Timken Company directors and executives discuss a shareholder proposal requesting the company split the steel and bearings businesses into separate public companies. Timken directors and executives discuss why they believe the proposal to split the company would derail Timken’s strategy and deprive shareholders of the opportunity for long-term value.

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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