#1AAM November 2021 Investor Presentation BRINGING THE FUTURE FASTER#2Forward-Looking Statements BRINGING THE FUTURE AM FASTER This supplemental information contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These forward-looking statements involve certain risks and uncertainties that could cause actual results to differ materially from those expressed or implied by these statements. These risks and uncertainties include uncertainty around the duration and effects of the COVID-19 pandemic, and include factors detailed in the reports we file with the SEC, including those described under "Risk Factors" in our most recent Annual Report on Form 10-K and our Quarterly Reports on Form 10-Q. These forward-looking statements speak only as of the date of this communication. We expressly disclaim any obligation or undertaking to disseminate any updates or revisions to any forward-looking statement contained herein to reflect any change in our expectations with regard thereto or any change in events, conditions or circumstances on which any such statement is based. It should also be noted that this information contains certain financial measures, including Adjusted EBITDA, Adjusted Earnings per Share, Adjusted Free Cash Flow, Net Leverage Ratio and Liquidity that are not required by, or presented in accordance with, accounting principles generally accepted in the United States, or GAAP. These measures are presented here to provide additional useful measurements to review our operations, provide transparency to investors. and enable period-to-period comparability of financial performance. A description of non-GAAP financial measures that we use to evaluate our operations and financial performance, and reconciliation of these non-GAAP financial measures to the most directly comparable financial measures calculated and reported in accordance with GAAP, can be found in the appendix under "Reconciliation of Non-GAAP Measures". 2#3AAM Overview BRINGING THE FUTURE (AAM FASTER#4We Are AAM AAM 2020 SALES $4.7B Fortune 500 ≈20,000 ASSOCIATES As a leading, global tier 1 automotive supplier, AAM designs, engineers and manufactures driveline and metal forming technologies that are making the next generation of vehicles smarter, lighter, safer and more efficient AAM delivers POWER that moves the world through world-class quality, technology leadership and AAM operational excellence BRINGING THE FUTURE AAM FASTER Over 60 MANUFACTURING FACILITIES 14 ENGINEERING CENTERS 17 COUNTRIES Nearly 80 LOCATIONS 827 ATROLL HATTAN TECHNICAL CENTER 4#53Q 2021 AAM Financial Highlights BRINGING THE FUTURE AM FASTER >$1.21B $183M Quarterly Sales Third Quarter Adjusted EBITDA $69M Adjusted Free Cash Flow AAM Delivers Solid Results Despite Industry Challenges 5#62021 AAM Highlights BRINGING THE FUTURE AM FASTER R3E Secured an agreement with REE to supply high- performance electric drive units gm Named as the sole- supplier of front and rear pickup axles for GM's Oshawa truck plant Automotive News PACE AWARD Deloitte APMA Automotive News PACE AWARD Deloitte. APMA LEAD REACH CONNECT 2020 WINNER Won Both PACE Partnership and Innovation Awards for Electric Drive Technology Secured business with NIO supplying NIO differentials for its next generation ePowertrain program Secured Next Generation Ram Heavy Duty Axle and Driveshaft program CEO ACT!ON FOR DIVERSITY & INCLUSION AAM CEO pledges to ACT ON supporting a more inclusive workplace AAM to supply TracRite Electronic Locking Front Differentials for the new HUMMER EV Supplying both air and liquid-cooled Power Transfer Units for the all-new Ford Bronco Sport $ Continued Strong Free Cash Flow Generation and Debt Reduction#7Updated 2021 Financial Outlook (as of November 5, 2021) BRINGING THE FUTURE AAM FASTER Full Year Sales Adjusted EBITDA Adjusted Free Cash Flow 2021 Financial Targets $5.15 to $5.25 billion $830 to $850 million ~$400 million Sales range includes approximately $300 million increase of metal market customer pass-throughs and foreign currency versus last year • • Adjusted Free Cash Flow target assumes capital spending of less than 4.0% of sales These targets are based on North American light vehicle production of approximately 13 million units, current customer production and launch schedules and business environment AAM expects restructuring and acquisition-related cash payments to be between $55 and $65 million Note: For definitions of Adjusted EBITDA and Adjusted Free Cash Flow and Non-GAAP reconciliations, please see the attached appendix 7#8Environment, Social, and Governance BRINGING THE FUTURE (AAM FASTER#9Sustainability Update BRINGING THE FUTURE AAM FASTER In 2021, AAM published a comprehensive sustainability report with the reporting framework based on SASB, GRI, and TCFD standards TABLE OF CONTENTS A Message from our Chairman & CEO. We are AAM Sustainability Priority Topics Environmental Our Goals AAM Environmental System E* Environmental Initiatives... Carbon Disclosure Project Reporting. Social Safety Management System S*. Diversity, Equity and Inclusion. AAM360.. #TeamAAM in the Community. Governance Sustainability Leadership Ethics and Compliance. Supply Chain Compliance.. Human Rights... Industry Associations 1 2 3 4 5 7 8 13 14 15 17 20 26 28 29 30 31 33 33 In a survey conducted by Institutional Investor, our Financially Material ESG Disclosures were ranked 1st out of 80+ nominated Small-cap Consumer companies* Product. Research and Development AAM 2020 SUSTAINABILITY REPORT *For our 2019 sustainability report Electric Drive Technology AAM Quality System Q*. Appendix About this Report. GRI Index SASB Index.. TCFD Index. 34 35 35 39 3338 A-1 A-3 A-11 A-12 9#10Sustainability: Key Areas of Focus BRINGING THE FUTURE AM FASTER ENVIRONMENTAL Energy and Emissions Reduction Reduce Water Use at Every Location Reduce, Reuse, Recycle Industrial Materials SOCIAL Associate Health, Safety and Wellness Attract, Develop, Engage and Retain Diverse Talent Partner with Global Communities GOVERNANCE Ethical Business Practices and Training Cascade and Verify Supplier Compliance PRODUCT Investment in Technology Product Quality and Safety Our cross-functional team of subject matter experts considered Global Reporting Initiative (GRI) standards, industry-specific standards of the Sustainability Accounting Standards Board (SASB) and the United Nations Sustainable Development Goals to prioritize sustainability topics and develop performance indicators 10#11Electrification Product Technology BRINGING THE FUTURE (AAM FASTER#12Significant Content Opportunity Customer In-House Support Components Subsystems BRINGING THE FUTURE AM FASTER Customer Outsourced Support Gearboxes Electric Drive Units Vehicle Integration & Controls AAM CPV: Up to $500 AAM CPV: Up to $2,500+ AAM is Positioned to Support All OEM Sourcing Strategies 12#13AAM Electrification History Key Business Awards in Electrification To Date 2-in-1 Electric Drive Units Jaguar I-PACE (Europe) Automotive News PACE AWARD Deloitte. APMA 2020 FINALIST Two P4 Electric Drive Units 150 kW Power Level Power Dense Concentric Design Integrated Park Lock (Front EDU only) Baojun E300 City Car (China) • P4 Gearbox • 40 kW Peak Power Offset Gearbox Design Integrated Park Lock High Performance Luxury OEM (Europe) P3 Hybrid Electric Drive Unit 160kW Peak Power . 2-speed Concentric Gearbox Design Integrated TracRiteⓇ eLSD BRINGING THE FUTURE AAM FASTER 3-in-1 Electric Drive Units (Platform) AAM / Inovance 3-in-1 eDrive (China) Scalable Power Level based on Application • P4 Platform Electric Drive Units • • Offset Gearbox Design • Optional Park Lock Launched Launched AAM Next Generation 3-in-1 eDrive Wheel End eDrive Units Compact Offset Gearbox Design High power density Electric Drive Components Planetary Geartrain • Multiple Programs Awarded 2024 Launch European BEV Passenger Car Application Launched Electric Drive Unit Differentials • • Multiple Chinese BEV Car & SUV Applications North American BEV Pick-up Truck Application Multiple Programs Awarded • 2022 Launch North American BEV Semi-Truck Application 13#14AAM Next Generation Electric Drive BRINGING THE FUTURE AM FASTER Outside: Best Inside: Worst Market Critical Attributes WLTP Consumption Wom Output Nm/L CLTC-P Consumption [WrKn Efficiency Packaging EPA Consumption [W KW/L SESSES 7101 Mass Price Ou but Nm/kg Price/Output Nim Benchmark AAM Gen 5 Price/KW AAM Next Generation Electric Drive Units Deliver Compelling Performance >10% Improvement in Mass Efficiency >40% Improvement in Volumetric Efficiency >40% >10% Improvement in Power Density Reduced Power Loss, More Strong Value Proposition Range AAM's Next Generation Electric Drive exceeds widely recognized industry benchmark in terms of critical EDU attributes 14#15Scalable & Modular Platform BRINGING THE FUTURE AAM FASTER AAM's Next Generation Scalable & Modular Electric Drive Units support numerous vehicle applications while optimizing capital and development costs Wheel End Single Motor Dual Motor Light Duty Beam Heavy Duty Beam Scalable Power Levels Modular Motor Construction Various EDU Architectures Multiple Gear Ratios Optional Torque Vectoring & Disconnect P3 HYBRID ARCHITECTURE P4 SPLIT AXLE HYBRID ARCHITECTURE P4 RWD ARCHITECTURE P4 AWD MPV ARCHITECTURE P4 AWD ARCHITECTURE P4 FWD ARCHITECTURE P4 AWD ARCHITECTURE P4 4WD ARCHITECTURE P4 4WD HD ARCHITECTURE 15 Denotes AAM EDU application#16Electrification Summary Proven electric drive systems design and integration capabilities in production Well positioned to support all OEM sourcing strategies leveraging our strengths in software, integration, and manufacturing BRINGING THE FUTURE AAM FASTER Global reach and scalable product portfolio to serve all segments and major markets Strategic partnerships to further accelerate the development and delivery of scalable, next- generation 3-in-1 electric drive systems Highly integrated product technology resulting in improved power density, value, and efficiency Next generation electric drive system is positioning us for continued profitable growth 16#17Supplemental Data BRINGING THE FUTURE (AAM FASTER#18Reconciliation of Non-GAAP Measures BRINGING THE FUTURE AM FASTER In addition to the results reported in accordance with accounting principles generally accepted in the United States of America (GAAP) included within this presentation, we have provided certain information, which includes non-GAAP financial measures. Such information is reconciled to its closest GAAP measure in accordance with Securities and Exchange Commission rules and is included in the following slides. Certain of the forward-looking financial measures included in this earnings release are provided on a non-GAAP basis. A reconciliation of non-GAAP forward-looking financial measures to the most directly comparable forward-looking financial measures calculated and presented in accordance with GAAP has been provided. The amounts in these reconciliations are based on our current estimates and actual results may differ materially from these forward-looking estimates for many reasons, including potential event driven transactional and other non-core operating items and their related effects in any future period, the magnitude of which may be significant. 18#19Supplemental Data EBITDA and Adjusted EBITDA Reconciliation ($ in millions) Three Months Ended September 30, Nine Months Ended September 30, 2021 2020 2021 2020 Net income (loss) $ (2.4) $ 117.2 $ 52.2 $ (597.2) Interest expense 49.7 53.9 150.7 160.0 Income tax benefit (13.6) (22.5) (2.4) (63.1) Depreciation and amortization 135.6 125.0 421.2 393.7 EBITDA 169.3 273.6 621.7 (106.6) Restructuring and acquisition-related costs 7.4 9.7 40.8 38.6 Debt refinancing and redemption costs 31.6 5.2 34.0 6.7 Impairment charges 0.0 0.0 0.0 510.0 Unrealized gain on equity securities (19.4) 0.0 (19.4) 0.0 Loss on sale of business 0.0 0.0 2.7 1.0 Non-recurring items: Malvern fire charges, net of recoveries (5.7) 8.6 (11.1) 8.6 Adjusted EBITDA $ 183.2 $ 297.1 $ 668.7 $ 458.3 Sales 1,213.1 1,414.1 3,921.5 3,272.9 as a % of net sales 15.1% 21.0% 17.1% 14.0% BRINGING THE FUTURE AAM FASTER 19#20EBITDA and Adjusted EBITDA for the Trailing Twelve Months Ended September 30, 2021 ($ in millions) Supplemental Data BRINGING THE FUTURE MFASTER Quarter Ended Trailing Twelve Months Ended December 31, March 31, June 30, September 30, September 30, 2020 2021 2021 2021 2021 Net income (loss) $ 36.1 $ 38.6 $ 16.0 $ (2.4) $ 88.3 Interest expense 52.3 51.1 49.9 49.7 203.0 Income tax expense (benefit) 13.9 8.8 2.4 (13.6) 11.5 Depreciation and amortization 128.2 142.0 143.6 135.6 549.4 EBITDA 230.5 240.5 211.9 169.3 852.2 Restructuring and acquisition-related cost 28.6 17.5 15.9 7.4 69.4 Debt refinancing and redemption costs 1.2 1.1 1.3 31.6 35.2 Pension settlement 0.5 0.5 Loss on sale of business 2.6 0.1 2.7 Unrealized gain on equity securities (19.4) (19.4) Non-recurring items: Malvern fire charges, net of recoveries 0.7 1.2 (6.6) (5.7) (10.4) Adjusted EBITDA $ 261.5 $ 262.9 $ 222.6 $ 183.2 $ 930.2 Sales 1,437.9 1,425.1 1,283.3 1,213.1 5,359.4 as a % of net sales 18.2% 18.4% 17.3% 15.1% 17.4% 20 20#21Supplemental Data Adjusted Earnings (Loss) Per Share Reconciliation BRINGING THE FUTURE AAM FASTER Three Months Ended September 30, Nine Months Ended September 30, 2021 2020 2021 2020 Diluted earnings (loss) per share $ (0.02) $ 0.99 $ 0.44 $ (5.28) Restructuring and acquisition-related costs Debt refinancing and redemption costs Loss on sale of business Impairment charges Accelerated depreciation* 0.06 0.08 0.33 0.34 0.27 0.05 0.29 0.06 0.02 0.01 4.51 0.08 0.27 0.14 Unrealized gain on equity securities (0.16) (0.16) Non-recurring items: Malvern fire charges, net of recoveries (0.05) 0.07 (0.09) 0.08 Tax adjustments related to the CARES Act (0.07) Adjustments to liability for unrecognized tax benefits (0.06) Tax effect of adjustments (0.03) (0.04) (0.09) (0.12) Adjusted earnings (loss) per share $ 0.15 $ 1.15 CA $ 1.01 $ (0.39) *Please refer to definition of Non-GAAP measures 21#22Supplemental Data Free Cash Flow and Adjusted Free Cash Flow Reconciliation ($ in millions) BRINGING THE FUTURE AAM FASTER Three Months Ended September 30, Nine Months Ended September 30, 2021 2020 2021 2020 Net cash provided by operating activities $ 89.8 $ 249.5 $ 436.0 $ 246.4 Capital expenditures net of proceeds from the sale of property, plant and equipment (33.2) (40.5) (114.0) (144.7) Free cash flow 56.6 209.0 322.0 101.7 Cash payments for restructuring and acquisition-related costs 9.0 8.2 47.9 37.0 Cash payments related to the Malvern fire net of recoveries Adjusted free cash flow 3.5 9.4 $ 69.1 $ 217.2 $ 379.3 $ 138.7 22 22#23Supplemental Data Net Debt and Net Leverage Ratio ($ in millions) September 30, 2021 Current portion of long-term debt $ Long-term debt, net Total debt, net Less: cash and cash equivalents Net debt at end of period Adjusted LTM EBITDA Net Leverage Ratio $ SA 14.6 3,104.1 3,118.7 500.7 2,618.0 930.2 2.8X BRINGING THE FUTURE AAM FASTER 23#24Supplemental Data Segment Financial Information ($ in millions) Three Months Ended Nine Months Ended September 30, September 30, 2021 2020 2021 2020 Segment Sales Driveline $ 870.4 $ 1,025.0 $ 2,831.9 $ 2,346.7 Metal Forming 422.7 497.4 1.352.1 1.147.7 Total Sales 1,293.1 1,522.4 4,184.0 3,494.4 Intersegment Sales (80.0) (108.3) (262.5) (221.5) Net External Sales $ 1,213.1 $ 1,414.1 $ 3,921.5 $ 3,272.9 Segment Adjusted EBITDA Driveline $ Metal Forming 128.4 $ 54.8 199.5 $ 97.6 450.2 $ 309.0 218.5 149.3 Total Segment Adjusted EBITDA $ 183.2 $ 297.1 $ 668.7 $ 458.3 BRINGING THE FUTURE AAM FASTER 24#25Supplemental Data Adjusted EBITDA Low End High End (in millions) Net income Interest expense $ 20 $ 35 200 200 Income tax benefit Depreciation and amortization (5) 545 545 Full year 2021 targeted EBITDA Restructuring and acquisition-related costs Other 760 780 60 60 10 10 Full year 2021 targeted Adjusted EBITDA $ 830 $ 850 Adjusted Free Cash Flow (in millions) Net cash provided by operating activities $ 520 Capital expenditures net of proceeds from the sale (190) of property, plant and equipment Full year 2021 targeted Free Cash Flow 330 Cash payments for restructuring and acquisition- related costs 60 Other 10 Full year 2021 targeted Adjusted Free Cash Flow $ 400 BRINGING THE FUTURE AAM FASTER 25 25#26Definition of Non-GAAP Measures BRINGING THE FUTURE MFASTER EBITDA and Adjusted EBITDA We define EBITDA to be earnings before interest expense, income taxes, depreciation and amortization. Adjusted EBITDA is defined as EBITDA excluding the impact of restructuring and acquisition-related costs, debt refinancing and redemption costs, loss on sale of a business, impairment charges, pension settlements, unrealized gains or losses on equity securities and non-recurring items. We believe that EBITDA and Adjusted EBITDA are meaningful measures of performance as they are commonly utilized by management and investors to analyze operating performance and entity valuation. Our management, the investment community and the banking institutions routinely use EBITDA and Adjusted EBITDA, together with other measures, to measure our operating performance relative to other Tier 1 automotive suppliers. We also use Segment Adjusted EBITDA as the measure of earnings to assess the performance of each segment and determine the resources to be allocated to the segments. EBITDA and Adjusted EBITDA are also key metrics used in our calculation of incentive compensation. EBITDA and Adjusted EBITDA should not be construed as income from operations, net income or cash flow from operating activities as determined under GAAP. Other companies may calculate EBITDA and Adjusted EBITDA differently. Adjusted Earnings (Loss) Per Share We define Adjusted earnings (loss) per share to be diluted earnings per share excluding the impact of restructuring and acquisition-related costs, debt refinancing and redemption costs, loss on sale of a business, impairment charges, pension settlements, certain accelerated depreciation, unrealized gains or losses on equity securities and non-recurring items, including the tax effect thereon. We believe Adjusted earnings (loss) per share is a meaningful measure as it is commonly utilized by management and investors in assessing ongoing financial performance that provides improved comparability between periods through the exclusion of certain items that management believes are not indicative of core operating performance and which may obscure underlying business results and trends. Other companies may calculate Adjusted earnings (loss) per share differently. Free Cash Flow and Adjusted Free Cash Flow We define free cash flow to be net cash provided by operating activities less capital expenditures net of proceeds from the sale of property, plant and equipment. Adjusted free cash flow is defined as free cash flow excluding the impact of cash payments for restructuring and acquisition-related costs and cash payments related to the Malvern fire, including payments for capital expenditures, net of recoveries. We believe free cash flow and Adjusted free cash flow are meaningful measures as they are commonly utilized by management and investors to assess our ability to generate cash flow from business operations to repay debt and return capital to our stockholders. Free cash flow and Adjusted free cash flow are also key metrics used in our calculation of incentive compensation. Other companies may calculate free cash flow and Adjusted free cash flow differently. Net Debt and Net Leverage Ratio We define net debt to be total debt, net less cash and cash equivalents. We define Net Leverage Ratio to be net debt divided by the trailing 12 months of Adjusted EBITDA. We believe that Net Leverage Ratio is a meaningful measure of financial condition as it is commonly used by management, investors and creditors to assess capital structure risk. Other companies may calculate Net Leverage Ratio differently. Liquidity We define Liquidity as cash on hand plus amounts available on our revolving credit facility and foreign credit facilities. US SAAR We define US SAAR as the seasonally adjusted annual rate of light vehicle sales in the United States. Accelerated Depreciation In the first quarter of 2021, one of our largest customers announced their intention to cease production operations in Brazil in 2021 as part of their restructuring actions. As such, we have accelerated depreciation on certain property, plant and equipment beginning in the first quarter of 2021. In the first six months of 2020, we accelerated depreciation for certain assets that were idled as a result of our largest customer exiting their operations in Thailand, which they announced in the first quarter of 2020. 26#27AAM R www.aam.com in i✪O