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Tenneco Shareowners Approve New Terms for Two Directors

11 May 1999

Tenneco Shareowners Approve New Terms for Two Directors and Arthur Andersen LLP as Accountants

    GREENWICH, Conn.--May 11, 1999--Tenneco today announced that its shareowners have voted to approve new three-year terms for two members of the Tenneco board of directors. Terms expiring at the 2002 Annual Meeting of Shareowners were approved for Sir David Plastow, most recently chairman of the Medical Research Council; and Paul T. Stecko, chairman and chief executive officer of Packaging Corporation of America.
    Mr. Plastow, 66, has been a director of the company since May 1996 and previously served as a member of the board of directors from 1985 until 1992. He is a member of the Compensation and Benefits Committee; the Nominating and Management Development Committee; and the Three-year Independent Director Evaluation Committee.
    Mr. Stecko, 54, has been a director of the company since November 1998, and will be a member of the Executive Committee.
    Shareowners also approved the appointment of Arthur Andersen LLP, as independent public accountants for the company, to examine Tenneco's consolidated financial statements for the year ending December 31, 1998. Arthur Andersen LLP also acted as the company's principal accountants for the fiscal year ended December 31, 1998.
    Shareowners also approved a proposal recommending the declassification of the board of directors to elect the board annually as opposed to by classes.
    Until the separation of its businesses, Tenneco is a $6 billion manufacturing company headquartered in Greenwich, Conn., with 40,000 employees worldwide. Tenneco Automotive is one of the world's largest producers and marketers of ride control and exhaust management systems and products, which are sold under the Monroe(R) and Walker(R) global brand names. Among its products are Sensa-Trac(R) shocks and struts, Rancho(R) shock absorbers, Walker(R) Quiet-Flow(TM) mufflers and DynoMax(TM) performance exhaust products, and Monroe(R) Clevite(TM) vibration control components. Tenneco Packaging is among the world's leading and most diversified packaging companies. Among its products are Hefty(R) trash bags, Hefty OneZip(R) and Baggies(R) food storage bags, E-Z Foil(R) single-use aluminum cookware and Hexacomb(R) paper honeycomb products.