Investor Presentation KeyBanc Conference May 29, 2019 NYSE: TEN - PowerPoint PPT Presentation

Investor Presentation – KeyBanc Conference May 29, 2019 NYSE: TEN

Safe Harbor Forward-Looking Statements 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 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 communication concern, among other things, 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 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 acquisition of Federal-Mogul or spin-off 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 acquisition of Federal-Mogul or spin-off, including synergies, may not be fully realized or may take longer to realize than expected; the risk that the acquisition of Federal-Mogul or spin-off may not advance Tenneco’s business strategy; the risk that the combined company may experience difficulty integrating or separating 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. 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 or implied by the forward-looking statements herein. References to earnings guidance refer to such guidance as provided by Tenneco on May 9, 2019. 2

New Tenneco Powertrain Technology Company 3

New Tenneco Overview Driving Progress Toward Cleaner, More Efficient Mobility LEADING PORTFOLIO OF 2018 Pro Forma Revenue $11.4 Billion* INVESTMENT APPEALS PRODUCTS & TECHNOLOGIES • Pure play creates focus GLOBAL FOOTPRINT and specialty • Positioned to capture • ~50,000 global team members Full Exhaust Systems System opportunity from tightening Catalytic Converters Protection • 151 manufacturing locations worldwide emission standards and regulations • 22 globally networked technology • Positioned to capture centers Pistons Bearings Valves significant commercial truck and off-highway opportunity • Strong cash generation potential provides attractive Gasoline Sealing / Ignition cash opportunity Electronic Valve Particulate Filters Heat Shields Global pure-play powertrain supplier, positioned to capture significant opportunities * Pro Forma revenue includes Federal Mogul acquisition as if it occurred prior to 1/1/18 4

Complementary Portfolio Brings Unique Competitive Position Delivering an optimized trade-off between fuel economy and emission control from the cylinder to the tailpipe NO x MANAGES: MANAGES: • Friction / performance • Conversion efficiency • Combustion temperature • Thermal management CO PM • Ignition timing • Precious metal loading Greenhouse Gases / Criteria Pollutants Fuel Economy FULL SYSTEM EMISSION CONTROL Regulation Driven F-M Engine Components Tenneco Hot End Components System capabilities enable better powertrain efficiency at a lower total system cost 5

Diversified Business Profile New Tenneco – 2018 Pro Forma Revenue $11.4 Billion Product Applications Top OE Platforms (Models) 7% VW MQB/PQ35 (Golf, Octavia, Sagitar pass cars) OE CTOH & Industrial 4% Ford T3/P558 HD (HD Super Duty truck) GM 24% Other 16.3% 14.5% 4% 2018 Ford T3/P552 LD (LD F-150 truck) Pro Forma Cummins 1.8% 4% GM K2XX HD (HD Silverado, Sierra trucks) Revenue OE Light John Deere 2.4% 3% GM D2XX/Delta Vehicle (Cruze pass car; Equinox, Verano SUV) 76% Ford 3% Daimler MRA (E and C class pass cars) PSA Peugeot 12.5% Citroën 2.9% Top Customers 3% GM C1XX/Lambda (Traverse, Enclave and Acadia SUVs) FAW 3.2% 2018 Pro Forma 2% Daimler MFA Regions (CLA and A-Class pass cars, GLA SUV) Revenue Toyota 3.3% 2% Land Rover PLA-D7u (RR Sport, Discovery, Range Rover SUVs) VW Group Rest of AP North America BMW 2% BMW LU (X1 and Mini pass cars) 5% 9.6% 41% 3.3% 2% Tata Motors GM K2XX LD (LD Silverado and Sierra trucks) 2018 3.4% China 1% GM E2XX/Epsilon (Malibu, Lacrosse, Regal pass cars) Pro Forma SAIC 13% Daimler AG 3.5% Revenue 8.5% 1% Toyota MC-M (Sienna van and RAV4 SUV) Caterpillar South America 2% Renault/ 3.9% FCA 1% Nissan FCA EVO/CUSW (Jeep Cherokee SUV) Europe 6.7% 4.2% 39% 1% Daimler NCV3 (Sprinter Van) Expected growth in CTOH & Industrial further diversifies the business profile 6

Significant Ongoing Light Vehicle Opportunity New Tenneco – Powertrain Technology Company Projected global light vehicle sales volume (M) • ICEs are a significant portion of 118 120 116 115 114 112 111 vehicles moving forward 110 109 BEV 13% 11% 9% 8% 105 7% 6% 4% 102 99 • Powertrain technology 97 100 1% 94 14% 15% 91 18% 5% 90 19% 1% 21% components support 23% HEV 3% 26% hybridization; increased 80 complexity and content vs. ICE 87% HEV • Increasing CO 2 and criteria 60 or ICE pollutant emissions regulations 93% 92% 89% 85% 94% 83% 95% 97% 96% 79% 76% Projected provide organic growth 73% 40 70% 66% ICE 1 61% opportunities for 2030 • Content per vehicle increases 20 in both cylinder and aftertreatment systems 0 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 2027 2028 2029 2030 1. Includes mild hybrid electric vehicle Note: ICE = internal combustion engine, HEV = hybrid electric vehicle, BEV = battery electric vehicle Source: BCG estimates ICE and hybrids expected to be over 80% of vehicle sales through 2030 7

Significant Expansion Opportunity Projected Commercial Truck and Off-Highway* Americas EMEA Asia Pacific 2030 CTOH Production: 1.3 million 2030 CTOH Production: 6.6 million 2030 CTOH Production: 1.8 million Regulated Diesel 2018: 57% Regulated Diesel 2018: 15% Regulated Diesel 2018: 62% Regulated Diesel 2030: 93% Regulated Diesel 2030: 89% Regulated Diesel 2030: 94% 757 Europe 1,180 239 504 Japan/Korea 1,026 China 537 1,399 1,578 North America 460 India 1,530 Projected 2030 Units (thousands) 133 129 Commercial Truck South America Off-Highway Engines Asia Pacific production is expected to be 2x the Americas and EMEA regions combined CTOH regulated diesel volume expected to increase by nearly 6 million units by 2030, driven mainly by APAC 8 * Source: PSR April 2018 & Tenneco forecasts, Fuel type = Diesel, NG/LPG, excluding emissions compliance = None

Thank you! 9