#1AAM September 2022 Investor Presentation BRINGING THE FUTURE FASTER#2Forward-Looking Statements BRINGING THE FUTURE AAM FASTER This presentation 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 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#3BRINGING THE FUTURE Technology Day and Ride & Drive Save The Date January 4, 2023 Las Vegas Motor Speedway More Information To Come AAM Ⓡ AAM FASTER 3#4AAM Overview BRINGING THE FUTURE (AAM FASTER#5AAM - Quick Facts Global-leader in design, engineering and manufacturing of automotive propulsion systems and technologies to support electric, hybrid and ICE vehicles $5.2B 2021 Revenue ~20,000 Employees DRIVELINE . • One of the leaders in hybrid and electric driveline solutions A Global Leader in Full-size pickup truck and SUV driveline systems 18 Countries Nearly 85 Locations 14 Global Engineering and Tech Centers BRINGING THE FUTURE AAM FASTER METAL FORMING • Leading automotive forger in the world • A Global Leader in • Forged Gears & Shafts • CVT Pulleys . AWD systems for crossover • vehicles Powdered Metal Connecting Rods • Damped gears, viscous . Aluminum Valve Bodies dampers and rubber isolation. pulleys • Machined Helical Gears • Differential Assemblies Pioneer of disconnecting AWD Systems Strong position in electrified propulsion components 5#62Q 2022 AAM Financial Highlights BRINGING THE FUTURE AM FASTER $1.44B $195.1M Quarterly Sales Second Quarter Adjusted EBITDA $114.3M Adjusted Free Cash Flow AAM Delivers Solid Results In A Difficult Operating Environment 60#7Business Update AAM BRINGING THE FUTURE AM FASTER TEKFOR S.MA 9364 Mercedes-AMG AAM's electric driveline technology powers AMG's first plug-in hybrid electric (PHEV) model, the GT 63 S E PERFORMANCE. AAM supplies the performance car's rear drive unit, a 2022 Automotive News PACE™M Award finalist. Electrification AAM awarded multiple contracts to supply major global OEMs with highly engineered electric components including gears for front and rear electric drive units. Tekfor Completed the acquisition of Tekfor Group in June. The acquisition provides significant synergy potential, diversifies AAM's geographic and customer sales mix and increases AAM's electrification product portfolio. 7#8Updated 2022 Financial Outlook (as of August 5, 2022) Full Year Sales 2022 Financial Targets Adjusted EBITDA Adjusted Free Cash Flow $5.75 to $5.95 billion $790 to $830 million $300 to $350 million BRINGING THE FUTURE AM FASTER • • • The updated financial outlook includes the Tekfor acquisition (which became effective on June 1) - cost synergies are on track for 2023 These targets are based on North American light vehicle production range of 14.3 – 14.7 million units, current customer production and launch schedules and business environment Adjusted Free Cash Flow target assumes capital spending in the range of 3.5% -4.0% of sales AAM expects restructuring and acquisition-related cash payments to be between $30 and $40 million Note: For definitions of Adjusted EBITDA and Adjusted Free Cash Flow and Non-GAAP reconciliations, please see the attached appendix. 8#9Gross New Business Backlog $700 Million Backlog as disclosed on February 11, 2022 Electric 35% Backlog By Segment Other Pass Car 5% 5% Backlog By Geography Crossover 20% Asia 30% Truck/SUV 35% Europe 20% BRINGING THE FUTURE AM FASTER Americas 50% Electrification continues to be a growing portion of AAM's new business backlog 9#10Environmental, Social, and Governance BRINGING THE FUTURE (AAM FASTER#11Sustainability 2021 Report . New sustainability report was published in April 2022. • Our vision is to power a sustainable future while providing value to our stakeholders. • The mission is to advance global mobility through innovative technologies and sustainable solutions. Our focus is to deliver power and build a safer, greener and sustainable future for our associates, customers, communities and the environment. POWER BRINGING THE FUTURE AM FASTER AAM 2021 SUSTAINABILITY REPORT POWERING A SUSTAINABLE FUTURE... TOGETHER. ENVIRONMENTAL SOCIAL PRODUCT SUPPLY CHAIN GOVERNANCE 11#12Committed To Net Zero Carbon Emissions New Targets • • We are focused on achieving profitable growth and doing so sustainably. We initially set goals to reduce GHG emissions, energy usage, and water consumption by 5% by the end of 2024. AAM achieved those goals ahead of schedule. We established new targets to guide AAM's global environmental sustainability initiatives. We applied for Science Based Targets initiative (SBTi) accreditation of our climate goals. co. Scope 1, 2 & 3 Emissions ACHIEVE NET ZERO CARBON BY 2040 Water ZERO INCIDENTS OF WATER CONTAMINATION AND WATER SCARCITY IN WATERSHEDS WHERE WE OPERATE BRINGING THE FUTURE AAM FASTER D Energy 100% RENEWABLE ENERGY SOURCING IN THE U.S. BY 2025 Waste ZERO-WASTE-TO-LANDFILL STATUS FOR ALL FACILITIES BY 2035 ENVIRONMENTAL SOCIAL PRODUCT SUPPLY CHAIN GOVERNANCE 12#13Electrification Product Technology BRINGING THE FUTURE (AAM FASTER#14AAM Electrification History LAND- -ROVER JAGUAR 2010 AAM & Saab establish 2017 e-AAM Driveline Systems Joint Venture AAM starts production to support Jaguar I-PACE 2012 AAM acquires full ownership of e-AAM Driveline Systems 2020 PACE Automotive News PACE AWARD Deloitte. APMA 2020 WINNER 2020 AAM receives two PACE Awards 2021 NIO Awarded NIO differential for next generation Electric Drive Units BRINGING THE FUTURE AM FASTER R3E 2021 REE and AAM announce EDU production contract 2020 AAM launches Baojun AAM secures multiple 3-in- E300 program 1 programs in Asia 2021 AAM announces GMC Hummer EV differentials award 2022 AAM launched high- performance P3 program with Mercedes-AMG 14#15AAM 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 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 Mercedes-AMG GT 63 S E Performance Launched • P3 Hybrid Electric Drive Unit 150kW Peak Power • 2-Speed Concentric Gearbox Design Integrated TracRiteⓇ eLSD Multiple Programs Awarded & Launched AAM Next Generation 3-in-1 eDrive Wheel End eDrive Units Compact Offset Gearbox Design High Power Density Electric Drive Components Electric Drive Unit Differentials/Components Automotive News PACE pilot 2022 FINALIST 2024 Launch Automotive News PACE AWARD • Multiple Chinese BEV Car & SUV Applications • 2022 FINALIST North American BEV Pick-up Truck Applications • North American BEV Semi-Truck Application • Multiple Europe BEV Light Vehicle Applications Multiple Programs Awarded and Launched Launched 15#16AAM Electrification Global Footprint Sales, Engineering, and Manufacturing Support in All Major Regions BRINGING THE FUTURE AM FASTER M M M North America • Advanced Technology Development Center in Detroit, Michigan . Global Innovation Hub • Global Core Technology • Truck Electrification • · · Production of Driveline Products Production of Metal Forming Electrification Components N.A. Customer Lead for AAM Europe Technology Center in Langen, Germany Passenger Car Electrification Production of Driveline Products Production of Metal Forming Electrification Components Europe Customer Lead for AAM India . Engineering / Sales / Manufacturing in Pune, India and Chakan, India India Customer Lead for AAM Asia • · • • Technology Center in Shanghai, China Passenger Car Electrification Production of Driveline Products Production of Metal Forming Electrification Components Asia Customer Lead for AAM 16#17Significant 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 17#18AAM and REE Partnership AAM announced in November 2021 it secured an agreement with REE to supply high-performance 3-in1 electric drive units (EDU). The REEcorner integrates critical vehicle components between the chassis and the wheel to deliver significant functional and economic advantages. AAM's compact EDUS enables REE's integration of these chassis systems into the REEcorner module. Development of EDU at AAM's Advanced Technology Development Center. Prototypes delivered at the end of 2021. ■ Full production planned for 2024. BRINGING THE FUTURE AAM FASTER 18#19AAM 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 AAM's Next Generation Electric Drive exceeds Range widely recognized industry benchmark in terms of critical EDU attributes 19#20Scalable & 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 Denotes AAM EDU application 20 20#21Electrification 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 21#22Supplemental Data BRINGING THE FUTURE (AAM FASTER#23Reconciliation 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. 23#24Supplemental Data EBITDA and Adjusted EBITDA Reconciliation ($ in millions) Three Months Ended June 30, Six Months Ended June 30, 2022 2021 2022 2021 Net income Interest expense $ 22.9 $ 16.0 $ 23.9 $ 54.6 42.7 49.9 87.4 101.0 Income tax expense 0.6 2.4 3.6 11.2 Depreciation and amortization 121.9 143.6 242.3 285.6 EBIT DA 188.1 211.9 357.2 452.4 Restructuring and acquisition-related costs 9.6 15.9 18.5 33.4 Debt refinancing and redemption costs 0.2 1.3 5.8 2.4 Loss on sale of business - 0.1 2.7 Unrealized loss on equity securities 3.7 21.7 Non-recurring items: Malvern fire charges, net of recoveries 0.1 (6.6) (5.4) (5.4) Acquisition-related fair value inventory adjustment 5.0 5.0 Gain on bargain purchase of business (11.6) (11.6) Adjusted EBITDA $ 195.1 $ 222.6 $ 391.2 $ 485.5 Sales as a % of net sales 1,438.3 13.6% 1,283.3 17.3% 2,874.5 13.6% 2,708.4 17.9% BRINGING THE FUTURE AAM FASTER 24#25EBITDA and Adjusted EBITDA for the Trailing Twelve Months Ended June 30, 2022 ($ in millions) Supplemental Data BRINGING THE FUTURE MFASTER Quarter Ended Trailing Twelve Months Ended September 30, December 31, March 31, June 30, June 30, 2021 2021 2022 2022 2022 Net income (loss) $ (2.4) $ (46.3) $ 1.0 $ 22.9 $ (24.8) Interest expense 49.7 44.5 44.7 42.7 181.6 Income tax expense (benefit) (13.6) (2.3) 3.0 0.6 (12.3) Depreciation and amortization 135.6 123.1 120.4 121.9 501.0 EBITDA 169.3 119.0 169.1 188.1 645.5 Restructuring and acquisition-related costs 7.4 8.6 8.9 9.6 34.5 Debt refinancing and redemption costs 31.6 5.6 0.2 37.4 Pension settlement 42.3 42.3 Unrealized loss (gain) on equity securities (19.4) (5.0) 18.0 3.7 40 (2.7) Non-recurring items: Malvern fire charges, net of recoveries (5.7) (0.3) (5.5) 0.1 (11.4) Acquisition-related fair value inventory adjustment 5.0 5.0 Gain on bargain purchase of business (11.6) (11.6) Adjusted EBITDA $ 183.2 $ 164.6 $ 196.1 $ 195.1 $ 739.0 Sales as a % of net sales 1,213.1 1,235.1 1,436.2 1,438.3 5,322.7 15.1% 13.3% 13.7% 13.6% 13.9% 25 25#26Supplemental Data BRINGING THE FUTURE AAM FASTER Adjusted Earnings Per Share Reconciliation Three Months Ended June 30, Six Months Ended June 30, 2022 2021 2022 2021 Diluted earnings per share Debt refinancing and redemption costs Unrealized loss on equity securities $ 0.19 $ 0.13 $ 0.20 $ 0.46 Restructuring and acquisition-related costs Loss on sale of business 0.08 0.14 0.14 0.28 0.01 0.05 0.02 0.02 0.03 I 0.18 Accelerated depreciation* 0.09 0.19 Non-recurring items: Malvern fire charges, net of recoveries (0.06) (0.04) (0.05) Acquisition-related fair value inventory adjustment 0.04 0.04 Gain on bargain purchase of business (0.09) (0.09) Tax effect of adjustments (0.03) (0.02) (0.08) (0.06) Adjusted earnings per share $ 0.22 $ 0.29 $ 0.40 $ 0.86 *Please refer to definition of Non-GAAP measures. 26#27Supplemental Data Free Cash Flow and Adjusted Free Cash Flow Reconciliation ($ in millions) Three Months Ended June 30, Six Months Ended June 30, 2022 2021 2022 2021 Net cash provided by operating activities $ 146.7 $ 167.1 $ 215.2 $ 346.2 Capital expenditures net of proceeds from the sale of property, plant and equipment (42.6) (41.2) (67.0) (80.8) Free cash flow 104.1 125.9 148.2 265.4 Cash payments for restructuring and acquisition-related costs 8.1 15.5 16.5 38.9 Cash payments related to the Malvern fire, net of recoveries Adjusted free cash flow 2.1 (5.3) 3.5 5.9 $ 114.3 $ 136.1 $ 168.2 $ 310.2 BRINGING THE FUTURE AAM FASTER 27#28Supplemental Data Net Debt and Net Leverage Ratio ($ in millions) June 30, 2022 Current portion of long term debt $ 14.1 Long-term debt, net 3,034.8 Total debt, net 3,048.9 Less: Cash and cash equivalents 501.4 Net debt at end of period 2,547.5 Adjusted LTM EBIT DA $ 739.0 Net Leverage Ratio 3.4x BRINGING THE FUTURE AAM FASTER 80 28#29Supplemental Data Segment Financial Information ($ in millions) Segment Sales Driveline Metal Forming Total Sales Intersegment Sales Net External Sales Segment Adjusted EBITDA Three Months Ended June 30, Six Months Ended June 30, 2022 2021 2022 2021 $ 1,040.7 $ 935.4 $ 2,102.5 $ 1,961.5 512.9 440.1 994.7 929.4 1,553.6 1,375.5 3,097.2 2,890.9 (115.3) (92.2) (222.7) (182.5) $ 1,438.3 $ 1,283.3 $ 2,874.5 $ 2,708.4 Driveline $ 141.4 $ Metal Forming 53.7 151.3 71.3 273.9 117.3 $ 321.8 163.7 Total Segment Adjusted EBITDA $ 195.1 $ 222.6 $ 391.2 $ 485.5 BRINGING THE FUTURE AAM FASTER 29 29#30Supplemental Data Adjusted EBITDA Low End High End (in millions) Net income Interest expense $ 55 $ 85 175 175 Income tax expense 10 20 Depreciation and amortization 500 500 Full year 2022 targeted EBITDA 740 780 Restructuring and acquisition-related costs 35 35 Other 15 15 Full year 2022 targeted Adjusted EBITDA $ 790 $ 830 Adjusted Free Cash Flow Low End High End (in millions) Net cash provided by operating activities Capital expenditures net of proceeds from the sale of property, plant and equipment Full year 2022 targeted Free Cash Flow Cash payments for restructuring and acquisition-related costs $ 480 530 (215) (215) 265 315 35 35 Full year 2022 targeted Adjusted Free $ 300 $ 350 BRINGING THE FUTURE AAM FASTER 30 30#31Definition 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 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, unrealized gains or losses on equity securities 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, 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 accelerated depreciation on certain property, plant and equipment beginning in the first quarter of 2021. 31#32AAM R www.aam.com in i✪O