Aureobasidium pullulans IAM 5060 grown in media with initial pHs of 6 and 7 differed in its production of exopolysaccharides (EPS). Under the latter condition, EPS of a high molecular weight was produced in an especially large amount. The viscosity of the culture broths and the EPS solutions obtained by removing the microbial cells exhibited a marked non-Newtonian and complex behavior depending on the measurement method. The nature of the viscosity of the fluids is explained by means of several structural models of their constitutive particles.