Cooper Tire Holds Annual Shareholders Meeting; Board of Directors Meets.

Business Editors

FINDLAY, Ohio--(BUSINESS WIRE)--May 3, 2000

COOPER TIRE & RUBBER COMPANY (NYSE:CTB)

       --   Management optimistic about Cooper's future
       --   Tire sales strong
       --   New business reported
       --   Three directors re-elected
       --   Board approves dividend
       --   Board authorizes repurchase of 10 million shares

ANNUAL MEETING:

COOPER TIRE & RUBBER COMPANY (NYSE:CTB) on Tuesday presented the highlights of a record-setting year of growth at the annual meeting of shareholders.

Cooper's chairman, president and chief executive officer Thomas A. Dattilo noted that in 1999 the company achieved records in both sales and earnings. "In a very competitive environment, we were successful in growing sales by over 17 percent, net income by nearly 7 percent and earnings per share were up over 9 percent," Dattilo said in his remarks to shareholders present at the meeting.

That growth was accomplished "in the midst of some extremely demanding and time-consuming strategic activity in conjunction with our Cooper 21 strategic plan," he noted, referring to the acquisitions by Cooper of Dean Tire, The Standard Products Company and Siebe Automotive, and the marketing alliance with Pirelli Tire North America.

"These transactions have changed the face of the company dramatically," Dattilo said. "We have added over 60 manufacturing facilities in 13 different countries. We brought on nearly 15,000 additional employees. Our company is now approximately equal in our mix of automotive and tire products with total revenues of about $3.7 billion."

The company's record sales would have occurred even without the revenue from the acquired companies, but the acquisitions have allowed Cooper to take advantage of some operational synergies to reduce costs. "This led to a record first quarter (2000) in terms of earnings as well," Dattilo said.

Noting "significant progress" toward long-term goals, John Fahl, president of Cooper's Tire Group, told stockholders that "Tire Group sales this past year were especially strong with a 7.8% increase over 1998."

Contributing to that increase were the introduction of several new product lines targeting the fast-growing light truck and sport utility vehicle markets. "During the year our light truck tire sales increased at the rate of three times the industry's growth and our new products were part of the reason for this success," Fahl noted.

Jim McElya, president of Cooper-Standard Automotive Fluid Systems Division, reported that the company has successfully closed its sealing operations in Huntingdon, U.K. and in Bezons, France. Cooper also recently sold its painted injection molded plastics plant in Winnsboro, S.C. Announcements are expected to be forthcoming on sales of its Holm Industries appliance sealing business and its Cooper-Standard Automotive extruded plastics business.

McElya also reported that, during first quarter 2000, Cooper-Standard Automotive received $56 million in incremental new business.

All three speakers commented with optimism on Cooper's future. Summing up the meeting, Dattilo said, "This is an exciting time at Cooper. We have had a tremendous history and we have now put the pieces in place and created a solid foundation upon which to build our future. And that future looks very bright indeed."

Also at the meeting shareholders re-elected John F. Meier, Ronald L. Roudebush and John H. Shuey to the board for terms expiring in 2003.

BOARD MEETING:

The board of directors of Cooper Tire & Rubber declared a quarterly cash dividend of 10.5 cents per share on common stock, payable June 30, 2000 to stockholders of record June 2, 2000.

The board of directors also authorized the repurchase by the company of 10 million additional shares of its common stock from time to time, in open market or private transactions, when the company determines that conditions warrant such repurchases.

The stock repurchased will be used to meet the company's obligations under its executive and employee benefit plans, to fund future acquisitions and for other corporate purposes.

In April 2000, the company completed the repurchase of the remaining 2,010,400 shares from the 5 million shares which the board authorized the company to repurchase in 1997.

Commenting on the share repurchase authorization, Thomas A. Dattilo said, "We obviously feel that our stock is undervalued at this time. We have repurchased all shares that were previously authorized. With the board's authorization today, we are now able to evaluate and, as appropriate, pursue further share repurchase activity."

Company Description

Cooper Tire & Rubber Company is headquartered in Findlay, Ohio and specializes in the manufacture and marketing of automotive products. Products for Cooper's Tire Group include automotive, motorcycle and truck tires, inner tubes, tread rubber and equipment. In the Automotive Group, Cooper is an original equipment supplier of sealing, trim, NVH control systems and fluid handling systems for the automotive industry in North America, Europe, Australia and South America. Other products for this group include rubber and plastic sealing components for the refrigeration industry in North America. Cooper has more than 25,000 employees and 77 manufacturing facilities in 13 countries. For more information, visit the company's web site at: www.coopertire.com.

Forward-Looking Statements

This report contains "forward-looking statements," as that term is defined under the Private Securities Litigation Reform Act of 1995, regarding expectations for future financial performance, which involve uncertainty and risk. It is possible the company's future financial performance may differ from expectations due to a variety of factors including, but not limited to: changes in economic and business conditions in the world, increased competitive activity, achieving sales levels to fulfill revenue expectations, consolidation among the company's competitors and customers, technology advancements, unexpected costs and charges, fluctuations in raw material and energy prices, changes in interest and foreign exchange rates, regulatory and other approvals, the cyclical nature of the automotive industry, the loss of a major customer, risks associated with integrating the operations of The Standard Products Company and Siebe Automotive, and the failure to achieve anticipated synergies, savings and other capital avoidance.

It is not possible to foresee or identify all such factors. Any forward-looking statements in this report are based on certain assumptions and analyses made by the company in light of its experience and perception of historical trends, current conditions, expected future developments and other factors it believes are appropriate in the circumstances. Prospective investors are cautioned that any such statements are not a guarantee of future performance and actual results or developments may differ materially from those projected. The company makes no commitment to update any forward-looking statement included herein, or to disclose any facts, events or circumstances that may affect the accuracy of any forward-looking statement.

Further information covering issues that could materially affect financial performance is contained in the company's periodic filings with the U.S. Securities and Exchange Commission.