EXHIBIT (12)

THE PROCTER & GAMBLE COMPANY AND SUBSIDIARIES
COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES

Amounts in millions

											Nine Months Ended
	Years Ended June 30										March 31
	2003		2004		2005		2006		2007		2007		2008
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	$	7,219	$	9,010	$	9,954	$	12,419	$	14,746	$	11,552	$	12,588
Fixed charges (excluding capitalized interest)		657		719		924		1,242		1,428		1,100		1,242
TOTAL EARNINGS, AS DEFINED	$	7,876	$	9,729	$	10,878	$	13,661	$	16,174	$	12,652	$	13,830
FIXED CHARGES, AS DEFINED
Interest expense (including capitalized interest)	$	561	$	629	$	869	$	1,153	$	1,374	$	1,027	$	1,171
1/3 of rental expense		96		90		90		122		124		95		97
TOTAL FIXED CHARGES, AS DEFINED	$	657	$	719	$	959	$	1,275	$	1,498	$	1,122	$	1,268
RATIO OF EARNINGS TO FIXED CHARGES		12.0x		13.5x		11.3x		10.7x		10.8x		11.3x		10.9x