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2005 Annual
Meeting of Shareholders


                 R
Agenda

     “This is Lear” Video

     Strategic and Financial Review

         Dave Wajsgras, SVP & CFO
     Americas Operating Review

         Doug DelGrosso, President & COO – Americas
     International Operating Review

         Don Stebbins, President & COO – International

 2
Strategic and
    Financial Review


3
Strategic Evolution


 Going Forward          Profitably Grow the Business


                      Operational Excellence;
        1999-2003
                           Reduce Debt

                    Seat Systems to
     1994-1999
                 Total Interior Capability

             Seat Components
1990-1994
              to Seat Systems
 4
Lear’s Strategy has Supported Rapid Growth
 Net Sales
 (in billions)
                                                                                       $17.0
  $18.0
                                                      me
                                                 Inco
                                             Net
  $16.0
                                                      2%
                                                 GR 2
                                              CA                                               SALES
  $14.0
                                                                                               CAGR
  $12.0
                                                                                                18%
  $10.0
     $8.0
     $6.0
                 $3.1
     $4.0
     $2.0
     $0.0
            1994        1995   1996   1997   1998   1999   2000   2001   2002   2003   2004

       Steadily increased net sales over the last ten years to $17 billion in 2004
       Transformed from a seat assembly operation to one of the world’s largest
       automotive interior systems suppliers
       Ranked #127 in the Fortune 500


 5
At the Same Time,
We have Diversified Our Product Mix

                                      2004
             1994

       Seats and Seating              Seating
         Components                    67%
             100%




                           Interior
                                        Electronic / Electrical
                             17%
                                                16%




 6
And Our Geographic Mix

              1994                                   2004


     Europe
                                           Europe
      17%
                                            39%




                                     Rest of World
                     North America                          North America
                                          6%
                          83%                                    55%



 7
And Diversified Our Customer Mix

            1994                                2004

                                                             Extended Ford & GM-
                                                                 Saab, Volvo,
                      Classic Ford & GM*                    Jaguar and Land Rover
                             46%                                     10%
 Classic Ford & GM*
        75%                                                                DaimlerChrysler




                                                                            BMW

                                                                          PSA
  All Other                                                        Fiat
                                                              VW
    25%                   All Other                 Mazda
                                      Other Asian
                                                        Renault-Nissan

* Includes Opel

 8
Financial Highlights

  Last Few Years
            Solid revenue growth was driven by strong sales backlog
            Increased net income per share
            Global cost efficiency actions implemented
            Debt was reduced, overall financial position strong
  2005*
            Three key factors impacting near-term results -- adverse
            platform mix, lower industry volume and high raw material
            and energy prices
            Financial outlook improving the balance of this year and
            into 2006
 * Please see slide titled “Forward-Looking Statements” at the end of this presentation for further information.

   9
Platform Mix has Adverse Impact in 2005

                 First Quarter Production: 2005 Compared With 2004



                                                     Europe Production
               North America Production
                                                                     2%




                                                      (3%)
        (4%)


                    (9%)
                           (11%)       (11%)

                             Big
                                                     Overall
      Overall                                                   Lear’s Top 15
                    Big             Lear’s Top 15
                            Three
                                                     Industry
      Industry                                                   Platforms
                   Three             Platforms
                           Trucks



 10
Mitigation Actions
to Help Offset Commodity Movements


       Key Commodities                     Action Plan
                          • Factor into customer productivity negotiations

Steel                     • Lear’s Cost Technology Optimization process

                          • Supply base compression
Resins                    • Re-sourcing – develop new sources of supply

                          • In-sourcing – fill open capacity where
Chemicals                   appropriate

                          • Low-cost country sourcing and engineering

Energy                    • Supplier Lean Manufacturing and Six Sigma
      Continuing To Work With Customers And Supply Base
 11
Long-Term Outlook
Remains Positive for Lear*

         Near-term financial results severely depressed reflecting
         transitional volume and cost factors; expected to improve in
         second half of 2005 and going forward

         Strong three-year sales backlog of $3.8 billion is up 25%
         from last year’s three-year backlog

         Platform mix to improve in 2006 with full-year benefit of
         major 2005 launches and introduction of GMT900

         Strong and flexible overall financial position

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

    12
Americas
     Operating Review


13
Americas



      U.S. and Canada

      28,000 Employees

      85 Locations




 14
Americas



      Mexico and Honduras

       34,000 Employees

       36 Locations




 15
Lear’s Importance in Mexico
            Maquiladora                    Company


                               #1 Petroleos Mexicanos
        Delphi
                               #2 Wal Mart de Mexico
        Lear
                               #3 FEMSA
        General Electric       #4 Comision Federal de Electricidad
                               #5 Grupo Carso
        Yazaki North America

        Alcoa Fujikura Ltd.
                               #16 Lear
                                     Lear Ranks # 16 Among
      Lear Ranks # 2 Among
                                     All Companies In Mexico
      Maquiladoras In Mexico


 16
Manufacturing Footprint
                   Juarez
             • 5 Trim facilities
             • 4 Wire facilities
             • 2 JV’s (wire)


                                                                 Chihuahua
                                                             • 5 Wire facilities
                                                                                        Monterrey
                                                                                   • 1 Interior Facility
          Hermosillo
      • 1 Seat Facility


                                       Ramos/Saltillo
                                   • 1 Trim facility                                       Puebla
                                   • 1 seat facility                                  • 1 Seat facility
                                   • 2 Interior facilities


                                          Silao
                                    • 1 Seat Facility
                                                                                               Honduras
                                                                                          • 2 Wire facilities
                                                                                          • 1 JV (wire)
                                           Toluca
                                   • 2 Interior facilities


                                          Tlahuac
                                   • 1 Interior facility



  Regional Concentration in Juarez, Chihuahua & Monterrey

 17
Americas



       South America


     2,000 Employees

     3 Countries / 9 Locations




18
North America

           Challenges                  Strengths
      Industry production        Customer focus
      volume
                                 Solid fundamentals
      Platform mix
                                 Dedicated team
      High raw material costs
                                 Leadership position in
      Ever increasing customer   total interiors
      requirements




 19
Major North American Launches




                                                                   Buick Lucerne
                 Cadillac DTS
                                                               Total Interior Integrator,
            Total Interior Integrator,
                                                               Electrical Distribution
            Electrical Distribution
                                                                   SOP: 4Q 2005
                SOP: 3Q 2005




                                                          Chevy Impala / Chevy Monte Carlo
               Hyundai Sonata
                                                                        Seats
             Seats, Wire Harness
                                                                 SOP: 2Q / 3Q 2005
                SOP: 1Q 2005

 20   Note: Products in red are produced in Mexico/Honduras.
Major North American Launches




                 Chevy HHR                                     Ford Fusion / Milan / Zephyr
         Cockpit, Flooring & Acoustics                                   Seats
               SOP: 2Q 2005                                          SOP: 3Q 2005




                                                              Ford Explorer / Mountaineer
             Dodge Ram Truck
                                                           Seats, Doors, Electrical Distribution
      Seats, Doors, Instrument Panel,
                                                                     SOP: 3Q 2005
            Overhead Systems
              SOP: 3Q 2005
 21   Note: Products in red are produced in Mexico/Honduras.
Americas – 2005 Strategy


      Improve quality and customer service

      Reduce costs – get leaner

      Support flawless launches

      Identify new growth opportunities

      Serve as a catalyst for our customer’s success


 22
International
     Operating Review


23
Europe / Africa




      20 Countries

      37,000 Employees

      103 Locations




 24
Overall in Europe,
We have Grown Sales and Steadily Improved Margins

         Europe CPV                European Financials

                                  Growing sales and
                       $351
                                  improving margins
               $310

                                  Positive cash flow
      $247

                                  Expanding our low-cost
                                  manufacturing and sourcing
                                  in Eastern Europe and
                                  Northern Africa

      2002    2003    2004


        3rd Consecutive Year Of Improving Financials

 25
Asia




       7 Countries

       9,000 Employees

       38 Locations




 26
Asia Footprint

      Major presence in China, India, Korea, Japan,
      Thailand and the Philippines

      Significant infrastructure in place

      7 engineering centers in the region

      Establishing relationships and growth through joint
      ventures

      12 joint ventures in China
 27
Continuing to Diversify Our Customer Mix

        Non-Traditional Big Three*                                  Recent Customer Diversification
                                                                     VW/Audi
                                                                       -   Seats and electronics in Europe
                                                                       -   Audi A6: seats in China
                                           46%
                                                                     Hyundai
                                                                       -   Sonata: seats & wire harness award in NA
                                                                       -   Several electronics awards (TPMS) in NA
                                                                       -   Tucson: seats in Korea
                                                                       -   Tucson/Sonata: seats in China
              19%
                                                                     Nissan
                                                                       -   Global seating with JV partner, Tachi-S
                                                                       -   Electrical distribution program in Europe

                                                                     Toyota
                                                                       -   Tundra: interior trim award in NA
                                       2004
          1994                                                         -   Aygo: seats (Toyota/PSA JV) in Europe




* Excludes affiliates of GM (other than Opel), Ford and DaimlerChrysler.

 28
We are Rapidly Growing Our Business
in Asia and with Asian Automakers Globally*
          (in millions)
                                                                     $1,800


                                                  $1,250

                                 $850




                                  2002               2003               2004                    Future
  Lear’s Asian Sales More Than Doubled From 2002 To 2004;
              Solid Growth Expected To Continue
* Consolidated and unconsolidated sales. Please see slide titled “Forward-Looking Statements”
  at the end of this presentation for further information.

   29
Major International Launches




                                 Audi A6 - China
                                      Seats
         BMW 3 Series
                                  SOP: 1Q 2005
        Seats, Electronics
         SOP: 1Q 2005




          Nissan Serena          Peugeot 407 Coupe
       Electrical Distribution         Seats
          SOP: 2Q 2005             SOP: 2Q 2005

 30
International – 2005 Strategy

      Continue quality and customer service focus

      Execute growth priorities and ensure appropriate
      program profitability

      Implement strategic footprint plan, including the
      expansion of low-cost opportunities

      Finalize terminal and connectors business
      integration

      Utilize advance sales team and technology board

 31
Forward-Looking Statements
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, business realignment 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, energy and commodity 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 three-year
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.

In addition, the full-year 2005 per share earnings guidance is based on an assumed 73 million shares outstanding, including 4.8
million shares related to the outstanding contingently convertible debt.

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.




 32

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LEAR 2005 sholders meet

  • 1. 2005 Annual Meeting of Shareholders R
  • 2. Agenda “This is Lear” Video Strategic and Financial Review Dave Wajsgras, SVP & CFO Americas Operating Review Doug DelGrosso, President & COO – Americas International Operating Review Don Stebbins, President & COO – International 2
  • 3. Strategic and Financial Review 3
  • 4. Strategic Evolution Going Forward Profitably Grow the Business Operational Excellence; 1999-2003 Reduce Debt Seat Systems to 1994-1999 Total Interior Capability Seat Components 1990-1994 to Seat Systems 4
  • 5. Lear’s Strategy has Supported Rapid Growth Net Sales (in billions) $17.0 $18.0 me Inco Net $16.0 2% GR 2 CA SALES $14.0 CAGR $12.0 18% $10.0 $8.0 $6.0 $3.1 $4.0 $2.0 $0.0 1994 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 Steadily increased net sales over the last ten years to $17 billion in 2004 Transformed from a seat assembly operation to one of the world’s largest automotive interior systems suppliers Ranked #127 in the Fortune 500 5
  • 6. At the Same Time, We have Diversified Our Product Mix 2004 1994 Seats and Seating Seating Components 67% 100% Interior Electronic / Electrical 17% 16% 6
  • 7. And Our Geographic Mix 1994 2004 Europe Europe 17% 39% Rest of World North America North America 6% 83% 55% 7
  • 8. And Diversified Our Customer Mix 1994 2004 Extended Ford & GM- Saab, Volvo, Classic Ford & GM* Jaguar and Land Rover 46% 10% Classic Ford & GM* 75% DaimlerChrysler BMW PSA All Other Fiat VW 25% All Other Mazda Other Asian Renault-Nissan * Includes Opel 8
  • 9. Financial Highlights Last Few Years Solid revenue growth was driven by strong sales backlog Increased net income per share Global cost efficiency actions implemented Debt was reduced, overall financial position strong 2005* Three key factors impacting near-term results -- adverse platform mix, lower industry volume and high raw material and energy prices Financial outlook improving the balance of this year and into 2006 * Please see slide titled “Forward-Looking Statements” at the end of this presentation for further information. 9
  • 10. Platform Mix has Adverse Impact in 2005 First Quarter Production: 2005 Compared With 2004 Europe Production North America Production 2% (3%) (4%) (9%) (11%) (11%) Big Overall Overall Lear’s Top 15 Big Lear’s Top 15 Three Industry Industry Platforms Three Platforms Trucks 10
  • 11. Mitigation Actions to Help Offset Commodity Movements Key Commodities Action Plan • Factor into customer productivity negotiations Steel • Lear’s Cost Technology Optimization process • Supply base compression Resins • Re-sourcing – develop new sources of supply • In-sourcing – fill open capacity where Chemicals appropriate • Low-cost country sourcing and engineering Energy • Supplier Lean Manufacturing and Six Sigma Continuing To Work With Customers And Supply Base 11
  • 12. Long-Term Outlook Remains Positive for Lear* Near-term financial results severely depressed reflecting transitional volume and cost factors; expected to improve in second half of 2005 and going forward Strong three-year sales backlog of $3.8 billion is up 25% from last year’s three-year backlog Platform mix to improve in 2006 with full-year benefit of major 2005 launches and introduction of GMT900 Strong and flexible overall financial position * Please see slide titled “Forward-Looking Statements” at the end of this presentation for further information. 12
  • 13. Americas Operating Review 13
  • 14. Americas U.S. and Canada 28,000 Employees 85 Locations 14
  • 15. Americas Mexico and Honduras 34,000 Employees 36 Locations 15
  • 16. Lear’s Importance in Mexico Maquiladora Company #1 Petroleos Mexicanos Delphi #2 Wal Mart de Mexico Lear #3 FEMSA General Electric #4 Comision Federal de Electricidad #5 Grupo Carso Yazaki North America Alcoa Fujikura Ltd. #16 Lear Lear Ranks # 16 Among Lear Ranks # 2 Among All Companies In Mexico Maquiladoras In Mexico 16
  • 17. Manufacturing Footprint Juarez • 5 Trim facilities • 4 Wire facilities • 2 JV’s (wire) Chihuahua • 5 Wire facilities Monterrey • 1 Interior Facility Hermosillo • 1 Seat Facility Ramos/Saltillo • 1 Trim facility Puebla • 1 seat facility • 1 Seat facility • 2 Interior facilities Silao • 1 Seat Facility Honduras • 2 Wire facilities • 1 JV (wire) Toluca • 2 Interior facilities Tlahuac • 1 Interior facility Regional Concentration in Juarez, Chihuahua & Monterrey 17
  • 18. Americas South America 2,000 Employees 3 Countries / 9 Locations 18
  • 19. North America Challenges Strengths Industry production Customer focus volume Solid fundamentals Platform mix Dedicated team High raw material costs Leadership position in Ever increasing customer total interiors requirements 19
  • 20. Major North American Launches Buick Lucerne Cadillac DTS Total Interior Integrator, Total Interior Integrator, Electrical Distribution Electrical Distribution SOP: 4Q 2005 SOP: 3Q 2005 Chevy Impala / Chevy Monte Carlo Hyundai Sonata Seats Seats, Wire Harness SOP: 2Q / 3Q 2005 SOP: 1Q 2005 20 Note: Products in red are produced in Mexico/Honduras.
  • 21. Major North American Launches Chevy HHR Ford Fusion / Milan / Zephyr Cockpit, Flooring & Acoustics Seats SOP: 2Q 2005 SOP: 3Q 2005 Ford Explorer / Mountaineer Dodge Ram Truck Seats, Doors, Electrical Distribution Seats, Doors, Instrument Panel, SOP: 3Q 2005 Overhead Systems SOP: 3Q 2005 21 Note: Products in red are produced in Mexico/Honduras.
  • 22. Americas – 2005 Strategy Improve quality and customer service Reduce costs – get leaner Support flawless launches Identify new growth opportunities Serve as a catalyst for our customer’s success 22
  • 23. International Operating Review 23
  • 24. Europe / Africa 20 Countries 37,000 Employees 103 Locations 24
  • 25. Overall in Europe, We have Grown Sales and Steadily Improved Margins Europe CPV European Financials Growing sales and $351 improving margins $310 Positive cash flow $247 Expanding our low-cost manufacturing and sourcing in Eastern Europe and Northern Africa 2002 2003 2004 3rd Consecutive Year Of Improving Financials 25
  • 26. Asia 7 Countries 9,000 Employees 38 Locations 26
  • 27. Asia Footprint Major presence in China, India, Korea, Japan, Thailand and the Philippines Significant infrastructure in place 7 engineering centers in the region Establishing relationships and growth through joint ventures 12 joint ventures in China 27
  • 28. Continuing to Diversify Our Customer Mix Non-Traditional Big Three* Recent Customer Diversification VW/Audi - Seats and electronics in Europe - Audi A6: seats in China 46% Hyundai - Sonata: seats & wire harness award in NA - Several electronics awards (TPMS) in NA - Tucson: seats in Korea - Tucson/Sonata: seats in China 19% Nissan - Global seating with JV partner, Tachi-S - Electrical distribution program in Europe Toyota - Tundra: interior trim award in NA 2004 1994 - Aygo: seats (Toyota/PSA JV) in Europe * Excludes affiliates of GM (other than Opel), Ford and DaimlerChrysler. 28
  • 29. We are Rapidly Growing Our Business in Asia and with Asian Automakers Globally* (in millions) $1,800 $1,250 $850 2002 2003 2004 Future Lear’s Asian Sales More Than Doubled From 2002 To 2004; Solid Growth Expected To Continue * Consolidated and unconsolidated sales. Please see slide titled “Forward-Looking Statements” at the end of this presentation for further information. 29
  • 30. Major International Launches Audi A6 - China Seats BMW 3 Series SOP: 1Q 2005 Seats, Electronics SOP: 1Q 2005 Nissan Serena Peugeot 407 Coupe Electrical Distribution Seats SOP: 2Q 2005 SOP: 2Q 2005 30
  • 31. International – 2005 Strategy Continue quality and customer service focus Execute growth priorities and ensure appropriate program profitability Implement strategic footprint plan, including the expansion of low-cost opportunities Finalize terminal and connectors business integration Utilize advance sales team and technology board 31
  • 32. Forward-Looking Statements 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, business realignment 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, energy and commodity 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 three-year 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. In addition, the full-year 2005 per share earnings guidance is based on an assumed 73 million shares outstanding, including 4.8 million shares related to the outstanding contingently convertible debt. 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. 32