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UBS Paris Auto ShowInvestor Conference 2004

September 23, 2004

fast forwardadvance relentlessly

world’s leading automotive interior supplier

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Agenda

Industry Trends and Lear’s Strategic Evolution Jim Vandenberghe, Vice Chairman

International Update Don Stebbins, President & COO – International

Financial UpdateDave Wajsgras, SVP and CFO

Q & A

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Industry Trends

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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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1. Comfortable seats 2. Automatic transmission 3. Good visibility 4. In-dash CD changer or satellite radio 5. Steering wheel-mounted stereo controls 6. Controlled noise, vibration and handling 7. Good fuel economy 8. Well-designed cup holders and ample storage 9. Two power points and a hands-free voice activated phone system 10. Reasonably compact external size

Top 10 Vehicle Features for Commuters

Source: List issued in a press release from Edmunds.com on August 11, 2004.

Lear Offers Solutions to Six of Edmunds.com’s Top Ten Features for Commuters

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Priority Emphasis on the Interior

“(In the) Interior is where you spend all of your time. It makes total sense to me to want to get it right.”J Mays, Ford

“Interiors are an area of huge focus for General Motors.”Bob Lutz, GM

“For us, the interior has always been a priority of design.”Helmut Panke, BMW

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New Emphasis on the Interior in Advertising

Nissan Quest

VW MultivanReconfigurable Seating

Volvo XC90

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Automotive Industry Moving to Integrated Systems

Build to Print

Mfg. Feasibility

Co-locatedDesign

Integrated System Design& Development

Component SubAssembly

SubSystem

System SystemIntegration

INDUSTRY TREND

Increasing SupplierResponsibility

Dec., 2002 - -First Total Interior Integrator Program

Awarded to Lear

IncreasingSystems

Complexity

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Global Growth of Vehicle Sub-Elements

5% 6%

9%

26%

Powertrain Electrical Chassis Interior

Interiors are the Fastest Growing Segment

Average Annual Growth

2004 - 2009

Source: 2004 CSM Worldwide, Study

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Estimated Size of Total Interior Market* (Global)

$40

$30

$20

$90

$30

$90

$25

$90

$30

$25

Current Global Market

AddCockpits**

AddElectronics

Add Cockpitsand

Electronics

$90

$145Global Market

(billions)

A Broader Focus on Cockpits and Electronics Significantly Expands Lear’s Potential Market***

Interiors

Seats

* Based on internal Lear estimates.** Excludes IP substrate and cockpit electronics, which are included in current global market.*** Please see slide titled “Forward-Looking Statements” at the end of this presentation for further information.

ElectricalDistribution

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Strategic Evolution

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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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$3.1

$4.7

$6.2$7.3

$9.1

$12.4

$14.1 $13.6$14.4

$15.7

$0.0

$2.0

$4.0

$6.0

$8.0

$10.0

$12.0

$14.0

$16.0

1994 1995 1996 1997 1998 1999 2000 2001 2002 2003

Lear’s Strategy has Supported Rapid Growth

Net sales have steadily increased since IPO to about $15.7 billion in 200317 major acquisitions during the 1990’s 60% acquisition growth40% organic growth

No strategic hole in Lear’s product line upLear ranks 129 among the Fortune 500 and is the 23rd

fastest growing company in the U.S. over the last ten years

SALESCAGR20%

Net Sales(billions)

Net Income

CAGR 23%

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

Seating Systems68%

Electronics14%

Interior Systems18%

1994

Seats and SeatingComponents

100%

Present*

* Based on 2003 financials.

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North America59%

Europe36%

Diversified Our Geographic Mix…

Rest of World 5%

Europe17%

North America83%

1994 Present*

* Based on 2003 financials.

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DaimlerChrysler

BMWFiat

All Other VWPSA GPRenault Asian

And Diversified Our Customer Mix

Classic Ford & GM75%

All Other25%

1994 Present*

Extended Ford & GM -Opel, Saab, Volvo,

Jaguar and Land Rover12%

Classic Ford & GM47%

/ Nissan

* Based on 2003 financials.

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Leverage our leadership

position in total interiors in North

America

Improve our business

structure and grow our market share in Europe

Aggressively expand our presence in

Asia and with Asian OEMs

globally

Profitably Grow and Diversify Our Business Worldwide

Going Forward, We have a Focused Strategy to Grow Our Business Worldwide*

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

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In North America,We Plan to Leverage Our Leadership Position in Total Interiors

Quality and customer satisfaction continues to improve

Ranked #1, #2 or #3 in seats, electrical distribution systems, headliners, door panels and flooring & acoustics*

Awarded first total interior integrator program for General Motors

Record North American backlog coming on-line in 2005**

North America

* Source: Lear’s Internal Market Share Study.* * Please see slide titled “Forward-Looking Statements” at the end of this presentation for further information.

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International Update

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Europe Business Summary

Top 10 CustomersSales

$4.3$4.5

2001 2002 2003

$5.6

(billions)

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

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Europe Market Share Rankings

Instrument Panels Electrical Distribution Systems

Seating Systems Door Panels

Headliners

#1 #3

#3

#4#3

Industry Leader in Seating; Growth Opportunity in Instrument Panels and Cockpit Systems

Source: Lear’s Internal Market Share Study.

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U.S. data for seats supplied by Lear’s European plants

21% improvement from 2002

Independent J.D. Power Survey Shows Solid Improvement in Lear’s European TGW

Source: 2003 J.D. Power Seat Survey

Lear’s 2003 J.D. PowerResults for Lear Europe

7.1

5.6

2002 2003

Things Gone Wrong (TGW)per 100 vehicles

J.D. Power Seat Survey Shows Improvement for European Seats

21% Improvement

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In Asia, We are Rapidly Expanding Our Presence*

China • 11 facilities • 1 engineering center• 21 customers • Seats, interiors, electrical

distribution, electronics, IP

Korea • 2 facilities• 1 engineering center • 2 customers • Seats

Japan• 3 engineering centers • 5 customers • Interior integration

Philippines • 4 facilities • 1 engineering center • 7 customers • Electrical distribution

Thailand• 2 facilities • 5 customers • Seats, seat trim,

door panels

India• 3 facilities • 1 engineering center • 4 customers • Seats, interior integration

* Includes facilities held through joint ventures.

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Second Quarter Developments in China

New Business This Year:Lear awarded first contract with First Autoworks (SOP – Oct. 04)New electronics plant to supply Shanghai GM, Honda and Saturn (SOP – July 04)

Business Development:Lear / Yunhe JV awarded first seat business with Peugeot (SOP – Q4 05)JV with Dongfeng Motors is well positioned to serve Nissan and Honda

Leveraging Joint Venture Infrastructure and Relationships with Global Customers to Support Rapid Growth in China

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2002 2003 2004 Future

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

$850

$1,250

≈$1,600

Asian Sales About Double from 2002 to 2004;Solid Growth Expected to Continue**

(millions)

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

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On Track for Our 3rd Consecutive Year of Improving Financials

$247

$309

2002 2003 2004

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

UP ≈ 10+%

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

Growing sales and improving margins

Positive cash flow

Low-cost manufacturing and sourcing in Eastern Europe

European FinancialsEurope CPV

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Financial Update

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Lear is Well Positioned in the Fastest Growing Segment of the Automotive Industry

Profitable Global Growth Strategy

Interiors are the fastest growing automotive segment

Intense focus on improving interiors by all major automakers

Deliver record sales backlog (supports ≈ 5% + annual growth)

Awarded General Motors’ first total interior integrator program

Accelerate new product innovations (e.g., IntelliTireTM)

Pursue strategic acquisitions (e.g., Grote & Hartmann)

Win new business in Asia and with Asian OEMs globally

Industry Focus

Lear Opportunity

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Infrastructure Cost Reduction Actions

Low cost country strategy

Selective in-sourcing of value-add components

Global Cost Technology Optimization initiatives

Leverage Lear’s scale and commonization expertise

“Lear Flexible Seat Architecture”

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Poland – 4Hungary – 4

Czech Republic – 2Turkey – 2

Slovakia – 1Romania – 1

Philippines – 4

Africa – 8

Mexico – 24

Honduras – 3

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LLLL

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Superior Competitive AdvantageLow Cost Manufacturing Capabilities and Engineering Centers

China – 1India – 3

Korea – 1Japan – 3

Philippines – 1

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Wire Harness

Terminals & ConnectorsTerminals & Connectors are an Integral

Part of a Wire Harness Assembly

Electronics / Electrical Market

Average Wire Harness Composition

Wiring/ Assembly

Terminals & Connectors

40%60%

High quality producer with technical expertise

Improves overall competitiveness in electronics / electrical market

Provides avenue for growth and customer diversification

Grote & Hartmann

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Dearborn, MIDearborn, MISouthfield, MISouthfield, MI

Sao Paulo, BrazilSao Paulo, Brazil

Barcelona, SpainBarcelona, Spain

Munich, GermanyMunich, Germany

Cost Technology Optimization (CTO) Centers

CTO Evaluates All Areas for Cost Reduction

Cebu, PhilippinesCebu, Philippines

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Lear Flexible Seat Architecture (LFSA)

Modular system that can be packaged in several vehicle environments through the utilization of power and common componentsCurrently on over a dozen programs, totaling nearly 4 million vehicles

BenefitsFaster implementation timing Reduced development costs and tooling / capitalEnhanced comfort and safety featuresIncreased quality and craftsmanship

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$3.4

$3.0

$2.7

$2.3

$1.9

46%

70%

65%63%

58%

$1.5

$2.0

$2.5

$3.0

$3.5

$4.0

1999* 2000 2001** 2002** 2003 2004

(billions)

Net

Deb

t

* UTA acquisition 5/99** Includes ABS debt of $261 million in 2001 and $189 million in 2002 (implemented in 2001).*** 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” and “Forward-Looking Statements” at the end of this presentation for further information.

Net Debt***/Capital

Continuing to Reduce Our Net Debt

Lear’s Goal is to Maintain Investment Grade Status

Target Target Low 40%Low 40%

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Alternatives for Using Cash Flow. . .

. . . While Maintaining Strong Balance Sheet

Invest internally in high return

programs

Pursue strategic acquisitions

Increase the

dividend

Share repurchases

Where We See Value Creation

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Factors impacting near term financial results:

Material costs, reflects increasing commodity prices

New business development costs, reflects important new

program awards, rapid expansion in Asia

N.A. vehicle production mix, primarily trucks and SUVs

Backlog strength and diversification

Business / Industry Conditions

Near Term Challenges

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Focused Strategy will Allow Lear to DeliverValue to its Customers and Shareholders

Challenging Automotive Industry DynamicsOvercapacity

Fierce competitionProduction outlook

Lear Works in Partnership with Customers to Add ValueFocus on quality, customer service, cost and delivery

Invest opportunistically in value added growth vehicles Implement aggressive cost efficiency actions / flexible cost structure

Maintain strong balance sheet with LBO mentality

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ADVANCE RELENTLESSLY™

www.lear.comLEA

NYSEListed

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In addition to the results reported in accordance with accounting principles generally accepted in the United States (“GAAP”) included throughout this presentation, 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 is useful to both management and investors in their analysis of the Company’s financial condition. Further, management uses net debt for planning and forecasting in future periods.

Net debt should be not considered in isolation or as a substitute for total debt or other balance sheet data prepared in accordance with GAAP or as a measure of profitability or liquidity. 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 below is the reconciliation of net debt to total debt.

Use of Non-GAAP Financial Information

Net debtShort-term borrowings $ 17.1 $ 37.3 $ 63.2 $ 72.4 $ 103.6Current portion of long-term debt 4.0 3.9 129.5 155.6 63.6Long-term debt 2,057.2 2,132.8 2,293.9 2,852.1 3,324.8Total debt 2,078.3 2,174.0 2,486.6 3,080.1 3,492.0Cash and cash equivalents ( 169.3 ) ( 91.7 ) ( 87.6 ) ( 98.8 ) (106.9 )Asset backed securitization - 189.0 260.7 - -Net debt $ 1,909.0 $ 2,271.3 $ 2,659.7 $ 2,981.3 $ 3,385.1

(in millions)

2003 2002 2001 2000 1999

December 31,

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

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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, including changes in interest rates and fuel prices, 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 impact and timing of program launch costs, the costs and timing of facility closures or similar actions, increases in warranty or product liability costs, risks associated with conducting business in foreign countries, fluctuations in foreign exchange rates, adverse changes in economic conditions or political instability in the jurisdictions in which the Company operates, competitive conditions impacting the Company’s key customers, raw material cost and availability, the Company’s ability to successfully integrate the recently acquired Grote and Hartmann operations, 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.

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.

This presentation also contains information on the Company’s sales backlog. The Company’s incremental sales backlog reflects: (i) formally awarded new programs; (ii) targeted programs for which the Company believes there is a substantial likelihood of award; (iii) phased-out and cancelled programs; (iv) estimates regarding customer-mandated changes in selling prices; and (v) estimates of expected changes in vehicle content. Changes in any of these components may significantly impact the Company’s backlog. In addition, backlog may be impacted by various assumptions imbedded in the calculation, including vehicle production levels on new, replacement or targeted programs, foreign exchange rates and the timing of major program launches. For purposes of the backlog data included in this presentation, the Company has made various assumption, including the following: (1) North American vehicle production of 16.0 million units; (2) Western European vehicle production of 16.0 million units; (3) South American vehicle production of 1.9 million units; and (4) a Euro exchange rate of $1.20/Euro. Please refer to the Company’s Annual Report on Form 10-K for its fiscal year ended December 31, 2003 for further information on the Company’s calculation of sales backlog.

Forward-Looking Statements