<SEC-DOCUMENT>0001214659-22-004403.txt : 20220329
<SEC-HEADER>0001214659-22-004403.hdr.sgml : 20220329
<ACCEPTANCE-DATETIME>20220328191656
ACCESSION NUMBER:		0001214659-22-004403
CONFORMED SUBMISSION TYPE:	PX14A6G
PUBLIC DOCUMENT COUNT:		1
FILED AS OF DATE:		20220329
DATE AS OF CHANGE:		20220328
EFFECTIVENESS DATE:		20220329

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:			0102

	FILING VALUES:
		FORM TYPE:		PX14A6G
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-03215
		FILM NUMBER:		22776929

	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>j328222px14a6g.htm
<TEXT>
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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"><B>Notice of Exempt Solicitation</B></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"><B>NAME OF REGISTRANT: </B>Johnson and Johnson</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 PERSON RELYING ON EXEMPTION: </B>Oxfam America</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>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 14(a)-6(g)(1) promulgated
under the Securities and Exchange Act of 1934. 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">Oxfam America and co-filers Achmea; Evernance Financial; Trinity Health;
Benedictine Sisters of Mount St. Scholastica; Common Spirit; Mercy Investments; Benedictine Sisters of Virginia; Benedictine Sisters of
Borene, Texas; the Sisters of Charity of Saint Elizabeth; Benedictine Women of Madison; and Peace Health urge you to vote FOR Item 8 at
the Annual Meeting of Johnson and Johnson (JNJ) on April 28, 2022.</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><U>I. SUMMARY OF RESOLUTION</U></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></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; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">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.</FONT></TD></TR>
  </TABLE>
<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><I>Supporting Statement</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">This proposal enables shareholders to assess and address several risks
that have arisen during the COVID-19 pandemic related to Johnson &amp; Johnson&rsquo;s (JNJ) management of development, production, and
pricing of its COVID-19 vaccine.</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">Overall, JNJ subsidiary Janssen has received an estimated $ 1.5 billion
from the U.S. government to develop and manufacture vaccines for COVID-19.<SUP>1</SUP> Yet numerous concerns with respect to JNJ&rsquo;s
management of pricing and access of the COVID-19 vaccine have arisen, creating both reputational and financial risks for investors, and
long-term concerns for the company.</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">Three critical challenges with respect to how JNJ has managed COVID-19
pricing and access are the following:</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"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif">JNJ has not disclosed how substantial public support factors into its approach
to ensure access to COVID-19 vaccines, including pricing and sharing of int<FONT STYLE="font-size: 10pt">ellectual property.</FONT></FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: #201F1E"></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"></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 &lsquo;non-profit&rsquo;
basis, but that commitment is limited to &ldquo;emergency pandemic use&rdquo;<SUP>2</SUP> and that such &lsquo;non-profit&rsquo; pricing
may conclude by the end of 2022 or early 2023.<SUP>3</SUP> A decision to change from a pandemic price to a non-pandemic price, even as
most of the world remains unvaccinated, could carry serious reputational risks. </FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0; margin-bottom: 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> https://crsreports.congress.gov/product/pdf/IN/IN11560</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: #201F1E"><SUP>2</SUP> &ldquo;Johnson &amp; Johnson Announces
a Lead Vaccine Candidate for COVID-19.&rdquo; Johnson &amp; Johnson. 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-</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: #201F1E">to-supply-one-billion-vaccines-worldwide-for-emergency-pandemic-use.
J&amp;J stated that they would conduct an external audit of their non-profit price in July 2020. https://energycommerce.house.gov/sites/democrats.energycommerce.house.gov/files/documents/Testimony
- Douoguih 20200721_0.pd. Human Rights Watch wrote to J&amp;J requesting this audit in June 2021. https://www.hrw.org/sites/default/files/media_2021/12/HRW
Vaccine Letters and Responses %281%29.pdf.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: #201F1E"><SUP>3</SUP> https://www.biopharmadive.com/news/johnson-johnson-vaccine-not-for-profit-price/608477/</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: #201F1E">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: #201F1E">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: #201F1E"><FONT STYLE="background-color: white"><I>This communication
should not be construed as soliciting authority to vote any shareholder&rsquo;s proxy, and no proxy cards will be accepted. Please vote
your proxy in accordance with the instructions set forth in Johnson &amp; Johnson&rsquo;s proxy statement.</I></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: #201F1E">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: #201F1E"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: #201F1E">&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"></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 failed to meet its own production targets since emergency use authorisation
of the vaccine. By the end of 2021, the company only had manufactured an estimated 40% of the one billion doses it promised to produce
and halted production at its one facility producing vaccines<SUP>4</SUP> Furthermore, JNJ has not facilitated open sharing of its intellectual
property and know-how to ensure decentralised production of its vaccine to meet demand. </FONT></TD></TR></TABLE>

<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">These policies and practices have created both financial and reputational
risks for investors, and short and long term reputational and financial risks for the company. This includes the following:</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"></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 and investors have and will face reputational damage from its lack of
transparency surrounding vaccine pricing and other conduct that affects access. </FONT></TD></TR></TABLE>

<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"></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&rsquo;s pricing approach undermines the ability of governments to end
the pandemic, threatening investor returns across their portfolios.</FONT></TD></TR></TABLE>

<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"></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&rsquo;s failure to meet production targets that the company itself set
in 2021, despite the receipt of public funding, means lost sales and inadequate market share. </FONT></TD></TR></TABLE>

<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>II. ARGUMENTS IN FAVOR OF A FOR VOTE</U></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">JNJ has received substantial public support to facilitate the development
of its COVID-19 vaccine. This includes nearly $1.5 billion dollars in federal funding to develop the vaccine, run clinical trials, and
expand manufacturing. Widespread immunisation with safe and effective vaccines is critical to halt transmission, protect against hospitalisation
and death, and help to curb the impact of COVID-19 upon health systems and the global economy. The company must explain to investors how
substantial public investment in the discovery, development, and manufacturing of its vaccine has factored into its decisions that determine
whether such a vaccine is available and affordable. Until now, the company has not.</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">Instead, JNJ&rsquo;s licensing and pricing strategy, and the inability
to account for public funding within such a strategy, creates several on-going and future risks for investors. Specifically, a lack of
transparency and access: (1) undermines the ability of governments to end the pandemic and protect investor returns, and (2) generates
a reputational risk for JNJ and its investors.</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"></TD><TD STYLE="width: 0.25in"><B>1.</B></TD><TD><B>JNJ&rsquo;s licensing and pricing strategy could undermine the ability of governments to end the pandemic and therefore harm investor
returns. </B></TD></TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">JNJ&rsquo;s pricing strategy, inability to meet production goals, and
its approach to licensing limit broad vaccine access, thereby prolonging the pandemic and harming overall investor returns. In particular:</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; font-size: 10pt">&middot;</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif">JNJ has announced a pricing strategy for its single-shot vaccine with a price
of <FONT STYLE="font-size: 10pt">no more than US$ 10 per dose<SUP>5</SUP> during the &ldquo;emergency pandemic use&rdquo; phase. The company
also announced that it could abandon non-profit pricing for its vaccine, which could translate into higher prices.<SUP>6</SUP></FONT></FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&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>4</SUP> https://www.nytimes.com/2022/02/08/business/johnson-johnson-covid-vaccine.html.
More recent Airfinity data suggests a lower number, estimating 345 million doses delivered as of February 2022. https://webassets.oxfamamerica.org/media/documents/Pandemic_of_Greed_C8U0wB6.pdf?_gl=1*1dqfidu*_ga*NzMyNjAyNDI2LjE1NTU1OTc5NTI.*_ga_</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">R58YETD6XK*MTY0ODQ5ODExMC4xNDEuMC4xNjQ4NDk4MTEwLjYw.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><SUP>5</SUP> https://www.bloomberg.com/news/articles/2021-02-27/johnson-johnson-covid-19-vaccine-is-cleared-for-use-in-u-s</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><SUP>6</SUP> https://www.biopharmadive.com/news/johnson-johnson-vaccine-not-for-profit-price/608477/</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: #201F1E"><I>&nbsp;</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: #201F1E"><I>&nbsp;</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: #201F1E"><FONT STYLE="background-color: white"><I>This communication
should not be construed as soliciting authority to vote any shareholder&rsquo;s proxy, and no proxy cards will be accepted. Please vote
your proxy in accordance with the instructions set forth in Johnson &amp; Johnson&rsquo;s proxy statement.</I></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: #201F1E">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: #201F1E"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: #201F1E">&nbsp;</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 company has failed to meet production goals in 2021, which has translated
into shortfalls in supply to countries and purchasing mechanisms that could have provided the vaccine to unvaccinated populations. By
December 2021, the NY Times estimated that JNJ had only fulfilled 400 million of the one billion doses it promised to produce.<SUP>7</SUP></FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&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">While the company has signed several bilateral agreements for vaccine production
through third parties,<SUP>8</SUP> it has refused to share intellectual property and know-how with the COVID-19 Technology Access Pool
and has not managed to sign additional agreements with other manufacturers. Additional licensing and manufacturing agreements, for example
through the COVID-19 Technology Access Pool, could have increased production and improved overall immunization rates worldwide.</FONT></TD></TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">A failure to supply vaccines in a timely fashion undermines the ability
of governments to protect their populations, thereby leading to onward transmission of the virus and the potential emergence of new variants
of concern, as has been the case with the omicron variant at the end of 2022. Recent studies indicate that a two-dose regimen of the JNJ
vaccine significantly improves protection against the omicron variant<SUP>9</SUP>, which is likely to increase total demand and underscores
the potential of the vaccine to help end the pandemic. However, even if there was to be increased supply, countries may not be able to
purchase the vaccine due to its price, especially if JNJ changes the price to reflect the &lsquo;end of the pandemic&rsquo;. This could
mean that low- and middle-income countries cannot afford to purchase adequate quantities of vaccine to immunize their populations.</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 investors, the lack of widespread vaccination, due in part to JNJ&rsquo;s
inability to meet production targets and fulfil contracts, creates significant financial risks to a wider portfolio of investments. The
emergence of new variants represents a serious risk to investors: numerous economic forecasts confirm that omicron is projected to have
significant economic consequences in the first quarter of 2022. Moody&rsquo;s has revised its forecast for GDP growth downward from a
roughly 5% annualised rate to near 2%, and Jeffries has slashed its forecast to 1.5% from a previously forecast 6.6%.<SUP>10</SUP> Investors
hoping for broad economic recovery should urge JNJ to do everything in its power to speed the end of the pandemic, which entails transferring
vaccine technology and know-how.</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"></TD><TD STYLE="width: 0.25in"><B>2.</B></TD><TD><B>JNJ&rsquo;s approach to access to its COVID-19 vaccine has already and could continue to generate reputational risks for JNJ and
its investors. </B></TD></TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">JNJ faces reputational risk with respect to how the company has managed
pricing and access. The company has not stated how public funding affects price. The company has also refused to disclose the vaccine&rsquo;s
cost and eventual &ldquo;commercial&rdquo; price, which will likely vary from country to country. While the company has stated it will
distribute a vaccine on a &lsquo;non-profit&rsquo; basis, the commitmen<FONT STYLE="font-size: 10pt">t is limited to &lsquo;emergency
pandemic use&rsquo; and that such pricing may end by the end of 2021.<SUP>11</SUP> If and when the company increases prices of its COVID-19
vaccine, despite large numbers of people remaining unvaccinated worldwide, it could lead to significant reputational risks for the company
and investors.</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">_____________________________</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><SUP>7</SUP> https://www.nytimes.com/2022/02/08/business/johnson-johnson-covid-vaccine.html.
More recent Airfinity data suggests a lower number, estimating 345 million doses delivered as of February 2022. https://webassets.oxfamamerica.org/media/documents/Pandemic_of_Greed_C8U0wB6.pdf?_gl=1*1dqfidu*_ga*NzMyNjAyNDI2LjE1NTU1OTc5NTI.*_ga_R58YETD6XK*</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">MTY0ODQ5ODExMC4xNDEuMC4xNjQ4NDk4MTEwLjYw.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><SUP>8</SUP> https://www.merck.com/news/merck-to-help-produce-johnson-barda-to-provide-merck-with-funding-to-expand-mercks-manufacturing-capacity-for-covid-19-vaccines-and-medicines/;
https://www.reuters.com/business/healthcare-pharmaceuticals/indias-biological-e-make-jj-vaccine-alongside-own-shot-managing-director-says-2021-05-18/;
https://www.reuters.com/business/healthcare-pharmaceuticals/safricas-aspen-signs-non-binding-agreement-with-jj-covid-vaccine-license-2021-11-30/</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><SUP>9</SUP> https://www.nytimes.com/2021/12/30/health/johnson-vaccine-booster-omicron.html</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><SUP>10</SUP> https://www.barrons.com/articles/omicron-covid-first-quarter-gdp-economy-51640739855?tesla=y</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><SUP>11</SUP> https://www.bloomberg.com/news/videos/2021-07-21/j-j-cfo-not-for-profit-vaccine-price-likely-to-end-in-2021-video</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: #201F1E"><I>&nbsp;</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: #201F1E"><I>&nbsp;</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: #201F1E"><FONT STYLE="background-color: white"><I>This communication
should not be construed as soliciting authority to vote any shareholder&rsquo;s proxy, and no proxy cards will be accepted. Please vote
your proxy in accordance with the instructions set forth in Johnson &amp; Johnson&rsquo;s proxy statement.</I></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: #201F1E">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: #201F1E"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Furthermore, in 2021, due in part to shortfalls in vaccine production,
JNJ faced significant criticism when the New York Times reported that the company had transferred COVID-19 vaccine doses &lsquo;finished&rsquo;
at Aspen Pharmaceutical in South Africa to the European Union, even as there was a significant shortage of vaccine doses in South Africa
(and on the African continent), inadequate vaccination of the population, and a worsening pandemic.<SUP>12</SUP> According to the news
report, at least 32 million doses of vaccine were exported from South Africa to the European Union.<SUP>13</SUP> The decision to export
these doses was met with outrage, by African governments, the World Health Organization, and public health organizations around the world,<SUP>14</SUP>
thereby creating a significant reputational risk for both JNJ and its investors.</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><U>III. CONCLUSION</U></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">JNJ&rsquo;s receipt of an estimated US $1.5 billion dollars of federal
funding should be accompanied by transparency, so that investors can gauge the material risks that accompany receiving such an enormous
sum while failing to meet production targets and prevent broader vaccine access. Instead, JNJ has not met production goals, has pursued
a pricing strategy that could increase prices just as record cases affect many countries, and has not explained how such funding from
the U.S. government was integrated <FONT STYLE="font-size: 10pt">into its access strategy. </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">We urge shareholders to vote &ldquo;For&rdquo; Item 8.</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>12</SUP> https://www.nytimes.com/2021/08/16/business/johnson-johnson-vaccine-africa-exported-europe.html</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><SUP>13</SUP> https://www.nytimes.com/2021/08/16/business/johnson-johnson-vaccine-africa-exported-europe.html</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><SUP>14</SUP> https://www.usnews.com/news/world/articles/2021-08-19/eu-says-import-of-j-j-vaccines-from-south-africa-is-temporary.
The company has also been harshly criticized for taking &ldquo;the only plant making <FONT STYLE="background-color: white">usable batches
of the vaccine&rdquo; offline for up to six months after delivering only 40% of projected doses last year. &ldquo;We really needed their
doses in 2021, and we were counting on them,&rsquo; Dr. Berkley [of Gavi, the Vaccine Alliance, on behalf of COVAX], said. &lsquo;They
didn&rsquo;t deliver. So we had to find other doses to meet the countries&rsquo; needs.&rsquo;&rdquo; </FONT>https://www.nytimes.com/2022/02/08/business/johnson-johnson-covid-vaccine.html.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: #201F1E"><I>&nbsp;</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: #201F1E"><I>&nbsp;</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: #201F1E"><FONT STYLE="background-color: white"><I>This communication
should not be construed as soliciting authority to vote any shareholder&rsquo;s proxy, and no proxy cards will be accepted. Please vote
your proxy in accordance with the instructions set forth in Johnson &amp; Johnson&rsquo;s proxy statement.</I></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: #201F1E">&nbsp;</P>

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