<SEC-DOCUMENT>0000897069-18-000547.txt : 20180918
<SEC-HEADER>0000897069-18-000547.hdr.sgml : 20180918
<ACCEPTANCE-DATETIME>20180918070030
ACCESSION NUMBER:		0000897069-18-000547
CONFORMED SUBMISSION TYPE:	8-K
PUBLIC DOCUMENT COUNT:		2
CONFORMED PERIOD OF REPORT:	20180918
ITEM INFORMATION:		Regulation FD Disclosure
FILED AS OF DATE:		20180918
DATE AS OF CHANGE:		20180918

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			BORGWARNER INC
		CENTRAL INDEX KEY:			0000908255
		STANDARD INDUSTRIAL CLASSIFICATION:	MOTOR VEHICLE PARTS & ACCESSORIES [3714]
		IRS NUMBER:				133404508
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		8-K
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-12162
		FILM NUMBER:		181074613

	BUSINESS ADDRESS:	
		STREET 1:		3850 HAMLIN RD.
		CITY:			AUBURN HILLS
		STATE:			MI
		ZIP:			48326
		BUSINESS PHONE:		2487549200

	MAIL ADDRESS:	
		STREET 1:		3850 HAMLIN RD.
		CITY:			AUBURN HILLS
		STATE:			MI
		ZIP:			48326

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	BORG WARNER AUTOMOTIVE INC
		DATE OF NAME CHANGE:	19930628
</SEC-HEADER>
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<TYPE>8-K
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<div style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', serif; TEXT-ALIGN: center; LINE-HEIGHT: 12.55pt">UNITED STATES</div>

<div style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', serif; TEXT-ALIGN: center; LINE-HEIGHT: 12.55pt">SECURITIES AND EXCHANGE COMMISSION</div>

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<div style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', serif; TEXT-ALIGN: center; LINE-HEIGHT: 12.55pt">Washington, D.C. 20549</div>

<div style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', serif; TEXT-ALIGN: center; LINE-HEIGHT: 12.55pt">_______________________</div>

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<div style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', serif; TEXT-ALIGN: center; LINE-HEIGHT: 12.55pt">FORM 8-K</div>

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<div style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', serif; TEXT-ALIGN: center; LINE-HEIGHT: 12.55pt">CURRENT REPORT</div>

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<div style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', serif; TEXT-ALIGN: center; LINE-HEIGHT: 12.55pt">Pursuant to Section 13 or 15(d) of</div>

<div style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', serif; TEXT-ALIGN: center; LINE-HEIGHT: 12.55pt">the Securities Exchange Act of 1934</div>

<div style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', serif; TEXT-ALIGN: center; LINE-HEIGHT: 12.55pt">_______________________</div>

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<div style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', serif; TEXT-ALIGN: left; LINE-HEIGHT: 12.55pt">Date of Report<font style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', serif"><br>
</font>(Date of earliest<font style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', serif"><br>
</font> event reported):</div>
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</font><font style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', serif"><br>
</font> September 18, 2018</div>
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<div style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', serif; TEXT-ALIGN: center; LINE-HEIGHT: 12.55pt"><u>&#160;&#160; &#160; &#160; &#160; &#160; &#160; &#160; &#160; &#160; &#160; BorgWarner Inc.&#160; &#160; &#160; &#160; &#160; &#160; &#160; &#160; &#160; &#160;&#160; &#160;</u></div>

<div style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', serif; TEXT-ALIGN: center; LINE-HEIGHT: 12.55pt">(Exact name of registrant as specified in its charter)</div>

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<div style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', serif; TEXT-ALIGN: left; LINE-HEIGHT: 12.55pt"><u>&#160;&#160;&#160;Delaware&#160; &#160;</u></div>
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<div style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', serif; TEXT-ALIGN: center; LINE-HEIGHT: 12.55pt"><u>&#160;&#160; &#160; &#160; 1-12162&#160; &#160; &#160; &#160;</u></div>
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<div style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', serif; TEXT-ALIGN: center; LINE-HEIGHT: 12.55pt"><u>&#160;&#160;&#160;13-3404508&#160; &#160;</u></div>
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<div style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', serif; TEXT-ALIGN: left; LINE-HEIGHT: 12.55pt">(State or other</div>

<div style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', serif; TEXT-ALIGN: left; LINE-HEIGHT: 12.55pt">jurisdiction of</div>

<div style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', serif; TEXT-ALIGN: left; LINE-HEIGHT: 12.55pt">incorporation)</div>
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<div style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', serif; TEXT-ALIGN: center; LINE-HEIGHT: 12.55pt">(Commission File</div>

<div style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', serif; TEXT-ALIGN: center; LINE-HEIGHT: 12.55pt">Number)</div>
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<div style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', serif; TEXT-ALIGN: center; LINE-HEIGHT: 12.55pt">(IRS Employer</div>

<div style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', serif; TEXT-ALIGN: center; LINE-HEIGHT: 12.55pt">Identification No.)</div>
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<div style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', serif; TEXT-ALIGN: center; LINE-HEIGHT: 12.55pt"><u>&#160;&#160; &#160; &#160; &#160;&#160; 3850 Hamlin Road, Auburn Hills, Michigan 48326&#160; &#160; &#160; &#160;&#160; &#160;</u></div>

<div style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', serif; TEXT-ALIGN: center; LINE-HEIGHT: 12.55pt">(Address of principal executive offices, including zip code)</div>

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<div style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', serif; TEXT-ALIGN: center; LINE-HEIGHT: 12.55pt"><u>&#160;&#160; &#160; &#160; &#160; &#160; (248) 754-9200&#160; &#160; &#160; &#160; &#160; &#160;</u></div>

<div style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', serif; TEXT-ALIGN: center; LINE-HEIGHT: 12.55pt">(Registrant&#8217;s telephone number)</div>

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<div style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', serif; TEXT-ALIGN: justify; LINE-HEIGHT: 12.55pt">Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:</div>

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<div style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', serif; TEXT-ALIGN: left; LINE-HEIGHT: 12.55pt">[&#160; ] Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)</div>

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<div style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', serif; TEXT-ALIGN: left; LINE-HEIGHT: 12.55pt">[&#160; ] Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)</div>

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<div style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', serif; TEXT-ALIGN: left; MARGIN-LEFT: 18pt; LINE-HEIGHT: 12.55pt; TEXT-INDENT: -18pt">[&#160; ] Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))</div>

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<div style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', serif; TEXT-ALIGN: left; MARGIN-LEFT: 18pt; LINE-HEIGHT: 12.55pt; TEXT-INDENT: -18pt">[&#160; ] Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))</div>

<div style="LINE-HEIGHT: 12.55pt"><br style="LINE-HEIGHT: 12.55pt">
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<div style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', serif; TEXT-ALIGN: justify; LINE-HEIGHT: 12.55pt; TEXT-INDENT: 36pt">Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (&#167;&#160;230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (&#167;&#160;240.12b-2 of this chapter).</div>

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<div style="TEXT-ALIGN: justify; LINE-HEIGHT: 12.55pt; TEXT-INDENT: 36pt"><font style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', serif">Emerging growth company</font><font id="TRGRRTFtoHTMLTab" style="FONT-SIZE: 5pt; TEXT-INDENT: 0px">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font><font style="FONT-SIZE: 11pt; FONT-FAMILY: 'Wingdings 2', serif">&#163;</font></div>

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<div style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', serif; TEXT-ALIGN: left; LINE-HEIGHT: 12.55pt; TEXT-INDENT: 36pt">If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(A) of the <br>
Exchange Act.<font id="TRGRRTFtoHTMLTab" style="FONT-SIZE: 6pt; TEXT-INDENT: 0px">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font style="FONT-SIZE: 11pt; FONT-FAMILY: 'Wingdings 2', serif">&#163;</font></div>

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<td style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', serif; WIDTH: 72pt; VERTICAL-ALIGN: top; align: right"><u>Item&#160;7.01</u></td>
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<div style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', serif"><font style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', serif"><u>Regulation FD Disclosure</u></font>.</div>
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<div style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', serif; TEXT-ALIGN: justify; LINE-HEIGHT: 12.55pt; TEXT-INDENT: 72pt">On September 18, 2018, BorgWarner Inc. (the &#8220;Company&#8221;) issued a press release announcing its 2023 outlook for the Company and revised guidance for full year 2018 and third quarter 2018.&#160; The press release is furnished with this Current Report on Form 8-K as Exhibit 99.1.</div>

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<div style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', serif; TEXT-ALIGN: justify; LINE-HEIGHT: 12.55pt; TEXT-INDENT: 72pt">The information contained in this Item 7.01 of this Current Report on Form 8-K, including Exhibit 99.1, is being furnished and shall not be deemed to be &#8220;filed&#8221; for the purposes of the Securities Exchange Act of 1934, as amended, nor shall it be deemed incorporated by reference in any filing under the Exchange Act or the Securities Act of 1933, as amended, regardless of any general incorporation language in any such filings.</div>

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<div style="TEXT-ALIGN: justify; LINE-HEIGHT: 12.55pt"><font style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', serif"><u>Item&#160;9.01</u></font><font id="TRGRRTFtoHTMLTab" style="FONT-SIZE: 5.14pt; TEXT-INDENT: 0px">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font><font style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', serif"><font style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', serif"><u>Financial Statements and Exhibits</u></font>.</font></div>

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<div style="TEXT-ALIGN: justify; MARGIN-LEFT: 72pt; LINE-HEIGHT: 12.55pt"><font style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', serif">(d)</font><font id="TRGRRTFtoHTMLTab" style="FONT-SIZE: 5.14pt; TEXT-INDENT: 0px">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font><font style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', serif">Exhibits. The following exhibits are being furnished as part of this Report.</font></div>

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<div style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', serif; TEXT-ALIGN: center; LINE-HEIGHT: 12.55pt"><u>EXHIBIT INDEX</u></div>

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<div style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', serif; TEXT-ALIGN: justify; LINE-HEIGHT: 12.55pt"><u>Exhibit No.</u></div>
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<div style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', serif; TEXT-ALIGN: justify; LINE-HEIGHT: 12.55pt">99.1</div>
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<div style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', serif; TEXT-ALIGN: left; LINE-HEIGHT: 12.55pt"><a href="pressrelease.htm">Press release dated September 18, 2018</a>.</div>
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<div style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', serif; TEXT-ALIGN: center; LINE-HEIGHT: 12.55pt"><u>SIGNATURES</u></div>

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<div style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', serif; TEXT-ALIGN: justify; LINE-HEIGHT: 12.55pt; TEXT-INDENT: 72pt">Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.</div>

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<div style="TEXT-ALIGN: left; LINE-HEIGHT: 12.55pt"><font style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', serif; FONT-WEIGHT: bold">BORGWARNER INC.<font style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', serif"><br>
</font><font style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', serif"><br>
</font><font style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', serif"><br>
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<div style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', serif; TEXT-ALIGN: justify; LINE-HEIGHT: 12.55pt">Date:&#160; September 18, 2018</div>
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<div style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', serif; TEXT-ALIGN: left; LINE-HEIGHT: 12.55pt">By:&#160; <font style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', serif"><u>&#160; /s/ Tonit M. Calaway</u></font><font id="TRGRRTFtoHTMLTab" style="FONT-SIZE: 6pt; TEXT-INDENT: 0px">&#160;&#160;</font><font style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', serif"><br>
</font>Name:&#160; &#160; Tonit M. Calaway<font style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', serif"><br>
</font>Its:&#160; Executive Vice President, Chief Legal Officer<font style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', serif"><br>
</font> &#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;and Secretary</div>
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<div style="FONT-SIZE: 11pt; FONT-FAMILY: Arial, sans-serif; TEXT-ALIGN: justify; LINE-HEIGHT: 21.7pt"><font id="DSPFPageNumber"><font style="FONT-SIZE: 11pt; FONT-FAMILY: Arial, sans-serif; FONT-STYLE: italic">Auburn Hills, Michigan, September 18, 2018 </font>&#8211; BorgWarner Inc. (NYSE: BWA) today is hosting its 2018 Investor Day at its Propulsion Technical Center in Auburn Hills, Michigan.&#160; During the event, company executives will share the company&#8217;s growth strategy, vision and extensive product portfolio for combustion, hybrid and electric vehicle propulsion.&#160;&#160; As part of this event, management has provided its 2023 outlook for the company.</font></div>

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<div style="FONT-SIZE: 11pt; FONT-FAMILY: Arial, sans-serif">Compared to industry volume expectations, the company expects to be overweight in hybrid and electric revenue by 2023.</div>
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<div style="FONT-SIZE: 11pt; FONT-FAMILY: Arial, sans-serif">Revenue related to combustion, hybrid and electric vehicle propulsion is expected to grow in excess of industry volume in all three propulsion system categories.</div>
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<div style="FONT-SIZE: 11pt; FONT-FAMILY: Arial, sans-serif">The company anticipates 2023 consolidated revenue of approximately $14.0 billion.</div>
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<div style="FONT-SIZE: 11pt; FONT-FAMILY: Arial, sans-serif">Operating margin is expected to improve to the low 13% range by 2023.</div>
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<div style="FONT-SIZE: 11pt; FONT-FAMILY: Arial, sans-serif">2023 free cash flow is expected to be approximately $1.0 billion.</div>
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<div style="FONT-SIZE: 11pt; FONT-FAMILY: Arial, sans-serif">Free cash flow outlook implies an approximate 12% Compound Annual Growth Rate (CAGR) when compared to 2018 guidance of $550 million to $575 million.</div>
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<div style="FONT-SIZE: 11pt; FONT-FAMILY: Arial, sans-serif; TEXT-ALIGN: justify; LINE-HEIGHT: 21.7pt"><font id="DSPFPageNumber"><font style="FONT-SIZE: 11pt; FONT-FAMILY: Arial, sans-serif; FONT-WEIGHT: bold">Updated 2018 Guidance: </font>The company has moderated its 2018 full year organic growth guidance, due to weaker industry volumes primarily in China, with additional short-term issues in Europe.&#160; Full year net sales are now expected to be in the range of $10.49 billion to $10.58 billion.&#160; This implies organic sales growth of approximately 4.5% to 5.5% or 450 to 550 basis points over the company's light vehicle market exposure.&#160; 2018 full year adjusted net earnings are now expected to be within a range of $4.35 to $4.40 per diluted share.&#160; The company expects third quarter 2018 organic net sales growth of approximately 3.0% to 3.5%.&#160; Third quarter 2018 adjusted net earnings are now expected to be within a range of $0.98 to $1.00 per diluted share.</font></div>

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<div style="FONT-SIZE: 11pt; FONT-FAMILY: Arial, sans-serif; TEXT-ALIGN: justify; LINE-HEIGHT: 21.7pt; TEXT-INDENT: 36pt"><font id="DSPFPageNumber">At 11:00 a.m. ET today, the company will webcast today's presentation and a questions and answer session with investors at: http://www.borgwarner.com/en/Investors/default.aspx.</font></div>

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<div style="FONT-SIZE: 11pt; FONT-FAMILY: Arial, sans-serif; TEXT-ALIGN: justify; LINE-HEIGHT: 21.7pt; TEXT-INDENT: 36pt"><font id="DSPFPageNumber">BorgWarner Inc. (NYSE: BWA) is a global product leader in clean and efficient technology solutions for combustion, hybrid and electric vehicles.&#160; With manufacturing and technical facilities in 66 locations in 18 countries, the company employs approximately 29,000 worldwide. For more information, please visit borgwarner.com.</font></div>

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<div style="FONT-SIZE: 11pt; FONT-FAMILY: Arial, sans-serif; TEXT-ALIGN: justify; LINE-HEIGHT: 18.05pt"><font id="DSPFPageNumber">Statements contained in, or incorporated by reference into this presentation, future filings by us with the Securities and Exchange Commission (&#8220;SEC&#8221;), and oral statements made by, or with the approval of, our authorized personnel, that relate to our future performance or future events are forward-looking statements under the Private Securities Litigation Reform Act of 1995. Such statements can be identified by use of forward-looking words or phrases such as &#8220;intend,&#8221; &#8220;anticipate,&#8221; &#8220;plan,&#8221; &#8220;estimate,&#8221; &#8220;target,&#8221; &#8220;aim,&#8221; &#8220;forecast,&#8221; &#8220;project,&#8221; &#8220;expect,&#8221; &#8220;believe,&#8221; &#8220;we are optimistic that we can,&#8221; &#8220;current visibility indicates that we forecast,&#8221; &#8220;contemplation&#8221; or &#8220;currently envisions&#8221; and similar phrases. Although we believe that the expectations reflected in these forward-looking statements are reasonable, our expectations may not prove to be correct. Forward-looking statements are necessarily estimates reflecting the best judgment of our senior management and involve a number of risks and uncertainties, some of which may be beyond our control, which could cause actual results to differ materially from those suggested by the forward-looking statements. These risks and uncertainties, among others, include: our dependence on automotive and truck production, both of which are highly cyclical; our reliance on major OEM customers; commodities availability and pricing; supply disruptions; fluctuations in interest rates and foreign currency exchange rates; availability of credit; our dependence on key management; our dependence on information systems; the uncertainty of the global economic environment; the outcome of existing or any future legal proceedings, including litigation with respect to various claims; and future changes in laws and regulations in the countries in which we operate. All forward-looking statements should be evaluated with the understanding of their inherent uncertainty. All subsequent written and oral forward-looking statements concerning the matters addressed in this presentation and attributable to us or any person acting on our behalf are qualified by these cautionary statements. Forward-looking statements are based on current expectations only and are not guarantees of future performance, and are subject to certain risks, uncertainties and assumptions. We may change our intentions, beliefs or expectations at any time and without notice, based upon any change in our assumptions or otherwise. Should one or more of these risks or uncertainties materialize, or should underlying assumptions prove incorrect, actual results may vary materially from those anticipated, estimated or projected. In addition, some factors are beyond our control. We undertake no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as required by law.</font></div>

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