Lear Corporation the leading supplier of automotive interior systems and components and also electronics and electrical distribution systems, announced here today that at its Annual Meeting of Stockholders held on this very day in Wilmington, Del., there had been a response through the voting of an insufficient number of shares in favor of the proposal of amalgamation with American Real Estate Partners L.P., popularly known as the AREP. It has been stated in this regard, that as a result of the voting procedure of stockholders representing their exact point of view over this aspect the merger agreement of the Company with AREP will come to an end in reference to its terms rendering the Lear Corporation to operate in the market as an individual publicly traded company.

Lear Corporation as frontrunner of international suppliers of automotive interior systems and components provide complete seating systems, electronic products and electrical distribution systems. From its inception in 1917 in Detroit as American Metal Products and a manufacturer of tubular, welded and stamped assemblies for the automotive and aircraft industries has come a long way and with annual net sales of $17.1 billion it ranks #127 among the Fortune 500 in 2006. Since 1994 when Lear went public Lear has grown to meet the changing needs of the industry with 18 major acquisitions since 1994, when Lear went public.

Talking to the newsmen over this tough stand as was proffered by the stockholders Bob Rossiter, the Chairman and Chief Executive Officer of the Lear Corporation said, "We respect the stockholder majority and intend to operate our business going forward with the same high level of intensity and commitment to customer satisfaction and stockholder value we have always had," said. "At the time we entered into the Merger Agreement with AREP, we had a clear strategy and business plan for the future. We will continue to execute that plan." He continued,   "In the end, while there were many different viewpoints on the transaction, the decision came down to each individual owner's investment perspective, outlook for the future and assessment of the risks. What we all can take away from this proposed transaction and ultimate vote is that both Mr. Icahn and our present stockholders share a common positive view of Lear's long-term prospects."