Market Overview

Tenneco Board Selects Brian Kesseler, Roger Wood as CEOs of Future Independent Companies


Kesseler to Lead Aftermarket and Ride Performance Company

Wood to Lead Powertrain Technology Company

Tenneco Inc. (NYSE:TEN) announced today that its board of directors has
selected Brian J. Kesseler and Roger J. Wood as the chief executive
officers of the aftermarket and ride performance company and powertrain
technology company, respectively, the two new independent, publicly
traded companies, which will be established in the second half of 2019.

Immediately upon closing of the Federal-Mogul acquisition, and prior to
separation, Kesseler and Wood will serve as co-CEOs of Tenneco Inc.,
leading their respective businesses, while preparing each to become a
stand-alone entity and helping facilitate a smooth spin-off. During this
period, both CEOs will report to the Tenneco Board of Directors. The
appointments of Kesseler and Wood are dependent on Tenneco closing the
acquisition of Federal-Mogul and separation of the business through a
tax-free spin-off, which were announced on April 10, 2018.

"On behalf of the Tenneco board of directors, I am pleased to announce
two outstanding executives as CEOs for the future companies, both of
whom played integral roles in shaping the strategy for this
transaction," said Gregg Sherrill, Chairman, Tenneco Board of Directors.
"They are seasoned global industry leaders with deep knowledge of the
businesses, and are passionate about the opportunity to launch
purpose-built leading companies in their respective markets."

Kesseler, Tenneco's current CEO will become chairman and CEO of the
aftermarket and ride performance company, which will be headquartered in
Lake Forest, Illinois. Kesseler has been serving as Tenneco CEO since
May 2017, having joined the company as chief operating officer in 2015.
Prior to Tenneco, he was president of Johnson Controls Power Solutions,
a business largely focused on the aftermarket. He joined Johnson
Controls in 1994 and served in leadership positions in the company's
automotive experience and building efficiency businesses. Kesseler began
his manufacturing career with Ford Motor Company. He also serves on the
Tenneco Board of Directors.

"With extensive industry experience in both OE and aftermarket
businesses, Brian is uniquely qualified to be CEO of what will be one of
the world's leading multi-line aftermarket and OE suppliers," said
Sherrill. "His global perspective and demonstrated success in driving
top-line growth make him the right choice to lead a company that will be
well positioned to accelerate aftermarket growth in Asia Pacific and
capture opportunities driven by new mobility and autonomous driving

Wood will become chairman and CEO of the new powertrain technology
company, which will be headquartered in the Detroit, Michigan area. He
currently serves as executive chairman of Fallbrook Technologies, an
industrial innovation company. Wood retired in 2015 as Dana Holding
Corporation President and Chief Executive Officer, a position he had
held since joining Dana in 2011. Previously, Wood had a distinguished
26-year career with Borg Warner where he served in various leadership
roles with global operations, culminating in the role of executive vice
president and president for the engine group. Wood serves on the Tenneco
Board of Directors and is a member of the Brunswick Corporation Board of

"We are excited that Roger Wood will become CEO of what will be one of
the largest pure-play powertrain suppliers globally. He is an
exceptional leader with more than 30 years in the industry, including
extensive powertrain experience with Dana and Borg Warner," said
Sherrill. "Roger is a highly successful executive who understands the
trends shaping the industry, including regulatory and hybridization, and
has a proven reputation for driving growth through innovation and

The acquisition is expected to close in the second half of 2018, subject
to regulatory and shareholder approvals and other customary closing
conditions. The separation is expected to occur in the second half of

Post-close and until the spin, the Tenneco Ride Performance, Aftermarket
and Federal-Mogul Motorparts leadership will report to Kesseler. The
Tenneco Clean Air and Federal-Mogul Powertrain leadership will report to
Wood. Tenneco's corporate staff will have a dual reporting relationship
to both Kesseler and Wood.

Wood will participate in the Q and A portion of Tenneco's second quarter
2018 earnings release conference call on July 27, 2018 at 9:00 a.m. ET.

About Tenneco

Tenneco is a $9.3 billion global manufacturing company with headquarters
in Lake Forest, Illinois and approximately 32,000 employees worldwide.
Tenneco is one of the world's largest designers, manufacturers and
marketers of ride performance and clean air products and systems for
automotive and commercial vehicle original equipment markets and the
aftermarket. Tenneco's principal brand names are Monroe®, Walker®, XNOx™
and Clevite®Elastomers.

About the Aftermarket and Ride Performance Company

The aftermarket and ride performance company would have 2017 pro-forma
revenues of $6.4 billion, with 57% of those revenues from aftermarket
and 43% from original equipment customers. Following the Federal-Mogul
acquisition, the aftermarket and ride performance company will be one of
the largest global multi-line, multi-brand aftermarket companies, and
one of the largest global OE ride performance and braking companies. The
aftermarket and ride performance company's principal product brands will
include Monroe®, Walker®, Clevite®Elastomers, MOOG®, Fel-Pro®, Wagner®,
and Champion®.

About the Powertrain Technology Company

The powertrain technology company would have 2017 pro-forma revenues of
$10.7 billion, serving light vehicle, commercial truck, off-highway and
industrial markets. Following the Federal-Mogul acquisition, the
powertrain technology company will be one of the world's largest
pure-play powertrain companies serving OE markets worldwide with
engineered solutions addressing fuel economy, power output, and criteria
pollution requirements for gasoline, diesel and electrified powertrains.

Safe Harbor

This communication contains forward-looking statements. These
forward-looking statements include, but are not limited to, (i) all
statements, other than statements of historical 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 depend on
future events, or (ii) statements about our future business plans and
strategy and other statements that describe the Company's outlook,
objectives, plans, intentions or goals, and any discussion of future
operating or financial performance. These forward-looking statements are
included in various sections of this communication and the words "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
the proposed acquisition of Federal-Mogul LLC, including the expected
timing of completion of the proposed acquisition and related
transactions; the benefits of the proposed acquisition; the combined
company's plans, objectives and expectations; future financial and
operating results; Tenneco's intent to separate into two independent
publicly traded companies as a result of the proposed spin-off the
expectation that the spin-off will be tax-free; statements regarding the
resources, potential, priorities, competitive positioning and
opportunities for the independent companies following the spin-off; the
timing of the proposed spin-off and other statements that are not
historical facts. Forward-looking statements are subject to a number of
risks and uncertainties that could cause actual results to materially
differ from those described in the forward-looking statements, including
the risk that the transaction may not be completed in a timely manner or
at all due to a failure to satisfy certain closing conditions, including
any stockholder or regulatory approvals or the failure to satisfy other
conditions to completion of the transaction; the occurrence of any
event, change or other circumstance that could give rise to the
termination of the Transaction Agreement; the outcome of any legal
proceeding that may be instituted against the Company and others
following the announcement of the transaction; the combined company may
not complete a spin-off of the Motorparts business from the Powertrain
business (or achieve some or all of the anticipated benefits of such a
spin-off); the proposed transaction may have an adverse impact on
existing arrangements with the Company, including those related to
transition, manufacturing and supply services and tax matters; the
amount of the costs, fees, expenses and charges related to the
transaction may be greater than expected; the ability to retain and hire
key personnel and maintain relationships with customers, suppliers or
other business 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 the transaction may not advance the
combined company's business strategy; the risk that the combined company
may experience difficulty integrating all employees or operations; the
potential diversion of the Company's management's attention resulting
from the proposed transaction; as well as the risk factors and
cautionary statements included in the Company'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 should not place undue
reliance on forward-looking statements as a prediction of actual
results. Unless otherwise indicated in this report, the forward-looking
statements in this communication are made as of the date of this
communication, and, except as required by law, the Company does not
undertake any obligation, and disclaims any obligation, to publicly
disclose revisions or updates to any forward-looking statements.

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