2006 Paris Auto Show

JPMorgan Investor Conference

September 26, 2006

Agenda

Strategic Evolution

Bob Rossiter, Chairman and CEO

Improving Global Competitiveness

Doug DelGrosso, President and COO

Financial Review

Matt Simoncini, SVP Operational Finance

Summary and Outlook

Bob Rossiter, Chairman and CEO

2

Strategic Evolution

Supplier

Systems Integrator

Since the Company went public, we have transformed from an automotive seat manufacturer to one of the worlds leading automotive interior suppliers.
3

Seat Manufacturer

Total Interior Capability

1994

2005

Lears Customer Focus Has Supported Sales Growth

Net Sales (in billions)

$18.0 $16.0 $14.0 $12.0 $10.0 $8.0 $6.0 $4.0 $3.1 $2.0 $0.0

$17.1

1994 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005

At Lear, we believe if you provide superior quality, outstanding customer service and new product innovation, sales growth is inevitable.
4

We Have Diversified Our Geographic Mix. . .

1994
Europe 17% Europe 38%

2005

North America 83%

Rest Of World 8%
As of 12/31/05

North America 54%

5

And, Diversified Our Customer Mix

1994

2005

Classic Ford & GM 75%

Classic Ford & GM 44%

Extended Ford & GM; Saab, Volvo, Jaguar and Land Rover 9%

All Other
Chrysler

Toyota

All Other

Porsche Renault Nissan Mazda Mercedes Hyundai PSA VW Fiat

BMW

6 As of 12/31/05

Factors Adversely Impacting Our Business Declining Big Three market share Major restructuring actions at key customers Sustained high raw material and energy prices Distress throughout supply chain Industry shift away from full size pickups and SUVs Reversal of trend toward total interior integration

New Strategic Direction*

Supplier

Systems Integrator

Strategic Partner

Seat Manufacturer

Total Interior Capability

Product-Line Focused Globally Competitive Working Collaboratively with Customers

1994 - 1999

2000 - 2005

2006 and Forward

8

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

Improvement Plans In Place* Sales Growth and Customer Diversification New product innovation to increase sales Growing our content per vehicle in major markets Expanding our infrastructure in Asia Winning new business with non-traditional customers Global Competitiveness $250 million global restructuring plan being implemented Accelerating manufacturing & sourcing footprint actions Aggressively implementing cost reduction and operating improvement initiatives Implementing new strategic direction for Interior Segment
* Please see slide titled Forward-Looking Statements at the end of this presentation for further information. 9

Strategy For Interior Segment*

Signed Definitive Agreement to Contribute Substantially all of Lears European Interior Business to International Automotive Components Group, LLC in Return for a Minority Stake: Creates a large [20 manufacturing facilities in 9 countries, with $1.2 billion in annual sales] and well capitalized enterprise Solid platform for improving ongoing operating efficiency and financial performance Expected to close shortly Working Aggressively to Restructure Operations and Put in Place a New Business Model for Lears North American Interior Business: Continuing to evaluate strategic alternatives

Working Toward Definitive New Strategic Direction For Interior Business By Year End 10
* Please see slide titled Forward-Looking Statements at the end of this presentation for further information.

Improving Global Competitiveness

11

Improving Global Competitiveness* Increasing our Product-line Focus Emphasis on New Technology and Product Innovation Delivering Superior Quality and Customer Service Restructuring Initiatives Improving Operating Efficiency Customer, Regional and Segment Diversification Underway Continuous Improvement / Operational Excellence

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

12

Innovative Product Solutions

CORE DIMENSIONS STRATEGY

SAFETY
ProTecTM PLuS Adaptive Front Light System IntelliTireTM Car2UTM TwoWay Remote Keyless Entry

ENVIRONMENTAL FLEXIBILITY
Lt. Weight Back Panel Soy Foam Polyurethane Foam Alternatives Battery Monitoring System DC/AC Inverters Cushion Tilt 2nd Row Remote Release Row Easy Entry 2nd

COMFORT & CONVENIENCE INFOTAINMENT COMMONIZATION CRAFTSMANSHIP

ComforTecTM Climate Seat Fluid Power Motion Passive Entry Car2UTM Home Automation System TV Receiver Analog Premium Audio Amplifier Rear Seat Entertainment Lear Flexible Seat Architecture Gateway Module Passive Junction Box Smart Junction Box Sculpted Seat Technology Flat Flexible Cable Seamless Airbag Cover Trim Clip Insert Molded Carpet

Thin Profile Folding Rear SmartFoldTM Row 3rd

Immobilizer Foam in Place Head Impact Countermeasure

Pneumatic Seat Integrated Seat Adjuster Module

13

Putting It All Together On BMW 3-Series. . .

TV Receivers

Sound Systems

Lighting Power System

Body Controller

23 Way Pinheader

Terminals & Connectors for Wire Harness

Premium Seating System

Pre Safe Box with Power Fuse

Advanced Front Lighting System Jumper Start 14

Customer Awards Reinforce Lears Quality And Customer Service Commitment

Customer Awards
General Motors--Supplier of the Year for Seating Systems (Global) Ford Motor Company Special Recognition for Customer Service (Global) Special Recognition for Design Engagement (Europe) Toyota Superior Logistics Performance (Argentina) Superior Supplier Diversity and Excellence in Quality (Global) Mazda--Value Engineering Award for Number of Ideas Submitted (Japan) Volkswagen Excellence in Quality and Product Development (Mexico) Best Quality and Among Top Three in Cost Reduction (Brazil) Supplier of the Year (South Africa) Honda--Delivery and Quality Performance Volvo Cars--Supplier Award of Excellence Mahindra & Mahindra--Best Performance in Product Development GAZ--Best Supplier Award
15

Industry Recognition Validates Lears Internal Quality And Customer Service Improvements
Industry Recognition

Auto Interiors Show--Lear Content on all Six Interior of the Year Winning Vehicles (United States) Industry Week Magazine--Lears Liberty, Missouri plant among Finalists for Best Plant Award (North America) Philippine Economic Zone--Employer of the Year Society of Plastics Engineers--Excellence in Performance & Customization for the Cargo Compartment on Ford Escape DLC Design--4.7 Rating (out of 5) for Lear Audio System in the BMW 530i (2006 SAE World Congress) JD Power 2006 Seat Quality Survey--Highest Quality Major Seat Supplier for Past Six Years
16

Restructuring To Improve Operating Efficiency*

Restructuring Objectives Eliminate excess capacity Eliminate excess capacity Streamline organization and Streamline organization and improve operational efficiency improve operational efficiency Accelerate move to lowerAccelerate move to lowercost sources cost sources Pretax Restructuring Costs
(in millions)

$120 - 150

$103

2005

2006+

Estimated Payback Of Restructuring Initiatives Is 2.5 Years

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

17

Maintaining A Competitive Global Footprint

Global Technology Centers
Eastern Europe Czech Republic [WH, IT, TC] Hungary [WH, ST] Poland [WH, ST, IT, MM] Romania [WH] Slovakia [IT] Slovenia [MM] Turkey [WH, ST] Africa Morocco [WH] S. Africa [WH] Tunisia [WH]
Legend for Product Examples Wire HarnessWH Term & Conn.TC Seat TrimST Metals & Mech...MM Interior Trim.IT Electronic Comp.EC

Central America Mexico [WH, ST, IT, MM] Honduras [WH] South America Argentina [WH, IT] Brazil [ST, IT] Venezuela [ST]

Asia China [WH, ST, IT, EC] India [IT] Philippines [WH, EC] South Korea [ST] Taiwan [ST, TC] Thailand [ST]

Today About 30% Of Lears Components Come From 21 Low-Cost Countries; Target Is 40% By 2010*
* Please see slide titled Forward-Looking Statements at the end of this presentation for further information.

18

Global Strategy For Customer And Product Diversification*

North America Fully participate in fast-growing Crossover segment Expand emerging relationships with Hyundai, Nissan and Toyota Grow content per vehicle with new products and technology:
Safety-Related IntelliTireTM, Pro-TecTM PLuS and Adaptive Front Lighting Electronics RKE Technology, Premium Audio/Visual, Home Automation

Participate in Hybrid growth with high-voltage Electrical Systems Europe and Rest of World Accelerate growth with Asian automakers and Volkswagen Continue to invest in infrastructure in China, India and Korea Leverage existing relationships with Big Three and European automakers to grow in Emerging Markets
* Please see slide titled Forward-Looking Statements at the end of this presentation for further information. 19

Rapidly Growing Our Total Asian Sales*

Revenue in Asia and with Asian Manufacturers
(in millions)

$2,200 $1,800 $1,250 $800

16% 84% 32% 68% 27% 29% 71% 73%

2002
Consolidated Non-consolidated

2003

2004

2005

2008 Outlook

Rapid Growth In Asian Sales Led By Expanding Relationships With Hyundai, Nissan And Toyota
* Please see slide titled Forward-Looking Statements at the end of this presentation for further information.

20

Examples Of New Asian Business

Customer Product

Lear Relationship
Supply 100% of North American seating Provide value-add technologies (e.g. TPMS) Wiring harnesses provided through JV with a Korean partner Leverage Lears quality reputation and global footprint to support Hyundais quality reputation Rapid growth potential as a global preferred supplier

Santa Fe -- Seating, IntelliTireTM

Nissan evolving its sourcing strategy to global suppliers Lears relationship with Tachi-S now encompasses three joint ventures: North America (Mt. Juliet, TN) Europe (Sunderland, U.K.) Asia (Guangzhou, China) Collectively these operations will supply seven vehicle lines for Nissan

Qashqai Seats, Electrical Distribution

Expanding relationship with headliners, NVH, plastics & seating by establishing new facilities alongside Toyota in North America & Europe Continued success on seating joint venture in N.A. (Sienna) and interior programs (e.g. Tundra) provides opportunity on next new N.A. seat program 21

Tundra -- Interior Trim

Improving Launch Efficiency*

Products Selective vertical integration Lears common architecture strategy Plants Quality First initiative Lean manufacturing processes Efficiencies from restructuring actions
Lear Flexible Seat Architecture

Processes / Systems Global sharing of best practices Company-wide standardized launch process Web-based launch information and management system Lear Program Management Process
* Please see slide titled Forward-Looking Statements at the end of this presentation for further information.

Lear Montgomery, AL Plant

22

Major Second Half 2006 And 2007 Launches

North America Europe Rest of World

Chevrolet Silverado Seats, Doors and Car2UTM Home Automation System Acura MDX Wire Harnesses Chrysler Aspen Seats, Wire Harnesses, Overheads, F&A, Electronics Nissan Sentra Overheads, Trim Toyota Tundra F&A, Trim Chrysler / Dodge Minivan IP, Doors, Overheads, F&A Saturn VUE Seats Honda Accord Wire Harnesses

Mercedes C-Class Seats Land Rover Range Rover Seats, Electronics Nissan Qashqai Seats, Wire Harnesses Peugeot 207 Coupe Seats Fiat Stilo Seats Audi A4 Seats Ford Mondeo Seats

Hyundai Veracruz Seats and IntelliTireTM (Korea) Dodge Caliber (Venezuela) Seats Ford Galaxy (China) Seats Cadillac STS (China) Seats, Doors, Floors Ford Mondeo (China) Seats, Doors, Overheads Renault Logan (India) Seats Chang'an (China) Seats
23

Managing The Business To Improve Product-Line Returns*

Strategic Focus

Seating Systems

Improve Margins

Electronic and Electrical

Profitable Growth

Interior Products

New, More Sustainable Business Model

24

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

Financial Review

25

Strong History Of Profitable Growth

Core Operating Earnings*
(in millions)

$768

Unfavorable volume / mix Adverse raw material costs

$325 $170

1994

2004

2005

* Income (loss) before income taxes was $114.8 million, $550.2 million and $(1,187.2) million for 1994, 2004 and 2005, respectively. Core Operating Earnings represents income before interest, other expense, income taxes, impairments, restructuring costs and other special items. Please see slides titled Use of Non-GAAP Financial Information at the end of this presentation for further information.

26

Financial Review And Outlook First Half Operating Earnings Improved

Income Before Interest, Other Expense and Income Taxes*
(in millions)

Core Operating Earnings**

(in millions)

$219 $165 $136 $79

2005

2006

2005

2006

* Income (loss) before income taxes and cumulative effect of a change in accounting principle was $46.3 million and $(53.3) million in the first half of 2006 and 2005, respectively. Please see slides titled Use of Non-GAAP Financial Information at the end of this presentation for further information. ** Core operating earnings represents income before interest, other expense, income taxes, impairments, restructuring costs and other special items. Please see slides titled Use of Non-GAAP Financial Information at the end of this presentation for further information.

27

Financial Review And Outlook

Improvement Driven By Strong Seating Performance

First Half Segment Results

Seating Net Sales Segment Earnings* % of Sales Adjusted % of Sales** Electronic and Electrical Net Sales Segment Earnings* % of Sales Adjusted % of Sales** Interior Net Sales Segment Earnings* % of Sales Adjusted % of Sales**
*

2005
$ $ 5,628.6 98.7 1.8 % 2.5 % $ $

2006
6,088.6 297.4 4.9 % 5.2 %

Comments
Strong new business globally Improved Asian profitability Net cost improvements

$ $

1,546.9 110.6 7.1 % 7.8 % 1,529.8 (26.2) (1.7) % (1.5) %

$ $

1,575.0 91.2 5.8 % 6.7 % 1,825.1 (96.7) (5.3) % (4.3) %

Higher commodity costs Competitive price pressure Transition to low-cost locations

$ $

$ $

Insufficient pricing High raw material costs Inefficiencies related to major launches & capacity utilization

Segment earnings represent income (loss) before interest, other (income) expense and income taxes. Income before interest, other expense and income taxes for the Company was $164.5 million and $78.8 million for the first half of 2006 and 2005, respectively. Please see slides titled Use of Non-GAAP Financial Information at the end of this presentation for further information.

** Adjusted % of sales excludes restructuring and other special items of $53.8 million (Seating - $20.0, Electronic and Electrical - $14.9, Interior $18.9) in first half 2006 and $56.3 million (Seating - $42.9, Electronic and Electrical - $10.2, Interior - $3.2) in first half 2005. Please see slides titled Use of Non-GAAP Financial Information at the end of this presentation for further information.

28

Financial Review And Outlook

Second Half Operating Earnings Now Below A Year Ago*

Recent Big Three schedule reductions have totaled about 260,000 vehicles These production cuts have reduced our full-year net sales outlook by about $300 million and our core operating earnings by about 15% The revised outlook for full-year free cash flow is now slightly positive We are continuing to aggressively implement cost reduction and restructuring actions to mitigate the impact of the production cuts and to align our cost structure to the current production outlook
We Will Formally Update 2006 Financial Guidance On Our October 26th Conference Call
* Please see slides titled Forward-Looking Statements and Use of Non-GAAP Financial Information at the end of this presentation for further information.

29

Margin Outlook For Seating And

Electronic And Electrical Segments Unchanged*

Global Seating margin profile expected to return to historical levels by 2008 . . .

Supported by backlog sales, continued diversification (by customer and platform type), cost improvements, restructuring savings and a return to more normal launch levels

Maintain Electronic and Electrical margin profile . . .

Expanding low-cost sourcing and engineering, cost improvements, restructuring savings and product innovation
* Please see slide titled Forward-Looking Statements at the end of this presentation for further information.

30

Summary And Outlook Preliminary 2007 Outlook* Definitive direction for Interior Business New Seating and Electronic & Electrical business of about $800 million coming on-line Further customer and product segment diversification Continued earnings growth in Asia Increasing benefits from global restructuring actions Improved launch efficiency and lower launch-related costs Potential for moderation in commodity costs
While The Industry Volume Environment Is Uncertain, A Number Of Lear Factors Turn Positive In 2007
* Please see slide titled Forward-Looking Statements at the end of this presentation for further information. 31

Q and A Session

32

Use of Non-GAAP Financial Information

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 certain non-GAAP financial measures. These measures include income before interest, other expense and income taxes, income before interest, other expense, income taxes, impairments, restructuring costs and other special items (core operating earnings) and free cash flow. Free cash flow represents net cash provided by operating activities before the net change in sold accounts receivable, less capital expenditures. The Company believes it is appropriate to exclude the net change in sold accounts receivable in the calculation of free cash flow since the sale of receivables may be viewed as a substitute for borrowing activity. Management believes that the non-GAAP financial measures used in this presentation are useful to both management and investors in their analysis of the Companys financial position and results of operations. In particular, management believes that income before interest, other expense and income taxes and core operating earnings are useful measures in assessing the Companys financial performance by excluding certain items that are not indicative of the Companys core operating earnings or that may obscure trends useful in evaluating the Companys continuing operating activities. Management also believes that these measures are useful to both management and investors in their analysis of the Company's results of operations and provide improved comparability between fiscal periods. Management believes that free cash flow is useful to both management and investors in their analysis of the Companys ability to service and repay its debt. Further, management uses these non-GAAP financial measures for planning and forecasting in future periods. Income before interest, other expense and income taxes, core operating earnings and free cash flow should not be considered in isolation or as substitutes for net income (loss), cash provided by operating activities or other income statement or cash flow statement data prepared in accordance with GAAP or as measures of profitability or liquidity. In addition, the calculation of free cash flow does not reflect cash used to service debt and therefore, does not reflect funds available for investment or other discretionary uses. Also, these non-GAAP financial measures, 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 slides are reconciliations of these non-GAAP financial measures to the most directly comparable financial measures calculated and presented in accordance with GAAP. Given the inherent uncertainty regarding special items in any future period, a reconciliation of forward-looking statements is not feasible. The magnitude of these items, however, may be significant.

33

Use of Non-GAAP Financial Information

Income before interest, other expense and income taxes and core operating earnings (in millions) Income (loss) before income taxes and cumulative effect of a change in accounting principle Interest expense Other expense, net Income before interest, other expense and income taxes Restructuring actions Goodwill impairment charges (N.A. Interior Segment) Fixed asset impairment charges (N.A. Interior Segment) Litigation charges Income before interest, other expense, income taxes, impairments, restructuring costs and other special items (core operating earnings) $ Six Months Ended Q2 2006 Q2 2005

46.3 100.9 17.3 164.5 44.2 2.9 7.2 -

(53.3) 93.0 39.1

78.8 27.1 30.0

218.8

135.9
34

Use of Non-GAAP Financial Information

Segment Earnings (in millions) Segment Earnings Seating Electronic and Electrical Interior Segment Earnings Corporate and geographic headquarters and elimination of intercompany activity Income before interest, other expense and income taxes Interest expense Other expense, net Income (loss) before income taxes and cumulative effect of a change in accounting principle $ $ 297.4 91.2 (96.7) 291.9 (127.4) $ 164.5 100.9 17.3 $ 46.3 $ $ $ $ 98.7 110.6 (26.2) 183.1 (104.3) 78.8 93.0 39.1 (53.3) Six Months Ended Q2 2006 Q2 2005

35

Use of Non-GAAP Financial Information

Adjusted Segment Earnings

(in millions)

First Half 2006 Electronic and Electrical $ 91.2 14.9 2005 Electronic and Electrical $ 110.6 10.2 120.8

Seating Segment Earnings Restructuring actions Goodwill impairment charges Fixed asset impairment charges Litigation charges Adjusted Segment Earnings $ 297.4 20.0

Interior $ (96.7) 8.8 2.9 7.2

Seating $ 98.7 12.9 30.0 141.6

Interior $ (26.2) 3.2 (23.0)

317.4

106.1

(77.8)

36

Use of Non-GAAP Financial Information

Income before interest, other expense, income taxes, impairments, restructuring costs and other special items (in millions) Income (loss) before provision for income taxes Goodwill impairment charges Interest expense Other expense, net Restructuring actions Fixed asset impairment charges Litigation charges Income before interest, other expense, income taxes, impairments, restructuring costs and other special items (core operating earnings)

2005

2004

1994

$ (1,187.2) 1,012.8 183.2 96.6 106.3 82.3 30.5

550.2 165.5 52.7 -

114.8 46.7 8.1 -

324.5

768.4

169.6

37

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 and liquidity. 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 or currency exchange rates, 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 Companys 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 Companys warranty or product liability costs, risks associated with conducting business in foreign countries, competitive conditions impacting the Companys key customers and suppliers, raw material costs and availability, the Companys ability to mitigate the significant impact of recent increases in raw material, energy and commodity costs, the outcome of legal or regulatory proceedings to which the Company is or may become a party, unanticipated changes in cash flow, including the Companys ability to align its vendor payment terms with those of its customers, the finalization of the Companys restructuring strategy, the outcome of various strategic alternatives being evaluated with respect to its Interior Segment and other risks described from time to time in the Companys Securities and Exchange Commission filings. In particular, the Companys financial outlook for 2006 is based on the Companys current vehicle production and raw material pricing forecast; the Companys actual financial results could differ materially as a result of significant changes in these factors. In addition, the Companys agreement to contribute its European Interiors business to International Automotive Components Group, LLC, a joint venture with WL Ross & Co. LLC, is subject to its various conditions, including third-party consents and other closing conditions customary for transactions of this type. No assurances can be given that the proposed transaction will be completed on the terms contemplated or at all. The forward-looking statements in this presentation are made as of the date hereof, and the Company does not assume any obligation to update, amend or clarify them to reflect events, new information or circumstances occurring after the date hereof. 38