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Clarification of Outlook Table Referenced in Parker Hannifin Corporation's Fourth Quarter Earnings Announcement

July 29, 2003

CLEVELAND, July 29 /PRNewswire-FirstCall/ -- Clarification notes outlook and assumptions for full year and earnings outlook for the next quarter.

     (Photo: http://www.newscom.com/cgi-bin/prnh/19990816/PHLOGO )

     Outlook: Parker Hannifin Corporation (NYSE: PH)

     Segments: Sales Growth vs. FY 2003 - Full Year

     - Industrial North America            2.0%     to       5.0%
     - Industrial ROW                      5.0%     to       8.0%
     - Aerospace                          -8.0%     to      -5.0%
     - Climate & Industrial Controls      -3.0%     to       0.0%
     - Other                               2.0%     to       5.0%

     Segments: Operating Income Change vs. FY 2003 - Full Year

     - Industrial North America           20.0%     to      30.0%
     - Industrial ROW                     20.0%     to      30.0%
     - Aerospace                         -30.0%     to     -15.0%
     - Climate & Industrial Controls       0.0%     to      10.0%
     - Other                              10.0%     to      20.0%

     Assumptions - Full Year

     - Corporate Admin.                   + or - 5%    vs.   FY 2003
     - Interest Expense                   + or - 5%    vs.   FY 2003
     - Other                                   same as FY 2003
     - Tax Rate                                     34.5%

     Earnings - Fiscal Q1 vs. Last Year

Earnings per diluted share are expected to be 20% to 30% below the first quarter of FY 2003

SOURCE Parker Hannifin Corporation
07/29/2003

CONTACT: Media, Lorrie Paul Crum, VP - Corp. Communications, +1-216-896-2750, or After hours, +1-330-666-4196, or lcrum@parker.com, or Financial Analysts, Pamela Huggins, VP & Treasurer, +1-216-896-2240, or phuggins@parker.com, both of Parker Hannifin

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