Novartis AG — Director's Dealing 2011

Jan 21, 2011

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: Marina Biotech, Inc. (MRNA)
CIK: 0000737207
Period of Report: 2011-01-19

Reporting Person: Novartis Bioventures Ltd (10% Owner)
Reporting Person: NOVARTIS AG (10% Owner)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2011-01-20	Common Stock	S	100	$1.45	Disposed	2810470	Direct
2011-01-20	Common Stock	S	4500	$1.46	Disposed	2805970	Direct
2011-01-20	Common Stock	S	100	$1.49	Disposed	2805870	Direct
2011-01-20	Common Stock	S	1000	$1.50	Disposed	2804870	Direct

Footnotes

F1: These shares are directly owned by Novartis Bioventures Ltd. Novartis Bioventures Ltd. is a wholly-owned indirect subsidiary of Novartis AG, which is an indirect beneficial owner of the reported securities.

F2: Transactions continued from the previous Form 4 due to limitations on the number of reportable transactions.