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 July 14, 2000, to shareholders of record on June 16, 2000.

The Quaker Oats Company press releases are available through the Internet: at www.quakeroats.com. They are also available at PR Newswire’s Company News On-Call Fax Service. For a menu of available Quaker Oats Company news releases or to retrieve a specific release, call 1-800-758-5804, extension 103689.

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CONTACT: Investor Contact, Margaret M. Eichman, V.P., Investor Relations, 312-222-7818, or Media Contact, Mark Dollins, Director, Corp. Comm., 312-222-7399, both of The Quaker Oats Company.

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