NOVARTIS AG

Ticker: NVS CUSIP: 66987V109 Class: SPONSORED ADR

Cutler Capital Management, LLC's Holding History (CIK: 0001353098)

Note: Option positions (PUT/CALL) are excluded.

Q2 2014

Shares 2,475 Value ($000) $224 Avg Close — Range —

Q1 2014

Shares 21,230 Value ($000) $1,805 Avg Close — Range —

Q4 2013

Shares 22,080 Value ($000) $1,775 Avg Close — Range —

Q3 2013

Shares 21,280 Value ($000) $1,632 Avg Close — Range —

Q2 2013

Shares 25,730 Value ($000) $1,819 Avg Close — Range —

Period	Shares	Value ($000)	Average Close	Price Range
Q2 2014	2,475	$224	—	—
Q1 2014	21,230	$1,805	—	—
Q4 2013	22,080	$1,775	—	—
Q3 2013	21,280	$1,632	—	—
Q2 2013	25,730	$1,819	—	—