The Goodyear Tire & Rubber Company today announced that it intends to commence a syndication being arranged by JPMorgan and Citigroup for the addition of a new $US 300 million term loan to its existing $US 1.3 billion asset-based credit facility. The proceeds of the loan would be permitted to be used for general corporate purposes. The consummation of the transaction will be subject to certain customary conditions, including the receipt of the consent of the lenders holding a majority of the commitments under that credit facility. In addition, Goodyear announced that it intends to commence discussions with the lenders under its senior secured credit facilities to amend those facilities to allow for future capital markets transactions. Those transactions may involve the granting of junior liens on certain of the collateral securing the company’s senior secured U.S. credit facilities. “These actions enhance our near-term liquidity and position us to access the capital markets as we gain traction in our turnaround plan during 2004,” said Goodyear Chairman and Chief Executive Officer Robert J. Keegan. “I have a high level of confidence in our strategy and in the execution of our plan as we move forward.” Goodyear manufactures tires, engineered rubber products and chemicals in more than 85 facilities in 28 countries. Goodyear employs approximately 88,000 people worldwide.