Clorox and P&G Plan Glad Products Joint Venture

OAKLAND, Calif. and CINCINNATI, Nov. 14, 2002 - The Clorox Company (CLX: NYSE/PSE) and The Procter & Gamble Company (PG: NYSE) today announced they have reached a non-binding agreement in principle that would establish a joint venture in food and trash bags, containers and wraps under the Glad®, GladWare® and related trademarks.

This agreement in principle is subject to final negotiations, execution of definitive, binding agreements and government approval.

Under the proposed agreement, the joint venture would have exclusive use of a range of current and future patents, trademarks and other proprietary technologies developed by P&G that could be used to help drive innovation and growth on the well-established Glad business. Additionally, P&G would make available approximately 20 full-time employees, dedicated to the joint venture with Clorox. Clorox would contribute the existing Glad bags, containers and wraps business, and would make available the related manufacturing equipment and personnel.

P&G would have a 10 percent interest in the joint venture, with an option to increase its interest by an additional 10 percent. Clorox would own the remainder of the joint venture, as well as assets currently used in the Glad business.

Both companies expressed their excitement about the potential to work together toward a shared objective of building the Glad business.

"This joint venture would represent a great opportunity to combine the power of the Glad brand and organization with Procter & Gamble's strong R&D capabilities," said Craig Sullivan, Clorox chairman and chief executive officer. "By collaborating on the many innovative technologies that P&G would bring to the joint venture, we expect to create an exciting stream of future Glad products. Together, we could take the Glad business further - and do it faster - than we could without this partnership. Our companies share many things in common, including core values, how we go to market and a focus on building brands that provide superior performance and value. We expect these important factors would facilitate a strong working relationship and translate to a successful joint venture."

"The Clorox-P&G joint venture would be a win for consumers - and for both companies," said A. G. Lafley, P&G chairman, president and chief executive. "We expect that the combination of Clorox's well-established Glad business and P&G's R&D expertise would provide consumers with important new products and outstanding value. We look forward to the opportunity to work with the Glad team to bring new innovations to the market."

About The Clorox Company
The Clorox Company is a $4.1 billion multinational manufacturer and marketer of household products and products for institutional markets. Clorox acquired the Glad business in its 1999 merger with First Brands Corporation. In the United States and Canada, the company manufactures and markets freezer, food storage and sandwich bags; food wraps; outdoor, indoor and recycling disposal bags; unscented and odor-fighting trash bags; and GladWare containers and ovenware. Outside the United States, the company also manufactures and markets nonstick baking paper, ice cube bags, nonstick frying pan sheets, aluminum foil, foil trays, plastic covers, oven bags and Glad-Lock® reclosable bags. Principal markets for Glad products include Australia, Canada, Hong Kong, New Zealand, South Africa and the United States.

Except for historical information, matters discussed above, including statements about future volume, sales and earnings growth, profitability, costs, cost savings or expectations, are forward-looking statements based on management's estimates, assumptions and projections. Important factors that could cause results to differ materially from management's expectations are described in "Forward-Looking Statements and Risk Factors" and "Management's Discussion and Analysis of Financial Condition and Results of Operation" in the company's SEC Form 10-K for the year ended June 30, 2002, as updated from time to time in the company's SEC filings. Those factors include, but are not limited to, general economic and marketplace conditions and events, the company's costs, risks inherent in litigation and international operations, the success of new products, the company's ability to manage and obtain the benefits of joint venture activities, integration of acquisitions, and environmental, regulatory and intellectual property matters.

About The Procter & Gamble Company P&G is celebrating 165 years of providing trusted quality brands that make every day better for the world's consumers. We market nearly 300 brands - including Pampers®, Tide®, Ariel®, Always®, Whisper®, Pantene®, Bounty®, Pringles®, Folgers®, Charmin®, Downy®, Lenor®, Iams®, Crest®, Actonel®, Olay® and Clairol® - in more than 160 countries around the world. The P&G community consists of nearly 102,000 employees working in almost 80 countries worldwide. Please visit www.pg.com for the latest news and in-depth information about P&G and its brands.

All statements, other than statements of historical fact included in this news release, are forward-looking statements, as that term is defined in the Private Securities Litigation Reform Act of 1995. In addition to the risks and uncertainties noted in this news release, there are certain factors that could cause results for The Procter & Gamble Company to differ materially from those anticipated by some of the statements made. These include achievement of the company's business unit volume and income growth projections, including achievement of growth in significant developing markets; the achievement of the company's cost containment goals, including tax savings; the ability to successfully manage regulatory, tax and legal matters; the ability to successfully manage currency, interest rate, and commodity exposure; the continued political and/or economic uncertainty in Latin America and the Middle East; any political and/or economic uncertainty due to terrorist activities or war; the ability to successfully manage and maintain key customer relationships; as well as factors listed in Management's Discussion and Analysis of Financial Condition and Results of Operations in the company's most recently filed Forms 10-K and 8-Ks.