NYSE: TENNew York, NYOctober 3, 2018

RBC Capital Markets Sponsored Non-Deal Roadshow

Safe Harbor

2

This communication contains forward-looking statements. These forward-looking statements include, but are not limited to, (i) all statements, other than statements ofhistorical fact, included in this communication that address activities, events or developments that we expect or anticipate will or may occur in the future or that dependon future events and (ii) statements about our future business plans and strategy and other statements that describe Tenneco’s outlook, objectives, plans, intentions orgoals, and any discussion of future operating or financial performance. These forward-looking statements are included in various sections of this communication and thewords “may,” “will,” “believe,” “should,” “could,” “plan,” “expect,” “anticipate,” “estimate,” and similar expressions (and variations thereof) are intended to identify forward-looking statements. Forward-looking statements included in this communication concern, among other things, benefits of the Federal-Mogul acquisition; the combinedcompany’s plans, objectives and expectations; future financial and operating results; and other statements that are not historical facts. Forward-looking statements aresubject to a number of risks and uncertainties that could cause actual results to materially differ from those described in the forward-looking statements, including theoutcome of any legal proceeding that may be instituted against Tenneco and others following the announcement of the transaction; the possibility that the combinedcompany may not complete the spin-off of the Aftermarket & Ride Performance business from the Powertrain Technology business (or achieve some or all of theanticipated benefits of such a spin-off); the possibility that the transaction may have an adverse impact on existing arrangements with Tenneco, including those related totransition, manufacturing and supply services and tax matters; the ability to retain and hire key personnel and maintain relationships with customers, suppliers or otherbusiness partners; the risk that the benefits of the transaction, including synergies, may not be fully realized or may take longer to realize than expected; the risk that thetransaction may not advance the combined company’s business strategy; the risk that the combined company may experience difficulty integrating or separating allemployees or operations; the potential diversion of Tenneco management’s attention resulting from the transaction; as well as the risk factors and cautionary statementsincluded in Tenneco’s periodic and current reports (Forms 10-K, 10-Q and 8-K) filed from time to time with the SEC. Given these risks and uncertainties, investors shouldnot place undue reliance on forward-looking statements as a prediction of actual results. Unless otherwise indicated, the forward-looking statements in this release aremade as of the date of this communication, and, except as required by law, Tenneco does not undertake any obligation, and disclaims any obligation, to publicly discloserevisions or updates to any forward-looking statements.

In addition, please see Tenneco’s financial results press release for factors that could cause Tenneco’s future performance to vary from the expectations expressed orimplied by the forward-looking statements herein.

Forward-Looking Statements

Transformation in the Auto Space

3

Tenneco is well-positioned to benefit from industry trends

Electrification/HybridizationAutonomous Driving Mobility Emissions RegulationsAftermarket

Since 2000, Tenneco has delivered:• Value-add (VA) Revenue* growth outpacing LV industry production• Margin expansion of over 300 bps• Double-digit annual adjusted EPS growth

Proven Track Record of Growth

4

Built to outperform – revenue growth and investment returns

Total Revenue $ 3.5 $ 4.4 $ 5.9 $ 8.2 $ 9.3

Substrate Sales $ 0.4 $ 0.6 $ 1.2 $ 1.9 $ 2.2

VA Revenue ($ billions)

Adjusted EBIT† as a % of VA Revenue

Leading ROIC† Performance

5-year average 22.8%

◆ Source IHS Automotive January 2018 global light vehicles

$7.1B

$6.3B

$4.7B

$3.8B$3.1B

9.1%9.1%

6.6%6.4%6.0%

* Value-add (VA) Revenue is total revenue less substrate sales. See slide 38 for further explanation. † See reconciliations to U.S. GAAP at end of presentation.

• Over past 10+ years, TEN outpaced industry production by 2x

• Expect 3x outperformance through 2020

Tenneco Revenue (billion)Industry Production◆ (million) 6%

CAGR

6%CAGR

3%CAGR

2%CAGR

Focused strategic objectives – moving faster and further to unlock value

Transaction Unlocks Significant Value

5

This acquisition builds on Tenneco’s long-term strategy:

• Positions us to realign and then separate Tenneco’s and Federal-Mogul’s lines of business, allowing them to be managed according to their unique value propositions

• Enhances our ability to serve customers in both lines

• Opens up new opportunities to drive growth with products that are complementary to Tenneco’s current product offering

• Building upon the strength, depth and industry experience of the combined teams

• Significant synergies will drive shareholder value

acquired

Acquisition closed October 1, 2018; separation expected to be complete late 2019

Tiger Falcon CombinedCo AM / Chassis Powertrain Tech

Creating Two Focused Companies

6

Realignment and separation to unlock significant shareholder value

Transformational acquisition of Federal-Mogul and planned separation into two focused, industry-leading, publicly traded companies

• Federal-Mogul’s Motorparts and Powertrain businesses acquired for $5.4B (EV/2017 EBITDA 7.2x / 5.4x2 with synergies)• Intention to create two independent, publicly traded companies• Value accretive with total annual run-rate earnings synergies of at least $200M and one time working capital synergies of at least $250M

expected within 24 months after closing

Pre Acquisition Post Acquisition Post Separation

RP

CA

Motorparts

PowertrainCA

Powertrain

Motorparts

RP

CA

Powertrain

Motorparts

RPPowertrain: $4.5BMotorparts: $3.3B

Federal-Mogul 2017 Revenues

Clean Air (CA): $6.2B 1

Ride Performance (RP): $3.1B 1

Tenneco 2017 Revenues

2 0 1 7 P R O F O R M A R E V E N U E

Tenneco Federal-Mogul Tenneco CombinedCo AM & Ride Performance Powertrain Technology

$9.3 (VA $7.1)

$ Billions$17.1 (VA $14.9)

$10.7 (VA $8.5)

$6.4$7.8

SEPARATION EXPECTED LATE 2019

1. The Clean Air Aftermarket business is intended to be allocated to the Ride Performance business2. Calculation: Purchase price less working capital synergies ($250M) / Federal-Mogul EBITDA plus earnings synergies ($200M)

CLOSED OCTOBER 1, 2018

Aftermarket & Ride Performance Company

Revenue by ProductRevenue by Geography* Revenue by Customer

One of the largest global multi-line, multi-brand aftermarket suppliers, with an outstanding strategic position to capture Asia Pacific aftermarket growth with a broad range of products. Strong systems capabilities will capitalize on

OE market trends in mobility, electrification/autonomous driving.

57% aftermarketLeading positions in established

markets – Americas & EMEA Very diversified customer base7

PRO FORMA 2017 REVENUE

$6.4B

EMEA 37%

North America

51%

Motorparts (OE) 15%

Ride Performance (OE)28%

Motorparts (AM)37%

Clean Air (AM)5%

Ride Performance (AM)15%

APAC 12% Volkswagen 7%AAP / Carquest 6%

NAPA / Alliance 6%

Ford 5%

O’Reilly 5%

General Motors 5%

Daimler 2%The Group 3%

FCA 2%

Other 56%

Pep Boys / Auto Plus 3%

* EMEA includes Tenneco South America and APAC includes Federal-Mogul South America

Products Position

• Shocks and struts• Suspension systems #1 Globally

• Steering, hubs• Driveline

#1 North America#3 EMEA

• Brake pads, shoes, linings• Rotors and drums #1 North America

• Gaskets• Seals #1 Globally

• Underhood service• Ignition #3 Globally

• Brake pads, shoes, linings #2 EMEA

• Emission control products #1 NA & EMEA

• Suspension links, bushings, mounts, exhaust isolators

• Shocks and struts#1 South America

Aftermarket & Ride PerformanceAftermarket – Well Positioned to Win in All Markets

8

Well-positioned to win in China

• Combined strong “house of brands” expected to capture growth in China‒ Shared investments in salesforce & distribution‒ Combined brand power & OE pedigree‒ Product line & coverage‒ Wear and tear products (e.g. brake pads, wipers) can

provide earlier entry into market

1950 1960 1970 1980 1990 2000 2010 2020 2025 2030

Global Vehicles in OperationUnprecedented growth expected over next 15 years led by China

Source: OCIA, Frost & Sullivan

China forecast to be largest AM market by 2025

Trends in Americas and EMEA• Vehicles in operation continue to grow and age• Vehicle miles traveled increasing in Americas• Growing demand for advanced suspension products

Aftermarket & Ride PerformanceComplete “Around the Wheel” Offering

Improved system level capability to capture intelligent suspension growth trends

Leader in shocks, struts and

NVH/elastomers

Focused on Suspension,including the

intelligent suspension portfolio

Leader in steering, suspension and

braking

Focused on Chassis and

Braking

Note: AM brands represented here; however, OE offerings are typically branded "Tenneco" or “Federal-Mogul" for respective componentsSource: Company websites

Brake pads

Upper control arm

Lower control arm

Strut assembly

Ball joint

Bushings

Inner and outer tie rods Hub assembly

Strut top mount

Linkages Brake rotors

Dampers (not shown)

Comprehensive ride performance product portfolio

9

Powertrain Technology Company

10

Revenue by End MarketRevenue by Geography* Revenue by Customer

Catalytic Converters

Full Exhaust Systems

Electronic Valve

Gasoline Particulate Filters

Pistons

System Protection

Sealing / Heat Shields

Bearings

Ignition Valves

One of the largest pure play powertrain suppliers globally positioned to capture content growth due to tightening fuel economy and criteria

pollutant regulations, light vehicle hybridization trends and commercial truck and off-highway expansion opportunities

~25% non-light vehicleLeading positions in all geographies Well represented across all global OEMs

PRO FORMA 2017REVENUE $10.7B

VA REVENUE $8.5B

EMEA 39%

APAC20%

North America

41%

Industrial9%

CTOH15%

Light Vehicle76%

Other39%

General Motors 15%

VW 10%

Ford 10%

FCA 8%Daimler 6%

Caterpillar 3%

Cummins 2%Jaguar 2%

BMW 2%Renault Nissan

3%

* EMEA includes Tenneco South America and APAC includes Federal-Mogul South America

Criteria PollutantsGreenhouse Gases / Fuel Economy FULL SYSTEM

EMISSION CONTROL

Powertrain TechnologyComplementary Portfolio Brings Unique Competitive Position

System capabilities enable better powertrain efficiency at a lower total system cost11

F-M Engine Components Tenneco Hot End Components

Delivering an optimized trade-off between fuel economy and emission control from the cylinder to the tailpipe

MANAGES:• Friction / performance• Combustion temperature• Ignition timing

MANAGES:• Conversion efficiency• Thermal management• Precious metal loading

Regulation Driven

CO PM

NOx

Powertrain Technology –Significant Ongoing Opportunity

120

100

80

60

40

20

0

97

94%

2018

94

95%

2017

91

96% 79%

15%

6%

2024

110

83%

14%

4%

2023

109

85%

3%1%

2016

90

97%

ICE1

HEV

BEV

Global light vehicle sales volume (M)

2022

105

89%

116

66%

23%

11%

2028

115

70%

21%

9%

20272021

102

92%

2020

99

93%

5%1%

2019 2030

118

61%

26%

13%

2029

114

73%

19%

8%

2026

112

76%

18%

7%

2025

111

1. Includes mild hybrid electric vehicleNote: ICE = internal combustion engine, HEV = hybrid electric vehicle, BEV = battery electric vehicleSource: BCG estimates

• ICEs are a significant portion of vehicles moving forward

• Powertrain technology components support hybridization; increased complexity and content vs. ICE

• Increasing CO2 and criteria pollutant emissions regulations provide organic growth opportunities

• Content per vehicle increases in both cylinder and aftertreatment systems

87% HEV or ICE in 2030

ICE and hybrids expected to be 85%+ of vehicle sales through 2030 12

Significant Synergy PotentialAt Least $200M1 Earnings Synergies Expected Within 24 Months

13

In addition, one time working capital synergies expected of at least $250M

Estimated costs to achieve of ~$70 million

1. Net of estimated public company costs.

($ in millions)

Estimated costs to achieve of ~$80 million

• Separate, dedicated integration management team in place

• Complementary product portfolio reduces level of integration complexity‒ 80% - 85% of employees

unaffected by integration‒ No revenue synergies included‒ No manufacturing synergies

included (footprint/process)

• Reduction from three to two corporate structures generates majority of G&A savings

• Expect 75% synergy run rate within one year of close

Supply Chain

$35G&A and Engineering

$50

Sales and Go-To Market

$30

Aftermarket & Ride Performance

$115

Supply Chain

$40Sales, G&A and Engineering

$45

Powertrain Technology

$85

Key Transaction Progress –Acquisition Closed on October 1, 2018

14

Separation into two publicly traded companies expected to be complete late 2019

Communicated net leverage expectation of future companies at separation

• Expect Aftermarket & Ride Performance company (SpinCo) net leverage (net debt/adjusted EBITDA) around 3.0x at separation – future net leverage goal of 1.5x to 2.0x

• Expect Powertrain Technology company (RemainCo) net leverage around 2.3x at separation – future net leverage goal of 1.0x to 1.5x

Completed syndication of new credit facility• Revolver $1.5B (see pricing grid)• Term Loan A $1.7B (see pricing grid) • Term Loan B $1.7B (L + 275 @ 99.0 OID)

Revolving Credit Facility & TLA Pricing

Net Leverage*<1.50x

>= 1.50x and <2.50x>=2.50x

SpreadL+125L+150L+175

*Net leverage as defined in credit agreement

Antitrust clearance received from all jurisdictions

On September 12, 2018, shareholders approved all proposals necessary to complete the acquisition of Federal-Mogul

CEOs named to lead two future independent companies

• Brian Kesseler – CEO, Aftermarket and Ride Performance Company

• Roger Wood – CEO, Powertrain Technology Company

Powertrain Technology is the RemainCoand will retain the Tenneco name

4.4x

9.9x

7.0x

0.0x

4.0x

8.0x

12.0x

16.0x

Tiger Auto AftermarketSuppliers

Powertrain SystemsSuppliers

Substantial Value Creation Opportunity

15

Separation provides investors with distinct investment opportunitiesNote: Multiples shown represent medians of respective comp sets. Auto Aftermarket Suppliers includes MPAA, DORM and SMP. Powertrain Systems Suppliers includes BWA, CMI and DLPH.

(EV / 2018E EBITDA)*

Aftermarket & Ride Performance

Comparables

Powertrain Technology

Comparables

*FactSet and Company Filings as of April 6, 2018.

Reducing multiple gap

generates value creation opportunity

16

Transaction Terms• Purchase price of $5.4 billion; represents Enterprise Value / 2017 Adjusted EBITDA of 7.2x

(5.4x1 including earnings and working capital synergies)• Consideration funded with a combination of cash and Tenneco equity

Financing

• Cash portion of transaction financed through new senior credit facility• Expected pro forma Net Debt / Adjusted EBITDA of approximately 3x at closing• Targeting net leverage profile of ~2.5x by the end of 2019 through profitable growth and debt

reduction funded by cash flow

Ownership Icahn Enterprises, LP (“Seller”) received:

‒ 5.65M Class A Voting Shares, representing 9.9% of Class A shares outstanding‒ 23.79M Class B Non-Voting Shares, together representing 36.4% of total shares outstanding

Other

• Seller will have one board member from close to separation and on Powertrain Technology after the separation

‒ Seller's Board representation will not transfer to the Aftermarket Ride Performance business on separation

• As part of the transaction, the Seller will enter into a customary lock-up and standstill agreement

Timeline • Acquisition closed on October 1, 2018

Key Terms of the Acquisition

171. Calculation: Purchase price less working capital synergies ($250M) / Federal-Mogul EBITDA plus earnings synergies ($200M)

Federal-Mogul Overview

18

Federal-Mogul is a leading global supplier to OEMs and the aftermarket

• Over 20 strong market-leading brands in the global vehicle aftermarket

• Sells and distributes a broad portfolio of aftermarket products globally

• Strong market position in OE braking• Operates 33 manufacturing sites in 15 countries

and 33 distribution centers in 12 countries

• One of the world’s leading powertrain component and assembly providers

• Market leading positions across product categories

• Operates 87 manufacturing sites in 19 countries

Revenue by Segment

Revenue by Geography*

Federal-Mogul

2017 Revenue: $7.8BEBITDA: $753M

Powertrain

Motorparts

APAC15%

EMEA 41%

North America

44%

Motorparts42%

Powertrain58%

* APAC includes Federal-Mogul South America

Revenue by End Market

Aftermarket 30%

Light Vehicle49%

CTOH 11%

Industrial 10%

Tenneco Pro Forma Financial Overview

19

Tenneco Pro Forma Financial Overview

1. The Clean Air Aftermarket business is intended to be allocated to the Ride Performance business.2. Represents annual run rate synergies expected to be achieved within 24 months.3. Additional one time working capital synergies of at least $250M expected.

Pro Forma FY 2017Total

Revenue ($B)Value-add

Revenue ($B)Adjusted

EBITDA ($M)Earnings

Synergies ($M)(2)(3)EBITDA

(w/ synergies) ($M)

Ride Performance (Plus CA AM)(1) $3.1 $3.1 $335 - -

F-M Motorparts 3.3 3.3 260 - -

Aftermarket & Ride Performance Company $6.4 $6.4 $595 $115 $710

Clean Air (Less CA AM)(1) $6.2 $4.0 $533 - -

F-M Powertrain 4.5 4.5 493 - -

Powertrain Technology Company $10.7 $8.5 $1,025 $85 $1,110

Pro Forma Tenneco $17.1 $14.9 $1,620 $200 $1,820

Value-add EBITDA margin (w/ synergies) 9.3% (11.1%)

Value-add EBITDA margin (w/ synergies) 12.1% (13.1%)

10.8%

7.9%

13.3%

11.0%

Aftermarket & Ride Performance Company

Unique Strategic Combination

20

Creates two strong businesses with scale and strategic and financial flexibility to drive long-term value creation

Powertrain Technology Company

One of the world’s leading multi-line aftermarket and OE suppliers

• Premier aftermarket brands, broad product coverage and strong distribution

• Strong portfolio of OE braking and advanced suspension technologies and capabilities

• Outstanding strategic position to1. Improve go-to-market capabilities in Americas & EMEA2. Capture Asia Pacific aftermarket growth with a broad

range of products3. Capitalize on new OE trends in mobility and

electrification / autonomous driving

One of the largest global pure play powertrain suppliers

• Portfolio of engine-to-tailpipe products and system solutions

• Excellent position to capture content growth from:1. Demand for improved engine performance2. Tightening fuel economy and criteria pollutant

regulations3. Light vehicle hybridization trends4. Commercial truck and off-highway expansion

opportunities• Well positioned to further build out the product

portfolio in an evolving powertrain market

RIDE PERFORMANCE CLEAN AIR

$102 $102 $145

$685

$1,250 $1,022

$1,598

$500

0

400

800

1,200

1,600

2,000

2,400

2019 2020 2021 2022 2023 2024 2025 2026

$mm

TLA TLBNotes due 2022 (FM) Floating Notes due 2024 (FM)Notes due 2024 (FM) Notes due 2024 (TEN)Notes due 2026 (TEN)

Strong Balance Sheet

211. Represents undiluted shares outstanding; pro forma ownership not adjusted for Tenneco’s Funding Adjustment Right.

Maturity Schedule

• Debt financing in place• Robust liquidity over $2 billion

• Cash flow generation enables rapid deleveraging• Appropriate capital structure for each company will be

determined prior to separation

Pro Forma Capitalization

Tenneco Transaction Pro Forma($ in millions) 12/31/2017 Adjustments 12/31/2017

Cash & Equivalents $318 $460 $778Undrawn Revolver 1,356 144 1,500Liquidity $1,674 $604 $2,278

Revolving Credit Facility 244 (244) - Term Loan A 390 610 1,000 Term Loan B - 2,400 2,400 Tenneco Notes 725 - 725 Federal-Mogul Notes - 1,278 1,278 Other Debt 95 160 255 Less: Unamortized Debt Issuance Costs (13) (98) (111) Total Debt $1,441 $4,106 $5,547

Net Debt $1,123 $3,646 $4,769

Adj. EBITDA (before synergies) $868 $753 $1,620

Net Leverage 1.3x - 2.9xNet Leverage (after run rate synergies) - - 2.6x

Pro Forma Shares Outstanding

Class A Shares Outstanding 51.4 5.7 57.1Class B Shares Outstanding - 23.8 23.8Total Shares Outstanding(1) 51.4 29.4 80.9

1,3101,700

1,7001,700

Transformational Step –Compelling Strategic Rationale

22

Extends existing strategy and accelerates long-term value creation

AM & RP PT

Strategically positions each company

Increases scale and broadens portfolio for respective markets

Enhances capabilities to capture growth with focused investments

Significant synergy potential in both new companies

Provides investors with distinct investment opportunities

Extends existing strategy and accelerates long-term value creation

Stronger Together – Expanded Aftermarket and Ride Performance Product Offering

Extensive portfolio of leading global and regional aftermarket brands23

Tenneco Ride Performance Federal-Mogul Motorparts

Tenneco Ride Performance

Federal-Mogul Motorparts

Legend

2

2

1 2 3 456

2

1 3

1 21 3

1 21 3

1 21 3

Key Brands Key Brands

Suspension Systems

Exhaust Systems

1

2

3

Elastomers

Chassis

Engine (Pistons, Bearings, Valves)

1 2

3

Sealing & Gaskets

4

5

Brake pads & Rotors

Ignition

6

UnderhoodServiceNot shown: wipers

Aftermarket & Ride Performance – Scale

Leading global multi-line aftermarket supplier with a broad product portfolio24

Top Global AM Supplier Benefits of Scale

• Broad product portfolio enables differentiated customer and channel support

• Cross-category sales incentives with retailers and warehouse distributors

• Scale to support investments in digital and China, and focused AM branding/marketing capabilities

• Rationalization of distribution networks for improved service at lower cost

• Best practice sharing in go-to-market, manufacturing and distribution

Source: Company estimates

~65.6

3.7 3.6

2.31.8

1.5 1.3 1.2 1.1 1.0 1.0 0.9

0

2

4

6

Bosc

h (e

st.) JCI

ZF

AM/R

ide

Perf

orm

ance

Fede

ral-M

ogul

Valv

olin

e

Mah

ler

Tige

r

KYB

SMP

SKF

Delp

hi T

ech.

Dorm

an

Aftermarket 2017 Revenues, Global ($B)

Incl

udes

ser

vice

s, d

iagn

ostic

s, e

tc.

Batt

erie

s onl

y

Tenn

eco

Aftermarket & Ride Performance ...Providing a Platform to Capture Growth in AV Trends and Ride Differentiation

Intelligent Suspension: Reinventing the Ride of the Future25

The future of mobility is being re-engineered

TOMORROW

TODAY

Physical InfrastructureRoads and HighwaysVehicle to Infrastructure Energy

Connected5GVehicle to VehicleCybersecurity Over the air

Vision and SensingRoad Detection Sensor Fusion ADAS System AR/VR

Vehicle SystemsChassisInteriorControl Systems

Increasing demand for advanced suspension technologies to differentiate ride26Source: IHS database and Tenneco analysis

• Expect advanced suspension to grow from 2% to more than 15% of LV production by 2025, representing >40% of available market in 2025

• 25% revenue CAGR opportunity for advanced suspension growth through 2025

• Autonomous trend drives additional opportunities

RID

E P

ERFO

RM

AN

CE

More than6xAC TIVE S US PENSION

Average4xS EMI-ACTIVE S US PENSION

$50-$60CON VENTIONAL S US PENSION

A segment F segment

Content per Vehicle

Aftermarket & Ride Performance Intelligent Suspension

Stronger Together –Expanded Powertrain Product Offering

One of the largest pure powertrain suppliers with engine to tailpipe solutions, addressing both greenhouse gas and criteria pollutant emissions

27

Tenneco Clean Air Federal-Mogul Powertrain

Key Trends

Key Trends

2

4

12 34

5 6

31Catalytic Converters Full Exhaust Systems

Electronic ValveGasoline

Particulate Filters

2

3 4

1

Pistons System Protection

Sealing / Heat Shields

Bearings Ignition Valves

2 3

4 5 6

1

• Tightening emissions regulations

• Electrification / Hybridization

• Strong OEM investments in ICE powertrain

• CO2 / Fuel economy regulations

• Engine performance – downsized, higher output engines

• Strong OEM investments in ICE powertrain

65

6

Selective Catalytic Reduction

Diesel Particulate Filters

Diesel OxidationCatalyst

56

7

7

Tenneco Clean Air

Federal-Mogul Powertrain

Legend

Stronger Together – Enhanced Commercial Truck and Off Highway Product Offering

Enhanced capabilities to provide products and systems solutions for the CTOH markets28

Tenneco Clean Air Federal-Mogul Powertrain

Key TrendsKey Trends

Catalytic Converters Hydrocarbon Manifold Dosing

Diesel Particulate Filters

Gasoline Particulate Filters

2

3 4

1

Steel pistons

Systems Protection

Sealing / Heat Shields

Bearings Valves

2 3

4 5

1

• Tightening emissions regulations, especially in India and China

• More newly regulated powertrains through 2025 than regulated today

• CTOH industry consolidation• Global engine programs

• Tightening emissions regulations, especially diesel NOx emissions

• Technology: alternative fuels, dual fuel, friction reduction

• CTOH industry consolidation

• Global engine programs

5 6

MixersSelective Catalytic Reduction (SCR)

Systems

1 23 4 5

1

2

5 643

Tenneco Clean Air

Federal-Mogul Powertrain

Legend

Sample Products Description Application

CPT SpeedStart Substitute for standard alternator or starter motor in some applications

Relevant for hybrid and start/stop vehicles Recuperates kinetic energy lost during deceleration Additional CPT variant – Speedtorq – offers torque profiling

Light vehicle

COBRA • Stands for Controlled Boosting for Rapid Response Application• Type of water cooled electric supercharger• Capable of increasing air supply to internal combustion engines• Additional Cobra variant – FC – designed for fuel cell vehicles

• Industrial

TIGERS • Stands for Turbo-generator Gas Energy Recovery System• Converts exhaust gas energy into electrical energy• Key component in Clean Air’s Rankine systems and heat

exchangers designed for CTOH markets

• Commercial• Light Vehicle• Heavy duty

Controlled Power Technologies (CPT) Increases Electrification and Hybridization Systems Capability

Provides inroads into the hybrid market and powertrain efficiency technology that will enable new growth opportunities for PT Tech in the future

Recently secured a $100M OE contract launching in 2021 for development and series production of advanced starter generator systems

Source: Federal-Mogul

29

Tightening Emissions Regulations

CTOH market expands with increasing number of vehicles under regulation30

Regulatory-driven growth accelerates through the next decade

Source: PSR production forecast and Tenneco estimates

Growth of Powertrains Under Regulation

(millions) 2016 2020 2025

CT: Euro VI (equivalent) 1.1 2.2 3.2

Regulated Off-Hwy 1.1 2.1 4.3

Total 2.2 4.3 7.5

** Tenneco estimates

• Commercial Truck– 2020-21 / 2023 – China VIa/VIb** – 2020 – India BS VI (skipping BS V)– 2023-2027 – CARB & EPA Low NOx**

• Off-Highway– 2019 – EU Stage V– 2020 – China 4R (equiv. EU Stage 3B + DPF)– 2020/2024 – India BS IV/India BS V

• Light Vehicle– 2017-2025 – US Tier 3– 2017-2021 – Euro 6c/6d Real Driving Emissions– 2020/2023 – China 6a /6b**– 2020 – India BS 6 (skipping BS 5)

CAGR

13%

16%

15%

Clean Air – Hybrid GrowthContinuing Growth in Electrified Powertrains

Program wins in hybrid electrified powertrains drive future Clean Air growth 31* Market weighted average

Average Value-Add Content EU6 Hybrid*

CPV expected to increase 30%-40% by 2025

$135 - $145

2015

$110 - $120

20252020

$155 - $165

• 2017: 17 hybrid programs in production

• 2018: 11 hybrid program launches

Secured Hybrid Program Wins• Pre-2016 28 programs• 2016 16 programs• 2017 20 programs• YTD Q2 2018 7 programs

System DesignIncreasing space scarcity in hybrids drives higher engineering complexity and tougher packaging requirements

Nomination

2015

DriverTime

Performance

Example Gasoline System Design

High Voltage Li-Ion

BatteryHybridization

Incremental CPV

$35 - $45

Incremental CPV

10% - 15%

GPF + Resonator

GPF

Euro 6c

GM13.9%

Ford 13.2%

VW Group7.9%

Daimler 6.3%

Tata 5.0%FCA

5.0%SAIC 4.3%

FAW4.3%

Toyota 3.4%

Renault/Nissan3.4%

Caterpillar2.6%

PSA 2.1%

John Deere 2.0%

NAPA/Alliance 2.0%

Advance 1.8%

Beijing Automotive 1.5%

BMW 1.4%

O'Reilly 1.2%

Geely 1.2%

Chang'an 0.9%

Other16.6%

Diversified Business Profile

32

Diversified business profile enables long-term growth

As a % of 2017 Revenue

Clean Air LV

49%

Ride Performance

LV22%

Aftermarket18%

CTOH11%

North America

46%

South America4%

Europe30%

China15%

Rest of AP5%

Product Applications(VA Revenue)

Regions(VA Revenue)

2017

2017

More than 600 customers

(Total Revenue)

Diversified Profile – Robust Platform Mix

33

As a % of Total 2017 Revenue

Revenue Outlook

34Accelerating organic growth through 2020

Organic Growth 5%

2018 Revenue Outlook (in 2017 constant currency)

Expecting organic growth of 5%, outpacing industry production by 3%• Content growth in light and commercial vehicles• Continued recovery in regulated off-highway regions

* IHS Automotive January 2018 global light vehicle production and Tenneco estimates.

** Power Systems Research (PSR) January 2018 global commercial truck and bus production and Tenneco estimates.

*** Customer schedules and Tenneco estimates for off-highway engine production in North America and Europe.

See slide 37 for further key assumptions related to our revenue projections.

Impact vs. 2017 Euro/USD RMB/USD Real/USD

+ 2.5% 1.20 0.156 0.328

- 1.14 0.149 0.313

- 2.5% 1.08 0.141 0.297

2018 Assumptions• Global light vehicle production +2%*

• Global commercial truck production about flat**

• Off-highway engine production for regulated regions expected up low double-digits***

• Organic growth is net of OE price downs

• Substrates estimated at 24% - 25% of total revenue

2018 Currency Sensitivity

Mid-term Revenue OutlookLV IndustryProduction* Outperformance

Organic Growth

2019 2% 4% - 6% 6% - 8%

2020 2% 3% - 5% 5% - 7%

2017 2018

Accelerating Core Growth

35

Multiple growth drivers further diversify the business profile

Long-term Growth Drivers

Technology-driven Growth • Monroe® Intelligent Suspension• Noise Vibration and Harshness (NVH) Solutions

New Market Growth • China aftermarket opportunity• Opportunity to add new aftermarket product category

Content Growth • Light vehicle hybridization of the fleet• Tightening emissions regulations globally

Market Expansion Growth • Increasing number of commercial truck and off-highway

powertrains under regulation

45%

23%

20%

12%

49%

22%

18%

11%

Product ApplicationsVA Revenue

Clean Air Light VehicleRide Performance Light Vehicle

AftermarketCommercial Truck and Off-Highway

2017

2020 Projection

See appendix for key assumptions related to our revenue projections.

Financial Results Disclaimer

36

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 in this presentation, the company has provided information regarding certain non-GAAP financial measures. These measures include Earnings Before Interest Expense, Income Taxes, Noncontrolling Interests and Depreciation and Amortization (“EBITDA*”), Net Debt, Value-Add Revenue, Adjusted EBITDA*, Adjusted Earnings Before Interest Expense, Income Taxes and Noncontrolling Interests (“Adjusted EBIT”), Adjusted Earnings Per Share, and Return on Invested Capital. Reconciliations of these non-GAAP financial measures to the comparable GAAP measure are included in this presentation.

* Including noncontrolling interests.

Tenneco Projections

37

Tenneco’s revenue outlook for 2018 is as of January 2018. Revenue assumptions are based on projected customer production schedules, IHS Automotive January 2018 forecasts, Power Systems Research January 2018 forecasts and Tenneco estimates.

Tenneco’s revenue outlook for 2019 and 2020 is as of January 2018. Revenue assumptions are based on projected customer production schedules, IHS Automotive January 2018 forecasts, Power Systems Research January 2018 forecasts and Tenneco estimates.

In addition to the information set forth on slides 4, 34, and 35, Tenneco’s revenue projections are based on the type of information set forth under “Outlook” in Item 7 – “Management’s Discussion and Analysis of Financial Condition and Results of Operations” as set forth in Tenneco’s Annual Report on Form 10-K for the year ended December 31, 2017. Please see that disclosure for further information. Key additional assumptions and limitations described in that disclosure include:

• Revenue projections are based on original equipment manufacturers’ programs that have been formally awarded to the company; programs where the company is highly confident that it will be awarded business based on informal customer indications consistent with past practices; and Tenneco’s status as supplier for the existing program and its relationship with the customer.

• Revenue projections are based on the anticipated pricing of each program over its life.

• Except as otherwise indicated, revenue projections assume a fixed foreign currency value. This value is used to translate foreign business to the U.S. dollar.

• Revenue projections are subject to increase or decrease due to changes in customer requirements, customer and consumer preferences, the number of vehicles actually produced by our customers, and pricing.

Certain elements of the restructuring and related expenses, legal settlements and other unusual charges we incur from time to time cannot be forecasted accurately. In this respect, we are not able to forecast EBIT (and the related margins) on a forward-looking basis without unreasonable efforts on account of these factors and the difficulty in predicting GAAP revenues (for purposes of a margin calculation) due to variability in production rates and volatility of precious metal pricing in the substrates that we pass through to our customers.

Tenneco’s revenue projection constitutes a forward-looking statement. We also refer you to the cautionary language regarding our forward-looking statements set forth in the Safe Harbor statement on slide 2.

Adjusted EBIT as a Percentage of Value-add Revenue –Reconciliation of Non-GAAP Results

38

(1) Tenneco presents the above reconciliation of revenues in order to reflect value-add revenues separately from substrate sales, which include precious metals pricing, which may be volatile. Substrate sales occur when, at the direction of its OE customers,Tenneco purchases catalytic converters or components thereof from suppliers, uses them in its manufacturing processes and sells them as part of the completed system. While Tenneco original equipment customers assume the risk of this volatility, it impacts reported revenue. Excluding substrate sales removes this impact. Tenneco uses this information to analyze the trend in revenues before this factor. Tenneco believes investors find this information useful in understanding period to period comparisons in thecompany's revenues.

(2) Generally Accepted Accounting Principles.(3) Tenneco presents the above reconciliation of GAAP to non-GAAP earnings measures primarily to reflect the results in a manner that allows a better understanding of the results of operational activities separate from the financial impact of decisions made for

the long-term benefit of the company and other items impacting comparability between the periods. Adjustments similar to the ones reflected above have been recorded in earlier periods, and similar types of adjustments can reasonably be expected to be recorded in future periods. Using only the non-GAAP earnings measures to analyze earnings would have material limitations because its calculation is based on the subjective determinations of management regarding the nature and classification of events and circumstances that investors may find material. Management compensates for these limitations by utilizing both GAAP and non-GAAP earnings measures reflected above to understand and analyze the results of the business. The company believes investors find the non-GAAP information helpful in understanding the ongoing performance of operations separate from items that may have a disproportionate positive or negative impact on the company’s financial results in any particular period.

(4) Tenneco presents adjusted EBIT as a percentage of value-add revenue to assist investors in evaluating our company’s operational performance without the impact of substrate sales.

$ Millions 2017 2015 2010 2006 2005 2000

Value-add revenue (1) $ 7,087 $ 6,293 $ 4,653 $ 3,755 $ 3,759 $ 3,127

Clean Air substrate sales $ 2,187 $ 1,888 $ 1,284 $ 927 $ 681 $ 401

Total revenue $ 9,274 $ 8,181 $ 5,937 $ 4,682 $ 4,440 $ 3,528

EBIT $ 417 $ 508 $ 281 $ 196 $ 217 $ 122

Adjustments (reflect non-GAAP (2) measures)

Restructuring and related expenses 72 63 19 27 12 61

Pension / post retirement charges 13 4 6 (7) - -

New aftermarket customer changeover costs - - - 6 10 -

Goodwill impairment 11 - - - - -

Reserve for receivables from former affiliate - - - 3 - -

Antitrust settlement accrual 132 - - - - -

Warranty settlement 7 - - - - -

Gain on sale of unconsolidated JV (5) - - - - -

Other non-operational items - - - - - 4

Adjusted EBIT (non-GAAP Financial Measures) (3) $ 647 $ 575 $ 306 $ 225 $ 239 $ 187

Adjusted EBIT as a % of value-add revenue (4) 9.1% 9.1% 6.6% 6.0% 6.4% 6.0%

Adjusted Earnings Per Share –Reconciliation of Non-GAAP Results

39

(1) Tenneco presents the above reconciliation of GAAP to non-GAAP earnings measures primarily to reflect the results in a manner that allows a better understanding of the results of operational activities separate from the financial impact of decisions made for the long-term benefit of the company and other items impacting comparability between the periods. Adjustments similar to the ones reflected above have been recorded in earlier periods, and similar types of adjustments can reasonably be expected to be recorded in future periods. Using only the non-GAAP earnings measures to analyze earnings would have material limitations because its calculation is based on the subjective determinations of management regarding the nature and classification of events and circumstances that investors may find material. Management compensates for these limitations by utilizing both GAAP and non-GAAP earnings measures reflected above to understand and analyze the results of the business. The company believes investors find the non-GAAP information helpful in understanding the ongoing performance of operations separate from items that may have a disproportionate positive or negative impact on the company’s financial results in any particular period.

2017 2000

Earnings Per Share $ 3.91 $ (1.18)

Adjustments (reflect non-GAAP measures):

Restructuring and related expenses 1.12 1.21

Antitrust settlement accrual 1.61 -

Goodwill impairment 0.20 -

Warranty settlement 0.09 -

Gain on sale of unconsolidated JV (0.08) -

Pension / post retirement charges 0.17 -

Costs related to refinancing 0.02 -

Tax adjustments from US tax reform 0.28 -

Net tax adjustments (0.43) -

Other non-operational items - 0.07

Adjusted Earnings Per Share (1) $ 6.89 $ 0.10

$ Millions

2012Dec 31

2013Dec 31

2014Dec 31

2015Dec 31

2016Dec 31

2017Dec 31

Short-term Debt $ 113 $ 83 $ 60 $ 86 $ 90 $ 83

Long-term Debt 1,052 1,006 1,055 1,124 1,294 1,358

Redeemable Noncontrolling Interests 15 20 34 41 40 42

Tenneco Inc. Shareholders' Equity 246 432 495 425 573 686

Noncontrolling Interests 45 39 40 39 47 46

Invested Capital $ 1,471 $ 1,580 $ 1,684 $ 1,715 $ 2,044 $ 2,215

Average Invested Capital $ 1,526 $ 1,632 $ 1,700 $ 1,880 $ 2,130

EBIT $ 422 $ 489 $ 508 $ 516 $ 417

Adjustments (reflect non-GAAP (1) measures)(2)

Restructuring and related expenses 78 49 63 36 72

Antitrust settlement accrual - - - - 132

Goodwill impairment - - - - 11

Warranty settlement - - - - 7

Gain on sale of unconsolidated JV - - - - (5)

Bad debt charge - 4 - - -

Pension / post retirement charges / Stock vesting - 32 4 72 13

Adjusted EBIT (non-GAAP financial measure)(2) 500 574 575 624 647

Effective Tax Rate 35.7% 33.7% 32.9% 26.6% 24.5%

Tax effected Adjusted EBIT $ 321 $ 381 $ 386 $ 458 $ 488

Return on Invested Capital (ROIC)(3)

(non-GAAP financial measure)(2) 21.1% 23.3% 22.7% 24.4% 22.9%

5 year Average Invested Capital $ 1,785

5 years Average tax effected Adjusted EBIT 407

5 year Average ROIC 22.8%

Return on Invested Capital –Reconciliation of Non-GAAP Results

40

(1) Generally accepted Accounting Principles(2) Tenneco presents the above reconciliation of non-GAAP results in order to allow a better understanding of our performance.(3) We consider Return on Invested Capital (ROIC) to be a meaningful indicator of our operating performance, and we evaluate ROIC because it measures how effectively we use the capital we invest in our operations. Tenneco defines ROIC as tax effected

Adjusted EBIT divided by Average Invested Capital, which is the beginning and ending balances of debt, equity and noncontrolling interests. See the tabular calculation above.

$ Millions, Unaudited

Value-add Revenue –Reconciliation of Non-GAAP Results

41

2017

Total revenue $ 9,274

Less: Clean Air substrate sales $ 2,187

Value-add revenue (1) $ 7,087

Clean Air light vehicle value-add revenue $ 3,446

Ride Performance light vehicle value-add revenue $ 1,580

Commercial truck & off-highway value-add revenue $ 810

Aftermarket value-add revenue $ 1,251

Value-add revenue $ 7,087

(1) Tenneco presents the above reconciliation of revenues in order to reflect value-add revenues separately from substrate sales, which include precious metals pricing, which may be volatile. Substrate sales occur when, at the direction of its OE customers, Tenneco purchases catalytic converters or components thereof from suppliers, uses them in its manufacturing processes and sells them as part of the completed system. While Tenneco original equipment customers assume the risk of this volatility, it impacts reported revenue. Excluding substrate sales removes this impact. Tenneco uses this information to analyze the trend in revenues before this factor. Tenneco believes investors find this information useful in understanding period to period comparisons in the company's revenues.

$ Millions

1. Generally Accepted Accounting Principles.2. Tenneco presents the above reconciliation of GAAP to non-GAAP earnings measures primarily to reflect the results in a manner that allows a better understanding of the results of operational activities separate from the financial impact of decisions made for

the long-term benefit of the company and other items impacting comparability between the periods. Adjustments similar to the ones reflected above have been recorded in earlier periods, and similar types of adjustments can reasonably be expected to be recorded in future periods. Using only the non-GAAP earnings measures to analyze earnings would have material limitations because its calculation is based on the subjective determinations of management regarding the nature and classification of events and circumstances that investors may find material. Management compensates for these limitations by utilizing both GAAP and non-GAAP earnings measures reflected above to understand and analyze the results of the business. The company believes investors find the non-GAAP information helpful in understanding the ongoing performance of operations separate from items that may have a disproportionate positive or negative impact on the company’s financial results in any particular period.

Adjusted EBITDA –Reconciliation of Non-GAAP Results

42

$ Millions Year Ended December 31, 2017Tenneco Federal Mogul Pro Forma

Net Income $274 $361 $635Interest Expense 73 148 221Income Tax Expense / (Benefit) 70 (190) (120)Depreciation and Amorization 224 398 622

EBITDA $641 $717 $1,357

Adjustments (reflect non-GAAP(1) measures)Restructuring and related expenses 69 37 106Pension and post retirement charges 13 - 13Goodwill and intangible asset impairment 11 11 22Antitrust settlement accrual 132 - 132Warranty settlement 7 - 7Gain on sale of unconsolidated JV (5) - (5)Loss on debt extinguishment - 4 4Gain on sale of assets - (7) (7)Gain from termination of customer contract - (6) (6)Warranty release - (4) (4)Release of deferred purchase price payment - (3) (3)EBITDA contribution of pending asset sales - (2) (2)Other - 6 6

Adjusted EBITDA (non-GAAP Financial Measure)(2) $868 $753 $1,620

Reallocation of Clean Air Aftermarket –Reconciliation of Non-GAAP Results

43

Year Ended December 31, 2017

$ Millions Clean Air Ride Performance Other Total

Total Revenue $ 6,517 $ 2,757 - $ 9,274Less: Clean Air Substrates (2,187) - - (2,187)

Reported Value Add Revenue $ 4,330 $ 2,757 - $ 7,087

Less: Reallocation of Clean Air AM (302) 302 - -

Value Add Revenue (post Reallocation of Clean Air AM) $ 4,028 $ 3,059 - $ 7,087

Adjusted EBIT $ 478 $ 255 ($86) $ 647Plus: D&A 147 77 - 224Less: Restructuring adjustments included in Other segment - - (3) (3)

Adjusted EBITDA $ 625 $ 332 ($89) $ 868Less: Allocation of Other segment (54) (35) 89 -Less: Reallocation of Clean Air AM (38) 38 - -

Adjusted EBITDA (post Reallocation of Clean Air AM) (non-GAAP Financial Measure)1 $ 533 $ 335 - $ 868

(1) Tenneco presents the above reconciliation of GAAP to non-GAAP earnings measures primarily to reflect the results in a manner that allows a better understanding of the results of operational activities separate from the financial impact of decisions made for the long-term benefit of the company and other items impacting comparability between the periods. Adjustments similar to the ones reflected above have been recorded in earlier periods, and similar types of adjustments can reasonably be expected to be recorded in future periods. Using only the non-GAAP earnings measures to analyze earnings would have material limitations because its calculation is based on the subjective determinations of management regarding the nature and classification of events and circumstances that investors may find material. Management compensates for these limitations by utilizing both GAAP and non-GAAP earnings measures reflected above to understand and analyze the results of the business. The company believes investors find the non-GAAP information helpful in understanding the ongoing performance of operations separate from items that may have a disproportionate positive or negative impact on the company’s financial results in any particular period.