Ampco Pittsburgh : Presentation at the Midwest IDEAS Conference August 24, 2023

Producing Quality Products Since 1929 - Always Moving Forward!

Three Part Advisors' Midwest IDEAS Conference

August 24, 2023

Disclaimer

Forward-LookingStatements- The Private Securities Litigation Reform Act of 1995 (the "Act") provides a safe harbor for forward-looking statements made by us or on behalf of the Corporation. This presentation may include, but is not limited to, statements about operating performance, trends and events that the Corporation expects or anticipates will occur in the future, statements about sales and production levels, statements about future demand for steel products, restructurings, statements regarding the effects of capital expenditure initiatives on the Corporation's profits and losses, the impact from global pandemics, 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 the Corporation, these risks and uncertainties include, but are not limited to: economic downturns, cyclical demand for our products and insufficient demand for our products; excess global capacity in the steel industry; statements regarding expected margins; fluctuations in the value of the U.S. dollar relative to other currencies; increases in commodity prices or insufficient hedging against increases in commodity prices, reductions in electricity and natural gas supply or shortages of key production materials for us or our customers; limitations in availability of capital to fund our strategic plan; inability to maintain adequate liquidity in order to meet our operating cash flow requirements, repay maturing debt and meet other financial obligations; inability to obtain necessary capital or financing on satisfactory terms in order to acquire capital expenditures that may be necessary to support our growth strategy; inoperability of certain equipment on which we rely and/or our inability to execute our capital expenditure plan; liability of our subsidiaries for claims alleging personal injury from exposure to asbestos-containing components historically used in certain products of our subsidiaries; changes in the existing regulatory environment; inability to successfully restructure our operations and/or invest in operations that will yield the best long term value to our shareholders; consequences of global pandemics and international conflicts; work stoppage or another industrial action on the part of any of our unions; inability to satisfy the continued listing requirements of the New York Stock Exchange or the NYSE American Exchange; potential attacks on information technology infrastructure and other cyber- based business disruptions; failure to maintain an effective system of internal control; and those discussed more fully elsewhere in this report, particularly in Item 1A, Risk Factors, in Part I of the Corporation's latest Annual Report on Form 10-K, and Part II of subsequent Quarterly Reports on Form 10-Q.. The Corporation 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.

Industry Information- Unless otherwise indicated, information contained in this presentation concerning the Corporation's industry, competitive position and the markets in which it operates is based on information from independent and research organizations, other third-party sources and management estimates. Management estimates are derived from publicly available information released by independent industry analysts and other third-party sources, as well as data from the Corporation's internal research, and are based on assumptions made by the Corporation upon reviewing such data, and the Corporation's experience in, and knowledge of, such industry and markets, which the Corporation believes to be reasonable. In addition, projections, assumptions and estimates of the future performance of the industry in which the Corporation operates and the Corporation's future performance are necessarily subject to uncertainty and risk due to a variety of factors, which could cause results to differ materially from those expressed in the estimates made by the independent parties and by the Corporation.

Disclaimer, cont'd

Non-GAAPFinancial Measures- The Corporation presents herein, non-GAAP operating income - Air & Liquid Processing Segment, as adjusted, and operating margin, Air & Liquid Processing Segment, as adjusted, defined as operating income - Air & Liquid Processing Segment, as adjusted, expressed as a percentage of reported segment net sales, as supplemental financial measures to GAAP financial measures regarding the Air & Liquid Segment's operational performance. These non-GAAP financial measures exclude certain items affecting comparability, as described more fully in the footnotes to the attached "Non-GAAP Financial Measures Reconciliation Schedule." These non-GAAP financial measures are not based on any standardized methodology prescribed by accounting principles generally accepted in the United States of America and may not be comparable to similarly-titled measures presented by other companies.

These non-GAAP financial measures exclude significant charges or credits, that are one-time charges or credits, unrelated to the Corporation's ongoing results of operations or beyond its control. The Corporation believes these non-GAAP financial measures help identify underlying trends in its business and the business of the Air & Liquid Processing Segment that could otherwise be masked by the effect of the items excluded from operating income (loss) - Air & Liquid Processing Segment. In particular, the Corporation believes that the exclusion of the Asbestos-Related Charge (Recoveries) can provide a useful measure for period-to-period comparisons of the Corporation's core business performance. The Corporation also believes this non-GAAP financial measure provides useful information to management, shareholders and investors, and others in understanding and evaluating its operating results, enhancing the overall understanding of its past performance and future prospects and allowing for greater transparency with respect to key financial metrics used by the Corporation's management in its financial and operational decision-making. The adjustments reflected in adjusted operating income, Air & Liquid Processing Segment and adjusted Operating Margin, Air & Liquid Processing Segment are pre-tax.

Operating income - Air & Liquid Processing Segment, as adjusted and Operating Margin - Air & Liquid Processing Segment, as adjusted, are not 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 such Non-GAAP measures relative to the nearest GAAP equivalent measure. Among other things, there can be no assurance that additional expenses similar to those items listed in the accompanying Non-GAAP reconciliation schedule will not occur in future periods.

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Forged and Cast Engineered

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