Letter to Our Shareholders

Tenneco began the year well-positioned to benefit from an improving global economy and rising automotive industry production volumes, and I’m pleased to report that we delivered record performance in 2011, achieving our highest-ever revenues and earnings while continuing to strengthen our financial position.

Our employees, who represent the most dedicated and passionate workforce in our industry, are central to our success and I thank them for their efforts. Tenneco’s results in 2011 are evidence of their relentless commitment to customer satisfaction, quality, innovation, and improving our operations every day.

The results in 2011 also demonstrate the effectiveness of our three-pillar strategy as we made significant progress in generating growth, improving operational excellence and increasing our financial flexibility. Fueling our success in 2011 and beyond is Tenneco’s portfolio of emission control technologies to meet clean air standards globally. Balance is also key to our performance as demonstrated by our strong market segment and customer mix, complimented by our geographic diversity with our presence in the world’s largest and fastest-growing markets.