The redemption will result, as previously indicated, in annualized interest expense savings of approximately $75 million to $80 million, of which about $65 million will be realized in 2008.

"Eliminating this high-cost debt is an important step in our debt reduction plan," said Damon J. Audia, Goodyear’s vice president and treasurer. "Since January 2007, we have removed more than

$3 billion in debt from our balance sheet."

The senior secured notes were comprised of $450 million of fixed rate notes, which bore interest at 11.25%, and $200 million of floating rate notes, which bore interest at LIBOR plus 825 basis points.

Audia also confirmed the company’s previously announced intention to repay $100 million in

6 3/8 % notes when they mature on March 17, 2008.

Goodyear is one of the world’s largest tire companies. The company employs about 70,000 people and manufactures its products in more than 60 facilities in 26 countries around the world. For more information about Goodyear, go to www.goodyear.com/corporate.

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. There are a variety of factors, many of which are beyond our control, which affect our operations, performance, business strategy and results and could cause our actual results and experience to differ materially from the assumptions, expectations and objectives expressed in any forward-looking statements. These factors include, but are not limited to: actions and initiatives taken by both current and potential competitors; increases in the prices paid for raw materials and energy; our ability to realize anticipated savings and operational benefits from our cost reduction initiatives or to implement successfully other strategic initiatives; whether or not the various contingencies and requirements are met for the establishment of a Voluntary Employees’ Beneficiary Association (VEBA) to provide healthcare benefits for current and future USW retirees; potential adverse consequences of litigation involving the company; pension plan funding obligations; as well as the effects of more general factors such as changes in general market or economic conditions or in legislation, regulation or public policy. Additional factors are discussed in our filings with the Securities and Exchange Commission, including our annual report on Form 10-K, quarterly reports on Form 10-Q and current reports on Form 8-K. 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.

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