JOHNSON & JOHNSON — Director's Dealing 2014

Nov 7, 2014

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: JOHNSON & JOHNSON (JNJ)
CIK: 0000200406
Period of Report: 2014-11-05

Reporting Person: COSGROVE STEPHEN J (Corporate Controller)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2014-11-05	Common Stock	M	2490.0000	$66.1800	Acquired	92784.0000	Direct
2014-11-05	Common Stock	S	2490.0000	$108.5516	Disposed	90294.0000	Direct

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2014-11-05	Employee Stock Options (Right to Buy)	$66.1800	M	2490.0000	Disposed	2015-02-13	Common Stock (2490.0000)	Direct

Holdings (Non-Derivative)

Security	Shares	Ownership
Common Stock	525.0000	Indirect
Common Stock	1594.0000	Indirect

Footnotes

F1: This transaction was executed in multiple trades at prices ranging from $108.5510 to $108.5550. The price reported above reflects the weighted average sale price. The reporting person hereby undertakes to provide, upon request, to the SEC staff, the issuer, or a security holder of the issuer full information regarding the number of shares and prices at which the transaction was effected.

F2: Includes shares accrued due to dividend reinvestment in the Johnson & Johnson Stock Fund under the Johnson & Johnson Savings Plan as of the Plan's most recent reporting date (10/31/2014).

F3: Shares held by ESOP under the Johnson & Johnson Savings Plan as of the Plan's most recent reporting date (10/31/2014).