Goodyear Accelerates Termination of Shareholder Rights Plan

AKRON, Ohio, Feb. 3, 2004 -- The Goodyear Tire & Rubber Company today announced that its Board of Directors has voted to amend Goodyear's shareholder rights plan to accelerate its expiration date from July 29, 2006 to June 1, 2004. This effectively terminates the shareholder rights plan on June 1.

"These actions by our board are further evidence of Goodyear's commitment to strong and responsive corporate governance," said Robert J. Keegan, chairman and chief executive officer.

The board took note of the opposition of shareholders to such plans, as had been demonstrated by votes on proposals seeking a shareholder vote on redeeming the plan at Goodyear's last two shareholder meetings.

In addition, the Board instituted restrictions on its ability to adopt a shareholder rights plan in the future.

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 around the world. Goodyear employs about 88,000 people worldwide.