<SEC-DOCUMENT>0001104659-25-044225.txt : 20250502
<SEC-HEADER>0001104659-25-044225.hdr.sgml : 20250502
<ACCEPTANCE-DATETIME>20250502171608
ACCESSION NUMBER:		0001104659-25-044225
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:		25909955

	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>AMERICAN AXLE &amp; MANUFACTURING HOLDINGS,
INC.</B></P>

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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"><FONT STYLE="font-size: 10pt">American Axle and Manufacturing</FONT></P>

<P STYLE="border-bottom: Black 1pt solid; font: 18pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>



<P STYLE="font: 18pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">First Quarter 2025 Earnings Conference
Call</FONT></P>



<P STYLE="font: 18pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="border-bottom: Black 1pt solid; font: 18pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 18pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">Friday, May 2, 2025, 10:00</FONT></P>

<P STYLE="font: 18pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="border-bottom: Black 1pt solid; font: 18pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt"><B>CORPORATE PARTICIPANTS</B></FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt"><B>David Lim - </B><I>Head of Investor
Relations</I></FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt"><B>David Dauch - </B><I>Chairman and
CEO</I></FONT></P>

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

<P STYLE="border-bottom: Black 0.5pt solid; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt"><B>Chris
May - </B><I>Executive Vice President and CFO</I></FONT></P>

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

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    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="text-align: right; margin: 0pt"><FONT STYLE="font-size: 10pt">American Axle and Manufacturing<BR> Friday, May 2, 2025, 10:00</FONT></P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="text-align: right; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-size: 10pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->2<!-- Field: /Sequence --></FONT></P></DIV>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

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

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt">Good morning. My
name is Gary, and I will be your conference facilitator today. At this time, I would like to welcome everyone to the American Axle and
Manufacturing First Quarter 2025 Earnings Conference Call. All lines have been placed on mute to prevent any background noise. After
the speakers&rsquo; remarks, there will be a question and answer period. If you would like to ask a question during this time, simply
press the star key, then the number one, on your telephone keypad. If you would like to withdraw your question, press the star key then
the number two. As a reminder, today&rsquo;s call is being recorded.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt">I would now like
to turn the call over to Mr. David Lim, Head of Investor Relations. Please go ahead, Mr. Lim.</FONT></P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt">Thank you, and
good morning. I&rsquo;d like to welcome everyone who is joining us on AAM&rsquo;s first quarter earnings call. Earlier this morning,
we released our first quarter of 2025 earnings announcement. You can access this announcement on the Investor Relations page of our website,
www.aam.com, and through the PR Newswire services. You could also find supplemental slides for this conference call on the investor page
of our website as well. To listen to a replay of this call, can dial (877) 344-7529, replay access code 349-2897. This replay will be
available through May 9th.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt">Before we begin,
I&rsquo;d like to remind everyone that the matters discussed in 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. For additional information, please reference Slide two of our investor presentation or the
press release that was issued today. Also, during this 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.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt">Today&rsquo;s call
is not intended and does 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. The subject matter of today&rsquo;s call will be addressed
in a proxy statement that will be filed with the SEC. Investors should read the information in the proxy statement in its entirety when
it becomes available. Information regarding the participants and the proxy solicitation is contained in AAM&rsquo;s case, in AAM&rsquo;s
annual proxy materials filed with the SEC, and in Dowlais' case, in Dowlais' equivalent filings and announcements made in accordance
with applicable UK law.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt">With that, let
me turn things over to AAM&rsquo;s Chairman and CEO, David Dauch.</FONT></P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt">Thank you, David,
and good morning, everyone. Thank you for joining us today to discuss AAM&rsquo;s financial results for the first quarter of 2025. Joining
me on the call today is Chris May, AAM&rsquo;s Executive Vice President and Chief Financial Officer. To begin my comments, I&rsquo;ll
review the highlights of our first quarter financial performance. Next, I&rsquo;ll touch on some AAM business updates, commentary about
the industry and guidance. After Chris covers the details of our financial results, we will open up the call for any questions that you
may have. So, let&rsquo;s begin.</FONT></P>

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

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

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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="text-align: right; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-size: 10pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->3<!-- Field: /Sequence --></FONT></P></DIV>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt">AAM&rsquo;s first
quarter 2025 sales were $1.4 billion. AAM&rsquo;s adjusted earnings per share was $0.9 per share. Operating cash flow was $55.9 million,
and adjusted free cash flow was a use of $3.9 million. North American production was down approximately 5% year-over-year. From a profitability
perspective, AAM&rsquo;s adjusted EBITDA in the first quarter was $177 million, or 12.6% of sales. On a sequential basis, adjusted EBITDA
margin improved approximately 100 basis points based on our trend of a positive operational performance and continued cost controls.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt">Let me talk about
some business updates, which you can see on slide four. In the quarter, we exited our Hefei AM Automotive and Luocho AM Automotive joint
ventures in China. As a result, we collected approximately $30 million in cash. These exits were a result of a comprehensive analysis
of our product portfolio plan, which balances numerous factors including the focus on our core businesses and capital allocation. In
addition, we also received approval from the Competition Commission of India, otherwise known as CCI, to proceed forward with our previously
announced sale of our AM commercial vehicle axle business to Bharat Forge Limited. Our expectation is that this deal will close in the
second quarter of 2025.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt">Next, I&rsquo;d
like to give you a progress report on our transformational transaction with Dowlais to combine the GKN Automotive and powdered metal
businesses with AAM. As previously announced, this strong combination is anticipated to yield significant size and scale to better weather
operating cycles, such as the one that we&rsquo;re experiencing today, deliver strong synergy potential for approximately $300 million
in synergies, generate significant cash flow to support our focus on deleveraging and institute a more balanced capital allocation policy
in the future. This strategic combination will unlock significant shareholder value and the teams are making great strides and working
diligently together.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt">On the financing
side, the bridge syndication is completed, our core credit agreement amendments have also been completed. And on the regulatory front,
USHSR antitrust clearance was received in March. Additionally, we have now completed all other initial antitrust submissions with the
required jurisdictions listed in the January announcement. Both AAM and Dowlais shareholders&rsquo; votes are expected to take place
in the third quarter.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt">We are very excited
about this transformational acquisition and the value it brings to our stakeholders. Our teams are working well together on the integration
planning process, as I mentioned earlier, and we are on track to close this transaction in the fourth quarter of 2025.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt">So now let&rsquo;s
talk about the auto industry as a whole. There&rsquo;s been plenty of macro uncertainty driven by new trade policies. But for AAM, our
operating policy is to buy and build local. Approximately 90% of the products that we produce in North America are USMCA compliant, and
we are evaluating other actions required to improve this percentage. Nearly all of our steel and aluminum buy is from the US sources
for North American production. What we produce in Mexico is predominantly delivered to our customers in Mexico and we do have some open
capacity to relocate manufacturing to the US if needed. This will require close coordination with our OEM customers as they finalize
their plant loading and respective production plants.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt">Specifically on
tariffs, we are working diligently to mitigate what tariff impact we can -- what we can and as far as the remainder, our intent is to
pass those tariff costs on to our customers since they have the end market pricing power which the supply base does not. Even in this
world of tariff uncertainty, there are positives that leverage AAM&rsquo;s strengths. For example, we are receiving inquiries about our
US metal forming operations that will leverage our installed capacity as our customers are weighing onshoring options to address the
tariff concerns that are out there. Furthermore, as we combine with Dowlais, this combination and capability will be expanded and enhanced.
And as communicated before, the AAM management team will stay focused on the matters that we can control and make necessary adjustments
to our businesses based on market conditions.</FONT></P>

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

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

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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="text-align: right; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-size: 10pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->4<!-- Field: /Sequence --></FONT></P></DIV>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt">Now let&rsquo;s
talk about our guidance. Recognizing we have a lot of data points, estimates and uncertainty, we have updated our 2025 guidance ranges.
AAM is now targeting sales in the range of $5.65 billion to $5.95 billion, adjusted EBITDA in the range of approximately $665 million
to $745 million and adjusted free cash flow of approximately $165 million to $215 million. And our guidance ranges are supported by an
assumed North American production volume of 14.0 million units on the bottom side, 15.1 million units on the top side. Chris will provide
additional details on the assumptions underpinning our guidance.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt">To say we are busy
may be an understatement, but to say that we are excited about our future can&rsquo;t be overstated. Our core operations are gaining
performance momentum that you can see in our results. Our combination with Dowlais is on track and gaining speed and our experience of
the past are guiding the AAM team to deal with the uncertainty of today in a positive and a constructive manner. And to conclude my remarks,
our aim is on the future and we&rsquo;re going to continue to drive our efforts towards, first and foremost, closing and integrating
the Dowlais transaction, generating strong free cash flow, strengthening our balance sheet, advancing our ICE, hybrid and EV portfolio
to be more agnostic and positioning AAM for future profitable growth.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt">So now let me turn
the call over to our Executive Vice President and Chief Financial Officer, Chris May, for his first quarter financial details. Chris?</FONT></P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt">Thank you, David,
and good morning to everyone. I will cover the financial details of our first quarter 2025 results and our updated guidance with you
today. I will also refer to the earnings slide deck as part of my prepared comments. So, let&rsquo;s go ahead and begin with sales. In
the first quarter of 2025, AAM sales were $1.41 billion compared to $1.61 billion in the first quarter of 2024.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt">Slide eight shows
a walk of first quarter 2024 sales to first quarter 2025 sales. Volume mix and other was lower by $166 million, primarily driven by lower
overall volumes in North America. Metal market pass throughs and FX lowered sales by approximately $28 million. More than half of this
is related to foreign exchange, particularly from a weaker Brazilian [inaudible].</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt">Now, let&rsquo;s
move on to profitability. Gross profit was $173.9 million in the first quarter of 2025, as compared to $198.5 million in the first quarter
of 2024. For the first quarter of 2025, adjusted EBITDA was 177.3 million and adjusted EBITDA margin was 12.6% versus $205.6 million
and 12.8% last year. You can see the year-over-year walk down of adjusted EBITDA on slide nine.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt">In the quarter,
adjusted EBITDA was lower due to volume mix and other by $44 million versus the prior year, resulting in a decremental margin related
to sales volume of approximately 27%. R&amp;D was slightly lower year-over-year and performance and other was favorable to adjusted EBITDA
by $13 million, driven primarily by operational improvements within our metal form business unit. Even with lower sales, the metal form
EBITDA margin improved 150 basis points year over year and three seventy basis points quarter over quarter.</FONT></P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt">This performance
is demonstrating our continued productivity improvements are driving profitability uplift. We continue to be very positive on the momentum
of performance for both of AAM&rsquo;s business units. Let me now cover SG&amp;A. SG&amp;A expense, including R&amp;D, in the first quarter
of 2025 was $90.9 million or 6.4% of sales. This compares to $98.3 million or 6.1% of sales in the first quarter of 2024.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt">AAM&rsquo;s R&amp;D
spending in the first quarter of 2025 was approximately $36 million, which as I mentioned is slightly lower year over year. For the full
year, we expect our expense to be down on a year-over-year basis by approximately $20 million as we optimize our spend in this area to
reflect the current market requirements.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt">Let&rsquo;s move
on to interest and taxes. Net interest expense was $37.3 million in the first quarter of 2025 compared to $40.7 million in the first
quarter of 2024. The weighted average interest rate of our outstanding long-term debt was lower year over year, and we also had lower
debt balances. First quarter of 2025, we recorded income tax expense of $14 million compared to $15.9 million the first quarter of 2024.
As we head into 2025, we expect our adjusted effective tax rate to be approximately 50% at the midpoint. This elevated book tax rate
is due to valuation allowances on certain foreign jurisdictions and interest deduction limitations in the US. We expect cash taxes of
approximately $60 million to $75 million this year.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt">Taking all these
sales and cost drivers into account, our GAAP net income was $7.1 million or $0.6 per share in the first quarter of 2025 compared to
a net income of $20.5 million or $0.17 per share in the first quarter of 2024. Adjusted earnings per share, which excludes the impact
of items noted in our earnings press release, was $0.09 per share in the first quarter of 2025 compared to earnings per share of $0.18
for the first quarter of 2024.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt">Let&rsquo;s now
move to cash flow and the balance sheet. Net cash provided by operating activities for the first quarter of 2025 was $55.9 million compared
to $17.8 million in the first quarter of 2024, driven by strong working capital performance in inventory and other areas. Capital expenditures,
net of proceeds from the sale of property, plant and equipment for the first quarter of 2024 were $68.7 million. Cash payments for restructuring
and acquisition related activity for the first quarter of 2025 were $8.9 million. Reflecting the impact of these activities, AAM&rsquo;s
adjusted free cash flow was a seasonal use of $3.9 million in the first quarter of 2025. This was a significant improvement from prior
year.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt">From a debt leverage
perspective, we ended the quarter with net debt of $2.1 billion and LTM adjusted EBITDA of $720.9 million calculating a net leverage
ratio of 2.9x at 03/31/2025. We also maintained a very strong cash position of well over $500 million due to our operational performance
and the benefit of the proceeds from the sale of our joint venture interests that David shared with you. AAM ended the quarter with total
available liquidity of approximately $1.5 billion consisting of available cash and borrowing capacity on AAM&rsquo;s global credit facilities.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt">Now let&rsquo;s
talk about tariffs. There&rsquo;s been quite a bit of news on this front as it relates to regulation, rates and general updates. To drill
down a little deeper as it relates to AAM, we thought it best to provide you with the dimensions of our primary product movement so you
can better understand our positioning as it relates to tariffs. So, let&rsquo;s get started.</FONT></P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt">For AAM, most of
the products we ship to customers in North America, as David mentioned, are USMCA compliant. Almost all of AAM&rsquo;s steel and aluminum
consumed in North America is from US-based sources, so we are generally in a very good spot with these commodities. For our U. S. Operations,
we import from Mexico up to $150 million on an annual basis, the majority of which is USMCA compliant, and we are now evaluating how
to reduce this amount even further. We import from Canada approximately $25 million on an annual basis, the majority of which is USMCA
compliant and we are also evaluating how to reduce this amount.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt">We directly import
very little from China into the US, and therefore have very minimal exposures here. And lastly, AAM&rsquo;s rest of the world import
exposures are approximately $100 million of annualized values and we are working to mitigate these exposures as well as any additional
exposures our supply base may have while gaining clarity on final tariff agreements. As David stated, our intent is to work closely with
our OEM customers to mitigate the tariff impact and receive recoveries for any incremental tariff costs.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt">As we work through
the year and the respective recovery processes, there could be some timing lags, but overall, our assumption is clear. With that background
in place, let&rsquo;s talk about our guidance on Slide six. Our outlook has been adjusted from our initial targets provided on February
14. The new outlook is designed to provide you with a framework or guideposts, if you will, of our best estimate of the tariff related
volume impact based on recent third party volume estimates. While some clarity has been provided as it relates to tariffs, we note that
the situation is very fluid and dynamic.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt">Our updated targets
are as follows. For sales, our new range is $5.65 billion to 5.95 billion. This sales target is based upon a North America production
range of $14 million to $15.1 million units and certain assumptions for our key programs. We continue to anticipate GM&rsquo;s full size
pickup truck and SUV production in the range of 1.3 million to 1.4 million units in that range. From an EBITDA perspective, the range
is now $665 million to $745 million. At the lower end versus previous guidance, this represents a flow through decremental margin in
the low 20% range, which highlights AAM&rsquo;s intent to actively work our playbook to mitigate downside impacts should they occur.
At the higher end of our guidance, you can see our performance delivering very good profitability flow through. We now anticipate adjusted
free cash flow in the range of $16 million to $215 million. Our CapEx assumption is unchanged at approximately 5% of sales as we ready
the organization for important upcoming launches, especially for one of our major franchise truck programs.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt">In addition, while
not included in our adjusted free cash flow figures, we estimate our restructuring related payments for AAM as a standalone entity to
continue 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. As mentioned on our fourth quarter earnings call, 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.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt">We underscore that
the guidance figures we are providing today are on an AAM standalone pre-combination basis and exclude any costs or expenses related
to our announced Dollar A transaction. AAM&rsquo;s first quarter results represent a very good start to the year and we believe we still
have work to do to drive even further performance. We remain focused on executing our key performance drivers inside of our core business.
We are also actively managing the evolving tariff environment, which continues to introduce new complexities and uncertainties in the
industry. Looking ahead, we are confident in our ability to navigate these challenges and also leverage the opportunities that they will
present for us.</FONT></P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt">Going forward,
if we see a reduction in the level of macro uncertainty, tariff cost mitigation takes hold and industry production is stable, we believe
the risk to our guidance may potentially be to the upside in that range, especially as we gain more momentum on our internal performance
improvements, volume levels become more clear and new trade deals are negotiated. Thank you for your time and participation on the call
today.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt">I&rsquo;m going
to stop here and turn the call back over to David so we can start Q&amp;A.</FONT></P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt">Thank you, Chris
and David. We have reserved some time to take questions. I would ask that you please limit your questions to no more than two. So, at
this time, please feel free to proceed with any questions you may have.</FONT></P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt">The first question
is from Joe Spak with UBS. Please go ahead.</FONT></P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt">Good morning, I
guess I just want start the conversation talking about how you&rsquo;re thinking about some potential future contingencies. I know you
mentioned you do have some excess capacity in The U. S. Like maybe you could give us a sense as to sort of what utilization is there?
And then even if you wanted to sort of up that, I know about a year ago we were sort of talking about some labor challenges. So, is that
something else we need to consider in that situation?</FONT></P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt">Yes, Joe, this
is David. Good morning to you. Obviously, policy is to buy and build local like we&rsquo;ve communicated. So, we want our products are
larger products. We want be in close proximity to our customers. That&rsquo;s what we&rsquo;ve done. That&rsquo;s what we&rsquo;ll continue
to do. What we need to do is just get clarity from the government and our OEMs to be honest with you, not only their long range financial
or long range product plans, but also their plant loading and product requirements. And then from there, we&rsquo;ll make the necessary
adjustments that we need to make to support our business and do that like I said in my opening comments in concert with the customers.
We try to drive high capacity utilization in our facilities, but we do have some open capacity in Three Rivers.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt">We exited out of
programs. We have some open capacity in our Three Rivers facility that we could accommodate. At the same time, we have some open capacity
in a couple other smaller facilities that we can make some adjustments and realign our operations where we move some of our component
and machining operations to maybe some of the smaller plants to free up open space in the larger plants more of the assembly operations.
And then as I mentioned with Dowlais assuming that that deal goes through at the end of the year here, we&rsquo;ll pick up even more
capacity in the US, which will give us more of an opportunity to work with that. Overall, we always try to drive our capacity utilization
at a minimum to that 85% level. But obviously, we&rsquo;ve got a little bit of lot of two there that we&rsquo;ll work with our customers
and we&rsquo;re willing to make the necessary adjustments that we need to, to support our customers on a go forward basis. On the labor
side of things, the labor situation has improved. I wouldn&rsquo;t say it&rsquo;s fixed.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt">Obviously, everyone&rsquo;s
got to pay at market to be able to attract the appropriate talent. But even with that being said, if more jobs are required to come back
to The States, then I think it&rsquo;s also going to require a greater level of robotics and automation to be able to deal with things
on a go forward basis. And quite honestly, we&rsquo;re doing a lot of that already ourselves. But at the same time, if we need to add
incremental volume to that, then we&rsquo;ll accelerate those initiatives even further. Hopefully, that addresses your question.</FONT></P>

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

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt">Yes. Thanks for
that. The second question is and again, I&rsquo;m not sure what you can say here, although presumably, you have been doing diligence
on this as well. But can you help us understand what some of the tariff exposure would look like for Dowlais?</FONT></P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt">Yes, Joe, this
is Chris. I&rsquo;ll take that. In terms of Dowlais exposure, obviously, they need to comment on them as a standalone company. We&rsquo;re
not at liberty to speak on their behalf. However, if you look at their footprint, in many cases, very similar to us, they have US Production,
Mexico production. They also have a European footprint, and they&rsquo;re managing their tariff exposure in a very similar way that we
are. As David mentioned, so combined will bring us even more, I would call size and scale and production locations to navigate through
exactly the same items that we&rsquo;re talking about here today. So, we actually see some benefits as we combine together in this topic.</FONT></P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt">The next question
is from Edison Yu with Deutsche Bank. Please go ahead.</FONT></P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt">Good morning. Thanks
for taking our questions. Morning, guys. Good, good. So first off, GM obviously had earnings this week and they seem pretty, I would
say, positive on the volume outlook. Are you incorporating that in the assumptions in the guidance on the full size trucks?</FONT></P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt">Yes, Edison. So,
underpinning our guidance, as I mentioned in some of my prepared comments, 1,300,000 to 1,400,000 units of the full size truck platform.
As you know, that&rsquo;s been a very, very strong platform over the last couple of years. We typically, I would say, are bullish on
that platform. I think the results have shown that over the last couple of years as well.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt">As we think about
that platform stepping into the year, it&rsquo;s really broken down into, I would call it, three components. They&rsquo;re light duty,
they&rsquo;re heavy duty and they&rsquo;re SUV applications. And if you think about the core products we support, especially on the heavy
duty side, very strong demand, of course, built here in Flint, Michigan. They have also some capacity and production in Canada to serve
that market. Again, strong demand from that.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt">We don&rsquo;t
see that really waning on the heavy duty side. The SUV has been very strong demand built in Arlington, Texas, which is great, and we
continue to supply and support that operation. And then on the light duty side, they have a few assembly plants to support that. Demand
still seems to be robust, and we supply all of their assembly plants to support that. But we are generally very bullish on that platform,
and we continue to expect good solid demand, but we did articulate at least a range inside of our guidance of how we think about that.</FONT></P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt">Understood. And
then second question on Dali, I know you reiterated the timing and I believe that the votes will be both votes will be in the third quarter.
How has the kind of macro volatility around policy affected that? It seems like it hasn&rsquo;t had much impact, but, curious if you
can maybe comment on or give us your view on if this has kind of delayed or made it more tricky, the process?</FONT></P>

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

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt">Edison, this is
David Dauch. It doesn&rsquo;t make the process any more complicated. I think as Chris indicated, they&rsquo;ve got a similar policy that
we do to try to buy and build local in the region. They&rsquo;ve obviously got to navigate their USMCA compliancy as well. As Chris also
indicated and we identified as part of the synergistic opportunity, we also think that there&rsquo;s in sourcing opportunities that we
can leverage each other&rsquo;s strengths.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt">But in the meantime,
we have to operate as two independent companies and make those decisions independently on our own. But as we come together, then obviously
we&rsquo;ll take advantage of those opportunities, leverage the required footprints that are in place. But back to your original question
as far as how does the policy impact it, I think they&rsquo;re no different than any other supplier right now. We&rsquo;re all just trying
to get clarity from the government and on the policies and the direction, understand the impact that it has on each of the individual
OEMs because it varies by OEM, so that we can put the right plans in place to support our customers.</FONT></P>

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

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

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

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

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt">The next question
is from Itay Michaeli with TD Cowen. Please go ahead.</FONT></P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt">Hey, this is Justin
on for Itay. Thanks for taking the question. So quick one on just general customer schedules. How are things looking near term wise?
We&rsquo;ve heard from a bunch of other suppliers just looking to get your view on near term production schedules.</FONT></P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt">Yes. What I would
say on customer schedule side of things, we did start seeing a little bit more volatility at the end of the first quarter beginning here
the second quarter. Again, largely due to just what&rsquo;s going on with the tariff policy issues that are out there. And again, everyone
just needs to understand and get clarity so we can plan our businesses is really what it comes down to. But there is volatility that&rsquo;s
in the schedules.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt">Some programs are
running very solid, very strong and we&rsquo;re experiencing that ourselves where we have very strong schedules at this point in time.
We had some softening in the first quarter largely because of some inventory adjustments or some launches that were going on with some
of our key customers, but those are starting to subside. But there is some volatility that&rsquo;s found its way into the schedules.
No doubt about it.</FONT></P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt">Yes. And Justin,
this is Chris. We&rsquo;re keeping a close eye on the end of the second quarter July shutdown activity. But as David mentioned, some
of our core platforms running strong. However, we are keeping a little bit of eye towards the end of the second quarter July shutdown.</FONT></P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt">The customers have
taken certain assembly plants down that&rsquo;s impacted multiple suppliers. Fortunately for us, we haven&rsquo;t been impacted as much
by that and we&rsquo;re benefiting from the strong performance of the key platforms that we&rsquo;re on.</FONT></P>

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

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt">Perfect. Definitely
appreciate the color there. Maybe at the low end for my second question, low end of the North America production range, 14,000,000 Any
key assumptions in there outside of the GM programs that you might be baking in for key program exposure? Just maybe better trying to
understand the low end of that range relative to the revision on the low end of the sales guide.</FONT></P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt">Yes. As we thought
about the implications for the low end, Justin, I would say aside from our positioning on the full size truck for General Motors, obviously,
second largest platform is the Ram heavy duty. We they had a low volume production as they were stepping into their next generation of
product in the first quarter, and they continue to step through that. But we still, generally speaking, think of that as a fairly robust
platform. Absent those two programs, for our guidance as we think about the low end, we generally took a broad based approach to overall
reductions across most platforms to get to the lower end.</FONT></P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt">Perfect. Thank
you so much for the color. Appreciate it.</FONT></P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt">The next question
is from Tom Narayan with RBC. Please go ahead.</FONT></P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt">Hi, thanks for
taking the questions. So currently the tariff policies that&rsquo;s worded, says USMCA parts are compliant parts are exempt from tariffs.
But then there&rsquo;s this kind of room for further evaluation, I guess, from the administration on potentially further US Contenting.
But it sounds like you guys, not just you guys, sounds like everybody is assuming that this sticks. And in this event, the direct tariff
impact to you guys is quite limited. Is that fair to say?</FONT></P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt">Yes. Under the
current USMCA regime, yes, I would tell you based upon our imports from Mexico and Canada, yes, reasonably limited. Though as I mentioned
in some of our prepared remarks, we do bring product in from outside of the North America region, not a lot, but some. So, it&rsquo;s
probably a few plus million a month of, I would call it, tariff payment or tariff expense that we&rsquo;re working to mitigate and or
pass along into our customer base and it sort of sits today.</FONT></P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt">And then just kind
of a fuzzy question. This week, there seems to be kind of a somewhat of a sentiment shift probably since the Tuesday administration policy
adjustment. We&rsquo;ve heard it from some OEMs reporting results this week as well. That sounds more kind of constructive or optimistic
that the administration perhaps is looking to with some more nuance as it relates to the US auto industry. And it&rsquo;s not an axle
specific American axle specific question, but I&rsquo;d love to hear your guys&rsquo; thoughts on this kind of at a high level if you
would agree or share that sentiment. Thanks.</FONT></P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt">Tom, this is David.
Listen, Trump is doing exactly what he said he was going to do in his campaigning is he wants to build a strong manufacturing base in
The U. S. He wants to support and strengthen the US auto industry. He wants to bring jobs back to America and strengthen our economy.
We&rsquo;re going through a bumpy road right now. We all just need to be patient and work our way through this whole thing together and
not overreact. At the same time, when we get to the other side, I think America will be much stronger.</FONT></P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt">At the same time,
he&rsquo;s driving a lot of investment by foreign companies into The U. S. Instead of a lot of money going offshore, it&rsquo;s going
to stay in The U. S. And it&rsquo;s going to create those jobs for Americans here. I mean part of the concern that was kind of raised
by Joe earlier is labor availability. There&rsquo;s a lot of open jobs today. That&rsquo;s why I think automation robotics and other
things are going to have to come into play in order to be able to support the amount of jobs that potentially can be created with the
policies that are put into place. But make no mistake, I mean, Trump is just attacking the tariff imbalance that existed for decades
and he&rsquo;s just trying to level the playing field to give the US auto industry and other industries for that matter a competitive
playing field or a level playing field to do business on. And if we didn&rsquo;t then there is a risk of some of those businesses being
at risk longer term. And so overall, I&rsquo;m very supportive of what he&rsquo;s doing or we&rsquo;re supportive of what he&rsquo;s
doing. It has created some issues as far as additional work for all of us. But at the same time, you do what you need to do to manage
through these tough times.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt">But at the same
time, as we said in our comments Chris and I together, we see this as an ultimate positive when it&rsquo;s all said and done. And we
think that we can actually gain business especially through our metal forming business with a lot of the onshore and the reshoring that
needs to take So we&rsquo;re just staying true to our policies and our procedures about buying and building local. We&rsquo;re trying
to leverage our capacities wherever needed. And we&rsquo;re coming to our customers with solutions to help them address some of the concerns
and some of the issues that exist right now.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt">So that&rsquo;s
my view. Chris, I don&rsquo;t know if you have anything else you want to comment on.</FONT></P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt">That&rsquo;s exactly.
Great. Thanks a lot.</FONT></P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt">Thank you. Next
question is from James Picariello with BNP Paribas. Please go ahead.</FONT></P>

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

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

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

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

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

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

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

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

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt">My question is
on GM. They announced the 50,000 annualized units, moving from Mexico to their Fort Wayne plant. And just curious, will they be able
to in source, like fully in source and support those axles? Or is there a situation whereby you guys come in and supply the full driveline
system at the Fort Wayne plant?</FONT></P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt">Yes. I mean Fort
Wayne today is being supported by both AM and General Motors. So yes, there&rsquo;s an incremental volume that&rsquo;s going there. At
the same time, GM&rsquo;s got contractual obligations and we&rsquo;d expect them to honor those But as I said earlier, we&rsquo;ll work
collectively with our customer in this case GM to manage that opportunity there.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt">But they&rsquo;re
responding appropriately to what Trump has asked them to do in regards to looking at bringing certain work back to The U. S. Plus they&rsquo;re
also mitigating their own financial exposure due to the tariffs. We respect all those decisions and we&rsquo;ll support our customer
whatever way we need to on this going forward. But we do supply all the GM assembly plants around North America based on the portfolio
that we have in place and the plants that we have in place. So, we&rsquo;re supplying Fort Wayne, Arlington, Flint, Oshawa, I can go
on. So, but we&rsquo;ll just have to work that out with the customer as we get a little bit more clarity.</FONT></P>

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

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt">So, the content
for AAM is very similar in terms of the Mexico versus like Fort Wayne Yes.</FONT></P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt">No, absolutely.
At the same time, GM only has so much installed capacity on the axle side based on the agreements that we have. And like I said, there&rsquo;s
contractual obligations there as well. But we&rsquo;ll work with them if they permanently reload things, we&rsquo;ll have to have those
discussions about what we need to do on a go forward basis.</FONT></P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt">Got it. And then
just a housecleaning thing, think I missed the clarification. The business that you sold in the first quarter here that shows up in the
cash flow statement, is that that is the India business that we talked about likely getting sold in the second half or is it something
different?</FONT></P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt">This is not the
India business. This is our interest in two joint ventures in China that we sold and received proceeds of about $30,000,000 for the India
sale of our commercial vehicle axle business. That will be in the second quarter. That&rsquo;s in addition to the activities on the first
quarter.</FONT></P>

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

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

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

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

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt">The next question
is from Dan Levy with Barclays. Please go ahead.</FONT></P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt">Hi, good morning.
Thanks for taking the questions. Wanted to follow-up the questions on modifying footprint. And maybe you could just talk about some of
the CapEx considerations. Obviously, I see your CapEx here is maintained, but how do you think about the potential magnitude of CapEx
changes ahead? And what is the potential for that to be reimbursed by your customers?</FONT></P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt">Yes, Dan, it&rsquo;s
too early to speculate what that CapEx number may be because we don&rsquo;t have clarity yet. At the same time, we&rsquo;re in a capital
intensive business and we try not to have a lot of excess capacity sitting around, try to keep our assets utilized. Obviously, as I said,
we&rsquo;ll do it in close coordination with the customer, whether it&rsquo;s GM or other customers based on what they decide their plant
and their production footprint is going to be on a go forward basis. And clearly, if there&rsquo;s new investments that are being put
into place, we would expect some recovery and sharing of that responsibility, but it&rsquo;s a partnership. We got to work together.</FONT></P>

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

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

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt">OK. But in the
context of the CapEx for the last few years, has actually been held in really well, I guess it&rsquo;s too early to tell if there&rsquo;s
going to be some sort of a CapEx bubble if there&rsquo;s some catch up on that, correct? Just maybe some context on how it&rsquo;s held.</FONT></P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt">Yes. No, I mean,
we&rsquo;ve guided that our CapEx will be approximately 5% of sales. We&rsquo;ve demonstrated a very strong discipline in the last several
years to operate at that number or below. But that doesn&rsquo;t contemplate any footprint type moves and stuff that may be impacted
as a result of the tariff matters. And obviously, we&rsquo;ll evaluate all the CapEx. If there&rsquo;s other requirements that come in,
we&rsquo;ll rebalance some of the CapEx to minimize that impact as best we can or spread it out over multiple years to be able to accommodate
what we need to do. But clearly, number one thing we need is just clarity from our customers in regards to their manufacturing footprint
and then we can plan our businesses appropriately. The other thing that we just need to understand and we&rsquo;re getting more clarity
is that parts that are USMCA compliant, they&rsquo;re not a suspect to the tariffs, which gives us a lot of flexibility with the existing
installed capacity that we have.</FONT></P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt">The next question
is from John Murphy with Bank of America. Please go ahead.</FONT></P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt">Morning, guys.
John. Wanted to follow-up on that. Customs put a letter out yesterday basically indicated that USMCA compliant parts were not going to
be tariff for the foreseeable future and that seems like that&rsquo;s kind of the letter of where this is right now. That your understanding?
And where is this $100,000,000 rest of world import coming from? I&rsquo;m assuming non China, but just trying to understand what the
levels are there.</FONT></P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt">Yes. That&rsquo;s
our understanding John is that no tariffs for USMCA compliant parts. That&rsquo;s why we&rsquo;re trying to make sure that we have over
about 90% of our product that&rsquo;s USMCA compliant today. We&rsquo;re working to mitigate the remaining balance. At the same time,
the Trump administration hinted around about giving credit only for US content. So, we&rsquo;re mapping our supply bases right now to
make sure that we can understand what&rsquo;s USMCA compliant versus US content compliant, so that we can mitigate any future impact
on a go forward basis.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt">So yes, so we see
it as positive news based on what we heard the other day. But at the same time, we have to prepare ourselves because of the comments
that were made earlier about only giving benefits on The U. S. Content, because there&rsquo;s still potential that that could be instituted.
But right now, we&rsquo;re focused on just the USMCA compliancy and making sure that we got all of our parts there and work on substitutions
where required, work on reshoring where required or work with OEMs where we have some direct to buy components to deal with some of those
matters.</FONT></P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt">And John, is Chris.
Second part of your question, I think related to the $100,000,000 rest of world exposure. So, think countries like India, Korea and some
others to a lesser extent, but that would not include China. We have very, very little exposure at all to China.</FONT></P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt">Got it. OK. And
hopefully that letter from customs yesterday holds because that means that you&rsquo;re in very good shape. You don&rsquo;t need to really
do much if anything at all here in North America. Other yes, mean it seems like it&rsquo;s going to hold and you&rsquo;re fine. You don&rsquo;t
have to move anything. On carb and EVs, I mean this is just not being discussed, it&rsquo;s almost as consequential to the business at
large or maybe even more consequential for depending on where you sit in the value chain. But this cancellation of carb and a significant
slowdown in EVs, I&rsquo;m just curious what you think that means to your business sort of mid and long term and what it means as far
as maybe pulling back on R and D and other capital commitments that are not having much payoff if at all, particularly in North America.
What is that what do you think that means? And how do you kind of think about that in your planning going forward?</FONT></P>

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

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt">Yes. So, John,
this is David. I&rsquo;ll make some comments first, then open up to Chris. But clearly, if we see ICE and hybrid activity continuing
longer, I mean, that&rsquo;s a good thing for us because we already have installed assets and have more volume going across those assets.
So that&rsquo;s a big positive for us. It will help us generate even more cash flow to be able to support what we need to do to fill
out and complete our EV portfolio. Clearly, part of the acquisition at Dali that&rsquo;s important to us is expanding our EV capability
and developing a more agnostic product portfolio. We have trimmed down some of our ER and D expenses year over year based on the fact
that we have a lot of our electrification strategy put into place, but we do have some more to dos, so there&rsquo;s still work that&rsquo;s
there. With that being said, we&rsquo;ve been very selective about what electrification programs we&rsquo;ll go after and with which
customers and on which platforms. And we&rsquo;re also trying to protect ourselves with respect to the appropriate terms and conditions
because of the volatility that exists on the acceptance rates by consumers, especially here in North America.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt">Electrification
is here. It&rsquo;s only going to grow. It&rsquo;s just not going to grow at the rate that the prognosticators were forecasting earlier.
The consumer has spoken and it&rsquo;s going to take a lot longer. And ICE and hybrid are going to be here for decades. While EV is going
to gain market share on a go forward basis, it will be at a much slower ramp in North America than what people were projecting or predicting.</FONT></P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt">David, I&rsquo;m
just sorry, to sneak one follow-up in there. It&rsquo;s fair to say that ICE program extensions are net positive for American Axle because
there&rsquo;s some debate on that?</FONT></P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt">Absolutely. I think
that&rsquo;s a very clear yes. Agree with have a very strong installed capital base. We&rsquo;ll be able to leverage for a very long
time, which will generate a lot of cash and profitability off of that. Your core operations are focusing on productivity on existing
products. I mean there&rsquo;s nothing but good.</FONT></P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt">I agree. All right.
Thank you very much guys.</FONT></P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt">Yes. Thanks, Ryan.
See you.</FONT></P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt">Thank you, gentlemen.
Your last question comes from Doug Carson with Bank of America. Please go ahead.</FONT></P>

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

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt">Hey, guys. Thanks
so much for sneaking me in here at the end. Wouldn&rsquo;t be a fun day without talking about the balance sheet for a moment. With the
completion of this transaction, which looks like it&rsquo;s a green light, can you just reiterate like how you want to structure the
balance sheet as far as leverage? And then I have more open ended question considering you guys have been in the industry for my entire
career. OEMs are contemplating bringing back your potential assembly plants or various production. How hard do you think that&rsquo;s
going to really be? I know it&rsquo;s hard to make a comment on that, but I mean in my career that&rsquo;s been a really slow process
to move plants around. And I&rsquo;m just kind of wondering like how you think about it when you&rsquo;re like at the water cooler like
sharing ideas?</FONT></P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt">This is David.
Let me start with the second question first and then Chris can cover the other question. We just talked earlier in regards to some of
the OEMs evaluating what needs to be done. Listen, that&rsquo;s not an easy task, all right? It&rsquo;s been decades to build up the
infrastructure and the facility and the footprint that OEMs have and for that matter suppliers as well.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt">And it&rsquo;s
billions of dollars to try to build a brand new assembly plant and it takes time to do that as well. So, it&rsquo;s not like these jobs
can move immediately. Some jobs can move based on line rate increases or if there&rsquo;s open capacity at an existing facility. But
plants aren&rsquo;t just sitting there except waiting. They&rsquo;d have to be retooled or built in their entirety for that.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt">So, this will take
years to do. But at the same time, I think what the Trump administration is looking for is jobs to come back to The U. S, commitments
made by OEMs and he&rsquo;s obviously having discussions with each of the OEMs. You&rsquo;ve seen the amount of commitments that have
been made both from the Detroit Three as well as the international OEMs. A lot of investments already been announced and jobs to be created.
It&rsquo;s just a matter of the timing to ultimately complete those initiatives that are taking place. So, I think the intent that Trump
has to bring work back to The U. S. Is working. It&rsquo;s just it&rsquo;s going to be costly and it&rsquo;s going to be timely in order
to be able to get that done.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt">And like I said,
it just doesn&rsquo;t happen overnight. Obviously, we&rsquo;ve got a global footprint and infrastructure. We leverage that to try to
buy and build local for the local markets. And as Chris said, what we&rsquo;re making in Mexico is for the most part consumed in Mexico
or a large part of it. Same thing here in the US, but we&rsquo;ll balance that based on what the needs are and what the requirements
are of the administration and our customers.</FONT></P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt">Yes. Doug, this
is Chris. Let&rsquo;s dial back over flip back to your first part of your question on the balance sheet as it relates to the larger transaction
with Dahlia. We&rsquo;re in great shape from that perspective. The bridge has been syndicated. We have now amended and adjusted our core
revolver as a standalone company for AAM, but also its positioned very well now for the transaction to put us plenty of capacity where
we need there from $1,500,000,000 in terms of revolver capacity. But we&rsquo;re very focused also on having a nice maturity table at
close. I think we&rsquo;ll accomplish that once we go to market near the end of the year when we close the transaction. And then we&rsquo;re
heavily focused, as you know, on leverage. So today is standalone American Axle.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt">We closed March
at 2.9 times. Our goal, at least at close of the transaction for with Dolly would be to be approximately leverage neutral to that. And
as we go forward, our primary source of our cash flow obviously is from our operations and the strong synergy opportunity that we&rsquo;ll
see. That cash flow in turn will then delever the company with the objective and initial step, if you will, to 2.5 times. At that point,
we&rsquo;ll continue to delever the company further. However, we&rsquo;ll also open up the capital allocation playbook at that level
to, I&rsquo;ll call it, other shareholder type activity. But deleveraging and strengthening the balance sheet is a top priority for us
today as a stand alone company. It will be a top priority for us as a combined company together.</FONT></P>

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

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt">Thanks. And it
seems that with the additional new business that the delevering could potentially even be accelerated from the prior plan. It sounds
like that. And if that&rsquo;s true, that would be great.</FONT></P>

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

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

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

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

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt">Thank you, Doug.
And we thank all of you who have participated on this call and we look forward to talking with you soon in the future. Thank you.</FONT></P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt">The conference
has now concluded. Thank you for attending today&rsquo;s presentation. You may now disconnect.</FONT></P>

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

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

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">In this filing, American Axle &amp; Manufacturing
Holdings, 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 10-K and its Quarterly Reports on
Form 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; text-align: justify">&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; text-align: justify">&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">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 3(a)(10)
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><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>.</P>

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

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

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&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; text-align: justify">&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">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 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 10-K for the fiscal year ended December 31, 2024, which was filed with the SEC on February 14, 2025, the
definitive proxy statement on Schedule 14A for AAM&rsquo;s 2025 annual meeting of stockholders, which was filed with the SEC on March
20, 2025 and the Current Report on Form 8-K of AAM, which was filed with the SEC on March 17, 2025. 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
3 or Statements of Change in Ownership on Form 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><U>https://www.aam.com/investors</U>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&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; text-align: justify">&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; text-align: justify">&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; text-align: justify">&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; text-align: justify">&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; text-align: justify">&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;). 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 28 of the Code, the Quantified Financial Benefits Statement contained in
this filing is the responsibility of AAM and the AAM board of directors. 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 2.7 announcement made by AAM and Dowlais on January 29, 2025.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&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; text-align: justify">&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;FY25 Updated Profit Forecast&rdquo;) constitute
profit forecasts of AAM for the purposes of Rule 28.1(a) of the UK Takeover Code (&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 Updated 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; text-align: justify">&nbsp;</P>

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

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Other than the FY25 Updated 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; text-align: justify">&nbsp;</P>

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

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

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<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; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">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 https://www.aam.com/investors) 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; text-align: justify">&nbsp;</P>

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