Sales, Earnings and Cash Flow Outlook 2015 Outlook 2014 2013 2012 Sales $6,400 - $6,500 $ 6,617 $ 6,769 $ 7,224 Adjusted EBITDA $740 - $760 $ 746 $ 745 $ 781 Free Cash Flow $190 - $220 $ 276 $ 368 $ 175 Adjusted EBITDA and Free Cash Flow are non-GAAP financial measures. See the Non-GAAP Financial Measures  discussion below for definitions of our non-GAAP  financial measures and reconciliations to the most directly comparable  GAAP measures. During the past three years, we experienced uneven end user markets, with some being relatively strong and others  somewhat weak, and the conditions across the regions of the world dif fering quite dramatically . Considering our end markets  and regional economies, on balance, the effect of market volumes on our sales has been relatively stable.  Weaker international  currencies relative to the U.S. dollar during the past three years were the most significant factor reducing our reported sales,  while scheduled light vehicle program roll-of fs in 2012 also contributed to the decrease. For 2015, our sales will be reduced in  part by the divestiture of our operations in  Venezuela in January 2015. We also expect additional weakening of international  currencies to adversely impact our sales. A slight increase from higher market volumes across our businesses and a lar ger  contribution from new business programs launching in 2015 are expected to partially of fset the Venezuela divestiture impact  and currency headwind. Throughout the past three years, we placed significant focus on mar gin improvement through right sizing and rationalizing  our manufacturing operations, implementing other cost reduction initiatives and ensuring that customer programs were  competitively priced. In combination with an improved and relatively stable global economic environment, these ef forts were  the primary drivers of our improved  Adjusted EBITDA margin as a percent of sales. With a continued focus on cost and new  business coming on at competitive rates, we expect to see continued mar gin improvement in 2015. Further margin  improvement following 2015 is anticipated as we benefit from expected increases in market volumes.  Free cash flow generation has been strong the past three years as we benefited from strong earnings and closely managed  working capital and capital spend requirements. Free cash flow in 2012 included a $150 voluntary contribution to our U.S.  pension plans, while 2013 free cash flow benefited, in part, from reduced inventory levels and the receipt of $28 of interest  relating to a callable payment-in-kind note receivable.  With the sale of this note in 2014, free cash flow benefited from the  additional receipt of $40 of interest. Lower pension contributions, restructuring payments and cash taxes also benefited free  cash flow in 2014, while increased new program launches resulted in higher capital spending.  With our lower sales outlook for  2015 and additional capital spending on program launches, we expect free cash in 2015 to be in the range of $190 to $220.  With the second half of 2015 expected to be stronger than 2014, we expect higher sales will require some increase in working  capital. The increased level of program launches in 2015 is expected to drive overall capital spend of $300 to $320, which is up  about $65 to $85 from 2014. Net interest will consume cash of around $90, while cash taxes of about $95 and restructuring  expenditures of about $20 will be down from 2014 levels. Pension contributions are expected to again be relatively low at  around $15 as we do not expect to make additional contributions to our U.S. plans in 2015 based on their present funding  levels. Among our Operational and Strategic Initiatives are increased focus on and investment in product technology – delivering  products and technology that are key to bringing solutions to issues of paramount importance to our customers.  This, more than  anything, is what will position us for profitable future growth. Our success on this front is measured, in part, by our sales  backlog which is net new business that we have received that will be launching in the future and adding to our base annual  sales. At December 31, 2014, our sales backlog of net new business for the 2015 through 2017 period was $730.  This current  backlog compares to a three-year sales backlog at the end of 2013 that approximated $560 – an increase of 30%.  The higher  returns associated with this new business are expected to help drive increased future  Adjusted EBITDA margins. 19