<SEC-DOCUMENT>0001104659-25-056775.txt : 20250605
<SEC-HEADER>0001104659-25-056775.hdr.sgml : 20250605
<ACCEPTANCE-DATETIME>20250605142838
ACCESSION NUMBER:		0001104659-25-056775
CONFORMED SUBMISSION TYPE:	DEFA14A
PUBLIC DOCUMENT COUNT:		1
FILED AS OF DATE:		20250605
DATE AS OF CHANGE:		20250605

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:		251026676

	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>tm2512184d5_defa14a.htm
<DESCRIPTION>DEFA14A
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<P STYLE="margin: 0">&nbsp;</P>

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

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

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

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

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

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

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

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

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

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

<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">Filed by the Registrant <FONT STYLE="font-family: Wingdings">&#120;</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">Filed by a Party other than the Registrant <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>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR>
    <TD STYLE="vertical-align: top; padding: 0.25pt; font-size: 10pt; width: 0.25in"><FONT STYLE="font-family: Wingdings">&#168;</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding: 0.25pt; font-size: 10pt">Preliminary Proxy Statement</TD></TR>
  <TR>
    <TD STYLE="padding: 0.25pt">&nbsp;</TD>
    <TD STYLE="padding: 0.25pt">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; padding: 0.25pt; font-size: 10pt"><FONT STYLE="font-family: Wingdings">&#168;</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding: 0.25pt; font-size: 10pt"><B>Confidential, For Use of the Commission Only (as permitted
    by Rule&nbsp;14a-6(e)(2))</B></TD></TR>
  <TR>
    <TD STYLE="padding: 0.25pt">&nbsp;</TD>
    <TD STYLE="padding: 0.25pt">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; padding: 0.25pt; font-size: 10pt"><FONT STYLE="font-family: Wingdings">&#168;</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding: 0.25pt; font-size: 10pt">Definitive Proxy Statement</TD></TR>
  <TR>
    <TD STYLE="padding: 0.25pt">&nbsp;</TD>
    <TD STYLE="padding: 0.25pt">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; padding: 0.25pt; font-size: 10pt"><FONT STYLE="font-family: Wingdings">&#120;</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding: 0.25pt; font-size: 10pt">Definitive Additional Materials</TD></TR>
  <TR>
    <TD STYLE="padding: 0.25pt">&nbsp;</TD>
    <TD STYLE="padding: 0.25pt">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; padding: 0.25pt; font-size: 10pt"><FONT STYLE="font-family: Wingdings">&#168;</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding: 0.25pt; font-size: 10pt">Soliciting Material Pursuant to &sect; 240.14a-12</TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

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

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>(Name of Person(s)&nbsp;Filing Proxy Statement,
if other than the Registrant)</B></P>

<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">Payment of Filing Fee (Check the appropriate box):</P>

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

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  <TR>
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    <TD STYLE="padding: 0.25pt; vertical-align: top; font-size: 10pt">No fee required.</TD></TR>
  <TR>
    <TD STYLE="padding: 0.25pt">&nbsp;</TD>
    <TD STYLE="padding: 0.25pt">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; padding: 0.25pt; font-size: 10pt"><FONT STYLE="font-family: Wingdings">&#168;</FONT></TD>
    <TD STYLE="padding: 0.25pt; vertical-align: top; font-size: 10pt">Fee paid previously with preliminary materials.</TD></TR>
  <TR>
    <TD STYLE="padding: 0.25pt">&nbsp;</TD>
    <TD STYLE="padding: 0.25pt">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; padding: 0.25pt; font-size: 10pt"><FONT STYLE="font-family: Wingdings">&#168;</FONT></TD>
    <TD STYLE="padding: 0.25pt; vertical-align: top; font-size: 10pt">Fee computed on table in exhibit required by Item 25(b)&nbsp;per
    Exchange Act Rules&nbsp;14a-6(i)(1)&nbsp;and 0-11.</TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">RNS Number : 6623L</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">05 June&nbsp;2025</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt">THIS ANNOUNCEMENT CONTAINS INSIDE INFORMATION</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt">5 June&nbsp;2025</P>

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

<P STYLE="text-align: center; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><B>DOWLAIS GROUP PLC (&ldquo;DOWLAIS&rdquo;)
AND AMERICAN AXLE&nbsp;&amp; MANUFACTURING HOLDINGS,&nbsp;INC.<BR>
(&ldquo;AAM&rdquo;)</B></P>

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

<P STYLE="text-align: center; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><B>INCREASED OFFER PRICE DUE TO SHARE CANCELLATION</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: justify">On 29 January&nbsp;2025, the boards
of AAM and Dowlais announced (the &ldquo;<B>Rule&nbsp;2.7 Announcement</B>&rdquo;) that they had reached agreement on the terms of a recommended
cash and share offer to be made by AAM for the entire issued and to be issued ordinary share capital of Dowlais (the &ldquo;<B>Combination</B>&rdquo;).</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; 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&nbsp;2.7 Announcement.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: justify">Dowlais announces today that it has
acquired, for nil consideration, and immediately cancelled 27,865,471 ordinary shares of 1 penny each (the &ldquo;<B>Cancellation</B>&rdquo;).</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: justify">The Cancellation relates to all of
the ordinary shares in the Company previously held by the Melrose Employee Share Ownership Trust (the &ldquo;<B>Melrose ESOT</B>&rdquo;)
to satisfy options granted by Melrose Industries PLC (&ldquo;<B>Melrose</B>&rdquo;) to individuals under the Melrose Automotive Share Plan
(the &ldquo;<B>MASP</B>&rdquo;) and held since the demerger of Dowlais from Melrose. As disclosed in the Rule&nbsp;2.7 Announcement, in
the event of the Cancellation, AAM agreed to increase the cash and share consideration payable per Dowlais Share to reflect the reduced
number of Dowlais Shares in issue.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: justify">AAM and Dowlais therefore confirm that
the consideration payable per Dowlais Share under the Combination has been increased such that Dowlais Shareholders will be entitled to
receive, <B>for each Dowlais Share held:</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&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: 0.25in"></TD><TD STYLE="width: 0.25in">&bull;</TD><TD STYLE="text-align: justify"><B>0.0881 New AAM Shares; and</B></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&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: 0.25in"></TD><TD STYLE="width: 0.25in">&bull;</TD><TD STYLE="text-align: justify"><B>43 pence in cash </B>.</TD></TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: justify">Under the terms of the Combination,
Dowlais Shareholders were also entitled to receive the FY24 Final Dividend of 2.8 pence per share which was paid on 29 May&nbsp;2025.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: justify">The increased consideration payable
per Dowlais Share by AAM does not increase the total cash consideration payable by AAM nor the total number of New AAM Shares to be issued
pursuant to the Combination (other than insignificant changes as a result of rounding).</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt"><B>Filing of Definitive Proxy Statement</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: justify">On 2 June&nbsp;2025, AAM filed a
definitive proxy statement (the &ldquo;<B>Definitive Proxy Statement</B>&rdquo;) with the SEC in respect of a special meeting of AAM
stockholders (the &ldquo;<B>AAM Stockholder Meeting</B>&rdquo;) to be held in order to, amongst other things, approve the proposed
issuance of New AAM Shares representing the share consideration in the Combination. The Definitive Proxy Statement also reaffirms
AAM&rsquo;s intention to seek a secondary listing and admission of AAM Shares to trading on the London Stock Exchange, as announced on 16
May&nbsp;2025.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">In relation to the MASP Cancellation, AAM intends
to file a supplement to the Definitive Proxy Statement, describing the increase to the consideration payable per Dowlais Share.</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">The AAM Stockholder Meeting will be held at 8.00 a.m.&nbsp;(Eastern
Time) on 15 July&nbsp;2025.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">As contemplated in the Rule&nbsp;2.7 Announcement,
the Scheme Document is expected to be posted to Dowlais Shareholders in June&nbsp;2025. The Dowlais Shareholder Meetings are expected
to be held in July&nbsp;2025. The Scheme Document will contain a full anticipated timetable with respect to the Combination.</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"><B>Total voting rights and Rule&nbsp;2.9 disclosure</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Following the Cancellation, Dowlais holds no ordinary
shares in treasury and has 1,316,658,644 ordinary shares in issue and admitted to trading on the Main Market of the London Stock Exchange.
The International Securities Identification Number (ISIN) of the ordinary shares is GB00BMWRZ071.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Therefore, the total number of voting rights in
Dowlais is 1,316,658,644 and this figure may be used by shareholders as the denominator when determining whether they are required to
notify their interest in, or a change to their interest in, Dowlais under the FCA&rsquo;s Disclosure Guidance and Transparency Rules&nbsp;or
under the Code.</P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-bottom: 10pt; width: 4.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Enquiries</B></FONT></TD>
    <TD STYLE="padding-bottom: 10pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-bottom: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B><U>Dowlais</U></B></FONT></TD>
    <TD STYLE="padding-bottom: 10pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 0.125in; padding-bottom: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><I>Investors</I></FONT></TD>
    <TD STYLE="padding-bottom: 10pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 0.125in; padding-bottom: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Pier Falcione</FONT></TD>
    <TD STYLE="padding-bottom: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">+44 (0) 7855 185
    420</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 0.125in; padding-bottom: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Barclays (Financial adviser and corporate broker to Dowlais)</B></FONT></TD>
    <TD STYLE="padding-bottom: 10pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 0.125in; padding-bottom: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Guy Bomford / Adrian Beidas / Neal West (Corporate Broking)</FONT></TD>
    <TD STYLE="padding-bottom: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">+44 (0) 20 7623 2323</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 0.125in; padding-bottom: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Rothschild&nbsp;&amp; Co (Financial adviser to Dowlais)</B></FONT></TD>
    <TD STYLE="padding-bottom: 10pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 0.125in; padding-bottom: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Ravi Gupta / Nathalie Ferretti</FONT></TD>
    <TD STYLE="padding-bottom: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">+44 (0) 20 7280 5000</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 0.125in; padding-bottom: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Investec Bank plc (Joint corporate broker to Dowlais)</B></FONT></TD>
    <TD STYLE="padding-bottom: 10pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 0.125in; padding-bottom: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Carlton Nelson / Christopher Baird</FONT></TD>
    <TD STYLE="padding-bottom: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">+44 (0) 20 7597 5970</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 0.125in; padding-bottom: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Montfort Communications (PR adviser to Dowlais)</B></FONT></TD>
    <TD STYLE="padding-bottom: 10pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 0.125in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Nick Miles / Neil Craven</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">+44 (0) 7739 701 634</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 0.125in; padding-bottom: 10pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">+44 (0) 7876 475 419</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-bottom: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B><U>AAM</U></B></FONT></TD>
    <TD STYLE="padding-bottom: 10pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 0.125in; padding-bottom: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">David H. Lim, Head of Investor Relations</FONT></TD>
    <TD STYLE="padding-bottom: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">+1 (313) 758-2006</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 0.125in; padding-bottom: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Christopher M. Son, Vice President, Marketing&nbsp;&amp; Communications</FONT></TD>
    <TD STYLE="padding-bottom: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">+1 (313) 758-4814</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 0.125in; padding-bottom: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>J.P. Morgan (Exclusive financial adviser to AAM)</B></FONT></TD>
    <TD STYLE="padding-bottom: 10pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 0.125in; padding-bottom: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">David Walker / Ian MacAllister</FONT></TD>
    <TD STYLE="padding-bottom: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">+1 (212) 270
6000</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 0.125in; padding-bottom: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Robert Constant / Jonty Edwards</FONT></TD>
    <TD STYLE="padding-bottom: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">+44
    (0) 203 493 8000</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 0.125in; padding-bottom: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>FGS Global (PR adviser to AAM)</B></FONT></TD>
    <TD STYLE="padding-bottom: 10pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 0.125in; padding-bottom: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Jim Barron</FONT></TD>
    <TD STYLE="padding-bottom: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">+1
    212 687 8080</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 0.125in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Charlie Chichester / Rory King</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">+44
    20 7251 3801</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Slaughter and May&nbsp;is acting as legal adviser to Dowlais. Allen
Overy Shearman Sterling LLP is acting as legal adviser to AAM.</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">The person responsible for arranging the release of this Announcement
on behalf of Dowlais is John Nicholson, General Counsel&nbsp;&amp; Company Secretary.</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"><B><I><U>Disclaimers</U></I></B></P>

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

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

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

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

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

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><I>In accordance with the Code, normal
United Kingdom market practice and Rule&nbsp;14e-5(b)&nbsp;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: Black"><U>www.londonstockexchange.com</U> .</FONT> 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: normal 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><I>&nbsp;</I></P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><I>Rothschild&nbsp;&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&nbsp;&amp; Co, nor for providing advice in connection with the Combination or any matter referred to
herein. Neither Rothschild&nbsp;&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&nbsp;&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&nbsp;&amp; Co as to the
contents of this announcement.</I></P>

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; 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&nbsp;or the related proxy
solicitation rules&nbsp;under the U.S. Exchange Act. Accordingly, the Combination is subject to the disclosure requirements and practices
applicable to a scheme of arrangement involving a target company in the UK listed on the London Stock Exchange, which differ from the
disclosure requirements of the U.S. tender offer and related proxy solicitation rules. If, in the future, AAM exercises its right to
elect to implement the Combination by way of a Takeover Offer and determines to extend the Takeover Offer into the U.S., such Takeover
Offer will be made in compliance with applicable U.S. laws and regulations.</I></P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; 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 (&ldquo;IFRS&rdquo;) 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: 0pt 0"><I>&nbsp;</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><I>Dowlais is incorporated under the laws of
a non-U.S. jurisdiction, some or all of Dowlais&rsquo; officers and directors reside outside the U.S., and some or all of Dowlais&rsquo; 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 &ldquo;IRC&rdquo;) 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&rsquo;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: 0pt 0"><I>&nbsp;</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; 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&nbsp;304 of the IRC to the
Combination.</I></P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><I>This announcement may be deemed to be solicitation
material in respect of the Combination, including the issuance of the New AAM Shares in respect of the Combination. In connection with
the foregoing proposed issuance of the New AAM Shares, AAM filed the Definitive Proxy Statement with the SEC on June&nbsp;2, 2025 (together
with any amendments and supplements thereto, the &ldquo;Proxy Statement&rdquo;). To the extent the Combination is effected as a scheme
of arrangement under English law, the issuance of the New AAM Shares in connection with the Combination would not be expected to require
registration under the U.S. Securities Act, pursuant to an exemption provided by Section&nbsp;3(a)(10)&nbsp;under the U.S. Securities
Act. In the event that 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, AAM expects
to file a registration statement with the SEC containing a prospectus with respect to the New AAM Shares that would be issued in the
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 CAREFULLY WHEN THEY BECOME AVAILABLE BECAUSE THEY
WILL CONTAIN IMPORTANT INFORMATION ABOUT AAM, THE COMBINATION AND RELATED MATTERS. Investors and shareholders will be able to obtain
free copies of the Proxy Statement, the Scheme Document, and other documents filed by AAM with the SEC at the SEC&rsquo;s website at <FONT STYLE="color: Black"><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: Black"><U>https://www.aam.com/investors</U></FONT> .</I></P>

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

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

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

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

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

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><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&rsquo;s shareholders in
respect of the Combination, including the proposed issuance of the New AAM Shares in connection with the Combination. Information regarding
AAM&rsquo;s directors and executive officers is contained in its Annual Report on Form&nbsp;10-K for the fiscal year ended December 31, 2024,
which was filed with the SEC on February&nbsp;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&nbsp;20, 2025, the Current Report on Form&nbsp;8-K of AAM, which was filed with
the SEC on March&nbsp;17, 2025, and the Current Report on Form&nbsp;8-K of AAM, which was filed with the SEC on May&nbsp;2, 2025 (SEC
Accession No.&nbsp;0001062231-25-000064). Additional information regarding the identity of participants, and their direct or indirect
interests, by security holdings or otherwise, is set forth in the Proxy Statement. To the extent holdings of AAM&rsquo;s securities by its
directors or executive officers change from the amounts set forth in the Proxy Statement, such changes will be reflected on Initial Statements
of Beneficial Ownership on Form&nbsp;3 or Statements of Change in Ownership on Form&nbsp;4 filed with the SEC by AAM. These documents
may be obtained free of charge from the SEC&rsquo;s website at www.sec.gov and AAM&rsquo;s website at <FONT STYLE="color: Black"><U>https://www.aam.com/investors</U></FONT> .</I></P>

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

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

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt"><I>This
announcement is required to be published pursuant to Rule&nbsp;26 of the Code and will be available, subject to certain restrictions
relating to persons resident in Restricted Jurisdictions, on AAM&rsquo;s and Dowlais&rsquo; websites, at <FONT STYLE="color: Black"><U>https://www.aam.com/investors</U></FONT>
and <FONT STYLE="color: Black"><U>https://www.dowlais.com/investors/recommended-combination-with-american-axle-manufacturing-holdings-inc-</U></FONT> respectively, 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 other website
accessible from hyperlinks on such websites is incorporated into, or forms part of, this announcement.</I></P>

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

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

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

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">This information is provided by RNS, the news
service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in
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please contact <FONT STYLE="color: Black"><U>rns@lseg.com</U></FONT> or visit <FONT STYLE="color: Black"><U>www.rns.com</U></FONT>.</P>

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

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

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

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