<SEC-DOCUMENT>0001104659-25-014178.txt : 20250214
<SEC-HEADER>0001104659-25-014178.hdr.sgml : 20250214
<ACCEPTANCE-DATETIME>20250214162859
ACCESSION NUMBER:		0001104659-25-014178
CONFORMED SUBMISSION TYPE:	DEFA14A
PUBLIC DOCUMENT COUNT:		1
FILED AS OF DATE:		20250214
DATE AS OF CHANGE:		20250214

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			AMERICAN AXLE & MANUFACTURING HOLDINGS INC
		CENTRAL INDEX KEY:			0001062231
		STANDARD INDUSTRIAL CLASSIFICATION:	MOTOR VEHICLE PARTS & ACCESSORIES [3714]
		ORGANIZATION NAME:           	04 Manufacturing
		IRS NUMBER:				383161171
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		DEFA14A
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-14303
		FILM NUMBER:		25629535

	BUSINESS ADDRESS:	
		STREET 1:		ONE DAUCH DRIVE
		CITY:			DETROIT
		STATE:			MI
		ZIP:			48211-1198
		BUSINESS PHONE:		3137583600

	MAIL ADDRESS:	
		STREET 1:		ONE DAUCH DRIVE
		CITY:			DETROIT
		STATE:			MI
		ZIP:			48211-1198
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<P STYLE="font: 18pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>UNITED STATES</B></P>

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<P STYLE="font: 22pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>AMERICAN AXLE&nbsp;&amp; MANUFACTURING <BR>
HOLDINGS,&nbsp;INC.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>(Name of Registrant as Specified In Its Charter)</B></P>

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<P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>(Name of Person(s)&nbsp;Filing Proxy Statement,
if other than the Registrant)</B></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Payment of Filing Fee (Check the appropriate box):</P>

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    <TD STYLE="padding: 0.25pt; vertical-align: top; font-size: 10pt; width: 97%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">No
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    <TD STYLE="padding: 0.25pt; vertical-align: top; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Fee
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  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"></P>

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<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"></P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 20pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">AAM</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="border-top: Black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 18pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">Fourth Quarter 2024 Earnings Conference Call</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="border-top: Black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 18pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">February&nbsp;14, 2025, 10:00 AM ET</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="border-top: Black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><B>CORPORATE PARTICIPANTS</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><B>David Lim, </B><I>Head of Investor Relations</I></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><B>David Dauch, </B><I>Chairman of the Board&nbsp;&amp;
Chief Executive Officer</I></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><B>Chris May,</B> <I>Executive Vice President&nbsp;&amp;
Chief Financial Officer</I></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: right">AAM</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: right">February&nbsp;14, 2025, 10:00 AM ET</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><B>PRESENTATION</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><B>Operator</B></P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">Good morning. My name is Rocco, and I will be
your conference facilitator today. At this time,&nbsp;I would like to welcome everyone to the American Axle&nbsp;&amp; Manufacturing
Fourth Quarter 2024 Earnings Conference Call. All lines have been placed on mute to prevent any background noise. After the speaker&rsquo;s
remarks, there will be a question and answer period. If you would like to ask a question during this time, simply press the &ldquo;*&rdquo;
key then the number &ldquo;1&rdquo; on your telephone keypad. If you would like to withdraw your question, press the &ldquo;*&rdquo;
key then the number &ldquo;2.&rdquo; As a reminder, today's call is being recorded. I would now like to turn the call over to Mr.&nbsp;David
Lim, Head of Investor Relations. Please go ahead, Mr.&nbsp;Lim.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><B>David Lim</B></P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">Thank you, and good morning, and I would like
to welcome everyone who is joining us on AAM's fourth quarter earnings call.&nbsp;Earlier this morning, we released our fourth quarter
of 2024 earnings announcement.&nbsp;You can see this announcement on the Investor Relations page&nbsp;of our website, www.aam.com, and
through the PR Newswire services.&nbsp;You can also find supplemental slides for this conference call on the Investor page&nbsp;of our
website as well.&nbsp;To listen to a replay of this call, you can dial 1 (877) 344-7529, replay access code 268-8905.&nbsp;This replay
will be available through February&nbsp;21.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">Before we begin,&nbsp;I'd like to remind everyone
that the matters discussed on this call may contain comments and forward-looking statements that are subject to risks and uncertainties,
which cannot be predicted or quantified and which may cause future activities and results of operations to differ materially from those
discussed.&nbsp;For additional information, please reference Slide 2 of our investor presentation or the press release that was issued
today related to this earnings deck -- earnings announcement.&nbsp;Also, during the call, we may refer to certain non-GAAP financial
measures, information regarding these non-GAAP measures as well as a reconciliation of the non-GAAP measures to GAAP financial information
is available in the presentation.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">Today's call is not intended and does not constitute
an offer to sell or the solicitation of an offer to subscribe for or buy securities of AAM or Dowlais in any jurisdiction where such
offers or solicitations are not permitted by law.&nbsp;The subject matter of today's call will be addressed in a proxy statement that
will be filed with the SEC.&nbsp;Investors should read the information in the proxy statement in its entirety when it becomes available.&nbsp;Information
regarding the participants and the proxy solicitation is contained in AAM's case in AAM's annual proxy materials filed with the SEC and
in Dowlais' case in Dowlais' equivalent filings and announcements made in accordance with applicable U.K.&nbsp;law. With that, let me
turn things over to AAM's Chairman and CEO, David Dauch.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><B>David Dauch</B></P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">Thank you, David, and good morning, everyone.&nbsp;Thank
you for joining us today to discuss AAM's financial results for the fourth quarter and full year of calendar year 2024.&nbsp;Joining
me on the call today are Chris May, AAM's Executive Vice President and Chief Financial Officer.&nbsp;To begin my comments today,&nbsp;I'll
review the highlights of our fourth quarter and full year 2024 financial performance.&nbsp;Next,&nbsp;I'll cover our 2025 financial outlook.&nbsp;And
after Chris covers the details of our financial results,&nbsp;I'll provide some concluding remarks about our exciting Dowlais combination
and then open it up for questions that you all may have.&nbsp;So, let's begin.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">AAM closed the year out strong by continuing to
make good operational progress in generating solid adjusted free cash flow in the quarter.&nbsp;AAM's fourth quarter of 2024 sales were
$1.4 billion, and for the full year, AAM sales were approximately $6.1 billion.&nbsp;From a profitability perspective,</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: right">AAM</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: right">February&nbsp;14, 2025, 10:00 AM ET</P>


<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"></P>

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<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">AAM's adjusted
EBITDA in the fourth quarter was $161 million or 11.6% of sales.&nbsp;For the full year, AAM's adjusted EBITDA was $749 million or 12.2%
of sales.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">AAM's adjusted earnings per share in the fourth
quarter of 2024 was a loss of $0.06 per share.&nbsp;For the full year, adjusted EPS was a positive $0.51 per share.&nbsp;Adjusted free
cash flow was $79 million in the quarter and $230 million for the full year in 2024.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">For 2024, AAM delivered on the financial targets
that we had outlined at the beginning of the year.&nbsp;We came in at the high end of our original adjusted EBITDA range and exceeded
the midpoint of our adjusted free cash flow target.&nbsp;These were achieved while the industry experienced production revisions throughout
the year.&nbsp;It was a solid performance by AAM as we managed the factors that are under our control and remained focused on operational
efficiency.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">Let's talk about a couple of recent business updates
on Slide 4 of our presentation deck.&nbsp;We outlined in the past that it was our near-term objective to secure our core legacy driveline
business.&nbsp;That began with our announcement several years ago where AAM secured contracts of more than $10 billion of lifetime revenues
with next-generation full-size truck axles with multiple customers.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">Today, we announced we have secured a contract
extension to supply power transfer units for the Ford Maverick and Bronco Sport vehicles.&nbsp;With this latest award, we have secured
our next-generation core business for years to come.&nbsp;Two weeks ago, we also announced our transformational combination with Dowlais,
which will create a leading global driveline and metal forming supplier with significant size and scale.&nbsp;We have high conviction
that this will create a significant value for our shareholders.&nbsp;I'll talk more about this exciting deal a little bit later today.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">From a business perspective, our strategy has
been consistent.&nbsp;We continue to strive to improve and optimize our operations, drive EBITDA and free cash flow generation and manage
factors under our control, and we're going to remain disciplined and focused on these priorities.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">Before I hand it over to Chris on the call, let's
talk about our 2025 financial outlook.&nbsp;From an end market perspective, we forecast North American production at approximately 15.1
million units.&nbsp;We are also monitoring multiple factors that can swing production, including interest rates, tariffs, inventory levels
and the overall financial health of the consumer.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">Slide 5 illustrates AAM's 2025 financial outlook
where AAM is targeting sales in the range of $5.8 billion to $6.05 billion, adjusted EBITDA of approximately $700 million to $760 million,
and adjusted free cash flow of approximately $200 million to $230 million.&nbsp;As I said earlier, after Chris' financial commentary,&nbsp;I'll
have some additional remarks regarding our recently announced strategic combination with Dowlais.&nbsp;Now let me turn the call over
to Chris.&nbsp;Chris?</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><B>Chris May</B></P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">Thank you, David, and good morning, everyone.&nbsp;I
will cover the financial details of our fourth quarter and full year '24&rsquo; results and our 2025 outlook with you today.&nbsp;I will
also refer to the earnings slide deck as part of my prepared comments.&nbsp;So, let's go ahead and begin with sales.&nbsp;In the fourth
quarter of 2024, AAM sales were $1.38 billion compared to $1.46 billion in the fourth quarter of 2023.&nbsp;Slide 8 shows a walk of fourth
quarter 2023 sales to fourth quarter 2024 sales.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">Volume mix and other lowered sales by $61 million
as North American production declined by approximately 3% and we were impacted by the timing of launches of new next-generation products.&nbsp;Pricing
was $5 million in the fourth quarter, and metal market pass-throughs and FX</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: right">AAM</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: right">February&nbsp;14, 2025, 10:00 AM ET</P>


<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"></P>

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<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">lowered net sales by approximately $16 million as both were
lower year-over-year.&nbsp;For the full year of 2024, AAM sales were $6.12 billion as compared to $6.08 billion for the full year of
2023.&nbsp;The primary drivers of the increase were volume and mix, partially offset by lower metal market pass-throughs and FX.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">Now let's move on to profitability.&nbsp;Gross
profit was $154.3 million in the fourth quarter of 2024 as compared to $154.9 million in the fourth quarter of 2023.&nbsp;Adjusted EBITDA
was $160.8 million in the fourth quarter of 2024 versus $169.5 million last year.&nbsp;You can see the year-over-year walk down of adjusted
EBITDA on Slide 9.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">In the quarter, the decline in volume mix and
other impacted adjusted EBITDA by $20 million in the fourth quarter versus the prior year.&nbsp;R&amp;D was slightly lower year over
year and performance was $10 million favorably. For the full year of 2024, AAM&rsquo;s adjusted EBITDA was $749.2 million and adjusted
EBITDA margin was 12.2% of sales.&nbsp;For the full year, this was an 80 basis point margin improvement as we delivered favorable year-over-year
performance every single quarter this year.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">Let me now cover SG&amp;A.&nbsp;SG&amp;A expense,
including R&amp;D in the fourth quarter of 2024 was $89 million or 6.4% of sales.&nbsp;This compares to $95.7 million or 6.5% of sales
in the fourth quarter of 2023.&nbsp;AAM's R&amp;D spending in the fourth quarter of 2024 was approximately $37.7 million, a slight decline
from last year.&nbsp;As we head into 2025, we will continue to focus on controlling our SG&amp;A costs.&nbsp;We expect R&amp;D expense
to be down on a year-over-year basis by approximately $20 million as we optimize our spend in this area to reflect current market requirements.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">Let's move on to interest and taxes.&nbsp;Net
interest expense was $37.3 million in the fourth quarter of 2024 compared to $42.9 million in the fourth quarter of 2023.&nbsp;In the
fourth quarter of 2024, we recorded income tax expense of $6.8 million compared to $5.8 million in the fourth quarter of 2023.&nbsp;As
we head into 2025, we expect our adjusted effective tax rate to be approximately 30%.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">Taking all these sales and cost drivers into account,
our GAAP net loss was $13.7 million or $0.12 per share in the fourth quarter of 2024 compared to a net loss of $19.1 million or $0.16
per share in the fourth quarter of 2023.&nbsp;Adjusted earnings per share, which excludes the impact of items noted in our earnings press
release, was a loss of $0.06 per share in the fourth quarter of 2024 compared to a loss of $0.09 per share in the fourth quarter of 2023.&nbsp;However,
for the full year of 2024, AAM's adjusted earnings per share was $0.51 versus a loss of $0.09 per share in 2023.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">Let's now move to cash flow and the balance sheet.&nbsp;Net
cash provided by operating activities for the fourth quarter of 2024 was $151.2 million compared to $52.9 million in the fourth quarter
of 2023.&nbsp;Capital expenditures, net of proceeds from the sale of property, plant and equipment for the fourth quarter of 2024 were
$77.6 million.&nbsp;Cash payments for restructuring and acquisition-related activity for the fourth quarter of 2024 were $5.6 million.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">Reflecting the impact of these activities, AAM
generated adjusted free cash flow of $79.2 million in the fourth quarter of 2024.&nbsp;For the full year of 2024, AAM generated adjusted
free cash flow of $230 million compared to $219 million in 2023.&nbsp;Our increased cash flow was driven by our stronger operational
performance, inventory reductions, and lower interest costs.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">From a debt leverage perspective, we ended the
year with a net debt of $2.1 billion and LTM adjusted EBITDA of $749.2 million, calculating a net leverage ratio of 2.8x at December&nbsp;31.&nbsp;This
is down nearly half a turn from a year ago at December&nbsp;31, 2023.&nbsp;During 2024, we redeemed all our remaining 2026 senior notes
for a total of nearly $130 million, including approximately $46</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: right">AAM</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: right">February&nbsp;14, 2025, 10:00 AM ET</P>


<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"></P>

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<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">million in the fourth quarter.&nbsp;AAM ended 2024 with total available
liquidity of approximately $1.5 billion, consisting of available cash and borrowing capacity on AAM's global credit facilities.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">Before we move to the Q&amp;A portion of the call,
let me provide some thoughts and details on our 2025 financial outlook.&nbsp;In our earnings slide deck, we have included walks from
our '24 actual results to our 2025 financial targets and you can see those starting on Slide 11.&nbsp;2025 will bring about many exciting
opportunities for AAM to grow and drive value creation.&nbsp;The guidance figures we are providing today are on an AAM stand-alone pre-combination
basis and do not reflect any cost or expenses related to the announced combination with Dowlais.&nbsp;For sales, we are targeting the
range of $5.8 billion to $6.05 billion for 2025.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">To begin, the sales target is based upon a North
America production of approximately 15.1 million units at the midpoint, and certain assumptions for our key programs such as we anticipate
GM's full-size pickup truck and SUV production in the range of 1.3 million to 1.4 million units.&nbsp;In addition, we are assuming the
pending sale of our commercial vehicle axle business in India will be completed by the end of the first half of 2025 and our financial
guidance reflects that timing as you can see on our walk.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">From an EBITDA perspective, we are expecting adjusted
EBITDA in the range of $700 million to $750 million.&nbsp;Let me provide some color on the key elements of our year-over-year EBITDA
walk that is on Page&nbsp;12.&nbsp;We expect decremental margins for our volume and mix change to be slightly lower than our average
of 25% to 30% as our India commercial vehicle margins are lower than our overall average.&nbsp;As mentioned earlier, our focus on optimizing
our spend in R&amp;D should yield a year-over-year improvement of $20 million and AAM expects to deliver continued cost reductions, operational
productivity, and deliver year-over-year efficiency gains.&nbsp;And you can see the year-over-year performance improvements as a net
favorable $15 million on our walk.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">On Page&nbsp;10, from an adjusted free cash flow
perspective, we are targeting approximately $200 million to $230 million in 2025.&nbsp;The main factors driving our cash flow changes
are as follows: we have higher capital expenditures stemming from investments for our largest truck platforms, next-generation products.&nbsp;These
are the cornerstones for AAM's revenues and profitability for a long time to come.&nbsp;Even with the scale of these programs, we've
been leveraging our installed capital base, driving purchasing efficiency, and operational effectiveness, and we are targeting CapEx
as a percent of sales in 2025 of approximately 5%.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">Lower outstanding debt also means lower cash interest
of approximately $10 million.&nbsp;We do see higher cash taxes in 2025 in the range of $60 million to $70 million in total, which is
approximately $15 million higher than 2024.&nbsp;As for working capital, we believe we have continued opportunities across all areas
of our working capital in 2025 and expect good performance in this area.&nbsp;And lastly, while not included in our adjusted free cash
flow figures, we estimate our restructuring payments to be in the range of $20 million to $30 million for 2025 as we look to further
optimize our business and further reduce fixed costs.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">While we do not provide quarterly guidance, we
do want to provide some perspectives on timing in 2025.&nbsp;As it relates to revenue cadence for the year, due to early January&nbsp;downtime
at key customers and the continued ramp curve of a key next-generation program launch in North America, we anticipate the first quarter
sales per production date to be lower relative to the remainder of the year.&nbsp;In addition, we expect a normal seasonal cash flow
use in the first quarter of the year.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: right">AAM</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: right">February&nbsp;14, 2025, 10:00 AM ET</P>


<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"></P>

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<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">So, taking all that in, what does it mean?&nbsp;It
means on a stand-alone basis, AAM is driving increased margins, delivering strong and steady cash flow, and positioning its portfolio
to support arguably one of the best automotive product franchises around, that being North America light trucks.&nbsp;And when we combine
with Dowlais and its complementary product set and performance capabilities, this will be an even more exciting company.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">Thank you for your time and participation on the
call today.&nbsp;I'm going to stop here and turn the call back over to David Dauch for his closing remarks regarding our upcoming combination.&nbsp;David?</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><B>David Dauch</B></P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">Thanks, Chris. And before we go into the Q&amp;A
session,&nbsp;I wanted to discuss our transformational combination with Dowlais that we announced on January&nbsp;29.&nbsp;This compelling
strategic combination brings together two complementary global Tier 1 suppliers to create a leading global driveline and metal forming
company in the world.&nbsp;Simply, AAM plus Dowlais creates a more balanced and more resilient company with revenues on a non-adjusted
combined basis of approximately $12 billion.&nbsp;Combined adjusted EBITDA margin, including $300 million of run rate synergies of approximately
14% and we anticipate day one net leverage after the impact of the transaction financing of approximately 2.5x, including synergies.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">Following the close of the transaction, we expect
strong earnings accretion in the first full year.&nbsp;Upon closing, AAM will become a top 10 North American and top 25 global supplier.&nbsp;From
a diversification standpoint, the combined business benefits greatly from a more balanced customer mix and geographic presence.&nbsp;We
anticipate our GM concentricity to reduce to 25% post close from approximately 40% today.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">As to our geographic presence, our North American
dependence reduces to 54% from 73% today, while our European and Asian exposure grows.&nbsp;This improved geographic balance allows us
to better serve our customers, where their operations are located, which positions us to grow the business that we already have and importantly
gain new customers.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">In summary, this strategic combination provides
a more robust business model positioned to deliver higher earnings and cash flow. Dowlais is a market leading, high technology engineering
group, which is comprised of two operating business units, GKN Automotive and GKN Powder Metallurgy.&nbsp;GKN Automotive is a leader
in the development and production of side shafts, prop shafts, all-wheel drive systems, e-Drive systems, and e-powertrain components.&nbsp;GKN
Powder Metallurgy is a global leader of high-performance and precision powdered metal products for the automotive and industrial markets.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">This transaction brings together a complementary
product portfolio with Dowlais strengths in side shafts coupled with AAM strength in axles.&nbsp;On Slide 18, you'll see that Dowlais
is a pioneer of automotive CV joints and is the #1 global supplier of side shafts in the world.&nbsp;Side shafts casts deliver power
to the wheels for ICE, hybrid and electric vehicles.&nbsp;Dowlais possesses industry-leading technology and strong vertical integration,
which complements and expands AAM's existing capabilities.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">As industry transitions to electrification, the
content per vehicle opportunity for side shafts increases.&nbsp;This is another great benefit of this powertrain agnostic product line.&nbsp;This
strategic combination is expected to deliver approximately $300 million of synergies.&nbsp;We expect run rate savings to be approximately
60% achieved after year two and the remainder is substantially achieved by the third year after the deal closes.&nbsp;The transaction
positions AAM for high-margin</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: right">AAM</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: right">February&nbsp;14, 2025, 10:00 AM ET</P>


<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"></P>

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<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">potential, strong earnings accretion, strong cash flow, and a strong balance sheet.&nbsp;We are already
making plans to integrate our two businesses so that, when we close, we will confidently hit the ground running to achieve these synergies,
which we have a solid track record of delivering with other deals that we have completed over the years.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">Furthermore, our confidence to achieve these synergies
is very high based on the robust process that we were required to undertake in order to announce our $300 million synergy number.&nbsp;This
process included detailed in-person diligence sessions for 10 work streams, which were conducted over multiple weeks between AAM and
Dowlais management teams with the support of our respective global consulting firms.&nbsp;This process ultimately resulted in both a
quantified synergy report and a supporting opinion being issued by an outside accounting firm.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">Our process is to identify greater opportunities
for what we call a market basket, well in excess of our targets.&nbsp;This supports our ability and our high confidence level to deliver
the synergy opportunities.&nbsp;As such, on Slide 21, you can see the cash flow generation potential is very strong.&nbsp;Based on reported
figures, plus the realization of full synergies or 5% of revenues based on the applied combined market cap of the company, this implies
a very attractive 50%, let me say it again, 50% free cash flow yield.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">Now let's transition to financing the balance
sheet and capital allocation.&nbsp;We have fully committed financing in place to support this transaction.&nbsp;and we expect to raise
approximately $2.2 billion of new debt financing to refinance Dowlais' existing debt and fund the cash purchase price of the deal.&nbsp;At
closing, this deal is anticipated to be approximately net leverage neutral before synergies, and we expect to have ample liquidity available
to us.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">Regarding capital allocation, historically AAM
is focused on organic growth and debt paydown.&nbsp;That will remain true in the near term.&nbsp;However, the combined organization with
greater size and scale and higher free cash flow generating capability we can now target a more balanced capital allocation policy once
we are below 2.5x net leverage, including a strong consideration of returning capital to our shareholders.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">Finally, on the regulatory front, AAM and Dowlais
have already done a significant amount of analysis and preparatory work and have already actioned a number of items.&nbsp;On February&nbsp;7,
AAM submitted its U.S.&nbsp;regulatory filing. Additionally, AAM is progressing with other country filings and engaging with appropriate
regulators.&nbsp;We expect regulatory approval and closing in the fourth quarter of this year, and we are happy to share that initial
customer feedback has been supportive given the complementary nature of the product and the customer portfolios.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">We are extremely excited about the strategic combination
as it will create an organization with meaningful size and scale and synergy opportunities a more robust business model based on compelling
strategic rationale and industrial logic, a powertrain agnostic product portfolio while realizing enhanced diversification a strong experience
and blended management team with a proven track record for success, significant margin and earnings accretion while accelerating opportunities
for growth, and finally, strong value creation for all stakeholders, including an enhanced capital allocation policy in the near future.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">In conclusion, AAM delivered strong 2024 financial
results.&nbsp;We are positioned to have a solid year in 2025 as a stand-alone company, and we are excited about the future strategic
combination with Dowlais.&nbsp;So, thank you for your participation today.</P>

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<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: right">AAM</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: right">February&nbsp;14, 2025, 10:00 AM ET</P>


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<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">Before I turn it over to David Lim to start the
Q&amp;A portion of the call, we also want to let you know that we are planning to do investor meetings in New York and Boston for current
and prospective shareholders, we have shown interest in AAM.&nbsp;These meetings will be held on February&nbsp;24 and February&nbsp;25,
respectively.&nbsp;Please feel free to e-mail david.lim@aam.com to register your interest.&nbsp;I will now turn it back over to David
Lim to start the Q&amp;A portion of our call.&nbsp;David?</P>

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<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><B>QUESTION AND ANSWER</B></P>

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<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><B>David Lim</B></P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">Thank you. So, operator, can you start with the
question-and-answer session, please?</P>

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<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><B>Operator</B></P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">Absolutely. At this time,&nbsp;I would like to
remind everyone, in order to ask a question, please press &ldquo;*&rdquo; then the number &ldquo;1&rdquo; on your telephone keypad. Today's
first question comes from John Murphy of Bank of America. Please go ahead.</P>

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<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><B>John Murphy</B></P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">Good morning, guys. I just have a couple here.&nbsp;David,
when you were mentioning -- or Chris, maybe when you're going through the walk on the outlook, you mentioned mix and volume.&nbsp;I'm
just curious if you could talk about sort of that in the context of GM trucks and then also the Ram HD, what your expectations are on
those two specific programs for mix?</P>

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<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><B>Chris May</B></P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">Yeah. So, the underpinning at the macro level,
John, 15.1 million North American units overall.&nbsp;From the T1 perspective or the GM full-size truck,&nbsp;I should say, think about
the range of our revenue mix anywhere from 1.3 million units to 1.4 million units for the full year.&nbsp;And then some of our other
top platforms, like, for example, the upcoming Ram HD platform, as you know, has been transitioning model years at the end of last year,
beginning of this year.&nbsp;Big picture, we would see that relatively flattish year-over-year because there was declines in the fourth
quarter.&nbsp;We expect lower volumes in the first quarter, but then picking back up the production run rates in the second quarter and
beyond.</P>

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<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><B>John Murphy</B></P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">Just maybe in that T1, is there something going
on with mix in that platform where you think it might be less rich, maybe less 4x4s?&nbsp;Or is it -- is that mix relatively flat?</P>

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<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><B>Chris May</B></P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">It's relatively flat.&nbsp;We continue -- from
that perspective, we continue to see strong robust demand on the HD, the heavy-duty side, in terms of,&nbsp;I'd call it, platform mix
inside of that and obviously strong mix still also on the SUV.&nbsp;But from a 4-wheel drive perspective, relatively flat.</P>

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<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><B>John Murphy</B></P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">Got it. And then just a follow-up on Dowlais.&nbsp;The
R&amp;D, it's down $20 million, and the CapEx is down $50 million in your outlook for 2025.&nbsp;Is that -- is there kind of a -- is
that organic?&nbsp;Or is there some kind of precursor of understanding that you might be able to use some of the capital at Dowlais,
particularly on the capacity side and some of the R&amp;D from some of their products&nbsp;to overlay and save even before you get to
the close?&nbsp;Or is this really stuff that you're doing purely on an organic basis?</P>

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<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><B>Chris May</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: right">AAM</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: right">February&nbsp;14, 2025, 10:00 AM ET</P>


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<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">Yes. This is purely organic, John.&nbsp;The guidance
is our stand-alone company guidance perspective.</P>

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<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><B>John Murphy</B></P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">Got it. And then just lastly, Dowlais, you mentioned
the customer reception was pretty good or actually very good,&nbsp;I should say.&nbsp;But can you talk about the customer reception outside
of the D3 and the incumbent European companies?&nbsp;I mean, has there been any your commentary from the Asian brands or the Chinese
brands that might lead you to believe that you might have a real revenue synergy above and beyond what you're talking about so far?</P>

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<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><B>David Dauch</B></P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">Yes, John, this is David.&nbsp;Again, on the Detroit
3, everything is very positive in regards to the initial discussions we had with them. Outside of the Detroit 3 to your question, Again,
people are excited about two complementary businesses coming together.&nbsp;The product portfolio becomes more expansive.&nbsp;Therefore,
we'll be able to cross-sell and have greater opportunities with different customers around the world.</P>

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<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">They like the stability and the technology and
the innovation that both companies bring to the table.&nbsp;So that's important.&nbsp;At the same time, remember, Dowlais has a very
important joint venture in China.&nbsp;There's obviously a relationship that we want to maintain and continue there and grow that.&nbsp;There
will be meetings that will be upcoming with respect to the leadership of that joint venture and the ultimate customers.&nbsp;But it's
been overall positively received in Europe, in Asia, and here in North America.&nbsp;So, we're very happy with the initial feedback from
the customers.</P>

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<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><B>John Murphy</B></P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">That&rsquo;s great. Thanks very much, guys.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><B>David Dauch</B></P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">Thank you.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><B>Operator</B></P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">Thank you. And our next question today comes from
James Picariello with BNP. Please go ahead.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><B>Unknown Speaker</B></P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">Hey, guys. This is Jake on for James.&nbsp;So,&nbsp;I
think we all appreciate the level of detail you've given us on some of these cost synergies and how that flows through to pro forma free
cash flow. But can you just talk a little bit about maybe any top line synergies you see, especially given the kind of complementary
nature of the portfolios? Thank you.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><B>David Dauch</B></P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">Well, as I just mentioned,&nbsp;I mean, you're
bringing together two very complementary businesses whose product portfolios, support and are complementary and expansive to one another.&nbsp;So,
there's going to be cross-selling opportunities, we think, with multiple customers globally around the world.&nbsp;So, we definitely
see opportunity for revenue growth that way.&nbsp;We also recognize and understand that they are innovative and technology-leading based
company.&nbsp;We've done similar things.&nbsp;We both have positioned ourselves very well on the electrification front when the markets
take off there.&nbsp;And obviously, that's going to vary by region of the world, where China is already leading that active.</P>

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<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">Europe is moving along because the CO2 requirements
changing meaning getting tougher.&nbsp;And then in North America, we know that it's slowing down a little bit here under the Trump</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: right">AAM</P>

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<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">administration.&nbsp;But
regardless of the administration, we're putting ourselves in a position that we have a product powertrain agnostic product portfolio
that can support the consumer requirements and the market requirements on a go-forward basis.&nbsp;And we see tremendous opportunity
and flexibility and optionality with our portfolio.&nbsp;especially as we bring these two dynamic and positive companies together.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><B>Unknown Speaker</B></P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">Thanks, David. And could you guys also just kind
of help me with the free cash flow bridge? So, at the midpoint, your EBITDA was down about $30 million, CapEx up about $50 million, and
you've managed to hold free cash flow more or less flat year-over-year.&nbsp;So, is there any working capital benefit that's driving
that?&nbsp;And should we think about some sort of potential unwind in 2026, or is this a number that could potentially continue to move
higher once we get through the next-generation GM full-size launch? Thank you.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><B>Chris May</B></P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">Yes, Jake, this is Chris.&nbsp;I'll take that.
You can see our free cash flow bridge on Page&nbsp;13 of our earnings deck.&nbsp;Another contributor to favorable cash flow is we do
expect some favorability as it relates to lower interest expense as we've been paying down our debt.&nbsp;But from a working capital
perspective, that's going to be a key driver for us here in 2025.&nbsp;From an inventory perspective, we see still continued opportunity
there.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">From a turns basis, we've been relatively flat
year-over-year, which means we have opportunity to continue to reduce that down to levels we ran pre-COVID as things are stabilizing
across the industry.&nbsp;In addition, from our payables and receivables, or let's call it the traditional type of working capital elements,
we see some additional opportunity inside those sets as well.&nbsp;So, we're excited to get at that working capital.&nbsp;And I would
not really envision any unwind of inventory or others as we clear through '25 on these structural changes for working capital.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><B>Unknown Speaker</B></P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">Very helpful. Thanks, guys.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><B>David Dauch</B></P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">Thank you.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><B>Operator</B></P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">And our next question today comes from Edison
Yu with Deutsche Bank. Please go ahead.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><B>Edison Yu</B></P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">Hey, thank you for taking our questions, and good
morning. First question is on --</P>

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<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><B>David Dauch</B></P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">-- Good morning.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><B>Edison Yu</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">Great. Wanted to ask on the transaction and maybe
more of a strategic or higher level point of view, it seems that we've seen a lot of suppliers kind of go the opposite way, where they're
getting smaller breakout kind of the approach of getting bigger and expanding.&nbsp;So,&nbsp;I'm curious, you look down whatever, three,
four, five years.&nbsp;What do you think the supplier landscape looks like?&nbsp;Is it kind of be more your direction that more people
are going to consolidate?&nbsp;Or do you think that actually this other kind of counter trends that's been happening over the last couple
of years actually is the way it goes?</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: right">AAM</P>

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<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><B>David Dauch</B></P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">Listen, this is David Dauch.&nbsp;I've been saying
for years that I feel that the automotive market needs to consolidate, both at the OEM level as well as and especially at the supplier
level.&nbsp;I'm still true to my convictions that way and my belief in our thought process.&nbsp;Our team feels very strongly about that.&nbsp;That's
why we've done a lot of the acquisitions that we've done.&nbsp;The biggest one to do what we did to as MPG back in 2017, but now this
is even bigger here with Dowlais here in 2025.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">We think the markets are very uncertain, very
dynamic, and you need size and scale to be able to weather the storm and be in a position that you can balance the requirements that
are out there.&nbsp;And there's new challenges every day that the market brings or countries or regions bring and we need to be in a
position to leverage those global resources, those expansive resources that we have.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">But most importantly, when it's all said and done,
we've got to bring solutions to our customers that meet their needs and ultimately meet the market needs, being in the consumer in what
they want.&nbsp;And we think bringing together two complementary companies with an expansive product portfolio that's very complementary
to one another with very little overlap.&nbsp;We're doing just what the market and what our customers need.&nbsp;And we're very pleased
with the strength that they have with their leadership team, combined with our leadership team, we'll blend that together.&nbsp;We'll
have a leading and proven management team that has tremendous experience, and we'll be able to manage that effectively going forward.&nbsp;Yes,
there are some people that are taking actions to reduce their concentricity in different regions or actually not of certain businesses.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">What we're trying to do is make sure that we have
a powertrain agnostic portfolio that can meet the requirements no matter what the market conditions are on a global basis.&nbsp;And we're
still true to that.&nbsp;At the same time, we recognize that each region requires a different strategy.&nbsp;But holistically, there's
a way that we can bounce that out and be efficient from an operations standpoint and from a product development and from a cash management
standpoint going forward.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">So long answer to your question, but the short
answer to it is we feel very strongly that the markets will continue to consolidate going forward.&nbsp;That's the whole premise of our
strategic rationale and industrial logic.&nbsp;Not only do we feel that way, the Dowlais Board and management team feels that way as
well and others that I've talked to in the industry also feel that way.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><B>Edison Yu</B></P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">Appreciate the insights.&nbsp;A follow-up on the
Dowlais side.&nbsp;For those of us maybe not as close.&nbsp;You've got quite a bit of time to do work.&nbsp;The Chinese business, the
China business under is actually quite strong,&nbsp;I think, maybe to many people surprise.&nbsp;Can you maybe, from your perspective,
maybe describe why that is given just the level of competition there.&nbsp;I think we're kind of from the U.S.&nbsp;perspective under
impression that the local suppliers would be doing much better.&nbsp;So just curious as to why maybe you think they're actually holding
up quite what you're doing quite well there.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><B>David Dauch</B></P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">Well,&nbsp;I mean,&nbsp;I think you have to recognize,
first and foremost, the two joint venture partners, that being at ASCO and that be in GKN and the management teams and the strategy that
they put together for that JV.&nbsp;That JV is 35 years old.&nbsp;There's been a lot of experience there.&nbsp;They're tailored in design,
China for China as far as support the local market.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: right">AAM</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: right">February&nbsp;14, 2025, 10:00 AM ET</P>


<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

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<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">They've got an effective product portfolio heavily
weighted towards half-shaft (sp) but also supporting all-wheel drive and electrification and e-powertrain components for that market,
which is what's in demand.&nbsp;They've got a competitive cost structure and a supportive management team.&nbsp;that is growing both
with the domestic Chinese manufacturers or OEMs as well as with the international or Western OEMs that are doing business in China.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">So, credit to those two organizations.&nbsp;So,
we had nothing to do with that.&nbsp;However, what we want to do is make sure that we not only maintain the relationship but build on
that relationship, especially as our product portfolio expands as a combined business.&nbsp;And then we'll look to bring other operational
excellence and support to that joint venture going forward.&nbsp;But don't mess with something, as you said, it's performing very well.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">So, we just got to meet that management team that's
over there and that new partner going forward.&nbsp;And appropriate meetings will take place first and foremost between Dowlais and their
existing partner and then we'll follow up with the appropriate meetings with myself and others to meet their leadership team and position
ourselves and talk about what the future holds.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><B>Edison Yu</B></P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">Great. Thank you very much.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><B>David Dauch</B></P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">Yeah.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><B>Operator</B></P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">Thank you. And our next question comes from Doug
Karson of Bank of America. Please go ahead.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><B>Douglas Karson</B></P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">Hey, guys. Good morning. Thanks for hosting the
call.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><B>David Dauch</B></P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">Good morning, Doug.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><B>Douglas Karson</B></P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">I'm kind of excited about the scale getting bigger.&nbsp;In
my career,&nbsp;I think rating agencies kind of like bigger auto suppliers, which helped give you some math relative to the market pressures.&nbsp;And
you're actually merging with a company that had lower leverage than AAM and the combined entity,&nbsp;I think out of the gate,&nbsp;I
think you said to be about 2.5 turns of leverage.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">I think you made some comments that, maybe going
forward, you'll be able to harvest some of the cash flow to get back to equity rather than the de-levering that we've seen in the last
few years.&nbsp;So one, want to just kind of explore that a little bit.&nbsp;And then separately,&nbsp;I know the agency has kind of
commented, but do you think longer term, you could safely get the combined entity more into the mid-BB range rather than B range for
ratings given the scale almost double?</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><B>Chris May</B></P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">Yes, Doug, you have a few questions in there.&nbsp;This
is Chris. I'll take a crack at a few of those.&nbsp;First of all, we agree with your enthusiasm about the size and the scale but as it
relates to de-levering, if you listen to some of our comments, we talked about at 2.5x, we would open up to some additional capital allocation
priorities.&nbsp;But before that happens, we will continue to reduce and strengthen our balance sheet down into the 2.5x.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: right">AAM</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: right">February&nbsp;14, 2025, 10:00 AM ET</P>


<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">So, we'll continue to prioritize the organic growth.&nbsp;We'll
continue to prioritize debt repayment and drive a stronger and stronger balance sheet through that process.&nbsp;So,&nbsp;I think that's
a key point to keep in mind.&nbsp;And then we would have a balanced portfolio or balanced capital allocation going forward, which would
still include an element of debt reduction as well.&nbsp;It wouldn't be solely overweight to one versus the other.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><B>Douglas Karson</B></P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">Right.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><B>Chris May</B></P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">But longer term, obviously, driving higher ratings
is critical to cost of capital.&nbsp;So, we're focused on the elements of those. Whether the agencies rewrite us or not, that's up to
them.&nbsp;But we're focused on strengthening the balance sheet reducing our leverage, the size and scale, free cash flow to debt ratios,
things of that nature, elements of our business that are good for the business will ultimately drive to a stronger company and hopefully
will reflect in the ratings over time.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><B>Douglas Karson</B></P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">Great. That's helpful. And then maybe just a quick
follow-up.&nbsp;There's obviously a lot of headlines around tariffs and steel prices.&nbsp;And I know that you've got some pretty good
pass-through capabilities in.&nbsp;Can you just kind of refresh us on how you're looking at some of those commodity risks out there in
the market broadly?</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><B>David Dauch</B></P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">Doug, this is David.&nbsp;I'll take the first
shot and then Chris can comment on it.&nbsp;But I think you know and others know, and we've been very forthright that our long-standing
policy has been to buy and build local in the regions that we support and that we serve, and that's proved very effective to us in mitigating
tariff risk that we're experiencing in the past, but also propensity experience here in the future.&nbsp;We'll obviously look to mitigate
any other impact that may happen once they get announced in regards to what's going on between the U.S. with Canada and Mexico, and we'll
see where that goes in March.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">With respect to steel and the aluminum side right
now, we have very minimal exposure as our U.S.&nbsp;deal and our aluminum is sourced here locally.&nbsp;So, we feel very good about where
we are that way.&nbsp;we just got to understand what the details are going to be with respect to the tariff strategy or policies between
the U.S., Mexico and Canada as well as any other countries that may be involved longer term.&nbsp;But overall, like I said, our strategy
is to buy and build local, and that benefits us when you have tariff issues or trade war issues that are taking place.&nbsp;So, Chris,
any other comments on that?</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><B>Chris May</B></P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">Yeah. And when you referred to, Doug, some of
the pass-through mechanisms, if this activity brings more volatility to the input costs, not tariff-related, but that are driving the
commodity costs that go into our product, as you know, we pass around 80% plus up and down to the customer by contract on this.&nbsp;So,
we are insulated and protected from some of that side, not tariffs, but the market inputs that impact our purchases through our supply
base.&nbsp;So that's a nice protection mechanism for the company.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><B>Douglas Karson</B></P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">Yes. That is good. Well, thanks, guys. That's
it from me.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><B>David Dauch</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: right">AAM</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: right">February&nbsp;14, 2025, 10:00 AM ET</P>


<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">Yes. Thanks, Doug. Appreciate it.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><B>Operator</B></P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">Thank you. And gentlemen, your last question today
comes from Dan Levy with Barclays. Please go ahead.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><B>Unknown Speaker</B></P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">Hi. Josh on for Dan today.&nbsp;Thanks for taking
my question. I had a question on just backlog and bidding dynamics.&nbsp;I know you've said in the past couple of quarters that there's
a bit of air pocket while the OEMs consider the EV plans.&nbsp;And I saw today that there is an extension on the Ford program, which,&nbsp;I
guess, would not be included in backlog just wanted to see how things are going with bidding and if you're seeing a greater extension
interest right now?</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><B>David Dauch</B></P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">Yeah. So, this is David, and I'll let Chris talk
from there.&nbsp;As we've said all along, with the OEMs reevaluating their product portfolios right now, it is creating a bit of an air
pocket in regards to some of the sourcing here in the initial years, meaning, let's say, over the next three years.&nbsp;But at the same
time, we've been very forthright in regards to what our backlog has been over the last three years, and there's not a meaningful change
there&nbsp;for '25, slightly lower just based on some of the retiming and re-volumes of some of the programs that the customers put forward.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">I think the most important thing for us and the
big swing that we're seeing right now is we're still actively quoting about $1.5 billion of new and incremental opportunities.&nbsp;And
again, our backlog is only new and incremental.&nbsp;We don't count any replacement business in that.&nbsp;But on that new and incremental
business that we're quoting, in the past couple of years, that was heavily weighted towards electrification, like 75% to 80%.&nbsp;Today,
that has swung the other way, where we still have some electrification in it, but it's more heavily weighted towards ICE and hybrid applications
going forward.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">So, what we're very excited about is the fact
that, one, we've got our next-generation business essentially and substantially secured, which I covered in my earlier remarks.&nbsp;Two,
we're actively quoting on $1.5 billion of new and incremental business and it's right in our wheelhouse of our ICE and hybrid business
today.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">But at the same time, three, we have -- already
have an existing portfolio, and that portfolio will expand with Dowlais that better positions us for the powertrain agnostic portfolio
to quote on more electrification requirements as they evolve based on the different markets globally around the world.&nbsp;And then
we'll also be able to leverage the global footprint of the two organizations to better position ourselves from a cost effectiveness standpoint
so that we improve our hit rate of trying to win that new business going forward.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">But overall, and we feel good about the market
basket of opportunities.&nbsp;There is an air pocket going through the industry, not only for AAM but many suppliers.&nbsp;But most importantly,
a lot of the programs are being extended which is a positive because that allows us to continue to drive operational efficiency and financial
performance which we delivered in '24, and we were positioned to deliver as a stand-alone company in '25. And obviously, we've conveyed
what we think the synergies are and the incremental opportunities when we bring Dowlais and American Axle together.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><B>Unknown Speaker</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: right">AAM</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: right">February&nbsp;14, 2025, 10:00 AM ET</P>


<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">As a quick follow-up on that, of the R&amp;D decline
year-over-year, would you say a lot of that is within EV spending given the slowdown? And assuming there's an uptick in hybrid over the
next couple of years, would that require any incremental spending beyond your current portfolio, or is that kind of already included
in what you already have?</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><B>Chris May</B></P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">Yeah. I would say -- Josh, this is Chris.&nbsp;The
R&amp;D decline is to align really with current market requirements, demands of our customers.&nbsp;Part&nbsp;of our elevated spend over
the past year or two has been to build out our e-Drive portfolio, which we now have in place.&nbsp;and has gained a lot of traction in
China and other markets as well.&nbsp;So that's sort of done and behind us, so we can now start to reap the cost benefits of sort of
repositioning with the current market dynamics and harvest those savings this year and, we would, expect going forward.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">The nice thing about the hybrid applications for
us, in many cases, uses the exact same product as our ICE vehicle products.&nbsp;So, there's not a lot of R&amp;D associated with that.&nbsp;So
that's a perfect alignment of some of that powertrain applications between ICE and a hybrid perspective.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><B>CONCLUSION</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><B>David Lim</B></P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">Thank you. I think that was our last question,
and we thank all of you who have participated on this call and appreciate your interest in AAM. We certainly look forward to talking
with you in the future.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><B>Operator</B></P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">Thank you. This concludes today's conference call.
You may now disconnect your lines, and have a wonderful day.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: right">AAM</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: right">February&nbsp;14, 2025, 10:00 AM ET</P>


<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Forward-Looking Statements</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">In this filing, American Axle&nbsp;&amp; Manufacturing
Holdings,&nbsp;Inc. (&ldquo;AAM&rdquo;) makes statements concerning its and Dowlais&rsquo; expectations, beliefs, plans, objectives, goals,
strategies, and future events or performance, including, but not limited to, certain statements related to the ability of AAM and Dowlais
to consummate AAM&rsquo;s business combination with Dowlais (the &ldquo;Business Combination&rdquo;) in a timely manner or at all; future
capital expenditures, expenses, revenues, economic performance, synergies, financial conditions, market growth, dividend policy, losses
and future prospects and business; and management strategies and the expansion and growth of AAM&rsquo;s and the combined company&rsquo;s
operations. Such statements are &ldquo;forward-looking&rdquo; statements within the meaning of the Private Securities Litigation Reform
Act of 1995 and relate to trends and events that may affect AAM&rsquo;s or the combined company&rsquo;s future financial position and
operating results. The terms such as &ldquo;will,&rdquo; &ldquo;may,&rdquo; &ldquo;could,&rdquo; &ldquo;would,&rdquo; &ldquo;plan,&rdquo;
 &ldquo;believe,&rdquo; &ldquo;expect,&rdquo; &ldquo;anticipate,&rdquo; &ldquo;intend,&rdquo; &ldquo;project,&rdquo; &ldquo;target,&rdquo;
and similar words or expressions, as well as statements in future tense, are intended to identify forward-looking statements. Forward-looking
statements should not be read as a guarantee of future performance or results and will not necessarily be accurate indications of the
times at, or by, which such performance or results will be achieved. These forward-looking statements involve certain risks and uncertainties
that could cause actual results to differ materially from those expressed or implied by these statements. These risks and uncertainties
related to AAM include factors detailed in the reports AAM files with the United States Securities and Exchange Commission (the &ldquo;SEC&rdquo;),
including those described under &ldquo;Risk Factors&rdquo; in its most recent Annual Report on Form&nbsp;10-K and its Quarterly Reports
on Form&nbsp;10-Q. These forward-looking statements speak only as of the date of this communication. AAM expressly disclaims any obligation
or undertaking to disseminate any updates or revisions to any forward-looking statement contained herein to reflect any change in its
or Dowlais&rsquo; expectations with regard thereto or any change in events, conditions or circumstances on which any such statement is
based.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Additional Information</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">This
filing may be deemed to be solicitation material in respect of the Business Combination, including the issuance of AAM&rsquo;s shares
of common stock in respect of the Business Combination. In connection with the foregoing proposed issuance of AAM&rsquo;s shares of common
stock, AAM expects to file a proxy statement on Schedule 14A (together with any amendments and supplements thereto, the &ldquo;Proxy
Statement&rdquo;) with the SEC. To the extent the Business Combination is effected as a scheme of arrangement under English law, the
issuance of AAM&rsquo;s shares of common stock in connection with the Business Combination would not be expected to require registration
under the U.S. Securities Act of 1933, as amended (the &ldquo;Securities Act&rdquo;), pursuant to an exemption provided by Section&nbsp;3(a)(10)&nbsp;under
the Securities Act. In the event that AAM exercises its right to elect to implement the Business Combination by way of a takeover offer
(as defined in the UK Companies Act 2006) or otherwise determines to conduct the Business Combination in a manner that is not exempt
from the registration requirements of the Securities Act, AAM expects to file a registration statement with the SEC containing a prospectus
with respect to the AAM&rsquo;s shares that would be issued in the Business Combination. INVESTORS AND SHAREHOLDERS ARE URGED TO READ
THE PROXY STATEMENT, THE SCHEME DOCUMENT, AND OTHER RELEVANT DOCUMENTS FILED OR TO BE FILED BY AAM WITH THE SEC OR INCORPORATED BY REFERENCE
IN THE PROXY STATEMENT (IF ANY) CAREFULLY WHEN THEY BECOME AVAILABLE BECAUSE THEY WILL CONTAIN IMPORTANT INFORMATION ABOUT AAM, THE BUSINESS
COMBINATION AND RELATED MATTERS. Investors and shareholders will be able to obtain free copies of the Proxy Statement, the scheme document,
and other documents filed by AAM with the SEC at the SEC&rsquo;s website at <FONT STYLE="color: rgb(5,99,193)"><U>http://www.sec.gov</U></FONT></FONT>.
In addition, investors and shareholders will be able to obtain free copies of the Proxy Statement, the scheme document, and other documents
filed by AAM with the SEC at <FONT STYLE="color: rgb(5,99,193)"><U>https://www.aam.com/investors</U></FONT>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Participants in the Solicitation</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">AAM
and its directors, executive officers and certain other members of management and employees will be participants in the solicitation of
proxies from AAM&rsquo;s shareholders in respect of the Business Combination, including</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"></FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">the
proposed issuance of AAM&rsquo;s shares of common stock in connection with the Business Combination. Information regarding AAM&rsquo;s
directors and executive officers is contained in its Annual Report on Form&nbsp;10-K for the fiscal year ended December&nbsp;31, 2023,
which was filed with the SEC on February&nbsp;16, 2024, the definitive proxy statement on Schedule 14A for AAM&rsquo;s 2024 annual meeting
of stockholders, which was filed with the SEC on March&nbsp;21, 2024 and the Current Report on Form&nbsp;8-K of AAM, which was filed
with the SEC on May&nbsp;2, 2024. Additional information regarding the identity of participants, and their direct or indirect interests,
by security holdings or otherwise, will be set forth in the Proxy Statement when it is filed with the SEC. To the extent holdings of
AAM&rsquo;s securities by its directors or executive officers change from the amounts set forth in the Proxy Statement, such changes
will be reflected on Initial Statements of Beneficial Ownership on Form&nbsp;3 or Statements of Change in Ownership on Form&nbsp;4 filed
with the SEC by AAM. These documents may be obtained free of charge from the SEC's website at www.sec.gov and AAM&rsquo;s website at
<FONT STYLE="color: rgb(5,99,193)"><U>https://www.aam.com/investors</U></FONT></FONT>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>No Offer or Solicitation</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">This filing is not intended to and shall not constitute
an offer to sell or the solicitation of an offer to sell or the solicitation of an offer to buy any securities or a solicitation of any
vote of approval, nor shall there be any sale of securities in any jurisdiction in which such offer, solicitation or sale would be unlawful
prior to registration or qualification under the securities laws of any such jurisdiction.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Non-GAAP Financial Information</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">This filing refers to certain financial measures,
including Adjusted EBITDA, Adjusted EBITDA margin, Adjusted Earnings per Share, Adjusted Free Cash Flow, Net Debt, Net Leverage Ratio
and Liquidity that are not required by, or presented in accordance with, accounting principles generally accepted in the United States,
or GAAP. These measures are presented to provide additional useful measurements to review AAM&rsquo;s operations, provide transparency
to investors and enable period-to-period comparability of financial performance. These non-GAAP measures should not be considered a substitute
for any GAAP measure. Additionally, non-GAAP financial measures as presented by AAM may not be comparable to similarly titled measures
reported by other companies.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Quantified Financial Benefits Statement</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">This filing contains statements of estimated cost
savings and synergies arising from the Business Combination (together, the &ldquo;Quantified Financial Benefits Statements&rdquo;).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Statements of estimated cost savings and synergies
relate to future actions and circumstances which, by their nature, involve risks, uncertainties and contingencies. As a result, the cost
savings and synergies referred to in the Quantified Financial Benefits Statement may not be achieved, may be achieved later or sooner
than estimated, or those achieved could be materially different from those estimated. No statement in the Quantified Financial Benefits
Statement, or this filing generally, should be construed as a profit forecast or interpreted to mean that the combined company&rsquo;s
earnings in the first full year following the date on which the Business Combination becomes effective, or in any subsequent period, would
necessarily match or be greater than or be less than those of AAM or Dowlais for the relevant preceding financial period or any other
period. For the purposes of Rule&nbsp;28 of the Code, the Quantified Financial Benefits Statement contained in this filing is the responsibility
of AAM and the AAM board of directors.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">A copy of the Quantified Financial Benefits Statements,
the bases of belief, principal assumptions and sources of information in respect of any quantified financial benefits statement are set
out in appendix 6 of the Rule&nbsp;2.7 announcement made by AAM and Dowlais on January&nbsp;29, 2025.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Profit Forecasts and Estimates</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The statements in this filing setting out targets
for Adjusted EBITDA and Adjusted free cash flow of AAM for FY25 (together, the &ldquo;AAM FY25 Profit Forecast&rdquo;) constitute profit
forecasts of AAM for the purposes of Rule&nbsp;28.1(a)&nbsp;of the UK Takeover Code (the &ldquo;Code&rdquo;). The UK Takeover Panel has
granted AAM a dispensation from the requirement to include reports from reporting accountants and AAM&rsquo;s financial advisers in relation
to the FY25 Profit Forecast because it is an ordinary course profit forecast, and Dowlais has agreed to the dispensation.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Other than the AAM FY25 Profit Forecast, nothing
in this filing (including any statement of estimated cost savings or synergies) is intended, or is to be construed, as a profit forecast
or profit estimate for any period or is to be interpreted to mean that earnings or earnings per share of AAM or Dowlais for the current
or future financial years will necessarily match or exceed the published earnings or earnings per share of AAM or Dowlais, as appropriate.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>AAM Directors&rsquo; Confirmation</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">In accordance with Rule&nbsp;28.1(c)(i)&nbsp;of
the Code, the AAM board of directors confirms that, as at the date of this filing, the AAM FY25 Profit Forecast is valid and has been
properly compiled on the basis of the assumptions stated in AAM&rsquo;s RNS announcement on or around the date of this filing and that
the basis of accounting used is consistent with AAM&rsquo;s accounting policies.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Publication on Website</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">A
recording of the earnings call to which this filing relates will be made available (subject to certain disclaimers) on AAM&rsquo;s website
(at <FONT STYLE="color: rgb(5,99,193)"><U>https://www.aam.com/investors</U></FONT></FONT>) by no later than 12 noon London time on the
business day following the date of this filing. Neither the contents of this website nor the content of any other website accessible
from hyperlinks on such websites is incorporated into, or forms part of, this filing.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

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