PROCTER & GAMBLE Co — Director's Dealing 2003

Nov 3, 2003

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: PROCTER & GAMBLE CO (PG)
CIK: 0000080424
Period of Report: 2003-10-30

Reporting Person: CLARK R KERRY (Director, Vice COB and Pres. MD Bus)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2003-10-30	Common Stock	M	13503.0000	$28.1877	Acquired	61087.0000	Direct
2003-10-30	Common Stock	F	3070.0000	$97.7200	Disposed	58017.0000	Direct

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2003-09-30	Series A Preferred Stock	$	A	116.6222	Acquired		Common Stock (116.6222)	Indirect
2003-10-30	Stock Option (right to buy)	$28.1877	M	13503.0000	Disposed	2004-02-25	Common Stock (13503.0000)	Direct

Holdings (Non-Derivative)

Security	Shares	Ownership
Common Stock	4109.1115	Indirect
Common Stock	537.0000	Indirect
Common Stock	490.0000	Indirect
Common Stock	490.0000	Indirect

Footnotes

F1: Between 7/1/03 and 9/30/03, the reporting person acquired 457.1411 shares of Common Stock under The Procter and Gamble Profit Sha
ring Trust and Employee Stock Ownership Plan.

F2: By Norah J. Clark as Custodian for daughter, Alissa.

F3: By Norah J. Clark as Custodian for daughter, Heather.

F4: Higher of $13.75 or market price of Common Stock.

F5: Series A Preferred Stock allocated to officer's Retirement Plan Account pursuant to formula award provision for the period 7/1/03
through 9/30/03.

F6: Shares held by Retirement Plan Trustees. If officer terminates employment and elects distribution of shares, or, if after age 50 elects alternative investment within Plan, Preferred Stock converted/redeemed at specified conversion/exercise price.

F7: Series A Preferred Stock allocated to officer's Retirement Plan account pursuant to Retirement Plan provisions.