Eaton Quarterly Dividend Payable November 21, 2003

CLEVELAND--Oct. 2, 20032, 2003--Diversified industrial manufacturer Eaton Corporation's Board of Directors today declared a regular quarterly dividend of $.48 per common share, payable on November 21, 2003 to shareholders of record on November 3, 2003. Eaton has paid dividends on common shares every year since 1923.

Eaton Corporation is a global diversified industrial manufacturer with 2002 sales of $7.2 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 in more than 50 countries. For more information, visit www.eaton.com.