Eaton Declares Quarterly Dividend

    CLEVELAND--Jan. 22, 2003--Diversified industrial manufacturer Eaton Corporation's Board of Directors today declared a regular quarterly dividend of $.44 per common share, payable on February 21, 2003 to shareholders of record on February 3, 2003. Eaton has paid dividends on common shares every year since 1923.
    Eaton Corporation is a global $7.2 billion diversified industrial manufacturer that is a leader in fluid power systems; electrical power quality, distribution and control; automotive engine air management and fuel economy; and intelligent truck systems for fuel economy and safety. Eaton has 48,000 employees and sells products in more than 50 countries. For more information, visit www.eaton.com.