Procter & Gamble

The Procter & Gamble Shareholder Investment Program (SIP) is a direct stock purchase and dividend reinvestment plan. The program is designed to make purchasing P&G stock convenient, and is open to current P&G shareholders as well as new investors.

You can become a P&G shareholder with a minimum initial investment of $250.00. This investment can be made by check, money order or an automatic investment directly from your checking or savings account.

• Dividends can be reinvested to purchase additional shares.
• Shares are typically purchased weekly
• Shares can be transferred or sold through the Program
• Once a shareholder, the minimum investment into the Plan is $50.00. This investment can be made by check, money order or directly from your checking or savings account

Fee Schedule

The Company charges certain fees for administering the Program. The following is a summary of various transactions/services and the associated fees:

Effective 1/1/2012

• Initial Enrollment—No Fee.
• Dividend Reinvestment—No Fee.
• Optional Cash Investment (including Initial) via Automatic Investment—No Fee.
• Optional Cash Investment (including Initial) via check or money order—$2.50, deducted from investment. This fee is waived for Company employees and retirees.
• Sale of Program Shares (not requested online)—$15.00, plus $0.12 per share, inclusive of applicable brokerage charges and administrative fees. For Company employees and retirees, this fee is $5.00, plus $0.12 per share, inclusive of applicable brokerage charges and administrative fees (employee/retiree fee waived until March 31, 2012).
• Sale of Program Shares (requested online)—$5.00, plus $0.12 per share, inclusive of applicable brokerage charges and administrative fees. The $5.00 fee is waived for Company employees and retirees.
• Cash payment not credited to the Company—A $35.00 fee will be assessed if the Company does not receive credit of a cash payment for any reason, including but not limited to insufficient funds. The Company reserves the right to deduct shares from your existing account to cover the fee (number of shares will be determined by using the purchase price of the voided shares and will be applied on a FIFO basis) or invoice the fee directly to you.
• Request for an account history—A $20.00 fee will be assessed to participants who are not employees or retirees for each account history request. The fee for employees or retirees of the Company will be $10.00 per request.
• Request for a duplicate tax form (eg. 1099DIV, 1099B and 1042S)—A $10.00 fee will assessed per tax form per year requested.
• Request for transaction research—A $100.00 fee will be assessed to participants for requests to research one (1) to four (4) transaction dates and an additional $100.00 fee for every additional one (1) to four (4) transaction dates. (e.g.: 1-4 dates = $100.00; 5-8 dates = $200.00, etc.).

Any brokerage charges incurred on sales and purchases will be passed through to participants, and are reflected in the price per share purchased/sold. Current brokerage charges on sales and purchases are approximately $0.02 per share. The Company reserves the right to adjust the per share charge without prior notice for any change to brokerage charges on sales and purchases.

You may view our New Account Application Form and the Program Prospectus for complete information about the Procter & Gamble Shareholder Investment Program at the following link www.pg.com/shs/forms