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JAGRUTI ACHARYA

M3-D-01

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 Our Company

Caring for the world, one person at a time... ins pir es and unites the people of 

Johnson & Johnson. We embr ace r esear ch and science - bringing innovative ideas, 

 pr oducts and ser vices to advance the health and well-being of people. Employees 

of the Johnson & Johnson Family of Companies work with par tners in health car eto touch the lives of over a billion people ever y day, thr oughout the world.

Our Family of Companies comprises: 

y  The world¶s sixth-lar gest consumer health company

y  The world¶s lar gest and most diverse medical devices and diagnostics company

y  The world¶s f ifth-lar gest biologics company

y  And the world¶s eighth-lar gest phar maceuticals company

We have mor e than 250 oper ating companies in 60 countries employing

appr oximately 118,000 people. Our worldwide headquar ters is in New Brunswick,  New Jersey, USA.

Company Over view 

Johnson & Johnson's commitment to innovative health car e pr oducts has r esulted 

in consistent f inancial per for mance. The Company has 27 consecutive years of 

adjusted ear nings incr eases and 49 consecutive years of dividend incr eases.

Johnson & Johnson, thr ough its family of companies, employs appr oximately

118,000 people worldwide and is engaged in the manufactur e and sale of a br oad 

r ange of pr oducts in the health car e f ield in many countries of the world. Johnson& Johnson's primar y inter est, both historically and curr ently, has been in pr oducts 

r elated to health and well-being. Johnson & Johnson was or ganized in the State of 

 New Jersey in 1886.

Johnson & Johnson is or ganized on the princi ples of decentr alized management.

The Executive Committee of Johnson & Johnson is the princi pal management

gr ou p r es ponsi ble for the str ategic oper ations and allocation of r esour ces of the

Johnson & Johnson family of companies. Johnson & Johnson's oper ating

companies ar e or ganized into thr ee business segments: Consumer, Phar maceutical and Medical Devices and Diagnostics. A Gr ou p O per ating Committee, composed 

of managers who r epr esent k ey oper ations within the segment, as well as 

management in s pecialized f unctional depar tments, oversees and coordinates the

activities of domestic and inter national companies r elated to each of the business 

segments. However, in line with the princi ple of decentr alized management, senior  

management gr ou ps at U.S. and inter national oper ating companies ar e each

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r es ponsi ble for their own str ategic plans, as well as the day-to-day oper ations of 

those companies, and each inter national company is, with some exceptions, 

managed by citizens of the countr y wher e it is located.

Cor  por ate Gover nance 

The values embodied in Our Cr edo guide the actions of the people of the Johnson

& Johnson Family of Companies at all levels and in all par ts of the world. They

have done so for mor e than 60 years. These Cr edo values extend to our accounting

and f inancial r epor ting r es ponsi bilities. Our management is r es ponsi ble for timely, 

accur ate, r eliable and ob jective f inancial statements and r elated infor mation. As 

such: 

y  We maintain a well-designed system of inter nal accounting contr ols.

y  We encour age str ong and effective cor  por ate gover nance f r om our Board of 

Dir ectors.

y  We continuously r eview our business r esults and str ategic choices.

y  We focus on f inancial stewardshi p.

Our Cr edo Values 

Accounting Controls 

Our pr ofessionally tr ained inter nal auditors tr avel worldwide to monitor our  system

of inter nal accounting contr ols. This system is designed to pr ovide r easonableassur ance that assets ar e safeguarded and that tr ansactions and events ar e r ecorded 

 pr operly. Our  inter nal contr ols include self-assessments and inter nal and exter nal 

audit r eviews of our oper ating companies, which concludes with our  

"Management's Repor t on Inter nal Contr ol over Financial Repor ting," printed in

our Annual Repor t.

Independent Auditor 

Pricewater houseCoopers LLP, an independent r egister ed pu blic accounting f ir m, 

 per for ms an integr ated audit of our consolidated f inancial statements and inter nal 

contr ol over f inancial r epor ting. Their opinions, as stated in the "Repor t of 

Independent Register ed Pu blic Accounting Fir m" ar e based on their audits and ar e

 printed in our Annual Repor t.

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Audit Committee of our Board of Directors

The Audit Committee is composed solely of independent dir ectors with the

f inancial k nowledge and ex perience to pr ovide appr opriate oversight. They meet

r egularly to r eview inter nal contr ol matters as well as k ey accounting and f inancial 

r epor ting issues. The Audit Committee also meets r egularly in private sessions 

with the independent auditors, the Chief Financial Off icer, the Gener al Counsel 

and the Vice Pr esident, Inter nal Audit to discuss the r esults of their work, 

including: 

y  O bser vations on the adequacy of inter nal f inancial contr ols, 

y  Quality of f inancial r epor ting, 

y  Conf ir mation that they ar e pr operly dischar ging their  r es ponsi bilities.

Business Results 

Our Executive Committee r eviews f inancial r esults and develops str ategies and initiatives for  long-ter m gr owth. The Committee's intent is to ensur e ob jectivity in

our business assessments, constructively challenge the appr oach to business 

oppor tunities and issues, and monitor our business r esults and r elated contr ols.

Board of Dir ectors 

Our Board of Dir ectors is a gr ou p of people who meet a set of Gener al Criteria for  

membershi p and ar e elected to the Board by our  shar eholders each year . We

curr ently have 12 Board members, 11 of whom ar e "independent" under the rules 

of the New York Stock Exchange.

Our Board holds the ultimate authority of our Company, except to the extent thoseshar eholders ar e gr anted cer tain powers under the Company's Cer tif icate of 

Incor  por ation and By-Laws.

The Board: 

y  Appoints senior management of the Company, who ar e r es ponsi ble for conducting

 business and oper ations, 

y  Pr ovides oversight of management, and 

y For ms standing Board Committees to assist in f ulf illing its obligations.

Our Management Team meets thr oughout each year with our Board members to

discuss str ategic dir ection and ma jor  developments of the Company's various 

 businesses.

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Committees of the Board of Dir ectors 

Ther e ar e six standing committees of the Johnson & Johnson Board of Dir ectors: 

y  Audit Committee, 

y  Compensation & Benef its Committee, y   Nominating & Cor  por ate Gover nance Committee, 

y  Finance Committee, 

y  Pu blic Policy Advisor y Committee, and 

y  Science & Technology Advisor y Committee

Audit Committee: composed of non-employee Dir ectors, deter mined to be

"independent" under the listing standards of the New York Stock Exchange: 

y  Hel ps the Board oversee the Company's accounting and r epor ting pr actices.

y  Recommends independent pu blic auditor for appointment by the Board and r eviews 

its per for mance.

y  Monitors adequacy of inter nal accounting pr actices, pr ocedur es and contr ols.

y  Reviews the Company's f inancial r epor ting pr ocess and disclosur e pr ocedur es.

y  Hel ps the Board oversee the Company's legal compliance pr ogr ams.

Compensation & Benefits Committee: composed of non-employee Dir ectors, 

deter mined to be "independent" under the listing standards of the New York Stock  

Exchange: 

y  Establishes the Company's executive compensation philosophy and princi ples and 

appr oves the annual compensation and long-ter m incentives for the Company's 

dir ectors and executive off icers.

y  Reviews the philosophy and policies of the non-Board Management Compensation

Committee with r es pect to management compensation, perquisites and other  

compensation policies for non-executive employees.

y  Oversees the management of the various r etir ement, pension, long-ter m incentive, 

savings, and health and welfar e plans that cover the Company's employees.

Finance Committee: composed of the Chair man and Pr esiding Dir ector of theBoard, exer cises the authority of the Board during the inter vals between Board 

meetings.

Nominating & Corporate Governance Committee: composed of non-employee

Dir ectors, deter mined to be "independent" under the listing standards of the New

York Stock Exchange: 

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y  Oversees cor  por ate gover nance matters.

y  Reviews possi ble candidates for Board membershi p and r ecommends nominees for  

election.

y  Oversees the pr ocess for per for mance evaluations of the Board and its committees.

y  Reviews the Company's executive succession plans and executive r esour ces.

Public Policy Advisory Committee: composed of independent Dir ectors and one

of the Company's Vice Chair men, Executive Committee, and the Vice Pr esidents 

for Cor  por ate Affairs, Gover nment Affairs and Policy and Johnson & Johnson

Su pply Chain.

y  Reviews the Company's policies, pr ogr ams and pr actices on pu blic health issues 

r egarding the envir onment and the health and safety of employees.

y  Reviews the Company's gover nmental affairs and policies and other pu blic policy

issues facing the Company.y  Advises and mak es r ecommendations to the Board on these issues as appr opriate.

Science & Technology Advisory Committee: composed of Board members and 

the Company's Vice Pr esident, Science and Technology

y  Hel ps the Board with scientif ic matters impacting the Company's business, including

monitoring the str ategy and effectiveness of the Company's r esear ch and 

development or ganization.

y  Reviews the effectiveness of scientif ic as pects of the Company's pr oduct safety

 pr ocesses.y  Oversees ma jor business development activities r elated to the acquisition of new

science or technology.

y  Identif ies and understands signif icant new science and technology policy issues and 

tr ends.

Princi ples of Cor  por ate Gover nance 

Johnson & Johnson is gover ned by the values set for th in Our Cr edo, cr eated byGener al Rober t Wood Johnson in 1943. These values have guided us for many

years and will continue to set the tone of integrity for the entir e Company. All of us 

at Johnson & Johnson, the employees, off icers and dir ectors, ar e committed to the

ethical princi ples embodied in Our Cr edo.

Our Cr edo values extend to our cor  por ate gover nance. In fact, over  sixty years ago, 

Gener al Johnson r ecognized our  r es ponsi bility to four gr ou ps of stak eholders -- our  

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customers, our employees, our communities and our  shar eholders. These Princi ples 

of Cor  por ate Gover nance build on the foundation of our Cr edo.

We believe that good cor  por ate gover nance r esults f r om sound pr ocesses that

ensur e that our  dir ectors ar e well su ppor ted by accur ate and timely infor mation, 

suff icient time and r esour ces and unr estricted access to management. The business 

 judgment of the Board must be exer cised independently and in the long-ter m

inter ests of our  shar eholders.

We also believe that ethics and integrity cannot be legislated or mandated by

dir ective or policy. So while we adopt these Princi ples of Cor  por ate Gover nance, 

we r eaff ir m our belief that the ethical char acter, integrity and values of our  

dir ectors and senior management r emain the most impor tant safeguards of 

cor  por ate gover nance at Johnson & Johnson.

1. Duties and Responsibilities of the Company and the Board of Directors  

Responsibilities of the Board. All dir ectors ar e elected annually by the

shar eholders as their  r epr esentatives in pr oviding oversight of the oper ation of theCompany. The dir ectors select, oversee and monitor the per for mance of the senior  

management team, which is char ged with the day-to-day conduct of the Company's 

 business. The f undamental r es ponsi bility of the dir ectors is to exer cise their  

 business  judgment on matters of critical and long-ter m signif icance to the

Company in f ur ther ance of what they r easonably believe to be in the best inter est

of the Company, and ther efor e its shar eholders.

Board Meetings. Dir ectors ar e ex pected to attend Board meetings and meetings of 

the Committees on which they ser ve, to s pend the time needed and to meet as 

f r equently as necessar y to pr operly dischar ge their  r es ponsi bilities. Meetings 

should include pr esentations by management and, when appr opriate, outside

advisors or consultants, as well as suff icient time for f ull and open discussion.

Written Materials. Written materials that ar e impor tant to the Board's 

understanding of the agenda items to be discussed at a Board or Committee

meeting should be distri buted to the dir ectors suff iciently in advance of the

meeting to allow the dir ectors the oppor tunity to pr epar e. Dir ectors ar e ex pected to

r eview these materials thor oughly in advance of the meeting.

Agenda for Board Meetings. The Chair man of the Board will set the agenda for  

Board meetings with the understanding that cer tain items necessar y for appr opriate

Board oversight will be br ought to the Board periodically for  r eview, discussionand decision-making. The Pr esiding Dir ector will r eview the agenda for each

Board meeting in advance of the meeting and may r equest changes as he or  she

deems appr opriate in order to ensur e that the inter ests and r equir ements of the non-

employee dir ectors ar e appr opriately addr essed. Any dir ector may r equest that an

item be included on any meeting agenda.

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Executive Sessions of Non-Employee Directors. The non-employee dir ectors will 

meet in r egular executive sessions without any members of management pr esent at

least four times each year . The Pr esiding Dir ector will chair these executive

sessions. In addition, the Chair man and Chief Executive Off icer will hold private

meetings with the non-employee dir ectors on a r egular basis.

Presiding Director. On an annual basis, the non-employee dir ectors will select a

non-employee member of the Board to ser ve as Pr esiding Dir ector . The Pr esiding

Dir ector will chair executive sessions of the Board when the non-employee

dir ectors meet without the Chair man and Chief Executive Off icer pr esent. The

Pr esiding Dir ector will per for m such other f unctions as the Board may dir ect, 

including, acting as an inter mediar y between the non-employee dir ectors and 

management when s pecial cir cumstances exist or communication out of the

ordinar y course is necessar y, par tici pating in the per for mance evaluation of the

Chief Executive Off icer and r eviewing the schedule of Board and Committee

meetings and the agendas for Board meetings.Conflicts of Interest. Ever y employee and dir ector has a duty to avoid business, 

f inancial or other  dir ect or  indir ect inter ests or  r elationshi ps which conf lict with the

inter ests of the Company or which may affect his or her  loyalty to the Company.

Each dir ector must deal at ar m's length with the Company and should disclose to

the Chair man, a Vice Chair man or the Pr esiding Dir ector any conf lict or any

appear ance of a conf lict of inter est. Any activity which even appears to pr esent

such a conf lict must be avoided or ter minated, unless after appr opriate disclosur e

and discussion, it is deter mined that the activity is not har mf ul to the Company or  

other wise impr oper .

Other Board Seats. A dir ector  should engage in discussion with the Chair man

 prior to accepting an invitation to ser ve on an additional pu blic company board. A

dir ector who ser ves as a chief executive off icer (or  similar position) should not

ser ve on mor e than thr ee pu blic company boards (including the Johnson & Johnson

 board and his or her own board). Other  dir ectors should not ser ve on mor e than six 

 pu blic company boards (including the Johnson & Johnson board).

2. Director Qualifications 

Independence. It is our goal that at least two-thirds of our  dir ectors should be

"independent," not only as that ter m may be def ined legally or mandated by the

 New York Stock Exchange, but also without the appear ance of any conf lict inser ving as a dir ector . To be consider ed independent under these Princi ples, the

Board must deter mine that a dir ector  does not have any dir ect or  indir ect material 

r elationshi p with the Company (other than in his or her capacity as a dir ector ). We

have established guidelines to assist in deter mining whether a dir ector has a dir ect

or  indir ect material r elationshi p. These guidelines ar e attached to these Princi ples 

as Annex A.

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General Criteria for Nomination to the Board. Attached to these Princi ples as 

Annex B ar e the Gener al Criteria for Nomination to the Board which has been

adopted by the Nominating & Cor  por ate Gover nance Committee. These Gener al 

Criteria set the tr aits, abilities and ex perience that the Board looks for  in

deter mining candidates for election to the Board. Among the criteria, the Board has 

r eaff ir med the mandator y r etir ement age of 72 for  dir ectors.

Term Limits. We do not believe that our  dir ectors should be su b ject to ter m limits.

Due to the complexity of the businesses of the Company, we value the incr easing

insight which a dir ector  is able to develop over a period of time. We believe that a

lengthy tenur e on our Board pr ovides an incr easing contri bution to the Board and 

is ther efor e in the inter ests of our  shar eholders. However, r enomination to the

Board is based on an assessment of each dir ector 's per for mance and contri bution

and is not automatic.

Stock Ownership. While each dir ector  is awarded stock  u pon his or her  initial 

election to the Board, r eceives an annual gr ant of r estricted shar es and is per mitted to defer all or any por tion of his or her  dir ectors' fees into phantom stock  units 

(which ar e tied to the per for mance of the Common Stock of the Company and not

available for withdr awal until r etir ement f r om the Board), we believe that ther e

should not be other minimum r equir ements for  stock ownershi p.

Resignation. Dir ectors should offer their  r esignation in the event of any signif icant

change in their personal cir cumstances, including a change in their princi pal  job

r es ponsi bilities.

3. Rights of the Board of Directors 

As the elected r epr esentatives of the shar eholders, the dir ectors ar e entitled to

cer tain rights that enable them to f ulf ill their  r es ponsi bilities mor e effectively, 

including the following: 

Access to Officers and Employees. Dir ectors have f ull and f r ee access to off icers 

and employees of the Company. The dir ectors will use their   judgment to ensur e

that any such contact is not disru ptive to the business oper ations of the Company

and will, to the extent not inappr opriate, infor m the Chief Executive Off icer of any

signif icant communication between a dir ector and an off icer or employee of the

Company.

Compensation. Non-Employee Dir ectors should be compensated for their time

dedicated to and other contri butions on behalf of the Company. The Compensation& Benef its Committee will annually r eview and appr ove or  suggest changes to the

compensation of dir ectors. In f ulf illing this r es ponsi bility, the members of the

Compensation & Benef its Committee should tak e into consider ation the following

factors, among others: compensation should fairly pay dir ectors for the

r es ponsi bilities and duties under tak en in ser ving as a dir ector of a company of the

size and complexity of the Company; compensation should align the dir ectors'

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inter ests with the long-ter m inter ests of shar eholders; and Non-Employee Dir ector  

compensation should be tar geted to be consistent with the compensation

 philosophy applicable to senior management of the Company. Fur ther mor e, 

dir ector 's fees (which include all fees, stock awards, stock options and other  

consider ation given to dir ectors in their capacity as dir ectors) ar e the only

compensation that members of the Audit Committee may r eceive f r om the

Company. Dir ectors who ar e employees of the Company should r eceive no

additional compensation for their  ser vices as dir ectors.

Outside Advisors. The Board and each Committee has the authority to engage

independent legal, f inancial or other advisors as it may deem necessar y, without

consulting or obtaining the appr oval of any off icer of the Company in advance, but

each Committee will notify the Chair man and the Pr esiding Dir ector of any such

action. Management of the Company will cooper ate with any such engagement and 

will ensur e that the Company pr ovides adequate f unding.

4. Rights of the Shareholders Our  shar eholders ar e also entitled to cer tain rights, many of which ar e mandated by

the Securities and Exchange Commission, the New York Stock Exchange and 

Feder al and state laws and r egulations. In addition to those rights, we r ecognize the

following rights of our  shar eholders: 

Management of the Company. Management of the Company must be ethical, 

strive to u phold the highest standards of business pr actice and act in the long-ter m

inter ests of the Company and its shar eholders.

Annual Election of Directors. All dir ectors ar e elected annually by the

shar eholders. We do not have stagger ed ter ms or elect dir ectors for  longer periods.

Any vacancies on the Board may be f illed or new dir ectors appointed by the Board 

 between Annual Meetings of the Shar eholders, but any such appointment will only

r emain in effect until the next Annual Meeting of the Shar eholders, when any such

appointee will be pr esented to the shar eholders for election.

Access to Management. Su b ject to r easonable constr aints of time and topics and 

the rules of order, shar eholders ar e allowed to dir ect comments to or ask  questions 

of the Chair man and Chief Executive Off icer  during the Annual Meeting of the

Shar eholders.

Communication with Directors. Shar eholders, employees and others may contact

any of our  dir ectors (including our Pr esiding Dir ector ) by writing to them c/oJohnson & Johnson, One Johnson & Johnson Plaza, Room WH 2133, New

Brunswick, NJ 08933 USA. Employees, and others, who wish to contact the Board 

(or any member of the Audit Committee) to r epor t any complaint or concer n with

r es pect to accounting, inter nal accounting contr ols, auditing matters or cor  por ate

gover nance may do so anonymously by using that addr ess. Shar eholders, 

employees and others may also contact any of the Non-Employee Dir ectors by

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sending an e-mail toPDir ector [email protected]. Gener al comments to the

Company (including complaints or  questions about a pr oduct) should be sent

tohttps://secur e-www. jn j.com/wps/wcm/ js p/contactUs. js p.

5. Election of Directors 

The dir ectors ar e elected each year by the shar eholders at the Annual Meeting of 

Shar eholders. The Board pr oposes a slate of nominees to the shar eholders for  

election to the Board. The Board also deter mines the number of dir ectors on the

Board pr ovided that ther e ar e at least 9 and not mor e than 18 dir ectors. Any

vacancies on the Board may be f illed or new dir ectors appointed by the Board 

 between Annual Meetings of the Shar eholders, but any such appointment will only

r emain in effect until the next Annual Meeting, when any such appointee would be

 pr esented to the shar eholders for election. Shar eholders may pr opose nominees for  

consider ation by the Nominating & Cor  por ate Gover nance Committee by

su bmitting the names and su ppor ting infor mation to: Off ice of the Cor  por ate

Secr etar y, Johnson & Johnson, One Johnson & Johnson Plaza, New Brunswick, NJ08933.

6. Board Committees 

Committee Structure. It is the gener al policy of the Company that all ma jor  

decisions be consider ed by the Board as a whole. As a consequence, the committee

structur e of the Board is limited to those committees which pu blic companies ar e

r equir ed to establish and those committees which focus on ar eas of critical 

impor tance to the Company, lik e science and technology, and utilize the s pecif ic

talents and ex per tise of cer tain members of the Board. Curr ently, the Board has the

following committees: Audit Committee, Compensation & Benef its Committee, 

 Nominating & Cor  por ate Gover nance Committee, Pu blic Policy Advisor y

Committee, Science & Technology Advisor y Committee and Finance Committee.

The Board may, f r om time to time, eliminate committees or establish or maintain

additional committees, as it deems necessar y or appr opriate.

Committee Members. The members and chair men of these committees ar e

appointed annually by the Board, u pon r ecommendation of the Nominating &

Cor  por ate Gover nance Committee. The Audit Committee, Compensation &

Benef its Committee and Nominating & Cor  por ate Gover nance Committee ar e

comprised of independent dir ectors only.

Committee Meetings. The Chair man of each Committee, in consultation with theother Committee members and management, will develop the agendas for and 

deter mine the f r equency and length of the Committee meetings. Each Committee

will meet in executive sessions f r om time to time, as r equir ed or as r equested by

any member ; pr ovided that the Audit Committee, Compensation & Benef its 

Committee and Nominating & Cor  por ate Gover nance Committee will each hold at

least two executive sessions each year without members of management pr esent.

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Committee Charters. The Audit Committee, Compensation & Benef its 

Committee and Nominating & Cor  por ate Gover nance Committee will each have

its own char ter, which will be adopted, and may be amended, by the Board.

7. Annual Performance Evaluations 

The Board and each Committee will conduct an annual self-evaluation. These self-

evaluations ar e intended to facilitate an examination and discussion by the entir e

Board and each Committee of its effectiveness as a gr ou p in f ulf illing its Char ter  

r equir ements (if applicable) and other  r es ponsi bilities, its per for mance as measur ed 

against these Princi ples and ar eas for  impr ovement. The Nominating & Cor  por ate

Gover nance Committee will pr opose the for mat for each annual self-evaluation.

8. Director Orientation 

The Company has a compr ehensive orientation pr ogr am for all new non-

management dir ectors. All new dir ectors r eceive extensive written materials and 

meet in one-on-one sessions with members of senior management to discuss the

Company's business segments, str ategic plans, f inancial statements, signif icantf inancial, accounting and legal issues, compliance pr ogr ams and business conduct

 policies. All dir ectors can r eceive periodic u pdates thr oughout their tenur e.

9. Senior Management Performance Evaluations and Succession Planning 

Chairman/CEO Performance Evaluations. In consultation with all Non-

Employee Dir ectors, the Chair man of the Compensation & Benef its Committee, in

con junction with the Pr esiding Dir ector, will conduct an annual r eview of the

 per for mance of the Chair man/Chief Executive Off icer . The Compensation &

Benef its Committee and the Pr esiding Dir ector will also pr ovide input to the

Chair man/CEO on the per for mance of any Vice Chair man and cer tain other  

executive off icers.

Succession Planning. In light of the critical impor tance of executive leadershi p to

the success of the Company, the Board will also work with senior management to

ensur e that effective plans ar e in place for management succession. As par t of this 

 pr ocess, the Chair man/Chief Executive Off icer will r eview periodically the

succession plan for executive off icers and other critical positions with the

 Nominating & Cor  por ate Gover nance Committee, which has oversight of the

succession planning pr ocess for  senior management. In addition, the

Chair man/Chief Executive Off icer will r epor t at least annually to the f ull Board on

succession planning. The Board will evaluate potential successors to theChair man/Chief Executive Off icer and any Vice Chair man, and cer tain other  

senior management positions.

10. Stock Ownership Guidelines 

To f ur ther align the inter ests of the Company's dir ectors and senior executives with

stock holders, the Board has established minimum stock ownershi p guidelines that

apply to all non-employee dir ectors and designated members of senior  

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management. Each non-employee dir ector  is r equir ed to r etain the shar es issued 

u pon the dir ector 's election to the Board and to own Company stock or  stock  units 

equal in value to thr ee times his or her annual r etainer . The Chief Executive

Off icer  is r equir ed to own stock or  stock  units equal in value to f ive times his or  

her annual salar y, and each Executive Committee Member  is r equir ed to own stock  

or  stock  units equal to thr ee times his or her annual salar y. Other executives may

 become su b ject to these guidelines as may be deter mined by the Board.

The Nominating and Cor  por ate Gover nance Committee of the Board will develop

and r eview f r om time to time the Stock  Ownershi p Guidelines to implement the

 princi ples set for th above, and will r ecommend any pr oposed changes to those

Guidelines to the Board of Dir ectors for appr oval.

11. Periodic Review of These Principles 

These Princi ples will be r eviewed annually by the Nominating & Cor  por ate

Gover nance Committee and may be amended by the Board f r om time to time.

JJPCG\Februar y 2009

Johnson & Johnson Policy on Business Conduct

Responsibilities of Managers and Employees 

All managers shall be r es ponsi ble for the enfor cement of and compliance with this 

Policy on Business Conduct including necessar y distri bution to ensur e employee

k nowledge and compliance. The board of dir ectors or other gover ning body of 

each aff iliate company shall for mally adopt this Policy as its own cor  por ate policy binding on all dir ectors, off icers and employees of the company.

Appr opriate managers will periodically be r equir ed to cer tify compliance with this 

Policy. Any false cer tif ication - even if dir ected by a su per visor - will be dealt with

sever ely.

All employees ar e r es ponsi ble for complying with this Policy. Any employee

having infor mation concer ning any pr ohi bited or  unlawf ul act shall pr omptly

r epor t such matter to the Gener al Counsel or other member of the Law Depar tment

of Johnson & Johnson. While this is the pr eferr ed r epor ting pr ocedur e, employees 

should also feel f r ee to r epor t to anyone in line management, including the

Executive Committee, Cor  por ate Inter nal Audit, the Chief Financial Off icer, the

Tr easur er, the Contr oller or the Secr etar y of Johnson & Johnson.

It could also be appr opriate to contact the Audit Committee of the Board of 

Dir ectors, thr ough its Chair man, or one of the other  independent dir ectors on the

Board of Dir ectors of Johnson & Johnson.

Employees can write to any of these individuals anonymously at the Company's 

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Headquar ters, One Johnson & Johnson Plaza, New Brunswick, NJ 08933. In

addition, Johnson & Johnson companies thr oughout the world have telephone

compliance lines that allow employees to r epor t anonymously any complaints or  

concer ns arising under the Policy on Business Conduct or other wise. Employees 

can also call anonymously the Cor  por ate Headquar ters telephone compliance line

at 888-384-0947.

Employees should be advised of this r epor ting obligation and encour aged to r epor t

any pr ohi bited or  unlawf ul activities of which they ar e awar e. Ther e will be no

r eprisals for  r epor ting such infor mation and employees should be so advised.

The Cor  por ate Inter nal Audit Depar tment has audit pr ogr ams with pr ocedur es to

assist in monitoring compliance with this Policy. The outside auditors will also be

 par ticularly aler t and sensitive to such compliance. All employees ar e ex pected to

 pr ovide f ull assistance and disclosur e to both the inter nal and exter nal auditors in

connection with any r eview of compliance with this Policy.

Conflicts of Interest 

Ever y employee has a duty to avoid business, f inancial or other  dir ect or  indir ect

inter ests or  r elationshi ps which conf lict with the inter ests of the Company or which

divide his or her  loyalty to the Company. Any activity which even appears to

 pr esent such a conf lict must be avoided or ter minated unless, after  disclosur e to the

appr opriate level of management, it is deter mined that the activity is not har mf ul to

the Company or other wise impr oper .

A conf lict or the appear ance of a conf lict of inter est may arise in many ways. For  

example, depending on the cir cumstances, the following may constitute an

impr oper conf lict of inter est: 

Ownershi p of or an inter est in a competitor or  in a business with which the

Company has or  is contemplating a r elationshi p (such as a su pplier, customer, 

landlord, distri butor, licensee/ licensor, etc.) either  dir ectly or  indir ectly, such as 

thr ough family members.

Pr of iting, or assisting others to pr of it, f r om conf idential infor mation or business 

oppor tunities that ar e available because of employment by the Company.

Pr oviding ser vice to a competitor or a pr oposed or pr esent su pplier or customer as 

an employee dir ector, off icer, par tner, agent or consultant. Soliciting or accepting

gifts, payments, loans, ser vices or any for m of compensation f r om su ppliers, customers, competitors or others seeking to do business with the Company. Social 

amenities customarily associated with legitimate business r elationshi ps ar e

 per missi ble. These include the usual for ms of enter tainment such as lunches or  

dinners as well as occasional gifts of modest value. While it is diff icult to def ine

"& customar y," "modest," or "usual" by stating a s pecif ic dollar amount, common

sense should dictate what would be consider ed extr avagant or excessive. If a

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disinter ested third par ty would be lik ely to infer that it affected your   judgment, 

then it is too much. All of our business dealings must be on ar m's-length ter ms and 

f r ee of any favor able tr eatment r esulting f r om the personal inter est of our  

employees. Loans to employees f r om f inancial institutions which do business with

the Company ar e per missi ble as long as the loans ar e made on pr evailing ter ms and 

conditions.

Inf luencing or attempting to inf luence any business tr ansaction between the

Company and another entity in which an employee has a dir ect or  indir ect f inancial 

inter est or acts as a dir ector, off icer, employee, par tner, agent or consultant.

Buying or  selling securities of any other company using non-pu blic infor mation

obtained in the per for mance of an employee's duties, or pr oviding such infor mation

so obtained to others.

Disclosur e is the k ey. Any employee who has a question about whether any

situation in which he or  she is involved amounts to a conf lict of inter est or the

appear ance of one should disclose the per tinent details, pr efer ably in writing, to his or her  su per visor . Each su per visor  is r es ponsi ble for  discussing the situation with

the employee and arriving at a decision after consultation with or notice to the

appr opriate higher  level of management. Each Pr esident, Gener al Manager and 

Managing Dir ector  is r es ponsi ble for advising his or her Company Gr ou p

Chair man or Inter national Vice Pr esident, as the case may be, in writing, of all 

disclosur es and decisions made under this Policy. The Law Depar tment in New

Brunswick  should be consulted for advice as necessar y.

To summarize, each employee is obligated to disclose his or her own conf lict or  

any appear ance of a conf lict of inter est. The end r esult of the pr ocess of disclosur e, 

discussion and consultation may well be appr oval of cer tain r elationshi ps or  

tr ansactions on the gr ound that, des pite appear ances, they ar e not har mf ul to the

Company. But all conf licts and appear ances of conf licts of inter est ar e pr ohi bited, 

even if they do not har m the Company, unless they have gone thr ough this 

 pr ocess.

Compliance with Laws and Regulations 

Our health car e business is su b ject to extensive gover nmental r egulation

thr oughout the world. The appr oval and sale of phar maceutical pr oducts and medical devices is par ticularly heavily r egulated, but many other as pects of our  

 business ar e also cover ed by statutes and r egulations.

Consistent with our Cr edo and business philosophy, it is the policy of Johnson &

Johnson to comply with the laws of each countr y in which our companies do

 business. It is the r es ponsi bility of each company's management and employees to

 be familiar with the laws and r egulations that r elate to their business 

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r es ponsi bilities and to comply with them.

The Law Depar tment of Johnson & Johnson conducts periodic pr ogr ams to hel p

our companies and employees understand and comply with applicable laws and 

r egulations and ar e available to your company for this pur  pose. Additionally, the

Law Depar tment is always available for consultation on the laws which r elate to

our businesses ar ound the world. However, it is the r es ponsi bility of each

company's management to ensur e compliance with applicable laws.

If an employee has any question whether a tr ansaction or course of conduct

complies with applicable statutes or  r egulations, it is the r es ponsi bility of that

employee to obtain legal advice f r om the Law Depar tment and act in accordance

with that advice. It is the r es ponsi bility of each company's management to ensur e

that employees ar e awar e of their  r es ponsi bilities in this r egard.

Set for th below ar e sever al ar eas of r egulated business activity that r equir e

 par ticular attention.

Antitrust and Competition Laws 

It is the policy of Johnson & Johnson to comply with the antitrust and competition

laws of each countr y in which our companies do business. No employee of the

Company shall engage in anti-competitive conduct in violation of any such

antitrust or competition law.

Environmental Laws and Regulations 

Johnson & Johnson is committed to conducting its business in an envir onmentally

sound manner . In addition to carr ying out the cor  por ate-wide pr ogr ams the

Company has initiated, management and employees ar e r equir ed to be familiar  

with envir onmental laws and r egulations which r elate to their employment

r es ponsi bilities and to comply with them. This includes ensuring that r epor ts on

envir onmental matters f iled with gover nment agencies or  r equir ed by law to be

 pu blished ar e complete and accur ate.

Healthcare Compliance; Approval, Manufacture, Sales and Marketing of 

Drug, Medical Device, Diagnostics, and Consumer Products 

 No as pect of our business is mor e su b ject to gover nmental r egulation than the

development, manufactur e, appr oval, sales and mark eting of our health car e pr oducts. Because of the complex natur e of many of these r egulations, 

management must tak e par ticular car e to ensur e appr opriate employees ar e awar e

of r egulator y r equir ements and tak e necessar y steps to comply with them.

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Employment and Labor Laws and Policies 

Our most impor tant r esour ce is our employees. All employment must be in

compliance with all applicable laws and r egulations, including those concer ning

hours, compensation, oppor tunity, human rights and working conditions.

Johnson & Johnson strictly pr ohi bits discrimination or har assment against any

employee because of the individual's r ace, color, r eligion, gender, sexual 

orientation, national origin, age, disability, veter an's status or any status pr otected 

 by law.

It is the policy of Johnson & Johnson that all employees work  in a clean, orderly

and safe envir onment. In the inter est of maintaining a safe and healthy work  place, 

the Company r equir es f ull compliance with applicable work  place safety and 

industrial hygiene standards mandated by law.

In addition to local laws and r egulations, the Company's Employment of Young

Persons policy applies to the employment of persons under the age of 18 in the

manufactur e of any pr oduct, or any component of a pr oduct, by or for any of our   businesses. Company policy also pr ohi bits the use of any for ced or compulsor y

labor  in the manufactur e of any pr oduct, or any component of a pr oduct, by or for  

any of our businesses.

Compliance with Securities Laws 

The Company is often r equir ed by the Securities Laws of the United States to

disclose to the pu blic impor tant infor mation r egarding the Company.

An employee who k nows impor tant infor mation about the Company that has not

 been disclosed to the pu blic must k eep such infor mation conf idential. It is a

violation of United States law to pur chase or  sell Johnson & Johnson stock on the

 basis of such impor tant non-pu blic infor mation. Employees may not do so and may

not pr ovide such infor mation to others for that or any other pur  pose.

Employees may not buy or  sell securities of any other company using impor tant

non-pu blic infor mation obtained in the per for mance of their  duties. Employees 

may not pr ovide such infor mation so obtained to others.

Political Activities and Contributions 

The Company encour ages employees to be involved personally in political affairs.

However, no employee shall dir ectly or  indir ectly use or contri bute f unds or assets of the Company for or to any political par ty, candidate or campaign unless such a

use or contri bution is an accepted pr actice and lawf ul in the countr y involved and 

is appr oved by the appr opriate Company Gr ou p Chair man.

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Respect for Trade Secrets 

It is the policy of Johnson & Johnson to r es pect the tr ade secr ets and pr oprietar y

infor mation of others. Although infor mation obtained f r om the pu blic domain is a

legitimate sour ce of competitive infor mation, a tr ade secr et obtained thr ough

impr oper means is not.

If a competitor 's tr ade secr ets or pr oprietar y infor mation ar e offer ed to an

employee in a sus picious manner, or  if an employee has any question about the

legitimacy of the use or acquisition of competitive infor mation, the Law

Depar tment should be contacted immediately. No action r egarding such

infor mation should be tak en befor e consultation with the Law Depar tment.

Use of Funds, Assets, Complete and Accur ate Books and Records; Second-

Countr y Payments 

Sales of the Company's pr oducts and ser vices, and pur chases of pr oducts and 

ser vices of su ppliers, shall be made solely on the basis of quality, price and ser vice, 

and never on the basis of giving or  r eceiving payments, gifts, enter tainment or  favors.

 No Company f unds, assets or  infor mation shall be used for any unlawf ul pur  pose.

 No employee shall pur chase privileges or  s pecial benef its thr ough payment of 

 bri bes, illegal political contri butions, or other  illicit payments or other wise give

anything of value to a gover nment off icial in order to inf luence inappr opriately any

act or  decision on the par t of the off icial.

 No undisclosed or  unr ecorded f und or asset shall be established for any pur  pose.

 No false or ar tif icial entries shall be made in the books and r ecords of the

Company for any r eason, and no employee shall engage in any arr angement that

r esults in such pr ohi bited act, even if dir ected to do so by a su per visor .

 No payment shall be appr oved or made with the agr eement or  understanding that

any par t of such payment is to be used for any pur  pose other than that descri bed by

documents su ppor ting the payment.

 No payments of any kind (whether commissions, pr omotional ex penses, personal ex penses, f r ee goods or whatever ) shall be made to an unaff iliated distri butor or  

sales agent (or employee or agent ther eof) in any countr y other than that in which

the sales wer e made or  in which the distri butor or  sales agent has a su bstantial 

 place of business. Such payments (sometimes r eferr ed to as "second-countr y"

 payments) may be made to other entities such as su ppliers of goods and ser vices 

 pr ovided: 

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y  The laws of any involved countr y per mit the payment and r ecei pt of such "off-shor e"

f unds, as deter mined in advance of any commitment by competent local legal 

counsel in collabor ation with the Johnson & Johnson Law Depar tment, 

y  The tr ansaction complies in all other  r es pects with this Policy on Business Conduct, 

and 

y  The arr angements ar e set for th in a letter of understanding between our Company

and the outside entity, and these letters ar e available for  r eview by our  inter nal and 

outside auditors.

The Pr esidents and Managing Dir ectors of our companies have the primar y

r es ponsi bility to devise, establish and maintain an effective system of inter nal 

accounting contr ols, and to demonstr ate that such contr ols have been appr aised and 

documented. Gener al guidelines r elating to this appr aisal f unction and 

documentation standards ar e available f r om the Vice Pr esident of Cor  por ate

Inter nal Audit.

Code of Business Conduct & Ethics for Members of The Board Of Dir ectors And 

Executive Off icers 

Responsibilities of Directors and Executive Officers 

The Board of Dir ectors of Johnson & Johnson has adopted this Code of Business 

Conduct & Ethics for the members of the Board of Dir ectors and the Executive

Off icers (as def ined under the r egulations of the Securities and Exchange

Commission) of the Company.

Each Dir ector and Executive Off icer  shall be r es ponsi ble for complying with this 

Code. Executive Off icers of the Company must comply with the Johnson &

Johnson Policy on Business Conduct also.

If any Dir ector or Executive Off icer believes that a pr ohi bited act under this Code

has occurr ed, then he or  she shall pr omptly r epor t such belief to the Chair man of 

the Board, the Pr esiding Dir ector and the Gener al Counsel. While this is the

 pr eferr ed r epor ting pr ocedur e, any Dir ector or Executive Off icer  should feel f r ee tor epor t any such alleged pr ohi bited act her eunder to the Chair man of the Audit

Committee or the Chair man of the Nominating & Cor  por ate Gover nance

Committee.

The Board (or, at the discr etion of the independent members of the Board, the

 Nominating & Cor  por ate Gover nance Committee) will r eview and investigate any

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such r epor ted pr ohi bited act, without the par tici pation of any Dir ector who may be

the su b ject of such r epor t. If the Board deter mines that any such act r epr esents a

violation under this Code, then appr opriate r emedial or  disci plinar y action will be

tak en. The Company will disclose any such violation and the r emedial or  

disci plinar y action tak en, to the extent r equir ed by the Feder al securities or other  

applicable laws. If the Board deter mines that any such act r epr esents a violation

under this Code, but does not believe that any r emedial or  disci plinar y action is 

necessar y or  desir able (or  if the Board agr ees to waive compliance with a pr ovision

of the Code on behalf of any Dir ector or Executive Off icer ), then the Company

shall pr omptly disclose the violation or waiver and the Board's r ationale for  its 

decision. Fur ther mor e, the Company shall also disclose if the Board fails to

investigate or tak e action within a r easonable period of time after  lear ning of any

such alleged pr ohi bited act under this Code.

All Dir ectors and Executive Off icers ar e ex pected to pr ovide f ull assistance and disclosur e to the Board, the Company and its inter nal and exter nal auditors in

connection with any r eview of compliance with this Code.

1. Conflicts of Interest 

Ever y Dir ector and Executive Off icer has a duty to avoid business, f inancial or  

other  dir ect or  indir ect inter ests or  r elationshi ps which conf lict with the inter ests of 

the Company or which divide his or her  loyalty to the Company. A conf lict or the

appear ance of a conf lict of inter est may arise in many ways. Each Dir ector and 

Executive Off icer must deal at ar m's length with the Company and should disclose

to the Chair man, Vice Chair man or Pr esiding Dir ector any conf lict or any

appear ance of a conf lict of inter est on his or her par t. Any activity which even

appears to pr esent such a conf lict must be avoided or ter minated unless, after  such

disclosur e to the Board, it is deter mined that the activity is not har mf ul to the

Company or other wise impr oper . The end r esult of the pr ocess of disclosur e, 

discussion and consultation may well be appr oval of cer tain r elationshi ps or  

tr ansactions on the gr ound that, des pite appear ances, they ar e not har mf ul to the

Company. But all conf licts and appear ances of conf licts of inter est ar e pr ohi bited, 

even if they do not har m the Company, unless they have gone thr ough this  pr ocess.

2. Conduct of Business and Fair Dealing 

 No Dir ector or Executive Off icer  shall: 

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y  compete with the Company by pr oviding ser vice to a competitor as an employee, 

off icer or  dir ector or  in a similar capacity;

y   pr of it, or assist others to pr of it, f r om conf idential infor mation or business 

oppor tunities that ar e available because of ser vice to the Company;

y  impr operly inf luence or attempt to inf luence any business tr ansaction between the

Company and another entity in which a Dir ector or Executive Off icer has a dir ect or  

indir ect f inancial inter est or acts as an employee, off icer or  dir ector or  in a similar  

capacity; or  

y  Tak e unfair advantage of any customer, su pplier, competitor or other person thr ough

mani pulation, concealment, misr epr esentation of material facts or other  unfair -

dealing pr actice.

3. Gifts 

 No Dir ector or Executive Off icer  shall solicit or accept gifts, payments, loans, 

ser vices or any for m of compensation f r om su ppliers, customers, competitors or  others seeking to do business with the Company. Social amenities customarily

associated with legitimate business r elationshi ps ar e per missi ble. These include the

usual for ms of enter tainment such as lunches or  dinners as well as occasional gifts 

of modest value. While it is diff icult to def ine "customar y," "modest" or "usual" by

stating a s pecif ic dollar amount, common sense should dictate what would be

consider ed extr avagant or excessive. If a disinter ested third par ty would be lik ely

to infer that it affected the  judgment of a Dir ector or Executive Off icer, then it is 

too much. All business dealings must be on ar m's-length ter ms and f r ee of any

favor able tr eatment r esulting f r om the personal inter est of our Dir ectors and 

Executive Off icers.

4. Compliance with Laws and Regulations

Consistent with our Cr edo and business philosophy, it is the policy of Johnson &

Johnson to comply with the laws of each countr y in which our companies do

 business. Each Dir ector and Executive Off icer  shall comply with all applicable

laws, rules and r egulations, and shall use all r easonable effor ts to oversee

compliance by employees, other Dir ectors and other Executive Off icers with all 

applicable laws, rules and r egulations.

5. Use of Non-Public Information and Disclosure 

A Dir ector or Executive Off icer who k nows impor tant infor mation about the

Company that has not been disclosed to the pu blic must k eep such infor mation

conf idential. It is a violation of United States law to pur chase or  sell Johnson &

Johnson stock on the basis of such impor tant non-pu blic infor mation. Dir ectors and 

Executive Off icers may not do so and may not pr ovide such infor mation to others 

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for that or any other pur  pose.

Dir ectors and Executive Off icers also may not buy or  sell securities of any other  

company using impor tant non-pu blic infor mation obtained in the per for mance of 

their  duties on behalf of the Company and may not pr ovide any such infor mation

so obtained to others.

Dir ectors and Executive Off icers shall maintain the conf identiality of any non-

 pu blic infor mation lear ned in the per for mance of their  duties on behalf of the

Company, except when disclosur e is authorized or  legally mandated.

6. Use of Company Funds, Assets and Information 

Each Dir ector and Executive Off icer  shall pr otect the Company's f unds, assets and 

infor mation and shall not use the Company f unds, assets or  infor mation to pursue

 personal oppor tunities or gain.

 No Company f unds, assets or  infor mation shall be used for any unlawf ul pur  pose.

 No undisclosed or  unr ecorded f und or asset shall be established for any pur  pose.

 No false or ar tif icial entries shall be made in the books and r ecords of the

Company for any r eason, and no Dir ector or Executive Off icer  shall engage in any

arr angement that r esults in such pr ohi bited act.

Certificate of Compliance with the Johnson & Johnson Code of Business

Conduct & Ethics for Members of the Board of Directors And Executive

Officers 

Each year each Executive Off icer and Dir ector must sign the following cer tif icate

of compliance with the Code of Business Conduct & Ethics for Members of the

Board of Dir ectors and Executive Off icers.