The document summarizes an investor presentation by AMG Advanced Metallurgical Group. It provides an overview of AMG, including its markets, products, business units, and key financial highlights. AMG serves growing end markets with specialty metal products and engineering solutions. It has three business units: Advanced Materials, Engineering Systems, and Graphit Kropfmühl. For the second quarter of 2011, AMG reported revenues of $368.3 million, gross profit of $69 million, and EBITDA of $31.4 million, representing year-over-year growth.

1. Investor Presentation
September 2011

2. Cautionary Note
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.
This document has not been approved by any competent regulatory or supervisory authority.
2

3. Overview
Listed: NYSE-Euronext Amsterdam: AMG
Founded: 2006
Revenues: $1,197.5M LTM June 2011
EBITDA: $96.6M LTM June 2011
Employees: 3,000
Facilities: Netherlands, Germany, UK, USA, Brazil, France,
Turkey, Canada, Czech Republic, China, Mexico,
Belgium, Poland, India, Sri Lanka
Market cap: €245.9M ($346.6M)
Shares outstanding: 27.5M
52 week range: €6.25–€16.76
Recent share price: €8.94 (September 7, 2011)
 Sustainable Metals Technology Products:
 High purity raw materials, metals and complex metal products
 Vacuum furnaces used to produce high purity metals
3

4. Strategy
■ 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
4

5. Products & Markets
Advanced Materials Engineering Systems Graphit Kropfmühl
 High-value alloys  Capital equipment for  Silicon metal
 Critical raw materials high purity materials  Natural graphite
Specialty Metals &
Energy Aerospace Infrastructure Chemicals
5

6. End Markets – by the Numbers
2011 H1 Revenue 2011 H1 Gross Profit
$686.3 million $128.8 million
Aerospace Aerospace
27.1% 29.9%
Infrastructure
14.4%
Energy 24.9%
Energy 19.0% Infrastructure
14.2%
Specialty
Metals & Specialty
Chemicals Metals &
39.4% Chemicals
31.0%
6

7. Critical Raw Materials
 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
(Brazil)
(Turkey)
(Sri Lanka)
(Brazil)
(1) European Commission Annex V to the Report of the Ad-hoc Working Group on defining critical raw materials
7

8. Aerospace End Market: a growing market
 27% of H1 2011 revenue; 45% growth over 2010
 Titanium in commercial aircraft is expected to grow over 25%(1) in
2012
 Increases in Airbus and Boeing production rates
 Light weight materials used to improve fuel efficiency
 Master alloy demand expected to double by 2018 (B787, A350)
Commercial Aircraft Delivery Forecast % of Titanium in Airframes
(No. of planes) (‘% of total weight)
12.0
11.0 B 787
1,829 10.0
11% CAGR
1,704 9.0
B 777 A 350
8.0
1,514 7.0
1,384 6.0
5.0 B 757 A 318
1,246 A 320 A380
4.0
B 747 SP
1,097 3.0 A 300 A 340
B 747 A 330
2.0 B 737
B 767 A 321
1.0 B 727
B 707
0.0
2010 2011e 2012e 2013e 2014e 2015e 1950 1960 1970 1980 1990 2000 2010 2020
Source: Davenport & Company Source: Airbus, Boeing and Company estimates
8 (1) Davenport & Company

9. Business Units
9

10. Advanced Materials - Market, Products and Customers
Aerospace Infrastructure - FeV Specialty Metals
Products  Specialty alloys for titanium  Ferrovanadium  Chromium Metals
 Coatings for wear  Ferro-nickel molybdenum  Tantalum
resistance
 Antimony Trioxide
 Aluminium master alloys
Competitors  Reading Alloys Inc.  Evraz Group S.A. (Highveld  KBM Affilips B.V.
Steel & Vanadium)
 Evraz Group S.A.  Sunxing Chemical and
(Stratcor)  Eramet S.A. (Gulf Chemical Metallurgical Materials Co
& Metallurgical Corporation)
 Delachaux S.A.
 Evraz Group S.A. (Stratcor)
 Campine S.A.
 Xstrata plc
 Chemtura Corporation
 Chengde Vanadium &
 Twinkling Star Co., Ltd.
Titanium Stock Co. Ltd.
Sample Customers
10

11. Significant Metals Prices
Spot Prices as of September 1
Ferrovandium $15.38/lb
Molybdenum $32,022/mt
Nickel $21,155/mt
Tantalum $129/lb
Antimony $15,450/mt
Chromium Metal $14,605/mt
Silicon Metal $1.59/lb
11

12. Advanced Materials
Financial Summary Highlights
( in millions)
Revenue EBITDA ■ Q2 2011 revenue up 55% from Q2 2010
$235.6 ■ KB Alloys acquisition contributed $25.0
$210.8 million
■ Antimony trioxide revenue up 38%
$168.9
■ Q2 2011 Gross Margin 16% of revenue
$154.9
$152.0 ■ Q2 2011 EBITDA up 24% over Q2 2010
■ 7% of revenue
■ CAPEX
$17.5
$14.2 $9.4 $7.7 $14.6 ■ $6.2 million
Q2 10 Q3 10 Q4 10 Q1 11 Q2 11 ■ $1.6 million for tantalum mine
Capital Expenditure ■ $1.0 million for aerospace alloy
CAPEX expansion
$7.3
$5.6 $5.6 $6.2
$4.2
- - - - -
12 Q2 10 Q3 10 Q4 10 Q1 11 Q2 11

13. Engineering Systems – Market, Products and Customers
Energy - Solar Aerospace Energy - Nuclear
 Solar silicon melting and  Vacuum Melting and Re-  Vacuum Sintering
Products
crystallisation systems- melting Systems Systems for nuclear fuel
DSS furnaces
 Precision Casting and  Development project for
 Mono2™ technology Coating Systems the safe storage of
nuclear waste
 Heat Treatment with high
pressure gas quenching
Competitors  GT Solar International,  Inteco Specialty Melting  No significant competition
Inc. Technologies GmbH
 Beijing Jingyuntong  Consarc Corporation
Technology Co. Ltd
 Aichelin GmbH
 Zhejiang Jinggong S&T
 In house producers
Sample Customers
13

14. Engineering Systems
Financial Summary Highlights
( in millions)
Revenue EBITDA
 Q2 2011 revenue up 51% from Q2 2010
 Solar furnaces 29% of revenue
$89.8  Own and Operate 12% of revenue
$67.7  Order backlog increased 2% to $200.6
$59.5 $64.9 million at June 30, 2011
$53.2
 Order intake $88.6 million in Q2 2011
 1.0x book to bill ratio
 Q2 2011 Gross Margin 25% of revenue
$8.0 $7.4 $10.0 $7.7
- - - $5.3
- -  Increased due to economies of scale
Q2 10 Q3 10 Q4 10 Q1 11 Q2 11
 Q2 2011 EBITDA 9% of revenue
Order Intake
Order Intake
$107.6
$88.6
$65.0 $66.9 $65.7
- - - - -
Q2 10 Q3 10 Q4 10 Q1 11 Q2 11
14

15. Graphit Kropfmühl – Market, Products and Customers
Energy - Solar Specialty Metals & Chemicals
Products  Silicon metal for  Natural graphite for
polycrystalline for solar insulation, transportation
cells and lithium-ion batteries
 Silicon metal for aluminium
and silicones
Competitors  Bluestar Silicone Materials Ltd.  Asbury Graphite Mills, Inc.
 Globe Specialty Metals Inc.  SGL Carbon SE
 Grupo FerroAtlantica, S.L.  Qingdao Graphite Company, Ltd
 Timminco Limited
 Dow Corning Corporation
 Wacker Chemie AG
Sample Customers
15

16. Graphit Kropfmühl
Financial Summary Highlights
( in millions)
Revenue EBITDA  Q2 2011 revenue up 34% from Q2 2010
$42.3 $42.9  37% increase in silicon metal revenue due
to higher contract prices
$32.4
$34.2  Natural graphite revenue up 28%
$32.1
 Q2 2011 Gross Margin 20% of revenue
 Q2 2011 EBITDA up 269% over Q2 2010
 15% of revenue
 CAPEX
$6.3 $6.2
$1.7 $2.0 $2.5
-
Q2 10
-
Q3 10
-
Q4 10
-
Q1 11
-
Q2 11  $2.5 million primarily for graphite milling
expansion and maintenance silicon metal
Capital Expenditures capacity
CAPEX
$2.5
$1.7
$1.3 $1.2
$0.7
- - - - -
Q2 10 Q3 10 Q4 10 Q1 11 Q2 11
16

17. Consolidated Financial Overview

18. Revenue by Geography
2011 H1 Revenue 2010 Full Year Revenue
North North
America America
23% 20%
Asia 21% Asia 22%
Europe 51%
Europe
50%
South
South America 5%
America
5% ROW 2%
ROW 1%
18

19. Financial Highlights
Revenue
(in millions) Highlights
(in millions)
■ Q2 Revenue: $368.3 million
■ Up 51% from Q2 2010
$368.3 ■ Q2 Gross Profit: $69.0 million
$318.0
$270.7
$243.5 $240.4 ■ Q2 EBITDA: $31.4 million
■ Up 32% from Q2 2010
Q2 10 Q3 10 Q4 10 Q1 11 Q2 11
■ Q2 EPS: $0.29 (1)
EBITDA ■ Up from $0.20 in Q2 2010 (1)
■ LTM Q2 2011
■ Revenue: $1,197.5 million
$31.4 ■ EBITDA: $96.6 million
$26.2
$23.9 ■ Operating Profit: $57.0 million
$18.8 $20.2
■ EPS: $0.91 (1)
Q2 10 Q3 10 Q4 10 Q1 11 Q2 11
19 (1) Excluding the equity losses from AMG’s 41.9% ownership in Timminco
Limited and loss on debt extinguishment

20. Financial Highlights
2011 Q2 Revenue 2011 Q2 Gross Profit
$368.3 million $69.0 million
20 in millions

21. Capital Base
Cash and Debt – June 30, 2011 Summary
( in millions)
Cash Debt ■ Cash: $61.1 million
$267.1
■ Total debt: $278.5 million
$234.8 $237.1
■ Net debt: $217.3 million
$204.3
■ Debt to capitalization: 0.52x
■ Net Debt to TTM EBITDA:
2.25x
■ Revolver availability: $44.8 million
$84.6 $90.2 $89.3 ■ Total liquidity $105.9 million
$61.1
$66.1
Q2 10 Q3 10 Q4 10 Q1 11 Q2 11 ■ AMG’s primary debt is a $300 million
term loan and revolving credit facility
■ 5 year term
21

22. Recent Developments
■ AMG is accelerating the expansion of antimony mining activities:
■ Began antimony mining operations in Turkey in Q2 2011
■ Expects to produce 50 MT of crude oxide per month in Q3 2011
■ Expanding capacity to over 5,000/MT of antimony metal per
annum by Q2 2012, subject to completion of the detailed mine plan
■ AMG is expanding the tantalum mining and concentration capacity to
400,000/lb tantalum oxide per annum by Q1 2012
■ AMG began a three-year JV with ENRESA and CIEMAT to develop
technologies enabling safe final disposal of nuclear contaminated
graphite
22

23. Outlook
■ Advanced Materials
■ Stable demand; strong prices for chromium, antimony and tantalum
■ Antimony mine ramp up ongoing; production beginning in H2 2011
■ Engineering Systems
■ Backlog is stable
■ Own and Operate business is growing to meet demand
■ Graphit Kropfmühl
■ Improved silicon metal and natural graphite pricing; 2011e revenue >$150M
■ AMG targets EBITDA growth greater than 25% in 2011
23

24. Appendix
24

25. Consolidated Balance Sheet
Balance Sheet Actual
As of December 31, 2010 June 30, 2011
Fixed assets 228.6 262.0
Goodwill and intangibles 27.0 33.6
Other non-current assets 80.7 80.7
Inventories 207.2 258.2
Receivables 175.4 216.9
Other current assets 46.8 53.2
Cash 89.3 61.1
TOTAL ASSETS 855.1 965.7
TOTAL EQUITY 234.0 254.4
Long-term debt 187.8 219.8
Pension liabilities 88.4 98.2
Other long-term liabilities 52.9 65.5
Current debt 49.3 58.7
Accounts payable 102.3 117.5
Advance payments 49.6 45.7
Accruals 43.3 57.0
Other current liabilities 47.5 48.9
TOTAL LIABILITIES 621.1 711.3
TOTAL LIABILITIES & EQUITY 855.1 965.7
25 in millions

26. Consolidated Income Statement
Income Statement Actual
Quarter-to-date June Q2 2010 Q2 2011
Revenue 243.5 368.3
Cost of sales 199.1 299.3
Gross profit 44.5 69.0
Selling, general & admin. 29.9 44.8
Asset impairment & restructuring - 2.2
Environmental 0.2 0.1
Other income (0.3) (0.9)
Operating profit 14.7 22.8
Net finance costs 1.9 9.1
Share of loss of associates (5.0) (1.7)
Profit before income taxes 7.8 12.0
Income tax expense 7.1 7.8
Profit for the period 0.6 4.2
Attributable to:
Shareholders of the Company 1.2 3.4
Non-controlling interest (0.5) 0.9
Adjusted EBITDA 23.9 31.4
26 in millions

27. Consolidated Statement of Cash Flows
Cash Flow Statement Actual
For the six months ended June 30, 2010 June 30, 2011
EBITDA 45.9 57.6
+/- Change in operating assets/liabilities (35.7) (46.7)
-Interest paid, net (7.4) (5.1)
Other operating cash flow (1.7) 3.7
Cash flows from operations before taxes 1.1 9.5
Income tax paid (21.4) (21.6)
Total cash flows used in operations (20.3) (12.1)
Capital expenditures (12.0) (19.9)
Other investing activities (10.0) (24.0)
Cash flows used in investing activities (22.0) (43.9)
Cash flows from financing activities 21.2 23.9
Net decrease in cash (21.1) (32.1)
Beginning cash 117.0 89.3
Effects of exchange rates on cash (11.3) 3.9
Ending cash 84.6 61.1
27 in millions