Goodyear Announces Waiver Extension, New Financing Commitment

AKRON, Ohio, March 5 -- The Goodyear Tire & Rubber Company today announced it has been granted an extension until April 4, 2003 to comply with certain covenants in its syndicated loan agreements.

The waivers had previously been set to expire March 7, but were extended as the company, with the support of JPMorgan, is working to restructure, refinance and extend certain loan agreements into 2005. Under the waivers, Goodyear remains entitled to access its revolving credit facilities.

As part of the process -- to provide additional liquidity and funds to repay certain existing facilities -- Goodyear has secured a commitment from JPMorgan and Citigroup to underwrite a new, three-year, $1.3 billion asset- based credit facility that would take effect with the successful completion of the amendments. This commitment is subject to certain customary conditions.

"We are pleased with these developments as we continue to make progress with our banks, with whom we have had strong, long-standing relationships," said Robert W. Tieken, Goodyear executive vice president and chief financial officer. "The new asset-based facility, which extends into 2006, provides additional liquidity that offers financial and operational flexibility for our businesses."

The company will release its 2002 financial results following completion of the amendments to the loan agreements and the new asset-based credit facility.

Goodyear is the world's largest tire company. 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 92,000 people worldwide.

Certain information contained in this press release constitutes forward- looking statements for purposes of the safe harbor provisions of The Private Securities Litigation Reform Act of 1995. Actual results may differ materially from those indicated by such forward-looking statements as a result of various economic, financial and industry factors including without limitation the company's ability to implement its cost-cutting plans and achieve its sales targets. Additional factors that may cause actual results to differ materially from those indicated by such forward looking statements are discussed in the company's Form 10-K for the year ended Dec. 31, 2001 and Form 10-Q for the quarter ended Sept. 30, 2002, which are on file with the Securities and Exchange Commission. 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.