Built to Outperform

Healthier Lives Superior Driving Experience

2017 Investor Day NYSE: TEN

New York Stock Exchange
March 21, 2017
Safe Harbor
This presentation contains forward-looking statements that involve risks and uncertainties which could cause the companys plans, actions
and results to differ materially from its current expectations. The words expect, estimate, will, and similar expressions identify certain of
these forward-looking statements. The company cautions that actual results may differ materially from those projected or implied in forward-
looking statements due to a variety of factors including, but not limited to, the following: (i) general economic, business and market
conditions; (ii) the companys ability to source needed goods and services in accordance with customer demand and at competitive prices;
(iii) the cost and outcome of claims, legal proceedings or investigations, including, but not limited to, those arising in connection with the
ongoing global antitrust investigation, product safety or intellectual property rights; (iv) the impact of the changing laws and regulations to
which we are subject, including environmental laws and regulations, pensions or other regulated activities; (v) the ability of the company to
access capital markets on commercially reasonable terms; (vi) changes in consumer demand; (vii) changes in vehicle manufacturers
production rates and their requirements for the companys products, including with respect to any delays in the adoption of the current
mandated timelines for worldwide emissions regulations; (viii) the overall highly competitive nature of the automobile and commercial
vehicle parts industry, and any resultant inability to realize the sales represented by the companys awarded book of business which is
based on anticipated pricing for the applicable program over its life; (ix) the loss of any of our large original equipment manufacturer
(OEM) customers, or the loss of market shares by these customers if we are unable to achieve increased sales to other OEMs; (x) the
companys continued success in cost reduction and cash management programs; (xi) economic, exchange rate and political conditions in
the countries where we operate or sell our products; (xii) workforce factors such as strikes or labor interruptions; (xiii) increases in the costs
of raw materials; (xiv) the negative impact of fuel price volatility on logistics costs and discretionary purchases of vehicles or aftermarket
products, and demand for off-highway equipment; (xv) the cyclical nature of the global vehicular industry, including the performance of the
global aftermarket sector and longer product lives of automobile parts; (xvi) product warranty costs; (xvii) material developments relating to
our intellectual property or the failure or breach of our IT systems; (xviii) the companys ability to develop and profitably commercialize new
products and technologies; (xix) governmental actions, including the ability to receive regulatory approvals and the timing of such
approvals; and (xx) the timing and occurrence (or non-occurrence) of transactions and events which may be subject to circumstances
beyond the control of the company. Additional information regarding these and other risk factors and uncertainties is detailed from time to
time in the companys SEC filings, including but not limited to its annual report on Form 10-K. Unless otherwise indicated in this
presentation, the forward-looking statements in this presentation are made as of the date hereof, and the company does not undertake any
obligation to publicly disclose revisions or updates to any forward-looking statements.
2
Agenda

10:00 am Welcome Linae Golla

Foundation and Market Landscape Gregg Sherrill
Overview and Strategic Focus Brian Kesseler
Ride Performance Martin Hendricks, Ben Patel
Q&A All
11:45 am Lunch
12:15 pm Clean Air Patrick Guo, Ben Patel
Aftermarket Martin Hendricks
Wrap-Up Brian Kesseler
Q&A All
2:30 pm Technology Tour Ben Patel, Tim Jackson

3
Management Introductions

Gregg Sherrill, Chairman and Chief Executive Officer

Brian Kesseler, Chief Operating Officer

Patrick Guo, EVP, President Clean Air

Martin Hendricks, EVP, President Ride Performance

Ben Patel, Chief Technology Officer

Ken Trammell, EVP and Chief Financial Officer

Tim Jackson, EVP Technology, Strategy, Business Development

4
Foundation and Market Landscape

Gregg Sherrill
Chairman and Chief Executive Officer

5
 Strong Foundation
Consistent Strategic Focus
Our Commitments: Customers Success Shareholder Value Employee Engagement Sustainability

Our Markets: Light Vehicle Commercial Truck Off-Highway / Large Engine Aftermarket

ST R AT EG I C I MPER AT I VES

CLEAN AIR RIDE PERFORMANCE

Global regulatory expertise Product cost leadership
Foundation in core sciences
Superior functionality
Total systems integration
Cost-effective global market solutions PROFITABLE Advanced technology
Light vehicle
Commercial vehicle
GROWTH Vehicle dynamics / integrated
systems expertise
Large engines
China specific solutions NVH solutions provider
Large platform lifecycle services Leading aftermarket brands

Healthier Lives Superior Driving Experience

A C O MMO N F O U N D AT I O N
Shared Accountability Perseverance Operations Safety and quality Financial Earnings growth
Values Health and Safety Results Oriented Excellence Manufacturing optimization Strength Cash flow
Innovation Teamwork Global business processes / EVA
Integrity capabilities
Transparency Balance sheet strength
Passion and a Optimized global footprint
Trust
Sense of Urgency Strategic supplier partnerships
6
 Track Record of Profitable Growth
Since 2006, Tenneco has delivered:
Annual revenue growth almost double industry production
Margin expansion of 370 bps
Annual adjusted EPS growth of 18%

Seven-year record of value-add adjusted EBIT margin improvement

* Value-add Revenue is total revenue less substrate sales. See slide 89 for further explanation. See reconciliations to U.S. GAAP at end of presentation. 7
 Balance Sheet Strength
Target leverage of around 1x:
Leverage Ratio
(Net Debt / Adjusted EBITDA*) Provides financial flexibility
Stable balance sheet for business cycles
Opportunity for deploying capital to
accelerate growth and shareholder returns

Since 2011, repurchased 10.4 million shares for $521 million

See reconciliations to U.S. GAAP at end of presentation. * Including noncontrolling interests 8
Sustainable Growth Drivers
to Outpace Industry Production

Strong position on light vehicle

platforms globally

Regulatory-driven Clean Air

content

Increasing demand for

advanced suspension systems

* Source IHS Automotive January 2017 global light vehicles ** CAGR

Global aftermarket leadership

Pioneering Global Ideas for Cleaner Air and Smoother, Quieter and Safer Transportation
9
Market Landscape
and New Opportunities

10
Market Trends

Light vehicle growth globally Light Vehicle Unit Growth Trend

Accelerating car parc in high 120,000,000

growth markets (China and 100,000,000

India)
Rest of World
Commercial truck and 80,000,000
China
off-highway production 60,000,000 India

recovery (U.S., Brazil and South America

Europe) 40,000,000 Europe

North America
Differentiate vehicles with 20,000,000
ride performance
(Europe, NA and China) 0
2015 2020 2025 2030

Asia Pacific is 70% of Global LV Growth through 2030

Source: IHS Automotive and Tenneco estimates 11
Technology Trends

Continued strong investment in ICE powertrains

OEMs have announced over $20 billion worldwide since 2015

Electrification of light vehicles

Hybrids
BEV penetration

Autonomous driving
Need for advanced suspension systems

Mobility models
Greater utilization of vehicles increases demand for replacement parts

12
Market Landscape
0-5 yrs 5-10 yrs >10 yrs
Market Trends
Light vehicle growth (Global)
Accelerating car parc in high growth markets (China and India)
Agriculture and construction production recovery (U.S. and Europe)

Differentiate vehicles with ride performance
Diesel / gasoline powertrain mix (Europe)



Regulatory Drivers
Tightening emissions regulations criteria pollutants
CO2 emissions



Asia Pacific CT & OH regulations criteria pollutants
Technology Trends
Strong investments in ICE powertrain
Electrification Hybrid
BEV penetration


Autonomous driving

Mobility models

Trends Driving Current and Future Opportunities with Existing Portfolio 13
Summary

Consistent strategic focus

Strong track record of delivering profitable growth
Financial strength and flexibility to drive further investment and
returns for shareholders
Proven and sustainable growth drivers outpacing industry
production
Ability to capitalize on attractive market, regulatory and
technology trends

14
Overview and Strategic Focus

Brian Kesseler
Chief Operating Officer

15
Appealing Investment Opportunity
Built to Outperform
Proven track record of growth
Revenue growth outpacing industry production
Margin expansion and double-digit EPS growth

Diversified profile
Product lines Platforms
End markets Geographies
Customers

Accelerating Core Growth

Positive market trends in both product lines
Expansion in high growth markets
Technology and capability leadership

Consistent and Focused Strategic Objectives

16
 Proven Track Record of Growth
Diversified Profile Leading Product Lines

CLEAN AIR RIDE PERFORMANCE

Products and technologies Products and technologies that meet
designed to meet global emissions the increasing demand for enhanced
regulations anywhere in the world vehicle comfort and handling

See reconciliations to U.S. GAAP at end of presentation. * Value-add Revenue is total revenue less substrate sales. See slides XX and XX for further explanation.
17
Margin Expansion
Expect continuing annual margin improvement driven by:
Increasing content with higher technology products
Growing aftermarket
Commercial truck and off-highway
Increasing Clean Air content in China and India as regulations tighten
Mature market recovery
Best delivered cost Since 2006, Tenneco has delivered
Optimizing product designs and margin* expansion of 370bps
manufacturing processes
Flexible global manufacturing and supply
chain networks
Continuous improvement

* Adjusted EBIT as a % of VA revenue. See reconciliations to U.S. GAAP at end of presentation. 18

Built to Outperform Diversified Profile
End-Market Applications

TOTAL TENNECO CLEAN AIR

LV
83%

Light Aftermarket
vehicle 14%
75% RIDE
PERFORMANCE
Commercial
truck and LV
off-highway 55%
11%
* LV segment

Manage cyclicality with balance across end-market applications

19
Built to Outperform Diversified Profile
Customers and OE Platforms

LEADING OE
CUSTOMERS PLATFORMS

623 Customers 435 OE platforms

Light vehicle OEMs 32 Light vehicle 238
Commercial truck OEMs 29
Commercial truck 130
Off-highway & other OEMs 15
Off-highway & other 67
Aftermarket 426
Tenneco as Tier 2 155
Enabling aftermarket
+80k Ship to locations growth

Strong Customer Partnerships and Platform Mix Globally

20
Built to Outperform Diversified Profile
Global Footprint
MANAGING CYCLICAL MARKETS WITH FLEXIBLE NETWORK
Demand-driven network design
Utilization-driven capacity management
Flex capacity partnerships 2016
Manufacture where we sell Revenue

24 Countries of Operation
158 Countries Served
Powered by People
31,000 Team Members
91 Manufacturing Facilities
15 Engineering & Technology Centers

21
Summary
Proven track record of growth
Diversified profile to enable growth and manage cyclicality
Product lines
End-market applications
Customers
Platforms
Geographies

Operations excellence driving continuing margin expansion

Accelerating Core Growth
Positive market trends in both product lines
Expansion in high growth markets
Technology and capability leadership
Tenneco is Built to Outperform 22
Appealing Investment Opportunity

Accelerating Core Growth

Positive market trends in both product lines
Expansion in high growth markets
Technology and capability leadership

23
Accelerating Core Growth
Ride Performance

Martin Hendricks EVP, President Ride Performance

Ben Patel Chief Technology Officer

24
 Ride Performance Overview
Growing demand for advanced suspension technologies
that enhance vehicle performance
RIDE PERFORMANCE CUSTOMERS PRODUCTS
by the Numbers
SERVED
#1 Conventional shocks Advanced
Light Vehicle and struts suspension systems
Market position for ride control products

90+ million OE and AM

Shocks and struts sold globally in 2016
Commercial Truck
28
Manufacturing locations

10
Engineering centers
NVH solutions

572
Customers served Aftermarket

$2.5 billion
2016 Revenue

Success driven by application engineering, product leadership and global capabilities

25
Ride Performance Product Overview

Advanced NVH
Suspension Solutions
Technology

Core
Suspension
Products

26
Ride Performance Core Capabilities
Tenneco Tuning Truck
Global product and application
engineering expertise
Ride tuning
Systems integration
Vehicle dynamics
Noise, Vibration, Harshness (NVH)
Light weighting

Global program management

Global integrated supply chain
High volume manufacturing
Continuous improvement

27
Ride Performance Market Landscape

Trends Driving Current and Future Opportunities

with Existing Portfolio

0-5 yrs 5-10 yrs >10 yrs

Market Trends
Light vehicle growth (Global)
Differentiate vehicles with ride performance

Technology Trends
Electrification Hybrid (NVH solutions)
BEV penetration (NVH solutions)
Autonomous driving
Mobility models

Opportunity to grow faster than underlying industry production

28
 Global Market Opportunity
$33B Ride Performance Opportunity in 2030

Ride Performance $33

(in billions)
Commercial Truck
Light Vehicle
$24
1.8% LV
Production
$16 CAGR
$14

2005 2010 2015 2020 2025 2030

5yr CAGR

Ride Performance Market 3% 7% 7%

IHS LV Production 2% 2% 2%

Accelerating advanced suspension demand drives a 3X CAGR through 2030

Source: IHS database; Power Systems Research, Tenneco analysis 29
 Core Suspension Products
TODAY
By 2030: The Asia Pacific region will
90+ account for 70% of the global light
vehicle production growth
MILLION SHOCKS AND STRUTS
SOLD ANNUALLY
China and India light vehicle growth opportunity
Strong presence and capabilities
5 manufacturing locations
3 technical centers
Diverse portfolio of customers
Optimized damper designs for fast growing
segments
Well positioned for advanced suspension products

Source: IHS database 30

Core Suspension Products
Customer Challenge
Functionality: Balance of comfort
and handling Valve Assembly
Ease of vehicle integration
Optimum packaging in vehicle
Lower vehicle mass
Cost effective scalable designs

Tenneco Solution
1. Broad Portfolio Damper and valve designs
2. Ride Tuning Expertise Valve, damper, and system
3. NVH Management Isolation and light weighting
4. Best Delivered Cost Optimized global footprint

31
 Technology and Capability Leadership
Core Suspension Technology
Valves Valve Stack
Broad portfolio of conventional damper
and valve designs
Twin-tube
Mono-tube
Passive Plus

Ride tuning expertise

High speed
Comfort and steering response
Roll control
Frequency
Noise, Vibration, Harshness (NVH)

Broad product portfolio and tuning expertise differentiate vehicle ride

32
 NVH Solutions
Isolation Combined with Light Weighting Light Weighting

Original Mini-shear-hub in Conventional Partial Metal-to-Plastic

2-hole Isolator Plastic Bracket Steel-Based Conversion

Market leading technology

NVH management
Durability and corrosion protection
Mass reduction

Opportunity to grow market presence in

Manufacturing
Europe and APAC
Technical Center

Extend our NVH expertise and capabilities globally

33
Technology and Capability Leadership
NVH Solutions
Hydroelastic Body Mount
TM
Traditional Pick-up Truck Body Mount

Customer Challenge
Need to eliminate shake, wheel hop, frame
beaming
Help reduce potential customer warranty claims
Tenneco Hydroelastic Body Mount
Tenneco Solution
1. Eliminate Shake Utilize NVH expertise to
target problem vibration frequency
2. Reduce Mass
3. Improve Cross Vehicle Shake Optimize
mount design

NVH expertise eliminated a warranty issue and improved overall value

34
 Advanced Suspension Technology
Expected to grow from 2% to more than 15% of light vehicle production by
2025 with adoption led by global OEMs
With higher content, advanced suspension represents more than 40% of the
available market revenue by 2025
Content per Vehicle

More than
Active Suspension 6x
RIDE PERFORMANCE

Average
Semi-active Suspension 4x

Conventional Suspension $50-$60

A segment F segment

Install rate and content growth results in 25% revenue CAGR opportunity
Source: IHS database and Tenneco analysis 35
 Technology and Capability Leadership
Advanced Suspension Technology
MONROE Intelligent Suspension

Customer Challenge Active ACOCAR

System actively detects road and
Eliminate trade-off between continuously adjusts wheel assemblies
comfort and handling
CVSA2/Kinetic
Enhance driving experience 2-Stage Control

IMPROVING RIDE PERFORMANCE

Continuously adjusts damping
in compression and rebound
Tenneco Solution
1. Vehicle Dynamics Broad 1-Stage Control CVSA
Continuously adjusts damping
portfolio of control strategies in compression or rebound
2. Tuning Expertise Valve,
damper, and system DRiV
Adaptive
3. System Integration Range of Automatically adjusts damping
technologies tailored to specific
vehicles / desired ride Selective Dual Mode
Electronically selects
comfort or handling
36
Technology and Capability Leadership
Advanced Suspension Technology

DRiV
Digital Ride integrated Valve
Adaptive damping system - adjusts to
discrete curves based on feedback from
the road

Patented damper with digital valve

Simplifies vehicle integration
Example: Design helps overcome some
of the ride characteristics inherent in
pickup trucks

Market leading digital valve technology 37

Technology and Capability Leadership
Advanced Suspension Technology
CVSA2/Kinetic System
Continuously Variable Semi-Active 2
Semi-active damping system with roll
control - continuously adjusts damping in
compression and rebound

CVSA2/Kinetic system eliminates front

and rear roll bars

Patented Kinetic Suspension

Technology

Reduces vehicle weight while providing superior driving performance

38
Technology and Capability Leadership
Advanced Suspension Technology
ACOCAR System
Actively COntrolled CAR
Active suspension system actively
detects road conditions and continuously
adjusts wheel assemblies

Control of wheel and body motion to

deliver the ultimate in ride comfort and
handling experience

Patented ACOCAR suspension

technology

High speed rail smoothness from a fully active hydraulic suspension system
39
New Opportunities
Autonomous Driving / Mobility Trends

Opportunities for Tenneco

Existing portfolio of technical
solutions to capture ADAS/AD trend
Comfort / train-like ride

SAE LEVELS OF Improved handling

AUTOMATION
FOR Noise, vibration, harshness
ON-ROAD reduction
VEHICLES
Light weighting
Continuing to invest in developing
market leading products and
technology

Source: https://www.sae.org/misc/pdfs/automated_driving.pdf
ADAS Advanced Driver Assistance Systems AD Automated Driving 40
Ride Performance Takeaways

Accelerating expansion in China and India

Growing demand for advanced suspension
products

Solving NVH and vehicle light weighting

challenges and expanding outside North
America to Europe and China

Best delivered cost with product leadership

and integrated solutions

New opportunities with autonomous driving

and mobility trends

Ride Performance Superior Driving Experience 41

42
Accelerating Core Growth
Clean Air

Patrick Guo EVP, President Clean Air

Ben Patel Chief Technology Officer

43
Clean Air Overview
Products and systems designed to meet global emissions regulations
anywhere in the world

CLEAN AIR CUSTOMERS PRODUCTS

by the Numbers SERVED
Gasoline Particulate
Light Vehicle Catalytic
Filter (GPF)
Leading market positions globally converter

63
Full exhaust
Manufacturing locations Commercial Truck
system
Diesel particulate
8 filter (DPF)
Engineering centers XNOx dosing
system for SCR

123 Off-Highway and Large Engine

Customers served

Electronic
$6.1 billion Valve
2016 Revenue

Success driven by regulatory expertise, product leadership and global capabilities

44
Clean Air Core Capabilities
Core Science Expertise
Global product and application
engineering expertise
Regulatory Expertise
Core Science Expertise
Noise, vibration and harshness
Acoustics
Light weighting
System integration

Global program management

Global integrated supply chain and
footprint

45
Clean Air Market Landscape

Trends Driving Current and Future Opportunities

with Existing Portfolio

0-5 yrs 5-10 yrs >10 yrs

Market Trends
Light vehicle growth (Global)
Agriculture and construction production recovery (U.S. and Europe)

Diesel / gasoline powertrain mix (Europe)



Regulatory Drivers
Tightening emissions regulations criteria pollutants
CO2 emissions



Asia Pacific CT & OH regulations criteria pollutants
Technology Trends
Strong investments in ICE powertrain
Electrification Hybrid
BEV penetration


46
 Global Market Opportunity
$73B Clean Air Opportunity by 2030

Clean Air
(in billions)
$73
10
$59 6
Technology Opportunities (examples - rankine cycle,
5
Off-Highway thermal management, new EGR) $49 9
3 8
Commercial Truck 1.8% LV
$39 6 Production
Light Vehicle 2 CAGR
5

45 48
40
32

2005 2010 2015 2020 2025 2030

5yr CAGR

Clean Air Market 5% 4% 4%

IHS LV Production 2% 2% 70% 2%

Global Opportunity of $73B by 2030 Strongest Growth in China and India

Source: IHS database; Power Systems Research, Tenneco analysis 47
Light Vehicle Growth Asia Pacific

By 2030, APAC represents 70% of global 2030 LV Production

unit growth and 53% of global market
China and India increase technology needs
RoW NA
through tightening regulations
NA
Clean Air global capabilities meet new RoW

regional customer needs EU

EU
Strong regional APAC presence / capabilities China China
23 manufacturing locations SA
4 engineering centers India SA
India
Technology transfer from proven
Euro 6,VI solutions
Low cost solutions

Leveraging content into high growth markets

48
 Technology Trends
Investment in LV ICE Powertrains

Toyota Daimler AG
In December 2016, Toyota announced an ambitious road Approximately 3 billion for engine technology Mercedes-Benz
map to new engines. Toyota will embark on a sweeping invests in innovative engine solutions
engine and drivetrain overhaul to replace at least 60% of Daimler website; February 11, 2016
its line up by the end of 2021, with nine new engines,
Daimler plans to invest about 500 million euros in new engine
four new transmissions and six new hybrid systems
production in Jawor.
because they expect ICE technology to remain relevant for
Daimler website; October 13, 2016
many more years.
autonews.com
December 12, 2016

Over $20 billion in announced OEM investment in ICE powertrains since 2015 49
 Commercial Truck and Off-Highway
Growth Asia Pacific
Americas EMEA Asia Pacific

733 1,605
991 250
531 226 794 646
China
North America Japan/Korea
531
India 1,189
126 70

South America
Asia Pacific accounts for +67%
of global CT & OH production
Commercial Truck by 2030
Off-Highway & Engines

2030 CTOH Production: 1.0M 2030 CTOH Production: 1.5M 2030 CTOH Production: 5.2M
Regulated 2015: 86% Regulated 2015: 89% Regulated 2015: 57%
Regulated 2030: 100% Regulated 2030: 93% Regulated 2030: 90%

More engines will come under regulation between today and 2030 than are regulated today
Source: Power Systems Research, Tenneco analysis 50
 Technology Trends
Powertrains in Regulated Regions
Total regulated powertrains light vehicle, commercial truck and off-highway* (in millions)

BEV PENETRATION
CURRENT PROJECTIONS* SENSITIVITY ANALYSIS
Light Vehicle BEVs/Fuel Cells 123 123
Regulated ICEs 4% LV BEV penetration*
26% LV BEV
93 penetration

But will have

25% to 30% higher
93 118 regulatory content 93
than today

2015 2030 2030

Clean Air content is expected to be 25% - 30% higher in 2030, even if
BEV penetration is 7x greater than projected
* IHS Automotive, Power Systems Research and Tenneco estimates 51
Regulatory Drivers
Regulations Driving Technology
Roadmap and Content Growth
** Proposed or estimated date
Key Regulations
Light Vehicle
2017-2025 - US Tier 3
2017-2022 - Euro 6c/6d Real Driving Emissions
2019 - China CN 6a**
2020 - India BS 6 (skipping BS 5)
Commercial Truck
2019 - China CN VI**
2020 - India BS VI (skipping BS V)
2023 CARB Low NOx regulation
Off-Highway
2019 - EU Stage V
TBD - US Stage V equivalent
2019 - China CN IV**
2019 - Brazil Stage 3B**
2021-2022 India BS IV**
52
 Regulatory Drivers
Key Technologies and Products
Driver System Solution Technologies and Products
THERMAL MGMT

Dosing System, Advanced Mixing,

EMISSIONS

Thermal Unit, Selective Catalytic

Reduce Criteria Advanced
and

Reduction, Ammonia Generator,

Pollutants Aftertreatment Gasoline and Diesel Particulate
Filter, Catalytic Converter XNOx Dosing System GPF
LIGHTWEIGHTING
THERMAL MGMT

Rankine Cycle PowerPack, Thermo-

electric Generator, Thermoacoustic
Improve Fuel Waste Heat
and

Converter, Heat Exchanger,

Economy Recovery Lightweight Aftertreatment System,
Electric Valve, Fabricated Manifold CT 1 Box ATS with LV Heat Exchanger
Rankine Evaporator
ACOUSTICS

Sound Creation, Active Noise Cancellation,

Acoustic
Sound Signature Sound, Electronic Valve,
Performance Cancellation Passive Valve
Passive Valve Signature Sound

Elastomer
Noise, Vibration interfaces for Exhaust System Isolator,
NVH

Clean Air Modular Exhaust Damper

and Harshness
Solutions Exhaust Isolator

53
 Regulatory Drivers
U.S. Tier 3 and Euro 6c/6d RDE - Light Vehicle

Tier 3 LV Tier 3
Pass Cars* Light Truck*

Euro-6c LV (no RDE) EU-6d LV RDE

CF1.5* (2020-1)
EU-6d TEMP LV RDE
CF2.1* (2017-2018)

Phase-in from 2017 through 2022 / 2025 Mercedes E220 aftertreatment

Greater than 80% reduction in criteria

pollutants; cold start focus
Euro 6d requires standards be met under
real driving conditions
Illustration to come

EPA estimates average per vehicle cost of $72 for Tier 3; Tenneco estimates a
similar cost for Euro 6d
54
Regulatory Drivers
China CN 6a Light Vehicle
China 6a LV *,**
National

Largest and fastest growing light

Close Coupled Three Way
vehicle market in the world Catalyst (CC TWC)

China likely to follow Europe in Front Muffler

requiring gasoline particulate filters

(GPF)
Global designs and platforms Underfloor
Gasoline Particulate Filter
expanding in China (UF GPF)

China 6a is first regulation applied simultaneously across China, converging

with European standards 55
Regulatory Drivers
Acoustic Requirements Noise Reduction / Creation

Tenneco Smart Sound

Technology to cancel sound from ICEs
(active noise cancellation)
Creates sound for ICEs, Hybrids and BEV
(signature sound)
Enables significant muffler volume reduction
light-weighting & packaging benefit
56
Regulatory Drivers
China and India Commercial Truck

China VI CTrk *,**

BS-VI CTrk (2020)

China and India represent largest DOC/DPF/SCR One-Box Design

commercial truck region Optimized

Thermal Lightest
Weight
China VI proposed 2019 Management

Energy Low cost

India is leap-frogging from Euro IV to Recovery

Systems
Insulation
Materials

Euro VI (equivalent) SDPF

Advance Coated
Filters
China and India OEMs are looking for Mixers

Small XNOxTM Urea

system solution partners Packaging
Envelope
Dosing
System

Tenneco is a proven supplier of Euro VI systems

57
Regulatory Drivers
Europe Stage V Off-Highway
EU Stage V
Off-Highway

Off-Highway aftertreatment
with XNOx dosing module

Stage V requires diesel particulate

filters
Particulate number and particulate
mass must be met
North America and rest of world likely
to follow Switchback aftertreatment
design for North America
off-Road

Tenneco is a world leader in diesel particulate filter technology

58
Clean Air Takeaways
Favorable industry production trends global light
vehicle growth/eventual recovery in construction
and agriculture

Regulatory-driven growth continues into the future

with outstanding opportunities in all markets

Accelerating growth of regulated engines in China

and India

Clean Air content is expected to be 25% - 30%

higher in 2030, even if BEV penetration is 7x
greater than projected

Right technology at the right time to meet customer

needs
Clean Air Healthier Lives
59
Accelerating Core Growth
Aftermarket

Martin Hendricks
EVP, President Ride Performance

60
Aftermarket Overview
AFTERMARKET BRANDS PRODUCTS
by the Numbers
Shock and Struts Suspension Parts

#1 Market position for ride performance

North America, Europe and South America Exhaust Pipes &
Mufflers
Diesel Particulate
#1 Market position for clean air Filter (DPF)
North America and Europe

Catalytic converter
90+ million OE and AM
Shocks and struts sold globally in 2016

$1.2 billion 2016 Revenue

(Included in our Ride Performance and
Clean Air product lines)

Countercyclical business with strong margins and cash flow emerging high growth opportunities
61
Aftermarket Capabilities
Established Markets History of strong aftermarket,
Monroe & Walker brands are
100 years strong
North America Europe
Product Lifecycle OE AM
#1 Ride Performance #1 Ride Performance
#1 Clean Air #1 Clean Air Powerful brands to attract and
retain customers/consumers

South America Innovative and cost-effective

product coverage solutions
#1 Ride Performance
Distribution cost-effective,
accurate, on-time

Marketing/selling expertise
that leverage training, tools and
data
Tenneco Aftermarket capabilities are second to none 62
Aftermarket Market Landscape

Trends Driving Current and Future Opportunities

with Existing Portfolio

0-5 yrs 5-10 yrs >10 yrs

Market Trends
Light vehicle growth (Global)
Accelerating car parc in high growth markets (China and India)
Differentiate vehicles with ride performance
Regulatory Drivers
Tightening emissions regulations criteria pollutants

Technology Opportunities
Mobility models

63
 Global Market Opportunity
$8B Aftermarket Opportunity in 2030

Aftermarket Ride Control and Clean Air

(in billions)

$7.8

$6.3

$5.2
$4.3

2005 2010 2015 2020 2025 2030

Market growth opportunity accelerating with China 14% CAGR

Source: Frost & Sullivan, IHS Worldview, OCIA 64
 Market Trends
Car Parc Growth
Global Vehicles in Operation (VIO)

60 years of gradual growth

Unprecedented car parc growth over next
20 years led by China

1950 1960 1970 1980 1990 2000 2010 2020 2025 2030

Source: OCIA, Frost & Sullivan

Between 2015 and 2030, the global car parc nearly doubles 65
 Market Trends Accelerating Car Parc
in High Growth Markets
Vehicle Parc Unit Growth (2015 to 2025)
Established Markets High-Growth Markets

328
42 3 Average age
8.5 years
47 2 Europe 8
North America
China
59 1

India
1 4
42 6 ROW
South America

Light Vehicle
Commercial Truck
2025 2025 2025
Light Vehicle Parc: 455M Light Vehicle Parc: 337M Light Vehicle Parc: 835M
835
10-year CAGR: 2% 10-year CAGR: 1% 10-year CAGR: 9%
CTOH Vehicle Parc: 20M CTOH Vehicle Parc: 12M CTOH Vehicle Parc: 21M
10-year CAGR: 4% 10-year CAGR: 3% 10-year CAGR: 9%
Source:
Frost & Sullivan 2015,
IHS Worldview May 2016 Chinas car parc will grow by 328M vehicles over next 10 years 66
Tenneco Aftermarket Maturity Model

5 Value Added
Services
4 Strong
Tenneco
3 Strong Brands
Channel
2 Best Cost Relationships
Product
1 Safe and Manufacturing
Sustainable & Logistics
Operations

High performance teams

Product, service and business model innovation

End-consumer and installer understanding, competitive intelligence and insights

Foundation for a strong Aftermarket 67

Americas - #1 Market Share
Leading brands and marketing support

Customer

Broad portfolio of OES and Independent

Aftermarket Customers

Greater than 95% product coverage

Category Management services

Warranty and aftersales programs

Product training and business

development support

68
Europe - #1 Market Share
Leading brands and marketing support

Broad portfolio of OES and Independent

Aftermarket Customers

Greater than 95% product coverage

Category Management services

Customer Warranty and aftersales programs

Product training and business development

support

69
High Growth Markets

Aftermarket Maturity Model

China Aftermarket growth drivers
High Growth Market Drivers
1. Product Coverage Market Math
2. Manufacturing & Distribution Footprint
3. Establish Strong Channel Partners Expanding car parc
4. Customer Market Share
5. Outlet Coverage Aging car parc reaching replacement
sweet spot, by 2025 average age of
light vehicle is 8.5 years
Tenneco key strategic actions:
4 Strong
Tenneco Product coverage
3 Strong Brands
Channel Channel partner development
2Best Cost Relationships
Product Manufacturing and distribution footprint
Manufacturing
& Logistics Fortify Monroe and Walker brands

70
China: Brand and Product Coverage
Mobile APP Advertising Campaigns Brand building - underway
Distributor and Installer Conferences

Mobile Branded Monroe Shops and Installation

AD Points
App
Seminars, Roadshows and Major Events
Events
Radio, Magazine and Outdoor Advertising
Mobile APP
Event
Product coverage by 2019
Achieve 90% damper coverage
Branded Installer Installer Seminars
Expand coverage of APAC OEM makes

Launch Best line

Branded Installer Seminar Explore adjacent product line opportunities

71
 China: Flexible Manufacturing and
Distribution
Channel Relationships - underway
Manufacturing and Distribution Footprint
Cover the car specialist channel with sizable
customers

Partner with online platform to develop E-

commerce channel

Beijing Outlet Coverage - underway

Suzhou
Monroe branded shops and installation
Chengdu Shanghai
points nationwide
Chongqing
Changzhou
Wuhan
Footprint - underway
Guangzhou Add region DC hubs to gain geographic
coverage and lead time
Distribution Center
Leverage 3PL providers as flex capacity
Manufacturing
Future Location Expand existing footprint capacity to address
growing demand

72
Aftermarket Key Takeaways
100+ year history in Aftermarket
Market leader in established markets with
strong brands and outstanding distribution

New technology introduced to the

aftermarket from OE applications higher
future content

Asia Pacific car parc is growing and aging

Long-term mobility model trends drive
higher vehicle utilization and more
replacement opportunities

Leveraging knowledge and capabilities as car parc grows and vehicles age
in high-growth markets 73
Wrap-Up

Brian Kesseler
Chief Operating Officer

74
Appealing Investment Opportunity
Built to Outperform
Proven track record of growth
Revenue growth outpacing industry production
Margin expansion and double-digit EPS growth

Diversified profile
Product lines Platforms
End markets Geographies
Customers

Accelerating Core Growth

Positive market trends in both product lines
Expansion in high growth markets
Technology and capability leadership

Consistent and Focused Strategic Objectives

75
 Global Market Opportunity
$114B Opportunity in 2030
Revenue in $B

$114
8

$89
6
33
Aftermarket $70
Ride Performance 5
24
Clean Air $57
4 16 1.8% LV
Production
14 CAGR
73
59
49
39

2015 2020 2025 2030

5yr CAGR

Global Markets 4% 5% 5%
IHS LV Production 2% 2% 2%

Global Opportunity CAGR of 5% through 2030, 2.5x Faster than

LV Production CAGR of 1.8%
Source: IHS database; Power Systems Research, Tenneco analysis 76
Focused Strategic Objectives

Continue outpacing industry production

by 3% to 5+%
Invest in technologies aligned with market
trends
Grow Aftermarket revenue mix
Continue to drive margin expansion
Maintain and build financial strength and
maximize flexibility

77
Capital Allocation Priorities
to Drive Shareholder Value
1. Fund organic growth
2. Activities to improve cost competitiveness
3. Balance sheet strength consistent with target leverage ratio of 1x

Well-positioned with flexibility to pursue strategic opportunities

and capital returns to shareholders
4. Strategic opportunities 5. Capital returns to shareholders
4. Strategic opportunities
Technology Initiated quarterly dividend for
Technology urea dosing and injection capabilities; digital valve technology
sustainable returns
Customer
Customer regional players with specific target customers
$400M repurchase program over
Geographic
Geographic expand NVH elastomer global reach; accelerate Aftermarket growth in China
next 3 years out of free cash flow
Aftermarket
Aftermarket
growthgrowth
increase Aftermarket revenue mix; enhance product portfolio

78
Key Takeaways
Built to Outperform - Accelerating Core Growth - Focused Strategic Objectives

RIDE PERFORMANCE
Core Suspension Growth driven by APAC LV production
NVH Elastomers extend expertise and capabilities globally
Advanced Suspension Technology Install rate and content growth
drives 25% revenue CAGR opportunity

CLEAN AIR
Continued tightening emissions regulations
Over $20 billion in announced global OEM investment in ICE
powertrains in past 2 years
Commercial truck and off-highway more engines will come
under regulation by 2030 than are regulated today

AFTERMARKET
Proven market leader in North America and Europe
Global vehicles in operation nearly doubles by 2030
Mobility models higher vehicle utilization drives
increased replacement rate
79
 What It Means to Tenneco
Growth Trajectory
Short- and mid-term growth in all areas
Mid-term to long-term accelerating growth in
Ride Performance and Aftermarket
Long-term, moderating growth in Clean Air
Aftermarket

Ride Performance (OE)

Clean Air (OE)

Current View Long-term View

Long-term growth outpacing industry production
Source: IHS database; Power Systems Research, Tenneco analysis 80
Appealing Investment Opportunity
Built to Outperform
Proven track record of growth
Revenue growth outpacing industry production
Margin expansion and double-digit EPS growth

Diversified profile
Product lines Platforms
End markets Geographies
Customers

Accelerating Core Growth

Positive market trends in both product lines
Expansion in high growth markets
Technology and capability leadership

Consistent and Focused Strategic Objectives

81
82
 Global Emissions Regulations
LV - Light Vehicles CTrk - Commercial Trucks Off-Hwy - Off-Highway Vehicles * Phased in ** Proposed or Estimated date *** Some mfrs harmonizing US Tier 4f engines with Stage 5

Up to 2012 2013 2014 2015 2016 2017 2018 2019 2020 & later
U.S., Tier 4i Off-Hwy RICE Tier 4f* Off-Hwy CARB LEV III* NSPS Tier 3 LV Tier 3 Light Truck* CARB Off-Hwy CARB CTrk Low
(2011) Stationary Stationary NOx* Pass Cars* Small Fleets* NOx (2023)**
Canada Marine Tier 4f* Tier 4 Mex Tier 2 LV
(full impl.)** Tier 4f Off-Hwy*** EPA CTrk Low NOx
& Mexico CARB CTrk
US revised CARB Off-Hwy Locomotive CARB Off-Hwy
(2024)**
Retrofit* (2012) NAAQS Large Fleets* Medium Fleets* Mex EPA2007
Mex Euro 4 LV or or EU-V CTrk** Mex Tier 3 LV** (2025)
US Utility MACT Mex EPA2010 or
EPA Tier 2 Bin 10
EU-VI CTrk** (2020)

Europe EU Off-Hwy EU Sound Euro-6b LV Euro-6c LV (no RDE) EU VI D CTrk EU Stage V EU-6d LV RDE
Stage 3B* (2011) regulation EU Off-Hwy EU-6d TEMP In-service Off-Hwy CF1.5* (2020-1)
EU CO2 /GHG 120g EU-VI CTrk Stage 4* LV RDE CF2.1* conformity
& PM # LV (2011) (2017-2018)

China China 5 LV* China IV CTrk* Beijing V CTrk China 5 LV China 5 LV China 5 LV China 6a LV*,** China 6b LV*,**
(Major Cities) (2012) National (MEP) Beijing 4 (Eastern National Sl* National Cl* National National (2023)
Off-Hwy Provinces) China V CTrk*,** China VI CTrk*,**
China 3 Off-Hwy is equivalent to EU Stage 3A
China 3 China 4 Off-Hwy*,**
China 4 Off-Hwy is equivalent to EU Stage 3B
Off-Hwy Stage 4*
Locomotive**
Japan JC08 (2009) JP-13 CTrk Off-Hwy JP-16 CTrk* WLTP LV
Tier 4B

South Peru EU-3 LV Chile EU-5 LV Argentina Brazil Stage Brazil Stage 3A Brazil EU-VI Brazil Stage Brazil Proconve
EC, UR, VEN Colombia EU-5 LV 3A Off-Hwy Off-Hwy (farming) CTrk** 3B** Off-Hwy L-7 LV**
America (construction) (2026)
EU-1 LV EU-4 LV
Brazil EU-V CTrk Brazil Proconve
(2012) L-6 LV

Russia EU-4 LV EU-5 LV EU-V CTrk

EU-IV CTrk

India BS-4 LV/CTrk BS-IV CTrk* BS-4 LV BS-6 LV (2020)

(13 Cities) (2011) (50 Cities) BS-IV CTrk BS-VI CTrk (2020)
BS-IIIA Off-Hwy BS-IV* Off-Hwy
(2011) (2022)**

Global Marine Annex Marine Annex

VI Tier III NOx VI Tier III SOx
Treaty
83
Clean Air: New Light Vehicle
Regulations Adding Content
U.S. Fed Tier 3
Fleet Average (NMOG + NOx)
Additional content required
Combined NOx+NMOG reduction of 80%-91%
Significantly improved cold start emissions
Same tailpipe limits for diesel and gasoline light vehicles
$72 / vehicle = EPA cost estimate
Estimated $1.4 billion annualized
additional available market by 2025
Euro-6c/6d Real Driving Emissions (RDE)
Particulate Number and Conformity Factor
Additional content required
Particulate number (PN) requirement
RDE test cycles requiring more efficient systems and improved
transient emissions performance
Improved on-board diagnostics (OBD-II)
Tenneco estimates similar cost impact
as U.S. Fed Tier 3
Financial Results Disclaimer

Use of Non-GAAP Financial Information

In addition to the results reported in accordance with accounting principles generally accepted
in the United States (GAAP) included in this presentation, the company has provided information
regarding certain non-GAAP financial measures. These measures include Earnings Before Interest
Expense, Income Taxes, Noncontrolling Interests and Depreciation and Amortization (EBITDA*),
Net Debt, Value-Add Revenue, Adjusted EBITDA*, Adjusted Earnings Before
Interest Expense, Income Taxes and Noncontrolling Interests (Adjusted EBIT), and Adjusted
Earnings Per Share.

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

* Including noncontrolling interests.

85
Tennecos Revenue Outlook
Tennecos revenue outlook is based on the type of information set forth under Outlook in Item 7 Managements
Discussion and Analysis of Financial Condition and Results of Operations as set forth in Tennecos Annual Report
on Form 10-K for the year ended December 31, 2016. Please see that disclosure for further information. Key
additional assumptions and limitations described in that disclosure include:
Revenue projections are based on original equipment manufacturers programs that have been formally
awarded to the company; programs where the company is highly confident that it will be awarded business
based on informal customer indications consistent with past practices; and Tennecos status as supplier for the
existing program and its relationship with the customer.
Revenue projections are based on the anticipated pricing of each program over its life.
Revenue projections assume a fixed foreign currency value. This value is used to translate foreign business to
the U.S. dollar.
Revenue projections are subject to increase or decrease due to changes in customer requirements, customer
and consumer preferences, the number of vehicles actually produced by our customers and pricing.

Tennecos revenue outlook constitutes a forward-looking statement. We also refer you to the cautionary language
regarding our forward-looking statements set forth in the Safe Harbor statement on slide 2.

86
 EBITDA*
Reconciliation of Non-GAAP Results
$ Millions, Unaudited
2016 2015 2014 2013 2012 2011 2010 2009 2008 2007 2006 2005 2004 2003 2002 2001 2000
Net income (loss)
attributable to Tenneco Inc. $ 363 $ 247 $ 226 $ 183 $ 275 $ 157 $ 39 $ (73) $(415) $ (5) $ 49 $ 56 $ 9 $ 25 $(189) $(131) $ (41)
Cumulative effect of change
in accounting principle,
net of income tax - - - - - - - - - - - - - - 218 - -
Net income attributable to
noncontrolling interests 70 56 44 39 29 26 24 19 10 10 6 2 4 6 4 1 2

Income tax expense (benefit) 3 149 131 122 19 88 69 13 289 83 5 26 (21) (6) (6) 50 (27)

Interest expense
(net of interest capitalized) 92 67 91 80 105 108 149 133 113 164 136 133 178 146 140 170 188
EBIT, earnings before interest
expense, income taxes &
noncontrolling interests
(GAAP measure) 528 519 492 424 428 379 281 92 (3) 252 196 217 170 171 167 90 122

Depreciation & amortization

of other intangibles 212 203 208 205 205 207 216 221 222 205 184 177 177 163 144 153 151

EBITDA* $ 740 $ 722 $ 700 $ 629 $ 633 $ 586 $ 497 $ 313 $ 219 $ 457 $ 380 $ 394 $ 347 $ 334 $ 311 $ 243 $ 273

EBITDA* represents earnings before interest expense, income taxes, noncontrolling interests 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 companys 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 companys 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 companys 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 noncontrolling interests. 87
 Adjusted EBITDA*
Reconciliation of Non-GAAP Results
$ Millions, Unaudited 2016 2015 2014 2013 2012 2011 2010 2009 2008 2007 2006 2005 2004 2003 2002 2001 2000
EBITDA* $ 740 $ 722 $ 700 $ 629 $ 633 $ 586 $ 497 $ 313 $ 219 $ 457 $ 380 $ 394 $ 347 $ 334 $ 311 $ 243 $ 273
Adjustments (reflect
non-GAAP(1) measures):
Restructuring & related expenses 32 59 48 78 13 8 14 17 40 25 27 12 40 8 2 51 61
Environmental reserve - - - - - - - 5 - - - - - - - - -
Pension/post retirement charges 72 4 32 - - - 6 - - - - - - - - - -
Bad debt charge - - 4 - - - - - - - - - - - - - -
New aftermarket customer
changeover costs - - - - - - - - 7 5 6 10 8 - - - -
Pullman recoveries - - - - (5) - - - - - - - - - - - -
Goodwill impairment - - - - - 11 - - 114 - - - - - - - -
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
Adjusted EBITDA* (non-GAAP
$ 844 $ 785 $ 784 $ 707 $ 641 $ 605 $ 517 $ 335 $ 380 $ 487 $ 409 $ 416 $ 399 $ 342 $ 304 $ 298 $ 338
financial measure)(2)
(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 through 2016 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 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 companys financial results in any particular period.
* Including noncontrolling interests. 88
 Net Debt /Adjusted EBITDA*
Reconciliation of Non-GAAP Results
$ Millions, Unaudited

2016 2015 2014 2013 2012 2011 2010 2009 2008 2007 2006 2005 2004 2003 2002 2001 2000

Total debt $1,384 $1,210 $1,115 $1,102 $1,180 $1,224 $1,223 $1,220 $1,451 $1,374 $1,385 $1,383 $1,421 $1,430 $1,445 $1,515 $1,527

Total cash 349 288 285 280 223 214 233 167 126 188 202 141 214 145 54 53 35

Debt net of
1,035 922 830 822 957 1,010 990 1,053 1,325 1,186 1,183 1,242 1,207 1,285 1,391 1,462 1,492
cash balances

Adjusted
$ 844 $ 785 $ 784 $ 707 $ 641 $ 605 $ 517 $ 335 $ 380 $ 487 $ 409 $ 416 $ 399 $ 342 $ 304 $ 298 $ 338
EBITDA*

Ratio of net
debt to adjusted 1.2x 1.2x 1.1x 1.2x 1.5x 1.7x 1.9x 3.1x 3.5x 2.4x 2.9x 3.0x 3.0x 3.8x 4.6x 4.9x 4.4x
EBITDA*

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.
* Including noncontrolling interests.

89
 Adjusted EBIT as a Percentage of Value-Add
Revenue Reconciliation of Non-GAAP Results
$ Millions 2016 2015 2014 2013 2012 2011 2010 2009 2008 2007 2006
Ride Performance revenue $ 2,530 $ 2,486 $ 2,609 $ 2,520 $ 2,437 $ 2,444 $ 2,112 $ 1,730 $ 1,938 $ 1,853 $ 1,706
Clean Air revenue $ 6,069 $ 5,723 $ 5,811 $ 5,444 $ 4,926 $ 4,761 $ 3,825 $ 2,919 $ 3,978 $ 4,331 $ 2,976
Total revenue $ 8,599 $ 8,209 $ 8,420 $ 7,964 $ 7,363 $ 7,205 $ 5,937 $ 4,649 $ 5,916 $ 6,184 $ 4,682
Less: Substrate sales 2,028 1,916 1,934 1,835 1,660 1,678 1,284 966 1,492 1,673 927
Value-add revenues (1) $ 6,571 $ 6,293 $ 6,486 $ 6,129 $ 5,703 $ 5,527 $ 4,653 $ 3,683 $ 4,424 $ 4,511 $ 3,755
EBIT $ 528 $ 519 $ 492 $ 424 $ 428 $ 379 $ 281 $ 92 $ (3) $ 252 $ 196
Adjustments (reflect non-GAAP (2) measures)
Restructuring and related expenses 36 63 49 78 13 8 19 21 40 25 27
Pullman recoveries - - - - (5) - - - - - -
Asset impairment charge - - - - 7 - - - - - -
Goodwill impairment - - - - - 11 - - 114 - -
Bad debt charge - - 4 - - - - - - - -
Pension / post retirement charges 72 4 32 - - - 6 - - - (7)
Environmental reserves - - - - - - - 5 - - -
New aftermarket customer changeover costs - - - - - - - - 7 5 6
Reserve for receivables from former affiliate - - - - - - - - - - 3
Adjusted EBIT (non-GAAP Financial Measures) (3) $ 636 $ 586 $ 577 $ 502 $ 443 $ 398 $ 306 $ 118 $ 158 $ 282 $ 225
Adjusted EBIT as a % of value-add revenue (4) 9.7% 9.3% 8.9% 8.2% 7.8% 7.2% 6.6% 3.2% 3.6% 6.3% 6.0%
(1) Tenneco presents the above reconciliation of revenues in order to reflect value-add revenues separately from substrate sales, which 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 this factor. Tenneco
believes investors find this information useful in understanding period to period comparisons in the company's revenues.
(2) Generally Accepted Accounting Principles
(3) Tenneco presents the above 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 companys financial results in any particular period.
(4) Tenneco presents adjusted EBIT as a percentage of value-add revenue to assist investors in evaluating our companys operational performance without the impact of substrate sales. 90
 Adjusted EBIT as a Percentage of Value-Add Revenue
Clean Air Division Reconciliation of Non-GAAP Results
$ Millions
2016 2015 2014 2013 2012 2011 2010

Total revenue $ 6,069 $ 5,723 $ 5,811 $ 5,444 $ 4,926 $ 4,761 $ 3,825

Less: Substrate sales 2,028 1,916 1,934 1,835 1,660 1,678 1,284
Value-add revenues (1) $ 4,041 $ 3,807 $ 3,877 $ 3,609 $ 3,266 $ 3,083 $ 2,541
EBIT $ 478 $ 417 $ 397 $ 370 $ 327 $ 298 $ 217
Adjustments (reflect non-GAAP (2) measures)
Restructuring and related expenses 7 10 17 11 7 5 7
Goodwill impairment - - - - - 1 -
Bad debt charge - - 4 - - - -
Pension/post retirement charges - - - - - - 4

Adjusted EBIT (non-GAAP Financial Measures) (3) $ 485 $ 427 $ 418 $ 381 $ 334 $ 304 $ 228

Adjusted EBIT as a % of value-add revenue (4) 12.0% 11.2% 10.8% 10.6% 10.2% 9.9% 9.0%

(1) Tenneco presents the above reconciliation of revenues in order to reflect value-add revenues separately from substrate sales, which 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.
(2) Generally Accepted Accounting Principles
(3) Tenneco presents the above 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 companys financial results in any particular period.
(4) Tenneco presents adjusted EBIT as a percentage of value-add revenue to assist investors in evaluating our companys operational performance without the impact of substrate sales.
91
 Adjusted EBIT as a Percentage of Value-Add Revenue
Ride Performance Division Reconciliation of Non-GAAP Results
$ Millions
2016 2015 2014 2013 2012 2011 2010
Total revenue $ 2,530 $ 2,486 $ 2,609 $ 2,520 $ 2,437 $ 2,444 $ 2,112
Less: Substrate sales - - - - - - -
Value-add revenues (1) $ 2,530 $ 2,486 $ 2,609 $ 2,520 $ 2,437 $ 2,444 $ 2,112
EBIT $ 238 $ 189 $ 219 $ 139 $ 168 $ 139 $ 145
Adjustments (reflect non-GAAP (2) measures)
Restructuring and related expenses 27 53 28 65 6 3 12
Pullman recoveries - - - - (5) - -
Asset impairment charge - - - - 7 - -
Goodwill impairment - - - - - 10 -
Pension/post retirement charges - - 1 - - - 2

Adjusted EBIT (non-GAAP Financial Measures) (3) $ 265 $ 242 $ 248 $ 204 $ 176 $ 152 $ 159

Adjusted EBIT as a % of value-add revenue (4) 10.5% 9.7% 9.5% 8.1% 7.2% 6.2% 7.5%
(1) Tenneco presents the above reconciliation of revenues in order to reflect value-add revenues separately from substrate sales, which 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.
(2) Generally Accepted Accounting Principles
(3) Tenneco presents the above 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 companys financial results in any particular period.
(4) Tenneco presents adjusted EBIT as a percentage of value-add revenue to assist investors in evaluating our companys operational performance without the impact of substrate sales. 92
Adjusted Earnings Per Share
Reconciliation of Non-GAAP Results

2016 2006
Earnings Per Share $ 6.44 $ 1.05

Adjustments (reflect non-GAAP measures):

Restructuring and related expenses 0.57 0.39

Pension / post retirement charges 0.83 (0.10)

New aftermarket customer changeover costs - 0.08

Reserve for receivables from former affiliate - 0.04

Costs related to refinancing 0.27 -

Net tax adjustments (1.96) (0.31)

Adjusted Earnings Per Share $ 6.15 $ 1.15

93