Ampco Pittsburgh : Investor Presentation December 2021

Producing Quality Products Since 1929 - Always Moving Forward!

Investor Presentation

November 2021

Disclaimer

Forward-LookingStatements- The Private Securities Litigation Reform Act of 1995 (the "Act") provides a safe harbor for forward-looking statements made by or on behalf

of Ampco-Pittsburgh Corporation (the "Corporation"). This presentation may include, but is not limited to, statements about operating performance, trends, events that we expect or anticipate will occur in the future, statements about sales and production levels, restructurings, the impact from global pandemics (including COVID-19), profitability and anticipated expenses, inflation, the global supply chain, future proceeds from the exercise of outstanding warrants, and cash outflows. All statements in this document other than statements of historical fact are statements that are, or could be, deemed "forward-looking statements" within the meaning of the Act and words such as "may," "will", "intend," "believe," "expect," "anticipate," "estimate," "project," "forecast" and other terms of similar meaning that indicate future events and trends are also generally intended to identify forward-looking statements. Forward-looking statements speak only as of the date on which such statements are made, are not guarantees of future performance or expectations, and involve risks and uncertainties. For us, these risks and uncertainties include, but are not limited to: cyclical demand for products and economic downturns; excess global capacity in the steel industry; fluctuations of the value of the U.S. dollar relative to other currencies; increases in commodity prices or shortages of key production materials; consequences of global pandemics (including COVID-19); changes in the existing regulatory environment; new trade restrictions and regulatory burdens associated with "Brexit"; inability to successfully restructure our operations; limitations in availability of capital to fund our operations and strategic plan; inoperability of certain equipment on which we rely; work stoppage or another industrial action on the part of any of our unions; liability of our subsidiaries for claims alleging personal injury from exposure to asbestos-containing components historically used in certain products of our subsidiaries; inability to satisfy the continued listing requirements of the New York Stock Exchange or NYSE American; failure to maintain an effective system of internal control; potential attacks on information technology infrastructure and other cyber-based business disruptions; failure to maintain an effective system of internal control; potential attacks on information technology infrastructure and other cyber- based business disruptions; and those discussed more fully elsewhere in this report and in documents filed with the Securities Exchange Commission by us, particularly in Item 1A, Risk Factors, in Part I of our latest Annual Report on Form 10-K for the year ended December 31, 2020. We cannot guarantee any future results, levels of activity, performance, or achievements. In addition, there may be events in the future that we are not able to predict accurately or control which may cause actual results to differ materially from expectations expressed or implied by forward-looking statements. Except as required by applicable law, we assume no obligation, and disclaim any obligation, to update forward-looking statements whether as a result of new information, events or otherwise.

Non-GAAPFinancial Measures- The Corporation presents certain non-GAAP financial measures, including adjusted (loss) income from continuing operations and

EBITDA, as supplemental financials measure to GAAP financial measures regarding the Corporation's operational performance and profitability. These non-GAAP financial

measures exclude certain unusual items affecting comparability, as described more fully in the footnotes to the attached non -GAAP financial measures reconciliation schedules which reconcile to the most directly comparable GAAP financial measure.

The Corporation has presented non-GAAP adjusted (loss) income from continuing operations, adjusted EBITDA and net debt-to-adjusted EBITDA ratio because they are key measures used by the Corporation's management and Board of Directors to understand and evaluate the Corporation's operating performance, to develop operational goals for managing the business, and to understand and evaluate the Corporation's profitability from its core operations before the effects from its debt structure, non-cash items and non-recurring items, and to assess its degree of leverage. Management believes these non-GAAP financial measures provide useful information to investors and others in understanding and evaluating the operating results of the Corporation, enhancing the overall understanding of the Corporation's past performance and future prospects, allowing for greater transparency with respect to key financial metrics used by management in its financial and operational decision-making, and assessing profitability from its core operations. Non-GAAP adjusted (loss) income from continuing operations, EBITDA and should be used only as a supplement to GAAP information, should be read in conjunction with the Corporation's consolidated financial statements prepared in accordance with GAAP, and should not be considered in isolation of, or as an alternative to, measures prepared in accordance with GAAP.

There are limitations related to the use of non-GAAP adjusted (loss) income from continuing operations, rather than GAAP (loss) income from continuing operations, and EBITDA. Among other things, the Excess Costs of Avonmore, which are excluded from the non-GAAP financial measures, necessarily reflect judgments made by management in allocating manufacturing and operating costs between Avonmore and the Corporation's other operations and in anticipating how the Corporation will conduct business following the sale of Avonmore, which was completed on September 30, 2019. EBITDA is defined as net (loss) income attributable to Ampco-Pittsburgh (the most directly comparable GAAP measure) before income taxes, other (income) expense including interest expense, depreciation and amortization and other certain unusual items, as footnoted.

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Snapshot

Ampco-Pittsburgh(NYSE:AP)

(NYSE: AP-WS)

Year Founded	1929
Number of Employees	1,506
2020 Revenue	$329M
Market Cap (as of 11/2/2021)*	$101M
* Common shares outstanding 19,093,782;

Share price $5.31

Adjusted EBITDA Margin Improvement

8.0%				7.1%
7.0%
		5.8%
6.0%
	4.3%
5.0%	3.8%
4.0%
3.0%
2.0%
1.0%
0.0%
2017	2018	2019	2020

	Revenue Mix
~ 72%	~ 28%
Forged and Cast
Engineered
Products	Air and Liquid

Processing

#1 North America & #1

Europe for forged and cast rolls

#1 North American producer of heat exchangers

for Nuclear Power Generation

#1 producer of pumps

for U.S. Navy Combat Ships

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Forged and Cast Engineered

Products Segment

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Market Share Leader in Forged & Cast Rolls

Forged and Cast

Engineered

Products

$238M

2020 Net segment sales

#1 in North American & #1 European production of forged and cast rolls

96% of

segment sales

72%

of Revenue Mix

Forged engineered

products used in automotive tooling, plastic injection molding, infrastructure, general industrial, and oil & gas.

4% of

segment sales

Key roll customers:

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