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JOHNSON & JOHNSON Director's Dealing 2007

Feb 15, 2007

29750_dirs_2007-02-15_55b4a80b-6f67-4e25-b6ff-a99fb9b7bbb0.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: 2007-02-12

Reporting Person: CULLEN JAMES (Director)

Non-Derivative Transactions

Date Security Code Shares Price A/D Holdings After Ownership
2007-02-12 Common A 1523 Acquired 40485 Direct

Holdings (Non-Derivative)

Security Shares Ownership
Common 30000 Indirect

Holdings (Derivative)

Security Exercise Price Expiration Underlying Shares Ownership
Phantom Stock Units $ Common (0) 23451 Direct

Footnotes

F1: Annual grant of Restricted Stock issued to Non-Employee Directors under Issuer's Long-Term Incentive Plan.

F2: Includes 137 shares held under Issuer's Dividend Reinvestment Plan.

F3: 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 any other purpose.

F4: The Phantom Stock Units held under the Issuer's Non-Employee Director Deferred Fee Plan are to be settled in cash upon the Reporting Person's Retirement.

F5: 1 for 1