Investor Presentation November 2013

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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.

Cautionary Note

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Overview Listed: NYSE-Euronext Amsterdam: AMG

Founded: 2006

LTM Revenues: $1,149.6M

LTM EBITDA: $81.6M

Employees: 3,145

Facilities: Netherlands, Germany, France, Czech Republic, Poland, UK, USA, Brazil, Mexico, China, India, Sri Lanka, Turkey, Zimbabwe, Mozambique

Market Cap: €243M ($305M)

Enterprise Value: €312M ($470M)

Shares outstanding: 27.6M

52 week range: €5.88–€8.35

Recent share price: €8.11 (November 7, 2013)

Global provider of high value added specialty metals and related engineering systems for growing end markets, including energy, aerospace, infrastructure, and specialty

metals and chemicals

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Business Units, Products and Markets

High-value metals & alloys Coating materials

Capital equipment & service for high purity materials

Critical raw materials

AMG Processing AMG Engineering

Infrastructure Aerospace Energy

AMG Mining

Specialty Metals & Chemicals

AMG’s conversion and recycling based businesses

AMG’s vacuum systems and services business

Integrated AMG’s mine based businesses

Serving the Technology Trends in Energy, Aerospace, Infrastructure, and Specialty Metals & Chemicals

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Critical Raw Materials

Fe

The EU identified 14 critical raw materials* to the European economy – focusing on two determinants – economic importance and supply risk

Note: *European Commission Annex V to the Report of the Ad-hoc Working Group on defining critical raw materials

Materials mined or processed by AMG, or treated in AMG vacuum systems

Materials treated by AMG vacuum systems

REE

Li

Al

V

Sb

Cr

Ni

C Ta

Nb

Ti Si Mo

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Business Units – AMG Processing

Aluminum grain refiners and master alloys for high performance materials in aerospace, automotive and infrastructure applications

Value Proposition

Ferrovanadium for high strength, low alloy steels for infrastructure; ferronickel-molybdenum for stainless steel

Titanium master alloys for high performance ,light weight aerospace engine and frame, and coating materials for aerospace turbines

Tantalum and niobium superalloys and chrome metal for aerospace engine and industrial gas turbines

Major Applications Key Products

AMG Processing – conversion and recycling operations

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Business Units – AMG Mining

Antimony trioxide and master batches for flame retardant on electronics, paints, and plastics

Value Proposition

Conflict-free tantalum concentrate for tantalum capacitors used on portable electronics

Natural graphite for building insulation materials, energy storage, li-ion batteries for electrical vehicle, and lubricants

Silicon metal for aluminum production and solar panel materials

Major Applications Key Products

AMG Mining – mine based value chains

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Business Units – AMG Engineering

Vacuum melting and re-melting furnaces for high-performance titanium, steel and alloys, and purification of rare metals and alloys

Value Proposition

Vacuum heat treatment furnaces and services for high-performance materials of aerospace and automotive applications

Vacuum coating furnace for aerospace turbine blade coatings

Vacuum sintering and annealing furnaces for nuclear fuel productions

Major Applications Key Products

AMG Engineering – vacuum systems and services

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Recent Developments – Operations Update

AMG is improving operational performance and cash flow

2013 Objectives Progress Update

■ YTD Q3‘13 SG&A reduced by 7.9%, or $8.8M, compared to YTD Q3’12, in excess of the 2013 target

Reduce SG&A by 5%

■ YTD Q3’13 Gross Margin 15.6%, down 0.8% compared to YTD Q3’12

■ Significant decline in metal prices impacted margins

Improve Gross Margin

Increase Operating Cash Flow

■ YTD Q3’13 Operating cash flow $57.3M, up $23.8M or 71%, compared to YTD Q3’12

■ Sep.30, 2013 Working Capital reduced $27.4M, compared to Dec. 31, 2012 – Working Capital Days reduced by 16 days

Reduce Net Debt

■ Sep. 30, 2013 Net Debt reduced by $30.6M, compared to Dec. 31, 2012; $16.4M reduction in Q3 2013

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AMG Processing ■ AMG Aluminum

■ Improved product mixed and reduced costs, resulting improved margins ■ AMG Superalloys and AMG Titanium Alloys & Coatings

■ Implementing fixed cost reduction programs ■ AMG Vanadium

■ Expansion ramp up on schedule, increasing volumes

AMG Engineering ■ Reduced headcount by 16%, moving past the solar market downturn ■ Simplifying the reporting structure

AMG Mining ■ AMG Antimony

■ Substantially lowered costs and reduced working capital ■ Drilling and geology campaign continue at mine

■ AMG Graphite ■ Optimizing current raw material supply chains

Recent Developments – Operations Update

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Financial Highlights

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Revenue

- - - - - - - - - -

$19.8 $19.5 $22.2 $22.2

$17.7

Q3 12* Q4 12* Q1 13* Q2 13 Q3 13

Financial Highlights

$296.9 $275.2

$296.5 $291.5

$286.4

Down 4% YoY

Q3 12 Q4 12 Q1 13 Q2 13 Q3 13

■ Q3 2013 fully diluted EPS: $0.05

■ $0.18 in Q3 2012

Gross Profit

EBITDA

(in USD millions)

Adjusted EPS

- - - - - - - - - -

$47.7 $41.4

$48.3 $48.6

$39.8

Down 16% YoY

Q3 12 Q4 12 Q1 13 Q2 13 Q3 13

LTM: $1,149.6

LTM: $81.6

(in USD millions) LTM: $178.1

(in USD millions)

* Prior periods restated in consistency with 2013 classifications

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Capital Base

■ Net debt: $163.6M ■ A reduction of $16.4 million in Q3’13 ■ Debt to capitalization: 0.67x ■ Net Debt to LTM EBITDA: 2.01x

■ Revolver availability: $73.7M ■ Total liquidity: $190.0M ■ AMG’s primary debt facility is a $370

million term loan and revolving credit facility ■ 5 year term – until 2016 ■ Obtained waiver for tangible net

worth covenant as of June 30, 2013 ■ Currently in compliance with all debt

covenants

■ YTD Q3’13 $57.3M Cash Flows from Operations, up 71% compared to YTD Q3’12

$89.9 $79.6

$121.6 $116.3

$237.1

$268.6

$315.8

$279.9

$147.2

$189.0 $194.2

$163.6

Dec-10 Dec-11 Dec-12 Sep. 2013

Cash

Debt

Net Debt

( in USD millions)

Cash and Debt

Cash Flow from Operations – First 9 months

- - - - - - - - -$13.9 $10.4

$33.5 $57.3

2010 2011 2012 2013

( in USD millions)

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Financial Highlights Revenue

EBITDA

(in USD millions)

(in USD millions) YTD September 2013 EBITDA: $62.1

YTD September 2013 Revenue: $874.4 YTD September 2013 Gross Margin: 15.6%

Gross Margin

Capital Expenditure

(in USD millions) YTD September 2013 CAPEX: $22.5

$435.7

$245.5

$193.2

AMG Processing

AMG Mining

AMG Engineering

$21.3

$22.5

$18.2

AMG Processing

AMG Mining

AMG Engineering

11.6%

15.7%

24.6%

AMG Processing AMG Mining AMG Engineering

$13.9

$7.3

$1.4

AMG Processing

AMG Mining

AMG Engineering

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Key Products

YTD September 2013: $874.4

Revenue Gross Profit

YTD September 2013: $136.7 ( in USD millions) ( in USD millions)

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End Markets

Aerospace - 9% vs. YTD Sep. 2012

Titanium alloys and Chrome metal revenue

decreased

YTD September 2013: $874.4

Revenue Gross Profit

YTD September 2013: $136.7 ( in USD millions) ( in USD millions)

Aerospace 40.7%

Infrastructure 12.2%

Energy 18.1%

Specialty Metals & Chemicals

29.0%

Aerospace 45.4%

Energy 17.2%

Specialty Metals & Chemicals

27.6

Infrastructure 9.8%

Aerospace - 2% vs. YTD Sep. 2012

Focusing on higher margin products for

Aerospace

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■ Q3’13 revenue down 6% from Q3’12 ■ AMG Aluminium up 2% ■ Significant price declines in vanadium

and titanium alloy products ■ AMG Vanadium down 28%

■ Q3’13 gross margin 9% of revenue, down from 13% in Q3’12 ■ Metal price declines impacted margins ■ AMG Superalloys margins down 71% -

unfavorable product mix ■ AMG Aluminum margins up 79% -

product rationalization

■ Q3’13 EBITDA margin 3% of revenue, compared to 6% in Q3’12 ■ $2.0M decrease in personnel costs

■ Q3’13 CAPEX $3.1M ■ $2.2M for maintenance

$146.9 $138.1

$9.1

$4.6

$1.0

$6.0

$11.0

$16.0

$-

$20.0

$40.0

$60.0

$80.0

$100.0

$120.0

$140.0

$160.0

$180.0

Q3 12 Q3 13

Revenue EBITDA

AMG Processing Financial Summary

- -

$5.3

$3.1

Q3 12 Q3 13

Capital Expenditure

( in USD millions)

( in USD millions)

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$78.8 $82.3

$4.9

$8.9

$1.0

$6.0

$11.0

$-

$10.0

$20.0

$30.0

$40.0

$50.0

$60.0

$70.0

$80.0

$90.0

$100.0

Q3 12 Q3 13

Revenue EBITDA Q3’13 revenue up 4% from Q3’12 Volumes increased for most products Prices were mixed – Tantalum up 12%,

Graphite up 5%, Antimony down 11%, and Silicon metal down 9%

Q3’13 gross margin 16% of revenue, down from 17% in Q3’12 Lower average prices for the higher

volume products

Q3’13 EBITDA 11% of revenue, up from 6% in Q3’12 ■ $1.5M decrease in environmental costs

■ Q3’13 CAPEX $2.8M $1.0M for silicon metal furnace

efficiency upgrade $1.1M for maintenance

AMG Mining Financial Summary

Capital Expenditure

( in USD millions)

( in USD millions)

- -

$3.8 $2.8

Q3 12 Q3 13

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$71.2 $66.1

$5.8

$4.2

$3.0

$8.0

$-

$10.0

$20.0

$30.0

$40.0

$50.0

$60.0

$70.0

$80.0

Q3 12 Q3 13

Revenue EBITDA Q3’13 revenue down 7% from Q3’12 Nuclear furnaces up 55% Turbine blade coating furnaces up

843% Sintering furnaces down 51% Remelting furnaces down 32%

Q3’13 gross margin 21% of revenue, consistent with Q3’12 Improved profitability on certain large

projects Increased focus on cost control

Q3’13 EBITDA 6% of revenue, down from 8% of revenue in Q3’12

Order backlog down 8% to $133.5M at Sep. 30, 2013, from June 30, 2013 Order intake $48.4M in Q3 ‘13 0.73x book to bill ratio

AMG Engineering Financial Summary

- - - - -

$79.7 $67.8

$30.9

$76.4

$48.4

Q3 12 Q4 12 Q1 13 Q2 13 Q3 13

Order Intake

( in USD millions)

( in USD millions)

Outlook

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Outlook

■ Market conditions continue to be extremely weak, resulting in lower EBITDA in 2013 than in 2012 ■ Positive Operating Cash Flow during Q4 2013 ■ AMG announces Q4 2013 financial results on March 19, 2014

Improved margins through cost reductions

Natural graphite volume is expected to be above 2012

Declining prices on antimony and graphite delaying mine development

Continued significant declines in metal prices are impacting revenues and profitability

Implementing cost reduction programs through mid-2014

The aerospace market destocking may continue into 2014

Order Intake is expected to improve in Q4

Continued investment in new technologies; introduced the next generation plasma melting furnace for Ti alloy industry

Full year 2013 EBITDA consistent with 2012

AMG Processing AMG Engineering AMG Mining

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Appendix

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Consolidated Balance Sheet Balance Sheet ($’000) Actual As of 31-December-12* 30-September-13 (restated) Fixed assets 288,269 258,211 Goodwill and intangibles 38,722 36,539 Other non-current assets 77,710 78,178 Inventories 211,531 185,569 Receivables 177,232 161,310 Other current assets 33,667 36,496 Cash 121,639 116,278 TOTAL ASSETS 948,770 872,581 TOTAL EQUITY 175,263 139,972 Long-term debt 265,553 244,658 Pension liabilities 137,957 132,981 Other long-term liabilities 78,940 84,157 Current debt 50,291 35,236 Accounts payable 125,342 123,272 Advance payments 26,989 26,878 Accruals 58,934 53,562 Other current liabilities 29,501 31,865 TOTAL LIABILITIES 773,507 732,609 TOTAL LIABILITIES & EQUITY 948,770 872,581

* AMG restated the December 31, 2012 statement of financial position and 2012 income statement to comply with new IFRS standards and interpretations.

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Consolidated Income Statement Income Statement ($’000) Actual For the three months ended 30-September-12* 30-September-13 (restated) Revenue 296,851 286,415 Cost of sales 249,314 246,623 Gross profit 47,537 39,792 Selling, general & admin. 34,411 32,343 Asset impairment & restructuring 476 1,753 Environmental 1,712 48 Other income, net (186) (1,627) Operating profit 11,124 7,275

Net finance costs 4,328 5,665 Share of profit of associates 208 26 Profit before income taxes 7,004 1,636 Income tax expense 2,101 459 Profit for the period 4,903 1,177 Shareholders of the Company 5,006 1,407 Non-controlling interest (103) (230) Adjusted EBITDA 19,814 17,701

* AMG restated the December 31, 2012 statement of financial position and 2012 income statement to comply with new IFRS standards and interpretations.

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Consolidated Statement of Cash Flows Cash Flow Statement ($’000) Actual For the nine months ended 30-September-12* 30-September-13 (restated) EBITDA 64,286 62,084 +/- Change in operating assets/liabilities (10,773) 27,369 -Interest paid, net (10,030) (11,331)

Other operating cash flow 1,644 (9,260) Cash flows from operations before taxes 45,127 68,862 Income tax paid (11,619) (11,544) Total cash flows from operations 33,508 57,318 Capital expenditures (33,875) (22,534)

Other investing activities (169) 436 Cash flows (used in) investing activities (34,044) (22,098) Cash flows from (used in) financing activities 32,260 (42,596) Net increase (decrease) in cash 31,724 (7,376) Beginning cash 79,571 121,639 Effects of exchange rates on cash 91 2,015 Ending cash 111,386 116,278

* AMG restated the December 31, 2012 statement of financial position and 2012 income statement to comply with new IFRS standards and interpretations.

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AMG Global Locations

area enlarged

above

Offices