Novartis Investor Presentation

15 New Novartis: Our strategy Our focus Core Therapeutic Areas Technology platforms Priority geographies > Capital allocation/structure Our priorities Conclusion Abbreviations Our strong capital structure supports flexibility for strategic investments and distributions Our strong capital structure positions us well within our peer group .. Credit rating positioning and the current low leverage provides flexibility for further capital allocation Q2 2022 leverage (net debt / EBITDA) Aaa MOODY'S Aa1 Aa2 Aa3 A1 A2 A3 Baa1 Baa2 Novartis S&P Global Ratings Peers Novartis 0.4 -0.1 0.7 0.7 4. Capital allocation / structure 3.5 2.5 2.3 2.1 1.6 1.6 1.5 1.2 1.0 I 0.9 Вааз BBB- BBB BBB+ A- A A+ AA- AA AA+ AAA Average 1.4 Strong FCF generation coupled with strong balance sheet / low leverage provide flexibility for future value-creating bolt-on M&A or further shareholder distributions Source: Bloomberg; ratings as of September 16, 2022; leverage calculated with net debt (gross debt incl. lease liabilities minus total liquidity) and trailing 12-month EBITDA Novartis Investor Presentation | September 22, 2022 1 | NOVARTIS | Reimagining Medicine

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