PROCTER & GAMBLE Co — Director's Dealing 2004

Nov 24, 2004

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: PROCTER & GAMBLE CO (PG)
CIK: 0000080424
Period of Report: 2004-11-22

Reporting Person: ARNOLD SUSAN E (Vice Chair-Global Beauty Care)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2004-11-22	Common Stock	M	19750.0000	$16.4354	Acquired	69080.0000	Direct
2004-11-22	Common Stock	F	4883.0000	$54.3050	Disposed	64197.0000	Direct

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2004-11-22	Stock Option (right to buy)	$16.4354	M	19750.0000	Disposed	2005-02-28	Common Stock (19750.0000)	Direct

Holdings (Non-Derivative)

Security	Shares	Ownership
Common Stock	19753.1954	Indirect

Footnotes

F1: Shares adjusted for 2-for-1 stock split effective May 21, 2004.