Gillette shares held in the BuyDIRECT Plan, including dividend reinvestment shares, are being automatically converted into the P&G Shareholder Investment Program ("SIP") at the 0.975 rate, with resulting fractional shares credited to P&G SIP accounts. P&G shareholder account statements will be mailed confirming this automatic conversion. Information concerning this share conversion is being mailed to Gillette BuyDIRECT holders on or about October 7, 2005.

Gillette shares held in the Direct Registration System ("DRS") are being automatically converted into whole shares of P&G common stock in DRS form. P&G shareholder account statements will be mailed confirming this automatic conversion. Checks for the cash equivalent of any fractional P&G share, if applicable, will be mailed under separate cover. Information concerning this share conversion is being mailed to Gillette DRS holders on or about October 7, 2005.

Gillette shares held in certificate form must be surrendered to the Exchange Agent, along with a properly completed Transmittal Form, in order for holders to receive their P&G common stock. Following such surrender of Gillette common stock certificates, holders will receive whole shares of P&G common stock in DRS form and will be mailed an account statement confirming the P&G shares. If applicable, holders will also receive a cash payment in lieu of any fractional P&G share. Information concerning the exchange of Gillette stock certificates is being mailed to Gillette certificate holders on or about October 12, 2005.

For more information on the exchange of Gillette shares, please view the following documents.

FAQ Booklet — Gillette BuyDIRECT and DRS Shares (PDF)

Welcome Letter from A.G. Lafley (PDF)

Transmittal Form for Gillette Certificate Exchange (PDF)