Goodyear Successfully Completes $650 Million Loan, Gains Approvals for Future Capital Market Transactions

AKRON, Ohio, Feb. 23, 2004 -- The Goodyear Tire & Rubber Company today announced that it has successfully completed a new $650 million secured term loan that was arranged by JPMorgan and Citigroup.

The company intends to use approximately $335 million of the proceeds of the loan to partially repay its existing $583 million U.S. term loan. Proceeds will also be used to repay other indebtedness and for general corporate purposes.

Goodyear also announced that its principal lenders have approved amendments to the company's senior secured credit facilities that will allow for this loan as well as future capital markets transactions that could be secured by a junior lien on certain of the collateral securing the company's other senior secured U.S. credit facilities.

"We appreciate the high level of support we received in finalizing this transaction," said Robert W. Tieken, executive vice president and chief financial officer.

"Goodyear is now positioned to move forward with our plan to refinance the loans we put in place last year and to drive the company's turnaround."

The company originally announced its plans for the $300 million loan January 27 and its subsequent increase to $650 million on February 3. Goodyear also is moving forward with its previously announced plans for a private senior secured notes offering.

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. 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, and Form 8-K dated Feb. 11, 2004 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.