Net Calories/Exercise Cals

Hii everyone!

I've heard different things from different people so i wanna get you alls input...
If my trying to lose weight (at least 2 pounds a week) i know I am supposed to eat 1200 calories. But if i exercise do i have to eat those calories back? or will eating only 1200 and burning about 500 at the gym slow down my metabolism? in other words, do i have to NET 1200 or just EAT 1200?

Thanks :)

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