FOR IMMEDIATE RELEASE

                  TURKISH ECONOMIC CRISIS IMPACTS P&G's SECOND
                  --------------------------------------------
                                  HALF EARNINGS
                                  -------------


     CINCINNATI, Feb. 26, 2001 - The Procter & Gamble Company today said it is
revising its earnings outlook for the second half of its fiscal year. The
changes in earnings expectations reflect the recent political and financial
crisis in Turkey, resulting in the dramatic devaluation of the Turkish lira.
Turkey is P&G's twelfth largest business representing over $400 million annually
in company sales.

     The company expects core third quarter earnings per share (EPS) on a
diluted basis to be 69 to 72 cents per share, which is two to three cents lower
than current estimates. In addition, unit volume and sales will be down about
one percent versus previous guidance for the third quarter. Core diluted EPS for
the year will be four to five cents below previous expectations, which puts the
company at the low end of current analysts' estimates. These revised
expectations reflect the immediate balance sheet devaluation in Turkey and the
anticipated business impact on the company's volume and margins.

     President and Chief Executive, A. G. Lafley, said, "The sudden crisis in
Turkey is unfortunate. However, we will not sacrifice plans undertaken elsewhere
around the world to get the business back on track in order to offset this
short-term issue. Instead, we will continue to focus on big brands and leading
customers, tighter cost and cash management and better consumer value to get our
business growing again."

     This news release contains forward-looking statements, as that term is
defined in the Private Securities Litigation Reform Act of 1995. In addition to
the risks and uncertainties noted in this news release, there are certain
factors that could cause results to differ materially from those anticipated by
some of the statements made. These include the expansion of the financial crisis
beyond Turkey, the achievement of the business unit volume and income growth
projections, the achievement of the company's cost containment goals, and the
timely divestiture of assets within the company's ongoing minor brand
divestiture program, as well as factors listed in Management's Discussion and
Analysis of Financial Condition and Results of Operations in the company's most
recently filed Forms 10-K and 8-Ks.

     P&G markets approximately 300 brands to nearly five billion consumers in
over 140 countries. These brands include Tide(R), Ariel(R), Crest(R), Pantene
Pro-V(R), Always(R), Whisper(R), Pringles(R), Pampers(R), Oil of Olay(R), and
Vicks(R). Based in Cincinnati, Ohio, USA, P&G has on the ground operations in
over 70 countries and employs more than 110,000 people worldwide. For more
information on P&G and its products please visit our website at
http://www.pg.com.

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P&G Contacts:
Thomas M. Millikin   513-983-8248
Linda L. Ulrey       513-983-8975