American Axle & Manufacturing Holdings, Inc.

g g ,
Barclays Capital 2011 Global Automotive Conference November 15, 2011

Forward-Looking Statement
Certain statements contained in this presentation are forward-looking statements and relate to the Companys plans, projections, strategies or future performance. Such statements, made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995, are based on our current expectations, are inherently uncertain, are subject to risks and should be viewed with caution. Forward-looking statements should not be read as a guarantee of future performance or results, and will not necessarily be accurate indications of the times at, or by, which such achieved. performance or results will be achieved Forward-looking statements are based on information available at the time those statements are made and/or managements good faith belief as of that time with respect to future events and are subject to risks and may differ materially from those expressed in or suggested by the forward-looking statements. Important factors that could cause such differences include, but are not limited to: global economic conditions; reduced purchases of our products by General Motors Company (GM), Chrysler Group LLC (Chrysler) or other customers; reduced demand for our customers products (particularly light trucks and sport utility vehicles (SUVs) produced by GM and Chrysler); availability of financing for working capital, capital expenditures, R&D or other general corporate purposes, including our ability to comply with financial covenants; our customers and suppliers availability of financing customers suppliers for working capital, capital expenditures, R&D or other general corporate purposes; our ability to continue to achieve cost reductions through ongoing restructuring actions; additional restructuring actions that may occur; our ability to achieve the level of cost reductions required to sustain global cost competitiveness; our ability to maintain satisfactory labor relations and avoid future work stoppages; our suppliers, our customers and their suppliers ability to maintain satisfactory labor relations and avoid work stoppages; our ability to continue to implement improvements in our U.S. labor cost structure; supply shortages or price increases in raw materials, utilities or other operating supplies; our ability and our customers and suppliers ability to successfully launch new product programs on a timely basis; our ability to realize th expected revenues f li the t d from our new and i d incremental b i t l business b kl backlog; our ability t attract new customers and bilit to tt t t d programs for new products; our ability to develop and produce new products that reflect market demand; lower-thananticipated market acceptance of new or existing products; our ability to respond to changes in technology, increased competition or pricing pressures; price volatility in, or reduced availability of, fuel; adverse changes in laws, government regulations or market conditions affecting our products or our customers products (such as the Corporate Average Fuel Economy regulations); liabilities arising from warranty claims, product liability and legal proceedings to which we are or may become a party; changes in liabilities arising from pension and other postretirement benefit obligations; risks of noncompliance with environmental regulations or risks of environmental issues that could result in unforeseen costs at our facilities; our ability to attract and retain key associates; our ability to consummate and integrate acquisitions and joint ventures; risks inherent in our international operations (including adverse changes in the political stability, taxes and other law changes, potential disruption of production and supply, and currency rate fluctuations); and other unanticipated events and conditions that may hinder our ability to compete. For additional discussion, see Item 1A. Risk Factors in our most recent annual report on Form 10-K and quarterly reports on Form 10-Q. It is not possible to foresee or identify all such factors and we assume no obligation to update any forward-looking statements or to disclose any subsequent facts, events or circumstances that may affect their accuracy.

Executive Summary
AAM has returned to solid profitability
3Q 2011 marked the 9th consecutive profitable quarter for AAM 3Q 2011 was also th 7th consecutive quarter with year-over-year sales growth l the ti t ith l th

AAM is well positioned to operate in slow growth economic

conditions and to benefit from a global economic recovery

O Operating b k ti breakeven reduced t U S SAAR of 10M vehicle units d d to U.S.SAAR f 10M hi l it AAM is benefiting from a trend of higher sales of light trucks in the U.S. and
stronger truck mix as a percentage of total U.S. vehicle sales AAM s AAMs new business backlog for the years 2012 2014 has grown to $1 1 billion 2012-2014 $1.1 (> $500 million of which is launching outside the U.S.)

While continuing to emphasize operational excellence, AAM is

focused on building value through three key objectives:

1. Profitably growing AAMs sales faster than the overall industry 2. Significantly improving AAMs business diversification 3. 3 Strengthening AAMs balance sheet AAM s
3

Company Overview
Leading global automotive supplier
Tier I supplier of driveline and drivetrain systems and related p g g components for light trucks, SUVs, p passenger cars, crossover vehicles and commercial vehicles

Industry leader in operating performance

Outstanding long-term, daily track records on quality, warranty, g g , y q y, y, reliability, delivery, and launch support

Regionally cost competitive global footprint

Approximately 8 500 associates in more than 30 locations in 13 8,500 countries serving more than 100 customers
(as of November 2011)

North America

Europe Asia

Industry technology leader

Highly-engineered, advanced technology products, processes and systems designed to provide a competitive advantage to our customers

South America

New business backlog driving profitable growth

$1.1 billion new business backlog for 2012 2014

> $500 million launching for end markets outside N.A.

AAM Supports All Vehicle Architectures

Light Truck or SUV
Transfer Case Rear Beam Axle

Passenger Car or Crossover Vehicle

Multi-piece Propeller shaft Rear Drive Module w/ Torque Transfer Device

Front Axle

Front & Rear Propeller shafts

Power Transfer Unit

High technology, High-technology, performance-enhancing driveline and drivetrain products for light trucks, SUVs, passenger cars, crossover vehicles and commercial vehicles

Rear Beam Axle Propeller shaft

Front Axle

Commercial Vehicle
5

Operational Excellence
Discrepant Parts Per Million* Customer Warranty Cost Per Vehicle*

13,441

Annual Average Improvement

25% 2 %

'06

'07

'08

'09

'10

'11 YTD

Awarded to:

AAM - Guanajuato j Manufacturing Complex

Customer Incidents per Thousand Vehicles*

World Class = 25 PPM

Annual Average Improvement

20%

6
'94 '95 '96 '97 '98 '99 '00 '01 '02 '03 '04 '05 '06 '07 '08 '09 94 95 96 97 98 99 00 01 02 03 04 05 06 07 08 09 '10 'YTD 10 YTD 11
'06 '07 '08 '09 '10 '11 YTD

* as measured by our largest customer

Global Market Cost Competitiveness

AAM has aligned its global installed capacity to increase exposure to global growth markets, support global product development competitiveness. initiatives and establish regional market cost competitiveness

T R U C K

Technology Leadership
Product, Process and Systems Technology
AAM is a leader in providing industry-first, cutting edge driveline technology to the global market for passenger car, crossover vehicle and light truck applications. applications

EcoTrac High Efficiency Axles

PowerLite aluminum designs for mass savings PowerDense designs, finishes and bearings for increased torque capacity PowerFilm lubricant reduces friction and energy losses within the axle

EcoTrac Disconnecting AWD System EcoTrac e-AWD Systems

Cost-effective, fuel-efficient, emissions-reducing electric all-wheel-drive and hybrid driveline systems

11 Gl b l Engineering and Global E i i d Technical Support Centers Operating in 11 Countries

Dual mode eRDM

AAMs Strategic Business Objectives

AAMs strategy to drive performance in daily operations and build value for our many key stakeholders consists of three major elements.
1

Profitably growing AAMs sales faster than overall industry AAM s

Significantly improving AAMs business diversification

Strengthening AAMs balance sheet

Profitable Growth
3Q 2011 financial results:
3Q 2011 YTD sales grew twice as fast as the industry 9th consecutive profitable quarter for AAM 7th consecutive quarter with year-over-year sales growth
3Q 2011 YTD Actual Adjusted Sales Operating income
% of sales

$ $ $ $

1,979 175
8.8%

$ $ $ $

1,979 189
9.6%

Net income
% of sales

112
5.6%

126
6.4%

EBITDA
% of sales

281
14.2%

296
14.9%
10

Achieve Significant Business Diversification

As a result of launching the $1 billion new business backlog and
other business growth initiatives, AAM is targeting Non-GM sales of 40% of total sales by 2013 and Non-GM sales of 50% of total sales by 2015 (as compared to 20% of total sales in 2009).

AAM is currently quoting over $1 billion of new business

opportunities. Over 90% of these opportunities are for customers other than GM (including Nissan, VW/Audi, BMW, Ford, Tata/JLR).

Significant interest is building in AAMs newest advanced driveline

technologies, including AAMs Eco-TRACTM Disconnecting AWD system and e-AAMs e-AWD and e-RDM applications for passenger cars and crossover vehicles.

From 2011 2014, we expect AAMs non-GM sales to grow twice as fast as AAMs total sales.
11

Achieve Significant Business Diversification

THREE YEAR NEW BUSINESS BACKLOG (2012-2014)

As of October 28, 2011

75% of the awards are non-GM programs

T R U C K

Approximately 70% is for programs sourced outside of the U.S.

Approximately two thirds two-thirds is for passenger car, CUV and commercial vehicle programs
12

Note: Amounts presented related to the new business backlog are not mutually exclusive.

Rapid Progress on Diversification

As of October 28, 2011

Backlog by Global Market

Backlog by Vehicle Segment

South America 12.3% North America 53.2% Pass Car / CUV 52.4%

Light Truck N.A. 7.2% Light Truck Global 25.8%

Commercial Vehicle 14.3%

Asia 30.2%

Metal Forming 0.2%

Europe 4.3%
13

Rapid Progress on Diversification

AAM is actively expanding within FWD / AWD applications for both the passenger car and crossover SUV segments.
Sales by Vehicle Type 2011 Commercial Vehicle 6% Sales by Vehicle Type Pro Forma 2014 Commercial Vehicle 8%

Light Truck Global 3%

Pass Car / CUV 10%

Other Light Truck N.A. 23%

GMT900 58%

Three Year New Business Backlog

Pass Car / CUV 24%

GMT900 43%

Light Truck Global 9%

Other Light Truck N.A. 16%

* The Pro Forma 2014 sales is based on 2011 Outlook Sales, adjusted for the estimated impact of AAMs new business backlog (as of October 28, 2011).

14

Rapid Progress on Diversification

AAM is actively expanding its global presence, particularly within high growth developing automotive markets.
Sales by Geography 2011 Brazil 5% India 1% Brazil 6% Europe 3% U.S. 36% Three Year New Business Backlog Mexico M i 55% Mexico 49% U.S. 32% Sales by Geography 2014 Thailand India 2% China 3% 5%

Europe 3%

* The Pro Forma 2014 sales is based on 2011 Outlook Sales, adjusted for the estimated impact of AAMs new business backlog (as of October 28, 2011).

15

Innovating AAMs Product Portfolio

AWD CUV / Passenger Car

e-AWD EcoTrac e AWD System

Electric all-wheel-drive (e-AWD) and hybrid driveline systems that are designed to improve fuel efficiency up to 30% and reduce CO2 emissions Cost-effective solutions for a range of passenger car and crossover vehicle configurations, including: - Internal combustion engines - Battery-powered hybrids - Plug-in platforms - Full electric drive systems Minimal vehicle architecture modifications Improved safety, stability, handling and acceleration

Power & Control Box Unit (PBU)

Electronic Rear Drive Module (eRDM)

16

Innovating AAMs Product Portfolio

AWD CUV / Passenger Car

EcoTrac AWD Fuel Economy Optimization System

AWD option that minimizes the impact to fuel f l economy and reduces emissions. d d i i Proprietary AAM electronic control software and hardware eliminates driveline d i li mechanical l h i l losses which aid i hi h id in maximizing fuel efficiency while providing enhanced vehicle control and fully variable AWD performance. performance AAMs EcoTrac AWD system will be featured on a major global passenger car and crossover vehicle platform.
Multi-Piece Propshaft Power Transfer Unit (PTU) With Disconnect Smart Actuator Torque Transfer Device (TTD) / Electronic Control Coupling (ECC)

Independent Rear Drive Axle (IRDA)

AAM IndustryIndustry-First Technology

Smart Actuator With Driveline Control Module (DLCM)

17

Innovating AAMs Product Portfolio

EcoTrac EcoTrac High Efficiency Axles
Proprietary technologies that deliver worldclass axle efficiency by reducing friction and op optimizing des g , pac ag g a d lubrication g design, packaging and ub ca o efficiency. PowerLite aluminum designs for g mass savings PowerDense hypoid designs, gear finishes and high-efficiency bearings for increased torque capacity PowerFilm lubricant that reduces friction and energy losses within the axle
AAM Best in Class Technology M Mass Efficiency CAF (0.12-0.66 MPG) (0.12-

AAM s EcoTrac AAMs EcoTrac brand of fuel-efficient and environmentfriendly driveline products strengthens AAMs position as a leader in global driveline systems technology

18

Innovating AAMs Product Portfolio

TracRite Differentials
Transmission, PTU and Axle Differentials for Vehicle Performance and Traction Enhancement Advanced, electronic-locking, automatic locking and mechanical-biasing designs Features & Benefits:
Improved vehicle traction, handling, and stability Energy efficient E ffi i t Improved NVH characteristics Compact size Net shaped Net-shaped bevel gears

AAMs TracRite Differentials for Audi

Recognized by Automotive News as a finalist for the 2012 Automotive News PACE Award

Strengthening AAMs Balance Sheet

AAM is targeting investment grade credit metrics by 2013.
30, Liquidity position at September 30 2011 of $400 million improved by the issuance of $200 million in 7.75% Notes due 2019 No significant maturities of outstanding debt until 2014 AAM expects to fully fund the pension liability on a GAAP basis by 2014 / 2015 (assuming current discount rates)
LEVERAGE RATIO RATIO: September 30, 2011 Net debt Net debt / 3Q 2011 LTM EBITDA 2013 Target
millions

936 2.5 < 2.0

COVERAGE RATIO RATIO: September 30, 2011 LTM Interest expense 3Q 2011 LTM EBIT / Interest expense 2013 Target

millions

83 2.8 > 3.0

millions CAPITALIZATION: September 30, 2011 Net debt $ 936 Adjusted Net debt / Capitalization (MV basis) 57%

BOOK EQUITY: September 30, 2011 Stockholders' equity September 30, 2011 Book equity position 2013 Target

millions

(373)

Negative Positive

2013 Target

< 40%

Note: For a definition and reconciliation of Net Debt, please see the Appendix

20

AAM 2011 FULL YEAR OUTLOOK

2011 Outlook U.S. SAAR Sales Adjusted EBITDA j Adjusted EBITDA (as a % of sales) Capital Spending Approximately 12.5M-13.0M $2.5 Billion - $2.6 Billion $ $363M - $390M $ 14.5% - 15.0% 6.0% 6.5% 6 0% - 6 5% of sales

Note: For a definition and reconciliation of Adjusted EBITDA, please see the Appendix

21

AAM is Well Positioned for Success!

Solid liquidity position with improving credit profile Solidly Profitable $370 million of EBITDA
(LTM September 30,2011)

Outstanding, long-term daily track record of operational excellence

Well positioned to benefit from economic recovery operating breakeven reduced to 10M U.S. SAAR

Accelerating progress on business diversification initiatives, including , g e-AWD for passenger cars and CUVs

Cost-competitive and operationally flexible global manufacturing, engineering and sourcing footprint
22

Appendix

23

Appendix GMT900 Sales & Mix Analysis

2010 and 2011 Sales Performance (updated through October 2011)
millions U.S. SAAR 10.8 10.4 11.8 11.2 11.6 11.1 11.8 11.5 11.7 12.2 12.2 12.5 11.6 Y-O-Y Trend -6% -2% 22% 5% 14% 27% 20% 4% 19% 6% 9% 16% 11% Total Global Sales 55,081 48,983 69,702 69,855 81,490 73,673 77,851 74,985 71,613 82,218 67,320 95,744 868,513
AAM estimate

Jan-10 Feb-10 Mar-10 Apr-10 May-10 Jun-10 Jul-10 Aug-10 Sep-10 Oct-10 Nov-10 Dec-10 YTD 2010

Annualized Selling Pace Monthly Last 2 mos. Last 3 mos. 660,970 825,777 796,705 587,794 624,382 746,449 836,422 712,108 695,062 838,258 837,340 754,158 977,878 908,068 884,186 884,074 930,976 900,070 934,210 909,142 932,054 899,818 917,014 906,034 859,354 879,586 897,794 986,614 922,984 915,262 807,838 897,226 884,602 1,148,926 978,382 981,126

F-S Truck/ SUV mix 12.9% 11.8% 12.9% 13.2% 14.0% 14.2% 14.6% 14.5% 14.5% 15.9% 14.5% 16.1% 14.2%
Source: Wards

October 2010 YTD mix 13.9%

Jan-11 Feb-11 Mar-11 Apr-11 May-11 y Jun-11 Jul-11 Aug-11 Sep-11 Oct-11 YTD 2011

12.5 13.3 13.1 13.1 11.8 11.4 12.2 12.1 13.1 13.3 12.6

22% 48% 8% -2% -15% 2% -1% 15% 33% 2% 9%

66,938 72,487 75,141 68,502 69,575 75,002 77,322 86,499 95,058 84,246 770,773 ,
AAM estimate

803,260 869,848 901,696 822,028 834,904 900,028 927,868 1,037,992 1,140,700 1,010,956

976,093 836,554 885,772 861,862 828,466 867,466 913,948 982,930 1,089,346 1,075,828

920,008 940,678 858,268 864,524 852,876 852,320 887,600 955,296 1,035,520 1,063,216

14.1% 13.2% 12.7% 11.9% 12.5% 14.3% 14.6% 15.3% 17.1% 16.1% 14.2%
Source: Wards

Volume and mix are both improved in 2011 vs. 2010 on a YTD basis.
24

Appendix Non-GAAP Supplemental

EBIT and EBITDA ($mm) Three months ending YTD
Dec 31, 2009 Mar 31, 2010 Jun 30, 2010 Sep 30, 2010 Dec 31, 2010 Mar 31, 2011 June 30, 2011 Sep 30, 2011 Sep 30, 2011

LTM
Sep 30, 2011

Net income attributable to AAM, as reported (a)(b) Interest expense Income tax expense (benefit) EBIT, as defined Depreciation and amortization EBITDA, as defined Net sales as % of net sales

$48.6 24.1 (51.6) $21.1 31.9 $53.0 $464.0 11.4%

$16.3 22.7 2.0 $41.0 31.6 $72.6 $521.9 13.9%

$25.4 22.6 2.4 $50.4 32.8 $83.2 $559.6 14.9%

$38.8 22.1 0.8 $61.7 33.7 $95.4 $618.2 15.4%

$34.9 21.6 (0.9) $55.6 33.5 $89.1 $583.3 15.3%

$37.7 21.3 2.1 $61.1 33.9 $95.0 $645.6 14.7%

$49.2 20.5 (0.2) $69.5 34.9 $104.4 $686.2 15.2%

$24.8 19.7 2.3 $46.8 35.0 $81.8 $647.6 12.6%

$111.7 61.5 4.2 $177.4 103.8 $281.2 $1,979.4 14.2%

$146.6 83.1 3.3 $233.0 137.3 $370.3 $2,562.7 14.4%

EBIT is defined as earnings before interest and taxes. EBITDA is defined as earnings before interest, taxes, depreciation and amortization. We believe that EBITDA is a meaningful measure of performance as it is 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, together with other measures, to measure our operating performance relative to other Tier 1 automotive suppliers. 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 differently.
LTM = Last Twelve Months

(a) ( ) (b)

Includes I l d special charges, asset i i l h t impairments, and other non-recurring costs and t refunds of $11.9 million i 2011 (i l di $0 5 million related t th non-controlling i t d th i t d tax f d f $11 9 illi in (including $0.5 illi l t d to the t lli interests portion of a $1.6 million asset impairment recorded by e-AAM), primarily related to restructuring actions. (b) Includes charges of $3.1 million in 2011 and $7.7 million in 2009, net of tax, related to debt refinancing and redemption costs

25

Appendix Non-GAAP Supplemental

Free Cash Flow ($mm) Three months ending
Dec 31, 2009 Mar 31, 2010 Jun 30, 2010 Sep 30, 2010 Dec 31, 2010 Mar 31, 2011 June 30, 2011 Sep 30, 2011

YTD
Sep 30, 2011

LTM
Sep 30, 2011

Net cash provided by (used in) operating activities Less: Net purchases of property, plant & equipment Free cash flow

$44.3

$79.0

$85.9

$28.6

$46.8

$1.0

115.5

$(181.9)

$(65.4)

$(18.6)

(28.3)

(17.9)

(17.8)

(24.8)

(42.9)

(30.0)

(33.8)

(39.3)

(103.1)

(146.0)

$16.0

$61.1

$68.1

$3.8

$3.9

$(29.0)

$81.7

(221.2)

$(168.5)

$(164.6)

Free cash flow is defined as net cash provided by operating activities less purchases of property and equipment, net of proceeds from sales of assets. We believe free cash flow is a meaningful measure as it is 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 is also a key metric used in our calculation of incentive compensation. Other companies may calculate free cash flow differently.

26

Appendix Non-GAAP Supplemental

Net Debt ($mm)
As of Sep 30, 2011

Total debt

$1,050.6

Less: cash and cash equivalents

(114.4)

Net debt

$936.2

27

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