Goodyear to Receive 159 Million Dollars in Insurance Settlement

The Goodyear Tire & Rubber Company (NYSE: GT) announced today that it will receive approximately $159 million from certain insurance companies as settlement for a lawsuit
previously filed by the tiremaker. The $159 million will be paid to the
company in installments over the next 15 months.

While the specific terms of the December 28, 2004 settlement are
confidential, it provides for the payments to Goodyear in exchange for the
company's releasing the insurers from certain past, present and future
environmental claims. Goodyear filed a Current Report on Form 8-K with the
U.S. Securities and Exchange Commission today regarding this settlement.

The lawsuit, which Goodyear filed in 1993, sought to have the insurers
honor their policies to pay the company's liability and defense costs in
regard to certain environmental claims.

Goodyear is the world's largest tire company. Headquartered in Akron,
Ohio, the company manufactures tires, engineered rubber products and chemicals
in more than 80 facilities in 28 countries. It has marketing operations in
almost every country around the world. Goodyear employs about 85,000 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, including the timely receipt of the funds obtained in the
settlement, as well as the factors discussed in the company's filings with the
Securities and Exchange Commission, including its Form 10-K for the year ended
Dec. 31, 2003 and Form 10-Q for the quarter ended Sept. 30, 2004. 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.