Goodyear Announces Intention to Increase New Loan to $650 Million

AKRON, Ohio, Feb. 3, 2004 -- The Goodyear Tire & Rubber Company today announced that it intends to increase the amount of a new term loan being arranged by JPMorgan and Citigroup from $300 million to $650 million.

The new term loan would be an addition to Goodyear's existing $1.3 billion asset-based credit facility. The proceeds of the loan would be used to partially repay Goodyear's existing U.S. term loan, to repay other indebtedness and 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 each of Goodyear's senior secured credit facilities.

Goodyear has commenced discussions with the lenders under its senior secured credit facilities, and those discussions will include the amendment of those facilities to allow for the $650 million term loan and future capital markets transactions and to provide the new term loan and Goodyear's existing $1.3 billion asset-backed credit facility with a junior lien on certain of the collateral securing the company's other senior secured U.S. credit facilities.

"We are very happy with the level of interest this loan has generated," said Robert W. Tieken, executive vice president and chief financial officer. "This allows us to begin refinancing the loans put in place last year and further position the company to access capital markets going 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.