THE PROCTER & GAMBLE COMPANY
NEWS RELEASE                                        One P&G Plaza
                                                    Cincinnati, OH 45202

                                                    FOR IMMEDIATE RELEASE

                PROCTER & GAMBLE CONFIRMS PRIOR EARNINGS GUIDANCE
                            FOR FIRST QUARTER 2004/05
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         CINCINNATI, Sept. 9, 2004 - The Procter & Gamble Company (NYSE: PG)
confirmed previously announced earnings guidance for the July to September
quarter in line with analysts' current consensus estimate. The current consensus
estimate is $0.72 per share, an increase of 14 percent versus the prior year.

         The company also confirmed it expects organic sales growth, which
excludes the estimated impacts of acquisitions and divestitures as well as
foreign exchange, in the range of four to six percent for the quarter. Organic
volume growth is expected in the high-single digit range. The strong top-line
momentum continues to be led by exceptional developing market growth as well as
a robust first quarter initiative program. New product introductions and
upgrades in fabric and home care, baby care and beauty care have helped overcome
the strong base period that included the launch of Prilosec OTC(R).

         Total sales growth is expected to be in the low-double digits for the
quarter. This includes approximately a two to three percent benefit from foreign
exchange and an additional four to five percent from acquisitions and
divestitures, primarily Wella. It also includes estimated price and mix impacts
of minus two to three percent, mainly as a result of rapid developing market
growth.

         All statements, other than statements of historical fact included in
this 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 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 ability to achieve business plans,
including with respect to lower income consumers and growing existing sales and
volume profitably despite high levels of competitive activity, especially with
respect to the product categories and geographical markets (including developing
markets) in which the company has chosen to focus; (2) successfully executing,
managing and integrating key acquisitions (including the Domination and Profit
Transfer Agreement with Wella); (3) the ability to manage and maintain key
customer relationships; (4) the ability to maintain key manufacturing and supply
sources (including sole supplier and plant manufacturing sources); (5) the
ability to successfully manage regulatory, tax and legal matters (including
product liability matters), and to resolve pending matters within current
estimates; (6) the ability to successfully implement, achieve and sustain cost
improvement plans in manufacturing and overhead areas, including the success of
the company's outsourcing projects; (7) the ability to successfully manage
currency (including currency issues in volatile countries), interest rate and
certain commodity cost exposures; (8) the ability to manage the continued global
political and/or economic uncertainty and disruptions, especially in the
company's significant geographical markets, as well as any political and/or
economic uncertainty and disruptions due to terrorist activities; (9) the
ability to successfully manage increases in the prices of raw materials used to
make the company's products; (10) the ability to stay close to consumers in an
era of increased media fragmentation; and (11) the ability to stay on the
leading edge of innovation. For additional information concerning factors that
could cause actual results to materially differ from those projected herein,
please refer to our most recent 10-K, 10-Q and 8-K reports.

         This press release includes a discussion of organic sales growth which
is a non-GAAP measure. Organic sales growth excludes the impacts of acquisitions
and divestitures and foreign exchange from year-over-year comparisons. The
company believes this measure provides investors with a more complete
understanding of underlying results and trends by providing sales on a
consistent basis.

ABOUT P&G
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         Two billion times a day, P&G brands touch the lives of people around
the world. The company has one of the strongest portfolios of trusted, quality,
leadership 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), Crest(R), Actonel(R), Olay(R), Clairol Nice `n
Easy(R), Head & Shoulders(R) and Wella. The P&G community consists of about
110,000 employees working in almost 80 countries worldwide. Please visit
HTTP://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:
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In the US: 1-800-866-PROCTER or 1-866-776-2837
International: +1-513-945-9087

P&G INVESTOR RELATIONS CONTACT:
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Thomas T. Tippl - (513) 983-2414