Investor Presentation

March 2011

2

THIS DOCUMENT IS STRICTLY CONFIDENTIAL AND IS BEING PROVIDED TO YOU SOLELY FOR YOUR INFORMATION BY AMGADVANCED METALLURGICAL GROUP N.V. (THE “COMPANY”) AND MAY NOT BE REPRODUCED IN ANY FORM OR FURTHERDISTRIBUTED TO ANY OTHER PERSON OR PUBLISHED, IN WHOLE OR IN PART, FOR ANY PURPOSE. FAILURE TO COMPLY WITHTHIS 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 acquiresecurities 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 connectionwith, 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 anyaccompanying 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 mentionedin 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 ofapplication 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, expressor 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. TheCompany and its advisors are under no obligation to update or keep current the information contained in this presentation. To the extent allowed by law, noneof the Company or its affiliates, advisors or representatives accept any liability whatsoever (in negligence or otherwise) for any loss howsoever arising from anyuse 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 acceptanceof new products, the impact of competitive pricing, the ability to obtain necessary regulatory approvals, and the impact of general business and global economicconditions. 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 anyof 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.

Cautionary Note

3

AMG Advanced Metallurgical Group N.V.

Listed: NYSE-Euronext Amsterdam: AMG

Founded: 2006

Revenues: $990.5M Full Year 2010

Employees: 2,600

Facilities: Netherlands, Germany, UK, USA, Brazil, France,

Turkey, Canada, Czech Republic, China, Mexico,

Belgium, Poland, India, Sri Lanka

Market cap: €345.2M

Shares outstanding: 27.5M

52 week range: €6.25–€13.74

Recent share price: €12.55 (March 15, 2011)

Sustainable Metals Technology Products:

High purity raw materials, metals and complex metal products

Vacuum furnaces used to produce high purity metals

4

■ Serve growing end markets with high value-added specialty metal

products and engineering solutions, related to CO2 reduction and

conservation of natural resources

■ Execute through a combination of:■ Vertical integration

■ Industry consolidation

■ Continuous investment in productivity and technology

■ Serve the end markets of:■ Responsible energy production and use

■ Emerging market infrastructure

■ Aerospace and light weight materials

■ Specialty metals and chemicals

Strategic Focus

5

Advanced Materials

High-value alloys

Essential raw materials

Engineering Systems

Capital equipment for high purity

materials

Products & Markets

InfrastructureAerospaceEnergySpecialty Metals &

Chemicals

6

The EU identified 14 critical raw materials(1) to the European economy –

focusing on two determinants – economic importance and supply risk

AMG currently has raw material sources for 4 of those elements

Critical Raw Materials

“Critical” raw

materials

(1) European Commission Annex V to the Report of the Ad-hoc Working Group on defining critical raw materials

7

Critical Raw Materials – AMG’s activities

1

HHydrogen

1.0

3

LiLithium

6.9

11

NaSodium

23.0

19

KPotassium

39.1

37

RbRubidium

85.5

55

CsCaesium

132.9

87

FrFrancium

223.0

88

RaRadium

226.0

4

BeBeryllium

9.0

20

CaCalcium40.1

38

SrStrontium

87.6

56

BaBarium

137.4

39

YYitrium

88.9

57-71

89-103

21

ScScandium

45.0

22

TiTitanium

47.9

40

ZrZirconium

91.2

72

HfHafnium

178.5

104

RfRutherfordlium

261

23

VVanadium

50.9

41

NbNiobium

92.9

73

TaTantalum

181.0

105

DbDubnium

262

24

CrChromium

52.0

42

MoMolybdenum

95.9

74

WTungsten

183.9

106

SgSeaborgium

263

25

MnManganese

54.9

43

TcTechnetium

99

75

ReRhenium

186.2

107

BhBohrium

264

26

FeIron

55.9

44

RuRuthenium

101.0

76

OsOsmium

190.2

108

HsHassium

265

27

CoCobalt

58.9

45

RhRhodium

102.9

77

IrIridium

192.2

109

MtMeitnerium

266

28

NiNickel

58.7

46

PdPalladium

106.4

78

PtPlatinum

195.1

110

DsDarmstadtium

269

29

CuCopper

63.5

47

AgSilver

107.9

79

AuGold

197.0

111

RgRoentgenium

272

30

ZnZinc

65.4

48

CdCadmium

112.4

80

HgMercury

200.6

112

UumUnunbium

277

5

BBoron

10.8

13

AlAluminum

27.0

31

GaGallium

69.7

49

InIndium

114.8

81

TlThallium

204.4

113

UutUnuntrium

284

6

CCarbon

12.0

14

SiSilicon

28.1

32

GeGermanium

72.6

50

SnTin

118.7

82

PbLead

207.2

114

UuqUnunquadium

289

7

NNitrogen

14.0

15

PPhosphorus

31.0

33

AsArsenic

74.9

51

SbAntimony

121.8

83

BiBismuth

209.0

115

UupUnunpentium

288

8

OOxygen

16.0

16

SSulfur

32.1

34

SeSelenium

79.0

52

TeTellurium

127.6

84

PoPolonium

210.0

116

UuhUnunhexium

292

9

FFluorine

19.0

17

ClChlorine

35.5

35

BrBromine

79.9

53

IIodine

126.9

85

AtAstatine

210.0

2

HeHelium

4.0

10

NeNeon

20.2

18

ArArgon

40.0

36

KrKrypton

83.8

54

XeXenon

131.3

86

RnRadon

222.0

57

LaLanthanum

138.9

89

AcActinium

132.9

90

ThThorium

232.0

58

CeCerium

140.1

59

PrPraseodymium

140.9

91

PaProtactinium

231.0

60

NdNeodymium

144.2

92

UUranium

238.0

61

PmPromethium

147.0

93

NpNeptunium

237.0

62

SmSamarium

150.4

94

PuPlutonium

242.0

62

EuEuropium

152.0

95

AmAmericium

243.0

64

GdGadolinium

157.3

96

CmCurium

247.0

65

TbTerbium

158.9

97

BkBerkelium

247.0

66

DyDysprosium

162.5

98

CfCalifornium

251.0

67

HoHolmium

164.9

99

EsEinsteinium

254.0

68

ErErbium

167.3

100

FmFermium

253.0

69

TmThallium

168.9

101

MdMendelevium

256.0

70

YbYtterbium

173.0

102

NoNobelium

254.0

71

LuLutetium

175.0

103

LrLawrencium

257.0

12

MgMagnesium

24.3

AMG manufactures products with these elements

AMG has development projects with these elements

8

Graphite

Primary producers of selected critical raw materials

Critical Raw Materials

Antimony Graphite

Lithium Magnesium

Silicon Titanium

Vanadium

Tantalum

Niobium

Chromium

Vanadium

Tantalum

Tantalum

Titanium Vanadium

Chromium Magnesium

Titanium

MagnesiumTitanium

Lithium

Tantalum

Antimony

Graphite

Chromium

Magnesium

AMG raw material

mines

9

■ Acquired aluminum master alloy producer KB Alloys, LLC for

$23.5 million

■ Signed agreements to supply tantalum concentrate production

through the end of 2012

■ Acquired intellectual property and manufacturing assets related to

the “Mono2™” suite of solar casting technologies

■ Acquired an additional 8.5% of Graphit Kropfmühl’s common

shares

Recent Developments

10

Advanced Materials - Market, Products and Customers

Products

Aerospace

Specialty alloys for titanium

Coatings for wear

resistance

Infrastructure - FeV

Ferro-vanadium

Ferro-nickel molybdenum

Specialty Metals

Competitors Reading Alloys Inc.

Evraz Group S.A.

(Stratcor)

Evraz Group S.A. (Highveld

Steel & Vanadium)

Eramet S.A. (Gulf Chemical

& Metallurgical Corporation)

Evraz Group S.A. (Stratcor)

Xstrata plc

Chengde Vanadium &

Titanium Stock Co. Ltd.

KBM Affilips B.V.

Sunxing Chemical and

Metallurgical Materials Co

Delachaux S.A.

Campine S.A.

Chemtura Corporation

Sample Customers

Chromium Metals

Tantalum

Antimony

Aluminium master alloys

11

Advanced Materials - Specialty metals pricing

$0

$5

$10

$15

$20

$25

$30

$35

$40

$45

2007 2008 2009 2010 2011

Pri

ce /

Po

un

d –

V,

Mo

, N

i

Ferro Vanadium Molybdenum Nickel

AMG IPO

Increase from 2009 lows:

FeV: 67%

Mo: 123%

Ni: 173%

Prices are still below pre-crisis levels;

correlated to demand for North American carbon and stainless steel

12

Engineering Systems – Market, Products and Customers

Energy - Solar

Solar silicon melting and

crystallisation systems-

DSS furnaces

Mono2™ technology

Aerospace

Vacuum Melting and Re-

melting Systems

Precision Casting and

Coating Systems

Heat Treatment with high

pressure gas quenching

Energy - Nuclear

Vacuum Sintering

Systems for nuclear fuel

Development project for

the safe storage of

nuclear waste

Competitors GT Solar International,

Inc.

PVA TePla AG

Chinese producers

Inteco Specialty Melting

Technologies GmbH

Consarc Corporation

Aichelin GmbH

No significant competition

Sample Customers

Products

(1) Market shares are an AMG management estimate.

13

Graphit Kropfmühl – Market, Products and Customers

Energy - Solar

Silicon metal for

polycrystalline for solar

cells

Specialty Metals & Chemicals

Natural graphite for

insulation, transportation

and industrial uses

Silicon metal for aluminium

and silicones

Competitors Bluestar Silicone Materials Ltd.

Globe Specialty Metals Inc.

Grupo FerroAtlantica, S.L.

Timminco Limited

Dow Corning Corporation

Wacker Chemie AG

Asbury Graphite Mills, Inc.

SGL Carbon SE

Qingdao Graphite Company, Ltd

Sample Customers

Products

14

Financial Overview

15

End Markets – by the Numbers

2010 Gross Margin by

End Market

2010 Revenue by End

Market

Energy - Solar & Nuclear 21%

Aerospace 26%

Infrastructure -Recycling 16%

Specialty Metals &

Chemicals 36%

Energy - Solar & Nuclear 26%

Aerospace 30%

Infrastructure -Recycling 19%

Specialty Metals &

Chemicals 24%

16

Revenue by Geography

AMG generated less than 3% of 2010 revenue from Japan

2010 Revenue

AMG

2010 Revenue

AMD

2010 Revenue

ESD

2010 Revenue

GK

17

Financial Highlights 2010

2010 Revenue $990.5 2010 Gross Profit $178.6

in millions

18

$12.4

$22.0$23.9

$18.8 $20.2

Q4 09 Q1 10 Q2 10 Q3 10 Q4 10

Financial Highlights

$231.4 $235.8 $243.5 $240.4

$270.7

Q4 09 Q1 10 Q2 10 Q3 10 Q4 10

(in millions)

(in millions)

Q4 Revenue: $270.7 million

Up 17% from Q4 2009

Q4 EBITDA: $20.2 million

Up 62% from Q4 2009

Q4 EPS: $0.10 (1)

Up from $0.03 in Q4 2009 (1)

YTD Revenue: $990.5 million

Up 14% from YTD 2009

YTD EBITDA: $84.9 million

Up 23% from YTD 2009

YTD EPS: $0.52 (1)

Up from ($0.39) YTD 2009 (1)

HighlightsRevenue

EBITDA

(1) Excluding the equity losses from AMG’s 42.5% ownership in Timminco Limited

19

Advanced Materials

Financial Summary Highlights

( in millions)

$5.3 $8.5$14.2 $9.4 $7.7

$95.9

$140.5

$152.0 $154.9$168.9

Q4 09 Q1 10 Q2 10 Q3 10 Q4 10

Revenue EBITDA ■ Infrastructure - ferrovanadium

■ Reference prices increased 21% v. Q4

2009

■ Volumes improved 30% v. Q4 2009

■ Ferronickel-molybdenum demand

increased 51% v. Q4 2009

■ Aerospace – master alloys prices improved 20%

v. Q4 2009; volumes improved 203%

■ CAPEX

■ Expansion of ferrovanadium operations

and solar thin film coatings facility

- - - - -

$5.0

$3.3$4.2

$5.6$7.3

Q4 09 Q1 10 Q2 10 Q3 10 Q4 10

CAPEX

20

Engineering Systems

Financial Summary Highlights

( in millions)

- - - - -$5.9

$12.1 $8.0 $7.4 $10.0

$73.8 $65.3

$59.5

$53.2

$67.7

Q4 09 Q1 10 Q2 10 Q3 10 Q4 10

Revenue EBITDA

- - - - -

$3.0

$0.8 $1.3$0.8

$4.9

Q4 09 Q1 10 Q2 10 Q3 10 Q4 10

CAPEX

Q4 revenue decreased 8% v. Q4 2009

Solar silicon DSS furnace revenues

decreased 44% in Q4 2010 v. Q4 2009

Q4 EBITDA increased 69% v. Q4 2009

December 31, 2010 Backlog improved to

$183.3 million from $147.1 million at

September 30, 2010

Order intake $107.6 million in Q4 2010

1.59x book to bill ratio

Diversified backlog - solar, aerospace

and transportation

21

Graphit Kropfmühl

Financial Summary Highlights

( in millions)

- - - - -$1.2 $1.5 $1.7 $2.0 $2.5

$33.3

$29.9$32.1 $32.4

$34.2

Q4 09 Q1 10 Q2 10 Q3 10 Q4 10

Revenue EBITDA

- - - - -

$0.8$1.0

$1.3

$0.7

$1.7

Q4 09 Q1 10 Q2 10 Q3 10 Q4 10

CAPEX

Q4 revenue increased 3% v. Q4 2009

Decrease in silicon metal revenues due to

lower contract prices

Silicon metal down 3%

Natural graphite up 16%

Q4 EBITDA increased 105% v. Q4 2009

Lower revenues and higher costs in

silicon metal

Silicon metal up $0.9 million

Natural graphite up $0.4 million

CAPEX for graphite milling expansion

22

Capital Base

■ Cash: $89.3 million

■ Total debt: $237.1 million

■ Net debt: $147.8 million

■ Revolver availability: $47.8 million

■ Total liquidity $137.1 million

Note: Cash includes short term investments

$117.0

$98.9

$84.6$90.2

$89.3

$203.8 $203.0 $204.3

$234.8 $237.1

Q4 09 Q1 10 Q2 10 Q3 10 Q4 10

Cash Debt

( in millions)

Cash and Debt – December 31, 2010 Summary

23

Outlook

■ Advanced Materials

■ Rising prices and demand for many products

■ Revenue and earnings growth driven by antimony, tantalum and aluminum alloys

■ Engineering Systems

■ Backlog is increasing; renewed interest in solar silicon furnaces

■ Order intake driven by titanium, solar and specialty steel markets

■ Graphit Kropfmühl

■ AMG owns 88% of GK

■ Silicon metal pricing is improving; demand for natural graphite is increasing

■ Timminco

■ AMG owns 42.5% of Timminco; not consolidated

24

Appendix

25

Consolidated Balance Sheet

in thousands

December 31, 2010 December 31, 2009

Fixed Assets 228,612 211,022

Goodwill and Intangibles 27,002 28,253

Other Non-current Assets 80,714 78,209

Inventories 207,204 193,378

Receivables 175,421 147,787

Other Current Assets 46,811 35,313

Cash 89,311 117,016

TOTAL ASSETS 855,075 810,978

TOTAL EQUITY 233,965 228,423

Long-term Debt 187,813 168,319

Pension Liabilities 88,372 91,358

Other Long-term Liabilities 52,900 51,249

Current Debt 49,276 35,477

Accounts Payable 102,253 69,791

Advance Payments 49,597 54,764

Accruals 43,287 46,179

Other Current Liabilities 47,612 65,418

TOTAL LIABILITIES 621,110 582,555

TOTAL LIABILITIES AND EQUITY 855,075 810,978

26

Consolidated Income Statement

in thousands

Q4 2010 Q4 2009

Revenue 270,731 231,388

Cost of sales 221,349 185,034

Gross profit 49,382 46,354

Selling, general and admin. 36,765 42,605

Asset impairment and restructuring 1,019 3,805

Environmental 5,658 (164)

Other income (383) (1,732)

Operating profit 6,323 1,840

Net finance costs 2,042 4,162

Share of income (loss) of associates 7,569 (29,273)

Profit (loss) before income taxes 11,850 (31,595)

Income tax benefit (110) (2,436)

Profit (loss) for the year from continuing operations 11,960 (29,159)

Profit after tax for the year from discontinued operations - 202

Profit (loss) for the year 11,960 (28,957)

Attributable to:

Shareholders of the Company 12,481 (30,227)

Non-controlling interest (521) 1,270

27

Consolidated Cash Flows

in thousands

Twelve months ended

December 31, 2010

Twelve months ended

December 31, 2009

Cash Flows from Operations (1,623) (2,091)

Capital Expenditures (32,973) (25,532)

Other Investing Activities (29,599) (64,649)

Cash Flows from Investing Activities (62,572) (90,181)

Cash Flows from Financing Activities 42,352 62,638

Net decrease in cash (21,843) (29,634)

Beginning Cash 117,016 143,473

Effects of exchange rates on cash (5,862) 3,177

Ending Cash 89,311 117,016