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: ANTOINE RICHARD L (Global Human Resources Officer)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2003-10-30	Common Stock	M	6092.0000	$28.1877	Acquired	27732.0000	Direct
2003-10-30	Common Stock	S	4300.0000	$97.66	Disposed	23432.0000	Direct
2003-10-30	Common Stock	S	1500.0000	$97.70	Disposed	21932.0000	Direct
2003-10-30	Common Stock	S	292.0000	$97.71	Disposed	21640.0000	Direct

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2003-09-30	Series A Preferred Stock	$	A	282.2869	Acquired		Common Stock (282.2869)	Indirect
2003-10-30	Stock Option (right to buy)	$28.1877	M	6092.0000	Disposed	2004-02-25	Common Stock (6092.0000)	Direct

Holdings (Non-Derivative)

Security	Shares	Ownership
Common Stock	35568.4324	Indirect
Common Stock	1050.0000	Indirect

Footnotes

F1: Between 7/1/03 and 9/30/03, reporting person acquired 470.6381 shares of Common Stock under Issuer's Profit Sharing Trust and Emp
loyee Stock Ownership Plan.

F2: By daughter, Shannon, as beneficiary of Trust.

F3: Higher of $13.75 or market price of Common Stock.

F4: 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.

F5: 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.

F6: Series A Preferred Stock allocated to officer's Retirement Plan account pursuant to Retirement Plan provisions.