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<SEC-DOCUMENT>0000950123-07-011363.txt : 20070813
<SEC-HEADER>0000950123-07-011363.hdr.sgml : 20070813
<ACCEPTANCE-DATETIME>20070813140128
ACCESSION NUMBER:		0000950123-07-011363
CONFORMED SUBMISSION TYPE:	424B3
PUBLIC DOCUMENT COUNT:		3
FILED AS OF DATE:		20070813
DATE AS OF CHANGE:		20070813

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			JOHNSON & JOHNSON
		CENTRAL INDEX KEY:			0000200406
		STANDARD INDUSTRIAL CLASSIFICATION:	PHARMACEUTICAL PREPARATIONS [2834]
		IRS NUMBER:				221024240
		STATE OF INCORPORATION:			NJ
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		424B3
		SEC ACT:		1933 Act
		SEC FILE NUMBER:	333-138649
		FILM NUMBER:		071048257

	BUSINESS ADDRESS:	
		STREET 1:		ONE JOHNSON & JOHNSON PLZ
		CITY:			NEW BRUNSWICK
		STATE:			NJ
		ZIP:			08933
		BUSINESS PHONE:		732-524-2455

	MAIL ADDRESS:	
		STREET 1:		ONE JOHNSON & JOHNSON PLZ
		CITY:			NEW BRUNSWICK
		STATE:			NJ
		ZIP:			08933
</SEC-HEADER>
<DOCUMENT>
<TYPE>424B3
<SEQUENCE>1
<FILENAME>y38299b3e424b3.htm
<DESCRIPTION>PROSPECTUS SUPPLEMENT
<TEXT>
<HTML>
<HEAD>
<TITLE>PROSPECTUS SUPPLEMENT</TITLE>
</HEAD>
<BODY bgcolor="#FFFFFF">
<!-- PAGEBREAK -->
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN LOGICAL PAGE -->

<TABLE style="color: #FF0000" width="100%" border="1" cellpadding="5"><TR><TD>
<B><FONT style="font-size: 11pt; font-family: Arial, Helvetica; color: #A32638">The
information in this prospectus supplement is not complete and
may change. This prospectus supplement and the accompanying
prospectus are not an offer to sell these securities and they
are not soliciting an offer to buy these securities in any
jurisdiction where the offer or sale is not permitted.<BR>
</FONT></B>
</TD></TR></TABLE>

<DIV style="margin-top: 1pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="right" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    Filed Pursuant to 424(B)(3)
</DIV>

<DIV align="right" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    Registration No. 333-138649
</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    <B><FONT style="font-size: 11pt; color: #A32638">Prospectus
    Supplement, Subject to Completion, dated August&#160;13,
    2007</FONT></B>
</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    <B><FONT style="font-size: 11pt; color: #A32638">(to Prospectus
    dated November&#160;13, 2006)</FONT></B>
</DIV>

<DIV style="margin-top: 3pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    <IMG src="y38299b3y3829900.gif" alt="(LOGO)" ><B><FONT style="font-size: 11pt">
    </FONT></B>
</DIV>

<DIV style="margin-top: 3pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    <B><I><FONT style="font-size: 18pt">$&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;%&#160;Notes
    due</FONT></I></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    <B><I><FONT style="font-size: 18pt">$&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;%&#160;Notes
    due</FONT></I></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    <B><I><FONT style="font-size: 18pt">$&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;%&#160;Notes
    due</FONT></I></B>
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <I><FONT style="font-family: Arial, Helvetica">Interest
    payable&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;
    and</FONT></I>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    Johnson&#160;&#038; Johnson will pay interest on the Notes
    on&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;
    and&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;
    of each year. The first such payment will be made
    on&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;,
    2008. The Notes will be issued only in denominations of $2,000
    and integral multiples of $1,000. Johnson&#160;&#038; Johnson
    may redeem some or all of the Notes at any time at the
    make-whole redemption prices described in this prospectus
    supplement. Our principal office is located at
    One&#160;Johnson&#160;&#038; Johnson Plaza, New Brunswick, NJ
    08933. Our telephone number is
    <FONT style="white-space: nowrap">(732)&#160;524-0400.</FONT>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    Neither the Securities and Exchange Commission nor any State
    Securities Commission has approved or disapproved of the Notes
    or determined that this Prospectus Supplement or the attached
    Prospectus is accurate or complete. Any representation to the
    contrary is a criminal offense.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<TABLE border="0" width="100%" align="center" cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
<!-- Table Width Row -->
<TR style="font-size: 1pt" valign="bottom">
    <TD width="56%">&nbsp;</TD>	<!-- colindex=01 type=maindata -->
    <TD width="2%">&nbsp;</TD>	<!-- colindex=02 type=gutter -->
    <TD width="4%" align="right">&nbsp;</TD>	<!-- colindex=02 type=lead -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=02 type=body -->
    <TD width="3%">&nbsp;</TD>	<!-- colindex=03 type=gutter -->
    <TD width="6%" align="right">&nbsp;</TD>	<!-- colindex=03 type=lead -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=03 type=body -->
    <TD width="3%">&nbsp;</TD>	<!-- colindex=04 type=gutter -->
    <TD width="7%" align="right">&nbsp;</TD>	<!-- colindex=04 type=lead -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=04 type=body -->
</TR>
<TR style="font-size: 9pt" valign="bottom" align="center">
<TD colspan="10" align="right" valign="bottom">
    <DIV style="font-size: -2pt; margin-left: 0%; width: 100%;border-bottom: 2pt solid #000000"></DIV><!-- callerid=209 iwidth=243 length=0 -->
</TD>
</TR>
<TR style="font-size: 9pt" valign="bottom" align="center">
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="right" valign="bottom">
    <B><FONT style="font-family: Arial, Helvetica">Price to<BR>
    </FONT></B>
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="right" valign="bottom">
    <B><FONT style="font-family: Arial, Helvetica">Underwriting<BR>
    </FONT></B>
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="right" valign="bottom">
    <B><FONT style="font-family: Arial, Helvetica">Proceeds to
    Us,<BR>
    </FONT></B>
</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom" align="center">
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="right" valign="bottom">
    <B><FONT style="font-size: 9pt; font-family: Arial, Helvetica">Public</FONT></B>
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="right" valign="bottom">
    <B><FONT style="font-size: 9pt; font-family: Arial, Helvetica">Discount</FONT></B>
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="right" valign="bottom">
    <B><FONT style="font-size: 9pt; font-family: Arial, Helvetica">Before
    Expenses</FONT></B>
</TD>
</TR>
<TR style="font-size: 9pt" valign="bottom" align="center">
<TD colspan="10" align="right" valign="bottom">
    <DIV style="font-size: 3pt; margin-left: 0%; width: 100%;border-bottom: 1pt solid #000000"></DIV><!-- callerid=209 iwidth=243 length=0 -->
</TD>
</TR>
<TR style="line-height: 3pt; font-size: 1pt">
<TD>&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -12pt; margin-left: 12pt">
    <FONT style="font-size: 10pt">Per&#160;&#160;%&#160;Note
    </FONT>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    &#160;&#160;%
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    &#160;&#160;%
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    &#160;&#160;%
</TD>
</TR>
<TR valign="bottom" style="font-size: 2pt"><!-- 05-19-07 -->
<TD colspan="10" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    <DIV style="font-size: 3pt; margin-left: 0%; width: 100%;border-bottom: 1pt solid #000000"></DIV><!-- callerid=201 iwidth=454 length=0 -->
</DIV>
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -12pt; margin-left: 12pt">
    <FONT style="font-size: 10pt">Total
    </FONT>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    &#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    &#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    &#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;
</TD>
</TR>
<TR valign="bottom" style="font-size: 2pt"><!-- 05-19-07 -->
<TD colspan="10" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    <DIV style="font-size: 3pt; margin-left: 0%; width: 100%;border-bottom: 1pt solid #000000"></DIV><!-- callerid=201 iwidth=454 length=0 -->
</DIV>
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -12pt; margin-left: 12pt">
    <FONT style="font-size: 10pt">Per&#160;&#160;%&#160;Note
    </FONT>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    %
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    %
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    %
</TD>
</TR>
<TR valign="bottom" style="font-size: 2pt"><!-- 05-19-07 -->
<TD colspan="10" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    <DIV style="font-size: 3pt; margin-left: 0%; width: 100%;border-bottom: 1pt solid #000000"></DIV><!-- callerid=201 iwidth=454 length=0 -->
</DIV>
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -12pt; margin-left: 12pt">
    <FONT style="font-size: 10pt">Total
    </FONT>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="font-size: 2pt"><!-- 05-19-07 -->
<TD colspan="10" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    <DIV style="font-size: 3pt; margin-left: 0%; width: 100%;border-bottom: 1pt solid #000000"></DIV><!-- callerid=201 iwidth=454 length=0 -->
</DIV>
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -12pt; margin-left: 12pt">
    <FONT style="font-size: 10pt">Per&#160;&#160;%&#160;Note
    </FONT>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    %
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    %
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    %
</TD>
</TR>
<TR valign="bottom" style="font-size: 2pt"><!-- 05-19-07 -->
<TD colspan="10" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    <DIV style="font-size: 3pt; margin-left: 0%; width: 100%;border-bottom: 1pt solid #000000"></DIV><!-- callerid=201 iwidth=454 length=0 -->
</DIV>
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -12pt; margin-left: 12pt">
    <FONT style="font-size: 10pt">Total
    </FONT>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
</TR>
<TR style="font-size: 1pt" valign="bottom">
<TD colspan="10" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="font-size: 1pt">
<TD colspan="10" style="border-top: 1px solid #000000">
&nbsp;
</TD>
</TR>
</TABLE>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    We expect to deliver the Notes in book-entry form only through
    the facilities of The Depository Trust&#160;Company and its
    participants, including Euroclear and Clearstream, against
    payment on or
    about&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;,
    2007.
</DIV>

<DIV style="margin-top: 18pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <I><FONT style="font-family: Arial, Helvetica">Joint
    Book-Running Managers</FONT></I>
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 16pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

<TR>
    <TD width="50%"></TD>
    <TD width="50%"></TD>
</TR>

<TR valign="top">
    <TD nowrap align="left">    <B><FONT style="font-family: Arial, Helvetica">Goldman,
    Sachs&#160;&#038; Co.</FONT></B></TD>
    <TD nowrap align="right">    <B><FONT style="font-family: Arial, Helvetica">JPMorgan</FONT></B></TD>
</TR>

</TABLE>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

<TR>
    <TD width="50%"></TD>
    <TD width="50%"></TD>
</TR>

<TR valign="top">
    <TD nowrap align="left">    <B><FONT style="font-size: 16pt; font-family: Arial, Helvetica">Citi</FONT></B></TD>
    <TD nowrap align="right">    <B><FONT style="font-size: 16pt; font-family: Arial, Helvetica">Deutsche
    Bank Securities</FONT></B></TD>
</TR>

</TABLE>

<DIV style="margin-top: 3pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    <FONT style="font-size: 11pt">&#160;&#160;&#160;&#160;&#160;&#160;&#160;,
    2007
    </FONT>
</DIV>

<P align="left" style="font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

</DIV><!-- END LOGICAL PAGE -->
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN LOGICAL PAGE -->
<DIV align="left">
<!-- TOC -->
</DIV>

<DIV align="left">
<A name="tocpage"></A>
</DIV>

<DIV style="margin-top: 18pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 16pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: Arial, Helvetica">Table of
    contents</FONT></B>
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<TABLE border="0" width="100%" align="center" cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
<!-- Table Width Row -->
<TR style="font-size: 1pt" valign="bottom">
    <TD width="97%">&nbsp;</TD>	<!-- colindex=01 type=maindata -->
    <TD width="2%">&nbsp;</TD>	<!-- colindex=02 type=gutter -->
    <TD width="1%">&nbsp;</TD>	<!-- colindex=02 type=quadleft -->
    <TD width="1%">&nbsp;</TD>	<!-- colindex=02 type=maindata -->
    <TD width="1%">&nbsp;</TD>	<!-- colindex=02 type=quadright -->
</TR>
<TR style="font-size: 8pt" valign="bottom" align="center">
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="3" nowrap align="right" valign="bottom">
    <B><FONT style="font-size: 9pt; font-family: Arial, Helvetica">Page</FONT></B>
</TD>
</TR>
<TR style="line-height: 3pt; font-size: 1pt">
<TD>&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD colspan="5" align="center" valign="bottom">
<DIV style="text-indent: -12pt; margin-left: 12pt">
    <B><FONT style="font-size: 10pt">Prospectus Supplement</FONT></B>
</DIV>
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -12pt; margin-left: 12pt">
    <A HREF='#101'><FONT style="font-size: 10pt">Forward looking
    statements</FONT></A>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD>
</TD>
<TD nowrap align="right" valign="bottom">
    <FONT style="font-size: 10pt">S-3
    </FONT>
</TD>
<TD>
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -12pt; margin-left: 12pt">
    <A HREF='#102'><FONT style="font-size: 10pt">Where you can find
    more information</FONT></A>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD>
</TD>
<TD nowrap align="right" valign="bottom">
    <FONT style="font-size: 10pt">S-3
    </FONT>
</TD>
<TD>
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -12pt; margin-left: 12pt">
    <A HREF='#103'><FONT style="font-size: 10pt">Use of
    proceeds</FONT></A>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD>
</TD>
<TD nowrap align="right" valign="bottom">
    <FONT style="font-size: 10pt">S-4
    </FONT>
</TD>
<TD>
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -12pt; margin-left: 12pt">
    <A HREF='#104'><FONT style="font-size: 10pt">Ratio of earnings
    to fixed charges</FONT></A>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD>
</TD>
<TD nowrap align="right" valign="bottom">
    <FONT style="font-size: 10pt">S-4
    </FONT>
</TD>
<TD>
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -12pt; margin-left: 12pt">
    <A HREF='#105'><FONT style="font-size: 10pt">Description of the
    notes</FONT></A>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD>
</TD>
<TD nowrap align="right" valign="bottom">
    <FONT style="font-size: 10pt">S-5
    </FONT>
</TD>
<TD>
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -12pt; margin-left: 12pt">
    <A HREF='#106'><FONT style="font-size: 10pt">United States
    taxation</FONT></A>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD>
</TD>
<TD nowrap align="right" valign="bottom">
    <FONT style="font-size: 10pt">S-12
    </FONT>
</TD>
<TD>
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -12pt; margin-left: 12pt">
    <A HREF='#107'><FONT style="font-size: 10pt">Underwriting</FONT></A>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD>
</TD>
<TD nowrap align="right" valign="bottom">
    <FONT style="font-size: 10pt">S-17
    </FONT>
</TD>
<TD>
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -12pt; margin-left: 12pt">
    <A HREF='#108'><FONT style="font-size: 10pt">Experts</FONT></A>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD>
</TD>
<TD nowrap align="right" valign="bottom">
    <FONT style="font-size: 10pt">S-20
    </FONT>
</TD>
<TD>
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -12pt; margin-left: 12pt">
    <A HREF='#109'><FONT style="font-size: 10pt">Legal
    opinions</FONT></A>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD>
</TD>
<TD nowrap align="right" valign="bottom">
    <FONT style="font-size: 10pt">S-20
    </FONT>
</TD>
<TD>
</TD>
</TR>
<TR valign="bottom" style="line-height: 9pt">
<TD colspan="5">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD colspan="5" align="center" valign="bottom">
<DIV style="text-indent: -12pt; margin-left: 12pt">
    <B><FONT style="font-size: 10pt">Prospectus</FONT></B>
</DIV>
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -12pt; margin-left: 12pt">
    <A HREF='#110'><FONT style="font-size: 10pt">About this
    prospectus</FONT></A>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD>
</TD>
<TD nowrap align="right" valign="bottom">
    <FONT style="font-size: 10pt">2
    </FONT>
</TD>
<TD>
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -12pt; margin-left: 12pt">
    <A HREF='#111'><FONT style="font-size: 10pt">Forward looking
    statements</FONT></A>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD>
</TD>
<TD nowrap align="right" valign="bottom">
    <FONT style="font-size: 10pt">2
    </FONT>
</TD>
<TD>
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -12pt; margin-left: 12pt">
    <A HREF='#112'><FONT style="font-size: 10pt">Where you can find
    more information</FONT></A>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD>
</TD>
<TD nowrap align="right" valign="bottom">
    <FONT style="font-size: 10pt">4
    </FONT>
</TD>
<TD>
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -12pt; margin-left: 12pt">
    <A HREF='#113'><FONT style="font-size: 10pt">Johnson&#160;&#038;
    Johnson</FONT></A>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD>
</TD>
<TD nowrap align="right" valign="bottom">
    <FONT style="font-size: 10pt">4
    </FONT>
</TD>
<TD>
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -12pt; margin-left: 12pt">
    <A HREF='#114'><FONT style="font-size: 10pt">Use of
    proceeds</FONT></A>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD>
</TD>
<TD nowrap align="right" valign="bottom">
    <FONT style="font-size: 10pt">5
    </FONT>
</TD>
<TD>
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -12pt; margin-left: 12pt">
    <A HREF='#115'><FONT style="font-size: 10pt">Description of debt
    securities</FONT></A>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD>
</TD>
<TD nowrap align="right" valign="bottom">
    <FONT style="font-size: 10pt">5
    </FONT>
</TD>
<TD>
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -12pt; margin-left: 12pt">
    <A HREF='#116'><FONT style="font-size: 10pt">Description of
    warrants</FONT></A>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD>
</TD>
<TD nowrap align="right" valign="bottom">
    <FONT style="font-size: 10pt">10
    </FONT>
</TD>
<TD>
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -12pt; margin-left: 12pt">
    <A HREF='#117'><FONT style="font-size: 10pt">Plan of
    distribution</FONT></A>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD>
</TD>
<TD nowrap align="right" valign="bottom">
    <FONT style="font-size: 10pt">12
    </FONT>
</TD>
<TD>
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -12pt; margin-left: 12pt">
    <A HREF='#118'><FONT style="font-size: 10pt">Experts</FONT></A>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD>
</TD>
<TD nowrap align="right" valign="bottom">
    <FONT style="font-size: 10pt">13
    </FONT>
</TD>
<TD>
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -12pt; margin-left: 12pt">
    <A HREF='#119'><FONT style="font-size: 10pt">Legal
    opinions</FONT></A>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD>
</TD>
<TD nowrap align="right" valign="bottom">
    <FONT style="font-size: 10pt">13
    </FONT>
</TD>
<TD>
</TD>
</TR>
</TABLE>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

</DIV>

<DIV style="margin-top: 36pt; font-size: 1pt">&nbsp;</DIV>



<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    In making your investment decision, you should rely only on the
    information contained or incorporated by reference in this
    Prospectus Supplement and the attached Prospectus. We have not
    authorized anyone to provide you with any other information. If
    you receive any unauthorized information, you must not rely
    on&#160;it.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    We are offering to sell the Notes only in places where sales are
    permitted.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    You should not assume that the information contained or
    incorporated by reference in this Prospectus Supplement or the
    attached Prospectus is accurate as of any date other than its
    respective date.
</DIV>

<DIV align="left">
<!-- /TOC -->
</DIV>

<P align="center" style="font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    <BR>
    S-2
</DIV><!-- END LOGICAL PAGE -->
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN LOGICAL PAGE -->
<A name='101'>


<!-- link1 "Forward-looking statements" -->


<DIV style="margin-top: 18pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 16pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: Arial, Helvetica">Forward-looking
    statements</FONT></B>
</DIV>
</A>
<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    This prospectus contains &#147;forward-looking statements&#148;
    as defined in the Private Securities Litigation Reform Act of
    1995. These statements are based on current expectations of
    future events. If underlying assumptions prove inaccurate or
    unknown risks or uncertainties materialize, actual results could
    vary materially from Johnson&#160;&#038; Johnson&#146;s
    expectations and projections. Risks and uncertainties include
    general industry conditions and competition, economic
    conditions, such as interest rate and currency exchange rate
    fluctuations; technological advances and patents attained by
    competitors; challenges inherent in new product development,
    including obtaining regulatory approvals; domestic and foreign
    health care reforms and governmental laws and regulations; and
    trends toward health care cost containment. A further list and
    description of these risks, uncertainties and other factors can
    be found in Exhibit&#160;99 of the Company&#146;s Annual Report
    on
    <FONT style="white-space: nowrap">Form&#160;10-K</FONT>
    for the fiscal year ended December&#160;31, 2006. Copies of this
    <FONT style="white-space: nowrap">Form&#160;10-K,</FONT>
    as well as subsequent filings, are available online at
    <U>www.sec.gov</U>, <U>www.jnj.com</U> or on request from
    Johnson&#160;&#038; Johnson. Johnson&#160;&#038; Johnson does
    not undertake to update any forward-looking statements as a
    result of new information or future events or developments.
</DIV>
<A name='102'>


<!-- link1 "Where you can find more information" -->


<DIV style="margin-top: 18pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 16pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: Arial, Helvetica">Where you can
    find more information</FONT></B>
</DIV>
</A>
<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    We file annual, quarterly and special reports, proxy statements
    and other information with the SEC. Our SEC filings are
    available to the public over the Internet at the SEC&#146;s web
    site at www.sec.gov. You may also read and copy any document we
    file at the SEC&#146;s public reference room at 450&#160;Fifth
    Street, N.W., Washington,&#160;D.C., 20549. Please call the SEC
    at
    <FONT style="white-space: nowrap">1-800-SEC-0330</FONT>
    for further information on the public reference room.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    The SEC allows us to incorporate by reference the information we
    file with them, which means that we can disclose important
    information to you by referring you to those documents. The
    information incorporated by reference is considered to be part
    of this prospectus, and information that we file later with the
    SEC will automatically update and supersede this information. We
    incorporate by reference the documents listed below and any
    future filings made with the SEC under Sections&#160;13(a),
    13(c), 14, or 15(d) of the Securities Exchange Act of 1934,
    until we complete our offering of the debt securities and
    warrants:
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="2%"></TD>
    <TD width="98%"></TD>
</TR>

<TR valign="top" style="font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    <TD>    &#149;&#160;
</TD>
    <TD align="left">    Annual report on
    <FONT style="white-space: nowrap">Form&#160;10-K</FONT>
    for the year ended December&#160;31, 2006;
</TD>
</TR>

<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>

<TR valign="top" style="font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    <TD>    &#149;&#160;
</TD>
    <TD align="left">    Quarterly report on
    <FONT style="white-space: nowrap">Form&#160;10-Q</FONT>
    for the quarter ended April&#160;1, 2007;
</TD>
</TR>

<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>

<TR valign="top" style="font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    <TD>    &#149;&#160;
</TD>
    <TD align="left">    Quarterly report on
    <FONT style="white-space: nowrap">Form&#160;10-Q</FONT>
    for the quarter ended July&#160;1, 2007; and
</TD>
</TR>

<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>

<TR valign="top" style="font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    <TD>    &#149;&#160;
</TD>
    <TD align="left">    Current reports on
    <FONT style="white-space: nowrap">Form&#160;8-K</FONT>
    filed February&#160;7, 2007, February&#160;15, 2007,
    March&#160;2, 2007, March&#160;2, 2007 (this report on
    <FONT style="white-space: nowrap">Form&#160;8-K/A</FONT>
    includes historical and pro forma financial information relating
    to the Pfizer Consumer Healthcare acquisition), April&#160;27,
    2007, May&#160;7, 2007, June&#160;12, 2007, July&#160;11, 2007
    and July&#160;31, 2007.
</TD>
</TR>

</TABLE>

<P align="center" style="font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    <BR>
    S-3
</DIV><!-- END LOGICAL PAGE -->
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN LOGICAL PAGE -->

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="2%"></TD>
    <TD width="98%"></TD>
</TR>

<TR valign="top" style="font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    <TD></TD>
    <TD align="left">
    You may request a copy of these filings at no cost, by writing
    or telephoning us at the following address.
</TD>
</TR>

</TABLE>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 3%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    Corporate Secretary&#146;s Office<BR>
    Johnson&#160;&#038; Johnson<BR>
    One Johnson&#160;&#038; Johnson Plaza<BR>
    New Brunswick, NJ 08933<BR>
    <FONT style="white-space: nowrap">(732)&#160;524-2455</FONT>
</DIV>
<A name='103'>


<!-- link1 "Use of proceeds" -->


<DIV style="margin-top: 18pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 16pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: Arial, Helvetica">Use of
    proceeds</FONT></B>
</DIV>
</A>
<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    Johnson&#160;&#038; Johnson intends to use the net proceeds of
    the offering of notes for general corporate purposes including
    the repayment of a portion of the outstanding commercial paper,
    issued to fund the Pfizer Consumer Healthcare acquisition. At
    August&#160;9, 2007 the amount of paper outstanding was
    $3,294,363,000 with a weighted average interest rate of 5.172%
    and a weighted average remaining maturity of 76&#160;days.
</DIV>
<A name='104'>


<!-- link1 "Ratio of earnings to fixed charges" -->


<DIV style="margin-top: 18pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 16pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: Arial, Helvetica">Ratio of earnings
    to fixed charges</FONT></B>
</DIV>
</A>
<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    The ratio of earnings to fixed charges represents our historical
    ratio and is calculated on a total enterprise basis. The ratio
    is computed by dividing the sum of earnings before provision for
    taxes and fixed charges (excluding capitalized interest) by
    fixed charges. Fixed charges represent interest (including
    capitalized interest) and amortization of debt discount and
    expense and the interest factor of all rentals, consisting of an
    appropriate interest factor on operating leases.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<TABLE border="0" width="100%" align="center" cellpadding="0" cellspacing="0" style="font-size: 9pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
<!-- Table Width Row -->
<TR style="font-size: 1pt" valign="bottom">
    <TD width="30%">&nbsp;</TD>	<!-- colindex=01 type=maindata -->
    <TD width="1%">&nbsp;</TD>	<!-- colindex=02 type=gutter -->
    <TD width="9%" align="right">&nbsp;</TD>	<!-- colindex=02 type=lead -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=02 type=body -->
    <TD width="1%">&nbsp;</TD>	<!-- colindex=03 type=gutter -->
    <TD width="11%" align="right">&nbsp;</TD>	<!-- colindex=03 type=lead -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=03 type=body -->
    <TD width="1%">&nbsp;</TD>	<!-- colindex=04 type=gutter -->
    <TD width="8%" align="right">&nbsp;</TD>	<!-- colindex=04 type=lead -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=04 type=body -->
    <TD width="1%">&nbsp;</TD>	<!-- colindex=05 type=gutter -->
    <TD width="8%" align="right">&nbsp;</TD>	<!-- colindex=05 type=lead -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=05 type=body -->
    <TD width="1%">&nbsp;</TD>	<!-- colindex=06 type=gutter -->
    <TD width="11%" align="right">&nbsp;</TD>	<!-- colindex=06 type=lead -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=06 type=body -->
    <TD width="1%">&nbsp;</TD>	<!-- colindex=07 type=gutter -->
    <TD width="11%" align="right">&nbsp;</TD>	<!-- colindex=07 type=lead -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=07 type=body -->
</TR>
<TR style="font-size: 9pt" valign="bottom" align="center">
<TD colspan="19" align="right" valign="bottom">
    <DIV style="font-size: -2pt; margin-left: 0%; width: 100%;border-bottom: 2pt solid #000000"></DIV><!-- callerid=209 iwidth=110 length=0 -->
</TD>
</TR>
<TR style="font-size: 9pt" valign="bottom" align="center">
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="right" valign="bottom">
    <B><FONT style="font-family: Arial, Helvetica">Six months<BR>
    </FONT></B>
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="right" valign="bottom">
&nbsp;
</TD>
</TR>
<TR style="font-size: 9pt" valign="bottom" align="center">
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="right" valign="bottom">
    <B><FONT style="font-family: Arial, Helvetica">ended<BR>
    </FONT></B>
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="14" align="right" valign="bottom" style="border-bottom: 1px solid #000000">
    <B><FONT style="font-family: Arial, Helvetica">Fiscal year
    ended</FONT></B>
</TD>
</TR>
<TR style="font-size: 9pt" valign="bottom" align="center">
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="right" valign="bottom">
    <B><FONT style="font-family: Arial, Helvetica">June&#160;30,<BR>
    </FONT></B>
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="right" valign="bottom">
    <B><FONT style="font-family: Arial, Helvetica">December&#160;31,<BR>
    </FONT></B>
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="right" valign="bottom">
    <B><FONT style="font-family: Arial, Helvetica">January&#160;1,<BR>
    </FONT></B>
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="right" valign="bottom">
    <B><FONT style="font-family: Arial, Helvetica">January&#160;1,<BR>
    </FONT></B>
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="right" valign="bottom">
    <B><FONT style="font-family: Arial, Helvetica">December&#160;28,<BR>
    </FONT></B>
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="right" valign="bottom">
    <B><FONT style="font-family: Arial, Helvetica">December&#160;29,<BR>
    </FONT></B>
</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom" align="center">
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="right" valign="bottom">
    <B><FONT style="font-size: 9pt; font-family: Arial, Helvetica">2007</FONT></B>
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="right" valign="bottom">
    <B><FONT style="font-size: 9pt; font-family: Arial, Helvetica">2006</FONT></B>
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="right" valign="bottom">
    <B><FONT style="font-size: 9pt; font-family: Arial, Helvetica">2006</FONT></B>
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="right" valign="bottom">
    <B><FONT style="font-size: 9pt; font-family: Arial, Helvetica">2005</FONT></B>
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="right" valign="bottom">
    <B><FONT style="font-size: 9pt; font-family: Arial, Helvetica">2003</FONT></B>
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="right" valign="bottom">
    <B><FONT style="font-size: 9pt; font-family: Arial, Helvetica">2002</FONT></B>
</TD>
</TR>
<TR style="font-size: 9pt" valign="bottom" align="center">
<TD colspan="19" align="right" valign="bottom">
    <DIV style="font-size: 3pt; margin-left: 0%; width: 100%;border-bottom: 1pt solid #000000"></DIV><!-- callerid=209 iwidth=110 length=0 -->
</TD>
</TR>
<TR style="line-height: 3pt; font-size: 1pt">
<TD>&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -12pt; margin-left: 12pt">
    <FONT style="font-size: 9pt">Ratio of Earnings to Fixed Charges
    </FONT>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    35.25
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    53.42
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    53.44
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    30.89
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    24.68
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    25.37
</TD>
</TR>
<TR style="font-size: 1pt" valign="bottom">
<TD colspan="19" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="font-size: 1pt">
<TD colspan="19" style="border-top: 1px solid #000000">
&nbsp;
</TD>
</TR>
</TABLE>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

</DIV>

<P align="center" style="font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    <BR>
    S-4
</DIV><!-- END LOGICAL PAGE -->
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<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN LOGICAL PAGE -->
<A name='105'>


<!-- link1 "Description of the notes" -->


<DIV style="margin-top: 18pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 16pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: Arial, Helvetica">Description of
    the notes</FONT></B>
</DIV>
</A>
<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    The following description of the particular terms of the Notes
    offered hereby supplements, and to the extent inconsistent
    therewith replaces, the description of the general terms and
    provisions of the Debt Securities set forth under the heading
    &#147;Description of Debt Securities&#148; in the accompanying
    Prospectus, to which description reference is hereby made.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 12pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: Arial, Helvetica">General</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    The Notes offered hereby will be our unsecured obligations and
    will be issued under an Indenture dated as of September&#160;15,
    1987 between us and BNY Midwest Trust&#160;Company (formerly
    known as Harris Trust and Savings Bank), Chicago, Illinois, as
    Trustee (the &#147;Trustee&#148;), as amended by a First
    Supplemental Indenture dated as of September&#160;1, 1990 (the
    &#147;Indenture&#148;). The&#160;&#160;%&#160;Notes will mature
    on&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;.
    The&#160;&#160;&#160;&#160;&#160;%&#160;Notes will mature
    on&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;.
    The&#160;&#160;&#160;&#160;&#160;%&#160;Notes will mature
    on&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    The Notes will bear interest
    from&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;,
    2007 or from the most recent interest payment date to which
    interest has been paid or provided for, payable semiannually
    on&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;
    and&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;
    of each year,
    beginning&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;,
    2008, to the beneficial owners of the Notes at the close of
    business on the applicable record date, which is
    the&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;
    or&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;
    next preceding such interest payment date.
    The&#160;&#160;&#160;&#160;&#160;%&#160;Notes will bear interest
    at the rate of&#160;&#160;&#160;&#160;&#160;% per annum,
    the&#160;&#160;&#160;&#160;&#160;%&#160;Notes will bear interest
    at the rate of&#160;&#160;&#160;&#160;&#160;% per annum and
    the&#160;&#160;&#160;&#160;&#160;%&#160;Notes will bear interest
    at the rate of&#160;&#160;&#160;&#160;&#160;% per annum.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    The Notes will be entitled to the benefits of our covenants
    described under the caption &#147;Description of Debt
    Securities&#151;Certain Covenants&#148; in the accompanying
    Prospectus.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    Notes will be issued in minimum denominations of $2,000 and
    additional increments of $1,000. The Notes do not have the
    benefit of a sinking fund.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 12pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: Arial, Helvetica">Optional
    redemption</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    Johnson&#160;&#038; Johnson may redeem the Notes at its option
    at any time, either in whole or in part upon at least
    30&#160;days, but not more than 60&#160;days, prior notice given
    by mail to the registered address of each Holder of the notes to
    be redeemed. If Johnson&#160;&#038; Johnson elects to redeem the
    Notes, it will pay a redemption price equal to the greater of
    the following amounts, plus, in each case, accrued and unpaid
    interest thereon to, but not including, the redemption date:
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="2%"></TD>
    <TD width="98%"></TD>
</TR>

<TR valign="top" style="font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    <TD>    &#149;&#160;
</TD>
    <TD align="left">    100% of the aggregate principal amount of the Notes to be
    redeemed on the redemption date; or
</TD>
</TR>

<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>

<TR valign="top" style="font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    <TD>    &#149;&#160;
</TD>
    <TD align="left">    the sum of the present values of the Remaining Scheduled
    Payments.
</TD>
</TR>

</TABLE>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    In determining the present values of the Remaining Scheduled
    Payments, Johnson&#160;&#038; Johnson will discount such
    payments to the redemption date on a semi-annual basis (assuming
    a <FONT style="white-space: nowrap">360-day</FONT>
    year consisting of twelve
    <FONT style="white-space: nowrap">30-day</FONT>
    months) using a discount rate equal to the Treasury Rate
    plus&#160;&#160;&#160;&#160;&#160;% in the case of
    the&#160;&#160;&#160;&#160;&#160;%&#160;Notes,&#160;&#160;&#160;&#160;&#160;%
    in the case of the&#160;&#160;&#160;&#160;&#160;%&#160;Notes
    and&#160;&#160;&#160;&#160;&#160;% in the case of
    the&#160;&#160;&#160;&#160;&#160;%&#160;Notes.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    The following terms are relevant to the determination of the
    redemption price.
</DIV>

<P align="center" style="font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    <BR>
    S-5
</DIV><!-- END LOGICAL PAGE -->
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN LOGICAL PAGE -->

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    <I>&#147;Treasury Rate&#148; </I>means, with respect to any
    redemption date, the rate per annum equal to the semi-annual
    equivalent yield to maturity (computed as of the third business
    day immediately preceding that redemption date) of the
    Comparable Treasury Issue. In determining this rate,
    Johnson&#160;&#038; Johnson will assume a price for the
    Comparable Treasury Issue (expressed as a percentage of its
    principal amount) equal to the Comparable Treasury Price for
    such redemption date.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    <I>&#147;Comparable Treasury Issue&#148; </I>means the United
    States Treasury security selected by an Independent Investment
    Banker as having an actual or interpolated maturity comparable
    to the remaining term of the Notes to be redeemed that would be
    utilized, at the time of selection and in accordance with
    customary financial practice, in pricing new issues of corporate
    debt securities of comparable maturity to the remaining term of
    such Notes.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    <I>&#147;Independent Investment Banker&#148; </I>means Goldman,
    Sachs&#160;&#038; Co., J.P.&#160;Morgan Securities Inc.,
    Citigroup Global Markets Inc. or Deutsche Bank Securities Inc.
    or their respective successors as may be appointed from time to
    time by Johnson&#160;&#038; Johnson; provided, however, that if
    either of the foregoing ceases to be a primary
    U.S.&#160;Government securities dealer in New York City (a
    &#147;primary treasury dealer&#148;), Johnson&#160;&#038;
    Johnson will substitute another primary treasury dealer.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    <I>&#147;Comparable Treasury Price&#148; </I>means, with respect
    to any redemption date, (1)&#160;the arithmetic average of four
    Reference Treasury Dealer Quotations for such redemption date
    after excluding the highest and lowest Reference Treasury Dealer
    Quotations, or (2)&#160;if the trustee obtains fewer than four
    Reference Treasury Dealer Quotations, the arithmetic average of
    all Reference Treasury Dealer Quotations for such redemption
    date.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    <I>&#147;Reference Treasury Dealer Quotations&#148; </I>means,
    with respect to each Reference Treasury Dealer and any
    redemption date, the arithmetic average, as determined by the
    trustee, of the bid and asked prices for the Comparable Treasury
    Issue (expressed in each case as a percentage of its principal
    amount) quoted in writing to the trustee by such Reference
    Treasury Dealer as of 5:00&#160;p.m., New York City time, on the
    third business day preceding such redemption date.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    <I>&#147;Reference Treasury Dealer&#148; </I>means Goldman,
    Sachs&#160;&#038; Co., J.P.&#160;Morgan Securities Inc.,
    Citigroup Global Markets Inc. and Deutsche Bank Securities Inc.,
    and each of their respective successors and any other primary
    treasury dealers selected by Johnson&#160;&#038; Johnson.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    <I>&#147;Remaining Scheduled Payments&#148; </I>means, with
    respect to any Note to be redeemed, the remaining scheduled
    payments of the principal thereof and interest thereon that
    would be due after the related redemption date but for such
    redemption; provided, however, that, if such redemption date is
    not an interest payment date with respect to such Note, the
    amount of the next scheduled interest payment thereon will be
    reduced by the amount of interest accrued thereon to such
    redemption date.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    A partial redemption of the Notes may be effected by such method
    as the trustee may deem fair and appropriate and may provide for
    the selection for redemption of portions (equal to the minimum
    authorized denomination for the Notes or any integral multiple
    thereof) of the principal amount of Notes of a denomination
    larger than the minimum authorized denomination for the Notes.
    If less than all of the Notes are to be redeemed, the Notes to
    be redeemed shall be selected by the trustee by a method the
    trustee deems to be fair and appropriate.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    Notice of any redemption will be mailed at least 30&#160;days
    but not more than 60&#160;days before the redemption date to
    each holder of the Notes to be redeemed. Once notice of
    redemption is mailed, the Notes called for redemption will
    become due and payable on the redemption date and at the
    applicable redemption price, plus accrued and unpaid interest to
    the redemption date.
</DIV>

<P align="center" style="font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    <BR>
    S-6
</DIV><!-- END LOGICAL PAGE -->
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<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN LOGICAL PAGE -->

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    Unless Johnson&#160;&#038; Johnson defaults in payment of the
    redemption price, on and after the redemption date interest will
    cease to accrue on the Notes, or portions thereof, called for
    redemption. On or before the redemption date,
    Johnson&#160;&#038; Johnson will deposit with a paying agent (or
    the trustee) money sufficient to pay the redemption price of and
    accrued interest on the Notes to be redeemed on that date.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 12pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: Arial, Helvetica">Further
    issues</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    We may from time to time, without notice to, or the consent of,
    the registered holders of any series of Notes, create and issue
    further notes equal in rank to any series of the Notes offered
    by this Prospectus Supplement in all respects (or in all
    respects except for the payment of interest accruing prior to
    the issue date of the further notes or except for the first
    payment of interest following the issue date of the further
    notes). These further notes may be consolidated and form a
    single series with any existing series of Notes and will have
    the same terms as to status, redemption or otherwise as that
    existing series of Notes.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 12pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: Arial, Helvetica">Book-entry
    system</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    The Notes will be issued in fully registered form and will be
    represented by a global certificate or certificates (the
    &#147;Global Security&#148;) registered in the name of a nominee
    of The Depository Trust&#160;Company (&#147;DTC&#148; or the
    &#147;Depositary&#148;). The Global Security representing the
    Notes will be deposited with, or on behalf of, the Depositary.
    Investors may elect to hold interests in the Global Security
    through the Depositary, Clearstream Banking, Societe Anonyme,
    which we refer to as &#147;Clearstream, Luxembourg,&#148; or
    Euroclear Bank S.A./N.V., as operator of the Euroclear System,
    which we refer to as &#147;Euroclear,&#148; if they are
    participants in such systems, or indirectly through
    organizations which are participants in such systems.
    Clearstream, Luxembourg and Euroclear will hold interests on
    behalf of their participants through customers&#146; securities
    accounts in Clearstream, Luxembourg&#146;s and Euroclear&#146;s
    names on the books of their respective depositaries, which in
    turn will hold such interests in customers&#146; securities
    accounts in the depositaries&#146; names on the books of the
    Depositary. Citibank, N.A. will act as depositary for
    Clearstream, Luxembourg and JPMorgan Chase Bank will act as
    depositary for Euroclear, which we refer to in such capacities
    as the &#147;U.S.&#160;Depositaries.&#148; The Notes will not be
    exchangeable for certificates issued in definitive, registered
    form (&#147;Certificated Notes&#148;) at the option of the
    holder and, except as set forth below, will not otherwise be
    issuable in definitive form.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    DTC has advised us and the Underwriters as follows: DTC is a
    limited-purpose trust company organized under the New York
    Banking Law, a &#147;banking organization&#148; within the
    meaning of the New York Banking Law, a member of the Federal
    Reserve System, a &#147;clearing corporation&#148; within the
    meaning of the New York Uniform Commercial Code and a
    &#147;clearing agency&#148; registered pursuant to the
    provisions of Section&#160;17A of the Securities Exchange Act of
    1934. DTC&#160;holds securities that its participants
    (&#147;Participants&#148;) deposit with DTC. DTC also
    facilitates the settlement among Participants of securities
    transactions, such as transfers and pledges, in deposited
    securities through electronic computerized book-entry changes in
    Participants&#146; accounts, thereby eliminating the need for
    physical movement of securities certificates. &#147;Direct
    Participants&#148; include securities brokers and dealers,
    banks, trust companies, clearing corporations, and certain other
    organizations. Access to the DTC system is also available to
    others such as securities brokers and dealers, banks, and trust
    companies that clear through or maintain a custodial
    relationship with a Direct Participant, either directly or
    indirectly (&#147;Indirect
</DIV>

<P align="center" style="font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    <BR>
    S-7
</DIV><!-- END LOGICAL PAGE -->
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<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN LOGICAL PAGE -->

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    Participants&#148;). The rules applicable to DTC and its
    Participants are on file with the Securities and Exchange
    Commission. More information about DTC can be found at
    www.dtc.com.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    Clearstream, Luxembourg advises that it is incorporated under
    the laws of Luxembourg as a bank. Clearstream, Luxembourg holds
    securities for its customers, which we refer to as
    &#147;Clearstream, Luxembourg Customers,&#148; and facilitates
    the clearance and settlement of securities transactions between
    Clearstream, Luxembourg Customers through electronic book-entry
    transfers between their accounts. Clearstream, Luxembourg
    provides to Clearstream, Luxembourg Customers, among other
    things, services for safekeeping, administration, clearance and
    settlement of internationally traded securities and securities
    lending and borrowing. Clearstream, Luxembourg interfaces with
    domestic securities markets in over 30 countries through
    established depository and custodial relationships. As a bank,
    Clearstream, Luxembourg is subject to regulation by the
    Luxembourg Commission for the Supervision of the Financial
    Sector, also known as the Commission de Surveillance du Secteur
    Financier. Clearstream, Luxembourg Customers are recognized
    financial institutions around the world, including underwriters,
    securities brokers and dealers, banks, trust companies, clearing
    corporations and certain other organizations. Clearstream,
    Luxembourg Customers in the United States are limited to
    securities brokers and dealers and banks. Indirect access to
    Clearstream, Luxembourg is also available to other institutions
    such as banks, brokers, dealers and trust companies that clear
    through or maintain a custodial relationship with a Clearstream,
    Luxembourg Customer.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    Distributions with respect to the Notes held through
    Clearstream, Luxembourg will be credited to cash accounts of
    Clearstream, Luxembourg Customers in accordance with its rules
    and procedures, to the extent received by the
    U.S.&#160;Depositary of Clearstream, Luxembourg.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    Euroclear advises that it was created in 1968 to hold securities
    for its participants, which we refer to as &#147;Euroclear
    Participants,&#148; and to clear and settle transactions between
    Euroclear Participants through simultaneous electronic
    book-entry delivery against payment, thereby eliminating the
    need for physical movement of certificates and any risk from
    lack of simultaneous transfers of securities and cash. Euroclear
    provides various other services, including securities lending
    and borrowing and interfaces with domestic markets in several
    countries. Euroclear is operated by Euroclear Bank S.A./N.V.,
    which we refer to as the &#147;Euroclear Operator,&#148; under
    contract with Euroclear Clearance Systems, S.C., a Belgian
    cooperative corporation, which we refer to as the
    &#147;Cooperative.&#148; All operations are conducted by the
    Euroclear Operator, and all Euroclear securities clearance
    accounts and Euroclear cash accounts are accounts with the
    Euroclear Operator, not the Cooperative. The Cooperative
    establishes policy for Euroclear on behalf of Euroclear
    Participants. Euroclear Participants include banks, including
    central banks, securities brokers and dealers and other
    professional financial intermediaries and may include the
    underwriters. Indirect access to Euroclear is also available to
    other firms that clear through or maintain a custodial
    relationship with a Euroclear Participant, either directly or
    indirectly.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    Securities clearance accounts and cash accounts with the
    Euroclear Operator are governed by the Terms and Conditions
    Governing Use of Euroclear and the related Operating Procedures
    of the Euroclear System, and applicable Belgian law, which we
    refer to collectively as the &#147;Terms and Conditions.&#148;
    The Terms and Conditions govern transfers of securities and cash
    within Euroclear, withdrawals of securities and cash from
    Euroclear, and receipts of payments with respect to securities
    in Euroclear. All securities in Euroclear are held on a fungible
    basis without attribution of specific certificates to specific
    securities clearance accounts. The Euroclear Operator acts under
    the Terms and Conditions only on behalf of Euroclear
    Participants and has no record of or relationship with persons
    holding through Euroclear Participants.
</DIV>

<P align="center" style="font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    <BR>
    S-8
</DIV><!-- END LOGICAL PAGE -->
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN LOGICAL PAGE -->

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    Distributions with respect to the Notes held beneficially
    through Euroclear will be credited to the cash accounts of
    Euroclear Participants in accordance with the Terms and
    Conditions, to the extent received by the U.S.&#160;Depositary
    for Euroclear.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    Euroclear further advises that investors that acquire, hold and
    transfer interests in the Notes by book-entry through accounts
    with the Euroclear Operator or any other securities intermediary
    are subject to the laws and contractual provisions governing
    their relationship with their intermediary, as well as the laws
    and contractual provisions governing the relationship between
    such an intermediary and each other intermediary, if any,
    standing between themselves and the Global Security.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    The Euroclear Operator advises that under Belgian law, investors
    that are credited with securities on the records of the
    Euroclear Operator have a co-property right in the fungible pool
    of interests in securities on deposit with the Euroclear
    Operator in an amount equal to the amount of interests in
    securities credited to their accounts. In the event of the
    insolvency of the Euroclear Operator, Euroclear Participants
    would have a right under Belgian law to the return of the amount
    and type of interests in securities credited to their accounts
    with the Euroclear Operator. If the Euroclear Operator did not
    have a sufficient amount of interests in securities on deposit
    of a particular type to cover the claims of all Euroclear
    Participants credited with such interests in securities on the
    Euroclear Operator&#146;s records, all Participants having an
    amount of interests in securities of such type credited to their
    accounts with the Euroclear Operator would have the right under
    Belgian law to the return of their pro rata share of the amount
    of interest in securities actually on deposit.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    The Euroclear Operator advises under Belgian law, the Euroclear
    Operator is required to pass on the benefits of ownership in any
    interests in securities on deposit with it, such as dividends,
    voting rights and other entitlements, to any person credited
    with such interests in securities on its records.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    Purchases of Notes under the DTC system must be made by or
    through Direct Participants. Upon the issuance by us of the
    Notes, DTC will credit, on its book-entry system, the respective
    principal amounts of the Notes to the accounts of Participants.
    The accounts to be credited shall be designated by the
    Underwriters. The ownership interest of each actual purchaser of
    each Note (a &#147;Beneficial Owner&#148;) will be recorded on
    the Direct and Indirect Participants&#146; records. Beneficial
    Owners will not receive written confirmation from DTC of their
    purchase, but Beneficial Owners are expected to receive written
    confirmations providing details of the transaction, as well as
    periodic statements of their holdings, from the Direct or
    Indirect Participant through which the Beneficial Owners entered
    into the transaction. Transfers of ownership interests in the
    Notes are expected to be effected by entries made on the books
    of Participants acting on behalf of Beneficial Owners.
    Beneficial Owners will not receive certificates representing
    their ownership interests in Notes, except as set forth below.
    To facilitate subsequent transfers, all Notes deposited by
    Participants with DTC will be registered in the name of
    DTC&#146;s partnership nominee, Cede&#160;&#038; Co. The deposit
    of Notes with DTC and their registration in the name of
    Cede&#160;&#038; Co. will not effect any change in beneficial
    ownership. The laws of some states require that certain
    purchasers of securities take physical delivery of such
    securities in definitive form. Such laws may impair the ability
    to transfer beneficial interests in the Global Security.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    Title to book-entry interests in the Notes will pass by
    book-entry registration of the transfer within the records of
    Clearstream, Luxembourg, Euroclear or DTC, as the case may be,
    in accordance with their respective procedures. Book-entry
    interests in the Notes may be transferred within Clearstream,
    Luxembourg and within Euroclear and between Clearstream,
</DIV>

<P align="center" style="font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    <BR>
    S-9
</DIV><!-- END LOGICAL PAGE -->
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN LOGICAL PAGE -->

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    Luxembourg and Euroclear in accordance with procedures
    established for these purposes by Clearstream, Luxembourg and
    Euroclear. Book-entry interests in the Notes may be transferred
    within DTC in accordance with procedures established for this
    purpose by DTC. Transfers of book-entry interests in the Notes
    among Clearstream, Luxembourg and Euroclear and DTC may be
    effected in accordance with procedures established for this
    purpose by Clearstream, Luxembourg, Euroclear and DTC.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    So long as the Depositary for the Global Security, or its
    nominee, is the registered owner of the Global Security, the
    Depositary or its nominee, as the case may be, will be
    considered the sole owner or holder of the Notes for all
    purposes under the Indenture. Except as provided below,
    Beneficial Owners of the Notes will not be entitled to have the
    Notes registered in their names, will not receive or be entitled
    to receive physical delivery of Notes in definitive form and
    will not be considered the owners or holders thereof under the
    Indenture. Unless and until it is exchanged in whole or in part
    for individual certificates evidencing the Notes represented
    thereby, the Global Security may not be transferred except as a
    whole by the Depositary for the Global Security to a nominee of
    such Depositary or by a nominee of such Depositary to such
    Depositary or another nominee of such Depositary or by the
    Depositary or any nominee to a successor Depositary or any
    nominee of such successor.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    We expect that conveyance of notices and other communications by
    the Depositary to Direct Participants, by Direct Participants to
    Indirect Participants, and by Direct Participants and Indirect
    Participants to Beneficial Owners will be governed by
    arrangements among them, subject to any statutory or regulatory
    requirements as may be in effect from time to time. In addition,
    neither the Depositary nor Cede&#160;&#038; Co. will consent or
    vote with respect to Notes. We have been advised that the
    Depositary&#146;s usual procedure is to mail an omnibus proxy to
    us as soon as possible after the record date with respect to
    such consent or vote. The omnibus proxy would assign
    Cede&#160;&#038; Co.&#146;s consenting or voting rights to those
    Direct Participants to whose accounts the Notes are credited on
    such record date (identified in a listing attached to the
    omnibus proxy).
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    Until the Notes are paid or payment thereof is duly provided
    for, we will, at all times, maintain a paying agent in The City
    of New York capable of performing the duties described herein to
    be performed by the Paying Agent. We have appointed the Trustee
    and The Bank of New York as Paying Agents. An office of a Paying
    Agent in The City of New York for all purposes relating to the
    Notes is located at the date hereof at 101 Barclay Street, New
    York, New York 10286.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    Payments of principal of and interest, if any, on the Notes
    registered in the name of the Depositary or its nominee will be
    made by us through a Paying Agent to the Depositary or its
    nominee, as the case may be, as the registered owner of the
    Global Security. Neither we, the Trustee, any Paying Agent nor
    the registrar for the Notes will have any responsibility or
    liability for any aspect of the records relating to or payments
    made on account of beneficial ownership interests in the Global
    Security or for maintaining, supervising or reviewing any
    records relating to such beneficial ownership interests.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    We have been advised that the Depositary will credit the
    accounts of Direct Participants with payment in amounts
    proportionate to their respective holdings in principal amount
    of interest in the Global Security as shown on the records of
    the Depositary. We have been advised that the Depositary&#146;s
    practice is to credit Direct Participants&#146; accounts on the
    applicable payment date unless the Depositary has reason to
    believe that it will not receive payment on such date. We expect
    that payments by Participants to Beneficial Owners will be
    governed by standing customer instructions and customary
    practices, as is now the case with securities held for the
    accounts of customers. Such payments will be the responsibility
    of such Participants.
</DIV>

<P align="center" style="font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    <BR>
    S-10
</DIV><!-- END LOGICAL PAGE -->
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN LOGICAL PAGE -->

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    If the Depositary with respect to the Global Security is at any
    time unwilling or unable to continue as Depositary and a
    successor Depositary is not appointed by us within 90&#160;days,
    we will issue Certificated Notes in exchange for the Notes
    represented by such Global Security. In addition, we may at any
    time and in our sole discretion determine not to use the
    Depositary&#146;s book-entry system, and, in such event, we will
    issue Certificated Notes in exchange for the Notes represented
    by such Global Security.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 12pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: Arial, Helvetica">Global clearance
    and settlement procedures</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    Initial settlement for the Notes will be made in immediately
    available funds. Secondary market trading between DTC
    participants will occur in the ordinary way in accordance with
    the Depositary&#146;s rules and will be settled in immediately
    available funds using the Depositary&#146;s
    <FONT style="white-space: nowrap">Same-Day</FONT>
    Funds Settlement System. Secondary market trading between
    Clearstream, Luxembourg Customers
    <FONT style="white-space: nowrap">and/or</FONT>
    Euroclear Participants will occur in the ordinary way in
    accordance with the applicable rules and operating procedures of
    Clearstream, Luxembourg and Euroclear and will be settled using
    the procedures applicable to conventional Eurobonds in
    immediately available funds.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    Cross-market transfers between persons holding directly or
    indirectly through the Depositary on the one hand, and directly
    or indirectly through Clearstream, Luxembourg Customers or
    Euroclear Participants, on the other, will be effected in the
    Depositary in accordance with the Depositary&#146;s rules on
    behalf of the relevant European international clearing system by
    its U.S.&#160;Depositary; however, such cross-market
    transactions will require delivery of instructions to the
    relevant European international clearing system by the
    counterparty in such system in accordance with its rules and
    procedures and within its established deadlines, in European
    time. The relevant European international clearing system will,
    if the transaction meets its settlement requirements, deliver
    instructions to its U.S.&#160;Depositary to take action to
    effect final settlement on its behalf by delivering interests in
    the Notes to or receiving interests in the Notes from the
    Depositary, and making or receiving payment in accordance with
    normal procedures for
    <FONT style="white-space: nowrap">same-day</FONT>
    funds settlement applicable to the Depositary. Clearstream,
    Luxembourg Customers and Euroclear Participants may not deliver
    instructions directly to their respective U.S.&#160;Depositaries.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    Because of time-zone differences, credits of interests in the
    Notes received in Clearstream, Luxembourg or Euroclear as a
    result of a transaction with a DTC participant will be made
    during subsequent securities settlement processing and dated the
    business day following the Depositary settlement date. Such
    credits or any transactions involving interests in such Notes
    settled during such processing will be reported to the relevant
    Clearstream, Luxembourg Customers or Euroclear Participants on
    such business day. Cash received in Clearstream, Luxembourg or
    Euroclear as a result of sales of interests in the Notes by or
    through a Clearstream, Luxembourg Customer or a Euroclear
    Participant to a DTC participant will be received with value on
    the Depositary settlement date but will be available in the
    relevant Clearstream, Luxembourg or Euroclear cash account only
    as of the business day following settlement in the Depositary.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    Although the Depositary, Clearstream, Luxembourg and Euroclear
    have agreed to the foregoing procedures in order to facilitate
    transfers of interests in the Notes among participants of the
    Depositary, Clearstream, Luxembourg and Euroclear, they are
    under no obligation to perform or continue to perform such
    procedures and such procedures may be changed or discontinued at
    any time.
</DIV>

<P align="center" style="font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    <BR>
    S-11
</DIV><!-- END LOGICAL PAGE -->
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN LOGICAL PAGE -->
<A name='106'>


<!-- link1 "United States taxation" -->


<DIV style="margin-top: 18pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 16pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: Arial, Helvetica">United States
    taxation</FONT></B>
</DIV>
</A>
<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 12pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: Arial, Helvetica">General</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    This section summarizes the material U.S.&#160;federal tax
    consequences of ownership and disposition of the Notes. However,
    the discussion is limited in the following ways:
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="2%"></TD>
    <TD width="98%"></TD>
</TR>

<TR valign="top" style="font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    <TD>    &#149;&#160;
</TD>
    <TD align="left">    The discussion only covers you if you buy your Notes in the
    initial offering at the price set forth on the cover page.
</TD>
</TR>

<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>

<TR valign="top" style="font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    <TD>    &#149;&#160;
</TD>
    <TD align="left">    The discussion only covers you if you hold your Notes as capital
    assets (that is, for investment purposes), and if you do not
    have a special tax status such as:
</TD>
</TR>

</TABLE>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="3%"></TD>
    <TD width="3%"></TD>
    <TD width="94%"></TD>
</TR>

<TR valign="top" style="font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    certain financial institutions;
</TD>
</TR>

<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>

<TR valign="top" style="font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    insurance companies;
</TD>
</TR>

<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>

<TR valign="top" style="font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    dealers in securities or foreign currencies;
</TD>
</TR>

<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>

<TR valign="top" style="font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    persons holding the Notes as part of a hedge;
</TD>
</TR>

<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>

<TR valign="top" style="font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    U.S.&#160;Holders whose functional currency is not the
    U.S.&#160;dollar;
</TD>
</TR>

<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>

<TR valign="top" style="font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    partnerships or other entities classified as partnerships for
    U.S.&#160;federal income tax purposes; or
</TD>
</TR>

<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>

<TR valign="top" style="font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    persons subject to the alternative minimum tax.
</TD>
</TR>

</TABLE>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="2%"></TD>
    <TD width="98%"></TD>
</TR>

<TR valign="top" style="font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    <TD>    &#149;&#160;
</TD>
    <TD align="left">    The discussion does not cover tax consequences that depend upon
    your particular tax situation in addition to your ownership of
    Notes.
</TD>
</TR>

<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>

<TR valign="top" style="font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    <TD>    &#149;&#160;
</TD>
    <TD align="left">    The discussion is based on current law. Changes in the law may
    change the tax treatment of the Notes possibly with a
    retroactive effect.
</TD>
</TR>

<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>

<TR valign="top" style="font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    <TD>    &#149;&#160;
</TD>
    <TD align="left">    The discussion does not cover state, local or foreign law.
</TD>
</TR>

<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>

<TR valign="top" style="font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    <TD>    &#149;&#160;
</TD>
    <TD align="left">    We have not requested a ruling from the United States Internal
    Revenue Service (the &#147;IRS&#148;) on the tax consequences of
    owning and disposing of the Notes. As a result, the IRS could
    disagree with portions of this discussion.
</TD>
</TR>

</TABLE>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    IF YOU ARE CONSIDERING BUYING NOTES, WE SUGGEST THAT YOU CONSULT
    YOUR TAX ADVISOR ABOUT THE TAX CONSEQUENCES OF HOLDING THE NOTES
    IN YOUR PARTICULAR SITUATION AS WELL AS ANY TAX CONSEQUENCES
    ARISING UNDER THE LAWS OF ANY STATE, LOCAL OR FOREIGN
    JURISDICTION.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 12pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: Arial, Helvetica">Tax consequences
    to U.S. Holders</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    This section applies to you if you are a
    &#147;U.S.&#160;Holder.&#148; A &#147;U.S.&#160;Holder&#148; is
    a beneficial owner of a Note that is for U.S.&#160;federal
    income tax purposes:
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="2%"></TD>
    <TD width="98%"></TD>
</TR>

<TR valign="top" style="font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    <TD>    &#149;&#160;
</TD>
    <TD align="left">    an individual U.S.&#160;citizen or resident alien;
</TD>
</TR>

<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>

<TR valign="top" style="font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    <TD>    &#149;&#160;
</TD>
    <TD align="left">    a corporation&#151;or entity taxable as a corporation for
    U.S.&#160;federal income tax purposes&#151;that was created
    under U.S.&#160;law (federal or state); or
</TD>
</TR>

</TABLE>

<P align="center" style="font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    <BR>
    S-12
</DIV><!-- END LOGICAL PAGE -->
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN LOGICAL PAGE -->

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="2%"></TD>
    <TD width="98%"></TD>
</TR>

<TR valign="top" style="font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    <TD>    &#149;&#160;</TD>
    <TD align="left">
    an estate or trust whose world-wide income is subject to
    U.S.&#160;federal income tax.
</TD>
</TR>

</TABLE>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    If a partnership holds Notes, the tax treatment of a partner
    will generally depend upon the status of the partner and upon
    the activities of the partnership. If you are a partner of a
    partnership holding Notes, we suggest that you consult your tax
    advisor.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 12pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: Arial, Helvetica">Interest</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="2%"></TD>
    <TD width="98%"></TD>
</TR>

<TR valign="top" style="font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    <TD>    &#149;&#160;
</TD>
    <TD align="left">    If you are a cash method taxpayer (including most individual
    holders), you must report interest on the Notes as ordinary
    income when you receive it.
</TD>
</TR>

<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>

<TR valign="top" style="font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    <TD>    &#149;&#160;
</TD>
    <TD align="left">    If you are an accrual method taxpayer, you must report interest
    on the Notes as ordinary income as it accrues.
</TD>
</TR>

</TABLE>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 12pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: Arial, Helvetica">Sale or
    retirement of notes</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    On your sale, redemption or retirement of your Note:
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="2%"></TD>
    <TD width="98%"></TD>
</TR>

<TR valign="top" style="font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    <TD>    &#149;&#160;
</TD>
    <TD align="left">    You will have taxable gain or loss equal to the difference
    between the amount received by you and your tax basis in the
    Note. Your tax basis in the Note is your cost, subject to
    certain adjustments.
</TD>
</TR>

<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>

<TR valign="top" style="font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    <TD>    &#149;&#160;
</TD>
    <TD align="left">    Your gain or loss will generally be capital gain or loss, and
    will be long term capital gain or loss if you held the Note for
    more than one year. For an individual, the maximum tax rate on
    long term capital gains is 15%.
</TD>
</TR>

<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>

<TR valign="top" style="font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    <TD>    &#149;&#160;
</TD>
    <TD align="left">    If you sell the Note between interest payment dates, a portion
    of the amount you receive reflects interest that has accrued on
    the Note but has not yet been paid by the sale date. That amount
    is treated as ordinary interest income as described above under
    &#147;&#151;Interest.&#148;
</TD>
</TR>

</TABLE>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 12pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: Arial, Helvetica">Information
    reporting and backup withholding</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    Under the tax rules concerning information reporting to the IRS:
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="2%"></TD>
    <TD width="98%"></TD>
</TR>

<TR valign="top" style="font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    <TD>    &#149;&#160;
</TD>
    <TD align="left">    Assuming you hold your Notes through a broker or other
    securities intermediary, the intermediary must provide
    information to the IRS and to you on IRS Form&#160;1099
    concerning interest and retirement proceeds on your Notes as
    well as on proceeds from sale or other disposition of the Notes,
    unless an exemption applies.
</TD>
</TR>

<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>

<TR valign="top" style="font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    <TD>    &#149;&#160;
</TD>
    <TD align="left">    Similarly, unless an exemption applies, you must provide the
    intermediary with your Taxpayer Identification Number for its
    use in reporting information to the IRS. If you are an
    individual, this is your social security number. You are also
    required to comply with other IRS requirements concerning
    information reporting.
</TD>
</TR>

<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>

<TR valign="top" style="font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    <TD>    &#149;&#160;
</TD>
    <TD align="left">    If you are subject to these requirements but do not comply, the
    intermediary must withhold at a rate that is currently 28% of
    all amounts payable to you on the Notes (including principal
    payments and sale proceeds). This is called &#147;backup
    withholding&#148;. If the intermediary withholds payments, you
    may use the withheld amount as a credit against your federal
    income tax liability.
</TD>
</TR>

</TABLE>

<P align="center" style="font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    <BR>
    S-13
</DIV><!-- END LOGICAL PAGE -->
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN LOGICAL PAGE -->

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="2%"></TD>
    <TD width="98%"></TD>
</TR>

<TR valign="top" style="font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    <TD>    &#149;&#160;</TD>
    <TD align="left">
    All individuals are subject to these requirements. Some holders,
    including all corporations, tax-exempt organizations and
    individual retirement accounts, are exempt from these
    requirements.
</TD>
</TR>

</TABLE>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 12pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: Arial, Helvetica">Tax consequences
    to <FONT style="white-space: nowrap">Non-U.S.</FONT>
    Holders</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    This section applies to you if you are a
    <FONT style="white-space: nowrap">&#147;Non-U.S.&#160;Holder.&#148;</FONT>
    A
    <FONT style="white-space: nowrap">&#147;Non-U.S.&#160;Holder&#148;</FONT>
    is a beneficial owner of a Note that is not a U.S.&#160;Holder.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 12pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: Arial, Helvetica">Withholding
    taxes</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    Generally, payments of principal and interest on the Notes will
    not be subject to U.S.&#160;withholding taxes.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    However, in the case of interest, for the exemption from
    withholding taxes to apply to you, you must meet one of the
    following requirements:
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="2%"></TD>
    <TD width="98%"></TD>
</TR>

<TR valign="top" style="font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    <TD>    &#149;&#160;
</TD>
    <TD align="left">    You provide a completed
    <FONT style="white-space: nowrap">Form&#160;W-8BEN</FONT>
    (or substitute form) to the bank, broker or other intermediary
    through which you hold your Notes. The
    <FONT style="white-space: nowrap">Form&#160;W-8BEN</FONT>
    contains your name, address and a statement that you are the
    beneficial owner of the Notes and that you are not a
    U.S.&#160;Holder.
</TD>
</TR>

<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>

<TR valign="top" style="font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    <TD>    &#149;&#160;
</TD>
    <TD align="left">    You hold your Note directly through a &#147;qualified
    intermediary,&#148; and the qualified intermediary has
    sufficient information in its files indicating that you are not
    a U.S.&#160;Holder. A qualified intermediary is a bank, broker
    or other intermediary that (1)&#160;is either a U.S.&#160;or
    <FONT style="white-space: nowrap">non-U.S.&#160;entity,</FONT>
    (2)&#160;is acting out of a
    <FONT style="white-space: nowrap">non-U.S.&#160;branch</FONT>
    or office and (3)&#160;has signed an agreement with the IRS
    providing that it will administer all or part of the
    U.S.&#160;tax withholding rules under specified procedures.
</TD>
</TR>

<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>

<TR valign="top" style="font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    <TD>    &#149;&#160;
</TD>
    <TD align="left">    You are entitled to an exemption from withholding tax on
    interest under a tax treaty between the U.S.&#160;and your
    country of residence. To claim this exemption, you must
    generally complete
    <FONT style="white-space: nowrap">Form&#160;W-8BEN</FONT>
    and claim this exemption on the form.
</TD>
</TR>

<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>

<TR valign="top" style="font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    <TD>    &#149;&#160;
</TD>
    <TD align="left">    The interest income on the Notes is effectively connected with
    the conduct of your trade or business in the U.S., and is not
    exempt from U.S.&#160;tax under a tax treaty. To claim this
    exemption, you must complete
    <FONT style="white-space: nowrap">Form&#160;W-8ECI.</FONT>
</TD>
</TR>

</TABLE>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    Even if you meet one of the above requirements, interest paid to
    you will be subject to withholding tax under any of the
    following circumstances:
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="2%"></TD>
    <TD width="98%"></TD>
</TR>

<TR valign="top" style="font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    <TD>    &#149;&#160;
</TD>
    <TD align="left">    The withholding agent or an intermediary knows or has reason to
    know that you are not entitled to an exemption from withholding
    tax. Specific rules apply for this test.
</TD>
</TR>

<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>

<TR valign="top" style="font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    <TD>    &#149;&#160;
</TD>
    <TD align="left">    The IRS notifies the withholding agent that information that you
    or an intermediary provided concerning your status is false.
</TD>
</TR>

<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>

<TR valign="top" style="font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    <TD>    &#149;&#160;
</TD>
    <TD align="left">    An intermediary through which you hold the Notes fails to comply
    with the procedures necessary to avoid withholding taxes on the
    Notes.
</TD>
</TR>

<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>

<TR valign="top" style="font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    <TD>    &#149;&#160;
</TD>
    <TD align="left">    You own 10% or more of the voting stock of Johnson&#160;&#038;
    Johnson, are a &#147;controlled foreign corporation&#148;
    related directly or indirectly to Johnson&#160;&#038; Johnson
    through stock ownership, or are a bank making a loan in the
    ordinary course of its business. In these cases, you will be
    exempt from withholding taxes only if you are eligible for a
    treaty exemption or if the
</TD>
</TR>

</TABLE>

<P align="center" style="font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    <BR>
    S-14
</DIV><!-- END LOGICAL PAGE -->
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN LOGICAL PAGE -->

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="2%"></TD>
    <TD width="98%"></TD>
</TR>

<TR valign="top" style="font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    <TD></TD>
    <TD align="left">
    interest income is effectively connected with your conduct of a
    trade or business in the U.S.&#160;and you provide us with a
    properly executed
    <FONT style="white-space: nowrap">form&#160;W-8ECI</FONT>
    as discussed above.
</TD>
</TR>

</TABLE>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    The rules regarding withholding are complex and vary depending
    on your individual situation. They are also subject to change.
    In addition, special rules apply to certain types of
    <FONT style="white-space: nowrap">Non-U.S.&#160;Holders</FONT>
    of Notes, including partnerships, trusts and other entities
    treated as pass-through entities for U.S.&#160;federal income
    tax purposes. We suggest that you consult with your tax advisor
    regarding the specific methods for satisfying these requirements.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 12pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: Arial, Helvetica">Sale of
    notes</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    If you sell a Note, you will not be subject to U.S.&#160;federal
    income tax on any gain unless one of the following applies:
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="2%"></TD>
    <TD width="98%"></TD>
</TR>

<TR valign="top" style="font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    <TD>    &#149;&#160;
</TD>
    <TD align="left">    The gain is connected with a trade or business that you conduct
    in the U.S.
</TD>
</TR>

<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>

<TR valign="top" style="font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    <TD>    &#149;&#160;
</TD>
    <TD align="left">    You are an individual, you are present in the U.S.&#160;for at
    least 183&#160;days during the taxable year in which you dispose
    of the Note, and certain other conditions are satisfied.
</TD>
</TR>

<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>

<TR valign="top" style="font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    <TD>    &#149;&#160;
</TD>
    <TD align="left">    The gain represents accrued interest, in which case the rules
    for interest would apply.
</TD>
</TR>

</TABLE>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 12pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: Arial, Helvetica">U.S. Trade or
    business</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    If you hold your Note in connection with a trade or business
    that you are conducting in the U.S.:
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="2%"></TD>
    <TD width="98%"></TD>
</TR>

<TR valign="top" style="font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    <TD>    &#149;&#160;
</TD>
    <TD align="left">    Any interest on the Note, and any gain from disposing of the
    Note, generally will be subject to income tax as if you were a
    U.S.&#160;Holder.
</TD>
</TR>

<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>

<TR valign="top" style="font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    <TD>    &#149;&#160;
</TD>
    <TD align="left">    If you are a corporation, you may be subject to the &#147;branch
    profits tax&#148; on your earnings that are connected with your
    U.S.&#160;trade or business, including earnings from the Note.
    This tax rate is 30%, but may be reduced or eliminated by an
    applicable income tax treaty.
</TD>
</TR>

</TABLE>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 12pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: Arial, Helvetica">Estate
    taxes</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    If you are an individual, your Notes will not be subject to
    U.S.&#160;estate tax when you die. However, this rule only
    applies if, at your death, payments on the Notes were not
    connected to a trade or business that you were conducting in the
    U.S.&#160;or you did not own, actually or constructively, 10% or
    more of the total combined voting power of Johnson&#160;&#038;
    Johnson.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 12pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: Arial, Helvetica">Information
    reporting and backup withholding</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    U.S.&#160;rules concerning information reporting and backup
    withholding are described above. These rules apply to
    <FONT style="white-space: nowrap">Non-U.S.&#160;Holders</FONT>
    as follows:
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="2%"></TD>
    <TD width="98%"></TD>
</TR>

<TR valign="top" style="font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    <TD>    &#149;&#160;</TD>
    <TD align="left">
    Principal and interest payments you receive will be
    automatically exempt from the usual rules if you provide the tax
    certifications needed to avoid withholding tax on interest, as
    described above under &#147;&#151;Withholding Taxes&#148;. The
    exemption does not apply if the withholding agent or an
    intermediary knows or has reason to know that you should be
    subject to the usual information reporting or backup withholding
    rules. In addition, interest payments made to you will generally
    be reported to the IRS on Form 1042-S.
</TD>
</TR>

</TABLE>

<P align="center" style="font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    <BR>
    S-15
</DIV><!-- END LOGICAL PAGE -->
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN LOGICAL PAGE -->

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="2%"></TD>
    <TD width="98%"></TD>
</TR>

<TR valign="top" style="font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    <TD>    &#149;&#160;</TD>
    <TD align="left">
    Sale proceeds you receive on a sale of your Notes through a
    broker may be subject to information reporting
    <FONT style="white-space: nowrap">and/or</FONT>
    backup withholding if you are not eligible for an exemption. In
    particular, information reporting and backup reporting may apply
    if you use the U.S.&#160;office of a broker, and information
    reporting (but not backup withholding) may apply if you use the
    foreign office of a broker that has certain connections to the
    U.S.&#160;In general, you may file
    <FONT style="white-space: nowrap">Form&#160;W-8BEN</FONT>
    to claim an exemption from information reporting and backup
    withholding. We suggest that you consult your tax advisor
    concerning information reporting and backup withholding on a
    sale.
</TD>
</TR>

</TABLE>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 12pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: Arial, Helvetica">European union
    tax reporting and withholding</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    Directive 2003/48/EC (the &#147;Directive&#148;) of the Council
    of the European Union relating to the taxation of savings
    income, became effective on July&#160;1, 2005. Under the
    Directive, if a paying agent for interest on a debt claim is
    resident in one member state of the European Union and an
    individual who is the beneficial owner of the interest is a
    resident of another member state, then the former member state
    is required to provide information (including the identity of
    the recipient) to authorities of the latter member state.
    &#147;Paying agent&#148; is defined broadly for this purpose and
    generally includes any agent of either payor or payee. Belgium,
    Luxembourg and Austria have opted instead to withhold tax on the
    interest during a transitional period (initially at a rate of
    15% but rising in steps to 35% after six years), subject to the
    ability of the individual to avoid withholding tax through
    voluntary disclosure of the investment to the individual&#146;s
    member state. In addition, certain non-members of the European
    Union (Switzerland, Liechtenstein, Andorra, Monaco and
    San&#160;Marino), as well as dependent and associated
    territories of the United Kingdom and the Netherlands, have
    adopted equivalent measures effective on the same date, and some
    (including Switzerland) have exercised the option to apply
    withholding taxes as described above.
</DIV>

<P align="center" style="font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    <BR>
    S-16
</DIV><!-- END LOGICAL PAGE -->
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN LOGICAL PAGE -->
<A name='107'>


<!-- link1 "Underwriting" -->


<DIV style="margin-top: 18pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 16pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: Arial, Helvetica">Underwriting</FONT></B>
</DIV>
</A>
<DIV style="margin-top: 3pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    Under the terms and subject to the conditions in the
    underwriting agreement dated the date of this prospectus
    supplement, we have agreed to sell to each of the underwriters
    named below, and each of the underwriters has severally and not
    jointly agreed to purchase, the principal amount of each series
    of Notes that appears opposite its name in the table below:
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<TABLE border="0" width="100%" align="center" cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
<!-- Table Width Row -->
<TR style="font-size: 1pt" valign="bottom">
    <TD width="47%">&nbsp;</TD>         <!-- colindex=01 type=maindata -->
    <TD width="2%">&nbsp;</TD>  <!-- colindex=02 type=gutter -->
    <TD width="14%" align="right">&nbsp;</TD>   <!-- colindex=02 type=lead -->
    <TD width="1%" align="right">&nbsp;</TD>    <!-- colindex=02 type=body -->
    <TD width="3%">&nbsp;</TD>  <!-- colindex=03 type=gutter -->
    <TD width="14%" align="right">&nbsp;</TD>   <!-- colindex=03 type=lead -->
    <TD width="1%" align="right">&nbsp;</TD>    <!-- colindex=03 type=body -->
    <TD width="3%">&nbsp;</TD>  <!-- colindex=04 type=gutter -->
    <TD width="14%" align="right">&nbsp;</TD>   <!-- colindex=04 type=lead -->
    <TD width="1%" align="right">&nbsp;</TD>    <!-- colindex=04 type=body -->
</TR>
<TR style="font-size: 9pt" valign="bottom" align="center">
<TD colspan="10" align="right" valign="bottom">
    <DIV style="font-size: -2pt; margin-left: 0%; width: 100%;border-bottom: 2pt solid #000000"></DIV><!-- callerid=209 iwidth=200 length=0 -->
</TD>
</TR>
<TR style="font-size: 9pt" valign="bottom" align="center">
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="right" valign="bottom">
    <B><FONT style="font-family: Arial, Helvetica">Principal
    amount<BR>
    </FONT></B>
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="right" valign="bottom">
    <B><FONT style="font-family: Arial, Helvetica">Principal
    amount<BR>
    </FONT></B>
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="right" valign="bottom">
    <B><FONT style="font-family: Arial, Helvetica">Principal
    amount<BR>
    </FONT></B>
</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom" align="center">
<TD nowrap align="left" valign="bottom">
    <B><FONT style="font-size: 9pt; font-family: Arial, Helvetica">Underwriter</FONT></B>
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="right" valign="bottom">
    <B><FONT style="font-size: 9pt; font-family: Arial, Helvetica">of&#160;&#160;&#160;&#160;&#160;&#160;%
    notes</FONT></B>
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="right" valign="bottom">
    <B><FONT style="font-size: 9pt; font-family: Arial, Helvetica">of&#160;&#160;&#160;&#160;&#160;&#160;%
    notes</FONT></B>
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="right" valign="bottom">
    <B><FONT style="font-size: 9pt; font-family: Arial, Helvetica">of&#160;&#160;&#160;&#160;&#160;&#160;%
    notes</FONT></B>
</TD>
</TR>
<TR style="font-size: 9pt" valign="bottom" align="center">
<TD colspan="10" align="right" valign="bottom">
    <DIV style="font-size: 3pt; margin-left: 0%; width: 100%;border-bottom: 1pt solid #000000"></DIV><!-- callerid=209 iwidth=200 length=0 -->
</TD>
</TR>
<TR style="line-height: 3pt; font-size: 1pt">
<TD>&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD align="left" valign="bottom">
<DIV style="text-indent: -12pt; margin-left: 12pt">
    <FONT style="font-size: 10pt">Goldman, Sachs&#160;&#038;
    Co.&#160;
    </FONT>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    &#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    &#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    &#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -12pt; margin-left: 12pt">
    <FONT style="font-size: 10pt">J.P. Morgan Securities Inc.&#160;
    </FONT>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD align="left" valign="bottom">
<DIV style="text-indent: -12pt; margin-left: 12pt">
    <FONT style="font-size: 10pt">Citigroup Global Markets Inc.&#160;
    </FONT>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -12pt; margin-left: 12pt">
    <FONT style="font-size: 10pt">Deutsche Bank Securities Inc.&#160;
    </FONT>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
</TR>
<TR style="font-size: 1pt" valign="bottom">
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="8" align="right" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="font-size: 1pt">
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="8" style="border-top: 1px solid #000000">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -12pt; margin-left: 24pt">
    <FONT style="font-size: 10pt">Total
    </FONT>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
</TR>
<TR style="font-size: 1pt" valign="bottom">
<TD colspan="10" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="font-size: 1pt">
<TD colspan="10" style="border-top: 1px solid #000000">
&nbsp;
</TD>
</TR>
</TABLE>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    Under the underwriting agreement, if the underwriters take any
    of the Notes, then the underwriters are obligated to take and
    pay for all of the Notes.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    Each series of Notes represents a new issue of securities with
    no established trading market. The underwriters have advised us
    that they intend to make a market in each series of Notes, but
    they are not obligated to do so. The underwriters may
    discontinue any market making in any series of Notes at any time
    at their sole discretion. Accordingly, we cannot assure you that
    a liquid trading market for any series of Notes will develop and
    be sustained, that you will be able to sell your Notes at a
    particular time or that the prices you receive when you sell
    will be favorable.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    The underwriters initially propose to offer part the Notes
    directly to the public at the offering prices described on the
    cover page and part to certain dealers at a price that
    represents a concession not in excess of &#160;&#160;&#160;&#160;% of the
    principal amount of the &#160;&#160;&#160;&#160;%&#160; Notes, &#160;&#160;&#160;&#160;% of
    the principal amount of the &#160;&#160;&#160;&#160;%&#160; Notes
    and &#160;&#160;&#160;&#160;% of the principal amount of
    the &#160;&#160;&#160;&#160;%&#160; Notes. Any underwriter may allow, and any
    such dealer may reallow, a concession not in excess
    of &#160;&#160;&#160;&#160;% of the principal amount of
    the &#160;&#160;&#160;&#160;%&#160; Notes, &#160;&#160;&#160;&#160;% of the principal
    amount of the &#160;&#160;&#160;&#160;%&#160; Notes and &#160;&#160;&#160;&#160;% of the
    principal amount of the &#160;&#160;&#160;&#160;%&#160; Notes to certain other
    dealers. After the initial offering of the Notes, the
    underwriters may from time to time vary the offering price and
    other selling terms.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    We have also agreed to indemnify the underwriters against
    certain liabilities, including liabilities under the Securities
    Act of 1933, as amended, or to contribute to payments which the
    underwriters may be required to make in respect of any such
    liabilities.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    In connection with the offering of the Notes, the underwriters
    may engage in transactions that stabilize, maintain or otherwise
    affect the price of each series of Notes. Specifically, the
    underwriters may overallot in connection with this offering,
    creating a syndicate short position. In addition, the
    underwriters may bid for, and purchase, Notes in the open market
    to cover syndicate short positions or to stabilize the price of
    any of the Notes. Finally, the underwriting syndicate may
    reclaim selling concessions allowed for distributing the Notes
    in this offering if the syndicate repurchases previously
    distributed Notes in a syndicate covering transaction, a
    stabilization transaction or otherwise. Any of these activities
    may stabilize or maintain the market price of any of the Notes
    above independent market levels. The underwriters are not
    required to engage in any of these activities, and may end any
    of them at any time.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    Expenses associated with this offering, to be paid by us, are
    estimated to be
    $&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;.
</DIV>

<P align="center" style="font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    <BR>
    S-17
</DIV><!-- END LOGICAL PAGE -->
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN LOGICAL PAGE -->

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    In the ordinary course of their respective businesses, certain
    of the underwriters and their affiliates have engaged, and may
    in the future engage, in advisory, commercial banking
    <FONT style="white-space: nowrap">and/or</FONT>
    investment banking transactions with us and our affiliates.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 12pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: Arial, Helvetica">Offering
    restrictions</FONT></B>
</DIV>

<DIV style="margin-top: 3pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    The Notes are offered for sale in the United States and in
    jurisdictions outside the United States, subject to applicable
    law.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    Each of the underwriters has agreed that it will not offer,
    sell, or deliver any of the Notes, directly or indirectly, or
    distribute this prospectus supplement or prospectus or any other
    offering material relating to the Notes, in or from any
    jurisdiction except under circumstances that will, to the best
    of the underwriters&#146; knowledge and belief, result in
    compliance with the applicable laws and regulations and which
    will not impose any obligations on the Company except as set
    forth in the underwriting agreement.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    Holders may be required to pay stamp taxes and other charges in
    accordance with the laws and practices of the country in which
    the Notes were purchased. These taxes and charges are in
    addition to the issue price set forth on the cover page.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 12pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: Arial, Helvetica">European economic
    area</FONT></B>
</DIV>

<DIV style="margin-top: 3pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    In relation to each Member State of the European Economic Area
    which has implemented the Prospectus Directive (each, a Relevant
    Member State), each underwriter has represented and agreed that
    with effect from and including the date on which the Prospectus
    Directive is implemented in that Relevant Member State (the
    Relevant Implementation Date) it has not made and will not make
    an offer of Notes to the public in that Relevant Member State
    prior to the publication of a prospectus in relation to the
    Notes which has been approved by the competent authority in that
    Relevant Member State or, where appropriate, approved in another
    Relevant Member State and notified to the competent authority in
    the Relevant Member State, all in accordance with the Prospectus
    Directive, except that it may, with effect from and including
    the Relevant Implementation Date, make an offer of Notes to the
    public in that Relevant Member State at any time:
</DIV>

<DIV style="margin-top: 3pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 3%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    (a)&#160;to legal entities which are authorized or regulated to
    operate in the financial markets or, if not so authorized or
    regulated, whose corporate purpose is solely to invest in
    securities;
</DIV>

<DIV style="margin-top: 3pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 3%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    (b)&#160;to any company which has two or more of (1)&#160;an
    average of over 250&#160;employees during the last financial
    year; (2)&#160;a total balance sheet of more than
    &#128;43,000,000 and (3)&#160;an annual net turnover of more
    than &#128;50,000,000, as shown in its last annual or
    consolidated accounts; or
</DIV>

<DIV style="margin-top: 3pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 3%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    (c)&#160;to fewer than 100 natural or legal persons (other than
    qualified investors as defined in the Prospectus Directive)
    subject to obtaining the prior consent of the representatives
    for any such offer;&#160;or
</DIV>

<DIV style="margin-top: 3pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 3%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    (d)&#160;in any other circumstances which do not require the
    publication by the issuer of a prospectus pursuant to
    Article&#160;3 of the Prospectus Directive.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    For the purposes of this provision, the expression an
    &#147;offer of Notes to the public&#148; in relation to any
    Notes in any Relevant Member State means the communication in
    any form and by any means of sufficient information on the terms
    of the offer and the Notes to be offered so as to enable an
    investor to decide to purchase or subscribe the Notes, as the
    same may be varied in that Member State by any measure
    implementing the Prospectus Directive in that Member State and
    the expression Prospectus Directive means Directive 2003/71/EC
    and includes any relevant implementing measure in each Relevant
    Member State.
</DIV>

<P align="center" style="font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    <BR>
    S-18
</DIV><!-- END LOGICAL PAGE -->
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN LOGICAL PAGE -->

<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 12pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: Arial, Helvetica">United
    Kingdom</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    Each underwriter has represented and agreed that it and each of
    its affiliates:
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 3%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    (a)&#160;has only communicated or caused to be communicated and
    will only communicate or cause to be communicated an invitation
    or inducement to engage in investment activity (within the
    meaning of section&#160;21 of FSMA) received by it in connection
    with the issue or sale of the Notes in circumstances in which
    section&#160;21(1) of FSMA does not apply to the Company; and
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 3%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    (b)&#160;has complied with, and will comply with, all applicable
    provisions of FSMA with respect to anything done by it in
    relation to the Notes in, from or otherwise involving the United
    Kingdom.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 12pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: Arial, Helvetica">Hong
    Kong</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    The Notes may not be offered or sold by means of any document
    other than (i)&#160;in circumstances which do not constitute an
    offer to the public within the meaning of the Companies
    Ordinance (Cap.32, Laws of Hong Kong), or (ii)&#160;to
    &#147;professional investors&#148; within the meaning of the
    Securities and Futures Ordinance (Cap.571, Laws of Hong Kong)
    and any rules made thereunder, or (iii)&#160;in other
    circumstances which do not result in the document being a
    &#147;prospectus&#148; within the meaning of the Companies
    Ordinance (Cap.32, Laws of Hong Kong), and no advertisement,
    invitation or document relating to the Notes may be issued or
    may be in the possession of any person for the purpose of issue
    (in each case whether in Hong Kong or elsewhere), which is
    directed at, or the contents of which are likely to be accessed
    or read by, the public in Hong Kong (except if permitted to do
    so under the laws of Hong Kong) other than with respect to Notes
    which are or are intended to be disposed of only to persons
    outside Hong Kong or only to &#147;professional investors&#148;
    within the meaning of the Securities and Futures Ordinance
    (Cap.&#160;571, Laws of Hong Kong) and any rules made thereunder.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 12pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: Arial, Helvetica">Japan</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    The securities have not been and will not be registered under
    the Securities and Exchange Law of Japan (the Securities and
    Exchange Law) and each underwriter has agreed that it will not
    offer or sell any securities, directly or indirectly, in Japan
    or to, or for the benefit of, any resident of Japan (which term
    as used herein means any person resident in Japan, including any
    corporation or other entity organized under the laws of Japan),
    or to others for re-offering or resale, directly or indirectly,
    in Japan or to a resident of Japan, except pursuant to an
    exemption from the registration requirements of, and otherwise
    in compliance with, the Securities and Exchange Law and any
    other applicable laws, regulations and ministerial guidelines of
    Japan.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 12pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: Arial, Helvetica">Singapore</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    This prospectus has not been registered as a prospectus with the
    Monetary Authority of Singapore. Accordingly, this prospectus
    and any other document or material in connection with the offer
    or sale, or invitation for subscription or purchase, of the
    Notes may not be circulated or distributed, nor may the Notes be
    offered or sold, or be made the subject of an invitation for
    subscription or purchase, whether directly or indirectly, to
    persons in Singapore other than (i)&#160;to an institutional
    investor under Section&#160;274 of the Securities and Futures
    Act, Chapter&#160;289 of Singapore (the &#147;SFA&#148;),
    (ii)&#160;to a relevant person, or any person pursuant to
    Section&#160;275(1A), and
</DIV>

<P align="center" style="font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    <BR>
    S-19
</DIV><!-- END LOGICAL PAGE -->
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN LOGICAL PAGE -->

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    in accordance with the conditions, specified in Section&#160;275
    of the SFA or (iii)&#160;otherwise pursuant to, and in
    accordance with the conditions of, any other applicable
    provision of the SFA.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    Where the Notes are subscribed or purchased under
    Section&#160;275 by a relevant person which is: (a)&#160;a
    corporation (which is not an accredited investor) the sole
    business of which is to hold investments and the entire share
    capital of which is owned by one or more individuals, each of
    whom is an accredited investor; or (b)&#160;a trust (where the
    trustee is not an accredited investor) whose sole purpose is to
    hold investments and each beneficiary is an accredited investor,
    shares, debentures and units of shares and debentures of that
    corporation or the beneficiaries&#146; rights and interest in
    that trust shall not be transferable for 6&#160;months after
    that corporation or that trust has acquired the Notes under
    Section&#160;275 except: (1)&#160;to an institutional investor
    under Section&#160;274 of the SFA or to a relevant person, or
    any person pursuant to Section&#160;275(1A), and in accordance
    with the conditions, specified in Section&#160;275 of the SFA;
    (2)&#160;where no consideration is given for the transfer; or
    (3)&#160;by operation of law.
</DIV>
<A name='108'>


<!-- link1 "Experts" -->


<DIV style="margin-top: 18pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 16pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: Arial, Helvetica">Experts</FONT></B>
</DIV>
</A>
<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    The consolidated financial statements of Johnson&#160;&#038;
    Johnson and its subsidiaries as of December&#160;31, 2006 and
    January&#160;1, 2006 and for each of the three fiscal years in
    the period ended December&#160;31, 2006 incorporated in this
    Prospectus Supplement by reference to the Annual Report on
    <FONT style="white-space: nowrap">Form&#160;10-K</FONT>
    for the year ended December&#160;31, 2006, the related financial
    statement schedule and management&#146;s assessment of the
    effectiveness of internal control over financial reporting
    (which is included in Management&#146;s Report on Internal
    Control over Financial Reporting) have been so incorporated in
    reliance on the reports of PricewaterhouseCoopers LLP, an
    independent registered public accounting firm, given on the
    authority of said firm as experts in auditing and accounting.
</DIV>
<A name='109'>


<!-- link1 "Legal opinions" -->


<DIV style="margin-top: 18pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 16pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: Arial, Helvetica">Legal
    opinions</FONT></B>
</DIV>
</A>
<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    The legality of the Notes will be passed upon for the Company
    by&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;,
    an Assistant General Counsel of the Company. Certain legal
    matters will be passed upon for the Underwriters by Cravath,
    Swaine&#160;&#038; Moore LLP, Worldwide Plaza, 825&#160;Eighth
    Avenue, New York, New York 10019.
    Mr.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;
    is paid salary by us, participates in various employee benefit
    plans offered to our employees generally, and owns and has
    options to purchase shares of our Common Stock. Cravath,
    Swaine&#160;&#038; Moore LLP has performed and may in the future
    perform legal services for us.
</DIV>

<P align="center" style="font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    <BR>
    S-20
</DIV><!-- END LOGICAL PAGE -->
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN LOGICAL PAGE -->

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <B>PROSPECTUS</B>
</DIV>

<DIV style="margin-top: 18pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <IMG src="y38299b3e3829900.gif" alt="(LOGO)" ><B><FONT style="font-family: 'Times New Roman', Times">
    </FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <B>JOHNSON&#160;&#038; JOHNSON</B>
</DIV>

<DIV style="margin-top: 18pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">DEBT
    SECURITIES AND WARRANTS</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <B>Johnson&#160;&#038; Johnson may from time to time offer its
    debt securities and warrants to purchase debt securities for
    proceeds up to $10,000,000,000. The terms of the debt securities
    and of the warrants are described in the accompanying prospectus
    supplement, together with other terms and matters related to the
    offering. You should read this prospectus and the prospectus
    supplement carefully before you invest.</B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The debt securities and warrants may be sold directly or through
    agents, underwriters or dealers.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<CENTER style="font-size: 1pt; width: 18%; border-bottom: 1pt solid #000000"></CENTER><!-- callerid=999 iwidth=455 length=84 -->

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    NEITHER THE SECURITIES AND EXCHANGE COMMISSION NOR ANY STATE
    SECURITIES COMMISSION HAS APPROVED OR DISAPPROVED OF THESE
    SECURITIES OR PASSED UPON THE ACCURACY OR ADEQUACY OF THIS
    PROSPECTUS. ANY REPRESENTATION TO THE CONTRARY IS A CRIMINAL
    OFFENSE.
</DIV>

<DIV style="margin-top: 9pt; font-size: 1pt">&nbsp;</DIV>

<CENTER style="font-size: 1pt; width: 18%; border-bottom: 1pt solid #000000"></CENTER><!-- callerid=999 iwidth=455 length=84 -->

<DIV style="margin-top: 9pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">THE DATE
    OF THIS PROSPECTUS IS NOVEMBER 13, 2006</FONT></B>
</DIV>

<P align="left" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">

</DIV><!-- END LOGICAL PAGE -->
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN LOGICAL PAGE -->
<DIV align="left">
<!-- TOC -->
</DIV>

<DIV align="left">
<A name="tocpage"></A>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">TABLE OF
    CONTENTS</FONT></B>
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<TABLE border="0" width="100%" align="center" cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
<!-- Table Width Row -->
<TR style="font-size: 1pt" valign="bottom">
    <TD width="97%">&nbsp;</TD>	<!-- colindex=01 type=maindata -->
    <TD width="2%">&nbsp;</TD>	<!-- colindex=02 type=gutter -->
    <TD width="1%">&nbsp;</TD>	<!-- colindex=02 type=quadleft -->
    <TD width="1%">&nbsp;</TD>	<!-- colindex=02 type=maindata -->
    <TD width="1%">&nbsp;</TD>	<!-- colindex=02 type=quadright -->
</TR>
<TR style="font-size: 8pt" valign="bottom" align="center">
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="3" nowrap align="right" valign="bottom">
    <B><FONT style="font-size: 9pt">Page</FONT></B>
</TD>
</TR>
<TR style="line-height: 3pt; font-size: 1pt">
<TD>&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -12pt; margin-left: 12pt">
    <A HREF='#101'><FONT style="font-size: 10pt">ABOUT THIS
    PROSPECTUS</FONT></A>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD>
</TD>
<TD nowrap align="right" valign="bottom">
    <FONT style="font-size: 10pt">2
    </FONT>
</TD>
<TD>
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -12pt; margin-left: 12pt">
    <A HREF='#102'><FONT style="font-size: 10pt">FORWARD-LOOKING
    STATEMENTS</FONT></A>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD>
</TD>
<TD nowrap align="right" valign="bottom">
    <FONT style="font-size: 10pt">2
    </FONT>
</TD>
<TD>
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -12pt; margin-left: 12pt">
    <A HREF='#103'><FONT style="font-size: 10pt">WHERE YOU CAN FIND
    MORE INFORMATION</FONT></A>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD>
</TD>
<TD nowrap align="right" valign="bottom">
    <FONT style="font-size: 10pt">4
    </FONT>
</TD>
<TD>
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -12pt; margin-left: 12pt">
    <A HREF='#104'><FONT style="font-size: 10pt">JOHNSON&#160;&#038;
    JOHNSON</FONT></A>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD>
</TD>
<TD nowrap align="right" valign="bottom">
    <FONT style="font-size: 10pt">4
    </FONT>
</TD>
<TD>
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -12pt; margin-left: 12pt">
    <A HREF='#105'><FONT style="font-size: 10pt">USE OF
    PROCEEDS</FONT></A>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD>
</TD>
<TD nowrap align="right" valign="bottom">
    <FONT style="font-size: 10pt">5
    </FONT>
</TD>
<TD>
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -12pt; margin-left: 12pt">
    <A HREF='#106'><FONT style="font-size: 10pt">DESCRIPTION OF DEBT
    SECURITIES</FONT></A>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD>
</TD>
<TD nowrap align="right" valign="bottom">
    <FONT style="font-size: 10pt">5
    </FONT>
</TD>
<TD>
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -12pt; margin-left: 12pt">
    <A HREF='#107'><FONT style="font-size: 10pt">DESCRIPTION OF
    WARRANTS</FONT></A>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD>
</TD>
<TD nowrap align="right" valign="bottom">
    <FONT style="font-size: 10pt">10
    </FONT>
</TD>
<TD>
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -12pt; margin-left: 12pt">
    <A HREF='#108'><FONT style="font-size: 10pt">PLAN OF
    DISTRIBUTION</FONT></A>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD>
</TD>
<TD nowrap align="right" valign="bottom">
    <FONT style="font-size: 10pt">12
    </FONT>
</TD>
<TD>
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -12pt; margin-left: 12pt">
    <A HREF='#109'><FONT style="font-size: 10pt">EXPERTS</FONT></A>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD>
</TD>
<TD nowrap align="right" valign="bottom">
    <FONT style="font-size: 10pt">13
    </FONT>
</TD>
<TD>
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -12pt; margin-left: 12pt">
    <A HREF='#110'><FONT style="font-size: 10pt">LEGAL
    OPINIONS</FONT></A>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD>
</TD>
<TD nowrap align="right" valign="bottom">
    <FONT style="font-size: 10pt">13
    </FONT>
</TD>
<TD>
</TD>
</TR>
<TR style="font-size: 1pt" valign="bottom">
<TD colspan="5" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="font-size: 1pt">
<TD colspan="5" style="border-top: 1px solid #000000">
&nbsp;
</TD>
</TR>
</TABLE>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">

</DIV>

<DIV align="left">
<!-- /TOC -->
</DIV>

<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <BR>
    1
</DIV><!-- END LOGICAL PAGE -->
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN LOGICAL PAGE -->
<A name='101'>


<!-- link1 "ABOUT THIS PROSPECTUS" -->


<DIV style="margin-top: 18pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">ABOUT
    THIS PROSPECTUS</FONT></B>
</DIV>
</A>
<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The information contained in this prospectus is not complete and
    may be changed. You should rely only on the information
    incorporated by reference or provided in this prospectus or any
    prospectus supplement. We&#160;have not authorized anyone else
    to provide you with different information. We are not making an
    offer of these securities in any state where the offer is not
    permitted. You should not assume that the information in this
    prospectus or any prospectus supplement is accurate as of any
    date other than the date on the front cover of those documents.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    This prospectus is part of a registration statement that we
    filed with the SEC using a &#147;shelf&#148; registration
    process. Under this shelf registration process, we may sell any
    combination of the debt securities and warrants described in
    this prospectus in one or more offerings up to a total amount of
    $10,000,000,000. This prospectus provides you with a general
    description of the debt securities and warrants we may offer.
    Each time we issue debt securities or warrants, we will provide
    a prospectus supplement that will contain specific information
    about the terms of that specific offering. The prospectus
    supplement may also add to, change or update other information
    contained in this prospectus. You should read both this
    prospectus and the accompanying prospectus supplement together
    with additional information described under &#147;Where You Can
    Find More Information&#148;.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>
<A name='102'>


<!-- link1 "FORWARD-LOOKING STATEMENTS" -->


<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">FORWARD-LOOKING
    STATEMENTS</FONT></B>
</DIV>
</A>
<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The Company may from time to time make certain forward-looking
    statements in publicly-released materials, both written and
    oral. Forward-looking statements do not relate strictly to
    historical or current facts and anticipate results based on
    management&#146;s plans that are subject to uncertainty.
    Forward-looking statements may be identified by the use of words
    like &#147;plans,&#148; &#147;expects,&#148; &#147;will,&#148;
    &#147;anticipates,&#148; &#147;estimates&#148; and other words
    of similar meaning in conjunction with, among other things,
    discussions of future operations, financial performance, the
    Company&#146;s strategy for growth, product development,
    regulatory approvals, market position and expenditures.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Forward-looking statements are based on current expectations of
    future events. The Company cannot guarantee that any
    forward-looking statement will be accurate, although the Company
    believes that it has been reasonable in its expectations and
    assumptions. Investors should realize that if underlying
    assumptions prove inaccurate or unknown risks or uncertainties
    materialize, actual results could vary materially from the
    Company&#146;s expectations and projections. Investors are
    therefore cautioned not to place undue reliance on any
    forward-looking statements. Furthermore, the Company assumes no
    obligation to update any forward-looking statements as a result
    of new information or future events or developments.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Some important factors that could cause the Company&#146;s
    actual results to differ from the Company&#146;s expectations in
    any forward-looking statements are as follows:
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Economic factors, including inflation and fluctuations in
    interest rates and currency exchange rates and the potential
    effect of such fluctuations on revenues, expenses and resulting
    margins;
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Competitive factors, including technological advances achieved
    and patents attained by competitors as well as new products
    introduced by competitors;
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Challenges to the Company&#146;s patents by competitors or
    allegations that the Company&#146;s products infringe the
    patents of third parties, which could potentially affect the
    Company&#146;s competitive position and ability to sell the
    products in question and require the payment of past damages and
    future royalties. In particular, generic drug firms have filed
    Abbreviated New Drug Applications seeking to market generic
    forms of most of the Company&#146;s key pharmaceutical products,
    prior to expiration of the applicable patents covering those
    products. In the event that the Company is not successful in
    defending the resulting lawsuits, generic versions of the
    product at issue will be introduced, resulting in very
    substantial market share and revenue losses. In addition, if the
    statutory
    <FONT style="white-space: nowrap">30-month</FONT>
    stay of FDA approval expires while the lawsuit is on-going,
    generic versions of the product may be introduced and, in this
    event, would result in very substantial market share and revenue
    losses;
</DIV>

<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <BR>
    2
</DIV><!-- END LOGICAL PAGE -->
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN LOGICAL PAGE -->

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Financial distress and bankruptcies experienced by significant
    customers and suppliers that could impair their ability, as the
    case may be, to purchase the Company&#146;s products, pay for
    products previously purchased or meet their obligations to the
    Company under supply arrangements;
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The impact on political and economic conditions due to terrorist
    attacks in the U.S.&#160;and other parts of the world or
    U.S.&#160;military action overseas, as well as instability in
    the financial markets which could result from such terrorism or
    military actions;
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Interruptions of computer and communication systems, including
    computer viruses, that could impair the Company&#146;s ability
    to conduct business and communicate internally and with its
    customers;
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Health care changes in the U.S.&#160;and other countries
    resulting in pricing pressures, including the continued
    consolidation among health care providers, trends toward managed
    care and health care cost containment, the shift towards
    governments becoming the primary payers of health care expenses
    and government laws and regulations relating to sales and
    promotion, reimbursement and pricing generally;
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Government laws and regulations, affecting U.S.&#160;and foreign
    operations, including those relating to securities laws
    compliance, trade, monetary and fiscal policies, taxes, price
    controls, regulatory approval of new products, licensing and
    patent rights, and including, in particular, proposed amendments
    to the Hatch-Waxman Act, implementation of the Medicare
    Prescription Drug, Improvement and Modernization Act of 2003 and
    possible drug reimportation legislation;
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Competition in research, involving the development and the
    improvement of new and existing products and processes, is
    particularly significant and results from time to time in
    product and process obsolescence. The development of new and
    improved products is important to the Company&#146;s success in
    all areas of its business;
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Challenges and difficulties inherent in product development,
    including the potential inability to successfully continue
    technological innovation, complete clinical trials, obtain
    regulatory approvals in the United States and abroad, gain and
    maintain market approval of products and the possibility of
    encountering infringement claims by competitors with respect to
    patent or other intellectual property rights which can preclude
    or delay commercialization of a product;
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Significant litigation adverse to the Company including product
    liability claims, patent infringement claims and antitrust
    claims;
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The health care industry has come under increased scrutiny by
    government agencies and state attorneys general and resulting
    investigations and prosecutions carry the risk of significant
    civil and criminal penalties, including debarment from
    government business;
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Product efficacy or safety concerns, whether or not based on
    scientific evidence, resulting in product withdrawals, recalls,
    regulatory action on the part of the FDA (or foreign
    counterparts) or declining sales;
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The impact of business combinations, including acquisitions and
    divestitures, both internally for the Company and externally in
    the pharmaceutical, medical device and health care
    industries;&#160;and
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Issuance of new or revised accounting standards by the American
    Institute of Certified Public Accountants, the Financial
    Accounting Standards Board, the Securities and Exchange
    Commission and the Public Company Accounting Oversight Board.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The foregoing list sets forth many, but not all, of the factors
    that could impact upon the Company&#146;s ability to achieve
    results described in any forward-looking statements. Investors
    should understand that it is not possible to predict or identify
    all such factors and should not consider this list to be a
    complete statement of all potential risks and uncertainties. The
    Company has identified the factors on this list as permitted by
    the Private Securities Litigation Reform Act of 1995.
</DIV>

<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <BR>
    3
</DIV><!-- END LOGICAL PAGE -->
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN LOGICAL PAGE -->
<A name='103'>


<!-- link1 "WHERE YOU CAN FIND MORE INFORMATION" -->


<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">WHERE YOU
    CAN FIND MORE INFORMATION</FONT></B>
</DIV>
</A>
<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    We file annual, quarterly and special reports, proxy statements
    and other information with the SEC. Our SEC filings are
    available to the public over the Internet at the SEC&#146;s web
    site at www.sec.gov. You may also read and copy any document we
    file at the SEC&#146;s public reference room at 450&#160;Fifth
    Street, N.W., Washington,&#160;D.C., 20549. Please call the SEC
    at
    <FONT style="white-space: nowrap">1-800-SEC-0330</FONT>
    for further information on the public reference room.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The SEC allows us to incorporate by reference the information we
    file with them, which means that we can disclose important
    information to you by referring you to those documents. The
    information incorporated by reference is considered to be part
    of this prospectus, and information that we file later with the
    SEC will automatically update and supersede this information. We
    incorporate by reference the documents listed below and any
    future filings made with the SEC under Sections&#160;13(a),
    13(c), 14, or 15(d) of the Securities Exchange Act of 1934,
    until we complete our offering of the debt securities and
    warrants:
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="4%"></TD>
    <TD width="2%"></TD>
    <TD width="94%"></TD>
</TR>

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    Annual report on
    <FONT style="white-space: nowrap">Form&#160;10-K</FONT>
    for the year ended January&#160;1, 2006;
</TD>
</TR>

<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    Quarterly report on
    <FONT style="white-space: nowrap">Form&#160;10-Q</FONT>
    for the quarter ended April&#160;2, 2006;
</TD>
</TR>

<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    Quarterly report on
    <FONT style="white-space: nowrap">Form&#160;10-Q</FONT>
    for the quarter ended July&#160;2, 2006, as amended by
    <FONT style="white-space: nowrap">Form&#160;10-Q/A</FONT>
    filed August&#160;8, 2006;
</TD>
</TR>

<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    Quarterly report on
    <FONT style="white-space: nowrap">Form&#160;10-Q</FONT>
    for quarter ended October&#160;2, 2006;&#160;and
</TD>
</TR>

<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    Current reports on
    <FONT style="white-space: nowrap">Form&#160;8-K</FONT>
    dated January&#160;11, 2006, January&#160;13, 2006,
    January&#160;25, 2006, February&#160;13, 2006 (two reports),
    February&#160;17, 2006, March&#160;8, 2006, April&#160;17, 2006,
    May&#160;9, 2006, June&#160;26, 2006, July&#160;11, 2006,
    July&#160;17, 2006, October&#160;6, 2006 and October&#160;31,
    2006.
</TD>
</TR>

</TABLE>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The current report on
    <FONT style="white-space: nowrap">Form&#160;8-K</FONT>
    dated October&#160;31, 2006 replaces the Company&#146;s
    previously reported consolidated financial statements for the
    fiscal years 2003, 2004 and 2005, the notes thereto, as well as
    the related Management&#146;s Discussion and Analysis of Results
    of Operations and Financial Condition, Summary of Operations and
    Statistical Data 1995&#151;2005 and Statement of Computation of
    Ratio of Earnings to Fixed Charges.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    You may request a copy of these filings at no cost, by writing
    or telephoning us at the following address.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Corporate Secretary&#146;s Office<BR>
    Johnson&#160;&#038; Johnson<BR>
    One Johnson&#160;&#038; Johnson Plaza<BR>
    New Brunswick, NJ 08933<BR>
    <FONT style="white-space: nowrap">(732)&#160;524-2455</FONT>
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>
<A name='104'>


<!-- link1 "JOHNSON &#038; JOHNSON" -->


<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">JOHNSON&#160;&#038;
    JOHNSON</FONT></B>
</DIV>
</A>
<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Johnson&#160;&#038; Johnson and its subsidiaries have
    approximately 115,600&#160;employees worldwide engaged in the
    manufacture and sale of a broad range of products in the health
    care field. Johnson&#160;&#038; Johnson has more than 230
    operating companies conducting business in virtually all
    countries of the world. Johnson&#160;&#038; Johnson&#146;s
    primary focus has been on products related to human health and
    well-being. Johnson&#160;&#038; Johnson was incorporated in the
    State of New Jersey in 1887.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The Company&#146;s structure is based on the principle of
    decentralized management. The Executive Committee of
    Johnson&#160;&#038; Johnson is the principal management group
    responsible for the operations and allocation of the resources
    of the Company. This Committee oversees and coordinates the
    activities of the Consumer, Pharmaceutical and Medical Devices
    and Diagnostics business segments. Each subsidiary within the
    business segments is, with some exceptions, managed by citizens
    of the country in which it is located.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Johnson&#160;&#038; Johnson&#146;s worldwide business is divided
    into three segments: consumer, pharmaceutical and medical
    devices and diagnostics. The consumer segment&#146;s principal
    products are personal care and hygienic products, including
    nonprescription drugs, adult skin and hair care products, baby
    care products, oral care
</DIV>

<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <BR>
    4
</DIV><!-- END LOGICAL PAGE -->
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<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN LOGICAL PAGE -->

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    products, first aid products and sanitary protection products.
    These products are marketed principally to the general public
    and distributed both to wholesalers and directly to independent
    and chain retail outlets.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The pharmaceutical segment&#146;s principal worldwide franchises
    are in the antifungal, anti-infective, cardiovascular,
    dermatology, gastrointestinal, hematology, immunology,
    neurology, oncology, pain management, psychotropic, urology and
    women&#146;s health fields. These products are distributed both
    directly and through wholesalers for use by health care
    professionals and the general public.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The medical devices and diagnostics segment includes a broad
    range of products used by or under the direction of health care
    professionals, including, suture and mechanical wound closure
    products, surgical equipment and devices, wound management and
    infection prevention products, interventional and diagnostic
    cardiology products, diagnostic equipment and supplies, joint
    replacements and disposable contact lenses. These products are
    used principally in the professional fields by physicians,
    nurses, therapists, hospitals, diagnostic laboratories and
    clinics. Distribution to these markets is done both directly and
    through surgical supply and other dealers.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Johnson&#160;&#038; Johnson was organized in the State of New
    Jersey in 1887. The address of its principal executive offices
    is One Johnson&#160;&#038; Johnson Plaza, New Brunswick, New
    Jersey 08933, and the telephone number at that address is
    <FONT style="white-space: nowrap">(732)&#160;524-0400.</FONT>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    All references herein to &#147;Johnson&#160;&#038;
    Johnson&#148;, &#147;we&#148;, &#147;us&#148;, or &#147;the
    Company&#148; include Johnson&#160;&#038; Johnson and its
    subsidiaries, unless the context otherwise requires.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>
<A name='105'>


<!-- link1 "USE OF PROCEEDS" -->


<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">USE OF
    PROCEEDS</FONT></B>
</DIV>
</A>
<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Unless the Prospectus supplement indicates otherwise, the net
    proceeds to be received by Johnson&#160;&#038; Johnson from
    sales of the debt securities and warrants and the exercise of
    warrants will be used for general corporate purposes, including
    working capital, capital expenditures, stock repurchase
    programs, repayment and refinancing of borrowings and
    acquisitions.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>
<A name='106'>


<!-- link1 "DESCRIPTION OF DEBT SECURITIES" -->


<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">DESCRIPTION
    OF DEBT SECURITIES</FONT></B>
</DIV>
</A>
<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The debt securities are to be issued under the Indenture dated
    as of September&#160;15,1987 between Johnson&#160;&#038; Johnson
    and BNY Midwest Trust&#160;Company (formerly known as Harris
    Trust and Savings Bank), Chicago, Illinois, as Trustee, as
    amended by the First Supplemental Indenture dated as of
    September&#160;1, 1990. The indenture is filed as an exhibit to
    the registration statement. Certain provisions of the indenture
    are referred to and summarized below. You should read the
    complete indenture for provisions that may be important to you.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">GENERAL</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    An unlimited aggregate principal amount of debt securities can
    be issued under the indenture (Section&#160;2.01). As of the
    date of this prospectus, $1,800,000,000 aggregate principal
    amount of debt securities have been issued and remain
    outstanding under the indenture. Debt securities may be issued
    under this prospectus from time to time with proceeds, together
    with proceeds of the warrants, of up to $10,000,000,000 or the
    equivalent in foreign currency or foreign currency units.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Debt securities will be offered to the public on terms
    determined by market conditions at the time of sale. The debt
    securities may be issued in one or more series with the same or
    various maturities and may be sold at par or at an original
    issue discount. Debt securities sold at an original issue
    discount may bear no interest or interest at a rate which is
    below market rates. The debt securities will be our unsecured
    obligations issued in fully registered form without coupons or
    in bearer form with coupons (Recital and Sections&#160;2.01 and
    9.01).
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Refer to the prospectus supplement for the following terms to
    the extent they are applicable to the debt securities:
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    (a)&#160;designation, aggregate principal amount and
    denomination;
</DIV>

<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <BR>
    5
</DIV><!-- END LOGICAL PAGE -->
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<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN LOGICAL PAGE -->

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    (b)&#160;date of maturity;
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    (c)&#160;currency or currencies for which debt securities may be
    purchased and currency or currencies in which principal and
    interest may be payable;
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    (d)&#160;if the currency for which debt securities may be
    purchased or in which principal and interest may be payable is
    at the purchaser&#146;s election, the manner in which an
    election may be made;
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    (e)&#160;interest rate;
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    (f)&#160;the times at which interest will be payable;
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    (g)&#160;redemption date and redemption price;
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    (h)&#160;federal income tax consequences;
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    (i)&#160;whether debt securities are to be issued in book-entry
    form, and if so, the identity of the depository and information
    with respect to book-entry procedures;&#160;and
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    (j)&#160;other terms of the debt securities.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">CERTAIN
    COVENANTS</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    We will generally covenant not to create, assume or suffer to
    exist any lien on any Restricted Property (described below) to
    secure any debt of Johnson&#160;&#038; Johnson, any subsidiary
    or any other person, or permit any subsidiary to do so, without
    securing the debt securities of any series having the benefit of
    the covenant by the same lien equally and ratably with the
    secured debt for so long as that debt shall be so secured. This
    covenant is subject to certain exceptions specified in the
    indenture. Exceptions include:
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    (a)&#160;existing liens or liens on facilities of corporations
    at the time they become subsidiaries;
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    (b)&#160;liens existing on facilities when acquired, or incurred
    to finance the purchase price, construction or improvement
    thereof;
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    (c)&#160;certain liens in favor of or required by contracts with
    governmental entities;
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    (d)&#160;liens securing debt of a subsidiary owed to
    Johnson&#160;&#038; Johnson or another subsidiary;
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    (e)&#160;extensions, renewals or replacements in whole or part
    of any lien referred to in clauses&#160;(a) through (d);&#160;and
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    (f)&#160;liens otherwise prohibited by this covenant, securing
    indebtedness which, together with the aggregate amount of
    outstanding indebtedness secured by liens otherwise prohibited
    by this covenant and the value of certain sale and leaseback
    transactions, does not exceed 10% of the our consolidated net
    tangible assets (defined in the indenture as total assets less
    current liabilities and intangible assets) (Section&#160;4.04).
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    We will also generally covenant not to, and not to permit any
    subsidiary to, enter into any sale and leaseback transaction
    covering any Restricted Property unless:
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    (a)&#160;we would be entitled under the provisions described
    above to incur debt equal to the value of the sale and leaseback
    transaction, secured by liens on the facilities to be leased,
    without equally and ratably securing the debt securities,&#160;or
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    (b)&#160;we, during the six months following the effective date
    of the sale and leaseback transaction, apply an amount equal to
    the value of the sale and leaseback transaction to the voluntary
    retirement of long-term indebtedness or to the acquisition of
    Restricted Property (Section&#160;4.04).
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Because the covenants described above cover only manufacturing
    facilities in the continental United States, our manufacturing
    facilities in Puerto Rico (accounting for approximately 5% of
    our manufacturing facilities worldwide) are excluded from the
    operation of the covenants.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The indenture defines Restricted Property as
</DIV>

<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <BR>
    6
</DIV><!-- END LOGICAL PAGE -->
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<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN LOGICAL PAGE -->

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    (a)&#160;any manufacturing facility (or portion thereof) owned
    or leased by Johnson&#160;&#038; Johnson or any subsidiary and
    located within the continental United States which, in the
    opinion of the Board of Directors, is of material importance to
    the business of Johnson&#160;&#038; Johnson and its subsidiaries
    taken as a whole, but no such manufacturing facility (or portion
    thereof) shall be deemed of material importance if its gross
    book value (before deducting accumulated depreciation) is less
    than 2% of Johnson&#160;&#038; Johnson&#146;s consolidated net
    tangible assets&#160;or
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    (b)&#160;any shares of capital stock or indebtedness of any
    subsidiary owning a manufacturing facility described in (a)
    (Section&#160;4.04).
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    There are currently no liens prohibited by the covenants
    described above on, or any sale and leaseback transactions
    prohibited by such covenants covering, any property which would
    qualify as Restricted Property. As a result, we do not keep
    records identifying which of our properties, if any, would
    qualify as Restricted Property. We will amend this prospectus to
    disclose or disclose in a prospectus supplement the existence of
    any lien on or any sale and leaseback transaction covering any
    Restricted Property, which would require us to secure the debt
    securities or apply certain amounts to retirement of
    indebtedness or acquisitions of property, as provided in the
    covenants.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The indenture contains no other restrictive covenants, including
    those that would afford holders of the debt securities
    protection in the event of a highly leveraged transaction
    involving Johnson&#160;&#038; Johnson or any of its affiliates,
    or any covenants relating to total indebtedness, interest
    coverage, stock repurchases, recapitalizations, dividends and
    distributions to shareholders, current ratios or acquisitions
    and divestitures.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">AMENDMENT
    AND WAIVER</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Other than amendments not adverse to holders of the debt
    securities, amendments of the indenture or the debt securities
    may be made with the consent of the holders of a majority in
    principal amount of the debt securities affected (acting as one
    class). Waivers of compliance with any provision of the
    indenture or the debt securities with respect to any series of
    debt securities may be made only with the consent of the holders
    of a majority in principal amount of the debt securities of that
    series. The consent of all holders of affected debt securities
    will be required to
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    (a)&#160;make any debt security payable in a currency not
    specified or described in the debt security;
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    (b)&#160;change the stated maturity of any debt security;
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    (c)&#160;reduce the principal amount of any debt security;
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    (d)&#160;reduce the rate or change the time of payment of
    interest on any debt security;
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    (e)&#160;reduce the amount of debt securities whose holders must
    consent to an amendment or waiver;&#160;or
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    (f)&#160;impair the right to institute suit for the payment of
    principal of any debt security or interest on any debt security
    (Section&#160;9.02).
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The holders of a majority in aggregate principal amount of debt
    securities affected may waive any past default under the
    indenture and its consequences, except a default (1)&#160;in the
    payment of the principal of or interest, or (2)&#160;in respect
    of a provision which cannot be waived or amended without the
    consent of all holders of debt securities affected
    (Sections&#160;6.04 and 9.02).
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">EVENTS OF
    DEFAULT</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Events of Default with respect to any series of debt securities
    under the indenture will include:
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    (a)&#160;default in payment of any principal on that series;
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    (b)&#160;default in the payment of any installment of interest
    on such series and continuance of that default for a period of
    30&#160;days;
</DIV>

<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <BR>
    7
</DIV><!-- END LOGICAL PAGE -->
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<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN LOGICAL PAGE -->

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    (c)&#160;default in the performance of any other covenant in the
    indenture or in the debt securities and continuance of the
    default for a period of 90&#160;days after we receive notice of
    the default from the Trustee or the holders of at least 25% in
    principal amount of debt securities of the series;&#160;or
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    (d)&#160;certain events of bankruptcy, insolvency or
    reorganization in respect of Johnson&#160;&#038; Johnson
    (Section&#160;6.01). The Trustee may withhold notice to the
    holders of a series of debt securities of any default (except in
    the payment of principal of or interest on the series of debt
    securities) if it considers withholding of notice to be in the
    interest of holders of the debt securities (Section&#160;7.05).
    Not all Events of Default with respect to a particular series of
    debt securities issued under the indenture necessarily
    constitute Events of Default with respect to any other series of
    debt securities.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    On the occurrence of an Event of Default with respect to a
    series of debt securities, the Trustee or the holders of at
    least 25% in principal amount of debt securities of that series
    then outstanding may declare the principal (or in the case of
    debt securities sold at an original issue discount, the amount
    specified in the terms thereof) and accrued interest thereon to
    be due and payable immediately (Section&#160;6.02).
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Within 120&#160;days after the end of each fiscal year, an
    officer of Johnson&#160;&#038; Johnson must inform the Trustee
    whether he or she knows of any default, describing any default
    and the status thereof (Section&#160;4.03). Subject to
    provisions relating to its duties in case of default, the
    Trustee is under no obligation to exercise any of its rights or
    powers under the indenture at the direction of any holders of
    debt securities unless the Trustee shall have received a
    satisfactory indemnity (Section&#160;7.01).
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">DEFEASANCE
    OF THE INDENTURE AND DEBT SECURITIES</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The indenture provides that Johnson&#160;&#038; Johnson at its
    option,
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    (a)&#160;will be discharged from all obligations in respect of
    the debt securities of a series (except for certain obligations
    to register the transfer or exchange of debt securities, replace
    stolen, lost or destroyed debt securities, maintain paying
    agencies and hold moneys for payment in trust),&#160;or
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    (b)&#160;need not comply with certain restrictive covenants to
    the indenture (including those described under &#147;Certain
    Covenants&#148;), in each case if we irrevocably deposit in
    trust with the Trustee money or eligible government obligations
    which through the payment of interest and principal in
    accordance with their terms will provide money, in an amount
    sufficient to pay all the principal of (including any mandatory
    redemption payments) and interest on the debt securities of such
    series on the dates payments are due in accordance with the
    terms of such debt securities; provided no default or event of
    default with respect to such debt securities has occurred and is
    continuing on the date of such deposit.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Eligible government obligations are those backed by the full
    faith and credit of the government which issues the currency or
    foreign currency unit in which the debt securities are
    denominated. To exercise either option, we are required to
    deliver to the Trustee an opinion of nationally recognized
    independent tax counsel to the effect that the deposit and
    related defeasance would not cause the holders of the debt
    securities of the series to recognize income, gain or loss for
    Federal income tax purposes. To exercise the option described in
    clause&#160;(a) above, the opinion must be based on a ruling of
    the Internal Revenue Service, a regulation of the Treasury
    Department or a provision of the Internal Revenue Code
    (Section&#160;8.01).
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">GLOBAL
    SECURITIES</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The debt securities of a series may be issued in the form of a
    global security which is deposited with and registered in the
    name of the depositary (or a nominee of the depositary)
    specified in the accompanying prospectus supplement. So long as
    the depositary for a global security, or its nominee, is the
    registered owner of the global security, the depositary or its
    nominee, as the case may be, will be considered the sole owner
    or holder of the debt securities represented by the global
    security for all purposes under the indenture. Except as
    provided in the indenture, owners of beneficial interests in
    debt securities represented by a global security will not
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    (a)&#160;be entitled to have debt securities registered in their
    names;
</DIV>

<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <BR>
    8
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<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN LOGICAL PAGE -->

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    (b)&#160;receive or be entitled to receive physical delivery of
    certificates representing debt securities in definitive form;
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    (c)&#160;be considered the owners or holders of debt securities
    under the indenture;&#160;or
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    (d)&#160;have any rights under the Indenture with respect to the
    global security (Sections&#160;2.06A and 2.13).
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Unless and until it is exchanged in whole or in part for
    individual certificates evidencing the debt securities which it
    represents, a global security may not be transferred except as a
    whole by the depositary to a nominee of the depositary or by a
    nominee of the depositary to the depositary or another nominee
    of the depositary or by the depositary or any nominee to a
    successor depositary or any nominee of the successor. We, in our
    sole discretion, may at any time determine that any series of
    debt securities issued or issuable in the form of a global
    security shall no longer be represented by a global security and
    the global security shall be exchanged for securities in
    definitive form pursuant to the indenture (Section&#160;2.06A).
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Upon the issuance of a global security, the depositary will
    credit, on its book-entry registration and transfer system, the
    respective principal amounts of the global security to the
    accounts of participants. Ownership of interests in a global
    security will be shown on, and the transfer of that ownership
    will be effected only through records maintained by the
    depositary (with respect to interests of participants in the
    depositary), or by participants in the depositary or persons
    that may hold interests through such participants (with respect
    to persons other than participants in the depositary). Ownership
    of beneficial interests in a global security will be limited to
    participants or persons that hold interests through participants.
</DIV>

<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <BR>
    9
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<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN LOGICAL PAGE -->
<A name='107'>


<!-- link1 "DESCRIPTION OF WARRANTS" -->


<DIV style="margin-top: 18pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">DESCRIPTION
    OF WARRANTS</FONT></B>
</DIV>
</A>
<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Johnson&#160;&#038; Johnson may issue warrants for the purchase
    of debt securities. Warrants may be issued independently or
    together with any debt securities offered by any prospectus
    supplement and may be attached to or separate from those debt
    securities. The warrants are to be issued under warrant
    agreements to be entered into between Johnson&#160;&#038;
    Johnson and a bank or trust company, as Warrant Agent, all as
    set forth in the prospectus supplement relating to the
    particular issue of warrants. The Warrant Agent will act solely
    as an agent of Johnson&#160;&#038; Johnson in connection with
    the Warrant Certificates and will not assume any obligation or
    relationship of agency or trust for or with any holders of
    Warrant Certificates or beneficial owners of warrants. Copies of
    the forms of warrant agreements, including the forms of Warrant
    Certificates representing the warrants, are filed as exhibits to
    the registration statement. Summaries of certain provisions of
    the warrant agreements and Warrant Certificates follow. You
    should read the complete provisions of the warrant agreements
    and the Warrant Certificates.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">GENERAL</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    If warrants are offered, the prospectus supplement will describe
    the terms of the warrants, including the following:
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    (a)&#160;the offering price;
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    (b)&#160;the currency for which warrants may be purchased;
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    (c)&#160;the designation, aggregate principal amount, currency
    and terms of the debt securities purchasable upon exercise of
    the warrants;
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    (d)&#160;the designation and terms of the debt securities with
    which the warrants are issued and the number of warrants issued
    with each such debt security;
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    (e)&#160;the date after which the warrants and the related debt
    securities will be separately transferable;
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    (f)&#160;the principal amount of debt securities purchasable
    upon exercise of a warrant and the price at and currency in
    which that principal amount of debt securities may be purchased
    upon the exercise;
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    (g)&#160;the date on which the right to exercise the warrants
    shall commence and the date on which the right shall expire;
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    (h)&#160;federal income tax consequences;
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    (i)&#160;whether the warrants represented by the Warrant
    Certificates will be issued in registered or bearer
    form;&#160;and
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    (j)&#160;any other terms of the warrants.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Prior to the exercise of their warrants, holders of warrants
    will not have any of the rights of holders of the debt
    securities purchasable upon exercise, including the right to
    receive payments of principal of or interest on the debt
    securities purchasable upon such exercise or to enforce
    covenants in the indenture.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Warrant Certificates may be exchanged for new Warrant
    Certificates of different denominations, may (if in registered
    form) be presented for registration of transfer, and may be
    exercised at the corporate trust office of the Warrant Agent or
    any other office indicated in the prospectus supplement.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">EXERCISE
    OF WARRANTS</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Each warrant will entitle the holder to purchase the principal
    amount of debt securities at the exercise price as shall in each
    case be described in the prospectus supplement relating to the
    warrants. Warrants may be exercised at any time up to
    5:00&#160;P.M.&#160;New York time on the expiration date set
    forth in the prospectus supplement relating to those warrants.
    After the close of business on the expiration date (or such
    later date to which such expiration date may be extended by
    Johnson&#160;&#038; Johnson), unexercised warrants will become
    void.
</DIV>

<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <BR>
    10
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<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN LOGICAL PAGE -->

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Warrants may be exercised by delivery to the Warrant Agent of
    payment as provided in the prospectus supplement of the amount
    required to purchase the debt securities purchasable upon
    exercise together with certain information set forth on the
    reverse side of the Warrant Certificate. Warrants will be deemed
    to have been exercised upon receipt of the exercise price,
    subject to the receipt within five business days of the Warrant
    Certificate evidencing exercised warrants. Upon receipt of
    payment and the Warrant Certificate properly completed and duly
    executed at the corporate trust office of the Warrant Agent or
    any other office indicated in the prospectus supplement, we
    will, as soon as practicable, issue and deliver the debt
    securities purchasable upon such exercise. If fewer than all of
    the warrants represented by a Warrant Certificate are exercised,
    a new Warrant Certificate will be issued for the remaining
    amount of warrants.
</DIV>

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    <BR>
    11
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<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN LOGICAL PAGE -->
<A name='108'>


<!-- link1 "PLAN OF DISTRIBUTION" -->


<DIV style="margin-top: 18pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">PLAN OF
    DISTRIBUTION</FONT></B>
</DIV>
</A>
<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    We may sell the debt securities and warrants:
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    (a)&#160;directly to purchasers;
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    (b)&#160;through agents;
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    (c)&#160;to dealers as principals;&#160;and
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    (d)&#160;through underwriters.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Offers to purchase debt securities and warrants may be solicited
    directly by Johnson&#160;&#038; Johnson or by agents we
    designate from time to time. Any agent, who may be deemed to be
    an underwriter as that term is defined in the Securities Act of
    1933, involved in the offer or sale of the debt securities and
    warrants is named, and any commissions payable by us to that
    agent are set forth, in the prospectus supplement. Agents will
    generally be acting on a best efforts basis.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    If a dealer is utilized in the sale of the debt securities and
    warrants, we will sell debt securities and warrants to the
    dealer as principal. The dealer may then resell debt securities
    and warrants to the public at varying prices to be determined by
    the dealer at the time of resale.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    If an underwriter or underwriters are utilized in the sale of
    the debt securities and warrants, we will enter into an
    underwriting agreement with the underwriters at the time of sale
    to them. The names of the underwriters and the terms of the
    transaction are set forth in the prospectus supplement, which
    will be used by the underwriters to make resales of the debt
    securities and warrants.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Agents, dealers or underwriters may be entitled under agreements
    which may be entered into with us to indemnification by us
    against certain civil liabilities, including liabilities under
    the Securities Act of 1933, and may be customers of, engage in
    transactions with or perform services for us in the ordinary
    course of business.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Johnson&#160;&#038; Johnson may authorize underwriters or agents
    to solicit offers by certain institutions to purchase debt
    securities and warrants from us at the public offering price set
    forth in the prospectus supplement pursuant to delayed delivery
    contracts providing for amounts, payment and delivery as
    described in the prospectus supplement. Delayed delivery
    contracts may be entered into with commercial and savings banks,
    insurance companies, pension funds, investment companies,
    educational and charitable institutions and other institutions,
    but shall in all cases be subject to our approval. A commission
    described in the prospectus supplement will be paid to
    underwriters and agents soliciting purchases of debt securities
    and warrants pursuant to contracts accepted by us. Contracts
    will not be subject to any conditions except that:
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    (a)&#160;the purchase by an institution of the debt securities
    and Warrants covered by its contract shall not at the time of
    delivery be prohibited under the laws of any jurisdiction in the
    United States to which such institution is subject;&#160;and
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    (b)&#160;we shall have sold and delivered to any underwriters
    named in the prospectus supplement that portion of the issue of
    debt securities and warrants as is set forth in the prospectus
    supplement. The underwriters and agents will not have any
    responsibility in respect of the validity or the performance of
    the contracts.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The place and time of delivery for the debt securities and
    warrants are set forth in the prospectus supplement.
</DIV>

<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <BR>
    12
</DIV><!-- END LOGICAL PAGE -->
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN LOGICAL PAGE -->
<A name='109'>


<!-- link1 "EXPERTS" -->


<DIV style="margin-top: 18pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">EXPERTS</FONT></B>
</DIV>
</A>
<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The financial statements and management&#146;s assessment of the
    effectiveness of internal control over financial reporting
    (which is included in Management&#146;s Report on Internal
    Control over Financial Reporting, incorporated in this
    Prospectus by reference to the Johnson&#160;&#038; Johnson
    Current Report on
    <FONT style="white-space: nowrap">Form&#160;8-K</FONT>
    dated October&#160;31, 2006 and the financial statement schedule
    incorporated in this Prospectus by reference to the Annual
    Report on
    <FONT style="white-space: nowrap">Form&#160;10-K</FONT>
    of Johnson&#160;&#038; Johnson for the year ended
    January&#160;1, 2006 have been so incorporated in reliance on
    the reports of PricewaterhouseCoopers LLP, an independent
    registered public accounting firm, given on the authority of
    said firm as experts in auditing and accounting.
</DIV>
<A name='110'>


<!-- link1 "LEGAL OPINIONS" -->


<DIV style="margin-top: 18pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">LEGAL
    OPINIONS</FONT></B>
</DIV>
</A>
<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The legality of the debt securities and warrants will be passed
    upon for Johnson&#160;&#038; Johnson by James J. Bergin, an
    Assistant General Counsel of Johnson&#160;&#038; Johnson. James
    J. Bergin is paid a salary by Johnson&#160;&#038; Johnson, is a
    participant in various employee benefit plans offered to
    employees of Johnson&#160;&#038; Johnson generally, and owns and
    has options to purchase shares of Common Stock of
    Johnson&#160;&#038; Johnson.
</DIV>

<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <BR>
    13
</DIV><!-- END LOGICAL PAGE -->
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

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