FEBRUARY 22, 2017

PRESENTATION CAGNY

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CAUTIONARY NOTE ON FORWARD-LOOKING STATEMENTS This presentation contains “forward-looking statements” as defined in the Private Securities Litigation Reform Act of 1995 regarding, among other things, future operating and financial performance, product development, market position and business strategy. The viewer is cautioned not to rely on these forward-looking statements. These statements are based on current expectations of future events. If underlying assumptions prove inaccurate or known or unknown risks or uncertainties materialize, actual results could vary materially from the expectations and projections of Johnson & Johnson. Risks and uncertainties include, but are not limited to, economic factors, such as interest rate and currency exchange rate fluctuations; competition, including technological advances, new products and patents attained by competitors; challenges inherent in product research and development, including uncertainty of clinical success and obtaining regulatory approvals; uncertainty of commercial success for new and existing products; challenges to patents; the impact of patent expirations; the ability of the company to successfully execute strategic plans, including business plans, transactions and restructuring plans; market conditions and the possibility that the on-going share repurchase program may be delayed, suspended or discontinued; the impact of business combinations and divestitures; significant adverse litigation or government action, including related to product liability claims; changes to applicable laws and regulations, including tax laws and global health care reforms; trends toward health care cost containment; changes in behavior and spending patterns or financial distress of purchasers of health care products and services; financial instability of international economies and legal systems and sovereign risk; manufacturing difficulties or delays, internally or within the supply chain; product efficacy or safety concerns resulting in product recalls or regulatory action; increased scrutiny of the health care industry by government agencies; and the potential failure to meet obligations in compliance agreements with government bodies. A further list and description of these risks, uncertainties and other factors can be found in Johnson & Johnson’s Annual Report on Form 10-K for the fiscal year ended January 3, 2016, including in Exhibit 99 thereto, and the company’s subsequent filings with the Securities and Exchange Commission. Copies of these filings are available online at www.sec.gov, www.investor.jnj.com, or on request from Johnson & Johnson. Any forward-looking statement made in this presentation speaks only as of the date of this presentation. Johnson & Johnson does not undertake to update any forward-looking statement as a result of new information or future events or developments.

CAUTIONARY NOTE ON NON-GAAP FINANCIAL MEASURESThis presentation refers to certain non-GAAP financial measures. These non-GAAP financial measures should not be considered replacements for, and should be read together with, the most comparable GAAP financial measures. A reconciliation of these non-GAAP financial measures to the most directly comparable GAAP financial measures can be found in the accompanying financial schedules of the earnings release and the Investor Relations section of the Company’s website at www.investor.jnj.com.

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OUR CREDO

We believe our first responsibility is to the doctors, nurses and patients, to mothers and fathers and all others who use our products and services. In meeting their needs everything we do must be of high quality. We must constantly strive to reduce our costs in order to maintain reasonable prices. Customers' orders must be serviced promptly and accurately. Our suppliers and distributors must have an opportunity to make a fair profit.

“ Caring for people around the world by

anticipating their

needs, creating solutions and

experiences that help them and those

they care for live healthy, vibrant lives”

We are responsible to the communities in which we live and work and to the world community as well. We must be good citizens – support good works and charities and bear our fair share of taxes. We must encourage civic improvements and better health and education. We must maintain in good order the property we are privileged to use, protecting the environment and natural resources.

Our final responsibility is to our stockholders. Business must make a sound profit. We must experiment with new ideas. Research must be carried on, innovative programs developed and mistakes paid for. New equipment must be purchased, new facilities provided and new products launched. Reserves must be created to provide for adverse times. When we operate according to these principles, the stockholders should realize a fair return.

We are responsible to our employees, the men and women who work with us throughout the world. Everyone must be considered as an individual. We must respect their dignity and recognize their merit. They must have a sense of security in their jobs. Compensation must be fair and adequate, and working conditions clean, orderly and safe. We must be mindful of ways to help our employees fulfill their family responsibilities. Employees must feel free to make suggestions and complaints. There must be equal opportunity for employment, development and advancement for those qualified. We must provide competent management, and their actions must be just and ethical.

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DID YOU KNOW?

• $13.3B in NTS

• Global leader in 7 Consumer categories

• Operations in more than 80 countries

• Iconic brands

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ICONIC BRANDS

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BEAUTY OTC BABY CARE

ORAL CARE WOUND CAREWOMEN'S HEALTH

OUR BRANDS ARE CLUSTERED IN 6 BROAD CATEGORIES

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OUR BRANDS ARE CLUSTERED IN 6 BROAD CATEGORIES

WOUND CARE

ORAL CARE

BEAUTYOTC ~30%

15%BABY CARE

8%~5%

~30%

12%

WOMEN’S HEALTH

Based on FY 2016 Consumer sales,

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WE HAVE 12 MEGABRANDS

3 BRANDS > $1B

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OUR 12 MEGABRANDS DELIVER 65% OF SALES TODAY

2020Aspiration1

2016

~65%

~75%

$1BBrands

1. Internal estimate.

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WE ARE GLOBAL LEADERS ACROSSNUMEROUS PRODUCT SEGMENTS

• Allergy Care

• Baby Toiletries

• Digestive Remedies

• Mouthwash

• Smoking Cessation Aids

• Therapeutic Beauty• Wound Care

• Diaper Rash

• Facial Cleansers

• Feminine Care

• Sun Protection

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Source: Euromonitor FY 2015 data.

Note: Therapeutic Beauty includes hair loss treatments, acne treatments and medicated shampoos; Wound Care includes adhesive bandages, first aid kits, gauze, and tape.

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WITH >50% OF SALES OUTSIDE OF NORTH AMERICA

45%

10%

NORTH AMERICA

LATIN AMERICA

ASIA PACIFIC

EMEA

28%

17%

2016 Net Trade Sales

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OUR 2016 INVESTOR MEETINGS

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OUR 2016 COMMITMENTS

1. Grow topline faster than the market

2. Expand our profit margin to reach

benchmark levels

3. Accelerate growth through acquisitions

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WE HAVE MADE SIGNIFICANT PROGRESS AGAINSTOUR COMMITMENTS

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GROWING FASTER THAN THE MARKET IN 2016

+4.2%

+2.9%

PEER COMPOSITEGROWTH2:

NTS GROWTH1:

1. Operational growth excluding Acquisitions and Divestitures, additional 2015 shipping days and impact of Venezuela2. GSR data and internal analysis3. Source: Neilson market data

MARKET GROWTH3:

+3.2%

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2016 MARKET SHARE

4.0

4.0

1.5

1.1

0.8

1.9

OTC

Beauty

Oral Care

Feminine Care

Wound Care

Baby

Source: ACT NTS Dec 2016 in USD

NTS ($ billions)

+0.4

Share Growth (% pts)

----

+0.6

+0.3

+0.2

-1.8

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WE ARE DELIVERING MAJOR IMPROVEMENTS IN PROFITABILITY

Adjusted Income Before Tax*

+560BPS

2015 2016

*NON-GAAP measure

14.3%

19.9%

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WE ARE ACCELERATING GROWTH THROUGH ACQUISITIONS

Premium Hair Global Allergy

Light Therapy Derma-Cosmetics

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OUR 2016 COMMITMENTS

1. Grow topline faster than the market

2. Expand our profit margin to reach

benchmark levels

3. Accelerate growth through acquisitions

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WHAT IS J&J CONSUMER’S RIGHT TO WIN?

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CLEAR RIGHT TO WIN

1. Strong portfolio of enduring brands

2. Playing in attractive, growing categories

3. Powerful strategy that drives

competitive advantage

COLLECTION OF ENDURING WORLD-CLASS BRANDS

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GROWING THROUGH INSIGHT-LED INNOVATION, ENDORSED BY PROFESSIONALS

#1 Allergist recommended brand

Dentist recommended mouthwash#1

Recommended by doctors and moms#1

Brand of OTC pain reliever hospitals use most#1

Pediatrician recommended brand of ibuprofen#1

70 Years relied on by doctors

Dermatologist recommended#1

Hospital recommended#1

Years recommended by dermatologists70

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Our total consumer categories represent ~$350B globally

PLAYING IN LARGE STRUCTURALLY ATTRACTIVE CATEGORIES

2015 Market Sizes ($B)

BABY CARE

$15

OTC

$100

Source: Euromonitor FY 2015 data

BEAUTY

$160

WOMEN’S HEALTH

$30

$40ORAL CARE

WOUND CARE

$3

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…THAT ARE GROWING FASTER THAN CONSUMER PACKAGED GOODS AVERAGE

5 Year Sales CAGR1

BABY CARE

6%

OTC

BEAUTY3

WOMEN’S HEALTH

ORAL CARE4

WOUND CARE

5%

6%

7%

4%

3%

1. Source: Euromonitor, 2010-2015 CAGR

2. Consumer Packaged Goods Five Year Sales CAGR3. Excludes cosmetics 4. Excludes toothbrush & toothpaste

Our categories are growing a weighted average of >4% versus CPG2 market growth of 3~4%

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FAVORABLE CONSUMER TRENDS

HEALTHY BEAUTY

AGING POPULATION

NATURAL / ORGANICS

OTC SELF-CARE SOLUTIONS

MILLENNIALS ARE DIGITAL / SOCIAL NATIVES

LIFESTYLE HEALTH ISSUES DISCIPLINED GEOGRAPHIC PORTFOLIOMANAGEMENT

135 MILLION NEW BIRTHS/YEAR

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OUR STRATEGY POSITIONS US TO BE ASIGNIFICANT CONTRIBUTOR TO J&J

$13.3B

Profitability119.9%

2016

Revenue

1. Adjusted Income Before Tax by Segment (Non-GAAP Measure).

1~2pts

Growing earnings faster than sales

2017–2020

Above market growth per year

Target

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FUNDAMENTAL PRINCIPLES GUIDING OUR STRATEGY

Change the rules of the game through global, transformational, science-based innovation

Create an ecosystem that builds enduring, loyal relationships with consumers over time

Make our brands more available to our consumers wherever they are

Drive profitability and margin expansion

Further leverage acquisitions to accelerate growth

TRANSFORMATIONAL SCIENCE-BASED INNOVATION

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Leader in R&D Productivity

Partner of Choice Professional

Endorsement Brand Loyalty

FOCUS ON FEWER& BIGGER

Differentiated InnovationWith Global Scale

EXCELLENCEIN SCIENCE

Regulatory andClinical Excellence

EXTERNALFOCUS

Engage World’s BestInnovators and Scientists

DESIGNTHINKING

Consumer andPatient-centric Solutions

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FOCUS ON FEWER & BIGGER IDEAS

# of projects by Launch Year

Data indexed to 2015 number of projects and portfolio value

2015 2016 2017 2018

-50%

Estimated Portfolio Value by Launch Year

2015 2016 2017 2018

3xvs.

2015

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EXCELLENCE IN SCIENCE: POWERFUL SUN PROTECTION

Leader in Prevention Leader in Protection Strong Professional Endorsement

1 in every 3cancers diagnosed

globally is a Skin Cancer

1 person dies fromMelanoma every

57minutes(in the US)

#1 Dermatologist recommended

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EXTERNAL FOCUS: LIGHT THERAPY

•Miniaturized LED light based device•Commonly used in Dermatologist offices•Disruptive technology

Neutrogena Light Therapy Acne Mask Winning Clinical Efficacy

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BUILDING A CONNECTED ECOSYSTEM

DigitalEcosystem

Analytics

Precision Marketing

Trigger-based

Marketing

InfluencerMarketing

“Virtual”professional

detailing

EXPAND DIGITAL ECOSYSTEM: JOHNSON’S BEDTIME

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• Johnson's Bedtime app delivers on-demand sleep support via a mobile device

• Soon to be launched on Amazon Echo

• Scientifically proven bedtime routine has helped hundreds of thousands of babies across 18 countries.

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EXPAND DIGITAL ECOSYSTEM: NEUTROGENA SHADE FINDER

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• Neutrogena shade enhances shopper experience on our own and e-retailer sites.

• Increased revenue 2x by helping women find the right product for their skin tone.

Skincare Questions Get the Look Questions

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• Zyrtec Sneeze Trigger app reaches consumers in their local zip code during their moment of need

• Increased purchase intent +14pts

• Expanding model to include more brands, consumers and professionals

Delivering Premium Engagement through the

ALLERGY CAST® App

Capitalizing On Local Seasonality with Sneeze-

triggered Media

EXPAND DIGITAL ECOSYSTEM: ZYRTEC SNEEZE TRIGGER

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MAKE OUR BRANDS MORE AVAILABLE TO OUR CONSUMERS WHEREVER THEY ARE

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AVEENO GLOBAL EXPANSION Launching in 15+ markets by the end of 2017

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GLOBALIZING LE PETIT MARSEILLAIS Successful European expansion continues, launched in theU.S. and in Canada in 2017

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E-Commerce Emerging Markets

MAKING OUR BRANDS MORE AVAILABLE

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E-COMMERCE: FOCUS ON FUNDAMENTALS SCANR

How to Win-Focus on

Fundamentals

SCANR

Search

Rating & Reviews

Navigation

Available Assortment

at the Right Place

Content

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BROADENING OUR REACH & DRIVING PENETRATION

• Well-distributed in key markets

• Focused on driving coverage

• Significant upside potential

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DRIVE PROFITABILITY & MARGIN EXPANSION

in savings2014-2016

>$1B

Revenue Growth

Management

Supply ChainTransformation

SG&A Optimization

Marketing Productivity

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WE ARE DELIVERING MAJOR IMPROVEMENTS IN PROFITABILITY

+560Adjusted Income Before Tax Margin1

2015 2016

2014 2015

BPS

2X2016

1. Non-GAAP measure2. Adjusted for constant exchange rates and excluding one-time items

Operating Income2

PRODUCTIVITY INITIATIVES DELIVERING MAJOR VALUE

Revenue Growth

Management

Supply ChainTransformation

SG&A Optimization

Marketing Productivity

Partnering with customers for shared value optimizing pricing, assortment, and promotion & trade terms

Consolidated media spend behind one global advertising agency

Pursuing game-changing initiatives around entire value chain

Implemented aggressive cost savings program that achieved >$250M in 1st year

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>$1B

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ACCELERATE INORGANIC GROWTH THROUGH ACQUISITIONS

Five Key Priorities

Build scale in OTC1

Enable growth in BEAUTY2

Lead in BABY with business model innovation3Accelerate growth with regional opportunities; reinvent key markets

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Invest in long-term external pipeline5

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OUR FOCUS IS TO CREATE A VIRTUOUSCYCLE OF PROFITABLE GROWTH

Drives sustainable profitable growth

over time

Revenue Growth Management P&L Productivity

Big Innovation & Brand Building

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A STRONG, CONSISTENT, SUSTAINABLE BUSINESS

33 Consecutive years of adjusted operational earnings growth1 54 Consecutive

years of dividend increases2 AAARated Balanced Sheet

Operational & investment flexibility

~75%of sales from #1 or #2 global market share position

of 10 year free cash flow returned to shareholders3

$1B 24 Brands/Platformswith > $1b in sales

of sales from products launched in past 5 years~22%

1. Non-GAAP measure; excludes intangible amortization expense, special items and the impact of translational currency2. Inclusive of the April 2016 dividend declaration3. Non-GAAP measure; defined as operating cash flow less capital spending

~70%

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TOTAL RETURN TO SHAREHOLDERS SUMMARY

1 Year 3 Year 5 Year 10 Year

As of 12/31/2016

Competitor Composite*

Consumer Competitor Composite*

S&P 500

Dow Jones Industrial Average

15.3%

-0.2%

3.6%

12.0%

16.5%

11.0%

6.3%

3.4%

8.9%

8.7%

15.3%

13.0%

9.9%

14.6%

12.9%

9.0%

7.0%

7.3%

6.9%

7.5%

Data Source: Bloomberg

* For a list of the companies included, see page 40 of company’s 2016 Proxy Statement

WE ARE WELL POSITIONED FOR SUSTAINED GROWTH

World-class: portfolio of brands in large, growing categories

Strong innovation pipeline and world-class brand building

Well-positioned to grow sales above the market while continuing to expand margins to achieve benchmark profitability

Our strategy positions us to be a significant contributor to Johnson & Johnson

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QUESTIONS?