The McGraw-Hill Companies Declares Quarterly Dividend.

Business Editors

NEW YORK--(BUSINESS WIRE)--April 30, 2003

At a regular meeting of the Board of Directors of The McGraw-Hill Companies (NYSE: MHP) held today, the Board approved a quarterly dividend of 27 cents per share on the common stock payable on June 11, 2003 to shareholders of record on May 28, 2003.

The McGraw-Hill Companies' dividend declaration follows the Corporation's announcement yesterday of first quarter earnings per share from continuing operations of 20 cents, which exceeded the First Call consensus estimate.

The year 2003 marks the 30th consecutive year the Board has increased dividends for The McGraw-Hill Companies. In January, the Corporation announced a 5.9% increase in the regular quarterly cash dividend on the Corporation's common stock. The annualized rate of $1.08 per share represents an average compound annual growth rate on the Corporation's common stock dividend of 10.3% since 1974.

The McGraw-Hill Companies, which has paid a dividend to shareholders each year since 1937, has increased its dividend annually since 1974 and is one of fewer than 40 companies in the S&P 500 to have increased its dividend each year for 30 consecutive years.

About The McGraw-Hill Companies

Founded in 1888, The McGraw-Hill Companies is a global information services provider meeting worldwide needs in the financial services, education and business information markets through leading brands such as Standard & Poor's, BusinessWeek and McGraw-Hill Education. The Corporation has more than 320 offices in 34 countries. Sales in 2002 were $4.8 billion. Additional information is available at http://www.mcgraw-hill.com.