1. ®
Annual Meeting of
Stockholders
July 16, 2007
Welcome and
Introductions
2
1

2. Agenda
Strategy Overview and 2006 Highlights
Bob Rossiter, Chairman and CEO
Product-Line Focus and Operating Priorities
Doug DelGrosso, President and COO
2006 Financial Results and 2007 Outlook
Jim Vandenberghe, Vice Chairman and
CFO
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Strategy Overview and
2006 Highlights
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2

3. Since 2005, The Automotive Industry
Environment Has Become Even More Challenging
Increased foreign competition and other effects of
globalization
Increased energy prices and environmental concerns
Shifts in consumer purchasing patterns, particularly with
respect to light trucks and SUVs in North America
Increased price of key commodities and raw materials;
significant financial distress within supply base
Major restructuring initiatives, including significant capacity
reductions implemented by the Big Three
Lear’s Operating And Financial Performance Since 2005 Has
Been Adversely Impacted By These Industry Conditions
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Long-Range Plan
A Strategic Partner for OEMs*
Evolution of Lear
1994 – 1999 2000 – 2006 2007 – Forward
Systems Strategic
Supplier
Integrator Partner
Product-Line Focus;
Seat Total Interior
Collaborative Partnership
Manufacturer Capability
With Customers
Major Initiatives Over Time
Strategic Acquisitions Operational Excellence Global Restructuring
* Please see slides titled “Forward Looking Statements” at the end of this presentation for further information.
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3

4. Major 2006 Accomplishments
Repositioned our product portfolio for future success
Continued major global restructuring initiative
Improved overall financial results and liquidity position
Expanded infrastructure in Asia; grew total Asian sales
Maintained strong market positions and superior quality in
core products
Significantly Strengthened The Company’s
Company’
Financial Flexibility And Competitive Position
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2006 Highlights
Repositioned Product Portfolio*
Strategic Investment
Core Products
Electronic
Seating Interior
and Electrical
Lear’s Product
Portfolio
2006 Initiatives Maintained superior quality levels Contributed a significant
• •
Implemented new product-focused portion of Lear’s operations to
•
organization IAC joint ventures
Increased technology focus Retained minority interest
• •
Further diversified sales mix
•
Implemented restructuring actions
•
Increased low-cost sourcing
•
Achieved cost and efficiency
•
improvements
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4

5. 2006 Highlights
Asia and Asian OEM Sales***
2006 Highlights
2006 Highlights
Net Sales** 75% seating / /25% electronic and
75% seating 25% electronic and
electrical
(in millions)
electrical
53% in Asia / /44% in North America / /
53% in Asia 44% in North America
3% in Europe
3% in Europe
3,000
≈$2,700
2007 Projection
2007 Projection
$2,200
Leading automotive supplier in China
Leading automotive supplier in China
seating market:
$1,850
seating market:
2,000
Sales >>$500 million*
Sales $500 million*
$1,450
Supply nearly 20 OEMs on
Supply nearly 20 OEMs on
>>100 vehicle programs
100 vehicle programs
$950
18 facilities with approximately
1,000
18 facilities with approximately
6,000 employees
$500
6,000 employees
Our fastest growing market
Our fastest growing market
99new facilities in India and China
new facilities in India and China
0
supporting Ford, Mazda, Chery,
supporting Ford, Mazda, Chery,
2002 2003 2004 2005 2006 2007 Proj.
TATA, M&M, BMW and Hyundai
TATA, M&M, BMW and Hyundai
Consolidated Non-consolidated
* Includes consolidated and unconsolidated sales
Targeting Asian Growth Of 25% Annually
** Excludes Interior business
*** Please see slides titled “Forward Looking Statements” at the end of this presentation for further information.
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2006 Highlights
Strong Market Positions and Superior Quality
Lear is a true partner to all of the world’s major automakers, with
strong market positions and superior quality in our core businesses:
Seating Systems
#2 Position globally, in a market estimated to be about
$45 to $50 billion in size:
#2 Positions in North America and Europe
#3 Position in Asia, including #2 Position in China
Lear is recognized as the highest quality major seat
manufacturer for the past 6 years, according to the J.D.
Power Seat Survey
Electrical Distribution Systems
#3 Position in North America, #4 Position in Europe and
#3 Position in China
Strong Global Market Positions And
Superior Quality In Our Core Businesses
Source: Lear Market Share Study / CSM Worldwide Survey Data
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5

6. Product-Line Focus and
Operating Priorities
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Product-Line Focus and Operating Priorities
Product-Line Focus
Divest Interior business -- now complete
Focus on strengthening core businesses -- ongoing
Leverage leadership position in Seating Systems
Strengthen capabilities in Electronics and
Electrical Distribution Systems and
Expand capabilities in value-added components
Operating Priorities
World-class quality and customer satisfaction
Global restructuring and footprint actions
Priority emphasis on Asia / Asian OEM growth
Product innovation with focus on safety and technology
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6

7. Operating Priorities
Customer Awards and Industry Recognition
Customer Awards
“Supplier of the Year” for global Seating Systems
3 World Excellence Awards--
quot;Gold Award” for Genk, Belgium seating plant
quot;Silver Award” for St. Thomas, Ontario Canada seating plant
quot;Recognition of Achievement” for consumer-driven Six-Sigma at St. Thomas,
Ontario Canada seating plant
“Outstanding Performance – Quality and Delivery”
at East London, South Africa
“Superior Supplier Diversity” and
“Excellence in Quality” at Edinburgh, Indiana
“Outstanding Supplier Performance Award” at Boeblingen, Germany
“Value Analysis / Value Engineering Performance Award” and
“Value Analysis Award” for most cost saving ideas generated
“Supplier Award for Successful Partnership” in Brazil
“Supplier of the Year” at Liuzhou, China
Industry Recognition
“…Most Impressive Stereo Sound in the World”
(from March 2007 review of Lear’s premium sound system in the BMW M5)
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Operating Priorities
Implementing Global Restructuring Initiative*
Initiated closure of 15+ manufacturing facilities; consolidating administrative centers,
reducing census by 5-7% and increasing sourcing and engineering in low-cost countries:
Move manufacture of seat components (metals and headrests) to low-cost countries
(Northern Mexico, Eastern Europe and Asia)
Transfer European wire harness operations to low-cost countries (Eastern Europe,
North Africa and Asia)
Align production capacity to match customer actions
Restructuring Investments Estimated Annual Savings
($ in millions)
($ in millions)
$150
$ 125
~$125
$104 $100 ~$100
100 ~$100
100
75 ~$70
50
50
25
0 0
2005 2006 2007 Outlook 2006 2007 Outlook Ongoing Annual
* Please see slide titled “Forward-Looking Statements” at the end of this presentation for further information.
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7

8. Operating Priorities
Maintaining a Competitive Global Footprint*
England
Slovakia Turkey
TACLE JV - China
Seat Trim
Seating Components
Nissan Seating
Guangzhou
TACLE JV – Nissan Seating
U.S. (Tennessee)
Nanjing
TACLE JV-
Ford / Mazda – Seating
Nissan Seating
Shanghai
Cadillac – Seating
CTO Center
Mexico
Engineering Center
Piedras Negras
Seating Components
Seating Components (2)
Wuhu
Monclova
Chery – Seating
Seating Components
India
Chennai
Honduras BMW/Ford – Seating
Wire Harnesses Hyundai – Seating
Pune
TATA – Seating
Seating Components
Nashik
South Africa M&M/Renault – Seating
Seat Trim Halol
GM – Seating
New Lear Facilities in 2006 and 2007
* Please see slide titled “Forward-Looking Statements” at the end of this presentation for further information.
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Operating Priorities
Expanding Our Presence in Asia*
Well positioned for growth in fast growing Asian markets**
China India
• 18 facilities (+6 new in 2007) • 7 facilities (+3 new in 2007)
• 2 engineering/R&D centers in Shanghai • 1 engineering center in Mumbai
(+1 new CTO center in 2007) • 3 program launches in 2006
• 18 program launches in 2006 • 4 program launches in 2007
• 20 program launches in 2007 • 7 customers
• 25 customers • Seats
• Seats, Electrical Distribution,
Electronics
Other facilities in Asia
Korea Japan
• 4 facilities • 5 facilities
• 1 engineering center in Seoul • 1 engineering center in Atsugi (Tokyo)
• Seats • 1 engineering center in Hiroshima
Philippines
Thailand
• 4 facilities
• 3 facilities
• 1 engineering/CTO center in Cebu
• Seats, Seat Trim
• Electrical Distribution, Electronics
* Includes facilities held through joint ventures.
** Please see slides titled “Forward Looking Statements” at the end of this presentation for further information.
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8

9. Operating Priorities
Seating -- Product Innovation
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Operating Priorities
Electronic and Electrical -- Product Innovation
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9

10. 2006 Results
and 2007 Outlook
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2006 Results
Industry Environment
Full Year Full Year
2006 2006 vs. 2005
North American Production
Industry 15.3 mil Down 3%
Big Three 10.2 mil Down 6%
European Production
Industry 19.2 mil Up 1%
Lear's Top 5 Customers 9.7 mil Up 2%
Euro $1.25 / Euro Up 1%
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10

11. 2006 Results
Net Sales
For Core Businesses*
Total Lear
(in billions)
(in billions) $17.8
$17.1
$14.6
$14.0
2005 2006
2005 2006
* Core businesses include Seating, Electronic and Electrical.
Excludes Interior business:
- 2005 $3.1 billion
- 2006 $3.2 billion
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2006 Results
Geographic and Customer Mix of Sales
2006 Net Sales for Core Businesses*
Worldwide Sales Mix Customer Mix in North America
Europe Big Three 85%
40%
North America
Rest Of World All Other 15%
50%
10%
* Core businesses include Seating, Electronic and Electrical.
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11

12. 2006 Results
Core Operating Earnings**
For Core Businesses*
Total Lear
(in millions)
(in millions)
$558
$397 $401
$325
2005 2006
2005 2006
* Excludes Interior Business:
- 2005 $(76) million
- 2006 $(161) million
** Core operating earnings represent income before interest, other expense, income taxes, restructuring costs and other special items. Loss before income taxes was
$655.5 million and $1,187.2 million for the years ended December 31, 2006 and 2005, respectively. Please see slides titled “Non-GAAP Financial Information” at the end
of this presentation for further information.
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2006 Results
Cash Flow and Liquidity*
2007 – 2009 Debt Maturities
Free Cash Flow
(in millions) (in billions)
$500
$1.8
$116
$0
$0.2
($419)
($500)
2005 as of 12/31/05 as of 12/31/06
2006
* Free cash flow represents net cash provided by operating activities before the net change in sold accounts receivable, less capital expenditures. Net cash provided by
operating activities was $285.3 million and $560.8 million for the years ended December 31, 2006 and 2005, respectively. Please see slides titled “Non-GAAP Financial
Information” at the end of this presentation for further information.
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12

13. 2007 Outlook
Full-Year Production Assumptions*
Full-Year Change from
2007 Outlook Prior Year
North American Production
Total Industry ≈ 15.2 mil flat
Big Three ≈ 9.8 mil down 4%
European Production
Total Industry ≈ 19.4 mil up 1%
Lear's Top 5 Customers ≈ 9.8 mil up 1%
Euro $1.35 / Euro up 8%
* Please see slide titled “Forward-Looking Statements” at the end of this presentation for further information.
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2007 Outlook
Net Sales and Core Operating Earnings for Core Businesses***
Core Operating Earnings**
Net Sales*
(in millions) $600 - $640
(in billions)
≈$14.8 $558
$14.6
$14.0
$401
2005 2006 2007 2005 2006 2007
Outlook Outlook
* Excludes Interior business: ** Excludes Interior Business:
- 2005 $(76) million
- 2005 $3.1 billion
- 2006 $(161) million
- 2006 $3.2 billion
- Q1 2007 $11 million
- Q1 2007 $0.6 billion
*** Please see slides titled “Non-GAAP Financial Information” and “Forward Looking Statements” at the end of this presentation for further information.
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13

14. Summary and Outlook*
Lear is Financially Sound
Successfully refinanced debt maturities through 2010
Operating results improving; cash flow now solidly positive
Making Progress on Strategic Priorities
Completed divestiture of Interior business
Expanding our presence in Asia and growing Asian sales globally
Implementing global restructuring actions
Automotive industry conditions, particularly in North
America, remain challenging
Longer-term outlook for Lear continues to be positive
* Please see slide titled “Forward-Looking Statements” at the end of this presentation for further information.
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Questions
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15. 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 “income before interest, other expense, income taxes,
restructuring costs and other special items” (core operating earnings) and “free cash flow” (each a non-GAAP financial measure). Other
expense includes, among other things, state and local non-income taxes, foreign exchange gains and losses, fees associated with the
Company’s asset-backed securitization and factoring facilities, minority interests in consolidated subsidiaries, equity in net income of
affiliates and gains and losses on the sale of assets. 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 the non-GAAP financial measures used in this presentation are useful to both management and investors in their
analysis of the Company’s financial position and results of operations. In particular, management believes that core operating earnings is a
useful measure in assessing the Company’s financial performance by excluding certain items (including those items that are included in
other expense) that are not indicative of the Company's core operating earnings or that may obscure trends useful in evaluating the
Company’s continuing operating activities. Management also believes that this measure is useful to both management and investors in their
analysis of the Company's results of operations and provides improved comparability between fiscal periods. Management believes that free
cash flow is useful to both management and investors in their analysis of the Company’s ability to service and repay its debt. Further,
management uses these non-GAAP financial measures for planning and forecasting in future periods.
Core operating earnings and free cash flow should not be considered in isolation or as substitutes for pretax income, net income, cash
provided by (used in) operating activities or other income statement or cash flow statement data prepared in accordance with GAAP or as a
measure 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 slide are reconciliations of certain 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 and the net change
in sold accounts receivable in any future period, a reconciliation of forward-looking financial measures is not feasible. The magnitude of
these items, however, may be significant.
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Non-GAAP Financial Information
Free Cash Flow
(in millions) Full Year Full Year
2006 2005
Net cash provided by operating activities $ 285.3 $ 560.8
Net change in sold accounts receivable 178.0 (411.1)
Net cash provided by operating activities
before net change in sold accounts receivable
463.3 149.7
(cash from operations)
Capital expenditures (347.6) (568.4)
$ 115.7 $ (418.7)
Free cash flow
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15

16. Non-GAAP Financial Information
Core Operating Earnings
(in millions) 2006 2005
Pretax loss * $ (655.5) $ (1,187.2)
Interest expense 209.8 183.2
Other expense, net ** 87.8 96.6
Loss on divestiture of Interior business 636.0 -
Goodwill impairment charges 2.9 1,012.8
Costs related to restructuring actions 105.6 106.3
Fixed asset impairment charges 10.0 82.3
Litigation charges - 30.5
Income before interest, other expense, income
taxes, restructuring costs and other special
items (core operating earnings) $ 396.6 $ 324.5
* Before cumulative effect of a change in accounting principle
** Includes minority interests in consolidated subsidiaries and equity in net (income) loss of affiliates
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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, the financial condition of the Company’s customers or suppliers, fluctuations in the production of vehicles for which the
Company is a supplier, disruptions in the relationships with the Company’s suppliers, 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 and suppliers, raw material costs and availability, the Company's ability
to mitigate the significant impact of 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 Company’s ability to align its vendor payment terms with those of
its customers, the finalization of the Company's restructuring strategy and other risks described from time to time in the Company's Securities and
Exchange Commission filings. In particular, the Company’s financial outlook is based on several factors, including the Company’s current vehicle
production and raw material pricing assumptions. The Company’s actual financial results could differ materially as a result of significant changes in these
factors. The Company's proposed merger with AREP Car Acquisition Corp. is subject to various conditions including the receipt of the requisite
stockholder approval from the Company's stockholders and other conditions to closing customary for transactions of this type. No assurances can be
given that the proposed transaction will be consummated or, if not consummated, that the Company will enter into a comparable or superior transaction
with another party.
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.
Important Additional Information has been and will be filed with the SEC
In connection with the proposed Merger, Lear filed a definitive proxy statement, and supplements thereto, with the Securities and Exchange Commission
(“SEC”) on May 23, 2007, June 18, 2007, and July 9, 2007, respectively, for its shareholders' meeting Lear has also filed with the SEC additional
materials regarding the meeting. Before making any voting decision, Lear’s shareholders are urged to read the proxy statement, as supplemented,
regarding the Merger carefully in its entirety because it contains important information about the proposed transaction. Lear’s shareholders and other
interested parties may also obtain, without charge, a copy of the proxy statement and other relevant documents filed with the SEC from the SEC’s
website at http://www.sec.gov. Lear’s shareholders and other interested parties may also obtain, without charge, a copy of the proxy statement and other
relevant documents by directing such request to Lear Corporation, 21557 Telegraph Road, P.O. Box 5008, Southfield, Michigan 48086-5008, Attention:
Investor Relations, or through Lear’s website at www.lear.com.
Lear and its directors and officers may be deemed to be participants in the solicitation of proxies from Lear’s shareholders with respect to the Merger.
Information about Lear’s directors and executive officers and their ownership of Lear’s Common Stock is set forth in the proxy statement. Shareholders
and investors may obtain additional information regarding the interests of Lear and its directors and executive officers in the Merger, which may be
different than those of Lear’s shareholders generally, by reading the proxy statement and other relevant documents regarding the Merger, which have
been, and which may in the future be, filed with the SEC.
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