November 10 2010

AMG Advanced Metallurgical Group N.V.
Investor Presentation
November 2010

2AMG ADVANCED METALLURGICAL GROUP N.V.
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
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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
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This presentation has been prepared by, and is the sole responsibility of, the Company. This document, any presentation made in conjunction herewith and any
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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
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Certain statements in this presentation constitute forward-looking statements, including statements regarding the Company's financial position, business strategy,
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“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.

 Listed on NYSE-Euronext Amsterdam (Euronext: AMG)
 Products
 High purity metals and complex metal products
 Vacuum furnaces used to produce high purity metals
 2010 YTD September 30 2010
 Revenues - $719.8 million
 EBITDA - $64.7 million, 9.0% margin
 EPS of $0.42 (1)
 Net debt - $144.6 million
 Capital Investment - $19.1 million
 Global presence
 Europe, North America, South America and Asia
 2,500 employees
Sustainable Metals Technology
Introduction
(1) Excluding the equity losses from AMG’s 42.5% ownership in Timminco Limited

■ AMG participates in the macro economic trend of:
■ Growing demand for natural resources in context of CO2
reduction and sustainable environmental demands for:
■ Responsible energy production and use
■ Emerging market infrastructure
■ Aerospace and light weight materials
■ Specialty metals and chemicals
Macroeconomic Trends and Markets

Advanced Materials
 High-value alloys
 Essential raw materials
Engineering Systems
 Capital equipment for high purity
materials
Products & Markets
InfrastructureAerospaceEnergy
Specialty Metals &
Chemicals

Markets
Aerospace Infrastructure Energy
Specialty Metals &
Chemicals
Titanium Alloys Structural Steel Solar Vacuum Furnaces Silicones
Superalloys Specialty Steel Superalloys Paints & Pigments
Turbine Coatings Building Materials Silicon Metal Glass, Tools & Optics
Vacuum Furnaces Nuclear Fuel Vaccum Furnaces Capacitors
Energy Storage Technologies

Products
Vacuum furnaces for solar ingot
production
Stackable
Graphite
Blocks
Energy – Solar & Nuclear
Tantalum based capacitor Paints and pigments
Specialty Metals & Chemicals
High purity stainless steel
Infrastructure – Recycling
Typical aerospace jet engine
Superalloys
Ti alloys
(includes VAl)
Aerospace

Markets & Products – by the Numbers
YTD 2010 Revenue by
Product
YTD 2010 Revenue by
End Market
Aerospace 26%
Energy - Solar &
Nuclear 22%
Infrastructure 16%
Specialty Metals &
Chemicals 36%
Vacuum Furnaces
25%
Al Master Alloys
14%
Ti Master Alloys
and Coatings
16%
Si Metal 9%
FeV & FeNiMo
8%
Antimony 11%
Chromium
Metal 8%
Tantalum &
Niobium
4%
Graphite 5%

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.
 KB Alloys, Inc.
 Delachaux S.A.
 Campine S.A.
 Chemtura Corporation
Sample Customers
 Chromium Metals
 Tantalum
 Antimony
 Aluminium master alloys

Advanced Materials – Specialty Metals Acquisition
Material
Competitors
 Antimony – AMG is the largest producer of antimony trioxide (a flame retardant) in
Europe
 In August 2010 AMG acquired antimony mining rights and an adjacent antimony metal
smelter in Turkey for a total investment of up to approximately $20 million
 Secure supply of antimony raw material used in AMG’s antimony trioxide operation
 AMG uses approximately 10,000 mt of antimony metal per year
 Antimony metal prices have increased from $4,500/mt in 2009 to over $10,000/mt
in October 2010
 This will result in substantial raw material cost savings in 2011
 Campine S.A., Chemtura Corporation, Hsikwangshan Twinkling Star Antimony Co. Ltd
Transaction
Strategic
Rationale
Antimony Metal
Purchase
Oxidation
Process
Antimony
Trioxide
Dispersions, Pastes,
Granules, Microgranules

Advanced Materials - Infrastructure metals pricing
$0
$50
$100
$150
$200
$250
$0
$10
$20
$30
$40
$50
$60
2000 2001 2002 2003 2004 2005 2006 2007 2008 2009
Price/Pound–V,Mo,Ni
Ferro Vanadium Molybdenum Nickel
Prices are still below pre-crisis levels
2010

Engineering Systems - Market, Products and Customers
Products
Energy - Solar
 Solar silicon melting and
crystallisation systems
(DSS furnaces)
Aerospace
 Vacuum Melting and Re-
melting Systems
 Precision Casting and
Coating Systems
 Heat Treatment with high
pressure gas quenching
Energy - Nuclear
 Vacuum Sintering
Systems
Notable Successes  2005 – Introduced single
crucible furnaces
 2005 –2009 – >$172 mm
in revenue, 2nd largest
market participant
 2010 – Introduced SCU
600+ DSS system
 2010 – Market Share leader
in Ti remelting in China, the
fastest growing Ti market
 2010 – Leading market share
in turbine blade coating
 Secured first nuclear
engineering contract with
DOE, through Shaw-Areva
 Two strategic acquisitions
completed to expand product
portfolio
Sample Customers

Financial Overview

Financial Highlights – YTD September 2010
2010 YTD Revenue
$719.8
2010 YTD EBITDA
$64.7
Europe
56%
North
America
21%
Asia
18%
South
America
4%
ROW
1%
Revenue by Geography
Revenue and EBITDA in millions
447.4178.0
94.4
Advanced Materials Engineering Systems
Graphit Kropfmühl
32.127.5
5.1
Advanced Materials Engineering Systems
Graphit Kropfmühl

- - -- - -
$18.6
$12.4
$22.0 $23.9
$18.8
Q3 09 Q4 09 Q1 10 Q2 10 Q3 10
Financial Highlights
$205.4
$231.4 $235.8
$243.5 $240.4
Q3 09 Q4 09 Q1 10 Q2 10 Q3 10
(in millions)
(in millions)
 Q3 Revenue: $240.4 million
 Up 17% from Q3 2009
 Q3 EBITDA: $18.8 million
 Up 1% from Q3 2009
 Q3 EPS: $0.11
 Up from ($0.50) in Q3 2009
 YTD Revenue: $719.8 million
 Up 13% from YTD 2009
 YTD EBITDA: $64.7 million
 Up 14% from YTD 2009
 YTD EPS: $0.42 (1)
 Up from ($0.65) YTD 2009 (1)
HighlightsRevenue
EBITDA
(1) Excluding the equity losses from AMG’s 42.5% ownership in Timminco Limited

Advanced Materials
Financial Summary Highlights
( in millions)
$5.0 $5.3
$8.5 $14.2 $9.4
$95.9
$124.3
$140.5
$152.0 $154.9
Q3 09 Q4 09 Q1 10 Q2 10 Q3 10
Revenue EBITDA ■ Infrastructure - ferrovanadium
■ Reference prices increased 18% v. Q3
2009
■ Volumes improved 32% v. Q3 2009
■ Ferronickel-molybdenum demand
decreased 43% v. Q3 2009
■ Aerospace – master alloys prices declined 23%
v. Q3 2009; volumes improved 165%
■ CAPEX
■ Expansion of ferrovanadium operations
in the United States
- - - - -
$1.9
$5.0
$3.3
$4.2
$5.6
Q3 09 Q4 09 Q1 10 Q2 10 Q3 10
CAPEX

Engineering Systems
( in millions)
- - - - -
$11.0 $5.9
$12.1 $8.0 $7.4
$61.6
$73.8 $65.3
$59.5
$53.2
Q3 09 Q4 09 Q1 10 Q2 10 Q3 10
Revenue EBITDA
- - - - -
$1.2
$3.0
$0.8
$1.3
$0.8
Q3 09 Q4 09 Q1 10 Q2 10 Q3 10
CAPEX
 Q3 revenue decreased 14% v. Q3 2009
 Solar silicon DSS furnace revenues
decreased 44% in Q3 2010 v. Q3 2009
 Q3 EBITDA decreased 33% v. Q3 2009
 September 30, 2010 Backlog improved to
$147.1 million from $121 million at June 30,
2010
 Order intake $66.9 million in Q3 2010
 1.26x book to bill ratio
 Diversified backlog - solar, aerospace
and transportation

Graphit Kropfmühl
( in millions)
- - - - -
$2.6 $1.2 $1.5 $1.7 $2.0
$33.7
$33.3
$29.9
$32.1 $32.4
Q3 09 Q4 09 Q1 10 Q2 10 Q3 10
Revenue EBITDA
- - - - -
$0.4
$0.8
$1.0
$1.3
$0.7
Q3 09 Q4 09 Q1 10 Q2 10 Q3 10
CAPEX
 Q3 revenue decreased 4% v. Q3 2009
 Decrease in silicon metal revenues due to
production issues
 Silicon metal down 7%
 Natural graphite up 37%
 Q3 EBITDA decreased 23% v. Q3 2009
 Lower revenues and higher costs in
silicon metal
 Silicon metal down $1.0 million
 Natural graphite up $0.5 million
 CAPEX for graphite milling expansion

Capital Base
■ Cash: $90.2 million
■ Total debt: $234.8 million
■ Net debt: $144.6 million
■ Revolver availability: $61.3 million
■ Total liquidity $151.5 million
Note: Cash includes short term investments
$124.4
$117.0
$98.9
$84.6
$90.2
$202.3 $203.8 $203.0 $204.3
$234.8
Q3 09 Q4 09 Q1 10 Q2 10 Q3 10
Cash Debt
Cash and Debt
( in millions)
Highlights – September 30, 2010

Outlook
■ Advanced Materials
■ Markets are improving but remain volatile
■ Antimony, tantalum and aerospace alloys and coatings will drive growth in 2011
■ Engineering Systems
■ Backlog is increasing; renewed interest in solar silicon furnaces
■ Order intake driven by Chinese and Indian markets
■ Graphit Kropfmühl
■ High purity natural graphite demand and pricing is improving
■ Timminco
■ AMG owns 42.5% of Timminco; not consolidated
■ Timminco sold 49% of its silicon metal operations for C$40.3 million; up to
C$10.0 million more based upon meeting performance metrics
■ Repaid all of its senior bank debt (non-recourse to AMG)

Appendix

Consolidated Balance Sheet
December 31, 2009 September 30, 2010
Fixed assets 211,022 212,440
Goodwill and intangibles 28,253 38,924
Other non-current assets 78,209 54,848
Inventories 193,378 202,318
Receivables 147,787 177,586
Other current assets 35,313 48,903
Cash 117,016 90,213
TOTAL ASSETS 810,978 825,232
TOTAL EQUITY 228,423 219,427
Long-term debt 168,319 184,499
Pension liabilities 91,358 88,500
Other long-term liabilities 51,249 34,896
Current debt 35,477 50,295
Accounts payable 69,791 84,450
Advance payments 54,764 44,556
Accruals 46,179 48,061
Other current liabilities 65,418 70,548
TOTAL LIABILITIES 582,555 605,805
TOTAL LIABILITIES AND EQUITY 810,978 825,232
in thousands

Consolidated Income Statement
Q3 2009 Q3 2010
Revenue 205,406 240,427
Cost of sales 165,457 198,325
Gross profit 39,949 42,102
Selling, general and admin. 31,876 31,682
Asset impairment and restructuring 5,302 -
Environmental 4,075 257
Other income (1,194) (270)
Operating profit (110) 10,433
Net finance costs 5,465 2,921
Share of loss of associates (1,285) (17,554)
Profit before income taxes (6,860) (10,042)
Income tax expense 5,694 325
Profit for the year from continuing operations (12,554) (10,367)
Loss after tax for the year from discontinued operations (14,240) -
Loss for the year (26,794) (10,367)
Attributable to:
Shareholders of the Company (20,302) (11,170)
Minority interest (6,492) 803
in thousands

Consolidated Cash Flows
Nine months ended
September 30, 2009
Nine months ended
September 30, 2010
Cash Flows from Operations (6,033) (13,903)
Capital Expenditures (20,755) (19,054)
Other Investing Activities (55,796) (26,622)
Cash Flows from Investing Activities (76,551) (45,676)
Cash Flows from Financing Activities 59,247 36,812
Net increase (decrease) in cash (23,337) (22,767)
Beginning Cash 143,473 117,016
Effects of exchange rates on cash 4,255 (4,036)
Ending Cash 124,391 90,213
Approximate availability under AMG lines of credit 97,708 61,300
Total Liquidity 222,099 151,513
in thousands

November 10 2010

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