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.

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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.