Brad Ragan, Inc. Announcement.

CHARLOTTE, N.C.--(BUSINESS WIRE)--May 11, 1998--Brad Ragan, Inc. (ASE:BRD) today announced that its Board of Directors has given final approval to a proposal by The Goodyear Tire & Rubber Company to acquire the approximately twenty-five percent of Brad Ragan, Inc. common stock that it does not already own for a cash price of $37.25 per share. Previously the Company had announced that it had agreed in principle to the Goodyear offer pending a definitive agreement between the parties.

"The Goodyear offer has been extensively studied by a special committee of independent directors, and based on their analysis and recommendation, we have determined that the offer is fair and accepting the offer is in the best interest of Brad Ragan, Inc. public shareholders," said Michael R. Thomann, President and CEO. "The special committee received a fairness opinion relating to the proposed transaction from Interstate/Johnson Lane, whom the committee had engaged to assist in the evaluation of the Goodyear offer," Thomann noted.

The agreement must still be approved by a majority vote of the shares of the Company's outstanding common stock. The Company expects Goodyear to vote the shares it already owns in favor of the transaction, thus assuring its approval. Due to the time required for customary regulatory review, meeting notification and proxy solicitation, the Company has announced that the shareholders' meeting originally scheduled for May to vote on the share exchange and other matters will be rescheduled.

Brad Ragan, Inc. is the largest United States producer of retreaded tires for off-highway vehicles and distributes new and retreaded off-the-road and truck tires through a network of 51 commercial tire centers in 19 states. The Company also operates a chain of 121 retail stores in the Southeast, featuring products and services for the auto and home.

CONTACT: Brad Ragan, Inc.

Ronald J. Carr, VP-Finance, 704/521-2107