Pharmstandard Roadshow Presentation 1H 2007 results September 2007 Roadshow Presentation

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1. Company Overview Dr. Igor Krylov, CEO

3 Building a top-3 pharmaceutical company in Russia 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 3 Building a top-3 pharmaceutical company in Russia

Promote our market-leading brands to drive sales growth and profitability Leading domestic pharma trademarks by sales value in 2006 6 leading brands “Top of mind” position with consumers Significant brand loyalty Exclusively produced by Pharmstandard Produced by Pharmstandard Source: Pharmexpert. Based on consumer prices, Rx and OTC products Note: 1 Masterlek Brands

Launch new products on a regular basis OTC Rx OTC Rx New products sales achieved RUR 127 mln or 3.4% from total Pharmaceutical sales in 1H 2007 Source: Pharmexpert,

Expand sales and marketing effort Real time data - ETMS HQ Sales and marketing National manager 1 manager Regional manager 20 managers OTC sales force (131) Rx sales force (157) 2 managers 29 managers OTC Rx (incl. ENDO-Team) All sales reps have medical education/work experience Covers 75% of the Russian pharma market Incentivised sales force—up to 33% bonus of annual salary In 2007 looking to: Increase “feet on the street” to over 350 sales people Further specialise sales force by therapeutic area Electronic Territory Management System (ETMS) system improving efficiency 3 Experienced sales force up to 340 sales persons1 Source: Company Note: 1 As of 30 June 2007

Diversified Product Portfolio in 1H 2007 Pharmaceuticals 85% of 1H 2007 sales Medical Devices 15% of 1H 2007 sales OTC 70% of 1H 2007 sales Rx1 15% of 1H 2007 sales Therapeutic focus: Analgesics Cough & cold Vitamins Anti-viral Anti-fungal Product portfolio includes: Acid pump inhibitors Nitrites & nitrates ACE inhibitors Alimentary tract metabolism Product portfolio includes: Sterilisers Distillers Medical disposables 63% growth 54% growth 18% growth 52% revenue growth in 1H 2007 Source: Company Note: 1 Includes Other sales

#3 pharmaceutical company on Russian market Market Share of Top-10 Companies in the Russian Pharma Market (% 1H 2007 value)1 Market Share of Domestic Pharmaceutical Producers (% 2006 value)1 3 #3 pharma company in Russia overall 3 #1 domestic pharma company – more than 3 times the size of the #2 domestic player Source: Pharmexpert Notes: 1 Based on sales in wholesale prices

A Leader in the Russian Commercial Segment Market Share—Top 10 Companies1 Market Share—Top 10 Domestic Companies1 2 2 3 PHS is #1 in commercial segment (commercial segment is 77% of the total market) Source: Pharmexpert Notes: 1 Commercial segment 2006, based on sales in wholesale prices

Continue to actively control costs Pharmstandard strong margin rates: Gross profit remain stable at 57%, S&D – is constant at 17%, G&A – decreased by 1% to 6%, Net profit – remained constant at 22%, EBITDA margin became 38% (in 1H 2006 EBITDA was 35%). Source: Company 1 Pharmexpert, in wholesale prices 2 As at 30 June 2007

Pharmstandard 1H 2007 achievements Leading domestic pharmaceutical company in Russia (measured by sales) #3 pharma company overall in Russia by sales value in 1H 20071 #1 pharma company in the commercial segment by sales value in 1H 20071 Industry leading growth and profitability Revenue growth +52% and achieved $169.7 mln in 1H 2007 EBITDA growth +67% and achieved $65.0 mln in 1H 2007 or 38% as % from sales Market leading brands 6 brands among top-20 best selling domestic brands in Russia1 Arbidol®, Pentalgin®, Complivit®, Terpincod®, Codelac®, Flucostat® Experienced sales force and modern and efficient manufacturing facilities More than 340 sales reps2 Russian GMP compliant facilities, including lines at Kursk, some of which are EU GMP compliant Fully integrated MasterLek company (distribution, SG&A cost, production ahead schedule) Source: Company 1 Pharmexpert, in wholesale prices 2 As at 30 June 2007

4. Financial Overview Elena Arkhangelskaya, Chief Financial Officer

Our Portfolio growth in 1H 2007 IFRS basis Pro-Forma basis

Rapidly Growing Revenue Profile 3,619 2,917 4,426 68% 15% 64% 19% 69% 1 3 Achieved 52% revenue growth in 1H 2007 Source: Company Note: 1 Pro Forma assumes inclusion of Masterlek as part of Pharmstandard as of 1 January 2006

Competitive Cost Structure 1H 2007 Selling and Distribution Costs General and Administration Costs Source: Company reports Note: 1 Pro Forma assumes inclusion of Masterlek as part of Pharmstandard as of 1 January 2006

Margin Expansion 1H 2007 Gross Profit EBITDA Source: Company reports Note: 1 Pro Forma assumes inclusion of Masterlek as part of Pharmstandard as of 1 January 2006

Attractive Profitability Growth HY Net Profit 2006–2007 21.4% 50% Net Profit growth in 1H 2007 (pro-forma) Source: Company reports Note: 1 Pro Forma assumes inclusion of Masterlek as part of Phamstandard as of 1 January 2006

Consolidated Balance Sheet and Capex IFRS basis Capital Expenditure Debt summary Facility A: US$91m (maturity Dec-2009/L+150) Facility B: US$55m (maturity Dec-2011/L+190) Net debt: US$128m

International companies Growth Analysis Across Market Segments1 Domestic companies International companies 3 Pharmstandard is growing in-line with its peers in the commercial segment Source: Pharmexpert, Note: 1 Based on sales in wholesale prices

Appendix

Russia—The World’s Fastest Growing Pharma Market (in retail prices, US$bn) Pharma market size (US$bn) 8.4 11.4 13.7 8.1 197.8 11.6 25.6 15.7 27.7 14.9 5.8 56.7 Population (in million) 142 187 1,315 33 108 340 45 61 60 83 58 25 128 Source: DSM, EIU 3 Russia was the fastest growing pharma market in 2005–2006

Russian Pharma Market Set to Expand Pharmaceutical Consumption Per Capita in Russia($) Drug consumption per capita amongst lowest in Europe Rapid market growth expected to continue Russia was the fastest growing market globally in 2004-2006 Pharmaceutical Consumption Per Capita by Country($) Source: Pharmexpert, EIU Market Indicators

Pharmstandard Key Development Milestones Leksredstva plant (Kursk) 4Q03: Acquisition of ICN’s business in Russia (five factories, distribution centres and pharmacy chain) 2Q04: Close Polypharm (pharma production facility) 3Q05: Sale of Marbiopharm (pharma production facility) May 2006: Legal name changed from Biovit LLC to OJSC Pharmstandard 3Q06: Acquisition of Masterlek (3.5% share of domestic Russian Pharma market by sales value) 4Q06: New production of spray, tablets and capsules; central manufacture laboratory and renovation of production facilities Total investment since 2004: approximately RUR 600m Pre 2003: Group consisted of two manu-facturing facilities (Ufa and Phytopharm) operating under Biovit LLC 2003 2004 2005 2006 2007 Q104: New management team brought in with experience in international and domestic pharma companies Jan 05: Acquisition of TZMOI (Tyumen)—manufacturer of medical equipment 1H05: Open centralised warehouse for pharmaceutical products in Moscow End 2005: Creation of holding company/ legal restructuring finalised 2H06: Termination of production in Oktyabr plant in St Petersburg, production transferred to other existing sites 1H06: New production of solutions, production of vitamins and insulin Total investment since 2004: approximately RUR 730m 2007: New production workshops for Rastan® and Phosphogliv® Ufavita plant (Ufa) Source: Company Note: OJSC – Open Joint Stock Company, LLC – Limited Liability Company

Modern Production Facilities Tomsk Tyumen Moscow Ufa Kursk Tomskhimpharm Capacity: 208m TZMOI Ufavita Capacity: 169m Leksredstva Capacity: 645m Nizhny Novgorod Phytopharm Capacity: 48m Pharmstandard HQ Source: Company Note: Capacity in packs. Figures shown are as of 31 December 2006

Pharma Portfolio by Therapeutic Segment Company sales split as at 1H 2007 Sales = RUR 4,426 million (1H 2007) OTC = 81% / Rx = 18% Source: Company sales

Production Facilities – Summary Overview 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

Breakdown of Sales for 1H 2007 by Distributor Top 5 distributors accounted for 50% of pharmaceutical product sales in 1H 2007 Typical payment terms for distributors: Regional and export distributors: 30–60 days National distributors: 60–90 days FRP program: 180 days Top 5 Distributors – 2006 Distributor % of sales Genesis 19 SIA International 9 Katren 8 Protek Rosta 6 Total 50 Source: Company Note: Manufacturers’ prices

Our Portfolio – Top 15 Pharmaceutical Products 1) 1) Source: Company Notes: 1 Sales only formed part of consolidated results from 2 August 2006

Pharmstandard has a lower exposure to the FRP compared to its peers Low Exposure to FRP Composition of Leading Companies’ Sales in Russia by Market Segment in 2006 Pharmstandard has a lower exposure to the FRP compared to its peers Source: Pharmexpert Note: Based on wholesale prices in US$

Product Pipeline Near term pipeline Products in registration Products in development OTC Rx 3 Pipeline of OTC and Rx products supports Pharmstandard’s growth story

Core Comparables Benchmarking Sales growth (2006) Gross margin (2006) EBITDA margin (2006) Net profit margin (2006) Source: Company reports. Veropharm figures based on equity research as 2006 results not available 3 PHS has industry leading growth and profitability

Arbidol®—#1 Pharma Brand in Russia Leading Products in Anti-infective Systemic Use Segment (1H 2007) Arbidol® Captured #1 brand position, in part, through active promotion by Pharmstandard sales force Acquired as part of Masterlek transaction Original product developed in 1987, active marketing launched in 2000 Segment Sales Dynamics1,2 Source: Pharmexpert Note: Remodelled to reflect current categories Source: Company 1 Source: Pharmexpert 2 Based on consumer prices

Pentalgin—#1 Pain Reliever (Non-Narcotic) Top-10 Products in Analgesics Segment (2006) Looking to launch new (improved) formulation of Pentalgin in 2007 to capitalise on Pentalgin’s brand recognition Franchise includes Pentalgin-N® and Pentalgin-ICN® First launched Pentalgin-ICN® in 1999 and followed with launch of Pentalgin-N® in 2002 Steadily gained market share since 2001 Annual Segment Sales Dynamics1,2 Source: Pharmexpert Source: Company 1 Source: Pharmexpert 2 Based on consumer prices

Phosphogliv® – Successful Rx Product Launch Top products in Hepatic Protectors segment (2006) Launched in 2005 Novel product in-licensed from the Institute of Biomedical Chemistry Premium priced product based on superior efficacy Patent protected until 2018 Clinically validated 2nd generation combination therapy with anti-viral, anti-inflammatory and immunomodulating properties Annual segment sales dynamics1 Source: Pharmexpert Source: Company 1 Source: Pharmexpert 2 Based on consumer prices