EXHIBIT (12)
THE PROCTER & GAMBLE COMPANY AND SUBSIDIARIES
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Computation of Ratio of Earnings to Fixed Charges
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Millions of Dollars
Years Ended June 30
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1999 2000 2001 2002 2003
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EARNINGS AS DEFINED
Earnings from operations before income taxes
and before adjustments for minority interests
in consolidated subsidiaries and after
eliminating undistributed earnings of equity
method investees $5,866 $5,474 $4,574 $6,442 $7,760
Fixed charges 751 881 872 687 657
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TOTAL EARNINGS, AS DEFINED $6,617 $6,355 $5,446 $7,129 $8,417
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FIXED CHARGES, AS DEFINED
Interest expense $ 650 $ 792 $ 794 $ 603 $ 561
1/3 of rental expense 101 89 78 84 96
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TOTAL FIXED CHARGES, AS DEFINED $ 751 $ 881 $ 872 $ 687 $ 657
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RATIO OF EARNINGS TO FIXED CHARGES 8.8 7.2 6.2 10.4 12.8