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The foregoing presentation contains forward-looking statements that involve risks and uncertainties which could cause the company’s plans, actions and results to differ materially from its current expectations. Such risks and uncertainties include, butare not limited to, the following: (i) the general political, economic and competitive conditions in markets and countries wherethe company operates, including currency fluctuations; (ii) governmental actions, including the ability to receive regulatoryapprovals and the timing of such approvals; (iii) changes in capital availability or costs, including increases in the company’scosts of borrowing, the amount of the company’s debt, the ability of the company to access capital markets and the credit ratings of the company’s debt; (iv) changes in automotive manufacturers’ production rates and their actual and forecastedrequirements for the company’s products; (v) the overall highly competitive nature of the automotive parts industry; (vi) the company’s ability to realize the sales represented by its book of business which is based on a number of factors, including, butnot limited to, the original equipment manufacturers’ programs that have been formally awarded as well as programs where thecompany is highly confident that it will be awarded business based on informal customer indications, the company’s status as asupplier on the existing program, and the relationship with the customer, and anticipated pricing for the applicable program overits life; (vii) the cyclical nature of the global vehicular industry, including the performance of the global aftermarket sector; (viii) the cost and outcome of existing and any future legal proceedings, and compliance with changes in regulations; (ix) workforce factors such as strikes or labor interruptions; (x) material substitutions and increases in the costs of raw materials; (xi) the company’s continued success in cost reduction and cash management programs; (xii) the company’s ability to develop and profitably commercialize new products and technologies, and the acceptance of such new products and technologies by the company’s customers and the market; (xiii) further changes in the distribution channels for the company’saftermarket products, further consolidations among automotive parts customers and suppliers, and product warranty costs; (xiv) changes by the Financing Accounting Standards Board or other accounting regulatory bodies of authoritative generally accepted accounting principles or policies; (xv) acts of war, riots or terrorism, including, but not limited to the events taking place in the MiddleEast; and (xvi) the timing and occurrence (or non-occurrence) of transactions and events which may be subject to circumstances beyond the control of the company.

SAFE HARBOR

GLOBAL SUPPLIER OF EMISSION AND RIDE CONTROL SYSTEMS

Revenues (Millions) $4,708 $4,619

Total Emission Control/Ride Control Balance 68/32 70/30

Original Equipment/Aftermarket Balance 81/19 82/18

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LEADING MARKET POSITIONS – 2007

* Tenneco Estimates** Excludes OE Service

Regions/ Product Category Market Position* Key Competitors in market-share order

Original Equipment North America #1 EMCON Technologies, Faurecia

Emission Control Europe #1 Faurecia, Eberspächer, EMCON Technologies

Original Equipment North America #1 Delphi, Hitachi, ZF SachsRide Control Europe #2 ZF Sachs, KYB, Delphi

Aftermarket North America #1 IMCO, AP Exhaust Products Emission Control Europe** #1 Klarius Group, Bosal

Aftermarket North America #1 KYB, ArvinMeritor

Ride Control Europe** #1 ZF Sachs, KYB

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BALANCED CUSTOMER MIX Top Customers as a % of 2007 Total Revenues

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PLATFORM MIX

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EC - Emission Control RC - Ride Control EL - Elastomers

YTD Sept. 2008

Value-added Revenue $3,513 $3,386 3.8%

Substrate Sales $1,195 $1,233 (3.1%)

Total Gross Margin $701 $750 (6.5%)

Adjusted SGA&E (% of Total Sales) 8.1% 8.2% 1.2%

Adjusted EBITDA* $333 $371 (10.2%)

Adjusted EBIT $165 $221 (25.3%)

Adjusted EPS ($) $0.92 $1.48 (37.8%)

Cash Flow from Operations $34 ($41) NM

Net Debt/Adjusted EBITDA* (LTM) 3.1 2.9 (6.9%)

$ Millions, Except as Noted

FINANCIAL PERFORMANCE – YTD SEPTEMBER 30, 2008

% ChangeB/(W)

See reconciliation of GAAP adjustments beginning on slide 31. 4815-CORP-11/08 (7)

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YTD Sept. 2007

* Including minority interest.

RESPONSE TO CURRENT ECONOMIC CONDITIONS

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Restructuring actions– Eliminating 1,100 jobs worldwide (600 hourly; 500 salaried),

closing four NA plants and restructuring another– Latest initiatives will generate about $64 million in annual savings;

payback period less than one year– $40 million in Q4:08 of which $35 million is cash– $20 million in charges throughout 2009, $9 million cash

YTD global workforce reduced by about 10%, including 1,150employees laid off earlier in 2008

Lower production levels reducing cash required for receivablesand inventories; focused on efficiency through DSO, DOH, DPO

Strategies being employed to minimize capital spending

STRATEGIC INITIATIVES

• Emissions technologies for environmental mandates• Adjacent markets for new revenue opportunities• Advanced technology for ride-control

performance and safety• Asia for rapid growth• Growth OEMs for enhanced customer mix• Aftermarket service products for incremental sales

• Low-cost country strategy

• Shrink asset base with Lean/Six Sigma

• Optimize global footprint

• Target net debt /adjusted EBITDA* ratio of 2.0x

• Capitalize on EVA discipline

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* Including minority interest.

GLOBAL OE REVENUE PROJECTION

• Global light-vehicle production CAGR of 3%

• Market share expansion

• Emissions technologies for environmental mandates

• Adjacent markets for new revenue opportunities

• Advanced technology for ride-control performance and safety

• Asia for rapid growth

• Growth OEMs for enhanced customer mix

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MARKET DRIVEN GROWTH OPPORTUNITIESEmissions Technologies for Environmental Mandates * Phased in

** Estimated dateCVS - Commercial Vehicle SystemsLVS - Light Vehicle Systems

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MARKET DRIVEN GROWTH OPPORTUNITIES

• MECA chart represents total engine-based and aftertreatment emission content• Aftertreatment represents approximately 70% of the growth generated over the 15-year period• Aftertreatment estimated CAGR of 7.2% and 8.2% for the base and alternative scenarios,

respectively• MECA’s alternative diesel scenario driven by volatile oil prices and global warming concerns

Capitalizing on Stricter LVS/CVS Emission Regulations; Data Excludes Off-Road Vehicles

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NON-ROAD DIESEL EQUIPMENT

Two major markets- Construction- Agriculture, Forestry, Mining

Construction OEMs – Caterpillar,Komatsu, Volvo, Hitachi, CNH, Terex,Deere, Liebherr-International, KobeSteel, Ingersoll-Rand, and JCB

AG OEMs – Deere & Company, CNHGlobal, AGCO, Kubota, Yanmar, CLAAS,Iseki, Same Deutz-Fahr, and Caterpillar

Competitors: No OE aftertreatmentincumbents, only niche retrofitsuppliers

Regulations: 2011-2014 for U.S.,Japan, Europe

OEMs – ElectroMotive Division, GE, Cummins, MAN, Caterpillar, Penta

Competitors: No aftertreatmentincumbents

2008 – 1st legislation to require retrofitto existing engines – DPF – Tiers 0-2

2013 – California; 2015 – Tier 4 Federal

Without regulations, L&M vesselswould account for about 35% ofmobile pollution by 2020

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EMISSION CONTROL PRODUCT PIPELINE

ActiveBurner DPF

Retrofit NOxAfter-treatment (ProductionReady)

MultiwrapConverter

Gasoline Particulate Filters

HydrocarbonSCR

Urea SCR

Ultra LightweightMufflers

CVS DPF

Active LeanNOx Trap

Turnkey SCRSystem

Urea Injection &Dosing Module

After-treatment ECU

Woven MetalDPF

IntegratedManifold/TurbochargerHousing

Off-road Catalytic Converter and DPF

Fuel Vaporizer

HydrocarbonInjector

Next-generation Manifold

Off-roadDiesel Oxidation Catalyst

Low Back-pressureValve Muffler

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Full Suite of Ride Control Technologies “One Stop Shop”

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• Shock Absorbers• Struts• CES - Computerized Electronic

Suspension• Coil and Leaf Springs• Cab shock absorbers• Seat shock absorbers• Heavy Duty Truck & Train Shocks• Top mounts• Spring and shock/strut modules• Corner modules• Axle modules• Performance Aftermarket Suspension• Kinetic passive stability systems

• Silent block bushings

• Torque Rods

• Spring Eye bushings

• Gripper stabilizer bar assemblies

• Engine mounts

• Self-Lubricated elastomers

• Power steering isolators

• Fluid-damped elastomers

• Suspension links

• Suspension bushings

ADVANCED TECHNOLOGY FOR SAFETY RATINGS

Computerized Electronic Suspension

ADVANCED TECHNOLOGY FOR SAFETY RATINGS

Damping Response Response toRange Time (avg) Electronic Failure Cost

Tenneco High Tuneable 100%CES

ZF-Sachs Medium Tuneable 100%CDC

Bilstein Medium Fixed – Hard 100%DampTronic

Delphi High No 150%MagneRide

10milliseconds

15milliseconds

30milliseconds

6milliseconds

• Awarded models:- Volvo S60, V70, XC70, S80;- Audi A6, Allroad;- Ford S-Max, Galaxy, Mondeo- Mercedes C-Class- Volkswagen Passat- Three additional European OEM

platforms

• Selling price about $90 vs. $12for standard shock

• Goal: expand Tenneco market share four times by 2011

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EMERGING BRIC ECONOMIES: A SIGNIFICANT LONG-TERM OPPORTUNITY

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* CAGR Source: Global Insight, World Car Industry Production Forecast, Sept. 2008

Expanding presence with Japanese OEMs- Won $200MM in annualized new business in 2007

• Platforms launching between 2008-2010

- 20% of new business in BRIC countries

Japanese OEMs = 17% of 2007 NAOE revenues; 11% of global OE revenues

Strong platforms and new launches are driving growth

Growth OEMs Enhance Customer Mix

TARGET GROWING OEMs

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GLOBAL OE REVENUE PROJECTION

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11-13% CAGR 2007-2012

Growth plan reflects:Oct. ‘08 global production forecast* for 2012 LVS & CVS virtually unchanged from Jan. ‘08 forecast

– Assumes economic recovery prior to 2011

Adjacent markets for new revenue opportunities– Commercial Vehicle on-highway and off-road more than 50% of projected growth– Driven by global diesel emission regulations– Global off-road business with Caterpillar and other OEMs

• Off-road = construction, agriculture, mining, forestry

New customers and vehicle-fleet growth in BRIC economies

Advanced technology and added content to meet emission regulations

New platforms for electronic shocks

Expanded business with growth OEMs* Global Insight

INTRODUCE NEW AFTERMARKET PRODUCTS

Leadership in the replacement-parts market reflects strong global brands, new product lines and efficient distribution capabilities

- Key to this segment’s growth:• Capitalizing on OE/aftermarket synergies • Standardizing components to consolidate manufacturing • Introducing premium replacement parts from products developed for the OE market• Increasing our value with the automakers by using aftermarket intelligence to develop

improved original-equipment products

Adding more frequently replaced service parts, like Monroe brake pads, to portfolio

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Aftermarket Delivers Excellent Profitability and Cash Generation

SHRINK ASSET BASE

Litchfield, MI

2000 2007Measurement Pre-Lean With Lean % B/(W)

Quality (ppm) 49 7 86%

Inventory DOH 15.7 10.3 34%

Productivity 43.5% 52.2% 20%

Headcount 796 390 51%

Scrap % 3.1% 1.0% 69%

Travel distance (ft.) 2,628 1,371 48%

Revenue/employee $168,300 $337,560 101%

Reducing Waste and Improving Quality

Edenkoben, Germany

2004 2007Measurement Pre-Lean With Lean % B/(W)

Quality (ppm) 1,250 219 82%

Inventory DOH 24 16.9 30%

Productivity 49.8% 59.8% 20%

Headcount 941 844 10%

Scrap % 1.7% 0.3% 83%

Travel distance (ft.) 5,526 1,360 75%

Revenue/employee $376,500 $957,000 154%

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LOW-COST COUNTRY STRATEGY

• Low-cost countries- China- India- Taiwan

• Low-cost sourcing: direct materials, indirect materials, capital, tooling

• Low-cost sourcing introduced for global programs

• Global sourcing teams embedded in low-cost countries

- Thailand- Mexico

- S. America- E. Europe

Manufacturing• Eastern Europe –

Poland, Czech Republic, Russia

• Asia Pacific –China, India, Thailand, S. Korea

• North America – Mexico

Engineering• Poland (2)

• China

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TARGET INVESTMENT-GRADE NET DEBT/ADJUSTED EBITDA* RATIO OF 2.0X

See reconciliation of GAAP adjustments beginning on slide 31.

$ in Millions

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* Including minority interest.

CONSERVATIVE DEBT PROFILE

Substantial room on debt covenant ratios

Nov. 2007: expanded cap on factoring receivables to $250 million

Sept. 2008: expanded global capacity of securitizedreceivables to $310 million

First significant debt maturity 2010 of $54 million (Term Loan A amortization payment)

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DEBT MATURITY PROFILE($ Millions)

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DEBT COVENANT COMPLIANCE –SEPT. 30, 2008

Leverage ratio (tightest covenant)

– Result: 3.27x– Test: no more than 4.00x

Interest coverage ratio– Result: 4.08x– Test: maintain above 2.10x

Cushions against tightest covenants:– EBITDA (including minority interest) is $79mm– Debt is $318mm

No ratings triggers or net worth tests in covenants

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GENERATING CASH FLOW

Minimizing capital spending

Prioritizing engineering projects

Optimizing operations for near- and long-term outlook– Flex operations to lower production levels

– Reduce variable and fixed costs

– Reduce SG&A expenses

– Focus on working capital efficiency

INVESTMENT HIGHLIGHTS

Advanced technology leadership

Well positioned for technology-driven growth

Balanced mix of customers, geographies, markets, products, platforms

Leading Tier 1 OE supplier positioned on top selling platforms

No. 1 aftermarket supplier driven by leading brands

Demonstrated commitment to balance sheet strength and financial stability

Experienced management team

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Tenneco’s global OE revenue estimate is based on original equipment manufacturers’ programs that havebeen formally awarded to the company; programs where the company is highly confident that it will beawarded business based on informal customer indications consistent with past practices, Tenneco’s statusas supplier for the existing program and its relationship with the customer; and the actual originalequipment revenues achieved by the company for each of the last several years compared to the amount ofthose revenues that the company estimated it would generate at the beginning of each year. The company’srevenue estimate is subject to increase or decrease due to changes in customer requirements, customerand consumer preferences, and the number of vehicles actually produced by the company’s customers. The company’s revenue estimate is as of January 2008 and the company does not intend to update theestimate due to these changes. In addition, the company’s revenue estimate is based on its anticipatedpricing for each applicable program over its life. However, the company is under continuing pricingpressures from its OE customers. The company does not intend to update the amounts shown above for anyprice changes. Finally, for the company’s foreign operations, its revenue estimate assumes a fixed foreigncurrency value. This value is used to translate foreign business to the US dollar. Currency in the company’sforeign operations is subject to fluctuation based on the economic conditions in each of its foreignoperations. The company does not intend to update its revenue estimate due to these fluctuations. See “Cautionary Statement for Purposes of the ‘Safe Harbor’ Provisions of the Private Securities LitigationReform Act of 1995” and “Risk Factors” in the company’s Annual Report on Form 10-K for the year endedDecember 31, 2007 for additional information regarding the company’s revenue estimate.

GLOBAL OE REVENUE ESTIMATE

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• Use of Non-GAAP Financial InformationIn addition to the results reported in accordance with accounting principles generally accepted inthe United States (“GAAP”) included in this presentation, the company has provided informationregarding certain non-GAAP financial measures. These measures include Income Before InterestExpense, Income Taxes, Minority Interest and Depreciation and Amortization (“EBITDA*”), WorkingCapital, Net Debt, Adjusted EBITDA*, Adjusted Selling, General, Administrative and EngineeringExpense (“Adjusted SGA&E”), Adjusted Income Before Interest Expense, Income Taxes andMinority Interest (“Adjusted EBIT”), Adjusted Net Income and Adjusted Earnings Per Share.

Reconciliations of these non-GAAP financial measures to the comparable GAAP measure areincluded in this presentation.

* Including minority interest.

FINANCIAL RESULTS DISCLAIMER

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EBITDA*

RECONCILIATION OF NON-GAAP RESULTS

EBITDA* represents income before interest expense, income taxes, minority interest and depreciation and amortization. EBITDA* is not a calculation based upon generally accepted accounting principles. The amounts included in the EBITDA* calculation, however, are derived from amounts included in the historical statements of income. In addition, EBITDA* should not be considered as an alternative to net income or operating income as an indicator of the company’s operating performance, or as an alternative to operating cash flows as a measure of liquidity. Tenneco has presented EBITDA* because it regularly reviews EBITDA* as a measure of the company’s performance. In addition, Tenneco believes that its security holders utilize and analyze its EBITDA* for similar purposes. Tenneco also believes EBITDA* assists investors in comparing a company’s performance on a consistent basis without regard to depreciation and amortization, which can vary significantly depending upon many factors. However, the EBITDA* measure presented may not always be comparable to similarly titled measures reported by other companies due to differences in the components of the calculation.

* Including minority interest.

Sept. Sept.YTD 08 YTD 07 2007 2006 2005 2004 2003 2002 2001 2000

Net income (loss) $ (117) $ 67 $ (5) $ 49 $ 56 $ 9 $ 25 $(189) $ (131) $ (41)

Cumulative effect of change - - - - - - - 218 - -in accounting principle,net of income tax

Minority interest 8 8 10 6 2 4 6 4 1 2

Income tax expense (benefit) 163 22 83 5 26 (21) (6) (6) 50 (27)

Interest expense (net of interest capitalized) 88 112 164 136 133 178 146 140 170 188

EBIT, income before interest expense, income taxes & minority interest (GAAP measure) 142 209 252 196 217 170 171 167 90 122

Depreciation & amortization of other intangibles 168 150 205 184 177 177 163 144 153 151

Total EBITDA* $ 310 $ 359 $ 457 $ 380 $ 394 $ 347 $ 334 $ 311 $ 243 $ 273

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$ Millions Total Revenue, Unaudited

Sept. YTD Sept. YTD2008 2007 2007 2006

Total Revenue $ 4,708 $ 4,619 $ 6,184 $ 4,682

Substrate Sales $ 1,195 $ 1,233 $ 1,673 $ 927

Value-added Revenue $ 3,513 $ 3,386 $ 4,511 $ 3,755

FINANCIAL ACCOMPLISHMENTS – RECONCILIATION OF NON-GAAP RESULTS

(1) Generally Accepted Accounting Principles

(2) Tenneco presents the above reconciliation of GAAP to non-GAAP revenue measures primarily to reflect the results for the full years 2006 and 2007 in a manner that allows a better understanding of our operational results compared to our value-added revenue by excluding the impact of substrate sales, which generally carry lower margins.

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EBITDA*SGA&E EBIT Net IncomeSept. YTD Sept. YTD Sept. YTD Sept. YTD Sept. YTD Sept. YTD Sept. YTD Sept. YTD Sept. YTD Sept. YTD

2008 2007 2008 2007 2008 2007 2008 2007 2008 2007Financial Measures $393 $386 $310 $359 $142 $209 $(117) $67 $(2.53) $1.42Adjustments (reflect non-GAAP(1)

measures):Restructuring and restructuringrelated expenses (7) (1) 16 7 16 7 11 5 0.23 0.11

Aftermarketchangeover costs (7) (5) 7 5 7 5 4 3 0.09 0.06

Charges related torefinancing activities – – – – – – – 4 – 0.07

Tax adjustments – – – – – – 146 (8) 3.13 (0.18)

Non-GAAP financial measures(2) $379 $380 $333 $371 $165 $221 $44 $71 $0.92 $1.48

$ Millions, Unaudited EPS

FINANCIAL ACCOMPLISHMENTS – YTD SEPTEMBER 30, 2008RECONCILIATION OF NON-GAAP RESULTS

(1) Generally Accepted Accounting Principles(2) Tenneco presents the above reconciliation of GAAP to non-GAAP earnings measures primarily to reflect the results for the first nine months of 2008 and 2007 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. 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. The company plans to continue making this adjustment for the remainder of 2008 to enhance investors’ understanding of the comparability between 2008 and 2007 results.

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ADJUSTED EBITDA*RECONCILIATION OF NON-GAAP RESULTS

Sept. Sept.YTD 08 YTD 07 2007 2006 2005 2004 2003 2002 2001 2000

Financial measures $ 310 $ 359 $ 457 $ 380 $ 394 $ 347 $ 334 $ 311 $ 243 $ 273

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

Restructuring & restructuringrelated expenses 16 7 25 27 12 40 8 2 51 61

New aftermarket customer changeover costs 7 5 5 6 10 8 - - - -

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

Change to defined contribution pension plan - - - (7 ) - - - - - -

Consulting fees indexed to stock price - - - - - 4 - - - -

Gain on sale of York - - - - - - - (11) - -

Other non-operational items - - - - - - - 2 4 4

Non-GAAP financialmeasures (2) $ 333 $ 371 $ 487 $ 409 $ 416 $ 399 $ 342 $ 304 $ 298 $ 338

$ Millions, Unaudited

(1) Generally Accepted Accounting Principles(2) Tenneco presents the above reconciliation of non-GAAP results in order to reflect the results for full years 2000, 2001, 2002, 2003, 2004, 2005, 2006 and 2007, and first nine months of 2008

and 2007 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. 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 measure 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 measuresreflected 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.

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$ Millions, Unaudited

NET DEBT/ADJUSTED EBITDA*RECONCILIATION OF NON-GAAP RESULTS

Note: We present debt net of cash balances because management believes it is a useful measure of our credit position and progress toward reducing leverage. The calculation is limited in that we may not always be able to use cash to repay debt on a dollar-for-dollar basis.

(1) Last-twelve-months calculated.

* Including minority interest.

Sept. Sept.YTD 08 YTD 07 2007 2006 2005 2004 2003 2002 2001 2000

Total debt $1,524 $1,536 $1,374 $1,385 $1,383 $1,421 $1,430 $1,445 $1,515 $1,527

Cash and cash equivalents 127 203 188 202 141 214 145 54 53 35

Debt net of cash balances 1,397 1,333 1,186 1,183 1,242 1,207 1,285 1,391 1,462 1,492

Adjusted EBITDA* $ 449(1) $ 460(1) $ 487 $ 409 $ 416 $ 399 $ 342 $ 304 $ 298 $ 338

Ratio of net debt toadjusted EBITDA* 3.1x (1) 2.9x (1) 2.4x 2.9x 3.0x 3.0x 3.8x 4.6x 4.9x 4.4x

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