THE PROCTER & GAMBLE COMPANY AND SUBSIDIARIES ---------------------------------------------
Computation of Ratio of Earnings to Fixed Charges -------------------------------------------------
Millions of Dollars Years Ended June 30 -------------------------------------------------------------- 1997 1998 1999 2000 2001 ------ ------ ------ ------ ------ EARNINGS AS DEFINED
Earnings from operations before income taxes after eliminating undistributed earnings of equity method investees $5,274 $5,704 $5,866 $5,474 $4,574