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					         Initial Offering—Roadshow Presentation
         April / May 2007




0   Roadshow Presentation
    Roadshow Presentation
    Disclaimer and Confidentiality Requirements
    This presentation does not constitute or form part of and should not be construed as, an offer to sell or issue or the solicitation of an offer to buy or acquire securities of OJSC
    Pharmstandard (the “Company”) or any of its subsidiaries in any jurisdiction or an inducement to enter into investment activity. No part of this presentation, nor the fact of its distribution,
    should form the basis of, or be relied on in connection with, any contract or commitment or investment decision whatsoever.

    This presentation has been prepared solely for use in connection with the possible offering of ordinary shares (the “Shares”) and global depositary receipts representing shares (“GDRs”
    and, together with the Shares, the “Securities”) in the Company (the “Offering”). This document is an advertisement and not a prospectus and any purchase of Securities in the Offering
    should be made solely on the basis of information contained in the prospectus and any supplemental prospectus to be published in respect of the Offering. The information contained in
    this presentation has not been independently verified. No representation, warranty or undertaking, express or implied, is made as to, and no reliance should be placed on, the fairness,
    accuracy, completeness or correctness of the information or the opinions contained herein. None of Augment Investments Limited (the “Selling Shareholder”) or the Company or any of
    their respective affiliates, advisors or representatives shall have any liability whatsoever (in negligence or otherwise) for any loss howsoever arising from any use of this presentation or its
    contents or otherwise arising in connection with the presentation.

    This presentation is only for persons having professional experience in matters relating to investments and must not be acted or relied on by persons who are not Relevant Persons (as
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    States absent registration or an exemption from registration. The Company has not registered and does not intend to register any portion of the Offering in the United States or to conduct
    a public offering of any securities in the United States.

    This presentation is made to and directed only at (i) persons outside the United Kingdom, (ii) qualified investors or investment professionals falling within Article 19(5) and Article 49(2) (a)
    to (d) of the Financial Services and Markets Act 2000 (Financial Promotion) Order 2005 (the “Order”), and (iii) high net worth individuals, and other persons to whom it may lawfully be
    communicated, falling within Article 49(2)(a) to (d) of the Order (such persons collectively being referred to as "Relevant Persons").

    This presentation and its contents are confidential and must not be distributed, published or reproduced (in whole or in part) or disclosed by recipients to any other person, whether or not
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    This presentation is not a public offer or advertisement of Securities in the Russian Federation and is not an invitation to make offers to purchase any Securities in the Russian Federation,
    and must not be passed on to third parties or otherwise be made publicly available in Russia. The GDRs have not been and will not be registered in Russia and are not intended for
    “placement” or “circulation” in Russia.
    This presentation includes 'forward-looking statements'. These statements contain the words "anticipate", "believe", "intend", "estimate", "expect" and words of similar meaning. All
    statements other than statements of historical facts included in this presentation, including, without limitation, those regarding the Company’s financial position, business strategy, plans
    and objectives of management for future operations (including development plans and objectives relating to the Company's projects and services) are forward-looking statements. Such
    forward-looking statements involve known and unknown risks, uncertainties and other important factors that could cause the actual results, performance or achievements of the Company
    to be materially different from results, performance or achievements expressed or implied by such forward-looking statements. Such forward-looking statements are based on numerous
    assumptions regarding the Company's present and future business strategies and the environment in which the Company will operate in the future. These forward-looking statements
    speak only as at the date of this presentation. Each of the Company and the Selling Shareholder and their respective agents, employees and advisers, expressly disclaims any obligation
    or undertaking to update any forward-looking statements contained herein.

    Citigroup Global Markets Limited and UBS Limited are acting for the Company and no one else in connection with the proposals referred to in the presentation and will not be responsible
    to any other person for providing the protections afforded to their client, or for providing advice in relation to such proposals.

    The information and opinions contained in this document are provided as at the date of this presentation and are subject to change without notice.
    All information not separately sourced is from Company data.

1   Roadshow Presentation
    Today’s Presenting Team

                       Name                   Title

                       Dr. Igor Krylov        CEO, Chairman of the Management Board
                                              and Member of the Board of Directors



                       Elena Arkhangelskaya   Chief Financial Officer




                       Dr. Olga Mednikova     Chief Sales and Marketing Officer




                       Maxim Stetsuk          Head of IR/Financial Management




2   Roadshow Presentation
     1. Company Overview
     Dr. Igor Krylov, CEO




Roadshow Presentation
    Pharmstandard at a Glance
       Leading domestic pharmaceutical company in Russia (measured by sales)
                – #4 pharma company overall in Russia by sales value in 20061
                – #2 pharma company in the commercial segment by sales value in 20061
       Industry leading growth and profitability
       Market leading brands
                – 5 brands among top-15 best selling domestic brands in Russia1
                – Arbidol®, Pentalgin®, Complivit®, Terpincod®/Codelac®, Flucostat®
       Acquired Masterlek in August 2006
                – Added 30 products including 2 market-leading brands, Arbidol® and Flucostat®
       Experienced sales force and modern and efficient manufacturing facilities
                – 287 sales reps2, all with a medical background
                – Russian GMP compliant facilities, including lines at Kursk, some of which are EU GMP
                       compliant

      Source:   Company
      1         Pharmexpert, preliminary data (subject to change), in wholesale prices
      2         As at 31 December 2006

4   Roadshow Presentation
    Diversified Product Portfolio
                                                                                                       1




                                             Pharmaceuticals                                                     Medical Devices
                                                 87% of 2006 sales                                                 13% of 2006 sales



                              OTC                                                        Rx2
                        71% of 2006 sales                                          16% of 2006 sales

       Therapeutic focus:                                                      Product portfolio includes:    Product portfolio includes:
         Analgesics                                                              Acid pump inhibitors           Sterilisers
         Cough & cold                                                            Nitrites & nitrates            Distillers
         Vitamins                                                                ACE inhibitors                 Medical disposables
         Anti-viral                                                              Alimentary tract
         Anti-fungal                                                              metabolism


    Source:   Company
    Note:     1 Pro forma 2006 sales, including Masterlek from 2 August 2006
              2 Includes Other sales



5   Roadshow Presentation
    Investment Case

         Leading pharmaceutical company in the most rapidly growing pharma market

         Attractive industry fundamentals

         Portfolio of market leading brands

         Proven product development strategy

         Experienced sales force

         Modern and efficient manufacturing facilities

         Operational efficiency

         Experienced management team




6   Roadshow Presentation
    Our Strategy

     Promote our market-leading brands to drive sales growth and profitability

     Launch new products on a regular basis

     Expand sales and marketing effort

     Continue to actively control costs

     Grow through acquisitions

     Exploit opportunities from Federal Reimbursement Programme (FRP) as they arise




                               Building a top-3 pharmaceutical company in Russia


7   Roadshow Presentation
     2. Market Overview
     Dr. Olga Mednikova, Chief Sales and Marketing Officer




Roadshow Presentation
    Russia—The World’s Fastest Growing Pharma Market
         (in retail prices, US$bn)


                                  30    28%
                                                     24%
                                  25
          2006 growth rate (%)




                                  20                          17%
                                                                       14%
                                  15
                                  10                                            8%       7%      7%
                                                                                                         5%       5%
                                   5                                                                                     3%        3%      2%
                                   0
                                  (5)
                                 (10)                                                                                                                     (6%)
                                                     Brazil




                                                                                                                                           Australia/NZ
                                        Russia




                                                                                                                                   Italy
                                                                                                 Spain
                                                               China




                                                                                                                  UK
                                                                                          US




                                                                                                                                                          Japan
                                                                                Mexico
                                                                       Canada




                                                                                                         France




                                                                                                                         Germany
    Pharma market                       8.4          8.4      11.4     13.7     8.1      197.8   11.6    25.6     15.7   27.7      14.9    5.8            56.7
    size (US$bn)

    Population                          142          187      1,315    33       108      340     45       61      60      83        58       25            128
    (in million)


    Source: DSM, EIU




                                                    Russia was the fastest growing pharma market in
                                                                        2005–2006
9   Roadshow Presentation
     Russian Pharma Market Set to Expand

     Pharmaceutical Consumption Per Capita in Russia($)


                                              80.00
                                                                                                                  70
                 Consumption per capita ($)




                                                                                                        58
                                              60.00
                                                                                               44
                                                                                    38
                                              40.00
                                                            27
                                                                        33                                                Drug consumption per capita
                                              20.00                                                                        amongst lowest in Europe

                                               0.00                                                                       Rapid market growth
                                                                                                                           expected to continue
                                                        2001         2002           2003      2004     2005     2006




     Pharmaceutical Consumption Per Capita by Country($)                                                                  Russia was the fastest
                                                                                                                           growing market globally in
                                              300
                Consumption per capita ($)




                                                            230                                                            2004-2006
                                              250     214
                                                                        194
                                              200                 165                171
                                                                              142
                                              150                                           111 119
                                              100
                                                                                                      47 50     38 49
                                               50
                                                0
                                                      Hungary      Czech      Slovakia      Poland    Romania   Russia
                                                                  Republic


                                                                                     2005   2006
           Source:                             Pharmexpert, EIU Market Indicators

10    Roadshow Presentation
     Russian Pharma Commercial Market Drivers


                                                     Strong
                                               macroeconomics
                                               driving consumer
                                                     boom




                        Supportive                                           Affordability
                       demographic              Market Drivers             boosts access and
                          trends                                             consumption




                                                              Commercializatio
                                    Increased                       n and
                                 consumer focus                development of
                                on health and well               distribution
                                      being                       channels




11   Roadshow Presentation
     A Leader in the Russian Commercial Segment


     Market Share—Top 10 Companies1                                                             Market Share—Top 10 Domestic Companies1

                                                                Berlin-Ch/Menarini
                                         Pharmstandard 2
                                                           2
                                                                       3.4%
                      Sanofi-Aventis         4.2%
                                                                                                                           2
                          4.5%                                                                             Pharmstandard         Nizhpharm (Stada)
                                                               Pfizer                                          17.7%                   5.0%
                                                                          Servier
                                                               3.0%        2.9%                                                           Materia Medika
                                                                                                                                              4.5%
                                                                              Novartis                                                     Otechestvennie
                                                                               2.8%                                                          Lekarstva
                                                                           Gedeon Richter                                                      3.4%
                                                                               2.8%
                                                                                                   Other
                                                                        Sandoz                     53.7%                                  Microgene Npo
                                                                         2.6%                                                                  3.2%
                                                                                                                                            Krasnogorskleksredstva
                   Other                                                  Nycomed                                                                   2.6%
                   69.2%                                                                                                               Akrikhin
                                                                           2.6%
                                                                                                                                     (Polpharma)
                                                               Nizhpharm (Stada)                              Farm-Centr                2.7%
                                                                     2.2%                                        2.1%                   Verofarm Zao
                                                                                                           Moshimfarmpreparaty              2.7%
                                                                                                                  2.5%




                                                    PHS is #2 in the US$5.3bn commercial segment
     Source:   Pharmexpert, preliminary data (subject to change) (66% of the total market)
     Notes:
     1 Commercial segment 2006, based on sales in wholesale prices
     2 Pro Forma assumes inclusion of Masterlek as part of Pharmstandard as of 1 January 2006
12   Roadshow Presentation
     Well Positioned to Capture FRP Upside

                                                   In 2006 FRP budget was set at RUR 29bn (RUR 70bn spent)1
                                                   2005 budget was set at RUR 51bn (RUR 46bn spent)1
                                                   Resulted in a number of products being removed from the FRP list both voluntarily and
                    Key facts                       involuntarily by pharma companies as FRP officials ask for even longer payment terms
                                                    and simultaneously cut prices
                                                   17.1 million participants eligible—8.7 million currently enrolled21
                                                   2007 FRP budget is set at approximately RUR 35bn3

                                                   Short term solution:
                                                    – Reallocating funds from prior and future years (~RUR 20bn)
                                                    – Additional allocation of RUR 16bn
               Current status                      Going forward Government focused on including generic domestic products on
                                                     FRP list rather than expensive foreign products
                                                     – Currently only 7% of the total FRP market is serviced by Russian
                                                         pharma companies




                              Although FRP currently in adjustment mode, domestic pharma
     Source:                           companies appear to be future beneficiaries
     1         RBC daily, 4 September 2006
     2         Commersant (Russia) 6 March 2007
     3         Pharmvestnik #2, 23 January 2007

13   Roadshow Presentation
        Low Exposure to FRP
                Composition of Leading Companies’ Sales in Russia by Market Segment in 2006
        100                                                      3             3                                 3
        100                                  6                   3                             6
                                             6                                 3               6                 3
                                                                               8                                            15           14           15        15
          90           19                                                      8                                            15           14           15        15
          90           19                                                                      18
          80                                                                                   18                31                                   10        10
          80                                                                                                     31                      16           10        10
                                            45                                                                                           16
          70           24
          70                                45
                       24
                                                                72
          60
                                                                72
          60
                                                                                                                            62
  (%)




          50                                                                                                                62
(%)




          50                                                                   89
          40                                                                   89
                                                                                               76                                                     75        75
          40                                                                                   76                                        69
                                                                                                                 66                                   75        75
          30                                                                                                     66                      69
                       57
          30           57                   49
          20                                49
          20
                                                                26                                                          23
          10                                                    26
          10                                                                                                                23

           0
           0      Sanofi-Aventis         Novartis         Janssen-Cilag   Pharmstandard      Berlin-           Servier     Roche    Gedeon Richter   Pfizer   Nycomed
                  Sanofi-Aventis         Novartis         Janssen-Cilag   Pharmstandard      Berlin-
                                                                                           Ch/Menarini         Servier     Roche    Gedeon Richter   Pfizer   Nycomed
                                                                                           Ch/Menarini


                                                                              Commercial                 FRP             Hospital
                                                                              Commercial                 FRP             Hospital




                                                  Pharmstandard has a lower exposure to the FRP
        Source:
                                                              compared to its peers
                     Pharmexpert, preliminary data (subject to change)
        Note:        Based on wholesale prices in US$

   14     Roadshow Presentation
     3. Product Portfolio/Pipeline
     Dr. Olga Mednikova, Chief Sales and Marketing Officer




Roadshow Presentation
     Our Portfolio – Top 15 Pharmaceutical Products

                                                                                                ATC 2            2005 Sales 2006 Sales
     Product                                                                     Status therapeutic segment       (RURm)     (RURm)    Growth (%)
     Terpincod®                                                                  OTC    Cough and cold             975       1,163        19.2%
                 (1)
     Arbidol®                                                                    OTC           Antiviral            0        1,032         NM
     Pentalgin — N®                                                              OTC           Analgesics          586       796         35.8%
     Complivit® (excluding Mama® and Active®)                                    OTC           Vitamins            394       545         38.5%
     Pentalgin — ICN®                                                            OTC           Analgesics          313       410         31.0%
     Codelac®                                                                    OTC           Cough and cold      222       375         69.1%
     Phosphogliv®                                                                Rx            Antiviral            6        254          NM
                       (1)
     Flucostat®                                                                  OTC           Anti-fungal          0        197          NM
     Corvalol®                                                                   OTC           Psycholeptics       148       155         4.9%
                 (1)
     Amixin®                                                                     Rx            Antiviral            0        137          NM
     Askophen®                                                                   OTC           Analgesics          82         80         -2.4%
     Validol®                                                                    OTC           Cardiac therapy     54         69         26.6%
     Complivit Active®                                                           OTC           Vitamins            46         68         48.9%
     Oligovit®                                                                   OTC           Vitamins            57         60         5.2%
     Citramon P®                                                                 OTC           Analgesics          41         51        26.6%
     Top-15 Pharmaceutical products                                                                              2,923      5,390       84.4%
     Other Pharmaceutical products                                                                                1,751      1,936      10.6%
     Pharmaceutical products total(2)                                                                            4,674      7,326       56.8%


       Source:     Company
       Notes:
       1           Sales only formed part of consolidated results from 2 August 2006
       2           Total Pharmaceutical products sales include products categorised as Other
16    Roadshow Presentation
     Pharmstandard’s Leading Brands
     Leading domestic pharma trademarks by sales value in 2006
                                                                            Ranking
       Trademark                                                              share
       Arbidol 1                                                                 1
       Mexidol                                                                   2
       Pentalgin                                                                 3
       Sodium Chlorid                                                            4
       Howthorn                                                                  5     5 leading brands
       Terpincod                                                                  6
       Anaferon                                                                   7
                                                                                       ―Top of mind‖ position
       Viferon                                                                    8      with consumers
       Phenotropil                                                                9
       Chondroxid                                                               10
                                                                                       Significant brand loyalty
       Complivit                                                                11
       Cephazolin                                                               12
       Flucostat 1                                                              13
       Essliver                                                                  14
       Glucose                                                                   15
       Biphidumbacterin                                                          16
       Impaza                                                                   17
       Corvalol                                                                 18
       Proproten                                                                 19
       Cyclopheron                                                               20
            Exclusively produced by Pharmstandard
            Produced by Pharmstandard
     Source:   Pharmexpert. Based on consumer prices, Rx and OTC products
     Note:
     1 Masterlek Brands
17   Roadshow Presentation
     Focused Sales and Marketing Efforts

     Sales force                                                   Marketing / Advertising

      Covers 75% of the Russian                                    Promote products through TV, radio,
         pharma market                                               print media and internet as part of focus
                                                                     on brand building
      All sales reps have medical
         education/work experience                                  Launched 5 new marketing campaigns
                                                                     since September 2006, including TV
      Appropriately incentivised with cash
                                                                     campaigns for Pentalgin®, Arbidol®
         bonus up to 33% of salary
                                                                     and Flucostat®
      In 2007 looking to:
         – Increase to over 350
               sales people
         – Further specialise sales force by
               therapeutic area
      Electronic Territory Management
         System (ETMS) system improving
         efficiency
                                                                         Arbidol® Print /          Pentalgin® Print /
                                                                          TV campaign                TV campaign




     Source:   Company                     Significant sales and marketing capabilities
     Note:     As of 31 December 2006

18   Roadshow Presentation
     Arbidol®—#1 Pharma Brand in Russia
                                                                                                                                    Leading Products in Anti-infective Systemic
 Arbidol®                                                                                                                           Use Segment (2006)
      Captured #1 brand position, in part, through                                                                                               Aflubin    Grippferon         Other
                    active promotion by Pharmstandard sales force                                                                                (Richard
                                                                                                                                              Bittner GmbH)
                                                                                                                                                            (Frn-M Zao)
                                                                                                                                                               2.3%
                                                                                                                                                                                6.3%
                                                                                                                                                                                           Arbidol
                                                                                                                                                                                           (Pharmstandard)
                                                                                                                                       Anaferon 4.2%
      Acquired as part of Masterlek transaction                                                                                       (Materia
                                                                                                                                                                                           32.1%

                                                                                                                                       Medika)
      Original product developed in 1987,                                                                                              4.5%
                                                                                                                                            Amixin
                                                                                                                                           Amixin
                                                                                                                                         (Pharmastanda
                    active marketing launched in 2000                                                                                (Pharmstandard)
                                                                                                                                               rd)
                                                                                                                                            5.7%
                                                                                                                                              5.7%
                                                                                                                                      Cycloferon
                                                                                                                                       (Polysan)
              Annual Segment Sales Dynamics1,2                                                                                           6.6%

                    250                                                                         4.72    5.0                                    Immunal
                                                                                                                                               (Sandoz)
                                                                                                        4.5                                      7.3% Ocillococcinum                         Viferon
                                                                                     3.89                                                                                                  (Feron Ooo)
                    200                                                                                 4.0                                             (Laboratoire
                                                                                                                                                                     Anaferon for             13.7%
                                                                                                                                                          Boiron)
                                                                                                        3.5                                                          Kids (Materia
                                                                                                              Average price (US$)
                                                                       3.03                     82.9                                                       7.6%
                                                                                                                                                                        Medika)
     Sales (US$m)




                    150                                                                                 3.0                                                              9.8%

                                                                                     44.9               2.5                          Source:    Pharmexpert (subject to change)
                                                         1.91                                                                        Note:      Remodelled to reflect current categories
                    100                                                                                 2.0
                                              1.49
                               1.23                                    16.4
                                                                                                        1.5
                                                         12.2                                   128.7
                    50                        5.5                                    97.0               1.0
                               3.1                                     74.6
                                                         62.3
                                              40.3                                                      0.5
                               29.6
                     0                                                                                  0.0
                              2001            2002       2003         2004          2005        2006

                                      Other          Pharmstandard            Average price (US$)
       Source:               Company
             1            Source: Pharmexpert, 2006 preliminary data (subject to change)
             2            Based on consumer prices

19      Roadshow Presentation
               Pentalgin—#1 Pain Reliever (Non-Narcotic)
                   Pentalgin                                                                                                  Top-10 Products in Analgesics Segment (2006)

                    Looking to launch new (improved) formulation                                                                                                                           Pentalgin-N
                                                                                                                                                                                          (Pharmstandard)
                     of Pentalgin in 2007 to capitalise on                                                                                                                                     15.8%
                     Pentalgin’s brand recognition                                                                                           Other                                                Tempalgin
                                                                                                                                             40.5%                                               (Sopharma)
                    Franchise includes Pentalgin-N® and                                                                                                                                            8.0%

                     Pentalgin-ICN®                                                                                                                                                             Baralgin M
                                                                                                                                                                                              (Sanofi-Aventis)
                    First launched Pentalgin-ICN® in 1999 and                                                                                                                                     7.8%

                     followed with launch of Pentalgin-N® in 2002                                                                                                                           Pentalgin-ICN
                                                                                                                                                                                           (Pharmstandard)
                    Steadily gained market share since 2001                                                                                  Nurofen Plus
                                                                                                                                           (Reckitt Benckiser)
                                                                                                                                                                                                7.8%


               Annual Segment Sales Dynamics1,2                                                                                                   2.2%                          Sedal-M Sedalgin-Neo
                                                                                                                                            Alka-Seltzer                      (Sopharma) (Actavis)
               250                                                                                0.6                                                    Cardiomagnyl Solpadeine 3.4%      5.9%
                                                                                                                                              (Bayer)
                                                                                                                                                          (Nycomed)     (GSK)
                                                                                          0.48                                                 2.5%
                                                                                                  0.5
                                                                                                                                                             2.7%       3.3%
               200
                                                                              0.42
                                                                                                                              Source: Pharmexpert, preliminary data (subject to change)
                                                                                          57.6
                                                                                                        Average price (US$)

                                                                                                  0.4
                                                                              54.7
Sales (US$m)




               150                                               0.32
                                       0.25         0.26
                                                                                                  0.3
                                        23.8        24.1         30.8
               100        0.20
                           16.5                                                                   0.2
                                                                                          147.8
                                                                             126.6
                50                      99.6        102.8       100.8
                           73.5                                                                   0.1


                   0                                                                              0.0
                          2001         2002         2003         2004         2005        2006

                                  Other         Pharmstandard           Average price (US$)
               Source:       Company

               1         Source: Pharmexpert, 2006 preliminary data (subject to change)
               2         Based on consumer prices

20             Roadshow Presentation
     Phosphogliv® – Successful Rx Product Launch
     Phosphogliv®                                                                                                           Top products in Hepatic Protectors segment (2006)
      Launched in 2005                                                                                                                                                           Pharmstandard
                                                                                                                                                                                   (Phosphogliv)
      Novel product in-licensed from the Institute of                                                                                                               Other             4.0%

       Biomedical Chemistry                                                                                                                                          16.7%

                                                                                                                                                                                                      Essentiale
      Premium priced product based on superior                                                                                                         Carsil
                                                                                                                                                                                                   (Sanofi-Aventis)

       efficacy                                                                                                                                      (Sopharma)
                                                                                                                                                                                                       29.8%
                                                                                                                                                        9.1%
      Patent protected until 2018
      Clinically validated                                                                                                                         Essliver Forte
                                                                                                                                                       (Stada)                                     Berlition 300
                                                                                                                                                        9.6%
       – 2nd generation combination therapy                                                                                                                                                          (Berlin-
                                                                                                                                                                                                   Ch/Menarini)
           with anti-viral, anti-inflammatory and                                                                                                             Heptral (Abbott)        Tycveol
                                                                                                                                                                                                      7.5%

           immunomodulating properties                                                                                                                            19.3%              (Europa-
                                                                                                                                                                                    Biopharm)
                                                                                                                                                                                       4.1%
     Annual segment sales dynamics1
                                                                                                                                 Source: Pharmexpert, preliminary data (subject to change)

                         250                                                                          10
                                                                                              8.71

                         200                                                                   7.8    8
                                                                                  6.79
                                                                                                           Average price (US$)




                                                                       5.82
          Sales (US$m)




                         150                             5.06                                         6
                                             4.49                                  2.5
                                 3.83
                         100                                           1.5                    187.0   4
                                                          1.2
                                              0.9
                                 0.6                                              126.7
                         50                                            88.4                           2
                                             67.6        78.0
                                 51.0
                          0                                                                           0
                                2001         2002        2003          2004       2005        2006

                                         Other         Pharmstandard          Average price (US$)

      Source:                  Company
      1                  Source: Pharmexpert, 2006 preliminary data (subject to change)
      2                  Based on consumer prices
21   Roadshow Presentation
     PHS Recent Product Approvals and Launches

                                              Date of
                                              expected                                                         ATC value,
               Product                        launch               ATC                                      US$m (2006) 1   Key market brands

               Recent product launches

               Maxicold®                      Jan-07               R05A – cold preparations without              142        Coldrex, Fervex, Teraflu
                                                                   anti-infectives
        OTC




               Passifit®                      Jan-07               N05B- hypnotics, sedatives                    125        Novo-Passit, Persen

               Biosulin®                      Nov-06               A10C1+A10C2+A10C3 – human                    1622        Humulin, Protaphan, Actrapid
                                                                   insulins and analogues
               Artrosan®
        Rx




                                              Jan-07               M01A1 – anti-rheumatics, non-steroidal        199        Movalis, Voltaren, Diclofenac
                                                                   pain
               Rastan®                        Jan-07               H04C0 – growth hormones                       18         Genotropin, Saizen, Humatrope
               Recent product approvals
               Complivit Ca D3®               May-07               A12A – calcium products                       45         Calcium D3, Calcium

               Benfolipen®                    Jun-07               A11D (tablets) – vitamin B1 and               15         Milgamma, Neuromultivit
        OTC




                                                                   combinations
               Combilipen®                    Jun-07               A11D (injections) – vitamin B1 and            25         Milgamma,
                                                                   combinations                                             Thiamine Chloride
               Ondasol®                       Jun-07               A04A1 – serotonin antagonist                  16         Kytril, Zofran, Navoban
                                                                   antiemetics/antinauseants
               Carditrim®                     Jul-07               C01D0 – coronary therapy excluding            111        Preductal
        Rx




                                                                   calcium antagonists and nitrites
               Immunex®                       Sep-07               L03A0 – immunostimulating agents              85         Immunal, Immunorm
                                                                   excluding interferons
     Source:   Pharmexpert, preliminary data (subject to change)
     Note:
     1         Russian segment size – retail audit
     2         Excludes regional tenders

22   Roadshow Presentation
     Product Pipeline
             Near term pipeline                                                                   Products in development
             Products in registration
                                                                                    Number of
             ATC1                                            Product                 registered   ATC1                                                    Products
                                                         applications Formulations trademarks
             Vitamins                                               4             8           4   Vitamins                                                      8
                                                                                                  Analgesics                                                    1
             Mineral supplements                                    2             3           2
     OTC




                                                                                                  Cough and cold preparations                                   1
             Wound healing agents                                   1             1
                                                                                                  Laxatives                                                     1
             Immunostimulating agents                               1             1           1
                                                                                                  Nonsteroidal products for inflammatory skin disorders         1
             Analgesics                                             2             2           1
                                                                                                  Total                                                        12
             Cough and cold preparations                            1             2           1
             Total                                                11            17            9




                                                                                    Number of
              ATC1                                           Product                 registered   ATC2                                                    Products
                                                         applications Formulations trademarks
              Functional gastro-intestinal disorder drugs         1             1            1    Immunostimulating agents                                      2
              Antiemetics and antinauseants                       1             2            1    Psychoanaleptics excluding anti-obesity preparations          1
              Cholagogues and hepatic protectors                  2             4            2
                                                                                                  Pituitary and hypothalamic hormones                           1
              Drugs used in diabetes                              3             9            2
                                                                                                  Urologicals                                                   1
              Vitamins                                            2             4            2
              Cardiac therapy                                     2             2            1    Anti-asthma and COPD products                                 2
     Rx




              Agents acting on the renin-angiotensin system       1             1            1    Antithrombotic agents                                         1
              Hypolipidaemics/anti-atheroma preparations          1             2                 Total                                                         8
              Topical corticosteroids                             1             2
              Pituitary and hypothalamic hormones                 1             1            1
              Immunostimulating agents                            1             1            1
              Analgesics                                          1             1            1
              Psycholeptics                                       1             1            1
              Total prescription                                 18            31           14




                           Pipeline of OTC and Rx products supports Pharmstandard’s growth story

23    Roadshow Presentation
     4. Financial Overview
     Elena Arkhangelskaya, Chief Financial Officer




Roadshow Presentation
     Rapidly Growing Revenue Profile


                    10,000                                                                                                                                            9,374
                                                                                                                                       8,523
                       9,000
                                                                                                                                                                      1,196     13%


                       8,000                                                                                                            1,196                  14%
                                                                                                                                                                       96       1%


                                                                                                                                         96                    1%     1,331     14%
                       7,000
                                                                                                 5,685                                  1,199                  14%

                       6,000
     RUR millions




                                                                                                                  18%
                       5,000                       3,946                                         1,011
                                                                                                   39
                                                                                                                  13%
                       4,000                        44                     1%                     733
                                                    555                    14%
                                                                                                                                                                      6,722     72%
                       3,000                                                                                                            6,032                  71%


                       2,000                                                                     3,902            69%
                                                   3,347                   85%

                       1,000

                           0
                                                   2004                                       2005¹                                    2006²                         2006 PF³
                                                                  OTC                     Prescription                Other                Medical Equipment



                                                                       Achieved 25% organic growth4 in 2006
               Source: Company
               Note:
               1        2005 results include results of Tyumen acquisition (as of 1 January 2005)
               2        2006 results include results of Masterlek acquisition (as of 2 August 2006)
               3        Pro Forma assumes inclusion of Masterlek as part of Pharmstandard as of 1 January 2006
               4        Organic growth excludes sales by Masterlek (standalone Masterlek sales in 2006 RUR 2,283m and in 2005 RUR 1,362m, according to IFRS)

25     Roadshow Presentation
     Competitive Cost Structure
          Selling and Distribution Costs                                                                              General and Administration Costs


                    1,600                                                                                     25%                      600                                                                14%
                                                                                                                                             13.2%
                                                                                                                                                                                                   549
                                                                                              1,372
                    1,400                                                                                                                    522
                                                                                                                                                                                  499                     12%
                                                                          1,268                                                        500
                                                        1,069                                                 20%
                                                                                                                                                                433
                    1,200
                                                        18.8%                                                                                                                                             10%
                                                                                                                                       400
                    1,000                                                 14.9%               14.6%
                                                                                                              15%
                                   13.5%                                                                                                                                                                  8%




                                                                                                                        RUR millions
     RUR millions




                                                                                                                                                               7.8%
                     800                                                                                                               300

                                                                                                                                                                                                          6%
                                                                                                              10%                                                                6.0%
                     600             532                                                                                                                                                          5.9%
                                                                                                                                       200
                                                                                                                                                                                                          4%
                     400
                                                                                                              5%
                                                                                                                                       100
                                                                                                                                                                                                          2%
                     200



                       0                                                                                      0%                         0                                                                0%
                                    2004                2005¹             2006²          2006 PF³                                            2004              2005¹             2006²         2006 PF³
                              Marketing & advertising      Labour costs      Other expenses           As % of Sales                                  Labour costs      Other expenses    As % of Sales
          Source: Company reports
          Note:
          1                 Tyumen consolidated as of 1 January 2005
          2                 Masterlek consolidated as of 2 August 2006
          3                 Pro Forma assumes inclusion of Masterlek as part of Pharmstandard as of 1 January 2006
26   Roadshow Presentation
     Margin Expansion
      Gross Profit                                                                                                  EBITDA

                         6,000                                                                          70.0%                        4,000                                                    50%


                                                                                            5,233                                                                                   3,497
                                                                         4,942                                                       3,500                                                    45%
                                                                                                        65.0%                                                     3,252
                         5,000


                                                                                                                                     3,000                                                    40%
                                                                                                        60.0%
                         4,000                                                                                                                                     38.2%
                                                     3,178                                                                                                                          37.3%
                                                                          58.0%                                                      2,500                                                    35%
                                                                                                        55.0%                                        1,720
                                                      55.9%
          RUR millions




                                                                                                                      RUR millions
                                                                                            55.8%
                         3,000                                                                                                       2,000                                                    30%
                                                                                                                                                     30.3%
                                                                                                        50.0%

                                                                                                                                     1,500                                                    25%
                         2,000      1,726
                                                                                                        45.0%
                                                                                                                                     1,000                                                    20%
                                    43.7%
                                                                                                                                             583
                         1,000
                                                                                                        40.0%
                                                                                                                                      500                                                     15%
                                                                                                                                             14.8%


                            0                                                                           35.0%                           0                                                     10%
                                     2004              2005¹             2006²             2006 PF³                                          2004    2005¹        2006²            2006 PF³
                                                      Gross Profit      Gross Margin (%)                                                              EBITDA   EBITDA margin (%)

      Source: Company reports
      Note:
      1                    Tyumen consolidated as of 1 January 2005
      2                    Masterlek consolidated as of 2 August 2006
      3                    Pro Forma assumes inclusion of Masterlek as part of Pharmstandard as of 1 January 2006

27   Roadshow Presentation
     Attractive Profitability Growth

                                 FY Net Profit 2004–2006


                     2,500                                                                                                                           30%
                                                                                                                           2,036
                                                                                                                           23.9%       2,006
                                                                                                                                                     25%
                     2,000


                                                                                                17.9%                                   21.4%        20%
                     1,500
      RUR millions




                                                                                                                                                     15%
                                                                                            1,019
                     1,000
                                                 8.1%                                                                                                10%


                      500
                                                  320                                                                                                5%



                         0                                                                                                                           0%
                                                                                                     1                             2             3
                                                  2004                                       2005                           2006       2006 PF
                                                                                                      Net Profit   Net Margin

      Source: Company reports
      Note:
      1               Tyumen consolidated as of 1 January 2005
      2               Masterlek consolidated as of 2 August 2006
      3               Pro Forma assumes inclusion of Masterlek as part of Phamstandard as of 1 January 2006

28   Roadshow Presentation
     Logical Consolidator—Masterlek Acquisition Overview

      Our business was built through several strategic transactions
      Masterlek is the largest pharmaceutical transaction in Russia to date
      Focused on anti-viral and anti-fungal therapeutic segments
         – 3.5% market share among domestic producers by sales value in 20051
      Portfolio of 30 products:
         – Leading brands include Arbidol® and Flucostat®
      Arbidol’s complementary fit with the Pharmstandard cough & cold franchise
      Significant cost savings anticipated through integration




                                Focused on pursuing attractive acquisition opportunities



     Source:   Company
     Note:
     1         Pharmexpert

29   Roadshow Presentation
     Consolidated Balance Sheet and Capex

      IFRS basis                                                   Capital Expenditure

      (in millions of RUR)                2004    2005     2006
                                                                                     1,000
      Cash and Equivalents                   66     244      193                                    889    890

      Other Current Assets                2,980   4,263    5,277
                                                                                      800
      Long-term Assets                    2,291   3,806    8,299

      Total Assets                        5,337   8,313   13,770




                                                                      Capex (RURm)
                                                                                      600


      Total Debt                          1,496     584    3,875
                                                                                      400
      Current Liabilities (excl. short-
                                            930   3,302    2,425
      term debt)
      Non-current Liabilities (excl.                                                         189
                                            379     502    1,129                      200
      long-term debt)
      Total Equity                        2,532   3,925    6,340

      Total Liabilities & Equity          5,337   8,313   13,770                        0
                                                                                             2004   2005   2006



      Debt summary

       Facility A: US$91m (maturity Dec-2009/L+150)
       Facility B: US$55m (maturity Dec-2011/L+190)
       Net debt: US$140m




30   Roadshow Presentation
     Modern Production Facilities


                                                              Phytopharm
                                                              Capacity: 48m

                           Pharmstandard HQ




                   St. Petersburg – Facility Closed




                          Moscow

                      Kursk
                                                   Nizhny Novgorod

                                                                         Tyumen
                                                               Ufa
                                                                                  Tomsk




                          Leksredstva                Ufavita                 TZMOI        Tomskhimpharm
                          Capacity: 645m             Capacity: 169m                       Capacity: 208m


     Source:   Company
     Note:     Capacity in packs. Figures shown are as of 31 December 2006
31   Roadshow Presentation
     Core Comparables Benchmarking
      Sales growth (2006)                                                                                                                                                                         Gross margin (2006)

         60%                                                                                                                                                                                      80%
         50%
                                                                                                                                                                                                  60%
         40%
         30%                                                                                                                                                                                      40%
         20%
                                                                                                                                                                                                  20%
         10%
           0%                                                                                                                                                                                     0%
                                Pharmstandard




                                                                                                                                                                  Veropharm


                                                                                                                                                                                        Zentiva
                                                                                                  Gedeon
                                                          Actavis


                                                                            Aspen




                                                                                                                Hikma




                                                                                                                                              Stada
                                                                                                                               Krka
                                                                                           Egis




                                                                                                                                                                                                                                  Aspen




                                                                                                                                                                                                                                                 Gedeon




                                                                                                                                                                                                                                                                   Krka
                                                                                                                                                                                                                                                           Hikma




                                                                                                                                                                                                                                                                                  Veropharm
                                                                                                                                                                                                                                                                          Stada




                                                                                                                                                                                                                                                                                              Zentiva
                                                                                                                                                                                                        Pharmstandard




                                                                                                                                                                                                                                          Egis
                                                                                                                                                                                                                        Actavis
                                                                                                  Richter




                                                                                                                                                                                                                                                 Richter
      EBITDA margin (2006)                                                                                                                                                                        Net profit margin (2006)
     40%                                                                                                                                                                                          30%

     30%
                                                                                                                                                                                                  20%
     20%
                                                                                                                                                                                                  10%
     10%

      0%                                                                                                                                                                                          0%
                Pharmstandard




                                                                                                                                                      Veropharm


                                                                                                                                                                              Zentiva
                                                                                              Gedeon
                                                Actavis


                                                                    Aspen




                                                                                                        Hikma




                                                                                                                                      Stada
                                                                                                                        Krka
                                                                                    Egis




                                                                                                                                                                                                                                  Aspen




                                                                                                                                                                                                                                                 Gedeon




                                                                                                                                                                                                                                                                   Krka
                                                                                                                                                                                                                                                           Hikma




                                                                                                                                                                                                                                                                                  Veropharm
                                                                                                                                                                                                                                                                          Stada




                                                                                                                                                                                                                                                                                              Zentiva
                                                                                                                                                                                                        Pharmstandard




                                                                                                                                                                                                                                          Egis
                                                                                                                                                                                                                        Actavis
                                                                                              Richter




                                                                                                                                                                                                                                                 Richter
     Source: Company reports. Veropharm figures based on equity research as 2006 results not available


                                                                                                 PHS has industry leading growth and profitability
32   Roadshow Presentation
     5. Concluding Remarks
     Dr. Igor Krylov, CEO




Roadshow Presentation
     Investment Case

          Leading pharmaceutical company in the most rapidly growing pharma market

          Attractive industry fundamentals

          Portfolio of market leading brands

          Proven product development strategy

          Experienced sales force

          Modern and efficient manufacturing facilities

          Operational efficiency

          Experienced management team




34   Roadshow Presentation
     Transaction Highlights
                                     OJSC ―Pharmstandard,‖ an open joint stock company incorporated under the laws of
            Issuer                    the Russian Federation


                                     Ordinary shares and GDRs of Pharmstandard
            Securities offered       100% secondary shares
                                     15% over-allotment option on GDRs


            Selling shareholder      Augment Investments Ltd.

                                     Institutional investors
                                       Shares and GDRs:
                                           In the US under Rule 144A to Qualified Institutional Buyers (QIBs)
            Offering structure             Outside US and Russia pursuant to Reg S
                                       Shares
                                           Russia
                                     4 GDRs will represent 1 share

                                     $11.55 – $14.55 per GDR
            Price Range              $46.20 – $58.20 per share

                                     Pricing: expected on 3 May
            Timing                   Closing: expected on 10 May 2007

            Lockup                   180 days for the Issuer and Augment Investments Ltd.

                                     Ordinary shares listed on MICEX and RTS
            Listing locations        GDRs listed on LSE

            Joint bookrunners and
                                     Citi and UBS
            global co-ordinators
35   Roadshow Presentation
     Appendix




Roadshow Presentation
     Competitive Landscape – Total Market

     Market Share of Top-10 Companies in the                                                    Market Share of Domestic Pharmaceutical
     Russian Pharmaceutical Market (% 2006 value)1                                              Producers (% 2006 value)1


                                                          Janssen-Cilag
                                  Sanofi-Aventis Novartis
                                                  3.8%        3.2% Pharmstandard 2
                                      5.2%                                                                            Pharmstandard 2
                                                                        3.1%                                                              Nizhpharm (Stada)
                                                                                                                          15.3%                 5.0%
                                                                      Berlin-Ch/Menarini
                                                                                                                                               Otechestvennie
                                                                             3.0%
                                                                                                                                                 Lekarstva
                                                                  Servier
                                                                                                                                                   4.6%
                                                                   2.9%     Roche
                                                                             2.8%                                                             Farm-Centr
                                                                                                                                                 3.8%
                                                                     Gedeon Richter              Other
                                                                                                                                                     Microgene Npo
                                                                         2.6%                    53.3%
                                                                                                                                                          3.5%
                                                                   Pfizer                                                                   Materia Medika
                    Other                                          2.6%                                                                         3.5%
                    68.7%
                                                                  Nycomed                                                                          Verofarm Zao
                                                                   2.3%                                                                   Akrikhin     3.2%
                                                                                                    Moshimfarmpreparaty    Biotek       (Polpharma)
                                                                                                           2.4%            2.5%            3.0%




                                            #4 pharma company in Russia overall
                                            #1 domestic pharma company – more than 3 times
                                             the size of the #2 domestic player
     Source:  Pharmexpert, preliminary data (subject to change)
     Notes:
     1 Based on sales in wholesale prices
     2 Pro Forma assumes inclusion of Masterlek as part of Pharmstandard as of 1 January 2006
37   Roadshow Presentation
      Growth Analysis Across Market Segments1
                                                                              Sales 2005                             Sales 2006

                                                                                                                                                                                                            Total   Commercial
                                                                                                                                                 Total Sales   Total Sales                  Commercial    Growth       Growth
                                   Company (in US$000s)                 FRP       Hospital   Commercial      FRP         Hospital   Commercial         2005          2006    Total Growth      Growth        (%)          (%)

                                                    (2)
                                   Pharmstandard                  14,106            4,848      169,787     19,287          6,959      214,296      188,741       240,541          51,800       44,509       27%          26%

                                   Stada Arzneimittel Ag           13,175           1,224        49,249    16,078            825        62,549       63,648        79,452          15,804       13,300      25%           27%
         Domestic companies




                                   Otechestvennie Lekarstva        13,121           9,105        33,847    18,644         12,979        41,140       56,073        72,763          16,689        7,292      30%           22%

                                   Farm-Centr                       4,971          18,330        20,213     8,456         24,997        25,709       43,514        59,159          15,645        5,493      36%           27%

                                   Microgene                             18        18,521        31,742         0         16,728        38,904       50,281        55,632           5,351        7,162      11%           23%

                                   Verofarm                         7,964           5,739        25,588     6,080         11,465        32,235       39,290        49,779          10,489        6,647      27%           26%

                                   Akrikhin                         9,555           3,482        31,822    11,789          3,167        32,418       44,859        47,375           2,515          596       6%            2%

                                   Biotek                           1,363           7,933        26,067     3,371         11,553        24,671       35,362        39,595           4,233       (1,396)     12%          (5%)

                                   Moshimfarmpreparaty              1,874           6,249        33,871     1,052          5,910        30,180       41,993        37,142         (4,851)       (3,691)    (12%)        (11%)

                                   Brinzalov A                     18,420          13,215        21,775     5,903          8,434        20,071       53,410        34,407        (19,003)       (1,704)    (36%)         (8%)


                                   Sanofi-Aventis                   78,234          58,894       199,556    97,095         76,280      299,804      336,684       403,179          66,496       30,248       20%          15%
         International companies




                                   Novartis                         46,875          13,937       111,186   133,174         17,659      145,921      171,998       296,754         124,756       34,734       73%          31%

                                   Janssen-Cilag                    23,183           7,270        52,435   177,110          7,260       63,161       82,887       247,531         164,644       10,725      199%          20%
                                                     (2)
                                   Pharmstandard                   14,106           4,848       169,787    19,287          6,959      214,296      188,741       240,541          51,800        44,509      27%          26%

                                   Berlin-Ch/Menarini               40,236          10,635       157,748    42,196         14,315      176,159      208,619       232,671          24,052       18,412       12%          12%

                                   Servier                          50,958           5,558       102,604    68,910          7,150      148,570      159,120       224,629          65,509       45,966       41%          45%

                                   Roche                            44,560          18,568        35,853   137,530         32,936       50,004       98,981       220,470         121,489       14,151      123%          39%

                                   Gedeon Richter                   40,936          24,419       104,756    33,535         29,321      142,626      170,111       205,482          35,371       37,870       21%          36%

                                   Pfizer                           26,652          24,608       124,690    20,351         30,095      152,634      174,950       203,080          28,130       27,945       16%          22%

                                   Nycomed                          17,758          18,769       107,807    17,769         27,476      134,068      144,335       179,313          34,979       26,261       24%          24%




                                                                         Pharmstandard is growing in-line with its peers
     Source:
     Note:
                                                                                   in the commercial segment
                                   Pharmexpert, 2006 preliminary data (subject to change)


     1                             Based on sales in wholesale prices
     2                             Includes Masterlek with respect to 2006
38           Roadshow Presentation
      Pharmstandard Key Development Milestones

                                                                                                                                                     Leksredstva plant (Kursk)
                          4Q03:                      2Q04:                         3Q05:                May 2006:             3Q06:                  4Q06:
                          Acquisition of ICN’s       Close Polypharm               Sale of              Legal name            Acquisition of         New production of spray, tablets and
                          business in Russia         (pharma production            Marbiopharm          changed from Biovit   Masterlek (3.5%        capsules; central manufacture
                          (five factories,           facility)                     (pharma production   LLC to OJSC           share of domestic      laboratory and renovation of
                          distribution centres                                     facility)            Pharmstandard         Russian Pharma         production facilities
                          and pharmacy                                                                                        market by sales
                                                                                                                                                     Total investment since 2004:
                          chain)                                                                                              value)
                                                                                                                                                     approximately RUR 600m



     Pre 2003:
     Group consisted
     of two manu-
     facturing facilities
     (Ufa and             2003                                      2004                                  2005                               2006                                2007
     Phytopharm)
     operating under
     Biovit LLC



                          Q104:                      Jan 05:                       1H05:                End 2005:             2H06:                  1H06:
                          New management             Acquisition of                Open centralised     Creation of holding   Termination of         New production of solutions,
                          team brought in            TZMOI (Tyumen)—               warehouse for        company/ legal        production in          production of vitamins and insulin
                          with experience in         manufacturer of               pharmaceutical       restructuring         Oktyabr plant in St
                                                                                                                                                     Total investment since 2004:
                          international and          medical equipment             products in Moscow   finalised             Petersburg,
                                                                                                                                                     approximately RUR 730m
                          domestic pharma                                                                                     production
                          companies                                                                                           transferred to other   2007:
                                                                                                                              existing sites
                                                                                                                                                     New production workshops for
                                                                                                                                                     Rastan® and Phosphogliv®

                                                                                                                                                     Ufavita plant (Ufa)
      Source:   Company
      Note:     OJSC – Open Joint Stock Company, LLC – Limited Liability Company


39     Roadshow Presentation
     Medical Equipment (TZMOI)

                                                                                Medical Equipment
                                                                             (2006 sales RUR 1,196m)1,
                                                                             14% of group sales in 2006




                   Sterilizers                                                          Aqua distillers                            Disposables/Other
               (45% of 2006 sales)2                                                   (8% of 2006 sales)2                         (47% of 2006 sales)2

          Market size approximately                                               Market size approximately                     Market size of syringes
               RUR700m                                                                RUR190m                                      approximately RUR3,000m
          Market leader with estimated                                            TZMOI market share                            TZMOI market share
               56% market share by                                                    estimated at 24%                             about 20%
               sales value
                                                                                                                                  Portfolio includes syringes,
          Growth driven by the Priority                                                                                           urology bags and catheters
               National Health Project
               encouraging investment in
               new equipment



     Source:    Company estimates
     Note:
     1          Represents Pro Forma figures which assumes inclusion of Masterlek as part of Phamstandard as of 1 January 2006
     2          Based on divisional sales



40   Roadshow Presentation
     Pro Forma Pharma Portfolio by Therapeutic Segment
                                                               Pro Forma1 sales split as at 2006
                                      A02-Antacids, Antiflatulents   C09-Agents Acting on the Renin-   Other Sales
                                          and Anti-Ulcerants              Angiotensin System              8.3%
                                                0.7%                             0.7%

                            J01-Systemic Antibacterial
                                     0.9%

                          R02-Throat Preparations                                                                    R05-Cough and Cold Preparations
                                  1.0%                                                                                          19.9%

                          V03-All Other Therapeutic
                                   Products
                                    1.2%
                         N06-Psychoanaleptics Excluding
                           Anti-Obesity Preparations
                                    1.5%
                                                                                                                               J05-Antivirals for
                                                                                                                                 Systemic Use
                              C01-Cardiac Therapy                                                                                   18.5%
                                     2.3%
                         L03-Immunostimulating Agents
                                   2.7%
                                    N05-Psycholeptics
                                         3.5%

                             A05-Cholagogues and Hepatic
                                      Protectors
                                        3.6%
                                 J02-Systemic Agents for Fungal
                                                                                                                     N02-Analgesics
                                           Infections                A11-Vitamins
                                                                                                                        17.4%
                                             5.7%                       11.9%
     Source:   Company
     Note:
     1         Pro Forma assumes inclusion
                                                  Pro Forma sales = RUR 8,053 million (2006)
               of Masterlek as part of
               Pharmstandard as of
                                                           OTC = 83% / Rx = 17%
               1 January 2006

41   Roadshow Presentation
     Sales Team


                                                                                HQ Sales and marketing

      All sales reps have medical
         education/work experience
                                                                                                         Rx
                                                                             OTC
      Covers 75% of the Russian                                                                (incl. ENDO-Team)




                                               Real time data - ETMS




                                                                                                                     Real time data - ETMS
         pharma market
      Incentivised sales force—up to 33%                              National manager         National manager
         bonus of annual salary                                           1 manager               2 managers

      In 2007 looking to:
                                                                       Regional manager        Regional manager
         – Increase ―feet on the street‖ to                              8 managers              12 managers
               over 350 sales people
         – Further specialise sales force by
               therapeutic area
                                                                         OTC sales force          Rx sales force
                                                                       (117 medical reps)       (147 medical reps)




                                                             Experienced sales force
     Source:   Company
     Note:     As of 31 December 2006

42   Roadshow Presentation
     Breakdown of Sales for 2006 by Distributor


        Top 5 distributors accounted for 51% of               Top 5 Distributors – 2006
           commercial pharmaceutical product sales
                                                                Distributor                % of sales
           in 2006
        Typical payment terms for distributors:                Genesis                        17
             – Regional and export distributors:
                30–60 days                                      Protek                         13

             – National distributors: 60–90 days                SIA International              11
             – FRP program: 180 days
                                                                Katren                          5

                                                                Infarma Pro                     5

                                                                Total                          51




                                                     Source:    Company
                                                     Note:      Manufacturers’ prices

43   Roadshow Presentation
     Production Facilities – Summary Overview
                                                        Approximate size                                                                                          Capacity 000’s    Capacity 000’s
     Factory                                            (sq. m.)                                  Formulation                                           Shifts   packs Dec 2005    packs Dec 2006
                                                        14,900 (lease)                            Syrops & liquid forms                                     3             52,644            52,644
                                                                                                  Tablets                                                   3            361,077           564,406
                LEKSREDSTVA
                                                                                                  Sprays                                                    2                               10,368
                  (KURSK)
                                                                                                  Powders                                                   2                                1,260
                                                                                                  Capsules                                                  3                               16,200

                                                        5,850 (lease)                             Ampules                                                   2              7,624             8,595
                                                                                                  Frozen-dried preparation                                  3              2,640             2,640
                                                                                                  Syrops & liquid forms                                     1              6,360             6,360
                    UFAVITA
                                                                                                  Tablets                                                   2             63,012           109,973
                     (UFA)
                                                                                                  Vitamin bars (ferrohematogen)                             2             14,000            22,680
                                                                                                  Insulin                                                   2                               14,400
                                                                                                  Saline infusin                                            2                                4,500

                                                        1,200 (lease)                             Ointments                                                 2             11,100             1,200
                 PHYTOFARM                                                                        Powders                                                   1             10,280            10,280
                (N.NOVGOROD)                                                                      Syrops & liquid forms                                     2             29,187            24,000
                                                                                                  Tablets                                                   2             12,850            12,850

               TOMSKHIMPHARM                            29,000 (own)                              Syrops & liquid forms                                     1              1,200             1,200
                  (TOMSK)                                                                         Tablets                                                   3            206,856           206,856

                                                        Closed in 2006                            Capsules                                                  2              1,384
                   OKTYABR                                                                        Sprays                                                    1              4,582
               (S.PETERSBURG)                                                                     Tablets                                                   2             72,797
                                                                                                                                                                        857,593         1,070,412

                                                                                                  Syringes                                                  2                295               295
                                                                                                  Needles                                                   2                624               624
                     TZMOI                                                                        Sterilizing machines < 100 L                              2             24,250            24,250
                   (Tyumen)                                                                       Sterilizing machines > 100 L                              2                319               319
                                                                                                  Aquadistilling machines                                   2              7,320             7,320


     Source:     Company.
     Note:       Total capacity for pharmaceutical production in 2006 excludes capacity from Oktyabr factory (St. Petersburg) which closed in Q3 2006
                 Total capacity calculations assume 8-hour shifts and 7 day working week
44   Roadshow Presentation
     Complivit—#1 Vitamin Franchise

      Complivit and its sub-brands                                                                                  Top-10 Products in Vitamin Segment (2006)
      Looking to launch 2 new products under this                                                                                                 Complivit (Pharmstandard)

          brand umbrella by the end of 2007                                                                                                                  11.5%
                                                                                                                                                                     Vitrum (Unipharm)
                                                                                                                                                                            6.6%
      Brand umbrella includes Complivit®, Complivit-                                                                                                                   Supradyn (Bayer)
                                                                                                                                                                              4.8%
          Active® and Complivit ―mama‖®                                                                                                                                  Centrum (Wyeth-Whitehall)
                                                                                                                                                                                   4.6%
      First launched Complivit in 1986 and followed on                                                                 Other
                                                                                                                                                                          Merz Spezial Dragees (Merz)
                                                                                                                                                                                       3.8%
          with                  Complivit-Active®             and Complivit          ―mama‖®                            53.0%
                                                                                                                                                                            Elevit Pronatal (Bayer)

          by the end of 2004                                                                                                                                                         3.8%
                                                                                                                                                                           Biovital Gel for Children (Bayer)
                                                                                                                                                                                         3.4%
                                                                                                                                                                       Vitrum Prenatal Forte (Unipharm)
     Annual Segment Sales Dynamics1,2                                                                                                                                                 3.2%
                                                                                                                                                                  Vitrum Beauty (Unipharm)
                          250                                                             7                                                   Vitrum Vision (Unipharm)       2.9%
                                                                                                                                                        2.4%
                                                                                  5.88    6
                          200                                           5.39
                                                                                              Average price (US$)



                                                               4.98                       5                         Source:   Pharmexpert, preliminary data (subject to change)
                                                       4.43                       27.6
           Sales (US$m)




                          150               4.04                        26.8              4
                                  3.41
                                                               19.3                       3
                          100                          18.5
                                  14.7      16.7
                                                                       136.4      148.1   2
                           50                          91.0    102.5
                                            81.2                                          1
                                  63.1
                            0                                                             0
                                  2001      2002       2003    2004     2005      2006
                                    Other          Pharmstandard       Average price (US$)

     Source:              Company
      1          Source: Pharmexpert, 2006 preliminary data (subject to change)
      2          Based on consumer prices

45   Roadshow Presentation
     Terpincod®/Codelac®—#1 Cough and Cold Franchise
     Terpincod®                                                                                                                    Top-10 Products of Antitussive & Expectorants
                                                                                                                                   Segment (2006)
      First launched Terpincod® in 1996
                                                                                                                                                                                         Terpincod
      Non-promoted brand with high margins                                                                                                                                           (Pharmstandard)
                                                                                                                                                                                           14.3%              Lasolvan
     Codelac®                                                                                                                                                                                               (Boehringer
                                                                                                                                                                                                             Ingelheim)
                                                                                                                                                                                                               10.6%
      Includes Codelac® tablets and Codelac Phyto®                                                                                                Other
                                                                                                                                                   41.0%
                                                                                                                                                                                                           Ambrobene
           syrup                                                                                                                                                                                          (Ratiopharm)
                                                                                                                                                                                                              6.5%
      First launched Codelac® tablets in 1996 and                                                                                       Bromhexine 8
                                                                                                                                                                                                                 Doktor Mom
                                                                                                                                                                                                                   (Unique
           followed with Codelac                                 Phyto®         syrup in 2004                                           Berline-Chemie                                                          Pharmaceutical)
                                                                                                                                      (Berlin-Ch/Menarini)                                                          5.3%
                                                                                                                                              2.9%                                                         Codelac
                                                                                                                                                                                                       (Pharmstandard)
                                                                                                                                              Ascoril Expectorant                                           5.3%
                                                                                                                                                 (Glenmark)
                                                                                                                                                      3.0%
     Annual Segment Sales Dynamics1,2                                                                                                                          Hedelix Syrup Cough
                                                                                                                                                                  Control (Krewel      ACC (Sandoz)
                                                                                                                                                                                                       Pulmozyme (Roche)
                                                                                                                                                                                                             4.5%
                                                                                                                                                                   Meuselbach)            3.3%
                         250                                                                           1.4                                                             3.2%
                                                                                             1.22
                                                                                                       1.2
                         200                                                     1.02         46.3                                  Source:        Pharmexpert, preliminary data (subject to change)
                                                                                                             Average price (US$)




                                                                                  40.1                 1.0                          Note:          Based on consumer prices
                                                                     0.83
                                                         0.67
          Sales (US$m)




                         150                                                                           0.8
                                                                      35.2
                                                          26.2
                                                0.52                                                   0.6
                         100     0.46            13.6                                        176.2
                                  8.4                                            156.1                 0.4
                                                         114.0       121.2
                          50                    87.8
                                  63.9                                                                 0.2

                           0                                                                           0.0
                                  2001          2002      2003        2004        2005       2006
                                        Other            Pharmstandard               Average price (US$)

     Source:                Company
      1                  Source: Pharmexpert, 2006 preliminary data (subject to change)
      2                  Based on consumer prices

46   Roadshow Presentation
     Maxicold® Case Study

                                          In-depth analysis of potential cough/cold drug
                   May 2004
                                             development opportunities
                    Stage 1
                Marketing request         Marketing/medical review of compounds/possible
                                             compositions

               Jun-Aug 2004               Review of production capability and capacity
                  Stage 2                 Agreed PHS-Leksredstva was to be production
     Internal expertise for production       location
      and technology, availability of
            active ingredients


                     Aug 2004             Production team put together (technologist,
                       Stage 3               registration mgr., procurement mgr.), project
               Project management,           approved by GM
                  approval by GM

                                            Experimental / production equipment tests
              Sep-Dec 2004
                                            Production development
                 Stage 4
        Development of production           Pre-clinical studies
           and Regulatory filing            Development of regulatory file



                                          1st submission to Ministry of Health: 28-Jan-05
                                          2nd submission (Pharmaceutical and Pharmacological
              Jan 2005-Jul 2005              Committees): 10-Mar-05
                   Stage 5                  Clinical review completed: 19-Jul-05
          Milestones of Regulatory
                    stage                   Labelling approved: 07-Dec-05
                                            Registration certification received: 26-Feb-06
                                            License for production received: 27-Jul-06

     Source:     Company

47     Roadshow Presentation
     Passifit® Case Study

      Production started in July 2006
      First commercial sales commenced in September 2006
          – Line extensions include new formulations e.g. tabs and pediatric
      Actively promoted in January 2007
          – Specialist doctors (e.g. gynecologists), general practitioners and
               pharmacists
      Priced at a discount to key competitor product Novo-Passit
      Growth expected to be achieved through increasing market share
     Source:   Company




48   Roadshow Presentation
     Complivit Calcium D3® Case Study

     October 2004             Marketing request
       Stage 1

     Nov-Dec 2004             Internal expertise for
       Stage 2                 production and technology,
                               availability of active ingredients
     January 2005             Project management, approval
       Stage 3                 by GM

     Jan-Feb 2005             Development of production and
       Stage 4                 regulatory filing

      March 2005              Submitted to Ministry
       Stage 5                 of Health

     January 2007             Registration approved
       Stage 6

       April 2007             Production
        Stage 7




49   Roadshow Presentation
50   Roadshow Presentation

				
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