The Value of Balance

The road ahead for Tenneco leads to growth. Our business strategy will continue to balance our growth with the operational excellence to achieve that growth profitably, and the financial discipline to build long-term financial strength.

In 2012, we expect our global OE revenue to reach a new high of $6.6 billion, including significant growth in our commercial vehicle business which is projected to reach $1.2 billion. Our long term outlook remains positive with a projected 5-year OE revenue CAGR of 11%–14% from 2011 through 2016.

Looking forward, I am confident that Tenneco will build upon the positive momentum we’ve created in 2011. Our employees are driven to satisfy our customers by continuously improving every aspect of our business.

On behalf of the entire Tenneco team, I want to thank our shareholders for their support in 2011. We’ll keep working hard to reward your confidence in all of us by continuing to grow and improve the profitability of this great company together.

Sincerely,

Gregg Sherrill
Chairman and Chief Executive Officer
Tenneco Inc.