Procter & Gamble

Announces
Two-for-One Stock Split

The Procter & Gamble Company is pleased to announce a stock split for its
shareholders. On March 9, 2004, the Company’s Board of Directors approved a two-
for-one stock split in the form of a 100% stock dividend to shareholders of record on
May 21, 2004. Procter & Gamble shareholders will receive one additional share for
each share held on that date. This stock split will not change your proportionate interest
in the Company. The additional shares will be distributed on or after June 18, 2004.

Shares of the Company’s Series A and B ESOP Convertible Class A Preferred Stock
held for employees by Trustee of The Procter & Gamble Profit Sharing Trust and
Employee Stock Ownership Plan will be split automatically as a result of this 100%
stock dividend on the Common Stock.

Dividends
The Procter & Gamble Board of Directors also has declared an increase in the quarterly
dividend on its common stock from $0.455 to $0.50 per share, payable on May 14, 2004
to shareholders of record on April 23, 2004. This dividend payment will occur prior to
the stock split discussed above. Following the split, the quarterly dividend will be $0.25
per share.

Shareholder Investment Program

Shareholder Investment Program (SIP) participants who have shares in book-entry or
“safekeeping” will have their new shares added to their SIP accounts.

Certificates
Shareholders who hold certificated shares and also have shares in the SIP program will
have all their new shares added to the SIP program. Participants in SIP may request to
have a certificate issued after the distribution date by completing the Shareholder
Transaction form included with their statement.

Shareholders who hold certificates only will have their new shares added to our Direct
Registration System (DRS). DRS provides for electronic direct registration of securities
on our books, in your existing P&G account registration, and allows shares to be
transferred between Procter & Gamble and your broker electronically. Shareholders
may request a certificate from DRS by completing the Shareholder Transaction form
included with their statement.
Retain any stock certificates already in your possession. Existing certificates will
continue to be valid and do not need to be exchanged.

Tax Information
The Company has been advised by its tax counsel that the stock split will result in no
gain or loss to shareholders for U.S. federal income tax purposes. The tax basis of
each share held on May 21, 2004 will be reduced by half. The tax basis of each new
share received as a result of the stock split will be the same as the reduced basis of the
share for which it was issued. The tax acquisition date of the new shares is the tax
acquisition date of the old shares. Any subsequent sale of shares may result in a
taxable gain or loss. If further information is desired, it is suggested that you consult
your tax advisor.

Procter & Gamble Stock Trading

Procter & Gamble will continue to trade on a pre-split basis through the distribution date
of
June 18, 2004.

There is nothing further the shareholder needs to do except await delivery of the
new shares. Account statements showing the total increase in shares as a result of the
split will be mailed after the distribution date of June 18, 2004.

Please visit our website at www.pg.com/investing for information. The section titled
“2004 Stock Split” will provide forms, tax information, 2004 Stock Split facts and
background, a glossary to understand stock split terms, and answers to your most
frequently asked transaction questions.

If you have questions regarding the stock split, call P&G Shareholder Services toll free
at 1-800-742-6253 (513-983-3034 if not in the U.S. or Canada).