Johnson & Johnson Investor Presentation — August 2024

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AUGUST 20242 Non-GAAP financial measures

This presentation includes certain financial measures (organic revenue, organic revenue growth, adjusted EBITDA, adjusted EBITDA margin, adjusted net income,

adjusted diluted EPS, free cash flow, pro forma revenue, pro forma adjusted EBITDA, and pro forma adjusted EBITDA margin) that are calculated and presented on

the basis of methodologies other than in accordance with generally accepted accounting principles in the United States of America (“non-GAAP”). These non-GAAP

financial measures should be considered only as supplemental to, and not as superior to, financial measures prepared in accordance with generally accepted

accounting principles in the United States of America (“GAAP”). These non-GAAP financial measures have limitations as analytical tools, and when assessing our

operating performance, you should not consider these non-GAAP financial measures in isolation or as substitutes for commissions and fees, net income (loss), net

income (loss) attributable to Baldwin, diluted earnings (loss) per share, net cash provided by operating activities or other consolidated income statement data

prepared in accordance with GAAP. Other companies in our industry may define or calculate these non-GAAP financial measures differently than we do, and

accordingly, these measures may not be comparable to similarly titled measures used by other companies.

The pro forma information presented herein removes the effects of 2024 divestitures for all periods in 2024 and 2023 as if the divestitures had occurred on January

1, 2024 and January 1, 2023, respectively. This unaudited pro forma information should not be relied upon as being indicative of the historical results that would

have been obtained if the divestiture had occurred on that date, nor the results that may be obtained in the future.