Investor Presentation

February 2021

NYSE: TEN

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 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,

future performance improvement plans; 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 course of the COVID-19 pandemic and its impact on general economic, business and market conditions: our ability (or inability) to execute on our plans to

respond to the COVID-19 pandemic and our previously announced Accelerate plan and to realize the anticipated benefits of these actions; our financial flexibility

in addressing the impact of the COVID-19 pandemic; our ability to maintain compliance with the agreements governing our indebtedness and otherwise have

sufficient liquidity through the COVID-19 pandemic; the possibility that Tenneco may not complete a separation of the Aftermarket & Ride Performance business

from the Powertrain Technology business; the possibility that Tenneco will be unable to execute on its strategy and maintain compliance with the covenants in its

Credit Agreement; the ability to retain and hire key personnel and maintain relationships with customers, suppliers or other business partners; 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. Additional information regarding these risk

factors and uncertainties is detailed from time to time in the company's SEC filings, including but not limited to its annual report on Form 10-K for the year ended

December 31, 2020.

In addition, please see Tenneco’s press release issued on February 24, 2021 for factors that could cause Tenneco’s future performance to vary from the expectations

expressed or implied by the forward-looking statements herein and for certain reconciliations of GAAP to non-GAAP results.

Forward-Looking Statements

3

Solid execution in a volatile marketplace

• Single CEO to oversee combined enterprise

• New CFO and COO appointed

• Four new independent directors with industry and financial expertise;

new independent Board chair; new Committee chairs

Accelerate+ program driving

margin expansion and cash

generation performance

• Initiated Accelerate+ Program - $265M run rate savings and $250M

working capital improvement targeted by end of 2021; all targets on or

ahead of plan

• Significant cash generation in 2020 despite YoY VA revenue decline of

17%; resulting in net debt reduction of $0.5B

New and Revitalized

Leadership Team and

Refreshed Board

Effectively managed through

COVID-19 related impacts

• Installed and continuously improved protocols to ensure the health

and safety of our workforce in and outside of our facilities

• Rapidly implemented actions to flex operational costs down

coupled with implementation of temporary SG&A cost measures

Tenneco 2020 Year in ReviewDeveloping a performance-driven culture

4

Tenneco 2020 Year in ReviewAdvantaged scale and diversification in product lines, end markets and regions

$15.4B Revenue

$12.0B Value-add (VA) Revenue2020 Revenue

42%

36%

14%

8%

Regions

VA Revenue

Europe

China

ROWNorth

America

Operating

SegmentsVA Revenue

Ride

Performance

Motorparts

Clean Air

Powertrain $2.7B

$2.2B

$3.4B

$3.7B

~60% of VA Revenue unrelated to OE light vehicle

internal combustion engine product lines

Product

Applications

VA Revenue

CTOH, Industrial

& Other

OE LV

Emissions/Engine

Aftermarket

& OES

14%41%

32%

OE LV

Suspension/Chassis13%

Key 2020 Highlights

H2 YoY margin(1) performance

Net debt

190 bps

$0.5B(2)

2020 Accelerate+ Program Highlights

Liquidity at year-end $2.3B(3)

• Run rate savings by year end

• Cost to achieve

$165M

$150M

$250M• Working Capital efficiency(Completed in 2020 - 1 year ahead of plan)

(1) H2 2020 Adjusted EBITDA as a percent of VA revenue.

(2) Represents a reduction of debt net of total cash balances. (3)Liquidity as of 12/31/2020 reflects cash balances of $0.8B and available revolving credit facility capacity of $1.5B

5

Global Manufacturing and Distribution Facilities73,000 global team members

Manufacturing plants- 201

Distribution centers- 33

AMER EMEA APAC

Team members 30,500 28,500 14,000

Manufacturing plants 68 70 63

Distribution centers 15 15 3

Diversified profile – serving global and regional customers in all key markets

40.7%

9.6%

8.0%

7.4%

6.1%

4.8%

3.3%

3.2%

3.2%2.6%2.4%1.8%1.8%1.7%

1.7%

1.7%

Customer and Platform MixTenneco - 2020 VA Revenue $12 billion

6

Top OE Platforms (Models)

7% VW MQB A/B (Golf and Sagitar passenger cars and Tiguan SUV)

2% GM T1XX / K2XX LD (LD Silverado and Sierra trucks)

2% GM C1XX (Traverse, XT5 and Enclave SUVs)

2% Ford T3/P558 HD (HD Super Duty truck)

2% Daimler MFA (CLA and A-Class passenger cars, GLA SUV)

2% Daimler MRA (E and C class passenger cars)

2% GM T1XX / K2XX HD (HD Silverado and Sierra trucks)

2% Ford T3/P552 LD (LD F-150 truck)

1% BMW LU (Clubman passenger car and X1 SUV)

1% BMW LK/L7 (3 Series and 5 Series passenger cars)

1% GM Global Epsilon/E2XX (Malibu and Regal passenger cars and XT4 SUV)

1% GM Global Delta/D2XX (Excell GT passenger car and Equinox SUV)

1% GEELY SPA (XC60 and XC90 SUVs)

1% VW MQB A0 (Polo passenger car and T-Cross SUV)

1% FCA DS HD (HD Ram DS truck )

Top Customers

VA Revenue

Caterpillar

Cummins

Renault/Nissan/

MitsubishiToyota Motor

SAIC Motor

Other

General

Motors

Ford Motor

Daimler

AG

Volkswagen

Group

Geely Automobile

BMW

First Auto Works

O’Reilly Auto PartsAdvance Auto Parts

FCA

Liquidity and Net Debt PositionAs of December 31, 2020

7

Improved debt maturity

profile

Reduced net debt and

increased liquidity

• New $500M senior secured notes due

January 2029, issued on November 30,

2020

‒ Proceeds used to redeem 2022

senior secured notes

‒ Offering was leverage neutral and

extended our maturity profile

• Continuing to actively monitor credit

market conditions to further improve

maturity schedule

• Focused on reducing capital intensity

‒ 2020 trade working capital to sales

improved to 8.8%, down 200 bps YoY

‒ 2020 capex $394M, down 47%

compared to prior year

• Achieved $250M Accelerate+ working

capital reduction 1 year ahead of plan

• Net debt of $4.5B; reduced by $460M

during 2020 despite VA revenue down 17%

• Paid down revolver to $0 in Q4

• Liquidity of $2.3B* at year end; increased

from $1.8B at end of Q3

Optimize cash performance

Significant YoY net debt reduction and improved

debt maturity profile

Q2’20: COVID impact

Q2

$5.5BNet

Debt:

YE 2019 Q1 Q3

$5.0B

$5.2B$5.1B

YE 2020

$4.5B

* Liquidity as of 12/31/2020 reflects cash balances of $0.8B and available revolving credit facility capacity of $1.5B.

Growth engines of the company

Motorparts Ride Performance Clean Air Powertrain

• Global automotive aftermarket

leader; ‘house of 30+ brands'

• 7 product categories with

customer value-add services

• Global end to end supply

chain capabilities

• Advantaged scale and

operating model to enable

above market growth in North

America, EMEA & China

• Engine emissions control and

acoustic performance

solutions

• Applications for light vehicle,

commercial truck & off-

highway

• Continuing regulation-driven

demand in CTOH applications

• Strong cash generator

• Engine component solutions

for improved efficiency and

durability

• Growing revenue in

commercial truck, off-highway

and industrial applications

• Improving margin and cash

generation profile

• Vehicle ride and NVH

management solutions

• Accelerating growth on light

vehicle BEV platforms

• Intelligent suspension

technologies align with

autonomous vehicle trends

• Double digit growth secured

thru 2025 in advanced tech

businesses (AST & NVH)

VA Revenue 2020

Portfolio Role Free Cash Flow Free Cash FlowInvest to Grow Invest to Grow

$3.4B$2.7B $3.7B$2.2B

Global market leader in each business segment - #1 or #2 in all major regions

Cash engines of the company

A Diversified and Balanced PortfolioLeading Positions and Complementary Roles

8

Near-term Disciplined Performance Focus

9

Business Line Optimization

• Business line alignment to enable

margin & cash flow improvement

− Growth

− Optimization

− Workout

• Discontinue/divest non-core

business lines

Lower Capital Intensity

to Deliver Better FCF

• Improve capex/revenue ratio – mid term

annual capex targets of $500M or less

• Inventory efficiency driving sustained

higher working capital turns

• Working capital efficiency improvement

of $250M delivered in 2020, 1 year

ahead of plan

Reduce Structural

Costs & Expand Margins

• Execute Accelerate+ Program

– End of 2020: $165M of run rate savings

delivered ($150M cost to achieve)

– End of 2021: $265M of run rate savings

expected (additional $125M cost to achieve

expected)

• Deploy Value Stream Simplification (VSS)

across enterprise

Debt reduction focus driven by margin expansion and cash generation

Disciplined Performance Focus

10

Building Positive Performance Momentum Driving Shareholder Value Creation

‒ Accelerate+ Program delivering results

‒ Strong H2 2020 margin expansion

‒ Solid cash generation

Strengthening Balance Sheet

‒ Lowering and optimizing capital intensity

‒ Improving leverage position

‒ Enhanced debt maturity profile

Near-term Industry Outlook

‒ 2021 pandemic recovery

‒ 2023 light vehicle production expected to

return to 2019 levels (IHS – February 2021 forecast)

Bolstering Long-term Core Growth

‒ Motorparts

‒ Advanced Suspension Technologies

‒ NVH Performance Materials

Business Line Optimization

‒ Business line role alignment – growth,

optimize, workout

‒ Clean Air & Powertrain cash engines funding

core growth investments and debt reduction

Significant Near-term Potential

‒ Continued margin expansion & cash

generation focus

‒ Debt reduction enables shareholder value

capture

Tenneco: Built to deliver long-term customer and shareholder valueProviding solutions for global mobility markets – today and tomorrow

Appendix

11

GovernanceEnvironmental Social

Health and Safety

• 33% of our manufacturing sites are OHSAS

18001 / ISO 45001 third party certified;

Goal is 100%

Product Safety and Quality

• 92% of locations certified to IATF 16949

and ISO 9001

Workforce Diversity

• 23% of US employees are ethnically diverse

• 24% of global team members are women

• 14.3% of leadership are women (VP & above)

• 16,000 diversity partnerships through the

Local Job Network

Commitment to Corporate Social Responsibility Driving Results2019 Corporate Social Responsibility and Sustainability Report

12

2019 Performance

• 79% of global mfg. sites ISO 14001 certified

• Product innovations driven by fuel

economy standards to reduce CO2 and

criteria pollutant emissions

• 3% reduction targets set for energy,

greenhouse gas emissions, water withdrawal,

and industrial waste for 2021

Board and Leadership (as of September 2020)

• Regular board and governance refreshment

process

• 90% of directors are independent

• 5 directors added since 2019

• 30% of directors are female

• ~5 year average director tenure

Ethical and Secure Practices

• Code of Conduct and Supplier Code of

Conduct are compatible with the UN

Declaration of Human Rights and the UN

Global Compact principles

• Comprehensive risk-based information

security program based on industry best

practice frameworks for data security, such as

NIST and ISO 27001

• Due diligence process to select vendors

sharing our values around human rights,

ethics and environmental responsibility

18.8% Reduction

in Energy Use

11% Reduction in

Water Withdrawal

2.6% Reduction

in Overall Waste11.3% Reduction in GHG

Emission Intensity

vs. 2017 baseline

Motorparts and Powertrain business Groups

13% Lower Lost

Day Case Rate8% Lower

Incident Rate

“As our company continues to evolve, true success can only be achieved by doing the right things the right way and constantly

striving to make the communities where we work and live better – both environmentally and socially.” - Brian Kesseler, CEO

Appendix:

Full Year 2020 Financial Results

(1) See Proceeds from deferred purchase price of factored receivables in the investing section of the cash flow statement. GAAP requires reclassification of amount from Change in receivables in the Cash from operations section.

(millions, except percents and per share data)FY 2020

Revenue $15,379

VA revenue 12,024

Adjusted EBITDA 1,045

VA adjusted EBITDA margin 8.7%

Interest expense 277

Adjusted tax expense 110

Adjusted noncontrolling interest expense 63

Adjusted net income (loss) (36)

Diluted shares outstanding 81.4

Adjusted EPS $(0.44)

($ millions)

Factored Receivables YE 2020

Balance of factored receivables at year end $956

Decrease in factoring vs. 2019 $(81)

13

Free Cash Flow for debt service(2) FY 2020

Cash from Operations $629

Proceeds from deferred purchase price of

factored receivables(1) 283

Capital expenditures (394)

Payments to non-controlling interest partners (42)

Other investing / financing (16)

Free Cash Flow for debt service $460

(2) Free Cash Flow for debt service represents cash flow from operations, plus the proceeds from deferred purchase

price of factored receivables less the amount of cash payments for property, plant and equipment and

payments to noncontrolling interest partners, as well as various other amounts. Free Cash Flow for debt service

is not a GAAP calculation and should not be considered as an alternative to operating cash flows as a measure

of liquidity. Tenneco has presented Free Cash Flow for debt service because it regularly reviews Free Cash Flow

for debt service as a measure of the company's performance and ability to reduce net debt. In addition,

Tenneco believes its investors utilize and analyze the company's Free Cash Flow for debt service for similar

purposes. However, the Free Cash Flow for debt service measure presented may not always be comparable to

similarly titled measures reported by other companies due to differences in the components of the calculation.

2020 Adjusted Earnings MeasuresReconciliation of GAAP to Non-GAAP Results

14

($ millions, except per share amounts)Net income (loss)

attributable to Tenneco Inc

Per Share

Net income (loss) attributable to noncontrolling

interests

Income tax (expense) benefit

EBIT EBITDA

Earnings (Loss) Measures $ (1,521) $ (18.69) $ 61 $ (459) $ (724) $ (85)

Adjustments (1)

Restructuring and related expenses 141 1.71 - (36) 177 169

Inventory write-down 54 0.67 - (19) 73 73

Asset impairments 396 4.87 7 (100) 503 503

Acquisition and expected separation costs 31 0.39 - (7) 38 38

Antitrust reserve change in estimate (11) (0.14) - - (11) (11)

Gain/loss on sale of assets (1) (0.02) - 1 (2) (2)

Gain on extinguishment of debt (2) (0.03) - - (2) (2)

OPEB curtailment (21) (0.26) - - (21) (21)

Goodwill and intangible impairment charges 366 4.51 5 (12) 383 383

Noncontrolling interests adjustments 10 0.13 (10) - - -

Net tax adjustments 522 6.42 - 522 - -

Adjusted Net Income, EPS, NCI, Tax, EBIT and EBITDA (2) $ (36) $ (0.44) $ 63 $ (110) $ 414 $ 1,045

(1) Tenneco presents the 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.

(2) Adjusted results are presented in order to reflect the results in a manner that allows a better understanding 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 periods. Similar adjustments have been recorded in earlier periods and similar types of adjustments can reasonably be expected to be recorded in future periods. 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.

2020 Revenue and Value-add RevenueReconciliation of GAAP to Non-GAAP Results

15

($ millions) Clean Air Powertrain Motorparts Ride Performance Total Tenneco

Net sales and operating revenues $ 6,721 $ 3,726 $ 2,725 $ 2,207 $ 15,379

Less: Substrate sales 3,355 - - - 3,355

Value-add revenues (1) $ 3,366 $ 3,726 $ 2,725 $ 2,207 $ 12,024

Adjusted EBITDA (2) $ 1,045

Adjusted EBITDA as % of value-add revenue (3) 8.7%

(1) Tenneco presents the reconciliation of revenues in order to reflect value-add revenues separately from substrate sales. Substrate sales 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 these factors. Tenneco believes investors find this information useful in understanding period to period comparisons in the company's revenues.

(2) Adjusted results are presented in order to reflect the results in a manner that allows a better understanding 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 periods. Similar adjustments have been recorded in earlier periods and similar types of adjustments can reasonably be expected to be recorded

in future periods. 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.

(3) Tenneco presents the reconciliation in order to reflect EBITDA as a percent of value-add revenues. Presenting EBITDA as a percent of value-add revenue assists investors in evaluating the company's operational

performance without the impact of substrate sales, which can be volatile.

Total Debt to Net DebtReconciliation of GAAP(1) to Non-GAAP Results

16

($ millions) December 31, 2019 March 31, 2020 June 30, 2020 September 30, 2020 December 31, 2020

Total debt $ 5,556 $ 6,012 $ 6,851 $ 5,772 $ 5,333

Total cash, cash equivalents, and restricted cash 566 770 1,371 721 803

Debt net of total cash balances (1) $ 4,990 $ 5,242 $ 5,480 $ 5,051 $ 4,530

(1) Tenneco presents debt net of total cash balances because management believes it is a useful measure of Tenneco's credit position and progress toward reducing leverage. The calculation is

limited in that the company may not always be able to use cash to repay debt on a dollar-for-dollar basis.