Michael Sneed Executive Vice President,

Global Corporate Affairs and Chief Communication Officer

Peter FasoloExecutive Vice President, Chief Human Resources

Officer

Alex GorskyChairman, Board of Directors and Chief Executive Officer

Ashley McEvoy Executive Vice President,

Worldwide Chairman, Medical Devices

Jennifer TaubertExecutive Vice President,

Worldwide Chairman, Pharmaceuticals

Joaquin DuatoVice Chairman of the Executive Committee

Kathy WengelExecutive Vice President and Chief Global Supply

Chain Officer

Michael Ullmann Executive Vice President,

General Counsel

Paul StoffelsVice Chair of the

Executive Committee and Chief Scientific Officer

Thibaut MongonExecutive Vice President,

Worldwide Chairman, Consumer

Joe WolkExecutive Vice President,

Chief Financial Officer

Executive Committee

Cautions Concerning Forward-looking StatementsThis presentation contains “forward-looking statements” as defined in the Private Securities Litigation Reform Act of 1995 regarding, among other things: future operating and financial performance, product development, market position and business strategy. The viewer is cautioned not to rely on these forward-looking statements. These statements are based on current expectations of future events. If underlying assumptions prove inaccurate or known or unknown risks or uncertainties materialize, actual results could vary materially from the expectations and projections of Johnson & Johnson. Risks and uncertainties include, but are not limited to: economic factors, such as interest rate and currency exchange rate fluctuations; competition, including technological advances, new products and patents attained by competitors; challenges inherent in new product research and development, including unexpected clinical trial results, additional analysis of existing clinical data, uncertainty of clinical success and obtaining regulatory approvals; uncertainty of commercial success for new and existing products; the impact of business combinations and divestitures; challenges to patents; the impact of patent expirations; the ability of the company to successfully execute strategic plans, including restructuring plans; manufacturing difficulties or delays, internally or within the supply chain; product efficacy or safety concerns resulting in product recalls or regulatory action; significant adverse litigation or government action, including related to product liability claims; changes to applicable laws and regulations, including tax laws, global health care reforms and import/export and trade laws; trends toward health care cost containment; changes in behavior and spending patterns of purchasers of health care products and services; financial instability of international economies and legal systems and sovereign risk; increased scrutiny of the health care industry by government agencies. A further list and descriptions of these risks, uncertainties and other factors can be found in Johnson & Johnson's Annual Report on Form 10-K for the fiscal year ended December 31, 2017, including in the sections captioned “Cautionary Note Regarding Forward-Looking Statements” and “Item 1A. Risk Factors,” in the company’s subsequent filings with the Securities and Exchange Commission. Copies of these filings are available online at www.sec.gov, www.jnj.com or on request from Johnson & Johnson. Any forward-looking statement made in this presentation speaks only as of the date of this presentation. Johnson & Johnson does not undertake to update any forward-looking statement as a result of new information or future events or developments.

Notice Regarding Non-GAAP Financial MeasuresThis presentation refers to certain non-GAAP financial measures. These non-GAAP financial measures should not be considered replacements for, and should be read together with, the most comparable GAAP financial measures. A reconciliation of these non-GAAP financial measures to the most directly comparable GAAP financial measures can be found on the Investor Relations section of the Company’s website at www.investor.jnj.com.

Board of Directors

Anne M. MulcahyFormer Chairman and Chief Executive

Officer, Xerox Corporation

William D. PerezRetired President and Chief Executive

Officer, Wm. Wrigley Jr. Company

Charles PrinceRetired Chairman and Chief Executive

Officer, Citigroup Inc.

A. Eugene Washington, M.D.Chancellor for Health Affairs, Duke

University; President and Chief Executive Officer, Duke University Health System

Ronald A. WilliamsFormer Chairman and Chief Executive

Officer, Aetna Inc.

Mary C. Beckerle, Ph.D.Chief Executive Officer and Director,

Huntsman Cancer Institute at the University of Utah

D. Scott DavisFormer Chairman Chief Executive Officer, United Parcel Service, Inc.

Mark B. McClellan, M.D.Director, Duke-Robert J. Margolis, MD,

Center for Health Policy

Ian E.L. DavisChairman, Rolls-Royce Holdings plc; Former Chairman of Rolls Royce, and

Former Chairman Worldwide Managing Director, McKinsey & Co.

Jennifer A. Doudna, Ph.D.Professor of Chemistry; Professor of

Biochemistry & Molecular Biology; Li Ka Shing Chancellor’s Professor in Biomedical

and Health, University of California, Berkeley

Marillyn HewsonChairman and CEOLockheed Martin

Sustaining Investments in Innovation

Invested ~$11 billion in R&D

Value-Creating Acquisitions/Licenses1

13 Acquisitions & Licensing Agreements

Strategic Deals & Partnerships

74 Innovation Deals

29 New Development Deals

Portfolio Optimization

Multiple Strategic Divestitures

Creating Value through Portfolio Management

1 Signed and/or closed by January 22, 2019

Delivering Strong Total Shareholder Returns

Data Source: Bloomberg*For the list of companies included in the Competitor Composite, see page 63 of the company’s 2018 Proxy Statement, which can be found at www.investor.jnj.com

12/31/18-3/29/19 As of 12/31/2018

YTD 1 YEAR 3 YEAR 5 YEAR 10 YEAR 20 YEAR

9.0% -5.1% 10.8% 10.1% 11.3% 8.4%

Competitor Composite* 8.7% 11.7% 10.6% 10.4% 12.5% 7.0%

S&P 500 13.6% -4.4% 9.2% 8.5% 13.1% 5.6%

S&P Pharm 6.1% 8.1% 6.2% 9.1% 12.9% 5.0%

S&P HC Equipment 13.7% 16.2% 17.5% 16.6% 15.0% 8.7%

Dow Jones Industrial Average 11.8% -3.5% 12.8% 9.7% 13.2% 7.3%

Performance-Driven Strategy

Create Value through Strategic Acquisitions and

Partnerships

Grow Sales Faster than the Market

Compelling Long-term

TotalShareholder

Returns

Grow Earnings Faster than

Sales

Generate Strong Dividend Yield

Capital Allocation

Capital Allocation Strategy

1 Non-GAAP measure; cash flow from operations less CAPEX

Investment in M&A

Organic growth business needs

Free cash flow1

Return to Shareholders

Dividends

Share repurchases

Strong Consistent Sustainable Business

of adjusted operational earnings growth*

consecutive years35

*Non-GAAP financial measure; excludes the net impact of acquisitions and divestitures and translational currency; see reconciliation in the accompanying financial schedules of the Company’s most recent earnings release dated April 16, 2019 and the Investors section of the Company’s website at www.investor.jnj.com

Strong Consistent Sustainable Business

AAAOne of only two companies that hold a Triple A credit rating

credit rating

Strong Consistent Sustainable Business

Standard & Poor’s Top 10 Market Cap companies

TOP 10S&P

26 Platforms / Products over $1B in Annual Sales2018 Blockbuster Portfolio

Trauma Sutures

Electrophysiology

Endocutters

Hips

Vision Surgical

(Eye Surgery)

Biosurgicals

DiabetesEnergy

SpineKnees

$2B+ Platforms/Products (12)$1B+ Platforms/Products (14)

Contact Lens

Note: SIMPONI Includes SIMPONI and SIMPONI ARIA

Medical DevicesConsumerPharmaceuticals

PharmaceuticalsIndustry-Leading Pipeline & Commercial Excellence

Drive continued growth of current portfolio, while delivering on our near-term product pipeline and investing for long-term growth Key catalysts for growth:• Reaching more patients in areas of unmet needs

• Continuing to develop new indications for life-changing products such as DARZALEX, IMBRUVICA, STELARA, OPSUMIT and UPTRAVI

• Driving best in class uptake of the successful new product launches, such as TREMFYA and ERLEADA

ConsumerScience-based Brands & Data-driven Consumer Insights

Drive competitive growth advancing E-Commerce, digital capabilities, and new business models

Key catalysts for growth:• Broadening the scope of our innovation model to accelerate

the growth of our beloved brands

• Continuing the rollout of the JOHNSON’S Baby brand relaunch

• Ensuring brand portfolio strength through sustained innovation– delivering differentiated products that are professionally endorsed and science-based

Medical DevicesStrong Lineage of “Firsts” & Broad Offerings Across 5 Franchises

Accelerate growth through improved execution, enhance the flow and value of innovationKey catalysts for growth:• Fueling growth from top platforms such as Electrophysiology,

Advanced Surgery and Vision• Continuing to increase our cadence of innovation by planning to

launch up to 20-25 major new products across our orthopaedics, surgery, interventional and vision portfolios

• Advancing our strategy in digital to combine robotics, advanced instrumentation and data analytics to enable better patient outcomes and reduce the cost of care

• Maximizing new market growth opportunities such as stroke and sites of care beyond the hospital

• Relentlessly focusing on execution

Medical DevicesStrong Lineage of “Firsts” & Broad Offerings Across 5 Franchises

Accelerate growth through improved execution, enhance the flow and value of innovationKey catalysts for growth:• Fueling growth from top platforms such as Electrophysiology,

Advanced Surgery and Vision• Continuing to increase our cadence of innovation by planning to

launch up to 20-25 major new products across our orthopaedics, surgery, interventional and vision portfolios

• Advancing our strategy in digital to combine robotics, advanced instrumentation and data analytics to enable better patient outcomes and reduce the cost of care

• Maximizing new market growth opportunities such as stroke and sites of care beyond the hospital

• Relentlessly focusing on execution

Fortune Magazine Change the World List

Treatment of severe mental illness

Treatment of severe mental illness

Helping children see more clearly

Empower those on the front lines of delivering care to newborns, children and mothers around the world

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