PROCTER & GAMBLE Co — Director's Dealing 2004

Jan 17, 2004

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: PROCTER & GAMBLE CO (PG)
CIK: 0000080424
Period of Report: 2003-01-09

Reporting Person: MONTOYA JORGE P (Pres. Global Food-Bev. and LA)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2004-01-09	Common Stock	J	31739	—	Acquired	83322	Direct
2004-01-09	Common Stock	X	45819	$98.79	Disposed	83322	Direct
2004-01-09	Common Stock	J	45819	$99.64	Acquired	83322	Direct

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2003-01-09	Contract	$	J	1	Acquired	2004-01-09	Common Stock (31739)	Direct
2003-01-09	Call Option (obligation to sell)	$98.79	J	1	Disposed	2004-01-09	Common Stock (45819)	Direct
2003-01-09	Put Option (right to sell)	$64.43	P	1	Acquired	2004-01-09	Common Stock (45819)	Direct
2004-01-09	Contract	$	J	1	Disposed	2004-01-09	Common Stock (31739)	Direct
2004-01-09	Call Option (obligation to sell)	$98.79	X	1	Disposed	2004-01-09	Common Stock (45819)	Direct

Holdings (Non-Derivative)

Security	Shares	Ownership
Common Stock	24107.6575	Indirect
Common Stock	77558	Indirect

Footnotes

F1: See attached Exhibit 99 for text of footnote 1.

F2: See attached Exhibit 99 for text of footnote 2.

F3: See attached Exhibit 99 for text of footnote 3.