The nine nominees include seven current board members who will stand for re-election: Raymond C. Avansino, Jr., John C. Ferrara, John D. Gabelli, Mario J. Gabelli, Karl Otto Pöhl, Frederic V. Salerno and Vincent S. Tese. The company's Nominating Committee has also nominated Edwin L. Artzt and Robert S. Prather, Jr. for election to the Board of Directors.

Mr. Artzt joined Procter & Gamble in 1953 and was named Chief Executive Officer and Chairman of the Board in January 1990, a position he held until July 1995. He was President of Procter & Gamble International from 1984 to 1990. A former director of Delta Airlines, The American Express Company, Verizon, Spalding Sports and Barilla SpA (Italy), he is a past member of the Business Council and is currently a director of the LPGA. Mr. Artzt has served as a Senior Advisor to Kohlberg, Kravis & Roberts Co., a private equity firm, since 2001. He also serves as a Senior Advisor to Gabelli Group Capital Partners, Inc., the privately held firm that owns a majority of the common stock of Gabelli Asset Management Inc.

Mr. Prather has been the President and Chief Operating Officer of Gray Television, Inc. since September 2002. He was an Executive Vice President of Gray Television from 1996 until September 2002. Mr. Prather is also a director of Gray Television, Inc. Mr. Prather is also a director of Swiss Army Brands, Inc.

Further details will be included in the company's Proxy Statement that will be filed with the Securities and Exchange Commission later this month.

Gabelli Asset Management Inc., through its subsidiaries, manages approximately $28.3 billion in assets of mutual funds and closed-end funds (Gabelli Funds, LLC), partnerships and offshore funds (Alternative Investment Group) and private advisory accounts (GAMCO).