Investor Presentaiton

Note 8. DEBT A summary of long-term debt, including the current portion, is as follows: December 31 (In millions) 8.10% debentures due 2022 ($100 converted to floating rate by interest rate swap) 2.75% senior notes due 2022 ($1,400 converted to floating rate by interest rate swap) 3.68% notes due 2023 ($200 converted to floating rate by interest rate swap) 0.75% Euro notes due 2024 6.50% debentures due 2025 0.70% Euro notes due 2025 2022 2021 $ 100 1,600 300 587 624 145 145 534 567 0.128% Euro notes due 2026 960 1,021 3.10% senior notes due 2027 700 700 7.65% debentures due 2029 ($50 converted to floating rate by interest rate swap) 0.577% Euro notes due 2030 200 200 640 681 4.00% senior notes due 2032 700 700 4.15% sustainability-linked senior notes due 2033 1,300 5.45% debentures due 2034 ($25 converted to floating rate by interest rate swap) 5.80% notes due 2037 137 136 240 240 4.15% senior notes due 2042 1,000 1,000 3.92% senior notes due 2047 300 300 4.70% senior notes due 2052 700 5.25% to 7.875% notes (maturities ranging from 2024 to 2035, including $25 converted to floating rate by interest rate swap) 165 165 Other 23 87 Total long-term debt 8,331 8,566 Less current portion of long-term debt (10) (1,735) $ 8,321 $ 6,831 Long-term debt less current portion Substantially all these long-term debt instruments are fully and unconditionally guaranteed on an unsubordinated, unsecured basis by Eaton and certain of its direct and indirect subsidiaries (the Senior Notes). Further, as of December 31, 2022, all of these long-term debt instruments, except the 0.75% Euro notes due 2024, the 0.70% Euro notes due 2025, the 0.128% Euro notes due 2026, and the 0.577% Euro notes due 2030, are registered by Eaton Corporation under the Securities Act of 1933, as amended (the Registered Senior Notes). On August 23, 2022, Eaton Corporation issued sustainability-linked senior notes (2022 Sustainability-Linked Notes) and senior notes (2022 Senior Notes, and collectively referred to as the 2022 Notes). The 2022 Sustainability-Linked Notes have a face amount of $1.3 billion, mature in 2033, and pay interest semi-annually at an initial interest rate of 4.15% per annum. Beginning in September 2028, the interest rate payable on the 2022 Sustainability-Linked Notes will be increased by an additional 25 basis points per annum if the Scope 1 and Scope 2 greenhouse gas emissions sustainability performance target is not met. The 2022 Senior Notes have a face amount of $700 million, mature in 2052, and pay interest semi-annually at 4.70% per annum. The issuer received proceeds totaling $1.98 billion from the issuance of the 2022 Notes, net of financing costs and discounts. The 2022 Notes are fully and unconditionally guaranteed on an unsubordinated, unsecured basis by Eaton and certain of its direct and indirect subsidiaries. The 2022 Notes contain customary optional redemption and par call provisions. They also contain a change of control provision which requires the issuer to make an offer to purchase all or any part of the notes at a purchase price of 101% of the principal amount plus accrued and unpaid interest. The capitalized deferred financing fees are amortized in Interest expense - net over the respective terms of the 2022 Notes. The 2022 Notes are subject to customary non- financial covenants. 43

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