<SEC-DOCUMENT>0001104659-25-060962.txt : 20250620
<SEC-HEADER>0001104659-25-060962.hdr.sgml : 20250620
<ACCEPTANCE-DATETIME>20250620094440
ACCESSION NUMBER:		0001104659-25-060962
CONFORMED SUBMISSION TYPE:	DEFA14A
PUBLIC DOCUMENT COUNT:		1
FILED AS OF DATE:		20250620
DATE AS OF CHANGE:		20250620

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:		251059378

	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>tm2518397d1_defa14a.htm
<DESCRIPTION>DEFA14A
<TEXT>
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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"><FONT STYLE="font-family: Times New Roman, Times, Serif">Filed by
the Registrant </FONT><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"><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>

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

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    <TD STYLE="vertical-align: bottom; padding: 0.25pt; width: 1%">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding: 0.25pt; font-size: 10pt; width: 97%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Preliminary Proxy Statement</FONT></TD></TR>
  <TR>
    <TD STYLE="padding: 0.25pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding: 0.25pt">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; padding: 0.25pt; font-size: 10pt"><FONT STYLE="font-family: Wingdings; font-size: 10pt">&#168;</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding: 0.25pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding: 0.25pt; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Confidential, For Use of the Commission Only (as permitted by Rule&nbsp;14a-6(e)(2))</B></FONT></TD></TR>
  <TR>
    <TD STYLE="padding: 0.25pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding: 0.25pt">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; padding: 0.25pt; font-size: 10pt"><FONT STYLE="font-family: Wingdings; font-size: 10pt">&#168;</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding: 0.25pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding: 0.25pt; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Definitive Proxy Statement</FONT></TD></TR>
  <TR>
    <TD STYLE="padding: 0.25pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding: 0.25pt">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; padding: 0.25pt; font-size: 10pt"><FONT STYLE="font-family: Wingdings; font-size: 10pt">&#120;</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding: 0.25pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding: 0.25pt; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Definitive Additional Materials</FONT></TD></TR>
  <TR>
    <TD STYLE="padding: 0.25pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding: 0.25pt">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; padding: 0.25pt; font-size: 10pt"><FONT STYLE="font-family: Wingdings; font-size: 10pt">&#168;</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding: 0.25pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding: 0.25pt; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Soliciting Material Pursuant to &sect; 240.14a-12</FONT></TD></TR>
  </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>

<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: 5%"><FONT STYLE="font-family: Wingdings; font-size: 10pt">x</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding: 0.25pt; width: 1%">&nbsp;</TD>
    <TD STYLE="padding: 0.25pt; vertical-align: top; font-size: 10pt; width: 94%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">No fee required.</FONT></TD></TR>
  <TR>
    <TD STYLE="padding: 0.25pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding: 0.25pt">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; padding: 0.25pt; font-size: 10pt"><FONT STYLE="font-family: Wingdings; font-size: 10pt">&uml;</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding: 0.25pt">&nbsp;</TD>
    <TD STYLE="padding: 0.25pt; vertical-align: top; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Fee paid previously with preliminary materials.</FONT></TD></TR>
  <TR>
    <TD STYLE="padding: 0.25pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding: 0.25pt">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; padding: 0.25pt; font-size: 10pt"><FONT STYLE="font-family: Wingdings; font-size: 10pt">&uml;</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding: 0.25pt">&nbsp;</TD>
    <TD STYLE="padding: 0.25pt; vertical-align: top; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Fee computed on table in exhibit required by Item 25(b)&nbsp;per Exchange Act Rules&nbsp;14a-6(i)(1)&nbsp;and 0-11.</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

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

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

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

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<P STYLE="font: 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">RNS Number : 5891N</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">19 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"><B>NOT FOR RELEASE, PUBLICATION OR
DISTRIBUTION IN WHOLE OR IN PART, DIRECTLY OR INDIRECTLY,&nbsp;IN,&nbsp;INTO OR FROM ANY JURISDICTION WHERE TO DO SO WOULD CONSTITUTE
A VIOLATION OF THE RELEVANT LAWS OR REGULATIONS OF SUCH JURISDICTION</B></P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right"><B>19 June&nbsp;2025</B></P>

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

<P STYLE="text-align: center; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><B>RECOMMENDED CASH AND SHARE COMBINATION</B></P>

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

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

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

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

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

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

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

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

<P STYLE="text-align: center; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><B>to be effected by means of a Scheme
of Arrangement under Part&nbsp;26 of the Companies Act 2006</B></P>

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

<P STYLE="text-align: center; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><B>PUBLICATION OF 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-top: 0pt; margin-right: 0; margin-bottom: 0pt"><B>Key Points</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">&nbsp;</TD>
<TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">A circular in relation to the Scheme has been published today by Dowlais.</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">&nbsp;</TD>
<TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD>
    <TD STYLE="text-align: justify">To become effective, the Scheme requires (among other things) the requisite majority of:
                                     (i)&nbsp;Scheme Shareholders to vote in favour of the Scheme at the Court Meeting;
and (ii)&nbsp;Dowlais Shareholders to vote in favour of the Special Resolution at the General Meeting.</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">&nbsp;</TD>
<TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">Scheme Shareholders and Dowlais Shareholders are strongly urged to submit proxy appointments and instructions
for the Court Meeting and the General Meeting as soon as possible.</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">&nbsp;</TD>
<TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">The Dowlais Directors unanimously recommend that Scheme Shareholders vote in favour of the Scheme at the
Court Meeting and that Dowlais Shareholders vote in favour of the Special Resolution to be proposed at the General Meeting.</TD></TR><TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
<TD>&nbsp;</TD><TD STYLE="text-align: justify">&nbsp;</TD></TR>
                                                                                                                                     <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
<TD><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">As announced on 16 May&nbsp;2025,
AAM intends to seek a secondary listing and admission of AAM Shares to trading on the London Stock Exchange.</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"><B>Background</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 29 January&nbsp;2025, the boards
of AAM and Dowlais announced 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;), to be implemented by way of
a court-sanctioned scheme of arrangement under Part&nbsp;26 of the Companies Act (the &ldquo;<B>Scheme</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"><B>Publication of the Scheme Document</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">Dowlais is pleased to announce that
a circular in relation to the Scheme (the &ldquo;<B>Scheme Document</B>&rdquo;) has been published today, setting out, among other things,
a letter from the Chair of Dowlais, an explanatory statement pursuant to section 897 of the Companies Act, the full terms and conditions
of the Scheme, an expected timetable of principal events, notices of the Court Meeting and the General Meeting and details of the actions
to be taken by Dowlais Shareholders.</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">Capitalised terms used in this announcement
shall, unless otherwise defined, have the same meanings as set out in the Scheme Document. All references to times in this announcement
are to London, United Kingdom times unless stated otherwise.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Scheme Document will be made available, subject
to certain restrictions relating to persons resident in Restricted Jurisdictions, on Dowlais&rsquo; website at www.dowlais.com/AAMcombination
and on AAM&rsquo;s website at www.aam.com/investors/offer-for-dowlais-group-plc by no later than 12 p.m.&nbsp;noon on 20 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: 0pt 0; text-align: justify">Hard copies of: (i)&nbsp;the Scheme Document (or,
depending on Dowlais Shareholders&rsquo; communication preferences, a letter or email giving details of the website where the Scheme Document
may be accessed); (ii)&nbsp;the Forms of Proxy for the Court Meeting and the General Meeting; (iii)&nbsp;the Form&nbsp;of Election in
respect of the Mix and Match Facility; and (iv)&nbsp;the Tax Certification Form&nbsp;are being sent to Dowlais Shareholders today, subject
to certain restrictions relating to persons resident in Restricted Jurisdictions.</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 required by Rule&nbsp;28 of the Code, the
Dowlais Profit Forecasts, the Dowlais Q1 Profit Estimates, the AAM FY25 Profit Forecast and the AAM FY26/27 Profit Forecast are set
out in the Scheme Document (see Appendix Two <I>(Profit Forecasts) </I>on <U>pages</U><B><I>&nbsp;</I></B><FONT STYLE="color: #1A1710"><U>165
to 170</U></FONT>).</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Action required</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"><U>Court Meeting and General Meeting</U></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">As further detailed in the Scheme Document, in
order to become Effective, the Scheme will require, among other things, that the requisite majority of: (i)&nbsp;Scheme Shareholders vote
in favour of the Scheme at the Court Meeting; and (ii)&nbsp;Dowlais Shareholders vote in favour of the Special Resolution at the General
Meeting.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The approval required at the Court Meeting for
approval of the Scheme is a majority in number of the Scheme Shareholders who are present and vote, whether in person or by proxy, at
the Court Meeting and who represent 75 per cent. or more in value of the Scheme Shares voted by those Scheme Shareholders. The approval
required at the General Meeting for the Special Resolution to be passed is at least 75 per cent. of the votes cast (in person or by proxy).</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">Notices convening the Court Meeting and the General
Meeting to be held at Slaughter and May, One Bunhill Row, London, EC1Y 8YY at 11:00 a.m.&nbsp;and 11:15 a.m.&nbsp;(or as soon thereafter
as the Court Meeting concludes or is adjourned) on 22 July&nbsp;2025 , respectively, are set out in the Scheme Document.</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">Any changes to the arrangements for the Court
Meeting and the General Meeting will be communicated to Dowlais Shareholders before the relevant Meeting, through Dowlais&rsquo; website www.dowlais.com/investors
and by announcement through a Regulatory Information Service.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>It is important that, for the Court Meeting
in particular, as many votes as possible are cast so that the Court may be satisfied that there is a fair representation of opinion of
Scheme Shareholders.</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"><B>Scheme Shareholders and Dowlais Shareholders
are therefore strongly urged to submit proxy appointments and instructions for the Court Meeting and the General Meeting as soon as possible
and, in any event, so that the proxy appointment and instructions are received by Equiniti Limited (&ldquo;Equiniti&rdquo;) no later than
48 hours before the relevant Meeting (or, in the case of any adjournment, not later than 48 hours before the time fixed for the adjourned
Meeting, in each case excluding any part of such 48 hour period falling on a day that is not a working day). Further details on the deadlines
for appointing proxies are set out in the Appendix to this announcement and in the 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"><U>United States Taxation and Tax Certification Form</U></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Dowlais Shareholders&rsquo; attention is drawn, in particular,
to the Tax Certification Form&nbsp;and the action to be taken in respect thereof. Further information on the Tax Certification Form&nbsp;and
United States Taxation is set out in paragraph 17 of Part&nbsp;Two (<B><I>Explanatory Statement</I></B>) of the Scheme Document <U>on
pages&nbsp;62 to 71</U>.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Dowlais Directors, who have been so advised
by Barclays and Rothschild&nbsp;&amp; Co as to the financial terms of the Combination, consider the terms of the Combination to be fair
and reasonable. In providing their advice to the Dowlais Directors, Barclays and Rothschild&nbsp;&amp; Co have taken into account the
commercial assessments of the Dowlais Directors. Barclays and Rothschild&nbsp;&amp; Co are providing independent financial advice to the
Dowlais Directors for the purposes of Rule&nbsp;3 of the Code.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Dowlais Directors consider that the
terms of the Combination are in the best interests of Dowlais Shareholders as a whole. Accordingly, the Dowlais Directors
unanimously recommend that Scheme Shareholders vote in favour of the Scheme at the Court Meeting and that Dowlais Shareholders vote
in favour of the Special Resolution to be proposed at the General Meeting, as the Dowlais Directors who hold shares have irrevocably
undertaken to do in respect of their entire beneficial holdings.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Dowlais Shareholders should carefully read the
Scheme Document and accompanying Forms of Proxy, Form&nbsp;of Election and Tax Certification Form&nbsp;in their entirety before making
a decision with respect to the Scheme.</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>Timetable</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Scheme Document contains an expected timetable
of principal events in relation to the Scheme, which is also set out in the Appendix to this announcement. The Scheme remains conditional
on the approval of the requisite majority of Scheme Shareholders at the Court Meeting and the requisite majority of Dowlais Shareholders
at the General Meeting. The Scheme is also subject to the satisfaction (or, where applicable, waiver) of the other Conditions (including
the sanction of the Court) and further terms, as described more fully in the Scheme Document.</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">Subject to the satisfaction or, where permitted,
waiver of all the Conditions, and subject to the approval and availability of the Court, the Scheme is expected to become Effective in
the final quarter of 2025 and, in any event, prior to the Long Stop Date. Dowlais will make further announcements through a Regulatory
Information Service, with such announcements also being made available on Dowlais&rsquo; website at www.dowlais.com/AAMcombination and on AAM&rsquo;s
website at www.aam.com/investors/offer-for-dowlais-group-plc . An update to the expected timetable is expected to be announced following
receipt of the relevant regulatory approvals upon which the Combination is conditional.</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>UK Secondary Listing and AAM Proxy Statement</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">As announced on 16 May&nbsp;2025, AAM intends
to seek a secondary listing and admission of AAM Shares (including the New AAM Shares) to trading on the London Stock Exchange (the &ldquo;<B>Secondary
Listing</B>&rdquo;). It is intended that the AAM Shares will be admitted to the equity shares (international commercial companies secondary
listing) category of the Official List maintained by the FCA and to trading on the Main Market for listed securities of the London Stock
Exchange. In connection with the Secondary Listing, AAM will publish a prospectus approved by the FCA (the &ldquo;<B>AAM Prospectus</B>&rdquo;).
It is currently expected that the AAM Prospectus will be published in the final quarter of 2025, after the Court Meeting and the General
Meeting.</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">On 2 June&nbsp;2025, AAM filed a definitive proxy
statement with the SEC, which is available on AAM&rsquo;s website at www.aam.com/investors/offer-for-dowlais-group-plc-documentation (together
with any amendments and supplements thereto, the &ldquo;<B>AAM Proxy Statement</B>&rdquo;).</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The AAM Proxy Statement, as supplemented on 5
June&nbsp;2025 (and as further amended and supplemented from time to time) and, when it becomes available, the AAM Prospectus, should
be read alongside the Scheme Document, as both contain important further information on AAM, Dowlais, the New AAM Shares to be issued
and the key risks relating to AAM, Dowlais, the Combination and ownership of AAM Shares.</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>Additional Information for Dowlais Shareholders</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">If you have any questions about this announcement,
the Scheme Document, the Court Meeting or the General Meeting, or are in any doubt as to how to complete and return the Form&nbsp;of
Election, the Tax Certification Form&nbsp;and the Forms of Proxy or how to submit your proxies electronically or online, please contact
Dowlais&rsquo; Registrars, Equiniti, by calling the Shareholder Helpline on +44 (0) 333 207 6394. Lines are open between 8.30 a.m.&nbsp;and
5.30 p.m.&nbsp;Monday to Friday (except public holidays in England and Wales). For deaf and speech impaired shareholders, Equiniti welcomes
calls via Relay UK. Please see <U>www.relayuk.bt.com</U> for more information. Calls to the helpline from outside the UK will be charged
at applicable international rates. Different charges may apply to calls from mobile telephones and calls may be recorded and randomly
monitored for security and training purposes. Please note that calls to Equiniti may be monitored or recorded and no advice on the Combination
or its merits, nor any legal, taxation or financial advice, can be given.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">A copy of the Scheme Document will be submitted
to the National Storage Mechanism and will be available for inspection at <U>https://data.fca.org.uk/#/nsm/nationalstoragemechanism</U>.</P>

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

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

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 85%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
  <TR>
    <TD STYLE="vertical-align: bottom; width: 65%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Pier Falcione</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right; width: 35%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">+44(0)7855 185 420</FONT></TD>
    </TR>
  <TR>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    </TR>
  <TR STYLE="vertical-align: bottom">
    <TD><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>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Guy Bomford / Adrian Beidas / Neal West (Corporate Broking)</FONT></TD>
    <TD STYLE="text-align: right"><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>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD><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>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Ravi Gupta / Nathalie Ferretti</FONT></TD>
    <TD STYLE="text-align: right"><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>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD><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>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Carlton Nelson / Christopher Baird</FONT></TD>
    <TD STYLE="text-align: right"><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>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Montfort Communications (PR adviser to Dowlais)</B></FONT></TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Nick Miles / Neil Craven</FONT></TD>
    <TD STYLE="text-align: right"><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>&nbsp;</TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">+44 (0) 7876 475 419</FONT></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: 0pt 0"><B><U>AAM</U></B></P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 85%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 65%">David H. Lim, Head of Investor Relations</TD><TD STYLE="width: 35%; text-align: right">+1 (313) 758-2006</TD>
</TR><TR STYLE="vertical-align: top; text-align: justify">
<TD>&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD></TR>
     <TR STYLE="vertical-align: top; text-align: justify">
<TD>Christopher M. Son, Vice President, Marketing&nbsp;&amp; Communications</TD><TD STYLE="text-align: right">+1 (313) 758-4814</TD></TR>
     <TR STYLE="vertical-align: top; text-align: justify">
<TD>&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD></TR>
     <TR STYLE="vertical-align: top; text-align: justify">
<TD><B>J.P. Morgan (Exclusive financial adviser to AAM)</B></TD><TD STYLE="text-align: right">&nbsp;</TD></TR>
     <TR STYLE="vertical-align: top; text-align: justify">
<TD>&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD></TR>
     <TR STYLE="vertical-align: top; text-align: justify">
<TD>David Walker / Ian MacAllister</TD><TD STYLE="text-align: right">+1 (212) 270 6000</TD></TR>
     <TR STYLE="vertical-align: top; text-align: justify">
<TD>&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD></TR>
     <TR STYLE="vertical-align: top; text-align: justify">
<TD>Robert Constant / Jonty Edwards</TD><TD STYLE="text-align: right">+44 (0) 203 493 8000</TD></TR>
     <TR STYLE="vertical-align: top; text-align: justify">
<TD>&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD></TR>
     <TR STYLE="vertical-align: top; text-align: justify">
<TD><B>FGS Global (PR adviser to AAM)</B></TD><TD STYLE="text-align: right">&nbsp;</TD></TR>
     <TR STYLE="vertical-align: top; text-align: justify">
<TD>&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD></TR>
     <TR STYLE="vertical-align: top; text-align: justify">
<TD>Jim Barron</TD><TD STYLE="text-align: right">+1 212 687 8080</TD></TR>
     <TR STYLE="vertical-align: top; text-align: justify">
<TD>&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD></TR>
     <TR STYLE="vertical-align: top; text-align: justify">
<TD>Charlie Chichester / Rory King</TD><TD STYLE="text-align: right">+44 20 7251 3801</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: 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="text-align: center; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><B>APPENDIX</B></P>

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

<P STYLE="text-align: center; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><B>EXPECTED TIMETABLE OF PRINCIPAL EVENTS</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The following indicative timetable is based on
Dowlais&rsquo; and AAM&rsquo;s current expectations regarding dates for the implementation of the Scheme and is subject to change. If any of the dates
and/or times in this expected timetable change, the revised dates and/or times will be notified to Dowlais Shareholders by announcement
through the Regulatory Information Service of the London Stock Exchange.</P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 85%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 55%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Event</B></FONT></TD>
    <TD STYLE="width: 3%">&nbsp;</TD>
    <TD STYLE="text-align: right; width: 42%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Time and/or date </B></FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><SUP>(1)</SUP></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Filing of the AAM Proxy Statement
    with the SEC</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">2 June&nbsp;2025</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD>Publication of Scheme Document</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right"> 19 June&nbsp;2025</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>AAM Shareholder Meeting</B></FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">8.00 a.m. (Eastern Time) on 15 July 2025</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Latest time for lodging Forms of Proxy for the:</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 0.25in">Court Meeting (BLUE form)</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">11.00 a.m.&nbsp;on 18 July&nbsp;2025 <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><SUP>(2)</SUP></FONT></TD></TR>
</TABLE>

<P STYLE="margin: 0"></P>

<P STYLE="margin: 0"></P>

<P STYLE="margin: 0"></P>

<!-- Field: Page; Sequence: 5 -->
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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 85%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 0.25in; width: 55%">General Meeting (YELLOW form)</TD>
    <TD STYLE="width: 3%">&nbsp;</TD>
    <TD STYLE="text-align: right; width: 42%"><FONT STYLE="font-size: 10pt">11.15 a.m.&nbsp;on 18 July&nbsp;2025
<SUP>(3)</SUP></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 0.25in">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 0in">Voting Record Time for the Court Meeting and the General Meeting</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">6.30</FONT> <FONT STYLE="font-size: 10pt">p.m.&nbsp;on 18 July&nbsp;2025 </FONT><FONT STYLE="font-size: 10pt"><SUP>(4)</SUP></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 0in">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 0in"><B>Court Meeting</B></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">11.00 a.m. on 22 July 2025</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 0in">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 0in"><B>General Meeting</B></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">11.15 a.m. on 22 July 2025 <SUP>(5)</SUP></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><B>The following dates and times associated with the Scheme are indicative only and are subject to change and will depend on, among other things, the date on which the Conditions to the Scheme are satisfied or, if capable of waiver, waived, and the date on which the Court sanctions the Scheme. Dowlais will give adequate notice of any changes to these dates and times, when known, by issuing an announcement through a Regulatory Information Service, with such announcement being made available on Dowlais&rsquo; website at www.dowlais.com/AAMcombination . See also note (1)</B> &nbsp;</P>



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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 85%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 55%">Publication of the AAM Prospectus</TD>
    <TD STYLE="width: 3%">&nbsp;</TD><TD STYLE="width: 42%; text-align: right">a date expected to be in the final quarter of 2025</TD>
</TR><TR STYLE="vertical-align: top; text-align: justify">
<TD>&nbsp;</TD>
    <TD>&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD></TR>
     <TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="text-align: left"><B>First Tax Certification Return Time (being the latest time for receipt
of Tax Certification Forms (or such other forms as must be provided by a Qualified Intermediary) such that, subject to a Dowlais Shareholder&rsquo;s
certification, none of the cash consideration to which a Dowlais Shareholder is entitled will be withheld)</B></TD>
    <TD>&nbsp;</TD><TD STYLE="text-align: right">11.00 a.m.&nbsp;on
D-2 <FONT STYLE="font-size: 10pt"><SUP>(6)</SUP></FONT></TD></TR>
     <TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="text-align: left">&nbsp;</TD>
    <TD>&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD></TR>
     <TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Court Hearing (to sanction the Scheme)</FONT></TD>
    <TD>&nbsp;</TD><TD STYLE="text-align: right">a date expected to be in the final quarter of 2025, subject to the satisfaction (or if applicable,
                   waiver) of the relevant Conditions and, in any event, prior to the Long Stop Date (&ldquo;D&rdquo;)</TD></TR>
     <TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="text-align: left">&nbsp;</TD>
    <TD>&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD></TR>
     <TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="text-align: left">Measurement Date (being the date at which the Mix and Match Reference Price is determined)</TD>
    <TD>&nbsp;</TD><TD STYLE="text-align: right">the Trading Day falling immediately prior to D+1 (which will be D where D is a Trading Day)</TD></TR>
     <TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="text-align: left">&nbsp;</TD>
    <TD>&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD></TR>
     <TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="text-align: left"><B>Election Return Time (being the latest time for receipt of Forms of Election or Electronic Elections
from CREST holders)</B></TD>
    <TD>&nbsp;</TD><TD STYLE="text-align: right">1 p.m. on D+1</TD></TR>
     <TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="text-align: left">&nbsp;</TD>
    <TD>&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD></TR>
     <TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="text-align: left">Last day of dealings in, and registrations of transfers of, and disablement in CREST of,Dowlais
Shares</TD>
    <TD>&nbsp;</TD><TD STYLE="text-align: right">D+1</TD></TR>
     <TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="text-align: left">&nbsp;</TD>
    <TD>&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD></TR>
     <TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="text-align: left">Scheme Record Time</TD>
    <TD>&nbsp;</TD><TD STYLE="text-align: right">6.00 p.m. on D+1</TD></TR>
     <TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="text-align: left">&nbsp;</TD>
    <TD>&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD></TR>
     <TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="text-align: left"><B>Effective Date of the Scheme</B></TD>
    <TD>&nbsp;</TD><TD STYLE="text-align: right">D+2 <SUP>(7)</SUP></TD></TR>
     <TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="text-align: left">&nbsp;</TD>
    <TD>&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD></TR>
     <TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="text-align: left">Announcement of (i) the Mix and Match Reference Price; and (ii) the approximate extent to which
elections under the Mix and Match Facility will be satisfied</TD>
    <TD>&nbsp;</TD><TD STYLE="text-align: right">D+2</TD></TR>
     <TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="text-align: left">&nbsp;</TD>
    <TD>&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD></TR>
     <TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="text-align: left">Suspension of listing of, and dealings in,Dowlais Shares</TD>
    <TD>&nbsp;</TD><TD STYLE="text-align: right">7.30 a.m. on D+2</TD></TR>
     <TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="text-align: left">&nbsp;</TD>
    <TD>&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD></TR>
     <TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="text-align: left">Issue of New AAM Shares</TD>
    <TD>&nbsp;</TD><TD STYLE="text-align: right">after 5.00 p.m. (New York time) on D+2</TD></TR>
     <TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="text-align: left">&nbsp;</TD>
    <TD>&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD></TR>
     <TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="text-align: left">Cancellation of listing of Dowlais Shares</TD>
    <TD>&nbsp;</TD><TD STYLE="text-align: right">by 8.00 a.m. on D+3</TD></TR>
     <TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="text-align: left">&nbsp;</TD>
    <TD>&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD></TR>
     <TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="text-align: left">Admission of, and commencement of dealings in, AAM Shares on the London Stock Exchange</TD>
    <TD>&nbsp;</TD><TD STYLE="text-align: right">by 8.00 a.m. on D+3</TD></TR>
     <TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="text-align: left">&nbsp;</TD>
    <TD>&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD></TR>
     <TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="text-align: left">Admission of, and commencement of dealings in, New AAM Shares on the New York Stock Exchange</TD>
    <TD>&nbsp;</TD><TD STYLE="text-align: right">by 9.30 a.m. (New York time) on D+3</TD></TR>
     <TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="text-align: left">&nbsp;</TD>
    <TD>&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD></TR>
     <TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="text-align: left">New AAM Shares registered through DRS (in respect of New AAM Shares held by former certificated Dowlais
Shareholders)</TD>
    <TD>&nbsp;</TD><TD STYLE="text-align: right">on or as soon as possible after 9.30 a.m. (New York time) on D+3 but not later than 14 calendar days
                   after the Effective Date</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: 0pt 0"></P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 85%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 55%">AAM DIs issued by the DI Depositary and credited to CREST accounts (in respect of New AAM Shares held by
former uncertificated Dowlais Shareholders through CREST) and AAM DIs credited to the relevant CSN Facility accounts</TD>
    <TD STYLE="width: 3%">&nbsp;</TD><TD STYLE="width: 42%; text-align: justify">on or as soon as possible after 9.30 a.m. (New York time) on D+3 but not later than 14
                                     calendar days after the Effective Date</TD>
</TR><TR STYLE="vertical-align: top; text-align: justify">
<TD>&nbsp;</TD>
    <TD>&nbsp;</TD><TD STYLE="text-align: justify">&nbsp;</TD></TR>
     <TR STYLE="vertical-align: top; text-align: justify">
<TD>Despatch of statements of entitlement to New AAM Shares held through DRS (in respect of Scheme Shares held in certificated form
only)</TD>
    <TD>&nbsp;</TD><TD STYLE="text-align: right">within 14 calendar days after the Effective Date</TD></TR>
     <TR STYLE="vertical-align: top; text-align: justify">
<TD>&nbsp;</TD>
    <TD>&nbsp;</TD><TD STYLE="text-align: justify">&nbsp;</TD></TR>
     <TR STYLE="vertical-align: top; text-align: justify">
<TD>Despatch of electronic payments, cheques and/or crediting of CREST for cash consideration due under the Scheme (less any cash
withheld under applicable tax law) (including any cash due in relation to the sale of fractional entitlements)</TD>
    <TD>&nbsp;</TD><TD STYLE="text-align: right">within 14 calendar days after the Effective Date (&ldquo;<B>P</B>&rdquo;)</TD></TR>
     <TR STYLE="vertical-align: top; text-align: justify">
<TD>&nbsp;</TD>
    <TD>&nbsp;</TD><TD STYLE="text-align: justify">&nbsp;</TD></TR>
     <TR STYLE="vertical-align: top; text-align: justify">
<TD>Despatch of CSN Facility Statements</TD>
    <TD>&nbsp;</TD><TD STYLE="text-align: right">within 14 calendar days after the Effective Date</TD></TR>
     <TR STYLE="vertical-align: top; text-align: justify">
<TD>&nbsp;</TD>
    <TD>&nbsp;</TD><TD STYLE="text-align: justify">&nbsp;</TD></TR>
     <TR STYLE="vertical-align: top; text-align: justify">
<TD><B>Second Tax Certification Return Time (being the latest time for receipt of Tax Certification Forms (or such other forms as
must be provided by a Qualified Intermediary) such that, subject to a Dowlais Shareholder&rsquo;s certification, any cash
consideration withheld from a Dowlais Shareholder will be paid to them rather than being paid to the IRS)</B></TD>
    <TD>&nbsp;</TD><TD STYLE="text-align: right">6.00 p.m. on P+40 calendar days <SUP>(8)</SUP></TD></TR>
     <TR STYLE="vertical-align: top; text-align: justify">
<TD>&nbsp;</TD>
    <TD>&nbsp;</TD><TD STYLE="text-align: justify">&nbsp;</TD></TR>
     <TR STYLE="vertical-align: top; text-align: justify">
<TD>Long Stop Date</TD>
    <TD>&nbsp;</TD><TD STYLE="text-align: right">29 June 2026 <SUP>(9)</SUP></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: 0pt"></TD><TD STYLE="width: 0.25in">(1)</TD><TD STYLE="text-align: justify">The dates and times are indicative only and are based on current expectations and may be subject to change and will depend on, among
other things, the date on which the Conditions to the Scheme are satisfied or, if capable of waiver, waived, and the date on which the
Court sanctions the Scheme. References to times are to London, United Kingdom time unless otherwise stated. If any of the times and/or
dates above change, the revised times and/or dates will be notified to Dowlais Shareholders by announcement through a Regulatory Information
Service.</TD></TR></TABLE>

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

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in">Participants in the Dowlais Share Plans
will be contacted separately to inform them of the effect of the Scheme on their rights under the Dowlais Share Plans, including details
of any dates and times relevant to them.</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: 0pt"></TD><TD STYLE="width: 0.25in">(2)</TD><TD STYLE="text-align: justify">It is requested that BLUE Forms of Proxy
                                            for the Court Meeting be lodged not later than 48 hours prior to the time appointed for the
                                            Court Meeting (excluding any part of such 48 hour period falling on a weekend or a public
                                            holiday in the UK). BLUE Forms of Proxy not so lodged may be: (i)&nbsp;scanned and emailed
                                            to Equiniti at the following <U>proxyvotes@equiniti.com</U>; or (ii)&nbsp;handed to Equiniti
                                            or the Chair of the Court Meeting before the start of the Court Meeting.</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: 0pt"></TD><TD STYLE="width: 0.25in">(3)</TD><TD STYLE="text-align: justify">YELLOW Forms of Proxy for the General Meeting must be lodged not later than 48 hours prior to the time appointed for the General Meeting
(excluding any part of such 48 hour period falling on a weekend or a public holiday in the UK).</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: 0pt"></TD><TD STYLE="width: 0.25in">(4)</TD><TD STYLE="text-align: justify">If either the Court Meeting or the General Meeting is adjourned, the Voting Record Time for the relevant adjourned meeting will be
6.30 p.m.&nbsp;on the day which is two days prior to the date of the adjourned meeting.</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: 0pt"></TD><TD STYLE="width: 0.25in">(5)</TD><TD STYLE="text-align: justify">Or as soon thereafter as the Court Meeting shall have concluded or been adjourned.</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: 0pt"></TD><TD STYLE="width: 0.25in">(6)</TD><TD STYLE="text-align: justify">This is the latest date by which a Dowlais
                                            Shareholder must return the Tax Certification Form&nbsp;(or such other forms as must be provided
                                            by a Qualified Intermediary) to Equiniti in order that the Paying Agent <B>will not withhold
                                            30 per cent. of the cash consideration to which the Dowlais Shareholder is entitled</B>.
                                            Further information on the certification process and U.S. tax considerations is set out in
                                            paragraph 17 of Part&nbsp;Two (<I>Explanatory Statement</I>) of this Document.</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: 0pt 0"></P>

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<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: 0pt"></TD><TD STYLE="width: 0.25in">(7)</TD><TD STYLE="text-align: justify">The Scheme shall become effective as soon as a copy of the Court Order has been delivered to the Registrar of Companies. This is expected
to occur following the Scheme Record Time and prior to the suspension of trading in Dowlais Shares. The events which are stated as occurring
on subsequent dates are conditional on the Effective Date and operate by reference to that date.</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: 0pt"></TD><TD STYLE="width: 0.25in">(8)</TD><TD STYLE="text-align: justify">This is the latest date by which a Dowlais Shareholder must return the Tax Certification Form&nbsp;(or such other forms as must be
provided by a Qualified Intermediary) in order that the Paying Agent effects payment of any withheld amounts to such Dowlais Shareholder.
If the Tax Certification Form&nbsp;is not received by Equiniti before this time, the Paying Agent will transfer any withheld funds to
the IRS and a Dowlais Shareholder will need to file a U.S. federal income tax return to reclaim any withheld consideration (if applicable).</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: 0pt"></TD><TD STYLE="width: 0.25in">(9)</TD><TD STYLE="text-align: justify">This is the latest date by which the Scheme may become effective unless AAM and Dowlais agree (and the
Panel and, if required, the Court permit) a later date.</TD></TR></TABLE>

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

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">All references in this Document to times are to London time unless
otherwise stated. All dates by reference to &ldquo;D-1&rdquo;, &ldquo;D+1&rdquo;, &ldquo;D+2&rdquo; and &ldquo;D+3&rdquo; will be to the date
falling the number of indicated Business Days immediately prior to or after date D, as indicated above.</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: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><I>Important notices relating to financial advisers</I></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"><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 (the &ldquo;<B>PRA</B>&rdquo;) and regulated in the United Kingdom by the
PRA and the Financial Conduct Authority (the &ldquo;<B>FCA</B>&rdquo;)). 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: 0pt 0">&nbsp;</P>

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

<P STYLE="font: 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 <U>www.londonstockexchange.com</U><FONT STYLE="color: #6A7770">.</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: 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"><I>Rothschild&nbsp;&amp; Co, which is authorised
and regulated in the UK by the FCA, 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: 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"><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: 0pt 0">&nbsp;</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><I>Dowlais and AAM urge Dowlais Shareholders
to read the Scheme Document (or any other document by which the Combination is made) in full because it contains 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>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">&nbsp;</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 or the Form&nbsp;of Election in respect of the Mix and
Match Facility, 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>This announcement has been prepared in connection
with proposals in relation to a scheme of arrangement pursuant to and for the purpose of complying with English law and the Code and
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 the United Kingdom. Nothing in this announcement should be relied on for any other purpose. Overseas
Shareholders should consult their own professional advisers with respect to the legal and tax consequences of the Scheme.</I></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"><I>Further details in relation to Overseas Shareholders
are contained in paragraph 18 of Part&nbsp;II (Explanatory Statement) of the Scheme Document.</I></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>Additional information for U.S. investors in Dowlais</I></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"><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></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; 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 <U>www.sec.gov</U> 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>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">&nbsp;</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"><I>Further details in relation to US investors are contained on pages&nbsp;62
to 71 and 113 to 115 of the Scheme Document.</I></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>Solicitation</I></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"><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 AAM Proxy Statement with the SEC on June&nbsp;2, 2025. 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 AAM 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 AAM 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 AAM Proxy Statement, the Scheme Document, and other documents filed by AAM with the SEC at
the SEC&rsquo;s website at http://www.sec.gov. In addition, investors and shareholders will be able to obtain free copies of the Proxy Statement
and other documents filed by AAM with the SEC at <U>www.aam.com/investors/offer-for-dowlais-group-plc</U>.</I></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>Participants in the Solicitation</I></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"><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&nbsp;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 AAM 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 AAM 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 <U>www.aam.com/investors/offer-for-dowlais-group-plc</U>.</I></P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><I>Forward-looking statements</I></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"><I>This announcement (including information incorporated
by reference in this announcement), oral statements made regarding the Combination, and other information published by AAM and Dowlais
contain statements which are, or may be deemed to be, &ldquo;forward-looking statements&rdquo; within the meaning of the Private Securities
Litigation Reform Act of 1995. Forward-looking statements are prospective in nature and are not based on historical facts, but rather
on assumptions, expectations, valuations, targets, estimates, forecasts and projections of AAM and Dowlais about future events, and are
therefore subject to risks and uncertainties which could cause actual results, performance or events to differ materially from those
expressed or implied by the forward-looking statements. The forward-looking statements contained in this announcement include statements
relating to the expected effects of the Combination on the AAM Group, the Dowlais Group and the Combined Group, such as the statements
about the expected profitable growth, value-enhancing investments, sustainable capital returns and other characteristics of the Combined
Group, the expected timing and scope of the Combination and other statements other than historical facts. Often, but not always, forward-looking
statements can be identified by the use of forward-looking words such as &ldquo;plans&rdquo;, &ldquo;expects&rdquo;, &ldquo;budgets&rdquo;,
&ldquo;targets&rdquo;, &ldquo;aims&rdquo;, &ldquo;scheduled&rdquo;, &ldquo;estimates&rdquo;, &ldquo;forecast&rdquo;, &ldquo;intends&rdquo;, &ldquo;anticipates&rdquo;,
&ldquo;seeks&rdquo;, &ldquo;prospects&rdquo;, &ldquo;potential&rdquo;, &ldquo;possible&rdquo;, &ldquo;assume&rdquo; or &ldquo;believes&rdquo;, or
variations of such words and phrases or statements that certain actions, events or results &ldquo;may&rdquo;, &ldquo;could&rdquo;, &ldquo;should&rdquo;,
&ldquo;would&rdquo;, &ldquo;might&rdquo; or &ldquo;will&rdquo; be taken, occur or be achieved. AAM and Dowlais give no assurance that such
expectations will prove to be correct. By their nature, forward-looking statements involve risks (known and unknown) and uncertainties
(and other factors that are in many cases beyond the control of AAM and/or Dowlais) because they relate to events and depend on circumstances
that may or may not occur in the future.</I></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"><I>There are a number of factors that could affect
the future operations of the AAM Group, the Dowlais Group and/or the Combined Group and that could cause actual results and developments
to differ materially from those expressed or implied by such forward-looking statements. These factors include the satisfaction (or,
where permitted, waiver) of the Conditions, as well as additional factors, such as: domestic and global business and economic conditions;
the impact of pandemics, asset prices; market-related risks such as fluctuations in interest rates and exchange rates, industry trends,
competition, changes in government and regulation, changes in the policies and actions of governments and/or regulatory authorities (including
changes related to capital and tax), changes in political and economic stability (including exposures to terrorist activities, the UK&rsquo;s
exit from the European Union, Eurozone instability, disruption in business operations due to reorganisation activities, interest rate,
inflation, deflation and currency fluctuations), the timing impact and other uncertainties of future or planned acquisitions or disposals
or offers, the inability of the Combined Group to realise successfully any anticipated synergy benefits when the Combination is implemented
(including changes to the board and/or employee composition of the Combined Group), the inability of the AAM Group to integrate successfully
the Dowlais Group&rsquo;s operations and programmes when the Combination is implemented, the Combined Group incurring and/or experiencing unanticipated
costs and/or delays (including IT system failures, cyber-crime, fraud and pension scheme liabilities), or difficulties relating to the
Combination when the Combination is implemented. Other unknown or unpredictable factors could affect future operations and/or cause actual
results to differ materially from those in the forward-looking statements. Such forward-looking statements should therefore be construed
in the light of such factors. It is not possible to foresee or identify all such factors.</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>Each forward-looking statement speaks only
as of the date of this announcement. Neither the AAM Group nor the Dowlais Group, nor any of their respective associates or directors,
officers or advisers, provides any representation, warranty, assurance or guarantee that the occurrence of the events expressed or implied
in any forward-looking statements in this announcement will actually occur. Forward-looking statements involve inherent risks and uncertainties.
All forward-looking statements contained in this announcement are expressly qualified in their entirety by the cautionary statements
contained or referred to in this section. Readers are cautioned not to place undue reliance on these forward-looking statements. Other
than in accordance with their legal or regulatory obligations (including, without limitation, under the Code, the UK Market Abuse Regulation,
the DTRs and applicable U.S. securities laws), neither the AAM Group nor the Dowlais Group is under or undertakes any obligation, and
each of the foregoing expressly disclaims any intention or obligation, to update or revise any forward-looking statements, whether as
a result of new information, future events or otherwise. For a discussion of important risk factors that could cause AAM&rsquo;s actual results
to differ materially from the expectations in the forward-looking statements, see Part&nbsp;I,&nbsp;Item 1A. under the heading &ldquo;Risk
Factors&rdquo; in its Form&nbsp;10-K for the fiscal year ended December&nbsp;31, 2024 and Part&nbsp;II,&nbsp;Item 1A under the heading
&ldquo;Risk Factors&rdquo; in its quarterly report on Form&nbsp;10-Q for the quarterly period ended March&nbsp;31, 2025, filed with the
SEC which also contain additional information regarding forward-looking statements with respect to AAM.</I></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>No profit forecasts, estimates or quantified financial benefits
statements</I></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"><I>Other than the Dowlais Profit Forecasts, the
Dowlais Q1 Profit Estimates, the AAM FY25 Profit Forecast and the AAM FY26/27 Profit Forecast, no statement in this announcement is intended
as a profit forecast or estimate for any period and no statement in this announcement should be interpreted to mean that earnings or
earning per ordinary share, for Dowlais or AAM, respectively, for the current or future financial years would necessarily match or exceed
the historical published earnings or earnings per ordinary share for Dowlais or AAM, respectively.</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>Disclosure requirements of the Code</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>Under Rule&nbsp;8.3(a)&nbsp;of the Code,
any person who is interested in 1 per cent. or more of any class of relevant securities of an offeree company or of any securities
exchange offeror (being any offeror other than an offeror in respect of which it has been announced that its offer is, or is likely
to be, solely in cash) must make an Opening Position Disclosure following the commencement of the offer period and, if later,
following the announcement in which any securities exchange offeror is first identified. An Opening Position Disclosure must contain
details of the person&rsquo;s interests and short positions in, and rights to subscribe for, any relevant securities of each of
(i)&nbsp;the offeree company and (ii)&nbsp;any securities exchange offeror(s). An Opening Position Disclosure by a person to whom
Rule&nbsp;8.3(a)&nbsp;applies must be made by no later than 3.30 p.m.&nbsp;(London time)on the tenth business day (as defined in the
Code) following the commencement of the offer period and, if appropriate, by no later than 3.30 p.m.&nbsp;(London time) on the tenth
business day (as defined in the Code) following the announcement in which any securities exchange offeror is first identified.
Relevant persons who deal in the relevant securities of the offeree company or of a securities exchange offeror prior to the
deadline for making an Opening Position Disclosure must instead make a Dealing Disclosure.</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; text-align: justify"><I>Under Rule&nbsp;8.3(b)&nbsp;of the Code, any
person who is, or becomes, interested in 1 per cent. or more of any class of relevant securities of the offeree company or of any securities
exchange offeror must make a Dealing Disclosure if the person deals in any relevant securities of the offeree company or of any securities
exchange offeror. A Dealing Disclosure must contain details of the dealing concerned and of the person&rsquo;s interests and short positions
in, and rights to subscribe for, any relevant securities of each of (i)&nbsp;the offeree company and 18 (ii)&nbsp;any securities exchange
offeror(s), save to the extent that these details have previously been disclosed under Rule&nbsp;8. A Dealing Disclosure by a person
to whom Rule&nbsp;8.3(b)&nbsp;applies must be made by no later than 3.30 p.m.&nbsp;(London time) on the business day (as defined in the
Code) following the date of the relevant dealing.</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>If two or more persons act together pursuant
to an agreement or understanding, whether formal or informal, to acquire or control an interest in relevant securities of an offeree
company or a securities exchange offeror, they will be deemed to be a single person for the purpose of Rule&nbsp;8.3. Opening Position
Disclosures must also be made by the offeree company and by any offeror and Dealing Disclosures must also be made by the offeree company,
by any offeror and by any persons acting in concert with any of them (see Rules&nbsp;8.1, 8.2 and 8.4). Details of the offeree and offeror
companies in respect of whose relevant securities Opening Position Disclosures and Dealing Disclosures must be made can be found in the
Disclosure Table on the Panel&rsquo;s website at www.thetakeoverpanel.org.uk, including details of the number of relevant securities in issue,
when the offer period commenced and when any offeror was first identified. You should contact the Panel&rsquo;s Market Surveillance Unit on
+44 (0)20 7638 0129 if you are in any doubt as to whether you are required to make an Opening Position Disclosure or a Dealing Disclosure.</I></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>Publication on website</I></B></P>

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

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><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 www.aam.com/investors/offer-for-dowlais-group-plc and www.dowlais.com/AAMcombination 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 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: 0pt 0"><I>&nbsp;</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><I>Right to receive documents in hard copy form</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>Dowlais Shareholders and persons with information
rights may, subject to applicable securities laws, request a hard copy of this announcement (and any information incorporated into it
by reference to another source), free of charge, by contacting Dowlais&rsquo; registrars, Equiniti, by: (i)&nbsp;submitting a request in writing
to Equiniti at Aspect House, Spencer Road, Lancing, West Sussex BN99 6DA, United Kingdom; or (ii)&nbsp;contacting Equiniti between 8.30
a.m.&nbsp;and 5.30 p.m.&nbsp;(London time), Monday to Friday (excluding English and Welsh public holidays), on +44 (0) 371 384 2030 (please
use the country code when calling from outside the UK). A person so entitled may, subject to applicable securities laws, also request
that all future documents, announcements and information to be sent in relation to the Combination should be in hard copy form.</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>For persons who receive a copy of this announcement
in electronic form or via a website notification, a hard copy of this announcement will not be sent unless so requested. Such persons
may also request that all future documents, announcements and information in relation to the Combination are sent to them in hard copy
form.</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>Please note that Dowlais&rsquo; Registrars, Equiniti,
cannot provide advice on the merits of the Combination or the Scheme or give any financial, legal or tax advice and calls may be recorded
and monitored for security and training purposes.</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>Electronic communications</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>Please be aware that addresses, electronic
addresses and certain other information provided by Dowlais Shareholders, persons with information rights and other relevant persons
for the receipt of communications from Dowlais may be provided to AAM, members of the AAM Group and/or their respective advisers during
the Offer Period as required under Section&nbsp;4 of Appendix 4 of the Code.</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>General</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>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">&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; text-align: justify">This information is provided by RNS, the news
service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in
the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information,
please contact <U>rns@lseg.com</U> or visit <U>www.rns.com</U>.</P>

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

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">RNS may use your IP address to confirm compliance with the terms and
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