UBS Russian One-on-One Conference, Pharmstandard presentation, March 2008, NY Pharmstandard company presentation UBS Russian One-on-One Conference March 2008

UBS Russian One-on-One Conference, Pharmstandard presentation, March 2008, NY 1 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 defined below). Solicitations resulting from this presentation will only be responded to if the person concerned is a Relevant Person. This presentation is not for distribution in, nor does it constitute an offer of securities in the United States, Canada, Australia or Japan. Neither the presentation nor any copy of it may be transmitted into the United States, its territories or possessions, or distributed, directly or indirectly, in the United States, its territories or possessions. Any failure to comply with this restriction may constitute a violation of US securities laws. The presentation is not an offer of securities for sale in the United States. Securities may not be offered or sold in the United 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 such person is a Relevant Person. Failure to comply with this restriction may constitute a violation of applicable securities laws. If you have received this presentation and you are not a Relevant Person you must return it immediately to the Company. This presentation does not constitute a recommendation regarding the securities of the Company. 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. 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.

UBS Russian One-on-One Conference, Pharmstandard presentation, March 2008, NY Company Overview Dr. Igor Krylov, CEO Elena Arkhangelskaya, CFO

UBS Russian One-on-One Conference, Pharmstandard presentation, March 2008, NY 3 Russia pharmaceutical market development Source: Pharmexpert, Renaissance

UBS Russian One-on-One Conference, Pharmstandard presentation, March 2008, NY 4 Russian Pharma Market Set to Expand  Drug consumption per capita expected to double in 2011 due to strong macroeconomic driving consumer boom  Growing access to medicines in retail market by active development of distribution companies and pharmacy chains  Increased consumer focus on health and well being in line with demographic trends Pharmaceutical Consumption Per Capita in Russia($)* Pharmaceutical Consumption Per Capita by Country($)** Consumption per capita ($) *in retail prices ** in producers' prices Source1:Pharmexpert Source2: Renaissance, EU Market Indicators

UBS Russian One-on-One Conference, Pharmstandard presentation, March 2008, NY 5 Russian Pharmaceutical market structure 2007 Market split between domestic and international competitors 2007 Market structure by sales channels based on 2007 Source:Pharmexpert, retail prices 2007

UBS Russian One-on-One Conference, Pharmstandard presentation, March 2008, NY 6 Pharmstandard achievements 2007  Leading domestic pharmaceutical company in Russia (measured by sales) – #3 pharma company overall in Russia and #1 pharma company in the commercial segment – Industry leading growth and profitability – Revenue growth +34% and achieved $446 mln in 2007 – EBITDA growth +67% and achieved $65 mln in 1H 2007 or 38% as % from sales  Market leading brands – 6 brands among top-20 best selling domestic brands in Russia 1  New long-term projects and acquisitions – Production contract with Solvay Pharma (IRS-19, Immudon) – Acquisition 20% of Mir-Farm company (R&D base for future development) – Exclusive contract with Grindex to promote and sale Mildronat ® product in Russia – Masterlek integration and production transfer to own factories of its products (Arbidol, Flukostat))  Launch 10 new products – 5 OTC (Maxicold, Passifit, Immunex, Complivit Ca D3 and Complivit 365) – 5 Rx (Biosulin, Rastan, Artrozan, Mexiprim, Benfolipen)  Experienced sales force – More than 340 sales reps 2 and implemented ETMS system Source:Company 1Pharmexpert, in retail prices 2As at 31 December 2007

UBS Russian One-on-One Conference, Pharmstandard presentation, March 2008, NY Q03: Acquisition of ICN’s business in Russia (five factories, distribution centres and pharmacy chain) Q104: New management team brought in with experience in international and domestic pharma companies 2Q04: Close Polypharm (pharma production facility) 2H05: Sale of Marbiopharm (pharma production facility) Creation of holding company/ legal restructuring finalised 1H05: Acquisition of TZMOI (Tyumen)— manufacturer of medical equipment Open centralised warehouse for pharmaceutical products in Moscow 1Q08: Acquisition of 19,88% shares of «DIPAKA TRAIDING LIMITED», which owns Mirpharm Signing agreement with Grindeks on exclusive distribution and promotion of Mildronate® Pharmstandard Key Development Milestones 4Q06: New production of spray, tablets and capsules; central manufacture laboratory and renovation of production facilities Total investment since 2004: approximately RUR 600m Leksredstva plant (Kursk) 2007: Solvay and Pharmstandard has signed the agreement on manufacturing two pharmaceutical products Imudon® and IRS 19® in Russia Start production of Arbidol and Flucostat on Leksredstva ( Kursk) 1H06: New production of solutions, production of vitamins and insulin at Ufavita plant (Ufa). Total investment since 2004: approximately RUR 730m May 2006: Legal name changed from Biovit LLC to OJSC Pharmstandard 2H06: Termination of production in Oktyabr plant in St Petersburg, production transferred to other existing sites Acquisition of Masterlek (3.5% share of domestic Russian Pharma market by sales value) May 2007: Pharmstandard successfully completed its IPO, selling 43% of its share capital to the international and domestic institutional investors Pre 2003: Group consisted of two manu- facturing facilities (Ufa and Phytopharm) operating under Biovit LLC Source:Company Note:OJSC – Open Joint Stock Company, LLC – Limited Liability Company 2007

UBS Russian One-on-One Conference, Pharmstandard presentation, March 2008, NY 8 Modern Production Facilities Source:Company Note:Capacity in packs. Figures shown are as of 31 December 2007

UBS Russian One-on-One Conference, Pharmstandard presentation, March 2008, NY 9 Market Share of Top-10 Companies in the Russian Pharma Market (% 2007 in value) 1 Market Share of Domestic Pharmaceutical Producers (% 2007 in value) 1 #3 pharmaceutical company on Russian market Source:Pharmexpert Notes: Based on sales in retail prices for #3 pharma company in Russia overall 3# 1 domestic pharma company

UBS Russian One-on-One Conference, Pharmstandard presentation, March 2008, NY 10 A Leader in the Commercial Segment of Russian Pharma market Market Share — Top 10 Companies 1 Market Share—Top 10 Domestic Companies 1 Source:Pharmexpert Notes: Commercial segment 2007, based on sales in retail prices for PHS is #1 in commercial segment (commercial segment is 73% of the total market) 2

UBS Russian One-on-One Conference, Pharmstandard presentation, March 2008, NY 11 Growth Analysis Across Market Segments 1 Source:Pharmexpert, Note: 1Based on sales in retail prices 2007 Domestic companies International companies 3Pharmstandard demonstrated leading absolute growth in 2007 among its domestic and international pears

UBS Russian One-on-One Conference, Pharmstandard presentation, March 2008, NY 12 Diversified Product Portfolio in 2007 Pharmaceuticals 86% of 2007 sales Medical Devices 14% of 2007 sales OTC 72% of 2007 sales Rx 1 14% of 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 Source:Company Note: 1 Includes Other sales 2 Pro forma % (22%) 2 revenue growth in % growth (23%) 2 24% (12%) 2 growth 33% growth

UBS Russian One-on-One Conference, Pharmstandard presentation, March 2008, NY 13 Historical Net Sales Source:Company Note: results include results of Tyumen acquisition (as of 1 January 2005) results include results of MasterLek acquisition (as of 2 August 2006) 3Pro Forma assumes inclusion of MasterLek as part of Pharmstandard as of 1 January Achieved 21% growth in 2007 (OTC 23%, Rx 12%, Medical equip 34%) 1% Other 14% Rx 72% OTC 13% Medical Equip. 1% Other 13% Rx 69% OTC 18% Medical Equip. 1% Other 14% Rx 71% OTC 14% Medical Equip. 1% Other 13% Rx 72% OTC 14% Medical Equip

UBS Russian One-on-One Conference, Pharmstandard presentation, March 2008, NY 14 Divisional Sales Breakdown–IFRS Source:Company reports, 2005, 2006 results audited by E&Y (IFRS) Note: 1Pro Forma assumes inclusion of MasterLek as part of Pharmstandard as of 1 January 2006.

UBS Russian One-on-One Conference, Pharmstandard presentation, March 2008, NY 15 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  Export expansion  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

UBS Russian One-on-One Conference, Pharmstandard presentation, March 2008, NY 16 Promote our market-leading brands to drive sales growth and profitability  Arbidol is #1 on total market  6 leading brands  “Top of mind” position with consumers  Significant brand loyalty  5 leading brands improve their positions  3 leading brands among top-20 on the total commercial market Exclusively produced by Pharmstandard Produced by Pharmstandard Leading domestic pharma trademarks by sales value in 2007 Source:Pharmexpert. Based on consumer prices, Rx and OTC products Note: 1Masterlek Brands 1

UBS Russian One-on-One Conference, Pharmstandard presentation, March 2008, NY 17 Top Pharmaceutical Product Drivers Source: Company and MasterLek reports Note: 1Acquired as part of MasterLek acquisition on 2 August

UBS Russian One-on-One Conference, Pharmstandard presentation, March 2008, NY 18 OTC Products – Top-Selling Products Source: Company and MasterLek reports Notes: 1Acquired as part of MasterLek acquisition on 2 August Terpincod is not actively promoted 1 1

UBS Russian One-on-One Conference, Pharmstandard presentation, March 2008, NY 19 Arbidol ® —#1 Pharma Brand in Russia 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  Sales growth – 36,3% Source: Pharmexpert Note: Remodelled to reflect current categories Leading Products in Anti-infective Systemic Use Segment (2007) 1Source: Pharmexpert 2Based on consumer prices Source:Company Annual Segment Sales Dynamics 1,2

UBS Russian One-on-One Conference, Pharmstandard presentation, March 2008, NY 20 Pentalgin—#1 Pain Reliever (Non-Narcotic) Source:Company Pentalgin  Pentalgin plus ® in new (improved) formulation was launched 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 Source: Pharmexpert Top-10 Products in Analgesics Segment (2007) Annual Segment Sales Dynamics 1,2 1Source: Pharmexpert 2Based on consumer prices

UBS Russian One-on-One Conference, Pharmstandard presentation, March 2008, NY 21 Complivit - #1 Vitamin (Vitamins + Minerals) Annual Segment Sales Dynamics 1 Source:Pharmexpert Note: 1Based on consumer prices  Vitamins and minerals segment includes products for adults, children, and pregnant women (A11A)  Segment demonstrates stable volumes, but strong value growth (CAGR of 15%) from 2001 to 2007 due to: – Price rises and dollar depreciation – Active promotion of branded products  Pharmstandard had 19.7% market share in 2007  Complivit 2007/2006 growth – 32% Multivitamins with Minerals Market Share Breakdown (2007)

UBS Russian One-on-One Conference, Pharmstandard presentation, March 2008, NY 22 Prescription Products—Top Selling Products Source:Company and MasterLek reports Note:Shading denotes actively promoted products 1Acquired as part of MasterLek acquisition on 2 August

UBS Russian One-on-One Conference, Pharmstandard presentation, March 2008, NY 23 1Source: Pharmexpert 2Based on consumer prices Top products in Hepatic Protectors segment (2007) Phosphogliv ® – Successful Rx Product Launch  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 – 2 nd generation combination therapy with anti-viral, anti-inflammatory and immunomodulating properties Phosphogliv ® Annual segment sales dynamics 1 Source:Company Source: Pharmexpert

UBS Russian One-on-One Conference, Pharmstandard presentation, March 2008, NY 24 Amixin Annual Anti-viral segment dynamics 2  Acquired as part of MasterLek acquisition (2006)  Mode of action - induces production of all types of interferon (α, β, γ); has antiviral and immunomodulating activity; stimulates production of human antibodies  Currently 90% 1 of prescriptions come from GPs and pediatricians for the treatment of prophylaxis and treatment of URTI  Other potential indications include acute and chronic pelvic infections and STD  Sales growth – 16,7% Key facts Source:Pharmexpert, 2007 Note: 2Based on consumer prices Note: 1Source: ComCon, PrIndex

UBS Russian One-on-One Conference, Pharmstandard presentation, March 2008, NY 25 New product launches in 2007 Source:Company data, Pharmexpert, OTC Rx New products sales achieved $13.7 mln or 3% from total pharmaceutical sales in 2007

UBS Russian One-on-One Conference, Pharmstandard presentation, March 2008, NY 26 Maxicold ® – Successfull OTC Product Launch Maxicold ®  Launched in 2007  Achieved about $2 mln sales during the first year Top products in Cold preparations segment (2007) Annual segment sales dynamics 1 Source:Company 1Source: Pharmexpert 2Based on consumer prices

UBS Russian One-on-One Conference, Pharmstandard presentation, March 2008, NY 27 Product Approvals and Launches 2008 Source:Pharmexpert Note: 1Segment size – retail audit 2Excludes regional tenders OTC Rx

UBS Russian One-on-One Conference, Pharmstandard presentation, March 2008, NY 28 Expand sales and marketing effort  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 2008 looking to: – Increase “feet on the street” to over 430 sales people – Further specialise sales force by therapeutic area 3 Experienced sales force up to 340 sales persons 1 Note: As at 31 December 2007 Real time data - ETMS HQ Sales and marketing National manager 1 manager Regional manager 23 managers OTC sales force (134) Rx sales force (157) National manager 2 managers Regional manager 29 managers OTC Rx (incl. ENDO-Team) Real time data - ETMS Source:Company

UBS Russian One-on-One Conference, Pharmstandard presentation, March 2008, NY 29 Masterlek Integration  Leading Masterlek brands accelerated its sales growth under Pharmstandard management in 2007 – Arbidol +56%; m RUR – Flucostat + 16%; + 68 m RUR – Amixin + 14%; + 29 m RUR  Production transfer on own facility (Kursk) improves Gross Margin – Arbidol to 60% in 2007 vs 46% in 2006 – Flukostat to 90% in 2007 vs 58% in 2006  Amixin production transfer on own facility (Tomsk) will be fully accomplished in 2008  Masterlek integration decreased of administration costs 3 Realised synergy effect

UBS Russian One-on-One Conference, Pharmstandard presentation, March 2008, NY 30 Medical Equipment (TZMOI) Sterilizers (72% of 2007 sales) 1 Medical Equipment (2007 sales RUR 1,609m), 14% of group sales in 2007 Aqua distillers (5% of 2007 sales) 1 Disposables/Other (23% of 2007 sales) 1 - Total sales growth is 35% in Growth driven by sterilizers (Federal tender 450 mln RUR) - Improved GM Source: Company estimates Note: 1 Based on divisional sales

UBS Russian One-on-One Conference, Pharmstandard presentation, March 2008, NY 31 Pharmstadard’s investment case since IPO Russian consumer stocks performance in 2007 vs RTS Index (%) Pharmaceutical stock performance (rebased %)Pharmstandard IPO placement structure Offer structure: 43.3% of total shares Date of placement – May 4, 2007 Price - $58.2 for share and $14.55 for GDR Stock Exchange (PHST): LSE - 25% in GDRs RTS, MICEX % Underwriters: UBS and Citigroup Depositary for GDR: Bank of New York Source: Bloomberg, Renaissance

UBS Russian One-on-One Conference, Pharmstandard presentation, March 2008, NY Appendix

UBS Russian One-on-One Conference, Pharmstandard presentation, March 2008, NY 33 Production Facilities – Summary Overview Source:Company. Note: Total capacity for pharmaceutical production in 2006 excludes capacity from Oktyabr (St. Petersburg) factory which closed in Q3’2006. Total capacity calculations assume 8-hour shifts and 7 day working week

UBS Russian One-on-One Conference, Pharmstandard presentation, March 2008, NY 34 Breakdown of Sales for 2007 by Distributor  Top 5 distributors accounted for 58% of pharmaceutical product sales in 2007  Typical payment terms for distributors: – Regional and export distributors: 30–60 days – National distributors: 60–90 days – FRP program: 180 days Source:Company Note:Manufacturers’ prices Top 5 Distributors – 2007 Distributor% of sales Genesis19 Katren14 Protek10 SIA International9 Rosta6 Total58

UBS Russian One-on-One Conference, Pharmstandard presentation, March 2008, NY 35 Low Exposure to FRP Source:Pharmexpert Note:Based on retail prices in US$ Pharmstandard has a lower exposure to the FRP compared to its peers Composition of Leading Companies’ Sales in Russia by Market Segment in 2007

UBS Russian One-on-One Conference, Pharmstandard presentation, March 2008, NY Financial Overview

UBS Russian One-on-One Conference, Pharmstandard presentation, March 2008, NY 37 Our Portfolio growth in 1H 2007 Pro-Forma basis IFRS basis

UBS Russian One-on-One Conference, Pharmstandard presentation, March 2008, NY 38 Margin Expansion 1H 2007 EBITDA Gross Profit Source:Company reports Note: 1Pro Forma assumes inclusion of Masterlek as part of Pharmstandard as of 1 January 2006

UBS Russian One-on-One Conference, Pharmstandard presentation, March 2008, NY 39 Competitive Cost Structure 1H 2007 General and Administration Costs Selling and Distribution Costs Source:Company reports Note: 1Pro Forma assumes inclusion of Masterlek as part of Pharmstandard as of 1 January 2006

UBS Russian One-on-One Conference, Pharmstandard presentation, March 2008, NY 40 Attractive Profitability Growth HY Net Profit 2006–2007 Source:Company reports Note: 1Pro Forma assumes inclusion of Masterlek as part of Phamstandard as of 1 January % 50% Net Profit growth in 1H 2007 (pro-forma)

UBS Russian One-on-One Conference, Pharmstandard presentation, March 2008, NY 41 Consolidated Balance Sheet and Capex Capital Expenditure IFRS basis Debt summary  Facility A: US$91m (maturity Dec-2009/L+150)  Facility B: US$55m (maturity Dec-2011/L+190)  Net debt: US$128m

UBS Russian One-on-One Conference, Pharmstandard presentation, March 2008, NY 42 Core Comparables Benchmarking Sales growth (1H 2007) Net profit margin ( 1H 2007 ) EBITDA margin ( 1H 2007 ) Gross margin ( 1H 2007 ) 3 PHS has industry leading growth and profitability n/a

UBS Russian One-on-One Conference, Pharmstandard presentation, March 2008, NY 43