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Extends Share Repurchase Program up to $300 Million

February 21, 2017


Cooper Tire & Rubber Company today announced that its Board of Directors has increased and extended its share repurchase program by authorizing the repurchase of up to $300 million of the company’s outstanding common stock through Dec. 31, 2019.

“The consistent execution of our strategic plan and the structural improvement of our business model over the past several years have put Cooper in a very strong financial position, and we continue to deliver on opportunities to profitably grow our business,” said Brad Hughes, President & Chief Executive Officer. “Our increased and extended share repurchase program demonstrates our confidence in the Cooper business model and our commitment to continuing to deliver value to shareholders. It also represents a key component of our balanced approach to capital allocation as we plan to continue to invest in our business, opportunistically pursue value-enhancing acquisitions and partnerships, and return capital to shareholders.”

The $300 million authorization replaces the $98 million remaining on the authorization from February 2016, as of Feb. 14, 2017. The increased authorization is approximately 15 percent of the current market capitalization. Shares will be purchased from time to time based on market conditions and will be executed through open market purchases, privately negotiated purchases, and other means. All or part of the repurchases may be implemented under Rule 10b5-1 trading plans, which allow repurchases under preset terms when the company might otherwise be prevented from doing so. The repurchased shares will be held in Treasury and used for general corporate purposes.

Since the company began repurchasing shares in August 2014 through Feb. 14, 2017, Cooper has repurchased approximately 12.6 million shares at an average price of $34.15, which amounts to 20 percent of the outstanding shares as of August 2014. As of Feb. 14, 2017, Cooper had approximately 52.7 million outstanding common shares.

Forward-Looking Statements

This release contains what the company believes are “forward-looking statements,” as that term is defined under the Private Securities Litigation Reform Act of 1995, regarding projections, expectations or matters that the company anticipates may happen with respect to the future performance of the industries in which the company operates, the economies of the United States and other countries, or the performance of the company itself, which involve uncertainty and risk.

Such “forward-looking statements” are generally, though not always, preceded by words such as “anticipates,” “expects,” “will,” “should,” “believes,” “projects,” “intends,” “plans,” “estimates,” and similar terms that connote a view to the future and are not merely recitations of historical fact. Such statements are made solely on the basis of the company’s current views and perceptions of future events, and there can be no assurance that such statements will prove to be true.

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