<SEC-DOCUMENT>0001214659-21-004175.txt : 20210414
<SEC-HEADER>0001214659-21-004175.hdr.sgml : 20210414
<ACCEPTANCE-DATETIME>20210414133303
ACCESSION NUMBER:		0001214659-21-004175
CONFORMED SUBMISSION TYPE:	PX14A6G
PUBLIC DOCUMENT COUNT:		1
FILED AS OF DATE:		20210414
DATE AS OF CHANGE:		20210414
EFFECTIVENESS DATE:		20210414

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:		21825272

	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:			Illinois State Treasurer's Office
		CENTRAL INDEX KEY:			0001739791
		IRS NUMBER:				550895818
		STATE OF INCORPORATION:			IL
		FISCAL YEAR END:			0630

	FILING VALUES:
		FORM TYPE:		PX14A6G

	BUSINESS ADDRESS:	
		STREET 1:		400 W MONROE ST
		STREET 2:		SUITE 401
		CITY:			SPRINGFIELD
		STATE:			IL
		ZIP:			62704
		BUSINESS PHONE:		(312) 814-8950

	MAIL ADDRESS:	
		STREET 1:		100 W. RANDOLPH ST., SUITE 15-600
		CITY:			CHICAGO
		STATE:			IL
		ZIP:			60601
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<P STYLE="margin: 0">&nbsp;</P>




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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Pursuant to Rule 14a-103</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">Name of the Registrant: Johnson &amp; Johnson</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">Name of persons relying on exemption:</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">Office of the Illinois State Treasurer</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">Address of person relying on exemption:</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">Office of the Illinois State Treasurer, 100 W. Randolph St. (Suite 15-600),
Chicago, IL 60601</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">This Notice and the attached written materials are filed pursuant to
Rule 14a-6(g)(1) promulgated under the Securities Exchange Act of 1934.</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; text-align: center; background-color: white">We are not asking for
authority to vote your proxy and no proxy cards will be accepted. Please vote your proxy according to the instructions in Johnson &amp;
Johnson&rsquo;s proxy statement.</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; text-align: justify">April 14, 2021</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">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Dear Johnson &amp; Johnson Shareholder,</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"><B>We urge fellow investors to VOTE AGAINST Johnson
&amp; Johnson&rsquo;s (the &ldquo;Company&rsquo;s&rdquo;) &ldquo;say on pay&rdquo; proposal, which appears as Item #2 on the ballot, owing
to the exclusion of $5 billion in opioid litigation charges from the calculation of executive incentive payouts. </B></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 recommending that investors approve these compensation
arrangements, the Compensation &amp; Benefits Committee (the &ldquo;Committee&rdquo;) of the Board of Directors is asking shareholders
to approve the Company&rsquo;s decision to protect executives from the financial penalty of opioid-related lawsuits. We believe Johnson
&amp; Johnson should protect investors by not intervening to remove the financial impact of opioid-related litigation charges from executive
pay. Executives should be accountable for all consequences of corporate conduct.</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 Company has failed to explain its decision
to remove the impact of opioid litigation, which over the past two years has caused $5 billion in charges to be booked to earnings.<SUP>1</SUP>
By excluding these costs from the earnings calculations used in the incentive plans, the Committee has inexplicably chosen to insulate
named executives from the fallout of Johnson &amp; Johnson&rsquo;s role in the opioid crisis. For long-tenured CEO Alex Gorsky, the exclusion
boosts payouts by more than $2 million over the past two years.</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 lodging these concerns, we are mindful of the
important role Johnson &amp; Johnson has played in combatting the COVID-19 pandemic. We support compensation plans that reward executives
for such laudable achievements as vaccine development despite the recent recommendation from the U.S. Centers for Disease Control and
Prevention and the U.S. Food and Drug Administration to pause the use of the Janssen vaccine in response to rare adverse reactions involving
blood clots.</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">Compensation plans work more effectively when
they take both successes and failures into account. We believe the issue of linking executives&rsquo; pay to the costs of the opioid crisis
is both singularly important and separate from the question of whether executives merit recognition in the development of a vaccine. With
CEO Gorsky receiving nearly $30 million in pay in 2020, and benefiting from an increase to his long-term incentive opportunity this year
(125% of target) in light of last year&rsquo;s performance, we believe there is ample scope to balance these competing demands.</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">As members of the Investors for Opioid and Pharmaceutical
Accountability (IOPA),<SUP>2</SUP> a coalition of 61 investors representing more than $4.2 trillion in assets under management, we are
concerned that the Company&rsquo;s actions risk long-term shareholder value and have profound implications for our economy and society.
Members of this coalition have previously engaged Johnson &amp; Johnson over its role in the opioid crisis and the lack of executive accountability.</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">_____________________________</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><SUP>1</SUP> In addition to the $5 billion, fiscal 2020 financials
were also impacted by an additional $4.0 billion charge tied to the company&rsquo;s talc litigation.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><SUP>2</SUP> https://www.uawtrust.org/iopa</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; text-align: center; background-color: white">We are not asking for
authority to vote your proxy and no proxy cards will be accepted. Please vote your proxy according to the instructions in Johnson &amp;
Johnson&rsquo;s proxy statement.</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; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B><I>Besides the Immeasurable Human Toll, Johnson
&amp; Johnson&rsquo;s Role in the Opioid Crisis has Cost the Company at least $5 billion</I></B></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 opioid crisis has taken more than 450,000
lives and devastated millions more. The epidemic has many causes. One factor raised in lawsuits throughout the country is overly risky
behavior by prescription opioid manufacturers such as Johnson &amp; Johnson in the marketing of pain medications. Johnson &amp; Johnson
not only manufactured the prescription opioids NUCYNTA and DURAGESIC through its pharmaceutical subsidiary, Janssen,<SUP>3</SUP> but until
2016, the Company supplied approximately 60% of the raw opiate ingredients used in opioids like oxycodone and codeine through its former
subsidiaries Noramco and Tasmanian Alkaloids.<SUP>4</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">As a result of its conduct related to marketing
opioid products, Johnson &amp; Johnson is subject to thousands of lawsuits filed by state, local and tribal governments across the country
alleging it helped fuel the U.S. opioid epidemic. In August 2019, an Oklahoma judge ruled that Johnson &amp; Johnson&rsquo;s subsidiary
Janssen Pharmaceuticals engaged in the &ldquo;false, deceptive and misleading&rdquo; marketing of opioids and ordered it to pay the state
$465 million. The Company has appealed the decision.</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 addition, Johnson &amp; Johnson agreed to pay
$5 billion as part of a global settlement to resolve outstanding opioid litigation, taking $4 billion and $1 billion charges in fiscal
2019 and fiscal 2020, respectively. Together, these charges represent one of the Company&rsquo;s largest ever litigation expenses and
equal approximately a third of 2020 net income.</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">Incredibly, these costs and compliance failures
are entirely overlooked when it comes to calculating the compensation of senior executives.</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">____<FONT STYLE="font-size: 10pt">_________________________</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><SUP>3</SUP> In 2020, Johnson &amp; Johnson announced it would delist
and stop selling all prescription pain medicines in the U.S.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><SUP>4</SUP> https://www.washingtonpost.com/graphics/2020/business/opioid-crisis-johnson-and-johnson-tasmania-poppy/</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; text-align: center; background-color: white">We are not asking for
authority to vote your proxy and no proxy cards will be accepted. Please vote your proxy according to the instructions in Johnson &amp;
Johnson&rsquo;s proxy statement.</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">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B><I>Accountability Demands Transparent Accounting</I></B></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 determining executive pay, we appreciate that
litigation expenses can reflect legacy issues &ndash; the actions of a prior management team that current executives have been left to
resolve in the best way possible for shareholders.<SUP>5</SUP> We also understand that there are occasional one-off costs that make sense
to exclude from the earnings measures used in an incentive plan so as to better capture the performance of management. But neither of
these exceptions is relevant to the opioid crisis, particularly at Johnson &amp; Johnson given CEO Gorsky&rsquo;s nine-year tenure as
CEO, effective since 2012, and prior to that, his 15-year career at Janssen from 1988 to 2004, where he was named President in 2001 and
then in 2003, promoted to Company Group Chairman of Johnson &amp; Johnson&rsquo;s pharmaceuticals business in Europe, the Middle East
and Africa.<SUP>6</SUP> Furthermore, the four other named executive officers at Johnson &amp; Johnson all have longstanding tenures at
the Company that overlap with the Company&rsquo;s opioid business pursuits.<SUP>7</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">Moreover, at a bare minimum, backing out the opioid
charges as just another &ldquo;special item&rdquo; is insufficient. We expect Johnson &amp; Johnson to provide an explanation for why
executives need to be insulated from opioid-related legal costs.</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">According to our analysis, by excluding the $5
billion in opioid charges from its key earnings metric &ndash; operational earnings per share &ndash; the board inflates CEO payouts by
more than $2 million over the past two years &ndash; approximately equally split between the 2017-2019 PSU and the 2018-2020 PSU awards.</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">Given the nearly $30 million in target pay for
the CEO, excluding $1 million per year would signal to investors that Johnson &amp; Johnson executives are indeed accountable for their
leadership at the Company when it engaged in adverse business activities, while still rewarding the CEO. The Committee exercised discretion
in the direction of higher pay &ndash; for instance, in applying a 148% payout factor to the 30% of the annual bonus based on strategic
performance, as well as in setting this year&rsquo;s long-term incentive opportunity at 125% of target, based on 2020 results. Yet the
Committee did not take into account the $5 billion charge for opioid-litigation settlements.</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"><B>We urge fellow shareholders to join us in VOTING
AGAINST Johnson &amp; Johnson&rsquo;s Say-on-Pay proposal at Johnson &amp; Johnson&rsquo;s April 22&nbsp;shareholder meeting.</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">_____________________________</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"><SUP>5</SUP> The legacy issue may apply to the
talc litigation &ndash; a $4.0 billion hit to 2020 earnings &ndash; which is not the subject of this communication.</P>

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

<P STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><SUP>6</SUP> CEO Gorsky left Johnson &amp; Johnson in 2004 to join
the Novartis Pharmaceuticals Corporation. In 2008, he returned to Johnson &amp; Johnson as Company Group Chairman and Worldwide Franchise
Chairman for Ethicon in the medical devices business. In 2009, he was appointed Worldwide Chairman of the Surgical Care Group and to the
Johnson &amp; Johnson Executive Committee. He was appointed Vice Chairman of the Executive Committee in January 2011 prior to being named
Chief Executive Officer of Johnson &amp; Johnson effective April 26, 2012.</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>7</SUP> Joseph Wolk (Executive Vice President, Chief Financial
Officer) &ndash; Mr. Wolk assumed the role of Chief Financial Officer in July 2018 and has been with Johnson &amp; Johnson for 21 years.
Previously VP of Investor Relations. Prior to that held senior leadership roles as Vice President of Finance for the Pharmaceuticals Group,
Vice President of Finance for the Medical Devices Global Supply Chain, and Chief Financial Officer of the North America Pharmaceuticals
Group.</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">Paul Stoffels, M.D. (Vice Chairman of the Executive Committee, Chief
Scientific Officer) &ndash; Dr. Stoffels joined Johnson &amp; Johnson in 2002. Previously Worldwide Chairman, Pharmaceuticals, Dr. Stoffels
led the transformation of the pharmaceutical research and development pipeline for Janssen Pharmaceutical Companies of Johnson &amp; Johnson,
driving a fundamental shift in the R&amp;D paradigm that is now a model in the industry. Also held various R&amp;D leadership roles within
the pharmaceutical sector of Johnson &amp; Johnson.</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">Joaquin Duato (Vice Chairman of the Executive Committee) &ndash; Mr.
Duato&rsquo;s 30-plus year career at Johnson &amp; Johnson has spanned multiple business sectors and functions. Mr. Duato was named Company
Group Chairman of the Americas in 2009. His most recent role was as Executive Vice President and Worldwide Chairman, Pharmaceuticals in
2011.</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: left">Jennifer Taubert (Executive Vice President, Worldwide
Chairman, Pharmaceuticals) &ndash; Ms. Taubert joined Johnson &amp; Johnson in 2005 to lead global commercial strategy for Internal Medicine
in the Pharmaceuticals Group. Ms. Taubert has been a leader in shaping Janssen&rsquo;s global strategy.</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; text-align: center; background-color: white">We are not asking for
authority to vote your proxy and no proxy cards will be accepted. Please vote your proxy according to the instructions in Johnson &amp;
Johnson&rsquo;s proxy statement.</P>

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

<P STYLE="margin: 0">&nbsp;</P>

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