Eaton quarterly dividend payable May 28, 2004



CLEVELAND ... Diversified industrial manufacturer Eaton Corporation's (NYSE:ETN) Board of Directors today declared a regular quarterly dividend of $.27 per common share, payable on May 28, 2004 to shareholders of record on May 10, 2004.

Eaton has paid dividends on common shares every year since 1923. On January 21, 2004, the company announced that the dividend would increase to $.54 per common share and that the stock would split two for one.

Eaton Corporation is a diversified industrial manufacturer with 2003 sales of $8.1 billion. Eaton is a global leader in fluid power systems and services for industrial, mobile and aircraft equipment; electrical systems and components for power quality, distribution and control; automotive engine air management systems and powertrain controls for fuel economy; and intelligent drivetrain 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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William Hartman, vice president, Investor Relations

Gary Klasen, director, Media Relations