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Federal-Mogul Announces Completion of Fair Market Appraisals

17 June 1998

Federal-Mogul Announces Completion of Fair Market Appraisals Of Recent Acquisitions

    SOUTHFIELD, Mich., June 16 -- Federal-Mogul Corporation
, today announced that fair market appraisals conducted by outside
appraisers of the company's recent acquisitions have been completed.  Based on
the appraisals, the economic lives of the fixed assets acquired in the
acquisitions are longer than previous expectations.
    The company indicated at its April 23, 1998 investment analysts' meeting
that full year depreciation and amortization would approximate $323 million.
The company currently estimates the longer asset lives will reduce these
provisions by $53 million pretax, with a pro rata effect in 1998 from
the acquisition closing dates.
    Headquartered in Southfield, Michigan, Federal-Mogul is a $5 billion
automotive parts manufacturer providing innovative solutions and systems to
global customers in the automotive, light truck, heavy-duty, farm and
industrial markets.  The company was founded in 1899.  For more information on
Federal-Mogul, visit the company's web site at http://www.federal-mogul.com.
Federal-Mogul's press releases are available by fax through Company News
On-Call, call 800-758-5804, ext. 306225.