<SEC-DOCUMENT>0001214659-21-003326.txt : 20210322
<SEC-HEADER>0001214659-21-003326.hdr.sgml : 20210322
<ACCEPTANCE-DATETIME>20210322163230
ACCESSION NUMBER:		0001214659-21-003326
CONFORMED SUBMISSION TYPE:	PX14A6G
PUBLIC DOCUMENT COUNT:		2
FILED AS OF DATE:		20210322
DATE AS OF CHANGE:		20210322
EFFECTIVENESS DATE:		20210322

SUBJECT COMPANY:	

	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:			0103

	FILING VALUES:
		FORM TYPE:		PX14A6G
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-03215
		FILM NUMBER:		21761711

	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

FILED BY:		

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			Oxfam America, Inc.
		CENTRAL INDEX KEY:			0001764188
		IRS NUMBER:				237069110
		STATE OF INCORPORATION:			MA
		FISCAL YEAR END:			0319

	FILING VALUES:
		FORM TYPE:		PX14A6G

	BUSINESS ADDRESS:	
		STREET 1:		226 CAUSEWAY ST
		CITY:			BOSTON
		STATE:			MA
		ZIP:			02114
		BUSINESS PHONE:		8007769326

	MAIL ADDRESS:	
		STREET 1:		226 CAUSEWAY ST
		CITY:			BOSTON
		STATE:			MA
		ZIP:			02114
</SEC-HEADER>
<DOCUMENT>
<TYPE>PX14A6G
<SEQUENCE>1
<FILENAME>p322212px14a6g.htm
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<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><IMG SRC="oxfamlogo.jpg" ALT=""><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Notice of Exempt Solicitation</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>NAME OF REGISTRANT: </B>Johnson &amp; Johnson</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>NAME OF PERSON RELYING ON EXEMPTION: </B>Oxfam America</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>ADDRESS OF PERSON RELYING ON EXEMPTION: </B>226 Causeway
Street, Boston, MA 02114</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Written materials are submitted pursuant to Rule 14a-6(g)(1)
promulgated under the Securities Exchange Act of 1934.&nbsp;Submission is not required of this filer under the terms of the Rule,
but is made voluntarily in the interest of public disclosure and consideration of these important issues</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Oxfam America, Inc. and co-filers Achmea;
Benedictine Sisters of Boerne, Texas; Benedictine Sisters of Virginia; Congregation of Divine Providence; CommonSpirit; Mercy Investments;
Monasterio De San Bernito; PeaceHealth; Providence Trust; The Sisters of Charity of Saint Elizabeth; The Sisters of Providence;
and Trinity Health urge you to vote <B>FOR Item 4</B> at the Annual Meeting of Johnson and Johnson, Inc. (JNJ) on April 22, 2021.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-variant: small-caps"><B><U>I.
Summary of Resolution</U></B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-variant: small-caps"><B>&nbsp;</B></FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 100%; border: Black 1pt solid">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">RESOLVED that shareholders of Johnson &amp; Johnson (&ldquo;JNJ&rdquo;)
        ask the Board of Directors to report to shareholders, at reasonable expense and omitting confidential and proprietary information,
        on whether and how JNJ subsidiary Janssen&rsquo;s receipt of government financial support for development and manufacture of vaccines
        and therapeutics for COVID-19 is being, or will be, taken into account when engaging in conduct that affects access to such products,
        such as setting prices</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><I>&nbsp;</I></P></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>Supporting Statement</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>&nbsp;</I></B></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif">Johnson &amp; Johnson has received substantial government funding:
the US government has committed over 1.6 billion dollars for research and development, manufacturing and procurement of the Company&rsquo;s
COVID-19 vaccine and an investigational therapeutic.</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="text-transform: uppercase">OXFAM
AMERICA<BR>
1101 17th Street, NW Suite 1300 | Washington, DC 20036 USA</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="text-transform: uppercase">TEL
+1 (202) 496 1180 | Fax +1 (202) 496 1190 | </FONT>www.oxfamamerica.org</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif">JNJ has stated publicly that it will distribute a vaccine on a &ldquo;nonprofit&rdquo;
basis, but that price commitment is limited to &ldquo;emergency pandemic use.&rdquo;</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"><SUP>1</SUP>
Yet, JNJ has not sufficiently clarified what &ldquo;nonprofit&rdquo; means when the government funds a significant portion of the
research and development cost. Further, the Company could significantly increase the price once the emergency phase is over. </FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif">This failure to disclose how public funding influences a COVID-19
vaccine&rsquo;s pricing carries significant reputational, legal, and financial risk to the Company and its investors. Furthermore,
given the significant public investment, JNJ could face enormous pressure to share technology and intellectual property (including
patents) over the COVID-19 vaccines or therapeutics to which public entities have contributed. </FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif">Despite these risks, JNJ has not stated whether it plans to share
intellectual property f0r its COVID-19 vaccines or therapeutics in order to make a vaccine accessible globally, which we believe
is critical to maintain stability, reignite the global economy and portfolio returns, and prevent outbreaks of new variants which
could undermine efficacy of today&rsquo;s vaccines. As such, JNJ does not at present disclose how public financial support factors
into its approach to ensuring access over its COVID-19 products.</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif">This Proposal seeks to overcome this material information gap by asking
JNJ to explain whether and <I>how</I> the significant contribution from public entities to the COVID-19 products JNJ seeks to commercialize
affects, or will affect, its analysis of those factors and of actions that it could take to ensure access.</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-variant: small-caps"><B><U>II. Arguments in
Favor of a &ldquo;Yes&rdquo; Vote </U></B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><I>A. Summary of Argument</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">We believe it is incumbent on JNJ to explain
to investors how the public investments it has received from the U.S. government will impact its decisions to ensure that any COVID-19
vaccines are accessible and affordable to people of all incomes and nationalities. A key risk facing JNJ is public backlash against
the Company&rsquo;s potential decision to price vaccines or other therapeutics in ways that limit access, despite significant investments
from the US government and US taxpayers. Public outrage over an unaffordable vaccine and its impact on patient access can harm
corporate reputation, lead to legislation and regulation, and result in a failure to end the pandemic and reignite the global economy
&ndash; all of which cuts into long-term value creation.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>&nbsp;</I></B></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>B. Argument </I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Ending the COVID-19 pandemic will not only
require COVID-19 vaccines to be safe and effective, but to be universally accessible. JNJ has made great strides at developing
a safe and effective vaccine. The challenge now is to ensure vaccine equity and access. As long-term investors, we are concerned
that JNJ faces potentially serious reputational and regulatory risks should the company price or distribute COVID-19 vaccines or
treatments in inaccessible ways now or in the future, while having used the public&rsquo;s money to research and develop these
products. What&rsquo;s more, failure to ensure broad access to vaccines globally is widely expected by economists to hinder the
global economy&rsquo;s ability to revive itself, ultimately harming the overall portfolios of shareholders.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><B>1.</B></TD><TD STYLE="text-align: justify"><B>Reputational risks related to COVID-19 vaccines and public investments</B></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">In 2020, the pharmaceutical industry&rsquo;s
reputation, as measured in an annual Gallup poll, remained abysmally low among other industries (19 out of 20), driven by its role
in the opioid crisis and controversies regarding high drug prices.<SUP>2</SUP>
Producing a vaccine to end the COVID-19 pandemic has been viewed, in part, as an opportunity to burnish the industry&rsquo;s reputation.<SUP>3</SUP>
One pharmaceutical CEO stated on an earnings call that the industry had a <FONT STYLE="background-color: white">&ldquo;once in
a generation opportunity to reset&quot; its reputation.<SUP>4</SUP></FONT>
Indeed, the successful introduction and approval of a vaccine seems to be significantly improving the pharmaceutical industry&rsquo;s
reputation. According to Moody&rsquo;s Investor Service, pricing and equitable distribution of the vaccine will be the biggest
factors determining a company&rsquo;s reputation.<SUP>5</SUP></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">In a report on COVID-19, Moody&rsquo;s
stated that &ldquo;as vaccines get closer to reaching the market, developers will face difficult decisions related to pricing and
distribution. Given the significant public health implications, reputational harm could ensue if prices are perceived to be too
high. With global demand likely to far outstrip initial supplies, the equitable distribution of vaccines also poses social risks.&rdquo;<SUP>6</SUP></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="background-color: white">So,
while vaccine distribution is already beginning to rehabilitate the industry in the eyes of the public,<SUP>7</SUP>
decisions affecting access, including pricing and willingness to share intellectual property, could not only frustrate efforts
to end the pandemic but also reinforce public perceptions of pharmaceutical companies as price gougers. In a recent Forbes opinion
column, a well-known veteran of the pharmaceutical industry, John LaMattine, wrote: &ldquo;A sudden, dramatic increase in the cost
of the vaccine will certainly damage the industry&rsquo;s image &ndash; almost like the industry would be performing a &lsquo;bait
and switch&rsquo; operation. Such a move would result in politicians calling industry executives to testify on Capitol Hill about
how the company can justify such increases at the expense of the American public. All the accrued goodwill will be lost.&rdquo;<SUP>8</SUP></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">As an example of how COVID-19 reputational
risks can play out, Gilead Sciences was criticized for obtaining the orphan drug designation<SUP>9</SUP>
from the U.S. Food and Drug Administration in March 2020 for its version of remdesivir. Gilead faced widespread public outcry for
applying for the exclusive rights the designation would provide, &ldquo;despite calls for solidarity&rdquo; to face the pandemic.<SUP>10</SUP>&nbsp;After
immense criticism and potential financial damage, Gilead announced that it had asked to rescind the orphan drug designation.<SUP>11</SUP></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Substantial press attention has focused
on questions of access to vaccines, especially since news broke about the efficacy of various COVID-19 vaccines. Many reports have
addressed pricing, including prices paid by the US and other governments; differences between prices charged in the U.S. and those
charged to other countries; and commitments regarding pricing such as JNJ&rsquo;s to use &ldquo;not-for-profit pricing.&rdquo;<SUP>12</SUP>
Importantly, the fact that some vaccines were developed with significant government support figures in many accounts.<SUP>13</SUP>
For example:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif">A story on NPR&rsquo;s Weekend Edition related: &ldquo;<FONT STYLE="background-color: white">Given
the upfront investment in the Moderna vaccine by the government, there are sharp questions about its eventual pricing. &lsquo;It's
a classic example of taxpayers paying twice for medicines,&rsquo; says&nbsp;Zain Rizvi, a law and policy researcher at Public Citizen
focused on pharmaceuticals. &lsquo;Now it wants to turn around and charge those very same taxpayers the highest public price for
a potential COVID-19 [vaccine]. That's outrageous.&rsquo;&rdquo;<SUP>14</SUP></FONT></FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif; background-color: white">A recent op-ed in The New York Times urged:
&ldquo;Public support should mean a public vaccine, one that reaches people as quickly as possible &mdash; profitable or not. Further,
t</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif">he fact that many vaccine developers have received government
support for research and development as well as manufacturing has been cited as a reason companies should be willing to share intellectual
property. The NYT op-ed noted that various companies benefited from government support: &ldquo;In other words, the vaccines developed
by these companies were developed thanks wholly or partly to taxpayer money. Those vaccines essentially belong to the people &mdash;
and yet the people are about to pay for them again, and with little prospect of getting as many as they need fast enough.&rdquo;<SUP>15</SUP>
Similar examples from the mainstream and financial press abound.<SUP>16</SUP></FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"></P>

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<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif">The OECD has similarly stated, &ldquo;<FONT STYLE="background-color: white">In
the context of COVID-19, vast amounts of public funding have already allocated to R&amp;D and, as argued above, more funding will
be needed. Given that taxpayers already bear much of the risk and costs of R&amp;D and that broad access to a new vaccine and effective
treatments will be key to restoring social and economic life, [intellectual property rights] should not create financial access
barriers and product prices will need to be close to the cost of production to ensure affordability.&rdquo;<SUP>17</SUP></FONT></FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">We believe that JNJ faces significant reputational
risks in the near- and medium-term should it not fully disclose how public investments from taxpayers during an economic crisis
in the upfront research, development, manufacturing and ultimate purchase of its COVID-19 vaccine affect the Company&rsquo;s ability
to make the vaccine fully accessible to the public in the US and globally. These reputational risks could affect not only the JNJ&rsquo;s
consumer-facing business, but also the regulatory environment for its pharmaceutical business.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><B>2.</B></TD><TD STYLE="text-align: justify"><B>Regulatory risks related to COVID-19 vaccines and public investments</B></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Various legislative initiatives have addressed
pricing and access concerns related specifically to transparency around, and access to, COVID-19 vaccines, underscoring the regulatory
risks involved. For instance, a bipartisan bill was introduced in the House and Senate, the &ldquo;Make Medications Affordable
by Preventing Pandemic Price Gouging Act of 2020,&rdquo; which would &ldquo;require any COVID-19 drug developed in whole or in
part with Federal support to be affordable and accessible by prohibiting monopolies and price gouging.&rdquo;<SUP>18</SUP>
The TRACK Act meanwhile would create a database detailing &quot;federal support of COVID-19 biomedical research and development&quot;
in pursuit of a vaccine. Included in the database would be financial support and full terms of agreements between the federal government
and drugmakers along with &quot;associated clinical trial data and patent information.&rdquo;<SUP>19</SUP></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Various hearings have also invited pharmaceutical
executives to testify on vaccine access at home and abroad. The Subcommittee on Oversight and Investigations of the House Committee
on Energy and Commerce held a hearing in July 2020 on &ldquo;Pathway to a Vaccine: Efforts to Develop a Safe, Effective and Accessible
COVID-19 Vaccine.<SUP>20</SUP> Committee Chairman
Frank Pallone, Jr. emphasized that &ldquo;public health experts must ensure that [a vaccine] is safe, effective, and available
to all who need it.&rdquo;<SUP>21</SUP> This
was followed by a second set of hearings of the same Subcommittee with pharmaceutical executives on March 17, 2021.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><B>3.</B></TD><TD STYLE="text-align: justify"><B>JNJ&rsquo;s current disclosures remain insufficient</B></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">JNJ has made important commitments to broad
access to its COVID-19 vaccine, as shared in the Company&rsquo;s 2021 proxy statement and elsewhere. JNJ has stated in public hearings
that the vaccine should be free to the public, saying it will be available if people cannot afford it.<SUP>22</SUP>
The Company has committed to allocate up to 500 million vaccine doses to lower income countries. JNJ has also stated that the vaccine
development and production effort will be not-for-profit and accessible globally,<SUP>23</SUP>
stating in particular that the vaccine would cost $10 per vaccine dose/regimen during the course of the pandemic.<SUP>24</SUP>
Relatedly in its 2021 proxy, JNJ has stated that &ldquo;the Company&rsquo;s not-for-profit framework [&hellip;] is consistent with
the Bill and Melinda Gates Foundation&rsquo;s (&ldquo;BMGF&rsquo;s&rdquo;) cost methodology for vaccines, accounting fairly for
the costs, investment and effort required to develop and distribute novel vaccines, excluding any profit.&rdquo;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Yet, claiming that the pricing will be
&ldquo;consistent with&rdquo; the BMGF methodology does not confirm that JNJ will adopt an identical or even substantially similar
approach, leaving shareholders in the dark as to how closely the Company will hew to that model. We also note that JNJ does not
commit to provide any information about how specifically government support would be treated when setting prices or making other
access-related decisions within and outside of the &ldquo;emergency pandemic&rdquo; window. Given that the Proposal&rsquo;s core
request is for information about how government support is taken into account in pricing and other access decisions now and post-pandemic
when price constraint may be seen as less important, JNJ&rsquo;s existing disclosures fall far short of satisfying the Proposal&rsquo;s
essential objective.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Further, the Janssen U.S. Transparency
Reports so far released disclose nothing on how receipt of public investments will affect JNJ&rsquo;s approach to pricing its COVID-19
vaccines in particular.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>&nbsp;</B></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><B>4.</B></TD><TD STYLE="text-align: justify"><B>Financial risk to investors of vaccine inequities</B></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><I>&ldquo;Supporting equitable distribution of vaccines is not
an act of charity; it's absolutely economic common sense.&quot; </I>- John Denton, Secretary General of the International Chamber
of Commerce (ICC) <SUP>25</SUP></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Economists from a variety of backgrounds
and institutions agree that equitable distribution of vaccines is key to global economic recovery<SUP>26</SUP>
and to avoiding long lasting scars on the world economy.<SUP>27</SUP>
In its 2020 World Economic Outlook, the International Monetary Fund (&ldquo;IMF&rdquo;) stated, &ldquo;A key aspect of combating
the health crisis is to ensure that all innovations, be they in testing, treatments, or vaccines, are produced at scale for the
benefit of all countries.&rdquo;<SUP>28</SUP>
The IMF&rsquo;s managing director, Kristina Georgieva, emphasized the need for vaccines to be distributed evenly across the world
in both developing countries and wealthy nations, to boost confidence in travel, investment, trade and other activities.<SUP>29</SUP>
If a vaccine becomes available for widespread deployment at the end of 2021, the OECD expects the global economy to grow only 5%
in 2021, after shrinking 4.5% in 2020.<SUP>30</SUP>
But if &ldquo;there were signs&rdquo; deployment was set to be more rapid, the research body estimates the global economy could
grow 7%.<SUP>31</SUP> Put simply, if vaccine
access remains unequal, according to the IMF, growth outcomes will be lower.<SUP>32</SUP></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">What&rsquo;s more, according to a study
commissioned by the International Chamber of Commerce, unequal distribution of the COVID-19 vaccine could cost the global economy
$9 trillion, with wealthy countries having to shoulder half the cost. The more open an economy, the greater its potential economic
loss from global vaccine inequity. The United States, as a large global connected open economy, could lose $1.4 trillion, or 6.5%,
of GDP in 2021 if COVID-19 vaccines are not distributed more equally with low- and middle-income countries.<SUP>33</SUP>
Needless to say, this serious economic loss will hit all investors hard, especially those with diversified portfolios outside the
pharmaceutical sector. A weak global economy, suffering from sporadic and unpredictable shutdowns and disease outbreaks and struggling
to get off the ground, will make it next to impossible for diversified investors to rebound after the pandemic ends in richer parts
of the world.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The former Director-General of the World
Trade Organization warned against inequitable access, stating that &ldquo;a full resumption of international trade and economic
activity will not be possible as long as some countries, populations and regions remain affected by the virus.&rdquo;<SUP>34</SUP></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Professor Ian Goldin, at the University
of Oxford and ex-vice president of the World Bank, said failing to inoculate the global population against COVID-19 would have
long-term economic implications. Those implications would hit JNJ shareholders across their portfolios. &ldquo;As long as some
parts of the world are suffering from the coronavirus, the global economy can&rsquo;t recover&rdquo; since the virus can mutate
and move.<SUP>35</SUP> Golding added that &ldquo;we
need to be very aware of how we distribute a very limited resource at the beginning,&rdquo; and that even with a vaccine, their
effectiveness against evolving strains of COVID-19 is unknown and likely limited.<SUP>36</SUP>
Tara Raveendran, head of life sciences research at Shore Capital, said that even if the situation is resolved in the U.S. and Europe,
the virus will still run rampant in other parts of the world unless the vaccine, a scarce resource, is shared equally across the
globe.<SUP>37</SUP></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><B>5.</B></TD><TD STYLE="text-align: justify"><B>Disclosure would not put JNJ at a competitive disadvantage</B></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Finally, JNJ asserts in its proxy statement
that the disclosure requested &ldquo;would put the Company at a significant competitive disadvantage. &hellip;&nbsp;Such&nbsp;disclosure
would necessarily entail disclosure of the commercial strategy for the COVID-19 vaccine candidate and would impede our ability
to execute the strategy in the marketplace.&rdquo;&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">We believe that JNJ&rsquo;s contention
here is inaccurate because the Proposal does not request a highly detailed report on the relationship between its receipt of federal
support and its COVID-19 vaccine access policies. The Proposal operates at a high level, seeking general information about the
role of government support in pricing and access decisions and not requiring disclosure of detailed technical information; thus,
it would not put the Company at a competitive disadvantage. To the contrary, emerging as a leader not only in vaccine access but
in COVID-19 vaccine transparency, we believe, would boost JNJ&rsquo;s reputation.&#9;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-variant: small-caps"><B><U>III.
Conclusion</U></B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Access to COVID-19 vaccines and treatments
will determine who lives and who dies. An affordable and universal vaccine is not just the right thing to do; widespread vaccine
access, which a commitment to affordable pricing will facilitate, it can help ensure that JNJ will mitigate reputational and legislative
risk, receive positive attention, help jumpstart our economy, and help prevent economic devastation facing families and small businesses.
We cannot reopen our economy until we have an effective vaccine and enough people receive it. Who gets these life-saving goods&mdash;and
when&mdash;will also determine how long this global health and economic crisis will continue to uproot our lives. If JNJ were to
move to market an unaffordable and inaccessible vaccine, not only would the company face reputational harm, the Company could risk
prolonging the pandemic and preventing the global economy from recovery, stunting short- as well as long-term value creation.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>We therefore urge shareholders to vote FOR Item 4. </B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">For more information, please contact Niko Lusiani at nicholas.lusiani@oxfam.org
or Diana Kearney at diana.kearney@oxfam.org in Oxfam America&rsquo;s Private Sector
Department.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><U>ENDNOTES</U></B></P>

<P STYLE="color: #A6A6A6; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"></P>

<P STYLE="color: #A6A6A6; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U><B>&nbsp;</B></P>




<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><SUP>1</SUP>
&ldquo;Johnson &amp; Johnson Announces a Lead Vaccine Candidate for COVID-19.&rdquo; <I>Johnson &amp; Johnson. </I>March 30, 2020.
https://www.jnj.com/johnson-johnson-announces-a-lead-vaccine-candidate-for-covid-19-landmark-new-partnership-with-u-s-department-of-health-human-services-and-commitment-to-supply-one-billion-vaccines-worldwide-for-emergency-pandemic-use</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><SUP>2</SUP>
<U>See</U>: https://news.gallup.com/poll/319256/farming-rises-sports-tumbles-industry-ratings.aspx</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><SUP>3</SUP>
<U>See</U>: https://www.nytimes.com/2020/11/21/us/politics/coronavirus-vaccine.html<FONT STYLE="background-color: white">; </FONT><FONT STYLE="background-color: white">https://scrip.pharmaintelligence.informa.com/SC143225/Can-Pharma-Rebuild-Its-Reputation-COVID19-Means-A-Big-Responsibility-And-Opportunity</FONT>
<FONT STYLE="background-color: white">(&ldquo;</FONT>The industry now hopes that if it is indeed successful at helping to end the
global health crisis caused by COVID-19 through the development of treatments and vaccines, it will offset some of the bad press
that has built over decades.&rdquo;); https://scrip.pharmaintelligence.informa.com/SC142130/Pharma-Can-Reset-Reputation-In-Pandemic-Says-Novartis-CEO</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><SUP>4</SUP>
<U>See</U>: https://www.fiercepharma.com/pharma/amid-challenges-a-covid-19-opportunity-for-pharma-a-chance-to-bolster-its-reputation-lilly</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><SUP>5</SUP>
Leo, Leroy. &ldquo;Covid vaccine won't aid financials but may boost industry&rsquo;s reputation: Moody's.&rdquo; <I>Mint. </I>July
10, 2020. https://www.livemint.com/news/india/covid-vaccine-won-t-aid-financials-but-may-boost-industry-s-reputation-moody-s-11594382024592.html</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><SUP>6</SUP>
Ibid.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><SUP>7</SUP>
<U>See</U>: https://www.fiercepharma.com/marketing/pfizer-vaccine-awareness-and-reputation-rises-vaccine-news-harris-poll</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><SUP>8</SUP>
<U>See</U>: https://www.forbes.com/sites/johnlamattina/2021/02/25/pfizer-should-be-wary-about-covid-19-vaccine-price-hikes/?sh=be0064a2e11a</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><SUP>9</SUP>
The U.S. Orphan Drugs Act allows for a seven-year market exclusivity period with the designation, as well as tax and other incentives
for pharmaceutical companies that produce medicines for rare diseases that impact fewer than 200,000 people.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><SUP>10</SUP>
Thomas, Katie. &ldquo;Gilead Withdraws Request for Special Orphan Status on Experimental Virus Treatment.&rdquo; <I>The New York
Times</I>. March 25, 2020. https://www.nytimes.com/2020/03/25/health/gilead-coronavirus-orphan-drug.html</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><SUP>11</SUP>
&ldquo;Gilead Sciences Statement on Request to Rescind Remdesivir Orphan Drug Designation.&rdquo; <I>Gilead.</I> 2020. https://www.gilead.com/-/media/gilead-corporate/files/pdfs/company-statements/remdesivir-orphan-drug-designation.pdf?la%3den&amp;hash%3dED14BC7B26E2FEAA2E31E7741A8C9692</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><SUP>12</SUP>
<U>See</U>: https://www.forbes.com/sites/katiejennings/2020/11/17/how-much-will-a-covid-19-vaccine-cost/?sh=40084754576d; https://observer.com/2020/11/covid19-vaccine-price-pfizer-moderna-astrazeneca-oxford/;
https://www.cnbc.com/2020/11/17/covid-vaccines-how-much-they-cost-whos-bought-them-and-how-theyre-stored.html;
https://www.ft.com/content/80f20d71-d7eb-4386-b0f2-0b19e4aed94d;
https://khn.org/news/analysis-how-a-covid-19-vaccine-could-cost-americans-dearly/;
https://fortune.com/2020/12/10/covid-vaccine-pfizer-questions-biontech-how-effective-side-effects-approved-price-ingredients-doses-pandemic/;
https://www.reuters.com/article/us-health-coronavirus-eu-vaccines/pfizer-irked-after-belgian-politician-publishes-covid-19-vaccine-prices-idUSKBN28S1T0;
https://www.wsj.com/articles/covid-19-vaccine-makers-signal-prices-11596648639;
https://www.marketplace.org/2020/11/12/how-much-could-pfizer-make-from-a-covid-19-vaccine/;
https://www.nytimes.com/2020/12/18/upshot/coronavirus-vaccines-prices-europe-united-states.html;
https://www.firstpost.com/tech/science/oxford-astrazeneca-covid-19-vaccine-will-be-available-at-cost-price-across-world-says-pharma-head-olivier-nataf-9046111.html;
https://www.bloomberg.com/news/articles/2020-07-22/pfizer-biontech-receive-u-s-order-for-covid-vaccine;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><SUP>13</SUP>
<U>See</U>: https://www.fool.com/investing/2020/12/16/heres-how-much-each-coronavirus-vaccine-will-cost/; https://khn.org/news/analysis-how-a-covid-19-vaccine-could-cost-americans-dearly/
(&ldquo;<FONT STYLE="background-color: white">The United States instead has let business calculations drive drug price tags, forcing
us to accept and absorb ever higher costs. That feels particularly galling for treatments and vaccines against COVID-19, whose
development and production is being subsidized and incentivized with billions in federal investment.</FONT>&rdquo;); https://www.nytimes.com/2020/12/18/upshot/coronavirus-vaccines-prices-europe-united-states.html;
https://www.latimes.com/politics/story/2020-09-14/drug-maker-got-1-billion-from-taxpayers-boosting-prices
(&ldquo;<FONT STYLE="background-color: white">One of the world&rsquo;s largest drug companies has been aggressively raising prices
even as it received hundreds of millions of dollars of U.S. government aid to develop a COVID-19 vaccine.</FONT>&rdquo;); https://www.usatoday.com/story/news/health/2020/07/21/should-government-funded-covid-19-vaccine-free-all-americans/5426531002/
<FONT STYLE="background-color: white">(quoting think tank spokesperson as arguing, &quot;If American taxpayers are shouldering
the financial risk of&nbsp;vaccine development, then American patients should be guaranteed that any resulting vaccines be affordable&nbsp;and
accessible and that drug companies aren't allowed to profiteer from them.&quot;</FONT>);</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><SUP>14</SUP>
<U>See</U>: https://www.npr.org/sections/health-shots/2020/08/06/899869278/prices-for-covid-19-vaccines-are-starting-to-come-into-focus
(emphasis added)</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><SUP>15</SUP>
<U>See</U>: https://nyti.ms/33Py7Cp</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><SUP>16</SUP>
<U>See</U>: https://www.nytimes.com/2021/01/28/world/europe/vaccine-secret-contracts-prices.html; https://www.newsweek.com/covid-19-vaccine-developers-ask-sec-help-keep-secret-how-they-set-prices-1565904;
https://www.cbsnews.com/video/covid-vaccine-equity-world-health-organization/; https://www.marketwatch.com/story/pfizer-expects-its-covid-19-vaccine-to-bring-in-about-15-billion-in-revenue-this-year-2021-02-02;
https://www.cnbc.com/2021/01/18/coronavirus-vaccine-rollout-worlds-moral-failure-who-says.html;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><SUP>17</SUP>
<U>See</U>: https://www.oecd.org/coronavirus/policy-responses/treatments-and-a-vaccine-for-covid-19-the-need-for-coordinating-policies-on-r-d-manufacturing-and-access-6e7669a9/#section-d1e1763</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><SUP>18</SUP></FONT>
<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">https://www.govinfo.gov/app/details/BILLS-116hr7296ih/summary</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">;
https://www.govinfo.gov/app/details/BILLS-116s4439is</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><SUP>19</SUP>
H.R.7288 - Taxpayer Research and Coronavirus Knowledge Act of 2020: https://www.congress.gov/bill/116th-congress/house-bill/7288</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><SUP>20</SUP>
<U>See</U>: https://energycommerce.house.gov/committee-activity/hearings/hearing-on-pathway-to-a-vaccine-efforts-to-develop-a-safe-effective-and</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><SUP>21</SUP>
<U>See</U>: https://energycommerce.house.gov/sites/democrats.energycommerce.house.gov/files/documents/2020.7.21.PALLONE.%20COVID-19%20Vaccine%20Hearing.OI_.pdf</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><SUP>22</SUP>
Hearing On &ldquo;Pathway to a Vaccine: Efforts to Develop a Safe, Effective and Accessible COVID-19 Vaccine.&rdquo; <I>Subcommittee
on Oversight and Investigations of the Committee on Energy and Commerce</I>. July 21, 2020. https://energycommerce.house.gov/committee-activity/hearings/hearing-on-pathway-to-a-vaccine-efforts-to-develop-a-safe-effective-and.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><SUP>23</SUP>
Cohen, John. &ldquo;The $1 Billion Bet: Pharma giant and U.S. government team up in all-out coronavirus vaccine push.&rdquo; <I>Science
Magazine</I>. March 31, 2020. https://www.sciencemag.org/news/2020/03/1-billion-bet-pharma-giant-and-us-government-team-all-out-coronavirus-vaccine-push.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><SUP>24</SUP>
McConaghie, Andrew. &ldquo;COVID-19 Vaccine Could Cost As Little As $10 A Dose.&rdquo; <I>Scrip</I>. April 2, 2020. https://scrip.pharmaintelligence.informa.com/SC141970/COVID19-Vaccine-Could-Cost-As-Little-As-10-A-Dose-Says-Janssen;
Higgins-Dunn, Noah. &ldquo;Johnson &amp; Johnson reaches deal with U.S. for 100 million doses of coronavirus vaccine at more than
$1 billion.&rdquo; <I>CNBC.</I> August 5, 2020. https://www.cnbc.com/2020/08/05/jj-reaches-deal-with-us-for-100-million-doses-of-coronavirus-vaccine-at-more-than-1-billion.html.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><SUP>25</SUP>
<U>See</U>: https://www.france24.com/en/tv-shows/business-daily/20210125-vaccine-nationalism-distribution-could-cost-global-economy-9-trillion-dollars-icc-john-denton</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><SUP>26</SUP>
See, e.g., http://www.oecd.org/economic-outlook/december-2020/;
https://www.americanprogress.org/issues/healthcare/reports/2020/07/28/488196/comprehensive-covid-19-vaccine-plan/;
https://www.usatoday.com/story/money/2020/11/30/covid-vaccine-news-viable-vaccine-may-already-lifting-spending-economy/6399117002/;
https://wgme.com/news/coronavirus/maines-economic-recovery-relies-on-vaccines-and-a-stimulus-in-2021 (&ldquo;<FONT STYLE="background-color: white">Public
health and economic health are intertwined and until there is widespread vaccination against COVID-19, we will not be able to return
to all of our typical economic activities.&rdquo;); https://www.nga.org/center/publications/supporting-equitable-distribution-covid-19-vaccines/
(&ldquo;Ensuring the rapid development, distribution, and widespread public uptake of a safe and effective COVID-19 vaccine will
be a critical element in containing the COVID-19 pandemic and resuming normal economic, educational, and social activities.</FONT>&rdquo;);
https://www.reuters.com/article/health-coronavirus-europe-vaccines/the-beginning-of-the-end-europe-rolls-out-vaccines-to-see-off-pandemic-idUSKBN2910BQ?il=0;
https://www.nga.org/memos/covid-19-vaccine-development-and-production/
(&ldquo;<FONT STYLE="background-color: white">Achieving broad immunity to COVID-19 is central to a return to normal life, and most
experts maintain that this hinges on a widely available, safe, and effective vaccine.</FONT>&rdquo;)</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><SUP>27</SUP>
Lawder, David and Campos, Rodrigo. &ldquo;Vaccine cooperation, recovery could boost global income $9 trillion by 2025, IMF chief
says.&rdquo; <I>Reuters</I>. October 15, 2020. https://www.reuters.com/article/us-imf-worldbank-stimulus/faster-coronavirus-recovery-could-add-9-trillion-to-global-income-by-2025-georgieva-idUKKBN2702FM</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><SUP>28</SUP>
<U>See</U>: https://www.imf.org/en/Publications/WEO/Issues/2020/09/30/world-economic-outlook-october-2020, at xiii.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><sup>29</SUP>
Lawder, David and Campos, Rodrigo. &ldquo;Vaccine cooperation, recovery could boost global income $9 trillion by 2025, IMF chief
says.&rdquo; <I>Reuters</I>. October 15, 2020. https://www.reuters.com/article/us-imf-worldbank-stimulus/faster-coronavirus-recovery-could-add-9-trillion-to-global-income-by-2025-georgieva-idUKKBN2702FM</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><SUP>30</SUP>
&ldquo;Gilead Sciences Statement on Request to Rescind Remdesivir Orphan Drug Designation.&rdquo; <I>Gilead.</I> 2020. https://www.gilead.com/-/media/gilead-corporate/files/pdfs/company-statements/remdesivir-orphan-drug-designation.pdf?la%3den&amp;hash%3dED14BC7B26E2FEAA2E31E7741A8C9692</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><SUP>31</SUP>
&ldquo;Building Confidence Amid an Uncertain Recovery.&rdquo; <I>OECD</I>. September 2020. http://www.oecd.org/economic-outlook/</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><sup>32</SUP>
<U>See</U>: https://www.imf.org/en/Publications/WEO/Issues/2020/09/30/world-economic-outlook-october-2020, at xvi.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><SUP>33</SUP>
<U>See</U>: https://iccwbo.org/publication/the-economic-case-for-global-vaccinations</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><SUP>34</SUP>
<U>See</U>: https://voxeu.org/article/production-and-equitable-access-covid-19-tests-treatments-and-vaccines</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><SUP>35</SUP>
Taylor, Chloe. &ldquo;&lsquo;Vaccine nationalism&rsquo; could lead to the coronavirus devastating public health and the economy,
experts warn.&rdquo; <I>CNBC</I>. July 10, 2020. https://www.cnbc.com/2020/07/10/coronavirus-vaccine-arms-race-may-harm-public-health-and-the-economy.html</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><SUP>36</SUP>
Ibid.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><SUP>37</SUP>
Ibid.</P>

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end
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
