Deutsche Bank Global Industrials Conference

Alexander M. Cutler Chairman and Chief Executive Officer June 12, 2013

2013 Eaton. All rights reserved.

Forward-looking statements and non-GAAP financial information

The information provided at our conference today will include forward-looking statements relating to our goals and estimates for future years, including statements about expected sales, acquisition synergies, operating earnings per share, cash flow, segment margins, our worldwide markets, our anticipated effective income tax rate, the tax treatment of our dividends and others. These statements should be used with caution and are subject to various risks and uncertainties, many of which are outside the companys control. The following factors could cause actual results to differ materially from those in the forward-looking statements: unanticipated changes in the markets for the companys business segments; unanticipated downturns in business relationships with customers or their purchases from us; competitive pressures on sales and pricing; increases in the cost of material and other production costs, or unexpected costs that cannot be recouped in product pricing; the introduction of competing technologies; unexpected technical or marketing difficulties; unexpected claims, charges, litigation or dispute resolutions; the impact of acquisitions and divestitures; unanticipated difficulties integrating acquisitions or realizing expected synergies from the Cooper acquisition; new laws and governmental regulations; interest rate changes; changes in currency exchange rates; stock market fluctuations; and unanticipated deterioration of economic and financial conditions in the United States and around the world. We do not assume any obligation to update these forward-looking statements. This presentation includes certain non-GAAP measures as defined by SEC rules. A reconciliation of those measures to the most directly comparable GAAP equivalent is provided in the investor relations section of our website at www.eaton.com and is contained in your packet.

2013 Eaton. All rights reserved.

Eaton A Premier Diversified Power Management Company

A balanced power management company Cooper acquisition transforms the Electrical Sector Creating consistent and profitable growth across our Industrial Sector Summary and guidance
2013 Eaton. All rights reserved.

Eaton is a global leader in power management

Electrical Fluid Mechanical

Cities & Buildings

Information Technology

Energy & Utilities

Industrial & Machinery

Infrastructure

Transportation

Uniquely positioned to provide safe, reliable, efficient and sustainable power management solutions for our global customers

2013 Eaton. All rights reserved.

Our targeted mix shift has resulted in exposure to high-growth markets and powerful megatrends
60Percentage increase in global demand for energy in buildings
projected by 2050

600Percentage increase in the global LED lighting market

projected by 2020, a CAGR of ~25%

70Percentage increase in liquid petroleum demand in Non-OECD

nations expected by 2040

70Percentage increase in food production by 2050 necessary to feed

a global population of 9.1 billion people

150Percentage increase in annual distances travelled by commercial

aviation expected by 2030

25Percentage increase in fuel economy necessary by model

year 2018 to meet the first ever U.S. emissions standards for heavy-duty trucks

2013 Eaton. All rights reserved.

In 2012, we completed the transformational acquisition of Cooper Industries

+ + + + +

Grows the global scale of our electrical business Improves our breadth of products with virtually no overlap Increases leverage to global megatrends: energy efficiency, utility grid upgrade, industrial safety Brings our overall portfolio to $21.8 B in revenue Combined company has 103,000 employees, sales in 175 countries

Founded 1833 2012 Sales $5.9 B 29,000 Employees Manufacturing in 23 countries Sales in over 100 countries

2013 Eaton. All rights reserved.

With the completion of the Cooper acquisition, we have resegmented the businesses
Electrical Sector
2012 Sales by Sector
Electrical Products
Legacy Eaton:
Non-residential & Residential Products Industrial Controls Single Phase Power Quality

Industrial Sector
Pro-forma, including Cooper

Hydraulics

Legacy Cooper:
Bussmann Lighting B-Line Wiring Devices Safety

$8.6 B $13.2 B

Aerospace

Electrical Systems & Services

Legacy Eaton:
Power Distribution & Assemblies Three Phase Power Quality Software & Services

Vehicle

Legacy Cooper:

Total Sales $21.8 B

Power Systems Crouse-Hinds

Truck and Automotive Drivetrain and Powertrain Systems

2013 Eaton. All rights reserved.

We have achieved a powerful business mix that is geographically balanced

Pro-forma 2012 Sales by Business*
18% 23% 8% 60% 14% 27% 50%

Pro-forma 2012 Sales by Geography*

Electrical Aerospace

Hydraulics Vehicle

U.S.

International Developed

International Emerging

*2012 Pro-forma data,including Cooper

2013 Eaton. All rights reserved.

and built a portfolio of businesses that are well balanced across the business cycle
2012 Global Sales by Cycle
14% 11% No Cycle $2.4 B Electrical Service Defense Filtration Aerospace Aftermarket Commercial Aerospace Utilities Nonres. Construction Large Data Centers

24%

30% Late Cycle $6.5 B

31%

29% Hydraulics Industrial Controls Medium Duty Truck Mid-sized Data Centers

Mid-Cycle $6.4 B 31% 30%

Pro-forma, Pro-forma, excluding Cooper including Cooper

Early Cycle $6.5 B

Residential Construction 1-Phase Power Quality Heavy Duty Truck Automotive

2013 Eaton. All rights reserved.

Our transformed portfolio is better positioned to withstand market contractions

Peak-to-trough market decline in a typical recession
Old Eaton New Eaton

-4%

-10%
60% reduction in peak-to-trough market decline
Reflects an average market decline in the 1981 - 1982, 1990 - 1991, and 2000 2001 recessions
2013 Eaton. All rights reserved.

10

Even during more severe recessions such as 2008, Eatons EBIT volatility is now expected to be lower
EBIT Volatility
2007 - 2011
125%
>125%

Volatility
75%

Sequential Quarterly Percent Change in EBIT

25%

Eaton (stand- alone)

1.17

-25%

Eaton (plus Cooper)

0.36

-75%

-125% 2007 Eaton 2008

<-125%

PDI Range
2010 2011

0.14 to 0.60

2009

Eaton plus Cooper

Volatility = Standard deviation of sequential quarterly EBIT change; PDI peers include MMM, DHR, EMR, GE, ITW, and UTX 2013DOV, Eaton. All rights reserved.
11

Since embarking on our strategy in 2000, we have fundamentally improved the business
2000 Sales Market capitalization
(as of 12/31)

2012 $21.8B pf $25.1B 14.1%* $1.08B $17.9B pf

82%

Change 2.6x

Strategic Imperatives

$8.3B $5.5B 9.8% $0.13B $4.7B

56%

Improve size 4.6x 430 bps 8.1x 3.8x

a

Segment margins Free cash flow Elec / Hyd / Aero sales

% of total

Improve performance

Emerging market sales

% of sales

$0.8B
10%

$5.0B pf
23%

6.3x

Improve consistency

Note: pro-forma 2012 sales metrics include Cooper full-year results. *2012 segment margins adjusted for $50M restructuring
2013 Eaton. All rights reserved.

12

Our shareholder returns have been strong

Return Index

Cumulative Shareholder Returns

2000 May 31, 2013 CAGR* 14.9%

600 500 400

9.4%
300 200

3.7%
100 0 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 May, 2013

Eaton

S&P 500

DI Group

Note

DI Group represents an equal weighted index of ABB, DHR, DOV, EMR, GE, HON, IR, ITW, MMM, PH, SI, SPW, TXT, UTX; *CAGR = Calculated using the End Point Methodology Source Data: Capital IQ
2013 Eaton. All rights reserved.

13

Our dividend yield has been a major driver of our strong shareholder returns
Total Shareholder Returns
2000 May 31, 2013 6.0x 4%

Dividend Yield
As of May 31, 2013*

5.0x

2.1x

5.6x

4.0x

3.0x

2.0x

3.5x

1.0x

0.0x SI ABB ETN MMM GE ITW PH IR EMR HON DOV UTX SPW TXT DHR
14

Share Appreciation

Dividends

Total Shareholder Returns

0%

* Eaton dividend yield reflects the increased $0.42/share dividend

2013 Eaton. All rights reserved.

and our dividend policy of growing future dividends in line with earnings growth remains unchanged
Our dividend has grown at 14% CAGR since 2003 We announced a 10.5% increase in our quarterly dividend in February 2013 70% - 80% of the dividend in 2013 is now expected to be treated as a return of capital for U.S. shareholders We expect the return of capital treatment of our dividends to continue over the medium term
Dividends Per Share
$2.00

$1.50

$1.00

$0.50

$0.00 2013e 2000 2002 2004 2006 2008 2010 2012

2013 Eaton. All rights reserved.

15

Eaton A Premier Diversified Power Management Company

A balanced power management company Cooper acquisition transforms the Electrical Sector Creating consistent and profitable growth across our Industrial Sector Summary and guidance
2013 Eaton. All rights reserved.

16

The acquisition of Cooper is transformational for our business

Largest acquisition in Eatons 102-year history Broad set of complementary electrical products and solutions
Significant synergies with little overlap

Expansion across the entire power system

Upstream into power solutions encompassing primary and secondary distribution, grid automation and smart grid Downstream into lighting, lighting controls and wiring devices

* Cooper 2012 results on a standalone basis

2013 Eaton. All rights reserved.

17

Cooper has a wide range of complementary electrical businesses

Power Systems
Distribution grid protection & automation

Lighting
Broad lighting packages for indoor & outdoor use

Bussmann Crouse-Hinds
Global leader in electrical solutions for harsh & hazardous environments Global leader in circuit protection

B-Line
Global provider of structural systems & wire management solutions

Safety
Leading European provider of emergency lighting, notification & video security

Wiring Devices
Electrical devices for commercial & residential power distribution
2013 Eaton. All rights reserved.

18

Cooper is positioned to capitalize on similar global trends as historic Eaton business

Global Opportunity
Utility Grid Upgrades Reliability Alternative Energy Safety / Protection Energy Efficiency LED Lighting
$1.8T in grid upgrades over the next two decades Mission critical applications growing as a share of total consumption Renewables share of generation to double by 2025 Increasing emphasis on electrical safety $100B building energy efficiency market by 2017 Over 60% of all lighting by 2020

Eaton

Cooper

2013 Eaton. All rights reserved.

19

The combined business is balanced and has substantial platforms for future growth
Residential Commercial / Infrastructure Oil & Gas / Other Industrials Utility Machine Builders Data Center/IT Eaton Electrical Cooper
2013 Eaton. All rights reserved.

Six primary platforms for growth Each >$1B in sales All have global scope Market and channel position substantially enhanced in at least four of the platforms

20

Our expanded capabilities position us to provide solutions across a broad range of end markets
Structural Solutions & Wiring Devices Backup Power Protection
Legacy Eaton

Engineering Services

Legacy Cooper

Power Distribution & Circuit Protection

Control & Automation

Solutions for Harsh & Hazardous Environments

Data Centers

Lighting & Security

2013 Eaton. All rights reserved.

21

Our electrical business is geographically balanced between U.S. and international markets
Electrical Products
Emerging

Electrical Sector
Emerging 20% U.S. 53%

20% U.S. 48% Intl Developed 32%

Electrical Systems & Services

Emerging Intl Developed 27%
Note: full year 2012 Sales for Eaton Electrical and Cooper on a standalone basis

20% U.S. Intl Developed 21%

2013 Eaton. All rights reserved.

59%

22

and our large share of component sales results in higher profitability and less variability
Electrical Solutions Mix (Eaton + Cooper) 2013E Sales $13.9B
Services 9% Compnt's 51%

Characteristics of Components MRO as well as projects business For internal consumption and for a wide range of external electrical / machinery OEMs Global business with opportunity to leverage technology and scale Characteristics of Systems & Services Projects business with significant influence from end users and specifying consultants Potential to package solutions together for large orders Very large market opportunity requires local and segment intimacy

Systems 40%

2013 Eaton. All rights reserved.

23

The synergies expected from the acquisition remain on track against our March forecast
Annual Pre-tax Synergies from Cooper Industries Acquisition ($Millions) Sales synergies Cost-out synergies Total Operational Synergies 2013 10 80 90 2014 35 145 180 2015 70 250 320 2016 115 290 405

Global cash management and resultant tax benefits

160

160

160

160

Acquisition integration costs, pre-tax

90

90

30

2013 Eaton. All rights reserved.

24

Operating synergies will be derived from five main areas

EBS
Plant & Distribution 133 small / medium plants 64 distribution centers $3.8B in fixed costs High % of fixed overhead in small / medium plants

Application of EBS Tools ELSS EQS 6% average improvement in our manufacturing costs on large Electrical acquisitions

Supply Chain Economies of Scale $4.8B direct spend $2.3B indirect spend $0.5B logistics 4% average supply chain savings on large Electrical acquisitions

Leveraging Eatons Infrastructure Technology centers in Pune, Shenzhen, Prague Global shared service centers

Corporate Cost Reduction Corporate functions Back office support Data centers

$290M in mature year cost-out savings

2013 Eaton. All rights reserved.

25

and sales synergies will come from four key areas

Larger Package to Common Customers Oil & Gas Data Centers Mining Utility

Boost Channel Sales Strengthen regional presence Stronger niche presence

Service Business Build on strong Global infrastructure Use Lighting to extend Energy Services

Deal Enables Geographic Expansion China Mexico Middle East Africa Russia

$565M in incremental mature year sales

2013 Eaton. All rights reserved.

26

Eaton A Premier Diversified Power Management Company

A balanced power management company Cooper acquisition transforms the Electrical Sector Creating consistent and profitable growth across our Industrial Sector Summary and guidance
2013 Eaton. All rights reserved.

27

Our Industrial businesses offer compelling power management solutions

Hydraulics
2012 Sales $3.0B

Hydraulic motion and control products that efficiently solve the worlds most demanding needs for power

Aerospace
2012 Sales $1.7B

Hydraulic, fuel, pneumatic, and electrical products that deliver safe and efficient solutions for aircraft

Vehicle
2012 Sales $3.9B

Transmissions and engine air management products that efficiently transfer power and improve fuel economy, emissions and safety

2013 Eaton. All rights reserved.

28

that are focused on key market drivers

Key Market Drivers
Growth of emerging markets

Eatons Growth Drivers

Expansion in China, India, Brazil and Eastern Europe Investing in technology and product leadership Strategic acquisitions and alliances

Increasing customer demands on cost, quality and delivery

Cost of fossil fuels New regulations and the need to reduce environmental impact

Focus on energy markets, fuel efficiency, reduced emissions and safety

2013 Eaton. All rights reserved.

29

Our Hydraulics business serves large and diverse end markets

2012 sales of $3.0B Business Mix
70% Mobile 30% Stationary 50% Direct 50% Distribution
Other

Market Mix
Recreation Construction

Processing

Key Business Drivers

Better profitability across the business cycle Well positioned in key growth markets Investment in product innovation Emerging markets Acquisitions and alliances

Material Handling Agriculture Manufacturing

Commercial Vehicles

Oil & Gas / Energy

Expected 2013 operating margin of 13.5%

2013 Eaton. All rights reserved.

30

Our two Hydraulics acquisitions in 2012 are a platform for growth in emerging markets
Acquisition Rationale:
HQ in S. Korea, 2011 sales $189M Expands our portfolio of components for global construction equipment Strengthens our ability to serve local OEMs with best cost manufacturing

Delivering for Customers:

Eaton has won the main control valves business from Hyundai Heavy Industries for their next generation 5-ton and 8-ton class excavators

HQ in Turkey, 2011 sales $335M Expands our rubber, PVC, and thermoplastic industrial hose portfolio Enhances market access to Eastern Europe, Asia, and Africa

Eaton has significantly expanded sales in Turkey, Middle East, Baltics, and CIS countries New customers added in 10 countries where Eaton Hydraulics had no prior sales

2013 Eaton. All rights reserved.

31

Our Aerospace business has breadth across many markets and platforms
2012 sales of $1.7B Business Mix
Commercial: 65% Military: 35% Original Equipment: 65% Aftermarket: 35%

Market Mix
General Rotorcraft Military Aviation Transport Business Jet Regional Transport

Military Fighters

Military Rotorcraft

Key Business Drivers

Strong positions on the right platforms Strength in both aftermarket programs and service Innovation and system solutions
Large Transport Other

Expected 2013 operating margin of 14%

2013 Eaton. All rights reserved.

32

Vehicle is well positioned to serve global OEMs

2012 sales of $3.9B Business Mix
North America: 50% South America: 20% EMEA: 20% APAC: 10%

Market Mix
Ag / Off Highway Other

Line Haul

Passenger

Key Business Drivers

Globally diversified business Leveraging fuel economy and emissions reduction Continued growth in emerging markets
Vocational Pickup and Delivery

Expected 2013 operating margin of 16%

2013 Eaton. All rights reserved.

33

Eaton A Premier Diversified Power Management Company

A balanced power management company Cooper acquisition transforms the Electrical Sector Creating consistent and profitable growth across our Industrial Sector Summary and guidance
2013 Eaton. All rights reserved.

34

Despite slower forecasted global growth, we are targeting 8% revenue growth through the cycle

Six Percent
Core Revenue Growth ~2x GDP
High Growth End Markets Emerging Markets Innovation

Two Percent
Growth from Acquisitions

2013 Eaton. All rights reserved.

35

We now expect record margins in 2013, with further expansion through 2015
2012 Electrical Products Electrical Systems & Service Hydraulics Aerospace Vehicle Eaton Consolidated N/A N/A 13.0% 12.4% 14.6% 13.8% 2013E 16.0% 14.0% 13.5% 14.0% 16.0% 15.0% 2015 Target 18% 16% 17% 16% 17% 17%

2013 Eaton. All rights reserved.

36

Corporate and pension expenses are expected to continue decreasing

5%

4%

% of Sales

3%

1.3%

1.2% 0.9%

1.5%

2.0% 1.6%

2%

0.9%

1.0%

0.7% 0.4%

1%

1.7%

1.6%

1.4% 2012
Pension expense

1.4%

1.3% 2015E

0%

2010

2011

2013E

Corporate expenses excl. pension

Amortization & inventory step-up

2013 Eaton. All rights reserved.

37

This will result in substantial cash generation from our transformed business, beginning in 2013
Fundamental shift in levels of cash flow generation, starting in 2013

2013 is the start of a new era for Eaton 2012 was an all-time record op. cash flow

$2.6 B $2.7 B

$1.7 B

2012
2013 Eaton. All rights reserved.

2013e
38

We project market growth of 2% to 3% for 2013

2013E Total Electrical Products Index Electrical Systems & Service Index Hydraulics Index Aerospace Index Vehicle Index Eaton Consolidated Index Eaton Weightings
2013 Eaton. All rights reserved.

2013E U.S. 4% 4% (5)% 1% 1% 2-3% 50% Non U.S. 2% 4% (3)% 4% 3% 2-3% 50%
39

3% 4% (4)% 2% 2% 2-3%

Now expect market growth to be towards the lower end of the range

2013 Outlook
Core Revenue Growth Net Acquisition Revenue Incremental Margin Tax Rate Operating EPS Full Year Q2 $900M $6,000M 33% 7% - 9% $4.05 $4.45 $1.05 - $1.15 $2.6B to $2.7B $1.9B to $2.0B

Operating Cash Flow Free Cash Flow

2013 Eaton. All rights reserved.

40

2013 the start of a new era for Eaton

We have the balance across our businesses to drive strong earnings growth throughout the economic cycle The transformed company will be higher growth, higher margin
We expect revenue growth through the cycle of 8% We have raised our 2015 segment margin goal to 17%

Post the Cooper acquisition, Eatons earnings volatility is near the midpoint of performance for peer diversified industrials The Eaton Business System powers our integrated operating model, and will drive the integration of Cooper
Strong EPS accretion from year one; exceeding original estimates We remain confident in the current and mature year synergies from the acquisition

Our dividend provides a yield in the top third of our peers, and for U.S. shareholders is expected to be treated as a return of capital over the medium term Performance in 2013 is more dependent on execution than on global growth

2013 Eaton. All rights reserved.

41