Dividend Declaration

Caterpillar Inc
10 December 2003

December 10, 2003

                    Caterpillar Inc. maintains dividend rate

PEORIA, IL - Caterpillar Inc. (NYSE: CAT) today declared a quarterly cash
dividend of thirty-seven cents ($0.37) per share on its common stock, payable
February 20, 2004, to stockholders of record at the close of business January
20, 2004.

This maintains the dividend rate declared for the previous quarter.


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