August 15, 2001


     In February 2001, The Procter & Gamble Company and The Coca-Cola Company
(KO) announced plans to create a stand-alone enterprise to develop and market
juices and salted snacks. Based on continuing discussions with KO, we anticipate
that the nature and terms of any transaction that may result will differ
materially from the transaction originally announced in February 2001.

     P&G's strategic objectives continue to be to maximize the potential of
P&G's upstream healthy beverage technologies and products and to accelerate
Pringles' growth through expanded distribution, marketing and merchandising
support. The discussions with KO are intended to meet this objective.
Specifically, the parties are presently discussing an opportunity to distribute
Pringles through KO's bottler and distribution system and a new venture focused
on the commercialization of healthy beverage technologies and products. Both
companies will retain their established brands.

     Both parties intend to continue working together to complete a mutually
beneficial transaction, subject to continuing successful negotiations. In the
meantime, P&G continues to focus on building its global Sunny Delight and
Pringles brands, and is pleased with the brands' strengthening business trends.

     P&G does not intend to update or revise these statements until a binding
agreement is reached.