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JOHNSON & JOHNSON Director's Dealing 2006

May 17, 2006

29750_dirs_2006-05-17_ab7d0a43-09ee-425d-8f0b-5559f89dc185.zip

Director's Dealing

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SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: JOHNSON & JOHNSON (JNJ)
CIK: 0000200406
Period of Report: 2006-05-15

Reporting Person: PETERSON PER A (Executive Committee Member)

Non-Derivative Transactions

Date Security Code Shares Price A/D Holdings After Ownership
2006-03-06 Common G 16000 Disposed 14195 Direct
2006-05-15 Common M 17900 $32.38 Acquired 32095 Direct
2006-05-15 Common S 300 $59.73 Disposed 31795 Direct
2006-05-15 Common S 17600 $59.71 Disposed 14195 Direct
2006-04-28 Common J 4 Acquired 776 Indirect
2006-03-06 Common G 16000 Acquired 16000 Indirect

Derivative Transactions

Date Security Exercise Price Code Shares A/D Expiration Underlying Ownership
2006-05-15 Employee Stock Option (Right to Buy) $32.38 M 17900 Disposed 2007-12-03 Common (17900) Direct

Footnotes

F1: Gift

F2: Adjusted to reflect two-for-one stock split in 2001.

F3: Shares acquired under Johnson & Johnson's 401(k) and ESOP Savings Plans as of Plans' most recent reporting date (04/28/2006).

F4: The reporting person disclaims beneficial ownership of these securities, and this report shall not be deemed an admission that the reporting person is the beneficial owner of such securities for purposes of Section 16 or for any other purpose.

F5: Awarded under Issuer's Stock Option Plan and exercisable in full starting three years from date of grant.