In our 2Q 09 update report, dated 29 July 2009, we reiterated the Novartis AG (Novartis) ADR a BUY with a target price of US$54.78, representing an upside of 24%. The ADR achieved our target price on 24 November 2009, closing at US$55.30. Although the current market price no longer supports a BUY rating, we reiterate our BUY rating based on our positive outlook for the company. We will reassess the ADR rating in our 3Q 09 update report over the coming weeks. We maintain our HOLD rating for the Swiss stock based on our positive fundamental outlook and anticipation of a significant negative currency impact on the Swiss stock over the medium term. We will reassess our target price and rating in our 3Q 09 update report.

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