Goodyear Announces Syndication Efforts for $300 Million Loan and Bank Discussions to Permit Future Capital Markets Transactions

AKRON, Ohio, Jan. 27, 2004 -- The Goodyear Tire & Rubber Company today announced that it intends to commence a syndication being arranged by JPMorgan and Citigroup for the addition of a new $300 million term loan to its existing $1.3 billion asset-based credit facility. The proceeds of the loan would be permitted to be used for general corporate purposes. The consummation of the transaction will be subject to certain customary conditions, including the receipt of the consent of the lenders holding a majority of the commitments under that credit facility.

In addition, Goodyear announced that it intends to commence discussions with the lenders under its senior secured credit facilities to amend those facilities to allow for future capital markets transactions. Those transactions may involve the granting of junior liens on certain of the collateral securing the company's senior secured U.S. credit facilities.

"These actions enhance our near-term liquidity and position us to access the capital markets as we gain traction in our turnaround plan during 2004," said Goodyear Chairman and Chief Executive Officer Robert J. Keegan. "I have a high level of confidence in our strategy and in the execution of our plan as we move forward."

Goodyear is the world's largest tire company. The company manufactures tires, engineered rubber products and chemicals in more than 85 facilities in 28 countries. It has marketing operations in almost every country in the world. Goodyear employs approximately 88,000 people worldwide.

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. Actual results may differ materially from those indicated by such forward-looking statements as a result of various factors. The Company's ability to consummate the transaction referenced above is subject to a number of contingencies, including but not limited to, appropriate due diligence procedures, the receipt of necessary consents, the satisfactory negotiation of various transaction-related documents and customary conditions to closing. 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, 2002 and Form 10-Q for the quarter ended Sept. 30, 2003, 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.