<SEC-DOCUMENT>0001104659-25-049916.txt : 20250516
<SEC-HEADER>0001104659-25-049916.hdr.sgml : 20250516
<ACCEPTANCE-DATETIME>20250516122317
ACCESSION NUMBER:		0001104659-25-049916
CONFORMED SUBMISSION TYPE:	DEFA14A
PUBLIC DOCUMENT COUNT:		1
FILED AS OF DATE:		20250516
DATE AS OF CHANGE:		20250516

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:		25957898

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

	MAIL ADDRESS:	
		STREET 1:		ONE DAUCH DRIVE
		CITY:			DETROIT
		STATE:			MI
		ZIP:			48211-1198
</SEC-HEADER>
<DOCUMENT>
<TYPE>DEFA14A
<SEQUENCE>1
<FILENAME>tm2512184d2_defa14a.htm
<DESCRIPTION>DEFA14A
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<P STYLE="font: 18pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>UNITED STATES</B></P>

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

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>WASHINGTON, D.C. 20549</B></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 18pt"><B>SCHEDULE
14A<BR>
</B></FONT><B>(Rule 14a-101)</B></P>

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<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>INFORMATION REQUIRED IN PROXY STATEMENT<BR>
SCHEDULE 14A INFORMATION</B></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Proxy Statement Pursuant to Section 14(a) of
the</B></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Securities Exchange Act of 1934</B></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif">Filed by the
Registrant </FONT><FONT STYLE="font-family: Wingdings">x</FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif">Filed by a
Party other than the Registrant </FONT><FONT STYLE="font-family: Wingdings">&#168;</FONT></P>

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

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

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    <TD STYLE="vertical-align: top; padding: 0.25pt; font: 12pt Times New Roman, Times, Serif; width: 3%"><FONT STYLE="font-family: Wingdings; font-size: 10pt">&#168;</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding: 0.25pt; font: 12pt Times New Roman, Times, Serif; width: 97%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Preliminary
    Proxy Statement</FONT></TD></TR>
  <TR>
    <TD STYLE="padding: 0.25pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="padding: 0.25pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
  <TR>
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    <TD STYLE="vertical-align: bottom; padding: 0.25pt; font: 12pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Confidential,
    For Use of the Commission Only (as permitted by Rule 14a-6(e)(2))</B></FONT></TD></TR>
  <TR>
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    <TD STYLE="padding: 0.25pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; padding: 0.25pt; font: 12pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Wingdings; font-size: 10pt">&#168;</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding: 0.25pt; font: 12pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Definitive
    Proxy Statement</FONT></TD></TR>
  <TR>
    <TD STYLE="padding: 0.25pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="padding: 0.25pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; padding: 0.25pt; font: 12pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Wingdings; font-size: 10pt">&#168;</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding: 0.25pt; font: 12pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Definitive
    Additional Materials</FONT></TD></TR>
  <TR>
    <TD STYLE="padding: 0.25pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="padding: 0.25pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; padding: 0.25pt; font: 12pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Wingdings; font-size: 10pt">x</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding: 0.25pt; font: 12pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Soliciting
    Material Pursuant to &sect; 240.14a-12</FONT></TD></TR>
  </TABLE>
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<P STYLE="font: 22pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>AMERICAN AXLE &amp; MANUFACTURING<BR>
 HOLDINGS,
INC.</B></P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Not applicable</B></P>

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

<P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

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

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    <TD STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top"><FONT STYLE="font-family: Wingdings; font-size: 10pt">x</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">No
    fee required.</FONT></TD></TR>
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    <TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
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    <TD STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top"><FONT STYLE="font-family: Wingdings; font-size: 10pt">&#168;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Fee
    paid previously with preliminary materials.</FONT></TD></TR>
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    <TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
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    <TD STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Fee
    computed on table in exhibit required by Item 25(b) per Exchange Act Rules 14a-6(i)(1) and 0-11.</FONT></TD></TR>
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<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">RNS Number
: 9230I</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">American Axle
 &amp; Mfg Hldgs, Inc.</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">16 May 2025</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><B>NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION
IN, INTO OR FROM ANY JURISDICTION WHERE TO DO SO WOULD CONSTITUTE A VIOLATION OF THE RELEVANT LAWS OR REGULATIONS OF SUCH JURISDICTION</B></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><B>FOR IMMEDIATE RELEASE</B></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: right"><B>16 May 2025</B></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><B>AMERICAN AXLE &amp; MANUFACTURING
HOLDINGS, INC. (&quot;AAM&quot;) AND</B></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><B>DOWLAIS GROUP PLC (&quot;DOWLAIS&quot;)</B></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><B>UPDATE ON RECOMMENDED COMBINATION OF AAM AND DOWLAIS
AND UK</B></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><B>SECONDARY LISTING</B></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify">On 29 January 2025, the boards of AAM
and Dowlais announced (the &quot;<B>Rule 2.7 Announcement</B>&quot;) that they had reached an agreement on a recommended cash and share
combination (the &quot;<B>Combination</B>&quot;).</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify">Unless otherwise defined in this announcement,
capitalised terms used in this announcement shall have the same meanings given to them in the Rule 2.7 Announcement.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify">The boards of both AAM and Dowlais continue
to believe that the strategic rationale for the Combination remains compelling. Recent global events have further highlighted the attractiveness
of the Combination, which will create a stronger business that is resilient across customers, geographies and products, resulting in the
Combined Group being better positioned to navigate and succeed in an increasingly dynamic automotive industry and macroeconomic environment.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-size: 11pt">Since
the Rule 2.7 Announcement, the momentum of integration planning has continued at pace. Both integration planning teams have worked together
over recent weeks, including site visits, further increasing the confidence and excitement in the value creation opportunity that the
Combination brings and enabling the delivery of the announced synergies as planned. This ongoing work will include defining a joint organisation
structure and taking a best of both approach to how the combined group can operate post completion. The board of AAM remains confident
in realising annual run rate cost synergies of at least $300m, expected to be substantially complete by the end of the third year after
Completion.<SUP>(1)</SUP></FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify">Regulatory filings are progressing as
planned and remain on-track, with the U.S. Antitrust Condition already satisfied, as announced on 13 March, and completion of all other
initial antitrust submissions with the required jurisdictions listed in the Rule 2.7 Announcement.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><B>UK Secondary Listing</B></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify">AAM is pleased to announce that as part
of the envisaged Combination, it intends to seek a secondary listing and admission of AAM Shares to trading on the London Stock Exchange
(the &quot;<B>Secondary Listing</B>&quot;). AAM Shares would be admitted to the equity shares (international commercial companies secondary
listing) category of the Official List maintained by the Financial Conduct Authority (the &quot;<B>FCA</B>&quot;) and to trading on the
Main Market for listed securities of the London Stock Exchange. This will ensure a greater range of both existing and</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"></P>

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<P STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify">prospective shareholders are able
to access the future value creation opportunity of the Combination. AAM will now commence the process of obtaining such listing,
including the publication of a prospectus approved by the FCA (the &quot;<B>AAM Prospectus</B>&quot;). It is noted that the
obtaining of the Secondary Listing is not a condition to the Scheme. However, AAM and Dowlais have entered into an amendment to the
Co-operation Agreement (which will be available on AAM's website at <FONT STYLE="color: rgb(0,0,238)"><U>https://www.aam.com/investors/offer-for-dowlais-group-plc documentation</U></FONT> and
Dowlais' website at <FONT STYLE="color: #0000EE"><U>https://www.dowlais.com/investors/recommended-combination-with-american-axle-manufacturing-holdings-inc-/</U></FONT>&#8239;promptly and in any event by no later than 12 noon (London
time) on the business day following the date of this announcement), pursuant to which AAM agrees to use all reasonable efforts to
ensure the Secondary Listing is effective at Completion and Dowlais has agreed to customary provisions regarding the provision of
information necessary for the publication of the AAM Prospectus.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><B>Publication of AAM Proxy Statement</B></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify">On 15 May 2025, AAM filed a preliminary proxy
statement on Schedule 14A with the United States Securities and Exchange Commission (the &quot;<B>Preliminary Proxy Statement</B>&quot;).
A copy of the Preliminary Proxy Statement is available on AAM's website at <FONT STYLE="color: #0000EE"><U>https://www.aam.com/investors/offer-for-dowlais-group-plc-documentation</U></FONT>).</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify">As contemplated in the Rule 2.7 Announcement,
the Scheme Document is expected to be posted to Dowlais Shareholders in June 2025, following publication of the AAM Proxy Statement.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.5in; text-align: left">(1)</TD><TD STYLE="text-align: justify">This statement includes a quantified financial benefits statement
in relation to the Combination which was been reported on for the purposes of Rule 28 of the Code. Further information on the quantified
financial benefits statement, including the basis of preparation and principal assumptions, are set out in the Appendix to this announcement.</TD>
</TR></TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><B>Enquiries</B></P>

<P STYLE="margin-left: 0.25in; font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><B><U>AAM</U></B></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font-size: 11pt; border-collapse: collapse; width: 97%; margin-left: 0.25in">
  <TR STYLE="font-size: 11pt; vertical-align: bottom">
    <TD STYLE="font: 11pt Times New Roman, Times, Serif; width: 70%">David H. Lim, Head of Investor Relations</TD>
    <TD STYLE="font-size: 11pt; width: 30%">+1 (313) 758-2006</TD></TR>
  <TR STYLE="font-size: 11pt; vertical-align: bottom">
    <TD STYLE="font: 11pt Times New Roman, Times, Serif">Christopher M. Son, Vice President, Marketing &amp; Communications</TD>
    <TD STYLE="font-size: 11pt">+1 (313) 758-4814</TD></TR>
  <TR STYLE="font-size: 11pt; vertical-align: bottom">
    <TD STYLE="font: 11pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font-size: 11pt">&nbsp;</TD></TR>
  <TR STYLE="font-size: 11pt; vertical-align: bottom">
    <TD STYLE="font: bold 11pt Times New Roman, Times, Serif">J.P. Morgan (Exclusive financial adviser to AAM)</TD>
    <TD STYLE="font-size: 11pt"></TD></TR>
  <TR STYLE="font-size: 11pt; vertical-align: bottom">
    <TD STYLE="font: 11pt Times New Roman, Times, Serif">David Walker / Ian MacAllister</TD>
    <TD STYLE="font-size: 11pt">+1 (212) 270 6000</TD></TR>
  <TR STYLE="font-size: 11pt; vertical-align: bottom">
    <TD STYLE="font: 11pt Times New Roman, Times, Serif">Robert Constant / Jonty Edwards</TD>
    <TD STYLE="font-size: 11pt">+44 (0) 203 493 8000</TD></TR>
  <TR STYLE="font-size: 11pt; vertical-align: bottom">
    <TD STYLE="font: 11pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font-size: 11pt">&nbsp;</TD></TR>
  <TR STYLE="font-size: 11pt; vertical-align: bottom">
    <TD STYLE="font: bold 11pt Times New Roman, Times, Serif">FGS Global (PR adviser to AAM)</TD>
    <TD STYLE="font-size: 11pt">&nbsp;</TD></TR>
  <TR STYLE="font-size: 11pt; vertical-align: bottom">
    <TD STYLE="font: 11pt Times New Roman, Times, Serif">Jim Barron</TD>
    <TD STYLE="font-size: 11pt">+1 212 687 8080</TD></TR>
  <TR STYLE="font-size: 11pt; vertical-align: bottom">
    <TD STYLE="font: 11pt Times New Roman, Times, Serif">Charlie Chichester / Rory King</TD>
    <TD STYLE="font-size: 11pt">+44 20 7251 3801</TD></TR>
  </TABLE>


<P STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="margin-left: 0.25in; font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><B><U>Dowlais</U></B></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 97%; margin-left: 0.25in">
  <TR STYLE="font-size: 11pt; vertical-align: bottom">
    <TD STYLE="font-size: 11pt; width: 70%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt"><I>Investors</I></FONT></TD>
    <TD STYLE="font-size: 11pt; width: 30%"><FONT STYLE="font-size: 11pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="font-size: 11pt; vertical-align: bottom">
    <TD STYLE="font-size: 11pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">Pier Falcione</FONT></TD>
    <TD STYLE="font-size: 11pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">+44(0)7855 185 420</FONT></TD></TR>
  <TR STYLE="font-size: 11pt; vertical-align: bottom">
    <TD STYLE="font-size: 11pt"><FONT STYLE="font-size: 11pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 11pt"><FONT STYLE="font-size: 11pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="font-size: 11pt; vertical-align: bottom">
    <TD STYLE="font-size: 11pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt"><B>Barclays (Financial adviser
    and corporate broker to Dowlais)</B></FONT></TD>
    <TD STYLE="font-size: 11pt"><FONT STYLE="font-size: 11pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="font-size: 11pt; vertical-align: bottom">
    <TD STYLE="font-size: 11pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">Guy Bomford / Adrian Beidas
    / Neal West (Corporate Broking)</FONT></TD>
    <TD STYLE="font-size: 11pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">+44 (0) 20 7623 2323</FONT></TD></TR>
  <TR STYLE="font-size: 11pt; vertical-align: bottom">
    <TD STYLE="font-size: 11pt"><FONT STYLE="font-size: 11pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 11pt"><FONT STYLE="font-size: 11pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="font-size: 11pt; vertical-align: bottom">
    <TD STYLE="font-size: 11pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt"><B>Rothschild &amp; Co (Financial
    adviser to Dowlais)</B></FONT></TD>
    <TD STYLE="font-size: 11pt"><FONT STYLE="font-size: 11pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="font-size: 11pt; vertical-align: bottom">
    <TD STYLE="font-size: 11pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">Ravi Gupta / Nathalie Ferretti</FONT></TD>
    <TD STYLE="font-size: 11pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">+44 (0) 20 7280 5000</FONT></TD></TR>
  <TR STYLE="font-size: 11pt; vertical-align: bottom">
    <TD STYLE="font-size: 11pt"><FONT STYLE="font-size: 11pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 11pt"><FONT STYLE="font-size: 11pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="font-size: 11pt; vertical-align: bottom">
    <TD STYLE="font-size: 11pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt"><B>Investec Bank plc (Joint
    corporate broker to Dowlais)</B></FONT></TD>
    <TD STYLE="font-size: 11pt"><FONT STYLE="font-size: 11pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="font-size: 11pt; vertical-align: bottom">
    <TD STYLE="font-size: 11pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">Carlton Nelson / Christopher
    Baird</FONT></TD>
    <TD STYLE="font-size: 11pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">+44 (0) 20 7597 5970</FONT></TD></TR>
  </TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"></P>

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<P STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 97%; margin-left: 0.25in">
  <TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2" STYLE="font: bold 11pt Times New Roman, Times, Serif">Montfort Communications (PR adviser to Dowlais)</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2" STYLE="font: 11pt Times New Roman, Times, Serif"></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font: 11pt Times New Roman, Times, Serif; width: 70%">Nick Miles / Neil Craven</TD>
    <TD STYLE="font: 11pt Times New Roman, Times, Serif; width: 30%">+44 (0) 7739 701 634 </TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font: 11pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 11pt Times New Roman, Times, Serif">+44 (0) 7876 475 419</TD></TR>
  </TABLE>


<P STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify">Allen Overy Shearman Sterling LLP is
acting as legal adviser to AAM. Slaughter and May is acting as legal adviser to Dowlais.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><B><I><U>Disclaimers</U></I></B></P>

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

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

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><I>Barclays, which is authorised
by the Prudential Regulation Authority and regulated in the United Kingdom by the Financial Conduct Authority and the Prudential Regulation
Authority, is acting exclusively for Dowlais and no one else in connection with the Combination and will not be responsible to anyone
other than Dowlais for providing the protections afforded to clients of Barclays nor for providing advice in relation to the Combination
or any other matter referred to in this announcement.</I></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><I>In accordance with the Code,
normal United Kingdom market practice and Rule 14e-5(b) of the Exchange Act, Barclays and its affiliates will continue to act as exempt
principal trader in Dowlais securities on the London Stock Exchange. These purchases and activities by exempt principal traders which
are required to be made public in the United Kingdom pursuant to the Code will be reported to a Regulatory Information Service and will
be available on the London Stock Exchange website at <FONT STYLE="color: #0000EE"><U>www.londonstockexchange.com</U></FONT><U><FONT STYLE="color: #009B55">.</FONT></U>
This information will also be publicly disclosed in the United States to the extent that such information is made public in the United
Kingdom.</I></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><I>Rothschild &amp; Co, which is
authorised and regulated in the UK by the Financial Conduct Authority, is acting exclusively as financial adviser to Dowlais and for
no-one else in connection with the Combination and shall not be responsible to anyone other than Dowlais for providing the protections
afforded to clients of Rothschild &amp; Co, nor for providing advice in connection with the Combination or any matter referred to herein.
Neither Rothschild &amp; Co nor any of its affiliates (nor their respective directors, officers, employees or agents) owes or accepts
any duty, liability or responsibility whatsoever (whether direct or indirect, whether in contract, in tort, under statute or otherwise)
to any person who is not a client of Rothschild &amp; Co in connection with this announcement, any statement contained herein, the Combination
or otherwise. No representation or warranty, express or implied, is made by Rothschild &amp; Co as to the contents of this announcement.</I></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><I>Investec, which is authorised
in the United Kingdom by the PRA and regulated in the United Kingdom by the FCA and the PRA, is acting exclusively for Dowlais and no
one else in connection with the subject matter of this announcement and will not regard any other person as its client in relation to
the subject matter of this announcement and will not be responsible to anyone other than Dowlais for providing the protections afforded
to the clients of Investec, or for providing advice in connection with the subject matter of this announcement or any other matters referred
to herein. Neither Investec nor any of its subsidiaries, branches or affiliates owes or accepts any duty, liability or responsibility
whatsoever (whether direct or indirect, whether in contract, in tort, under statute or otherwise) to any person who is not a client of
Investec in connection with the subject matter of this announcement, any statement contained herein or otherwise, and no representation,
express or implied, is made by Investec or any of its subsidiaries, branches or affiliates, or purported to be made on behalf of Investec
or any of its subsidiaries, branches or affiliates, in relation to the contents of this announcement, including with regard to the accuracy
or completeness of the announcement or the verification of any other statements made or purported to be made by or on behalf of Investec
or any of its subsidiaries, branches or affiliates in connection with the matters described in this announcement.</I></P>

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><I>any Restricted Jurisdiction. Doing
so may render invalid any related purported vote in respect of acceptance of the Combination.</I></P>

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

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

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

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

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><I>The New AAM Shares to be issued
pursuant to the Combination have not been and will not be registered under the U.S. Securities Act, and may not be offered or sold by
AAM in the U.S. absent registration or an applicable exemption from the registration requirements of the U.S. Securities Act. The New
AAM Shares to be issued pursuant to the Combination will be issued pursuant to the exemption from registration set forth in Section 3(a)(10)
of the U.S. Securities Act. If, in the future, AAM exercises its right to elect to implement the Combination by way of a Takeover Offer
or otherwise determines to conduct the Combination in a manner that is not exempt from the registration requirements of the U.S. Securities
Act, it will file a registration statement with the SEC that will contain a prospectus with respect to the issuance of New AAM Shares.
In this event, Dowlais Shareholders are urged to read these documents and any other relevant documents filed with the SEC, as well as
any amendments or supplements to all such documents, because they will contain important information, and such documents will be available
free of charge at the SEC's website at <FONT STYLE="text-decoration: underline; color: rgb(0,0,238)">www.sec.gov</FONT> or by directing a request to AAM's contact for
enquiries identified above.</I></P>

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

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

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

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

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

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

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><I>In this announcement, AAM makes
statements concerning its and Dowlais' expectations, beliefs, plans, objectives, goals, strategies, and future events or performance,
including, but not limited to, certain statements related to the ability of AAM and Dowlais to consummate AAM's business combination
with Dowlais (the &quot;Business Combination&quot;) in a timely manner or at all; future capital expenditures, expenses, revenues, economic
performance, synergies, financial conditions, market growth, dividend</I></P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><I>policy, losses and future prospects
and business; and management strategies and the expansion and growth of AAM's and the combined company's operations. Such statements
are &quot;forward-looking&quot; statements within the meaning of the Private Securities Litigation Reform Act of 1995 and relate to trends
and events that may affect AAM's or the combined company's future financial position and operating results. The terms such as &quot;will,&quot;
 &quot;may,&quot; &quot;could,&quot; &quot;would,&quot; &quot;plan,&quot; &quot;believe,&quot; &quot;expect,&quot; &quot;anticipate,&quot;
 &quot;intend,&quot; &quot;project,&quot; &quot;target,&quot; and similar words or expressions, as well as statements in future tense,
are intended to identify forward-looking statements. Forward-looking statements should not be read as a guarantee of future performance
or results and will not necessarily be accurate indications of the times at, or by, which such performance or results will be achieved.
These forward-looking statements involve certain risks and uncertainties that could cause actual results to differ materially from those
expressed or implied by these statements. These risks and uncertainties related to AAM include factors detailed in the reports AAM files
with the United States Securities and Exchange Commission (the &quot;SEC&quot;), including those described under &quot;Risk Factors&quot;
in its most recent Annual Report on Form 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' expectations with regard thereto or any change in
events, conditions or circumstances on which any such statement is based.</I></P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><I>This announcement may be
deemed to be solicitation material in respect of the Business Combination, including the issuance of AAM's shares of common stock in
respect of the Business Combination. In connection with the foregoing proposed issuance of AAM's shares of common stock, AAM expects
to file a proxy statement on Schedule 14A (together with any amendments and supplements thereto, the &quot;Proxy Statement&quot;)
with the SEC. To the extent the Business Combination is effected as a scheme of arrangement under English law, the issuance of AAM's
shares of common stock in connection with the Business Combination would not be expected to require registration under the U.S.
Securities Act of 1933, as amended (the &quot;Securities Act&quot;), pursuant to an exemption provided by Section 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's shares that would be issued in the Business Combination. INVESTORS AND SHAREHOLDERS ARE URGED
TO READ THE PROXY STATEMENT, THE SCHEME DOCUMENT, AND OTHER RELEVANT DOCUMENTS FILED OR TO BE FILED BY AAM WITH THE SEC OR
INCORPORATED BY REFERENCE IN THE PROXY STATEMENT (IF ANY) CAREFULLY WHEN THEY BECOME AVAILABLE BECAUSE THEY WILL CONTAIN IMPORTANT
INFORMATION ABOUT AAM, THE BUSINESS COMBINATION AND RELATED MATTERS. Investors and shareholders will be able to obtain free copies
of the Proxy Statement, the scheme document, and other documents filed by AAM with the SEC at the SEC's website at <FONT STYLE="color: rgb(0,0,238)"><U>http://www.sec.gov</U></FONT>.
In addition, investors and shareholders will be able to obtain free copies of the Proxy Statement, the scheme document, and other
documents filed by AAM with the SEC at <FONT STYLE="color: rgb(0,0,238)"><U>https://www.aam.com/investors</U></FONT>.</I></P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><I>AAM and its directors, executive
officers and certain other members of management and employees will be participants in the solicitation of proxies from AAM's shareholders
in respect of the Business Combination, including the proposed issuance of AAM's shares of common stock in connection with the Business
Combination. Information regarding AAM's directors and executive officers is contained in its Annual Report on Form 10-K for the fiscal
year ended December 31, 2023, which was filed with the SEC on February 16, 2024, the definitive proxy statement on Schedule 14A for AAM's
2024 annual meeting of stockholders, which was filed with the SEC on March 21, 2024 and the Current Report on Form 8-K of AAM, which
was filed with the SEC on May 2, 2024. Additional information regarding the identity of participants, and their direct or indirect interests,
by security holdings or otherwise, will be set forth in the Proxy Statement when it is filed with the SEC. To the extent holdings of
AAM's securities by its directors or executive officers change from the amounts set forth in the Proxy Statement, such changes will be
reflected on Initial Statements of Beneficial Ownership on Form 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's website at <FONT STYLE="color: #0000EE"><U>https://www.aam.com/investors</U></FONT>.</I></P>

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

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

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

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

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><I>would be unlawful prior to registration
or qualification under the securities laws of any such jurisdiction.</I></P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><I>This announcement is required to
be published pursuant to Rule 26 of the Code and will be available, subject to certain restrictions relating to persons resident in Restricted
Jurisdictions, on AAM's website at <FONT STYLE="color: Blue"><U>https://www.aam.com/investors</U></FONT>&#8239;promptly and in any event by
no later than 12 noon (London time) on the business day (as defined in the Code) following the date of this announcement. Neither the
content of the websites referred to in this announcement nor the content of any website accessible from hyperlinks in this announcement
is incorporated into, or forms part of, this announcement.</I></P>

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

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

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

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

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

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

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

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

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

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

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><B>APPENDIX</B></P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><B>STATEMENT ON QUANTIFIED FINANCIAL BENEFITS</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify">The Rule 2.7 Announcement contained statements
of estimated cost synergies arising from the Combination (together, the &quot;<B>Quantified Financial Benefits Statement</B>&quot;), which
are repeated in the Preliminary Proxy Statement and this announcement.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">A copy of the Quantified Financial Benefits Statement is set out below.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.5in; text-align: justify"><I>The AAM Directors, having reviewed
and analyzed the potential cost synergies of the Combination, and considering the factors they can influence, are highly confident in
the Combined Group's ability to realize approximately $300 million USD of annual run rate cost synergies, expected to be substantially
achieved by the end of the third year following Completion.</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.5in; text-align: justify"><I>The quantified cost synergies, expected
to originate from the cost bases of AAM and Dowlais, are anticipated to be realised primarily from:</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="font-style: italic; width: 0.75in"></TD><TD STYLE="font-style: italic; width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="font-style: italic; text-align: justify"><B>SG&amp;A</B> - approximately
                                            30 per cent. across the following sources:</TD></TR></TABLE>

<P STYLE="font: italic 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: italic 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="font-style: italic; vertical-align: top">
<TD STYLE="font-style: italic; width: 1.25in"></TD><TD STYLE="font-style: italic; width: 0.25in">o</TD><TD STYLE="font-style: italic; text-align: justify">Eliminating duplicate public company costs
                                            and other costs; </TD></TR></TABLE>

<P STYLE="font: italic 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: italic 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="font-style: italic; vertical-align: top">
<TD STYLE="font-style: italic; width: 1.25in"></TD><TD STYLE="font-style: italic; width: 0.25in">o</TD><TD STYLE="font-style: italic; text-align: justify">Optimization of the combined workforce;
                                            </TD></TR></TABLE>

<P STYLE="font: italic 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: italic 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="font-style: italic; vertical-align: top">
<TD STYLE="font-style: italic; width: 1.25in"></TD><TD STYLE="font-style: italic; width: 0.25in">o</TD><TD STYLE="font-style: italic; text-align: justify">Streamlining of engineering, research,
                                            and development expenses; and </TD></TR></TABLE>

<P STYLE="font: italic 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: italic 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="font-style: italic; vertical-align: top">
<TD STYLE="font-style: italic; width: 1.25in"></TD><TD STYLE="font-style: italic; width: 0.25in">o</TD><TD STYLE="font-style: italic; text-align: justify">Elimination of duplicate business and
                                            technical offices. </TD></TR></TABLE>

<P STYLE="font: italic 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="font-style: italic; vertical-align: top">
<TD STYLE="font-style: italic; width: 0.75in"></TD><TD STYLE="font-style: italic; width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="font-style: italic; text-align: justify"><B>Purchasing</B> - approximately
                                            50 per cent. across the following sources:</TD></TR></TABLE>

<P STYLE="font: italic 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: italic 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="font-style: italic; vertical-align: top">
<TD STYLE="font-style: italic; width: 1.25in"></TD><TD STYLE="font-style: italic; width: 0.25in">o</TD><TD STYLE="font-style: italic; text-align: justify">Leveraging enhanced economies of scale
                                            and spend across direct and indirect material suppliers; </TD></TR></TABLE>

<P STYLE="font: italic 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: italic 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="font-style: italic; vertical-align: top">
<TD STYLE="font-style: italic; width: 1.25in"></TD><TD STYLE="font-style: italic; width: 0.25in">o</TD><TD STYLE="font-style: italic; text-align: justify">Utilising vertical integration capabilities
                                            to deliver insourcing initiatives; and </TD></TR></TABLE>

<P STYLE="font: italic 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: italic 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="font-style: italic; vertical-align: top">
<TD STYLE="font-style: italic; width: 1.25in"></TD><TD STYLE="font-style: italic; width: 0.25in">o</TD><TD STYLE="font-style: italic; text-align: justify">Achieving global freight and logistical
                                            savings through increased scale, utilisation and benefits from third-party logistics suppliers.
                                            </TD></TR></TABLE>

<P STYLE="font: italic 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="font-style: italic; vertical-align: top">
<TD STYLE="font-style: italic; width: 0.75in"></TD><TD STYLE="font-style: italic; width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="font-style: italic; text-align: justify"><B>Operations</B> - approximately
                                            20 per cent. across the following sources:</TD></TR></TABLE>

<P STYLE="font: italic 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: italic 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="font-style: italic; vertical-align: top">
<TD STYLE="font-style: italic; width: 1.25in"></TD><TD STYLE="font-style: italic; width: 0.25in">o</TD><TD STYLE="font-style: italic; text-align: justify">Increasing operating efficiencies through
                                            the implementation of a best-of-best operating system; and </TD></TR></TABLE>

<P STYLE="font: italic 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: italic 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="font-style: italic; vertical-align: top">
<TD STYLE="font-style: italic; width: 1.25in"></TD><TD STYLE="font-style: italic; width: 0.25in">o</TD><TD STYLE="font-style: italic; text-align: justify">Optimizing the combined global manufacturing
                                            footprint. </TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.5in; text-align: justify"><I>The AAM Directors expect that approximately
60 per cent. of the annual run rate cost synergies will be realized by the end of the second year following Completion, and the full
run rate cost savings are expected to be substantially achieved by the end of the third year following Completion.</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.5in"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.5in; text-align: justify"><I>The AAM Directors expect that the
one-off costs required to deliver on the synergy plan are approximately equal to one year of full run rate savings.</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.5in; text-align: justify"><I>In addition, the AAM Directors expect
an increase in operating working capital of approximately $13 million required to deliver identified run rate freight and logistics synergies.</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.5in; text-align: justify"><I>The synergy savings stated are net
of anticipated dis-synergies (expected to be approximately $22 million).</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.5in; text-align: justify"><I>The expected synergies will accrue as a direct result
of the Combination and would not be achieved on a standalone basis.</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in"></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify">These 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 herein may not be achieved, may be achieved later or sooner than estimated, or those actually
achieved could be materially different from those estimated. For the purposes of Rule 28 of the Code, the statements of estimated cost
savings and synergies contained in the Rule 2.7 Announcement, the Preliminary Proxy Statement and this announcement are solely the responsibility
of AAM and the AAM Directors. Any statement of intention, belief or expectation for the Combined Group following the Effective Date is
also an intention, belief or expectation of the AAM Directors and not of the Dowlais Directors.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify">These statements are not intended as a profit
forecast or profit estimate for any period and should not be interpreted as such. No part of these statements, or the Rule 2.7 Announcement,
the Preliminary Proxy Statement or this announcement generally, should be construed or interpreted to mean that the Combined Group's earnings
in the first year following the Effective Date, or in any subsequent period, would necessarily match or be greater than or be less than
those of AAM and/or Dowlais for the relevant preceding financial period or any other period.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify">The AAM Board believes that the Combined Group
should be able to achieve the synergies set out in the Quantified Financial Benefits Statement.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify">Further information on the bases of belief supporting
the Quantified Financial Benefits Statement, including the principal assumptions and sources of information, is set out below.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><B>Basis of calculation of the Quantified Financial Benefits Statement</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify">In preparing the Quantified Financial Benefits
Statement, AAM has relied on a combination of publicly available information and information obtained through due diligence. In such circumstances,
AAM management has made estimates and assumptions to aid its development of individual synergy initiatives. The assessment and quantification
of the potential synergies have, in turn, been informed by AAM management's industry experience and knowledge of the existing businesses,
together with consultation with Dowlais management.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify">The cost bases used as the basis for the Quantified
Financial Benefits Statement are a blend of AAM's FY24 forecast financial results and Dowlais' FY24 forecast financial results, supported
where relevant by certain information from AAM's and Dowlais' budgeted FY25 cost bases.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">An exchange rate of &pound; to $1.30 has been used in the compilation
of the synergy initiatives.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify">Cost synergy assumptions were based on (A) a mix
(i) detailed, bottom-up evaluation of the benefits resulting from elimination of duplicate activities or (ii) AAM's and Dowlais' synergy
attainment experience from other relevant savings programs, (B) the benefits of combined scale economics and (C) operational efficiencies
arising from consolidation.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify">Where appropriate, assumptions were used to estimate
the costs of implementing the new structures, systems and processes required to realise the synergies.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">In general, the synergy assumptions have been risk-adjusted.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify">In arriving at the Quantified Financial Benefits
Statement, the AAM Directors have made the following assumptions, which are outside the influence of AAM:</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">there will be no material change in underlying operations of either business from the Combination;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">there will be no material impact from divestments from Dowlais existing businesses;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">there will be no material change to macroeconomic, political, inflationary, regulatory or legal conditions
in the markets or regions in which AAM and Dowlais operate;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">there will be no material change in current foreign exchange rates or interest rates;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">there will be no material change in accounting standards; and</TD></TR></TABLE>

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

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

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">there will be no change in tax legislation or tax rates or other
legislation in the United Kingdom, United States or other countries that could materially impact the ability to achieve any benefits.</TD>
</TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify">In addition, the AAM Directors have made an
assumption within the influence of AAM, that there will be no material divestments made by AAM.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify">In addition, the AAM Directors have assumed
that the cost synergies are substantively within AAM's control, albeit that certain elements are dependent in part on negotiations with
third parties.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><B>Reports</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify">As required by Rule 28.1(a) of the Code, Deloitte,
as reporting accountants to AAM, and J.P. Morgan Cazenove, as financial adviser to AAM, have provided the reports required under the Code.
Copies of those reports were set out in the Rule 2.7 Announcement.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">As required by Rule 27.2(d) of the Code, the AAM Directors
confirm that:</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">there have been no material changes to the Quantified Financial Benefits Statement
since January 29, 2025 and the Quantified Financial Benefits Statement remains valid&#894; and</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">each of Deloitte and J.P. Morgan Cazenove has confirmed to AAM that their respective reports produced in connection with the Quantified Financial
Benefits Statement continue to apply.</TD></TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><B>Important Notes</B></P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">The statements of estimated synergies relate to future actions and circumstances
which, by their nature, involve risks, uncertainties and contingencies. As a result, the synergies referred to may not be achieved, or
those achieved could be materially different from those estimated.</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">No statement in the Quantified Financial Benefits Statement should be construed as
a profit forecast.</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">Due to the size of the combination and potential scale of the Combined Group, there
may be additional changes to the Combined Group's operations. As a result, and given the fact that the changes relate to the future, the
resulting cost synergies may be materially greater or less than those estimated.</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">In arriving at the estimate of synergies set out in the Rule 2.7 Announcement, the
Preliminary Proxy Statement and this announcement, the AAM Board has assumed that there will be no significant impact on the business of the
Combined Group.</TD></TR></TABLE>

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

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