Goodyear Takes Disciplinary Actions Related to European Union Accounting Review

-- Actions Move Company Closer to Completing Investigation Process -- Additional Adjustments Identified as Part of Year-End Closing

AKRON, Ohio, March 9 -- The Goodyear Tire & Rubber Company reported today that it took disciplinary actions against several senior managers in its European Union operation and streamlined its organizational structure in response to its ongoing investigation of improper accounting in European and other overseas operations. Although the investigation is not yet complete, Goodyear decided to begin the process of improving the European organization and to continue strengthening its accounting controls.

The company stated that these disciplinary actions do not mean that any determination has been made whether the final results of the investigation will have a material impact on its financial statements, and confirmed its previous announcement that, to date, no such determination has been made. Because these disciplinary actions taken by European Union President Michael J. Roney relate to a previously announced investigation, and represent a milestone in the process, Goodyear believes they merit public disclosure.

Moreover, Goodyear believes it is important to take these actions because business conduct policies were compromised, regardless of whether there is a material impact to the financial statement.

As part of the year-end closing process and unrelated to the investigation of improper accounting in Europe, the company has also identified adjustments to the previously announced restatement of its financial statements, which are expected to result in a reduction of operating earnings of $16 million over five years, and a reduction in shareholders' equity at Sept. 30, 2003, of approximately $23 million. The largest of these adjustments arises from an understatement of workers' compensation claims, related to the years 1999 to 2003 at one of its domestic plants. The company is currently reviewing the cause of the understatement.

The disciplinary actions taken in Europe include separation of several senior managers and reprimand of other European personnel. "These actions represent an important milestone toward completing the investigation, which is necessary for us to file our audited financials for 2003," said Robert W. Tieken, executive vice president and chief financial officer.

Tieken also said Goodyear believes a significant portion of the European review has been completed, and that the company would make every effort to conclude the work as rapidly as possible, "consistent with the company's commitment to do the job thoroughly and professionally."

In accordance with Goodyear's personnel policies and applicable local laws, the names of the affected individuals and their specific disciplinary actions will not be disclosed.

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.