1. Investor Presentation February 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.

4. High purity raw materials, metals and complex metal products

6. Growing demand for natural resources in context of CO2 reduction and sustainable environmental demands for:

7. Responsible energy production and use

8. Emerging market infrastructure

9. Aerospace and light weight materials

11. AMG currently produces 4 of those elements“Critical” raw materials (1) European Commission Annex V to the Report of the Ad-hoc Working Group on defining critical raw materials

13. High-value alloys

14. Essential raw materialsInfrastructure Aerospace Energy Specialty Metals & Chemicals

17. Tantalum

18. Antimony

19. Aluminium master alloys

20. Specialty alloys for titanium

21. Coatings for wear resistance

22. Ferro-vanadium

24. Evraz Group S.A. (Stratcor)

25. Evraz Group S.A. (Highveld Steel & Vanadium)

26. Eramet S.A. (Gulf Chemical & Metallurgical Corporation

27. Evraz Group S.A. (Stratcor)

28. Xstrata plc

29. Chengde Vanadium & Titanium Stock Co. Ltd.

30. KBM Affilips B.V.

31. KB Alloys, Inc.

32. Delachaux S.A.

33. Campine S.A.

34. Chemtura CorporationCompetitors Sample Customers

35. Advanced Materials - Specialty metals pricing Prices are still below pre-crisis levels; tied to demand for carbon and stainless steel

37. Vacuum Melting and Re-melting Systems

38. Precision Casting and Coating Systems

39. Heat Treatment with high pressure gas quenching

41. 2005 –2009 – >$172 mm in revenue, 2nd largest market participant

42. 2010 – Introduced SCU 600+ DSS system

43. Secured first nuclear engineering contract with DOE, through Shaw-Areva

44. Two strategic acquisitions completed to expand product portfolio

45. 2010 – Market Share leader in Ti remelting in China, the fastest growing Ti market

46. 2010 – Leading market share in turbine blade coatingSample Customers

47. Financial Overview

48. Markets & Products – by the Numbers YTD 2010 Revenue by Product YTD 2010 Revenue by End Market

49. Financial Highlights – YTD September 2010 2010 YTD EBITDA $64.7 2010 YTD Revenue $719.8 Revenue by Geography Revenue and EBITDA in millions

51. Up 17% from Q3 2009

52. Q3 EBITDA: $18.8 million

53. Up 1% from Q3 2009

54. Q3 EPS: $0.11

55. Up from ($0.50) in Q3 2009

56. YTD Revenue: $719.8 million

57. Up 13% from YTD 2009

58. YTD EBITDA: $64.7 million

59. Up 14% from YTD 2009

60. YTD EPS: $0.42(1)

61. Up from ($0.65) YTD 2009 (1)EBITDA (in millions) (1) Excluding the equity losses from AMG’s 42.5% ownership in Timminco Limited

63. Reference prices increased 18% v. Q3 2009

64. Volumes improved 32% v. Q3 2009

65. Ferronickel-molybdenum demand decreased 43% v. Q3 2009

66. Aerospace – master alloys prices declined 23% v. Q3 2009; volumes improved 165%

67. CAPEX

68. Expansion of ferrovanadium operations in the United States( in millions)

70. Solar silicon DSS furnace revenues decreased 44% in Q3 2010 v. Q3 2009

71. Q3 EBITDA decreased 33% v. Q3 2009

72. September 30, 2010 Backlog improved to $147.1 million from $121 million at June 30, 2010

73. Order intake $66.9 million in Q3 2010

74. 1.26x book to bill ratio

75. Diversified backlog - solar, aerospace and transportation( in millions)

77. Decrease in silicon metal revenues due to production issues

78. Silicon metal down 7%

79. Natural graphite up 37%

80. Q3 EBITDA decreased 23% v. Q3 2009

81. Lower revenues and higher costs in silicon metal

82. Silicon metal down $1.0 million

83. Natural graphite up $0.5 million

85. Total debt: $234.8 million

86. Net debt: $144.6 million

87. Revolver availability: $61.3 million

88. Total liquidity $151.5 millionNote: Cash includes short term investments

90. Markets are improving

91. Antimony, tantalum and titanium alloys and coatings will drive growth in 2011

92. Engineering Systems

93. Backlog is increasing; renewed interest in solar silicon furnaces

94. Order intake driven by titanium, solar and specialty steel markets

95. Graphit Kropfmühl

96. AMG owns 88% of GK

97. Silicon metal pricing is improving

98. Timminco

99. AMG owns 42.5% of Timminco; not consolidated

101. Consolidated Balance Sheet in thousands

102. Consolidated Income Statement in thousands

103. Consolidated Cash Flows in thousands