<SEC-DOCUMENT>0000950123-11-051137.txt : 20110517
<SEC-HEADER>0000950123-11-051137.hdr.sgml : 20110517
<ACCEPTANCE-DATETIME>20110517095227
ACCESSION NUMBER:		0000950123-11-051137
CONFORMED SUBMISSION TYPE:	424B3
PUBLIC DOCUMENT COUNT:		3
FILED AS OF DATE:		20110517
DATE AS OF CHANGE:		20110517

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:			0209

	FILING VALUES:
		FORM TYPE:		424B3
		SEC ACT:		1933 Act
		SEC FILE NUMBER:	333-172513
		FILM NUMBER:		11850051

	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>y91239e424b3.htm
<DESCRIPTION>424B3
<TEXT>
<HTML>
<HEAD>
<TITLE>e424b3</TITLE>
</HEAD>
<BODY bgcolor="#FFFFFF">
<!-- PAGEBREAK -->

<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->
<!-- XBRL Pagebreak End -->

<TABLE style="color: #FF0000" width="100%" border="1" cellpadding="5"><TR><TD>
<B><FONT style="font-size: 10pt; color: #E8112D">The information
in this Preliminary Prospectus Supplement is not complete and
may change. This Preliminary 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><!-- END PAGE WIDTH -->
<DIV style="width: 88%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->

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

<DIV align="right" style="margin-left: 0%; margin-right: 0%; font-size: 11pt; font-family: Arial, Helvetica; color: #000000; background: transparent">

    <B><FONT style="font-family: 'Times New Roman', Times">Filed
    Pursuant to Rule 424(b)(3)</FONT></B>
</DIV>

<DIV align="right" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 11pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <B>Registration Statement No. 333-172513</B>
</DIV>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 11pt; font-family: Arial, Helvetica; color: #000000; background: transparent">

    <B><FONT style="font-family: 'Times New Roman', Times; color: #E8112D">Preliminary
    Prospectus Supplement, Subject to Completion, Dated May&#160;17,
    2011<BR>
    (to Prospectus dated February&#160;28, 2011)</FONT></B>
</DIV>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 11pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <IMG src="y91239y9123900.gif" alt="(JOHNSON AND JOHNSON LOGO)"><B> </B>
</DIV>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 11pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <B><I><FONT style="font-size: 18pt">$&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;
    %&#160;Notes due 2014</FONT></I></B>
</DIV>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 11pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <B><I><FONT style="font-size: 18pt">$&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;
    %&#160;Notes due 2016</FONT></I></B>
</DIV>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 11pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <B><I><FONT style="font-size: 18pt">$&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;
    %&#160;Notes due 2021</FONT></I></B>
</DIV>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 11pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <B><I><FONT style="font-size: 18pt">$&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;
    %&#160;Notes due 2041</FONT></I></B>
</DIV>

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



<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 11pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <I>Interest
    payable&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;
    and&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</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: 11pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    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;,
    2011. The Notes will be issued in minimum denominations of
    $2,000 and additional increments of $1,000. Johnson&#160;&#038;
    Johnson may redeem some or all of the Notes at any time at the
    applicable redemption prices described in this Prospectus
    Supplement. Our principal office is located at One
    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: 11pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    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: 9pt; font-size: 1pt">&nbsp;</DIV>

<TABLE border="0" width="100%" align="center" cellpadding="0" cellspacing="0" style="font-size: 11pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
<!-- Table Width Row BEGIN -->
<TR style="font-size: 1pt" valign="bottom">
    <TD width="42%">&nbsp;</TD>	<!-- colindex=01 type=maindata -->
    <TD width="2%">&nbsp;</TD>	<!-- colindex=02 type=gutter -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=02 type=lead -->
    <TD width="13%" align="right">&nbsp;</TD>	<!-- colindex=02 type=body -->
    <TD width="1%" align="left">&nbsp;</TD>	<!-- colindex=02 type=hang1 -->
    <TD width="3%">&nbsp;</TD>	<!-- colindex=03 type=gutter -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=03 type=lead -->
    <TD width="13%" align="right">&nbsp;</TD>	<!-- colindex=03 type=body -->
    <TD width="1%" align="left">&nbsp;</TD>	<!-- colindex=03 type=hang1 -->
    <TD width="3%">&nbsp;</TD>	<!-- colindex=04 type=gutter -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=04 type=lead -->
    <TD width="18%" align="right">&nbsp;</TD>	<!-- colindex=04 type=body -->
    <TD width="1%" align="left">&nbsp;</TD>	<!-- colindex=04 type=hang1 -->
</TR>
<!-- Table Width Row END -->
<!-- TableOutputHead -->
<TR style="font-size: 2pt" valign="bottom" align="center">
<TD colspan="12" align="left" valign="bottom">
    <DIV style="font-size: 0pt; margin-left: 0%; width: 100%; border-bottom: 1pt solid #000000"></DIV>
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR style="font-size: 11pt" valign="bottom" align="center">
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="left" valign="bottom">
    <B>Price to<BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="left" valign="bottom">
    <B>Underwriting<BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="left" valign="bottom">
    <B>Proceeds to Us,<BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom" align="center">
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="left" valign="bottom">
    <B><FONT style="font-size: 11pt">Public</FONT></B>
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="left" valign="bottom">
    <B><FONT style="font-size: 11pt">Discount</FONT></B>
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="left" valign="bottom">
    <B><FONT style="font-size: 11pt">Before Expenses</FONT></B>
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR style="font-size: 1pt" valign="bottom" align="center">
<TD colspan="12" align="left" valign="bottom" style="font-size: 1pt; border-bottom: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR style="line-height: 3pt; font-size: 1pt">
<TD>&nbsp;
</TD>
</TR>
<!-- TableOutputBody -->
<TR valign="bottom">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -11pt; margin-left: 11pt">
    Per&#160;&#160;%&#160;Note
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    &#160;&#160;&#160;&#160;&#160;%
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    &#160;&#160;&#160;&#160;&#160;%
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    &#160;&#160;&#160;&#160;&#160;%
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="font-size: 1pt">
<TD colspan="13" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="font-size: 1pt">
<TD colspan="13" style="border-top: 1px solid #000000">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -11pt; margin-left: 11pt">
    Total
</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 nowrap align="left" valign="bottom">
&nbsp;
</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 nowrap align="left" valign="bottom">
&nbsp;
</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 nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="font-size: 1pt">
<TD colspan="13" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="font-size: 1pt">
<TD colspan="13" style="border-top: 1px solid #000000">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -11pt; margin-left: 11pt">
    Per&#160;&#160;%&#160;Note
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    %
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    %
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    %
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="font-size: 1pt">
<TD colspan="13" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="font-size: 1pt">
<TD colspan="13" style="border-top: 1px solid #000000">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -11pt; margin-left: 11pt">
    Total
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="font-size: 1pt">
<TD colspan="13" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="font-size: 1pt">
<TD colspan="13" style="border-top: 1px solid #000000">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -11pt; margin-left: 11pt">
    Per&#160;&#160;%&#160;Note
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    %
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    %
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    %
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="font-size: 1pt">
<TD colspan="13" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="font-size: 1pt">
<TD colspan="13" style="border-top: 1px solid #000000">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -11pt; margin-left: 11pt">
    Total
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="font-size: 1pt">
<TD colspan="13" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="font-size: 1pt">
<TD colspan="13" style="border-top: 1px solid #000000">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -11pt; margin-left: 11pt">
    Per&#160;&#160;%&#160;Note
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    %
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    %
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    %
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="font-size: 1pt">
<TD colspan="13" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="font-size: 1pt">
<TD colspan="13" style="border-top: 1px solid #000000">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -11pt; margin-left: 11pt">
    Total
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="font-size: 2pt">
<TD colspan="13" valign="bottom">
    <DIV style="font-size: 2pt; margin-left: 0%; width: 100%; border-bottom: 1pt solid #000000"></DIV>
</TD>
</TR>
</TABLE>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 11pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">

</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: 11pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    We expect to deliver the Notes in book-entry form only through
    the facilities of The Depository Trust&#160;Company, Euroclear
    or Clearstream, against payment on or about
    May&#160;&#160;&#160;, 2011.
</DIV>

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

<DIV align="center" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 11pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <I>Joint Book-Running Managers</I>
</DIV>

<TABLE border="0" width="100%" align="center" cellpadding="0" cellspacing="0" style="font-size: 14pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
<!-- Table Width Row BEGIN -->
<TR style="font-size: 1pt" valign="bottom">
    <TD width="33%">&nbsp;</TD>	<!-- colindex=01 type=maindata -->
    <TD width="1%">&nbsp;</TD>	<!-- colindex=02 type=gutter -->
    <TD width="33%">&nbsp;</TD>	<!-- colindex=02 type=maindata -->
    <TD width="1%">&nbsp;</TD>	<!-- colindex=03 type=gutter -->
    <TD width="32%">&nbsp;</TD>	<!-- colindex=03 type=maindata -->
</TR>
<!-- Table Width Row END -->
<!-- TableOutputHead -->
<!-- TableOutputBody -->
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -14pt; margin-left: 14pt">
    <B>BofA Merrill Lynch</B>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    <B>J.P. Morgan</B>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    <B>RBS</B>
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -14pt; margin-left: 14pt">
    <B>Citi</B>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD align="center" valign="bottom">
    <B>Deutsche Bank Securities</B>
</TD>
<TD>
&nbsp;
</TD>
<TD align="right" valign="bottom">
    <B>Goldman, Sachs &#038; Co. </B>
</TD>
</TR>
</TABLE>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 11pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">

</DIV>

<DIV style="margin-top: 3pt; font-size: 1pt">&nbsp;</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: 11pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    May&#160;&#160;&#160;, 2011
</DIV>
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<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="width: 88%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->
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<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->

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

<CENTER style="font-size: 1pt; width: 13%; border-bottom: 1pt solid #000000"></CENTER>

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

<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 11pt; font-family: Arial, Helvetica; color: #000000; background: transparent">

    <B><FONT style="font-family: 'Times New Roman', Times">TABLE OF
    CONTENTS</FONT></B>
</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: 11pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
<!-- Table Width Row BEGIN -->
<TR style="font-size: 1pt" valign="bottom">
    <TD width="93%">&nbsp;</TD>	<!-- colindex=01 type=maindata -->
    <TD width="2%">&nbsp;</TD>	<!-- colindex=02 type=gutter -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=02 type=lead -->
    <TD width="3%" align="right">&nbsp;</TD>	<!-- colindex=02 type=body -->
    <TD width="1%" align="left">&nbsp;</TD>	<!-- colindex=02 type=hang1 -->
</TR>
<!-- Table Width Row END -->
<!-- TableOutputHead -->
<TR style="font-size: 8pt" valign="bottom" align="center">
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
    <B><FONT style="font-size: 11pt">Page</FONT></B>
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR style="line-height: 3pt; font-size: 1pt">
<TD>&nbsp;
</TD>
</TR>
<!-- TableOutputBody -->
<TR valign="bottom">
<TD colspan="5" align="center" valign="top">
<DIV style="text-indent: -11pt; margin-left: 11pt">
    <B>Prospectus Supplement</B>
</DIV>
</TD>
</TR>
<TR valign="bottom" style="line-height: 9pt">
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="top">
<DIV style="text-indent: -11pt; margin-left: 11pt">
    <A HREF='#Y91239600'>Forward-Looking Statements</A>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    &#160;S-3
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="top">
<DIV style="text-indent: -11pt; margin-left: 11pt">
    <A HREF='#Y91239601'>Where You Can Find More Information</A>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    &#160;S-3
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="top">
<DIV style="text-indent: -11pt; margin-left: 11pt">
    <A HREF='#Y91239602'>Use of Proceeds</A>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    &#160;S-4
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="top">
<DIV style="text-indent: -11pt; margin-left: 11pt">
    <A HREF='#Y91239603'>Ratio of Earnings to Fixed Charges</A>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    &#160;S-4
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="top">
<DIV style="text-indent: -11pt; margin-left: 11pt">
    <A HREF='#Y91239604'>Description of the Notes</A>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    &#160;S-5
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="top">
<DIV style="text-indent: -11pt; margin-left: 11pt">
    <A HREF='#Y91239605'>Certain U.S. Federal Income Tax Considerations</A>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    &#160;S-12
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="top">
<DIV style="text-indent: -11pt; margin-left: 11pt">
    <A HREF='#Y91239606'>Underwriting</A>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    &#160;S-17
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="top">
<DIV style="text-indent: -11pt; margin-left: 11pt">
    <A HREF='#Y91239607'>Experts</A>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    &#160;S-20
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="top">
<DIV style="text-indent: -11pt; margin-left: 11pt">
    <A HREF='#Y91239608'>Legal Matters</A>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    &#160;S-20
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="line-height: 9pt">
<TD colspan="5">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD colspan="5" align="center" valign="top">
<DIV style="text-indent: -11pt; margin-left: 11pt">
    <B>Prospectus</B>
</DIV>
</TD>
</TR>
<TR valign="bottom" style="line-height: 9pt">
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="top">
<DIV style="text-indent: -11pt; margin-left: 11pt">
    <A HREF='#Y91239101'>About This Prospectus</A>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    &#160;1
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="top">
<DIV style="text-indent: -11pt; margin-left: 11pt">
    <A HREF='#Y91239102'>Where You Can Find More Information</A>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    &#160;1
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="top">
<DIV style="text-indent: -11pt; margin-left: 11pt">
    <A HREF='#Y91239103'>Johnson&#160;&#038; Johnson</A>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    &#160;2
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="top">
<DIV style="text-indent: -11pt; margin-left: 11pt">
    <A HREF='#Y91239104'>Use of Proceeds</A>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    &#160;3
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="top">
<DIV style="text-indent: -11pt; margin-left: 11pt">
    <A HREF='#Y91239105'>Ratio of Earnings to Fixed Charges</A>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    &#160;3
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="top">
<DIV style="text-indent: -11pt; margin-left: 11pt">
    <A HREF='#Y91239106'>Description of Debt Securities</A>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    &#160;3
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="top">
<DIV style="text-indent: -11pt; margin-left: 11pt">
    <A HREF='#Y91239107'>Description of Warrants</A>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    &#160;7
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="top">
<DIV style="text-indent: -11pt; margin-left: 11pt">
    <A HREF='#Y91239108'>Plan of Distribution</A>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    &#160;8
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="top">
<DIV style="text-indent: -11pt; margin-left: 11pt">
    <A HREF='#Y91239109'>Experts</A>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    &#160;9
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="top">
<DIV style="text-indent: -11pt; margin-left: 11pt">
    <A HREF='#Y91239110'>Legal Opinions</A>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    &#160;9
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
</TABLE>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 11pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">

</DIV>

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

<CENTER style="font-size: 1pt; width: 13%; border-bottom: 1pt solid #000000"></CENTER>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 11pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    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: 11pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    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: 11pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    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>
<!-- XBRL Pagebreak Begin -->

<P align="center" style="font-size: 11pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <BR>
    S-2
</DIV><!-- END PAGE WIDTH -->
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<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->
<!-- XBRL Pagebreak End -->

<A name='Y91239600'>
<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 14pt; font-family: Arial, Helvetica; color: #000000; background: transparent">

    <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: 0%; font-size: 11pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    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 January&#160;2, 2011. Copies of this
    <FONT style="white-space: nowrap">Form&#160;10-K,</FONT>
    as well as subsequent filings, are available online at
    www.sec.gov, www.jnj.com or upon 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='Y91239601'>
<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 14pt; font-family: Arial, Helvetica; color: #000000; background: transparent">

    <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: 0%; font-size: 11pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    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
    100&#160;F&#160;Street, N.E., 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: 11pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    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 Section&#160;13(a),
    13(c), 14, or 15(d) of the Securities Exchange Act of 1934,
    until we complete our offering of the Notes:
</DIV>

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

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

<TR>
    <TD width="7%"></TD>
    <TD width="2%"></TD>
    <TD width="91%"></TD>
</TR>

<TR valign="top" style="font-size: 11pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <TD>&nbsp;</TD>
    <TD>    -&#160;
</TD>
    <TD align="left">
    Annual report on
    <FONT style="white-space: nowrap">Form&#160;10-K</FONT>
    for the fiscal year ended January&#160;2, 2011;
</TD>
</TR>


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


<TR valign="top" style="font-size: 11pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <TD>&nbsp;</TD>
    <TD>    -&#160;
</TD>
    <TD align="left">
    Quarterly report on
    <FONT style="white-space: nowrap">Form&#160;10-Q</FONT>
    for the quarter ended April&#160;3, 2011;&#160;and
</TD>
</TR>


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


<TR valign="top" style="font-size: 11pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <TD>&nbsp;</TD>
    <TD>    -&#160;
</TD>
    <TD align="left">
    Current reports on
    <FONT style="white-space: nowrap">Form&#160;8-K</FONT>
    filed on March&#160;10, 2011, April&#160;8, 2011, April&#160;15,
    2011, April&#160;27, 2011, April&#160;29, 2011 and May&#160;2,
    2011.
</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: 11pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    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="center" style="margin-left: 0%; margin-right: 0%; font-size: 11pt; font-family: Arial, Helvetica; color: #000000; background: transparent">

    <FONT style="font-family: 'Times New Roman', Times">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>
    </FONT>
</DIV>
<!-- XBRL Pagebreak Begin -->

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    <BR>
    S-3
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<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->
<!-- XBRL Pagebreak End -->

<A name='Y91239602'>
<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 14pt; font-family: Arial, Helvetica; color: #000000; background: transparent">

    <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: 0%; font-size: 11pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    Johnson&#160;&#038; Johnson intends to use the net proceeds of
    the offering of Notes to repay commercial paper borrowings and
    for other general corporate purposes. As of April&#160;3, 2011,
    we had approximately $8.2&#160;billion of commercial paper
    outstanding with a weighted average interest rate of 0.2463% and
    a weighted maturity of approximately 55.4&#160;days.
</DIV>

<A name='Y91239603'>
<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 14pt; font-family: Arial, Helvetica; color: #000000; background: transparent">

    <B><FONT style="font-family: 'Times New Roman', Times">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: 11pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    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 by fixed charges. Fixed charges
    represent interest expense (before interest is capitalized),
    amortization of debt discount and 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: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
<!-- Table Width Row BEGIN -->
<TR style="font-size: 1pt" valign="bottom">
    <TD width="22%">&nbsp;</TD>	<!-- colindex=01 type=maindata -->
    <TD width="1%">&nbsp;</TD>	<!-- colindex=02 type=gutter -->
    <TD width="5%" align="right">&nbsp;</TD>	<!-- colindex=02 type=lead -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=02 type=body -->
    <TD width="5%" align="left">&nbsp;</TD>	<!-- colindex=02 type=hang1 -->
    <TD width="1%">&nbsp;</TD>	<!-- colindex=03 type=gutter -->
    <TD width="5%" align="right">&nbsp;</TD>	<!-- colindex=03 type=lead -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=03 type=body -->
    <TD width="5%" align="left">&nbsp;</TD>	<!-- colindex=03 type=hang1 -->
    <TD width="1%">&nbsp;</TD>	<!-- colindex=04 type=gutter -->
    <TD width="5%" align="right">&nbsp;</TD>	<!-- colindex=04 type=lead -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=04 type=body -->
    <TD width="5%" align="left">&nbsp;</TD>	<!-- colindex=04 type=hang1 -->
    <TD width="1%">&nbsp;</TD>	<!-- colindex=05 type=gutter -->
    <TD width="5%" align="right">&nbsp;</TD>	<!-- colindex=05 type=lead -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=05 type=body -->
    <TD width="5%" align="left">&nbsp;</TD>	<!-- colindex=05 type=hang1 -->
    <TD width="1%">&nbsp;</TD>	<!-- colindex=06 type=gutter -->
    <TD width="5%" align="right">&nbsp;</TD>	<!-- colindex=06 type=lead -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=06 type=body -->
    <TD width="5%" align="left">&nbsp;</TD>	<!-- colindex=06 type=hang1 -->
    <TD width="1%">&nbsp;</TD>	<!-- colindex=07 type=gutter -->
    <TD width="5%" align="right">&nbsp;</TD>	<!-- colindex=07 type=lead -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=07 type=body -->
    <TD width="5%" align="left">&nbsp;</TD>	<!-- colindex=07 type=hang1 -->
</TR>
<!-- Table Width Row END -->
<!-- TableOutputHead -->
<TR style="font-size: 9pt" valign="bottom" align="center">
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="3" nowrap align="center" valign="bottom">
    <B>Three Months<BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="19" align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>Fiscal Year Ended</B>
</TD>
</TR>
<TR style="font-size: 9pt" valign="bottom" align="center">
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="3" nowrap align="center" valign="bottom">
    <B>Ended April&#160;3,<BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="3" nowrap align="center" valign="bottom">
    <B>January&#160;2,<BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="3" nowrap align="center" valign="bottom">
    <B>January&#160;3,<BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="3" nowrap align="center" valign="bottom">
    <B>December&#160;28,<BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="3" nowrap align="center" valign="bottom">
    <B>December&#160;30,<BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="3" nowrap align="center" valign="bottom">
    <B>December&#160;31,<BR>
    </B>
</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom" align="center">
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="3" nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B><FONT style="font-size: 9pt">2011</FONT></B>
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="3" nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B><FONT style="font-size: 9pt">2011</FONT></B>
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="3" nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B><FONT style="font-size: 9pt">2010</FONT></B>
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="3" nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B><FONT style="font-size: 9pt">2008</FONT></B>
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="3" nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B><FONT style="font-size: 9pt">2007</FONT></B>
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="3" nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B><FONT style="font-size: 9pt">2006</FONT></B>
</TD>
</TR>
<TR style="line-height: 3pt; font-size: 1pt">
<TD>&nbsp;
</TD>
</TR>
<!-- TableOutputBody -->
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    Ratio of Earnings to Fixed Charges
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    26.48
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    27.87
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    24.75
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    25.46
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    25.96
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    53.42
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
</TABLE>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 11pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">

</DIV>
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<P align="center" style="font-size: 11pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <BR>
    S-4
</DIV><!-- END PAGE WIDTH -->
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->
<!-- XBRL Pagebreak End -->

<A name='Y91239604'>
<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 14pt; font-family: Arial, Helvetica; color: #000000; background: transparent">

    <B><FONT style="font-family: 'Times New Roman', Times">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: 11pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    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: 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: transparent">

    <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: 0%; font-size: 11pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    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 The Bank of New York Mellon
    Trust&#160;Company, N.A. (as successor to BNY Midwest
    Trust&#160;Company which succeeded 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;&#160;&#160;%&#160;Notes will mature
    on&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;,
    the %&#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;
    and 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: 11pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    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: 11pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    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: 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: transparent">

    <B><FONT style="font-family: 'Times New Roman', Times">Interest</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: 11pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    The Notes will bear interest
    from&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;,
    2011, 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 (each such date an &#147;interest payment
    date&#148;),
    beginning&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;,
    2011, 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 a rate of&#160;&#160;&#160;&#160;&#160;% per annum,
    the&#160;&#160;&#160;&#160;&#160;%&#160;Notes will bear interest
    at a 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.
    Interest on the Notes will be calculated on the basis of a
    <FONT style="white-space: nowrap">360-day</FONT> year
    of twelve
    <FONT style="white-space: nowrap">30-day</FONT>
    months.
</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: transparent">

    <B><FONT style="font-family: 'Times New Roman', Times">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: 11pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    We may redeem the Notes at our 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 we elect
    to redeem Notes, we 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="8%"></TD>
    <TD width="92%"></TD>
</TR>

<TR valign="top" style="font-size: 11pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <TD>    &#149;&#160;&#160;&#160;&#160;&#160;&#160;&#160;
</TD>
    <TD align="left">    100% of the aggregate principal amount of the Notes to be
    redeemed on the redemption date;&#160;or
</TD>
</TR>


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


<TR valign="top" style="font-size: 11pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <TD>    &#149;&#160;&#160;&#160;&#160;&#160;&#160;&#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: 11pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    In determining the present values of the Remaining Scheduled
    Payments, we 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 (as
    defined below) 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,&#160;&#160;&#160;&#160;&#160;%,
    in the case of the&#160;&#160;&#160;&#160;&#160;%&#160;Notes
    or&#160;&#160;&#160;&#160;&#160;%, in the case of
    the&#160;&#160;&#160;&#160;&#160;%&#160;Notes.
</DIV>
<!-- XBRL Pagebreak Begin -->

<P align="center" style="font-size: 11pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <BR>
    S-5
</DIV><!-- END PAGE WIDTH -->
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->
<!-- XBRL Pagebreak End -->

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 11pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    The following terms are relevant to the determination of the
    redemption price.
</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: 11pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <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, we 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: 11pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <I>&#145;&#145;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: 11pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <I>&#145;&#145;Independent Investment Banker&#148;</I> means
    J.P.&#160;Morgan Securities LLC, Merrill Lynch, Pierce,
    Fenner&#160;&#038; Smith Incorporated or RBS Securities Inc. or
    their respective successors as may be appointed from time to
    time by us; provided, however, that if any of the foregoing
    ceases to be a primary U.S.&#160;Government securities dealer in
    New York City (a &#147;primary treasury dealer&#148;), we 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: 11pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <I>&#145;&#145;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: 11pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <I>&#145;&#145;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: 11pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <I>&#145;&#145;Reference Treasury Dealer&#148;</I> means
    J.P.&#160;Morgan Securities LLC, Merrill Lynch, Pierce,
    Fenner&#160;&#038; Smith Incorporated and RBS Securities Inc.,
    and each of their respective successors and any other primary
    treasury dealers selected by us.
</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: 11pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <I>&#145;&#145;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: 11pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    A partial redemption of the Notes of a series 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
    such series of a denomination larger than the minimum authorized
    denomination for the Notes. If less than all of the Notes of
    such series are to be redeemed, the Notes of a series 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: 11pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    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>
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    <BR>
    S-6
</DIV><!-- END PAGE WIDTH -->
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->
<!-- XBRL Pagebreak End -->

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 11pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    Unless we default in payment of the redemption price, on and
    after the redemption date interest will cease to accrue on the
    Notes of such series, or portions thereof, called for
    redemption. On or before the redemption date, we will deposit
    with the paying agent (or the Trustee) money sufficient to pay
    the redemption price of and accrued interest on the Notes of
    such series to be redeemed on that date.
</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: transparent">

    <B><FONT style="font-family: 'Times New Roman', Times">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: 11pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    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 the applicable 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: 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: transparent">

    <B><FONT style="font-family: 'Times New Roman', Times">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: 11pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    The Notes of each series 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 Securities representing
    the Notes of each series 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: 11pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    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 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 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.org or www.dtcc.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: 11pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    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
</DIV>
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    <BR>
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<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 11pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    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: 11pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    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: 11pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    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: 11pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    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>

<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: 11pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    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: 11pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    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>
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    <BR>
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<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 11pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    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: 11pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    The Euroclear Operator advises that, 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: 11pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    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: 11pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    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,
    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: 11pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    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
</DIV>
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    <BR>
    S-9
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<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 11pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    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: 11pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    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: 11pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    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
    as Paying Agent. The office of the 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: 11pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    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 the 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: 11pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    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>

<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: 11pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    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: 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: transparent">

    <B><FONT style="font-family: 'Times New Roman', Times">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: 11pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    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>
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    <BR>
    S-10
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<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 11pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    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: 11pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    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: 11pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    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>
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    <BR>
    S-11
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<A name='Y91239605'>
<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 14pt; font-family: Arial, Helvetica; color: #000000; background: transparent">

    <B><FONT style="font-family: 'Times New Roman', Times">Certain
    U.S. Federal Income Tax Considerations</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: 11pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    This section summarizes the material U.S.&#160;federal income
    tax consequences of the acquisition, 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="4%"></TD>
    <TD width="96%"></TD>
</TR>

<TR valign="top" style="font-size: 11pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <TD>    &#149;&#160;&#160;&#160;&#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 and
    you hold your Notes as capital assets (that is, for investment
    purposes).
</TD>
</TR>


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


<TR valign="top" style="font-size: 11pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <TD>    &#149;&#160;&#160;&#160;&#160;
</TD>
    <TD align="left">    This discussion does not address all U.S.&#160;federal income
    tax considerations that may be relevant to you in light of your
    personal investment circumstances or to certain categories of
    investors that may be subject to special rules under
    U.S.&#160;federal tax law, 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="7%"></TD>
    <TD width="5%"></TD>
    <TD width="88%"></TD>
</TR>

<TR valign="top" style="font-size: 11pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;&#160;&#160;&#160;
</TD>
    <TD align="left">
    financial institutions;
</TD>
</TR>

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


<TR valign="top" style="font-size: 11pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;&#160;&#160;&#160;
</TD>
    <TD align="left">
    tax-exempt organizations;
</TD>
</TR>

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


<TR valign="top" style="font-size: 11pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;&#160;&#160;&#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: 11pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;&#160;&#160;&#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: 11pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;&#160;&#160;&#160;
</TD>
    <TD align="left">
    persons holding the Notes as part of a hedge, straddle or
    conversion transaction or other integrated transaction;
</TD>
</TR>

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


<TR valign="top" style="font-size: 11pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;&#160;&#160;&#160;
</TD>
    <TD align="left">
    U.S.&#160;Holders whose functional currency is not the
    U.S.&#160;dollar; or
</TD>
</TR>

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


<TR valign="top" style="font-size: 11pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;&#160;&#160;&#160;
</TD>
    <TD align="left">
    partnerships or other entities treated as partnerships for
    U.S.&#160;federal income tax purposes.
</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="4%"></TD>
    <TD width="96%"></TD>
</TR>

<TR valign="top" style="font-size: 11pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <TD>    &#149;&#160;&#160;&#160;&#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: 11pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <TD>    &#149;&#160;&#160;&#160;&#160;
</TD>
    <TD align="left">    The discussion does not cover any tax consequences arising under
    U.S.&#160;federal gift, estate or alternative minimum tax laws
    or the recently enacted Medicare contribution tax on unearned
    income, or under the laws of any state, local or foreign
    jurisdiction.
</TD>
</TR>


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


<TR valign="top" style="font-size: 11pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <TD>    &#149;&#160;&#160;&#160;&#160;
</TD>
    <TD align="left">    The discussion is based in part on our determination that there
    is no more than a remote likelihood that we would exercise our
    right to redeem the Notes in circumstances where the amount that
    we would have to pay in redemption based on the sum of the
    present values of the remaining scheduled payments of interest
    and principal on the Notes exceeded the principal amount of the
    Notes, plus accrued interest thereon on the date of redemption.
    Our determination is binding on holders of the Notes unless a
    holder discloses to the Internal Revenue Service
    (&#147;IRS&#148;), in the manner required by applicable Treasury
    regulations, that the holder is taking a different position. It
    is possible that the IRS may take a different position regarding
    the remoteness of the likelihood of redemptions, in which case,
    if the position of the IRS were sustained, the timing, amount
    and character of income recognized with respect to a Note may be
    substantially different than described herein, and a holder may
    be required to recognize income significantly in excess of
    payments received and may be required to treat as interest
    income all or a portion of any gain recognized on a disposition
    of a Note.
</TD>
</TR>


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


<TR valign="top" style="font-size: 11pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <TD>    &#149;&#160;&#160;&#160;&#160;
</TD>
    <TD align="left">    We have not requested a ruling from the IRS 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: 11pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    IF YOU ARE CONSIDERING BUYING NOTES, WE SUGGEST THAT YOU CONSULT
    YOUR TAX ADVISOR ABOUT THE TAX CONSEQUENCES OF HOLDING THE
    NOTES&#160;IN YOUR PARTICULAR SITUATION AS WELL AS ANY TAX
    CONSEQUENCES ARISING UNDER THE
</DIV>
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    <BR>
    S-12
</DIV><!-- END PAGE WIDTH -->
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<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->
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<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 11pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    LAWS OF ANY STATE, LOCAL OR FOREIGN JURISDICTION, OR UNDER ANY
    APPLICABLE TAX TREATY.
</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: transparent">

    <B><FONT style="font-family: 'Times New Roman', Times">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: 11pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    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="4%"></TD>
    <TD width="96%"></TD>
</TR>

<TR valign="top" style="font-size: 11pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <TD>    &#149;&#160;&#160;&#160;&#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: 11pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <TD>    &#149;&#160;&#160;&#160;&#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 or
    organized under U.S.&#160;law (federal or state);
</TD>
</TR>

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


<TR valign="top" style="font-size: 11pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <TD>    &#149;&#160;&#160;&#160;&#160;
</TD>
    <TD align="left">    an estate whose world-wide income is subject to
    U.S.&#160;federal income tax; or
</TD>
</TR>

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


<TR valign="top" style="font-size: 11pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <TD>    &#149;&#160;&#160;&#160;&#160;
</TD>
    <TD align="left">    a trust, if (a)&#160;a court within the United States is able to
    exercise primary supervision over administration of the trust
    and one or more United States persons have authority to control
    all substantial decisions of the trust or (b)&#160;it has a
    valid election in effect under applicable U.S.&#160;Treasury
    regulations to be treated as a domestic trust.
</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: 11pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    If a partnership (or other entity treated as a partnership for
    U.S.&#160;federal income tax purposes) 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: 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: transparent">

    <B><I><FONT style="font-family: 'Times New Roman', Times">Interest</FONT></I></B>
</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="96%"></TD>
</TR>

<TR valign="top" style="font-size: 11pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <TD>    &#149;&#160;&#160;&#160;&#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: 11pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <TD>    &#149;&#160;&#160;&#160;&#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: 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: transparent">

    <B><I><FONT style="font-family: 'Times New Roman', Times">Disposition
    of Notes</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: 11pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    On your sale, exchange, redemption or other taxable disposition
    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="4%"></TD>
    <TD width="96%"></TD>
</TR>

<TR valign="top" style="font-size: 11pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <TD>    &#149;&#160;&#160;&#160;&#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: 11pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <TD>    &#149;&#160;&#160;&#160;&#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
    U.S.&#160;federal income tax rate on long term capital gains is
    currently 15% (and is scheduled to increase to 20% as of
    January&#160;1, 2013).
</TD>
</TR>

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


<TR valign="top" style="font-size: 11pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <TD>    &#149;&#160;&#160;&#160;&#160;
</TD>
    <TD align="left">    If you dispose of 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 date of
    disposition. That amount is treated as ordinary interest income
    as described above under &#147;&#151;<I>Interest</I>.&#148;
</TD>
</TR>

</TABLE>

<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: transparent">

    <B><I><FONT style="font-family: 'Times New Roman', Times">Information
    Reporting and Backup Withholding</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: 11pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    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="4%"></TD>
    <TD width="96%"></TD>
</TR>

<TR valign="top" style="font-size: 11pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <TD>    &#149;&#160;&#160;&#160;&#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 on your
</TD>
</TR>

</TABLE>
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    <BR>
    S-13
</DIV><!-- END PAGE WIDTH -->
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<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->
<!-- XBRL Pagebreak End -->

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

<TR>
    <TD width="4%"></TD>
    <TD width="96%"></TD>
</TR>

<TR valign="top" style="font-size: 11pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <TD></TD>
    <TD align="left">
    Notes as well as on proceeds from sale or other disposition of
    the Notes, unless an exemption applies.
</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="4%"></TD>
    <TD width="96%"></TD>
</TR>

<TR valign="top" style="font-size: 11pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <TD>    &#149;&#160;&#160;&#160;&#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: 11pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <TD>    &#149;&#160;&#160;&#160;&#160;
</TD>
    <TD align="left">    If you are subject to these requirements but do not comply, the
    intermediary must withhold (currently, at a rate of 28% and
    scheduled to increase to 31% for payments made in 2013 and
    thereafter) in respect of all amounts payable to you on the
    Notes (including principal payments and sale proceeds). If the
    intermediary withholds payments, you may use the withheld amount
    as a credit against your U.S.&#160;federal income tax liability
    or you may be entitled to a refund, provided that you timely
    furnish the required information to the IRS.
</TD>
</TR>

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


<TR valign="top" style="font-size: 11pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <TD>    &#149;&#160;&#160;&#160;&#160;
</TD>
    <TD align="left">    All individuals are subject to these requirements. Some holders,
    including tax-exempt organizations and individual retirement
    accounts, are exempt from these requirements.
</TD>
</TR>

</TABLE>

<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: transparent">

    <B><FONT style="font-family: 'Times New Roman', Times">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: 11pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    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.
    As stated above, if a partnership (or other entity treated as a
    partnership for U.S.&#160;federal income tax purposes) 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: 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: transparent">

    <B><I><FONT style="font-family: 'Times New Roman', Times">Withholding
    Taxes</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: 11pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    Subject to the discussion of backup withholding below, payments
    of interest on the Notes generally will not be subject to
    U.S.&#160;federal income tax or withholding tax if you 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="4%"></TD>
    <TD width="96%"></TD>
</TR>

<TR valign="top" style="font-size: 11pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <TD>    &#149;&#160;&#160;&#160;&#160;
</TD>
    <TD align="left">    You provide a completed IRS
    <FONT style="white-space: nowrap">Form&#160;W-8BEN</FONT>
    (or applicable substitute form) to the bank, broker or other
    intermediary through which you hold your Notes. The IRS
    <FONT style="white-space: nowrap">Form&#160;W-8BEN</FONT>
    contains your name, address and a statement, certified under
    penalties of perjury, 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: 11pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <TD>    &#149;&#160;&#160;&#160;&#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;withholding tax rules under specified procedures.
</TD>
</TR>

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


<TR valign="top" style="font-size: 11pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <TD>    &#149;&#160;&#160;&#160;&#160;
</TD>
    <TD align="left">    You are entitled to an exemption from U.S.&#160;withholding tax
    on interest under a tax treaty between the U.S.&#160;and your
    country of residence. To claim this exemption, you must complete
    IRS
    <FONT style="white-space: nowrap">Form&#160;W-8BEN</FONT>
    (or applicable substitute form) 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: 11pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <TD>    &#149;&#160;&#160;&#160;&#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;withholding tax under a tax treaty. To
    claim this exemption, you must complete IRS
    <FONT style="white-space: nowrap">Form&#160;W-8ECI</FONT>
    (or applicable substitute form).
</TD>
</TR>

</TABLE>
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    <BR>
    S-14
</DIV><!-- END PAGE WIDTH -->
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<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->
<!-- XBRL Pagebreak End -->

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 11pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    Even if you meet one of the above requirements, interest paid to
    you will be subject to U.S. 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="4%"></TD>
    <TD width="96%"></TD>
</TR>

<TR valign="top" style="font-size: 11pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <TD>    &#149;&#160;&#160;&#160;&#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
    U.S.&#160;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: 11pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <TD>    &#149;&#160;&#160;&#160;&#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: 11pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <TD>    &#149;&#160;&#160;&#160;&#160;
</TD>
    <TD align="left">    An intermediary through which you hold the Notes fails to comply
    with the procedures necessary to avoid U.S.&#160;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: 11pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <TD>    &#149;&#160;&#160;&#160;&#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 interest income is effectively
    connected with your conduct of a trade or business in the U.S.
    and you provide us or the intermediary through which you hold
    the Notes, prior to the payment of interest, with a properly
    executed IRS
    <FONT style="white-space: nowrap">Form&#160;W-8ECI</FONT>
    (or applicable substitute form) 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: 11pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    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: 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: transparent">

    <B><I><FONT style="font-family: 'Times New Roman', Times">Disposition
    of Notes</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: 11pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    Subject to the discussion below under &#147;Information
    Reporting and Backup Withholding,&#148; if you sell or otherwise
    dispose of a Note, you will not be subject to U.S.&#160;federal
    income tax or U.S. withholding tax on any gain realized on such
    disposition 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="4%"></TD>
    <TD width="96%"></TD>
</TR>

<TR valign="top" style="font-size: 11pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <TD>    &#149;&#160;&#160;&#160;&#160;
</TD>
    <TD align="left">    The gain is effectively connected with a trade or business that
    you conduct in the U.S.&#160;(and, if certain tax treaties
    apply, is attributable to a U.S.&#160;permanent establishment).
</TD>
</TR>

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


<TR valign="top" style="font-size: 11pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <TD>    &#149;&#160;&#160;&#160;&#160;
</TD>
    <TD align="left">    You are an individual and 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,
    in which case you will be subject to a flat 30% tax on your
    <FONT style="white-space: nowrap">U.S.-sourced</FONT>
    net gain, if any, from your sale or other disposition of capital
    assets during the taxable year (unless an applicable treaty
    provides an exemption or a reduced rate);
</TD>
</TR>

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


<TR valign="top" style="font-size: 11pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <TD>    &#149;&#160;&#160;&#160;&#160;
</TD>
    <TD align="left">    The gain represents accrued interest, in which case the rules
    for interest, as described above under
    &#147;<I>&#151;Withholding Taxes</I>,&#148; would apply.
</TD>
</TR>

</TABLE>

<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: transparent">

    <B><I><FONT style="font-family: 'Times New Roman', Times">U.S.
    Trade or Business</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: 11pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    If you hold your Note in connection with a trade or business
    that you are conducting in the U.S. (and, if certain tax
    treaties apply, is attributable to a U.S.&#160;permanent
    establishment):
</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="96%"></TD>
</TR>

<TR valign="top" style="font-size: 11pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <TD>    &#149;&#160;&#160;&#160;&#160;
</TD>
    <TD align="left">    Any interest on the Note, and any gain from disposing of the
    Note, generally will be subject to U.S.&#160;federal 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: 11pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <TD>    &#149;&#160;&#160;&#160;&#160;
</TD>
    <TD align="left">    If you are a corporation for U.S.&#160;federal income tax
    purposes, 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,
</TD>
</TR>
<!-- XBRL Paragraph Pagebreak -->

</TABLE>
<!-- XBRL Pagebreak Begin -->

<P align="center" style="font-size: 11pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <BR>
    S-15
</DIV><!-- END PAGE WIDTH -->
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->
<!-- XBRL Pagebreak End -->

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

<TR>
    <TD width="4%"></TD>
    <TD width="96%"></TD>
</TR>

<TR valign="top" style="font-size: 11pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <TD></TD>
    <TD align="left">
    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: 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: transparent">

    <B><I><FONT style="font-family: 'Times New Roman', Times">Information
    Reporting and Backup Withholding</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: 11pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    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="4%"></TD>
    <TD width="96%"></TD>
</TR>

<TR valign="top" style="font-size: 11pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <TD>    &#149;&#160;&#160;&#160;&#160;
</TD>
    <TD align="left">    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;<I>&#151;Withholding Taxes</I>&#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
    <FONT style="white-space: nowrap">Form&#160;1042-S.</FONT>
</TD>
</TR>

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


<TR valign="top" style="font-size: 11pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <TD>    &#149;&#160;&#160;&#160;&#160;
</TD>
    <TD align="left">    Sale proceeds you receive on a sale or other taxable disposition
    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 withholding at the
    applicable rate 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
    IRS
    <FONT style="white-space: nowrap">Form&#160;W-8BEN</FONT>
    or IRS
    <FONT style="white-space: nowrap">Form&#160;W-8ECI</FONT>
    to claim an exemption from information reporting and backup
    withholding. Backup withholding is not an additional tax and any
    amounts withheld from a payment to you under the backup
    withholding rules will be allowable as a credit against your
    U.S.&#160;federal income tax liability and may entitle you to a
    refund, provided that you timely furnish the required
    information to the IRS. We suggest that you consult your tax
    advisor concerning the information reporting and backup
    withholding rules applicable to your particular situation, the
    availability of an exemption therefrom and the procedure for
    obtaining such an exemption, if available.
</TD>
</TR>

</TABLE>

<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: transparent">

    <B><FONT style="font-family: 'Times New Roman', Times">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: 11pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    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>

<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: 11pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <B>THE FEDERAL INCOME TAX DISCUSSION SET FORTH ABOVE IS INCLUDED
    FOR GENERAL INFORMATION ONLY AND MAY NOT BE APPLICABLE DEPENDING
    UPON A HOLDER&#146;S PARTICULAR SITUATION. EACH POTENTIAL
    INVESTOR SHOULD CONSULT ITS OWN TAX ADVISOR AS TO ITS PARTICULAR
    TAX CONSEQUENCES WITH RESPECT TO THE PURCHASE, OWNERSHIP AND
    DISPOSITION OF THE NOTES, INCLUDING THE TAX CONSEQUENCES ARISING
    UNDER STATE, LOCAL, FOREIGN AND OTHER TAX LAWS AND THE POSSIBLE
    EFFECTS OF CHANGES IN FEDERAL OR OTHER TAX LAWS.</B>
</DIV>
<!-- XBRL Pagebreak Begin -->

<P align="center" style="font-size: 11pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <BR>
    S-16
</DIV><!-- END PAGE WIDTH -->
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->
<!-- XBRL Pagebreak End -->

<A name='Y91239606'>
<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 14pt; font-family: Arial, Helvetica; color: #000000; background: transparent">

    <B><FONT style="font-family: 'Times New Roman', Times">Underwriting</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: 11pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    J.P. Morgan Securities LLC, Merrill Lynch, Pierce,
    Fenner&#160;&#038; Smith Incorporated and RBS Securities Inc.
    are acting as representatives (the &#147;representatives&#148;)
    of the underwriters named below. Pursuant to 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: 'Times New Roman', Times; color: #000000; background: transparent">
<!-- Table Width Row BEGIN -->
<TR style="font-size: 1pt" valign="bottom">
    <TD width="40%">&nbsp;</TD>	<!-- colindex=01 type=maindata -->
    <TD width="2%">&nbsp;</TD>	<!-- colindex=02 type=gutter -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=02 type=lead -->
    <TD width="11%" align="right">&nbsp;</TD>	<!-- colindex=02 type=body -->
    <TD width="1%" align="left">&nbsp;</TD>	<!-- colindex=02 type=hang1 -->
    <TD width="2%">&nbsp;</TD>	<!-- colindex=03 type=gutter -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=03 type=lead -->
    <TD width="11%" align="right">&nbsp;</TD>	<!-- colindex=03 type=body -->
    <TD width="1%" align="left">&nbsp;</TD>	<!-- colindex=03 type=hang1 -->
    <TD width="2%">&nbsp;</TD>	<!-- colindex=04 type=gutter -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=04 type=lead -->
    <TD width="11%" align="right">&nbsp;</TD>	<!-- colindex=04 type=body -->
    <TD width="1%" align="left">&nbsp;</TD>	<!-- colindex=04 type=hang1 -->
    <TD width="2%">&nbsp;</TD>	<!-- colindex=05 type=gutter -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=05 type=lead -->
    <TD width="11%" align="right">&nbsp;</TD>	<!-- colindex=05 type=body -->
    <TD width="1%" align="left">&nbsp;</TD>	<!-- colindex=05 type=hang1 -->
</TR>
<!-- Table Width Row END -->
<!-- TableOutputHead -->
<TR style="font-size: 9pt" valign="bottom" align="center">
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
    <B>Principal<BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
    <B>Principal<BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
    <B>Principal<BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
    <B>Principal<BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR style="font-size: 9pt" valign="bottom" align="center">
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
    <B>Amount<BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
    <B>Amount<BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
    <B>Amount<BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
    <B>Amount of<BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom" align="center">
<TD nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B><FONT style="font-size: 9pt">Underwriter</FONT></B>
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B><FONT style="font-size: 9pt">of&#160;&#160;%&#160;Notes</FONT></B>
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B><FONT style="font-size: 9pt">of&#160;&#160;%&#160;Notes</FONT></B>
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B><FONT style="font-size: 9pt">of&#160;&#160;%&#160;Notes</FONT></B>
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B><FONT style="font-size: 9pt">&#160;&#160;%&#160;Notes</FONT></B>
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR style="line-height: 3pt; font-size: 1pt">
<TD>&nbsp;
</TD>
</TR>
<!-- TableOutputBody -->
<TR valign="bottom" style="background: #CCEEFF">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    J.P.&#160;Morgan Securities LLC
</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 nowrap align="left" valign="bottom">
&nbsp;
</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 nowrap align="left" valign="bottom">
&nbsp;
</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 nowrap align="left" valign="bottom">
&nbsp;
</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 nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -52pt; margin-left: 52pt">
    Merrill Lynch, Pierce, Fenner&#160;&#038; Smith Incorporated
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    RBS Securities Inc.&#160;
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    Citigroup Global Markets Inc.&#160;
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    Deutsche Bank Securities Inc.&#160;
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    Goldman, Sachs&#160;&#038; Co.&#160;
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="font-size: 1pt">
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="line-height: 9pt">
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 20pt">
    Total
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">

</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="font-size: 1pt">
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 3px double #000000">
&nbsp;
</TD>
<TD style="border-top: 3px double #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 3px double #000000">
&nbsp;
</TD>
<TD style="border-top: 3px double #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 3px double #000000">
&nbsp;
</TD>
<TD style="border-top: 3px double #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 3px double #000000">
&nbsp;
</TD>
<TD style="border-top: 3px double #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
</TR>
</TABLE>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 11pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">

</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: 11pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    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: 11pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    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
    your Notes 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: 11pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    The underwriters initially propose to offer part of 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;&#160;% of the principal amount of
    the&#160;&#160;&#160;&#160;&#160;%&#160;Notes,&#160;&#160;&#160;&#160;&#160;%
    of the principal amount of
    the&#160;&#160;&#160;&#160;&#160;%&#160;Notes,&#160;&#160;&#160;&#160;&#160;%
    of the principal amount of
    the&#160;&#160;&#160;&#160;&#160;%&#160;Notes
    and&#160;&#160;&#160;&#160;&#160;% of the principal amount of
    the&#160;&#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;&#160;% of the principal amount
    of
    the&#160;&#160;&#160;&#160;&#160;%&#160;Notes,&#160;&#160;&#160;&#160;&#160;%
    of the principal amount of
    the&#160;&#160;&#160;&#160;&#160;%&#160;Notes,&#160;&#160;&#160;&#160;&#160;%
    of the principal amount of
    the&#160;&#160;&#160;&#160;&#160;%&#160;Notes
    and&#160;&#160;&#160;&#160;&#160;% of the principal amount of
    the&#160;&#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. The offering of the Notes by the
    underwriters is subject to receipt and acceptance of the Notes
    and subject to the underwriters&#146; right to reject any order
    in whole or in part.
</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: 11pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    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: 11pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    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 prices of
    any of the Notes.
</DIV>
<!-- XBRL Pagebreak Begin -->

<P align="center" style="font-size: 11pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <BR>
    S-17
</DIV><!-- END PAGE WIDTH -->
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->
<!-- XBRL Pagebreak End -->

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 11pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    The underwriters also may impose a penalty bid. This occurs when
    a particular underwriter repays to the underwriters a portion of
    the underwriting discount received by it because the
    representatives have repurchased Notes sold by or for the
    account of such underwriter in stabilizing or short covering
    transactions.
</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: 11pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    These activities by the underwriters, as well as other purchases
    by the underwriters for their own accounts, may stabilize,
    maintain or otherwise affect the market price of the Notes. As a
    result, the price of the Notes may be higher than the price that
    otherwise might exist in the open market. If these activities
    are commenced, they may be discontinued by the underwriters at
    any time. These transactions may be effected in the
    <FONT style="white-space: nowrap">over-the-counter</FONT>
    market or otherwise.
</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: 11pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    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>

<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: 11pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    The underwriters and their respective affiliates are full
    service financial institutions engaged in various activities,
    which may include securities trading, commercial and investment
    banking, financial advisory, investment management, investment
    research, principal investment, hedging, financing and brokerage
    activities. 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. In
    the ordinary course of their various business activities, the
    underwriters and their respective affiliates may make or hold a
    broad array of investments and actively trade debt and equity
    securities (or related derivative securities) and financial
    instruments (including bank loans) for their own account and for
    the accounts of their customers, and such investment and
    securities activities may involve our securities
    <FONT style="white-space: nowrap">and/or</FONT>
    financial instruments, including the commercial paper to be
    repurchased with the proceeds of the offering of the Notes. The
    underwriters and their respective affiliates may also make
    investment recommendations
    <FONT style="white-space: nowrap">and/or</FONT>
    publish or express independent research views in respect of our
    securities or financial instruments and may at any time hold, or
    recommend to clients that they acquire, long
    <FONT style="white-space: nowrap">and/or</FONT> short
    positions in such securities and instruments.
</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: transparent">

    <B><FONT style="font-family: 'Times New Roman', Times">Offering
    Restrictions</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: 11pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    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: 11pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    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 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: 11pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    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: 11pt; font-family: Arial, Helvetica; color: #000000; background: transparent">

    <B><FONT style="font-family: 'Times New Roman', Times">European
    Economic Area</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: 11pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    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
</DIV>
<!-- XBRL Paragraph Pagebreak -->
<!-- XBRL Pagebreak Begin -->

<P align="center" style="font-size: 11pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <BR>
    S-18
</DIV><!-- END PAGE WIDTH -->
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->
<!-- XBRL Pagebreak End -->

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 11pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    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: 0%; margin-right: 0%; text-indent: 7%; font-size: 11pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    (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: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 7%; font-size: 11pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    (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;&#160;or
</DIV>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 7%; font-size: 11pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    (c)&#160;to fewer than 100 or, if the relevant member state has
    implemented the relevant provisions of the 2010 PD Amending
    Directive, 150, 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: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 7%; font-size: 11pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    (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: 11pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    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 amendments thereto, including the 2010 PD Amending
    Directive, to the extent implemented in the relevant Member
    State) and includes any relevant implementing measure in each
    Relevant Member State and the expression &#147;2010 PD Amending
    Directive&#148; means Directive 2010/73/EU.
</DIV>

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

<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 11pt; font-family: Arial, Helvetica; color: #000000; background: transparent">

    <B><FONT style="font-family: 'Times New Roman', Times">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: 11pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    Each underwriter has represented and agreed that it and each of
    its affiliates:
</DIV>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 7%; font-size: 11pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    (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;&#160;and
</DIV>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 7%; font-size: 11pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    (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: 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: transparent">

    <B><FONT style="font-family: 'Times New Roman', Times">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: 11pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    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.571, Laws of Hong Kong) and any rules made thereunder.
</DIV>
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    <BR>
    S-19
</DIV><!-- END PAGE WIDTH -->
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<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->
<!-- XBRL Pagebreak End -->

<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 11pt; font-family: Arial, Helvetica; color: #000000; background: transparent">

    <B><FONT style="font-family: 'Times New Roman', Times">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: 11pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    The Notes 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 Notes, 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: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 11pt; font-family: Arial, Helvetica; color: #000000; background: transparent">

    <B><FONT style="font-family: 'Times New Roman', Times">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: 11pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    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 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: 11pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    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='Y91239607'>
<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 14pt; font-family: Arial, Helvetica; color: #000000; background: transparent">

    <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: 0%; font-size: 11pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    The consolidated 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 Supplement by reference to the
    Annual Report on
    <FONT style="white-space: nowrap">Form&#160;10-K</FONT>
    for the year ended January&#160;2, 2011, 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='Y91239608'>
<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 14pt; font-family: Arial, Helvetica; color: #000000; background: transparent">

    <B><FONT style="font-family: 'Times New Roman', Times">Legal
    Matters</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: 11pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    The legality of the Notes will be passed upon for the Company by
    James J. Bergin, an Assistant General Counsel of the Company. We
    also have been advised as to certain legal matters by
    Dewey&#160;&#038; LeBoeuf LLP, 1301 Avenue of the Americas, New
    York, New York 10019. Certain legal matters will be passed upon
    for the underwriters by Cravath, Swaine&#160;&#038; Moore LLP,
    Worldwide Plaza, 825 Eighth Avenue, New York, New York 10019.
    James J. Bergin 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 in the past performed,
    and continues to perform, legal services for us.
</DIV>
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    <BR>
    S-20
</DIV><!-- END PAGE WIDTH -->
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<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->
<!-- XBRL Pagebreak End -->

<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: transparent">

    <B><FONT style="font-family: 'Times New Roman', Times">PROSPECTUS</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: 11pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <IMG src="y91239y9123901.gif" alt="(JOHNSON AND JOHNSON LOGO)"><B><FONT style="font-size: 10pt">
    </FONT></B>
</DIV>

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

<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 14pt; font-family: Arial, Helvetica; color: #000000; background: transparent">

    <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: transparent">
    <B>Johnson&#160;&#038; Johnson may from time to time offer its
    debt securities and warrants to purchase debt securities. The
    terms of the debt securities and of the warrants will be
    described in an accompanying prospectus supplement, together
    with other terms and matters related to the offering. You should
    read this prospectus and the accompanying 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: transparent">
    The debt securities and warrants may be sold directly or through
    agents, underwriters or 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: transparent">
    The address of our principal executive offices is One
    Johnson&#160;&#038; Johnson Plaza, New Brunswick, New Jersey
    08933 and our telephone number at our principal executive
    offices is
    <FONT style="white-space: nowrap">(732)&#160;524-0400.</FONT>
</DIV>

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

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

<CENTER style="font-size: 1pt; width: 18%; border-bottom: 1pt solid #000000"></CENTER>

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

<DIV style="margin-top: 12pt; 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: transparent">
    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: 3pt; font-size: 1pt">&nbsp;</DIV>

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

<CENTER style="font-size: 1pt; width: 18%; border-bottom: 1pt solid #000000"></CENTER>

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

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

<DIV style="margin-top: 3pt; 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: transparent">

    <FONT style="font-family: 'Times New Roman', Times">THE DATE OF
    THIS PROSPECTUS IS FEBRUARY 28, 2011
    </FONT>
</DIV>
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<P align="left" style="font-size: 11pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">

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<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->
<!-- XBRL Pagebreak End -->

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

<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 11pt; font-family: Arial, Helvetica; color: #000000; background: transparent">

    <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: transparent">
<!-- Table Width Row BEGIN -->
<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>
<!-- Table Width Row END -->
<!-- TableOutputHead -->
<TR style="font-size: 8pt" valign="bottom" align="center">
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="3" nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>Page</B>
</TD>
</TR>
<TR style="line-height: 3pt; font-size: 1pt">
<TD>&nbsp;
</TD>
</TR>
<!-- TableOutputBody -->
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    <A HREF='#Y91239101'>About This Prospectus</A>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD>&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    1
</TD>
<TD>&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    <A HREF='#Y91239102'>Where You Can Find More Information</A>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD>&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    1
</TD>
<TD>&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    <A HREF='#Y91239103'>Johnson&#160;&#038; Johnson</A>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD>&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    2
</TD>
<TD>&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    <A HREF='#Y91239104'>Use of Proceeds</A>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD>&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    3
</TD>
<TD>&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    <A HREF='#Y91239105'>Ratio of Earnings To Fixed Charges</A>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD>&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    3
</TD>
<TD>&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    <A HREF='#Y91239106'>Description of Debt Securities</A>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD>&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    3
</TD>
<TD>&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    <A HREF='#Y91239107'>Description of Warrants</A>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD>&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    7
</TD>
<TD>&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    <A HREF='#Y91239108'>Plan of Distribution</A>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD>&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    8
</TD>
<TD>&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    <A HREF='#Y91239109'>Experts</A>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD>&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    9
</TD>
<TD>&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    <A HREF='#Y91239110'>Legal Opinions</A>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD>&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    9
</TD>
<TD>&nbsp;
</TD>
</TR>
</TABLE>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 11pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">

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

<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->
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<A name='Y91239101'>
<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: transparent">

    <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: transparent">
    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 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: transparent">
    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. 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>

<A name='Y91239102'>
<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: transparent">

    <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: transparent">
    We file annual, quarterly and current 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 <U>www.sec.gov.</U>&#160;You may also read and copy any
    document we file at the SEC&#146;s public reference room at
    100&#160;F&#160;Street, N.E., 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: transparent">
    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; provided, however, that we are not incorporating, in
    each case, any documents or information deemed to have been
    furnished and not filed in accordance with SEC rules:
</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: transparent">
    <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 fiscal year ended January&#160;2, 2011;&#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: transparent">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    All information in our proxy statement filed on March&#160;17,
    2010, to the extent incorporated by reference in our annual
    report on
    <FONT style="white-space: nowrap">Form&#160;10-K</FONT>
    for the fiscal year ended January&#160;3, 2010.
</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: transparent">
    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: 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: transparent">

    <FONT style="font-family: 'Times New Roman', Times">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>
    </FONT>
</DIV>
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<P align="center" style="font-size: 11pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <BR>
    1
</DIV><!-- END PAGE WIDTH -->
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<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->
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<A name='Y91239103'>
<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: transparent">

    <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: transparent">
    Johnson&#160;&#038; Johnson and its subsidiaries have
    approximately 114,000&#160;employees worldwide engaged in the
    research and development, manufacture and sale of a broad range
    of products in the health care field. Johnson&#160;&#038;
    Johnson is a holding company, which has more than 250 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.
</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: transparent">
    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 where 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: transparent">
    Johnson&#160;&#038; Johnson&#146;s operating companies are
    organized into three business segments: Consumer, Pharmaceutical
    and Medical Devices and Diagnostics.
</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: transparent">
    The Consumer segment includes a broad range of products used in
    the baby care, skin care, oral care, wound care and women&#146;s
    health care fields, as well as nutritional and
    <FONT style="white-space: nowrap">over-the-counter</FONT>
    pharmaceutical products, and wellness and prevention platforms.
    The Baby Care franchise includes the
    JOHNSON&#146;S<SUP style="font-size: 85%; vertical-align: text-top">&#174;</SUP>

    Baby line of products. Major brands in the Skin Care franchise
    include the
    AVEENO<SUP style="font-size: 85%; vertical-align: text-top">&#174;</SUP>;

    CLEAN&#160;&#038;
    CLEAR<SUP style="font-size: 85%; vertical-align: text-top">&#174;</SUP>;

    JOHNSON&#146;S<SUP style="font-size: 85%; vertical-align: text-top">&#174;</SUP>

    Adult;
    NEUTROGENA<SUP style="font-size: 85%; vertical-align: text-top">&#174;</SUP>;

    RoC<SUP style="font-size: 85%; vertical-align: text-top">&#174;</SUP>;

    LUBRIDERM<SUP style="font-size: 85%; vertical-align: text-top">&#174;</SUP>;

    DABAO<SUP style="font-size: 85%; vertical-align: top"><FONT style="font-variant: SMALL-CAPS">tm</FONT></SUP>;

    and Vend&#244;me product lines. The Oral Care franchise includes
    the
    LISTERINE<SUP style="font-size: 85%; vertical-align: text-top">&#174;</SUP>

    and
    REACH<SUP style="font-size: 85%; vertical-align: text-top">&#174;</SUP>

    oral care lines of products. The Wound Care franchise includes
    BAND-AID<SUP style="font-size: 85%; vertical-align: text-top">&#174;</SUP>

    brand adhesive bandages and
    Neosporin<SUP style="font-size: 85%; vertical-align: text-top">&#174;</SUP>

    First Aid products. Major brands in the Women&#146;s Health
    franchise are the
    CAREFREE<SUP style="font-size: 85%; vertical-align: text-top">&#174;</SUP>

    Pantiliners;
    o.b.<SUP style="font-size: 85%; vertical-align: text-top">&#174;</SUP>

    tampons and
    STAYFREE<SUP style="font-size: 85%; vertical-align: text-top">&#174;</SUP>

    sanitary protection products. The nutritional and
    <FONT style="white-space: nowrap">over-the-counter</FONT>
    lines include
    SPLENDA<SUP style="font-size: 85%; vertical-align: text-top">&#174;</SUP>,

    No Calorie Sweetener; the broad family of
    TYLENOL<SUP style="font-size: 85%; vertical-align: text-top">&#174;</SUP>

    acetaminophen products;
    SUDAFED<SUP style="font-size: 85%; vertical-align: text-top">&#174;</SUP>

    cold, flu and allergy products;
    ZYRTEC<SUP style="font-size: 85%; vertical-align: text-top">&#174;</SUP>

    allergy products;
    MOTRIN<SUP style="font-size: 85%; vertical-align: text-top">&#174;</SUP>

    IB ibuprofen products; and
    PEPCID<SUP style="font-size: 85%; vertical-align: text-top">&#174;</SUP>

    AC Acid Controller from Johnson&#160;&#038;
    Johnson&#160;&#149;&#160;Merck Consumer Pharmaceuticals Co.
    These products are marketed to the general public and sold both
    to retail outlets and distributors throughout the world.
</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: transparent">
    The Pharmaceutical segment includes products in the following
    areas: anti-infective, antipsychotic, contraceptive,
    dermatology, gastrointestinal, hematology, immunology,
    neurology, oncology, pain management and virology. These
    products are distributed directly to retailers, wholesalers and
    health care professionals for prescription use. Key products in
    the Pharmaceutical segment include:
    REMICADE<SUP style="font-size: 85%; vertical-align: text-top">&#174;</SUP>

    (infliximab), a treatment for a number of immune mediated
    inflammatory diseases;
    STELARA<SUP style="font-size: 85%; vertical-align: text-top">&#174;</SUP>

    (ustekinumab), a treatment for moderate to severe plaque
    psoriasis;
    SIMPONI<SUP style="font-size: 85%; vertical-align: text-top">&#174;</SUP>

    (golimumab), a treatment for adults with moderate to severe
    rheumatoid arthritis, psoriatic arthritis, and ankylosing
    spondylitis;
    VELCADE<SUP style="font-size: 85%; vertical-align: text-top">&#174;</SUP>

    (bortezomib), a treatment for multiple myeloma;
    PREZISTA<SUP style="font-size: 85%; vertical-align: text-top">&#174;</SUP>

    (darunavir) and
    INTELENCE<SUP style="font-size: 85%; vertical-align: text-top">&#174;</SUP>

    (etravirine), treatments for HIV/AIDS;
    NUCYNTA<SUP style="font-size: 85%; vertical-align: text-top">&#174;</SUP>

    (tapentadol), a treatment for moderate to severe acute pain;
    INVEGA<SUP style="font-size: 85%; vertical-align: text-top">&#174;</SUP>

    SUSTENNA<SUP style="font-size: 85%; vertical-align: top"><FONT style="font-variant: SMALL-CAPS">tm</FONT></SUP>

    (paliperidone palmitate), for the acute and maintenance
    treatment of schizophrenia in adults;
    RISPERDAL<SUP style="font-size: 85%; vertical-align: text-top">&#174;</SUP>

    CONSTA<SUP style="font-size: 85%; vertical-align: text-top">&#174;</SUP>

    (risperidone), a treatment for the management of Bipolar I
    Disorder and schizophrenia;
    PROCRIT<SUP style="font-size: 85%; vertical-align: text-top">&#174;</SUP>

    (Epoetin alfa, sold outside the U.S.&#160;as
    EPREX<SUP style="font-size: 85%; vertical-align: text-top">&#174;</SUP>),

    to stimulate red blood cell production;
    LEVAQUIN<SUP style="font-size: 85%; vertical-align: text-top">&#174;</SUP>

    (levofloxacin) for the treatment of bacterial infections;
    CONCERTA<SUP style="font-size: 85%; vertical-align: text-top">&#174;</SUP>

    (methylphenidate HC1), a treatment for attention deficit
    hyperactivity disorder;
    ACIPHEX<SUP style="font-size: 85%; vertical-align: text-top">&#174;</SUP>/PARIET<SUP style="font-size: 85%; vertical-align: text-top">&#174;</SUP>,

    a proton pump inhibitor co-marketed with Eisai Inc.;
    DURAGESIC<SUP style="font-size: 85%; vertical-align: text-top">&#174;</SUP>/Fentanyl

    Transdermal (fentanyl transdermal system, sold outside the
    U.S.&#160;as
    DUROGESIC<SUP style="font-size: 85%; vertical-align: text-top">&#174;</SUP>),

    a treatment for chronic pain that offers a novel delivery system.
</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: transparent">
    The Medical Devices and Diagnostics segment includes a broad
    range of products distributed to wholesalers, hospitals and
    retailers, used principally in the professional fields by
    physicians, nurses, therapists, hospitals, diagnostic
    laboratories and clinics. These products include Biosense
    Webster&#146;s electrophysiology products; Cordis&#146;
    circulatory disease management products; DePuy&#146;s
    orthopaedic joint reconstruction, spinal care, neurological and
    sports medicine products; Ethicon&#146;s surgical care,
    aesthetics and women&#146;s health products; Ethicon
    Endo-Surgery&#146;s minimally invasive surgical products and
    advanced sterilization products; LifeScan&#146;s blood glucose
    monitoring and insulin delivery products; Ortho-Clinical
    Diagnostics&#146; professional diagnostic products; and
    Vistakon&#146;s disposable contact lenses. Distribution to these
    health care professional markets is done both directly and
    through surgical supply and other dealers.
</DIV>
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<P align="center" style="font-size: 11pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <BR>
    2
</DIV><!-- END PAGE WIDTH -->
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<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->
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<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: transparent">
    Johnson&#160;&#038; Johnson was incorporated 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: transparent">
    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>

<A name='Y91239104'>
<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: transparent">

    <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: transparent">
    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>

<A name='Y91239105'>
<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: transparent">

    <B><FONT style="font-family: 'Times New Roman', Times">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: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    The following table sets forth our ratios of earnings to fixed
    charges for the years indicated:
</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: 'Times New Roman', Times; color: #000000; background: transparent">
<!-- Table Width Row BEGIN -->
<TR style="font-size: 1pt" valign="bottom">
    <TD width="45%">&nbsp;</TD>	<!-- colindex=01 type=maindata -->
    <TD width="2%">&nbsp;</TD>	<!-- colindex=02 type=gutter -->
    <TD width="3%" align="right">&nbsp;</TD>	<!-- colindex=02 type=lead -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=02 type=body -->
    <TD width="3%" align="left">&nbsp;</TD>	<!-- colindex=02 type=hang1 -->
    <TD width="3%">&nbsp;</TD>	<!-- colindex=03 type=gutter -->
    <TD width="3%" align="right">&nbsp;</TD>	<!-- colindex=03 type=lead -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=03 type=body -->
    <TD width="3%" align="left">&nbsp;</TD>	<!-- colindex=03 type=hang1 -->
    <TD width="3%">&nbsp;</TD>	<!-- colindex=04 type=gutter -->
    <TD width="4%" align="right">&nbsp;</TD>	<!-- colindex=04 type=lead -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=04 type=body -->
    <TD width="4%" align="left">&nbsp;</TD>	<!-- colindex=04 type=hang1 -->
    <TD width="3%">&nbsp;</TD>	<!-- colindex=05 type=gutter -->
    <TD width="4%" align="right">&nbsp;</TD>	<!-- colindex=05 type=lead -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=05 type=body -->
    <TD width="4%" align="left">&nbsp;</TD>	<!-- colindex=05 type=hang1 -->
    <TD width="3%">&nbsp;</TD>	<!-- colindex=06 type=gutter -->
    <TD width="4%" align="right">&nbsp;</TD>	<!-- colindex=06 type=lead -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=06 type=body -->
    <TD width="4%" align="left">&nbsp;</TD>	<!-- colindex=06 type=hang1 -->
</TR>
<!-- Table Width Row END -->
<!-- TableOutputHead -->
<TR style="font-size: 8pt" valign="bottom" align="center">
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="19" align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>Fiscal Year Ended,</B>
</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom" align="center">
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="3" nowrap align="center" valign="bottom">
    <B>January&#160;2,<BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="3" nowrap align="center" valign="bottom">
    <B>January&#160;3,<BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="3" nowrap align="center" valign="bottom">
    <B>December&#160;28,<BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="3" nowrap align="center" valign="bottom">
    <B>December&#160;30,<BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="3" nowrap align="center" valign="bottom">
    <B>December&#160;31,<BR>
    </B>
</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom" align="center">
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="3" nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>2011</B>
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="3" nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>2010</B>
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="3" nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>2008</B>
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="3" nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>2007</B>
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="3" nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>2006</B>
</TD>
</TR>
<TR style="line-height: 3pt; font-size: 1pt">
<TD>&nbsp;
</TD>
</TR>
<!-- TableOutputBody -->
<TR valign="bottom">
<TD align="left" valign="top">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    Ratio of earnings to fixed charges(1)
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    27.87
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    24.75
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    25.46
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    25.96
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    53.42
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
</TABLE>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 11pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">

</DIV>

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

<DIV style="font-size: 1pt; margin-left: 0%; width: 13%;  align: left; border-bottom: 1pt solid #000000"></DIV>

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



<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 11pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">

<TR>
    <TD width="2%"></TD>
    <TD width="1%"></TD>
    <TD width="97%"></TD>
</TR>

<TR>
    <TD align="right" valign="top">
    <FONT style="font-size: 10pt">(1)
    </FONT></TD>
    <TD></TD>
    <TD valign="bottom">
    <FONT style="font-size: 10pt">The ratio of earnings to fixed
    charges is computed by dividing the sum of earnings before
    provision for taxes on income and fixed charges by fixed
    charges. Fixed charges represent interest expense (before
    interest is capitalized), amortization of debt discount and an
    appropriate interest factor on operating leases.
    </FONT></TD>
</TR>

</TABLE>

<A name='Y91239106'>
<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: transparent">

    <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: transparent">
    The debt securities are to be issued under the Indenture dated
    as of September&#160;15, 1987 between Johnson&#160;&#038;
    Johnson and The Bank of New York Mellon Trust&#160;Company, N.A.
    (as successor to BNY Midwest Trust&#160;Company which succeeded
    Harris Trust and Savings Bank), Chicago, Illinois, as trustee
    (the &#147;Trustee&#148;), as amended by the
    First&#160;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: transparent">

    <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: transparent">
    An unlimited aggregate principal amount of debt securities can
    be issued under the indenture (Section&#160;2.01).
</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: transparent">
    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: transparent">
    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: transparent">
    (a)&#160;designation, aggregate principal amount and
    denomination;
</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: transparent">
    (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: transparent">
    (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: transparent">
    (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>
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    <BR>
    3
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<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: transparent">
    (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: transparent">
    (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: transparent">
    (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: transparent">
    (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: transparent">
    (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: transparent">
    (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: transparent">

    <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: transparent">
    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: transparent">
    (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: transparent">
    (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: transparent">
    (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: transparent">
    (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: transparent">
    (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: transparent">
    (f)&#160;liens otherwise prohibited by this covenant, securing
    indebtedness that, 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 our consolidated net
    tangible assets (defined in the indenture as total assets less
    current liabilities and intangible assets) (Section 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: transparent">
    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: transparent">
    (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: transparent">
    (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: transparent">
    Because the covenants described above cover only manufacturing
    facilities in the continental United States, our manufacturing
    facilities in Puerto Rico (accounting for approximately 6% 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: transparent">
    The indenture defines Restricted Property as:
</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: transparent">
    (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 that, in the
    opinion of our 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>
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    <BR>
    4
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<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: transparent">
    (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: transparent">
    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 that 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, that 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: transparent">
    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: transparent">

    <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: transparent">
    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: transparent">
    (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: transparent">
    (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: transparent">
    (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: transparent">
    (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: transparent">
    (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: transparent">
    (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: transparent">
    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 on any debt securities,
    or (2)&#160;in respect of a provision that 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: transparent">

    <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: transparent">
    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: transparent">
    (a)&#160;default in payment of any principal of 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: transparent">
    (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>

<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: transparent">
    (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: transparent">
    (d)&#160;certain events of bankruptcy, insolvency or
    reorganization in respect of Johnson&#160;&#038; Johnson
    (Section&#160;6.01).
</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: transparent">
    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
</DIV>
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    <BR>
    5
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<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->
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<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 11pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <FONT style="font-size: 10pt">debt securities issued under the
    indenture necessarily constitute Events of Default with respect
    to any other series of debt securities.
    </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: transparent">
    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: transparent">
    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: transparent">

    <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: transparent">
    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: transparent">
    (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: transparent">
    (b)&#160;need not comply with certain restrictive covenants of
    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
    that 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: transparent">
    Eligible government obligations are those backed by the full
    faith and credit of the government that 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: transparent">

    <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: transparent">
    The debt securities of a series may be issued in the form of a
    global security that 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: transparent">
    (a)&#160;be entitled to have debt securities registered in their
    names;
</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: transparent">
    (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: transparent">
    (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: transparent">
    (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: transparent">
    Unless and until it is exchanged in whole or in part for
    individual certificates evidencing the debt securities that 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
</DIV>
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    <BR>
    6
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<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->
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<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 11pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <FONT style="font-size: 10pt">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).
    </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: transparent">
    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>

<A name='Y91239107'>
<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: transparent">

    <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: transparent">
    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 (the
    &#147;Warrant Agent&#148;), 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: transparent">

    <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: transparent">
    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: transparent">
    (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: transparent">
    (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: transparent">
    (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: transparent">
    (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: transparent">
    (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: transparent">
    (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: transparent">
    (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: transparent">
    (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: transparent">
    (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: transparent">
    (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: transparent">
    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>
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    <BR>
    7
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<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: transparent">
    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: transparent">

    <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: transparent">
    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. 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>

<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: transparent">
    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>

<A name='Y91239108'>
<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: transparent">

    <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: transparent">
    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: transparent">
    (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: transparent">
    (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: transparent">
    (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: transparent">
    (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: transparent">
    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 will be named, and any commissions payable by us to
    that agent will be 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: transparent">
    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: transparent">
    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 will be 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: transparent">
    Agents, dealers or underwriters may be entitled under agreements
    that 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: transparent">
    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
</DIV>
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    <BR>
    8
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<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->
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<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 11pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <FONT style="font-size: 10pt">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:
    </FONT>
</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: transparent">
    (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: transparent">
    (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: transparent">
    The place and time of delivery for the debt securities and
    warrants will be set forth in the prospectus supplement.
</DIV>

<A name='Y91239109'>
<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: transparent">

    <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: transparent">
    The financial statements, 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) and the financial statement
    schedule incorporated in this prospectus by reference to the
    Johnson&#160;&#038; Johnson Annual Report on
    <FONT style="white-space: nowrap">Form&#160;10-K</FONT>
    for the fiscal year ended January&#160;2, 2011 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='Y91239110'>
<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: transparent">

    <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: transparent">
    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.
    Johnson&#160;&#038; Johnson has also been advised as to certain
    legal matters by Dewey&#160;&#038; LeBoeuf LLP, 1301 Avenue of
    the Americas, New York, New York 10019. James J. Bergin is paid
    a salary by Johnson&#160;&#038; Johnson, participates in various
    employee benefit plans offered to Johnson&#160;&#038;
    Johnson&#146;s employees generally, and owns and has options to
    purchase shares of Common Stock of Johnson&#160;&#038; Johnson.
</DIV>
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    <BR>
    9
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    <IMG src="y91239y9123900.gif" alt="(JOHNSON AND JOHNSON LOGO)"><FONT style="font-size: 10pt">
    </FONT>
</DIV>

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