23 April 2007, Moscow: JSC Pharmstandard (“Pharmstandard” or the “Company”), a leading domestic pharmaceutical company in Russia, today announces the price range for the initial offering by Augment Investments Limited (the “Selling Shareholder”) of ordinary shares in the Company (the “Shares”) and global depository receipts (“GDRs”) with four GDRs representing one Share (the “Offering”).

Summary of the Offering

- The indicative price range is between US$11.55 and US$14.55 per GDR and US$46.20 and US$58.20 per Share.

- This price range reflects an implied market capitalisation of Pharmstandard of between approximately US$1.75 billion and US$2.20 billion.

- The Selling Shareholder has granted the Joint Global Coordinators an over-allotment option to purchase GDRs representing up to 15% of the total number of GDRs to be sold in the Offering.

- The Company intends to seek a listing of the GDRs on the official list of the UK Listing Authority and an admission to trading on the regulated market of the London Stock Exchange PLC and of its Shares on the Moscow Interbank Currency Exchange. The Shares are listed on the Russian Trading System (RTS).

- The bookbuilding process and international roadshow begin today.

- The Company has appointed Citi and UBS Investment Bank as Joint Global Coordinators of the Offering.

Commenting on today’s announcement, Igor Krylov, CEO of Pharmstandard said:

“We look forward to meeting investors on the forthcoming roadshow. Our recent results have confirmed our position as Russia’s leading domestic pharmaceutical company and we are confident that we have the right growth strategy in place to enable us to benefit from the rapidly developing Russian pharmaceutical sector.”