#1AAM May 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#3Agenda AAM Overview ESG Update Electrification Product Technology BRINGING THE FUTURE AAM FASTER 3#4AAM Overview BRINGING THE FUTURE (AAM FASTER#5We 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 16 ENGINEERING CENTERS 17 COUNTRIES Nearly 80 LOCATIONS 827 ATROLL HATTAN TECHNICAL CENTER 5#6Business Units and Market Leadership DRIVELINE • 2020 Sales: $3.6B • A Global Leader in H 1-01-1 • Full-size pickup truck and SUV • driveline systems AWD systems for crossover vehicles Damped gears, viscous dampers and rubber isolation pulleys • Pioneer of disconnecting AWD Systems METAL FORMING ⚫ 2020 Sales: $1.1B • • BRINGING THE FUTURE AAM FASTER Largest automotive forger in the world A Global Leader in • Powdered metal connecting rods Differential gears • • Axle shafts • • One of the leaders in hybrid and electric driveline solutions • . Hypoid pinions. Ring gears Transmission gears • CVT pulleys Aluminum valve bodies *Note: Market leadership based on company estimates as compared to other independent supplier., business unit sales are after intercompany sales of approximately $0.4 billion. 6 10#72020 AAM Highlights Implemented Significant Cost Savings Actions to Adjust to New Market Demand Automotive News PACE AWARD Deloitte APMA Automotive News PACE AWARD Deloitte. APMA LEAD READH CONNECT 2020 WINNER Won Both PACE Partnership and Innovation Awards for Electric Drive Technology $ BRINGING THE FUTURE AAM FASTER Continued Strong Free Cash Flow Generation and Debt Reduction Quality Assurance Received Silver Quality Award at Ford's World Excellence Awards BADJUN EU Launched First China eDrive Program at our Liuzhou AAM JV Formed Technical Agreement with INOVANCE Inovance Automotive Automotive and Awarded Multiple New Electrification Programs in China 2019 SUPPLIER of the YEAR Recognized as GM Supplier of the Year for Fourth Year in a Row AAM Published Comprehensive Sustainability Report RAM Secured Next Generation Ram Heavy Duty Axle and Driveshaft program 7#81Q 2021 AAM Financial Highlights BRINGING THE FUTURE AM FASTER >$1.4B $263M 18.4% Record First Quarter Quarterly Sales Adj. EBITDA Margin $174M Record First Quarter Adjusted Free Cash Flow AAM Starts 2021 With Strong Financial Performance 8#9AAM Business Update AAM & REE R3E JOINT DEVELOPMENT AGREEMENT BRINGING THE FUTURE AM FASTER AAM and REE have agreed to jointly develop an exciting new electric propulsion system for e-Mobility. gm AAM has been named as the sole-supplier of front and rear pickup axles for GM's Oshawa truck plant. AAM is supplying both air-cooled and liquid-cooled Power Transfer Units (PTU) for the all-new Ford Bronco Sport. 9#102021 Financial Outlook • Full Year Sales Adjusted EBITDA Adjusted Free Cash Flow • • (as of May 7, 2021) 2021 Financial Targets $5.3 $5.5 billion - - $850 $925 million - $300 $400 million BRINGING THE FUTURE AM FASTER Trending toward the high-end of ranges based on current production schedules and customers prioritizing large truck and SUV output - These targets are based on North American light vehicle production in the range of 15.0 – 15.5 million units Full year targets are based on current and anticipated customer production and launch schedules Adjusted Free Cash Flow target assumes capital spending of approximately 4.5% of sales AAM expects restructuring and acquisition-related cash payments to be between $50 and $65 million Note: For definitions of Adjusted EBITDA and Adjusted Free Cash Flow and Non-GAAP reconciliations, please see the attached appendix 10#11Environment, Social, and Governance BRINGING THE FUTURE (AAM FASTER#12Sustainability Update BRINGING THE FUTURE AM 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 1 2 3 In a survey conducted by Institutional Investor, our 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 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. 4 5 7 8 Financially Material ESG 13 14 15 17 20 26 28 29 30 31 33 33 34 35 35 39 33 38 A-1 A-3 A-11 A-12 Disclosures were ranked 1st out of 80+ nominated Small-cap Consumer companies* 12#13Sustainability Leadership and Oversight BRINGING THE FUTURE AM FASTER Board of Directors Nominating / Corporate Governance Committee TTTTT Sustainability Steering Committee Policy Committee Head of Sustainability Environmental Human Resources Legal Finance Procurement Cross-Functional Experts Quality Product and Leaders Environmental Michael K. Simonte President Responsible for the development of strategies, action plans, goals and performance, as well as external reporting of environmental, energy and safety goals 3° Social Terri M. Kemp Vice President - Human Resources Responsible for social responsibility, such as promoting our people-first culture with diversity and inclusion initiatives, associate training, education and wellness programs, and support of universal human rights Governance David E. Barnes Vice President & General Counsel Serves as Chief Compliance Officer and is responsible for ESG compliance and corporate governance, including reporting to our Board of Directors and relevant committees on sustainability matters AAM's sustainability program is managed within a well-defined governance structure, through clearly- established ownership and responsibilities at multiple levels in the organization. 13#14Sustainability: 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 14#15Key Environmental Goals ENERGY Goal: 5% Reduction or 1,144 by 2024 1,400 1,204 1,241 989 mmBtu/$MM EMISSIONS Goal: 5% Reduction or 141 by 2024 160 148 151 tCO2e/$MM 97 ML/SMM BRINGING THE FUTURE AM FASTER WATER Goal: 5% Reduction or 0.495 by 2024 0.60 0.52 0 0 0.00 2018 2019 2020 2018 2019 2020 2019 2020 Note: Refer to AAM's 2020 Sustainability Report for further detail and supporting calculations. AAM has achieved initial goals In 2021 AAM will reset goals to drive future beneficial impacts of our initiatives 0.34 15#16Electrification Product Technology BRINGING THE FUTURE (AAM FASTER#17Electrification Addressable Market BRINGING THE FUTURE AAM FASTER AAM anticipates the addressable sourcing market at ~$18-20 billion by 2030 This includes electric drive units, subsystems and components We offer solutions for various OEM go-to-market strategies for electric vehicles Our technology is a key differentiator We expect the market to grow past 2030 AAM's Competitive Advantage Global Size & Scale Operational Excellence Technology Leadership Broad Product Portfolio Integration Technical Experience Partnerships *Note: Total global addressable markets is based on electric drive unit install rates across various propulsion types Source: IHS estimates and internal calculations 17#18Significant 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 18#19AAM Electrification History Key Business Awards in Electrification To Date 2-in-1 Electric Drive Units Jaguar I-PACE (Europe) Two P4 Electric Drive Units Automotive News PACE AWARD Deloitte APMA 2020 FINALIST 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 Launched Launched 2021 Launch BRINGING THE FUTURE AAM FASTER 3-in-1 Electric Drive Units (Platform) AAM / Inovance 3-in-1 eDrive (China) • P4 Platform Electric Drive Units • Scalable Power Level based on Application • Offset Gearbox Design Optional Park Lock Electric Drive Components Multiple Programs Awarded Electronic Limited Slip Differential Awarded • North American BEV Pick-up Truck Application Commercial Vehicle Differential • North American BEV Semi-Truck Application Awarded Planetary Geartrain • European BEV Passenger Car Application Awarded 19#20AAM Technology/Partnerships/Launches INOVANCE Automotive Technical advancement of fully integrated 3-in-1 EDUs Access to the largest BEV Market (China) High value power electronics Multiple programs awarded via partnership Next Generation Drive Units Highly integrated advanced 3-in-1 technology Substantial improvement over currently available units World class efficiency and NVH AAM proprietary motor, invertor, and gear technology ■ R3E Invested In REE Automotive BRINGING THE FUTURE AM FASTER Electric platform leader reinventing e-mobility Integrates traditional vehicle components in the arch of the wheel Allowing for flat and modular electric platforms Key Launches Rear e-Drive units for European high performance hybrid passenger car (multiple variants) Multiple program launches in China Multiple electric powertrain component launches on multiple vehicle segments including electric pick-up truck and commercial vehicle 20 20#21AAM - REE Joint Development Agreement AAM POE generation Development is expected to occur at AAM's Advanced Technology and Development Center in Detroit with delivery of prototypes planned by the end of 2021 ☐ BRINGING THE FUTURE AM FASTER AAM and REE intend to incorporate AAM's next generation of high-speed electric drive units, which feature a fully integrated high-speed motor and inverter, into REE's highly modular and disruptive REEcorner TM technology. The REEcorner integrates critical vehicle chassis systems (propulsion, steering, braking, suspension, and controls) into a module that sits in-between the vehicle sub-frame and wheel to provide additional space for battery storage, enabling greater vehicle range. ■ AAM's electric drive technology enables REE's integration of these chassis systems into the REEcorner module based on its industry leading power density and compact design. 21#22AAM / Inovance Technical Partnership Inovance Overview - Leading Independent Traction Inverter Supplier in China Portfolio of Electric Propulsion Products - - Inverters, Motors, DC/DC Converters, On-Board Chargers, 3-in-1 Electric Drive Units Strong Technical Team with Full Development Capability Competitive and Vertically Integrated Manufacturing Footprint Multiple Programs Awarded via Partnership BRINGING THE FUTURE AM FASTER INOVANCE Automotive Partnership Accelerates Development of Next Generation Fully Integrated 3-in-1 EDUS and Increased Access to the largest BEV Market 22#23AAM Next Generation Electric Drive BRINGING THE FUTURE AM FASTER Outside: Best Inside: Worst Market Critical Attributes Output Nm/L WLTP Consumption [Whr/Km] CLTC-P Consumption [Whr/Km] Efficiency Packaging EPA Consumption [Whr/Km] kW/L Output Nm / kg SESSES 7101 Price Mass kW/kg Price / Output Nm 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 23#24Scalable & 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 24 Denotes AAM EDU application#25Electrification 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 25 25#26Supplemental Data BRINGING THE FUTURE (AAM FASTER#27Reconciliation 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. 27#28Supplemental Data EBITDA and Adjusted EBITDA Reconciliation ($ in millions) Net income (loss) Interest expense Income tax expense Depreciation and amortization EBITDA Restructuring and acquisition-related costs Debt refinancing and redemption costs Impairment charges Loss on sale of business BRINGING THE FUTURE AAM FASTER Three Months Ended March 31, 2021 2020 $ 38.6 $ (501.2) 51.1 51.5 8.8 142.0 3.3 129.6 240.5 (316.8) 17.5 17.6 1.1 1.5 510.0 2.6 1.0 Non-recurring items: Malvern fire charges, net of recoveries 1.2 Adjusted EBITDA $ 262.9 $ 213.3 as % of net sales 18.4% 15.9% 80 28#29Supplemental Data Adjusted Earnings Per Share Reconciliation Diluted earnings (loss) per share Restructuring and acquisition-related costs Debt refinancing and redemption costs Loss on sale of business Impairment charges Accelerated depreciation* Non-recurring items: Malvern fire charges, net of recoveries Tax adjustments related to the CARES Act Tax effect of adjustments Adjustment for anti-dilutive effect Adjusted earnings per share *Please refer to definition of Non-GAAP measures Three Months Ended March 31, 2021 2020 $ 0.33 $ (4.45) 0.15 0.16 0.01 0.01 0.02 0.01 4.53 0.09 0.06 BRINGING THE FUTURE AAM FASTER 0.01 (0.07) (0.04) (0.04) (0.01) $ 0.57 $ 0.20 29 29#30Supplemental Data Free Cash Flow and Adjusted Free Cash Flow Reconciliation ($ in millions) Three Months Ended March 31, 2021 2020 Net cash provided by operating activities Less: Capital expenditures net of proceeds from sale of property, plant and equipment 179.1 $ 139.4 (39.6) Free cash flow 139.5 Cash payments for restructuring and acquisition-related costs 23.4 (69.2) 70.2 13.1 Cash payments related to the Malvern fire net of recoveries 11.2 Adjusted free cash flow $ 174.1 $ 83.3 BRINGING THE FUTURE AAM FASTER 30 30#31Supplemental Data Net Debt and Net Leverage Ratio ($ in millions) March 31, 2021 Current portion of long-term debt $ 13.7 Long-term debt, net 3,360.9 Total debt, net 3,374.6 Less: Cash and cash equivalents 601.2 Net debt at end of period 2,773.4 Adjusted LTM EBITDA $ 769.4 Net Leverage Ratio 3.6x BRINGING THE FUTURE AAM FASTER 31#32Supplemental Data Segment Financial Information ($ in millions) Three Months Ended March 31, 2021 2020 Segment Sales Driveline Metal Forming $ 1,026.1 $ 945.9 489.3 482.1 Total Sales 1,515.4 1,428.0 Intersegment Sales (90.3) (84.5) Net External Sales $ 1,425.1 $ 1,343.5 Segment Adjusted EBITDA Driveline $ 170.5 134.5 Metal Forming 92.4 78.8 Total Segment Adjusted EBITDA $ 262.9 $ 213.3 BRINGING THE FUTURE AAM FASTER 32 32#33Supplemental Data Full Year 2021 Outlook ($ in millions) Adjusted EBITDA Low End High End Net income Interest expense Income tax expense $ 40 $ 100 200 200 10 25 Depreciation and amortization 530 530 Full year 2021 targeted EBITDA 780 855 Restructuring and acquisition-related costs Other 60 60 10 10 Full year 2021 targeted Adjusted EBITDA $ 850 $ 925 Adjusted Free Cash Flow Low End High End Net cash provided by operating activities $ 480 $ 580 Capital expenditures net of proceeds from the (240) (240) sale of property, plant and equipment Full year 2021 targeted Free Cash Flow 240 340 Cash payments for restructuring and acquisition- related costs 60 60 Full year 2021 targeted Adjusted Free Cash Flow $ 300 $ 400 BRINGING THE FUTURE AAM FASTER 33#34Definition of Non-GAAP Measures BRINGING THE FUTURE AM FASTER 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 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 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 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 and non-recurring items, including the tax effect thereon. We believe Adjusted earnings 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 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 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 quarter 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. 34#35AAM R www.aam.com in i✪O