FOR IMMEDIATE RELEASE
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                PROCTER & GAMBLE - FOURTH QUARTER 2001/02 UPDATE
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       Procter & Gamble Increases Top and Bottom Line Guidance for Quarter
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         CINCINNATI, June 12, 2002 - The Procter & Gamble Company today stated
that it expects earnings growth for the June 2002 quarter to exceed prior
guidance behind strong volume performance.

         Core earnings per share, which excludes restructuring charges, are
expected to grow in the high teens range and exceed current Wall Street
analysts' consensus estimates. This improvement is after adjusting the base
period for comparable accounting treatment for goodwill and intangible assets.

         Volume growth is expected to increase nine to 10 percent behind the
Clairol acquisition and strong performances by the beauty care, health care and
fabric and home care business units, especially in North America. Excluding the
impact of acquisitions and divestitures, volume growth is forecasted to be in
the mid single digit range.

         Sales, excluding foreign exchange, are expected to finish the quarter
with growth in the mid to high single digit percent range. Foreign exchange is
forecasted to negatively impact the top line by about one to two percent, which
is an improvement versus the previous guidance due to recent strengthening in
the yen and the euro.

         Operating margins for the quarter are expected to grow by about 100
basis points versus the comparative quarter a year ago. This is in line with
previous guidance.

         All statements, other than statements of historical fact included in
this news release, are 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 achievement of the business unit volume and
income growth projections, the achievement of the company's cost containment
goals, the successful integration of the Clairol business, the continued
political and/or economic uncertainty in Latin America and the Middle East, any
political and/or economic uncertainty due to terrorist activities, 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.

ABOUT PROCTER & GAMBLE
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         P&G markets more than 250 brands including Pampers(R), Tide(R),
Ariel(R), Always(R), Whisper(R), Pantene(R), Bounty(R), Pringles(R), Folgers(R),
Charmin(R), Downy(R), Lenor(R), Iams(R), Olay(R), Clairol Nice `n Easy(R),
Herbal Essences(R), Crest(R), Vicks(R) and Actonel(R). P&G employs nearly
106,000 people in more than 80 countries worldwide. For more information about
P&G, please visit our website at www.pg.com.

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     P&G Media Contact:                     P&G Investor Relations Contact:
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     Doug Shelton    - (513) 983-7893       John P. Goodwin - (513) 983-2414
     Linda L. Ulrey  - (513) 983-8975