Management Presentation: Biosimilar Pipeline and Margin Improvement Strategy

Attractive market fundamentals | Leadership and scale | Multiple growth drivers Margin improvement | Attractive financial outlook Compelling sustainability story Maintaining optionality with strong balance sheet вод WW Financing at spin-off through bank loans Majority of bank loans expected to be refinanced in the capital markets Net debt to core EBITDA ratio in the range of 1.7-2.0x Targeting investment grade credit profile Note: For additional information regarding the core results, which are non-IFRS measures, see "Appendix" starting on slide 31 26 Management Presentation SANDOZ

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