Tenneco Announces Quarterly Dividend

LAKE FOREST, Ill.–(BUSINESS WIRE)–Tenneco Inc. (NYSE: TEN) announced today that its Board of Directors
(“Board”) has declared a quarterly cash dividend of $0.25 per share on
its Class A Voting Common Stock and its Class B Non-Voting Common Stock.
The dividend will be payable on December 21, 2018 to shareholders of
record as of December 4, 2018. Future dividends will be subject to Board
approval.

About Tenneco

Headquartered in Lake Forest, Illinois, Tenneco is one of the world’s
leading designers, manufacturers and marketers of Ride Performance and
Clean Air products and technology solutions for diversified markets,
including light vehicle, commercial truck, off-highway equipment and the
aftermarket, with 2017 revenues of $9.3 billion and approximately 32,000
employees worldwide.

On October 1, 2018, Tenneco completed the acquisition of Federal-Mogul
LLC, a leading global supplier to original equipment manufacturers and
the aftermarket with nearly 55,000 employees globally and 2017 revenues
of $7.8 billion. Additionally, the company expects to separate its
businesses to form two new, independent companies, an Aftermarket and
Ride Performance company as well as a new Powertrain Technology company,
in late 2019.

About the Future Aftermarket and Ride Performance Company

Following the separation, 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 feature Monroe®, Walker®, Clevite®Elastomers, MOOG®,
Fel-Pro®, Wagner®, Champion® and others. 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.

About the Future Powertrain Technology Company

Following the separation, 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. The powertrain technology company would have
2017 pro-forma revenues of $10.7 billion, serving light vehicle,
commercial truck, off-highway and industrial markets.

Safe Harbor

This release 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 and (ii)
statements about our future business plans and strategy and other
statements that describe Tenneco’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
release concern, among other things, the benefits of the Federal-Mogul
acquisition; the combined company’s plans, objectives and expectations;
future financial and operating results; 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 outcome of any legal proceeding that may be instituted against
Tenneco and others following the announcement of the transaction; the
possibility that the combined company may not complete the spin-off of
the Aftermarket & Ride Performance business from the Powertrain
Technology business (or achieve some or all of the anticipated benefits
of such a spin-off); the possibility that the transaction may have an
adverse impact on existing arrangements with Tenneco, including those
related to transition, manufacturing and supply services and tax
matters; 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
Tenneco management’s attention resulting from the transaction; as well
as the risk factors and cautionary statements included 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
should not place undue reliance on forward-looking statements as a
prediction of actual results. Unless otherwise indicated, the
forward-looking statements in this release are made 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
disclose revisions or updates to any forward-looking statements.

Contacts

Tenneco Inc.
Investor inquiries
Linae Golla
847-482-5162
lgolla@tenneco.com
or
Media
inquiries
Bill Dawson
847 482-5807
bdawson@tenneco.com

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