EXHIBIT (12)
THE PROCTER & GAMBLE COMPANY AND SUBSIDIARIES
Computation of Ratio of Earnings to Fixed Charges
Millions of Dollars
Years Ended June 30
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1998 1999 2000 2001 2002
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EARNINGS AS DEFINED
Earnings from operations before income taxes
after eliminating undistributed earnings
of equity method investees $5,704 $5,866 $5,474 $4,574 $6,442
Fixed charges 639 751 811 872 687
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TOTAL EARNINGS, AS DEFINED $6,343 $6,617 $6,285 $5,446 $7,129
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FIXED CHARGES, AS DEFINED
Interest expense $ 548 $ 650 $ 792 $ 794 $ 603
1/3 of rental expense 91 101 89 78 84
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TOTAL FIXED CHARGES, AS DEFINED $ 639 $ 751 $ 881 $ 872 $ 687
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RATIO OF EARNINGS TO FIXED CHARGES 9.9 8.8 7.1 6.2 10.4