Goodyear Releases Monthly Investor Update

AKRON, Ohio, Dec. 26, 2002; Goodyear's Investor Relations department today published its monthly update for individuals interested in tracking Goodyear's progress on a more frequent basis. November Operating Highlights

North American Tire * Industry shipments of consumer replacement tires were 1 percent below last year's levels. Excluding the tires replaced as part of last year's Ford replacement program, the industry was flat with November 2001. On a year-over-year comparison, Goodyear shipments of replacement tires declined more than the market. However, Goodyear and Dunlop's market share improved in November from the October level, with both brands showing their highest share level in the past four months. * Industry shipments of commercial replacement tires in November were up 5 percent over last year's levels. Compared with last year, Goodyear shipments grew slower than the market. Market share increased in November compared with October. * In November, industry shipments to original equipment customers decreased 1 percent from a year ago for consumer tires and increased 22 percent for commercial tires. As a result of Goodyear's strategy to disengage from non-profitable OE business, shipments of OE consumer tires declined more than the industry. Goodyear's shipments of commercial tires for original equipment grew faster than the industry due to good trailer and intermediate duty truck tire orders. * Unfavorable price/mix due to lower consumer replacement volumes and higher conversion costs were partially offset by lower transportation costs, improved profitability in the commercial truck tire business, and targeted cost containment efforts.

European Union * In November, industry replacement tire shipments decreased 4 percent for consumer tires and were flat for commercial tires compared with prior year levels. Goodyear consumer and commercial tire shipments declined more than the industry. The decline in replacement tires was due to the exit of non-profitable brands in the United Kingdom and weaker performance in Germany after a very strong October. Year-to-date, Goodyear has gained more than one point of market share in the high- margin winter tire segment. * Industry OE consumer shipments were down 2 percent and commercial tire shipments increased 1 percent from November 2001. Goodyear consumer tire shipments were below industry levels while commercial tire shipments were higher than industry levels. * Lower volume and higher selling, general and administrative expenses offset improved conversion costs. * The Euro, at 0.992 to the U.S. dollar, has strengthened 0.6 percent in November. Year-to-date, the Euro has strengthened about 10 percent.

Eastern Europe * Consumer replacement and OE tire unit sales for Goodyear were up significantly compared with November of last year. Strong sales in Poland and the Middle East fueled the growth. * Goodyear sales in the commercial replacement market also showed growth over November 2001, while sales in the original equipment market declined. * Operating income improved significantly over last year due to lower conversion costs, favorable price/mix and positive translation. Price/mix benefited from higher sales of winter tires.

Latin America * Replacement tire shipments were flat compared with November 2001. * Original equipment tire shipments declined due to lower sales in Mexico and Venezuela. * Price recovery was offset by currency devaluation and higher SAG expenses. * The Real revalued 0.6 percent in November. The Real has devalued 56 percent year-to-date.

Asia * OE tire shipments for November increased significantly from 2001 levels. * Replacement tire shipments decreased in November due primarily to slower sales in the Philippines and Indonesia. * An improved price/mix and favorable conversion costs increased operating income.

Engineered Products * Sales declined in November compared with the prior year due to softness in the conveyor belt business. * Operating income improved due to favorable conversion costs and price/mix, which were partially offset by lower volume. * At the conclusion of the U.S. government's fiscal year, Engineered Products received new military track business worth $20 million for delivery in 2003.

Chemicals * Chemicals had strong operating profit performance on higher sales. * A premier golf ball manufacturer has had favorable test results with Kinex 7245, a new Goodyear polymer that outperformed the manufacturer's standard material. The polymer is expected to be used in a new high performance golf ball line in 2003.

Corporate News

James C. Boland, former vice chairman of accounting firm Ernst & Young, has been elected to Goodyear's board of directors. Boland, 62, currently serves as president and chief executive officer of CAVS/Gund Arena Co., owner of the Cleveland Cavaliers and the Cleveland Rockers professional basketball teams and operator of Cleveland's Gund Arena.

Prior to taking his current position in 1998, Boland served for 22 years as a partner of Ernst & Young in various roles. He was vice chairman and regional managing partner from 1988 to 1996 and vice chairman of national accounts from 1997 until his retirement. He was a member of the firm's management committee. Boland also is a director of Invacare Corp. and The Sherwin-Williams Co. He is a trustee of Bluecoats Inc., The 50 Club of Cleveland and the Harvard Business School Club of Cleveland.

Boland is replacing Philip A. Laskawy, 61, who resigned from the Goodyear board of directors to accept a position on the General Motors Corp. board. Laskawy, retired chairman and chief executive officer of Ernst & Young, had been a member of Goodyear's board since August 2001. As Goodyear is a major supplier to GM, Laskawy and Goodyear felt his position on the automaker's board could represent a conflict.

Goodyear's board now includes 12 members, 10 of whom are independent.

Goodyear is the world's largest tire company. Headquartered in Akron, Ohio, the company manufactures tires, engineered rubber products and chemicals in more than 90 facilities in 28 countries. It has marketing operations in almost every country around the world. Goodyear employs about 95,000 people worldwide.