Management Changes 15 John Pepper Retires On July 1, 2002, John Pepper retired as chairman after 39 years of service with P&G.  Mr. Pepper will continue as chairman of the Board’s Executive Committee until July 1, 2003. Mr. Pepper served as the ninth Chairman of the Board and Chief Executive from July 1995  through September 1999, when he retired. He was re-elected chairman of the Board of  Directors, in addition to his role as chairman of the Executive Committee of the Board, in  June 2000. To honor Mr. Pepper’s life-long commitment to teaching and learning, and his devotion to  developing P&G people, the Company’s new corporate training center at the General Office  in Cincinnati has been named “The John Pepper Learning Center.” “John Pepper is the heart and soul of P&G – the living embodiment of our Purpose, Values  and Principles,” A.G. Lafley told employees at Mr. Pepper’s retirement reception. “We are  eternally grateful for his enormous personal and professional contributions.” Bruce Byrnes, President, Global Beauty & Feminine Care and Global Health Care, and  Kerry Clark, President, Global Market Development & Business Operations, were named  vice-chairmen of the Board of Directors and directors of the Company, effective July 1, 2002.  Mr. Byrnes and Mr. Clark bring great breadth of business expertise and knowledge to their  new roles, along with proven track records of results. Bruce Byrnes and Kerry Clark Named Vice-Chairmen