-----BEGIN PRIVACY-ENHANCED MESSAGE-----
Proc-Type: 2001,MIC-CLEAR
Originator-Name: webmaster@www.sec.gov
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<SEC-DOCUMENT>0001263345-03-000002.txt : 20030919
<SEC-HEADER>0001263345-03-000002.hdr.sgml : 20030919
<ACCEPTANCE-DATETIME>20030919160827
ACCESSION NUMBER:		0001263345-03-000002
CONFORMED SUBMISSION TYPE:	3
PUBLIC DOCUMENT COUNT:		1
CONFORMED PERIOD OF REPORT:	20030909
FILED AS OF DATE:		20030919

ISSUER:		

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			PROCTER & GAMBLE CO
		CENTRAL INDEX KEY:			0000080424
		STANDARD INDUSTRIAL CLASSIFICATION:	SOAP, DETERGENT, CLEANING PREPARATIONS, PERFUMES, COSMETICS [2840]
		IRS NUMBER:				310411980
		STATE OF INCORPORATION:			OH
		FISCAL YEAR END:			0630

	BUSINESS ADDRESS:	
		STREET 1:		ONE PROCTER & GAMBLE PLZ
		CITY:			CINCINNATI
		STATE:			OH
		ZIP:			45202
		BUSINESS PHONE:		5139831100

REPORTING-OWNER:	

	OWNER DATA:	
		COMPANY CONFORMED NAME:			MARTIN MARIANO
		CENTRAL INDEX KEY:			0001263345

	FILING VALUES:
		FORM TYPE:		3
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-00434
		FILM NUMBER:		03902792

	BUSINESS ADDRESS:	
		STREET 1:		C/O PROCTER & GAMBLE CO
		STREET 2:		ONE PROCTER & GAMBLE PLAZA
		CITY:			CINCINNATI
		STATE:			OH
		ZIP:			45202
		BUSINESS PHONE:		5139832242
</SEC-HEADER>
<DOCUMENT>
<TYPE>3
<SEQUENCE>1
<FILENAME>doc3.xml
<DESCRIPTION>PRIMARY DOCUMENT
<TEXT>
<XML>
<?xml version="1.0"?>
<ownershipDocument>
    <schemaVersion>X0201</schemaVersion>

    <documentType>3</documentType>
    <periodOfReport>2003-09-09</periodOfReport>
    <noSecuritiesOwned>0</noSecuritiesOwned>

    <issuer>
        <issuerCik>0000080424</issuerCik>
        <issuerName>PROCTER &amp; GAMBLE CO</issuerName>
        <issuerTradingSymbol>PG</issuerTradingSymbol>
    </issuer>

    <reportingOwner>
        <reportingOwnerId>
            <rptOwnerCik>0001263345</rptOwnerCik>
            <rptOwnerName>MARTIN MARIANO</rptOwnerName>
        </reportingOwnerId>
        <reportingOwnerAddress>
            <rptOwnerStreet1></rptOwnerStreet1>
            <rptOwnerStreet2></rptOwnerStreet2>
            <rptOwnerCity></rptOwnerCity>
            <rptOwnerState></rptOwnerState>
            <rptOwnerZipCode></rptOwnerZipCode>
            <rptOwnerStateDescription></rptOwnerStateDescription>
        </reportingOwnerAddress>
            <reportingOwnerRelationship>
            <isDirector>0</isDirector>
            <isOfficer>1</isOfficer>
            <isTenPercentOwner>0</isTenPercentOwner>
            <isOther>0</isOther>
            <officerTitle>Global Cust. Bus. Dev. Officer</officerTitle>
        </reportingOwnerRelationship>
    </reportingOwner>
  <nonDerivativeTable>
   <nonDerivativeHolding>
      <securityTitle>
          <value>Common Stock</value>
      </securityTitle>
      <postTransactionAmounts>
          <sharesOwnedFollowingTransaction>
              <value>1140.0780</value>
          </sharesOwnedFollowingTransaction>
      </postTransactionAmounts>
      <ownershipNature>
          <directOrIndirectOwnership>
              <value>D</value>
          </directOrIndirectOwnership>
      </ownershipNature>
   </nonDerivativeHolding>
   <nonDerivativeHolding>
      <securityTitle>
          <value>Common Stock</value>
      </securityTitle>
      <postTransactionAmounts>
          <sharesOwnedFollowingTransaction>
              <value>34.0000</value>
          </sharesOwnedFollowingTransaction>
      </postTransactionAmounts>
      <ownershipNature>
          <directOrIndirectOwnership>
              <value>I</value>
          </directOrIndirectOwnership>
          <natureOfOwnership>
              <value>by daughter Leticia</value>
              <footnoteId id="F1" />
          </natureOfOwnership>
      </ownershipNature>
   </nonDerivativeHolding>
   <nonDerivativeHolding>
      <securityTitle>
          <value>Common Stock</value>
      </securityTitle>
      <postTransactionAmounts>
          <sharesOwnedFollowingTransaction>
              <value>34.0000</value>
          </sharesOwnedFollowingTransaction>
      </postTransactionAmounts>
      <ownershipNature>
          <directOrIndirectOwnership>
              <value>I</value>
          </directOrIndirectOwnership>
          <natureOfOwnership>
              <value>by daughter Sandra</value>
              <footnoteId id="F2" />
          </natureOfOwnership>
      </ownershipNature>
   </nonDerivativeHolding>
   <nonDerivativeHolding>
      <securityTitle>
          <value>Common Stock</value>
      </securityTitle>
      <postTransactionAmounts>
          <sharesOwnedFollowingTransaction>
              <value>847.6800</value>
          </sharesOwnedFollowingTransaction>
      </postTransactionAmounts>
      <ownershipNature>
          <directOrIndirectOwnership>
              <value>I</value>
          </directOrIndirectOwnership>
          <natureOfOwnership>
              <value>By Retirement Plan Trustees</value>
          </natureOfOwnership>
      </ownershipNature>
   </nonDerivativeHolding>
   <nonDerivativeHolding>
      <securityTitle>
          <value>Common Stock</value>
      </securityTitle>
      <postTransactionAmounts>
          <sharesOwnedFollowingTransaction>
              <value>34.0000</value>
          </sharesOwnedFollowingTransaction>
      </postTransactionAmounts>
      <ownershipNature>
          <directOrIndirectOwnership>
              <value>I</value>
          </directOrIndirectOwnership>
          <natureOfOwnership>
              <value>by son Ignacio</value>
              <footnoteId id="F3" />
          </natureOfOwnership>
      </ownershipNature>
   </nonDerivativeHolding>
   <nonDerivativeHolding>
      <securityTitle>
          <value>Common Stock</value>
      </securityTitle>
      <postTransactionAmounts>
          <sharesOwnedFollowingTransaction>
              <value>34.0000</value>
          </sharesOwnedFollowingTransaction>
      </postTransactionAmounts>
      <ownershipNature>
          <directOrIndirectOwnership>
              <value>I</value>
          </directOrIndirectOwnership>
          <natureOfOwnership>
              <value>by son Jaime</value>
              <footnoteId id="F4" />
          </natureOfOwnership>
      </ownershipNature>
   </nonDerivativeHolding>
   <nonDerivativeHolding>
      <securityTitle>
          <value>Common Stock</value>
      </securityTitle>
      <postTransactionAmounts>
          <sharesOwnedFollowingTransaction>
              <value>34.0000</value>
          </sharesOwnedFollowingTransaction>
      </postTransactionAmounts>
      <ownershipNature>
          <directOrIndirectOwnership>
              <value>I</value>
          </directOrIndirectOwnership>
          <natureOfOwnership>
              <value>by son Javier</value>
              <footnoteId id="F5" />
          </natureOfOwnership>
      </ownershipNature>
   </nonDerivativeHolding>
   <nonDerivativeHolding>
      <securityTitle>
          <value>Common Stock</value>
      </securityTitle>
      <postTransactionAmounts>
          <sharesOwnedFollowingTransaction>
              <value>1000.0000</value>
          </sharesOwnedFollowingTransaction>
      </postTransactionAmounts>
      <ownershipNature>
          <directOrIndirectOwnership>
              <value>I</value>
          </directOrIndirectOwnership>
          <natureOfOwnership>
              <value>by Trust</value>
              <footnoteId id="F6" />
          </natureOfOwnership>
      </ownershipNature>
   </nonDerivativeHolding>
  </nonDerivativeTable>
  <derivativeTable>
   <derivativeHolding>
      <securityTitle>
          <value>Series A Preferred Stock</value>
      </securityTitle>
      <conversionOrExercisePrice>
              <footnoteId id="F8" />
      </conversionOrExercisePrice>
      <exerciseDate>
              <footnoteId id="F7" />
      </exerciseDate>
      <expirationDate>
              <footnoteId id="F7" />
      </expirationDate>
      <underlyingSecurity>
          <underlyingSecurityTitle>
              <value>Common Stock</value>
          </underlyingSecurityTitle>
          <underlyingSecurityShares>
              <value>166.7800</value>
          </underlyingSecurityShares>
      </underlyingSecurity>
      <ownershipNature>
          <directOrIndirectOwnership>
              <value>I</value>
          </directOrIndirectOwnership>
          <natureOfOwnership>
              <value>By Retirement Plan Trustees</value>
          </natureOfOwnership>
      </ownershipNature>
   </derivativeHolding>
   <derivativeHolding>
      <securityTitle>
          <value>Stock Option (right to buy)</value>
      </securityTitle>
      <conversionOrExercisePrice>
          <value>40.5924</value>
      </conversionOrExercisePrice>
      <exerciseDate>
          <value>1997-02-28</value>
      </exerciseDate>
      <expirationDate>
          <value>2006-03-01</value>
      </expirationDate>
      <underlyingSecurity>
          <underlyingSecurityTitle>
              <value>Common Stock</value>
          </underlyingSecurityTitle>
          <underlyingSecurityShares>
              <value>5955.0000</value>
          </underlyingSecurityShares>
      </underlyingSecurity>
      <ownershipNature>
          <directOrIndirectOwnership>
              <value>D</value>
          </directOrIndirectOwnership>
      </ownershipNature>
   </derivativeHolding>
   <derivativeHolding>
      <securityTitle>
          <value>Stock Option (right to buy)</value>
      </securityTitle>
      <conversionOrExercisePrice>
          <value>43.8813</value>
      </conversionOrExercisePrice>
      <exerciseDate>
          <value>1997-07-10</value>
      </exerciseDate>
      <expirationDate>
          <value>2006-07-10</value>
      </expirationDate>
      <underlyingSecurity>
          <underlyingSecurityTitle>
              <value>Common Stock</value>
          </underlyingSecurityTitle>
          <underlyingSecurityShares>
              <value>3168.0000</value>
          </underlyingSecurityShares>
      </underlyingSecurity>
      <ownershipNature>
          <directOrIndirectOwnership>
              <value>D</value>
          </directOrIndirectOwnership>
      </ownershipNature>
   </derivativeHolding>
   <derivativeHolding>
      <securityTitle>
          <value>Stock Option (right to buy)</value>
      </securityTitle>
      <conversionOrExercisePrice>
          <value>59.7536</value>
      </conversionOrExercisePrice>
      <exerciseDate>
          <value>1998-02-28</value>
      </exerciseDate>
      <expirationDate>
          <value>2007-02-28</value>
      </expirationDate>
      <underlyingSecurity>
          <underlyingSecurityTitle>
              <value>Common Stock</value>
          </underlyingSecurityTitle>
          <underlyingSecurityShares>
              <value>4135.0000</value>
          </underlyingSecurityShares>
      </underlyingSecurity>
      <ownershipNature>
          <directOrIndirectOwnership>
              <value>D</value>
          </directOrIndirectOwnership>
      </ownershipNature>
   </derivativeHolding>
   <derivativeHolding>
      <securityTitle>
          <value>Stock Option (right to buy)</value>
      </securityTitle>
      <conversionOrExercisePrice>
          <value>74.9556</value>
      </conversionOrExercisePrice>
      <exerciseDate>
          <value>1998-07-09</value>
      </exerciseDate>
      <expirationDate>
          <value>2007-07-09</value>
      </expirationDate>
      <underlyingSecurity>
          <underlyingSecurityTitle>
              <value>Common Stock</value>
          </underlyingSecurityTitle>
          <underlyingSecurityShares>
              <value>1874.0000</value>
          </underlyingSecurityShares>
      </underlyingSecurity>
      <ownershipNature>
          <directOrIndirectOwnership>
              <value>D</value>
          </directOrIndirectOwnership>
      </ownershipNature>
   </derivativeHolding>
   <derivativeHolding>
      <securityTitle>
          <value>Stock Option (right to buy)</value>
      </securityTitle>
      <conversionOrExercisePrice>
          <value>74.9556</value>
      </conversionOrExercisePrice>
      <exerciseDate>
          <value>1998-07-18</value>
      </exerciseDate>
      <expirationDate>
          <value>2007-07-09</value>
      </expirationDate>
      <underlyingSecurity>
          <underlyingSecurityTitle>
              <value>Common Stock</value>
          </underlyingSecurityTitle>
          <underlyingSecurityShares>
              <value>4800.0000</value>
          </underlyingSecurityShares>
      </underlyingSecurity>
      <ownershipNature>
          <directOrIndirectOwnership>
              <value>D</value>
          </directOrIndirectOwnership>
      </ownershipNature>
   </derivativeHolding>
   <derivativeHolding>
      <securityTitle>
          <value>Stock Option (right to buy)</value>
      </securityTitle>
      <conversionOrExercisePrice>
          <value>74.9556</value>
      </conversionOrExercisePrice>
      <exerciseDate>
          <value>1998-07-18</value>
      </exerciseDate>
      <expirationDate>
          <value>2007-07-18</value>
      </expirationDate>
      <underlyingSecurity>
          <underlyingSecurityTitle>
              <value>Common Stock</value>
          </underlyingSecurityTitle>
          <underlyingSecurityShares>
              <value>11851.0000</value>
          </underlyingSecurityShares>
      </underlyingSecurity>
      <ownershipNature>
          <directOrIndirectOwnership>
              <value>D</value>
          </directOrIndirectOwnership>
      </ownershipNature>
   </derivativeHolding>
   <derivativeHolding>
      <securityTitle>
          <value>Stock Option (right to buy)</value>
      </securityTitle>
      <conversionOrExercisePrice>
          <value>83.9464</value>
      </conversionOrExercisePrice>
      <exerciseDate>
          <value>1999-02-27</value>
      </exerciseDate>
      <expirationDate>
          <value>2008-02-27</value>
      </expirationDate>
      <underlyingSecurity>
          <underlyingSecurityTitle>
              <value>Common Stock</value>
          </underlyingSecurityTitle>
          <underlyingSecurityShares>
              <value>4293.0000</value>
          </underlyingSecurityShares>
      </underlyingSecurity>
      <ownershipNature>
          <directOrIndirectOwnership>
              <value>D</value>
          </directOrIndirectOwnership>
      </ownershipNature>
   </derivativeHolding>
   <derivativeHolding>
      <securityTitle>
          <value>Stock Option (right to buy)</value>
      </securityTitle>
      <conversionOrExercisePrice>
          <value>90.4258</value>
      </conversionOrExercisePrice>
      <exerciseDate>
          <value>1999-07-09</value>
      </exerciseDate>
      <expirationDate>
          <value>2008-07-09</value>
      </expirationDate>
      <underlyingSecurity>
          <underlyingSecurityTitle>
              <value>Common Stock</value>
          </underlyingSecurityTitle>
          <underlyingSecurityShares>
              <value>1452.0000</value>
          </underlyingSecurityShares>
      </underlyingSecurity>
      <ownershipNature>
          <directOrIndirectOwnership>
              <value>D</value>
          </directOrIndirectOwnership>
      </ownershipNature>
   </derivativeHolding>
   <derivativeHolding>
      <securityTitle>
          <value>Stock Option (right to buy)</value>
      </securityTitle>
      <conversionOrExercisePrice>
          <value>88.5311</value>
      </conversionOrExercisePrice>
      <exerciseDate>
          <value>2002-02-26</value>
      </exerciseDate>
      <expirationDate>
          <value>2014-02-26</value>
      </expirationDate>
      <underlyingSecurity>
          <underlyingSecurityTitle>
              <value>Common Stock</value>
          </underlyingSecurityTitle>
          <underlyingSecurityShares>
              <value>2691.0000</value>
          </underlyingSecurityShares>
      </underlyingSecurity>
      <ownershipNature>
          <directOrIndirectOwnership>
              <value>D</value>
          </directOrIndirectOwnership>
      </ownershipNature>
   </derivativeHolding>
   <derivativeHolding>
      <securityTitle>
          <value>Stock Option (right to buy)</value>
      </securityTitle>
      <conversionOrExercisePrice>
          <value>86.4845</value>
      </conversionOrExercisePrice>
      <exerciseDate>
          <value>2002-07-01</value>
      </exerciseDate>
      <expirationDate>
          <value>2014-07-01</value>
      </expirationDate>
      <underlyingSecurity>
          <underlyingSecurityTitle>
              <value>Common Stock</value>
          </underlyingSecurityTitle>
          <underlyingSecurityShares>
              <value>2231.0000</value>
          </underlyingSecurityShares>
      </underlyingSecurity>
      <ownershipNature>
          <directOrIndirectOwnership>
              <value>D</value>
          </directOrIndirectOwnership>
      </ownershipNature>
   </derivativeHolding>
   <derivativeHolding>
      <securityTitle>
          <value>Stock Option (right to buy)</value>
      </securityTitle>
      <conversionOrExercisePrice>
          <value>85.4657</value>
      </conversionOrExercisePrice>
      <exerciseDate>
          <value>2002-07-09</value>
      </exerciseDate>
      <expirationDate>
          <value>2014-07-09</value>
      </expirationDate>
      <underlyingSecurity>
          <underlyingSecurityTitle>
              <value>Common Stock</value>
          </underlyingSecurityTitle>
          <underlyingSecurityShares>
              <value>1454.0000</value>
          </underlyingSecurityShares>
      </underlyingSecurity>
      <ownershipNature>
          <directOrIndirectOwnership>
              <value>D</value>
          </directOrIndirectOwnership>
      </ownershipNature>
   </derivativeHolding>
   <derivativeHolding>
      <securityTitle>
          <value>Stock Option (right to buy)</value>
      </securityTitle>
      <conversionOrExercisePrice>
          <value>98.9518</value>
      </conversionOrExercisePrice>
      <exerciseDate>
          <value>2002-09-15</value>
      </exerciseDate>
      <expirationDate>
          <value>2014-09-15</value>
      </expirationDate>
      <underlyingSecurity>
          <underlyingSecurityTitle>
              <value>Common Stock</value>
          </underlyingSecurityTitle>
          <underlyingSecurityShares>
              <value>6195.0000</value>
          </underlyingSecurityShares>
      </underlyingSecurity>
      <ownershipNature>
          <directOrIndirectOwnership>
              <value>D</value>
          </directOrIndirectOwnership>
      </ownershipNature>
   </derivativeHolding>
   <derivativeHolding>
      <securityTitle>
          <value>Stock Option (right to buy)</value>
      </securityTitle>
      <conversionOrExercisePrice>
          <value>98.9518</value>
      </conversionOrExercisePrice>
      <exerciseDate>
          <value>2002-09-15</value>
      </exerciseDate>
      <expirationDate>
          <value>2014-09-15</value>
      </expirationDate>
      <underlyingSecurity>
          <underlyingSecurityTitle>
              <value>Common Stock</value>
          </underlyingSecurityTitle>
          <underlyingSecurityShares>
              <value>460.0000</value>
          </underlyingSecurityShares>
      </underlyingSecurity>
      <ownershipNature>
          <directOrIndirectOwnership>
              <value>D</value>
          </directOrIndirectOwnership>
      </ownershipNature>
   </derivativeHolding>
   <derivativeHolding>
      <securityTitle>
          <value>Stock Option (right to buy)</value>
      </securityTitle>
      <conversionOrExercisePrice>
          <value>54.8918</value>
      </conversionOrExercisePrice>
      <exerciseDate>
          <value>2003-07-10</value>
      </exerciseDate>
      <expirationDate>
          <value>2015-07-10</value>
      </expirationDate>
      <underlyingSecurity>
          <underlyingSecurityTitle>
              <value>Common Stock</value>
          </underlyingSecurityTitle>
          <underlyingSecurityShares>
              <value>4254.0000</value>
          </underlyingSecurityShares>
      </underlyingSecurity>
      <ownershipNature>
          <directOrIndirectOwnership>
              <value>D</value>
          </directOrIndirectOwnership>
      </ownershipNature>
   </derivativeHolding>
   <derivativeHolding>
      <securityTitle>
          <value>Stock Option (right to buy)</value>
      </securityTitle>
      <conversionOrExercisePrice>
          <value>62.0236</value>
      </conversionOrExercisePrice>
      <exerciseDate>
          <value>2003-09-15</value>
      </exerciseDate>
      <expirationDate>
          <value>2015-09-15</value>
      </expirationDate>
      <underlyingSecurity>
          <underlyingSecurityTitle>
              <value>Common Stock</value>
          </underlyingSecurityTitle>
          <underlyingSecurityShares>
              <value>18662.0000</value>
          </underlyingSecurityShares>
      </underlyingSecurity>
      <ownershipNature>
          <directOrIndirectOwnership>
              <value>D</value>
          </directOrIndirectOwnership>
      </ownershipNature>
   </derivativeHolding>
   <derivativeHolding>
      <securityTitle>
          <value>Stock Option (right to buy)</value>
      </securityTitle>
      <conversionOrExercisePrice>
          <value>62.0236</value>
      </conversionOrExercisePrice>
      <exerciseDate>
          <value>2003-09-15</value>
      </exerciseDate>
      <expirationDate>
          <value>2015-09-15</value>
      </expirationDate>
      <underlyingSecurity>
          <underlyingSecurityTitle>
              <value>Common Stock</value>
          </underlyingSecurityTitle>
          <underlyingSecurityShares>
              <value>3836.0000</value>
          </underlyingSecurityShares>
      </underlyingSecurity>
      <ownershipNature>
          <directOrIndirectOwnership>
              <value>D</value>
          </directOrIndirectOwnership>
      </ownershipNature>
   </derivativeHolding>
   <derivativeHolding>
      <securityTitle>
          <value>Stock Option (right to buy)</value>
      </securityTitle>
      <conversionOrExercisePrice>
          <value>69.1376</value>
      </conversionOrExercisePrice>
      <exerciseDate>
          <value>2004-09-24</value>
      </exerciseDate>
      <expirationDate>
          <value>2016-09-24</value>
      </expirationDate>
      <underlyingSecurity>
          <underlyingSecurityTitle>
              <value>Common Stock</value>
          </underlyingSecurityTitle>
          <underlyingSecurityShares>
              <value>2527.0000</value>
          </underlyingSecurityShares>
      </underlyingSecurity>
      <ownershipNature>
          <directOrIndirectOwnership>
              <value>D</value>
          </directOrIndirectOwnership>
      </ownershipNature>
   </derivativeHolding>
   <derivativeHolding>
      <securityTitle>
          <value>Stock Option (right to buy)</value>
      </securityTitle>
      <conversionOrExercisePrice>
          <value>69.1376</value>
      </conversionOrExercisePrice>
      <exerciseDate>
          <value>2004-09-24</value>
      </exerciseDate>
      <expirationDate>
          <value>2016-09-24</value>
      </expirationDate>
      <underlyingSecurity>
          <underlyingSecurityTitle>
              <value>Common Stock</value>
          </underlyingSecurityTitle>
          <underlyingSecurityShares>
              <value>25107.0000</value>
          </underlyingSecurityShares>
      </underlyingSecurity>
      <ownershipNature>
          <directOrIndirectOwnership>
              <value>D</value>
          </directOrIndirectOwnership>
      </ownershipNature>
   </derivativeHolding>
   <derivativeHolding>
      <securityTitle>
          <value>Stock Option (right to buy)</value>
      </securityTitle>
      <conversionOrExercisePrice>
          <value>91.3250</value>
      </conversionOrExercisePrice>
      <exerciseDate>
          <value>2005-09-13</value>
      </exerciseDate>
      <expirationDate>
          <value>2012-09-13</value>
      </expirationDate>
      <underlyingSecurity>
          <underlyingSecurityTitle>
              <value>Common Stock</value>
          </underlyingSecurityTitle>
          <underlyingSecurityShares>
              <value>25608.0000</value>
          </underlyingSecurityShares>
      </underlyingSecurity>
      <ownershipNature>
          <directOrIndirectOwnership>
              <value>D</value>
          </directOrIndirectOwnership>
      </ownershipNature>
   </derivativeHolding>
  </derivativeTable>
<footnotes>
   <footnote id="F1">Mariano Martin and Leticia Martin Chocano joint tenants wth right of survivorship.</footnote>
   <footnote id="F2">Mariano Martin custodian for Sandra Martin Chocano under the Uniform Gift to Minors Act (UGMA).</footnote>
   <footnote id="F3">Mariano Martin custodian for Ignacio Martin Chocano (UGMA).</footnote>
   <footnote id="F4">Mariano Martin custodian for Jaime Martin Chocano (UGMA).</footnote>
   <footnote id="F5">Mariano Martin custodian for Javier Martin Chocano (UGMA).</footnote>
   <footnote id="F6">The Mariano Martin Revocable Living Trust.</footnote>
   <footnote id="F7">Shares held by Retirement Plan Trustees.  If officer terminates employment and elects distribution of shares, or, if after age 50 elects alternative investment within Plan, Preferred Stock converted/redeemed at specified conversion/exercise price.</footnote>
   <footnote id="F8">Higher of $13.75 or market price of Common Stock.</footnote>
</footnotes>
    <ownerSignature>
       <signatureName>Mariano   Martin</signatureName>
       <signatureDate>2003-09-19</signatureDate>
    </ownerSignature>
</ownershipDocument>

</XML>
</TEXT>
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</SEC-DOCUMENT>
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