EATON CORPORATION
THIRD QUARTER 2008 REPORT ON FORM 10-Q
ITEM 6
EXHIBIT 12
RATIO OF EARNINGS TO FIXED CHARGES

	Nine months
	ended
	September 30,			Year ended December 31
	2008			2007			2006		2005		2004		2003
Income from continuing operations before income taxes	$	994		$	1,041		$	969	$	964	$	749	$	463
Adjustments
Minority interest in consolidated subsidiaries		10			14			10		5		7		12
(Income) losses of equity investees		(8	)		(6	)		1		1				(3	)
Interest expensed		147			193			139		109		88		93
Amortization of debt issuance costs		2			1			1		1		1		2
Estimated portion of rent expense representing interest		39			44			41		38		37		38
Amortization of capitalized interest		10			12			12		12		17		13
Distributed income of equity investees					1			1		4		3
Adjusted income from continuing operations before income taxes	$	1,194		$	1,300		$	1,174	$	1,134	$	902	$	618
Fixed charges
Interest expensed	$	147		$	193		$	139	$	109	$	88	$	93
Interest capitalized		10			14			14		13		7		7
Amortization of debt issuance costs		2			1			1		1		1		2
Estimated portion of rent expense representing interest		39			44			41		38		37		38
Total fixed charges	$	198		$	252		$	195	$	161	$	133	$	140
Ratio of earnings to fixed charges		6.03			5.16			6.02		7.04		6.78		4.41

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