CalSTRS and Relational Investors discuss their shareholder proposal at Timken Company requesting the company split the steel and bearings businesses into separate public companies. Senior representatives of CalSTRS and Relational Investors discuss why they believe Timken’s share price does not reflect the indicated trading values of the Company’s bearings and steel businesses and how a break up could benefit shareholders.

CalSTRS and Relational Investors, which together own 7.28% of Timken, believe the Company should develop a clear path to remove the share price discount by separating the steel business to allow the market to independently value Timken’s bearings and steel businesses. They believe that shareholder value could be unlocked though the separate public trading of Timken’s steel and bearings businesses and feel that Timken’s conglomerate structure causes the Company’s stock to trade at a significant discount.

The Timken annual meeting is May 7, 2013.

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