Federal-Mogul Corporation Second Quarter Financial Results

Record Sales and Strong Net Income

Results Conference Call Recording and Presentation Available on www.federalmogul.com

SOUTHFIELD, Mich., July 28 -- Federal-Mogul Corporation on Friday, July 25, released the company's second quarter 2008 financial results and conducted a web cast to highlight the company's record net sales and eighth consecutive quarter of year-over-year growth and strong net income. The company's conference call with analysts and media is available for replay on www.federalmogul.com/investors. The company also filed its second quarter Form 10-Q with the SEC on Friday, July, 25, 2008.

  Highlights of Federal-Mogul's Q2 financial performance include:
  -- Record quarterly sales of $2 billion, a 13% increase, versus
     $1.8 billion in Q2 2007 and eighth consecutive quarter of
     year-over-year sales increase
  -- Gross margin improved by 23% or $74 million to $396 million or 19.8%,
     compared to $322 million in second quarter 2007
  -- SG&A at 10.6% of sales, compared to 12.1% of sales during the same
     period in 2007
  -- Operational EBITDA* increased 21% to $257 million from $212 million in
     Q2 2007
  -- Net income improved to $90 million or earnings per share of $0.90,
     compared to $4 million in Q2 2007
  -- Strong balance sheet and liquidity of $1.3 billion
  -- Market, customer and product diversification with no single customer
     accounting for more than 6% of revenue.

  An audio replay of the call is available through August 29, 2008 at:
     Domestic calls:   888-286-8010
     International calls:  617-801-6888
     Pass code I.D. - 35689660