March 21, 2005

Morgan StanleyGlobal Automotive Seminar

R

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Agenda

Strategic Overview

Bob Rossiter, Chairman & CEO

Financial Review and Outlook

Dave Wajsgras, SVP & CFO

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 has delivered profitable growth

Industry trends for automotive interiors continue to be positive

Near-term business conditions are difficult

Lear’s near-term results are being negatively impacted, but our longer-term outlook remains positive

We have a balanced approach to creating shareholder value

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Strategic Overview

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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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Product And Geographic Diversity

Seats and SeatingComponents

100%

Seating Systems67%

Electronic / Electrical16%

Interior17%

Europe17%

North America83%

Product MixProduct Mix

Geographic MixGeographic Mix

North America55%

Europe39%

Rest of World 6%

19941994 20042004

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Other Asian

DaimlerChrysler

BMW

Fiat

All OtherVW

PSA Renault

Mazda

And Diversified Our Customer Mix

Classic Ford & GM75%

All Other25%

1994 Present

Extended Ford & GM-Saab, Volvo,

Jaguar and Land Rover10%

Classic Ford & GM46%

/ Nissan

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NorthAmerica Europe Global

Seating Systems #1 #1 #1

Door Panels #1 #3 #2

Flooring & Acoustics #2 #8 #2

Headliners #2 #3 #3

Electrical Distribution #3 #3 #3

Instrument Panels #5 #4 #7

Global Market Leadership

Leadership Position in Leadership Position in Total InteriorsTotal Interiors

Source: 2003 Lear Market Share study

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Financial Review & Outlook

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Present Business Assessment and Outlook

Lear’s strategic focus on interiors has supported healthy net sales and earnings growth in recent years

European financial results improving; Asian growth strategy working

While we have a high variable cost structure, we are vulnerable to erratic volume declines, adverse platform mix and raw material cost pressures

In response, we have been working aggressively to improve our global cost structure

Over the longer term, we remain positive about the outlook for Lear

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Revenue Growth by Major Region

$0

$3,000

$6,000

$9,000

$12,000

$15,000

$18,000

2000 2001 2002 2003 2004

Com

mer

cial

Sal

es ($

mils

)

Americas International

$14,425$14,073$15,747

$13,625 ≈45%

≈55%

% of Total

Revenue$16,960

Recent Revenue Growth Has Been Healthy, Driven Largely By New Business Outside the Americas

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3rd Consecutive Year Of Improving Financials

$247

$310

2002 2003 2004

Overall in Europe, We are Growing Sales and Steadily Improving Margins

$354 • Growing sales and improving margins

• Positive cash flow

• Expanding our low-cost manufacturing and sourcing in Eastern Europe

European FinancialsEurope CPV

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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

Asian-Related Sales More Than Doubled From 2002 To 2004

(in millions)

* Consolidated and unconsolidated sales

• Predominantly with Asian OEMs

• 60% in North America

• 40% in Asia

2004 Asian-Related Sales:

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Adverse Industry Factors Concentrated in the Near Term

First quarter industry production environment challenging:

– Big Three in North America down about 10%

– Lear’s top platforms globally down about 20%

Raw material pricing impact

– Timing of customer productivity agreements / negotiations

– Benefits of efficiency actions to ramp-up throughout year

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Supply base compression

Re-sourcing – develop new sources of supply

In-sourcing – fill open capacity where appropriate

Lear’s Cost Technology Optimization process

Low-cost country manufacturing and engineering

Supplier Lean Manufacturing and Six Sigma

Further consolidation of administrative functions

Factor into customer productivity requirements

Strategy to Mitigate Higher Raw Material Prices

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Platform Mix to Improve in 2006 Following Major New Model Changeovers and Product Freshenings this Year

2005 is a Transition Year for Lear; 2006 Mix Expected to Improve With Full Year Benefit of 2005 Launches and Launch of 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)• Ford Fusion (New)• Cadillac DTS* (MC)

2005 Calendar Year

• Buick Lucerne* (MC) * Total Interior Integration Program

(New) = New Model(MC) = Model Changeover(MF) = Major Freshening

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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

Strengthened Our Financial Position

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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

– Leverage our scale, expertise and common architecture

– Grow our low-cost manufacturing and engineering capability

– Invest in profitable new business development worldwide

Return cash to shareholders

Maintain a strong and flexible balance sheet

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Highest Quality and Customer Satisfaction

Internal quality, as measured by defects per million, continues to show 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 and 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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Leveraging Our Scale, Expertise and Common Architecture Strategy

One of the world’s leading automotive interior suppliers, with $17 billion in annual sales and 110,000 employees in 34 countries

Nearly 90 years of automotive history

Cost Technology Optimization (CTO) Centers in the United States, Germany, Spain, the Philippines and Brazil

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 ActionsDownsizing, closures and relocations impacted 15 facilities in 2004

Growth OpportunitiesNew facilities opened to support business in China, Korea, Czech Republic and Slovakia

Low-Cost CountriesPresently, Lear has low-cost operations in 13 countriesPlans to expand operations in Mexico, Honduras, Poland, Romania and the PhilippinesApproximately 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

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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Growth Drivers

Leverage JVs and strategic partnerships to support Japanese and Korean OEMs globally

Support growth of traditional North American and European customers in Asia

Leverage Total Interior Integration capabilities

Product innovation

Strategic niche acquisitions

Goal is to be the Partner of Choice for All CustomersGoal is to be the Partner of Choice for All Customers

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Longer-Term Outlook Remains Positive for Lear

Consumer trends and automaker emphasis on interiors supports continued growth

Lear has a very strong three-year sales backlog of $3.8 billion

Lear’s platform mix to improve in 2006 with full-year benefit of major 2005 launches and introduction of GMT 900

Strong and flexible overall financial position to continue

Recent 25% increase in dividend indicates management’s confidence in the outlook for our business

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Q & ASession

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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, net debt, 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 net sales from 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