Eaton Corp.: Eaton Increases Dividend by 12.5 Percent and Announces 2-for-1 Stock Split

CLEVELAND--

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.
For more information, visit www.eaton.com.