JOHNSON & JOHNSON — Director's Dealing 2014

May 7, 2014

SEC Form 4 — Statement of Changes in Beneficial Ownership

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

Reporting Person: COSGROVE STEPHEN J (Corporate Controller)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2014-05-05	Common Stock	M	22000	$66.18	Acquired	112294	Direct
2014-05-05	Common Stock	S	22000	$100.05	Disposed	90294	Direct

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2014-05-05	Employee Stock Options (Right to Buy)	$66.18	M	22000	Disposed	2015-02-13	Common Stock (22000)	Direct

Holdings (Non-Derivative)

Security	Shares	Ownership
Common Stock	497	Indirect
Common Stock	1594	Indirect

Footnotes

F1: This transaction was executed in multiple trades at prices ranging from $100.04 to $100.06. 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: Shares held in the Johnson & Johnson Stock Fund under the Johnson & Johnson Savings Plan as of the Plan's most recent reporting date (4/30/2014).

F3: Shares held by ESOP under the Johnson & Johnson Savings Plan as of Plan's most recent reporting date (4/30/2014).

F4: Awarded under Issuer's Stock Option Plan and exercisable in full starting one day after the third anniversary of the grant.