<SEC-DOCUMENT>0001104659-25-107058.txt : 20251105
<SEC-HEADER>0001104659-25-107058.hdr.sgml : 20251105
<ACCEPTANCE-DATETIME>20251105163323
ACCESSION NUMBER:		0001104659-25-107058
CONFORMED SUBMISSION TYPE:	6-K
PUBLIC DOCUMENT COUNT:		15
CONFORMED PERIOD OF REPORT:	20251105
FILED AS OF DATE:		20251105
DATE AS OF CHANGE:		20251105

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			NOVARTIS AG
		CENTRAL INDEX KEY:			0001114448
		STANDARD INDUSTRIAL CLASSIFICATION:	PHARMACEUTICAL PREPARATIONS [2834]
		ORGANIZATION NAME:           	03 Life Sciences
		EIN:				000000000
		STATE OF INCORPORATION:			V8
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		6-K
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-15024
		FILM NUMBER:		251454615

	BUSINESS ADDRESS:	
		STREET 1:		LICHTSTRASSE 35
		CITY:			BASEL
		STATE:			V8
		ZIP:			CH 4056
		BUSINESS PHONE:		01141613241111

	MAIL ADDRESS:	
		STREET 1:		LICHTSTRASSE 35
		CITY:			BASEL
		STATE:			V8
		ZIP:			CH 4056
</SEC-HEADER>
<DOCUMENT>
<TYPE>6-K
<SEQUENCE>1
<FILENAME>tm2529850d5_6k.htm
<DESCRIPTION>FORM 6-K
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<P STYLE="margin: 0">&nbsp;</P>

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<P STYLE="font: 14pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>UNITED STATES<BR>
SECURITIES AND EXCHANGE COMMISSION</B></P>

<P STYLE="font: 13pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Washington, D.C. 20549</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 18pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Form&nbsp;6-K</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>REPORT OF FOREIGN PRIVATE ISSUER<BR>
PURSUANT TO RULE 13a-16 or 15d-16 UNDER<BR>
THE SECURITIES EXCHANGE ACT OF 1934</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Report on Form&nbsp;6-K dated November&nbsp;5,
2025<BR>
(Commission File No.&nbsp;1-15024)</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 14pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Novartis AG</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">(Name of Registrant)</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Lichtstrasse 35</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>4056 Basel<BR>
Switzerland</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">(Address of Principal Executive Offices)</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Indicate by check mark whether the registrant files or will file annual
reports under cover of Form&nbsp;20-F or Form&nbsp;40-F:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>Form&nbsp;20-F:
</B></FONT><FONT STYLE="font-family: Wingdings">&#120;</FONT> <FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;Form&nbsp;40-F:
</FONT><FONT STYLE="font-family: Wingdings">&#168;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">EXPLANATORY NOTE</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">In connection with the issuance by Novartis Capital Corporation of
$800,000,000 aggregate principal amount of Floating Rate Notes due 2028 (the &ldquo;Floating Rate Notes&rdquo;), $700,000,000 aggregate
principal amount of 3.900% Notes due 2028 (the &ldquo;2028 Notes&rdquo;), $1,750,000,000 aggregate principal amount of 4.100% Notes due
2030 (the &ldquo;2030 Notes&rdquo;), $925,000,000 aggregate principal amount of 4.300% Notes due 2032 (the &ldquo;2032 Notes&rdquo;),
$925,000,000 aggregate principal amount of 4.600% Notes due 2035 (the &ldquo;2035 Notes&rdquo;), $350,000,000 aggregate principal amount
of 5.200% Notes due 2045 (the &ldquo;2045 Notes&rdquo;) and $550,000,000 aggregate principal amount of 5.300% due 2055 (the &ldquo;2055
Notes&rdquo;), Novartis AG is filing the following documents solely for incorporation into the Registration Statement on Form&nbsp;F-3
(File Nos. 333-282133 and 333-282133-01).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Exhibits:</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: center; width: 6%"><A HREF="tm2529850d5_ex1-1.htm" STYLE="-sec-extract: exhibit"><FONT STYLE="font-family: Times New Roman, Times, Serif">1.1</FONT></A></TD>
    <TD STYLE="width: 94%"><A HREF="tm2529850d5_ex1-1.htm" STYLE="-sec-extract: exhibit"><FONT STYLE="font-family: Times New Roman, Times, Serif">Terms Agreement, dated November&nbsp;3, 2025, among Novartis AG, Novartis Capital Corporation and BofA Securities,&nbsp;Inc., HSBC Securities (USA) Inc. and J.P. Morgan Securities LLC, as representatives of the several underwriters named therein</FONT></A></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: center"><A HREF="tm2529850d5_ex4-1.htm" STYLE="-sec-extract: exhibit"><FONT STYLE="font-family: Times New Roman, Times, Serif">4.1</FONT></A></TD>
    <TD><A HREF="tm2529850d5_ex4-1.htm" STYLE="-sec-extract: exhibit"><FONT STYLE="font-family: Times New Roman, Times, Serif">Form&nbsp;of Guaranteed Debt Security for the Floating Rate Notes</FONT></A></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: center"><A HREF="tm2529850d5_ex4-2.htm" STYLE="-sec-extract: exhibit"><FONT STYLE="font-family: Times New Roman, Times, Serif">4.2</FONT></A></TD>
    <TD><A HREF="tm2529850d5_ex4-2.htm" STYLE="-sec-extract: exhibit"><FONT STYLE="font-family: Times New Roman, Times, Serif">Form&nbsp;of Guaranteed Debt Security for the 2028 Notes </FONT></A></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: center"><A HREF="tm2529850d5_ex4-3.htm" STYLE="-sec-extract: exhibit"><FONT STYLE="font-family: Times New Roman, Times, Serif">4.3</FONT></A></TD>
    <TD><A HREF="tm2529850d5_ex4-3.htm" STYLE="-sec-extract: exhibit"><FONT STYLE="font-family: Times New Roman, Times, Serif">Form&nbsp;of Guaranteed Debt Security for the 2030 Notes</FONT></A></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: center"><A HREF="tm2529850d5_ex4-4.htm" STYLE="-sec-extract: exhibit"><FONT STYLE="font-family: Times New Roman, Times, Serif">4.4</FONT></A></TD>
    <TD><A HREF="tm2529850d5_ex4-4.htm" STYLE="-sec-extract: exhibit"><FONT STYLE="font-family: Times New Roman, Times, Serif">Form&nbsp;of Guaranteed Debt Security for the 2032 Notes </FONT></A></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: center"><A HREF="tm2529850d5_ex4-5.htm" STYLE="-sec-extract: exhibit"><FONT STYLE="font-family: Times New Roman, Times, Serif">4.5</FONT></A></TD>
    <TD><A HREF="tm2529850d5_ex4-5.htm" STYLE="-sec-extract: exhibit"><FONT STYLE="font-family: Times New Roman, Times, Serif">Form&nbsp;of Guaranteed Debt Security for the 2035 Notes </FONT></A></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: center"><A HREF="tm2529850d5_ex4-6.htm" STYLE="-sec-extract: exhibit"><FONT STYLE="font-family: Times New Roman, Times, Serif">4.6</FONT></A></TD>
    <TD><A HREF="tm2529850d5_ex4-6.htm" STYLE="-sec-extract: exhibit"><FONT STYLE="font-family: Times New Roman, Times, Serif">Form&nbsp;of Guaranteed Debt Security for the 2045 Notes </FONT></A></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: center"><A HREF="tm2529850d5_ex4-7.htm" STYLE="-sec-extract: exhibit"><FONT STYLE="font-family: Times New Roman, Times, Serif">4.7</FONT></A></TD>
    <TD><A HREF="tm2529850d5_ex4-7.htm" STYLE="-sec-extract: exhibit"><FONT STYLE="font-family: Times New Roman, Times, Serif">Form&nbsp;of Guaranteed Debt Security for the 2055 Notes </FONT></A></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: center"><A HREF="tm2529850d5_ex4-8.htm" STYLE="-sec-extract: exhibit"><FONT STYLE="font-family: Times New Roman, Times, Serif">4.8</FONT></A></TD>
    <TD><A HREF="tm2529850d5_ex4-8.htm" STYLE="-sec-extract: exhibit"><FONT STYLE="font-family: Times New Roman, Times, Serif">Officer&rsquo;s Certificate of Novartis Capital Corporation</FONT></A></TD></TR>
  <TR>
    <TD STYLE="text-align: center; vertical-align: top"><A HREF="tm2529850d5_ex5-1.htm" STYLE="-sec-extract: exhibit"><FONT STYLE="font-family: Times New Roman, Times, Serif">5.1</FONT></A></TD>
    <TD><A HREF="tm2529850d5_ex5-1.htm" STYLE="-sec-extract: exhibit"><FONT STYLE="font-family: Times New Roman, Times, Serif">Opinion of Davis Polk&nbsp;&amp; Wardwell LLP, special U.S. counsel to Novartis AG and Novartis Capital Corporation</FONT></A></TD></TR>
  <TR>
    <TD STYLE="text-align: center; vertical-align: top"><A HREF="tm2529850d5_ex5-2.htm" STYLE="-sec-extract: exhibit"><FONT STYLE="font-family: Times New Roman, Times, Serif">5.2</FONT></A></TD>
    <TD><A HREF="tm2529850d5_ex5-2.htm" STYLE="-sec-extract: exhibit"><FONT STYLE="font-family: Times New Roman, Times, Serif">Opinion of Advestra AG, special Swiss counsel to Novartis AG </FONT></A></TD></TR>
  <TR>
    <TD STYLE="text-align: center; vertical-align: top"><A HREF="tm2529850d5_ex5-1.htm" STYLE="-sec-extract: exhibit"><FONT STYLE="font-family: Times New Roman, Times, Serif">23.1</FONT></A></TD>
    <TD><A HREF="tm2529850d5_ex5-1.htm" STYLE="-sec-extract: exhibit"><FONT STYLE="font-family: Times New Roman, Times, Serif">Consent of Davis Polk&nbsp;&amp; Wardwell LLP (included in Exhibit&nbsp;5.1)</FONT></A></TD></TR>
  <TR>
    <TD STYLE="text-align: center; vertical-align: top"><A HREF="tm2529850d5_ex5-2.htm" STYLE="-sec-extract: exhibit"><FONT STYLE="font-family: Times New Roman, Times, Serif">23.2</FONT></A></TD>
    <TD><A HREF="tm2529850d5_ex5-2.htm" STYLE="-sec-extract: exhibit"><FONT STYLE="font-family: Times New Roman, Times, Serif">Consent of Advestra AG (included in Exhibit&nbsp;5.2)</FONT></A></TD></TR>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>SIGNATURES</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">Pursuant to the requirements of the Securities
Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

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    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">Date:&nbsp;&nbsp;November&nbsp;5, 2025</FONT></TD>
    <TD COLSPAN="3"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>Novartis AG</B></FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="3">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">By:</FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif">/s/ Daniel Weiss</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 50%">&nbsp;</TD>
    <TD STYLE="width: 3%">&nbsp;</TD>
    <TD STYLE="width: 5%"><FONT STYLE="font-family: Times New Roman, Times, Serif">Name:</FONT></TD>
    <TD STYLE="width: 42%"><FONT STYLE="font-family: Times New Roman, Times, Serif">Daniel Weiss</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">Title:</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">Authorized Signatory </FONT></TD></TR>
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<TYPE>EX-1.1
<SEQUENCE>2
<FILENAME>tm2529850d5_ex1-1.htm
<DESCRIPTION>EXHIBIT 1.1
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<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right"><FONT><B>Exhibit&nbsp;1.1</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B><U>Terms Agreement</U></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">BofA Securities,&nbsp;Inc.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">One Bryant Park</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">New York, NY 10036</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">HSBC Securities (USA) Inc.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">66 Hudson Boulevard</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">New York, NY 10001</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">J.P. Morgan Securities LLC</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">270 Park Ave</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">New York, NY 10017</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">As Representatives of the several Underwriters named in Schedule I
hereto</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">November&nbsp;3, 2025</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Ladies and Gentlemen:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">Novartis Capital Corporation (the &ldquo;<B>Issuer</B>&rdquo;)
proposes, subject to the terms and conditions stated in this Terms Agreement (this &ldquo;<B>Agreement</B>&rdquo;) and in the Underwriting
Agreement Standard Provisions, a copy of which is attached hereto as Annex A (the &ldquo;<B>Underwriting Agreement</B>&rdquo;), to issue
and sell to the Underwriters named in Schedule I hereto (the &ldquo;<B>Underwriters</B>&rdquo;) the Debt Securities specified in Schedule
II hereto (the &ldquo;<B>Designated Debt Securities</B>&rdquo;). The Designated Debt Securities will be fully and unconditionally guaranteed
by Novartis AG (the &ldquo;<B>Guarantor</B>&rdquo;) as to payment of principal and interest (the &ldquo;<B>Designated Guarantees</B>&rdquo;
and, together with the Designated Debt Securities, the &ldquo;<B>Designated Securities</B>&rdquo;). Each of the provisions of the Underwriting
Agreement is incorporated herein by reference in its entirety, and shall be deemed to be a part of this Agreement to the same extent as
if such provisions had been set forth in full herein; and each of the representations and warranties set forth therein, as modified by
this Agreement, shall be deemed to have been made at and as of the date of this Agreement, provided that each representation and warranty
which refers to the Basic Prospectus, Pricing Disclosure Package or the Prospectus in Section&nbsp;2 of the Underwriting Agreement shall
be deemed to be a representation or warranty only as of the date of this Agreement in relation to the Basic Prospectus, Pricing Disclosure
Package or the Prospectus, as amended or supplemented, relating to the Designated Securities which are the subject of this Agreement.
Each reference to the Representatives herein and in the provisions of the Underwriting Agreement so incorporated by reference shall be
deemed to refer to you. Unless otherwise defined herein, terms defined in the Underwriting Agreement are used herein as therein defined.
The Representatives designated to act on behalf of each of the Underwriters of the Designated Securities pursuant to Section&nbsp;14 of
the Underwriting Agreement and the address of the Representatives referred to in such Section&nbsp;14 are set forth at the end of Schedule
II hereto. Schedule III sets forth each Issuer Free Writing Prospectus that is part of the Pricing Disclosure Package and any additional
documents incorporated by reference into the Pricing Disclosure Package that were filed with the Commission subsequent to the Commission&rsquo;s
close of business on the business day immediately prior to the date of this Agreement. Schedule IV sets forth all documents that the Issuer,
the Guarantor and the Representatives agree are to be included in the Pricing Disclosure Package. The final term sheets prepared in accordance
with Section&nbsp;5(a)&nbsp;of the Underwriting Agreement are attached hereto as Schedule V.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify">The &ldquo;<B>Applicable Time</B>&rdquo;
means 4:00 p.m.&nbsp;New York time on the date hereof.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">An amendment of the Registration Statement, or a
supplement to the Basic Prospectus, as the case may be, relating to the Designated Securities, in the form heretofore delivered to you
is now proposed to be filed with the Commission.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">Subject to the terms and conditions set forth herein
and in the Underwriting Agreement incorporated herein by reference, the Issuer agrees to issue and sell to each of the Underwriters, and
each of the Underwriters agrees, severally and not jointly, to purchase from the Issuer, at the time and place and at the purchase price
to the Underwriters set forth in Schedule II hereto, the principal amount of Designated Debt Securities set forth opposite the name of
such Underwriter in Schedule I hereto.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">All statements, requests, notices and agreements hereunder shall be
in writing, and if to the Underwriters shall be delivered or sent by mail, electronic mail or facsimile transmission to BofA Securities,&nbsp;Inc.,
114 West 47th Street, NY8-114-07-01, New York, NY 10036, Attention: High Grade Transaction Management/Legal, Tel: +1 (646) 855-0724; HSBC
Securities (USA) Inc., 66 Hudson Boulevard, New York, NY 10001, Attention: DCM Legal Americas, Email: tmg.americas@us.hsbc.com; J.P. Morgan
Securities LLC, 270 Park Avenue, New York, NY 10017, Attention: Investment Grade Syndicate Desk, Fax: (212) 834-6081; and if to the Issuer
or the Guarantor shall be delivered or sent by mail or facsimile transmission to Novartis AG, Lichtstrasse 35, CH-4056 Basel, Switzerland,
Attention: Karen L. Hale, Chief Legal&nbsp;&amp; Compliance Officer and Laurent Sigismondi, Global Head Legal Corporate Functions, Tel:
+41 79 758 5283, or such other address as the Issuer or the Guarantor shall notify in writing to the Representatives; <U>provided</U>,
<U>however</U>, that any notice to an Underwriter of Designated Securities pursuant to Section&nbsp;9(c)&nbsp;of the Underwriting Agreement
shall be delivered or sent to such Underwriter at its address set forth in its Underwriters&rsquo; Questionnaire, which address will be
supplied to the Issuer or the Guarantor by the Representatives upon request. Any such statements, requests, notices or agreements shall
take effect upon receipt thereof.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">If the foregoing is in accordance with your understanding,
please sign and return to us five (5)<B>&nbsp;</B>counterparts hereof, and upon acceptance hereof by you, on behalf of each of the Underwriters,
this letter and such acceptance hereof, including the provisions of the Underwriting Agreement incorporated herein by reference, shall
constitute a binding agreement between each of the Underwriters, the Issuer and the Guarantor. It is understood that your acceptance of
this letter on behalf of each of the Underwriters is or will be pursuant to the authority set forth in a form of Agreement among Underwriters,
the form of which shall be submitted to the Issuer and the Guarantor for examination upon request, but without warranty on the part of
the Representatives as to the authority of the signers thereof.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">This Agreement may be executed by any one or more
of the parties hereto and thereto in any number of counterparts, each of which shall be deemed to be an original, but all such respective
counterparts shall together constitute one and the same instrument. Delivery of this Agreement by one party to any other party may be
made by facsimile, electronic mail (including any electronic signature complying with the New York Electronic Signatures and Records Act
(N.Y. State Tech. &sect;&sect; 301-309), as amended from time to time, or other applicable law) or other transmission method, and the
parties hereto agree that any counterpart so delivered shall be deemed to have been duly and validly delivered and be valid and effective
for all purposes.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">[<I>Signature Page&nbsp;Follows</I>]</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD>&nbsp;</TD><TD COLSPAN="2">Very truly yours,</TD></TR>
                                                                                                                                          <TR STYLE="vertical-align: top">
<TD>&nbsp;</TD><TD COLSPAN="2">&nbsp;</TD></TR>
                                                                                                                                          <TR STYLE="vertical-align: top">
<TD>&nbsp;</TD><TD COLSPAN="2"><B>NOVARTIS CAPITAL CORPORATION</B></TD></TR>
                                                                                                                                          <TR STYLE="vertical-align: top">
<TD>&nbsp;</TD><TD>&nbsp;</TD><TD>&nbsp;</TD></TR>
                                                                                                                                          <TR STYLE="vertical-align: top">
<TD STYLE="width: 50%"></TD><TD STYLE="width: 3%">By:</TD><TD STYLE="border-bottom: Black 1pt solid; width: 47%">/s/ Eduard Marti</TD></TR><TR STYLE="vertical-align: top">
<TD>&nbsp;</TD><TD>&nbsp;</TD><TD>Name: Eduard Marti</TD></TR>
                                               <TR STYLE="vertical-align: top">
<TD>&nbsp;</TD><TD>&nbsp;</TD><TD>Title: President&nbsp;&amp; Treasurer</TD></TR>
                                               </TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD>&nbsp;</TD><TD COLSPAN="2"><B>NOVARTIS AG</B></TD></TR>
                                                                                                                                          <TR STYLE="vertical-align: top">
<TD>&nbsp;</TD><TD>&nbsp;</TD><TD>&nbsp;</TD></TR>
                                                                                                                                          <TR STYLE="vertical-align: top">
<TD STYLE="width: 50%"></TD><TD STYLE="width: 3%">By:</TD><TD STYLE="border-bottom: Black 1pt solid; width: 47%">/s/ Daniel Weiss</TD></TR><TR STYLE="vertical-align: top">
<TD>&nbsp;</TD><TD>&nbsp;</TD><TD>Name: Daniel Weiss</TD></TR>
                                     <TR STYLE="vertical-align: top">
<TD>&nbsp;</TD><TD>&nbsp;</TD><TD>Title: Authorized Signatory</TD></TR>
                                     </TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 50%"></TD><TD STYLE="width: 3%">By:</TD><TD STYLE="border-bottom: Black 1pt solid; width: 47%">/s/ Laurent Sigismondi</TD></TR><TR STYLE="vertical-align: top">
<TD>&nbsp;</TD><TD>&nbsp;</TD><TD>Name: Laurent Sigismondi</TD></TR>
                                     <TR STYLE="vertical-align: top">
<TD>&nbsp;</TD><TD>&nbsp;</TD><TD>Title: Authorized Signatory</TD></TR>
                                     </TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: -0.5in">Accepted as of the date hereof:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: -0.5in">By each of the Representatives</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: -0.5in"><B>BofA SECURITIES,&nbsp;INC.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 3%">By:</TD><TD STYLE="border-bottom: Black 1pt solid; width: 47%">/s/ Randolph B. Randolph</TD>
    <TD STYLE="width: 50%">&nbsp;</TD></TR><TR STYLE="vertical-align: top">
<TD>&nbsp;</TD><TD>Name: Randolph B. Randolph</TD>
    <TD>&nbsp;</TD></TR>
                                  <TR STYLE="vertical-align: top">
<TD>&nbsp;</TD><TD>Title: Managing Director</TD>
    <TD>&nbsp;</TD></TR>
                                  </TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: -0.5in"><B>HSBC SECURITIES (USA) INC.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 3%">By:</TD><TD STYLE="border-bottom: Black 1pt solid; width: 47%">/s/ Patrice Altongy</TD>
    <TD STYLE="width: 50%">&nbsp;</TD></TR><TR STYLE="vertical-align: top">
<TD>&nbsp;</TD><TD>Name: Patrice Altongy</TD>
    <TD>&nbsp;</TD></TR>
                                  <TR STYLE="vertical-align: top">
<TD>&nbsp;</TD><TD>Title: Managing Director</TD>
    <TD>&nbsp;</TD></TR>
                                  </TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: -0.5in"><B>J.P. MORGAN SECURITIES LLC</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 2%">By:</TD><TD STYLE="border-bottom: Black 1pt solid; width: 48%">/s/ Som Bhattacharyya</TD>
    <TD STYLE="width: 50%">&nbsp;</TD></TR><TR STYLE="vertical-align: top">
<TD>&nbsp;</TD><TD>Name: Som Bhattacharyya</TD>
    <TD>&nbsp;</TD></TR>
                                   <TR STYLE="vertical-align: top">
<TD>&nbsp;</TD><TD>Title: Executive Director</TD>
    <TD>&nbsp;</TD></TR>
                                   </TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: center; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><B>SCHEDULE I</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; font: bold 10pt Times New Roman, Times, Serif; border-bottom: Black 1pt solid">Underwriter</TD><TD STYLE="white-space: nowrap; font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; font: bold 10pt Times New Roman, Times, Serif; text-align: center; border-bottom: Black 1pt solid">2028 Notes</TD><TD STYLE="white-space: nowrap; padding-bottom: 1pt; font: bold 10pt Times New Roman, Times, Serif">&nbsp;</TD><TD STYLE="white-space: nowrap; font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; font: bold 10pt Times New Roman, Times, Serif; text-align: center; border-bottom: Black 1pt solid">2030 Notes</TD><TD STYLE="white-space: nowrap; padding-bottom: 1pt; font: bold 10pt Times New Roman, Times, Serif">&nbsp;</TD><TD STYLE="white-space: nowrap; font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; font: bold 10pt Times New Roman, Times, Serif; text-align: center; border-bottom: Black 1pt solid">2032 Notes</TD><TD STYLE="white-space: nowrap; padding-bottom: 1pt; font: bold 10pt Times New Roman, Times, Serif">&nbsp;</TD><TD STYLE="white-space: nowrap; font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; font: bold 10pt Times New Roman, Times, Serif; text-align: center; border-bottom: Black 1pt solid">2035 Notes</TD><TD STYLE="white-space: nowrap; padding-bottom: 1pt; font: bold 10pt Times New Roman, Times, Serif">&nbsp;</TD><TD STYLE="white-space: nowrap; font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; font: bold 10pt Times New Roman, Times, Serif; text-align: center; border-bottom: Black 1pt solid">2045 Notes</TD><TD STYLE="white-space: nowrap; padding-bottom: 1pt; font: bold 10pt Times New Roman, Times, Serif">&nbsp;</TD><TD STYLE="white-space: nowrap; font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; font: bold 10pt Times New Roman, Times, Serif; text-align: center; border-bottom: Black 1pt solid">2055 Notes</TD><TD STYLE="white-space: nowrap; padding-bottom: 1pt; font: bold 10pt Times New Roman, Times, Serif">&nbsp;</TD><TD STYLE="white-space: nowrap; font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; font: bold 10pt Times New Roman, Times, Serif; text-align: center; border-bottom: Black 1pt solid">Floating <BR> Rate Notes</TD><TD STYLE="white-space: nowrap; padding-bottom: 1pt; font: bold 10pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="width: 23%; font-size: 10pt; text-align: left">BofA Securities,&nbsp;Inc.</TD><TD STYLE="width: 1%; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 10pt; text-align: left">$</TD><TD STYLE="width: 8%; font-size: 10pt; text-align: right">156,333,000</TD><TD STYLE="width: 1%; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="width: 1%; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 10pt; text-align: left">$</TD><TD STYLE="width: 8%; font-size: 10pt; text-align: right">390,833,000</TD><TD STYLE="width: 1%; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="width: 1%; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 10pt; text-align: left">$</TD><TD STYLE="width: 8%; font-size: 10pt; text-align: right">206,583,000</TD><TD STYLE="width: 1%; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="width: 1%; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 10pt; text-align: left">$</TD><TD STYLE="width: 8%; font-size: 10pt; text-align: right">206,583,000</TD><TD STYLE="width: 1%; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="width: 1%; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 10pt; text-align: left">$</TD><TD STYLE="width: 8%; font-size: 10pt; text-align: right">78,167,000</TD><TD STYLE="width: 1%; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="width: 1%; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 10pt; text-align: left">$</TD><TD STYLE="width: 8%; font-size: 10pt; text-align: right">122,833,000</TD><TD STYLE="width: 1%; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="width: 1%; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 10pt; text-align: left">$</TD><TD STYLE="width: 8%; font-size: 10pt; text-align: right">178,666,000</TD><TD STYLE="width: 1%; font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; text-align: left">HSBC Securities (USA) Inc.</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">$</TD><TD STYLE="font-size: 10pt; text-align: right">156,333,000</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">$</TD><TD STYLE="font-size: 10pt; text-align: right">390,833,000</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">$</TD><TD STYLE="font-size: 10pt; text-align: right">206,583,000</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">$</TD><TD STYLE="font-size: 10pt; text-align: right">206,583,000</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">$</TD><TD STYLE="font-size: 10pt; text-align: right">78,166,000</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">$</TD><TD STYLE="font-size: 10pt; text-align: right">122,833,000</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">$</TD><TD STYLE="font-size: 10pt; text-align: right">178,666,000</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 10pt; text-align: left">J.P. Morgan Securities LLC</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">$</TD><TD STYLE="font-size: 10pt; text-align: right">156,334,000</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">$</TD><TD STYLE="font-size: 10pt; text-align: right">390,834,000</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">$</TD><TD STYLE="font-size: 10pt; text-align: right">206,584,000</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">$</TD><TD STYLE="font-size: 10pt; text-align: right">206,584,000</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">$</TD><TD STYLE="font-size: 10pt; text-align: right">78,167,000</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">$</TD><TD STYLE="font-size: 10pt; text-align: right">122,834,000</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">$</TD><TD STYLE="font-size: 10pt; text-align: right">178,668,000</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; text-align: left">BNP Paribas Securities Corp.</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">$</TD><TD STYLE="font-size: 10pt; text-align: right">58,100,000</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">$</TD><TD STYLE="font-size: 10pt; text-align: right">145,250,000</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">$</TD><TD STYLE="font-size: 10pt; text-align: right">76,775,000</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">$</TD><TD STYLE="font-size: 10pt; text-align: right">76,775,000</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">$</TD><TD STYLE="font-size: 10pt; text-align: right">29,050,000</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">$</TD><TD STYLE="font-size: 10pt; text-align: right">45,650,000</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">$</TD><TD STYLE="font-size: 10pt; text-align: right">66,400,000</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 10pt; text-align: left">Deutsche Bank Securities Inc.</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">$</TD><TD STYLE="font-size: 10pt; text-align: right">58,100,000</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">$</TD><TD STYLE="font-size: 10pt; text-align: right">145,250,000</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">$</TD><TD STYLE="font-size: 10pt; text-align: right">76,775,000</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">$</TD><TD STYLE="font-size: 10pt; text-align: right">76,775,000</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">$</TD><TD STYLE="font-size: 10pt; text-align: right">29,050,000</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">$</TD><TD STYLE="font-size: 10pt; text-align: right">45,650,000</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">$</TD><TD STYLE="font-size: 10pt; text-align: right">66,400,000</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; text-align: left">SG Americas Securities, LLC</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">$</TD><TD STYLE="font-size: 10pt; text-align: right">58,100,000</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">$</TD><TD STYLE="font-size: 10pt; text-align: right">145,250,000</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">$</TD><TD STYLE="font-size: 10pt; text-align: right">76,775,000</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">$</TD><TD STYLE="font-size: 10pt; text-align: right">76,775,000</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">$</TD><TD STYLE="font-size: 10pt; text-align: right">29,050,000</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">$</TD><TD STYLE="font-size: 10pt; text-align: right">45,650,000</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">$</TD><TD STYLE="font-size: 10pt; text-align: right">66,400,000</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 10pt; text-align: left">Citigroup Global Markets Inc.</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">$</TD><TD STYLE="font-size: 10pt; text-align: right">28,350,000</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">$</TD><TD STYLE="font-size: 10pt; text-align: right">70,875,000</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">$</TD><TD STYLE="font-size: 10pt; text-align: right">37,463,000</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">$</TD><TD STYLE="font-size: 10pt; text-align: right">37,463,000</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">$</TD><TD STYLE="font-size: 10pt; text-align: right">14,175,000</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">$</TD><TD STYLE="font-size: 10pt; text-align: right">22,275,000</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">$</TD><TD STYLE="font-size: 10pt; text-align: right">32,400,000</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: left">Mizuho Securities USA LLC</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">$</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">28,350,000</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">$</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">70,875,000</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">$</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">37,462,000</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">$</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">37,462,000</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">$</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">14,175,000</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">$</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">22,275,000</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">$</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">32,400,000</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: right; padding-bottom: 2.5pt">Total</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: right">700,000,000</TD><TD STYLE="padding-bottom: 2.5pt; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: right">1,750,000,000</TD><TD STYLE="padding-bottom: 2.5pt; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: right">925,000,000</TD><TD STYLE="padding-bottom: 2.5pt; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: right">925,000,000</TD><TD STYLE="padding-bottom: 2.5pt; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: right">350,000,000</TD><TD STYLE="padding-bottom: 2.5pt; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: right">550,000,000</TD><TD STYLE="padding-bottom: 2.5pt; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: right">800,000,000</TD><TD STYLE="padding-bottom: 2.5pt; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD></TR>
  </TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>SCHEDULE II</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Title of Designated Debt Securities</B>:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in">3.900% Notes due 2028 issued by Novartis Capital Corporation
(the &ldquo;<B>2028 Notes</B>&rdquo;)</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in">4.100% Notes due 2030 issued by Novartis Capital Corporation
(the &ldquo;<B>2030 Notes</B>&rdquo;)</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in">4.300% Notes due 2032 issued by Novartis Capital Corporation
(the &ldquo;<B>2032 Notes</B>&rdquo;)</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in">4.600% Notes due 2035 issued by Novartis Capital Corporation
(the &ldquo;<B>2035 Notes</B>&rdquo;)</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in">5.200% Notes due 2045 issued by Novartis Capital Corporation
(the &ldquo;<B>2045 Notes</B>&rdquo;)</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in">5.300% Notes due 2055 issued by Novartis Capital Corporation
(the &ldquo;<B>2055 Notes</B>&rdquo; and collectively with the 2028 Notes, the 2030 Notes, the 2032 Notes, the 2035 Notes and the 2045
Notes the &ldquo;<B>Fixed Rate Securities</B>&rdquo;)</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in">Floating Rate Notes due 2028 issued by Novartis Capital
Corporation (the &ldquo;<B>Floating Rate Notes</B>&rdquo; and together with the Fixed Rate Securities, the &quot;<B>Designated Debt Securities</B>&quot;)</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Aggregate principal amount</B>:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in">$700,000,000 aggregate principal amount of the 2028 Notes</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in">$1,750,000,000 aggregate principal amount of the 2030 Notes</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in">$925,000,000 aggregate principal amount of the 2032 Notes</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in">$925,000,000 aggregate principal amount of the 2035 Notes</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in">$350,000,000 aggregate principal amount of the 2045 Notes</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in">$550,000,000 aggregate principal amount of the 2055 Notes</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in">$800,000,000 aggregate principal amount of the Floating
Rate Notes</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Price to Public</B>:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">99.978% of the principal amount of
the 2028 Notes</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">99.700% of the principal amount of
the 2030 Notes</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">99.409% of the principal amount of
the 2032 Notes</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">99.564% of the principal amount of
the 2035 Notes</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">99.889% of the principal amount of
the 2045 Notes</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">99.464% of the principal amount of
the 2055 Notes</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">100.000% of the principal amount of
the Floating Rate Notes</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Purchase Price by Underwriters</B>:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">99.778% of the principal amount of
the 2028 Notes</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">99.450% of the principal amount of
the 2030 Notes</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">99.109% of the principal amount of
the 2032 Notes</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">99.214% of the principal amount of
the 2035 Notes</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">99.289% of the principal amount of
the 2045 Notes</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">98.814% of the principal amount of
the 2055 Notes</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">99.800% of the principal amount of
the Floating Rate Notes</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Additional Agreement of the Underwriters</B>:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">Each of the Underwriters has agreed that it will
not offer, sell, or deliver any of the Designated Debt Securities, directly or indirectly, or distribute the Prospectus or any other offering
material relating to the Designated Debt Securities, in or from any jurisdiction except under circumstances that will, to the Underwriters&rsquo;
knowledge and belief, result in compliance with the applicable laws.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Specified funds for payment of purchase price</B>:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in">Federal Reserve funds</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Indenture</B>:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in">Indenture dated February&nbsp;10, 2009 (the &ldquo;<B>Indenture</B>&rdquo;),
among the Issuer, Novartis Securities Investment Ltd., Novartis Finance S.A., the Guarantor and HSBC Bank USA, National Association, as
Trustee</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Maturity</B>:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in">The 2028 Notes will mature on November&nbsp;5, 2028.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in">The 2030 Notes will mature on November&nbsp;5, 2030.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in">The 2032 Notes will mature on November&nbsp;5, 2032.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in">The 2035 Notes will mature on November&nbsp;5, 2035.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in">The 2045 Notes will mature on November&nbsp;5, 2045.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in">The 2055 Notes will mature on November&nbsp;5, 2055.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in">The Floating Rate Notes will mature on November&nbsp;5,
2028.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Interest Rate</B>:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in">3.900% for the 2028 Notes</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in">4.100% for the 2030 Notes</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in">4.300% for the 2032 Notes</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in">4.600% for the 2035 Notes</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in">5.200% for the 2045 Notes</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in">5.300% for the 2055 Notes</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Interest Payment Date</B>:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in">Each May&nbsp;5 and November&nbsp;5, commencing May&nbsp;5,
2026, for the 2028 Notes.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in">Each May&nbsp;5 and November&nbsp;5, commencing May&nbsp;5,
2026, for the 2030 Notes.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in">Each May&nbsp;5 and November&nbsp;5, commencing May&nbsp;5,
2026, for the 2032 Notes.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in">Each May&nbsp;5 and November&nbsp;5, commencing May&nbsp;5,
2026, for the 2035 Notes.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in">Each May&nbsp;5 and November&nbsp;5, commencing May&nbsp;5,
2026, for the 2045 Notes.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in">Each May&nbsp;5 and November&nbsp;5, commencing May&nbsp;5,
2026, for the 2055 Notes.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in">Each February&nbsp;5, May&nbsp;5, August&nbsp;5 and November&nbsp;5,
commencing February&nbsp;5, 2026, for the Floating Rate Notes.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Redemption Provisions</B>:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: left">Prior to October&nbsp;5, 2028 (the
date that is one month prior to the scheduled maturity date for the 2028 Notes) (the &ldquo;<B>2028 Par Call Date</B>&rdquo;) in the case
of the 2028 Notes, prior to October&nbsp;5, 2030 (the date that is one month prior to the scheduled maturity date for the 2030 Notes)
(the &ldquo;<B>2030 Par Call Date</B>&rdquo;) in the case of the 2030 Notes, prior to September&nbsp;5, 2032 (the date that is two months
prior to the scheduled maturity date for the 2032 Notes) (the &ldquo;<B>2032 Par Call Date</B>&rdquo;) in the case of the 2032 Notes,
prior to August&nbsp;5, 2035 (the date that is three months prior to the scheduled maturity date for the 2035 Notes) (the &ldquo;<B>2035
Par Call Date</B>&rdquo;) in the case of the 2035 Notes, prior to May&nbsp;5, 2045 (the date that is six months prior to the scheduled
maturity date for the 2045 Notes) (the &ldquo;<B>2045 Par Call Date</B>&rdquo; in the case of the 2045 Notes, prior to May&nbsp;5, 2055
(the date that is six months prior to the scheduled maturity date for the 2055 Notes) (the &ldquo;<B>2055 Par Call Date</B>&rdquo; and,
together with the 2028 Par Call Date, the 2030 Par Call Date, the 2032 Par Call Date, the 2035 Par Call Date and the 2045 Par Call Date,
the &ldquo;<B>Par Call Dates</B>&rdquo; and each a &ldquo;<B>Par Call Date</B>&rdquo;) in the case of the 2055 Notes, the Issuer may redeem
such Fixed Rate Securities, in whole or in part, at its option at any time and from time to time, at a redemption price (expressed as
a percentage of principal amount and rounded to three decimal places) equal to the greater of</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: left">(i)&nbsp;(a)&nbsp;the sum of the present
values of the remaining scheduled payments of principal and interest thereon discounted to the redemption date (assuming the Fixed Rate
Securities matured on the applicable Par Call Date) on a semi-annual basis (assuming a 360-day year consisting of twelve 30-day months)
at the Treasury Rate (as defined in the Preliminary Prospectus relating to the Fixed Rate Securities) plus 5 basis points in the case
of the 2028 Notes, 7.5 basis points in the case of the 2030 Notes, 7.5 basis points in the case of the 2032 Notes, 10 basis points in
the case of the 2035 Notes, 10 basis points in the case of the 2045 Notes and 10 basis points in the case of the 2055 Notes, as applicable,
less (b)&nbsp;interest accrued to the date of redemption; and</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">(ii)&nbsp;100% of the principal amount
of the Fixed Rate Securities to be redeemed,</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">plus, in either case, accrued and unpaid
interest thereon to the redemption date.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: left">On or after the 2028 Par Call Date
in the case of the 2028 Notes, the 2030 Par Call Date in the case of the 2030 Notes, the 2032 Par Call Date in the case of the 2032 Notes,
the 2035 Par Call Date in the case of the 2035 Notes, the 2045 Par Call Date in the case of the 2045 Notes and the 2055 Par Call Date
in the case of the 2055 Notes, as applicable, we may redeem the Fixed Rate Securities, in whole or in part, at any time and from time
to time, at a redemption price equal to 100% of the principal amount of the Fixed Rate Securities being redeemed plus accrued and unpaid
interest thereon to the redemption date.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: left">In the event of changes in withholding
taxes applicable to payments of interest on the Designated Debt Securities in Switzerland or another Relevant Taxing Jurisdiction (as
defined in the Indenture) but excluding, for this purpose, the United States, the Issuer may redeem the Designated Debt Securities in
whole (but not in part) at any time, at a price equal to 100% of their principal amount plus accrued and unpaid interest to, but excluding,
the redemption date.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: left">Notice of any redemption will be mailed
or electronically delivered (or otherwise transmitted in accordance with the depositary&rsquo;s procedures) at least ten (10)&nbsp;calendar
days but not more than sixty (60) calendar days before the redemption date to each holder of the Designated Debt Securities to be redeemed.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Sinking Fund Provisions</B>:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">No sinking fund provisions.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Other provisions</B>:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">As provided in the Pricing Disclosure
Package.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Time of Delivery</B>:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: left">Delivery of the Designated Debt Securities
will be made against payment therefore on or about November&nbsp;5, 2025, which is the second business day after the date hereof.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Names and addresses of Representatives</B>:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><B>BofA Securities,&nbsp;Inc.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">One Bryant Park</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">New York, NY 10036</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><B>HSBC Securities (USA) Inc.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">66 Hudson Boulevard</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">New York, NY 10001</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><B>J.P. Morgan Securities LLC</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">270 Park Ave</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">New York, NY 10017</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>SCHEDULE III</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt">Issuer Free Writing Prospectus that is
part of the Pricing Disclosure Package, if any:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Pricing Term Sheet dated November&nbsp;3, 2025.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Additional Documents Incorporated by Reference, if any:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">None.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>SCHEDULE IV</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Pricing Disclosure Package</B>:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Basic Prospectus dated September&nbsp;16, 2024</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Preliminary Prospectus Supplement dated November&nbsp;3, 2025</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Pricing Term Sheet dated November&nbsp;3, 2025</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>SCHEDULE V</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 211.5pt; text-align: right; text-indent: 0.75in"><B>Filed Pursuant
to Rule&nbsp;433</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 211.5pt; text-align: right; text-indent: 0.75in"><B>Registration
Nos. 333-282133 and 333-282133-01</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 211.5pt; text-align: right; text-indent: 0.75in"><B>November&nbsp;3,
2025</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: center; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><IMG SRC="tm2529850d5_ex1-1sp01img001.jpg" ALT=""></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>PRICING TERM SHEET</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Novartis Capital Corporation</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">3.900% Notes due 2028</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">4.100% Notes due 2030</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">4.300% Notes due 2032</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">4.600% Notes due 2035</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">5.200% Notes due 2045</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">5.300% Notes due 2055</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">Floating Rate Notes due 2028</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><I>Fully and unconditionally guaranteed by</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Novartis AG</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-bottom: 10pt; width: 50%"><B>3.900% Notes due 2028 (the &ldquo;2028 Notes&rdquo;)</B>:</TD>
    <TD STYLE="padding-bottom: 10pt; width: 50%">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-bottom: 10pt"><B>Issuer</B>:</TD>
    <TD STYLE="padding-bottom: 10pt">Novartis Capital Corporation</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-bottom: 10pt"><B>Guarantor</B>:</TD>
    <TD STYLE="padding-bottom: 10pt">Novartis AG</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-bottom: 10pt"><B>Size</B>:</TD>
    <TD STYLE="padding-bottom: 10pt">$700,000,000</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-bottom: 10pt"><B>Maturity Date</B>:</TD>
    <TD STYLE="padding-bottom: 10pt">November&nbsp;5, 2028</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-bottom: 10pt"><B>Coupon</B>:</TD>
    <TD STYLE="padding-bottom: 10pt">3.900%</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><B>Interest Payment Dates</B>:</TD>
    <TD>May&nbsp;5 and November&nbsp;5, commencing May&nbsp;5, 2026</TD></TR>
</TABLE>

<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="margin: 0"></P>

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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
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<P STYLE="margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-bottom: 10pt; width: 50%"><B>Price to Public</B>:</TD>
    <TD STYLE="padding-bottom: 10pt; width: 50%">99.978%</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-bottom: 10pt"><B>Benchmark Treasury</B>:</TD>
    <TD STYLE="padding-bottom: 10pt">3.500% due October&nbsp;15, 2028</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-bottom: 10pt"><B>Benchmark Treasury Price and Yield</B>:</TD>
    <TD STYLE="padding-bottom: 10pt">99-22 3/8 / 3.608%</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-bottom: 10pt"><B>Spread to Benchmark Treasury</B>:</TD>
    <TD STYLE="padding-bottom: 10pt">30 bps</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-bottom: 10pt"><B>Yield</B>:</TD>
    <TD STYLE="padding-bottom: 10pt">3.908%</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><B>Optional Redemption</B>:</TD>
    <TD>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Prior to October&nbsp;5, 2028 (the date that is one month prior to
    the scheduled maturity date of the 2028 Notes) (the &ldquo;2028 Par Call Date&rdquo;), we may redeem the 2028 Notes, in whole or in part,
    at our option, at any time and from time to time at a redemption price (expressed as a percentage of principal amount and rounded to three
    decimal places) equal to the greater of:</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: -0.25in">(1)&nbsp;&nbsp;&nbsp;(a)&nbsp;the
    sum of the present values of the remaining scheduled payments of principal and interest thereon discounted to the redemption date (assuming
    the 2028 Notes matured on the 2028 Par Call Date) on a semi-annual basis (assuming a 360-day year consisting of twelve 30-day months)
    at the Treasury Rate (as defined in the prospectus supplement) plus 5 bps, less (b)&nbsp;interest accrued to the date of redemption, and</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in"><B>&nbsp;</B></P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: -0.25in">(2)&nbsp;&nbsp;&nbsp;100% of the
principal amount of the 2028 Notes to be redeemed,</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; margin-top: 0pt; margin-bottom: 0pt">plus, in either case, accrued and unpaid interest thereon to the redemption
    date.</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: -0.25in">&nbsp;</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">On or after the 2028 Par Call Date we may redeem the 2028 Notes, in
    whole or in part, at any time and from time to time at a redemption price equal to 100% of the principal amount of the 2028 Notes to be
    redeemed on the applicable redemption date plus accrued and unpaid interest thereon to the redemption date.</P></TD></TR>
</TABLE>

<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="margin: 0"></P>

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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
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<P STYLE="margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-bottom: 10pt; width: 50%"><B>Optional Redemption for Tax Reasons</B>:</TD>
    <TD STYLE="padding-bottom: 10pt; text-align: left; width: 50%">In the event of changes in withholding taxes applicable to payments under or with respect to the 2028 Notes or certain intercompany loans in Switzerland or another Relevant Taxing Jurisdiction (as defined and provided for in the prospectus supplement), the Issuer may redeem the 2028 Notes in whole (but not in part) at any time, at a price equal to 100% of their principal amount plus accrued and unpaid interest to, but excluding, the redemption date.</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-bottom: 10pt"><B>Payment of Additional Amounts: </B></TD>
    <TD STYLE="padding-bottom: 10pt">
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">In the event that the Issuer is required
to withhold or deduct from payments on the Notes taxes imposed by Switzerland or another Relevant Taxing Jurisdiction, the Issuer will,
subject to certain exceptions, pay such additional amounts as will result, after withholding or deduction of such taxes, in the receipt
by the holders of the amounts that would have been received had no withholding or deduction been required. Notwithstanding the foregoing,
the Issuer shall not be required to pay any additional amounts with respect to any withholding taxes imposed by the United States or
by any political subdivision, territory or possession thereof.</P></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-bottom: 10pt"><B>CUSIP</B>:</TD>
    <TD STYLE="padding-bottom: 10pt">66989HAX6</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-bottom: 10pt"><B>ISIN</B>:</TD>
    <TD STYLE="padding-bottom: 10pt">US66989HAX61</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-bottom: 10pt"><B>Trade Date</B>:</TD>
    <TD STYLE="padding-bottom: 10pt">November&nbsp;3, 2025</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-bottom: 10pt"><B>Expected Settlement Date</B>:*</TD>
    <TD STYLE="padding-bottom: 10pt">November&nbsp;5, 2025 (T+2)</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-bottom: 10pt"><B>Listing</B>:</TD>
    <TD STYLE="padding-bottom: 10pt">None</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-bottom: 10pt"><B>Anticipated Ratings</B>:**</TD>
    <TD STYLE="padding-bottom: 10pt">
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">[**] by Moody&rsquo;s Ratings</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">[**] by S&amp;P Global Ratings</P></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-bottom: 10pt"><B>Joint Book-Running Managers</B>:</TD>
    <TD STYLE="padding-bottom: 10pt">
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">BofA Securities,&nbsp;Inc.</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">HSBC Securities (USA) Inc.</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">J.P. Morgan Securities LLC</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">BNP Paribas Securities Corp.</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Deutsche Bank Securities Inc.</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">SG Americas Securities, LLC</P></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><B>Co-Managers</B>:</TD>
    <TD>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Citigroup Global Markets Inc.</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Mizuho Securities USA LLC</P></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right"></P>

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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-bottom: 10pt; padding-right: 5.4pt; width: 50%"><B>4.100% Notes due 2030 (the &quot;2030 Notes&rdquo;)</B>:</TD>
    <TD STYLE="padding-bottom: 10pt; width: 50%">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-bottom: 10pt; padding-right: 5.4pt"><B>Issuer</B>:</TD>
    <TD STYLE="padding-bottom: 10pt">Novartis Capital Corporation</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-bottom: 10pt; padding-right: 5.4pt"><B>Guarantor</B>:</TD>
    <TD STYLE="padding-bottom: 10pt">Novartis AG</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-bottom: 10pt; padding-right: 5.4pt"><B>Size</B>:</TD>
    <TD STYLE="padding-bottom: 10pt">$1,750,000,000</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-bottom: 10pt; padding-right: 5.4pt"><B>Maturity Date</B>:</TD>
    <TD STYLE="padding-bottom: 10pt">November&nbsp;5, 2030</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-bottom: 10pt; padding-right: 5.4pt"><B>Coupon</B>:</TD>
    <TD STYLE="padding-bottom: 10pt">4.100%</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-bottom: 10pt; padding-right: 5.4pt"><B>Interest Payment Dates</B>:</TD>
    <TD STYLE="padding-bottom: 10pt">May&nbsp;5 and November&nbsp;5, commencing May&nbsp;5, 2026</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-bottom: 10pt; padding-right: 5.4pt"><B>Price to Public</B>:</TD>
    <TD STYLE="padding-bottom: 10pt">99.700%</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-bottom: 10pt; padding-right: 5.4pt"><B>Benchmark Treasury</B>:</TD>
    <TD STYLE="padding-bottom: 10pt">3.625% due October&nbsp;31, 2030</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-bottom: 10pt; padding-right: 5.4pt"><B>Benchmark Treasury Price and Yield</B>:</TD>
    <TD STYLE="padding-bottom: 10pt">99-18 3/4 / 3.717%</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-bottom: 10pt; padding-right: 5.4pt"><B>Spread to Benchmark Treasury</B>:</TD>
    <TD STYLE="padding-bottom: 10pt">45 bps</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-bottom: 10pt; padding-right: 5.4pt"><B>Yield</B>:</TD>
    <TD STYLE="padding-bottom: 10pt">4.167%</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-bottom: 10pt; padding-right: 5.4pt"><B>Optional Redemption</B>:</TD>
    <TD>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Prior to October&nbsp;5, 2030 (the date that is one month prior to
    the scheduled maturity date of the 2030 Notes) (the &quot;2030 Par Call Date&rdquo;), we may redeem the 2030 Notes, in whole or in part,
    at our option, at any time and from time to time at a redemption price (expressed as a percentage of principal amount and rounded to three
    decimal places) equal to the greater of:</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: -0.25in">(1)&nbsp;&nbsp;&nbsp;(a)&nbsp;the
    sum of the present values of the remaining scheduled payments of principal and interest thereon discounted to the redemption date (assuming
    the 2030 Notes matured on the 2030 Par Call Date) on a semi-annual basis (assuming a 360-day year consisting of twelve 30-day months)
    at the Treasury Rate plus 7.5 bps, less (b)&nbsp;interest accrued to the date of redemption, and</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in"></P></TD></TR>
</TABLE>

<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="margin: 0"></P>

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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
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<P STYLE="margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-bottom: 10pt; padding-right: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 10pt; text-align: left"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin-left: 0.5in; text-indent: -0.25in; margin-top: 0pt; margin-bottom: 0pt">(2)&nbsp;&nbsp;&nbsp;100%
of the principal amount of the 2030 Notes to be redeemed, plus, in either case, accrued and unpaid interest thereon to the redemption
date.</P>
                                                       <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>
                                                       <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">On or after the 2030 Par Call Date we may redeem the 2030 Notes, in whole or in part, at any time and from time to time
at a redemption price equal to 100% of the principal amount of the 2030 Notes to be redeemed on the applicable redemption date plus accrued
and unpaid interest thereon to the redemption date.</P>


</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-bottom: 10pt; padding-right: 5.4pt; width: 50%"><B>Optional Redemption for Tax Reasons:</B></TD>
    <TD STYLE="padding-bottom: 10pt; text-align: left; width: 50%">In the event of changes in withholding taxes applicable to payments under or with respect to the 2030 Notes or certain intercompany loans in Switzerland or another Relevant Taxing Jurisdiction (as defined and provided for in the prospectus supplement), the Issuer may redeem the 2030 Notes in whole (but not in part) at any time, at a price equal to 100% of their principal amount plus accrued and unpaid interest to, but excluding, the redemption date.</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-bottom: 10pt; padding-right: 5.4pt"><B>Payment of Additional Amounts: </B></TD>
    <TD STYLE="padding-bottom: 10pt">
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">In the event that the Issuer is required
to withhold or deduct from payments on the Notes taxes imposed by Switzerland or another Relevant Taxing Jurisdiction, the Issuer will,
subject to certain exceptions, pay such additional amounts as will result, after withholding or deduction of such taxes, in the receipt
by the holders of the amounts that would have been received had no withholding or deduction been required. Notwithstanding the foregoing,
the Issuer shall not be required to pay any additional amounts with respect to any withholding taxes imposed by the United States or
by any political subdivision, territory or possession thereof.</P></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-bottom: 10pt; padding-right: 5.4pt"><B>CUSIP</B>:</TD>
    <TD STYLE="padding-bottom: 10pt">66989HAY4</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-bottom: 10pt; padding-right: 5.4pt"><B>ISIN</B>:</TD>
    <TD STYLE="padding-bottom: 10pt">US66989HAY45</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt"><B>Trade Date</B>:</TD>
    <TD>November&nbsp;3, 2025</TD></TR>
</TABLE>

<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="margin: 0"></P>

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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
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<P STYLE="margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-bottom: 10pt; padding-right: 5.4pt; width: 50%"><B>Expected Settlement Date</B>:*</TD>
    <TD STYLE="padding-bottom: 10pt; width: 50%">November&nbsp;5, 2025 (T+2)</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-bottom: 10pt; padding-right: 5.4pt"><B>Listing</B>:</TD>
    <TD STYLE="padding-bottom: 10pt">None</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-bottom: 10pt; padding-right: 5.4pt"><B>Anticipated Ratings</B>:**</TD>
    <TD STYLE="padding-bottom: 10pt">
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">[**] by Moody&rsquo;s Ratings</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">[**] by S&amp;P Global Ratings</P></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-bottom: 10pt; padding-right: 5.4pt"><B>Joint Book-Running Managers</B>:</TD>
    <TD STYLE="padding-bottom: 10pt">
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">BofA Securities,&nbsp;Inc.</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">HSBC Securities (USA) Inc.</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">J.P. Morgan Securities LLC</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">BNP Paribas Securities Corp.</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Deutsche Bank Securities Inc.</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">SG Americas Securities, LLC</P></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt"><B>Co-Managers</B>:</TD>
    <TD>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Citigroup Global Markets Inc.</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Mizuho Securities USA LLC</P></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right"></P>

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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-bottom: 10pt; padding-right: 5.4pt; width: 50%"><B>4.300% Notes due 2032 (the &ldquo;2032 Notes&rdquo;)</B>:</TD>
    <TD STYLE="padding-bottom: 10pt; width: 50%">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-bottom: 10pt; padding-right: 5.4pt"><B>Issuer</B>:</TD>
    <TD STYLE="padding-bottom: 10pt">Novartis Capital Corporation</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-bottom: 10pt; padding-right: 5.4pt"><B>Guarantor</B>:</TD>
    <TD STYLE="padding-bottom: 10pt">Novartis AG</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-bottom: 10pt; padding-right: 5.4pt"><B>Size</B>:</TD>
    <TD STYLE="padding-bottom: 10pt">$925,000,000</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-bottom: 10pt; padding-right: 5.4pt"><B>Maturity Date</B>:</TD>
    <TD STYLE="padding-bottom: 10pt">November&nbsp;5, 2032</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-bottom: 10pt; padding-right: 5.4pt"><B>Coupon</B>:</TD>
    <TD STYLE="padding-bottom: 10pt">4.300%</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-bottom: 10pt; padding-right: 5.4pt"><B>Interest Payment Dates</B>:</TD>
    <TD STYLE="padding-bottom: 10pt">May&nbsp;5 and November&nbsp;5, commencing May&nbsp;5, 2026</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-bottom: 10pt; padding-right: 5.4pt"><B>Price to Public</B>:</TD>
    <TD STYLE="padding-bottom: 10pt">99.409%</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-bottom: 10pt; padding-right: 5.4pt"><B>Benchmark Treasury</B>:</TD>
    <TD STYLE="padding-bottom: 10pt">3.750% due October&nbsp;31, 2032</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-bottom: 10pt; padding-right: 5.4pt"><B>Benchmark Treasury Price and Yield</B>:</TD>
    <TD STYLE="padding-bottom: 10pt">99-03 / 3.899%</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-bottom: 10pt; padding-right: 5.4pt"><B>Spread to Benchmark Treasury</B>:</TD>
    <TD STYLE="padding-bottom: 10pt">50 bps</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-bottom: 10pt; padding-right: 5.4pt"><B>Yield</B>:</TD>
    <TD STYLE="padding-bottom: 10pt">4.399%</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt"><B>Optional Redemption</B>:</TD>
    <TD>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Prior to September&nbsp;5, 2032 (the date that is two months prior
    to the scheduled maturity date of the 2032 Notes) (the &quot;2032 Par Call Date&rdquo;), we may redeem the 2032 Notes, in whole or in
    part, at our option, at any time and from time to time at a redemption price (expressed as a percentage of principal amount and rounded
    to three decimal places) equal to the greater of:</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: -0.25in">(1)&nbsp;&nbsp;&nbsp;(a)&nbsp;the
    sum of the present values of the remaining scheduled payments of principal and interest thereon discounted to the redemption date (assuming
    the 2032 Notes matured on the 2032 Par Call Date) on a semi-annual basis (assuming a 360-day year consisting of twelve 30-day months)
    at the Treasury Rate plus 7.5 bps, less (b)&nbsp;interest accrued to the date of redemption, and</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in"></P></TD></TR>
</TABLE>

<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="margin: 0"></P>

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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
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<P STYLE="margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-bottom: 10pt; padding-right: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 10pt"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin-left: 0.5in; text-indent: -0.25in; margin-top: 0pt; margin-bottom: 0pt">(2)&nbsp;&nbsp;&nbsp;100%
of the principal amount of the 2032 Notes to be redeemed, plus, in either case, accrued and unpaid interest thereon to the redemption
date.</P>
                                     <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>
                                     <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">On or after the 2032 Par Call Date we may redeem the 2032 Notes, in whole or in part, at any time and from time to time
at a redemption price equal to 100% of the principal amount of the 2032 Notes to be redeemed on the applicable redemption date plus accrued
and unpaid interest thereon to the redemption date.</P>


</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-bottom: 10pt; padding-right: 5.4pt; width: 50%"><B>Optional Redemption for Tax Reasons</B>:</TD>
    <TD STYLE="padding-bottom: 10pt; width: 50%">In the event of changes in withholding taxes applicable to payments under or with respect to the 2032 Notes or certain intercompany loans in Switzerland or another Relevant Taxing Jurisdiction (as defined and provided for in the prospectus supplement), the Issuer may redeem the 2032 Notes in whole (but not in part) at any time, at a price equal to 100% of their principal amount plus accrued and unpaid interest to, but excluding, the redemption date.</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-bottom: 10pt; padding-right: 5.4pt"><B>Payment of Additional Amounts:</B></TD>
    <TD STYLE="padding-bottom: 10pt">
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">In the event that the Issuer is required
to withhold or deduct from payments on the Notes taxes imposed by Switzerland or another Relevant Taxing Jurisdiction, the Issuer will,
subject to certain exceptions, pay such additional amounts as will result, after withholding or deduction of such taxes, in the receipt
by the holders of the amounts that would have been received had no withholding or deduction been required. Notwithstanding the foregoing,
the Issuer shall not be required to pay any additional amounts with respect to any withholding taxes imposed by the United States or
by any political subdivision, territory or possession thereof.</P></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-bottom: 10pt; padding-right: 5.4pt"><B>CUSIP</B>:</TD>
    <TD STYLE="padding-bottom: 10pt">66989HAZ1</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt"><B>ISIN</B>:</TD>
    <TD>US66989HAZ10</TD></TR>
</TABLE>

<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="margin: 0"></P>

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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-bottom: 10pt; padding-right: 5.4pt; width: 50%"><B>Trade Date</B>:</TD>
    <TD STYLE="padding-bottom: 10pt; width: 50%">November&nbsp;3, 2025</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-bottom: 10pt; padding-right: 5.4pt"><B>Expected Settlement Date</B>:*</TD>
    <TD STYLE="padding-bottom: 10pt">November&nbsp;5, 2025 (T+2)</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-bottom: 10pt; padding-right: 5.4pt"><B>Listing</B>:</TD>
    <TD STYLE="padding-bottom: 10pt">None</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-bottom: 10pt; padding-right: 5.4pt"><B>Anticipated Ratings</B>:**</TD>
    <TD STYLE="padding-bottom: 10pt">
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">[**] by Moody&rsquo;s Ratings</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">[**] by S&amp;P Global Ratings</P></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-bottom: 10pt; padding-right: 5.4pt"><B>Joint Book-Running Managers</B>:</TD>
    <TD STYLE="padding-bottom: 10pt">
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">BofA Securities,&nbsp;Inc.</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">HSBC Securities (USA) Inc.</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">J.P. Morgan Securities LLC</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">BNP Paribas Securities Corp.</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Deutsche Bank Securities Inc.</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">SG Americas Securities, LLC</P></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt"><B>Co-Managers</B>:</TD>
    <TD>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Citigroup Global Markets Inc.</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Mizuho Securities USA LLC</P></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right"></P>

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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-bottom: 10pt; padding-right: 5.4pt; width: 50%"><B>4.600% Notes due 2035 (the &ldquo;2035 Notes&rdquo;)</B>:</TD>
    <TD STYLE="padding-bottom: 10pt; width: 50%">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-bottom: 10pt; padding-right: 5.4pt"><B>Issuer</B>:</TD>
    <TD STYLE="padding-bottom: 10pt">Novartis Capital Corporation</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-bottom: 10pt; padding-right: 5.4pt"><B>Guarantor</B>:</TD>
    <TD STYLE="padding-bottom: 10pt">Novartis AG</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-bottom: 10pt; padding-right: 5.4pt"><B>Size</B>:</TD>
    <TD STYLE="padding-bottom: 10pt">$925,000,000</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-bottom: 10pt; padding-right: 5.4pt"><B>Maturity Date</B>:</TD>
    <TD STYLE="padding-bottom: 10pt">November&nbsp;5, 2035</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-bottom: 10pt; padding-right: 5.4pt"><B>Coupon</B>:</TD>
    <TD STYLE="padding-bottom: 10pt">4.600%</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-bottom: 10pt; padding-right: 5.4pt"><B>Interest Payment Dates</B>:</TD>
    <TD STYLE="padding-bottom: 10pt">May&nbsp;5 and November&nbsp;5, commencing May&nbsp;5, 2026</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-bottom: 10pt; padding-right: 5.4pt"><B>Price to Public</B>:</TD>
    <TD STYLE="padding-bottom: 10pt">99.564%</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-bottom: 10pt; padding-right: 5.4pt"><B>Benchmark Treasury</B>:</TD>
    <TD STYLE="padding-bottom: 10pt">4.250% due August&nbsp;15, 2035</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-bottom: 10pt; padding-right: 5.4pt"><B>Benchmark Treasury Price and Yield</B>:</TD>
    <TD STYLE="padding-bottom: 10pt">101-05 / 4.105%</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-bottom: 10pt; padding-right: 5.4pt"><B>Spread to Benchmark Treasury</B>:</TD>
    <TD STYLE="padding-bottom: 10pt">55 bps</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-bottom: 10pt; padding-right: 5.4pt"><B>Yield</B>:</TD>
    <TD STYLE="padding-bottom: 10pt">4.655%</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt"><B>Optional Redemption</B>:</TD>
    <TD>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Prior to August&nbsp;5, 2035 (the date that is three months prior to
    the scheduled maturity date of the 2035 Notes) (the &ldquo;2035 Par Call Date&rdquo;), we may redeem the 2035 Notes, in whole or in part,
    at our option, at any time and from time to time at a redemption price (expressed as a percentage of principal amount and rounded to three
    decimal places) equal to the greater of:</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: -0.25in">(1)&nbsp;&nbsp;&nbsp;(a)&nbsp;the
    sum of the present values of the remaining scheduled payments of principal and interest thereon discounted to the redemption date (assuming
    the 2035 Notes matured on the 2035 Par Call Date) on a semi-annual basis (assuming a 360-day year consisting of twelve 30-day months)
    at the Treasury Rate plus 10 bps, less (b)&nbsp;interest accrued to the date of redemption, and</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in"></P></TD></TR>
</TABLE>

<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="margin: 0"></P>

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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-bottom: 10pt; padding-right: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 10pt"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin-left: 0.5in; text-indent: -0.25in; margin-top: 0pt; margin-bottom: 0pt">(2)&nbsp;&nbsp;&nbsp;100%
of the principal amount of the 2035 Notes to be redeemed, plus, in either case, accrued and unpaid interest thereon to the redemption
date.</P>
                                     <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>
                                     <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">On or after the 2035 Par Call Date we may redeem the 2035 Notes, in whole or in part, at any time and from time to time
at a redemption price equal to 100% of the principal amount of the 2035 Notes to be redeemed on the applicable redemption date plus accrued
and unpaid interest thereon to the redemption date.</P>



</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-bottom: 10pt; padding-right: 5.4pt; width: 50%"><B>Optional Redemption for Tax Reasons</B>:</TD>
    <TD STYLE="padding-bottom: 10pt; width: 50%">In the event of changes in withholding taxes applicable to payments under or with respect to the 2035 Notes or certain intercompany loans in Switzerland or another Relevant Taxing Jurisdiction (as defined and provided for in the prospectus supplement), the Issuer may redeem the 2035 Notes in whole (but not in part) at any time, at a price equal to 100% of their principal amount plus accrued and unpaid interest to, but excluding, the redemption date.</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-bottom: 10pt; padding-right: 5.4pt"><B>Payment of Additional Amounts:</B></TD>
    <TD STYLE="padding-bottom: 10pt">
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">In the event that the Issuer is required
to withhold or deduct from payments on the Notes taxes imposed by Switzerland or another Relevant Taxing Jurisdiction, the Issuer will,
subject to certain exceptions, pay such additional amounts as will result, after withholding or deduction of such taxes, in the receipt
by the holders of the amounts that would have been received had no withholding or deduction been required. Notwithstanding the foregoing,
the Issuer shall not be required to pay any additional amounts with respect to any withholding taxes imposed by the United States or
by any political subdivision, territory or possession thereof.</P></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-bottom: 10pt; padding-right: 5.4pt"><B>CUSIP</B>:</TD>
    <TD STYLE="padding-bottom: 10pt">66989HBA5</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt"><B>ISIN</B>:</TD>
    <TD>US66989HBA59</TD></TR>
</TABLE>

<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="margin: 0"></P>

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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
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<P STYLE="margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-bottom: 10pt; padding-right: 5.4pt; width: 50%"><B>Trade Date</B>:</TD>
    <TD STYLE="padding-bottom: 10pt; width: 50%">November&nbsp;3, 2025</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-bottom: 10pt; padding-right: 5.4pt"><B>Expected Settlement Date</B>:*</TD>
    <TD STYLE="padding-bottom: 10pt">November&nbsp;5, 2025 (T+2)</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-bottom: 10pt; padding-right: 5.4pt"><B>Listing</B>:</TD>
    <TD STYLE="padding-bottom: 10pt">None</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-bottom: 10pt; padding-right: 5.4pt"><B>Anticipated Ratings</B>:**</TD>
    <TD STYLE="padding-bottom: 10pt">
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">[**] by Moody&rsquo;s Ratings</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">[**] by S&amp;P Global Ratings</P></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-bottom: 10pt; padding-right: 5.4pt"><B>Joint Book-Running Managers</B>:</TD>
    <TD STYLE="padding-bottom: 10pt">
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">BofA Securities,&nbsp;Inc.</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">HSBC Securities (USA) Inc.</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">J.P. Morgan Securities LLC</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">BNP Paribas Securities Corp.</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Deutsche Bank Securities Inc.</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">SG Americas Securities, LLC</P></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt"><B>Co-Managers</B>:</TD>
    <TD>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Citigroup Global Markets Inc.</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Mizuho Securities USA LLC</P></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right"></P>

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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-bottom: 10pt; padding-right: 5.4pt; width: 50%"><B>5.200% Notes due 2045 (the &ldquo;2045 Notes&rdquo;)</B>:</TD>
    <TD STYLE="padding-bottom: 10pt; width: 50%">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-bottom: 10pt; padding-right: 5.4pt"><B>Issuer</B>:</TD>
    <TD STYLE="padding-bottom: 10pt">Novartis Capital Corporation</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-bottom: 10pt; padding-right: 5.4pt"><B>Guarantor</B>:</TD>
    <TD STYLE="padding-bottom: 10pt">Novartis AG</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-bottom: 10pt; padding-right: 5.4pt"><B>Size</B>:</TD>
    <TD STYLE="padding-bottom: 10pt">$350,000,000</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-bottom: 10pt; padding-right: 5.4pt"><B>Maturity Date</B>:</TD>
    <TD STYLE="padding-bottom: 10pt">November&nbsp;5, 2045</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-bottom: 10pt; padding-right: 5.4pt"><B>Coupon</B>:</TD>
    <TD STYLE="padding-bottom: 10pt">5.200%</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-bottom: 10pt; padding-right: 5.4pt"><B>Interest Payment Dates</B>:</TD>
    <TD STYLE="padding-bottom: 10pt">May&nbsp;5 and November&nbsp;5, commencing May&nbsp;5, 2026</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-bottom: 10pt; padding-right: 5.4pt"><B>Price to Public</B>:</TD>
    <TD STYLE="padding-bottom: 10pt">99.889%</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-bottom: 10pt; padding-right: 5.4pt"><B>Benchmark Treasury</B>:</TD>
    <TD STYLE="padding-bottom: 10pt">4.875% due August&nbsp;15, 2045</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-bottom: 10pt; padding-right: 5.4pt"><B>Benchmark Treasury Price and Yield</B>:</TD>
    <TD STYLE="padding-bottom: 10pt">102-24+ / 4.659%</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-bottom: 10pt; padding-right: 5.4pt"><B>Spread to Benchmark Treasury</B>:</TD>
    <TD STYLE="padding-bottom: 10pt">55 bps</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-bottom: 10pt; padding-right: 5.4pt"><B>Yield</B>:</TD>
    <TD STYLE="padding-bottom: 10pt">5.209%</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt"><B>Optional Redemption</B>:</TD>
    <TD>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Prior to May&nbsp;5, 2045 (the date that is six months prior to the
    scheduled maturity date of the 2045 Notes) (the &ldquo;2045 Par Call Date&rdquo;), we may redeem the 2045 Notes, in whole or in part,
    at our option, at any time and from time to time at a redemption price (expressed as a percentage of principal amount and rounded to three
    decimal places) equal to the greater of:</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: -0.25in">(1)&nbsp;&nbsp;&nbsp;(a)&nbsp;the
    sum of the present values of the remaining scheduled payments of principal and interest thereon discounted to the redemption date (assuming
    the 2045 Notes matured on the 2045 Par Call Date) on a semi-annual basis (assuming a 360-day year consisting of twelve 30-day months)
    at the Treasury Rate plus 10 bps, less (b)&nbsp;interest accrued to the date of redemption, and</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in"></P></TD></TR>
</TABLE>

<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="margin: 0"></P>

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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="margin: 0">&nbsp;</P>

<!-- Field: Split-Segment; Name: s001 -->
<P STYLE="font-size: 10pt; margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin-left: 0.5in; text-indent: -0.25in; margin-top: 0pt; margin-bottom: 0pt">(2)&nbsp;&nbsp;&nbsp;100%
of the principal amount of the 2045 Notes to be redeemed, plus, in either case, accrued and unpaid interest thereon to the redemption
date.</P>
                                           <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>
                                           <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">On or after the 2045 Par Call Date we may redeem the 2045 Notes, in whole or in part, at any time and from time to time
at a redemption price equal to 100% of the principal amount of the 2045 Notes to be redeemed on the applicable redemption date plus accrued
and unpaid interest thereon to the redemption date.</P>



</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; width: 40%"><B>Optional Redemption for Tax Reasons</B>:</TD>
    <TD STYLE="padding-right: 5.4pt; width: 60%">In the event of changes in withholding taxes applicable to payments under or with respect to the 2045 Notes or certain intercompany loans in Switzerland or another Relevant Taxing Jurisdiction (as defined and provided for in the prospectus supplement), the Issuer may redeem the 2045 Notes in whole (but not in part) at any time, at a price equal to 100% of their principal amount plus accrued and unpaid interest to, but excluding, the redemption date.</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt"><B>Payment of Additional Amounts:</B></TD>
    <TD STYLE="padding-right: 5.4pt">
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">In the event that the Issuer is required to
    withhold or deduct from payments on the Notes taxes imposed by Switzerland or another Relevant Taxing Jurisdiction, the Issuer will,
    subject to certain exceptions, pay such additional amounts as will result, after withholding or deduction of such taxes, in the
    receipt by the holders of the amounts that would have been received had no withholding or deduction been required. Notwithstanding
    the foregoing, the Issuer shall not be required to pay any additional amounts with respect to any withholding taxes imposed by the
    United States or by any political subdivision, territory or possession thereof.</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt"><B>CUSIP</B>:</TD>
    <TD STYLE="padding-right: 5.4pt">66989HBB3</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt"><B>ISIN</B>:</TD>
    <TD STYLE="padding-right: 5.4pt">US66989HBB33</TD></TR>
</TABLE>

<P STYLE="font-size: 10pt; margin: 0">&nbsp;</P>

<P STYLE="margin: 0"></P>

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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font-size: 10pt; margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; width: 40%"><B>Trade Date</B>:</TD>
    <TD STYLE="padding-right: 5.4pt; width: 60%">November&nbsp;3, 2025</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt"><B>Expected Settlement Date</B>:*</TD>
    <TD STYLE="padding-right: 5.4pt">November&nbsp;5, 2025 (T+2)</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt"><B>Listing</B>:</TD>
    <TD STYLE="padding-right: 5.4pt">None</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt"><B>Anticipated Ratings</B>:**</TD>
    <TD STYLE="padding-right: 5.4pt">
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">[**] by Moody&rsquo;s Ratings</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">[**] by S&amp;P Global Ratings</P></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt"><B>Joint Book-Running Managers</B>:</TD>
    <TD STYLE="padding-right: 5.4pt">
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">BofA Securities,&nbsp;Inc.</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">HSBC Securities (USA) Inc.</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">J.P. Morgan Securities LLC</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">BNP Paribas Securities Corp.</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Deutsche Bank Securities Inc.</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">SG Americas Securities, LLC</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt"><B>Co-Managers</B>:</TD>
    <TD STYLE="padding-right: 5.4pt">
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Citigroup Global Markets Inc.</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Mizuho Securities USA LLC</P></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right"></P>

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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 40%; padding-right: 5.4pt"><B>5.300% Notes due 2055 (the &ldquo;2055 Notes&rdquo;)</B>:</TD>
    <TD STYLE="width: 60%; padding-right: 5.4pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt"><B>Issuer</B>:</TD>
    <TD STYLE="padding-right: 5.4pt">Novartis Capital Corporation</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt"><B>Guarantor</B>:</TD>
    <TD STYLE="padding-right: 5.4pt">Novartis AG</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt"><B>Size</B>:</TD>
    <TD STYLE="padding-right: 5.4pt">$550,000,000</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt"><B>Maturity Date</B>:</TD>
    <TD STYLE="padding-right: 5.4pt">November&nbsp;5, 2055</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt"><B>Coupon</B>:</TD>
    <TD STYLE="padding-right: 5.4pt">5.300%</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt"><B>Interest Payment Dates</B>:</TD>
    <TD STYLE="padding-right: 5.4pt">May&nbsp;5 and November&nbsp;5, commencing May&nbsp;5, 2026</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt"><B>Price to Public</B>:</TD>
    <TD STYLE="padding-right: 5.4pt">99.464%</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt"><B>Benchmark Treasury</B>:</TD>
    <TD STYLE="padding-right: 5.4pt">4.750% due May&nbsp;15, 2055</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt"><B>Benchmark Treasury Price and Yield</B>:</TD>
    <TD STYLE="padding-right: 5.4pt">101-00+ / 4.686%</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt"><B>Spread to Benchmark Treasury</B>:</TD>
    <TD STYLE="padding-right: 5.4pt">65 bps</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt"><B>Yield</B>:</TD>
    <TD STYLE="padding-right: 5.4pt">5.336%</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt"><B>Optional Redemption</B>:</TD>
    <TD STYLE="padding-right: 5.4pt">
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Prior to May&nbsp;5, 2055 (the date that is six months prior to the
    scheduled maturity date of the 2055 Notes) (the &ldquo;2055 Par Call Date&rdquo;), we may redeem the 2055 Notes, in whole or in part,
    at our option, at any time and from time to time at a redemption price (expressed as a percentage of principal amount and rounded to three
    decimal places) equal to the greater of:</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: -0.25in">(1)&#8239;&#8239;&#8239;(a)&nbsp;the
    sum of the present values of the remaining scheduled payments of principal and interest thereon discounted to the redemption date (assuming
    the 2055 Notes matured on the 2055 Par Call Date) on a semi-annual basis (assuming a 360-day year consisting of twelve 30-day months)
    at the Treasury Rate plus 10 bps, less (b)&nbsp;interest accrued to the date of redemption, and</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in"><B>&nbsp;</B></P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: -0.25in"></P></TD></TR>
</TABLE>

<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="margin: 0"></P>

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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
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<P STYLE="margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; width: 40%">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; width: 60%">&nbsp;<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: -0.25in">(2)&#8239;&#8239;&#8239;100% of the principal amount of the 2055 Notes to be redeemed, plus, in either case, accrued and unpaid interest thereon to the redemption date.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">On or after the 2055 Par Call Date we may redeem the 2055 Notes, in whole or in part, at any time and from time to time at a redemption price equal to 100% of the principal amount of the 2055 Notes to be redeemed on the applicable redemption date plus accrued and unpaid interest thereon to the redemption date.</P>

</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt"><B>Optional Redemption for Tax Reasons</B>:</TD>
    <TD STYLE="padding-right: 5.4pt">In the event of changes in withholding taxes applicable to payments under or with respect to the 2055 Notes or certain intercompany loans in Switzerland or another Relevant Taxing Jurisdiction (as defined and provided for in the prospectus supplement), the Issuer may redeem the 2055 Notes in whole (but not in part) at any time, at a price equal to 100% of their principal amount plus accrued and unpaid interest to, but excluding, the redemption date.</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt"><B>Payment of Additional Amounts:</B></TD>
    <TD STYLE="padding-right: 5.4pt">
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">In the event that the Issuer is required to
    withhold or deduct from payments on the Notes taxes imposed by Switzerland or another Relevant Taxing Jurisdiction, the Issuer will,
    subject to certain exceptions, pay such additional amounts as will result, after withholding or deduction of such taxes, in the
    receipt by the holders of the amounts that would have been received had no withholding or deduction been required. Notwithstanding
    the foregoing, the Issuer shall not be required to pay any additional amounts with respect to any withholding taxes imposed by the
    United States or by any political subdivision, territory or possession thereof.</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt"><B>CUSIP</B>:</TD>
    <TD STYLE="padding-right: 5.4pt">66989HBC1</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt"><B>ISIN</B>:</TD>
    <TD STYLE="padding-right: 5.4pt">US66989HBC16</TD></TR>
</TABLE>

<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="margin: 0"></P>

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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; width: 40%"><B>Trade Date</B>:</TD>
    <TD STYLE="padding-right: 5.4pt; width: 60%">November&nbsp;3, 2025</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt"><B>Expected Settlement Date</B>:*</TD>
    <TD STYLE="padding-right: 5.4pt">November&nbsp;5, 2025 (T+2)</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt"><B>Listing</B>:</TD>
    <TD STYLE="padding-right: 5.4pt">None</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt"><B>Anticipated Ratings</B>:**</TD>
    <TD STYLE="padding-right: 5.4pt">
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">[**] by Moody&rsquo;s Ratings</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">[**] by S&amp;P Global Ratings</P></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt"><B>Joint Book-Running Managers</B>:</TD>
    <TD STYLE="padding-right: 5.4pt">
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">BofA Securities,&nbsp;Inc.</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">HSBC Securities (USA) Inc.</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">J.P. Morgan Securities LLC</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">BNP Paribas Securities Corp.</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Deutsche Bank Securities Inc.</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">SG Americas Securities, LLC</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt"><B>Co-Managers</B>:</TD>
    <TD STYLE="padding-right: 5.4pt">
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Citigroup Global Markets Inc.</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Mizuho Securities USA LLC</P></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right"></P>

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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 40%; padding-right: 5.4pt"><B>Floating Rate Notes due 2028 (the &ldquo;Floating Rate Notes&rdquo;)</B>:</TD>
    <TD STYLE="width: 60%; padding-right: 5.4pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt"><B>Issuer</B>:</TD>
    <TD STYLE="padding-right: 5.4pt">Novartis Capital Corporation</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt"><B>Guarantor</B>:</TD>
    <TD STYLE="padding-right: 5.4pt">Novartis AG</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt"><B>Size</B>:</TD>
    <TD STYLE="padding-right: 5.4pt">$800,000,000</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt"><B>Maturity Date</B>:</TD>
    <TD STYLE="padding-right: 5.4pt">November&nbsp;5, 2028</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt"><B>Interest Rate Basis: </B></TD>
    <TD STYLE="padding-right: 5.4pt">Compounded SOFR</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt"><B>Spread to Compounded SOFR: </B></TD>
    <TD STYLE="padding-right: 5.4pt">52 bps</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt"><B>Floating Rate Interest Payment Dates</B>:</TD>
    <TD STYLE="padding-right: 5.4pt">February&nbsp;5, May&nbsp;5, August&nbsp;5 and November&nbsp;5, of each year, commencing February&nbsp;5, 2026</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt"><B>Interest Reset Dates</B>:</TD>
    <TD STYLE="padding-right: 5.4pt">Each Floating Rate Interest Payment Date</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt"><B>Initial Interest Rate</B>:</TD>
    <TD STYLE="padding-right: 5.4pt">The initial interest rate will be Compounded SOFR determined on February&nbsp;3, 2026, plus 0.52%. </TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt"><B>Interest Determination Date</B>:</TD>
    <TD STYLE="padding-right: 5.4pt">The second U.S. Government Securities Business Day (as defined in the prospectus supplement) preceding each Floating Rate Interest Payment Date. </TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt"><B>Initial Interest Period</B>: </TD>
    <TD STYLE="padding-right: 5.4pt">The period from and including November&nbsp;5, 2025 to, but excluding the first Floating Rate Interest Payment Date. </TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt"><B>Interest Period</B>:</TD>
    <TD STYLE="padding-right: 5.4pt">The period from and including a Floating Rate Interest Payment Date to, but excluding, the immediately succeeding Floating Rate Interest Payment Date provided that the final Interest Period for the floating rate notes will be the period from and including the Floating Rate Interest Payment Date immediately preceding the maturity date of the floating rate notes to, but excluding, the maturity date. </TD></TR>
</TABLE>

<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="margin: 0"></P>

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<P STYLE="margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; width: 40%"><B>Observation Period</B>: </TD>
    <TD STYLE="padding-right: 5.4pt; width: 60%">In respect of each Interest Period, the period from and including two U.S. Government Securities Business Days preceding the first date of such relevant Interest Period to but excluding two U.S. Government Securities Business Days preceding the Latter Floating Rate Interest Payment Date (as defined in the prospectus supplement) for such Interest Period (or in the final Interest Period, preceding the maturity date); provided that the first Observation Period shall be the period from and including two U.S. Government Securities Business Days preceding the settlement date of the floating rate notes to, but excluding, the two U.S. Government Securities Business Days preceding the first Floating Rate Interest Payment Date.</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt"></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt"><B>Optional Redemption</B>: </TD>
    <TD STYLE="padding-right: 5.4pt">Not applicable. </TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt"><B>Optional Redemption for Tax Reasons</B>: </TD>
    <TD STYLE="padding-right: 5.4pt">In the event of changes in withholding taxes applicable to payments under or with respect to the Floating Rate Notes or certain intercompany loans in Switzerland or another Relevant Taxing Jurisdiction (as defined and provided for in the prospectus supplement), the Issuer may redeem the Floating Rate Notes in whole (but not in part) at any time, at a price equal to 100% of their principal amount plus accrued and unpaid interest to, but excluding, the redemption date.</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt"><B>Payment of Additional Amounts:</B></TD>
    <TD STYLE="padding-right: 5.4pt">
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: left">In the event that the Issuer is required to
    withhold or deduct from payments on the Notes taxes imposed by Switzerland or another Relevant Taxing Jurisdiction, the Issuer will,
    subject to certain exceptions, pay such additional amounts as will result, after withholding or deduction of such taxes, in the
    receipt by the holders of the amounts that would have been received had no withholding or deduction been required. Notwithstanding
    the foregoing, the Issuer shall not be required to pay any additional amounts with respect to any withholding taxes imposed by the
    United States or by any political subdivision, territory or possession thereof.</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt"><B>Price to Public</B>:</TD>
    <TD STYLE="padding-right: 5.4pt">100.000%</TD></TR>
</TABLE>

<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="margin: 0"></P>

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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
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<P STYLE="margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; width: 40%"><B>CUSIP</B>:</TD>
    <TD STYLE="padding-right: 5.4pt; width: 60%">66989HBD9</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt"><B>ISIN</B>:</TD>
    <TD STYLE="padding-right: 5.4pt">US66989HBD98</TD></TR>
</TABLE>

<P STYLE="margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; width: 40%"><B>Calculation Agent: </B></TD>
    <TD STYLE="padding-right: 5.4pt; width: 60%">HSBC Bank USA, National Association </TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt"><B>Trade Date</B>:</TD>
    <TD STYLE="padding-right: 5.4pt">November&nbsp;3, 2025</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt"><B>Expected Settlement Date</B>:*</TD>
    <TD STYLE="padding-right: 5.4pt">November&nbsp;5, 2025 (T+2)</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt"><B>Listing</B>:</TD>
    <TD STYLE="padding-right: 5.4pt">None</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt"><B>Anticipated Ratings</B>:**</TD>
    <TD STYLE="padding-right: 5.4pt">
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">[**] by Moody&rsquo;s Ratings</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">[**] by S&amp;P Global Ratings</P></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt"><B>Joint Book-Running Managers</B>:</TD>
    <TD STYLE="padding-right: 5.4pt">
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">BofA Securities,&nbsp;Inc.</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">HSBC Securities (USA) Inc.</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">J.P. Morgan Securities LLC</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">BNP Paribas Securities Corp.</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Deutsche Bank Securities Inc.</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">SG Americas Securities, LLC</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt"><B>Co-Managers</B>:</TD>
    <TD STYLE="padding-right: 5.4pt">
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Citigroup Global Markets Inc.</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Mizuho Securities USA LLC</P></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">* Note: Under Rule&nbsp;15c6-1 under the Securities Exchange Act of
1934, trades in the secondary market generally are required to settle in one business day, unless the parties to any such trade expressly
agree otherwise. Accordingly, purchasers who wish to trade the 2028 Notes, the 2030 Notes, the 2032 Notes, the 2035 Notes, the 2045 Notes,
the 2055 Notes or the Floating Rate Notes (collectively, the &ldquo;Notes&rdquo;) on the date hereof will be required, by virtue of the
fact that the Notes initially will not settle in T+1, to specify an alternate settlement cycle at the time of any such trade to prevent
a failed settlement. Purchasers of the Notes who wish to trade such Notes on the date of pricing of the Notes sold in this offering should
consult their own advisor.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">** Note: A securities rating is not a recommendation to buy, sell or
hold securities and may be subject to revision or withdrawal at any time.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>The issuer and the guarantor have filed a registration statement
</B>(<B>including a prospectus and a prospectus supplement</B>) <B>with the Securities and Exchange Commission (the &ldquo;SEC&rdquo;)
for the offering to which this communication relates. Before you invest</B>, <B>you should read the prospectus supplement and the accompanying
prospectus in that registration statement and other documents the issuer and the guarantor have filed with the SEC for more complete information
about the issuer</B>, <B>the guarantor and this offering. You may get these documents for free by visiting EDGAR on the SEC website at
www.sec.gov. Alternatively</B>, <B>the issuer</B>, <B>any underwriter or any dealer participating in the offering will arrange to send
you the prospectus supplement and the accompanying prospectus if you request it by calling BofA Securities,&nbsp;Inc. at +1-800-294-1322,
HSBC Securities (USA) Inc. at +1-866-811-8049 or J.P. Morgan Securities LLC at +1-212-834-4533.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>ANY DISCLAIMERS OR OTHER NOTICES THAT MAY&nbsp;APPEAR BELOW ARE
NOT APPLICABLE TO THIS COMMUNICATION AND SHOULD BE DISREGARDED. SUCH DISCLAIMERS OR OTHER NOTICES WERE AUTOMATICALLY GENERATED AS A RESULT
OF THIS COMMUNICATION BEING SENT VIA BLOOMBERG OR ANOTHER E-MAIL SYSTEM.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>ANNEX A</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>NOVARTIS CAPITAL CORPORATION</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Debt Securities</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">Fully and Unconditionally Guaranteed by</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>NOVARTIS AG</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>UNDERWRITING AGREEMENT STANDARD PROVISIONS</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">To the representatives of the several Underwriters</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in">named from time to time in Schedule I to the applicable</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in">Terms Agreement</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Ladies and Gentlemen:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">From time to time Novartis Capital Corporation, a
corporation incorporated under the laws of Delaware (the &ldquo;<B>Issuer</B>&rdquo;), and Novartis AG, a stock corporation (<I>Aktiengesellschaft</I>)
incorporated under the laws of Switzerland, as guarantor (the &ldquo;<B>Guarantor</B>&rdquo;), propose to enter into one or more Terms
Agreements (each a &ldquo;<B>Terms Agreement</B>&rdquo;) substantially in the form of Annex I hereto, with such additions and deletions
as the parties thereto may determine, and subject to the terms and conditions stated herein, to issue and sell to the firms named in Schedule
I to the applicable Terms Agreement (such firms constituting the &ldquo;<B>Underwriters</B>&rdquo; with respect to such Terms Agreement
and the securities specified therein), certain of the Issuer&rsquo;s debt securities (the &ldquo;<B>Debt Securities</B>&rdquo;) specified
in Schedule II to such Terms Agreement (with respect to such Terms Agreement, the &ldquo;<B>Designated Debt Securities</B>&rdquo;). The
Debt Securities will be fully and unconditionally guaranteed by the Guarantor as to payment of principal and interest (the &ldquo;<B>Guarantees</B>&rdquo;
and, together with the Debt Securities, the &ldquo;<B>Securities</B>&rdquo;). The Designated Debt Securities and the related Guarantees
(the &ldquo;<B>Designated Guarantees</B>&rdquo;) that will be issued and sold pursuant to any applicable Terms Agreement are collectively
referred to herein as the &ldquo;<B>Designated Securities</B>&rdquo; with regard to such Terms Agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">The terms and rights of any particular issuance of
Designated Securities shall be as specified in the Terms Agreement relating thereto, and such Designated Securities shall be issued under
the Indenture, dated February&nbsp;10, 2009 (the &ldquo;<B>Indenture</B>&rdquo;), among the Issuer, Novartis Securities Investment Ltd.,
Novartis Finance S.A., the Guarantor and HSBC Bank USA, National Association, as Trustee (the &ldquo;<B>Trustee</B>&rdquo;).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">This Agreement supersedes all prior agreements and
understandings (whether written or oral) between the Issuer, the Guarantor and the Representatives (as defined below), or any Underwriter,
with respect to the subject matter hereof.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">1.<FONT STYLE="font-size: 10pt">&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT>Particular
sales of Designated Securities may be made from time to time to the Underwriters of such Designated Securities, for whom the firm(s)&nbsp;designated
as representative(s)&nbsp;of the Underwriters of such Securities in the Terms Agreement relating thereto will act as representatives (the
 &ldquo;<B>Representatives</B>&rdquo;). The term &ldquo;Representatives&rdquo; also refers to the firm(s)&nbsp;acting as representative(s)&nbsp;of
the Underwriters and to Underwriters who act without any firm being designated as their representative. This Agreement shall not be construed
as an obligation of the Issuer to sell any of the Debt Securities, as an obligation of the Guarantor to issue any Guarantees or as an
obligation of any of the Underwriters to purchase any Securities. The obligation of the Issuer to issue and sell any of the Debt Securities,
the obligation of the Guarantor to issue any of the Guarantees and the obligation of any of the Underwriters to purchase any of the Securities
shall be evidenced by the Terms Agreement with respect to the Designated Securities specified therein. Each Terms Agreement shall specify
the aggregate principal amount of the Designated Securities, the initial public offering price of such Designated Securities, the purchase
price to the Underwriters of such Designated Securities, the names of the Underwriters of such Designated Securities, the names of the
Representatives of such Underwriters and the principal amount of such Designated Securities to be purchased by each Underwriter and shall
set forth the date, time and manner of delivery of such Designated Securities and payment therefor. The Terms Agreement shall also specify
(to the extent not set forth in the Indenture and the registration statement and prospectus with respect thereto) the terms of such Designated
Securities. A Terms Agreement shall be in the form of an executed writing (which may be in counterparts), and may be evidenced by an exchange
of telegraphic or electronic communications or any other rapid transmission device designed to produce a written record of communications
transmitted, as set forth in Section&nbsp;21 herein. The obligations of the Underwriters under this Agreement and each Terms Agreement
shall be several and not joint.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">2.<FONT STYLE="font-size: 10pt">&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT>The
Issuer and the Guarantor, severally and jointly, represent and warrant to, and agree with, each of the Underwriters that:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in">(a)<FONT STYLE="font-size: 10pt">&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT>The
registration statement on Form&nbsp;F-3 (Registration Nos. 333-282133 and 333-282133-01) in respect of the Securities has been filed with
the Securities and Exchange Commission (the &ldquo;<B>Commission</B>&rdquo;); such registration statement and any amendments thereto filed
prior to the date of the applicable Terms Agreement, excluding exhibits to such registration statement, but including all documents incorporated
by reference in the prospectus contained therein, became effective on filing with the Commission in such form; the base prospectus filed
as part of such registration statement, in the form in which it has most recently been filed with the Commission on or prior to the date
of the applicable Terms Agreement, is hereafter called the &ldquo;<B>Basic Prospectus</B>&rdquo;; any preliminary prospectus relating
to the Designated Securities (including any preliminary prospectus supplement) included in such registration statement or filed with the
Commission pursuant to Rule&nbsp;424(b)&nbsp;of the rules&nbsp;and regulations of the Commission under the Securities Act of 1933, as
amended (the &ldquo;<B>Act</B>&rdquo;), being hereinafter called a &ldquo;<B>Preliminary Prospectus</B>&rdquo;; the various parts of such
registration statement, including all exhibits thereto and the documents incorporated by reference in the prospectus contained in such
registration statement, at the time such parts became effective, but excluding Form&nbsp;T-1 and including any prospectus supplement relating
to the Designated Securities that is filed with the Commission and deemed by virtue of Rule&nbsp;430B under the Act to be part of such
registration statement, each as amended at the time such part of the registration statement became effective being hereinafter called
the &ldquo;<B>Registration Statement</B>&rdquo;; &ldquo;<B>Applicable Time</B>&rdquo; is the time specified as such in the applicable
Terms Agreement; &ldquo;<B>Effective Date</B>&rdquo; shall mean each date and time that the Registration Statement and any post-effective
amendments or amendments thereto became or becomes effective; any reference herein to the Basic Prospectus, any Preliminary Prospectus
or the Prospectus shall be deemed to refer to and include the documents incorporated by reference therein pursuant to Item 6 of Form&nbsp;F-3
under the Act, as of the date of such Basic Prospectus, any Preliminary Prospectus or Prospectus, as the case may be, and any post-effective
amendments to the Registration Statement; any reference to any amendment or supplement to the Basic Prospectus, any Preliminary Prospectus
or the Prospectus shall be deemed to refer to and include any documents filed after the date of such Basic Prospectus, any Preliminary
Prospectus or Prospectus, as the case may be, under the Securities Exchange Act of 1934, as amended (the &ldquo;<B>Exchange Act</B>&rdquo;),
and incorporated by reference in such Basic Prospectus, any Preliminary Prospectus or Prospectus, as the case may be; any reference to
any amendment to the Registration Statement shall be deemed to refer to and include any annual report of the Guarantor filed pursuant
to Section&nbsp;13(a)&nbsp;or 15(d)&nbsp;of the Exchange Act after the Effective Date of the Registration Statement that is incorporated
by reference in the Registration Statement; the Basic Prospectus, as supplemented by the prospectus supplement specifically relating to
the Designated Securities filed with the Commission pursuant to Rule&nbsp;424(b)&nbsp;under the Act in accordance with Section&nbsp;5(a)&nbsp;hereof,
including any documents incorporated by reference therein as of the date of such filing, is hereinafter called the &ldquo;<B>Prospectus</B>&rdquo;;
and no stop order suspending the effectiveness of the Registration Statement has been issued and no proceeding for that purpose has been
initiated or threatened by the Commission and no order preventing or suspending the use of the Basic Prospectus, any Preliminary Prospectus,
the Prospectus or the Pricing Disclosure Package (as defined below) together with any &ldquo;issuer free writing prospectus&rdquo; as
defined in Rule&nbsp;433 under the Act relating to the Designated Securities (an &ldquo;<B>Issuer Free Writing Prospectus</B>&rdquo;)
has been issued and no proceeding for that purpose has been initiated or threatened by the Commission;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in">(b)<FONT STYLE="font-size: 10pt">&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT>The
documents incorporated by reference in the Pricing Disclosure Package (as defined below) and the Prospectus, when they became effective
or were filed with the Commission, as the case may be, conformed in all material respects to the requirements of the Act or the Exchange
Act, as applicable, and the applicable rules&nbsp;and regulations of the Commission thereunder, and none of such documents contained an
untrue statement of a material fact or omitted to state a material fact required to be stated therein or necessary to make the statements
therein, in the light of the circumstances under which they were made, not misleading; and any further documents so filed and incorporated
by reference in the Pricing Disclosure Package or the Prospectus or any further amendment or supplement thereto, when such documents become
effective or are filed with the Commission, as the case may be, will conform in all material respects to the requirements of the Act or
the Exchange Act, as applicable, and the rules&nbsp;and regulations of the Commission thereunder and will not contain an untrue statement
of a material fact or omit to state a material fact required to be stated therein or necessary to make the statements therein, in the
light of the circumstances under which they were made, not misleading; <U>provided</U>, <U>however</U>, that this representation and warranty
shall not apply to any statements or omissions made in reliance upon and in conformity with information furnished in writing to the Issuer
or the Guarantor by an Underwriter of Designated Securities through the Representatives expressly for use in the Pricing Disclosure Package
or the Prospectus as amended or supplemented, as the case may be, relating to such Designated Securities; and no such documents will have
been filed with the Commission following the Commission&rsquo;s close of business on the business day immediately prior to the date of
the applicable Terms Agreement and prior to the execution of the applicable Terms Agreement, except as set forth on Schedule III to the
applicable Terms Agreement;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in">(c)<FONT STYLE="font-size: 10pt">&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT>The
Registration Statement and the Prospectus conform, and any further amendments or supplements to the Registration Statement and the Prospectus
will conform, in all material respects, to the requirements of the Act and the Trust Indenture Act of 1939, as amended the &ldquo;<B>Trust
Indenture Act</B>&rdquo;), and the rules&nbsp;and regulations of the Commission thereunder; the Registration Statement and any amendment
thereto do not and will not, as of the applicable Effective Date, contain an untrue statement of a material fact or omit to state a material
fact required to be stated therein or necessary to make the statements therein, not misleading; and the Prospectus and any amendment or
supplement thereto do not and will not, as of its date and as of the Time of Delivery, contain an untrue statement of a material fact
or omit to state a material fact required to be stated therein or necessary to make the statements therein, in the light of the circumstances
under which they were made not misleading; <U>provided</U>, <U>however</U>, that this representation and warranty shall not apply to (i)&nbsp;any
statements or omissions made in reliance upon and in conformity with information furnished in writing to the Issuer or the Guarantor by
an Underwriter of Designated Securities through the Representatives expressly for use in the Registration Statement or the Prospectus
as amended or supplemented relating to such Designated Securities or (ii)&nbsp;that part of the Registration Statement which shall constitute
the statement of eligibility and qualification (Form&nbsp;T-1) under the Trust Indenture Act;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in">(d)<FONT STYLE="font-size: 10pt">&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT>The
(i)&nbsp;Basic Prospectus, the Preliminary Prospectus, if any, used most recently prior to the Applicable Time, as supplemented by the
final term sheet prepared and filed pursuant to Section&nbsp;5(a)&nbsp;hereof as of the Applicable Time and listed on Schedule V to the
applicable Terms Agreement together with the Issuer Free Writing Prospectus listed in Schedule III(a)&nbsp;(if any) to the applicable
Terms Agreement and any other free writing prospectus that the parties hereto shall hereafter expressly agree in writing to treat as part
of the Pricing Disclosure Package (collectively, the &ldquo;<B>Pricing Disclosure Package</B>&rdquo;) and (ii)&nbsp;each electronic road
show, if any, when taken together as a whole with the Pricing Disclosure Package, will not include any untrue statement of a material
fact or omit to state any material fact necessary in order to make the statements therein, in the light of the circumstances under which
they were made, not misleading; and each Issuer Free Writing Prospectus listed on Schedule III (if any) to the applicable Terms Agreement
will not conflict with the information contained in the Registration Statement, the Basic Prospectus, the Preliminary Prospectus, if any,
used most recently prior to the Applicable Time or the Prospectus; <U>provided</U>, <U>however</U>, that this representation and warranty
shall not apply to (i)&nbsp;any statements or omissions made in reliance upon and in conformity with information furnished in writing
to the Issuer or the Guarantor by an Underwriter of Designated Securities through the Representatives expressly for use in any such Issuer
Free Writing Prospectus or the Pricing Disclosure Package or (ii)&nbsp;that part of the Registration Statement which shall constitute
the statement of eligibility and qualification (Form&nbsp;T-1) under the Trust Indenture Act;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in">(e)<FONT STYLE="font-size: 10pt">&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT>Neither
the Issuer nor the Guarantor is or will be at the time of the Terms Agreement, an &ldquo;ineligible issuer,&rdquo; as defined in Rule&nbsp;405
under the Act;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in">(f)<FONT STYLE="font-size: 10pt">&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT>The
consolidated financial statements (and the notes thereto) and schedules, if any, of the Guarantor and its consolidated subsidiaries incorporated
by reference in or filed with and as a part of the Registration Statement, the Pricing Disclosure Package and the Prospectus present fairly,
in all material respects, the consolidated financial position as of the respective dates and the consolidated results of operations and
cash flows for the respective periods covered thereby of the Guarantor and its consolidated subsidiaries in conformity with International
Financial Reporting Standards applied on a consistent basis throughout the periods involved, otherwise than as set forth in the Pricing
Disclosure Package;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in">(g)<FONT STYLE="font-size: 10pt">&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT>The
unaudited condensed interim consolidated financial statements (and the notes thereto) and schedules, if any, of the Guarantor and its
consolidated subsidiaries incorporated by reference in or filed with and as a part of the Registration Statement, the Pricing Disclosure
Package and the Prospectus present fairly, in all material respects, the consolidated financial position as of the respective dates and
the consolidated results of operations and cash flows for the respective periods covered thereby of the Guarantor and its consolidated
subsidiaries in conformity with International Financial Reporting Standards applied on a consistent basis throughout the periods involved,
otherwise than as set forth in the Pricing Disclosure Package;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in">(h)<FONT STYLE="font-size: 10pt">&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT>Since
the latest date as of which information is given in the Pricing Disclosure Package there has not been any material change in the consolidated
shareholders&rsquo; equity or consolidated long-term debt of the Guarantor and its subsidiaries taken as a whole, or any material adverse
change, or any development reasonably likely to result in a prospective material adverse change in or affecting the financial position,
shareholders&rsquo; equity or results of operations of the Guarantor and its subsidiaries taken as a whole, otherwise than as set forth
in the Pricing Disclosure Package;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in">(i)<FONT STYLE="font-size: 10pt">&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT>To
the best of the Issuer&rsquo;s and the Guarantor&rsquo;s knowledge, after due inquiry, and other than as set forth in the Pricing Disclosure
Package and the Prospectus, there are no material legal or governmental or regulatory proceedings pending or threatened to which the Guarantor
or any of its subsidiaries is a party or of which any property of the Guarantor or any of its subsidiaries is the subject that are required
to be described in the Registration Statement, the Pricing Disclosure Package or the Prospectus and are not so described and there are
no statutes or regulations that are required to be described in the Registration Statement, the Pricing Disclosure Package or the Prospectus
and are not so described;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in">(j)<FONT STYLE="font-size: 10pt">&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT>The
Designated Debt Securities have been duly authorized by the Issuer and, when executed and authenticated in accordance with the Indenture
and delivered to and paid for by the Underwriters, will constitute valid and binding obligations of the Issuer entitled to the benefits
provided by the Indenture; the Designated Guarantees have been duly authorized by the Guarantor and, upon due issuance, authentication
and delivery of the Designated Debt Securities and due endorsement of the Designated Guarantees, the Designated Guarantees will have been
duly executed, issued and delivered and will constitute valid and binding obligations of the Guarantor entitled to the benefits provided
by the Indenture; the Indenture has been duly authorized, executed and delivered by the Issuer and the Guarantor and (assuming the due
authorization, execution and delivery thereof by the Trustee), constitutes a valid and binding obligation of the Issuer and the Guarantor,
enforceable in accordance with its terms, subject to the effects of applicable bankruptcy, insolvency and similar laws affecting the enforcement
of creditors&rsquo; rights generally and equitable principles of general applicability; the Indenture has been duly qualified under the
Trust Indenture Act; the Designated Securities conform in all material respects to the description thereof contained in the Pricing Disclosure
Package and the Prospectus as amended or supplemented; and the applicable Terms Agreement has been duly authorized, executed and delivered
by the Issuer and the Guarantor;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in">(k)<FONT STYLE="font-size: 10pt">&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT>The
issue and sale of the Designated Securities and the compliance by the Issuer and the Guarantor with the Indenture, this Agreement and
the Terms Agreement relating to the Designated Securities and the consummation by the Issuer and the Guarantor of the transactions contemplated
herein and therein will not contravene (x)&nbsp;any of the terms or provisions of any indenture, mortgage, deed of trust, loan agreement
or other similar agreement or instrument to which the Issuer or the Guarantor or any of their subsidiaries is a party or by which the
Issuer or the Guarantor or any of their subsidiaries is bound, (y)&nbsp;any statute of the United States, Switzerland or the state of
Delaware or any political subdivision thereof, or any order, rule&nbsp;or regulation known to the Issuer or the Guarantor of any court
or of any governmental agency or body in the United States, Switzerland or the state of Delaware or any political subdivision thereof,
or (z)&nbsp;the charter or by-laws (or similar organizational documents) of the Issuer or the Guarantor, except in the case of clauses
(x)&nbsp;and (y)&nbsp;above for such contraventions which would not affect the validity or binding nature of the Designated Securities
or have a material adverse effect on the financial position, shareholders&rsquo; equity or results of operations of the Guarantor and
its consolidated subsidiaries considered as a whole (a &ldquo;<B>Material Adverse Effect</B>&rdquo;);</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in">(k)<FONT STYLE="font-size: 10pt">&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT>The
Issuer is organized and validly existing under the laws of the state of Delaware, and the Guarantor is organized and validly existing
as a stock corporation (<I>Aktiengesellschaft</I>) under the laws of Switzerland, each with power and authority to own their properties
and conduct their business as described in the Pricing Disclosure Package and the Prospectus except as would not have a Material Adverse
Effect;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in">(l)<FONT STYLE="font-size: 10pt">&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT>No
consent, approval, authorization, order, registration or qualification of or with any court or any governmental agency or body described
in (j)&nbsp;above is required for the issue and sale of the Designated Securities by the Issuer in the manner contemplated herein or the
consummation of the other transactions contemplated by this Agreement, the Terms Agreement or the Indenture by the Issuer and the Guarantor
except (i)&nbsp;as have been obtained under the Act and the Trust Indenture Act and (ii)&nbsp;as may be required in connection with the
offer and sale of the Designated Securities by the securities or Blue Sky laws of the various states or the securities laws of any jurisdiction
outside the United States in which the Designated Securities are offered and sold;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in">(m)<FONT STYLE="font-size: 10pt">&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT>Neither
the Issuer nor the Guarantor is, or after giving effect to the offering and sale of the Securities and the application of the proceeds
thereof as described in the Pricing Disclosure Package and the Prospectus will be, required to register as an &ldquo;investment company&rdquo;
as such term is defined in the Investment Company Act of 1940, as amended;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in">(n)<FONT STYLE="font-size: 10pt">&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT>KPMG
which has audited certain financial statements of the Guarantor and its subsidiaries and the Guarantor&rsquo;s internal control over financial
reporting and management&rsquo;s assessment thereof, is an independent registered public accounting firm with respect to the Guarantor
as required by the Act and the applicable rules&nbsp;and regulations of the Commission thereunder;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in">(o)<FONT STYLE="font-size: 10pt">&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT>Except
as otherwise disclosed in the Guarantor&rsquo;s Registration Statement, Pricing Disclosure Package or Prospectus, the Guarantor and its
subsidiaries maintain &ldquo;disclosure controls and procedures&rdquo; (as such term is defined in Rule&nbsp;13a-15(e)&nbsp;under the
Exchange Act); and such disclosure controls and procedures are effective at the reasonable assurance level to perform the functions for
which they were established; and</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in">(p)<FONT STYLE="font-size: 10pt">&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT>Except
as otherwise disclosed in the Guarantor&rsquo;s Registration Statement, Pricing Disclosure Package or Prospectus, neither the Issuer,
the Guarantor nor any of the Guarantor&rsquo;s consolidated subsidiaries nor, to the knowledge of the Issuer or the Guarantor, any director,
officer, agent, employee or affiliate of the Issuer, the Guarantor or any of the Guarantor&rsquo;s consolidated subsidiaries, is currently
subject to any sanctions administered by the Office of Foreign Assets Control of the U.S. Treasury Department (&ldquo;<B>OFAC</B>&rdquo;),
the European Union or His Majesty&rsquo;s Treasury; and the Issuer and the Guarantor will not directly or indirectly use the proceeds
of the offering, or lend, contribute or otherwise make available such proceeds to any subsidiary, joint venture partner or other person
or entity in violation of any sanctions administered by OFAC.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">3.<FONT STYLE="font-size: 10pt">&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT>Upon
the execution of the Terms Agreement applicable to any Designated Securities and authorization by the Representatives of the release of
such Designated Securities, the several Underwriters propose to offer such Designated Securities for sale upon the terms and conditions
set forth in the Prospectus as amended or supplemented.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">4.<FONT STYLE="font-size: 10pt">&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT>Designated
Securities to be purchased by each Underwriter pursuant to the Terms Agreement relating thereto, in such authorized denominations and
registered in such names as the Representatives may request upon at least twenty-four hours&rsquo; prior notice to the Issuer and the
Guarantor, shall be delivered by or on behalf of the Issuer and the Guarantor to the Representatives for the account of such Underwriter,
against payment by such Underwriter or on its behalf of the purchase price therefor in same day funds, payable to the order of the Issuer
in the funds specified in such Terms Agreement, all at the place and time and date specified in such Terms Agreement or at such other
place and time and date as the Representatives and the Issuer may agree upon in writing, such time and date being herein called the &ldquo;<B>Time
of Delivery</B>&rdquo; for such Securities. The Securities will be delivered by the Issuer to the Representatives in the form of one or
more global Securities, representing all of the Securities, which will be registered in the name of a nominee for The Depository Trust
Company (&ldquo;<B>DTC</B>&rdquo;) and deposited on behalf of the Underwriters with Cede&nbsp;&amp; Co. as custodian for DTC, for credit
to the respective participant accounts of the Underwriters unless otherwise directed by you.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">5.<FONT STYLE="font-size: 10pt">&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT>The
Issuer and the Guarantor agree with each of the Underwriters of any Designated Securities:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in">(a)<FONT STYLE="font-size: 10pt">&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT>To
prepare in consultation with the Representatives the Prospectus, as amended and supplemented in relation to the applicable Designated
Securities, in a form approved by the Representatives, which approval the Representatives agree they will not unreasonably withhold, and
to file such Prospectus pursuant to Rule&nbsp;424(b)&nbsp;under the Act prior to the earlier of (i)&nbsp;the Time of Delivery relating
to the applicable Designated Securities and (ii)&nbsp; the Commission&rsquo;s close of business on the second business day following the
execution and delivery of the Terms Agreement relating to the applicable Designated Securities or, if applicable, such earlier time as
may be required by Rule&nbsp;424(b); to make no further amendment or any supplement to the Registration Statement, the Pricing Disclosure
Package or Prospectus (as each may have been amended or supplemented) after the date of the Terms Agreement relating to such Securities
and prior to the Time of Delivery without prior consultation with the Representatives for such Securities; to advise the Representatives
promptly of any such amendment or supplement after such Time of Delivery and furnish the Representatives with copies thereof; if requested
by you prior to the Applicable Time, to prepare a final term sheet, containing solely a description of the Designated Securities, in a
form substantially as set forth in Schedule V to the applicable Terms Agreement and which shall be attached to the applicable Terms Agreement
and approved by the Representatives, and to file such term sheet pursuant to Rule&nbsp;433(d)&nbsp;under the Act within the time required
by such Rule; to file promptly all other material required to be filed by the Issuer or the Guarantor with the Commission pursuant to
Rule&nbsp;433(d)&nbsp;under the Act; to file promptly all reports and any definitive proxy or information statements required to be filed
by the Issuer or the Guarantor with the Commission pursuant to Section&nbsp;13(a), 13(c), 14 or 15(d)&nbsp;of the Exchange Act for so
long as the delivery of a prospectus (or, in lieu thereof, the notice referred to in Rule&nbsp;173(a)&nbsp;under the Act) is required
in connection with the offering or sale of such Designated Securities, and during such same period to advise the Representatives, promptly
after the Issuer or the Guarantor receives notice thereof, of the time when any amendment to the Registration Statement has been filed
or becomes effective or any supplement to the Prospectus or any amended Prospectus has been filed with the Commission, of the issuance
by the Commission of any stop order or of any order preventing or suspending the use of any prospectus relating to the Securities, of
the suspension of the qualification of such Securities for offering or sale in any jurisdiction, of the initiation or threatening of any
proceeding for any such purpose, or of any request by the Commission for the amending or supplementing of the Registration Statement or
Prospectus or for additional information; and, in the event of the issuance of any such stop order or of any such order preventing or
suspending the use of any prospectus relating to the Securities or suspending any such qualification, to use promptly its reasonable best
efforts to obtain its withdrawal;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in">(b)<FONT STYLE="font-size: 10pt">&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT>Promptly
from time to time to use its reasonable best efforts to qualify such Securities for offering and sale under the securities laws of such
jurisdictions as the Representatives may reasonably request and to pay all expenses (including reasonable fees and disbursements of counsel)
in connection with such qualification and in connection with the determination of the eligibility of such Securities for investment under
the laws of such jurisdictions as the Representatives may designate and to comply with such laws so as to permit the continuance of sales
and dealings therein in such jurisdictions for as long as may be necessary to complete the distribution of such Securities; <U>provided</U>,
<U>however</U>, that in connection therewith neither the Issuer nor the Guarantor shall be required to qualify as a foreign corporation
or to file a general consent to service of process in any jurisdiction or to take any other action which would subject it to service of
process in suits in any jurisdiction or to become subject to taxation in any jurisdiction other than those arising out of the offering
or sale of the Designated Securities in such jurisdiction;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in">(c)<FONT STYLE="font-size: 10pt">&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT>To
furnish the Underwriters, without charge, with a copy of the Registration Statement, with copies of the Prospectus and any Issuer Free
Writing Prospectus as amended or supplemented, including the exhibits and materials, if any, incorporated by reference therein, in such
quantities as the Representatives may from time to time reasonably request, and, if the delivery of a prospectus is required (or, in lieu
thereof, the notice referred to in Rule&nbsp;173(a)&nbsp;under the Act) at any time prior to the expiration of nine months after the time
of issue of the Prospectus in connection with the offering or sale of the Designated Securities and if at such time any event shall have
occurred as a result of which the Prospectus as then amended or supplemented would include an untrue statement of a material fact or omit
to state any material fact necessary in order to make the statements therein, in the light of the circumstances under which they were
made when such Prospectus (or, in lieu thereof, the notice referred to in Rule&nbsp;173(a)&nbsp;under the Act) is delivered, not misleading,
or, if for any other reason it shall be necessary during such same period to amend or supplement the Prospectus or to file under the Exchange
Act any document incorporated by reference in the Prospectus in order to comply with the Act<I>, </I>the Exchange Act or the Trust Indenture
Act, to notify the Representatives and upon their request to file such document and to prepare and furnish without charge to each Underwriter
and to any dealer in securities as many copies as the Representatives may from time to time reasonably request of an amended Prospectus
or a supplement to the Prospectus which will correct such statement or omission or effect such compliance; <U>provided</U>, <U>however</U>,
if any Underwriter is required to deliver a prospectus in connection with sales of any of the Designated Securities at any time nine months
or more after the time of issue of the Prospectus, upon their request but at the expense of such Underwriter, to prepare and deliver to
such Underwriter as many copies as the Representatives may request of an amended or supplemented Prospectus complying with Section&nbsp;10(a)(3)&nbsp;of
the Act;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in">(d)<FONT STYLE="font-size: 10pt">&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT>To
make generally available to the Guarantor&rsquo;s security holders and to the Representatives as soon as practicable, but in any event
not later than eighteen months after the effective date (as defined in Rule&nbsp;158(c)&nbsp;under the Act) of the Registration Statement,
an earnings statement of the Guarantor and its subsidiaries (which need not be audited) complying with Section&nbsp;11(a)&nbsp;of the
Act and the rules&nbsp;and regulations of the Commission thereunder (including, at the option of the Guarantor, Rule&nbsp;158); and</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in">(e)<FONT STYLE="font-size: 10pt">&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT>During
the period beginning from the date of the Terms Agreement for such Designated Securities and continuing to and including the earlier of
(i)&nbsp;the termination of trading restrictions for such Designated Securities, as notified to the Issuer and the Guarantor by the Representatives
and (ii)&nbsp;the Time of Delivery for such Designated Securities, not to offer, sell, contract to sell or otherwise dispose of any debt
securities issued or guaranteed (as applicable) by the Issuer or the Guarantor which mature more than one year after such Time of Delivery
and which are denominated in U.S. dollars and substantially similar to such Designated Securities, without the prior written consent of
the Representatives, which consent shall not be unreasonably withheld.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">6.<FONT STYLE="font-size: 10pt">&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT>(a)&nbsp;Each
Underwriter represents and agrees that it shall not use, refer to or distribute any &ldquo;free writing prospectus&rdquo; (as defined
in Rule&nbsp;405 under the Act, a &ldquo;<B>Free Writing Prospectus</B>&rdquo;) except:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-indent: 0.5in">(i)<FONT STYLE="font-size: 10pt">&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT>a
Free Writing Prospectus that (i)&nbsp;is not an Issuer Free Writing Prospectus, and (ii)&nbsp;contains only information describing the
preliminary terms of the Securities or their offering or otherwise permitted under Rule&nbsp;134 under the Act;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-indent: 0.5in">(ii)<FONT STYLE="font-size: 10pt">&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT>a
Free Writing Prospectus as shall be agreed in writing with the Issuer and the Guarantor that is not distributed, used or referenced by
such Underwriter in a manner reasonably designed to lead to its broad unrestricted dissemination (including any electronic road show)
unless the Issuer and the Guarantor consent to such dissemination and such Free Writing Prospectus is listed on Schedule III to the applicable
Terms Agreement; provided that an Underwriters&rsquo; internal communications with its own sales force shall not be covered by this clause
(ii); and</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in">(b)<FONT STYLE="font-size: 10pt">&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT>Notwithstanding
Section&nbsp;6(a)&nbsp;above, each of the Issuer and the Guarantor hereby agrees that the Underwriters may distribute to investors one
or more Free Writing Prospectus that contain only the final terms of the Securities (including, for the avoidance of doubt, in the form
of Bloomberg communications) substantially in the form set forth in Schedule V to the applicable Terms Agreement and that such Free Writing
Prospectus substantially in the form set forth in Schedule V to the applicable Terms Agreement will be filed by the Issuer and the Guarantor
in accordance with Rule&nbsp;433(d)&nbsp;under the Act and shall be considered an Issuer Free Writing Prospectus for purposes of this
Agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in">(c)<FONT STYLE="font-size: 10pt">&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT>Each
of the Issuer and the Guarantor agrees that, unless it has obtained or will obtain the prior written consent of the Representatives, it
has not made and will not make any offer relating to the Securities that would constitute an Issuer Free Writing Prospectus or that would
otherwise constitute a &ldquo;free writing prospectus&rdquo; (as defined in Rule&nbsp;405 under the Act) required to be filed by the Issuer
or the Guarantor with the Commission or retained by the Issuer or the Guarantor under Rule&nbsp;433 under the Act, provided that the prior
written consent of the parties hereto shall be deemed to have been given in respect of the free writing prospectus included in Schedule
III to the applicable Terms Agreement. Any such free writing prospectus consented to by the Representatives is hereinafter referred to
as a &ldquo;<B>Permitted Free Writing Prospectus</B>.&rdquo; Each of the Issuer and the Guarantor agrees that (i)&nbsp;it has treated
and will treat, as the case may be, each Permitted Free Writing Prospectus (including the final terms of the Securities as set forth in
Schedule V to the applicable Terms Agreement) as an Issuer Free Writing Prospectus and (ii)&nbsp;it has complied and will comply, as the
case may be, with the requirements of Rules&nbsp;164 and 433 under the Act applicable to any Permitted Free Writing Prospectus, including
in respect of timely filing with the Commission, legending and recordkeeping.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in">(d)<FONT STYLE="font-size: 10pt">&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT>Each
of the Issuer and the Guarantor agrees that if at any time following issuance of an Issuer Free Writing Prospectus any event occurred
or occurs as a result of which such Issuer Free Writing Prospectus would conflict with the information in the Registration Statement,
the Pricing Disclosure Package or the Prospectus or would include an untrue statement of a material fact or omit to state any material
fact necessary in order to make the statements therein, in the light of the circumstances then prevailing, not misleading, the Issuer
or the Guarantor will give prompt notice thereof to the Representatives and, if requested by the Representatives, will prepare and furnish
without charge to each Underwriter an Issuer Free Writing Prospectus or other document which will correct such conflict, statement or
omission; <U>provided</U>, <U>however</U>, that this representation and warranty shall not apply to any statements or omissions in an
Issuer Free Writing Prospectus made in reliance upon and in conformity with information furnished in writing to the Issuer or the Guarantor
by an Underwriter through the Representatives expressly for use therein.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">7.<FONT STYLE="font-size: 10pt">&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT>Each
of the Issuer and the Guarantor covenants and agrees with the several Underwriters that the Issuer and the Guarantor will pay or cause
to be paid the following: (i)&nbsp;except as provided in the proviso contained in Section&nbsp;5(c)&nbsp;hereof, the fees, disbursements
and expenses of counsel and accountants of the Issuer and the Guarantor in connection with the registration of the Designated Securities
under the Act and the qualification of any indenture related to the Designated Securities under the Trust Indenture Act and all other
expenses in connection with the preparation, printing and filing of the Registration Statement, the Basic Prospectus, any Preliminary
Prospectus, the Prospectus and amendments and supplements thereto, the Pricing Disclosure Package and any Issuer Free Writing Prospectus
and the mailing and delivering of copies thereof to the Underwriters and dealers; (ii)&nbsp;the cost of printing or producing any Agreement
among Underwriters, this Agreement, the Pricing Disclosure Package, any indenture related to the Designated Securities, any Blue Sky and
legal investment memoranda and any other documents in connection with the offering, purchase, sale and delivery of the Designated Securities;
(iii)&nbsp;all expenses in connection with the qualification of the Designated Securities for offering and sale under state securities
laws as provided in Section&nbsp;5(b)&nbsp;hereof, including the reasonable fees, disbursements and expenses of counsel for the Underwriters
in connection with such qualification and in connection with the Blue Sky and legal investment surveys; (iv)&nbsp;any fees charged by
securities rating services for rating the Designated Securities; (v)&nbsp;any filing fees incident to any required review by the Financial
Industry Regulatory Authority,&nbsp;Inc. of the terms of the sale of the Designated Securities; (vi)&nbsp;the cost of preparing the Securities
and of the delivery of the Designated Securities to the Underwriters; (vii)&nbsp;the fees and expenses of any Trustee and any agent of
any Trustee and the fees and disbursements of counsel for any Trustee in connection with any Indenture and the Securities; and (viii)&nbsp;except
as provided in the proviso contained in Section&nbsp;5(c)&nbsp;hereof, all other reasonable costs and expenses incident to the performance
of their obligations hereunder which are not otherwise specifically provided for in this Section. It is understood, however, that, except
as provided in this Section, Section&nbsp;9 and Section&nbsp;13 hereof, the Underwriters will pay all of their own costs and expenses,
including the fees of their counsel, transfer taxes on resale of any of the Designated Securities by them, and any advertising expenses
connected with any offers they may make.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">8.<FONT STYLE="font-size: 10pt">&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT>The
obligations of the Underwriters of any Designated Securities under the Terms Agreement relating to such Designated Securities shall be
subject, in the discretion of the Representatives, to the condition that all representations and warranties and other statements of the
Issuer in or incorporated by reference in the Terms Agreement relating to such Designated Securities are, at and as of the Time of Delivery
for such Designated Securities, true and correct in all material respects, the condition that the Issuer shall have performed in all material
respects its obligations hereunder theretofore to be performed, and the following additional conditions:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in">(a)<FONT STYLE="font-size: 10pt">&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT>The
final term sheet contemplated by Section&nbsp;5(a)&nbsp;hereof in relation to the applicable Designated Securities, any other material
required to be filed pursuant to Rule&nbsp;433 under the Act in relation to the applicable Designated Securities shall have been filed
within the applicable time period prescribed for such filings by Rule&nbsp;433 under the Act and the Prospectus as amended or supplemented
in relation to the applicable Designated Securities shall have been filed with the Commission pursuant to Rule&nbsp;424(b)&nbsp;under
the Act within the applicable time period prescribed for such filing by the rules&nbsp;and regulations under the Act and in accordance
with Section&nbsp;5(a)&nbsp;hereof; no stop order suspending the effectiveness of the Registration Statement has been issued and no proceeding
for that purpose has been initiated or threatened by the Commission and no order suspending or preventing the use of the Basic Prospectus,
any Preliminary Prospectus, any documents which are part of the Pricing Disclosure Package, the Prospectus or any Issuer Free Writing
Prospectus shall have been issued and no proceeding for that purpose shall have been initiated or threatened by the Commission; and all
requests for additional information on the part of the Commission shall have been complied with to the Representatives&rsquo; reasonable
satisfaction;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in">(b)<FONT STYLE="font-size: 10pt">&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT>United
States counsel for the Underwriters shall have furnished to the Representatives such opinion or opinions, dated the Time of Delivery for
such Designated Securities, with respect to the validity of the Indenture, the Designated Securities, the Registration Statement, the
Pricing Disclosure Package, the Prospectus as amended or supplemented and other related matters as the Representatives may reasonably
request, and such counsel shall have received such papers and information as they may reasonably request to enable them to pass upon such
matters. Such counsel shall be entitled to state that they have assumed that any document referred to in their opinion and executed by
the Guarantor has been duly authorized, executed and delivered pursuant to Swiss law and, as to all matters of Swiss law, their opinion
is given in reliance upon, and is subject to the qualifications set forth in, the opinions of counsel for the Guarantor required by subsection
(c)&nbsp;of this Section&nbsp;8;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in">(c)<FONT STYLE="font-size: 10pt">&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT>Swiss
counsel for the Guarantor shall have furnished to the Representatives a written opinion, dated the Time of Delivery for such Designated
Securities, in form and substance reasonably satisfactory to the Representatives;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in">(d)<FONT STYLE="font-size: 10pt">&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT>United
States counsel for the Issuer and the Guarantor shall have furnished to the Representatives a written opinion, dated the Time of Delivery
for such Designated Securities, in form and substance reasonably satisfactory to the Representatives;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in">(e)<FONT STYLE="font-size: 10pt">&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT>United
States counsel for the Issuer and the Guarantor, shall have furnished to the Representatives a written 10b-5 letter, dated the Time of
Delivery for such Designated Securities, in form and substance reasonably satisfactory to the Representatives;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in">(f)<FONT STYLE="font-size: 10pt">&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT>On
the date of the applicable Terms Agreement and at the Time of Delivery for such Designated Securities, KPMG AG, the independent registered
public accounting firm of the Guarantor who have audited the financial statements of the Guarantor and its consolidated subsidiaries included
or incorporated by reference in the Registration Statement, shall have furnished to the Representatives a letter or letters, dated as
of each such date and in form and substance satisfactory to the Representatives, containing statements and information of the type ordinarily
included in accountants&rsquo; &ldquo;comfort letters&rdquo; to underwriters with respect to the financial statements and certain financial
information contained in the Registration Statement and the Prospectus as amended or supplemented and as to such other matters as the
Representatives may reasonably request; and</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in">(g)<FONT STYLE="font-size: 10pt">&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT>The
Issuer and the Guarantor shall have furnished or caused to be furnished to the Representatives certificates, dated the Time of Delivery
for the Designated Securities, of officers of the Issuer and the Guarantor satisfactory to the Representatives as to the accuracy of the
representations and warranties in all material respects of the Issuer and the Guarantor, respectively, in this Agreement and the Terms
Agreement at and as of the Time of Delivery, as to the performance in all material respects by the Issuer of all of its obligations hereunder
to be performed prior to such Time of Delivery, and as to the matters set forth in Sections 8(a)&nbsp;and 12(i)&nbsp;hereof.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">9.<FONT STYLE="font-size: 10pt">&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT>(a)&nbsp;The
Issuer and the Guarantor jointly and severally will indemnify and hold harmless each Underwriter against any losses, claims, damages or
liabilities, joint or several, to which such Underwriter may become subject, under the Act or otherwise, insofar as such losses, claims,
damages or liabilities (or actions in respect thereof) arise out of or are based upon an untrue statement or alleged untrue statement
of a material fact contained in the Registration Statement, the Basic Prospectus, any Preliminary Prospectus, the Prospectus, or any amendment
or supplement thereto, the Pricing Disclosure Package, any Issuer Free Writing Prospectus or any &ldquo;issuer information&rdquo; filed
or required to be filed pursuant to Rule&nbsp;433(d)&nbsp;under the Act, including the information in the final term sheet filed in accordance
with Section&nbsp;5(a)&nbsp;of this Agreement and any other prospectus relating to the Securities, or any amendment or supplement thereto,
or arise out of or are based upon the omission or alleged omission to state there in a material fact required to be stated there in or
necessary to make the statements there in not misleading, and will reimburse each Underwriter for any legal or other expenses reasonably
incurred by such Underwriter in connection with investigating or defending any such action or claim as such expenses are incurred; <U>provided</U>,
<U>however</U>, that the Issuer and the Guarantor shall not be liable in any such case to the extent that any such loss, claim, damage
or liability arises out of or are based upon an untrue statement or alleged untrue statement or omission or alleged omission made in the
Registration Statement, the Basic Prospectus, any Preliminary Prospectus, the Prospectus, or any amendment or supplement thereto, the
Pricing Disclosure Package, any Issuer Free Writing Prospectus and any other prospectus relating to the Securities, or any such amendment
or supplement in reliance upon and in conformity with written information furnished to the Issuer or the Guarantor by any Underwriter
of Designated Securities through the Representatives expressly for use in the Prospectus as amended or supplemented relating to such Securities.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in">(b)<FONT STYLE="font-size: 10pt">&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT>Each
Underwriter severally and not jointly will indemnify and hold harmless the Issuer and the Guarantor against any losses, claims, damages
or liabilities to which the Issuer or the Guarantor may become subject, under the Act or otherwise, insofar as such losses, claims, damages
or liabilities (or actions in respect thereof) arise out of or are based upon an untrue statement or alleged untrue statement of a material
fact contained in the Registration Statement, the Basic Prospectus, any Preliminary Prospectus, the Prospectus, or any amendment or supplement
thereto, the Pricing Disclosure Package, or any Issuer Free Writing Prospectus and any other prospectus relating to the Securities, or
any amendment or supplement thereto, or arise out of or are based upon the omission or alleged omission to state therein a material fact
required to be stated therein or necessary to make the statements therein not misleading, in each case to the extent, but only to the
extent, that such untrue statement or alleged untrue statement or omission or alleged omission was made in the Registration Statement,
the Basic Prospectus, any Preliminary Prospectus, the Prospectus, or any amendment or supplement thereto, the Pricing Disclosure Package,
or any Issuer Free Writing Prospectus and any other prospectus relating to the Securities, or any amendment or supplement in reliance
upon and in conformity with written information furnished to the Issuer or the Guarantor by such Underwriter through the Representatives
expressly for use therein; and will, reimburse the Issuer and the Guarantor for any legal or other expenses reasonably incurred by the
Issuer or the Guarantor in connection with investigating or defending any such action or claim as such expenses are incurred.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in">(c)<FONT STYLE="font-size: 10pt">&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT>Promptly
after receipt by an indemnified party under subsection (a)&nbsp;or (b)&nbsp;above of notice of the commencement of any action (including
any governmental action), such indemnified party shall, if a claim in respect thereof is to be made against the indemnifying party under
such subsection, promptly notify the indemnifying party in writing of the commencement thereof; but the omission so to notify the indemnifying
party shall not relieve it from any liability which it may have to any indemnified party otherwise than under such subsection. In case
any such action shall be brought against any indemnified party and it shall notify the indemnifying party of the commencement thereof,
the indemnifying party shall be entitled to participate therein and, to the extent that it shall wish, jointly with any other indemnifying
party similarly notified, to assume the defense thereof, with counsel reasonably satisfactory to such indemnified party (who shall not,
except with the consent of the indemnified party, be counsel to the indemnifying party), and, after notice from the indemnifying party
to such indemnified party of its election so to assume the defense thereof, the indemnifying party shall not be liable to such indemnified
party under such subsection for any legal expenses of other counsel or any other expenses, in each case subsequently incurred by such
indemnified party, in connection with the defense thereof other than reasonable costs of investigation. It is understood that the indemnifying
party shall not, in connection with any action or related actions in the same jurisdiction, be liable for the reasonable fees and expenses
of more than one separate firm for all such indemnified parties. The indemnifying party shall not be liable for any settlement of any
action effected without its written consent, unless such settlement (i)&nbsp;includes an unconditional release of the indemnified party
from all liability arising out of such action or claim and (ii)&nbsp;does not include a statement as to or an admission of fault, culpability
or a failure to act, by or on behalf of any indemnified party. If settled with such consent, or under the conditions laid out in (i)&nbsp;and
(ii), the indemnifying party agrees to indemnify the indemnified party from and against any loss or liability by reason of such settlement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in">(d)<FONT STYLE="font-size: 10pt">&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT>To
the extent that the indemnification provided for in this Section&nbsp;9 is unavailable to or insufficient to hold harmless an indemnified
party under subsection (a)&nbsp;or (b)&nbsp;above in respect of any losses, claims, damages or liabilities (or actions in respect thereof)
referred to therein, then each indemnifying party shall contribute to the amount paid or payable by such indemnified party as a result
of such losses, claims, damages or liabilities (or actions in respect thereof) in such proportion as is appropriate to reflect the relative
benefits received by the Issuer and the Guarantor on the one hand and the Underwriters of the Designated Securities on the other from
the offering of the Designated Securities to which loss, claim, damage or liability (or action in respect thereof) relates. If, however,
the allocation provided by the immediately preceding sentence is not permitted by applicable law or if the indemnified party failed to
give the notice required under subsection (c)&nbsp;above, then each indemnifying party shall contribute to such amount paid or payable
by such indemnified party in such proportion as is appropriate to reflect not only such relative benefits but also the relative fault
of the Issuer and the Guarantor on the one hand and the Underwriters of the Designated Securities on the other in connection with the
statements or omissions which resulted in such losses, claims, damages or liabilities (or actions in respect thereof), as well as any
other relevant equitable considerations. The relative benefits received by the Issuer and the Guarantor on the one hand and such Underwriters
on the other shall be deemed to be in the same proportion as the total net proceeds from such offering (before deducting expenses) received
by the Issuer bear to the total underwriting discounts and commissions received by such Underwriters, in each case as set forth in the
table on the cover page&nbsp;of the Prospectus as amended and supplemented. The relative fault shall be determined by reference to, among
other things, whether the untrue or alleged untrue statement of a material fact or the omission or alleged omission to state a material
fact relates to information supplied by the Issuer or the Guarantor on the one hand or the Underwriters on the other and the parties&rsquo;
relative intent, knowledge, access to information and opportunity to correct or prevent such statement or omission. The Issuer, the Guarantor
and the Underwriters agree that it would not be just and equitable if contribution pursuant to this subsection (d)&nbsp;were determined
by pro rata allocation (even if the Underwriters were treated as one entity for such purpose) or by any other method of allocation which
does not take account of the equitable considerations referred to above in this subsection (d). The amount paid or payable by an indemnified
party as a result of the losses, claims, damages or liabilities (or actions in respect thereof) referred to above in this subsection (d)&nbsp;shall
be deemed to include any legal or other expenses reasonably incurred by such indemnified party in connection with investigating or defending
any such action or claim. Notwithstanding the provisions of this subsection (d), no Underwriter shall be required to contribute any amount
in excess of the amount by which the total price at which the applicable Designated Securities underwritten by it and distributed to the
public were offered to the public exceeds the amount of any damages which such Underwriter has otherwise been required to pay by reason
of such untrue or alleged untrue statement or omission or alleged omission. No person guilty of fraudulent misrepresentation (within the
meaning of Section&nbsp;11(f)&nbsp;of the Act) shall be entitled to contribution from any person who was not guilty of such fraudulent
misrepresentation. The obligations of the Underwriters of Designated Securities in this subsection (d)&nbsp;to contribute are several
in proportion to their respective underwriting obligations with respect to such Securities and not joint.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in">(e)<FONT STYLE="font-size: 10pt">&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT>The
obligations of the Issuer and the Guarantor under this Section&nbsp;9 shall be in addition to any liability which the Issuer or the Guarantor
may otherwise have and shall extend, upon the same terms and conditions, to each person, if any, who controls any Underwriter within the
meaning of the Act and to the Underwriters&rsquo; affiliates, directors and officers; and the obligations of the Underwriters under this
Section&nbsp;9 shall be in addition to any liability which the respective Underwriters may otherwise have and shall extend, upon the same
terms and conditions, to each officer and director of the Issuer and the Guarantor, the duly authorized representative of the Issuer and
the Guarantor in the United States, and to each person, if any, who controls the Issuer or the Guarantor within the meaning of the Act
or the Exchange Act.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">10.<FONT STYLE="font-size: 10pt">&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT>(a)&nbsp;If
any Underwriter shall default in its obligation to purchase the Designated Securities which it has agreed to purchase under the Terms
Agreement relating to such Designated Securities, the Representatives may in their discretion arrange for themselves or another party
or other parties to purchase such Designated Securities on the terms contained herein. If within thirty-six hours after such default by
any Underwriter the Representatives do not arrange for the purchase of such Designated Securities, then the Issuer and the Guarantor shall
be entitled to a further period of thirty-six hours within which to procure another party or other parties reasonably satisfactory to
the Representatives to purchase such Designated Securities on such terms. In the event that, within the respective prescribed period,
the Representatives notify the Issuer and the Guarantor that the Representatives have so arranged for the purchase of such Designated
Securities, or the Issuer or the Guarantor notifies the Representatives that it has so arranged for the purchase of such Designated Securities,
the Representatives or the Issuer or the Guarantor shall have the right to postpone the Time of Delivery for such Designated Securities
for a period of not more than seven days, in order to effect whatever changes may thereby be made necessary in the Registration Statement
or the Prospectus as amended or supplemented, or in any other documents or arrangements, and the Issuer and the Guarantor agree to file
promptly any amendments or supplements to the Registration Statement or the Prospectus which in the opinion of the Representatives may
thereby be made necessary. The term &ldquo;<B>Underwriter</B>&rdquo; as used in this Agreement shall include any person substituted under
this Section&nbsp;with like effect as if such person had originally been a party to the Terms Agreement with respect to such Designated
Securities.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in">(b)<FONT STYLE="font-size: 10pt">&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT>If,
after giving effect to any arrangements for the purchase of the Designated Securities of a defaulting Underwriter or Underwriters by the
Representatives, the Issuer or the Guarantor as provided in subsection (a)&nbsp;above, the aggregate principal amount of such Designated
Securities which remains unpurchased does not exceed one-eleventh of the aggregate principal amount of the Designated Securities, then
the Issuer and the Guarantor shall have the right to require each non-defaulting Underwriter to purchase the principal amount of Designated
Securities which such Underwriter agreed to purchase under the Terms Agreement relating to such Designated Securities and, in addition,
to require each non-defaulting Underwriter to purchase its pro rata share (based on the principal amount of Designated Securities which
such Underwriter agreed to purchase under such Terms Agreement) of the Designated Securities of such defaulting Underwriter or Underwriters
for which such arrangements have not been made; but nothing herein shall relieve a defaulting Underwriter from liability for its default.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in">(c)<FONT STYLE="font-size: 10pt">&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT>If,
after giving effect to any arrangements for the purchase of the Designated Securities of a defaulting Underwriter or Underwriters by the
Representatives, the Issuer or the Guarantor as provided in subsection (a)&nbsp;above, the aggregate principal amount of the Designated
Securities which remains unpurchased exceeds one-eleventh of the aggregate principal amount of the Designated Securities, as referred
to in subsection (b)&nbsp;above, or if the Issuer or the Guarantor shall not exercise the right described in subsection (b)&nbsp;above
to require non-defaulting Underwriters to purchase Designated Securities of a defaulting Underwriter or Underwriters, then the Terms Agreement
relating to such Designated Securities shall thereupon terminate, without liability on the part of any non-defaulting Underwriter, the
Issuer or the Guarantor, except for the indemnity and contribution agreements in Section&nbsp;9 hereof; but nothing herein shall relieve
a defaulting Underwriter from liability for its default.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">11.<FONT STYLE="font-size: 10pt">&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT>The
respective indemnities, agreements, representations, warranties and other statements of the Issuer, the Guarantor and the several Underwriters,
as set forth in this Agreement or made by or on behalf of them<I>, </I>respectively, pursuant to this Agreement, shall remain in full
force and effect, regardless of any investigation (or any statement as to the results thereof) made by or on behalf of any Underwriter
or any controlling person of any Underwriter or the Issuer or the Guarantor, the duly authorized representative of the Issuer or the Guarantor
in the United States or any officer or director or controlling person of the Issuer or the Guarantor, and shall survive delivery of and
payment for the Designated Securities.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">12.<FONT STYLE="font-size: 10pt">&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT>Any
Terms Agreement shall be subject to termination in the absolute discretion of the Representatives, after consultation with the Issuer
and the Guarantor, if, since the respective dates as of which information is given in the Pricing Disclosure Package in the case of clause
(i)&nbsp;below, or subsequent to the Applicable Time and prior to the Time of Delivery of the Designated Securities, in the case of clauses
(ii)&nbsp;through (vii)&nbsp;below, (i)&nbsp;there shall have been a material adverse change, or any development which in the reasonable
judgment of the Issuer or the Guarantor will result in a material adverse change, in the business, properties or financial condition of
the Guarantor and its consolidated subsidiaries considered as a whole, otherwise than as set forth or contemplated in the Pricing Disclosure
Package; (ii)&nbsp;there shall have occurred a downgrading in the rating accorded the Guarantor&rsquo;s senior debt securities by Moody&rsquo;s
Investor Services,&nbsp;Inc. (&ldquo;<B>Moody&rsquo;s</B>&rdquo;) or S&amp;P Global Ratings (&ldquo;<B>S&amp;P</B>&rdquo;) or, in the
event that the Guarantor&rsquo;s senior debt securities are not rated by either Moody&rsquo;s or S&amp;P, by another &ldquo;nationally
recognized statistical rating organization&rdquo; as such term is defined by the Commission under Section&nbsp;3(a)(62) of the Exchange
Act; (iii)&nbsp;any such organization shall have publicly announced that it has under surveillance or review or has changed its outlook
with respect to its rating of the Securities or of any other senior debt securities or preferred stock of or guaranteed by the Guarantor
(other than an announcement with positive implications of a possible upgrading); (iv)&nbsp;trading in securities generally on the New
York Stock Exchange or the SIX Swiss Exchange or any other exchange where the Designated Securities are listed or intended to be listed
shall have been suspended or materially limited; (v)&nbsp;trading of the common shares or American Depositary Receipts of the Guarantor
is suspended (other than temporarily or for technical reasons) on the SIX Swiss Exchange or the New York Stock Exchange, respectively;
(vi)&nbsp;a general moratorium on commercial banking activities in the State of New York shall have been declared by either Federal or
New York State authorities or a general moratorium on commercial banking activities in Switzerland shall have been declared by authorities
in Switzerland; (vii)&nbsp;there shall have occurred the outbreak or escalation of hostilities involving the United States or Switzerland
or the declaration by the United States or Switzerland of a national emergency or war; or (viii)&nbsp;there shall have occurred any change
in financial markets or other national or international calamity or crisis of such magnitude and severity in its effect on the financial
markets, as, in any such case described in clauses (i)&nbsp;through (viii)&nbsp;above, in the judgment of the Representatives, after consultation
with the Guarantor, to make it impracticable to proceed with the public offering or the delivery of the Designated Securities on the terms
and in the manner contemplated in the Pricing Disclosure Package and the Prospectus, as amended or supplemented relating to such Securities.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">13.<FONT STYLE="font-size: 10pt">&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT>If
any Terms Agreement shall be terminated by the Underwriters of the Designated Securities pursuant to clause (i)&nbsp;of Section&nbsp;12
hereof or because of any failure or refusal on the part of the Issuer or the Guarantor to comply with the terms or to fulfill any of the
conditions of the Terms Agreement, or if for any reason either the Issuer or the Guarantor shall be unable to perform its obligations
under the Terms Agreement, the Issuer and the Guarantor will reimburse the Underwriters of such Securities for all out-of-pocket expenses
(including the fees and disbursements of counsel) reasonably incurred by the Underwriters in connection with the Designated Securities.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">Notwithstanding the termination of any Terms Agreement
the provisions of Sections 9, 10 and 11 hereof shall remain in effect.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">14.<FONT STYLE="font-size: 10pt">&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT>In
all dealings hereunder, the Representatives of the Underwriters of Designated Securities shall act on behalf of each of such Underwriters,
and the parties here to shall be entitled to act and rely upon any statement, request, notice or agreement on behalf of any Underwriter
made or given by such Representatives jointly or by such of the Representatives, if any, as may be designated for such purpose in the
Terms Agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">All statements, requests, notices and agreements
hereunder shall be in writing (including by electronic means), and if to the Underwriters shall be delivered or sent as directed in the
applicable Terms Agreement; and if to the Issuer and the Guarantor shall be delivered or sent by mail, telex or facsimile transmission
to its address set forth in the Registration Statement, Attention: Group General Counsel, or such other address as the Issuer or the Guarantor
shall notify in writing to the Representatives; <U>provided</U>, <U>however</U>, that any notice to an Underwriter of Designated Securities
pursuant to Section&nbsp;9(c)&nbsp;hereof shall be delivered or sent to such Underwriter at its address set forth in its Underwriters&rsquo;
Questionnaire, or telex constituting such Questionnaire, which address will be supplied to Issuer and the Guarantor by the Representatives
upon request. Any such statements, requests, notices or agreements shall take effect upon receipt thereof.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">15.<FONT STYLE="font-size: 10pt">&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT>This
Agreement and each Terms Agreement shall be binding upon, and inure solely to the benefit of, the Underwriters, the Issuer, the Guarantor
and, to the extent provided in Section&nbsp;9 and Section&nbsp;11 hereof, the officers and directors of the Issuer and the Guarantor and
each person who controls the Issuer or the Guarantor or any Underwriter and their respective heirs, executors, administrators, successors
and assigns, and no other person shall acquire or have any right under or by virtue of this Agreement or any such Terms Agreement. No
purchaser of any of the Designated Securities from any Underwriter shall be deemed a successor or assign by reason merely of such purchase.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">16.<FONT STYLE="font-size: 10pt">&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT>The
Issuer and the Guarantor acknowledge and agree that (i)&nbsp;the purchase and sale of any Designated Securities pursuant to this Agreement
is an arm&rsquo;s-length commercial transaction between the Issuer and the Guarantor, on the one hand, and the several Underwriters, on
the other, (ii)&nbsp;in connection therewith and with the process leading to such transaction each Underwriter is acting solely as principal
and not as an agent or fiduciary of the Issuer or the Guarantor, (iii)&nbsp;no Underwriter has assumed an advisory or fiduciary responsibility
in favor of the Issuer or the Guarantor with respect to the offering contemplated hereby or the process leading thereto (irrespective
of whether such Underwriter has advised or is currently advising the Issuer or the Guarantor on other matters) or any other obligation
to the Issuer or the Guarantor except the obligations expressly set forth in this Agreement and (iv)&nbsp;the Issuer and the Guarantor
have consulted its own legal and financial advisors to the extent it deemed appropriate. The Issuer and the Guarantor agree that they
will not claim that the Underwriters, or any of them, has rendered advisory services of any nature or respect, or owes a fiduciary or
similar duty to the Issuer or the Guarantor, in connection with such transaction or the process leading thereto.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in">17.<FONT STYLE="font-size: 10pt">&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT>(a)&nbsp;In
the event that any Underwriter that is a Covered Entity becomes subject to a proceeding under a U.S. Special Resolution Regime, the transfer
from such Underwriter of this Agreement, and any interest and obligation in or under this Agreement, will be effective to the same extent
as the transfer would be effective under the U.S. Special Resolution Regime if this Agreement, and any such interest and obligation, were
governed by the laws of the United States or a state of the United States.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in">(b)<FONT STYLE="font-size: 10pt">&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT>In
the event that any Underwriter that is a Covered Entity or a BHC Act Affiliate of such Underwriter becomes subject to a proceeding under
a U.S. Special Resolution Regime, Default Rights under this Agreement that may be exercised against such Underwriter are permitted to
be exercised to no greater extent than such Default Rights could be exercised under the U.S. Special Resolution Regime if this Agreement
were governed by the laws of the United States or a state of the United States.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in"><B>&ldquo;BHC Act Affiliate&rdquo;</B> of a party means an
 &ldquo;affiliate&rdquo; (as such term is defined under, and interpreted in accordance with, 12 U.S.C. 1841(k)) of such party.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in"><B>&ldquo;Covered Entity&rdquo;</B> means any of the following:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in">(i)&nbsp;a &ldquo;covered entity&rdquo; as that term is defined
in, and interpreted in accordance with, 12 C.F.R. &sect; 252.82(b);</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in">(ii)&nbsp;a &ldquo;covered bank&rdquo; as that term is defined
in, and interpreted in accordance with, 12 C.F.R. &sect; 47.3(b); or</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in">(iii)&nbsp;a &ldquo;covered FSI&rdquo; as that term is defined
in, and interpreted in accordance with, 12 C.F.R. &sect; 382.2(b).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in"><B>&ldquo;Default Right&rdquo;</B> has the meaning assigned
to that term in, and shall be interpreted in accordance with, 12 C.F.R. &sect;&sect; 252.81, 47.2 or 382.1, as applicable.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in"><B>&ldquo;U.S. Special Resolution Regime&rdquo;</B> means
each of (i)&nbsp;the U.S. Federal Deposit Insurance Act, as amended and the regulations promulgated thereunder and (ii)&nbsp;Title II
of the U.S. Dodd-Frank Wall Street Reform and Consumer Protection Act, as amended and the regulations promulgated thereunder.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">18.<FONT STYLE="font-size: 10pt">&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT>The
Issuer hereby appoints Novartis Services,&nbsp;Inc., One Health Plaza, East Hanover, NJ 07936, as its authorized agent (the &ldquo;<B>Authorized
Agent</B>&rdquo;) upon which process may be served in any action based on this Agreement which may be instituted in any State or Federal
court in The City, County and State of New York by any Underwriter and expressly accepts the jurisdiction of any such court in respect
of such action. Such appointment shall be irrevocable for a period of seven (7)&nbsp;years from the date hereof unless and until a successor
Authorized Agent shall be appointed and such successor shall accept such appointment. The Issuer will take any and all action, including
the filing of any and all documents and instruments, that may be necessary to continue such appointment or appointments in full force
and effect as aforesaid. Service of process upon the Authorized Agent and written notice of such service to the Issuer (mailed or delivered
as aforesaid) shall be deemed, in every respect, effective service of process upon the Issuer. Notwithstanding the foregoing, any action
based on this Agreement or any Terms Agreement may be instituted by any Underwriter against the Guarantor in any competent court in Switzerland.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">19.<FONT STYLE="font-size: 10pt">&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT>Time
shall be of the essence of each Terms Agreement. As used herein, the term &ldquo;<B>business day</B>&rdquo; shall mean any day when the
Commission&rsquo;s office in Washington, D.C. is open for business.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">20.<FONT STYLE="font-size: 10pt">&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT>This
Agreement and each Terms Agreement shall be governed by and construed in accordance with the laws of the State of New York.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">21.<FONT STYLE="font-size: 10pt">&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT>This
Agreement and each Terms Agreement may be executed by any one or more of the parties hereto and thereto in any number of counterparts,
each of which shall be deemed to be an original, but all such respective counterparts shall together constitute one and the same instrument.
Delivery of this Agreement or any Terms Agreement by one party to any other party may be made by facsimile, electronic mail (including
any electronic signature complying with the New York Electronic Signatures and Records Act (N.Y. State Tech. &sect;&sect; 301-309), as
amended from time to time, or other applicable law) or other transmission method, and the parties hereto agree that any counterpart so
delivered shall be deemed to have been duly and validly delivered and be valid and effective for all purposes.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

</BODY>
</HTML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-4.1
<SEQUENCE>3
<FILENAME>tm2529850d5_ex4-1.htm
<DESCRIPTION>EXHIBIT 4.1
<TEXT>
<HTML>
<HEAD>
     <TITLE></TITLE>
</HEAD>
<BODY STYLE="font: 10pt Times New Roman, Times, Serif">

<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="text-align: right; margin: 0"><FONT><B>Exhibit&nbsp;4.1</B></FONT></P>

<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>FORM&nbsp;OF GUARANTEED DEBT SECURITY</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">THIS SECURITY IS IN GLOBAL FORM&nbsp;WITHIN THE MEANING OF THE INDENTURE
HEREINAFTER REFERRED TO AND IS REGISTERED IN THE NAME OF THE DEPOSITORY TRUST COMPANY, A NEW YORK CORPORATION (<B>DTC</B>), OR A NOMINEE
OF DTC, WHICH MAY&nbsp;BE TREATED BY THE COMPANY, THE GUARANTOR, THE TRUSTEE AND ANY AGENT THEREOF AS OWNER AND HOLDER OF THIS SECURITY
FOR ALL PURPOSES.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">UNLESS THIS CERTIFICATE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE
OF DTC TO THE COMPANY OR ITS AGENT FOR REGISTRATION OF TRANSFER, EXCHANGE, OR PAYMENT, AND ANY CERTIFICATE ISSUED IS REGISTERED IN THE
NAME OF CEDE&nbsp;&amp; CO. OR IN SUCH OTHER NAME AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC (AND ANY PAYMENT IS MADE TO CEDE&nbsp;&amp;
CO. OR TO SUCH OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC), ANY TRANSFER, PLEDGE, OR OTHER USE HEREOF FOR VALUE
OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL INASMUCH AS THE REGISTERED OWNER HEREOF CEDE&nbsp;&amp; CO., HAS AN INTEREST HEREIN.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">UNLESS AND UNTIL IT IS EXCHANGED IN WHOLE OR IN PART&nbsp;FOR SECURITIES
IN DEFINITIVE FORM&nbsp;IN THE LIMITED CIRCUMSTANCES REFERRED TO IN THE INDENTURE, THIS GLOBAL SECURITY MAY&nbsp;NOT BE TRANSFERRED EXCEPT
AS A WHOLE BY DTC TO A NOMINEE OF DTC OR BY A NOMINEE OF DTC TO DTC OR ANOTHER NOMINEE OF DTC OR BY DTC OR ANY SUCH NOMINEE TO A SUCCESSOR
DEPOSITARY OR A NOMINEE OF SUCH SUCCESSOR DEPOSITARY.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR>
    <TD STYLE="vertical-align: top; width: 41%; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">REGISTERED NO. [&nbsp;&nbsp;]</FONT></TD>
    <TD STYLE="vertical-align: bottom; width: 7%">&nbsp;</TD>
    <TD STYLE="vertical-align: top; width: 52%; font-size: 10pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">PRINCIPAL AMOUNT: $[&nbsp;&nbsp;]&nbsp;&nbsp;</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">CUSIP NO. 66989HBD9</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">ISIN NO. US66989HBD98</FONT></TD>
    <TD STYLE="vertical-align: bottom; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="vertical-align: top; font-size: 10pt">&nbsp;</TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>NOVARTIS CAPITAL CORPORATION<BR>
</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><B>FLOATING RATE NOTES DUE 2028
(the &ldquo;Security&rdquo;)</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><B>FULLY AND UNCONDITIONALLY GUARANTEED BY</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>NOVARTIS AG</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Novartis Capital Corporation, a corporation organized under the laws
of the State of Delaware (hereinafter called the <B>Company</B>, which term shall include any successor entity under the Indenture), for
value received, hereby promises to pay to Cede&nbsp;&amp; Co., as nominee for DTC, or registered assigns, upon presentation, the principal
sum of [ ] Dollars ($[ ]) (or such other amount set forth on the Schedule of Increases or Decreases in the Global Security attached hereto)
on November&nbsp;5, 2028 (the <B>Maturity Date</B>) and to pay interest thereon from November 5, 2025, quarterly in arrears
on February&nbsp;5, May&nbsp;5, August&nbsp;5 and November&nbsp;5 in each year (each a <B>Floating Rate Interest Payment Date</B>), commencing
on February&nbsp;5, 2026. All terms used in this Global Security but not defined herein shall have the meanings assigned to them in the
Indenture.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">The interest so payable, and punctually paid or
duly provided for on any Floating Rate Interest Payment Date will, as provided in the Indenture, be paid to the Holders of record as of
the close of business on the date that is 15 calendar days prior to each Floating Rate Interest Payment Date. Any such interest not so
punctually paid or duly provided for shall forthwith cease to be payable to the Holder on such Record Date, and may either be paid to
the Person in whose name this Security is registered at the close of business on a special record date for the payment of defaulted interest
to be fixed by the Trustee, notice whereof shall be given to Holders of Securities of this series at least 15 calendar days prior to such
special record date, or may be paid at any time in any other lawful manner not inconsistent with the requirements of any securities exchange
on which the Securities may be listed, and upon such notice as may be required by such exchange, all as more fully provided in the Indenture.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Payment of the Principal of and interest on and any Additional Amounts
(as defined below) in respect of this Global Security will be paid to DTC for the purpose of permitting DTC to credit the Principal and
interest received by it in respect of this Global Security to the accounts of the beneficial owners thereof; <I>provided</I>, <I>however</I>,
that if this Security is not a Global Security, payment of the Principal of, interest on and Additional Amounts, if any, in respect of
this Security will be made at the office or agency of the Trustee in The City of New York, or elsewhere as provided in the Indenture,
in such coin or currency of the United States of America as at the time of payment is legal tender for payment of public and private debts;
and <I>provided</I>, <I>further</I>, that at the option of the Company payment of interest may be made by (a)&nbsp;check mailed to the
address of the Person entitled thereto as such address shall appear in the Security Register or (b)&nbsp;transfer to an account of the
Person entitled thereto located inside the United States.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">If a Floating Rate Interest Payment Date or an optional redemption
date for tax reasons (as described on the reverse hereof)), would fall on a day that is not a Business Day (as defined below), then the
Floating Rate Interest Payment Date or an optional redemption date for tax reasons will be postponed to the next succeeding Business Day,
but no additional interest shall be paid unless the Company fails to make payment on such next succeeding Business Day (unless such next
succeeding Business Day falls in the succeeding calendar month, in which case the applicable Floating Rate Interest Payment Date will
be the Business Day immediately preceding such February&nbsp;5, May&nbsp;5, August&nbsp;5&nbsp;or November&nbsp;5, and interest on the
Security will be paid on such immediately preceding Business Day). If the Maturity Date would fall on a day that is not a Business Day,
then the Floating Rate Interest Payment Date will be postponed to the next succeeding Business Day, but no additional interest shall be
paid unless the Company fails to make payment on such next succeeding Business Day.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">The &ldquo;Initial Interest Period&rdquo; means
the period from and including November&nbsp;5, 2025 to, but excluding, the first Floating Rate Interest Payment Date. Thereafter, each
 &ldquo;Interest Period&rdquo; means the period from and including a Floating Rate Interest Payment Date to, but excluding, the immediately
succeeding Floating Rate Interest Payment Date (such succeeding Floating Rate Interest Payment Date, the &ldquo;Latter Floating Rate Interest
Payment Date&rdquo;); provided that the final Interest Period for the Security will be the period from and including the Floating Rate
Interest Payment Date immediately preceding the Maturity Date of the Security to, but excluding, the Maturity Date. Interest on the Security
will be computed on the basis of a 360-day year and the actual number of days in the Observation Period.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">The interest rate for the Initial Interest Period
will be Compounded SOFR determined on February&nbsp;3, 2026, plus 0.52%. Thereafter, the interest rate for any Interest Period will be
Compounded SOFR, as determined on the applicable date that is the second U.S. Government Securities Business Day (as defined below) preceding
such Floating Rate Interest Payment Date (the &ldquo;Interest Determination Date&rdquo;), plus a margin of 0.52%. In no event will the
interest on the Securities be (i)&nbsp;higher than the maximum rate permitted by New York law as the same may be modified by U.S. law
of general application or (ii)&nbsp;lower than zero.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">HSBC Bank USA, National Association, or its successor
appointed by the Company, will act as calculation agent. The Company may change the calculation agent with respect to the Security at
any time without notice to the Holders of the Security. The interest rate and amount of interest to be paid on the Security for each Interest
Period will be determined by the calculation agent. All determinations made by the calculation agent shall, in the absence of willful
misconduct or manifest error, be conclusive for all purposes and binding on the Company and the Holders of the Security.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">The amount of interest accrued and payable on
the Security for each Interest Period will be equal to the product of (i)&nbsp;the outstanding principal amount of the Security multiplied
by (ii)&nbsp;the product of (a)&nbsp;the interest rate for the relevant Interest Period multiplied by (b)&nbsp;the quotient of the actual
number of calendar days in the Observation Period divided by 360. As used herein the following terms have the meanings assigned to them:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Business Day</B> means any day other than a Saturday, a Sunday or
a day on which banking institutions in The City of New York are authorized or obligated by law, regulation or executive order to be closed
and on which commercial banks and foreign exchange markets settle payments and are open for general business (including dealings in foreign
exchange and foreign currency deposits) in Zurich, Switzerland.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Additional provisions of this Security are set forth following the
signature page&nbsp;hereof, which provisions shall for all purposes have the same effect as if set forth at this place.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Unless the certificate of authentication hereon has been executed by
or on behalf of the Trustee referred to on the reverse hereof by manual signature, this Security shall not be entitled to any benefit
under the Indenture or be valid or obligatory for any purpose.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>IN WITNESS WHEREOF</B>, the Company has caused this instrument to
be duly executed this 5<SUP>th</SUP>&nbsp;day of November&nbsp;2025.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2">
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>NOVARTIS CAPITAL CORPORATION</B></P></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-size: 10pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 50%">&nbsp;</TD>
    <TD STYLE="width: 5%; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">By: </FONT></TD>
    <TD STYLE="width: 45%; border-bottom: Black 1pt solid">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="padding-left: 31.3pt; font-size: 10pt; text-indent: -31.3pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Name:</FONT></TD>
    <TD STYLE="padding-left: 31.3pt; font-size: 10pt; text-indent: -31.3pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="padding-left: 31.3pt; font-size: 10pt; text-indent: -31.3pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Title:</FONT></TD>
    <TD STYLE="padding-left: 31.3pt; font-size: 10pt; text-indent: -31.3pt">&nbsp;</TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>TRUSTEE&rsquo;S CERTIFICATE OF AUTHENTICATION</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">This is one or all of the Securities of the series designated &ldquo;Floating
Rate Notes due 2028&rdquo; pursuant to the within-mentioned Indenture.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>HSBC BANK USA, NATIONAL ASSOCIATION</B>,</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">as Trustee</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-size: 10pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 50%">&nbsp;</TD>
    <TD STYLE="width: 3%; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">By: </FONT></TD>
    <TD STYLE="width: 47%; border-bottom: Black 1pt solid">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Authorized Signatory</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"></P>

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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>GUARANTEE</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>OF</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>NOVARTIS AG</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">For value received, Novartis AG, a stock corporation (<I>Aktiengesellschaft</I>)
incorporated under the laws of Switzerland, having its principal executive offices at Lichtstrasse 35, CH-4056 Basel, Switzerland (the
<B>Guarantor</B>, which term includes any Person as a successor Guarantor under the Indenture referred to in the Security upon which this
Guarantee is endorsed), hereby fully and unconditionally guarantees to the Holder of the Security upon which this Guarantee is endorsed
and to the Trustee on behalf of each such Holder the due and punctual payment of the Principal of, interest on and any Additional Amounts
payable in respect of such Security and the due and punctual payment of the sinking fund or analogous payments referred to therein, if
any, when and as the same shall become due and payable, whether on the Maturity Date, by declaration of acceleration, call for redemption
or otherwise, according to the terms thereof and of the Indenture referred to therein. In case of the failure of Novartis Capital Corporation,
a corporation organized under the laws of the State of Delaware (the <B>Company</B>, which term includes any successor Person under such
Indenture), to punctually make any such payment of Principal, interest or Additional Amounts or any such sinking fund or analogous payment,
the Guarantor hereby agrees to cause any such payment to be made punctually when and as the same shall become due and payable, whether
on the Maturity Date or by declaration of acceleration, call for redemption or otherwise, and as if such payment were made by the Company.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The indebtedness evidenced by this Guarantee is ranked equally and
<I>pari passu</I> with all other unsecured and unsubordinated indebtedness of the Guarantor.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The Guarantor hereby agrees that its obligations hereunder shall be
absolute and unconditional, irrespective of, and shall be unaffected&nbsp;by, any invalidity, irregularity or unenforceability of such
Security or such Indenture, any failure to enforce the provisions&nbsp;of such Security or such Indenture, or any waiver, modification
or indulgence granted to the Company with respect thereto, by the Holder of&nbsp;such Security or the Trustee or any other circumstance
that may otherwise constitute a legal or equitable discharge of a guarantor; <I>provided</I>, <I>however</I>, that, notwithstanding the
foregoing, no such waiver, modification or indulgence shall, without the consent of the Guarantor, increase the Principal of such Security,
or increase the interest rate thereon, or alter the stated Maturity Date thereof, or increase the Principal of any Original Issue Discount
Security that would be due and payable upon a declaration of acceleration of the maturity thereof pursuant to Article&nbsp;7 of such Indenture.
The Guarantor hereby waives diligence, presentment, demand of payment, filing of claims with a court in the event of merger or bankruptcy
of the Company, any right to require a proceeding first against the Company, protest or notice with respect to such Security or the indebtedness
evidenced thereby or with respect to any sinking fund or analogous payment required under such Security and all demands whatsoever, and
covenants that this Guarantee will not be discharged except by payment in full of the Principal of, interest on and Additional Amounts
payable in respect of such Security. This Guarantee is a guarantee of payment and not of collection.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The Guarantor shall be subrogated to all rights of the Holder of such
Security and the Trustee against the Company in respect of any amounts paid to such Holder by the Guarantor pursuant to the provisions
of this Guarantee; <I>provided</I>, <I>however</I>, that the Guarantor shall not be entitled to enforce, or to receive any payments arising
out of or based upon such right of subrogation until the Principal of, interest on and Additional Amounts payable in respect of all Securities
of the same series issued under such Indenture shall have been paid in full.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">No reference herein to such Indenture and no provision of such Indenture
shall alter or impair the guarantees of the Guarantor, which are absolute and unconditional, of the due and punctual payment of the Principal
of, interest on and Additional Amounts payable in respect of, and any sinking fund or analogous payments with respect to, the Security
upon which this Guarantee is endorsed.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">This Guarantee shall not be valid or obligatory for any purpose until
the certificate of authentication of such Security shall have been manually executed by or on behalf of the Trustee under such Indenture.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">All terms used in this Guarantee but not defined herein shall have
the meanings assigned to them in such Indenture.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">THIS GUARANTEE SHALL BE GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH
THE LAWS OF THE STATE OF NEW YORK.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>IN WITNESS WHEREOF</B>, the Guarantor has caused this Guarantee
to be duly executed this 5<SUP>th</SUP>&nbsp;day of November&nbsp;2025.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>NOVARTIS AG</B>, </FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">as the Guarantor</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-size: 10pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 50%">&nbsp;</TD>
    <TD STYLE="width: 5%; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">By:</FONT></TD>
    <TD STYLE="width: 45%; border-bottom: Black 1pt solid">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Name:&#9;</FONT></TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Title:&#9;</FONT></TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-size: 10pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">By:</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Name:&#9;</FONT></TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Title:&#9;</FONT></TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">[REVERSE OF SECURITY]</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">This Security is one or all of a duly authorized issue of securities
of the Company (herein called the <B>Securities</B>) issued and to be issued in one or more series under an Indenture, dated as of February&nbsp;10,
2009 (herein called the <B>Indenture</B>), among the Company, Novartis Securities Investment Ltd. and Novartis Finance S.A., as issuers,
Novartis AG, as guarantor (the <B>Guarantor</B>), and HSBC Bank USA, National Association, as trustee (herein called the <B>Trustee</B>,
which term includes any successor trustee under the Indenture), to which Indenture and all Board Resolutions and Officer&rsquo;s Certificates
as provided therein, reference is hereby made for a statement of the respective rights, limitation of rights, duties and immunities thereunder
of the Company, the Guarantor, the Trustee and the Holders of the Securities and of the terms upon which the Securities are, and are to
be, authenticated and delivered. This Security is one or all of the series designated as the &ldquo;Floating Rate Notes due 2028.&rdquo;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">This Security may not be redeemed prior to maturity except upon the
occurrence of certain tax events described below.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&ldquo;Compounded SOFR&rdquo; means, with respect
to any Interest Period, the rate computed in accordance with the following formula set forth below (and the resulting percentage will
be rounded, if necessary, to the nearest one hundred-thousandth of a percentage point (e.g., 9.753973% (or .09753973) being rounded down
to 9.75397% (or .0975397) and 9.753978% (or .09753978) being rounded up to 9.75398% (or .0975398))):</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: center; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><IMG SRC="tm2529850d5_ex4-1img001.jpg" ALT=""></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">where:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&ldquo;SOFR IndexStart&rdquo; is the SOFR Index
value for the day that is two U.S. Government Securities Business Days preceding the first date of the relevant Interest Period;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&ldquo;SOFR IndexEnd&rdquo; is the SOFR Index
value for the day that is two U.S. Government Securities Business Days preceding the Latter Floating Rate Interest Payment Date relating
to such Interest Period (or in the final Interest Period, preceding the Maturity Date); and</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&ldquo;dc&rdquo; is the actual number of calendar
days from (and including) SOFR IndexStart to (but excluding) SOFR IndexEnd (the actual number of calendar days in the applicable Observation
Period).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">For purposes of determining Compounded SOFR, &ldquo;SOFR
Index&rdquo; means, with respect to any U.S. Government Securities Business Day:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">(1)</TD><TD>the SOFR Index value as published by the New York Federal Reserve as such index appears on the New York Federal Reserve&rsquo;s Website
at 3:00 p.m., New York City time, on such U.S. Government Securities Business Day (the &ldquo;SOFR Determination Time&rdquo;); provided
that:</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">(2)</TD><TD>if a SOFR Index value does not so appear as specified in clause (1)&nbsp;above at the SOFR Determination Time, then:</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in">(i)</TD><TD>if a Benchmark Transition Event and its related Benchmark Replacement Date (each as defined below) have not occurred with respect
to SOFR, then Compounded SOFR shall be the rate determined pursuant to the &ldquo;SOFR Index Unavailable&rdquo; provisions described below;
or</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in">(ii)</TD><TD>if a Benchmark Transition Event and its related Benchmark Replacement Date have occurred with respect to SOFR, then Compounded SOFR
shall be the rate determined pursuant to the &ldquo;Effect of a Benchmark Transition Event&rdquo; provisions described below.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&ldquo;New York Federal Reserve&rdquo; means the
Federal Reserve Bank of New York (or a successor administrator of the Secured Overnight Financing Rate).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&ldquo;New York Federal Reserve&rsquo;s Website&rdquo;
means the website of the New York Federal Reserve, currently at http://www.newyorkfed.org, or any successor source.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&ldquo;Observation Period&rdquo; means, in respect
of each Interest Period, the period from and including two U.S. Government Securities Business Days preceding the first date of such relevant
Interest Period to but excluding two U.S. Government Securities Business Days preceding the Latter Floating Rate Interest Payment Date
for such Interest Period (or in the final Interest Period, preceding the Maturity Date); provided that the first Observation Period shall
be the period from and including two U.S. Government Securities Business Days preceding the settlement date of the Security to, but excluding,
the two U.S. Government Securities Business Days preceding the first Floating Rate Interest Payment Date.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&ldquo;Secured Overnight Financing Rate&rdquo;
or &ldquo;SOFR&rdquo; means the daily secured overnight financing rate as provided by the New York Federal Reserve on the New York Federal
Reserve&rsquo;s Website.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in; color: #231F20">&ldquo;U.S. Government Securities
Business Day&rdquo; means any day except for a Saturday, a Sunday or a day on which the Securities Industry and Financial Markets Association
recommends that the fixed income departments of its members be closed for the entire day for purposes of trading in U.S. government securities.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in; color: #231F20">Notwithstanding anything to the
contrary, if the Company or the Company&rsquo;s designee determine on or prior to the relevant Reference Time (as defined below) that
a Benchmark Transition Event and its related Benchmark Replacement Date have occurred with respect to determining Compounded SOFR, then
the benchmark replacement provisions set forth herein will thereafter apply to all determinations of the rate of interest payable on the
Security.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in; color: #231F20">Neither the Trustee nor the calculation
agent shall be under any obligation (i)&nbsp;to monitor, determine or verify the unavailability or cessation of Compounded SOFR or the
SOFR Index, or whether or when there has occurred, or to give notice to any other transaction party of the occurrence of, any Benchmark
Transition Event or related Benchmark Replacement Date, (ii)&nbsp;to select, determine or designate any Benchmark Replacement, or other
successor or replacement benchmark index, or whether any conditions to the designation of such a rate or index have been satisfied, or
(iii)&nbsp;to select, determine or designate any Benchmark Replacement Adjustment, or other modifier to any replacement or successor index,
or (iv)&nbsp;to determine whether or what Benchmark Replacement Conforming Changes are necessary or advisable, if any, in connection with
any of the foregoing, including , but not limited to, adjustments as to any alternative spread thereon, the business day convention, interest
determination dates or any other relevant methodology applicable to such substitute or successor benchmark. In connection with the foregoing,
the Trustee and the calculation agent shall be entitled to conclusively rely on any determinations made by the Company or the Company&rsquo;s
designee without independent investigation, and neither the Trustee nor the calculation agent will have any liability for actions taken
at the Company&rsquo;s direction in connection therewith.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in; color: #231F20">Neither the Trustee nor the calculation
agent shall be liable for any inability, failure or delay on its part to perform any of its duties set forth in the Indenture or the Notes
as a result of the unavailability of Compound SOFR, the SOFR index or other applicable Benchmark Replacement, including as a result of
any failure, inability, delay, error or inaccuracy on the part of any other transaction party in providing any direction, instruction,
notice or information required or contemplated by the terms of the Indenture or the Notes supplement and reasonably required for the performance
of such duties. Neither the Trustee nor calculation agent shall be responsible or liable for the Company&rsquo;s actions or omissions,
or for those of the Company&rsquo;s designee, or for any failure or delay in the performance by the Company or the Company&rsquo;s designee,
nor shall the Trustee or calculation agent be under any obligation to oversee or monitor the Company&rsquo;s performance or what of the
Company&rsquo;s designee.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><I>SOFR Index Unavailable</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">If a SOFR IndexStart or SOFR IndexEnd is not published
on the associated Interest Determination Date and a Benchmark Transition Event and its related Benchmark Replacement Date have not occurred
with respect to the Secured Overnight Financing Rate, &ldquo;Compounded SOFR&rdquo; shall mean, for the applicable Interest Period for
which such index is not available, the rate of return on a daily compounded interest investment calculated in accordance with the formula
for SOFR Averages, and definitions required for such formula, published on the New York Federal Reserve&rsquo;s Website, initially located
at https://www.newyorkfed.org/markets/treasury-repo-reference-rates-information. For the purposes of this provision, references in the
SOFR Averages compounding formula and related definitions to &ldquo;calculation period&rdquo; shall be replaced with &ldquo;Observation
Period&rdquo; and the words &ldquo;that is, 30-, 90-, or 180- calendar days&rdquo; shall be removed. If the daily Secured Overnight Financing
Rate (&ldquo;SOFRi&rdquo;) does not so appear for any day, <FONT STYLE="color: #231F20">&ldquo;i&rdquo; in the Observation Period, SOFRi
for such day &ldquo;i&rdquo; shall be SOFR published in respect of the first preceding U.S. Government Securities Business Day for which
the Secured Overnight Financing Rate was published on the New York Federal Reserve&rsquo;s Website.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><I>Effect of a Benchmark Transition Event</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">If the Company or the Company&rsquo;s designee
determine on or prior to the relevant Reference Time that a Benchmark Transition Event and its related Benchmark Replacement Date have
occurred with respect to the then-current Benchmark, the Benchmark Replacement will replace the then-current Benchmark for all purposes
relating to the Security in respect of all determinations on such date and for all determinations on all subsequent dates.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">In connection with the implementation of a Benchmark
Replacement, the Company or the Company&rsquo;s designee will have the right to make Benchmark Replacement Conforming Changes (as defined
below) from time to time.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">Any determination, decision or election that may
be made by the Company or the Company&rsquo;s designee pursuant to the Benchmark Replacement provisions described herein, including a
determination with respect to a tenor, rate or adjustment or of the occurrence or non-occurrence of an event, circumstance or date and
any decision to take or refrain from taking any action or any selection:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">(1)</TD><TD>will be conclusive and binding absent manifest error;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">(2)</TD><TD>if made by the Company, will be made in the Company&rsquo;s sole discretion;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">(3)</TD><TD>if made by the Company&rsquo;s designee, will be made after consultation with the Company, and such designee will not make any such
determination, decision or election to which the Company objects; and</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">(4)</TD><TD>notwithstanding anything to the contrary herein, the Securities or in the other documents relating to the Securities, including the
Indenture, shall become effective without consent from the Holders of the Securities or any other party.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">As used herein the following terms have the meanings
assigned to them:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&ldquo;Benchmark&rdquo; means, initially, Compounded
SOFR, as such term is defined above; provided that if the Company or the Company&rsquo;s designee determine on or prior to the Reference
Time that a Benchmark Transition Event and its related Benchmark Replacement Date have occurred with respect to Compounded SOFR (or the
published daily SOFR Index used in the calculation thereof) or the then-current Benchmark, then &ldquo;Benchmark&rdquo; means the applicable
Benchmark Replacement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&ldquo;Benchmark Replacement&rdquo; means the
first alternative set forth in the order below that can be determined by the Company or the Company&rsquo;s designee as of the Benchmark
Replacement Date:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">(1)</TD><TD>the sum of (a)&nbsp;the alternate rate of interest that has been selected or recommended by the Relevant Governmental Body as the
replacement for the then-current Benchmark and (b)&nbsp;the Benchmark Replacement Adjustment;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">(2)</TD><TD>the sum of (a)&nbsp;the ISDA Fallback Rate and (b)&nbsp;the Benchmark Replacement Adjustment; or</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">(3)</TD><TD>the sum of (a)&nbsp;the alternate rate of interest that has been selected by the Company or the Company&rsquo;s designee as the replacement
for the then-current Benchmark giving due consideration to any industry-accepted rate of interest as a replacement for the then-current
Benchmark for U.S. dollar-denominated Securities at such time and (b)&nbsp;the Benchmark Replacement Adjustment.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&ldquo;Benchmark Replacement Adjustment&rdquo;
means the first alternative set forth in the order below that can be determined by the Company or the Company&rsquo;s designee as of the
Benchmark Replacement Date:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">(1)</TD><TD>the spread adjustment (which may be a positive or negative value or zero), or method for calculating or determining such spread adjustment,
that has been selected or recommended by the Relevant Governmental Body for the applicable Unadjusted Benchmark Replacement;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">(2)</TD><TD>if the applicable Unadjusted Benchmark Replacement is equivalent to the ISDA Fallback Rate, the ISDA Fallback Adjustment; or</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">(3)</TD><TD>the spread adjustment (which may be a positive or negative value or zero) that has been selected by the Company or the Company&rsquo;s
designee giving due consideration to any industry-accepted spread adjustment, or method for calculating or determining such spread adjustment,
for the replacement of the then-current Benchmark with the applicable Unadjusted Benchmark Replacement for U.S. dollar-denominated Securities
at such time.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in; color: #231F20">The Benchmark Replacement Adjustment
shall not include the margin specified, and such margin shall be applied to the Benchmark replacement to determine the interest payable
on the Security. &ldquo;Benchmark Replacement Conforming Changes&rdquo; means, with respect to any Benchmark Replacement, any technical,
administrative or operational changes (including changes to the definition or interpretation of the Interest Period, timing and frequency
of determining rates and making payments of interest, rounding of amounts or tenors and other administrative matters) that the Company
or the Company&rsquo;s designee decide may be appropriate to reflect the adoption of such Benchmark Replacement in a manner substantially
consistent with market practice (or, if the Company or the Company&rsquo;s designee decide that adoption of any portion of such market
practice is not administratively feasible or if the Company or the Company&rsquo;s designee determine that no market practice for use
of the Benchmark Replacement exists, in such other manner as the Company or the Company&rsquo;s designee determine is reasonably practicable).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in; color: #231F20">&ldquo;Benchmark Replacement Date&rdquo;
means the earliest to occur of the following events with respect to the then- current Benchmark (including any daily published component
used in the calculation thereof):</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">(1)</TD><TD>in the case of clause (1)&nbsp;or (2)&nbsp;of the definition of &ldquo;Benchmark Transition Event,&rdquo; the later of (a)&nbsp;the
date of the public statement or publication of information referenced therein and (b)&nbsp;the date on which the administrator of the
Benchmark permanently or indefinitely ceases to provide the Benchmark (or such component); or</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">(2)</TD><TD>in the case of clause (3)&nbsp;of the definition of &ldquo;Benchmark Transition Event,&rdquo; the date of the public statement or
publication of information referenced therein.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in; color: #231F20">For the avoidance of doubt, if
the event that gives rise to the Benchmark Replacement Date occurs on the same day as, but earlier than, the Reference Time in respect
of any determination, the Benchmark Replacement Date will be deemed to have occurred prior to the Reference Time for such determination.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in; color: #231F20">For the avoidance of doubt, for
purposes of the definitions of Benchmark Replacement Date and Benchmark Transition Event, references to Benchmark also include any reference
rate underlying such Benchmark.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in; color: #231F20">&ldquo;Benchmark Transition Event&rdquo;
means the occurrence of one or more of the following events with respect to the then-current Benchmark (including the daily published
component used in the calculation thereof):</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">(1)</TD><TD>a public statement or publication of information by or on behalf of the administrator of the Benchmark (or such component) announcing
that such administrator has ceased or will cease to provide the Benchmark (or such component), permanently or indefinitely; provided that,
at the time of such statement or publication, there is no successor administrator that will continue to provide the Benchmark (or such
component);</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">(2)</TD><TD>a public statement or publication of information by the regulatory supervisor for the administrator of the Benchmark (or such component),
the central bank for the currency of the Benchmark (or such component), an insolvency official with jurisdiction over the administrator
for the Benchmark (or such component), a resolution authority with jurisdiction over the administrator for the Benchmark (or such component)
or a court or an entity with similar insolvency or resolution authority over the administrator for the Benchmark (or such component),
which states that the administrator of the Benchmark (or such component) has ceased or will cease to provide the Benchmark (or such component)
permanently or indefinitely; provided that, at the time of such statement or publication, there is no successor administrator that will
continue to provide the Benchmark (or such component); or</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">(3)</TD><TD>a public statement or publication of information by the regulatory supervisor for the administrator of the Benchmark announcing that
the Benchmark is no longer representative.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&ldquo;ISDA Definitions&rdquo; means the 2006
ISDA Definitions published by the International Swaps and Derivatives Association,&nbsp;Inc. or any successor thereto, as amended or supplemented
from time to time, or any successor definitional booklet for interest rate derivatives published from time to time.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&ldquo;ISDA Fallback Adjustment&rdquo; means the
spread adjustment (which may be a positive or negative value or zero) that would apply for derivatives transactions referencing the ISDA
Definitions to be determined upon the occurrence of an index cessation event with respect to the Benchmark.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<!-- Field: Page; Sequence: 10; Value: 2 -->
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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&ldquo;ISDA Fallback Rate&rdquo; means the rate
that would apply for derivatives transactions referencing the ISDA Definitions to be effective upon the occurrence of an index cessation
date with respect to the Benchmark for the applicable tenor excluding the applicable ISDA Fallback Adjustment.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in; color: #231F20">&ldquo;Reference Time&rdquo; with
respect to any determination of the Benchmark means (1)&nbsp;if the Benchmark is Compounded SOFR, the SOFR Determination Time, and (2)&nbsp;if
the Benchmark is not Compounded SOFR, the time determined by the Company or the Company&rsquo;s designee after giving effect to the Benchmark
Replacement Conforming Changes.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in; color: #231F20">&ldquo;Relevant Governmental Body&rdquo;
means the Federal Reserve Board and/or the Federal Reserve Bank of New York, or a committee officially endorsed or convened by the Federal
Reserve Board and/or the Federal Reserve Bank of New York or any successor thereto.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in; color: #231F20">&ldquo;Unadjusted Benchmark Replacement&rdquo;
means the Benchmark Replacement excluding the Benchmark Replacement Adjustment.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in">In no event shall the Trustee or the calculation agent be
responsible for the selection of the Benchmark Replacement, for determining any Benchmark Conforming Changes or for determining whether
a Benchmark Transaction Event has occurred.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Notwithstanding Section&nbsp;4.5 of the Indenture, payments made by
the Company or the Guarantor under or with respect to the Securities will be free and clear of and without withholding or deduction for
or on account of any and all present or future taxes, duties, assessments or governmental charges of any nature imposed, levied, collected,
withheld or assessed by or on behalf of (i)&nbsp;the government of Switzerland or of any political subdivision of Switzerland or by any
authority or agency therein or thereof having the power to tax, (ii)&nbsp;the government of the jurisdiction of organization of the Company
or any political subdivision or territory or possession of such jurisdiction or by any authority or agency therein or thereof having the
power to tax or (iii)&nbsp;the government of any jurisdiction from or through which a payment on the Securities or the guarantee is made
or any political subdivision or territory or possession of such jurisdiction or by any authority or agency therein or thereof having power
to tax (each of clauses (i), (ii)&nbsp;and (iii), a <B>Relevant Taxing Jurisdiction</B>), which are referred to herein collectively as
<B>Taxes</B>, unless the Company is required to withhold or deduct Taxes by law. If the Company is required to withhold or deduct any
amount for or on account of Taxes from any payment made with respect to the Securities, the Company will pay such additional amounts (<B>Additional
Amounts</B>) as may be necessary so that the net amount received by each Holder (including Additional Amounts) after such withholding
or deduction will not be less than the amount the Holder would have received if the Taxes had not been withheld or deducted; provided
that no Additional Amounts will be payable with respect to Taxes: (1)&nbsp;imposed by the United States or by any political subdivision
or territory or possession of such jurisdiction or by any authority or agency therein or thereof having the power to tax;
(2)&nbsp;that would not have been imposed but for the existence of any present or former connection between such Holder or beneficial
owner of the Securities (or between a fiduciary, settlor, beneficiary, member or shareholder of, or possessor of a power over, such holder
or beneficial owner, if such Holder or beneficial owner is an estate, trust, partnership or corporation) and a Relevant Taxing Jurisdiction,
including, without limitation, such Holder or beneficial owner (or such fiduciary, settlor, beneficiary, member, shareholder or possessor)
being or having been a citizen or resident thereof or treated as a resident thereof or domiciled thereof or a national thereof or being
or having been present or engaged in trade or business therein or having or having had a permanent establishment therein; (3)&nbsp;that
are estate, inheritance, gift, sales, transfer, personal property, wealth or similar taxes, duties, assessments or other governmental
charges; (4)&nbsp;with respect to any withholding or deduction imposed on a payment in respect of a note where such withholding or deduction
is required to be made pursuant to laws enacted by Switzerland pursuant to which a person other than the issuer or the guarantor, as the
case may be, is required to withhold or deduct tax on any interest payments; (5)&nbsp;payable other than by withholding from payments
of principal of or interest on or with respect to the Securities; (6)&nbsp;that would not have been imposed but for the failure of the
applicable recipient of such payment, upon request, to make a declaration of non-residence or other similar claim for exemption to the
relevant tax authority or comply with any certification, identification, information, documentation or other reporting requirement to
the extent such compliance is required by applicable law or administrative practice or an applicable treaty as a precondition to exemption
from, or reduction in, the rate of deduction or withholding of such Taxes; (7)&nbsp;that would not have been imposed but for the presentation
of a Security (where presentation is required) for payment on a date more than 30 days after the date on which such payment first became
due and payable or the date on which payment thereof was duly provided for, whichever occurred later; (8)&nbsp;to the extent the amount
of Tax could have been reduced by presentation for payment of the relevant Securities to a paying agent other than the paying agent to
which the presentation was made; or (9)&nbsp;any combination of the foregoing items; nor shall Additional Amounts be paid with respect
to any payment of the principal of or interest on any note to any such Holder who is a fiduciary or a partnership or a beneficial owner
who is other than the sole beneficial owner of such payment to the extent a beneficiary or settlor with respect to such fiduciary or a
member of such partnership or a beneficial owner would not have been entitled to such Additional Amounts had it been the Holder of the
Security. Notwithstanding any other provisions contained herein, each of the Company, the Guarantor or any other person making payments
on behalf of the Company shall be entitled to deduct and withhold, as required, and shall not be required to pay any Additional Amounts
with respect to any such withholding or deduction imposed on or in respect of any note pursuant to Sections 1471 through 1474 of the United
States Internal Revenue Code of 1986, as amended (<B>FATCA</B>), any current or future U.S. Treasury regulations or rulings promulgated
thereunder, any intergovernmental agreement between the United States and any other jurisdiction to implement FATCA, any law, regulation
or other official guidance enacted or published in any jurisdiction implementing FATCA or an intergovernmental agreement with respect
thereto, or any agreement with the U.S. Internal Revenue Service under FATCA.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Notwithstanding Section&nbsp;3.1 of the Indenture, the Company may
redeem the Securities in whole (but not in part) at any time, on giving not less than 10 nor more than 60 days&rsquo; notice of such redemption,
at a redemption price equal to the Principal plus accrued and unpaid interest, if any, to (but not including) the date fixed for redemption,
if: (1)&nbsp;the Company determines that, as a result of any change in or amendment to the laws or any regulations or rulings promulgated
thereunder of a Relevant Taxing Jurisdiction, or any change in the application or official interpretation of such laws, regulations or
rulings, or any change in the application or official interpretation of, or any execution of or amendment to, any treaty or treaties affecting
taxation to which any such jurisdiction is a party, which change, execution or amendment becomes effective on or after the date hereof:
(a)&nbsp;the Company or the Guarantor would be required to pay Additional Amounts with respect to such series of Securities on the next
succeeding Floating Rate Interest Payment Date and the payment of such Additional Amounts cannot be avoided by the use of reasonable measures
available to the Company or the Guarantor; or (b)&nbsp;withholding tax has been or would be required to
be withheld with respect to interest income received or receivable by the Company directly from the Guarantor (or any affiliate) and such
withholding tax obligation cannot be avoided by the use of reasonable measures available to the Company or the Guarantor (or any affiliate);
or (2)&nbsp;the Company determines, based upon an opinion of independent counsel selected by the Company that, as a result of any action
taken by any legislative body of, taxing authority of, or any action brought in a court of competent jurisdiction in, a Relevant Taxing
Jurisdiction (whether or not such action was taken or brought with respect to the Guarantor or the Company, as the case may be), which
action is taken or brought on or after the date hereof, there is a substantial probability that the circumstances described in clause
(1)&nbsp;above would exist; <I>provided</I>, however, that no such notice of redemption may be given earlier than 90 days prior to the
earliest date on which the Company or the Guarantor would be obligated to pay such Additional Amounts. The
Company will also pay to each Holder, or make available for payment to each such Holder, on the redemption date any Additional Amounts
resulting from the payment of such redemption price, subject to the conditions described in the preceding paragraph.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The Indenture contains provisions for defeasance of (a)&nbsp;the entire
indebtedness of this Security and (b)&nbsp;certain restrictive covenants and the related defaults and Events of Default (as described
below) applicable to the Company and the Guarantor, in each case, upon compliance by the Company and the Guarantor with certain conditions
set forth in the Indenture, which provisions apply to this Security.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Notwithstanding Section&nbsp;7.1 of the Indenture, an Event of Default
with respect to the Securities of this series means any one of the following events: (1)&nbsp;default in payment of the Principal (or
premium, if any) of any Security of this series when due (including as a sinking fund installment), and the continuance of that default
for more than two Business Days; (2)&nbsp;default in payment of interest on, or any Additional Amounts
payable in respect of, any Securities of this series when due and payable, and the continuance of that default for 30 calendar days; (3)&nbsp;default
in performing any other covenant in the Indenture with regard to any Security of this series for 90 calendar days after the receipt of
written notice from the Trustee or from the Holders of 25% in principal amount of the Securities of this series; (4)&nbsp;an encumbrancer
or a receiver or a person with similar functions appointed for execution (in Switzerland a <I>Liquidator</I> or <I>Konkursverwalter</I>)
taking possession of the whole or any substantial part of the assets or undertaking of the Company or the Guarantor or a distress, execution
or other process being levied or enforced upon or sued out against a substantial part of the property or assets of the Company or the
Guarantor and not being paid, discharged, removed or stayed within 30 calendar days; (5)&nbsp;the Company or the Guarantor stopping payment
or ceasing business (except in each case in circumstances previously approved by the Holders of a majority in Principal (or, if any Securities
are Original Issue Discount Securities, such portion of the Principal of such Securities of such series as may then be accelerated pursuant
to the terms of such Securities) of the outstanding Securities of all series affected (all such series voting as one class)); (6)&nbsp;the
Company becoming bankrupt or insolvent or entering into a provisional or definitive moratorium or making a general assignment for the
benefit of its creditors; (7)&nbsp;the Guarantor becoming bankrupt or insolvent (or being obliged to notify the court of its financial
situation in accordance with Article&nbsp;725b of the Swiss Code of Obligations) or entering into a provisional or definitive moratorium
(<I>provisorische or definitive Nachlassstundung</I>) or making a general arrangement with its creditors (<I>Nachlassvertrag</I>); (8)&nbsp;an
order being made or effective resolution passed for the winding-up or dissolution of the Company or the Guarantor except (a)&nbsp;a winding-up
or dissolution, the terms of such winding-up or dissolution having previously been approved by the Holders of a majority in Principal
(or, if any Securities are Original Issue Discount Securities, such portion of the Principal of the Securities of the relevant series
as may then be accelerated pursuant to the terms of such Securities) of the outstanding Securities of all series affected (all such series
voting as one class) or (ii)&nbsp;a winding-up or dissolution in connection with any consolidation, merger, sale, lease or conveyance
in accordance with the provisions described under Section&nbsp;5 of the Indenture; or (9)&nbsp;if the Guarantee with respect to the Securities
of this series ceases to be, or is claimed by the Guarantor not to be, in full force and effect.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">As provided in and subject to the provisions of the Indenture, the
Holder of this Security shall not have the right to institute any proceeding with respect to the Indenture or for the appointment of a
receiver or trustee or for any other remedy thereunder, unless such Holder shall have previously given the Trustee written notice of a
continuing Event of Default with respect to the Securities of this series, the Holders of not less than 25% in principal amount of the
Securities of all such affected series at the time outstanding shall have made written request to the Trustee to institute proceedings
in respect of such Event of Default in its own name as Trustee and offered the Trustee indemnity reasonably satisfactory to the Trustee
against any costs, liabilities or expenses to be incurred in compliance with such request and, for 60 calendar days after receipt of such
notice, request and offer of indemnity, the Trustee shall have failed to institute any such proceeding, and, during such 60-calendar-day
period, the Trustee shall not have received from the Holders of a majority in principal amount of the Securities of this series at the
time outstanding a direction inconsistent with such request. The foregoing shall not apply to any suit instituted by the Holder of this
Security for the enforcement of any payment of principal hereof or any premium or interest hereon on or after the respective due dates
expressed herein.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The Indenture permits, with certain exceptions as therein provided,
the amendment thereof and the modification of the rights and obligations of the Company and the Guarantor and the rights of the Holders
of the Securities under the Indenture at any time by the Company, the Guarantor and the Trustee with the consent of the Holders of not
less than a majority in principal amount of the outstanding Securities affected by such amendment. The Indenture also contains provisions
permitting the Holders of specified percentages in principal amount of the Securities at the time outstanding, on behalf of the Holders
of all Securities, to waive compliance by the Company or the Guarantor, or both, with certain provisions of the Indenture and certain
past defaults under the Indenture and their consequences. Any such consent or waiver by the Holder of this Security shall be conclusive
and binding upon such Holder and upon all future Holders of this Security and of any Security issued upon the registration of transfer
hereof or in exchange herefor or in lieu hereof, whether or not notation of such consent or waiver is made upon this Security.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">No reference herein to the Indenture and no provision of this Security
or of the Indenture shall alter or impair the obligation of the Company, which is absolute and unconditional, to pay the Principal of
and interest on this Security at the times, place and rate, and in the coin or currency, herein prescribed.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The Company may, from time to time, without the consent of the Holders
of the Securities, increase the principal amount of the Securities by issuing additional Securities in the future on the same terms and
conditions as the Securities in all respects, except for any differences in the issue date, issue price and first payment of interest
thereon, and with the same CUSIP number as the Securities. The Securities and any additional Securities shall rank equally and ratably
and shall be treated as a single series for all purposes under the Indenture. The Company will not issue any additional Securities unless
such additional Securities are fungible with the Securities for U.S. federal income tax purposes.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">As provided in the Indenture and subject to certain limitations therein
set forth, the transfer of this Security is registrable in the Security Register, upon surrender of this Security for registration of
transfer at the office or agency of the Company in any place of payment where the Principal and interest on this Security are payable,
duly endorsed by, or accompanied by a written instrument of transfer in form satisfactory to the Company, the Guarantor and the Trustee
for the Securities duly executed by the Holder hereof or his attorney duly authorized in writing, and thereupon one or more new Securities
of this series, of authorized denomination and for the same aggregate principal amount, will be issued to the designated transferee or
transferees.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The Securities of this series are issuable only in registered form
without coupons in denominations of $2,000 and integral multiples of $1,000 in excess thereof. As provided in the Indenture and subject
to certain limitations set forth therein, Securities of this series are exchangeable for a like aggregate principal amount of Securities
of this series of a different authorized denomination, as requested by the Holder surrendering the same.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">No service charge shall be made for any such registration of transfer
or exchange, but the Company may require payment of a sum sufficient to cover any tax or other governmental charge payable in connection
therewith.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Prior to due presentment of this Security for registration of transfer,
the Company, the Guarantor, the Trustee and any agent of the Company, the Guarantor or the Trustee may treat the Person in whose name
this Security is registered as the owner hereof for all purposes, whether or not this Security be overdue, and none of the Company, the
Guarantor, the Trustee, or any such agent shall be affected by notice to the contrary.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The obligations of the Company and the Guarantor under the Indenture
and this Security and all documents delivered in the name of the Company or the Guarantor, as the case may be, in connection herewith
and therewith do not and shall not constitute personal obligations of the directors, officers, employees, agents or shareholders of the
Company or the Guarantor or any of them, and shall not involve any claim against or personal liability on the part of any of them, and
all persons including the Trustee shall look solely to the assets of the Company and the Guarantor for the payment of any claim thereunder
or for the performance thereof and shall not seek recourse against such directors, officers, employees, agents or shareholders of the
Company or the Guarantor or any of them or any of their personal assets for such satisfaction. The performance of the obligations of the
Company and the Guarantor under the Indenture and this Security and all documents delivered in the name of the Company or the Guarantor,
as the case may be, in connection therewith shall not be deemed a waiver of any rights or powers of the Company or the Guarantor or their
respective directors or shareholders under the Company&rsquo;s or the Guarantor&rsquo;s respective Articles of Incorporation.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">All terms used in this Security but not defined herein shall have the
meanings assigned to them in the Indenture.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">THE INDENTURE AND THE SECURITIES,&nbsp;INCLUDING THIS SECURITY, SHALL
BE GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH THE LAW OF THE STATE OF NEW YORK.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Pursuant to a recommendation promulgated by the Committee on Uniform
Security Identification Procedures, the Company has caused &ldquo;CUSIP&rdquo; numbers to be printed on the Securities as a convenience
to the Holders of the Securities. No representation is made as to the correctness or accuracy of such CUSIP numbers as printed on the
Securities, and reliance may be placed only on the other identification numbers printed hereon.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>SCHEDULE OF INCREASES OR DECREASES IN THE GLOBAL
SECURITY</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">The initial outstanding principal amount of this
Global Security is $__________. The following increases or decreases in this Global Security have been made:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: black 1pt solid; font-size: 10pt; text-align: center; width: 20%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Date of Exchange</B></FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: center; width: 1%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#8239;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; width: 19%; font-size: 10pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Amount of <BR>
decreases in <BR>
Principal Amount<BR>
of this Global Security</B></FONT></TD>
    <TD STYLE="width: 1%; font-size: 10pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#8239;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; width: 19%; font-size: 10pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Amount of<BR>
increases in <BR>
Principal Amount<BR>
of this Global Security</B></FONT></TD>
    <TD STYLE="width: 1%; font-size: 10pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#8239;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; width: 19%; font-size: 10pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Principal amount <BR>
of this Global <BR>
Security <BR>
following such<BR>
decreases or<BR>
increases</B></FONT></TD>
    <TD STYLE="width: 1%; font-size: 10pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#8239;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; width: 19%">
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Signature of<BR>
authorized<BR>
signatory of<BR>
Trustee</B></P></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 10pt; text-align: center">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: center">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: center">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: center">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: center">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: center">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: center">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: center">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; text-align: center">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: center">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: center">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: center">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: center">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: center">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: center">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: center">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 10pt; text-align: center">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: center">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: center">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: center">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: center">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: center">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: center">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: center">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>ASSIGNMENT AND TRANSFER FORM</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">FOR VALUE RECEIVED, the undersigned hereby<BR>
sells, assigns and transfers unto</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">PLEASE INSERT SOCIAL SECURITY OR OTHER<BR>
IDENTIFYING NUMBER OF ASSIGNEE</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR>
    <TD STYLE="vertical-align: top; width: 42%; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; width: 4%; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="vertical-align: top; width: 54%; border-top: Black 1pt solid; font-size: 10pt">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; border-bottom: Black 1pt solid; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="vertical-align: top; font-size: 10pt">&nbsp;</TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">(Please Print or Typewrite Name and Address, including Zip Code, of
Assignee)</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">the within Security of Novartis Capital Corporation and</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 43%; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="width: 57%; padding-bottom: 1pt; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">hereby does irrevocably constitute and appoint</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">attorney to transfer said Security on the books kept for the registration
thereof with full power of substitution in the premises</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 6%; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Dated:</FONT></TD>
    <TD STYLE="width: 94%; border-bottom: Black 1pt solid">&nbsp;</TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 9%; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Signature</FONT></TD>
    <TD STYLE="width: 91%; border-bottom: Black 1pt solid">&nbsp;</TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">NOTICE: The signature to this assignment must correspond with the name
as it appears on the first page&nbsp;of the within Security in every particular, without alteration or enlargement or any change whatever.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 18%; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Signature Guaranteed:</FONT></TD>
    <TD STYLE="width: 82%; border-bottom: Black 1pt solid">&nbsp;</TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">NOTICE: Signature(s)&nbsp;must be guaranteed by an &ldquo;<I>eligible
guarantor institution</I>&rdquo; that is a member or participant in a &ldquo;<I>signature guarantee program</I>&rdquo; (e.g., the Securities
Transfer Agents Medallion Program, the Stock Exchange Medallion Program and the New York Stock Exchange Medallion Program).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

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</DOCUMENT>
<DOCUMENT>
<TYPE>EX-4.2
<SEQUENCE>4
<FILENAME>tm2529850d5_ex4-2.htm
<DESCRIPTION>EXHIBIT 4.2
<TEXT>
<HTML>
<HEAD>
     <TITLE></TITLE>
</HEAD>
<BODY STYLE="font: 10pt Times New Roman, Times, Serif">

<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="text-align: right; margin: 0"><FONT><B>Exhibit&nbsp;4.2</B></FONT></P>

<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>FORM&nbsp;OF GUARANTEED DEBT SECURITY</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">THIS SECURITY IS IN GLOBAL FORM&nbsp;WITHIN THE MEANING OF THE INDENTURE
HEREINAFTER REFERRED TO AND IS REGISTERED IN THE NAME OF THE DEPOSITORY TRUST COMPANY, A NEW YORK CORPORATION (<B>DTC</B>), OR A NOMINEE
OF DTC, WHICH MAY&nbsp;BE TREATED BY THE COMPANY, THE GUARANTOR, THE TRUSTEE AND ANY AGENT THEREOF AS OWNER AND HOLDER OF THIS SECURITY
FOR ALL PURPOSES.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">UNLESS THIS CERTIFICATE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE
OF DTC TO THE COMPANY OR ITS AGENT FOR REGISTRATION OF TRANSFER, EXCHANGE, OR PAYMENT, AND ANY CERTIFICATE ISSUED IS REGISTERED IN THE
NAME OF CEDE&nbsp;&amp; CO. OR IN SUCH OTHER NAME AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC (AND ANY PAYMENT IS MADE TO CEDE&nbsp;&amp;
CO. OR TO SUCH OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC), ANY TRANSFER, PLEDGE, OR OTHER USE HEREOF FOR VALUE
OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL INASMUCH AS THE REGISTERED OWNER HEREOF CEDE&nbsp;&amp; CO., HAS AN INTEREST HEREIN.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">UNLESS AND UNTIL IT IS EXCHANGED IN WHOLE OR IN PART&nbsp;FOR SECURITIES
IN DEFINITIVE FORM&nbsp;IN THE LIMITED CIRCUMSTANCES REFERRED TO IN THE INDENTURE, THIS GLOBAL SECURITY MAY&nbsp;NOT BE TRANSFERRED EXCEPT
AS A WHOLE BY DTC TO A NOMINEE OF DTC OR BY A NOMINEE OF DTC TO DTC OR ANOTHER NOMINEE OF DTC OR BY DTC OR ANY SUCH NOMINEE TO A SUCCESSOR
DEPOSITARY OR A NOMINEE OF SUCH SUCCESSOR DEPOSITARY.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR>
    <TD STYLE="vertical-align: top; width: 44%; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">REGISTERED NO. [&nbsp;&nbsp;]</FONT></TD>
    <TD STYLE="vertical-align: top; width: 56%; font-size: 10pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">PRINCIPAL AMOUNT: $[&nbsp;&nbsp;&nbsp;]&nbsp;&nbsp;&nbsp;</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">CUSIP NO. 66989HAX6</FONT></TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">ISIN NO. US66989HAX61</FONT></TD>
    <TD STYLE="vertical-align: top; font-size: 10pt">&nbsp;</TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>NOVARTIS CAPITAL CORPORATION<BR>
</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>3.900% NOTES DUE 2028 (the &ldquo;Security&rdquo;)</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>FULLY AND UNCONDITIONALLY GUARANTEED BY</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>NOVARTIS AG</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Novartis Capital Corporation, a corporation organized under the laws
of the State of Delaware (hereinafter called the <B>Company</B>, which term shall include any successor entity under the Indenture), for
value received, hereby promises to pay to Cede&nbsp;&amp; Co., as nominee for DTC, or registered assigns, upon presentation, the principal
sum of [ ] Dollars ($[ ]) (or such other amount set forth on the Schedule of Increases or Decreases in the Global Security attached hereto)
on November&nbsp;5, 2028 (the <B>Maturity Date</B>) and to pay interest thereon from November 5, 2025 or from the most recent interest
payment date to which interest has been paid or duly provided for, semi-annually in arrears on May&nbsp;5 and November&nbsp;5 in each
year (each an <B>Interest Payment Date</B>), commencing on May&nbsp;5, 2026, at the rate of 3.900% per annum, until the entire Principal
hereof is paid or made available for payment. All terms used in this Global Security but not defined herein shall have the meanings assigned
to them in the Indenture.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The interest so payable, and punctually paid or duly provided for on
any Interest Payment Date will, as provided in the Indenture, be paid to the Person in whose name this Security is registered at the close
of business on the Record Date for such interest, which shall be April&nbsp;20 or October&nbsp;20 (whether or not a Business Day (as defined
below)), as the case may be, next preceding such Interest Payment Date. Any such interest not so punctually paid or duly provided for
shall forthwith cease to be payable to the Holder on such Record Date, and may either be paid to the Person in whose name this Security
is registered at the close of business on a special record date for the payment of defaulted interest to be fixed by the Trustee, notice
whereof shall be given to Holders of Securities of this series at least 15 calendar days prior to such special record date, or may be
paid at any time in any other lawful manner not inconsistent with the requirements of any securities exchange on which the Securities
may be listed, and upon such notice as may be required by such exchange, all as more fully provided in the Indenture.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Payment of the Principal of and interest on and any Additional Amounts
(as defined below) in respect of this Global Security will be paid to DTC for the purpose of permitting DTC to credit the Principal and
interest received by it in respect of this Global Security to the accounts of the beneficial owners thereof; <I>provided</I>, <I>however</I>,
that if this Security is not a Global Security, payment of the Principal of, interest on and Additional Amounts, if any, in respect of
this Security will be made at the office or agency of the Trustee in The City of New York, or elsewhere as provided in the Indenture,
in such coin or currency of the United States of America as at the time of payment is legal tender for payment of public and private debts;
and <I>provided</I>, <I>further</I>, that at the option of the Company payment of interest may be made by (a)&nbsp;check mailed to the
address of the Person entitled thereto as such address shall appear in the Security Register or (b)&nbsp;transfer to an account of the
Person entitled thereto located inside the United States.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">If an Interest Payment Date or redemption date (including an optional
make whole redemption date and an optional redemption date for tax reasons (as described on the reverse hereof)), or the Maturity Date,
as the case may be, would fall on a day that is not a Business Day, then the Interest Payment Date or redemption date (including an optional
make whole redemption date and an optional redemption date for tax reasons), or the Maturity Date, as the case may be, will be postponed
to the next succeeding Business Day, but no additional interest shall be paid unless the Company fails to make payment on such next succeeding
Business Day.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Business Day</B> means any day other than a Saturday, a Sunday or
a day on which banking institutions in The City of New York are authorized or obligated by law, regulation or executive order to be closed
and on which commercial banks and foreign exchange markets settle payments and are open for general business (including dealings in foreign
exchange and foreign currency deposits) in Zurich, Switzerland.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Additional provisions of this Security are set forth following the
signature page&nbsp;hereof, which provisions shall for all purposes have the same effect as if set forth at this place.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Unless the certificate of authentication hereon has been executed by
or on behalf of the Trustee referred to on the reverse hereof by manual signature, this Security shall not be entitled to any benefit
under the Indenture or be valid or obligatory for any purpose.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>IN WITNESS WHEREOF</B>, the Company has caused this instrument to
be duly executed this 5<SUP>th</SUP>&nbsp;day of November&nbsp;2025.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
<TD>&nbsp;</TD>
<TD COLSPAN="2"><B>NOVARTIS CAPITAL CORPORATION</B></TD></TR>
<TR STYLE="vertical-align: top">
<TD>&nbsp;</TD>
<TD COLSPAN="2" STYLE="font-size: 10pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
<TD STYLE="font-size: 10pt">&nbsp;</TD>
<TD COLSPAN="2" STYLE="font-size: 10pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
<TD STYLE="width: 50%">&nbsp;</TD>
<TD STYLE="width: 3%; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">By: </FONT></TD>
<TD STYLE="border-bottom: Black 1pt solid; width: 47%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
<TD>&nbsp;</TD>
<TD COLSPAN="2" STYLE="font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Name:</FONT></TD></TR>
<TR STYLE="vertical-align: top">
<TD>&nbsp;</TD>
<TD COLSPAN="2" STYLE="font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Title:</FONT></TD></TR>
</TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>TRUSTEE&rsquo;S CERTIFICATE OF AUTHENTICATION</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">This is one or all of the Securities of the series designated &ldquo;3.900%
Notes due 2028&rdquo; pursuant to the within-mentioned Indenture.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>HSBC BANK USA, NATIONAL ASSOCIATION</B>,</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">as Trustee</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-size: 10pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 50%">&nbsp;</TD>
    <TD STYLE="width: 3%; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">By: </FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; width: 47%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Authorized Signatory</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"></P>

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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>GUARANTEE</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>OF</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>NOVARTIS AG</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">For value received, Novartis AG, a stock corporation (<I>Aktiengesellschaft</I>)
incorporated under the laws of Switzerland, having its principal executive offices at Lichtstrasse 35, CH-4056 Basel, Switzerland (the
<B>Guarantor</B>, which term includes any Person as a successor Guarantor under the Indenture referred to in the Security upon which this
Guarantee is endorsed), hereby fully and unconditionally guarantees to the Holder of the Security upon which this Guarantee is endorsed
and to the Trustee on behalf of each such Holder the due and punctual payment of the Principal of, interest on and any Additional Amounts
payable in respect of such Security and the due and punctual payment of the sinking fund or analogous payments referred to therein, if
any, when and as the same shall become due and payable, whether on the Maturity Date, by declaration of acceleration, call for redemption
or otherwise, according to the terms thereof and of the Indenture referred to therein. In case of the failure of Novartis Capital Corporation,
a corporation organized under the laws of the State of Delaware (the <B>Company</B>, which term includes any successor Person under such
Indenture), to punctually make any such payment of Principal, interest or Additional Amounts or any such sinking fund or analogous payment,
the Guarantor hereby agrees to cause any such payment to be made punctually when and as the same shall become due and payable, whether
on the Maturity Date or by declaration of acceleration, call for redemption or otherwise, and as if such payment were made by the Company.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The indebtedness evidenced by this Guarantee is ranked equally and
<I>pari passu</I> with all other unsecured and unsubordinated indebtedness of the Guarantor.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The Guarantor hereby agrees that its obligations hereunder shall be
absolute and unconditional, irrespective of, and shall be unaffected&nbsp;by, any invalidity, irregularity or unenforceability of such
Security or such Indenture, any failure to enforce the provisions&nbsp;of such Security or such Indenture, or any waiver, modification
or indulgence granted to the Company with respect thereto, by the Holder of&nbsp;such Security or the Trustee or any other circumstance
that may otherwise constitute a legal or equitable discharge of a guarantor; <I>provided</I>, <I>however</I>, that, notwithstanding the
foregoing, no such waiver, modification or indulgence shall, without the consent of the Guarantor, increase the Principal of such Security,
or increase the interest rate thereon, or alter the stated Maturity Date thereof, or increase the Principal of any Original Issue Discount
Security that would be due and payable upon a declaration of acceleration of the maturity thereof pursuant to Article&nbsp;7 of such Indenture.
The Guarantor hereby waives diligence, presentment, demand of payment, filing of claims with a court in the event of merger or bankruptcy
of the Company, any right to require a proceeding first against the Company, protest or notice with respect to such Security or the indebtedness
evidenced thereby or with respect to any sinking fund or analogous payment required under such Security and all demands whatsoever, and
covenants that this Guarantee will not be discharged except by payment in full of the Principal of, interest on and Additional Amounts
payable in respect of such Security. This Guarantee is a guarantee of payment and not of collection.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The Guarantor shall be subrogated to all rights of the Holder of such
Security and the Trustee against the Company in respect of any amounts paid to such Holder by the Guarantor pursuant to the provisions
of this Guarantee; <I>provided</I>, <I>however</I>, that the Guarantor shall not be entitled to enforce, or to receive any payments arising
out of or based upon such right of subrogation until the Principal of, interest on and Additional Amounts payable in respect of all Securities
of the same series issued under such Indenture shall have been paid in full.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">No reference herein to such Indenture and no provision of such Indenture
shall alter or impair the guarantees of the Guarantor, which are absolute and unconditional, of the due and punctual payment of the Principal
of, interest on and Additional Amounts payable in respect of, and any sinking fund or analogous payments with respect to, the Security
upon which this Guarantee is endorsed.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">This Guarantee shall not be valid or obligatory for any purpose until
the certificate of authentication of such Security shall have been manually executed by or on behalf of the Trustee under such Indenture.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">All terms used in this Guarantee but not defined herein shall have
the meanings assigned to them in such Indenture.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">THIS GUARANTEE SHALL BE GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH
THE LAWS OF THE STATE OF NEW YORK.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>IN WITNESS WHEREOF</B>, the Guarantor has caused this Guarantee
to be duly executed this 5<SUP>th</SUP>&nbsp;day of November&nbsp;2025.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>NOVARTIS AG</B>, </FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">as the Guarantor</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-size: 10pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 50%">&nbsp;</TD>
    <TD STYLE="width: 3%; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">By:</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; width: 47%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Name:</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Title:</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-size: 10pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-size: 10pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">By:</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Name:</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Title:</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">[REVERSE OF SECURITY]</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">This Security is one or all of a duly authorized issue of securities
of the Company (herein called the <B>Securities</B>) issued and to be issued in one or more series under an Indenture, dated as of February&nbsp;10,
2009 (herein called the <B>Indenture</B>), among the Company, Novartis Securities Investment Ltd. and Novartis Finance S.A., as issuers,
Novartis AG, as guarantor (the <B>Guarantor</B>), and HSBC Bank USA, National Association, as trustee (herein called the <B>Trustee</B>,
which term includes any successor trustee under the Indenture), to which Indenture and all Board Resolutions and Officer&rsquo;s Certificates
as provided therein, reference is hereby made for a statement of the respective rights, limitation of rights, duties and immunities thereunder
of the Company, the Guarantor, the Trustee and the Holders of the Securities and of the terms upon which the Securities are, and are to
be, authenticated and delivered. This Security is one or all of the series designated as the &ldquo;3.900% Notes due 2028.&rdquo;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Notwithstanding Section&nbsp;4.5 of the Indenture, payments made by
the Company or the Guarantor under or with respect to the Securities will be free and clear of and without withholding or deduction for
or on account of any and all present or future taxes, duties, assessments or governmental charges of any nature imposed, levied, collected,
withheld or assessed by or on behalf of (i)&nbsp;the government of Switzerland or of any political subdivision of Switzerland or by any
authority or agency therein or thereof having the power to tax, (ii)&nbsp;the government of the jurisdiction of organization of the Company
or any political subdivision or territory or possession of such jurisdiction or by any authority or agency therein or thereof having the
power to tax or (iii)&nbsp;the government of any jurisdiction from or through which a payment on the Securities or the guarantee is made
or any political subdivision or territory or possession of such jurisdiction or by any authority or agency therein or thereof having power
to tax (each of clauses (i), (ii)&nbsp;and (iii), a <B>Relevant Taxing Jurisdiction</B>), which are referred to herein collectively as
<B>Taxes</B>, unless the Company is required to withhold or deduct Taxes by law. If the Company is required to withhold or deduct any
amount for or on account of Taxes from any payment made with respect to the Securities, the Company will pay such additional amounts (<B>Additional
Amounts</B>) as may be necessary so that the net amount received by each Holder (including Additional Amounts) after such withholding
or deduction will not be less than the amount the Holder would have received if the Taxes had not been withheld or deducted; provided
that no Additional Amounts will be payable with respect to Taxes: (1)&nbsp;imposed by the United States or by any political subdivision
or territory or possession of such jurisdiction or by any authority or agency therein or thereof having the power to tax;&NegativeThickSpace;
(2)&nbsp;that would not have been imposed but for the existence of any present or former connection between such Holder or beneficial
owner of the Securities (or between a fiduciary, settlor, beneficiary, member or shareholder of, or possessor of a power over, such holder
or beneficial owner, if such Holder or beneficial owner is an estate, trust, partnership or corporation) and a Relevant Taxing Jurisdiction,
including, without limitation, such Holder or beneficial owner (or such fiduciary, settlor, beneficiary, member, shareholder or possessor)
being or having been a citizen or resident thereof or treated as a resident thereof or domiciled thereof or a national thereof or being
or having been present or engaged in trade or business therein or having or having had a permanent establishment therein; (3)&nbsp;that
are estate, inheritance, gift, sales, transfer, personal property, wealth or similar taxes, duties, assessments or other governmental
charges; (4)&nbsp;with respect to any withholding or deduction imposed on a payment in respect of a note where such withholding or deduction
is required to be made pursuant to laws enacted by Switzerland pursuant to which a person other than the issuer or the guarantor, as the
case may be, is required to withhold or deduct tax on any interest payments; (5)&nbsp;payable other than by withholding from payments
of principal of or interest on or with respect to the Securities; (6)&nbsp;that would not have been imposed but for the failure of the
applicable recipient of such payment, upon request, to make a declaration of non-residence or other similar claim for exemption to the
relevant tax authority or comply with any certification, identification, information, documentation or other reporting requirement to
the extent such compliance is required by applicable law or administrative practice or an applicable treaty as a precondition to exemption
from, or reduction in, the rate of deduction or withholding of such Taxes; (7)&nbsp;that would not have been imposed but for the presentation
of a Security (where presentation is required) for payment on a date more than 30 days after the date on which such payment first became
due and payable or the date on which payment thereof was duly provided for, whichever occurred later; (8)&nbsp;to the extent the amount
of Tax could have been reduced by presentation for payment of the relevant Securities to a paying agent other than the paying agent to
which the presentation was made; or (9)&nbsp;any combination of the foregoing items; nor shall Additional Amounts be paid with respect
to any payment of the principal of or interest on any note to any such Holder who is a fiduciary or a partnership or a beneficial owner
who is other than the sole beneficial owner of such payment to the extent a beneficiary or settlor with respect to such fiduciary or a
member of such partnership or a beneficial owner would not have been entitled to such Additional Amounts had it been the Holder of the
Security. Notwithstanding any other provisions contained herein, each of the Company, the Guarantor or any other person making payments
on behalf of the Company shall be entitled to deduct and withhold, as required, and shall not be required to pay any Additional Amounts
with respect to any such withholding or deduction imposed on or in respect of any note pursuant to Sections 1471 through 1474 of the United
States Internal Revenue Code of 1986, as amended (<B>FATCA</B>), any current or future U.S. Treasury regulations or rulings promulgated
thereunder, any intergovernmental agreement between the United States and any other jurisdiction to implement FATCA, any law, regulation
or other official guidance enacted or published in any jurisdiction implementing FATCA or an intergovernmental agreement with respect
thereto, or any agreement with the U.S. Internal Revenue Service under FATCA.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Notwithstanding Section&nbsp;3.1 of the Indenture, the Company may
redeem the Securities in whole (but not in part) at any time, on giving not less than 10 nor more than 60 days&rsquo; notice of such redemption,
at a redemption price equal to the Principal plus accrued and unpaid interest, if any, to (but not including) the date fixed for redemption,
if: (1)&nbsp;the Company determines that, as a result of any change in or amendment to the laws or any regulations or rulings promulgated
thereunder of a Relevant Taxing Jurisdiction, or any change in the application or official interpretation of such laws, regulations or
rulings, or any change in the application or official interpretation of, or any execution of or amendment to, any treaty or treaties affecting
taxation to which any such jurisdiction is a party, which change, execution or amendment becomes effective on or after the date hereof:
(a)&nbsp;the Company or the Guarantor would be required to pay Additional Amounts with respect to such series of Securities on the next
succeeding Interest Payment Date and the payment of such Additional Amounts cannot be avoided by the use of reasonable measures available
to the Company or the Guarantor; or (b)&nbsp;&NegativeThickSpace;withholding tax has been or would be required to be withheld
with respect to interest income received or receivable by the Company directly from the Guarantor (or any affiliate) and such withholding
tax obligation cannot be avoided by the use of reasonable measures available to the Company or the Guarantor (or any affiliate); or (2)&nbsp;the
Company determines, based upon an opinion of independent counsel selected by the Company that, as a result of any action taken by any
legislative body of, taxing authority of, or any action brought in a court of competent jurisdiction in, a Relevant Taxing Jurisdiction
(whether or not such action was taken or brought with respect to the Guarantor or the Company, as the case may be), which action is taken
or brought on or after the date hereof, there is a substantial probability that the circumstances described in clause (1)&nbsp;above would
exist; provided, however, that no such notice of redemption may be given earlier than 90 days prior to the earliest date on which the
Company or the Guarantor would be obligated to pay such Additional Amounts. &NegativeThickSpace;The Company will also pay to
each Holder, or make available for payment to each such Holder, on the redemption date any Additional Amounts resulting from the payment
of such redemption price, subject to the conditions described in the preceding paragraph.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Prior to October&nbsp;5, 2028 (the <B>Par Call Date</B>), the Company
may redeem this Security, in whole or in part, at its option at any time and from time to time, at a redemption price (expressed as a
percentage of principal amount and rounded to three decimal places) equal to the greater of:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in">(1)&nbsp;(a)&nbsp;the sum of the present values of the remaining
scheduled payments of principal and interest thereon discounted to the redemption date (assuming this Security matured on the Par Call
Date) on a semi-annual basis (assuming a 360-day year consisting of twelve 30-day months) at the Treasury Rate (as defined below) plus
5 basis points, less (b)&nbsp;interest accrued to the date of redemption, and</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in">(2)&nbsp;100% of the principal amount of this Security to
be redeemed,</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">plus, in either case, accrued and unpaid interest thereon to the redemption
date.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">On or after the Par Call Date, the Company may redeem this Security,
in whole or in part, at any time and from time to time, at a redemption price equal to 100% of the principal amount of this Security being
redeemed plus accrued and unpaid interest thereon to the redemption date.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&ldquo;Treasury Rate&rdquo; means, with respect to any redemption date,
the yield determined by the Company in accordance with the following two paragraphs.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The Treasury Rate shall be determined by the Company after 4:15 p.m.,
New York City time (or after such time as yields on U.S. government securities are posted daily by the Board of Governors of the Federal
Reserve System), on the third business day preceding the redemption date based upon the yield or yields for the most recent day that appear
after such time on such day in the most recent statistical release published by the Board of Governors of the Federal Reserve System designated
as &ldquo;Selected Interest Rates (Daily)&thinsp;&mdash;&thinsp;H.15&rdquo; (or any successor designation or publication) (<B>H.15</B>)
under the caption &ldquo;U.S. government securities &mdash; Treasury constant maturities&thinsp;&mdash;&thinsp;Nominal&rdquo; &NegativeThickSpace;(or
any successor caption or heading) (<B>H.15 TCM</B>). In determining the Treasury Rate, the Company shall select, as applicable: (1)&nbsp;the
yield for the Treasury constant maturity on H.15 exactly equal to the period from the redemption date to the Par Call Date (the <B>Remaining
Life</B>); or (2)&nbsp;if there is no such Treasury constant maturity on H.15 exactly equal to the Remaining Life, the two yields&thinsp;&mdash;&thinsp;one
yield corresponding to the Treasury constant maturity on H.15 immediately shorter than and one yield corresponding to the Treasury constant
maturity on H.15 immediately longer than the Remaining Life&thinsp;&mdash;&thinsp;and shall interpolate to the Par Call Date on a straight-line
basis (using the actual number of days) using such yields and rounding the result to three decimal places; or (3)&nbsp;if there is no
such Treasury constant maturity on H.15 shorter than or longer than the Remaining Life, the yield for the single Treasury constant maturity
on H.15 closest to the Remaining Life. For purposes of this paragraph, the applicable Treasury constant maturity or maturities on H.15
shall be deemed to have a maturity date equal to the relevant number of months or years, as applicable, of such Treasury constant maturity
from the redemption date.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">If on the third business day preceding the redemption date H.15 TCM
is no longer published, the Company shall calculate the Treasury Rate based on the rate per annum equal to the semi-annual equivalent
yield to maturity at 11:00 a.m., New York City time, on the second business day preceding such redemption date of the United States Treasury
security maturing on, or with a maturity that is closest to, the Par Call Date, as applicable. If there is no United States Treasury security
maturing on the Par Call Date, but there are two or more United States Treasury securities with a maturity date equally distant from the
Par Call Date, one with a maturity date preceding the Par Call Date, and one with a maturity date following the Par Call Date, the Company
shall select the United States Treasury security with a maturity date preceding the Par Call Date. If there are two or more United States
Treasury securities maturing on the Par Call Date, or two or more United States Treasury securities meeting the criteria of the preceding
sentence, the Company shall select from among these two or more United States Treasury securities the United States Treasury security
that is trading closest to par based upon the average of the bid and asked prices for such United States Treasury securities at 11:00
a.m., New York City time. In determining the Treasury Rate in accordance with the terms of this paragraph, the semi-annual yield to maturity
of the applicable United States Treasury security shall be based upon the average of the bid and asked prices (expressed as a percentage
of the principal amount) at 11:00 a.m., New York City time, of such United States Treasury security, and rounded to three decimal places.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The Company&rsquo;s actions and determinations in determining the redemption
price shall be conclusive and binding for all purposes, absent manifest error.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Notice of any redemption will be mailed or electronically delivered
(or otherwise transmitted in accordance with the depositary&rsquo;s procedures) at least 10 calendar days but not more than 60 calendar
days before the redemption date to each Holder of the Securities to be so redeemed.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Any redemption may, at the Company&rsquo;s discretion, be subject to
one or more conditions precedent. Any related written notice of redemption will describe the conditions precedent and, at the Company&rsquo;s
discretion, will indicate that the redemption date may be delayed or the written notice rescinded if all such conditions precedent have
not been satisfied or waived by the Company.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">In the case of a partial redemption, selection of the Securities for
redemption will be made pro rata, by lot or by such other method as the Trustee in its sole discretion deems appropriate and fair. No
Securities of any series of a principal amount of $2,000 or less will be redeemed in part. If any Security is to be redeemed in part only,
the notice of redemption that relates to such Security will state the portion of the principal amount of the applicable Security to be
redeemed. A new Security in a principal amount equal to the unredeemed portion of the applicable Security will be issued in the name of
the holder of such Security upon surrender for cancellation of such original Security. For so long as any Securities of this series are
registered in the name of DTC (or another depositary) or such depositary&rsquo;s nominee, the redemption of such Security shall be done
in accordance with the policies and procedures of the depositary.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Unless the Company defaults in payment of the redemption price, on
and after the redemption date interest will cease to accrue on the Securities or portions thereof called for redemption.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The Indenture contains provisions for defeasance of (a)&nbsp;the entire
indebtedness of this Security and (b)&nbsp;certain restrictive covenants and the related defaults and Events of Default (as described
below) applicable to the Company and the Guarantor, in each case, upon compliance by the Company and the Guarantor with certain conditions
set forth in the Indenture, which provisions apply to this Security.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Notwithstanding Section&nbsp;7.1 of the Indenture, an Event of Default
with respect to the Securities of this series means any one of the following events: (1)&nbsp;default in payment of the Principal (or
premium, if any) of any Security of this series when due (including as a sinking fund installment), and the continuance of that default
for more than two Business Days; (2)&nbsp;&NegativeThickSpace;default in payment of interest on, or any Additional Amounts
payable in respect of, any Securities of this series when due and payable, and the continuance of that default for 30 calendar days; (3)&nbsp;default
in performing any other covenant in the Indenture with regard to any Security of this series for 90 calendar days after the receipt of
written notice from the Trustee or from the Holders of 25% in principal amount of the Securities of this series; (4)&nbsp;an encumbrancer
or a receiver or a person with similar functions appointed for execution (in Switzerland a <I>Liquidator</I> or <I>Konkursverwalter</I>)
taking possession of the whole or any substantial part of the assets or undertaking of the Company or the Guarantor or a distress, execution
or other process being levied or enforced upon or sued out against a substantial part of the property or assets of the Company or the
Guarantor and not being paid, discharged, removed or stayed within 30 calendar days; (5)&nbsp;the Company or the Guarantor stopping payment
or ceasing business (except in each case in circumstances previously approved by the Holders of a majority in Principal (or, if any Securities
are Original Issue Discount Securities, such portion of the Principal of such Securities of such series as may then be accelerated pursuant
to the terms of such Securities) of the outstanding Securities of all series affected (all such series voting as one class)); (6)&nbsp;the
Company becoming bankrupt or insolvent or entering into a provisional or definitive moratorium or making a general assignment for the
benefit of its creditors; (7)&nbsp;the Guarantor becoming bankrupt or insolvent (or being obliged to notify the court of its financial
situation in accordance with Article&nbsp;725b of the Swiss Code of Obligations) or entering into a provisional or definitive moratorium
(<I>provisorische or definitive Nachlassstundung</I>) or making a general arrangement with its creditors (<I>Nachlassvertrag</I>); (8)&nbsp;an
order being made or effective resolution passed for the winding-up or dissolution of the Company or the Guarantor except (a)&nbsp;a winding-up
or dissolution, the terms of such winding-up or dissolution having previously been approved by the Holders of a majority in Principal
(or, if any Securities are Original Issue Discount Securities, such portion of the Principal of the Securities of the relevant series
as may then be accelerated pursuant to the terms of such Securities) of the outstanding Securities of all series affected (all such series
voting as one class) or (ii)&nbsp;a winding-up or dissolution in connection with any consolidation, merger, sale, lease or conveyance
in accordance with the provisions described under Section&nbsp;5 of the Indenture; or (9)&nbsp;if the Guarantee with respect to the Securities
of this series ceases to be, or is claimed by the Guarantor not to be, in full force and effect.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">As provided in and subject to the provisions of the Indenture, the
Holder of this Security shall not have the right to institute any proceeding with respect to the Indenture or for the appointment of a
receiver or trustee or for any other remedy thereunder, unless such Holder shall have previously given the Trustee written notice of a
continuing Event of Default with respect to the Securities of this series, the Holders of not less than 25% in principal amount of the
Securities of all such affected series at the time outstanding shall have made written request to the Trustee to institute proceedings
in respect of such Event of Default in its own name as Trustee and offered the Trustee indemnity reasonably satisfactory to the Trustee
against any costs, liabilities or expenses to be incurred in compliance with such request and, for 60 calendar days after receipt of such
notice, request and offer of indemnity, the Trustee shall have failed to institute any such proceeding, and, during such 60-calendar-day
period, the Trustee shall not have received from the Holders of a majority in principal amount of the Securities of this series at the
time outstanding a direction inconsistent with such request. The foregoing shall not apply to any suit instituted by the Holder of this
Security for the enforcement of any payment of principal hereof or any premium or interest hereon on or after the respective due dates
expressed herein.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The Indenture permits, with certain exceptions as therein provided,
the amendment thereof and the modification of the rights and obligations of the Company and the Guarantor and the rights of the Holders
of the Securities under the Indenture at any time by the Company, the Guarantor and the Trustee with the consent of the Holders of not
less than a majority in principal amount of the outstanding Securities affected by such amendment. The Indenture also contains provisions
permitting the Holders of specified percentages in principal amount of the Securities at the time outstanding, on behalf of the Holders
of all Securities, to waive compliance by the Company or the Guarantor, or both, with certain provisions of the Indenture and certain
past defaults under the Indenture and their consequences. Any such consent or waiver by the Holder of this Security shall be conclusive
and binding upon such Holder and upon all future Holders of this Security and of any Security issued upon the registration of transfer
hereof or in exchange herefor or in lieu hereof, whether or not notation of such consent or waiver is made upon this Security.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">No reference herein to the Indenture and no provision of this Security
or of the Indenture shall alter or impair the obligation of the Company, which is absolute and unconditional, to pay the Principal of
and interest on this Security at the times, place and rate, and in the coin or currency, herein prescribed.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The Company may, from time to time, without the consent of the Holders
of the Securities, increase the principal amount of the Securities by issuing additional Securities in the future on the same terms and
conditions as the Securities in all respects, except for any differences in the issue date, issue price and first payment of interest
thereon, and with the same CUSIP number as the Securities. The Securities and any additional Securities shall rank equally and ratably
and shall be treated as a single series for all purposes under the Indenture. The Company will not issue any additional Securities unless
such additional Securities are fungible with the Securities for U.S. federal income tax purposes.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">As provided in the Indenture and subject to certain limitations therein
set forth, the transfer of this Security is registrable in the Security Register, upon surrender of this Security for registration of
transfer at the office or agency of the Company in any place of payment where the Principal and interest on this Security are payable,
duly endorsed by, or accompanied by a written instrument of transfer in form satisfactory to the Company, the Guarantor and the Trustee
for the Securities duly executed by the Holder hereof or his attorney duly authorized in writing, and thereupon one or more new Securities
of this series, of authorized denomination and for the same aggregate principal amount, will be issued to the designated transferee or
transferees.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The Securities of this series are issuable only in registered form
without coupons in denominations of $2,000 and integral multiples of $1,000 in excess thereof. As provided in the Indenture and subject
to certain limitations set forth therein, Securities of this series are exchangeable for a like aggregate principal amount of Securities
of this series of a different authorized denomination, as requested by the Holder surrendering the same.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">No service charge shall be made for any such registration of transfer
or exchange, but the Company may require payment of a sum sufficient to cover any tax or other governmental charge payable in connection
therewith.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Prior to due presentment of this Security for registration of transfer,
the Company, the Guarantor, the Trustee and any agent of the Company, the Guarantor or the Trustee may treat the Person in whose name
this Security is registered as the owner hereof for all purposes, whether or not this Security be overdue, and none of the Company, the
Guarantor, the Trustee, or any such agent shall be affected by notice to the contrary.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The obligations of the Company and the Guarantor under the Indenture
and this Security and all documents delivered in the name of the Company or the Guarantor, as the case may be, in connection herewith
and therewith do not and shall not constitute personal obligations of the directors, officers, employees, agents or shareholders of the
Company or the Guarantor or any of them, and shall not involve any claim against or personal liability on the part of any of them, and
all persons including the Trustee shall look solely to the assets of the Company and the Guarantor for the payment of any claim thereunder
or for the performance thereof and shall not seek recourse against such directors, officers, employees, agents or shareholders of the
Company or the Guarantor or any of them or any of their personal assets for such satisfaction. The performance of the obligations of the
Company and the Guarantor under the Indenture and this Security and all documents delivered in the name of the Company or the Guarantor,
as the case may be, in connection therewith shall not be deemed a waiver of any rights or powers of the Company or the Guarantor or their
respective directors or shareholders under the Company&rsquo;s or the Guarantor&rsquo;s respective Articles of Incorporation.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">All terms used in this Security but not defined herein shall have the
meanings assigned to them in the Indenture.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">THE INDENTURE AND THE SECURITIES,&nbsp;INCLUDING THIS SECURITY, SHALL
BE GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH THE LAW OF THE STATE OF NEW YORK.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Pursuant to a recommendation promulgated by the Committee on Uniform
Security Identification Procedures, the Company has caused &ldquo;CUSIP&rdquo; numbers to be printed on the Securities as a convenience
to the Holders of the Securities. No representation is made as to the correctness or accuracy of such CUSIP numbers as printed on the
Securities, and reliance may be placed only on the other identification numbers printed hereon.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>SCHEDULE OF INCREASES OR DECREASES IN THE GLOBAL
SECURITY</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">The initial outstanding principal amount of this
Global Security is $__________. The following increases or decreases in this Global Security have been made:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; width: 20%; text-align: center">Date of Exchange</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; width: 1%; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; width: 19%; text-align: center">Amount of <BR> decreases in <BR> Principal Amount<BR> of this Global Security</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; width: 1%; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; width: 19%; text-align: center">Amount of<BR> increases in <BR> Principal Amount<BR> of this Global Security</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; width: 1%; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; width: 19%; text-align: center">Principal amount <BR> of this Global <BR> Security <BR> following such<BR> decreases or<BR> increases</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 1%; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; width: 19%; text-align: center"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Signature of</B></P> <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>authorized<BR> signatory of<BR> Trustee</B></P></TD></TR>
</TABLE>

<P STYLE="margin: 0">&nbsp;&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>ASSIGNMENT AND TRANSFER FORM</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">FOR VALUE RECEIVED, the undersigned hereby<BR>
sells, assigns and transfers unto</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">PLEASE INSERT SOCIAL SECURITY OR OTHER<BR>
IDENTIFYING NUMBER OF ASSIGNEE</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR>
    <TD STYLE="vertical-align: top; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="vertical-align: top; border-top: Black 1pt solid; font-size: 10pt">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; width: 48%; border-bottom: Black 1pt solid; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; width: 4%; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="vertical-align: top; width: 48%; font-size: 10pt">&nbsp;</TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%">
  <TR STYLE="vertical-align: bottom">
    <TD COLSPAN="1" STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD COLSPAN="1" STYLE="font: 10pt Times New Roman, Times, Serif">(Please Print or Typewrite Name and Address, including Zip Code, of Assignee)</TD></TR>
  </TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%">
  <TR STYLE="vertical-align: bottom">
    <TD COLSPAN="1" STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD COLSPAN="1" STYLE="font: 10pt Times New Roman, Times, Serif">the within Security of Novartis Capital Corporation and</TD></TR>
  </TABLE>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 50%; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="width: 50%; padding-bottom: 1pt; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">hereby does irrevocably constitute and appoint</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%">
  <TR STYLE="vertical-align: bottom">
    <TD COLSPAN="1" STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD COLSPAN="1" STYLE="font: 10pt Times New Roman, Times, Serif">attorney to transfer said Security on the books kept for the registration thereof with full power of substitution in the premises</TD></TR>
  </TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="white-space: nowrap; width: 5%; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Dated:</FONT></TD>
    <TD STYLE="width: 95%; border-bottom: Black 1pt solid">&nbsp;</TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="white-space: nowrap; width: 7%; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Signature</FONT></TD>
    <TD STYLE="width: 93%; border-bottom: Black 1pt solid">&nbsp;</TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">NOTICE: The signature to this assignment must correspond with the name
as it appears on the first page&nbsp;of the within Security in every particular, without alteration or enlargement or any change whatever.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="white-space: nowrap; width: 15%; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Signature Guaranteed:</FONT></TD>
    <TD STYLE="width: 85%; border-bottom: Black 1pt solid">&nbsp;</TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">NOTICE: Signature(s)&nbsp;must be guaranteed by an &ldquo;<I>eligible
guarantor institution</I>&rdquo; that is a member or participant in a &ldquo;<I>signature guarantee program</I>&rdquo; (e.g., the Securities
Transfer Agents Medallion Program, the Stock Exchange Medallion Program and the New York Stock Exchange Medallion Program).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

</BODY>
</HTML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-4.3
<SEQUENCE>5
<FILENAME>tm2529850d5_ex4-3.htm
<DESCRIPTION>EXHIBIT 4.3
<TEXT>
<HTML>
<HEAD>
     <TITLE></TITLE>
</HEAD>
<BODY STYLE="font: 10pt Times New Roman, Times, Serif">

<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right"><FONT><B>Exhibit&#8239;4.3</B></FONT></P>



<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>FORM&nbsp;OF GUARANTEED DEBT SECURITY</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">THIS SECURITY IS IN GLOBAL FORM&nbsp;WITHIN THE MEANING OF THE INDENTURE
HEREINAFTER REFERRED TO AND IS REGISTERED IN THE NAME OF THE DEPOSITORY TRUST COMPANY, A NEW YORK CORPORATION (<B>DTC</B>), OR A NOMINEE
OF DTC, WHICH MAY&nbsp;BE TREATED BY THE COMPANY, THE GUARANTOR, THE TRUSTEE AND ANY AGENT THEREOF AS OWNER AND HOLDER OF THIS SECURITY
FOR ALL PURPOSES.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">UNLESS THIS CERTIFICATE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE
OF DTC TO THE COMPANY OR ITS AGENT FOR REGISTRATION OF TRANSFER, EXCHANGE, OR PAYMENT, AND ANY CERTIFICATE ISSUED IS REGISTERED IN THE
NAME OF CEDE&nbsp;&amp; CO. OR IN SUCH OTHER NAME AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC (AND ANY PAYMENT IS MADE TO CEDE&nbsp;&amp;
CO. OR TO SUCH OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC), ANY TRANSFER, PLEDGE, OR OTHER USE HEREOF FOR VALUE
OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL INASMUCH AS THE REGISTERED OWNER HEREOF CEDE&nbsp;&amp; CO., HAS AN INTEREST HEREIN.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">UNLESS AND UNTIL IT IS EXCHANGED IN WHOLE OR IN PART&nbsp;FOR SECURITIES
IN DEFINITIVE FORM&nbsp;IN THE LIMITED CIRCUMSTANCES REFERRED TO IN THE INDENTURE, THIS GLOBAL SECURITY MAY&nbsp;NOT BE TRANSFERRED EXCEPT
AS A WHOLE BY DTC TO A NOMINEE OF DTC OR BY A NOMINEE OF DTC TO DTC OR ANOTHER NOMINEE OF DTC OR BY DTC OR ANY SUCH NOMINEE TO A SUCCESSOR
DEPOSITARY OR A NOMINEE OF SUCH SUCCESSOR DEPOSITARY.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR>
    <TD STYLE="vertical-align: top; width: 50%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">REGISTERED NO. [&nbsp;&nbsp;]</FONT></TD>
    <TD STYLE="vertical-align: top; width: 50%; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">PRINCIPAL AMOUNT: $[&nbsp;&nbsp;]</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">CUSIP NO. 66989HAY4</FONT></TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">ISIN NO. US66989HAY45</FONT></TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>NOVARTIS CAPITAL CORPORATION</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>4.100% NOTES DUE 2030 (the &ldquo;Security&rdquo;)</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>FULLY AND UNCONDITIONALLY GUARANTEED BY</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>NOVARTIS AG</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Novartis Capital Corporation, a corporation organized under the laws
of the State of Delaware (hereinafter called the <B>Company</B>, which term shall include any successor entity under the Indenture), for
value received, hereby promises to pay to Cede&nbsp;&amp; Co., as nominee for DTC, or registered assigns, upon presentation, the principal
sum of [ ] Dollars ($[ ]) (or such other amount set forth on the Schedule of Increases or Decreases in the Global Security attached hereto)
on November&nbsp;5, 2030 (the <B>Maturity Date</B>) and to pay interest thereon from November 5, 2025 or from the most recent interest
payment date to which interest has been paid or duly provided for, semi-annually in arrears on May&nbsp;5 and November&nbsp;5 in each
year (each an <B>Interest Payment Date</B>), commencing on May&nbsp;5, 2026, at the rate of 4.100% per annum, until the entire Principal
hereof is paid or made available for payment. All terms used in this Global Security but not defined herein shall have the meanings assigned
to them in the Indenture.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The interest so payable, and punctually paid or duly provided for on
any Interest Payment Date will, as provided in the Indenture, be paid to the Person in whose name this Security is registered at the close
of business on the Record Date for such interest, which shall be April&nbsp;20 or October&nbsp;20 (whether or not a Business Day (as defined
below)), as the case may be, next preceding such Interest Payment Date. Any such interest not so punctually paid or duly provided for
shall forthwith cease to be payable to the Holder on such Record Date, and may either be paid to the Person in whose name this Security
is registered at the close of business on a special record date for the payment of defaulted interest to be fixed by the Trustee, notice
whereof shall be given to Holders of Securities of this series at least 15 calendar days prior to such special record date, or may be
paid at any time in any other lawful manner not inconsistent with the requirements of any securities exchange on which the Securities
may be listed, and upon such notice as may be required by such exchange, all as more fully provided in the Indenture.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Payment of the Principal of and interest on and any Additional Amounts
(as defined below) in respect of this Global Security will be paid to DTC for the purpose of permitting DTC to credit the Principal and
interest received by it in respect of this Global Security to the accounts of the beneficial owners thereof; <I>provided</I>, <I>however</I>,
that if this Security is not a Global Security, payment of the Principal of, interest on and Additional Amounts, if any, in respect of
this Security will be made at the office or agency of the Trustee in The City of New York, or elsewhere as provided in the Indenture,
in such coin or currency of the United States of America as at the time of payment is legal tender for payment of public and private debts;
and <I>provided</I>, <I>further</I>, that at the option of the Company payment of interest may be made by (a)&nbsp;check mailed to the
address of the Person entitled thereto as such address shall appear in the Security Register or (b)&nbsp;transfer to an account of the
Person entitled thereto located inside the United States.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">If an Interest Payment Date or redemption date (including an optional
make whole redemption date and an optional redemption date for tax reasons (as described on the reverse hereof)), or the Maturity Date,
as the case may be, would fall on a day that is not a Business Day, then the Interest Payment Date or redemption date (including an optional
make whole redemption date and an optional redemption date for tax reasons), or the Maturity Date, as the case may be, will be postponed
to the next succeeding Business Day, but no additional interest shall be paid unless the Company fails to make payment on such next succeeding
Business Day.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Business Day</B> means any day other than a Saturday, a Sunday or
a day on which banking institutions in The City of New York are authorized or obligated by law, regulation or executive order to be closed
and on which commercial banks and foreign exchange markets settle payments and are open for general business (including dealings in foreign
exchange and foreign currency deposits) in Zurich, Switzerland.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Additional provisions of this Security are set forth following the
signature page&nbsp;hereof, which provisions shall for all purposes have the same effect as if set forth at this place.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Unless the certificate of authentication hereon has been executed by
or on behalf of the Trustee referred to on the reverse hereof by manual signature, this Security shall not be entitled to any benefit
under the Indenture or be valid or obligatory for any purpose.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>IN WITNESS WHEREOF</B>, the Company has caused this instrument to
be duly executed this 5<SUP>th</SUP>&nbsp;day of November&nbsp;2025.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2">
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>NOVARTIS CAPITAL CORPORATION</B></P></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 50%">&nbsp;</TD>
    <TD STYLE="width: 5%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">By: </FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; width: 45%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Name:</FONT></TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Title:</FONT></TD>
    <TD>&nbsp;</TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>TRUSTEE&rsquo;S CERTIFICATE OF AUTHENTICATION</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">This is one or all of the Securities of the series designated &ldquo;4.100%
Notes due 2030&rdquo; pursuant to the within-mentioned Indenture.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>HSBC BANK USA, NATIONAL ASSOCIATION</B>,</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">as Trustee</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 50%">&nbsp;</TD>
    <TD STYLE="width: 3%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">By: </FONT></TD>
    <TD STYLE="width: 47%; border-bottom: black 1pt solid">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Authorized Signatory</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>GUARANTEE</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>OF</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>NOVARTIS AG</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">For value received, Novartis AG, a stock corporation (<I>Aktiengesellschaft</I>)
incorporated under the laws of Switzerland, having its principal executive offices at Lichtstrasse 35, CH-4056 Basel, Switzerland (the
<B>Guarantor</B>, which term includes any Person as a successor Guarantor under the Indenture referred to in the Security upon which this
Guarantee is endorsed), hereby fully and unconditionally guarantees to the Holder of the Security upon which this Guarantee is endorsed
and to the Trustee on behalf of each such Holder the due and punctual payment of the Principal of, interest on and any Additional Amounts
payable in respect of such Security and the due and punctual payment of the sinking fund or analogous payments referred to therein, if
any, when and as the same shall become due and payable, whether on the Maturity Date, by declaration of acceleration, call for redemption
or otherwise, according to the terms thereof and of the Indenture referred to therein. In case of the failure of Novartis Capital Corporation,
a corporation organized under the laws of the State of Delaware (the <B>Company</B>, which term includes any successor Person under such
Indenture), to punctually make any such payment of Principal, interest or Additional Amounts or any such sinking fund or analogous payment,
the Guarantor hereby agrees to cause any such payment to be made punctually when and as the same shall become due and payable, whether
on the Maturity Date or by declaration of acceleration, call for redemption or otherwise, and as if such payment were made by the Company.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The indebtedness evidenced by this Guarantee is ranked equally and
<I>pari passu</I> with all other unsecured and unsubordinated indebtedness of the Guarantor.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The Guarantor hereby agrees that its obligations hereunder shall be
absolute and unconditional, irrespective of, and shall be unaffected&nbsp;by, any invalidity, irregularity or unenforceability of such
Security or such Indenture, any failure to enforce the provisions&nbsp;of such Security or such Indenture, or any waiver, modification
or indulgence granted to the Company with respect thereto, by the Holder of&nbsp;such Security or the Trustee or any other circumstance
that may otherwise constitute a legal or equitable discharge of a guarantor; <I>provided</I>, <I>however</I>, that, notwithstanding the
foregoing, no such waiver, modification or indulgence shall, without the consent of the Guarantor, increase the Principal of such Security,
or increase the interest rate thereon, or alter the stated Maturity Date thereof, or increase the Principal of any Original Issue Discount
Security that would be due and payable upon a declaration of acceleration of the maturity thereof pursuant to Article&nbsp;7 of such Indenture.
The Guarantor hereby waives diligence, presentment, demand of payment, filing of claims with a court in the event of merger or bankruptcy
of the Company, any right to require a proceeding first against the Company, protest or notice with respect to such Security or the indebtedness
evidenced thereby or with respect to any sinking fund or analogous payment required under such Security and all demands whatsoever, and
covenants that this Guarantee will not be discharged except by payment in full of the Principal of, interest on and Additional Amounts
payable in respect of such Security. This Guarantee is a guarantee of payment and not of collection.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The Guarantor shall be subrogated to all rights of the Holder of such
Security and the Trustee against the Company in respect of any amounts paid to such Holder by the Guarantor pursuant to the provisions
of this Guarantee; <I>provided</I>, <I>however</I>, that the Guarantor shall not be entitled to enforce, or to receive any payments arising
out of or based upon such right of subrogation until the Principal of, interest on and Additional Amounts payable in respect of all Securities
of the same series issued under such Indenture shall have been paid in full.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">No reference herein to such Indenture and no provision of such Indenture
shall alter or impair the guarantees of the Guarantor, which are absolute and unconditional, of the due and punctual payment of the Principal
of, interest on and Additional Amounts payable in respect of, and any sinking fund or analogous payments with respect to, the Security
upon which this Guarantee is endorsed.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">This Guarantee shall not be valid or obligatory for any purpose until
the certificate of authentication of such Security shall have been manually executed by or on behalf of the Trustee under such Indenture.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">All terms used in this Guarantee but not defined herein shall have
the meanings assigned to them in such Indenture.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">THIS GUARANTEE SHALL BE GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH
THE LAWS OF THE STATE OF NEW YORK.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>IN WITNESS WHEREOF</B>, the Guarantor has caused this Guarantee
to be duly executed this 5<SUP>th</SUP>&nbsp;day of November&nbsp;2025.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>NOVARTIS AG</B>, </FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">as the Guarantor</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 50%">&nbsp;</TD>
    <TD STYLE="width: 5%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">By:</FONT></TD>
    <TD STYLE="width: 45%; border-bottom: black 1pt solid">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Name:</FONT></TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Title:</FONT></TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">By:</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Name:</FONT></TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Title:</FONT></TD>
    <TD>&nbsp;</TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">[REVERSE OF SECURITY]</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">This Security is one or all of a duly authorized issue of securities
of the Company (herein called the <B>Securities</B>) issued and to be issued in one or more series under an Indenture, dated as of February&nbsp;10,
2009 (herein called the <B>Indenture</B>), among the Company, Novartis Securities Investment Ltd. and Novartis Finance S.A., as issuers,
Novartis AG, as guarantor (the <B>Guarantor</B>), and HSBC Bank USA, National Association, as trustee (herein called the <B>Trustee</B>,
which term includes any successor trustee under the Indenture), to which Indenture and all Board Resolutions and Officer&rsquo;s Certificates
as provided therein, reference is hereby made for a statement of the respective rights, limitation of rights, duties and immunities thereunder
of the Company, the Guarantor, the Trustee and the Holders of the Securities and of the terms upon which the Securities are, and are to
be, authenticated and delivered. This Security is one or all of the series designated as the &ldquo;4.100% Notes due 2030.&rdquo;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Notwithstanding Section&nbsp;4.5 of the Indenture, payments made by
the Company or the Guarantor under or with respect to the Securities will be free and clear of and without withholding or deduction for
or on account of any and all present or future taxes, duties, assessments or governmental charges of any nature imposed, levied, collected,
withheld or assessed by or on behalf of (i)&nbsp;the government of Switzerland or of any political subdivision of Switzerland or by any
authority or agency therein or thereof having the power to tax, (ii)&nbsp;the government of the jurisdiction of organization of the Company
or any political subdivision or territory or possession of such jurisdiction or by any authority or agency therein or thereof having the
power to tax or (iii)&nbsp;the government of any jurisdiction from or through which a payment on the Securities or the guarantee is made
or any political subdivision or territory or possession of such jurisdiction or by any authority or agency therein or thereof having power
to tax (each of clauses (i), (ii)&nbsp;and (iii), a <B>Relevant Taxing Jurisdiction</B>), which are referred to herein collectively as
<B>Taxes</B>, unless the Company is required to withhold or deduct Taxes by law. If the Company is required to withhold or deduct any
amount for or on account of Taxes from any payment made with respect to the Securities, the Company will pay such additional amounts (<B>Additional
Amounts</B>) as may be necessary so that the net amount received by each Holder (including Additional Amounts) after such withholding
or deduction will not be less than the amount the Holder would have received if the Taxes had not been withheld or deducted; provided
that no Additional Amounts will be payable with respect to Taxes: (1)&nbsp;imposed by the United States or by any political subdivision
or territory or possession of such jurisdiction or by any authority or agency therein or thereof having the power to tax; (2)&nbsp;that would not have been imposed but for the existence of any present or former connection between such Holder or beneficial
owner of the Securities (or between a fiduciary, settlor, beneficiary, member or shareholder of, or possessor of a power over, such holder
or beneficial owner, if such Holder or beneficial owner is an estate, trust, partnership or corporation) and a Relevant Taxing Jurisdiction,
including, without limitation, such Holder or beneficial owner (or such fiduciary, settlor, beneficiary, member, shareholder or possessor)
being or having been a citizen or resident thereof or treated as a resident thereof or domiciled thereof or a national thereof or being
or having been present or engaged in trade or business therein or having or having had a permanent establishment therein; (3)&nbsp;that
are estate, inheritance, gift, sales, transfer, personal property, wealth or similar taxes, duties, assessments or other governmental
charges; (4)&nbsp;with respect to any withholding or deduction imposed on a payment in respect of a note where such withholding or deduction
is required to be made pursuant to laws enacted by Switzerland pursuant to which a person other than the issuer or the guarantor, as the
case may be, is required to withhold or deduct tax on any interest payments; (5)&nbsp;payable other than by withholding from payments
of principal of or interest on or with respect to the Securities; (6)&nbsp;that would not have been imposed but for the failure of the
applicable recipient of such payment, upon request, to make a declaration of non-residence or other similar claim for exemption to the
relevant tax authority or comply with any certification, identification, information, documentation or other reporting requirement to
the extent such compliance is required by applicable law or administrative practice or an applicable treaty as a precondition to exemption
from, or reduction in, the rate of deduction or withholding of such Taxes; (7)&nbsp;that would not have been imposed but for the presentation
of a Security (where presentation is required) for payment on a date more than 30 days after the date on which such payment first became
due and payable or the date on which payment thereof was duly provided for, whichever occurred later; (8)&nbsp;to the extent the amount
of Tax could have been reduced by presentation for payment of the relevant Securities to a paying agent other than the paying agent to
which the presentation was made; or (9)&nbsp;any combination of the foregoing items; nor shall Additional Amounts be paid with respect
to any payment of the principal of or interest on any note to any such Holder who is a fiduciary or a partnership or a beneficial owner
who is other than the sole beneficial owner of such payment to the extent a beneficiary or settlor with respect to such fiduciary or a
member of such partnership or a beneficial owner would not have been entitled to such Additional Amounts had it been the Holder of the
Security. Notwithstanding any other provisions contained herein, each of the Company, the Guarantor or any other person making payments
on behalf of the Company shall be entitled to deduct and withhold, as required, and shall not be required to pay any Additional Amounts
with respect to any such withholding or deduction imposed on or in respect of any note pursuant to Sections 1471 through 1474 of the United
States Internal Revenue Code of 1986, as amended (<B>FATCA</B>), any current or future U.S. Treasury regulations or rulings promulgated
thereunder, any intergovernmental agreement between the United States and any other jurisdiction to implement FATCA, any law, regulation
or other official guidance enacted or published in any jurisdiction implementing FATCA or an intergovernmental agreement with respect
thereto, or any agreement with the U.S. Internal Revenue Service under FATCA.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Notwithstanding Section&nbsp;3.1 of the Indenture, the Company may
redeem the Securities in whole (but not in part) at any time, on giving not less than 10 nor more than 60 days&rsquo; notice of such redemption,
at a redemption price equal to the Principal plus accrued and unpaid interest, if any, to (but not including) the date fixed for redemption,
if: (1)&nbsp;the Company determines that, as a result of any change in or amendment to the laws or any regulations or rulings promulgated
thereunder of a Relevant Taxing Jurisdiction, or any change in the application or official interpretation of such laws, regulations or
rulings, or any change in the application or official interpretation of, or any execution of or amendment to, any treaty or treaties affecting
taxation to which any such jurisdiction is a party, which change, execution or amendment becomes effective on or after the date hereof:
(a)&nbsp;the Company or the Guarantor would be required to pay Additional Amounts with respect to such series of Securities on the next
succeeding Interest Payment Date and the payment of such Additional Amounts cannot be avoided by the use of reasonable measures available
to the Company or the Guarantor; or (b)&nbsp;withholding tax has been or would be required to be
withheld with respect to interest income received or receivable by the Company directly from the Guarantor (or any affiliate) and such
withholding tax obligation cannot be avoided by the use of reasonable measures available to the Company or the Guarantor (or any affiliate);
or (2)&nbsp;the Company determines, based upon an opinion of independent counsel selected by the Company that, as a result of any action
taken by any legislative body of, taxing authority of, or any action brought in a court of competent jurisdiction in, a Relevant Taxing
Jurisdiction (whether or not such action was taken or brought with respect to the Guarantor or the Company, as the case may be), which
action is taken or brought on or after the date hereof, there is a substantial probability that the circumstances described in clause
(1)&nbsp;above would exist; provided, however, that no such notice of redemption may be given earlier than 90 days prior to the earliest
date on which the Company or the Guarantor would be obligated to pay such Additional Amounts. The
Company will also pay to each Holder, or make available for payment to each such Holder, on the redemption date any Additional Amounts
resulting from the payment of such redemption price, subject to the conditions described in the preceding paragraph.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Prior to October&nbsp;5, 2030 (the <B>Par Call Date</B>), the Company
may redeem this Security, in whole or in part, at its option at any time and from time to time, at a redemption price (expressed as a
percentage of principal amount and rounded to three decimal places) equal to the greater of:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in">(1)&nbsp;(a)&nbsp;the sum of the present values of the remaining
scheduled payments of principal and interest thereon discounted to the redemption date (assuming this Security matured on the Par Call
Date) on a semi-annual basis (assuming a 360-day year consisting of twelve 30-day months) at the Treasury Rate (as defined below) plus
7.5 basis points, less (b)&nbsp;interest accrued to the date of redemption, and</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in">(2)&nbsp;100% of the principal amount of this Security to
be redeemed,</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">plus, in either case, accrued and unpaid interest thereon to the redemption
date.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">On or after the Par Call Date, the Company may redeem this Security,
in whole or in part, at any time and from time to time, at a redemption price equal to 100% of the principal amount of this Security being
redeemed plus accrued and unpaid interest thereon to the redemption date.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&ldquo;Treasury Rate&rdquo; means, with respect to any redemption date,
the yield determined by the Company in accordance with the following two paragraphs.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The Treasury Rate shall be determined by the Company after 4:15 p.m.,
New York City time (or after such time as yields on U.S. government securities are posted daily by the Board of Governors of the Federal
Reserve System), on the third business day preceding the redemption date based upon the yield or yields for the most recent day that appear
after such time on such day in the most recent statistical release published by the Board of Governors of the Federal Reserve System designated
as &ldquo;Selected Interest Rates (Daily)&thinsp;&mdash;&thinsp;H.15&rdquo; (or any successor designation or publication) (<B>H.15</B>)
under the caption &ldquo;U.S. government securities &mdash; Treasury constant maturities&thinsp;&mdash;&thinsp;Nominal&rdquo; (or
any successor caption or heading) (<B>H.15 TCM</B>). In determining the Treasury Rate, the Company shall select, as applicable: (1)&nbsp;the
yield for the Treasury constant maturity on H.15 exactly equal to the period from the redemption date to the Par Call Date (the <B>Remaining
Life</B>); or (2)&nbsp;if there is no such Treasury constant maturity on H.15 exactly equal to the Remaining Life, the two yields&thinsp;&mdash;&thinsp;one
yield corresponding to the Treasury constant maturity on H.15 immediately shorter than and one yield corresponding to the Treasury constant
maturity on H.15 immediately longer than the Remaining Life&thinsp;&mdash;&thinsp;and shall interpolate to the Par Call Date on a straight-line
basis (using the actual number of days) using such yields and rounding the result to three decimal places; or (3)&nbsp;if there is no
such Treasury constant maturity on H.15 shorter than or longer than the Remaining Life, the yield for the single Treasury constant maturity
on H.15 closest to the Remaining Life. For purposes of this paragraph, the applicable Treasury constant maturity or maturities on H.15
shall be deemed to have a maturity date equal to the relevant number of months or years, as applicable, of such Treasury constant maturity
from the redemption date.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">If on the third business day preceding the redemption date H.15 TCM
is no longer published, the Company shall calculate the Treasury Rate based on the rate per annum equal to the semi-annual equivalent
yield to maturity at 11:00 a.m., New York City time, on the second business day preceding such redemption date of the United States Treasury
security maturing on, or with a maturity that is closest to, the Par Call Date, as applicable. If there is no United States Treasury security
maturing on the Par Call Date, but there are two or more United States Treasury securities with a maturity date equally distant from the
Par Call Date, one with a maturity date preceding the Par Call Date, and one with a maturity date following the Par Call Date, the Company
shall select the United States Treasury security with a maturity date preceding the Par Call Date. If there are two or more United States
Treasury securities maturing on the Par Call Date, or two or more United States Treasury securities meeting the criteria of the preceding
sentence, the Company shall select from among these two or more United States Treasury securities the United States Treasury security
that is trading closest to par based upon the average of the bid and asked prices for such United States Treasury securities at 11:00
a.m., New York City time. In determining the Treasury Rate in accordance with the terms of this paragraph, the semi-annual yield to maturity
of the applicable United States Treasury security shall be based upon the average of the bid and asked prices (expressed as a percentage
of the principal amount) at 11:00 a.m., New York City time, of such United States Treasury security, and rounded to three decimal places.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The Company&rsquo;s actions and determinations in determining the redemption
price shall be conclusive and binding for all purposes, absent manifest error.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Notice of any redemption will be mailed or electronically delivered
(or otherwise transmitted in accordance with the depositary&rsquo;s procedures) at least 10 calendar days but not more than 60 calendar
days before the redemption date to each Holder of the Securities to be so redeemed.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Any redemption may, at the Company&rsquo;s discretion, be subject to
one or more conditions precedent. Any related written notice of redemption will describe the conditions precedent and, at the Company&rsquo;s
discretion, will indicate that the redemption date may be delayed or the written notice rescinded if all such conditions precedent have
not been satisfied or waived by the Company.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">In the case of a partial redemption, selection of the Securities for
redemption will be made pro rata, by lot or by such other method as the Trustee in its sole discretion deems appropriate and fair. No
Securities of any series of a principal amount of $2,000 or less will be redeemed in part. If any Security is to be redeemed in part only,
the notice of redemption that relates to such Security will state the portion of the principal amount of the applicable Security to be
redeemed. A new Security in a principal amount equal to the unredeemed portion of the applicable Security will be issued in the name of
the holder of such Security upon surrender for cancellation of such original Security. For so long as any Securities of this series are
registered in the name of DTC (or another depositary) or such depositary&rsquo;s nominee, the redemption of such Security shall be done
in accordance with the policies and procedures of the depositary.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Unless the Company defaults in payment of the redemption price, on
and after the redemption date interest will cease to accrue on the Securities or portions thereof called for redemption.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The Indenture contains provisions for defeasance of (a)&nbsp;the entire
indebtedness of this Security and (b)&nbsp;certain restrictive covenants and the related defaults and Events of Default (as described
below) applicable to the Company and the Guarantor, in each case, upon compliance by the Company and the Guarantor with certain conditions
set forth in the Indenture, which provisions apply to this Security.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Notwithstanding Section&nbsp;7.1 of the Indenture, an Event of Default
with respect to the Securities of this series means any one of the following events: (1)&nbsp;default in payment of the Principal (or
premium, if any) of any Security of this series when due (including as a sinking fund installment), and the continuance of that default
for more than two Business Days; (2)&nbsp;default in payment of interest on, or any Additional
Amounts payable in respect of, any Securities of this series when due and payable, and the continuance of that default for 30 calendar
days; (3)&nbsp;default in performing any other covenant in the Indenture with regard to any Security of this series for 90 calendar days
after the receipt of written notice from the Trustee or from the Holders of 25% in principal amount of the Securities of this series;
(4)&nbsp;an encumbrancer or a receiver or a person with similar functions appointed for execution (in Switzerland a <I>Liquidator</I>
or <I>Konkursverwalter</I>) taking possession of the whole or any substantial part of the assets or undertaking of the Company or the
Guarantor or a distress, execution or other process being levied or enforced upon or sued out against a substantial part of the property
or assets of the Company or the Guarantor and not being paid, discharged, removed or stayed within 30 calendar days; (5)&nbsp;the Company
or the Guarantor stopping payment or ceasing business (except in each case in circumstances previously approved by the Holders of a majority
in Principal (or, if any Securities are Original Issue Discount Securities, such portion of the Principal of such Securities of such series
as may then be accelerated pursuant to the terms of such Securities) of the outstanding Securities of all series affected (all such series
voting as one class)); (6)&nbsp;the Company becoming bankrupt or insolvent or entering into a provisional or definitive moratorium or
making a general assignment for the benefit of its creditors; (7)&nbsp;the Guarantor becoming bankrupt or insolvent (or being obliged
to notify the court of its financial situation in accordance with Article&nbsp;725b of the Swiss Code of Obligations) or entering into
a provisional or definitive moratorium (<I>provisorische or definitive Nachlassstundung</I>) or making a general arrangement with its
creditors (<I>Nachlassvertrag</I>); (8)&nbsp;an order being made or effective resolution passed for the winding-up or dissolution of the
Company or the Guarantor except (a)&nbsp;a winding-up or dissolution, the terms of such winding-up or dissolution having previously been
approved by the Holders of a majority in Principal (or, if any Securities are Original Issue Discount Securities, such portion of the
Principal of the Securities of the relevant series as may then be accelerated pursuant to the terms of such Securities) of the outstanding
Securities of all series affected (all such series voting as one class) or (ii)&nbsp;a winding-up or dissolution in connection with any
consolidation, merger, sale, lease or conveyance in accordance with the provisions described under Section&nbsp;5 of the Indenture; or
(9)&nbsp;if the Guarantee with respect to the Securities of this series ceases to be, or is claimed by the Guarantor not to be, in full
force and effect.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">As provided in and subject to the provisions of the Indenture, the
Holder of this Security shall not have the right to institute any proceeding with respect to the Indenture or for the appointment of a
receiver or trustee or for any other remedy thereunder, unless such Holder shall have previously given the Trustee written notice of a
continuing Event of Default with respect to the Securities of this series, the Holders of not less than 25% in principal amount of the
Securities of all such affected series at the time outstanding shall have made written request to the Trustee to institute proceedings
in respect of such Event of Default in its own name as Trustee and offered the Trustee indemnity reasonably satisfactory to the Trustee
against any costs, liabilities or expenses to be incurred in compliance with such request and, for 60 calendar days after receipt of such
notice, request and offer of indemnity, the Trustee shall have failed to institute any such proceeding, and, during such 60-calendar-day
period, the Trustee shall not have received from the Holders of a majority in principal amount of the Securities of this series at the
time outstanding a direction inconsistent with such request. The foregoing shall not apply to any suit instituted by the Holder of this
Security for the enforcement of any payment of principal hereof or any premium or interest hereon on or after the respective due dates
expressed herein.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The Indenture permits, with certain exceptions as therein provided,
the amendment thereof and the modification of the rights and obligations of the Company and the Guarantor and the rights of the Holders
of the Securities under the Indenture at any time by the Company, the Guarantor and the Trustee with the consent of the Holders of not
less than a majority in principal amount of the outstanding Securities affected by such amendment. The Indenture also contains provisions
permitting the Holders of specified percentages in principal amount of the Securities at the time outstanding, on behalf of the Holders
of all Securities, to waive compliance by the Company or the Guarantor, or both, with certain provisions of the Indenture and certain
past defaults under the Indenture and their consequences. Any such consent or waiver by the Holder of this Security shall be conclusive
and binding upon such Holder and upon all future Holders of this Security and of any Security issued upon the registration of transfer
hereof or in exchange herefor or in lieu hereof, whether or not notation of such consent or waiver is made upon this Security.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">No reference herein to the Indenture and no provision of this Security
or of the Indenture shall alter or impair the obligation of the Company, which is absolute and unconditional, to pay the Principal of
and interest on this Security at the times, place and rate, and in the coin or currency, herein prescribed.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The Company may, from time to time, without the consent of the Holders
of the Securities, increase the principal amount of the Securities by issuing additional Securities in the future on the same terms and
conditions as the Securities in all respects, except for any differences in the issue date, issue price and first payment of interest
thereon, and with the same CUSIP number as the Securities. The Securities and any additional Securities shall rank equally and ratably
and shall be treated as a single series for all purposes under the Indenture. The Company will not issue any additional Securities unless
such additional Securities are fungible with the Securities for U.S. federal income tax purposes.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">As provided in the Indenture and subject to certain limitations therein
set forth, the transfer of this Security is registrable in the Security Register, upon surrender of this Security for registration of
transfer at the office or agency of the Company in any place of payment where the Principal and interest on this Security are payable,
duly endorsed by, or accompanied by a written instrument of transfer in form satisfactory to the Company, the Guarantor and the Trustee
for the Securities duly executed by the Holder hereof or his attorney duly authorized in writing, and thereupon one or more new Securities
of this series, of authorized denomination and for the same aggregate principal amount, will be issued to the designated transferee or
transferees.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The Securities of this series are issuable only in registered form
without coupons in denominations of $2,000 and integral multiples of $1,000 in excess thereof. As provided in the Indenture and subject
to certain limitations set forth therein, Securities of this series are exchangeable for a like aggregate principal amount of Securities
of this series of a different authorized denomination, as requested by the Holder surrendering the same.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">No service charge shall be made for any such registration of transfer
or exchange, but the Company may require payment of a sum sufficient to cover any tax or other governmental charge payable in connection
therewith.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Prior to due presentment of this Security for registration of transfer,
the Company, the Guarantor, the Trustee and any agent of the Company, the Guarantor or the Trustee may treat the Person in whose name
this Security is registered as the owner hereof for all purposes, whether or not this Security be overdue, and none of the Company, the
Guarantor, the Trustee, or any such agent shall be affected by notice to the contrary.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The obligations of the Company and the Guarantor under the Indenture
and this Security and all documents delivered in the name of the Company or the Guarantor, as the case may be, in connection herewith
and therewith do not and shall not constitute personal obligations of the directors, officers, employees, agents or shareholders of the
Company or the Guarantor or any of them, and shall not involve any claim against or personal liability on the part of any of them, and
all persons including the Trustee shall look solely to the assets of the Company and the Guarantor for the payment of any claim thereunder
or for the performance thereof and shall not seek recourse against such directors, officers, employees, agents or shareholders of the
Company or the Guarantor or any of them or any of their personal assets for such satisfaction. The performance of the obligations of the
Company and the Guarantor under the Indenture and this Security and all documents delivered in the name of the Company or the Guarantor,
as the case may be, in connection therewith shall not be deemed a waiver of any rights or powers of the Company or the Guarantor or their
respective directors or shareholders under the Company&rsquo;s or the Guarantor&rsquo;s respective Articles of Incorporation.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">All terms used in this Security but not defined herein shall have the
meanings assigned to them in the Indenture.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">THE INDENTURE AND THE SECURITIES,&nbsp;INCLUDING THIS SECURITY, SHALL
BE GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH THE LAW OF THE STATE OF NEW YORK.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Pursuant to a recommendation promulgated by the Committee on Uniform
Security Identification Procedures, the Company has caused &ldquo;CUSIP&rdquo; numbers to be printed on the Securities as a convenience
to the Holders of the Securities. No representation is made as to the correctness or accuracy of such CUSIP numbers as printed on the
Securities, and reliance may be placed only on the other identification numbers printed hereon.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>SCHEDULE OF INCREASES OR DECREASES IN THE GLOBAL
SECURITY</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">The initial outstanding principal amount of this
Global Security is $__________. The following increases or decreases in this Global Security have been made:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: black 1pt solid; text-align: center; width: 20%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Date of Exchange</B></FONT></TD>
    <TD STYLE="text-align: center; width: 2%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#8239;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; width: 18%; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Amount of <BR>
decreases in <BR>
Principal Amount<BR>
of this Global Security</B></FONT></TD>
    <TD STYLE="width: 2%; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#8239;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; width: 18%; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Amount of<BR>
increases in <BR>
Principal Amount<BR>
of this Global Security</B></FONT></TD>
    <TD STYLE="width: 2%; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#8239;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; width: 18%; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Principal amount <BR>
of this Global <BR>
Security <BR>
following such<BR>
decreases or<BR>
increases</B></FONT></TD>
    <TD STYLE="width: 2%; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#8239;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; width: 18%">
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Signature of</B></P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>authorized<BR>
    signatory of<BR>
    Trustee</B></P></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding-bottom: 1pt; text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1pt; text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1pt; text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1pt; text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-bottom: 1pt; text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1pt; text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1pt; text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1pt; text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding-bottom: 1pt; text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1pt; text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1pt; text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1pt; text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1pt">&nbsp;</TD></TR>
  </TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>ASSIGNMENT AND TRANSFER FORM</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">FOR VALUE RECEIVED, the undersigned hereby<BR>
sells, assigns and transfers unto</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" BORDER="0" STYLE="width: 100%; margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: top">
  <TD STYLE="width: 45%">PLEASE INSERT SOCIAL SECURITY OR OTHER<BR>
IDENTIFYING NUMBER OF ASSIGNEE</TD>
    <TD STYLE="width: 5%">&nbsp;</TD>
  <TD STYLE="border-bottom: Black 1pt solid; padding-left: 10pt; text-indent: -10pt; width: 50%">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
  <TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD>&nbsp;</TD>
  <TD STYLE="padding-left: 10pt; text-indent: -10pt">&nbsp;</TD></TR>
</TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR>
    <TD STYLE="vertical-align: top; width: 100%; border-bottom: black 1pt solid">&nbsp;</TD>
    </TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">(Please Print or Typewrite Name and Address, including Zip Code, of
Assignee)</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR>
    <TD STYLE="border-bottom: black 1pt solid; vertical-align: top; width: 100%">&nbsp;</TD>
    </TR>
</TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">the within Security of Novartis Capital Corporation and</P>

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  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 45%; border-bottom: black 1pt solid">&nbsp;</TD>
    <TD STYLE="width: 55%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">hereby does irrevocably constitute and appoint</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR>
    <TD STYLE="border-bottom: black 1pt solid; vertical-align: top; width: 100%">&nbsp;</TD>
    </TR>
</TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">attorney to transfer said Security on the books kept for the registration
thereof with full power of substitution in the premises</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 5%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Dated:</FONT></TD>
    <TD STYLE="width: 95%; border-bottom: black 1pt solid">&nbsp;</TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 7%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Signature</FONT></TD>
    <TD STYLE="width: 93%; border-bottom: black 1pt solid">&nbsp;</TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">NOTICE: The signature to this assignment must correspond with the name
as it appears on the first page&nbsp;of the within Security in every particular, without alteration or enlargement or any change whatever.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 15%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Signature Guaranteed:</FONT></TD>
    <TD STYLE="width: 85%; border-bottom: black 1pt solid">&nbsp;</TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">NOTICE: Signature(s)&nbsp;must be guaranteed by an &ldquo;<I>eligible
guarantor institution</I>&rdquo; that is a member or participant in a &ldquo;<I>signature guarantee program</I>&rdquo; (e.g., the Securities
Transfer Agents Medallion Program, the Stock Exchange Medallion Program and the New York Stock Exchange Medallion Program).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

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</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-4.4
<SEQUENCE>6
<FILENAME>tm2529850d5_ex4-4.htm
<DESCRIPTION>EXHIBIT 4.4
<TEXT>
<HTML>
<HEAD>
     <TITLE></TITLE>
</HEAD>
<BODY STYLE="font: 10pt Times New Roman, Times, Serif">

<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right"><B>Exhibit&nbsp;4.4</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>FORM&nbsp;OF GUARANTEED DEBT SECURITY</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">THIS SECURITY IS IN GLOBAL FORM&nbsp;WITHIN THE MEANING OF THE INDENTURE
HEREINAFTER REFERRED TO AND IS REGISTERED IN THE NAME OF THE DEPOSITORY TRUST COMPANY, A NEW YORK CORPORATION (<B>DTC</B>), OR A NOMINEE
OF DTC, WHICH MAY&nbsp;BE TREATED BY THE COMPANY, THE GUARANTOR, THE TRUSTEE AND ANY AGENT THEREOF AS OWNER AND HOLDER OF THIS SECURITY
FOR ALL PURPOSES.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">UNLESS THIS CERTIFICATE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE
OF DTC TO THE COMPANY OR ITS AGENT FOR REGISTRATION OF TRANSFER, EXCHANGE, OR PAYMENT, AND ANY CERTIFICATE ISSUED IS REGISTERED IN THE
NAME OF CEDE&nbsp;&amp; CO. OR IN SUCH OTHER NAME AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC (AND ANY PAYMENT IS MADE TO CEDE&nbsp;&amp;
CO. OR TO SUCH OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC), ANY TRANSFER, PLEDGE, OR OTHER USE HEREOF FOR VALUE
OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL INASMUCH AS THE REGISTERED OWNER HEREOF CEDE&nbsp;&amp; CO., HAS AN INTEREST HEREIN.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">UNLESS AND UNTIL IT IS EXCHANGED IN WHOLE OR IN PART&nbsp;FOR SECURITIES
IN DEFINITIVE FORM&nbsp;IN THE LIMITED CIRCUMSTANCES REFERRED TO IN THE INDENTURE, THIS GLOBAL SECURITY MAY&nbsp;NOT BE TRANSFERRED EXCEPT
AS A WHOLE BY DTC TO A NOMINEE OF DTC OR BY A NOMINEE OF DTC TO DTC OR ANOTHER NOMINEE OF DTC OR BY DTC OR ANY SUCH NOMINEE TO A SUCCESSOR
DEPOSITARY OR A NOMINEE OF SUCH SUCCESSOR DEPOSITARY.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 50%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">REGISTERED NO. [&nbsp;&nbsp;]</FONT></TD>
    <TD STYLE="width: 50%; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">PRINCIPAL AMOUNT: $[&nbsp;&nbsp;]</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">CUSIP NO. 66989HAZ1</FONT></TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">ISIN NO. US66989HAZ10</FONT></TD>
    <TD>&nbsp;</TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>NOVARTIS CAPITAL CORPORATION</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>4.300% NOTES DUE 2032 (the &ldquo;Security&rdquo;)</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>FULLY AND UNCONDITIONALLY GUARANTEED BY</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>NOVARTIS AG</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Novartis Capital Corporation, a corporation organized under the laws
of the State of Delaware (hereinafter called the <B>Company</B>, which term shall include any successor entity under the Indenture), for
value received, hereby promises to pay to Cede&nbsp;&amp; Co., as nominee for DTC, or registered assigns, upon presentation, the principal
sum of [ ] Dollars ($[ ]) (or such other amount set forth on the Schedule of Increases or Decreases in the Global Security attached hereto)
on November&nbsp;5, 2032 (the <B>Maturity Date</B>) and to pay interest thereon from November 5, 2025 or from the most recent interest
payment date to which interest has been paid or duly provided for, semi-annually in arrears on May&nbsp;5 and November&nbsp;5 in each
year (each an <B>Interest Payment Date</B>), commencing on May&nbsp;5, 2026, at the rate of 4.300% per annum, until the entire Principal
hereof is paid or made available for payment. All terms used in this Global Security but not defined herein shall have the meanings assigned
to them in the Indenture.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The interest so payable, and punctually paid or duly provided for on
any Interest Payment Date will, as provided in the Indenture, be paid to the Person in whose name this Security is registered at the close
of business on the Record Date for such interest, which shall be April&nbsp;20 or October&nbsp;20 (whether or not a Business Day (as defined
below)), as the case may be, next preceding such Interest Payment Date. Any such interest not so punctually paid or duly provided for
shall forthwith cease to be payable to the Holder on such Record Date, and may either be paid to the Person in whose name this Security
is registered at the close of business on a special record date for the payment of defaulted interest to be fixed by the Trustee, notice
whereof shall be given to Holders of Securities of this series at least 15 calendar days prior to such special record date, or may be
paid at any time in any other lawful manner not inconsistent with the requirements of any securities exchange on which the Securities
may be listed, and upon such notice as may be required by such exchange, all as more fully provided in the Indenture.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Payment of the Principal of and interest on and any Additional Amounts
(as defined below) in respect of this Global Security will be paid to DTC for the purpose of permitting DTC to credit the Principal and
interest received by it in respect of this Global Security to the accounts of the beneficial owners thereof; <I>provided</I>, <I>however</I>,
that if this Security is not a Global Security, payment of the Principal of, interest on and Additional Amounts, if any, in respect of
this Security will be made at the office or agency of the Trustee in The City of New York, or elsewhere as provided in the Indenture,
in such coin or currency of the United States of America as at the time of payment is legal tender for payment of public and private debts;
and <I>provided</I>, <I>further</I>, that at the option of the Company payment of interest may be made by (a)&nbsp;check mailed to the
address of the Person entitled thereto as such address shall appear in the Security Register or (b)&nbsp;transfer to an account of the
Person entitled thereto located inside the United States.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">If an Interest Payment Date or redemption date (including an optional
make whole redemption date and an optional redemption date for tax reasons (as described on the reverse hereof)), or the Maturity Date,
as the case may be, would fall on a day that is not a Business Day, then the Interest Payment Date or redemption date (including an optional
make whole redemption date and an optional redemption date for tax reasons), or the Maturity Date, as the case may be, will be postponed
to the next succeeding Business Day, but no additional interest shall be paid unless the Company fails to make payment on such next succeeding
Business Day.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Business Day</B> means any day other than a Saturday, a Sunday or
a day on which banking institutions in The City of New York are authorized or obligated by law, regulation or executive order to be closed
and on which commercial banks and foreign exchange markets settle payments and are open for general business (including dealings in foreign
exchange and foreign currency deposits) in Zurich, Switzerland.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Additional provisions of this Security are set forth following the
signature page&nbsp;hereof, which provisions shall for all purposes have the same effect as if set forth at this place.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Unless the certificate of authentication hereon has been executed by
or on behalf of the Trustee referred to on the reverse hereof by manual signature, this Security shall not be entitled to any benefit
under the Indenture or be valid or obligatory for any purpose.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>IN WITNESS WHEREOF</B>, the Company has caused this instrument to
be duly executed this 5<SUP>th</SUP>&nbsp;day of November&nbsp;2025.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2"><B>NOVARTIS CAPITAL CORPORATION</B></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 50%">&nbsp;</TD>
    <TD STYLE="width: 5%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">By: </FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; width: 45%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Name:</FONT></TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Title:</FONT></TD>
    <TD>&nbsp;</TD></TR>
  </TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>TRUSTEE&rsquo;S CERTIFICATE OF AUTHENTICATION</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">This is one or all of the Securities of the series designated &ldquo;4.300%
Notes due 2032&rdquo; pursuant to the within-mentioned Indenture.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>HSBC BANK USA, NATIONAL ASSOCIATION</B>,</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">as Trustee</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 50%">&nbsp;</TD>
    <TD STYLE="width: 3%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">By: </FONT></TD>
    <TD STYLE="width: 47%; border-bottom: black 1pt solid">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Authorized Signatory</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>GUARANTEE</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>OF</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>NOVARTIS AG</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">For value received, Novartis AG, a stock corporation (<I>Aktiengesellschaft</I>)
incorporated under the laws of Switzerland, having its principal executive offices at Lichtstrasse 35, CH-4056 Basel, Switzerland (the
<B>Guarantor</B>, which term includes any Person as a successor Guarantor under the Indenture referred to in the Security upon which this
Guarantee is endorsed), hereby fully and unconditionally guarantees to the Holder of the Security upon which this Guarantee is endorsed
and to the Trustee on behalf of each such Holder the due and punctual payment of the Principal of, interest on and any Additional Amounts
payable in respect of such Security and the due and punctual payment of the sinking fund or analogous payments referred to therein, if
any, when and as the same shall become due and payable, whether on the Maturity Date, by declaration of acceleration, call for redemption
or otherwise, according to the terms thereof and of the Indenture referred to therein. In case of the failure of Novartis Capital Corporation,
a corporation organized under the laws of the State of Delaware (the <B>Company</B>, which term includes any successor Person under such
Indenture), to punctually make any such payment of Principal, interest or Additional Amounts or any such sinking fund or analogous payment,
the Guarantor hereby agrees to cause any such payment to be made punctually when and as the same shall become due and payable, whether
on the Maturity Date or by declaration of acceleration, call for redemption or otherwise, and as if such payment were made by the Company.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The indebtedness evidenced by this Guarantee is ranked equally and
<I>pari passu</I> with all other unsecured and unsubordinated indebtedness of the Guarantor.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The Guarantor hereby agrees that its obligations hereunder shall be
absolute and unconditional, irrespective of, and shall be unaffected&nbsp;by, any invalidity, irregularity or unenforceability of such
Security or such Indenture, any failure to enforce the provisions&nbsp;of such Security or such Indenture, or any waiver, modification
or indulgence granted to the Company with respect thereto, by the Holder of&nbsp;such Security or the Trustee or any other circumstance
that may otherwise constitute a legal or equitable discharge of a guarantor; <I>provided</I>, <I>however</I>, that, notwithstanding the
foregoing, no such waiver, modification or indulgence shall, without the consent of the Guarantor, increase the Principal of such Security,
or increase the interest rate thereon, or alter the stated Maturity Date thereof, or increase the Principal of any Original Issue Discount
Security that would be due and payable upon a declaration of acceleration of the maturity thereof pursuant to Article&nbsp;7 of such Indenture.
The Guarantor hereby waives diligence, presentment, demand of payment, filing of claims with a court in the event of merger or bankruptcy
of the Company, any right to require a proceeding first against the Company, protest or notice with respect to such Security or the indebtedness
evidenced thereby or with respect to any sinking fund or analogous payment required under such Security and all demands whatsoever, and
covenants that this Guarantee will not be discharged except by payment in full of the Principal of, interest on and Additional Amounts
payable in respect of such Security. This Guarantee is a guarantee of payment and not of collection.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The Guarantor shall be subrogated to all rights of the Holder of such
Security and the Trustee against the Company in respect of any amounts paid to such Holder by the Guarantor pursuant to the provisions
of this Guarantee; <I>provided</I>, <I>however</I>, that the Guarantor shall not be entitled to enforce, or to receive any payments arising
out of or based upon such right of subrogation until the Principal of, interest on and Additional Amounts payable in respect of all Securities
of the same series issued under such Indenture shall have been paid in full.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">No reference herein to such Indenture and no provision of such Indenture
shall alter or impair the guarantees of the Guarantor, which are absolute and unconditional, of the due and punctual payment of the Principal
of, interest on and Additional Amounts payable in respect of, and any sinking fund or analogous payments with respect to, the Security
upon which this Guarantee is endorsed.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">This Guarantee shall not be valid or obligatory for any purpose until
the certificate of authentication of such Security shall have been manually executed by or on behalf of the Trustee under such Indenture.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">All terms used in this Guarantee but not defined herein shall have
the meanings assigned to them in such Indenture.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">THIS GUARANTEE SHALL BE GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH
THE LAWS OF THE STATE OF NEW YORK.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>IN WITNESS WHEREOF</B>, the Guarantor has caused this Guarantee
to be duly executed this 5<SUP>th</SUP>&nbsp;day of November&nbsp;2025.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>NOVARTIS AG</B>, </FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">as the Guarantor</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 50%">&nbsp;</TD>
    <TD STYLE="width: 5%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">By:</FONT></TD>
    <TD STYLE="width: 45%; border-bottom: black 1pt solid">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Name:</FONT></TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Title:</FONT></TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">By:</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Name:</FONT></TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Title:</FONT></TD>
    <TD>&nbsp;</TD></TR>
  </TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">[REVERSE OF SECURITY]</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">This Security is one or all of a duly authorized issue of securities
of the Company (herein called the <B>Securities</B>) issued and to be issued in one or more series under an Indenture, dated as of February&nbsp;10,
2009 (herein called the <B>Indenture</B>), among the Company, Novartis Securities Investment Ltd. and Novartis Finance S.A., as issuers,
Novartis AG, as guarantor (the <B>Guarantor</B>), and HSBC Bank USA, National Association, as trustee (herein called the <B>Trustee</B>,
which term includes any successor trustee under the Indenture), to which Indenture and all Board Resolutions and Officer&rsquo;s Certificates
as provided therein, reference is hereby made for a statement of the respective rights, limitation of rights, duties and immunities thereunder
of the Company, the Guarantor, the Trustee and the Holders of the Securities and of the terms upon which the Securities are, and are to
be, authenticated and delivered. This Security is one or all of the series designated as the &ldquo;4.300% Notes due 2032.&rdquo;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Notwithstanding Section&nbsp;4.5 of the Indenture, payments made by
the Company or the Guarantor under or with respect to the Securities will be free and clear of and without withholding or deduction for
or on account of any and all present or future taxes, duties, assessments or governmental charges of any nature imposed, levied, collected,
withheld or assessed by or on behalf of (i)&nbsp;the government of Switzerland or of any political subdivision of Switzerland or by any
authority or agency therein or thereof having the power to tax, (ii)&nbsp;the government of the jurisdiction of organization of the Company
or any political subdivision or territory or possession of such jurisdiction or by any authority or agency therein or thereof having the
power to tax or (iii)&nbsp;the government of any jurisdiction from or through which a payment on the Securities or the guarantee is made
or any political subdivision or territory or possession of such jurisdiction or by any authority or agency therein or thereof having power
to tax (each of clauses (i), (ii)&nbsp;and (iii), a <B>Relevant Taxing Jurisdiction</B>), which are referred to herein collectively as
<B>Taxes</B>, unless the Company is required to withhold or deduct Taxes by law. If the Company is required to withhold or deduct any
amount for or on account of Taxes from any payment made with respect to the Securities, the Company will pay such additional amounts (<B>Additional
Amounts</B>) as may be necessary so that the net amount received by each Holder (including Additional Amounts) after such withholding
or deduction will not be less than the amount the Holder would have received if the Taxes had not been withheld or deducted; provided
that no Additional Amounts will be payable with respect to Taxes: (1)&nbsp;imposed by the United States or by any political subdivision
or territory or possession of such jurisdiction or by any authority or agency therein or thereof having the power to tax; (2)&nbsp;that would not have been imposed but for the existence of any present or former connection between such Holder or beneficial
owner of the Securities (or between a fiduciary, settlor, beneficiary, member or shareholder of, or possessor of a power over, such holder
or beneficial owner, if such Holder or beneficial owner is an estate, trust, partnership or corporation) and a Relevant Taxing Jurisdiction,
including, without limitation, such Holder or beneficial owner (or such fiduciary, settlor, beneficiary, member, shareholder or possessor)
being or having been a citizen or resident thereof or treated as a resident thereof or domiciled thereof or a national thereof or being
or having been present or engaged in trade or business therein or having or having had a permanent establishment therein; (3)&nbsp;that
are estate, inheritance, gift, sales, transfer, personal property, wealth or similar taxes, duties, assessments or other governmental
charges; (4)&nbsp;with respect to any withholding or deduction imposed on a payment in respect of a note where such withholding or deduction
is required to be made pursuant to laws enacted by Switzerland pursuant to which a person other than the issuer or the guarantor, as the
case may be, is required to withhold or deduct tax on any interest payments; (5)&nbsp;payable other than by withholding from payments
of principal of or interest on or with respect to the Securities; (6)&nbsp;that would not have been imposed but for the failure of the
applicable recipient of such payment, upon request, to make a declaration of non-residence or other similar claim for exemption to the
relevant tax authority or comply with any certification, identification, information, documentation or other reporting requirement to
the extent such compliance is required by applicable law or administrative practice or an applicable treaty as a precondition to exemption
from, or reduction in, the rate of deduction or withholding of such Taxes; (7)&nbsp;that would not have been imposed but for the presentation
of a Security (where presentation is required) for payment on a date more than 30 days after the date on which such payment first became
due and payable or the date on which payment thereof was duly provided for, whichever occurred later; (8)&nbsp;to the extent the amount
of Tax could have been reduced by presentation for payment of the relevant Securities to a paying agent other than the paying agent to
which the presentation was made; or (9)&nbsp;any combination of the foregoing items; nor shall Additional Amounts be paid with respect
to any payment of the principal of or interest on any note to any such Holder who is a fiduciary or a partnership or a beneficial owner
who is other than the sole beneficial owner of such payment to the extent a beneficiary or settlor with respect to such fiduciary or a
member of such partnership or a beneficial owner would not have been entitled to such Additional Amounts had it been the Holder of the
Security. Notwithstanding any other provisions contained herein, each of the Company, the Guarantor or any other person making payments
on behalf of the Company shall be entitled to deduct and withhold, as required, and shall not be required to pay any Additional Amounts
with respect to any such withholding or deduction imposed on or in respect of any note pursuant to Sections 1471 through 1474 of the United
States Internal Revenue Code of 1986, as amended (<B>FATCA</B>), any current or future U.S. Treasury regulations or rulings promulgated
thereunder, any intergovernmental agreement between the United States and any other jurisdiction to implement FATCA, any law, regulation
or other official guidance enacted or published in any jurisdiction implementing FATCA or an intergovernmental agreement with respect
thereto, or any agreement with the U.S. Internal Revenue Service under FATCA.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Notwithstanding Section&nbsp;3.1 of the Indenture, the Company may
redeem the Securities in whole (but not in part) at any time, on giving not less than 10 nor more than 60 days&rsquo; notice of such redemption,
at a redemption price equal to the Principal plus accrued and unpaid interest, if any, to (but not including) the date fixed for redemption,
if: (1)&nbsp;the Company determines that, as a result of any change in or amendment to the laws or any regulations or rulings promulgated
thereunder of a Relevant Taxing Jurisdiction, or any change in the application or official interpretation of such laws, regulations or
rulings, or any change in the application or official interpretation of, or any execution of or amendment to, any treaty or treaties affecting
taxation to which any such jurisdiction is a party, which change, execution or amendment becomes effective on or after the date hereof:
(a)&nbsp;the Company or the Guarantor would be required to pay Additional Amounts with respect to such series of Securities on the next
succeeding Interest Payment Date and the payment of such Additional Amounts cannot be avoided by the use of reasonable measures available
to the Company or the Guarantor; or (b)&nbsp;withholding tax has been or would be required to be
withheld with respect to interest income received or receivable by the Company directly from the Guarantor (or any affiliate) and such
withholding tax obligation cannot be avoided by the use of reasonable measures available to the Company or the Guarantor (or any affiliate);
or (2)&nbsp;the Company determines, based upon an opinion of independent counsel selected by the Company that, as a result of any action
taken by any legislative body of, taxing authority of, or any action brought in a court of competent jurisdiction in, a Relevant Taxing
Jurisdiction (whether or not such action was taken or brought with respect to the Guarantor or the Company, as the case may be), which
action is taken or brought on or after the date hereof, there is a substantial probability that the circumstances described in clause
(1)&nbsp;above would exist; provided, however, that no such notice of redemption may be given earlier than 90 days prior to the earliest
date on which the Company or the Guarantor would be obligated to pay such Additional Amounts. The
Company will also pay to each Holder, or make available for payment to each such Holder, on the redemption date any Additional Amounts
resulting from the payment of such redemption price, subject to the conditions described in the preceding paragraph.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Prior to September&nbsp;5, 2032 (the <B>Par Call Date</B>), the Company
may redeem this Security, in whole or in part, at its option at any time and from time to time, at a redemption price (expressed as a
percentage of principal amount and rounded to three decimal places) equal to the greater of:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in">(1)&nbsp;(a)&nbsp;the sum of the present values of the remaining
scheduled payments of principal and interest thereon discounted to the redemption date (assuming this Security matured on the Par Call
Date) on a semi-annual basis (assuming a 360-day year consisting of twelve 30-day months) at the Treasury Rate (as defined below) plus
7.5 basis points, less (b)&nbsp;interest accrued to the date of redemption, and</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in">(2)&nbsp;100% of the principal amount of this Security to
be redeemed,</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">plus, in either case, accrued and unpaid interest thereon to the redemption
date.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">On or after the Par Call Date, the Company may redeem this Security,
in whole or in part, at any time and from time to time, at a redemption price equal to 100% of the principal amount of this Security being
redeemed plus accrued and unpaid interest thereon to the redemption date.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&ldquo;Treasury Rate&rdquo; means, with respect to any redemption date,
the yield determined by the Company in accordance with the following two paragraphs.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The Treasury Rate shall be determined by the Company after 4:15 p.m.,
New York City time (or after such time as yields on U.S. government securities are posted daily by the Board of Governors of the Federal
Reserve System), on the third business day preceding the redemption date based upon the yield or yields for the most recent day that appear
after such time on such day in the most recent statistical release published by the Board of Governors of the Federal Reserve System designated
as &ldquo;Selected Interest Rates (Daily)&thinsp;&mdash;&thinsp;H.15&rdquo; (or any successor designation or publication) (<B>H.15</B>)
under the caption &ldquo;U.S. government securities &mdash; Treasury constant maturities&thinsp;&mdash;&thinsp;Nominal&rdquo; (or
any successor caption or heading) (<B>H.15 TCM</B>). In determining the Treasury Rate, the Company shall select, as applicable: (1)&nbsp;the
yield for the Treasury constant maturity on H.15 exactly equal to the period from the redemption date to the Par Call Date (the <B>Remaining
Life</B>); or (2)&nbsp;if there is no such Treasury constant maturity on H.15 exactly equal to the Remaining Life, the two yields&thinsp;&mdash;&thinsp;one
yield corresponding to the Treasury constant maturity on H.15 immediately shorter than and one yield corresponding to the Treasury constant
maturity on H.15 immediately longer than the Remaining Life&thinsp;&mdash;&thinsp;and shall interpolate to the Par Call Date on a straight-line
basis (using the actual number of days) using such yields and rounding the result to three decimal places; or (3)&nbsp;if there is no
such Treasury constant maturity on H.15 shorter than or longer than the Remaining Life, the yield for the single Treasury constant maturity
on H.15 closest to the Remaining Life. For purposes of this paragraph, the applicable Treasury constant maturity or maturities on H.15
shall be deemed to have a maturity date equal to the relevant number of months or years, as applicable, of such Treasury constant maturity
from the redemption date.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">If on the third business day preceding the redemption date H.15 TCM
is no longer published, the Company shall calculate the Treasury Rate based on the rate per annum equal to the semi-annual equivalent
yield to maturity at 11:00 a.m., New York City time, on the second business day preceding such redemption date of the United States Treasury
security maturing on, or with a maturity that is closest to, the Par Call Date, as applicable. If there is no United States Treasury security
maturing on the Par Call Date, but there are two or more United States Treasury securities with a maturity date equally distant from the
Par Call Date, one with a maturity date preceding the Par Call Date, and one with a maturity date following the Par Call Date, the Company
shall select the United States Treasury security with a maturity date preceding the Par Call Date. If there are two or more United States
Treasury securities maturing on the Par Call Date, or two or more United States Treasury securities meeting the criteria of the preceding
sentence, the Company shall select from among these two or more United States Treasury securities the United States Treasury security
that is trading closest to par based upon the average of the bid and asked prices for such United States Treasury securities at 11:00
a.m., New York City time. In determining the Treasury Rate in accordance with the terms of this paragraph, the semi-annual yield to maturity
of the applicable United States Treasury security shall be based upon the average of the bid and asked prices (expressed as a percentage
of the principal amount) at 11:00 a.m., New York City time, of such United States Treasury security, and rounded to three decimal places.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The Company&rsquo;s actions and determinations in determining the redemption
price shall be conclusive and binding for all purposes, absent manifest error.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Notice of any redemption will be mailed or electronically delivered
(or otherwise transmitted in accordance with the depositary&rsquo;s procedures) at least 10 calendar days but not more than 60 calendar
days before the redemption date to each Holder of the Securities to be so redeemed.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Any redemption may, at the Company&rsquo;s discretion, be subject to
one or more conditions precedent. Any related written notice of redemption will describe the conditions precedent and, at the Company&rsquo;s
discretion, will indicate that the redemption date may be delayed or the written notice rescinded if all such conditions precedent have
not been satisfied or waived by the Company.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">In the case of a partial redemption, selection of the Securities for
redemption will be made pro rata, by lot or by such other method as the Trustee in its sole discretion deems appropriate and fair. No
Securities of any series of a principal amount of $2,000 or less will be redeemed in part. If any Security is to be redeemed in part only,
the notice of redemption that relates to such Security will state the portion of the principal amount of the applicable Security to be
redeemed. A new Security in a principal amount equal to the unredeemed portion of the applicable Security will be issued in the name of
the holder of such Security upon surrender for cancellation of such original Security. For so long as any Securities of this series are
registered in the name of DTC (or another depositary) or such depositary&rsquo;s nominee, the redemption of such Security shall be done
in accordance with the policies and procedures of the depositary.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Unless the Company defaults in payment of the redemption price, on
and after the redemption date interest will cease to accrue on the Securities or portions thereof called for redemption.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The Indenture contains provisions for defeasance of (a)&nbsp;the entire
indebtedness of this Security and (b)&nbsp;certain restrictive covenants and the related defaults and Events of Default (as described
below) applicable to the Company and the Guarantor, in each case, upon compliance by the Company and the Guarantor with certain conditions
set forth in the Indenture, which provisions apply to this Security.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Notwithstanding Section&nbsp;7.1 of the Indenture, an Event of Default
with respect to the Securities of this series means any one of the following events: (1)&nbsp;default in payment of the Principal (or
premium, if any) of any Security of this series when due (including as a sinking fund installment), and the continuance of that default
for more than two Business Days; (2)&nbsp;default in payment of interest on, or any Additional
Amounts payable in respect of, any Securities of this series when due and payable, and the continuance of that default for 30 calendar
days; (3)&nbsp;default in performing any other covenant in the Indenture with regard to any Security of this series for 90 calendar days
after the receipt of written notice from the Trustee or from the Holders of 25% in principal amount of the Securities of this series;
(4)&nbsp;an encumbrancer or a receiver or a person with similar functions appointed for execution (in Switzerland a <I>Liquidator</I>
or <I>Konkursverwalter</I>) taking possession of the whole or any substantial part of the assets or undertaking of the Company or the
Guarantor or a distress, execution or other process being levied or enforced upon or sued out against a substantial part of the property
or assets of the Company or the Guarantor and not being paid, discharged, removed or stayed within 30 calendar days; (5)&nbsp;the Company
or the Guarantor stopping payment or ceasing business (except in each case in circumstances previously approved by the Holders of a majority
in Principal (or, if any Securities are Original Issue Discount Securities, such portion of the Principal of such Securities of such series
as may then be accelerated pursuant to the terms of such Securities) of the outstanding Securities of all series affected (all such series
voting as one class)); (6)&nbsp;the Company becoming bankrupt or insolvent or entering into a provisional or definitive moratorium or
making a general assignment for the benefit of its creditors; (7)&nbsp;the Guarantor becoming bankrupt or insolvent (or being obliged
to notify the court of its financial situation in accordance with Article&nbsp;725b of the Swiss Code of Obligations) or entering into
a provisional or definitive moratorium (<I>provisorische or definitive Nachlassstundung</I>) or making a general arrangement with its
creditors (<I>Nachlassvertrag</I>); (8)&nbsp;an order being made or effective resolution passed for the winding-up or dissolution of the
Company or the Guarantor except (a)&nbsp;a winding-up or dissolution, the terms of such winding-up or dissolution having previously been
approved by the Holders of a majority in Principal (or, if any Securities are Original Issue Discount Securities, such portion of the
Principal of the Securities of the relevant series as may then be accelerated pursuant to the terms of such Securities) of the outstanding
Securities of all series affected (all such series voting as one class) or (ii)&nbsp;a winding-up or dissolution in connection with any
consolidation, merger, sale, lease or conveyance in accordance with the provisions described under Section&nbsp;5 of the Indenture; or
(9)&nbsp;if the Guarantee with respect to the Securities of this series ceases to be, or is claimed by the Guarantor not to be, in full
force and effect.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">As provided in and subject to the provisions of the Indenture, the
Holder of this Security shall not have the right to institute any proceeding with respect to the Indenture or for the appointment of a
receiver or trustee or for any other remedy thereunder, unless such Holder shall have previously given the Trustee written notice of a
continuing Event of Default with respect to the Securities of this series, the Holders of not less than 25% in principal amount of the
Securities of all such affected series at the time outstanding shall have made written request to the Trustee to institute proceedings
in respect of such Event of Default in its own name as Trustee and offered the Trustee indemnity reasonably satisfactory to the Trustee
against any costs, liabilities or expenses to be incurred in compliance with such request and, for 60 calendar days after receipt of such
notice, request and offer of indemnity, the Trustee shall have failed to institute any such proceeding, and, during such 60-calendar-day
period, the Trustee shall not have received from the Holders of a majority in principal amount of the Securities of this series at the
time outstanding a direction inconsistent with such request. The foregoing shall not apply to any suit instituted by the Holder of this
Security for the enforcement of any payment of principal hereof or any premium or interest hereon on or after the respective due dates
expressed herein.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The Indenture permits, with certain exceptions as therein provided,
the amendment thereof and the modification of the rights and obligations of the Company and the Guarantor and the rights of the Holders
of the Securities under the Indenture at any time by the Company, the Guarantor and the Trustee with the consent of the Holders of not
less than a majority in principal amount of the outstanding Securities affected by such amendment. The Indenture also contains provisions
permitting the Holders of specified percentages in principal amount of the Securities at the time outstanding, on behalf of the Holders
of all Securities, to waive compliance by the Company or the Guarantor, or both, with certain provisions of the Indenture and certain
past defaults under the Indenture and their consequences. Any such consent or waiver by the Holder of this Security shall be conclusive
and binding upon such Holder and upon all future Holders of this Security and of any Security issued upon the registration of transfer
hereof or in exchange herefor or in lieu hereof, whether or not notation of such consent or waiver is made upon this Security.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">No reference herein to the Indenture and no provision of this Security
or of the Indenture shall alter or impair the obligation of the Company, which is absolute and unconditional, to pay the Principal of
and interest on this Security at the times, place and rate, and in the coin or currency, herein prescribed.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The Company may, from time to time, without the consent of the Holders
of the Securities, increase the principal amount of the Securities by issuing additional Securities in the future on the same terms and
conditions as the Securities in all respects, except for any differences in the issue date, issue price and first payment of interest
thereon, and with the same CUSIP number as the Securities. The Securities and any additional Securities shall rank equally and ratably
and shall be treated as a single series for all purposes under the Indenture. The Company will not issue any additional Securities unless
such additional Securities are fungible with the Securities for U.S. federal income tax purposes.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">As provided in the Indenture and subject to certain limitations therein
set forth, the transfer of this Security is registrable in the Security Register, upon surrender of this Security for registration of
transfer at the office or agency of the Company in any place of payment where the Principal and interest on this Security are payable,
duly endorsed by, or accompanied by a written instrument of transfer in form satisfactory to the Company, the Guarantor and the Trustee
for the Securities duly executed by the Holder hereof or his attorney duly authorized in writing, and thereupon one or more new Securities
of this series, of authorized denomination and for the same aggregate principal amount, will be issued to the designated transferee or
transferees.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The Securities of this series are issuable only in registered form
without coupons in denominations of $2,000 and integral multiples of $1,000 in excess thereof. As provided in the Indenture and subject
to certain limitations set forth therein, Securities of this series are exchangeable for a like aggregate principal amount of Securities
of this series of a different authorized denomination, as requested by the Holder surrendering the same.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">No service charge shall be made for any such registration of transfer
or exchange, but the Company may require payment of a sum sufficient to cover any tax or other governmental charge payable in connection
therewith.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Prior to due presentment of this Security for registration of transfer,
the Company, the Guarantor, the Trustee and any agent of the Company, the Guarantor or the Trustee may treat the Person in whose name
this Security is registered as the owner hereof for all purposes, whether or not this Security be overdue, and none of the Company, the
Guarantor, the Trustee, or any such agent shall be affected by notice to the contrary.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The obligations of the Company and the Guarantor under the Indenture
and this Security and all documents delivered in the name of the Company or the Guarantor, as the case may be, in connection herewith
and therewith do not and shall not constitute personal obligations of the directors, officers, employees, agents or shareholders of the
Company or the Guarantor or any of them, and shall not involve any claim against or personal liability on the part of any of them, and
all persons including the Trustee shall look solely to the assets of the Company and the Guarantor for the payment of any claim thereunder
or for the performance thereof and shall not seek recourse against such directors, officers, employees, agents or shareholders of the
Company or the Guarantor or any of them or any of their personal assets for such satisfaction. The performance of the obligations of the
Company and the Guarantor under the Indenture and this Security and all documents delivered in the name of the Company or the Guarantor,
as the case may be, in connection therewith shall not be deemed a waiver of any rights or powers of the Company or the Guarantor or their
respective directors or shareholders under the Company&rsquo;s or the Guarantor&rsquo;s respective Articles of Incorporation.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">All terms used in this Security but not defined herein shall have the
meanings assigned to them in the Indenture.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">THE INDENTURE AND THE SECURITIES,&nbsp;INCLUDING THIS SECURITY, SHALL
BE GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH THE LAW OF THE STATE OF NEW YORK.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Pursuant to a recommendation promulgated by the Committee on Uniform
Security Identification Procedures, the Company has caused &ldquo;CUSIP&rdquo; numbers to be printed on the Securities as a convenience
to the Holders of the Securities. No representation is made as to the correctness or accuracy of such CUSIP numbers as printed on the
Securities, and reliance may be placed only on the other identification numbers printed hereon.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>SCHEDULE OF INCREASES OR DECREASES IN THE GLOBAL
SECURITY</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">The initial outstanding principal amount of this
Global Security is $__________. The following increases or decreases in this Global Security have been made:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: black 1pt solid; text-align: center; width: 20%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Date of Exchange</B></FONT></TD>
    <TD STYLE="text-align: center; width: 2%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#8239;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; width: 18%; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Amount of <BR>
decreases in <BR>
Principal Amount<BR>
of this Global Security</B></FONT></TD>
    <TD STYLE="width: 2%; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#8239;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; width: 18%; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Amount of<BR>
increases in <BR>
Principal Amount<BR>
of this Global Security</B></FONT></TD>
    <TD STYLE="width: 2%; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#8239;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; width: 18%; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Principal amount <BR>
of this Global <BR>
Security <BR>
following such<BR>
decreases or<BR>
increases</B></FONT></TD>
    <TD STYLE="width: 2%; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#8239;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; width: 18%">
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Signature of</B></P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>authorized<BR>
    signatory of<BR>
    Trustee</B></P></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding-bottom: 1pt; text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1pt; text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1pt; text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1pt; text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-bottom: 1pt; text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1pt; text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1pt; text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1pt; text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding-bottom: 1pt; text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1pt; text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1pt; text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1pt; text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1pt">&nbsp;</TD></TR>
  </TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<!-- Field: Page; Sequence: 12; Value: 2 -->
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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>ASSIGNMENT AND TRANSFER FORM</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">FOR VALUE RECEIVED, the undersigned hereby<BR>
sells, assigns and transfers unto</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" BORDER="0" STYLE="width: 100%; margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 45%">PLEASE INSERT SOCIAL SECURITY OR OTHER<BR>
IDENTIFYING NUMBER OF ASSIGNEE</TD>
    <TD STYLE="width: 5%">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-left: 10pt; text-indent: -10pt; width: 50%">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="padding-left: 10pt; text-indent: -10pt">&nbsp;</TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 100%; border-bottom: black 1pt solid">&nbsp;</TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">(Please Print or Typewrite Name and Address, including Zip Code, of
Assignee)</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: black 1pt solid; width: 100%">&nbsp;</TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">the within Security of Novartis Capital Corporation and</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 45%; border-bottom: black 1pt solid">&nbsp;</TD>
    <TD STYLE="width: 55%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">hereby does irrevocably constitute and appoint</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: black 1pt solid; width: 100%">&nbsp;</TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">attorney to transfer said Security on the books kept for the registration
thereof with full power of substitution in the premises</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 5%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Dated:</FONT></TD>
    <TD STYLE="width: 95%; border-bottom: black 1pt solid">&nbsp;</TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 7%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Signature</FONT></TD>
    <TD STYLE="width: 93%; border-bottom: black 1pt solid">&nbsp;</TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">NOTICE: The signature to this assignment must correspond with the name
as it appears on the first page&nbsp;of the within Security in every particular, without alteration or enlargement or any change whatever.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 15%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Signature Guaranteed:</FONT></TD>
    <TD STYLE="width: 85%; border-bottom: black 1pt solid">&nbsp;</TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">NOTICE: Signature(s)&nbsp;must be guaranteed by an &ldquo;<I>eligible
guarantor institution</I>&rdquo; that is a member or participant in a &ldquo;<I>signature guarantee program</I>&rdquo; (e.g., the Securities
Transfer Agents Medallion Program, the Stock Exchange Medallion Program and the New York Stock Exchange Medallion Program).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

</BODY>
</HTML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-4.5
<SEQUENCE>7
<FILENAME>tm2529850d5_ex4-5.htm
<DESCRIPTION>EXHIBIT 4.5
<TEXT>
<HTML>
<HEAD>
     <TITLE></TITLE>
</HEAD>
<BODY STYLE="font: 10pt Times New Roman, Times, Serif">

<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right"><FONT><B>Exhibit&nbsp;4.5</B></FONT></P>



<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>FORM&nbsp;OF GUARANTEED DEBT SECURITY</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">THIS SECURITY IS IN GLOBAL FORM&nbsp;WITHIN THE MEANING OF THE INDENTURE
HEREINAFTER REFERRED TO AND IS REGISTERED IN THE NAME OF THE DEPOSITORY TRUST COMPANY, A NEW YORK CORPORATION (<B>DTC</B>), OR A NOMINEE
OF DTC, WHICH MAY&nbsp;BE TREATED BY THE COMPANY, THE GUARANTOR, THE TRUSTEE AND ANY AGENT THEREOF AS OWNER AND HOLDER OF THIS SECURITY
FOR ALL PURPOSES.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">UNLESS THIS CERTIFICATE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE
OF DTC TO THE COMPANY OR ITS AGENT FOR REGISTRATION OF TRANSFER, EXCHANGE, OR PAYMENT, AND ANY CERTIFICATE ISSUED IS REGISTERED IN THE
NAME OF CEDE&nbsp;&amp; CO. OR IN SUCH OTHER NAME AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC (AND ANY PAYMENT IS MADE TO CEDE&nbsp;&amp;
CO. OR TO SUCH OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC), ANY TRANSFER, PLEDGE, OR OTHER USE HEREOF FOR VALUE
OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL INASMUCH AS THE REGISTERED OWNER HEREOF CEDE&nbsp;&amp; CO., HAS AN INTEREST HEREIN.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">UNLESS AND UNTIL IT IS EXCHANGED IN WHOLE OR IN PART&nbsp;FOR SECURITIES
IN DEFINITIVE FORM&nbsp;IN THE LIMITED CIRCUMSTANCES REFERRED TO IN THE INDENTURE, THIS GLOBAL SECURITY MAY&nbsp;NOT BE TRANSFERRED EXCEPT
AS A WHOLE BY DTC TO A NOMINEE OF DTC OR BY A NOMINEE OF DTC TO DTC OR ANOTHER NOMINEE OF DTC OR BY DTC OR ANY SUCH NOMINEE TO A SUCCESSOR
DEPOSITARY OR A NOMINEE OF SUCH SUCCESSOR DEPOSITARY.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR>
    <TD STYLE="vertical-align: top; width: 50%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">REGISTERED NO. [&nbsp;&nbsp;]</FONT></TD>
    <TD STYLE="vertical-align: top; width: 50%; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">PRINCIPAL
    AMOUNT: $[&nbsp;&nbsp;]</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">CUSIP NO. 66989HBA5</FONT></TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">ISIN NO. US66989HBA59</FONT></TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>NOVARTIS CAPITAL CORPORATION</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>4.600% NOTES DUE 2035 (the &ldquo;Security&rdquo;)</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>FULLY AND UNCONDITIONALLY GUARANTEED BY</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>NOVARTIS AG</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Novartis Capital Corporation, a corporation organized under the laws
of the State of Delaware (hereinafter called the <B>Company</B>, which term shall include any successor entity under the Indenture), for
value received, hereby promises to pay to Cede&nbsp;&amp; Co., as nominee for DTC, or registered assigns, upon presentation, the principal
sum of [ ] Dollars ($[ ]) (or such other amount set forth on the Schedule of Increases or Decreases in the Global Security attached hereto)
on November&nbsp;5, 2035 (the <B>Maturity Date</B>) and to pay interest thereon from November 5, 2025 or from the most recent interest
payment date to which interest has been paid or duly provided for, semi-annually in arrears on May&nbsp;5 and November&nbsp;5 in each
year (each an <B>Interest Payment Date</B>), commencing on May&nbsp;5, 2026, at the rate of 4.600% per annum, until the entire Principal
hereof is paid or made available for payment. All terms used in this Global Security but not defined herein shall have the meanings assigned
to them in the Indenture.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The interest so payable, and punctually paid or duly provided for on
any Interest Payment Date will, as provided in the Indenture, be paid to the Person in whose name this Security is registered at the close
of business on the Record Date for such interest, which shall be April&nbsp;20 or October&nbsp;20 (whether or not a Business Day (as defined
below)), as the case may be, next preceding such Interest Payment Date. Any such interest not so punctually paid or duly provided for
shall forthwith cease to be payable to the Holder on such Record Date, and may either be paid to the Person in whose name this Security
is registered at the close of business on a special record date for the payment of defaulted interest to be fixed by the Trustee, notice
whereof shall be given to Holders of Securities of this series at least 15 calendar days prior to such special record date, or may be
paid at any time in any other lawful manner not inconsistent with the requirements of any securities exchange on which the Securities
may be listed, and upon such notice as may be required by such exchange, all as more fully provided in the Indenture.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Payment of the Principal of and interest on and any Additional Amounts
(as defined below) in respect of this Global Security will be paid to DTC for the purpose of permitting DTC to credit the Principal and
interest received by it in respect of this Global Security to the accounts of the beneficial owners thereof; <I>provided</I>, <I>however</I>,
that if this Security is not a Global Security, payment of the Principal of, interest on and Additional Amounts, if any, in respect of
this Security will be made at the office or agency of the Trustee in The City of New York, or elsewhere as provided in the Indenture,
in such coin or currency of the United States of America as at the time of payment is legal tender for payment of public and private debts;
and <I>provided</I>, <I>further</I>, that at the option of the Company payment of interest may be made by (a)&nbsp;check mailed to the
address of the Person entitled thereto as such address shall appear in the Security Register or (b)&nbsp;transfer to an account of the
Person entitled thereto located inside the United States.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">If an Interest Payment Date or redemption date (including an optional
make whole redemption date and an optional redemption date for tax reasons (as described on the reverse hereof)), or the Maturity Date,
as the case may be, would fall on a day that is not a Business Day, then the Interest Payment Date or redemption date (including an optional
make whole redemption date and an optional redemption date for tax reasons), or the Maturity Date, as the case may be, will be postponed
to the next succeeding Business Day, but no additional interest shall be paid unless the Company fails to make payment on such next succeeding
Business Day.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Business Day</B> means any day other than a Saturday, a Sunday or
a day on which banking institutions in The City of New York are authorized or obligated by law, regulation or executive order to be closed
and on which commercial banks and foreign exchange markets settle payments and are open for general business (including dealings in foreign
exchange and foreign currency deposits) in Zurich, Switzerland.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Additional provisions of this Security are set forth following the
signature page&nbsp;hereof, which provisions shall for all purposes have the same effect as if set forth at this place.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Unless the certificate of authentication hereon has been executed by
or on behalf of the Trustee referred to on the reverse hereof by manual signature, this Security shall not be entitled to any benefit
under the Indenture or be valid or obligatory for any purpose.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>IN WITNESS WHEREOF</B>, the Company has caused this instrument to
be duly executed this 5<SUP>th</SUP>&nbsp;day of November&nbsp;2025.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2"><B>NOVARTIS CAPITAL CORPORATION</B></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 50%">&nbsp;</TD>
    <TD STYLE="width: 5%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">By: </FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; width: 45%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Name:</FONT></TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Title:</FONT></TD>
    <TD>&nbsp;</TD></TR>
  </TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>TRUSTEE&rsquo;S CERTIFICATE OF AUTHENTICATION</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">This is one or all of the Securities of the series designated &ldquo;4.600%
Notes due 2035&rdquo; pursuant to the within-mentioned Indenture.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>HSBC BANK USA, NATIONAL ASSOCIATION</B>,</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">as Trustee</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 50%">&nbsp;</TD>
    <TD STYLE="width: 3%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">By: </FONT></TD>
    <TD STYLE="width: 47%; border-bottom: black 1pt solid">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Authorized Signatory</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"></P>

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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>GUARANTEE</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>OF</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>NOVARTIS AG</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">For value received, Novartis AG, a stock corporation (<I>Aktiengesellschaft</I>)
incorporated under the laws of Switzerland, having its principal executive offices at Lichtstrasse 35, CH-4056 Basel, Switzerland (the
<B>Guarantor</B>, which term includes any Person as a successor Guarantor under the Indenture referred to in the Security upon which this
Guarantee is endorsed), hereby fully and unconditionally guarantees to the Holder of the Security upon which this Guarantee is endorsed
and to the Trustee on behalf of each such Holder the due and punctual payment of the Principal of, interest on and any Additional Amounts
payable in respect of such Security and the due and punctual payment of the sinking fund or analogous payments referred to therein, if
any, when and as the same shall become due and payable, whether on the Maturity Date, by declaration of acceleration, call for redemption
or otherwise, according to the terms thereof and of the Indenture referred to therein. In case of the failure of Novartis Capital Corporation,
a corporation organized under the laws of the State of Delaware (the <B>Company</B>, which term includes any successor Person under such
Indenture), to punctually make any such payment of Principal, interest or Additional Amounts or any such sinking fund or analogous payment,
the Guarantor hereby agrees to cause any such payment to be made punctually when and as the same shall become due and payable, whether
on the Maturity Date or by declaration of acceleration, call for redemption or otherwise, and as if such payment were made by the Company.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The indebtedness evidenced by this Guarantee is ranked equally and
<I>pari passu</I> with all other unsecured and unsubordinated indebtedness of the Guarantor.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The Guarantor hereby agrees that its obligations hereunder shall be
absolute and unconditional, irrespective of, and shall be unaffected&nbsp;by, any invalidity, irregularity or unenforceability of such
Security or such Indenture, any failure to enforce the provisions&nbsp;of such Security or such Indenture, or any waiver, modification
or indulgence granted to the Company with respect thereto, by the Holder of&nbsp;such Security or the Trustee or any other circumstance
that may otherwise constitute a legal or equitable discharge of a guarantor; <I>provided</I>, <I>however</I>, that, notwithstanding the
foregoing, no such waiver, modification or indulgence shall, without the consent of the Guarantor, increase the Principal of such Security,
or increase the interest rate thereon, or alter the stated Maturity Date thereof, or increase the Principal of any Original Issue Discount
Security that would be due and payable upon a declaration of acceleration of the maturity thereof pursuant to Article&nbsp;7 of such Indenture.
The Guarantor hereby waives diligence, presentment, demand of payment, filing of claims with a court in the event of merger or bankruptcy
of the Company, any right to require a proceeding first against the Company, protest or notice with respect to such Security or the indebtedness
evidenced thereby or with respect to any sinking fund or analogous payment required under such Security and all demands whatsoever, and
covenants that this Guarantee will not be discharged except by payment in full of the Principal of, interest on and Additional Amounts
payable in respect of such Security. This Guarantee is a guarantee of payment and not of collection.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The Guarantor shall be subrogated to all rights of the Holder of such
Security and the Trustee against the Company in respect of any amounts paid to such Holder by the Guarantor pursuant to the provisions
of this Guarantee; <I>provided</I>, <I>however</I>, that the Guarantor shall not be entitled to enforce, or to receive any payments arising
out of or based upon such right of subrogation until the Principal of, interest on and Additional Amounts payable in respect of all Securities
of the same series issued under such Indenture shall have been paid in full.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">No reference herein to such Indenture and no provision of such Indenture
shall alter or impair the guarantees of the Guarantor, which are absolute and unconditional, of the due and punctual payment of the Principal
of, interest on and Additional Amounts payable in respect of, and any sinking fund or analogous payments with respect to, the Security
upon which this Guarantee is endorsed.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">This Guarantee shall not be valid or obligatory for any purpose until
the certificate of authentication of such Security shall have been manually executed by or on behalf of the Trustee under such Indenture.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">All terms used in this Guarantee but not defined herein shall have
the meanings assigned to them in such Indenture.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">THIS GUARANTEE SHALL BE GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH
THE LAWS OF THE STATE OF NEW YORK.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>IN WITNESS WHEREOF</B>, the Guarantor has caused this Guarantee
to be duly executed this 5<SUP>th</SUP>&nbsp;day of November&nbsp;2025.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>NOVARTIS AG</B>, </FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">as the Guarantor</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 50%">&nbsp;</TD>
    <TD STYLE="width: 5%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">By:</FONT></TD>
    <TD STYLE="width: 45%; border-bottom: black 1pt solid">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Name:</FONT></TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Title:</FONT></TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">By:</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Name:</FONT></TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Title:</FONT></TD>
    <TD>&nbsp;</TD></TR>
  </TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">[REVERSE OF SECURITY]</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">This Security is one or all of a duly authorized issue of securities
of the Company (herein called the <B>Securities</B>) issued and to be issued in one or more series under an Indenture, dated as of February&nbsp;10,
2009 (herein called the <B>Indenture</B>), among the Company, Novartis Securities Investment Ltd. and Novartis Finance S.A., as issuers,
Novartis AG, as guarantor (the <B>Guarantor</B>), and HSBC Bank USA, National Association, as trustee (herein called the <B>Trustee</B>,
which term includes any successor trustee under the Indenture), to which Indenture and all Board Resolutions and Officer&rsquo;s Certificates
as provided therein, reference is hereby made for a statement of the respective rights, limitation of rights, duties and immunities thereunder
of the Company, the Guarantor, the Trustee and the Holders of the Securities and of the terms upon which the Securities are, and are to
be, authenticated and delivered. This Security is one or all of the series designated as the &ldquo;4.600% Notes due 2035.&rdquo;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Notwithstanding Section&nbsp;4.5 of the Indenture, payments made by
the Company or the Guarantor under or with respect to the Securities will be free and clear of and without withholding or deduction for
or on account of any and all present or future taxes, duties, assessments or governmental charges of any nature imposed, levied, collected,
withheld or assessed by or on behalf of (i)&nbsp;the government of Switzerland or of any political subdivision of Switzerland or by any
authority or agency therein or thereof having the power to tax, (ii)&nbsp;the government of the jurisdiction of organization of the Company
or any political subdivision or territory or possession of such jurisdiction or by any authority or agency therein or thereof having the
power to tax or (iii)&nbsp;the government of any jurisdiction from or through which a payment on the Securities or the guarantee is made
or any political subdivision or territory or possession of such jurisdiction or by any authority or agency therein or thereof having power
to tax (each of clauses (i), (ii)&nbsp;and (iii), a <B>Relevant Taxing Jurisdiction</B>), which are referred to herein collectively as
<B>Taxes</B>, unless the Company is required to withhold or deduct Taxes by law. If the Company is required to withhold or deduct any
amount for or on account of Taxes from any payment made with respect to the Securities, the Company will pay such additional amounts (<B>Additional
Amounts</B>) as may be necessary so that the net amount received by each Holder (including Additional Amounts) after such withholding
or deduction will not be less than the amount the Holder would have received if the Taxes had not been withheld or deducted; provided
that no Additional Amounts will be payable with respect to Taxes: (1)&nbsp;imposed by the United States or by any political subdivision
or territory or possession of such jurisdiction or by any authority or agency therein or thereof having the power to tax; (2)&nbsp;that would not have been imposed but for the existence of any present or former connection between such Holder or beneficial
owner of the Securities (or between a fiduciary, settlor, beneficiary, member or shareholder of, or possessor of a power over, such holder
or beneficial owner, if such Holder or beneficial owner is an estate, trust, partnership or corporation) and a Relevant Taxing Jurisdiction,
including, without limitation, such Holder or beneficial owner (or such fiduciary, settlor, beneficiary, member, shareholder or possessor)
being or having been a citizen or resident thereof or treated as a resident thereof or domiciled thereof or a national thereof or being
or having been present or engaged in trade or business therein or having or having had a permanent establishment therein; (3)&nbsp;that
are estate, inheritance, gift, sales, transfer, personal property, wealth or similar taxes, duties, assessments or other governmental
charges; (4)&nbsp;with respect to any withholding or deduction imposed on a payment in respect of a note where such withholding or deduction
is required to be made pursuant to laws enacted by Switzerland pursuant to which a person other than the issuer or the guarantor, as the
case may be, is required to withhold or deduct tax on any interest payments; (5)&nbsp;payable other than by withholding from payments
of principal of or interest on or with respect to the Securities; (6)&nbsp;that would not have been imposed but for the failure of the
applicable recipient of such payment, upon request, to make a declaration of non-residence or other similar claim for exemption to the
relevant tax authority or comply with any certification, identification, information, documentation or other reporting requirement to
the extent such compliance is required by applicable law or administrative practice or an applicable treaty as a precondition to exemption
from, or reduction in, the rate of deduction or withholding of such Taxes; (7)&nbsp;that would not have been imposed but for the presentation
of a Security (where presentation is required) for payment on a date more than 30 days after the date on which such payment first became
due and payable or the date on which payment thereof was duly provided for, whichever occurred later; (8)&nbsp;to the extent the amount
of Tax could have been reduced by presentation for payment of the relevant Securities to a paying agent other than the paying agent to
which the presentation was made; or (9)&nbsp;any combination of the foregoing items; nor shall Additional Amounts be paid with respect
to any payment of the principal of or interest on any note to any such Holder who is a fiduciary or a partnership or a beneficial owner
who is other than the sole beneficial owner of such payment to the extent a beneficiary or settlor with respect to such fiduciary or a
member of such partnership or a beneficial owner would not have been entitled to such Additional Amounts had it been the Holder of the
Security. Notwithstanding any other provisions contained herein, each of the Company, the Guarantor or any other person making payments
on behalf of the Company shall be entitled to deduct and withhold, as required, and shall not be required to pay any Additional Amounts
with respect to any such withholding or deduction imposed on or in respect of any note pursuant to Sections 1471 through 1474 of the United
States Internal Revenue Code of 1986, as amended (<B>FATCA</B>), any current or future U.S. Treasury regulations or rulings promulgated
thereunder, any intergovernmental agreement between the United States and any other jurisdiction to implement FATCA, any law, regulation
or other official guidance enacted or published in any jurisdiction implementing FATCA or an intergovernmental agreement with respect
thereto, or any agreement with the U.S. Internal Revenue Service under FATCA.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Notwithstanding Section&nbsp;3.1 of the Indenture, the Company may
redeem the Securities in whole (but not in part) at any time, on giving not less than 10 nor more than 60 days&rsquo; notice of such redemption,
at a redemption price equal to the Principal plus accrued and unpaid interest, if any, to (but not including) the date fixed for redemption,
if: (1)&nbsp;the Company determines that, as a result of any change in or amendment to the laws or any regulations or rulings promulgated
thereunder of a Relevant Taxing Jurisdiction, or any change in the application or official interpretation of such laws, regulations or
rulings, or any change in the application or official interpretation of, or any execution of or amendment to, any treaty or treaties affecting
taxation to which any such jurisdiction is a party, which change, execution or amendment becomes effective on or after the date hereof:
(a)&nbsp;the Company or the Guarantor would be required to pay Additional Amounts with respect to such series of Securities on the next
succeeding Interest Payment Date and the payment of such Additional Amounts cannot be avoided by the use of reasonable measures available
to the Company or the Guarantor; or (b)&nbsp;withholding tax has been or would be required to be
withheld with respect to interest income received or receivable by the Company directly from the Guarantor (or any affiliate) and such
withholding tax obligation cannot be avoided by the use of reasonable measures available to the Company or the Guarantor (or any affiliate);
or (2)&nbsp;the Company determines, based upon an opinion of independent counsel selected by the Company that, as a result of any action
taken by any legislative body of, taxing authority of, or any action brought in a court of competent jurisdiction in, a Relevant Taxing
Jurisdiction (whether or not such action was taken or brought with respect to the Guarantor or the Company, as the case may be), which
action is taken or brought on or after the date hereof, there is a substantial probability that the circumstances described in clause
(1)&nbsp;above would exist; provided, however, that no such notice of redemption may be given earlier than 90 days prior to the earliest
date on which the Company or the Guarantor would be obligated to pay such Additional Amounts. The
Company will also pay to each Holder, or make available for payment to each such Holder, on the redemption date any Additional Amounts
resulting from the payment of such redemption price, subject to the conditions described in the preceding paragraph.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Prior to August&nbsp;5, 2035 (the <B>Par Call Date</B>), the Company
may redeem this Security, in whole or in part, at its option at any time and from time to time, at a redemption price (expressed as a
percentage of principal amount and rounded to three decimal places) equal to the greater of:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in">(1)&nbsp;(a)&nbsp;the sum of the present values of the remaining
scheduled payments of principal and interest thereon discounted to the redemption date (assuming this Security matured on the Par Call
Date) on a semi-annual basis (assuming a 360-day year consisting of twelve 30-day months) at the Treasury Rate (as defined below) plus
10 basis points, less (b)&nbsp;interest accrued to the date of redemption, and</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in">(2)&nbsp;100% of the principal amount of this Security to
be redeemed,</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">plus, in either case, accrued and unpaid interest thereon to the redemption
date.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">On or after the Par Call Date, the Company may redeem this Security,
in whole or in part, at any time and from time to time, at a redemption price equal to 100% of the principal amount of this Security being
redeemed plus accrued and unpaid interest thereon to the redemption date.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&ldquo;Treasury Rate&rdquo; means, with respect to any redemption date,
the yield determined by the Company in accordance with the following two paragraphs.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The Treasury Rate shall be determined by the Company after 4:15 p.m.,
New York City time (or after such time as yields on U.S. government securities are posted daily by the Board of Governors of the Federal
Reserve System), on the third business day preceding the redemption date based upon the yield or yields for the most recent day that appear
after such time on such day in the most recent statistical release published by the Board of Governors of the Federal Reserve System designated
as &ldquo;Selected Interest Rates (Daily)&thinsp;&mdash;&thinsp;H.15&rdquo; (or any successor designation or publication) (<B>H.15</B>)
under the caption &ldquo;U.S. government securities &mdash; Treasury constant maturities&thinsp;&mdash;&thinsp;Nominal&rdquo; (or
any successor caption or heading) (<B>H.15 TCM</B>). In determining the Treasury Rate, the Company shall select, as applicable: (1)&nbsp;the
yield for the Treasury constant maturity on H.15 exactly equal to the period from the redemption date to the Par Call Date (the <B>Remaining
Life</B>); or (2)&nbsp;if there is no such Treasury constant maturity on H.15 exactly equal to the Remaining Life, the two yields&thinsp;&mdash;&thinsp;one
yield corresponding to the Treasury constant maturity on H.15 immediately shorter than and one yield corresponding to the Treasury constant
maturity on H.15 immediately longer than the Remaining Life&thinsp;&mdash;&thinsp;and shall interpolate to the Par Call Date on a straight-line
basis (using the actual number of days) using such yields and rounding the result to three decimal places; or (3)&nbsp;if there is no
such Treasury constant maturity on H.15 shorter than or longer than the Remaining Life, the yield for the single Treasury constant maturity
on H.15 closest to the Remaining Life. For purposes of this paragraph, the applicable Treasury constant maturity or maturities on H.15
shall be deemed to have a maturity date equal to the relevant number of months or years, as applicable, of such Treasury constant maturity
from the redemption date.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">If on the third business day preceding the redemption date H.15 TCM
is no longer published, the Company shall calculate the Treasury Rate based on the rate per annum equal to the semi-annual equivalent
yield to maturity at 11:00 a.m., New York City time, on the second business day preceding such redemption date of the United States Treasury
security maturing on, or with a maturity that is closest to, the Par Call Date, as applicable. If there is no United States Treasury security
maturing on the Par Call Date, but there are two or more United States Treasury securities with a maturity date equally distant from the
Par Call Date, one with a maturity date preceding the Par Call Date, and one with a maturity date following the Par Call Date, the Company
shall select the United States Treasury security with a maturity date preceding the Par Call Date. If there are two or more United States
Treasury securities maturing on the Par Call Date, or two or more United States Treasury securities meeting the criteria of the preceding
sentence, the Company shall select from among these two or more United States Treasury securities the United States Treasury security
that is trading closest to par based upon the average of the bid and asked prices for such United States Treasury securities at 11:00
a.m., New York City time. In determining the Treasury Rate in accordance with the terms of this paragraph, the semi-annual yield to maturity
of the applicable United States Treasury security shall be based upon the average of the bid and asked prices (expressed as a percentage
of the principal amount) at 11:00 a.m., New York City time, of such United States Treasury security, and rounded to three decimal places.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The Company&rsquo;s actions and determinations in determining the redemption
price shall be conclusive and binding for all purposes, absent manifest error.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Notice of any redemption will be mailed or electronically delivered
(or otherwise transmitted in accordance with the depositary&rsquo;s procedures) at least 10 calendar days but not more than 60 calendar
days before the redemption date to each Holder of the Securities to be so redeemed.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Any redemption may, at the Company&rsquo;s discretion, be subject to
one or more conditions precedent. Any related written notice of redemption will describe the conditions precedent and, at the Company&rsquo;s
discretion, will indicate that the redemption date may be delayed or the written notice rescinded if all such conditions precedent have
not been satisfied or waived by the Company.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">In the case of a partial redemption, selection of the Securities for
redemption will be made pro rata, by lot or by such other method as the Trustee in its sole discretion deems appropriate and fair. No
Securities of any series of a principal amount of $2,000 or less will be redeemed in part. If any Security is to be redeemed in part only,
the notice of redemption that relates to such Security will state the portion of the principal amount of the applicable Security to be
redeemed. A new Security in a principal amount equal to the unredeemed portion of the applicable Security will be issued in the name of
the holder of such Security upon surrender for cancellation of such original Security. For so long as any Securities of this series are
registered in the name of DTC (or another depositary) or such depositary&rsquo;s nominee, the redemption of such Security shall be done
in accordance with the policies and procedures of the depositary.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Unless the Company defaults in payment of the redemption price, on
and after the redemption date interest will cease to accrue on the Securities or portions thereof called for redemption.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The Indenture contains provisions for defeasance of (a)&nbsp;the entire
indebtedness of this Security and (b)&nbsp;certain restrictive covenants and the related defaults and Events of Default (as described
below) applicable to the Company and the Guarantor, in each case, upon compliance by the Company and the Guarantor with certain conditions
set forth in the Indenture, which provisions apply to this Security.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Notwithstanding Section&nbsp;7.1 of the Indenture, an Event of Default
with respect to the Securities of this series means any one of the following events: (1)&nbsp;default in payment of the Principal (or
premium, if any) of any Security of this series when due (including as a sinking fund installment), and the continuance of that default
for more than two Business Days; (2)&nbsp;default in payment of interest on, or any Additional
Amounts payable in respect of, any Securities of this series when due and payable, and the continuance of that default for 30 calendar
days; (3)&nbsp;default in performing any other covenant in the Indenture with regard to any Security of this series for 90 calendar days
after the receipt of written notice from the Trustee or from the Holders of 25% in principal amount of the Securities of this series;
(4)&nbsp;an encumbrancer or a receiver or a person with similar functions appointed for execution (in Switzerland a <I>Liquidator</I>
or <I>Konkursverwalter</I>) taking possession of the whole or any substantial part of the assets or undertaking of the Company or the
Guarantor or a distress, execution or other process being levied or enforced upon or sued out against a substantial part of the property
or assets of the Company or the Guarantor and not being paid, discharged, removed or stayed within 30 calendar days; (5)&nbsp;the Company
or the Guarantor stopping payment or ceasing business (except in each case in circumstances previously approved by the Holders of a majority
in Principal (or, if any Securities are Original Issue Discount Securities, such portion of the Principal of such Securities of such series
as may then be accelerated pursuant to the terms of such Securities) of the outstanding Securities of all series affected (all such series
voting as one class)); (6)&nbsp;the Company becoming bankrupt or insolvent or entering into a provisional or definitive moratorium or
making a general assignment for the benefit of its creditors; (7)&nbsp;the Guarantor becoming bankrupt or insolvent (or being obliged
to notify the court of its financial situation in accordance with Article&nbsp;725b of the Swiss Code of Obligations) or entering into
a provisional or definitive moratorium (<I>provisorische or definitive Nachlassstundung</I>) or making a general arrangement with its
creditors (<I>Nachlassvertrag</I>); (8)&nbsp;an order being made or effective resolution passed for the winding-up or dissolution of the
Company or the Guarantor except (a)&nbsp;a winding-up or dissolution, the terms of such winding-up or dissolution having previously been
approved by the Holders of a majority in Principal (or, if any Securities are Original Issue Discount Securities, such portion of the
Principal of the Securities of the relevant series as may then be accelerated pursuant to the terms of such Securities) of the outstanding
Securities of all series affected (all such series voting as one class) or (ii)&nbsp;a winding-up or dissolution in connection with any
consolidation, merger, sale, lease or conveyance in accordance with the provisions described under Section&nbsp;5 of the Indenture; or
(9)&nbsp;if the Guarantee with respect to the Securities of this series ceases to be, or is claimed by the Guarantor not to be, in full
force and effect.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">As provided in and subject to the provisions of the Indenture, the
Holder of this Security shall not have the right to institute any proceeding with respect to the Indenture or for the appointment of a
receiver or trustee or for any other remedy thereunder, unless such Holder shall have previously given the Trustee written notice of a
continuing Event of Default with respect to the Securities of this series, the Holders of not less than 25% in principal amount of the
Securities of all such affected series at the time outstanding shall have made written request to the Trustee to institute proceedings
in respect of such Event of Default in its own name as Trustee and offered the Trustee indemnity reasonably satisfactory to the Trustee
against any costs, liabilities or expenses to be incurred in compliance with such request and, for 60 calendar days after receipt of such
notice, request and offer of indemnity, the Trustee shall have failed to institute any such proceeding, and, during such 60-calendar-day
period, the Trustee shall not have received from the Holders of a majority in principal amount of the Securities of this series at the
time outstanding a direction inconsistent with such request. The foregoing shall not apply to any suit instituted by the Holder of this
Security for the enforcement of any payment of principal hereof or any premium or interest hereon on or after the respective due dates
expressed herein.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The Indenture permits, with certain exceptions as therein provided,
the amendment thereof and the modification of the rights and obligations of the Company and the Guarantor and the rights of the Holders
of the Securities under the Indenture at any time by the Company, the Guarantor and the Trustee with the consent of the Holders of not
less than a majority in principal amount of the outstanding Securities affected by such amendment. The Indenture also contains provisions
permitting the Holders of specified percentages in principal amount of the Securities at the time outstanding, on behalf of the Holders
of all Securities, to waive compliance by the Company or the Guarantor, or both, with certain provisions of the Indenture and certain
past defaults under the Indenture and their consequences. Any such consent or waiver by the Holder of this Security shall be conclusive
and binding upon such Holder and upon all future Holders of this Security and of any Security issued upon the registration of transfer
hereof or in exchange herefor or in lieu hereof, whether or not notation of such consent or waiver is made upon this Security.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">No reference herein to the Indenture and no provision of this Security
or of the Indenture shall alter or impair the obligation of the Company, which is absolute and unconditional, to pay the Principal of
and interest on this Security at the times, place and rate, and in the coin or currency, herein prescribed.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The Company may, from time to time, without the consent of the Holders
of the Securities, increase the principal amount of the Securities by issuing additional Securities in the future on the same terms and
conditions as the Securities in all respects, except for any differences in the issue date, issue price and first payment of interest
thereon, and with the same CUSIP number as the Securities. The Securities and any additional Securities shall rank equally and ratably
and shall be treated as a single series for all purposes under the Indenture. The Company will not issue any additional Securities unless
such additional Securities are fungible with the Securities for U.S. federal income tax purposes.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">As provided in the Indenture and subject to certain limitations therein
set forth, the transfer of this Security is registrable in the Security Register, upon surrender of this Security for registration of
transfer at the office or agency of the Company in any place of payment where the Principal and interest on this Security are payable,
duly endorsed by, or accompanied by a written instrument of transfer in form satisfactory to the Company, the Guarantor and the Trustee
for the Securities duly executed by the Holder hereof or his attorney duly authorized in writing, and thereupon one or more new Securities
of this series, of authorized denomination and for the same aggregate principal amount, will be issued to the designated transferee or
transferees.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The Securities of this series are issuable only in registered form
without coupons in denominations of $2,000 and integral multiples of $1,000 in excess thereof. As provided in the Indenture and subject
to certain limitations set forth therein, Securities of this series are exchangeable for a like aggregate principal amount of Securities
of this series of a different authorized denomination, as requested by the Holder surrendering the same.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">No service charge shall be made for any such registration of transfer
or exchange, but the Company may require payment of a sum sufficient to cover any tax or other governmental charge payable in connection
therewith.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Prior to due presentment of this Security for registration of transfer,
the Company, the Guarantor, the Trustee and any agent of the Company, the Guarantor or the Trustee may treat the Person in whose name
this Security is registered as the owner hereof for all purposes, whether or not this Security be overdue, and none of the Company, the
Guarantor, the Trustee, or any such agent shall be affected by notice to the contrary.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The obligations of the Company and the Guarantor under the Indenture
and this Security and all documents delivered in the name of the Company or the Guarantor, as the case may be, in connection herewith
and therewith do not and shall not constitute personal obligations of the directors, officers, employees, agents or shareholders of the
Company or the Guarantor or any of them, and shall not involve any claim against or personal liability on the part of any of them, and
all persons including the Trustee shall look solely to the assets of the Company and the Guarantor for the payment of any claim thereunder
or for the performance thereof and shall not seek recourse against such directors, officers, employees, agents or shareholders of the
Company or the Guarantor or any of them or any of their personal assets for such satisfaction. The performance of the obligations of the
Company and the Guarantor under the Indenture and this Security and all documents delivered in the name of the Company or the Guarantor,
as the case may be, in connection therewith shall not be deemed a waiver of any rights or powers of the Company or the Guarantor or their
respective directors or shareholders under the Company&rsquo;s or the Guarantor&rsquo;s respective Articles of Incorporation.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">All terms used in this Security but not defined herein shall have the
meanings assigned to them in the Indenture.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">THE INDENTURE AND THE SECURITIES,&nbsp;INCLUDING THIS SECURITY, SHALL
BE GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH THE LAW OF THE STATE OF NEW YORK.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Pursuant to a recommendation promulgated by the Committee on Uniform
Security Identification Procedures, the Company has caused &ldquo;CUSIP&rdquo; numbers to be printed on the Securities as a convenience
to the Holders of the Securities. No representation is made as to the correctness or accuracy of such CUSIP numbers as printed on the
Securities, and reliance may be placed only on the other identification numbers printed hereon.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>SCHEDULE OF INCREASES OR DECREASES IN THE GLOBAL
SECURITY</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">The initial outstanding principal amount of this
Global Security is $__________. The following increases or decreases in this Global Security have been made:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: black 1pt solid; text-align: center; width: 20%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Date of Exchange</B></FONT></TD>
    <TD STYLE="text-align: center; width: 2%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#8239;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; width: 18%; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Amount of <BR>
decreases in <BR>
Principal Amount<BR>
of this Global Security</B></FONT></TD>
    <TD STYLE="width: 2%; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#8239;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; width: 18%; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Amount of<BR>
increases in <BR>
Principal Amount<BR>
of this Global Security</B></FONT></TD>
    <TD STYLE="width: 2%; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#8239;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; width: 18%; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Principal amount <BR>
of this Global <BR>
Security <BR>
following such<BR>
decreases or<BR>
increases</B></FONT></TD>
    <TD STYLE="width: 2%; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#8239;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; width: 18%">
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Signature of</B></P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>authorized<BR>
    signatory of<BR>
    Trustee</B></P></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding-bottom: 1pt; text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1pt; text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1pt; text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1pt; text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-bottom: 1pt; text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1pt; text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1pt; text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1pt; text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding-bottom: 1pt; text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1pt; text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1pt; text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1pt; text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1pt">&nbsp;</TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>ASSIGNMENT AND TRANSFER FORM</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">FOR VALUE RECEIVED, the undersigned hereby<BR>
sells, assigns and transfers unto</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" BORDER="0" STYLE="width: 100%; margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 45%">PLEASE INSERT SOCIAL SECURITY OR OTHER<BR>
IDENTIFYING NUMBER OF ASSIGNEE</TD>
    <TD STYLE="width: 5%">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-left: 10pt; text-indent: -10pt; width: 50%">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="padding-left: 10pt; text-indent: -10pt">&nbsp;</TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 100%; border-bottom: black 1pt solid">&nbsp;</TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">(Please Print or Typewrite Name and Address, including Zip Code, of
Assignee)</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: black 1pt solid; width: 100%">&nbsp;</TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">the within Security of Novartis Capital Corporation and</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 45%; border-bottom: black 1pt solid">&nbsp;</TD>
    <TD STYLE="width: 55%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">hereby does irrevocably constitute and appoint</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: black 1pt solid; width: 100%">&nbsp;</TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">attorney to transfer said Security on the books kept for the registration
thereof with full power of substitution in the premises</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 5%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Dated:</FONT></TD>
    <TD STYLE="width: 95%; border-bottom: black 1pt solid">&nbsp;</TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 7%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Signature</FONT></TD>
    <TD STYLE="width: 93%; border-bottom: black 1pt solid">&nbsp;</TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">NOTICE: The signature to this assignment must correspond with the name
as it appears on the first page&nbsp;of the within Security in every particular, without alteration or enlargement or any change whatever.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 15%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Signature Guaranteed:</FONT></TD>
    <TD STYLE="width: 85%; border-bottom: black 1pt solid">&nbsp;</TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">NOTICE: Signature(s)&nbsp;must be guaranteed by an &ldquo;<I>eligible
guarantor institution</I>&rdquo; that is a member or participant in a &ldquo;<I>signature guarantee program</I>&rdquo; (e.g., the Securities
Transfer Agents Medallion Program, the Stock Exchange Medallion Program and the New York Stock Exchange Medallion Program).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

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<DOCUMENT>
<TYPE>EX-4.6
<SEQUENCE>8
<FILENAME>tm2529850d5_ex4-6.htm
<DESCRIPTION>EXHIBIT 4.6
<TEXT>
<HTML>
<HEAD>
     <TITLE></TITLE>
</HEAD>
<BODY STYLE="font: 10pt Times New Roman, Times, Serif">

<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right"><FONT><B>Exhibit&nbsp;4.6</B></FONT></P>



<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>FORM&nbsp;OF GUARANTEED DEBT SECURITY</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">THIS SECURITY IS IN GLOBAL FORM&nbsp;WITHIN THE MEANING OF THE INDENTURE
HEREINAFTER REFERRED TO AND IS REGISTERED IN THE NAME OF THE DEPOSITORY TRUST COMPANY, A NEW YORK CORPORATION (<B>DTC</B>), OR A NOMINEE
OF DTC, WHICH MAY&nbsp;BE TREATED BY THE COMPANY, THE GUARANTOR, THE TRUSTEE AND ANY AGENT THEREOF AS OWNER AND HOLDER OF THIS SECURITY
FOR ALL PURPOSES.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">UNLESS THIS CERTIFICATE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE
OF DTC TO THE COMPANY OR ITS AGENT FOR REGISTRATION OF TRANSFER, EXCHANGE, OR PAYMENT, AND ANY CERTIFICATE ISSUED IS REGISTERED IN THE
NAME OF CEDE&nbsp;&amp; CO. OR IN SUCH OTHER NAME AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC (AND ANY PAYMENT IS MADE TO CEDE&nbsp;&amp;
CO. OR TO SUCH OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC), ANY TRANSFER, PLEDGE, OR OTHER USE HEREOF FOR VALUE
OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL INASMUCH AS THE REGISTERED OWNER HEREOF CEDE&nbsp;&amp; CO., HAS AN INTEREST HEREIN.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">UNLESS AND UNTIL IT IS EXCHANGED IN WHOLE OR IN PART&nbsp;FOR SECURITIES
IN DEFINITIVE FORM&nbsp;IN THE LIMITED CIRCUMSTANCES REFERRED TO IN THE INDENTURE, THIS GLOBAL SECURITY MAY&nbsp;NOT BE TRANSFERRED EXCEPT
AS A WHOLE BY DTC TO A NOMINEE OF DTC OR BY A NOMINEE OF DTC TO DTC OR ANOTHER NOMINEE OF DTC OR BY DTC OR ANY SUCH NOMINEE TO A SUCCESSOR
DEPOSITARY OR A NOMINEE OF SUCH SUCCESSOR DEPOSITARY.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR>
    <TD STYLE="vertical-align: top; width: 50%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">REGISTERED NO. [&nbsp;&nbsp;]</FONT></TD>
    <TD STYLE="vertical-align: top; width: 50%; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">PRINCIPAL AMOUNT: $[&nbsp;&nbsp;]</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">CUSIP NO. 66989HBB3</FONT></TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">ISIN NO. US66989HBB33</FONT></TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>NOVARTIS CAPITAL CORPORATION</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>5.200% NOTES DUE 2045 (the &ldquo;Security&rdquo;)</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>FULLY AND UNCONDITIONALLY GUARANTEED BY</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>NOVARTIS AG</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Novartis Capital Corporation, a corporation organized under the laws
of the State of Delaware (hereinafter called the <B>Company</B>, which term shall include any successor entity under the Indenture), for
value received, hereby promises to pay to Cede&nbsp;&amp; Co., as nominee for DTC, or registered assigns, upon presentation, the principal
sum of [ ] Dollars ($[ ]) (or such other amount set forth on the Schedule of Increases or Decreases in the Global Security attached hereto)
on November&nbsp;5, 2045 (the <B>Maturity Date</B>) and to pay interest thereon from November 5, 2025 or from the most recent interest
payment date to which interest has been paid or duly provided for, semi-annually in arrears on May&nbsp;5 and November&nbsp;5 in each
year (each an <B>Interest Payment Date</B>), commencing on May&nbsp;5, 2026, at the rate of 5.200% per annum, until the entire Principal
hereof is paid or made available for payment. All terms used in this Global Security but not defined herein shall have the meanings assigned
to them in the Indenture.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The interest so payable, and punctually paid or duly provided for on
any Interest Payment Date will, as provided in the Indenture, be paid to the Person in whose name this Security is registered at the close
of business on the Record Date for such interest, which shall be April&nbsp;20 or October&nbsp;20 (whether or not a Business Day (as defined
below)), as the case may be, next preceding such Interest Payment Date. Any such interest not so punctually paid or duly provided for
shall forthwith cease to be payable to the Holder on such Record Date, and may either be paid to the Person in whose name this Security
is registered at the close of business on a special record date for the payment of defaulted interest to be fixed by the Trustee, notice
whereof shall be given to Holders of Securities of this series at least 15 calendar days prior to such special record date, or may be
paid at any time in any other lawful manner not inconsistent with the requirements of any securities exchange on which the Securities
may be listed, and upon such notice as may be required by such exchange, all as more fully provided in the Indenture.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Payment of the Principal of and interest on and any Additional Amounts
(as defined below) in respect of this Global Security will be paid to DTC for the purpose of permitting DTC to credit the Principal and
interest received by it in respect of this Global Security to the accounts of the beneficial owners thereof; <I>provided</I>, <I>however</I>,
that if this Security is not a Global Security, payment of the Principal of, interest on and Additional Amounts, if any, in respect of
this Security will be made at the office or agency of the Trustee in The City of New York, or elsewhere as provided in the Indenture,
in such coin or currency of the United States of America as at the time of payment is legal tender for payment of public and private debts;
and <I>provided</I>, <I>further</I>, that at the option of the Company payment of interest may be made by (a)&nbsp;check mailed to the
address of the Person entitled thereto as such address shall appear in the Security Register or (b)&nbsp;transfer to an account of the
Person entitled thereto located inside the United States.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">If an Interest Payment Date or redemption date (including an optional
make whole redemption date and an optional redemption date for tax reasons (as described on the reverse hereof)), or the Maturity Date,
as the case may be, would fall on a day that is not a Business Day, then the Interest Payment Date or redemption date (including an optional
make whole redemption date and an optional redemption date for tax reasons), or the Maturity Date, as the case may be, will be postponed
to the next succeeding Business Day, but no additional interest shall be paid unless the Company fails to make payment on such next succeeding
Business Day.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Business Day</B> means any day other than a Saturday, a Sunday or
a day on which banking institutions in The City of New York are authorized or obligated by law, regulation or executive order to be closed
and on which commercial banks and foreign exchange markets settle payments and are open for general business (including dealings in foreign
exchange and foreign currency deposits) in Zurich, Switzerland.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Additional provisions of this Security are set forth following the
signature page&nbsp;hereof, which provisions shall for all purposes have the same effect as if set forth at this place.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Unless the certificate of authentication hereon has been executed by
or on behalf of the Trustee referred to on the reverse hereof by manual signature, this Security shall not be entitled to any benefit
under the Indenture or be valid or obligatory for any purpose.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>IN WITNESS WHEREOF</B>, the Company has caused this instrument to
be duly executed this 5<SUP>th</SUP>&nbsp;day of November&nbsp;2025.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2"><B>NOVARTIS CAPITAL CORPORATION</B></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 50%">&nbsp;</TD>
    <TD STYLE="width: 5%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">By: </FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; width: 45%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Name:</FONT></TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Title:</FONT></TD>
    <TD>&nbsp;</TD></TR>
  </TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"></P>

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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>TRUSTEE&rsquo;S CERTIFICATE OF AUTHENTICATION</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">This is one or all of the Securities of the series designated &ldquo;5.200%
Notes due 2045&rdquo; pursuant to the within-mentioned Indenture.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>HSBC BANK USA, NATIONAL ASSOCIATION</B>,</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">as Trustee</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 50%">&nbsp;</TD>
    <TD STYLE="width: 3%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">By: </FONT></TD>
    <TD STYLE="width: 47%; border-bottom: black 1pt solid">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Authorized Signatory</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>GUARANTEE</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>OF</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>NOVARTIS AG</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">For value received, Novartis AG, a stock corporation (<I>Aktiengesellschaft</I>)
incorporated under the laws of Switzerland, having its principal executive offices at Lichtstrasse 35, CH-4056 Basel, Switzerland (the
<B>Guarantor</B>, which term includes any Person as a successor Guarantor under the Indenture referred to in the Security upon which this
Guarantee is endorsed), hereby fully and unconditionally guarantees to the Holder of the Security upon which this Guarantee is endorsed
and to the Trustee on behalf of each such Holder the due and punctual payment of the Principal of, interest on and any Additional Amounts
payable in respect of such Security and the due and punctual payment of the sinking fund or analogous payments referred to therein, if
any, when and as the same shall become due and payable, whether on the Maturity Date, by declaration of acceleration, call for redemption
or otherwise, according to the terms thereof and of the Indenture referred to therein. In case of the failure of Novartis Capital Corporation,
a corporation organized under the laws of the State of Delaware (the <B>Company</B>, which term includes any successor Person under such
Indenture), to punctually make any such payment of Principal, interest or Additional Amounts or any such sinking fund or analogous payment,
the Guarantor hereby agrees to cause any such payment to be made punctually when and as the same shall become due and payable, whether
on the Maturity Date or by declaration of acceleration, call for redemption or otherwise, and as if such payment were made by the Company.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The indebtedness evidenced by this Guarantee is ranked equally and
<I>pari passu</I> with all other unsecured and unsubordinated indebtedness of the Guarantor.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The Guarantor hereby agrees that its obligations hereunder shall be
absolute and unconditional, irrespective of, and shall be unaffected&nbsp;by, any invalidity, irregularity or unenforceability of such
Security or such Indenture, any failure to enforce the provisions&nbsp;of such Security or such Indenture, or any waiver, modification
or indulgence granted to the Company with respect thereto, by the Holder of&nbsp;such Security or the Trustee or any other circumstance
that may otherwise constitute a legal or equitable discharge of a guarantor; <I>provided</I>, <I>however</I>, that, notwithstanding the
foregoing, no such waiver, modification or indulgence shall, without the consent of the Guarantor, increase the Principal of such Security,
or increase the interest rate thereon, or alter the stated Maturity Date thereof, or increase the Principal of any Original Issue Discount
Security that would be due and payable upon a declaration of acceleration of the maturity thereof pursuant to Article&nbsp;7 of such Indenture.
The Guarantor hereby waives diligence, presentment, demand of payment, filing of claims with a court in the event of merger or bankruptcy
of the Company, any right to require a proceeding first against the Company, protest or notice with respect to such Security or the indebtedness
evidenced thereby or with respect to any sinking fund or analogous payment required under such Security and all demands whatsoever, and
covenants that this Guarantee will not be discharged except by payment in full of the Principal of, interest on and Additional Amounts
payable in respect of such Security. This Guarantee is a guarantee of payment and not of collection.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The Guarantor shall be subrogated to all rights of the Holder of such
Security and the Trustee against the Company in respect of any amounts paid to such Holder by the Guarantor pursuant to the provisions
of this Guarantee; <I>provided</I>, <I>however</I>, that the Guarantor shall not be entitled to enforce, or to receive any payments arising
out of or based upon such right of subrogation until the Principal of, interest on and Additional Amounts payable in respect of all Securities
of the same series issued under such Indenture shall have been paid in full.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">No reference herein to such Indenture and no provision of such Indenture
shall alter or impair the guarantees of the Guarantor, which are absolute and unconditional, of the due and punctual payment of the Principal
of, interest on and Additional Amounts payable in respect of, and any sinking fund or analogous payments with respect to, the Security
upon which this Guarantee is endorsed.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">This Guarantee shall not be valid or obligatory for any purpose until
the certificate of authentication of such Security shall have been manually executed by or on behalf of the Trustee under such Indenture.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">All terms used in this Guarantee but not defined herein shall have
the meanings assigned to them in such Indenture.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">THIS GUARANTEE SHALL BE GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH
THE LAWS OF THE STATE OF NEW YORK.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>IN WITNESS WHEREOF</B>, the Guarantor has caused this Guarantee
to be duly executed this 5<SUP>th</SUP>&nbsp;day of November&nbsp;2025.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>NOVARTIS AG</B>, </FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">as the Guarantor</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 50%">&nbsp;</TD>
    <TD STYLE="width: 5%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">By:</FONT></TD>
    <TD STYLE="width: 45%; border-bottom: black 1pt solid">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Name:</FONT></TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Title:</FONT></TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">By:</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Name:</FONT></TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Title:</FONT></TD>
    <TD>&nbsp;</TD></TR>
  </TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">[REVERSE OF SECURITY]</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">This Security is one or all of a duly authorized issue of securities
of the Company (herein called the <B>Securities</B>) issued and to be issued in one or more series under an Indenture, dated as of February&nbsp;10,
2009 (herein called the <B>Indenture</B>), among the Company, Novartis Securities Investment Ltd. and Novartis Finance S.A., as issuers,
Novartis AG, as guarantor (the <B>Guarantor</B>), and HSBC Bank USA, National Association, as trustee (herein called the <B>Trustee</B>,
which term includes any successor trustee under the Indenture), to which Indenture and all Board Resolutions and Officer&rsquo;s Certificates
as provided therein, reference is hereby made for a statement of the respective rights, limitation of rights, duties and immunities thereunder
of the Company, the Guarantor, the Trustee and the Holders of the Securities and of the terms upon which the Securities are, and are to
be, authenticated and delivered. This Security is one or all of the series designated as the &ldquo;5.200% Notes due 2045.&rdquo;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Notwithstanding Section&nbsp;4.5 of the Indenture, payments made by
the Company or the Guarantor under or with respect to the Securities will be free and clear of and without withholding or deduction for
or on account of any and all present or future taxes, duties, assessments or governmental charges of any nature imposed, levied, collected,
withheld or assessed by or on behalf of (i)&nbsp;the government of Switzerland or of any political subdivision of Switzerland or by any
authority or agency therein or thereof having the power to tax, (ii)&nbsp;the government of the jurisdiction of organization of the Company
or any political subdivision or territory or possession of such jurisdiction or by any authority or agency therein or thereof having the
power to tax or (iii)&nbsp;the government of any jurisdiction from or through which a payment on the Securities or the guarantee is made
or any political subdivision or territory or possession of such jurisdiction or by any authority or agency therein or thereof having power
to tax (each of clauses (i), (ii)&nbsp;and (iii), a <B>Relevant Taxing Jurisdiction</B>), which are referred to herein collectively as
<B>Taxes</B>, unless the Company is required to withhold or deduct Taxes by law. If the Company is required to withhold or deduct any
amount for or on account of Taxes from any payment made with respect to the Securities, the Company will pay such additional amounts (<B>Additional
Amounts</B>) as may be necessary so that the net amount received by each Holder (including Additional Amounts) after such withholding
or deduction will not be less than the amount the Holder would have received if the Taxes had not been withheld or deducted; provided
that no Additional Amounts will be payable with respect to Taxes: (1)&nbsp;imposed by the United States or by any political subdivision
or territory or possession of such jurisdiction or by any authority or agency therein or thereof having the power to tax; (2)&nbsp;that would not have been imposed but for the existence of any present or former connection between such Holder or beneficial
owner of the Securities (or between a fiduciary, settlor, beneficiary, member or shareholder of, or possessor of a power over, such holder
or beneficial owner, if such Holder or beneficial owner is an estate, trust, partnership or corporation) and a Relevant Taxing Jurisdiction,
including, without limitation, such Holder or beneficial owner (or such fiduciary, settlor, beneficiary, member, shareholder or possessor)
being or having been a citizen or resident thereof or treated as a resident thereof or domiciled thereof or a national thereof or being
or having been present or engaged in trade or business therein or having or having had a permanent establishment therein; (3)&nbsp;that
are estate, inheritance, gift, sales, transfer, personal property, wealth or similar taxes, duties, assessments or other governmental
charges; (4)&nbsp;with respect to any withholding or deduction imposed on a payment in respect of a note where such withholding or deduction
is required to be made pursuant to laws enacted by Switzerland pursuant to which a person other than the issuer or the guarantor, as the
case may be, is required to withhold or deduct tax on any interest payments; (5)&nbsp;payable other than by withholding from payments
of principal of or interest on or with respect to the Securities; (6)&nbsp;that would not have been imposed but for the failure of the
applicable recipient of such payment, upon request, to make a declaration of non-residence or other similar claim for exemption to the
relevant tax authority or comply with any certification, identification, information, documentation or other reporting requirement to
the extent such compliance is required by applicable law or administrative practice or an applicable treaty as a precondition to exemption
from, or reduction in, the rate of deduction or withholding of such Taxes; (7)&nbsp;that would not have been imposed but for the presentation
of a Security (where presentation is required) for payment on a date more than 30 days after the date on which such payment first became
due and payable or the date on which payment thereof was duly provided for, whichever occurred later; (8)&nbsp;to the extent the amount
of Tax could have been reduced by presentation for payment of the relevant Securities to a paying agent other than the paying agent to
which the presentation was made; or (9)&nbsp;any combination of the foregoing items; nor shall Additional Amounts be paid with respect
to any payment of the principal of or interest on any note to any such Holder who is a fiduciary or a partnership or a beneficial owner
who is other than the sole beneficial owner of such payment to the extent a beneficiary or settlor with respect to such fiduciary or a
member of such partnership or a beneficial owner would not have been entitled to such Additional Amounts had it been the Holder of the
Security. Notwithstanding any other provisions contained herein, each of the Company, the Guarantor or any other person making payments
on behalf of the Company shall be entitled to deduct and withhold, as required, and shall not be required to pay any Additional Amounts
with respect to any such withholding or deduction imposed on or in respect of any note pursuant to Sections 1471 through 1474 of the United
States Internal Revenue Code of 1986, as amended (<B>FATCA</B>), any current or future U.S. Treasury regulations or rulings promulgated
thereunder, any intergovernmental agreement between the United States and any other jurisdiction to implement FATCA, any law, regulation
or other official guidance enacted or published in any jurisdiction implementing FATCA or an intergovernmental agreement with respect
thereto, or any agreement with the U.S. Internal Revenue Service under FATCA.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Notwithstanding Section&nbsp;3.1 of the Indenture, the Company may
redeem the Securities in whole (but not in part) at any time, on giving not less than 10 nor more than 60 days&rsquo; notice of such redemption,
at a redemption price equal to the Principal plus accrued and unpaid interest, if any, to (but not including) the date fixed for redemption,
if: (1)&nbsp;the Company determines that, as a result of any change in or amendment to the laws or any regulations or rulings promulgated
thereunder of a Relevant Taxing Jurisdiction, or any change in the application or official interpretation of such laws, regulations or
rulings, or any change in the application or official interpretation of, or any execution of or amendment to, any treaty or treaties affecting
taxation to which any such jurisdiction is a party, which change, execution or amendment becomes effective on or after the date hereof:
(a)&nbsp;the Company or the Guarantor would be required to pay Additional Amounts with respect to such series of Securities on the next
succeeding Interest Payment Date and the payment of such Additional Amounts cannot be avoided by the use of reasonable measures available
to the Company or the Guarantor; or (b)&nbsp;withholding tax has been or would be required to be
withheld with respect to interest income received or receivable by the Company directly from the Guarantor (or any affiliate) and such
withholding tax obligation cannot be avoided by the use of reasonable measures available to the Company or the Guarantor (or any affiliate);
or (2)&nbsp;the Company determines, based upon an opinion of independent counsel selected by the Company that, as a result of any action
taken by any legislative body of, taxing authority of, or any action brought in a court of competent jurisdiction in, a Relevant Taxing
Jurisdiction (whether or not such action was taken or brought with respect to the Guarantor or the Company, as the case may be), which
action is taken or brought on or after the date hereof, there is a substantial probability that the circumstances described in clause
(1)&nbsp;above would exist; provided, however, that no such notice of redemption may be given earlier than 90 days prior to the earliest
date on which the Company or the Guarantor would be obligated to pay such Additional Amounts. The
Company will also pay to each Holder, or make available for payment to each such Holder, on the redemption date any Additional Amounts
resulting from the payment of such redemption price, subject to the conditions described in the preceding paragraph.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Prior to May&nbsp;5, 2045 (the <B>Par Call Date</B>), the Company may
redeem this Security, in whole or in part, at its option at any time and from time to time, at a redemption price (expressed as a percentage
of principal amount and rounded to three decimal places) equal to the greater of:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in">(1)&nbsp;(a)&nbsp;the sum of the present values of the remaining
scheduled payments of principal and interest thereon discounted to the redemption date (assuming this Security matured on the Par Call
Date) on a semi-annual basis (assuming a 360-day year consisting of twelve 30-day months) at the Treasury Rate (as defined below) plus
10 basis points, less (b)&nbsp;interest accrued to the date of redemption, and</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in">(2)&nbsp;100% of the principal amount of this Security to
be redeemed,</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">plus, in either case, accrued and unpaid interest thereon to the redemption
date.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">On or after the Par Call Date, the Company may redeem this Security,
in whole or in part, at any time and from time to time, at a redemption price equal to 100% of the principal amount of this Security being
redeemed plus accrued and unpaid interest thereon to the redemption date.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&ldquo;Treasury Rate&rdquo; means, with respect to any redemption date,
the yield determined by the Company in accordance with the following two paragraphs.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The Treasury Rate shall be determined by the Company after 4:15 p.m.,
New York City time (or after such time as yields on U.S. government securities are posted daily by the Board of Governors of the Federal
Reserve System), on the third business day preceding the redemption date based upon the yield or yields for the most recent day that appear
after such time on such day in the most recent statistical release published by the Board of Governors of the Federal Reserve System designated
as &ldquo;Selected Interest Rates (Daily)&thinsp;&mdash;&thinsp;H.15&rdquo; (or any successor designation or publication) (<B>H.15</B>)
under the caption &ldquo;U.S. government securities &mdash; Treasury constant maturities&thinsp;&mdash;&thinsp;Nominal&rdquo; (or
any successor caption or heading) (<B>H.15 TCM</B>). In determining the Treasury Rate, the Company shall select, as applicable: (1)&nbsp;the
yield for the Treasury constant maturity on H.15 exactly equal to the period from the redemption date to the Par Call Date (the <B>Remaining
Life</B>); or (2)&nbsp;if there is no such Treasury constant maturity on H.15 exactly equal to the Remaining Life, the two yields&thinsp;&mdash;&thinsp;one
yield corresponding to the Treasury constant maturity on H.15 immediately shorter than and one yield corresponding to the Treasury constant
maturity on H.15 immediately longer than the Remaining Life&thinsp;&mdash;&thinsp;and shall interpolate to the Par Call Date on a straight-line
basis (using the actual number of days) using such yields and rounding the result to three decimal places; or (3)&nbsp;if there is no
such Treasury constant maturity on H.15 shorter than or longer than the Remaining Life, the yield for the single Treasury constant maturity
on H.15 closest to the Remaining Life. For purposes of this paragraph, the applicable Treasury constant maturity or maturities on H.15
shall be deemed to have a maturity date equal to the relevant number of months or years, as applicable, of such Treasury constant maturity
from the redemption date.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">If on the third business day preceding the redemption date H.15 TCM
is no longer published, the Company shall calculate the Treasury Rate based on the rate per annum equal to the semi-annual equivalent
yield to maturity at 11:00 a.m., New York City time, on the second business day preceding such redemption date of the United States Treasury
security maturing on, or with a maturity that is closest to, the Par Call Date, as applicable. If there is no United States Treasury security
maturing on the Par Call Date, but there are two or more United States Treasury securities with a maturity date equally distant from the
Par Call Date, one with a maturity date preceding the Par Call Date, and one with a maturity date following the Par Call Date, the Company
shall select the United States Treasury security with a maturity date preceding the Par Call Date. If there are two or more United States
Treasury securities maturing on the Par Call Date, or two or more United States Treasury securities meeting the criteria of the preceding
sentence, the Company shall select from among these two or more United States Treasury securities the United States Treasury security
that is trading closest to par based upon the average of the bid and asked prices for such United States Treasury securities at 11:00
a.m., New York City time. In determining the Treasury Rate in accordance with the terms of this paragraph, the semi-annual yield to maturity
of the applicable United States Treasury security shall be based upon the average of the bid and asked prices (expressed as a percentage
of the principal amount) at 11:00 a.m., New York City time, of such United States Treasury security, and rounded to three decimal places.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The Company&rsquo;s actions and determinations in determining the redemption
price shall be conclusive and binding for all purposes, absent manifest error.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Notice of any redemption will be mailed or electronically delivered
(or otherwise transmitted in accordance with the depositary&rsquo;s procedures) at least 10 calendar days but not more than 60 calendar
days before the redemption date to each Holder of the Securities to be so redeemed.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Any redemption may, at the Company&rsquo;s discretion, be subject to
one or more conditions precedent. Any related written notice of redemption will describe the conditions precedent and, at the Company&rsquo;s
discretion, will indicate that the redemption date may be delayed or the written notice rescinded if all such conditions precedent have
not been satisfied or waived by the Company.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">In the case of a partial redemption, selection of the Securities for
redemption will be made pro rata, by lot or by such other method as the Trustee in its sole discretion deems appropriate and fair. No
Securities of any series of a principal amount of $2,000 or less will be redeemed in part. If any Security is to be redeemed in part only,
the notice of redemption that relates to such Security will state the portion of the principal amount of the applicable Security to be
redeemed. A new Security in a principal amount equal to the unredeemed portion of the applicable Security will be issued in the name of
the holder of such Security upon surrender for cancellation of such original Security. For so long as any Securities of this series are
registered in the name of DTC (or another depositary) or such depositary&rsquo;s nominee, the redemption of such Security shall be done
in accordance with the policies and procedures of the depositary.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Unless the Company defaults in payment of the redemption price, on
and after the redemption date interest will cease to accrue on the Securities or portions thereof called for redemption.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The Indenture contains provisions for defeasance of (a)&nbsp;the entire
indebtedness of this Security and (b)&nbsp;certain restrictive covenants and the related defaults and Events of Default (as described
below) applicable to the Company and the Guarantor, in each case, upon compliance by the Company and the Guarantor with certain conditions
set forth in the Indenture, which provisions apply to this Security.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Notwithstanding Section&nbsp;7.1 of the Indenture, an Event of Default
with respect to the Securities of this series means any one of the following events: (1)&nbsp;default in payment of the Principal (or
premium, if any) of any Security of this series when due (including as a sinking fund installment), and the continuance of that default
for more than two Business Days; (2)&nbsp;default in payment of interest on, or any Additional
Amounts payable in respect of, any Securities of this series when due and payable, and the continuance of that default for 30 calendar
days; (3)&nbsp;default in performing any other covenant in the Indenture with regard to any Security of this series for 90 calendar days
after the receipt of written notice from the Trustee or from the Holders of 25% in principal amount of the Securities of this series;
(4)&nbsp;an encumbrancer or a receiver or a person with similar functions appointed for execution (in Switzerland a <I>Liquidator</I>
or <I>Konkursverwalter</I>) taking possession of the whole or any substantial part of the assets or undertaking of the Company or the
Guarantor or a distress, execution or other process being levied or enforced upon or sued out against a substantial part of the property
or assets of the Company or the Guarantor and not being paid, discharged, removed or stayed within 30 calendar days; (5)&nbsp;the Company
or the Guarantor stopping payment or ceasing business (except in each case in circumstances previously approved by the Holders of a majority
in Principal (or, if any Securities are Original Issue Discount Securities, such portion of the Principal of such Securities of such series
as may then be accelerated pursuant to the terms of such Securities) of the outstanding Securities of all series affected (all such series
voting as one class)); (6)&nbsp;the Company becoming bankrupt or insolvent or entering into a provisional or definitive moratorium or
making a general assignment for the benefit of its creditors; (7)&nbsp;the Guarantor becoming bankrupt or insolvent (or being obliged
to notify the court of its financial situation in accordance with Article&nbsp;725b of the Swiss Code of Obligations) or entering into
a provisional or definitive moratorium (<I>provisorische or definitive Nachlassstundung</I>) or making a general arrangement with its
creditors (<I>Nachlassvertrag</I>); (8)&nbsp;an order being made or effective resolution passed for the winding-up or dissolution of the
Company or the Guarantor except (a)&nbsp;a winding-up or dissolution, the terms of such winding-up or dissolution having previously been
approved by the Holders of a majority in Principal (or, if any Securities are Original Issue Discount Securities, such portion of the
Principal of the Securities of the relevant series as may then be accelerated pursuant to the terms of such Securities) of the outstanding
Securities of all series affected (all such series voting as one class) or (ii)&nbsp;a winding-up or dissolution in connection with any
consolidation, merger, sale, lease or conveyance in accordance with the provisions described under Section&nbsp;5 of the Indenture; or
(9)&nbsp;if the Guarantee with respect to the Securities of this series ceases to be, or is claimed by the Guarantor not to be, in full
force and effect.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">As provided in and subject to the provisions of the Indenture, the
Holder of this Security shall not have the right to institute any proceeding with respect to the Indenture or for the appointment of a
receiver or trustee or for any other remedy thereunder, unless such Holder shall have previously given the Trustee written notice of a
continuing Event of Default with respect to the Securities of this series, the Holders of not less than 25% in principal amount of the
Securities of all such affected series at the time outstanding shall have made written request to the Trustee to institute proceedings
in respect of such Event of Default in its own name as Trustee and offered the Trustee indemnity reasonably satisfactory to the Trustee
against any costs, liabilities or expenses to be incurred in compliance with such request and, for 60 calendar days after receipt of such
notice, request and offer of indemnity, the Trustee shall have failed to institute any such proceeding, and, during such 60-calendar-day
period, the Trustee shall not have received from the Holders of a majority in principal amount of the Securities of this series at the
time outstanding a direction inconsistent with such request. The foregoing shall not apply to any suit instituted by the Holder of this
Security for the enforcement of any payment of principal hereof or any premium or interest hereon on or after the respective due dates
expressed herein.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The Indenture permits, with certain exceptions as therein provided,
the amendment thereof and the modification of the rights and obligations of the Company and the Guarantor and the rights of the Holders
of the Securities under the Indenture at any time by the Company, the Guarantor and the Trustee with the consent of the Holders of not
less than a majority in principal amount of the outstanding Securities affected by such amendment. The Indenture also contains provisions
permitting the Holders of specified percentages in principal amount of the Securities at the time outstanding, on behalf of the Holders
of all Securities, to waive compliance by the Company or the Guarantor, or both, with certain provisions of the Indenture and certain
past defaults under the Indenture and their consequences. Any such consent or waiver by the Holder of this Security shall be conclusive
and binding upon such Holder and upon all future Holders of this Security and of any Security issued upon the registration of transfer
hereof or in exchange herefor or in lieu hereof, whether or not notation of such consent or waiver is made upon this Security.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">No reference herein to the Indenture and no provision of this Security
or of the Indenture shall alter or impair the obligation of the Company, which is absolute and unconditional, to pay the Principal of
and interest on this Security at the times, place and rate, and in the coin or currency, herein prescribed.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The Company may, from time to time, without the consent of the Holders
of the Securities, increase the principal amount of the Securities by issuing additional Securities in the future on the same terms and
conditions as the Securities in all respects, except for any differences in the issue date, issue price and first payment of interest
thereon, and with the same CUSIP number as the Securities. The Securities and any additional Securities shall rank equally and ratably
and shall be treated as a single series for all purposes under the Indenture. The Company will not issue any additional Securities unless
such additional Securities are fungible with the Securities for U.S. federal income tax purposes.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">As provided in the Indenture and subject to certain limitations therein
set forth, the transfer of this Security is registrable in the Security Register, upon surrender of this Security for registration of
transfer at the office or agency of the Company in any place of payment where the Principal and interest on this Security are payable,
duly endorsed by, or accompanied by a written instrument of transfer in form satisfactory to the Company, the Guarantor and the Trustee
for the Securities duly executed by the Holder hereof or his attorney duly authorized in writing, and thereupon one or more new Securities
of this series, of authorized denomination and for the same aggregate principal amount, will be issued to the designated transferee or
transferees.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The Securities of this series are issuable only in registered form
without coupons in denominations of $2,000 and integral multiples of $1,000 in excess thereof. As provided in the Indenture and subject
to certain limitations set forth therein, Securities of this series are exchangeable for a like aggregate principal amount of Securities
of this series of a different authorized denomination, as requested by the Holder surrendering the same.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">No service charge shall be made for any such registration of transfer
or exchange, but the Company may require payment of a sum sufficient to cover any tax or other governmental charge payable in connection
therewith.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Prior to due presentment of this Security for registration of transfer,
the Company, the Guarantor, the Trustee and any agent of the Company, the Guarantor or the Trustee may treat the Person in whose name
this Security is registered as the owner hereof for all purposes, whether or not this Security be overdue, and none of the Company, the
Guarantor, the Trustee, or any such agent shall be affected by notice to the contrary.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The obligations of the Company and the Guarantor under the Indenture
and this Security and all documents delivered in the name of the Company or the Guarantor, as the case may be, in connection herewith
and therewith do not and shall not constitute personal obligations of the directors, officers, employees, agents or shareholders of the
Company or the Guarantor or any of them, and shall not involve any claim against or personal liability on the part of any of them, and
all persons including the Trustee shall look solely to the assets of the Company and the Guarantor for the payment of any claim thereunder
or for the performance thereof and shall not seek recourse against such directors, officers, employees, agents or shareholders of the
Company or the Guarantor or any of them or any of their personal assets for such satisfaction. The performance of the obligations of the
Company and the Guarantor under the Indenture and this Security and all documents delivered in the name of the Company or the Guarantor,
as the case may be, in connection therewith shall not be deemed a waiver of any rights or powers of the Company or the Guarantor or their
respective directors or shareholders under the Company&rsquo;s or the Guarantor&rsquo;s respective Articles of Incorporation.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">All terms used in this Security but not defined herein shall have the
meanings assigned to them in the Indenture.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">THE INDENTURE AND THE SECURITIES,&nbsp;INCLUDING THIS SECURITY, SHALL
BE GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH THE LAW OF THE STATE OF NEW YORK.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Pursuant to a recommendation promulgated by the Committee on Uniform
Security Identification Procedures, the Company has caused &ldquo;CUSIP&rdquo; numbers to be printed on the Securities as a convenience
to the Holders of the Securities. No representation is made as to the correctness or accuracy of such CUSIP numbers as printed on the
Securities, and reliance may be placed only on the other identification numbers printed hereon.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>SCHEDULE OF INCREASES OR DECREASES IN THE GLOBAL
SECURITY</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">The initial outstanding principal amount of this
Global Security is $__________. The following increases or decreases in this Global Security have been made:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: black 1pt solid; text-align: center; width: 20%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Date of Exchange</B></FONT></TD>
    <TD STYLE="text-align: center; width: 2%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#8239;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; width: 18%; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Amount of <BR>
decreases in <BR>
Principal Amount<BR>
of this Global Security</B></FONT></TD>
    <TD STYLE="width: 2%; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#8239;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; width: 18%; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Amount of<BR>
increases in <BR>
Principal Amount<BR>
of this Global Security</B></FONT></TD>
    <TD STYLE="width: 2%; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#8239;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; width: 18%; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Principal amount <BR>
of this Global <BR>
Security <BR>
following such<BR>
decreases or<BR>
increases</B></FONT></TD>
    <TD STYLE="width: 2%; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#8239;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; width: 18%">
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Signature of</B></P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>authorized<BR>
    signatory of<BR>
    Trustee</B></P></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding-bottom: 1pt; text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1pt; text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1pt; text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1pt; text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-bottom: 1pt; text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1pt; text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1pt; text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1pt; text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding-bottom: 1pt; text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1pt; text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1pt; text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1pt; text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1pt">&nbsp;</TD></TR>
  </TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>ASSIGNMENT AND TRANSFER FORM</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">FOR VALUE RECEIVED, the undersigned hereby<BR>
sells, assigns and transfers unto</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" BORDER="0" STYLE="width: 100%; margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 45%">PLEASE INSERT SOCIAL SECURITY OR OTHER<BR>
IDENTIFYING NUMBER OF ASSIGNEE</TD>
    <TD STYLE="width: 5%">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-left: 10pt; text-indent: -10pt; width: 50%">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="padding-left: 10pt; text-indent: -10pt">&nbsp;</TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 100%; border-bottom: black 1pt solid">&nbsp;</TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">(Please Print or Typewrite Name and Address, including Zip Code, of
Assignee)</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: black 1pt solid; width: 100%">&nbsp;</TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">the within Security of Novartis Capital Corporation and</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 45%; border-bottom: black 1pt solid">&nbsp;</TD>
    <TD STYLE="width: 55%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">hereby does irrevocably constitute and appoint</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: black 1pt solid; width: 100%">&nbsp;</TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">attorney to transfer said Security on the books kept for the registration
thereof with full power of substitution in the premises</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 5%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Dated:</FONT></TD>
    <TD STYLE="width: 95%; border-bottom: black 1pt solid">&nbsp;</TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 7%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Signature</FONT></TD>
    <TD STYLE="width: 93%; border-bottom: black 1pt solid">&nbsp;</TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">NOTICE: The signature to this assignment must correspond with the name
as it appears on the first page&nbsp;of the within Security in every particular, without alteration or enlargement or any change whatever.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 15%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Signature Guaranteed:</FONT></TD>
    <TD STYLE="width: 85%; border-bottom: black 1pt solid">&nbsp;</TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">NOTICE: Signature(s)&nbsp;must be guaranteed by an &ldquo;<I>eligible
guarantor institution</I>&rdquo; that is a member or participant in a &ldquo;<I>signature guarantee program</I>&rdquo; (e.g., the Securities
Transfer Agents Medallion Program, the Stock Exchange Medallion Program and the New York Stock Exchange Medallion Program).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

</BODY>
</HTML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-4.7
<SEQUENCE>9
<FILENAME>tm2529850d5_ex4-7.htm
<DESCRIPTION>EXHIBIT 4.7
<TEXT>
<HTML>
<HEAD>
     <TITLE></TITLE>
</HEAD>
<BODY STYLE="font: 10pt Times New Roman, Times, Serif">

<P STYLE="font-size: 10pt; margin: 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Exhibit&nbsp;4.7</B></FONT></P>

<P STYLE="font-size: 10pt; margin: 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 10pt"><B>FORM&nbsp;OF
GUARANTEED DEBT SECURITY</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">THIS SECURITY IS IN GLOBAL FORM&nbsp;WITHIN
THE MEANING OF THE INDENTURE HEREINAFTER REFERRED TO AND IS REGISTERED IN THE NAME OF THE DEPOSITORY TRUST COMPANY, A NEW YORK CORPORATION
(<B>DTC</B>), OR A NOMINEE OF DTC, WHICH MAY&nbsp;BE TREATED BY THE COMPANY, THE GUARANTOR, THE TRUSTEE AND ANY AGENT THEREOF AS OWNER
AND HOLDER OF THIS SECURITY FOR ALL PURPOSES.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">UNLESS THIS CERTIFICATE IS PRESENTED
BY AN AUTHORIZED REPRESENTATIVE OF DTC TO THE COMPANY OR ITS AGENT FOR REGISTRATION OF TRANSFER, EXCHANGE, OR PAYMENT, AND ANY CERTIFICATE
ISSUED IS REGISTERED IN THE NAME OF CEDE&nbsp;&amp; CO. OR IN SUCH OTHER NAME AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC
(AND ANY PAYMENT IS MADE TO CEDE&nbsp;&amp; CO. OR TO SUCH OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC), ANY
TRANSFER, PLEDGE, OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL INASMUCH AS THE REGISTERED OWNER HEREOF
CEDE&nbsp;&amp; CO., HAS AN INTEREST HEREIN.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">UNLESS AND UNTIL IT IS EXCHANGED IN
WHOLE OR IN PART&nbsp;FOR SECURITIES IN DEFINITIVE FORM&nbsp;IN THE LIMITED CIRCUMSTANCES REFERRED TO IN THE INDENTURE, THIS GLOBAL SECURITY
MAY&nbsp;NOT BE TRANSFERRED EXCEPT AS A WHOLE BY DTC TO A NOMINEE OF DTC OR BY A NOMINEE OF DTC TO DTC OR ANOTHER NOMINEE OF DTC OR BY
DTC OR ANY SUCH NOMINEE TO A SUCCESSOR DEPOSITARY OR A NOMINEE OF SUCH SUCCESSOR DEPOSITARY.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="font-size: 10pt">
    <TD STYLE="vertical-align: top; width: 41%; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">REGISTERED
    NO. [&nbsp;&nbsp;]</FONT></TD>
    <TD STYLE="font-size: 10pt; vertical-align: bottom; width: 7%"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: top; width: 52%; font-size: 10pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">PRINCIPAL
    AMOUNT: $[&nbsp;&nbsp;]</FONT></TD></TR>
  <TR STYLE="font-size: 10pt">
    <TD STYLE="vertical-align: top; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">CUSIP
    NO. 66989HBC1</FONT></TD>
    <TD STYLE="font-size: 10pt; vertical-align: bottom"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; vertical-align: top"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="font-size: 10pt">
    <TD STYLE="vertical-align: top; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">ISIN NO.
    US66989HBC16</FONT></TD>
    <TD STYLE="vertical-align: bottom; font-size: 10pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: top; font-size: 10pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 10pt"><B>NOVARTIS CAPITAL
CORPORATION</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 10pt"><B>5.300% NOTES
DUE 2055 (the &ldquo;Security&rdquo;)</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 10pt"><B>FULLY AND UNCONDITIONALLY
GUARANTEED BY</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 10pt"><B>NOVARTIS AG</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">Novartis Capital Corporation, a corporation
organized under the laws of the State of Delaware (hereinafter called the <B>Company</B>, which term shall include any successor entity
under the Indenture), for value received, hereby promises to pay to Cede&nbsp;&amp; Co., as nominee for DTC, or registered assigns, upon
presentation, the principal sum of [ ] Dollars ($[ ]) (or such other amount set forth on the Schedule of Increases or Decreases in the
Global Security attached hereto) on November&nbsp;5, 2055 (the <B>Maturity Date</B>) and to pay interest thereon from November 5, 2025
or from the most recent interest payment date to which interest has been paid or duly provided for, semi-annually in arrears on May&nbsp;5
and November&nbsp;5 in each year (each an <B>Interest Payment Date</B>), commencing on May&nbsp;5, 2026, at the rate of 5.300% per annum,
until the entire Principal hereof is paid or made available for payment. All terms used in this Global Security but not defined herein
shall have the meanings assigned to them in the Indenture.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">The interest so payable, and punctually
paid or duly provided for on any Interest Payment Date will, as provided in the Indenture, be paid to the Person in whose name this Security
is registered at the close of business on the Record Date for such interest, which shall be April&nbsp;20 or October&nbsp;20 (whether
or not a Business Day (as defined below)), as the case may be, next preceding such Interest Payment Date. Any such interest not so punctually
paid or duly provided for shall forthwith cease to be payable to the Holder on such Record Date, and may either be paid to the Person
in whose name this Security is registered at the close of business on a special record date for the payment of defaulted interest to
be fixed by the Trustee, notice whereof shall be given to Holders of Securities of this series at least 15 calendar days prior to such
special record date, or may be paid at any time in any other lawful manner not inconsistent with the requirements of any securities exchange
on which the Securities may be listed, and upon such notice as may be required by such exchange, all as more fully provided in the Indenture.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">Payment of the Principal of and interest
on and any Additional Amounts (as defined below) in respect of this Global Security will be paid to DTC for the purpose of permitting
DTC to credit the Principal and interest received by it in respect of this Global Security to the accounts of the beneficial owners thereof;
<I>provided</I>, <I>however</I>, that if this Security is not a Global Security, payment of the Principal of, interest on and Additional
Amounts, if any, in respect of this Security will be made at the office or agency of the Trustee in The City of New York, or elsewhere
as provided in the Indenture, in such coin or currency of the United States of America as at the time of payment is legal tender for
payment of public and private debts; and <I>provided</I>, <I>further</I>, that at the option of the Company payment of interest may be
made by (a)&nbsp;check mailed to the address of the Person entitled thereto as such address shall appear in the Security Register or
(b)&nbsp;transfer to an account of the Person entitled thereto located inside the United States.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">If an Interest Payment Date or redemption
date (including an optional make whole redemption date and an optional redemption date for tax reasons (as described on the reverse hereof)),
or the Maturity Date, as the case may be, would fall on a day that is not a Business Day, then the Interest Payment Date or redemption
date (including an optional make whole redemption date and an optional redemption date for tax reasons), or the Maturity Date, as the
case may be, will be postponed to the next succeeding Business Day, but no additional interest shall be paid unless the Company fails
to make payment on such next succeeding Business Day.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt"><B>Business Day</B> means any day other
than a Saturday, a Sunday or a day on which banking institutions in The City of New York are authorized or obligated by law, regulation
or executive order to be closed and on which commercial banks and foreign exchange markets settle payments and are open for general business
(including dealings in foreign exchange and foreign currency deposits) in Zurich, Switzerland.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">Additional provisions of this Security
are set forth following the signature page&nbsp;hereof, which provisions shall for all purposes have the same effect as if set forth
at this place.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">Unless the certificate of authentication
hereon has been executed by or on behalf of the Trustee referred to on the reverse hereof by manual signature, this Security shall not
be entitled to any benefit under the Indenture or be valid or obligatory for any purpose.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt"><B>IN WITNESS WHEREOF</B>, the Company
has caused this instrument to be duly executed this 5<SUP>th</SUP>&nbsp;day of November&nbsp;2025.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="font-size: 10pt; vertical-align: top">
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="font-size: 10pt"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt"><B>NOVARTIS CAPITAL CORPORATION</B></FONT></P></TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: top">
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: top">
    <TD STYLE="font-size: 10pt; width: 50%"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 3%; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">By: </FONT></TD>
    <TD STYLE="font-size: 10pt; width: 47%; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: top">
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="padding-left: 31.3pt; font-size: 10pt; text-indent: -31.3pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Name:</FONT></TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: top">
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="padding-left: 31.3pt; font-size: 10pt; text-indent: -31.3pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Title:</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 10pt"><B>TRUSTEE&rsquo;S
CERTIFICATE OF AUTHENTICATION</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">This is one or all of the Securities
of the series designated &ldquo;5.300% Notes due 2055&rdquo; pursuant to the within-mentioned Indenture.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="font-size: 10pt; vertical-align: top">
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>HSBC BANK USA,
    NATIONAL ASSOCIATION</B>,</FONT></TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: top">
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">as Trustee</FONT></TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: top">
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: top">
    <TD STYLE="font-size: 10pt; width: 50%"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 3%; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">By: </FONT></TD>
    <TD STYLE="font-size: 10pt; width: 47%; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: top">
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Authorized Signatory</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"></P>

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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 10pt"><B>GUARANTEE</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 10pt"><B>OF</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 10pt"><B>NOVARTIS AG</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">For value received, Novartis AG, a stock
corporation (<I>Aktiengesellschaft</I>) incorporated under the laws of Switzerland, having its principal executive offices at Lichtstrasse
35, CH-4056 Basel, Switzerland (the <B>Guarantor</B>, which term includes any Person as a successor Guarantor under the Indenture referred
to in the Security upon which this Guarantee is endorsed), hereby fully and unconditionally guarantees to the Holder of the Security
upon which this Guarantee is endorsed and to the Trustee on behalf of each such Holder the due and punctual payment of the Principal
of, interest on and any Additional Amounts payable in respect of such Security and the due and punctual payment of the sinking fund or
analogous payments referred to therein, if any, when and as the same shall become due and payable, whether on the Maturity Date, by declaration
of acceleration, call for redemption or otherwise, according to the terms thereof and of the Indenture referred to therein. In case of
the failure of Novartis Capital Corporation, a corporation organized under the laws of the State of Delaware (the <B>Company</B>, which
term includes any successor Person under such Indenture), to punctually make any such payment of Principal, interest or Additional Amounts
or any such sinking fund or analogous payment, the Guarantor hereby agrees to cause any such payment to be made punctually when and as
the same shall become due and payable, whether on the Maturity Date or by declaration of acceleration, call for redemption or otherwise,
and as if such payment were made by the Company.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">The indebtedness evidenced by this Guarantee
is ranked equally and <I>pari passu</I> with all other unsecured and unsubordinated indebtedness of the Guarantor.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">The Guarantor hereby agrees that its
obligations hereunder shall be absolute and unconditional, irrespective of, and shall be unaffected&nbsp;by, any invalidity, irregularity
or unenforceability of such Security or such Indenture, any failure to enforce the provisions&nbsp;of such Security or such Indenture,
or any waiver, modification or indulgence granted to the Company with respect thereto, by the Holder of&nbsp;such Security or the Trustee
or any other circumstance that may otherwise constitute a legal or equitable discharge of a guarantor; <I>provided</I>, <I>however</I>,
that, notwithstanding the foregoing, no such waiver, modification or indulgence shall, without the consent of the Guarantor, increase
the Principal of such Security, or increase the interest rate thereon, or alter the stated Maturity Date thereof, or increase the Principal
of any Original Issue Discount Security that would be due and payable upon a declaration of acceleration of the maturity thereof pursuant
to Article&nbsp;7 of such Indenture. The Guarantor hereby waives diligence, presentment, demand of payment, filing of claims with a court
in the event of merger or bankruptcy of the Company, any right to require a proceeding first against the Company, protest or notice with
respect to such Security or the indebtedness evidenced thereby or with respect to any sinking fund or analogous payment required under
such Security and all demands whatsoever, and covenants that this Guarantee will not be discharged except by payment in full of the Principal
of, interest on and Additional Amounts payable in respect of such Security. This Guarantee is a guarantee of payment and not of collection.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">The Guarantor shall be subrogated to
all rights of the Holder of such Security and the Trustee against the Company in respect of any amounts paid to such Holder by the Guarantor
pursuant to the provisions of this Guarantee; <I>provided</I>, <I>however</I>, that the Guarantor shall not be entitled to enforce, or
to receive any payments arising out of or based upon such right of subrogation until the Principal of, interest on and Additional Amounts
payable in respect of all Securities of the same series issued under such Indenture shall have been paid in full.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">No reference herein to such Indenture
and no provision of such Indenture shall alter or impair the guarantees of the Guarantor, which are absolute and unconditional, of the
due and punctual payment of the Principal of, interest on and Additional Amounts payable in respect of, and any sinking fund or analogous
payments with respect to, the Security upon which this Guarantee is endorsed.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">This Guarantee shall not be valid or
obligatory for any purpose until the certificate of authentication of such Security shall have been manually executed by or on behalf
of the Trustee under such Indenture.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">All terms used in this Guarantee but
not defined herein shall have the meanings assigned to them in such Indenture.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">THIS GUARANTEE SHALL BE GOVERNED BY
AND CONSTRUED IN ACCORDANCE WITH THE LAWS OF THE STATE OF NEW YORK.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt"><B>IN WITNESS WHEREOF</B>, the Guarantor
has caused this Guarantee to be duly executed this 5<SUP>th</SUP>&nbsp;day of November&nbsp;2025.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="font-size: 10pt; vertical-align: top">
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>NOVARTIS AG</B>,
    </FONT></TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: top">
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">as the Guarantor</FONT></TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: top">
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: top">
    <TD STYLE="font-size: 10pt; width: 50%"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 3%; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">By:</FONT></TD>
    <TD STYLE="font-size: 10pt; width: 47%; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 10pt">&nbsp;&nbsp;&nbsp;</FONT></TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: top">
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Name:</FONT></TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: top">
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Title:</FONT></TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: top">
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: top">
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: top">
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">By:</FONT></TD>
    <TD STYLE="font-size: 10pt; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: top">
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Name:</FONT></TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: top">
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Title:</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 10pt">[REVERSE OF SECURITY]</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">This Security is one or all of a duly
authorized issue of securities of the Company (herein called the <B>Securities</B>) issued and to be issued in one or more series under
an Indenture, dated as of February&nbsp;10, 2009 (herein called the <B>Indenture</B>), among the Company, Novartis Securities Investment
Ltd. and Novartis Finance S.A., as issuers, Novartis AG, as guarantor (the <B>Guarantor</B>), and HSBC Bank USA, National Association,
as trustee (herein called the <B>Trustee</B>, which term includes any successor trustee under the Indenture), to which Indenture and
all Board Resolutions and Officer&rsquo;s Certificates as provided therein, reference is hereby made for a statement of the respective
rights, limitation of rights, duties and immunities thereunder of the Company, the Guarantor, the Trustee and the Holders of the Securities
and of the terms upon which the Securities are, and are to be, authenticated and delivered. This Security is one or all of the series
designated as the &ldquo;5.300% Notes due 2055.&rdquo;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">Notwithstanding Section&nbsp;4.5 of
the Indenture, payments made by the Company or the Guarantor under or with respect to the Securities will be free and clear of and without
withholding or deduction for or on account of any and all present or future taxes, duties, assessments or governmental charges of any
nature imposed, levied, collected, withheld or assessed by or on behalf of (i)&nbsp;the government of Switzerland or of any political
subdivision of Switzerland or by any authority or agency therein or thereof having the power to tax, (ii)&nbsp;the government of the
jurisdiction of organization of the Company or any political subdivision or territory or possession of such jurisdiction or by any authority
or agency therein or thereof having the power to tax or (iii)&nbsp;the government of any jurisdiction from or through which a payment
on the Securities or the guarantee is made or any political subdivision or territory or possession of such jurisdiction or by any authority
or agency therein or thereof having power to tax (each of clauses (i), (ii)&nbsp;and (iii), a <B>Relevant Taxing Jurisdiction</B>), which
are referred to herein collectively as <B>Taxes</B>, unless the Company is required to withhold or deduct Taxes by law. If the Company
is required to withhold or deduct any amount for or on account of Taxes from any payment made with respect to the Securities, the Company
will pay such additional amounts (<B>Additional Amounts</B>) as may be necessary so that the net amount received by each Holder (including
Additional Amounts) after such withholding or deduction will not be less than the amount the Holder would have received if the Taxes
had not been withheld or deducted; provided that no Additional Amounts will be payable with respect to Taxes: (1)&nbsp;imposed by the
United States or by any political subdivision or territory or possession of such jurisdiction or by any authority or agency therein or
thereof having the power to tax; (2)&nbsp;that would not have been imposed but for the existence of any
present or former connection between such Holder or beneficial owner of the Securities (or between a fiduciary, settlor, beneficiary,
member or shareholder of, or possessor of a power over, such holder or beneficial owner, if such Holder or beneficial owner is an estate,
trust, partnership or corporation) and a Relevant Taxing Jurisdiction, including, without limitation, such Holder or beneficial owner
(or such fiduciary, settlor, beneficiary, member, shareholder or possessor) being or having been a citizen or resident thereof or treated
as a resident thereof or domiciled thereof or a national thereof or being or having been present or engaged in trade or business therein
or having or having had a permanent establishment therein; (3)&nbsp;that are estate, inheritance, gift, sales, transfer, personal property,
wealth or similar taxes, duties, assessments or other governmental charges; (4)&nbsp;with respect to any withholding or deduction imposed
on a payment in respect of a note where such withholding or deduction is required to be made pursuant to laws enacted by Switzerland
pursuant to which a person other than the issuer or the guarantor, as the case may be, is required to withhold or deduct tax on any interest
payments; (5)&nbsp;payable other than by withholding from payments of principal of or interest on or with respect to the Securities;
(6)&nbsp;that would not have been imposed but for the failure of the applicable recipient of such payment, upon request, to make a declaration
of non-residence or other similar claim for exemption to the relevant tax authority or comply with any certification, identification,
information, documentation or other reporting requirement to the extent such compliance is required by applicable law or administrative
practice or an applicable treaty as a precondition to exemption from, or reduction in, the rate of deduction or withholding of such Taxes;
(7)&nbsp;that would not have been imposed but for the presentation of a Security (where presentation is required) for payment on a date
more than 30 days after the date on which such payment first became due and payable or the date on which payment thereof was duly provided
for, whichever occurred later; (8)&nbsp;to the extent the amount of Tax could have been reduced by presentation for payment of the relevant
Securities to a paying agent other than the paying agent to which the presentation was made; or (9)&nbsp;any combination of the foregoing
items; nor shall Additional Amounts be paid with respect to any payment of the principal of or interest on any note to any such Holder
who is a fiduciary or a partnership or a beneficial owner who is other than the sole beneficial owner of such payment to the extent a
beneficiary or settlor with respect to such fiduciary or a member of such partnership or a beneficial owner would not have been entitled
to such Additional Amounts had it been the Holder of the Security. Notwithstanding any other provisions contained herein, each of the
Company, the Guarantor or any other person making payments on behalf of the Company shall be entitled to deduct and withhold, as required,
and shall not be required to pay any Additional Amounts with respect to any such withholding or deduction imposed on or in respect of
any note pursuant to Sections 1471 through 1474 of the United States Internal Revenue Code of 1986, as amended (<B>FATCA</B>), any current
or future U.S. Treasury regulations or rulings promulgated thereunder, any intergovernmental agreement between the United States and
any other jurisdiction to implement FATCA, any law, regulation or other official guidance enacted or published in any jurisdiction implementing
FATCA or an intergovernmental agreement with respect thereto, or any agreement with the U.S. Internal Revenue Service under FATCA.</FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">Notwithstanding Section&nbsp;3.1 of
the Indenture, the Company may redeem the Securities in whole (but not in part) at any time, on giving not less than 10 nor more
than 60 days&rsquo; notice of such redemption, at a redemption price equal to the Principal plus accrued and unpaid interest, if
any, to (but not including) the date fixed for redemption, if: (1)&nbsp;the Company determines that, as a result of any change in or
amendment to the laws or any regulations or rulings promulgated thereunder of a Relevant Taxing Jurisdiction, or any change in the
application or official interpretation of such laws, regulations or rulings, or any change in the application or official
interpretation of, or any execution of or amendment to, any treaty or treaties affecting taxation to which any such jurisdiction is
a party, which change, execution or amendment becomes effective on or after the date hereof: (a)&nbsp;the Company or the Guarantor
would be required to pay Additional Amounts with respect to such series of Securities on the next succeeding Interest Payment Date
and the payment of such Additional Amounts cannot be avoided by the use of reasonable measures available to the Company or the
Guarantor; or (b)&nbsp;withholding tax has been or would be required to be withheld with respect to interest income received or
receivable by the Company directly from the Guarantor (or any affiliate) and such withholding tax obligation cannot be avoided by
the use of reasonable measures available to the Company or the Guarantor (or any affiliate); or (2)&nbsp;the Company determines,
based upon an opinion of independent counsel selected by the Company that, as a result of any action taken by any legislative body
of, taxing authority of, or any action brought in a court of competent jurisdiction in, a Relevant Taxing Jurisdiction (whether or
not such action was taken or brought with respect to the Guarantor or the Company, as the case may be), which action is taken or
brought on or after the date hereof, there is a substantial probability that the circumstances described in clause (1)&nbsp;above
would exist; provided, however, that no such notice of redemption may be given earlier than 90 days prior to the earliest date on
which the Company or the Guarantor would be obligated to pay such Additional Amounts. The Company
will also pay to each Holder, or make available for payment to each such Holder, on the redemption date any Additional Amounts
resulting from the payment of such redemption price, subject to the conditions described in the preceding paragraph.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">Prior to May&nbsp;5, 2055 (the <B>Par
Call Date</B>), the Company may redeem this Security, in whole or in part, at its option at any time and from time to time, at a redemption
price (expressed as a percentage of principal amount and rounded to three decimal places) equal to the greater of:</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in"><FONT STYLE="font-size: 10pt">(1)&nbsp;(a)&nbsp;the sum
of the present values of the remaining scheduled payments of principal and interest thereon discounted to the redemption date (assuming
this Security matured on the Par Call Date) on a semi-annual basis (assuming a 360-day year consisting of twelve 30-day months) at the
Treasury Rate (as defined below) plus 10 basis points, less (b)&nbsp;interest accrued to the date of redemption, and</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in"><FONT STYLE="font-size: 10pt">(2)&nbsp;100% of the principal
amount of this Security to be redeemed,</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">plus, in either case, accrued and unpaid
interest thereon to the redemption date.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">On or after the Par Call Date, the Company
may redeem this Security, in whole or in part, at any time and from time to time, at a redemption price equal to 100% of the principal
amount of this Security being redeemed plus accrued and unpaid interest thereon to the redemption date.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&ldquo;Treasury Rate&rdquo; means, with
respect to any redemption date, the yield determined by the Company in accordance with the following two paragraphs.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">The Treasury Rate shall be determined
by the Company after 4:15 p.m., New York City time (or after such time as yields on U.S. government securities are posted daily by the
Board of Governors of the Federal Reserve System), on the third business day preceding the redemption date based upon the yield or yields
for the most recent day that appear after such time on such day in the most recent statistical release published by the Board of Governors
of the Federal Reserve System designated as &ldquo;Selected Interest Rates (Daily)&thinsp;&mdash;&thinsp;H.15&rdquo; (or any successor
designation or publication) (<B>H.15</B>) under the caption &ldquo;U.S. government securities &mdash; Treasury constant maturities&thinsp;&mdash;&thinsp;Nominal&rdquo;
(or any successor caption or heading) (<B>H.15 TCM</B>). In determining the Treasury Rate, the Company
shall select, as applicable: (1)&nbsp;the yield for the Treasury constant maturity on H.15 exactly equal to the period from the redemption
date to the Par Call Date (the <B>Remaining Life</B>); or (2)&nbsp;if there is no such Treasury constant maturity on H.15 exactly equal
to the Remaining Life, the two yields&thinsp;&mdash;&thinsp;one yield corresponding to the Treasury constant maturity on H.15 immediately
shorter than and one yield corresponding to the Treasury constant maturity on H.15 immediately longer than the Remaining Life&thinsp;&mdash;&thinsp;and
shall interpolate to the Par Call Date on a straight-line basis (using the actual number of days) using such yields and rounding the
result to three decimal places; or (3)&nbsp;if there is no such Treasury constant maturity on H.15 shorter than or longer than the Remaining
Life, the yield for the single Treasury constant maturity on H.15 closest to the Remaining Life. For purposes of this paragraph, the
applicable Treasury constant maturity or maturities on H.15 shall be deemed to have a maturity date equal to the relevant number of months
or years, as applicable, of such Treasury constant maturity from the redemption date.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">If on the third business day preceding
the redemption date H.15 TCM is no longer published, the Company shall calculate the Treasury Rate based on the rate per annum equal
to the semi-annual equivalent yield to maturity at 11:00 a.m., New York City time, on the second business day preceding such redemption
date of the United States Treasury security maturing on, or with a maturity that is closest to, the Par Call Date, as applicable. If
there is no United States Treasury security maturing on the Par Call Date, but there are two or more United States Treasury securities
with a maturity date equally distant from the Par Call Date, one with a maturity date preceding the Par Call Date, and one with a maturity
date following the Par Call Date, the Company shall select the United States Treasury security with a maturity date preceding the Par
Call Date. If there are two or more United States Treasury securities maturing on the Par Call Date, or two or more United States Treasury
securities meeting the criteria of the preceding sentence, the Company shall select from among these two or more United States Treasury
securities the United States Treasury security that is trading closest to par based upon the average of the bid and asked prices for
such United States Treasury securities at 11:00 a.m., New York City time. In determining the Treasury Rate in accordance with the terms
of this paragraph, the semi-annual yield to maturity of the applicable United States Treasury security shall be based upon the average
of the bid and asked prices (expressed as a percentage of the principal amount) at 11:00 a.m., New York City time, of such United States
Treasury security, and rounded to three decimal places.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">The Company&rsquo;s actions and determinations
in determining the redemption price shall be conclusive and binding for all purposes, absent manifest error.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">Notice of any redemption will be mailed
or electronically delivered (or otherwise transmitted in accordance with the depositary&rsquo;s procedures) at least 10 calendar days
but not more than 60 calendar days before the redemption date to each Holder of the Securities to be so redeemed.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">Any redemption may, at the Company&rsquo;s
discretion, be subject to one or more conditions precedent. Any related written notice of redemption will describe the conditions precedent
and, at the Company&rsquo;s discretion, will indicate that the redemption date may be delayed or the written notice rescinded if all
such conditions precedent have not been satisfied or waived by the Company.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">In the case of a partial redemption,
selection of the Securities for redemption will be made pro rata, by lot or by such other method as the Trustee in its sole discretion
deems appropriate and fair. No Securities of any series of a principal amount of $2,000 or less will be redeemed in part. If any Security
is to be redeemed in part only, the notice of redemption that relates to such Security will state the portion of the principal amount
of the applicable Security to be redeemed. A new Security in a principal amount equal to the unredeemed portion of the applicable Security
will be issued in the name of the holder of such Security upon surrender for cancellation of such original Security. For so long as any
Securities of this series are registered in the name of DTC (or another depositary) or such depositary&rsquo;s nominee, the redemption
of such Security shall be done in accordance with the policies and procedures of the depositary.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">Unless the Company defaults in payment
of the redemption price, on and after the redemption date interest will cease to accrue on the Securities or portions thereof called
for redemption.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">The Indenture contains provisions for
defeasance of (a)&nbsp;the entire indebtedness of this Security and (b)&nbsp;certain restrictive covenants and the related defaults and
Events of Default (as described below) applicable to the Company and the Guarantor, in each case, upon compliance by the Company and
the Guarantor with certain conditions set forth in the Indenture, which provisions apply to this Security.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">Notwithstanding Section&nbsp;7.1 of
the Indenture, an Event of Default with respect to the Securities of this series means any one of the following events: (1)&nbsp;default
in payment of the Principal (or premium, if any) of any Security of this series when due (including as a sinking fund installment), and
the continuance of that default for more than two Business Days; (2)&nbsp;default in payment of interest
on, or any Additional Amounts payable in respect of, any Securities of this series when due and payable, and the continuance of that
default for 30 calendar days; (3)&nbsp;default in performing any other covenant in the Indenture with regard to any Security of this
series for 90 calendar days after the receipt of written notice from the Trustee or from the Holders of 25% in principal amount of the
Securities of this series; (4)&nbsp;an encumbrancer or a receiver or a person with similar functions appointed for execution (in Switzerland
a <I>Liquidator</I> or <I>Konkursverwalter</I>) taking possession of the whole or any substantial part of the assets or undertaking of
the Company or the Guarantor or a distress, execution or other process being levied or enforced upon or sued out against a substantial
part of the property or assets of the Company or the Guarantor and not being paid, discharged, removed or stayed within 30 calendar days;
(5)&nbsp;the Company or the Guarantor stopping payment or ceasing business (except in each case in circumstances previously approved
by the Holders of a majority in Principal (or, if any Securities are Original Issue Discount Securities, such portion of the Principal
of such Securities of such series as may then be accelerated pursuant to the terms of such Securities) of the outstanding Securities
of all series affected (all such series voting as one class)); (6)&nbsp;the Company becoming bankrupt or insolvent or entering into a
provisional or definitive moratorium or making a general assignment for the benefit of its creditors; (7)&nbsp;the Guarantor becoming
bankrupt or insolvent (or being obliged to notify the court of its financial situation in accordance with Article&nbsp;725b of the Swiss
Code of Obligations) or entering into a provisional or definitive moratorium (<I>provisorische or definitive Nachlassstundung</I>) or
making a general arrangement with its creditors (<I>Nachlassvertrag</I>); (8)&nbsp;an order being made or effective resolution passed
for the winding-up or dissolution of the Company or the Guarantor except (a)&nbsp;a winding-up or dissolution, the terms of such winding-up
or dissolution having previously been approved by the Holders of a majority in Principal (or, if any Securities are Original Issue Discount
Securities, such portion of the Principal of the Securities of the relevant series as may then be accelerated pursuant to the terms of
such Securities) of the outstanding Securities of all series affected (all such series voting as one class) or (ii)&nbsp;a winding-up
or dissolution in connection with any consolidation, merger, sale, lease or conveyance in accordance with the provisions described under
Section&nbsp;5 of the Indenture; or (9)&nbsp;if the Guarantee with respect to the Securities of this series ceases to be, or is claimed
by the Guarantor not to be, in full force and effect.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">As provided in and subject to the provisions
of the Indenture, the Holder of this Security shall not have the right to institute any proceeding with respect to the Indenture or for
the appointment of a receiver or trustee or for any other remedy thereunder, unless such Holder shall have previously given the Trustee
written notice of a continuing Event of Default with respect to the Securities of this series, the Holders of not less than 25% in principal
amount of the Securities of all such affected series at the time outstanding shall have made written request to the Trustee to institute
proceedings in respect of such Event of Default in its own name as Trustee and offered the Trustee indemnity reasonably satisfactory
to the Trustee against any costs, liabilities or expenses to be incurred in compliance with such request and, for 60 calendar days after
receipt of such notice, request and offer of indemnity, the Trustee shall have failed to institute any such proceeding, and, during such
60-calendar-day period, the Trustee shall not have received from the Holders of a majority in principal amount of the Securities of this
series at the time outstanding a direction inconsistent with such request. The foregoing shall not apply to any suit instituted by the
Holder of this Security for the enforcement of any payment of principal hereof or any premium or interest hereon on or after the respective
due dates expressed herein.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">The Indenture permits, with certain
exceptions as therein provided, the amendment thereof and the modification of the rights and obligations of the Company and the Guarantor
and the rights of the Holders of the Securities under the Indenture at any time by the Company, the Guarantor and the Trustee with the
consent of the Holders of not less than a majority in principal amount of the outstanding Securities affected by such amendment. The
Indenture also contains provisions permitting the Holders of specified percentages in principal amount of the Securities at the time
outstanding, on behalf of the Holders of all Securities, to waive compliance by the Company or the Guarantor, or both, with certain provisions
of the Indenture and certain past defaults under the Indenture and their consequences. Any such consent or waiver by the Holder of this
Security shall be conclusive and binding upon such Holder and upon all future Holders of this Security and of any Security issued upon
the registration of transfer hereof or in exchange herefor or in lieu hereof, whether or not notation of such consent or waiver is made
upon this Security.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">No reference herein to the Indenture
and no provision of this Security or of the Indenture shall alter or impair the obligation of the Company, which is absolute and unconditional,
to pay the Principal of and interest on this Security at the times, place and rate, and in the coin or currency, herein prescribed.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">The Company may, from time to time,
without the consent of the Holders of the Securities, increase the principal amount of the Securities by issuing additional Securities
in the future on the same terms and conditions as the Securities in all respects, except for any differences in the issue date, issue
price and first payment of interest thereon, and with the same CUSIP number as the Securities. The Securities and any additional Securities
shall rank equally and ratably and shall be treated as a single series for all purposes under the Indenture. The Company will not issue
any additional Securities unless such additional Securities are fungible with the Securities for U.S. federal income tax purposes.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">As provided in the Indenture and subject
to certain limitations therein set forth, the transfer of this Security is registrable in the Security Register, upon surrender of this
Security for registration of transfer at the office or agency of the Company in any place of payment where the Principal and interest
on this Security are payable, duly endorsed by, or accompanied by a written instrument of transfer in form satisfactory to the Company,
the Guarantor and the Trustee for the Securities duly executed by the Holder hereof or his attorney duly authorized in writing, and thereupon
one or more new Securities of this series, of authorized denomination and for the same aggregate principal amount, will be issued to
the designated transferee or transferees.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">The Securities of this series are issuable
only in registered form without coupons in denominations of $2,000 and integral multiples of $1,000 in excess thereof. As provided in
the Indenture and subject to certain limitations set forth therein, Securities of this series are exchangeable for a like aggregate principal
amount of Securities of this series of a different authorized denomination, as requested by the Holder surrendering the same.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">No service charge shall be made for
any such registration of transfer or exchange, but the Company may require payment of a sum sufficient to cover any tax or other governmental
charge payable in connection therewith.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">Prior to due presentment of this Security
for registration of transfer, the Company, the Guarantor, the Trustee and any agent of the Company, the Guarantor or the Trustee may
treat the Person in whose name this Security is registered as the owner hereof for all purposes, whether or not this Security be overdue,
and none of the Company, the Guarantor, the Trustee, or any such agent shall be affected by notice to the contrary.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">The obligations of the Company and the
Guarantor under the Indenture and this Security and all documents delivered in the name of the Company or the Guarantor, as the case
may be, in connection herewith and therewith do not and shall not constitute personal obligations of the directors, officers, employees,
agents or shareholders of the Company or the Guarantor or any of them, and shall not involve any claim against or personal liability
on the part of any of them, and all persons including the Trustee shall look solely to the assets of the Company and the Guarantor for
the payment of any claim thereunder or for the performance thereof and shall not seek recourse against such directors, officers, employees,
agents or shareholders of the Company or the Guarantor or any of them or any of their personal assets for such satisfaction. The performance
of the obligations of the Company and the Guarantor under the Indenture and this Security and all documents delivered in the name of
the Company or the Guarantor, as the case may be, in connection therewith shall not be deemed a waiver of any rights or powers of the
Company or the Guarantor or their respective directors or shareholders under the Company&rsquo;s or the Guarantor&rsquo;s respective
Articles of Incorporation.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">All terms used in this Security but
not defined herein shall have the meanings assigned to them in the Indenture.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">THE INDENTURE AND THE SECURITIES,&nbsp;INCLUDING
THIS SECURITY, SHALL BE GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH THE LAW OF THE STATE OF NEW YORK.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">Pursuant to a recommendation promulgated
by the Committee on Uniform Security Identification Procedures, the Company has caused &ldquo;CUSIP&rdquo; numbers to be printed on the
Securities as a convenience to the Holders of the Securities. No representation is made as to the correctness or accuracy of such CUSIP
numbers as printed on the Securities, and reliance may be placed only on the other identification numbers printed hereon.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 10pt"><B>SCHEDULE OF INCREASES
OR DECREASES IN THE GLOBAL SECURITY</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">The initial outstanding
principal amount of this Global Security is $__________. The following increases or decreases in this Global Security have been made:</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="font-size: 10pt; vertical-align: bottom">
    <TD STYLE="border-bottom: black 1pt solid; font-size: 10pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Date
    of Exchange</B></FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#8239;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; width: 21%; font-size: 10pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Amount
    of <BR>
    decreases in <BR>
    Principal Amount<BR>
    of this Global Security</B></FONT></TD>
    <TD STYLE="width: 0%; font-size: 10pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#8239;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; width: 21%; font-size: 10pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Amount
    of<BR>
    increases in <BR>
    Principal Amount<BR>
    of this Global Security</B></FONT></TD>
    <TD STYLE="width: 0%; font-size: 10pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#8239;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; width: 18%; font-size: 10pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Principal
    amount <BR>
    of this Global <BR>
    Security <BR>
    following such<BR>
    decreases or<BR>
    increases</B></FONT></TD>
    <TD STYLE="width: 0%; font-size: 10pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#8239;</FONT></TD>
    <TD STYLE="font-size: 10pt; border-bottom: black 1pt solid; width: 17%"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 10pt"><B>Signature
    of</B></FONT></P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 10pt"><B>authorized<BR>
    signatory of<BR>
    Trustee</B></FONT></P></TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 10pt; text-align: center"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: center"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: center"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: center"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: center"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: center"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: center"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: center"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; text-align: center"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: center"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: center"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: center"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: center"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: center"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: center"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: center"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 10pt; text-align: center"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: center"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: center"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: center"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: center"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: center"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: center"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: center"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 10pt"><B>ASSIGNMENT AND
TRANSFER FORM</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 10pt">FOR VALUE RECEIVED,
the undersigned hereby<BR>
sells, assigns and transfers unto</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="font-size: 10pt; vertical-align: top; text-align: justify">
<TD STYLE="font-size: 10pt; text-align: justify; width: 50%"><FONT STYLE="font-size: 10pt">PLEASE INSERT SOCIAL SECURITY OR OTHER</FONT></TD>
    <TD STYLE="font-size: 10pt; width: 50%"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
</TR><TR STYLE="font-size: 10pt; vertical-align: top; text-align: justify">
<TD STYLE="font-size: 10pt; text-align: justify"><FONT STYLE="font-size: 10pt">IDENTIFYING NUMBER OF ASSIGNEE</FONT></TD>
    <TD STYLE="font-size: 10pt; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
     </TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="font-size: 10pt">
    <TD STYLE="border-bottom: Black 1pt solid; vertical-align: top; width: 45%; font-size: 10pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; width: 4%; font-size: 10pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: top; width: 51%; font-size: 10pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="border-top: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">(Please
Print or Typewrite Name and Address, including Zip Code, of Assignee)</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="font-size: 10pt; vertical-align: top; text-align: justify">
<TD STYLE="font-size: 10pt; border-bottom: Black 1pt solid; text-align: justify"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">the within Security of Novartis Capital
Corporation and</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt"></FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="font-size: 10pt; vertical-align: top">
    <TD STYLE="font-size: 10pt; border-bottom: Black 1pt solid; width: 43%"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 57%; padding-bottom: 1pt; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">hereby
    does irrevocably constitute and appoint</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="border-top: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">attorney
to transfer said Security on the books kept for the registration thereof with full power of substitution in the premises</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="font-size: 10pt; vertical-align: top">
    <TD STYLE="width: 6%; font-size: 10pt"><FONT STYLE="font-size: 10pt">Dated:</FONT></TD>
    <TD STYLE="font-size: 10pt; border-bottom: Black 1pt solid; width: 94%"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="font-size: 10pt; vertical-align: top">
    <TD STYLE="width: 8%; font-size: 10pt"><FONT STYLE="font-size: 10pt">Signature</FONT></TD>
    <TD STYLE="font-size: 10pt; border-bottom: Black 1pt solid; width: 92%"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">NOTICE: The signature to this assignment
must correspond with the name as it appears on the first page&nbsp;of the within Security in every particular, without alteration or
enlargement or any change whatever.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="font-size: 10pt; vertical-align: top">
    <TD STYLE="width: 16%; font-size: 10pt"><FONT STYLE="font-size: 10pt">Signature Guaranteed:</FONT></TD>
    <TD STYLE="font-size: 10pt; border-bottom: Black 1pt solid; width: 84%"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">NOTICE: Signature(s)&nbsp;must be guaranteed
by an &ldquo;<I>eligible guarantor institution</I>&rdquo; that is a member or participant in a &ldquo;<I>signature guarantee program</I>&rdquo;
(e.g., the Securities Transfer Agents Medallion Program, the Stock Exchange Medallion Program and the New York Stock Exchange Medallion
Program).</FONT></P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<DOCUMENT>
<TYPE>EX-4.8
<SEQUENCE>10
<FILENAME>tm2529850d5_ex4-8.htm
<DESCRIPTION>EXHIBIT 4.8
<TEXT>
<HTML>
<HEAD>
     <TITLE></TITLE>
</HEAD>
<BODY STYLE="font: 10pt Times New Roman, Times, Serif">

<P STYLE="font-size: 10pt; margin: 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Exhibit&nbsp;4.8</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 10pt"><B>NOVARTIS CAPITAL
CORPORATION</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 10pt"><B>Officer&rsquo;s
Certificate</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 1in"><FONT STYLE="font-size: 10pt">I,
Eduard Marti, being President and Treasurer of Novartis Capital Corporation (the <B>Company</B>), a Delaware corporation, pursuant to
the resolutions duly adopted by the Board of Directors of the Company on October 30, 2025, hereby determine as follows that:</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: left; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">1.&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;The
initial issuances of the series of guaranteed debt securities entitled Floating Rate Notes due 2028 (the <B>Floating Rate Notes</B>),
the 3.900% Notes due 2028 (the <B>2028 Notes</B>), the 4.100% Notes due 2030 (the <B>2030 Notes</B>), the 4.300% Notes due 2032 (the
<B>2032 Notes</B>), the 4.600% Notes due 2035 (the <B>2035 Notes</B>), the 5.200% Notes due 2045 (the <B>2045 Notes</B>) and the 5.300%
Notes due 2055 (the <B>2055 Notes </B>and, cumulatively with the 2028 Notes, the 2030 Notes, the 2032 Notes, the 2035 Notes and the 2045
Notes, the <B>Fixed Rate Notes</B> and, together with the Floating Rate Notes, the <B>Notes</B>) established under the Indenture, dated
as of February&nbsp;10, 2009, among the Company, Novartis Finance S.A. and Novartis Securities Investment Ltd., as issuers, Novartis
AG, as guarantor (the <B>Guarantor</B>) and HSBC Bank USA, National Association, as Trustee (the <B>Indenture</B>; capitalized terms
used and not otherwise defined herein have the meanings assigned to them in the Indenture), which may be authenticated and delivered
under the Indenture (except for Notes authenticated and delivered upon registration of transfer of, or in exchange for, or in lieu of,
other Notes pursuant to Sections 2.7, 2.8 or 2.9 of the Indenture) represent $800,000,000 aggregate principal amount of the Floating
Rate Notes, $700,000,000 aggregate principal amount of the 2028 Notes, $1,750,000,000 aggregate principal amount of the 2030 Notes, $925,000,000
aggregate principal amount of the 2032 Notes, $925,000,000 aggregate principal amount of the 2035 Notes, $350,000,000 aggregate principal
amount of the 2045 Notes and $550,000,000 aggregate principal amount of the 2055 Notes.</FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: left; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">2.&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;The
Company may, from time to time, without the consent of the Holders of the Notes, increase the principal amount of the Notes by issuing
additional Notes in the future with the same terms and conditions as the Notes in all respects, except for any differences in the issue
date, issue price and first payment of interest thereon, and with the same CUSIP number as the Notes. The Notes and any additional Notes
shall rank equally and ratably and shall be treated as a single series for all purposes under the Indenture. The Company will not issue
any additional Notes unless such additional Notes are fungible with the Notes for U.S. federal income tax purposes.</FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: left; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">3.&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;The
principal amount of each of the Notes is payable on November&nbsp;5, 2028, November&nbsp;5, 2028, November&nbsp;5, 2030, November&nbsp;5,
2032, November&nbsp;5, 2035, November&nbsp;5, 2045 and November&nbsp;5, 2055 (as relevant) (unless the Notes are redeemed before that
date, in which case principal will be payable on the date fixed for redemption).</FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: left; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">4.&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;The
interest payment dates for the Floating Rate Notes (the <B>Floating Rate Interest Payment Dates</B>) on which interest on the Floating
Rate Notes shall be payable are February&nbsp;5, May&nbsp;5, August&nbsp;5 and November&nbsp;5 of each year, commencing on February&nbsp;5,
2026.</FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: left; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">5.&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;The
interest payment dates for the Fixed Rate Notes (the <B>Fixed Rate Interest Payment Dates</B>) on which interest on the Fixed Rate Notes
shall be payable are May&nbsp;5 and November&nbsp;5 of each year, commencing on May&nbsp;5, 2026.</FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: left; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">6.&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;The
Floating Rate Notes will bear interest at a floating rate, reset quarterly on each Floating Rate Interest Payment Date, equal to Compounded
SOFR, plus 0.52%, as set forth in the form of Floating Rate Notes attached hereto as <U>Annex A</U>.</FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: left; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">7.&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;The
date from which interest shall accrue for the Floating Rate Notes is November&nbsp;5, 2025 (or the most recent Floating Rate Interest
Payment Date on which interest has been paid or duly provided for).</FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: left; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">8.&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;The
amount of interest accrued and payable on the Floating Rate Notes for each period from and including a Floating Rate Interest Payment
Date to, but excluding, the immediately succeeding Floating Rate Interest Payment Date (such succeeding Floating Rate Interest Payment
Date, the <B>Latter Floating Rate Interest Payment Date</B>) (the <B>Floating Rate Interest Period</B>) will be equal to the formula
set in the form of Floating Rate Notes attached hereto as <U>Annex A</U>.</FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: left; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">9.&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;The
2028 Notes will bear interest at a rate of 3.900% per annum, the 2030 Notes will bear interest at a rate of 4.100% per annum, the 2032
Notes will bear interest at a rate of 4.300% per annum, the 2035 Notes will bear interest at a rate of 4.600% per annum, the 2045 Notes
will bear interest at a rate of 5.200% per annum and the 2055 Notes will bear interest at a rate of 5.300% per annum.</FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: left; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">10.&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;The
date from which interest shall accrue for each Fixed Rate Note is November&nbsp;5, 2025 (or the most recent Fixed Rate Interest Payment
Date on which interest has been paid or duly provided for).</FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: left; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">11.&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;The
Record Date for interest payable on the Fixed Rate Notes shall be April&nbsp;20 and October&nbsp;20, as the case may be, next preceding
the Fixed Rate Interest Payment Date.</FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: left; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">12.&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;Prior
to October&nbsp;5, 2028 (the date that is one month prior to the scheduled maturity date for the 2028 Notes) (the <B>2028 par call date</B>)
in the case of the 2028 Notes, October&nbsp;5, 2030 (the date that is one month prior to the scheduled maturity date for the 2030 Notes)
(the <B>2030 par call date</B>) in the case of the 2030 Notes, September&nbsp;5, 2032 (the date that is two months prior to the scheduled
maturity date for the 2032 Notes) (the <B>2032 par call date</B>) in the case of the 2032 Notes, August&nbsp;5, 2035 (the date that is
three months prior to the scheduled maturity date for the 2035 Notes) (the <B>2035 par call date</B>) in the case of the 2035 Notes,
May&nbsp;5, 2045 (the date that is six months prior to the scheduled maturity date for the 2045 Notes) (the <B>2045 par call date</B>)
in the case of the 2045 Notes and May&nbsp;5, 2055 (the date that is six months prior to the scheduled maturity date for the 2055 Notes)
(the <B>2055 par call date </B>and, collectively with the 2028 par call date, the 2030 par call date, the 2032 par call date, the 2035
par call date and the 2045 par call date, the <B>par call dates </B>and each, a <B>par call date</B>) in the case of the 2055 Notes,
the Company may redeem the Fixed Rate Notes, in each case in whole or in part, at its option at any time and from time to time at a redemption
price (expressed as a percentage of principal amount and rounded to three decimal places) equal to the greater of (i)&nbsp;(a)&nbsp;the
sum of the present values of the remaining scheduled payments of principal and interest thereon discounted to the redemption date (assuming
such notes matured on the applicable par call date) on a semi-annual basis (assuming a 360-day year consisting of twelve 30-day months)
at the Treasury Rate (as defined in the forms of the Fixed Rate Notes attached hereto as <U>Annex B) </U>plus 5 basis points in the case
of the 2028 Notes, 7.5 basis points in the case of the 2030 Notes, 7.5 basis points in the case of the 2032 Notes, 10 basis points in
the case of the 2035 Notes, 10 basis points in the case of the 2045 Notes, and 10 basis points in the case of the 2055 Notes, as applicable,
less (b)&nbsp;interest accrued to the date of redemption, and (ii)&nbsp;100% of the principal amount of the notes to be redeemed, plus,
in either case, accrued and unpaid interest thereon to the redemption date. On or after the 2028 par call date in the case of the 2028
Notes, the 2030 par call date in the case of the 2030 Notes, the 2032 par call date in the case of the 2032 Notes, the 2035 par call
date in the case of the 2035 Notes, the 2045 par call date in the case of the 2045 Notes and the 2055 par call date in the case of the
2055 Notes, as applicable, the Company may redeem such Fixed Rate Notes, in whole or in part, at any time and from time to time, at a
redemption price equal to 100% of the principal amount of the Fixed Rate Notes being redeemed plus accrued and unpaid interest thereon
to the redemption date. Any redemption may, at the Company&rsquo;s discretion, be subject to one or more conditions precedent. Any related
written notice of redemption will describe the conditions precedent and, at the Company&rsquo;s discretion, will indicate that the redemption
date may be delayed or the written notice rescinded if all such conditions precedent have not been satisfied or waived by the Company.
In the case of a partial redemption, selection of the applicable series of Fixed Rate Notes for redemption will be made pro rata, by
lot or by such other method as the Trustee in its sole discretion deems appropriate and fair. No Fixed Rate Notes of any series of a
principal amount of $2,000 or less will be redeemed in part. If any Fixed Rate Note of a series is to be redeemed in part only, the notice
of redemption that relates to such Fixed Rate Note will state the portion of the principal amount of the applicable Fixed Rate Note to
be redeemed. A new Fixed Rate Note of any series in a principal amount equal to the unredeemed portion of the applicable Fixed Rate Note
will be issued in the name of the holder of such Fixed Rate Note upon surrender for cancellation of such original Fixed Rate Note. For
so long as any series of Fixed Rate Notes are registered in the name of The Depository Trust Company (or another depositary) or such
depositary&rsquo;s nominee, the redemption of such series of Fixed Rate Notes shall be done in accordance with the policies and procedures
of the depositary. Unless the Company defaults in payment of the redemption price, on and after the redemption date, interest will cease
to accrue on the Fixed Rate Notes or portions thereof called for redemption.</FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: left; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">13.&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;In
the event of changes in withholding taxes applicable to payments of interest on the Notes in Switzerland or any other Relevant Taxing
Jurisdiction, the Company may redeem the notes in whole (but not in part) as set forth in the form of Floating Rate Notes attached hereto
as <U>Annex A</U> and the forms of Fixed Rate Notes attached hereto as <U>Annex B</U>.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: left; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">14.&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;There
is no obligation of the Company to redeem or purchase Notes pursuant to any sinking fund or analogous provisions or at the option of
a Holder thereof.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: left; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">15.&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;The
Notes are issued in denominations of $2,000 and integral multiples of $1,000 in excess of $2,000.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: left; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">16.&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;Additional
Amounts with respect to Notes are payable by the Company or the Guarantor, as applicable, as set forth in the form of Floating Rate Notes
attached hereto as <U>Annex A</U> and the forms of Fixed Rate Notes attached hereto as <U>Annex B</U>.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: left; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">17.&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;The
Notes are issued in registered form only. Individual certificates in respect of the Notes will not be issued except in very limited circumstances.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: left; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">18.&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;Instead
of the Events of Default set forth in Section&nbsp;7.1 of the Indenture, an Event of Default with respect to the Notes will mean only
any one of the events set forth in the form of Floating Rate Notes attached hereto as <U>Annex A</U> and the forms of Fixed Rate Notes
attached hereto as <U>Annex B</U>.</FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: left; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">19.&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;The
Notes will be guaranteed as set forth in the form of Floating Rate Notes attached hereto as <U>Annex A</U> and the forms of Fixed Rate
Notes attached hereto as <U>Annex B</U>.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: left; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">20.&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;The
applicable CUSIP number for the Notes is 66989HBD9 for the Floating Rate Notes, 66989HAX6 for the 2028 Notes, 66989HAY4 for the 2030
Notes, 66989HAZ1 for the 2032 Notes, 66989HBA5 for the 2035 Notes, 66989HBB3 for the 2045 Notes and 66989HBC1 for the 2055 Notes.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: left; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">21.&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;The
form and terms of the Terms Agreement (including the Underwriting Agreement included as Annex A therein), dated November&nbsp;3, 2025,
among the Company, the Guarantor, and BofA Securities,&nbsp;Inc., HSBC Securities (USA) Inc. and J.P. Morgan Securities LLC, as representative
of the several underwriters named therein (the &ldquo;<U>Terms Agreement</U>&rdquo;), which is attached hereto as <U>Annex C,</U> is
hereby approved.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">22.&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;The
Notes are being sold to the underwriters at the price and upon the terms set forth in the Terms Agreement.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">23.&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;The
Floating Rate Notes and the guarantee shall be in the form attached hereto as <U>Annex A</U>.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">24.&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;The
Fixed Rate Notes and the guarantees shall be in the forms attached hereto as <U>Annex B</U>.</FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 10pt">[SIGNATURE PAGE
FOLLOWS]</FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in; color: #0E0E0E"><FONT STYLE="font-size: 10pt">IN
WITNESS WHEREOF,&nbsp;I have hereunto signed my name.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in"><FONT STYLE="font-size: 10pt">Dated: November&nbsp;5, 2025</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="font-size: 10pt">
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="vertical-align: top; padding-right: 5.75pt; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>NOVARTIS
    CAPITAL CORPORATION</B></FONT></TD>
    </TR>
  <TR STYLE="font-size: 10pt">
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="vertical-align: top; padding-right: 5.75pt; font-size: 10pt">&nbsp;</TD></TR>
  <TR STYLE="font-size: 10pt">
    <TD STYLE="width: 50%; font-size: 10pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: top; width: 5%; padding-right: 5.75pt; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">By:</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; vertical-align: top; width: 45%; padding-right: 5.75pt; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">/s/
    Eduard Marti</FONT></TD>
    </TR>
  <TR STYLE="font-size: 10pt">
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 5.75pt; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Name: </FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 5.75pt; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Eduard Marti</FONT></TD>
    </TR>
  <TR STYLE="font-size: 10pt">
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 5.75pt; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Title: </FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 5.75pt; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Director, President and Treasurer</FONT></TD>
    </TR>
</TABLE>

<P STYLE="font-size: 10pt; margin: 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="text-align: center; margin-top: 0; margin-bottom: 0; font-size: 10pt"><FONT STYLE="font-size: 10pt"><I>[Signature Page to Officer's
Certificate (Novartis Capital Corporation)]&nbsp;</I></FONT></P>

<P STYLE="margin: 0; font-size: 10pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font-size: 10pt; margin: 0"></P>

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<P STYLE="font-size: 10pt; margin: 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-size: 10pt"><B><U>Annex
A</U></B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-size: 10pt"><U>[Incorporated
by reference to Exhibits 4.1, 4.2, 4.3, 4.4, 4.5, 4.6 and 4.7 to the Current Report on Form&nbsp;6-K filed with the SEC on&nbsp;November&nbsp;5,
2025.]</U></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-size: 10pt"><I>[Signature
Page to Officer's Certificate (Novartis Capital Corporation)]</I></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-size: 10pt"><B><U>Annex
B</U></B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-size: 10pt"><U>[Incorporated
by reference to Exhibit&nbsp;1.1 to the Current Report on Form&nbsp;6-K filed with the SEC on November&nbsp;5, 2025.]</U></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-size: 10pt"><B>&nbsp;</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-size: 10pt"><I>[Signature
Page to Officer's Certificate (Novartis Capital Corporation)]</I></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-size: 10pt"><B>&nbsp;</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-size: 10pt"><B><U>Annex
C</U></B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; color: #1B1B1B"><FONT STYLE="font-size: 10pt"><I>[Signature
Page&nbsp;to Officer's Certificate (Novartis Capital Corporation)]</I></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<DOCUMENT>
<TYPE>EX-5.1
<SEQUENCE>11
<FILENAME>tm2529850d5_ex5-1.htm
<DESCRIPTION>EXHIBIT 5.1
<TEXT>
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<P STYLE="font-size: 10pt; margin: 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Exhibit&nbsp;5.1</B></FONT></P>

<P STYLE="font-size: 10pt; margin: 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 10pt"><B>OPINION OF DAVIS
POLK&nbsp;&amp; WARDWELL LLP</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">November&nbsp;5, 2025</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">Novartis AG<BR>
Lichtstrasse 35<BR>
4056 Basel<BR>
Switzerland</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">Novartis Capital Corporation<BR>
1 Health Plaza<BR>
East Hanover, New Jersey 07936</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">Ladies and Gentlemen:</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">Novartis Capital Corporation, a Delaware
corporation (the &ldquo;<B>Company</B>&rdquo;), and Novartis AG, a stock corporation organized under the laws of Switzerland (the &ldquo;<B>Guarantor</B>&rdquo;),
have filed with the Securities and Exchange Commission a Registration Statement on Form&nbsp;F-3 (File Nos. 333-282133 and 333-282133-01)
(the &ldquo;<B>Registration Statement</B>&rdquo;) and the related Prospectus (the &ldquo;<B>Prospectus</B>&rdquo;) for the purpose of
registering under the Securities Act of 1933, as amended (the &ldquo;<B>Securities Act</B>&rdquo;), certain securities, including $800,000,000
aggregate principal amount of the Company&rsquo;s floating rate notes due 2028 (the &ldquo;<B>Floating Rate Notes</B>&rdquo;), $700,000,000
aggregate principal amount of the Company&rsquo;s 3.900% Notes due 2028 (the &ldquo;<B>2028 Notes</B>&rdquo;), $1,750,000,000 aggregate
principal amount of the Company&rsquo;s 4.100% Notes due 2030 (the &ldquo;<B>2030 Notes</B>&rdquo;), $925,000,000 aggregate principal
amount of the Company&rsquo;s 4.300% Notes due 2032 (the &ldquo;<B>2032 Notes</B>&rdquo;), $925,000,000 aggregate principal amount of
the Company&rsquo;s 4.600% Notes due 2035 (the &ldquo;<B>2035 Notes</B>&rdquo;), $350,000,000 aggregate principal amount of the Company&rsquo;s
5.200% Notes due 2045 (the &ldquo;<B>2045 Notes</B>&rdquo;) and $550,000,000 aggregate principal amount of the Company&rsquo;s 5.300%
Notes due 2055 (the &ldquo;<B>2055 Notes</B>&rdquo; and, together with the Floating Rate Notes, the 2028 Notes, the 2030 Notes, the 2032
Notes, the 2035 Notes and the 2045 Notes, the &ldquo;<B>Notes</B>&rdquo;). The Notes will be guaranteed by the Guarantor (the &ldquo;<B>Guarantees</B>&rdquo;
and, together with the Notes, the &ldquo;<B>Securities</B>&rdquo;). The Securities are to be issued pursuant to the provisions of the
Indenture dated as of February&nbsp;10, 2009 (the &ldquo;<B>Indenture</B>&rdquo;) among Novartis Capital Corporation, Novartis Securities
Investment Ltd. and Novartis Finance S.A., as issuers, Novartis AG, as guarantor, and HSBC Bank USA, National Association, as trustee
(the &ldquo;<B>Trustee</B>&rdquo;). The Securities are to be sold pursuant to the Terms Agreement dated November&nbsp;3, 2025 (together
with the Underwriting Agreement Standard Provisions attached thereto as Annex A, the &ldquo;<B>Terms Agreement</B>&rdquo;) among the
Company, the Guarantor and the several underwriters named in Schedule I thereto (the &ldquo;<B>Underwriters</B>&rdquo;).</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt"><FONT STYLE="font-size: 10pt">We,
as your counsel, have examined originals or copies of such documents, corporate records, certificates of public officials and other instruments
as we have deemed necessary or advisable for the purpose of rendering this opinion.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">In rendering the opinion expressed herein,
we have, without independent inquiry or investigation, assumed that (i)&nbsp;all documents submitted to us as originals are authentic
and complete, (ii)&nbsp;all documents submitted to us as copies conform to authentic, complete originals, (iii)&nbsp;all signatures on
all documents that we reviewed are genuine, (iv)&nbsp;all natural persons executing documents had and have the legal capacity to do so,
(v)&nbsp;all statements in certificates of public officials and officers of the Company and the Guarantor that we reviewed were and are
accurate and (vi)&nbsp;all representations made by the Company and the Guarantor as to matters of fact in the documents that we reviewed
were and are accurate.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">Based upon the foregoing, and subject
to the additional assumptions and qualifications set forth below, we advise you that, in our opinion:</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="font-size: 10pt; vertical-align: top">
<TD STYLE="font-size: 10pt; width: 0.5in"></TD><TD STYLE="font-size: 10pt; width: 0.5in"><FONT STYLE="font-size: 10pt">(1)</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt">The Notes have been duly authorized
                                            by the Company and, when they are executed and authenticated in accordance with the provisions
                                            of the Indenture and delivered to and paid for by the Underwriters pursuant to the Terms
                                            Agreement, will be valid and binding obligations of the Company, enforceable in accordance
                                            with their terms, subject to applicable bankruptcy, insolvency and similar laws affecting
                                            creditors&rsquo; rights generally, concepts of reasonableness and equitable principles of
                                            general applicability, and may be subject to possible judicial or regulatory actions giving
                                            effect to governmental actions or foreign laws affecting creditors' rights, provided that
                                            we express no opinion as to the (x)&nbsp;effect of fraudulent conveyance, fraudulent transfer
                                            or similar provision of applicable law on the conclusions expressed above, or (y)&nbsp;validity,
                                            legally binding effect or enforceability of any provision that permits holders to collect
                                            any portion of stated principal amount upon acceleration of the Notes to the extent determined
                                            to constitute unearned interest.</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="font-size: 10pt; vertical-align: top">
<TD STYLE="font-size: 10pt; width: 0.5in"></TD><TD STYLE="font-size: 10pt; width: 0.5in"><FONT STYLE="font-size: 10pt">(2)</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt">Assuming the due authorization of the
                                            Guarantee endorsed on each Note by the Guarantor insofar as the laws of Switzerland are concerned,
                                            the Guarantees, when the Notes (and the Guarantees endorsed thereon) are executed and authenticated
                                            in accordance with the provisions of the Indenture and delivered to and paid for by the Underwriters
                                            pursuant to the Terms Agreement, will be valid and binding obligations of the Guarantor,
                                            enforceable in accordance with their terms, subject to applicable bankruptcy, insolvency
                                            and similar laws affecting creditors&rsquo; rights generally, concepts of reasonableness
                                            and equitable principles of general applicability, and may be subject to possible judicial
                                            or regulatory actions giving effect to governmental actions or foreign laws affecting creditors'
                                            rights; provided that we express no opinion as to the (x)&nbsp;effect of fraudulent conveyance,
                                            fraudulent transfer or similar provision of applicable law on the conclusions expressed above
                                            or (y)&nbsp;validity, legally binding effect or enforceability of any provision that permits
                                            holders to collect any portion of stated principal amount upon acceleration of the Notes
                                            to the extent determined to constitute unearned interest.</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">In connection with the opinion expressed
above, we have assumed that the Guarantor is validly existing as a stock corporation organized under the laws of Switzerland. In addition,
we have assumed that the Indenture and the Securities (collectively, the &ldquo;<B>Documents</B>&rdquo;) are valid, binding and enforceable
agreements of each party thereto (other than as expressly covered above in respect of the Company and the Guarantor). We have also assumed
that the execution, delivery and performance by each party to each Document to which it is a party (a)&nbsp;are within its corporate
powers, (b)&nbsp;do not contravene, or constitute a default under, the certificate of incorporation or bylaws or other constitutive documents
of such party, (c)&nbsp;require no action by or in respect of, or filing with, any governmental body, agency or official and (d)&nbsp;do
not contravene, or constitute a default under, any provision of applicable law or regulation or any judgment, injunction, order or decree
or any agreement or other instrument binding upon such party, provided that we make no such assumption to the extent that we have specifically
opined as to such matters with respect to the Company and the Guarantor.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">We are members of the Bar of the State
of New York and the foregoing opinion is limited to the laws of the State of New York and the General Corporation Law of the State of
Delaware, except that we express no opinion as to any law, rule&nbsp;or regulation that is applicable to the Company or the Guarantor,
the Documents or such transactions solely because such law, rule&nbsp;or regulation is part of a regulatory regime applicable to any
party to any of the Documents or any of its affiliates due to the specific assets or business of such party or such affiliate. Insofar
as the foregoing opinion involves matters governed by the laws of Switzerland, we have relied, without independent inquiry or investigation,
on the opinion of Advestra AG to be filed as an exhibit to a report on Form&nbsp;6-K to be filed by the Company on the date hereof.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">We hereby consent to the filing of this
opinion as an exhibit to a report on Form&nbsp;6-K to be filed by the Company on the date hereof and its incorporation by reference into
the Registration Statement and further consent to the reference to our name under the caption &ldquo;Legal Matters&rdquo; in the prospectus
supplement which is a part of the Registration Statement. In giving this consent, we do not admit that we are in the category of persons
whose consent is required under Section&nbsp;7 of the Securities Act.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">Very truly yours,</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">/s/ Davis Polk&nbsp;&amp; Wardwell LLP</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<DOCUMENT>
<TYPE>EX-5.2
<SEQUENCE>12
<FILENAME>tm2529850d5_ex5-2.htm
<DESCRIPTION>EXHIBIT 5.2
<TEXT>
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<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right; color: rgb(29,29,27)"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Exhibit&nbsp;5.2</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><IMG SRC="tm2529850d5_ex5-2img001.jpg" ALT=""></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: #1D1D1B"><U>Advestra AG, Uraniastrasse 9, 8001 Zurich</U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: #1D1D1B">Novartis AG</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: #1D1D1B">Lichtstrasse 35</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: #1D1D1B">4056 Basel</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: #1D1D1B">Switzerland</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: #1D1D1B">Novartis Capital Corporation&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: #1D1D1B">1 Health Plaza&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: #1D1D1B">East Hanover, NJ 07936&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: #1D1D1B">United States</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Zurich, 11.05.2025</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: #1D1D1B"><B>Novartis AG &ndash; Form&nbsp;F-3 Registration Statement
 &ndash; Swiss Opinion Letter</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: #1D1D1B">Ladies and Gentlemen,</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">We have been instructed by Novartis AG (the &quot;<B>Guarantor</B>&quot;),
in connection with (i)&nbsp;the registration under the United States Securities Act of 1933, as amended (the &quot;<B>Securities Act</B>&quot;),
on Form&nbsp;F-3 (the &quot;<B>Registration Statement</B>&quot;) of an unspecified aggregate principal amount of debt securities to be
issued by Novartis Capital Corporation (the &quot;<B>Issuer</B>&quot;), and to be fully and unconditionally guaranteed by the Guarantor
as to payment of principal and interest pursuant to guarantees issued by the Guarantor from time to time (the &quot;<B>Guaranteed Debt
Securities</B>&quot; and each a &quot;<B>Guaranteed Debt Security</B>&quot;) and (ii)&nbsp;the <FONT STYLE="color: #1D1D1B">offering and
sale by </FONT>the Issuer <FONT STYLE="color: #1D1D1B">of USD </FONT>700,000,000 3.900 <FONT STYLE="color: #1D1D1B">per cent Notes due
2028, USD </FONT>1,750,000,000 4.100 <FONT STYLE="color: #1D1D1B">per cent Notes due 2030, USD </FONT>925,000,000 4.300 <FONT STYLE="color: #1D1D1B">per
cent Notes due 2032, USD </FONT>925,000,000 4.600 <FONT STYLE="color: #1D1D1B">per cent Notes due 2035, USD </FONT>350,000,000 5.200 <FONT STYLE="color: #1D1D1B">per
cent Notes due 2045, USD </FONT>550,000,000 5.300 <FONT STYLE="color: #1D1D1B">per cent Notes due 2055, and USD</FONT> 800,000,000 Floating
Rate <FONT STYLE="color: #1D1D1B">Notes due </FONT>2028 to be fully and unconditionally guaranteed by <FONT STYLE="color: #1D1D1B">the
Guarantor</FONT> (the &quot;<B>Notes</B>&quot;).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">This legal opinion relates to Swiss law in effect
on the date hereof and such laws and their interpretation are subject to change. In the absence of explicit statutory law or established
case law, we base our opinions on our independent professional judgement. We express no opinion on any matter governed by the laws of
any other jurisdiction. We do not assume any obligation to inform you of any facts or changes of law or the interpretation thereof occurring
or coming to our attention after the date of this legal opinion, and which might have an impact on any matters addressed in our opinions.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: center; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">Advestra AG <FONT STYLE="font-family: Wingdings">&sect;</FONT> Uraniastrasse 9 <FONT STYLE="font-family: Wingdings">&sect;</FONT> 8001 Zurich <FONT STYLE="font-family: Wingdings">&sect;</FONT> T +41 58 510 92 00 <FONT STYLE="font-family: Wingdings">&sect;</FONT> info@advestra.ch <FONT STYLE="font-family: Wingdings">&sect;</FONT> www.advestra.ch <FONT STYLE="font-family: Wingdings">&sect;</FONT> CHE-385.508.136MWST</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 49%; padding-right: 5.4pt; font-size: 10pt"><FONT STYLE="font-size: 10pt; color: #1D1D1B">Novartis AG &ndash; Form&nbsp;F-3
    Registration Statement &ndash; <BR>
Swiss Opinion Letter</FONT></TD>
    <TD STYLE="width: 34%; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="width: 17%; padding-left: 5.4pt; font-size: 10pt; text-align: right"><FONT STYLE="font-size: 10pt; color: #1D1D1B">11.05.2025</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><B>1.</B></TD><TD><B>Documents</B></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: #1D1D1B">In arriving at the opinions expressed
in section 3, we have exclusively examined and relied on the following documents (each a &quot;<B>Document</B>&quot;):</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; color: #1D1D1B"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">(a)</TD><TD STYLE="text-align: justify">A pdf copy of the Registration Statement dated 16 September&nbsp;2024 (the &quot;<B>Registration Statement</B>&quot;);</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; color: #1D1D1B"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">(b)</TD><TD STYLE="text-align: justify">Pdf copies of (i)&nbsp;the Preliminary Prospectus Supplement dated 3 November&nbsp;2025 (the &quot;<B>Preliminary
Prospectus Supplement</B>&quot;) relating to the Notes and supplementing the Base Prospectus dated 16 September&nbsp;2024 included in
the Registration Statement (the &quot;<B>Base Prospectus</B>&quot;) and (ii)&nbsp;the Free Writing Prospectus dated 3 November&nbsp;2025
(together with the Preliminary Prospectus Supplement and the Base Prospectus, the &quot;<B>Prospectus</B>&quot;);</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; color: #1D1D1B"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">(c)</TD><TD STYLE="text-align: justify">A pdf copy of the executed indenture dated 10 February&nbsp;2009 among the Issuer, Novartis Securities
Investment Ltd. and Novartis Finance S.A., (as issuers), the Guarantor and HSBC Bank USA, National Association (as Trustee) attached as
Exhibit&nbsp;4.1 to the Registration Statement (the &quot;<B>Indenture</B>&quot;);</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; color: #1D1D1B"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">(d)</TD><TD STYLE="text-align: justify">The form of Guaranteed Debt Security attached as Exhibit&nbsp;4.2 to the Registration Statement (the &quot;<B>Form&nbsp;of
Guaranteed Debt Security</B>&quot;);</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; color: #1D1D1B"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">(e)</TD><TD STYLE="text-align: justify">Pdf copies of the executed securities each dated 5 November&nbsp;2025 containing an executed Guarantee
of Novartis AG, in the Form&nbsp;of Guaranteed Debt Security attached as Exhibit&nbsp;4.2 to the Registration Statement (such guarantees,
the &quot;<B>Guarantees</B>&quot;);</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; color: #1D1D1B"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">(f)</TD><TD STYLE="text-align: justify">An extract from the Commercial Register of the Canton of Basel-Stadt in respect of the Guarantor, certified
by such Commercial Register as of 30 October&nbsp;2025 (the &quot;<B>Extract</B>&quot;);</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; color: #1D1D1B"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">(g)</TD><TD STYLE="text-align: justify">The articles of association of the Guarantor dated 7 March&nbsp;2025, certified by the Commercial Register
of the Canton of Basel-Stadt as of 30 October&nbsp;2025 to correspond to the latest version filed with such Commercial Register (the &quot;<B>Articles</B>&quot;);</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; color: #1D1D1B"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">(h)</TD><TD STYLE="text-align: justify">A pdf copy of the Guarantor&rsquo;s Regulations of the Board of Directors, its Committees and the Executive
Committee of the Guarantor internal organizational regulations effective 12 December&nbsp;2007 and in their version dated 7 March&nbsp;2023
and 1 January&nbsp;2025 (collectively, the &quot;<B>Organizational Regulations</B>&quot;);</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; color: #1D1D1B"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">(i)</TD><TD STYLE="text-align: justify">A pdf copy of the Chairman&rsquo;s Committee Charter of the Guarantor effective 12 December&nbsp;2007
(the &quot;<B>Charter</B>&quot;);</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; color: #1D1D1B"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">(j)</TD><TD STYLE="text-align: justify">A copy of the Management Authorization Levels of the Guarantor effective 1 July&nbsp;2008 (the &quot;<B>Authorization
Levels</B>&quot; and together with the Organizational Regulations and the Charter, the &quot;<B>Internal Regulations</B>&quot;);</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; color: #1D1D1B"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">(k)</TD><TD STYLE="text-align: justify">Pdf copies of the minutes or excerpts of the minutes of meetings of Guarantor&rsquo;s the board of directors
regarding, <I>inter alia</I>, the issuance of the Notes and the Guarantee to (re-)finance (i)&nbsp;the acquisition of Anthos Therapeutics,&nbsp;Inc.,
the global license and collaboration agreement with PTC Therapeutics,&nbsp;Inc., the bonds in the aggregate principal amount of USD 1.75
billion maturing in November&nbsp;2025, (ii)&nbsp;the acquisition of Regulus Therapeutics Inc., and (iii)&nbsp;the acquisition of Tourmaline
Bio,&nbsp;Inc., dated 27 August&nbsp;2024, 24 January&nbsp;2025, 27 April&nbsp;2025 and 7 September&nbsp;2025, respectively (collectively,
the &quot;<B>Minutes</B>&quot;);</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 49%; padding-right: 5.4pt; font-size: 10pt"><FONT STYLE="font-size: 10pt; color: #1D1D1B">Novartis AG &ndash; Form&nbsp;F-3
    Registration Statement &ndash;<BR>
 Swiss Opinion Letter</FONT></TD>
    <TD STYLE="width: 34%; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="width: 17%; padding-left: 5.4pt; font-size: 10pt; text-align: right"><FONT STYLE="font-size: 10pt; color: #1D1D1B">11.05.2025</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; color: #1D1D1B"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">(l)</TD><TD STYLE="text-align: justify">A pdf copy of the resolutions of the Chairman&rsquo;s Committee of the Guarantor dated 20 August&nbsp;2008
regarding, <I>inter alia</I>, the execution of the Indenture (as defined below) to the extent the Guarantor is a party thereof (the &quot;<B>Chairman
Committee Resolution</B>&quot;); and</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; color: #1D1D1B"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">(m)</TD><TD STYLE="text-align: justify">A copy of an e-mail by Harry Kirsch dated 28 October&nbsp;2025 confirming the sub-delegation to Daniel
Weiss and Laurent Sigismondi to (i)&nbsp;decide on all specifics with respect to the Offering, and (ii)&nbsp;do or authorize any and all
such acts and things as deemed necessary or desirable in connection with the Offering.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: #1D1D1B">We have not reviewed or examined
any document other than the Documents listed above or any non-Swiss statutes and regulations, including those cross-referenced in any
of the Documents and have not made any further enquiries or conducted any due diligence.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><B>2.</B></TD><TD><B>Assumptions</B></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: #1D1D1B">In arriving at the opinions expressed
in section 3, we have assumed (with your permission and without verification) each of the following (each an &quot;<B>Assumption</B>&quot;):</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; color: #1D1D1B"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">(a)</TD><TD STYLE="text-align: justify">All Documents submitted to us as copies conform to their respective originals and such originals are complete
and authentic.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; color: #1D1D1B"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">(b)</TD><TD STYLE="text-align: justify">All signatures (whether manuscript or electronic) on the Documents are the genuine signatures of the individuals
concerned and were affixed, inserted or provided by such individuals, each individual has consented to the release of his or her signature,
and the form of each such signature (whether manuscript or electronic) is accepted for purposes of due execution of such Documents under
all relevant laws other than Swiss law.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; color: #1D1D1B"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">(c)</TD><TD STYLE="text-align: justify">All Documents remain in full force and effect as of the date of this legal opinion and have not been amended,
revoked, rescinded or affected by any action subsequent to their execution or taking and the Registration Statement has been filed and
become effective in the form reviewed by us.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; color: #1D1D1B"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">(d)</TD><TD STYLE="text-align: justify">The information contained in the Extract is correct and up to date as of the date of this legal opinion
in all respects relevant to our opinions.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; color: #1D1D1B"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">(e)</TD><TD STYLE="text-align: justify">The Articles and the Internal Regulations were complete, up to date and in full force and effect as of
the date of this legal opinion or the date of the Indenture, respectively.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; color: #1D1D1B"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">(f)</TD><TD STYLE="text-align: justify">The Minutes are a true record of the proceedings described therein in duly convened, constituted and quorate
meetings of the board of directors of the Guarantor, and the resolutions set out therein were validly passed.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; color: #1D1D1B"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">(g)</TD><TD STYLE="text-align: justify">The Minutes and the Chairman Committee Resolution have been duly passed in accordance with Swiss law,
the Articles, the Internal Regulations and (i)&nbsp;the Charter, the Authorization Levels and the Organizational Regulations dated January&nbsp;2008
were validly in force and effect at the date of passing of the Chairman Committee Resolution (ii)&nbsp;the Organizational Regulations
dated 7&nbsp;March&nbsp;2023 were validly in force and effect at the date of passing of the resolutions contained in the Minutes dated
27 August&nbsp;2024 and (iii)&nbsp;the Organizational Regulations dated 1 January&nbsp;2025 were validly in force and effect at the date
of passing of the resolutions contained in the Minutes dated 24 January&nbsp;2025, 27 April&nbsp;2025 and 7 September&nbsp;2025.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse"><TR STYLE="vertical-align: top"><TD STYLE="width: 49%; padding-right: 5.4pt; font-size: 10pt"><FONT STYLE="font-size: 10pt; color: #1D1D1B">Novartis AG &ndash; Form&nbsp;F-3
    Registration Statement &ndash; <BR>
Swiss Opinion Letter</FONT></TD>
    <TD STYLE="width: 34%; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="width: 17%; padding-left: 5.4pt; font-size: 10pt; text-align: right"><FONT STYLE="font-size: 10pt; color: #1D1D1B">11.05.2025</FONT></TD></TR></TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; color: #1D1D1B"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">(h)</TD><TD STYLE="text-align: justify">The proceeds of the Offering will be used as set out in the Minutes.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; color: #1D1D1B"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">(i)</TD><TD STYLE="text-align: justify">The Issuer is a (directly or indirectly) wholly-owned subsidiary company of the Guarantor.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; color: #1D1D1B"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">(j)</TD><TD STYLE="text-align: justify">The Guarantor did not pass a resolution for its dissolution, winding-up or liquidation and the Guarantor
is a going concern; no petition has been presented or order made by a court or other competent authority for the dissolution, winding-up,
liquidation, bankruptcy, moratorium, composition with creditors or administration of the Guarantor; no receiver, trustee in bankruptcy,
administrator or similar officer has been appointed in relation to the Guarantor or any of its assets or revenues; the Guarantor is not
insolvent (<I>zahlungsunf&auml;hig)</I> or overindebted (<I>&uuml;berschuldet</I>) in the sense of article&nbsp;725b CO; and no insolvency
or over-indebtedness is threatening or expected.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; color: #1D1D1B"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">(k)</TD><TD STYLE="text-align: justify">All parties to the Indenture, the Notes and the Guarantees entered into those respective documents for
<I>bona fide</I> commercial reasons, at arm's-length commercial terms and as a result of <I>bona fide</I> negotiations; the terms and
conditions of the Indenture, the Notes and the Guarantees are in the best interest of all parties thereto; and the Indenture reflects
the true intent and the entire agreement among the parties thereto.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; color: #1D1D1B"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">(l)</TD><TD STYLE="text-align: justify">None of the directors or officers of any party to the Indenture, the Notes and the Guarantees nor any
individual who has executed the Indenture, the Notes and/or the Guarantees on behalf of any party has or had a conflict of interest with
such party in respect of the Indenture, the Notes and/or the Guarantees or any related documents or transactions, or otherwise lacks capacity,
that would preclude such director, officer or individual from validly representing (or granting a power of attorney in respect of the
Indenture, the Notes and/or the Guarantees or any related documents) such party.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; color: #1D1D1B"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">(m)</TD><TD STYLE="text-align: justify">Unless expressly opined on herein, all representations and warranties made in the Documents as well as
all information contained in the Documents and all statements made to us in connection with the Documents are true and accurate as of
the date they were made.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; color: #1D1D1B"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">(n)</TD><TD STYLE="text-align: justify">The Guarantor did not enter into any other agreement or arrangement which would impair its capacity, power
and authority to enter into, and perform its obligations under, the Indenture or the Guarantees.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; color: #1D1D1B"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">(o)</TD><TD STYLE="text-align: justify">All authorizations, approvals, licenses, consents, filings, registrations, notarizations, notices, publications,
exemptions or other requirements of or with governmental, judicial or other public bodies and authorities which may be necessary under
any applicable laws or regulations (other than those of Switzerland) in connection with the entry into and performance of any Document
have been obtained, made or fulfilled in due time and remain (and, where relevant, will remain) in full force and effect, any related
conditions have been fulfilled and any related covenants have been and will be complied with.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; color: #1D1D1B"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">(p)</TD><TD STYLE="text-align: justify">There was no judicial or administrative order which would prevent the entry into, or the performance of
the transactions contemplated by, any Document by the Guarantor.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; color: #1D1D1B"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">(q)</TD><TD STYLE="text-align: justify">The Notes conform to the Form&nbsp;of Guaranteed Debt Security, the Indenture and the descriptions of
the Guaranteed Debt Securities contained in the Registration Statement, the Guarantees are endorsed upon such Guaranteed Debt Securities
and the text of the Guarantees conforms the &quot;<I>Guarantee of Novartis AG</I>&quot; as included in the Form&nbsp;of Guaranteed Debt
Security.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse"><TR STYLE="vertical-align: top"><TD STYLE="width: 49%; padding-right: 5.4pt; font-size: 10pt"><FONT STYLE="font-size: 10pt; color: #1D1D1B">Novartis AG &ndash; Form&nbsp;F-3
    Registration Statement &ndash; <BR>
Swiss Opinion Letter</FONT></TD>
    <TD STYLE="width: 34%; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="width: 17%; padding-left: 5.4pt; font-size: 10pt; text-align: right"><FONT STYLE="font-size: 10pt; color: #1D1D1B">11.05.2025</FONT></TD></TR></TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; color: #1D1D1B"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">(r)</TD><TD STYLE="text-align: justify">To the extent any Document has to be executed or any obligation has to be performed under any applicable
law other than Swiss law or in any jurisdiction outside Switzerland, such execution and performance has not been and will not be illegal,
invalid or unenforceable by virtue of the laws of such jurisdiction.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; color: #1D1D1B"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">(s)</TD><TD STYLE="text-align: justify">No laws and regulations other than those of Switzerland affect any of the conclusions stated in this legal
opinion.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; color: #1D1D1B"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">(t)</TD><TD STYLE="text-align: justify">There are no facts, circumstances or events not reflected in the Documents that would be relevant to our
opinions.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><B>3.</B></TD><TD><B>Opinion</B></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: #1D1D1B">Based upon the Assumptions and
subject to the Qualifications (as defined below), we are of the opinion that under Swiss law as currently in force and interpreted (and
to the extent it depends on such laws):</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; color: #1D1D1B"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">(a)</TD><TD STYLE="text-align: justify">The Guarantor is a company limited by shares (<I>Aktiengesellschaft</I>) incorporated and validly existing
under Swiss law.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; color: #1D1D1B"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">(b)</TD><TD STYLE="text-align: justify">The Guarantor has and had at each relevant time, the necessary corporate capacity and power to execute
and file the Registration Statement, and to enter into and to perform its obligations under the Indenture and the Guarantees.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; color: #1D1D1B"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">(c)</TD><TD STYLE="text-align: justify">The Guarantor has taken all necessary corporate action to authorize the execution and delivery of the
Indenture and the Guarantees.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><B>4.</B></TD><TD><B>Qualifications</B></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: #1D1D1B">The opinions expressed in section
3 are subject to the effects of Swiss (a)&nbsp;laws on debt enforcement and insolvency (including laws in respect of bankruptcy, moratoria,
protective or securing measures and composition or administration proceedings, and provisions for the avoidance of transactions made to
the detriment of or creating a preference among creditors and similar laws affecting the rights of creditors and secured parties in general),
(b)&nbsp;laws and principles of general application (including the prohibition of the abuse of rights (<I>Rechtsmissbrauch</I>), protection
against excessive commitment, the principle of good faith (<I>Grundsatz von Treu und Glauben</I>), rules&nbsp;in respect of contracting
under the influence of error, fraud, misrepresentation, threat or duress, exploitation, insufficiently determined undertakings, impossibility
of performance, set-off and material alteration of relevant circumstances (<I>clausula rebus sic stantibus</I>)), (c)&nbsp;public policy
considerations and (d)&nbsp;laws and rules&nbsp;of civil procedure as applicable to creditors and debtors or claimants and defendants
generally. We express no opinion herein as to any matter of accounting, auditing or taxation, or as to any regulatory or commercial matter.
Our opinions expressed in section 3 above are further subject to the following qualifications and limitations (each a &quot;<B>Qualification</B>&quot;):</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; color: #1D1D1B"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">(a)</TD><TD STYLE="text-align: justify">Our opinions expressed in section 3 are strictly limited to matters governed by Swiss law and thus to
opinions on certain Swiss law matters.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; color: #1D1D1B"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">(b)</TD><TD STYLE="text-align: justify">In referring to the terms of agreements or other documents, we express no opinion on whether and to what
extent these are sufficiently specific or leave room for interpretation which may become a matter of the discretion of the courts.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse"><TR STYLE="vertical-align: top"><TD STYLE="width: 49%; padding-right: 5.4pt; font-size: 10pt"><FONT STYLE="font-size: 10pt; color: #1D1D1B">Novartis AG &ndash; Form&nbsp;F-3
    Registration Statement &ndash; <BR>
Swiss Opinion Letter</FONT></TD>
    <TD STYLE="width: 34%; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="width: 17%; padding-left: 5.4pt; font-size: 10pt; text-align: right"><FONT STYLE="font-size: 10pt; color: #1D1D1B">11.05.2025</FONT></TD></TR></TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; color: #1D1D1B"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">(c)</TD><TD STYLE="text-align: justify">Except as explicitly stated otherwise in section 3, we express no opinion on the accuracy of any representation,
warranty, calculation, valuation, or statement of fact (or factual background assumed) as may be contained in the documents examined,
or any factual backgrounds therein assumed, or on the question whether any conditions therein stated have been fulfilled.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; color: #1D1D1B"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">(d)</TD><TD STYLE="text-align: justify">Except as explicitly stated herein, we express no opinion as to whether the Registration Statement and
the Prospectus are accurate, true, correct, complete and not misleading. In particular, we express no opinion on whether the Registration
Statement and/or the Prospectus provide sufficient information for investors to reach an informed assessment of the Issuer, the Guarantor,
the Guaranteed Debt Securities and/or the Notes. In addition, we have not been responsible for investigating or verifying the accuracy
of the facts contained in the Registration Statement and/or the Prospectus.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; color: #1D1D1B"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">(e)</TD><TD STYLE="text-align: justify">We do not express any opinion herein about the choice of law or the submission to the jurisdiction as
set forth in, or to the enforceability of judgements relating to, the Indenture, the Notes and/or the Guarantees.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><B>5.</B></TD><TD><B>Reliance, Disclosure and Governing Law</B></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: #1D1D1B">We hereby consent to the filing
of this opinion as an exhibit to the Issuer&rsquo;s report on Form&nbsp;6-K dated the date hereof and its incorporation by reference into
the Registration Statement and consent to the reference to Advestra AG in the prospectus supplement which is a part of the Registration
Statement under &quot;Legal Matters&quot;. In giving such consent, we do not thereby admit that we are in the category of persons whose
consent is required under Section&nbsp;7 of the Securities Act.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: #1D1D1B">This opinion is furnished by us,
as special Swiss legal counsel to the Guarantor, in connection with the filing of the Issuer&rsquo;s report on Form&nbsp;6-K dated the
date hereof and its incorporation by reference into the Registration Statement, and, except as provided in the immediately preceding paragraph,
is not to be used, circulated, quoted or otherwise referred to for any other purpose without our express written permission, or relied
upon by any other person. This opinion is strictly limited to the matter stated in it and does not apply by implication to any other matters.
We do not assume any obligation to inform you of any facts or circumstances occurring or coming to our attention subsequently to the date
of this letter and which might have an impact on any matters addressed in our opinions given herein.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: #1D1D1B">In this legal opinion, Swiss legal
concepts are expressed in English terms and not in their original terms in an official language of Switzerland. The concepts concerned
may not be identical to the concepts described by the same English terms as they exist under the laws of other jurisdictions.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: #1D1D1B">This legal opinion letter shall
be governed by and construed in accordance with Swiss law. This legal opinion letter may only be relied upon on the express condition
that any issues of interpretation arising hereunder will be governed by Swiss law and this legal opinion letter shall be subject to the
exclusive jurisdiction of the courts of the city of Zurich (Zurich 1), Switzerland.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: #1D1D1B">Yours sincerely,</P>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: Black 1pt solid; width: 50%; font: 10pt Times New Roman, Times, Serif; color: #1D1D1B"><FONT STYLE="font-size: 10pt">/s/ A. Weber&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; width: 50%"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #1D1D1B"><FONT STYLE="font-size: 10pt">Advestra AG</FONT></TD>
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
  </TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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end
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
