Goodyear Well Positioned Despite Economic Uncertainty

AKRON, Ohio, April 8, 2008 -- In his address at The Goodyear Tire & Rubber Company's 2008 Annual Shareholder Meeting today, Chairman and Chief Executive Officer Robert J. Keegan said the company is well positioned for future success despite economic uncertainty in 2008.

This, he said, is the result of the determination and innovative thinking exhibited by thousands of Goodyear associates around the world that helped turn the company around and created positive business momentum.

"Our company's product, brand and customer mix has become considerably richer. We are more focused on the premium segments of the global tire markets, which have relatively inelastic pricing dynamics," Keegan said.

"Our ability to generate top-line growth is underpinned by our product leadership strategy. We focus our industry-leading new product engine on increasing our mix of high-value-added tires. The introduction of impactful new products to our portfolio globally raised the bar again in 2007."

In addition, Keegan said the company's total debt and legacy obligations, which peaked at more than $12 billion in 2006, are expected to fall to about half that in 2008. Goodyear has made significant improvements in its fixed cost structure, eliminating more than 25 million units of global high-cost tire production capacity since 2004.

"We remain diligent in our planning relative to economic conditions. However, the improvements we have made in our go-to-market model, in our cost structure and in our balance sheet give me confidence that Goodyear is well positioned to continue to progress," he said.

  Among the company's 2007 accomplishments noted by Keegan were:

  -- Record revenue from continuing operations of $19.6 billion, 5 percent
     above 2006;
  -- An 8 percent increase in revenue per tire, driven by improved pricing
     and a richer product mix;
  -- A strike-adjusted 24 percent increase in segment operating income;
  -- Strong growth in the company's emerging market tire businesses;
  -- A total debt balance that was $2.5 billion lower than at then end of
     2006;
  -- Growth at twice the industry rate for the Goodyear brand in North
     America;
  -- The highest operating income for North American Tire since 2000 after
     adjusting for strike impact, and
  -- Significant progress against the company's cost-savings targets.

Keegan said he is pleased with the company's progress. "We continue to drive initiatives that will accelerate the pace of change at Goodyear. We are now able to quickly adapt to the changing dynamics of our industry and look forward to capitalizing on the changes our markets will present," he added.

"Our associates are clearly delivering. We still have challenges ahead of us in an uncertain economy, but there is no question that we are on the right path. We know it, and our peers know it."

Keegan called Fortune magazine's recent recognition of Goodyear as the world's most admired motor vehicle parts company a "huge accomplishment" for associates.

"The world now has begun to recognize that something special is happening at Goodyear. This recognition by our industry peers is a source of pride for each of us," he said.

Goodyear is one of the world's largest tire companies. Fortune magazine named Goodyear the World's Most Admired Motor Vehicle Parts Company in its 2008 list of the World's Most Admired Companies. The publication ranked Goodyear No. 1 in innovation, people management, use of assets and global orientation. The company is also listed on Forbes magazine's list of the Most Trustworthy Companies in America and CRO magazine's ranking of the 100 Best Corporate Citizens. Goodyear employs about 70,000 people and manufactures its products in more than 60 facilities in 26 countries around the world. For more information about Goodyear, go to www.goodyear.com/corporate.

Certain information contained in this press release may constitute forward-looking statements for purposes of the safe harbor provisions of The Private Securities Litigation Reform Act of 1995. There are a variety of factors, many of which are beyond our control, which affect our operations, performance, business strategy and results and could cause our actual results and experience to differ materially from the assumptions, expectations and objectives expressed in any forward-looking statements. These factors include, but are not limited to: actions and initiatives taken by both current and potential competitors; increases in the prices paid for raw materials and energy; our ability to realize anticipated savings and operational benefits from our cost reduction initiatives or to implement successfully other strategic initiatives; whether or not the various contingencies and requirements are met for the establishment of a Voluntary Employees' Beneficiary Association (VEBA) to provide healthcare benefits for current and future USW retirees; potential adverse consequences of litigation involving the company; pension plan funding obligations; as well as the effects of more general factors such as changes in general market or economic conditions or in legislation, regulation or public policy. Additional factors are discussed in our filings with the Securities and Exchange Commission, including our annual report on Form 10-K, quarterly reports on Form 10-Q and current reports on Form 8-K. In addition, any forward-looking statements represent our estimates only as of today and should not be relied upon as representing our estimates as of any subsequent date. While we may elect to update forward-looking statements at some point in the future, we specifically disclaim any obligation to do so, even if our estimates change.