FOR IMMEDIATE RELEASE
                                                           ---------------------

              PROCTER & GAMBLE ANNOUNCES INITIAL WELLA TENDER OFFER
                  RESULTS, LAUNCHES MANDATORY EXTENSION PERIOD
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         CINCINNATI, USA, and SCHWALBACH, GERMANY, June 5, 2003 - The Procter &
Gamble Germany Management GmbH (P&G), a wholly owned subsidiary of The Procter &
Gamble Company (Procter & Gamble) (NYSE:PG), today announced results from the
initial tender offer for Wella AG shares. P&G has acquired 5,046,156 voting and
1,498,872 preference shares of Wella AG. This represents 11.43% and 6.41%,
respectively, of each class of shares, or a total of 9.69% of the registered
share capital.

         The initial tender period ran from April 28, 2003 to May 28, 2003. As
previously announced, an additional acceptance period, as required by German
law, will run from June 6, 2003, until Noon (Central European Summer time) on
June 20, 2003. The offer price of EUR 92.25 per share for the voting shares and
EUR 65 per share for the preference shares will not change during this
additional acceptance period.

         Procter & Gamble's Chief Financial Officer, Clayton Daley, said, "This
additional two week acceptance period represents the final opportunity for Wella
shareholders to accept P&G's tender offer. Beyond June 20, we are under no
obligation to acquire any further shares. We will begin to pursue the business
objectives we announced on March 18 as soon as the appropriate regulatory
approvals are obtained, regardless of the number of shares tendered."

         On March 17, 2003, P&G signed an agreement to purchase 77.6% of the
voting shares in Wella AG from its majority shareholders and announced its
intention to launch a tender offer. On March 18, 2003, P&G announced its
decision to launch a tender offer to all shareholders of Wella.

         The deal is subject to normal regulatory review and government
approvals in various markets including the European Union and the United States
of America.

                                                                        - More -


ABOUT WELLA
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         Founded in 1880, Wella is a leading beauty care company selling its
products in more than 150 countries. The company's three divisions include
professional hair care, retail hair care, and cosmetics and fragrances. Some of
its well-known brands include Wella(R), Koleston(R), Sebastian(R), Graham
Webb(R) and High Hair(R) professional hair care lines; Wellaflex(R),
ShockWaves(R), Ultra Sheen(R), and Vivality(R) consumer retail hair care
products; Gucci(R), Rochas(R), Escada(R) and Montblanc(R) fragrances. For more
information, please visit the website at WWW.WELLA.COM.

ABOUT P&G
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         P&G markets a range of well-known beauty and health care brands
including: Pantene(R), Head & Shoulders(R), Olay(R), Clairol Nice`n Easy(R),
Herbal Essences(R), Cover Girl(R), Max Factor(R), Noxzema(R), Old Spice(R), Hugo
Boss(R), Crest(R), Vicks(R), Actonel(R), PUR(R) and more. P&G employs nearly
102,000 people in more than 80 countries. For more information please visit the
website at WWW.PG.COM.

         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 ACTUAL RESULTS TO DIFFER MATERIALLY FROM THOSE ANTICIPATED BY SOME
OF THE STATEMENTS MADE. THESE INCLUDE: (1) THE ACHIEVEMENT OF EXPECTED SAVINGS
ASSOCIATED WITH THE POTENTIAL INTEGRATION OF WELLA AG'S ORGANIZATION STRUCTURE
INTO P&G; (2) THE ABILITY TO ACHIEVE BUSINESS PLANS, INCLUDING GROWING VOLUME
PROFITABLY, DESPITE HIGH LEVELS OF COMPETITIVE ACTIVITY, ESPECIALLY WITH RESPECT
TO THE PRODUCT CATEGORIES AND GEOGRAPHICAL MARKETS IN WHICH THE COMPANY HAS
CHOSEN TO FOCUS; (3) THE ABILITY TO MANAGE AND MAINTAIN KEY CUSTOMER
RELATIONSHIPS; (4) THE ACHIEVEMENT OF GROWTH IN SIGNIFICANT DEVELOPING MARKETS
SUCH AS CHINA, TURKEY, MEXICO, THE SOUTHERN CONE OF LATIN AMERICA, THE COUNTRIES
OF CENTRAL AND EASTERN EUROPE AND THE COUNTRIES OF SOUTHEAST ASIA; (5) THE
ABILITY TO SUCCESSFULLY MANAGE REGULATORY, TAX AND LEGAL MATTERS, INCLUDING
RESOLUTION OF PENDING MATTERS WITHIN CURRENT ESTIMATES; (6) THE ABILITY TO
SUCCESSFULLY IMPLEMENT, ACHIEVE AND SUSTAIN COST IMPROVEMENT PLANS IN
MANUFACTURING AND OVERHEAD AREAS; (7) THE ABILITY TO SUCCESSFULLY MANAGE
CURRENCY (INCLUDING CURRENCY ISSUES IN LATIN AMERICA), INTEREST RATE AND CERTAIN
COMMODITY COST EXPOSURES; (8) THE ABILITY TO MANAGE THE CONTINUED POLITICAL
AND/OR ECONOMIC UNCERTAINTY IN LATIN AMERICA (INCLUDING VENEZUELA) AND WAR IN
THE MIDDLE EAST, AS WELL AS ANY POLITICAL AND/OR ECONOMIC UNCERTAINTY DUE TO
TERRORIST ACTIVITIES OR WAR (INCLUDING KOREA); AND (9) THE SUCCESSFUL
ACQUISITION, TRANSITION, INTEGRATION, AND OPERATION OF THE WELLA BUSINESS. IF
THE COMPANY'S ASSUMPTIONS AND ESTIMATES ARE INCORRECT OR DO NOT COME TO
FRUITION, OR IF THE COMPANY DOES NOT ACHIEVE ALL OF THESE KEY FACTORS, THEN THE
COMPANY'S ACTUAL RESULTS MIGHT DIFFER MATERIALLY FROM THE FORWARD-LOOKING
STATEMENTS MADE HEREIN.

                                      # # #

P&G CONTACTS:
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         MEDIA
         -----
         P&G Corporate Media Center:
               US media call:             1-(866) PROCTER (1-866-776-2837)
               Media outside the US call:+1-(513) 945-9087

         INVESTOR RELATIONS
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         John P. Goodwin - +1-(513) 983-2414