Exhibit 99

                         [PROCTER & GAMBLE COMPANY LOGO]


                                                    The Procter & Gamble Company
                                                    One P&G Plaza
                                                    Cincinnati, OH 45202

NEWS RELEASE

      PROCTER & GAMBLE RAISES EARNINGS OUTLOOK FOR 2003/04 SECOND QUARTER
                    ON STRONGER THAN EXPECTED ORGANIC VOLUME


     CINCINNATI, Jan. 7, 2004 - The Procter & Gamble Company (NYSE: PG) said
earnings per share for the October to December 2003 quarter are expected to
exceed current Wall Street consensus estimates due to strong organic volume
performance. Organic volume excludes the estimated impacts of acquisitions and
divestitures that affect year-over-year comparisons.

     The company stated that organic volume growth for the October to December
quarter is up nine percent, above the top-end of the previous guidance range of
seven to eight percent growth. The stronger volume performance was driven by
health care and developing markets. The higher health care volume is primarily
due to the unexpected early and severe cold/flu season in North America. All of
the additional respiratory volume in the quarter is not expected to be
incremental for the fiscal year, as the reported incidences of colds and flu in
North America have already begun to decline. Developing markets delivered better
than anticipated volume results, with all regions growing at a mid-teens
percentage or better. Given the strong developing market growth, negative
price/mix impacts may be slightly higher than previous expectations.

     Earnings per share for the October to December quarter are now expected to
exceed current consensus expectations by $0.02 to $0.04 per share. Given the
shift in respiratory volume between quarters, this earnings increase is expected
to be only partially incremental to the fiscal year.

     The company will provide more details concerning its October to December
results and expectations for the balance of the fiscal year through its regular
earnings release scheduled for Jan. 28, 2004.





     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 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 Wella) and completing planned divestitures (including
the potential divestiture of the company's juice business), (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 successful completion 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, especially
in the company's significant geographical markets, as well as any political
and/or economic uncertainty due to terrorist activities; and (9) the ability to
successfully manage increases in the prices of raw materials used to make the
company's products. 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. 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.

ABOUT P&G
     Two billion times a day, P&G brands touch the lives of people around the
world. The company has one of the largest and strongest portfolios of trusted,
quality 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) and Clairol Nice 'n Easy(R). The P&G
community consists of nearly 98,000 employees working in almost 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:
In the US: 1-800-866-PROCTER or 1-866-776-2837



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International: +1-513-945-9087

P&G Investor Relations Contact:
John P. Goodwin  - (513) 983-2414





















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