The board of directors of The Quaker Oats Company (NYSE: OAT) today declared a quarterly dividend of 28-1/2 cents per share on the Company's outstanding common stock, payable April 13, 2001, to shareholders of record on March 21, 2001.

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For Further Information: Investor Contact: Margaret M. Eichman, V.P. Investor Relations and Corporate Affairs, 312.222.7818 and Media Contact: Mark Dollins, Director, Corporate Communications, 312.222.7399.