Eaton Increases Dividend

21.01.2004

As announced in today’s fourth quarter 2003 earnings news release, the Board of Directors of diversified industrial manufacturer Eaton Corporation has approved a two-for-one stock split.

As a result of the split, shareholders of record at the close of business on February 9, 2004 will receive one additional common share for every share held. The additional shares will be mailed or delivered on or about February 23, 2004 by the company's transfer agent, EquiServe.

Eaton also announced in its earnings release that its Board of Directors has declared a 12.5 percent increase in the quarterly dividend from $.48 per common share to $.54 per common share, on pre-split shares. The dividend is payable on February 27, 2004 to shareholders of record at the close of business on February 9, 2004. Eaton has paid dividends on common shares every year since 1923.

Eaton Corporation is a global diversified industrial manufacturer with 2003 sales of $8.1 billion that is a leader in fluid power systems; electrical power quality, distribution and control; automotive engine air management and fuel economy; and intelligent systems for fuel economy and safety in trucks. Eaton has 51,000 employees and sells products to customers in more than 100 countries.

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