<SEC-DOCUMENT>0001104659-25-044037.txt : 20250502
<SEC-HEADER>0001104659-25-044037.hdr.sgml : 20250502
<ACCEPTANCE-DATETIME>20250502145907
ACCESSION NUMBER:		0001104659-25-044037
CONFORMED SUBMISSION TYPE:	DEFA14A
PUBLIC DOCUMENT COUNT:		1
FILED AS OF DATE:		20250502
DATE AS OF CHANGE:		20250502

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
		EIN:				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:		25907792

	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
</SEC-HEADER>
<DOCUMENT>
<TYPE>DEFA14A
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<DESCRIPTION>DEFA14A
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<P STYLE="font: 18pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>UNITED STATES</B></P>

<P STYLE="font: 18pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>SECURITIES AND EXCHANGE COMMISSION</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>WASHINGTON, D.C. 20549</B></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 18pt"><B>SCHEDULE
14A<BR>
</B></FONT><B>(Rule&nbsp;14a-101)</B></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>INFORMATION REQUIRED IN PROXY STATEMENT<BR>
SCHEDULE 14A INFORMATION</B></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Proxy Statement Pursuant to Section&nbsp;14(a)&nbsp;of
the</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Securities Exchange Act of 1934</B></P>

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

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    <TD STYLE="vertical-align: bottom; padding: 0.25pt; width: 1%">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding: 0.25pt; font-size: 10pt; width: 97%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Preliminary Proxy Statement</FONT></TD></TR>
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    <TD STYLE="padding: 0.25pt">&nbsp;</TD>
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    <TD STYLE="vertical-align: bottom; padding: 0.25pt; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Confidential, For Use of the Commission Only (as permitted by Rule&nbsp;14a-6(e)(2))</B></FONT></TD></TR>
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    <TD COLSPAN="2" STYLE="padding: 0.25pt">&nbsp;</TD></TR>
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    <TD STYLE="vertical-align: bottom; padding: 0.25pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding: 0.25pt; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Definitive Proxy Statement</FONT></TD></TR>
  <TR>
    <TD STYLE="padding: 0.25pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding: 0.25pt">&nbsp;</TD></TR>
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    <TD STYLE="vertical-align: bottom; padding: 0.25pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding: 0.25pt; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Definitive Additional Materials</FONT></TD></TR>
  <TR>
    <TD STYLE="padding: 0.25pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding: 0.25pt">&nbsp;</TD></TR>
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    <TD STYLE="vertical-align: bottom; padding: 0.25pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding: 0.25pt; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Soliciting Material Pursuant to &sect; 240.14a-12</FONT></TD></TR>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 18pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>AMERICAN AXLE&nbsp;&amp; MANUFACTURING 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>

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

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<P STYLE="font: 10pt 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 fee required.</FONT></TD></TR>
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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 computed on table in exhibit required by Item 25(b)&nbsp;per Exchange Act Rules&nbsp;14a-6(i)(1)&nbsp;and 0-11.</FONT></TD></TR>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">RNS Number : 2619H&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">American Axle&nbsp;&amp; Mfg Hldgs,&nbsp;Inc.&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">02 May&nbsp;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-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: justify"><B>NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION
IN,&nbsp;INTO OR FROM ANY JURISDICTION WHERE TO DO SO WOULD CONSTITUTE A VIOLATION OF THE RELEVANT LAWS OR REGULATIONS OF SUCH JURISDICTION</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; text-align: justify; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt"><B>THIS ANNOUNCEMENT CONTAINS INSIDE INFORMATION</B></P>

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

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt"><B>FOR IMMEDIATE RELEASE</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: right"><B>2 May&nbsp;2025</B></P>

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

<P STYLE="text-align: center; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><B>AMERICAN AXLE&nbsp;&amp; MANUFACTURING HOLDINGS,&nbsp;INC.</B></P>

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

<P STYLE="text-align: center; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><B>PUBLICATION OF FIRST QUARTER 2025 FINANCIAL RESULTS</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-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: justify">American Axle&nbsp;&amp; Manufacturing
Holdings,&nbsp;Inc. (&quot;<B>AAM</B>&quot;) has today published its first quarter 2025 financial results and held an earnings presentation.
Copies of the first quarter 2025 press release and earnings presentation (including reconciliation of non-GAAP financial measures) are
available at <U>www.aam.com/investors</U>.</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-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: justify">During the earnings presentation, the
following statements were made, which for the purposes of Rule&nbsp;28.1(a)&nbsp;of the City Code on Takeovers and Mergers (the &quot;<B>Code</B>&quot;)
constitutes a profit forecast published by AAM during an offer period (the &quot;<B>FY25 Updated Profit Forecast</B>&quot;):</P>

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

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in"><B STYLE="font-style: normal; font-weight: normal"><I>AAM's full year 2025 financial targets are as follows:</I></B></P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: normal 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="font-style: normal; vertical-align: top; font-weight: normal">
<TD STYLE="font-style: normal; width: 0.75in; font-weight: normal"></TD><TD STYLE="font-style: normal; width: 12pt; font-weight: normal"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="font-style: normal; text-align: justify; font-weight: normal"><B STYLE="font-style: normal; font-weight: normal"><I>AAM is targeting sales in the range of $5.65 - $5.95 billion vs. $5.8 - $6.05 billion prior.</I></B></TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: normal 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="font-style: normal; vertical-align: top; font-weight: normal">
<TD STYLE="font-style: normal; width: 0.75in; font-weight: normal"></TD><TD STYLE="font-style: normal; width: 12pt; font-weight: normal"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="font-style: normal; text-align: justify; font-weight: normal"><B STYLE="font-style: normal; font-weight: normal"><I>AAM is targeting Adjusted EBITDA in the range of $665 - $745 million vs. $700 - $760 million prior.</I></B></TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: normal 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="font: normal 10pt Times New Roman, Times, Serif; vertical-align: top">
<TD STYLE="font: normal 10pt Times New Roman, Times, Serif; width: 0.75in"></TD><TD STYLE="font: normal 10pt Times New Roman, Times, Serif; width: 12pt"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="font: normal 10pt Times New Roman, Times, Serif; text-align: justify"><B STYLE="font: normal 10pt Times New Roman, Times, Serif"><I>AAM is targeting Adjusted free cash flow in the range of $165 - $215 million vs. $200 - $230 million
prior; this target assumes capital spending of approximately 5% of sales.</I></B></TD></TR></TABLE>

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

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in"><B STYLE="font: normal 10pt Times New Roman, Times, Serif"><I>These targets are based on the following assumptions
for 2025:</I></B></P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: normal 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="font: normal 10pt Times New Roman, Times, Serif; vertical-align: top">
<TD STYLE="font: normal 10pt Times New Roman, Times, Serif; width: 0.75in"></TD><TD STYLE="font: normal 10pt Times New Roman, Times, Serif; width: 12pt"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="font: normal 10pt Times New Roman, Times, Serif; text-align: justify"><B STYLE="font: normal 10pt Times New Roman, Times, Serif"><I>North American light vehicle production of approximately 14.0 - 15.1 million units.</I></B></TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: normal 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="font: normal 10pt Times New Roman, Times, Serif; vertical-align: top">
<TD STYLE="font: normal 10pt Times New Roman, Times, Serif; width: 0.75in"></TD><TD STYLE="font: normal 10pt Times New Roman, Times, Serif; width: 12pt"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="font: normal 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><I>AAM's
                                            production estimates of key programs that we support.</I></FONT></TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: normal 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="font: normal 10pt Times New Roman, Times, Serif; vertical-align: top">
<TD STYLE="font: normal 10pt Times New Roman, Times, Serif; width: 0.75in"></TD><TD STYLE="font: normal 10pt Times New Roman, Times, Serif; width: 12pt"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="font: normal 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><I>AAM's
                                            outlook assumes the sale of AAM's commercial vehicle axle business in India is completed
                                            by July&nbsp;1, 2025.</I></FONT></TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: normal 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="font: normal 10pt Times New Roman, Times, Serif; vertical-align: top">
<TD STYLE="font: normal 10pt Times New Roman, Times, Serif; width: 0.75in"></TD><TD STYLE="font: normal 10pt Times New Roman, Times, Serif; width: 12pt"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="font: normal 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><I>Does
                                            not reflect any costs and expenses relating to the announced combination with Dowlais, which
                                            will impact actual results. Reflects guidance for AAM on a stand-alone pre-combination basis
                                            only.</I></FONT></TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: normal 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="font: normal 10pt Times New Roman, Times, Serif; vertical-align: top">
<TD STYLE="font: normal 10pt Times New Roman, Times, Serif; width: 0.75in"></TD><TD STYLE="font: normal 10pt Times New Roman, Times, Serif; width: 12pt"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="font: normal 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><I>Substantially
                                            all incremental tariff costs are passed on to our customers.</I></FONT></TD></TR></TABLE>

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

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt">Supplementary data for GAAP reconciliation:</P>

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

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt"><B STYLE="font: normal 10pt Times New Roman, Times, Serif"><I>Adjusted EBITDA</I></B></P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: normal 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="font-style: normal; vertical-align: top; font-weight: normal">
<TD STYLE="font-style: normal; width: 0.75in; font-weight: normal"></TD><TD STYLE="font-style: normal; width: 12pt; font-weight: normal"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="font-style: normal; text-align: justify; font-weight: normal"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><I>AAM
                                            is estimating net loss in the range of $(65) - $(10)&nbsp;million.</I></FONT></TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: normal 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="font-style: normal; vertical-align: top; font-weight: normal">
<TD STYLE="font-style: normal; width: 0.75in; font-weight: normal"></TD><TD STYLE="font-style: normal; width: 12pt; font-weight: normal"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="font-style: normal; text-align: justify; font-weight: normal"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><I>AAM
                                            is estimating interest expense in the range of $170 - $180 million.</I></FONT></TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: normal 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="font-style: normal; vertical-align: top; font-weight: normal">
<TD STYLE="font-style: normal; width: 0.75in; font-weight: normal"></TD><TD STYLE="font-style: normal; width: 12pt; font-weight: normal"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="font-style: normal; text-align: justify; font-weight: normal"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><I>AAM
                                            is estimating income tax expense in the range of $35 - $50 million.</I></FONT></TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: normal 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="font-style: normal; vertical-align: top; font-weight: normal">
<TD STYLE="font-style: normal; width: 0.75in; font-weight: normal"></TD><TD STYLE="font-style: normal; width: 12pt; font-weight: normal"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="font-style: normal; text-align: justify; font-weight: normal"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><I>AAM
                                            is estimating depreciation and amortization in the range of $455 - $455 million.</I></FONT></TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: normal 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="font-style: normal; vertical-align: top; font-weight: normal">
<TD STYLE="font-style: normal; width: 0.75in; font-weight: normal"></TD><TD STYLE="font-style: normal; width: 12pt; font-weight: normal"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="font-style: normal; text-align: justify; font-weight: normal"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><I>AAM
                                            is estimating full year 2025 EBITDA in the range of $595 - $675 million.</I></FONT></TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: normal 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="font-style: normal; vertical-align: top; font-weight: normal">
<TD STYLE="font-style: normal; width: 0.75in; font-weight: normal"></TD><TD STYLE="font-style: normal; width: 12pt; font-weight: normal"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="font-style: normal; text-align: justify; font-weight: normal"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><I>AAM
                                            is estimating restructuring-related costs in the range of $25 - $25 million.</I></FONT></TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: normal 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="font-style: normal; vertical-align: top; font-weight: normal">
<TD STYLE="font-style: normal; width: 0.75in; font-weight: normal"></TD><TD STYLE="font-style: normal; width: 12pt; font-weight: normal"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="font-style: normal; text-align: justify; font-weight: normal"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><I>AAM
                                            is estimating Dowlais acquisition-related costs in the range of $65 - $65 million.</I></FONT></TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: normal 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="font-style: normal; vertical-align: top; font-weight: normal">
<TD STYLE="font-style: normal; width: 0.75in; font-weight: normal"></TD><TD STYLE="font-style: normal; width: 12pt; font-weight: normal"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="font-style: normal; text-align: justify; font-weight: normal"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><I>AAM
                                            is estimating other, principally Business Combination Derivative in the range of $20 - $20
                                            million.</I></FONT></TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: normal 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 12pt; text-align: left"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><I>AAM
                                            is estimating full year 2025 Adjusted EBITDA in the range of $665 - $745 million.</I></FONT></TD>
</TR></TABLE>

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

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0pt 0"><I>Adjusted Free Cash Flow</I></P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: normal 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="font-style: normal; vertical-align: top; font-weight: normal">
<TD STYLE="font-style: normal; width: 0.75in; font-weight: normal"></TD><TD STYLE="font-style: normal; width: 12pt; font-weight: normal"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="font-style: normal; text-align: justify; font-weight: normal"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><I>AAM
                                            is estimating net cash provided by operating activities in the range of $375 - $425 million.</I></FONT></TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: normal 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="font-style: normal; vertical-align: top; font-weight: normal">
<TD STYLE="font-style: normal; width: 0.75in; font-weight: normal"></TD><TD STYLE="font-style: normal; width: 12pt; font-weight: normal"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="font-style: normal; text-align: justify; font-weight: normal"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><I>AAM
                                            is estimating capital expenditures net of proceeds from the sale of property, plant and equipment
                                            in the range of ($300) - ($300) million.</I></FONT></TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: normal 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="font-style: normal; vertical-align: top; font-weight: normal">
<TD STYLE="font-style: normal; width: 0.75in; font-weight: normal"></TD><TD STYLE="font-style: normal; width: 12pt; font-weight: normal"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="font-style: normal; text-align: justify; font-weight: normal"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><I>AAM
                                            is estimating full year 2025 free cash flow in the range of $75 - $125 million.</I></FONT></TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: normal 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="font-style: normal; vertical-align: top; font-weight: normal">
<TD STYLE="font-style: normal; width: 0.75in; font-weight: normal"></TD><TD STYLE="font-style: normal; width: 12pt; font-weight: normal"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="font-style: normal; text-align: justify; font-weight: normal"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><I>AAM
                                            is estimating cash payments for restructuring-related cost in the range of $25 -$25 million.</I></FONT></TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: normal 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="font-style: normal; vertical-align: top; font-weight: normal">
<TD STYLE="font-style: normal; width: 0.75in; font-weight: normal"></TD><TD STYLE="font-style: normal; width: 12pt; font-weight: normal"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="font-style: normal; text-align: justify; font-weight: normal"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><I>AAM
                                            is estimating cash payments for Dowlais acquisition-related cost in the range of $65 -$65
                                            million.</I></FONT></TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: normal 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="font-style: normal; vertical-align: top; font-weight: normal">
<TD STYLE="font-style: normal; width: 0.75in; font-weight: normal"></TD><TD STYLE="font-style: normal; width: 12pt; font-weight: normal"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="font-style: normal; text-align: justify; font-weight: normal"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><I>AAM
                                            is estimating full year 2025 Adjusted free cash flow in the range of $165 - $215 million.</I></FONT></TD></TR></TABLE>

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

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

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

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

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

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Pursuant to Rule&nbsp;28.1 of the Code, the Panel
has granted AAM a dispensation from the requirement to include reports from reporting accountants and AAM's financial advisers in relation
to the FY25 Updated Profit Forecast because it is an ordinary course profit forecast and Dowlais has agreed to the dispensation.</P>

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

<P STYLE="font: normal 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 Directors confirm that, as at the date of this announcement, the FY25 Updated Profit Forecast is valid and has been
properly compiled on the basis of the assumptions stated below and that the basis of accounting used is consistent with AAM's accounting
policies.</P>

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

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Basis of preparation</B></P>

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

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The FY25 Updated Profit Forecast is based on AAM's
current internal forecast for the period up to 31 December&nbsp;2025, using economic assumptions as at 2 May&nbsp;2025. The basis of accounting
used for the FY25 Updated Profit Forecast is consistent with AAM's existing accounting policies, which: (i)&nbsp;are in accordance with
U.S. GAAP; (ii)&nbsp;were applied in the preparation of the AAM's financial statements for the year ending 31 December&nbsp;2024; and
(iii)&nbsp;are expected to be applied in the preparation of the AAM's financial statements for the period up to 31 December&nbsp;2025.</P>

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

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The FY25 Updated Profit Forecast has been prepared
on the basis referred to above and subject to the principal assumptions set out below. The FY25 Updated Profit Forecast is inherently
uncertain and there can be no guarantee that any of the factors referred to under &quot;Principal assumptions&quot; below will not occur
and/or, if they do, their effect on AAM's results of operations, financial condition, or financial performance, may be material. The FY25
Updated Profit Forecast should therefore be read in this context and construed accordingly.</P>

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

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

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: normal 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="font-style: normal; vertical-align: top; font-weight: normal">
<TD STYLE="font-style: normal; width: 0; font-weight: normal"></TD><TD STYLE="font-style: normal; width: 0.25in; font-weight: normal"><B STYLE="font: italic 10pt Times New Roman, Times, Serif"><I>(a)</I></B></TD><TD STYLE="font-style: normal; text-align: justify; font-weight: normal"><B STYLE="font: italic 10pt Times New Roman, Times, Serif"><I>Factors outside the influence or control of the AAM Directors:</I></B></TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: normal 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="font-style: normal; vertical-align: top; font-weight: normal">
<TD STYLE="font-style: normal; width: 20.4pt; font-weight: normal"></TD><TD STYLE="font-style: normal; width: 16.8pt; font-weight: normal">(i)</TD><TD STYLE="font-style: normal; text-align: justify; font-weight: normal">there will be no material change to macroeconomic, political, inflationary, regulatory or legal conditions
in the markets or regions in which AAM operates;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: normal 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="font-style: normal; vertical-align: top; font-weight: normal">
<TD STYLE="font-style: normal; width: 0.25in; font-weight: normal"></TD><TD STYLE="font-style: normal; width: 0.25in; font-weight: normal">(ii)</TD><TD STYLE="font-style: normal; text-align: justify; font-weight: normal">there will be no material change in current US interest rates, economic growth (GDP), inflation expectations
or foreign exchange rates compared with AAM's estimates;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: normal 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="font-style: normal; vertical-align: top; font-weight: normal">
<TD STYLE="font-style: normal; width: 0.25in; font-weight: normal"></TD><TD STYLE="font-style: normal; width: 0.25in; font-weight: normal">(iii)</TD><TD STYLE="font-style: normal; text-align: justify; font-weight: normal">there will be no material change in accounting standards;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: normal 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="font-style: normal; vertical-align: top; font-weight: normal">
<TD STYLE="font-style: normal; width: 0.25in; font-weight: normal"></TD><TD STYLE="font-style: normal; width: 0.25in; font-weight: normal">(iv)</TD><TD STYLE="font-style: normal; text-align: justify; font-weight: normal">there will be no material change in market conditions in relation to customer demand or the competitive
environment;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: normal 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="font-style: normal; vertical-align: top; font-weight: normal">
<TD STYLE="font-style: normal; width: 0.25in; font-weight: normal"></TD><TD STYLE="font-style: normal; width: 0.25in; font-weight: normal">(v)</TD><TD STYLE="font-style: normal; text-align: justify; font-weight: normal">there will be no material litigation or regulatory investigations, or material unexpected developments
in any existing litigation or regulatory investigation, in relation to any of AAM's operations, products or services; and</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: normal 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="font-style: normal; vertical-align: top; font-weight: normal">
<TD STYLE="font-style: normal; width: 0.25in; font-weight: normal"></TD><TD STYLE="font-style: normal; width: 0.25in; font-weight: normal">(vi)</TD><TD STYLE="font-style: normal; text-align: justify; font-weight: normal">there will be no business disruptions that materially affect AAM, its customers, operations, supply chain
or labour supply, including natural disasters, acts of terrorism, cyber-attack and/or technological issues.</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: normal 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="font-style: normal; vertical-align: top; font-weight: normal">
<TD STYLE="font-style: normal; width: 0; font-weight: normal"></TD><TD STYLE="font-style: normal; width: 0.25in; font-weight: normal"><B STYLE="font: italic 10pt Times New Roman, Times, Serif"><I>(b)</I></B></TD><TD STYLE="font-style: normal; text-align: justify; font-weight: normal"><B STYLE="font: italic 10pt Times New Roman, Times, Serif"><I>Factors within the influence or control of the AAM Directors:</I></B></TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: normal 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="font-style: normal; vertical-align: top; font-weight: normal">
<TD STYLE="font-style: normal; width: 0.25in; font-weight: normal"></TD><TD STYLE="font-style: normal; width: 0.25in; font-weight: normal">(i)</TD><TD STYLE="font-style: normal; text-align: justify; font-weight: normal">there will be no material acquisitions, disposals, distribution partnerships, joint ventures or other
commercial agreements, other than those already assumed within the forecast;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: normal 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="font-style: normal; vertical-align: top; font-weight: normal">
<TD STYLE="font-style: normal; width: 0.25in; font-weight: normal"></TD><TD STYLE="font-style: normal; width: 0.25in; font-weight: normal">(ii)</TD><TD STYLE="font-style: normal; text-align: justify; font-weight: normal">there will be no material change in the existing operational strategy of AAM;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: normal 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="font-style: normal; vertical-align: top; font-weight: normal">
<TD STYLE="font-style: normal; width: 0.25in; font-weight: normal"></TD><TD STYLE="font-style: normal; width: 0.25in; font-weight: normal">(iii)</TD><TD STYLE="font-style: normal; text-align: justify; font-weight: normal">there will be no material changes in AAM's accounting policies and/or the application thereof;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: normal 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="font-style: normal; vertical-align: top; font-weight: normal">
<TD STYLE="font-style: normal; width: 0.25in; font-weight: normal"></TD><TD STYLE="font-style: normal; width: 0.25in; font-weight: normal">(iv)</TD><TD STYLE="font-style: normal; text-align: justify; font-weight: normal">there are no material strategic investments or capital expenditure in addition to those already planned;
and</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: normal 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="font-style: normal; vertical-align: top; font-weight: normal">
<TD STYLE="font-style: normal; width: 0.25in; font-weight: normal"></TD><TD STYLE="font-style: normal; width: 0.25in; font-weight: normal">(v)</TD><TD STYLE="font-style: normal; text-align: justify; font-weight: normal">there will be no material change in the management or control of AAM.</TD></TR></TABLE>

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

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0pt 0">Terms used but not defined in this announcement have the meaning given
to them in the Rule&nbsp;2.7 announcement released by AAM and Dowlais on 29 January&nbsp;2025.</P>

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

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

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

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in"><B><U>AAM</U></B></P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 95%; margin-left: 0.25in">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 50%; font: normal 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; font-style: normal; font-weight: normal">David
    H. Lim, Head of Investor Relations&nbsp;</FONT></TD>
    <TD STYLE="width: 50%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; font-style: normal; font-weight: normal">+1
    (313) 758-2006&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font: normal 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; font-style: normal; font-weight: normal">Christopher
    M. Son, Vice President, Marketing&nbsp;&amp; Communications</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; font-style: normal; font-weight: normal">+1 (313) 758-4814&nbsp;</FONT></TD></TR>
  </TABLE>


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

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in"><B>J.P. Morgan (Exclusive financial adviser to AAM)</B></P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 95%; margin-left: 0.25in">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 50%; font: normal 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; font-style: normal; font-weight: normal">David
    Walker / Ian MacAllister&nbsp;</FONT></TD>
    <TD STYLE="width: 50%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; font-style: normal; font-weight: normal">+1
    (212) 270 6000&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font: normal 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; font-style: normal; font-weight: normal">Robert
    Constant / Jonty Edwards</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; font-style: normal; font-weight: normal">+44 (0) 203
    493 8000&nbsp;</FONT></TD></TR>
  </TABLE>


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

<P STYLE="margin: 0pt 0 0pt 0.25in; font-style: normal; font-weight: normal"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; font-variant: normal"><B>FGS
Global (PR adviser to AAM) &nbsp;</B></FONT></P>



<P STYLE="margin: 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 95%; margin-left: 0.25in">
  <TR STYLE="font-style: normal; vertical-align: bottom; font-weight: normal">
    <TD STYLE="font-style: normal; font-weight: normal; width: 50%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; font-style: normal; font-weight: normal">Jim
    Barron</FONT></TD>
    <TD STYLE="font-style: normal; font-weight: normal; width: 50%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; font-style: normal; font-weight: normal">+1
    212 687 8080</FONT></TD></TR>
  <TR STYLE="font-style: normal; vertical-align: bottom; font-weight: normal">
    <TD STYLE="font-style: normal; font-weight: normal"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; font-style: normal; font-weight: normal">Charlie
    Chichester / Rory King</FONT></TD>
    <TD STYLE="font-style: normal; font-weight: normal"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; font-style: normal; font-weight: normal">+44
    20 7251 3801</FONT></TD></TR>
  </TABLE>
<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in">Allen Overy Shearman Sterling LLP is acting as legal adviser to AAM
in connection with the Combination.</P>

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

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B><I>Disclaimers</I></B></FONT></P>

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

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B><I>Important
notices relating to financial advisers</I></B></FONT></P>

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

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><I>J.P.
Morgan Securities LLC, together with its affiliate J.P. Morgan Securities plc (which conducts its UK investment banking business as J.P.
Morgan Cazenove and which is authorised in the United Kingdom by the Prudential Regulation Authority and regulated in the United Kingdom
by the Prudential Regulation Authority and the Financial Conduct Authority). J.P. Morgan is acting as financial adviser exclusively for
AAM and no one else in connection with the Combination and will not regard any other person as its client in relation to the Combination
and will not be responsible to anyone other than AAM for providing the protections afforded to clients of J.P. Morgan or its affiliates,
nor for providing advice in relation to the Combination or any other matter or arrangement referred to herein.</I></FONT></P>

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

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

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

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B><I>Further
information</I></B></FONT></P>

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

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><I>This
announcement is for information purposes only and is not intended to, and does not, constitute or form part of any offer or invitation
to purchase, otherwise acquire, subscribe for, sell or otherwise dispose of, any securities or the solicitation of any vote or approval
in any jurisdiction pursuant to the Combination or otherwise. In particular, this announcement is not an offer of securities for sale
into the U.S. No offer of securities shall be made in the U.S. absent registration under the U.S. Securities Act, or pursuant to an exemption
from, or in a transaction not subject to, such registration requirements. The Combination will be made solely through the Scheme Document
(or, if the Combination is implemented by way of a Takeover Offer, the Takeover Offer documents), which, together with the accompanying
Forms of Proxy and Forms of Election in relation to the Mix and Match Facility, which will contain the full terms and conditions of the
Combination, including details of how to vote in respect of the Combination. Any decision in respect of the Combination should be made
only on the basis of the information in the Scheme Document (or, if the Combination is implemented by way of a Takeover Offer, the Takeover
Offer documents).</I></FONT></P>

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

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><I>Dowlais
will prepare the Scheme Document to be distributed to Dowlais Shareholders. Dowlais and AAM urge Dowlais Shareholders to read the Scheme
Document (or any other document by which the Combination is made) in full when it becomes available because it will contain important
information relating to the Combination, including details of how to vote in respect of the Scheme.</I></FONT></P>

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

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><I>The
statements contained in this announcement are made as at the date of this announcement, unless some other time is specified in relation
to them, and publication of this announcement shall not give rise to any implication that there has been no change in the facts set forth
in this announcement since such date.</I></FONT></P>

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

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><I>This
announcement does not constitute a prospectus or a prospectus equivalent document.</I></FONT></P>

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

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><I>This
announcement has been prepared for the purpose of complying with English law and the Code and the information disclosed may not be the
same as that which would have been disclosed if this announcement had been prepared in accordance with the laws of jurisdictions outside
England.</I></FONT></P>

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

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><I>The
Combination will be subject to the applicable requirements of English law, the Code, the Panel, the London Stock Exchange and the FCA.</I></FONT></P>

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

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><I>Neither
the SEC nor any U.S. state securities commission has approved, disproved or passed judgment upon the fairness or the merits of the Combination
or determined if this announcement is adequate, accurate or complete. Any representation to the contrary is a criminal offence in the
U.S.</I></FONT></P>

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

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B><I>Overseas
Shareholders</I></B></FONT></P>

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

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><I>The
release, publication or distribution of this announcement in jurisdictions other than the UK, and the availability of the Combination
to Dowlais Shareholders who are not resident in the UK, may be restricted by law and therefore any persons who are not resident in the
UK or who are subject to the laws of any jurisdiction other than the UK (including Restricted Jurisdictions) should inform themselves
about, and observe, any applicable legal or regulatory requirements. In particular, the ability of persons who are not resident in the
UK or who are subject to the laws of another jurisdiction to participate in the Combination or to vote their Dowlais Shares in respect
of the Scheme at the Court Meeting, or to execute and deliver Forms of Proxy appointing another to vote at the Court Meeting on their
behalf, may be affected by the laws of the relevant jurisdictions in which they are located or to which they are subject. Any failure
to comply with applicable legal or regulatory requirements of any jurisdiction may constitute a violation of securities laws in that
jurisdiction. To the fullest extent permitted by applicable law, the companies and persons involved in the Combination disclaim any responsibility
or liability for the violation of such restrictions by any person.</I></FONT></P>

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

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><I>Unless
otherwise determined by AAM or required by the Code, and permitted by applicable law and regulation, the Combination shall not be made
available, directly or indirectly, in, into or from a Restricted Jurisdiction where to do so would violate the laws in that jurisdiction
and no person may vote in favour of the Combination by any such use, means, instrumentality or form within a Restricted Jurisdiction
or any other jurisdiction if to do so would constitute a violation of the laws of that jurisdiction.</I></FONT></P>

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

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><I>Accordingly,
copies of this announcement and any formal documentation relating to the Combination are not being, and must not be, directly or indirectly,
mailed or otherwise forwarded, distributed or sent in or into or from any Restricted Jurisdiction or any jurisdiction where to do so
would constitute a violation of the laws of such jurisdiction and persons receiving such documents (including custodians, nominees and
trustees) must not mail or otherwise forward, distribute or send them in or into or from any Restricted Jurisdiction. Doing so may render
invalid any related purported vote in respect of acceptance of the Combination.</I></FONT></P>

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

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><I>Further
details in relation to Dowlais Shareholders in overseas jurisdictions will be contained in the Scheme Document (or, if the Combination
is implemented by way of a Takeover Offer, the Takeover Offer documents).</I></FONT></P>

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

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B><I>Additional
information for U.S. investors in Dowlais</I></B></FONT></P>

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

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><I>The
Combination relates to an offer for the shares of an English company and is proposed to be implemented by means of a scheme of arrangement
provided for under English company law. The Combination, implemented by way of a scheme of arrangement, is not subject to the tender
offer rules&nbsp;or the related proxy solicitation rules&nbsp;under the U.S. Exchange Act. Accordingly, the Combination is subject to
the disclosure requirements and practices applicable to a scheme of arrangement involving a target company in the UK listed on the London
Stock Exchange, which differ from the disclosure requirements of the U.S. tender offer and related proxy solicitation rules. If, in the
future, AAM exercises its right to elect to implement the Combination by way of a Takeover Offer and determines to extend the Takeover
Offer into the U.S., such Takeover Offer will be made in compliance with applicable U.S. laws and regulations.</I></FONT></P>

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

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><I>The
New AAM Shares to be issued pursuant to the Combination have not been and will not be registered under the U.S. Securities Act, and may
not be offered or sold by AAM in the U.S. absent registration or an applicable exemption from the registration requirements of the U.S.
Securities Act. The New AAM Shares to be issued pursuant to the Combination will be issued pursuant to the exemption from registration
set forth in Section&nbsp;3(a)(10)&nbsp;of the U.S. Securities Act. If, in the future, AAM exercises its right to elect to implement
the Combination by way of a Takeover Offer or otherwise determines to conduct the Combination in a manner that is not exempt from the
registration requirements of the U.S. Securities Act, it will file a registration statement with the SEC that will contain a prospectus
with respect to the issuance of New AAM Shares. In this event, Dowlais Shareholders are urged to read these documents and any other relevant
documents filed with the SEC, as well as any amendments or supplements to all such documents, because they will contain important information,
and such documents will be available free of charge at the SEC's website at <U>www.sec.gov</U> or by directing a request to AAM's contact
for enquiries identified above.</I></FONT></P>

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

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><I>This
announcement contains, and the Scheme Document will contain certain unaudited financial information relating to Dowlais that has been
prepared in accordance with UK-endorsed International Financial Reporting Standards (&quot;IFRS&quot;) and thus may not be comparable
to financial information of U.S. companies or companies whose financial statements are prepared in accordance with U.S. generally accepted
accounting principles. U.S. generally accepted accounting principles differ in certain significant respects from IFRS.</I></FONT></P>

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

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><I>Dowlais
is incorporated under the laws of a non-U.S. jurisdiction, some or all of Dowlais' officers and directors reside outside the U.S., and
some or all of Dowlais' assets are or may be located in jurisdictions outside the U.S. Therefore, U.S. Dowlais Shareholders (defined
as Dowlais Shareholders who are U.S. persons as defined in the U.S. Internal Revenue Code or &quot;IRC&quot;) may have difficulty effecting
service of process within the U.S. upon those persons or recovering against Dowlais or its officers or directors on judgments of U.S.
courts, including judgments based upon the civil liability provisions of the U.S. federal securities laws. Further, it may be difficult
to compel a non-U.S. company and its affiliates to subject themselves to a U.S. court's judgment. It may not be possible to sue Dowlais
or its officers or directors in a non-U.S. court for violations of the U.S. securities laws.</I></FONT></P>

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

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

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

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><I>The
receipt of New AAM Shares and cash by Dowlais Shareholders as consideration for the transfer of Dowlais Shares pursuant to the Combination
may be a taxable transaction for U.S. federal income tax purposes and under applicable U.S. state and local, as well as foreign and other,
tax laws. Such consequences, if any, are not generally described herein. Each Dowlais Shareholder is urged to consult with legal, tax
and financial advisers in connection with making a decision regarding the Combination, including in light of the potential application
of Section&nbsp;304 of the IRC to the Combination.</I></FONT></P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><I>&nbsp;</I></FONT></P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B><I>Forward-looking
statements</I></B></FONT></P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><I>&nbsp;</I></FONT></P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><I>In
this announcement, AAM makes statements concerning its and Dowlais' 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's business combination with Dowlais (the &quot;Business Combination&quot;) 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's and the combined company's operations. Such statements
are &quot;forward-looking&quot; statements within the meaning of the Private Securities Litigation Reform Act of 1995 and relate to trends
and events that may affect AAM's or the combined company's future financial position and operating results. The terms such as &quot;will,&quot;
 &quot;may,&quot; &quot;could,&quot; &quot;would,&quot; &quot;plan,&quot; &quot;believe,&quot; &quot;expect,&quot; &quot;anticipate,&quot;
 &quot;intend,&quot; &quot;project,&quot; &quot;target,&quot; 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 &quot;SEC&quot;), including those described under &quot;Risk Factors&quot;
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' expectations with regard thereto or any change
in events, conditions or circumstances on which any such statement is based.</I></FONT></P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><I>&nbsp;</I></FONT></P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B><I>Additional
Information</I></B></FONT></P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><I>&nbsp;</I></FONT></P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><I>This
announcement may be deemed to be solicitation material in respect of the Business Combination, including the issuance of AAM's
shares of common stock in respect of the Business Combination. In connection with the foregoing proposed issuance of AAM's shares of
common stock, AAM expects to file a proxy statement on Schedule 14A (together with any amendments and supplements thereto, the
 &quot;Proxy Statement&quot;) with the SEC. To the extent the Business Combination is effected as a scheme of arrangement under
English law, the issuance of AAM'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 &quot;Securities Act&quot;), 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'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's website at <U>http://www.sec.gov</U>. 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 <U>https://www.aam.com/investors</U>.</I></FONT></P>

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

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B><I>Participants
in the Solicitation</I></B></FONT></P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><I>&nbsp;</I></FONT></P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><I>AAM
and its directors, executive officers and certain other members of management and employees will be participants in the solicitation
of proxies from AAM's shareholders in respect of the Business Combination, including the proposed issuance of AAM's shares of common
stock in connection with the Business Combination. Information regarding AAM'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'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'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's website at <U>https://www.aam.com/investors</U>.</I></FONT></P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><I>&nbsp;</I></FONT></P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B><I>No
Offer or Solicitation</I></B></FONT></P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><I>&nbsp;</I></FONT></P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><I>This
announcement 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.</I></FONT></P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><I>&nbsp;</I></FONT></P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B><I>Publication
on website</I></B></FONT></P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><I>&nbsp;</I></FONT></P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><I>This
announcement is required to be published pursuant to Rule&nbsp;26 of the Code and will be available, subject to certain restrictions
relating to persons resident in Restricted Jurisdictions, on AAM's website at <U>https://www.aam.com/investors</U> promptly and in any
event by no later than 12 noon (London time) on the business day (as defined in the Code) following the date of this announcement. Neither
the content of the websites referred to in this announcement nor the content of any website accessible from hyperlinks in this announcement
is incorporated into, or forms part of, this announcement.</I></FONT></P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><I>&nbsp;</I></FONT></P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B><I>Rounding</I></B></FONT></P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><I>&nbsp;</I></FONT></P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><I>Certain
figures included in this announcement have been subjected to rounding adjustments. Accordingly, figures shown for the same category presented
in different tables may vary slightly and figures shown as totals in certain tables may not be an arithmetic aggregation of the figures
that precede them.</I></FONT></P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><I>&nbsp;</I></FONT></P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B><I>General</I></B></FONT></P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><I>&nbsp;</I></FONT></P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><I>If
you are in any doubt about the contents of this announcement or the action you should take, you are recommended to seek your own independent
financial advice immediately from your stockbroker, bank manager, solicitor, accountant or independent financial adviser duly authorised
under FSMA if you are resident in the United Kingdom or, if not, from another appropriately authorised independent financial adviser.</I></FONT></P>

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

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; font-style: normal; font-weight: normal">This
information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to
act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information
may apply. For further information, please contact <U>rns@lseg.com</U> or visit <U>www.rns.com</U>.</FONT></P>

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

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