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Novartis AGReimagining MedicineStrategy UpdateVas Narasimhan, CEOJ.P. Morgan Healthcare ConferenceJanuary 11, 2021

DisclaimerThis presentation contains forward-looking statements within the meaning of the United States Private Securities Litigation Reform Act of 1995 that can generally be identified bywords such as “potential,” “expected,” “will,” “planned,” “pipeline,” “outlook,” or similar expressions, or by express or implied discussions regarding potential new products, potentialnew indications for existing products, potential product launches, or regarding potential future revenues from any such products; or regarding the development or adoption ofpotentially transformational technologies, treatment modalities and business models; or regarding potential future, pending, announced or completed transactions; or regarding thepotential benefits from and impact of current and future productivity programs on our financial performance and results; or regarding potential future sales or earnings of the Group orany of its divisions, or potential shareholder returns; or by discussions of strategy, plans, expectations or intentions. You should not place undue reliance on these statements. Suchforward-looking statements are based on our current beliefs and expectations regarding future events, and are subject to significant known and unknown risks and uncertainties.Should one or more of these risks or uncertainties materialize, or should underlying assumptions prove incorrect, actual results may vary materially from those set forth in the forwardlooking statements. In particular, our expectations could be affected by, among other things: global trends toward health care cost containment, including ongoing government, payorand general public pricing and reimbursement pressures and requirements for increased pricing transparency; regulatory actions or delays or government regulation generally,including potential regulatory actions or delays with respect to the development of the products described in this presentation; the impact of the COVID-19 pandemic on enrollment in,initiation and completion of our clinical trials in the future, and research and development timelines, including regulatory approvals; the potential that the anticipated benefits from andimpact of current and future productivity programs on our business, including our financial performance and results, may not be realized or may be more difficult or take longer torealize than expected; the potential that the strategic benefits, synergies or opportunities expected from the transactions described may not be realized or may be more difficult ortake longer to realize than expected; dependence on third parties to fulfill manufacturing and supply obligations; the uncertainties involved in predicting shareholder returns; theuncertainties involved in the research and development of new healthcare products, including clinical trial results and additional analysis of existing clinical data; our ability to obtain ormaintain proprietary intellectual property protection; safety, quality, data integrity or manufacturing issues; uncertainties regarding actual or potential legal proceedings, investigationsor disputes; uncertainties involved in the development or adoption of potentially transformational technologies, treatment modalities and business models; our performance onenvironmental, social and governance measures; political, economic and trade conditions; uncertainties regarding future global exchange rates; general political, economic andbusiness conditions, including the effects of and efforts to mitigate pandemic diseases such as COVID-19; uncertainties regarding future demand for our products; uncertaintiesregarding potential significant breaches of data security or data privacy, or disruptions of our information technology systems; and other risks and factors referred to in Novartis AG’scurrent Form 20 F on file with the US Securities and Exchange Commission. Novartis is providing the information in this presentation as of this date and does not undertake anyobligation to update any forward-looking statements as a result of new information, future events or otherwise.2 J.P. Morgan Healthcare Conference January 11, 2021 Novartis Investor Presentation

We are transforming Novartis.Strategy set out in 2018.Our focus.is transforming NovartisOur five priorities100% focused as a medicines companyFocus ourcompanyand capitalUnleash thepower of certaingeographiesEmbraceoperationalexcellenceGo bigon dataand digitalRecord-high engagement scoreLeading pipeline, with 4 advanced therapy platformsAchieved USD 2bn cost savings over 2017-2020Strengthenour coreBuild trustwith societyEstablishing a leading digital and data science platformImproving ESG scores, sector-leader across 3 key indices3 J.P. Morgan Healthcare Conference January 11, 2021 Novartis Investor Presentation

.while delivering strong operational performance.2017% 2018growth (cc)2018% 2019growth (cc)2019% 9M 2020growth (cc)9M 202042.3 5%44.8 9%47.4 4%35.911.7 7%12.6 17%14.1 16%11.931.0% 1.0% pts32.0% 1.8% pts33.5% 2.7% pts36.3%3Continuing operations1Net salesUSD bn, growth cc2Core2 OpIncUSD bn, growth cc2InnovativeMedicinesCore2 margin%, growth cc21. Continuing operations excludes Alcon, includes the businesses of Innovative Medicines and Sandoz as well as the continuing corporate functions.3. Historically Q4 margin lower due to seasonality.4 J.P. Morgan Healthcare Conference January 11, 2021 Novartis Investor Presentation2. Constant currencies (cc) and core results are non-IFRS measures.

.and a robust response to the COVID-19 pandemicAssociatesPatients & HCPsSocietyTaking care of the health andsafety of our employees.whilst serving our keystakeholders.and playing a pivotal role insupporting the global response Job safety ‘Choice with responsibility’ Support productivity and wellbeing Patient-oriented digital solutions HCPs multi-channel engagements Business continuity in our operations Donations and access support Research and development External collaborations5 J.P. Morgan Healthcare Conference January 11, 2021 Novartis Investor Presentation

We have focused the company.Company 3RxCompany 6Other 200Bubble area 2019 total company revenueCompany 4SizeTODAYCompany 2END 2017Marketcap, bnCompany 1Company 10Company 7Company 11Company 8Company 5 200Company 9Company 12Company 14RxConglomerate 75%% of revenuesCompany 13Pure-play 75%Note: Companies grouped by strategic archetype, not strictly to scale. Source: Evaluate Pharma, S&P Capital IQ, Annual Reports. Revenues FY 2019, Market Caps as of Jan 1, 2020 except Company 2 (May 8, 2020).Rx Innovative medicines. Other vaccines, animal health, generics / biosimilars, consumer health, medical devices / diagnostics, revenues not attributable to a specific segment / TA and other revenues.6 J.P. Morgan Healthcare Conference January 11, 2021 Novartis Investor Presentation

.through a broad range of transactions and partnershipsSelected deals and total number1 2018-2020NIBRInnovativeMedicines 45Entresto JP 25Sandoz45Digital22DivestmentsOut-licensing 7 Consumer healthAdvanced Therapy Platform (Cell Therapy, Gene Therapy, RLT, RNA)1. For Sandoz Small Molecules, only deals 1m USD consideredAs of December, 2020 J.P. Morgan Healthcare Conference January 11, 2021 Novartis Investor Presentation88

Today, we present investors a differentiated profileDiversified across geographies and TAs, while providing exposure to cutting-edge platformsCompanyTop-selling drug Blockbusters% total net sales## of TAs1101010Company 1Company 2Company 3999Company 4Company 5Company 68Company 7666Company 8Company 9Company 1044Company 1133Company 12Company 13Company 918%922%639%4Advanced therapy platforms2Cell Gene RNA 1. Only TAs (Therapeutic Areas) with annual 3rd party sales USD 500m in 2019; TA definition as per Evaluate Pharma; manual adjustments to keep classification consistentvs. previous years. 2. Defined as net sales from one of the mentioned therapy platforms by 2025 according to Evaluate Pharma and publicly available pipeline information.Source: Evaluate Pharma 20208 J.P. Morgan Healthcare Conference January 11, 2021 Novartis Investor PresentationGeographical diversification% of total Rx sales RLTUSAsia, Africa, AustralasiaEUCanada & Latin Americaex-US

Unleash the power of our peopleSignificant progress to solidify our culture journey towards aninspired, curious and unbossed th & learning1Manager effectiveness28482807575Global benchmark: 7768Pharma benchmark: 7005/19 08/1911/1903/2005/2008/2011/20Rolled out new Values & Behaviors andEVOLVE performance managementsystem, incl. removing ratingsPharma benchmark: 7005/19 08/1911/1903/2005/2008/2011/20Coursera: 450k courses completed by 50k users in 2020, platform accessextended to over 10k family and friendsLaunched TEDxNovartisQ1 ’19 Q1 ’20Q4 ’20‘Unbossed Leadership Experience’ redesigned (virtual) and delivered to 5kleaders in the organizationScaling to all 22k people managersCulture Sense under finalization to track progress and establish the link between culture and performance1. Source: Quarterly Glint Engagement Survey Scores (out of 100).92. Source: Team Perspectives, December 2020, 67k participants. J.P. Morgan Healthcare Conference January 11, 2021 Novartis Investor Presentation

Deliver transformative innovationWe have a leading pipeline by key measuresScaleInnovationValue# of projects1116Estimated 2026 sales fromproducts launched 2020-20263Phase 1/220Advanced platformtherapies in clinicaldevelopment#2Replacement powerCompany A49Phase 3/Registration 90%Pipeline2 potentiallyfirst-in-class /first-in-indication 65NMEs 80%Target areas of highunmet need2Company BCompany CCompany DCompany ECompany FCompany GCompany HCompany I1. Including Global Health, excluding Sandoz. As of December, 2020. 2. Projects in confirmatory development. 3. Innovative Medicines product sales excl. Vaccines and LCM products (e.g. new formulations, combos with off-patentmolecules); compound-based analysis (Ph2 and 3) with additional indications allocated to 1st launch. Source: Novartis peer group analysis based on data from Evaluate Pharma (download from September 24, 2020).10 J.P. Morgan Healthcare Conference January 11, 2021 Novartis Investor Presentation

Deliver transformative innovationIn 2020 we advanced our innovation agendaMajor approvalsMajor submissionsSelected examplesSelected examples Leqvio (EU)Hyperlipidemia (EU)SMA IV (EU, JP) Kesimpta (EU, JP)RMS (US)wAMD (EU, JP) Entresto HFpEF (US)NSCLC (US, JP)Sickle cell disease (EU)Major readoutsSelected examplesAsthma (EU, JP)HR /HER2- aBC (EU)nr-axSpA (US, EU, JP)Pediatric PsO (EU)AS (CN)CRSwNP (US, EU) Beovu (DME) Jakavi (Chronic GvHD) Asciminib (CML) Iptacopan (PNH, C3G) (IA)11 J.P. Morgan Healthcare Conference January 11, 2021 Novartis Investor Presentation

Deliver transformative innovation2021 catalysts maintaining momentumPotential catalystsSelected examplesMajor approvalsLeqvio (US)HyperlipidemiaKesimpta (EU/JP)RMSEntresto (US)HFpEFEntresto (JP/CN)HTNAlpelisib (BYL719)PROSSabatolimab (MBG453)MDSJakavi Acute and chronic GvHD177Lu-PSMA-617mCRPCKymriah FL, r/r DLBCL 1st relapseAsciminib (ABL001)CMLCanakinumab3NSCLC 1L 2LEntresto Post-AMIBeovu DME177Lu-PSMA-617mCRPCKymriah r/r DLBCL 1st relapseKisqali Breast cancer (MONALEESA-2 OS)CanakinumabNSCLC 1L 2LEntresto Post-AMICosentyx HSSabatolimab (MBG453)MDSLigelizumab (QGE031)CSUMajor submissions1Major readouts2(pivotal)1. First submission in any market.122. Readouts enabling submission or label change.3. Depending on timing of final read-out submission may move to early 2022. J.P. Morgan Healthcare Conference January 11, 2021 Novartis Investor Presentation