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.

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 800-758-5804, extension 103689.

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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.

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