C Si Ni Cr V Ti Ta Sc Li Sr Zr Fe Cu Zn Sn B Al Ce U Mn Mo Nb Sb

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Independent Auditor’s Report To: the Shareholders meeting and Supervisory Board of AMG Advanced Metallurgical Group N.V. Report on the financial statements We have audited the accompanying financial statements 2010 of AMG Advanced Metallurgical Group N.V., Amsterdam, the Netherlands. The financial statements include the consolidated financial statements and the parent company financial statements. The consolidated financial statements comprise the consolidated statement of financial position as at December 31, 2010, the consolidated income statement, consolidated statement of comprehensive income, changes in equity and cash flows for the year then ended, and notes, comprising a summary of the significant accounting policies and other explanatory information. The Company financial statements comprise the parent company statement of financial position as at December 31, 2010, the parent company income statement for the year then ended and the notes, comprising a summary of the accounting policies and other explanatory information. Management’s responsibility Management is responsible for the preparation and fair presentation of these financial statements in accordance with International Financial Reporting Standards as adopted by the European Union and with Part 9 of Book 2 of the Dutch Civil Code, and for the preparation of the management board report in accordance with Part 9 of Book 2 of the Dutch Civil Code . Furthermore management is responsible for such internal control as it determines is necessary to enable the preparation of the financial statements that are free from material misstatement, whether due to fraud or error. Auditor’s responsibility Our responsibility is to express an opinion on these financial statements based on our audit. We conducted our audit in accordance with Dutch law, including the Dutch Standards on Auditing. This requires that we comply with ethical requirements and plan and perform the audit to obtain reasonable assurance about whether the financial statements are free from material misstatement. An audit involves performing procedures to obtain audit evidence about the amounts and disclosures in the financial statements. The procedures selected depend on the auditor’s judgment, including the assessment of the risks of material misstatement of the financial statements, whether due to fraud or error. 148 Independent Auditor’s Report In making those risk assessments, the auditor considers internal control relevant to the entity’s preparation and fair presentation of the financial statements in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the entity’s internal control. An audit also includes evaluating the appropriateness of accounting policies used and the reasonableness of accounting estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinion. Opinion with respect to the consolidated financial statements In our opinion, the consolidated financial statements give a true and fair view of the financial position of AMG Advanced Metallurgical Group N.V. as at December 31, 2010, its result and its cash flows for the year then ended in accordance with International Financial Reporting Standards as adopted by the European Union and with Part 9 of Book 2 of the Dutch Civil Code. Opinion with respect to the Company financial statements In our opinion, the Company financial statements give a true and fair view of the financial position of AMG Advanced Metallurgical Group N.V. as at December 31, 2010 and of its result for the year then ended in accordance with Part 9 of Book 2 of the Dutch Civil Code. Report on other legal and regulatory requirements Pursuant to the legal requirement under Section 2:393 sub 5 at e and f of the Dutch Civil Code, we have no deficiencies to report as a result of our examination whether the management board report , to the extent we can assess, has been prepared in accordance with Part 9 of Book 2 of this Code, and whether the information as required under Section 2:392 sub 1 at b-h has been annexed. Further we report that the management board report, to the extent we can assess, is consistent with the financial statements as required by Section 2:391 sub 4 of the Dutch Civil Code. Eindhoven, March 31, 2011 Ernst & Young Accountants LLP /s/ A.J.M. van der Sanden
Shareholder Information Supervisory Board Pedro Pablo Kuczynski, Chairman Remuneration Committee Wesley Clark Selection and Appointment Committee Martin Hoyos Audit Committee Jack Messman Audit Committee Remuneration Committee (Chairman) Norbert Quinkert Selection and Appointment Committee (Chairman) Guy de Selliers Audit Committee (Chairman) Design and production by TMX Equicom Management Board Heinz <strong>Sc</strong>himmelbusch Chairman and Chief Executive Officer William Levy Chief Financial Officer Eric Jackson President, Advanced Materials Division Reinhard Walter President, Engineering Systems Division Copies of the Annual Report and further information are obtainable from the Investor Relations Department of the Company ir@amg-nv.com or by accessing the Company’s website www.amg-nv.com <strong>Li</strong>sting Agent ING Bank N.V. Paying Agent ING Bank N.V. Euronext: AMG Trade Register Trade Register AMG Advanced Metallurgical Group N.V. is registered with the trade register in the Netherlands under no. 34261128 Shareholder Information 149
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Li 6.9 LITHIUM Sc 45.0 Ti 47.9 Sr Z
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Silicon Metal—used for solar ener
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ADVANCED MATERIALS AMG produces hig
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It is a strategic objective of AMG
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We continue to focus on products an
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Supply Risk Critical Raw Materials
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carbon steel electronics superalloy
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Silicon Metal—used in the product
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N Nickel & Molybdenum- used in high
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Chromium —alloy used to produce s
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Sb Antimony—added to plastics as
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Dr. Schimmelbusch was appointed Chi
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The Advanced Materials Division’s
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Outlook Regional Breakdown Antimony
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Although the market environment for
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value proposition to ESD’s market
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Graphit Kropfmühl Graphit Kropfmü
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Risk Management and Internal Contro
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Senior Leverage covenant to 3.00x.
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Management Board Statement of Respo
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Male/US and Peru Date of birth: Oct
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Supervisory Board discussed the ris
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The Selection and Appointment Commi
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AMG OPTION PLAN (ALL CURRENCy AMOUN
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adjustment is not needed. The Super
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Sustainable Development AMG FACILIT
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association or collective bargainin
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Greenhouse Gas Emissions (thousands
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Global Reporting Initiative AMG sup
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Corporate Governance General AMG Ad
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the Management Board has a conflict
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Other than the above-mentioned agre
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Financial Review Year ended Decembe
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In thousands of US Dollars Period e
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Financial Statements Financial Stat
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Consolidated Statement of Comprehen
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Consolidated Statement of Changes i
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Notes to the Consolidated Financial
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Percentage held (directly or indire
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Measurement of the recoverable amou
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All financial information is presen
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(d) Derecognition of financial asse
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(ii) Intangible assets The fair val
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joint venture is impaired. If this
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the subsidiaries have a 100% intere
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The carrying amount of deferred tax
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4. Segment reporting For management
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Year ended December 31, 2009 Revenu
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Acquisition of mine in Turkey On Au
Page 99 and 100: 10. Finance income and expense 2010
Page 101 and 102: Deferred tax assets and liabilities
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Page 105 and 106: 14. Intangible assets Cost Goodwill
Page 107 and 108: (3) ALD’s value in use was determ
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Page 111 and 112: 19. Restricted cash Restricted cash
Page 113 and 114: number of shares is then compared w
Page 115 and 116: subsidiaries with respect to the re
Page 117 and 118: Assumptions regarding future mortal
Page 119 and 120: Movement in fair value of plan asse
Page 121 and 122: At December 31, 2009, the number of
Page 123 and 124: as responsible for the clean-up ass
Page 125 and 126: 29. Other liabilities Other liabili
Page 127 and 128: Interest on financial instruments c
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Page 131 and 132: Fair value hierarchy The Company us
Page 133 and 134: The open foreign exchange forward s
Page 135 and 136: 34. Capital commitments The Company
Page 137 and 138: The compensation of the management
Page 139 and 140: Loans and Receivables On December 1
Page 141 and 142: AMG Advanced Metallurgical Group, N
Page 143 and 144: 3. Intangible assets Intangible ass
Page 145 and 146: 7. Receivables from associates and
Page 147 and 148: The following is the calculation of
Page 149: Other Information Article 25 and 26
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C Si Ni Cr V Ti Ta Sc Li Sr Zr Fe Cu Zn Sn B Al Ce U Mn Mo Nb Sb

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