Financial Astrology of Eaton Corporation

FINANCIAL ASTROLOGY

First Trade Date for Eaton Corporation

Company Name	First Trade Date (yyyy-mm-dd)
Eaton Corporation	1971-04-21

Company Name	Symbol
Eaton Corporation	ETN
History and Business of Company (this information may include date of incorporation)
Eaton Corporation (Eaton or Company) is a global diversified industrial manufacturer with 2003 sales of $8.1 billion. Eaton was incorporated in Ohio in 1916, as a successor to a New Jersey company incorporated in 1911. The Company is a leader in the design and manufacture of fluid power systems; electrical power quality, distribution and control; automotive engine air management and powertrain controls for fuel economy; and intelligent drivetrain systems for fuel economy and safety in trucks. Headquartered in Cleveland, Ohio, Eaton had 51,000 employees at year-end 2003 and sells products in more than 100 countries. More information regarding the Company is available at http://www.eaton.com. Eaton electronically files or furnishes reports pursuant to Section 13(a) or 15(d) of the Securities Exchange Act of 1934 (Exchange Act) to the United States Securities and Exchange Commission (Commission), including annual reports on Form 10-K, quarterly reports on Form 10-Q, and current reports on Form 8-K, as well as any amendments to those reports. As soon as reasonably practicable, these reports are available free of charge through the Company's Internet web site at http://www.eaton.com. These filings are also accessible on the Commission's Internet web site at www.sec.gov. In light of strong results for 2003 and growing momentum in many of its markets, Eaton took the following actions on January 21, 2004: - The Company's Common Shares were split two-for-one effective February 23, 2004. Accordingly, all per share amounts, average shares outstanding, shares outstanding and stock option information have been adjusted retroactively to reflect the stock split. - The quarterly dividend on the Common Shares was increased by 12.5%, from $.24 per share to $.27 per share (after adjustment for the stock split) - Cash of $75 million was contributed to the Company's qualified pension plans in the United States - A plan was initiated to repurchase 4.2 million Common Shares to offset the shares issued during 2003 from the exercise of stock options. In addition, the Company now intends, depending upon circumstances, to purchase additional shares to help offset dilution resulting from shares issued as a result of stock options exercised over the course of 2004. On January 31, 2003, the electrical business of Delta plc was acquired for approximately $215. The Delta business has operations in Europe and in the Asia/Pacific area and had sales of $326 in 2002. The business' major electrical brands include MEM(R), Holec(TM), Bill(TM), Home Automation(TM), Elek(TM) and Tabula(TM). Also in January 2003, the power systems business of Commonwealth Sprague Capacitor Inc. was purchased for $6, which was equal to its annual sales. In August 2003, a joint venture was formed with Caterpillar Inc. to provide switchgear products under the Cat(R) brand name. The joint venture operates under the name Intelligent Switchgear Organization LLC and is 51% owned by Eaton. Eaton's investment in the joint venture was approximately $30. In third quarter 2003, Eaton announced that it, together with Shaanxi Fast Gear Co., Ltd. and Xiang Torch Investment Co., Ltd., signed an agreement to form a joint venture in Xi'an, China to produce heavy-duty truck transmissions for the growing Chinese market. Eaton will have 55% ownership of the venture, which will be called Eaton Fast Gear (Xi'an) Co., Ltd. Regulatory approval was obtained on January 4, 2004 and production is expected to begin in fourth quarter 2004.

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