Share history

Novartis shares are listed in Switzerland on the SWX Swiss Exchange (‘‘SWX’’). The principal trading market for our shares is the virt-x, a virtual exchange created by, among others, the SWX. Prior to the creation of virt-x in June 2001, our shares were traded on the SWX. Since 1996, our shares have also been quoted on London’s SEAQ International.

American Depositary Shares (ADSs), each representing one share, have been available in the US through an American Depositary Receipts (ADR) program since December 1996. This program was established pursuant to a Deposit Agreement which we entered into with JPMorgan Chase & Co. as Depository (the ‘‘Deposit Agreement’’). Our ADSs have been listed on the NYSE since May 2000 and are traded under the symbol ‘‘NVS.’’

The table below shows the high and low closing prices, for the periods indicated, for Novartis shares traded in Switzerland and ADSs traded in the US. The share data reflect price and volume information from virt-x and SWX for trades completed by members of the virt-x (or SWX, as applicable) during the day as well as for inter-dealer trades completed off the virt-x (or SWX) and certain inter-dealer trades completed during trading on the previous business day. ADS information is from Bloomberg. The figures have been adjusted to reflect the 40-for-1 share split and diminution in nominal share value from CHF 20 to CHF 0.50 and the change in ADS-share ratio from 40-for-1 to 1-for-1 effective May 7, 2001. Each ADS now represents one share.

Fluctuations in the exchange rate between the Swiss franc and the US dollar will affect any comparisons of Swiss share prices and US ADS prices.

The average daily volumes traded on the virt-x for the years 2007, 2006 and 2005 were 13,059,367, 10,303,676 and 8,980,333 respectively. These numbers are based on total annual turnover statistics supplied by the virt-x via the Swiss Market Feed, which supplies such data to subscribers and to other information providers. The average daily volumes traded in the US for the years 2007, 2006 and 2005 were 2,071,834, 1,182,895 and 1,154,287 respectively.

The Depositary has informed us that as of January 23, 2008, there were 337,636,811 ADSs outstanding, each representing one Novartis share (approximately 14.6% of all outstanding and treasury shares). On January 23, 2008, the closing sales price per share on the virt-x was CHF 55.65 and per ADS on the NYSE was $51.66.