beginning Cash	54,610	172,558
Effects of exchange rates on cash	12,882	(11,322)
Ending Cash	172,558	143,473
Approximate availability under AMG lines of credit		103,108
Total Liquidity		246,581

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).