February 1, 2005

Lehman BrothersTwenty-Second Annual

Industrial Select Conference

R

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Agenda

“This is Lear” Video

Strategic Overview / Industry Trends

Bob Rossiter, Chairman & CEO

Our Approach to Creating Shareholder Value

Jim Vandenberghe, Vice Chairman

Q & A Session

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Highlights of Today’s Presentation

Our customer-focused strategy is delivering profitable growthIndustry trends for automotive interiors are positive Business conditions, however, are very challenging globallyLear’s near-term results are being negatively impacted, but our longer-term outlook remains positiveWe have a balanced approach to creating shareholder value

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Strategic Overview / Industry Trends

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The Lear Philosophy --Put Our Customers First in Everything We Do

Stay focused on what we can control – quality, customer service, cost and deliveryOperate leanly with an LBO mentalityWork together as a cohesive teamContinuously improve the fundamentals of our businessConduct our business with integrity and humilityNever quit until the customer is completely satisfied

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Strategic Evolution

Seat Components to Seat Systems

Seat Systems to Total Interior Capability

Operational Excellence; Reduce Debt

1990-1994

1994-1999

1999-2003

Going Forward Profitably Grow the Business

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Steadily increased net sales over the last ten years to $17 billion in 2004Transformed from a seat assembly operation to one of the world’s largest automotive interior systems suppliers 129 ranking and 23rd fastest growing company over the last ten years among the Fortune 500

$0.0$2.0$4.0$6.0$8.0

$10.0$12.0$14.0$16.0$18.0

1994 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004

Lear’s Strategy has Supported Rapid GrowthNet Sales(in billions)

Net Income

CAGR 22%SALESCAGR18%

$3.1

$17.0

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Industry Trends

Consumers demanding more interior features

Automakers focused on world-class interiors and “Perceptual Quality”

Industry progressing toward total interior integration

Automotive interiors are the fastest growing segment of the auto industry

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Business Conditions

Continued mixed economic signals

North American and European vehicle production down in first quarter; flat for full year

Raw material prices negatively impacting earnings

Fierce global competition for market share

Significant Adverse Earnings Impact In First Quarter;Improving Outlook For Balance Of 2005

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Traits of a Model Supplier

Superior Culture

Superior Organizational

Capability

Superior Competitive Advantage

“Can Do” Attitude

Obsessed with Continuous Improvement

Saying “No” the Right Way

Strive for Stretch Targets

Bring Best-in-Class Designs

Breakthrough Technology

Speed - Go Fast

Global Presence

Product Focus

Quality Performance

Flawless Launches and Program Execution

Sustainable Cost Advantage

Best-in-Class Value

Sustainable Contribution and Value

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Critical Success Factors for Lear

Inspired team that works well togetherContinuous improvement mindsetWorking collaborately with customers and suppliersRelentless focus on quality and customer serviceLow-cost producer status in industryInnovative products and services

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Our Approach to Creating

Shareholder Value

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We Have a Balanced, Long-TermApproach to Creating Shareholder Value

Leverage our core capabilities as a leader in automotive interiors to profitably grow our business:– Deliver the highest quality and customer satisfaction– Expand in Asia and grow with Asian manufacturers globally– Leverage our scale, expertise and common architecture – Grow our low-cost manufacturing and engineering capability

– Invest in new business development worldwide

Return cash to shareholdersMaintain a strong and flexible balance sheet

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Highest Quality and Customer Satisfaction

Internal quality, as measured by defects per million, improved over 50% last year, our 4th consecutive year of improvement

Lear continues to rank as the highest quality seat manufacturer serving multiple automakers in latest J.D. Power survey

Lear has received awards for quality & service excellence from all of our major customers worldwide

Lear is the most admired auto supplier in the Corporate Reputation Survey by Fortune magazine, with the industry's highest score for the quality of our products and services

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2002 2003 2004 Future

We are Rapidly Growing Our Businessin Asia and with Asian Automakers Globally*

$850

$1,250

$1,800

Lear’s Asian Sales More Than Doubled from 2002 to 2004;Solid Growth Expected to Continue**

(in millions)

* Consolidated and unconsolidated sales.** Please see slide titled “Forward-Looking Statements” at the end of this presentation for further information.

China, India, Korea, Japan, Thailand and Philippines

25 facilities

7 engineering centers

Serving more than 25 customers

China, India, Korea, Japan, Thailand and Philippines

25 facilities

7 engineering centers

Serving more than 25 customers

Presence in Asia

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Leveraging Our Scale, Expertise and Common Architecture Strategy

World’s leading automotive interior supplier, with $17 billion in annual sales and 110,000 employees in 34 countries

Nearly 90 years of automotive history

9 Cost Technology Optimization (CTO) Centers in 6 locations globally

Common Seat Architecture on more than a dozen programs covering over 4 million vehicles worldwide

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Ongoing Manufacturing Footprint and Efficiency Actions

Investing In Footprint Actions Globally To Support Growth Opportunities And Low-Cost Country Strategy

Efficiency Actions• Downsizing, closures and relocations impacted 15

facilities in 2004Growth Opportunities• New facilities opened to support business in China,

Korea, Czech Republic and SlovakiaLow-Cost Country• Presently, Lear has low-cost operations in 13 countries• Plans to expand operations in Mexico, Honduras,

Poland, Romania and Philippines• Approximately 20% of sales manufactured in low-cost

locations

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2005 backlog up $150 million from last year on a comparable basis

Three-year backlog up $750 million from last year on a comparable basis

Interior and electronics / electrical represent 50% of the three-year backlog

European and Asian customers represent over half of the three-year backlog

2005 backlog up $150 million from last year on a comparable basis

Three-year backlog up $750 million from last year on a comparable basis

Interior and electronics / electrical represent 50% of the three-year backlog

European and Asian customers represent over half of the three-year backlog

Sales Backlog*

(in millions) Major New Business

Record Sales Backlog Supports Continued Growth

Record Net New Business Supports Continued Growth Record Net New Business Supports Continued Growth And Diversification Of SalesAnd Diversification Of Sales

* Please see slide titled “Forward-Looking Statements” at the end of this presentation for further information.

$1,550

$3,800

2005 2005 - 2007

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Major New Model Changeovers and Product Freshenings

2005 is a Transition Year For Lear; 2006 Mix Expected to Improve With Full Year of Second Half of 2005 Programs and Launch of the GMT 900

• BMW 3-Series (MC)• Hyundai Sonata (MC)

• Peugeot 407 Coupe (MC)• Chevrolet Impala (MC)

• Chevrolet HHR (New)• Dodge Ram (MF)• Ford Explorer (MC)• Mercury Mountaineer ( MC)• Fiat Punto (MC)

2005 Calendar Year

• Buick LeSabrereplacement* (MC)

• Ford Fusion (New)* Total Interior Integration Program(New) = New Model(MC) = Model Changeover(MF) = Major Freshening

• Cadillac DTS (MC)

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42%

65% 63%

58%

46%

2000 2001* 2002* 2003 2004

* Net debt represents total debt plus utilization of our ABS facility, less cash and cash equivalents. Please see slides titled “Use of Non-GAAP Financial Information” at the end of this presentation for further information.

Net DebtNet Debt**/Capital/Capital

Continuing to Strengthen Financial Position

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Alternatives for Using Cash Flow. . .

. . . While Maintaining A Strong Balance Sheet

Invest internally

in high return programs

Pursue strategic

acquisitionsDividends

Repurchase shares

Where We See Value Creation

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Q & A Session

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The Company has provided information regarding “net debt,” a non-GAAP financial measure. Net debt represents total debt plus utilization under the Company’s ABS facility, less cash and cash equivalents. Management believes that net debt provides useful information regarding the Company’s financial condition. Further, management uses net debt for planning and forecasting in future periods.

Net debt should not be considered in isolation or as a substitute for total debt or other balance sheet data prepared in accordance with GAAP. Also, this non-GAAP financial measure, as determined and presented by the Company, may not be comparable to related or similarly titled measures reported by other companies.

Set forth on the following slide is a reconciliation of net debt to total debt.

Use of Non-GAAP Financial Information

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(in millions)Net debtShort-term borrowings $ 35.4 $ 17.1 $ 37.3 $ 63.2 $ 72.4Current portion of long-term debt 632.8 4.0 3.9 129.5 155.6Long-term debt 1,866.9 2,057.2 2,132.8 2,293.9 2,852.1Total debt 2,535.1 2,078.3 2,174.0 2,486.6 3,080.1Cash and cash equivalents ( 584.9 ) ( 169.3 ) ( 91.7 ) ( 87.6 ) ( 98.8 )Asset backed securitization - - 189.0 260.7 -Net debt 1,950.2 $ 1,909.0 $ 2,271.3 $ 2,659.7 $ 2,981.3

2003 2002 2001 2000

Use of Non-GAAP Financial InformationNet Debt

December 31,

Note: Net Debt to Capital is defined as Net Debt divided by Net Debt plus Stockholders’ Equity.

2004

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This presentation contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, including statements regarding anticipated financial results. Actual results may differ materially from anticipated results as a result of certain risks and uncertainties, including but not limited to, general economic conditions in the markets in which the Company operates, fluctuations in the production of vehicles for which the Company is a supplier, labor disputes involving the Company or its significant customers or suppliers or that otherwise affect the Company, the Company’s ability to achieve cost reductions that offset or exceed customer-mandated selling price reductions, the outcome of customer productivity negotiations, the impact and timing of program launch costs, the costs and timing of facility closures or similar actions, increases in the Company’s warranty or product liability costs, risks associated with conducting business in foreign countries, competitive conditions impacting the Company’s key customers, raw material cost and availability, the Company’s ability to mitigate the significant impact of recent increases in raw material prices, the outcome of legal or regulatory proceedings to which the Company is or may become a party, unanticipated changes in free cash flow and other risks described from time to time in the Company’s Securities and Exchange Commission filings.

This presentation also contains information on the Company’s sales backlog. The Company’s incremental sales backlog reflects: anticipated net sales from awarded new programs, less phased-out and cancelled programs. The calculation of backlog does not reflect customer price reductions on existing or newly-awarded programs. The backlog may be impacted by various assumptions embedded in the calculation, including vehicle production levels on new and replacement programs, foreign exchange rates and the timing of program launches.

The forward-looking statements in this presentation are made as of the date hereof, and the Company does not assume any obligation to update them.

Forward-Looking Statements