EXHIBIT 12

THE PROCTER & GAMBLE COMPANY AND SUBSIDIARIES

COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES

	Years Ended June 30										Six Months Ended December 31
Amounts in millions	2009		2008		2007		2006		2005		2009		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	$	14,461	$	14,927	$	13,698	$	11,658	$	9,128	$	8,824	$	8,184
Fixed charges (excluding amortization capitalized interest)		1,576		1,640		1,458		1,268		948		623		782
TOTAL EARNINGS, AS DEFINED	$	16,037	$	16,567	$	15,156	$	12,926	$	10,076	$	9,447	$	8,966
FIXED CHARGES, AS DEFINED
Interest expense (including capitalized interest)	$	1,431	$	1,546	$	1,374	$	1,153	$	869	$	546	$	729
1/3 of rental expense		177		137		124		122		90		89		69
TOTAL FIXED CHARGES, AS DEFINED	$	1,608	$	1,683	$	1,498	$	1,275	$	959	$	635	$	798
RATIO OF EARNINGS TO FIXED CHARGES		10.0x		9.8x		10.1x		10.1x		10.5x		14.9x		11.2x