FOR IMMEDIATE RELEASE
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                 PROCTER & GAMBLE - FIRST QUARTER 2002/03 UPDATE
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   PROCTER & GAMBLE GUIDES HIGHER ON TOP LINE AND BOTTOM LINE FOR THE QUARTER


         CINCINNATI, Sept. 5, 2002 - The Procter & Gamble Company today stated
it is raising its sales and earnings per share growth guidance for the September
2002 quarter behind strong volume performance.

         Volume is expected to grow double digits behind the Clairol
acquisition, strong performance by the health care business unit, and continued
strength in developing markets. Excluding the impact of acquisitions and
divestitures, volume growth is forecasted to be in the high single digit range.

         Sales, excluding foreign exchange, are expected to finish the quarter
with growth in the high single digit percent range. At current rates, foreign
exchange will have a slightly positive impact on the top line.

         Core earnings per share, which excludes restructuring charges, are
expected to grow in the mid teens range.

         Operating margins for the quarter are anticipated to be higher versus
the comparative quarter year-ago. However, gross margin improvements are
expected to be largely offset by increased marketing, research, administration
and other spending.

         The company's guidance for fiscal 2003 remains unchanged from that
provided previously. Core earnings per share are expected to grow at the
company's long-term growth target of double digits. Sales, excluding foreign
exchange impacts, are expected to grow four to six percent. Foreign exchange
effects are expected to have minimal impact on the top line over the year.

         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 (including the ability to achieve growth projections
in significant developing markets), the successful integration of the Company's
O-2005 structure, the ability to maintain key customer relationships, the
achievement of the company's cost containment goals, 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 is celebrating 165 years of providing trusted quality brands that make every
day better for the world's consumers. We market nearly 300 brands - including
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Actonel(R), Olay(R) and Clairol(R) - in more than 160 countries around the
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80 countries worldwide. Please visit www.pg.com for the latest news and in-depth
information about P&G and its brands.

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     P&G MEDIA CONTACT:                     P&G INVESTOR RELATIONS CONTACT:
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     1-866-PROCTER                          John P. Goodwin  - (513) 983-2414