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Lear Launches Financing Actions And Increases Share Repurchase Authorization To $1.5 Billion

Lear expects 2012 net sales of approximately $14.5 billion, core operating earnings in the range of $745 to $785 million, adjusted capital spending of approximately $435 million, free cash flow of approximately $275 million and adjusted net income attributable to Lear of $520 to $560 million.  For 2013, Lear expects net sales of $15.0 to $15.5 billion, core operating earnings in the range of $725 to $775 million, adjusted capital spending of approximately $450 million, free cash flow of approximately $275 million and adjusted net income attributable to Lear of $420 to $455 million.  Lear's financial outlook is based on forecasted global industry vehicle production of 79 million units in 2012 and 81 million units in 2013.  In addition, the Company expects margins to improve in 2014 and 2015.

The senior notes will be offered only to "qualified institutional buyers" in reliance on the exemption from registration pursuant to Rule 144A under the Securities Act and to persons outside of the United States in compliance with Regulation S under the Securities Act.  The senior notes have not been and will not be registered under the Securities Act, or the securities laws of any state or other jurisdiction, and may not be offered or sold in the United States without registration or an applicable exemption from the registration requirements of the Securities Act and applicable state securities or blue sky laws and foreign securities laws. This press release is neither an offer to sell nor a solicitation of an offer to buy any securities and shall not constitute an offer, solicitation or sale in any jurisdiction in which such offer, solicitation or sale would be unlawful.

Non-GAAP Financial Information

In addition to the information provided in accordance with GAAP included throughout this press release, the Company has provided information regarding "pretax income before equity income, interest, other expense, restructuring costs and other special items" (core operating earnings), "adjusted net income attributable to Lear" and "free cash flow" (each, a non-GAAP financial measure).  Other expense includes, among other things, non-income related taxes, foreign exchange gains and losses, gains and losses related to certain derivative instruments and hedging activities and gains and losses on the sales of fixed assets.  Adjusted net income attributable to Lear represents net income attributable to Lear adjusted for restructuring costs and other special items, including the tax effect thereon.  Free cash flow represents net cash provided by operating activities less adjusted capital expenditures.  Adjusted capital expenditures represent capital expenditures, net of related insurance proceeds.

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