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Lache Initiates Research Coverage of the North American Tire Industry

3 March 2000

Deutsche Banc Alex. Brown's Lache Initiates Research Coverage of the North American Tire Industry

    NEW YORK, March 2 -- Deutsche Banc Alex. Brown's Rod Lache
yesterday launched research coverage of the North American tire industry with
the initiation of The Goodyear Tire & Rubber Company (GT -- 21 5/8) and Cooper
Tire & Rubber Company (CTB -- 10 9/16).  The shares of both companies were
started with an investment rating of MARKET PERFORM.
    Despite the fact that the tire industry has continued to consolidate, the
benefits of a concentrated oligopoly have not yet materialized. "Many
industries experience improving returns through stronger pricing and operating
leverage as they become more concentrated, and many investors have surmised
that the same phenomenon will occur in the tire industry over time," said
Lache.  "Unfortunately, there is little tangible evidence that this is
occurring at this time."
    Lache draws on the following key themes as the basis for his investment
opinion:

    -- Tires are a commodity;
    -- The industry is overcapacitized; and
    -- The potential exists for a margin squeeze as raw material costs are
       likely to rise significantly in 2000.

    According to Lache, "The fundamental problem in the tire industry appears
to be overcapacity, in our view, in an industry that appears to have limited
product differentiation.  Moreover, we believe that near-term risks related to
raw material prices, acquisition integration, new purchasing schemes, and auto
makers entering the aftermarket, are likely to keep a lid on valuations for
the near term."

    Additional Information Available Upon Request

    Deutsche Banc Alex. Brown identifies the U.S. investment banking
activities of DB Alex. Brown LLC and Deutsche Bank Securities Inc., which are
indirect subsidiaries of Deutsche Bank AG.  With over $869 billion in assets
as of September 30, 1999 and approximately 90,000 employees, Deutsche Bank
offers its clients unparalleled financial services throughout the world. It
ranks among the leaders in asset management, capital markets, corporate
finance, custody, cash management and private banking.  Deutsche Bank is
divided into five major business units: Global Corporates and Institutions,
Global Technology and Services, Asset Management, Corporates and Real Estates
and Private and Retail Banking.
    Cooper Tire & Rubber Company and The Goodyear Tire & Rubber Company stocks
are optionable.
    Information herein is believed to be reliable and has been obtained from
sources believed to be reliable, but its accuracy and completeness cannot be
guaranteed. Opinions, estimates, and projections constitute our judgement and
are subject to change without notice. This publication is provided to you for
information purposes only and is not intended as an offer or solicitation for
the sale of any financial instrument. Deutsche Bank Securities Inc., DB Alex.
Brown LLC., and their affiliates worldwide, may hold a position or act as
market maker in the financial instruments of any issuer discussed herein or
act as advisor or lender to such issuer. Transaction should be executed
through a Deutsche Bank entity in the client's home jurisdiction unless
otherwise permitted by law. Deutsche Bank Securities Inc., and DB Alex. Brown
LLC., are members of NYSE and NASD. Copyright 2000 Deutsche Bank Securities
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either by Deutsche Bank Securities Inc., or DB Alex. Brown LLC. Interested
parties are advised to contact the U.S. entity they currently deal with, or
the U.S. entity that has distributed this report to them.