THE PROCTER & GAMBLE COMPANY AND SUBSIDIARIES ---------------------------------------------
Computation of Ratio of Earnings to Fixed Charges -------------------------------------------------
Millions of Dollars
Years Ended June 30 ------------------------------------------ 1999 2000 2001 2002 2003 ------ ------ ------ ------ ----- EARNINGS AS DEFINED
Earnings from operations before income taxes and before adjustments for minority interests in consolidated subsidiaries and after eliminating undistributed earnings of equity method investees $5,866 $5,474 $4,574 $6,442 $7,760