Goodyear to Draw Portion of Revolving Credit Facility as Access to Certain U.S. Cash Investments Delayed

AKRON, Ohio, Sept. 25, 2008 - The Goodyear Tire & Rubber Company today said it intends to draw $600 million from its existing U.S. revolving credit facility due to a temporary delay in its ability to access $360 million of cash currently invested with The Reserve Primary Fund. The funds also will be used to support seasonal working capital needs and to enhance the company's cash liquidity position.

The Reserve Primary Fund, a money market fund, has delayed the payment of requested redemptions pursuant to a Securities and Exchange Commission Order allowing an orderly disposition of its securities. This action was the catalyst for the company's decision to draw the facility at this time.

Goodyear's other U.S. cash investments remain fully accessible by the company.

The company also announced today the expiration of the 30-day period to appeal the U.S. District Court's Order approving the settlement agreement that established the Voluntary Employees' Beneficiary Association trust (VEBA), which will provide healthcare benefits to the company's current and future United Steelworkers (USW) retirees. No appeals were filed.

Goodyear now can remove liabilities for USW union retiree healthcare benefits from its balance sheet. As of year-end 2007, these liabilities were approximately $1.2 billion. As previously announced, the company fully funded the $1 billion VEBA following the court's August 22 settlement approval. At the end of the second quarter, Goodyear reported a global cash balance of approximately $2.1 billion prior to funding the VEBA.

Goodyear is one of the world's largest tire companies. Goodyear employs about 70,000 people and manufactures its products in more than 60 facilities in 25 countries around the world.