Federal-Mogul First Quarter Expectations

    SOUTHFIELD, Mich., March 29 Federal-Mogul Corporation
announced today that it expects a loss from operations for the
quarter ending March 31, 2001 of approximately $(.65) per share.  Results from
operations do not include restructuring, impairment, or other special non-
recurring charges.
    
    Estimated revenues for the current quarter are approximately $1.425
billion, compared to $1.644 billion in the first quarter of 2000.

    "About half of the revenue differential is attributable to sharply lower
original equipment requirements, which we expected given sales forecasts and
inventory levels of both light and heavy duty vehicles at the beginning of
this year," said Frank Macher, chief executive officer, adding that most of
the remaining difference is due to very weak aftermarket sales in North
America.  "Though we had planned on continuing softness in market demand for
replacement parts, we have seen accelerated weakness as the quarter has
progressed.  It now appears that our first quarter aftermarket sales could be
more than ten percent below the prior year."

    Macher also noted that Federal-Mogul continues to implement cost reduction
actions.  The impacts of these actions, however, have not been able to match
the pace and magnitude of the double-digit percentage declines in production
volumes.  "Because of this, our gross margins are additionally penalized," he
said.

    Federal-Mogul will report first quarter results next month and will
provide details, along with comments on its outlook for the second quarter.  A
conference call has been scheduled for 2 p.m. EDT on April 19, 2001 featuring
Frank Macher, chief executive officer, Chip McClure, president and chief
operating officer, and Mike Lynch, executive vice president and chief
financial officer.  To receive the dial in number call 800-289-0579 for
domestic callers and 719-457-2550 for international callers and give 505925 as
the Federal-Mogul RSVP confirmation code when requested.  Please dial into the
conference 10 minutes prior to 2 p.m.

    A recording of this call will be available from 5 p.m. EDT on April 19
through Tuesday, April 24, 2001.  To access this recording dial 719-457-0820
and then enter 505925 for the confirmation code.