1. Russian Pharma-Market Experience Andrey Mladentsev Chief Executive Officer 22.07.04

2. Russian pharmaceutical market

5. Expenditures structure

6. Story of Nizhpharm

7. Strategic Issues

8. Nizhpharm’s Sales

9. Outsourcing

10. Nizhpharm’s Sales in Russia

11. Nizhpharm’s Sales Structure

12. ComCon-Pharma: Pharma-Q rating The research was conducted in April 2003, based on pharmacists’ opinion poll, includes both foreign and domestic companies

13. ComCon-Pharma: Pharma-Q rating The research was conducted in April 2003, based on pharmacists’ opinion poll, includes both foreign and domestic companies

14. ComCon-Pharma: Medi-Q rating The rating was launched in April 1999, based on doctors’ opinion poll and includes both foreign and domestic companies

15. ComCon-Pharma: Medi-Q rating The rating was launched in April 1999, based on doctors’ opinion poll and includes both foreign and domestic companies

16. Sales Concentration

17. Alimentary tract and metabolism Market Share = 1,1% Alimentary tract and metabolism Market Share = 1,1% Dermatology Market Share = 8,12% Dermatology Market Share = 8,12% Other ATC classes 2003 Concentration on Target Segments