Johnson & Johnson Investor Presentation — November 2021

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Benefiting Patients and Consumers

and Unlocking Value for all StakeholdersJohnson & Johnson

to Separate Consumer

Cautionary Note on Forward -looking Statements

2This presentation contains “forward -looking statements” as defined in the Private Securities Litigation Reform Act of 1995 regar ding, among other

things: the anticipated separation of Johnson & Johnson’s Consumer Health business; future operating and financial performanc e, product

development, market position and business strategy. The viewer is cautioned not to rely on these forward -looking statements. The se statements are

based on current expectations of future events. If underlying assumptions prove inaccurate or known or unknown risks or uncer tainties materialize,

actual results could vary materially from the expectations and projections of Johnson & Johnson. Risks and uncertainties incl ude, but are not limited

to: Johnson & Johnson’s ability to satisfy the necessary conditions to consummate the separation of Johnson & Johnson’s Consu merHealth business

on a timely basis or at all, Johnson & Johnson’s ability to successfully separate Johnson & Johnson’s Consumer Health busines s and realize the

anticipated benefits from the separation, the New Consumer Health Company’s ability to succeed as a standalone publicly trade d company, economic

factors, such as interest rate and currency exchange rate fluctuations; competition, including technological advances, new pr oducts and patents

attained by competitors; challenges inherent in new product research and development, including unexpected clinical trial res ults, additional analysis

of existing clinical data, uncertainty of clinical success and obtaining regulatory approvals; uncertainty of commercial succ essfor new and existing