1. Pharmacy Chain 36.6 Company Presentation
July 2009

2. DISCLAIMER
THIS DOCUMENT IS NOT AN ADVERTISEMENT OF SECURITIES IN THE RUSSIAN FEDERATION, AND IS NOT AN OFFER TO SELL, OR AN INVITATION TO MAKE OFFERS TO PURCHASE, ANY SECURITIES IN THE RUSSIAN FEDERATION.
NOT FOR RELEASE, DIRECTLY OR INDIRECTLY, IN THE UNITED STATES OF AMERICA, AUSTRALIA, CANADA OR JAPAN.
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The securities referred to herein have not been and will not be registered under the US Securities Act of 1933, as amended (the "Securities Act"), and may not be offered or sold in the United States or to US persons unless the securities are registered under the Securities Act, or an exemption from the registration requirements of the Securities Act is available. No public offering of the securities will be made in the United States.
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3. Table of Contents Overview Retail unit Veropharm
Early Learning Center (ELC)
Summary

4. I. Overview

5. Pharmacy chain 36.6 is the leading pharmaceutical retailer in Russia
First open formatted store
Over stores currently in operation
First Russian pharmaceutical company to go public
36.6 – number one brand recognition nationwide
First Russian company to become member of the US National Retail Federation
Over USD 1 bln. of Group consolidated revenue by the end of 2008
Portfolio of attractive assets:
OJSC “Veropharm”
LLC «Kub-Market» (Early Learning Center)
Closed-end property mutual fund
Brand awareness in comparison with industry peers*
Group consolidated revenue
mln USD
*Source: A/R/M/I -Marketing, 2008 г. (% of respondents)
** unaudited management accounts
Source: audited IFRS accounts,

6. Structure of Pharmacy Chain 36.6
Free float
Pharmacy Chain 36.6 (Retail)
«Veropharm» (Pharmaceutical’s production)
43.7%
56,3%
Free float
52%
48%
36,6
Investors
ELC
(Children’s goods)
50%
36,6
ELC, cо штаб квартирой в Великобритании, один из самых крупных ритейлеров детских игрушек в Европе
10 магазинов работают в Москве и Зеленограде; к 2009 году планируется увеличить количество магазинов до 20
Смежный с аптеками сегмент розничного рынка
Эксклюзивный ассортимент детских игрушек для аптек
Собственная логистика и импорт

7. Transition and Refocus
History of Pharmacy Chain 36.6
Transition and Refocus
New CEO hired
EMC sold
In Q Retail unit
delivered breakthrough
EBITDA
Consolidated Net Loss
decreased by 53,5%
Rapid expansion
2008
46 acquisitions in 2005-
2007
SPO 36,6
1 000th store opening
ERP system
introduction
Glazar joint
venture creation
Consolidated 2007 Net
Loss - USD 121,3 mln.
Going public
2003
IPO 36,6
2006
IPO Veropharm
Foundation
First 36,6
store
opened
1998

8. Board of Directors Sergey Krivosheev Artem Bektemirov
Chairman of the Board of Directors, Co-founder
Artem Bektemirov
General Director, Co-founder
Arkadi Gibov
Partner and co-founder
of «GEP»
Vladimir Stolin
Chairman of the Board of Directors of the consulting company ZAO “Ecopsi Consulting”
Vasily Rudomino Partner and co-founder of the law firm “ALRUD”
Lev Glik
Chairman of the Board of Directors of OJSC “Revyakinskiy metalloprokatniy zavod

9. Management team

10. Financial highlights (Consolidated)
mln, USD
mln, USD
Source: audited IFRS accounts

11. Financial Highlights as of 31.03.2009 (Consolidated)
RUR, mln
In rubles
$ mln
In US dollars
Decline: -37,8%
Growth: +1,1%
Decline: -27,7%
Net Loss Decline:
-21,1%
Growth:
+ 875,0%
Net Loss
Growth:
+10,2%
Source: unaudited Q IFRS accounts

12. Credit profile
Group consolidated financial debt stood at USD mln as of (excludes amounts or expenses associated with Glazar Joint Venture)
Debt structure
(breakdown by maturity,
as of )
Group consolidated financial debt
253,1
$ mln
Debt structure
(breakdown by currency,
as of )

13. Key priorities for 2009
Complete turn-around in the Retail Unit
Grow Veropharm
Leverage trend towards import substitution
Resolve funding needs
Be socially responsible

14. II. Retail unit

15. Russian retail market turnover Growth of annual disposable income
Macroeconomics
Russian retail market turnover
Growth of annual disposable income
and real GDP
RUR bln.
RUR bln.
Source: The Ministry for Economic Development,
Exchange rate dynamics (USD/RUR)
GDP per capita in 2001 amounted around $2000
GDP growth
Real disposable income
Source: The Central Bank of Russia,
Source: The Ministry for Economic Development,

16. Russian pharmaceutical retail market
Russian pharmaceutical retail market in consumer prices*
Leading Russian drugstore chains by turnover
(mln.USD)
*ex.rate= average USD/RUR rate for Segments: commercial, Hospital, FRP)
Source: CMR “Pharmexpert”
Source: CMR “Pharmexpert”

17. Key operating highlights
National market share – 4.97 %*
1084 stores in 29 regions in Russia
Over employees
As of April 1st, 2009**:
Revenue – USD mln
38.6% decrease vs .Q in USD terms
14.2% decrease vs.Q in RUR terms
Purchases – 21 mln.
23.5% decrease vs. Q1 2008
Average check across the network – RUR 235
18.1% growth vs. Q1 2008
Total trade area – over sq. meters
9.7% decrease vs. Q1 2008
Number of stores (end of period)
L-F-L sales, mln RUR
Source: Data 2008, Pharmexpert
** unaudited Q IFRS accounts
Source: unaudited management accounts

18. Key operating highlights (cont’d)

19. Financial Highlights (Retail unit)
Source: audited IFRS accounts

20. Financial Highlights as of 31.03.2009 (Retail unit)
RUR, mln
In rubles
$ mln
In US dollars
Decline: -14,2%
Decline: -38,6%
Growth: +2,9%
Decline: -26,5%
Net Loss Decline:
-0,7%
Growth: +114,2%
Growth: +109,8%
Net Loss Decline:
-29,0%
Revenue
Gross Profit
Revenue
Gross Profit
EBITDA
EBITDA
Net Profit
Net Profit
Source: unaudited Q IFRS accounts

21. Sales breakdown by regions*
Pharmacy Chain 36.6 – Russia’s largest pharmaceutical retailer with a strong regional presence
Number of stores (Q1 2009):
Pharmacy Chain 36.6 operates in 29 regions of Russia (6 Federal regions)
Moscow - Central
364
including Northwest 25
South Urals
248
South
189
Volga
127
North Urals 94
Western Siberia 62
Total:
1084
2005 -
Sales breakdown by regions*
2005 -
(*) Company’s calculations
Source: Company’s data
Source «Farmvestnik» № 39 dated

22. Product differentiation
36.6 has launched new projects aimed to differentiate its product mix and obtain higher margins
Beauty Laboratories Natural cosmetics
located in over 50 major
pharmacies
Optics
Exclusive offers among Optics
Pharmaceutical retailers stores and opticians departments
Sales breakdown in Q1 2009

23. Private Label – excellent quality for lower price
Over RUR 279 mln. sales volume in Q1 2009
740 SKUs
54 Russian manufactures in 25 cities of Russia producing Private label
Private label share in Q1 2009:
5.8% of Total sales.

24. Social responsibility of Pharmacy Chain 36.6
Maintenance of vital medicine assortment
Prevention of distribution of counterfeit medicines
Formation of high business standards in the pharmaceutical sector (transparency and ethics)
Expansion of the Private label which offers excellent quality for lower price
Granting additional discounts to socially unprotected citizens
Partnership with ММА of I.M. Setchenov in training future experts for pharmaceutical sector
Designated as one of 295 backbone companies
в каждой аптеке, не смотря на их ограниченное предложение на рынке в кризисных условиях
(социальная карта москвича, дисконтные карты и т.п.) 24

25. Profitable growth! Strategy for 2009
Enhancement of operational efficiency
Expand our unique concept
“Earn the right to grow”
Reduce store level expenses
Decrease G&A expenses
Direct contracts and back-margins improvements
Centralize purchasing
Optimize operating platform:
Introduction of modern IT services
Assortment optimization
Control over on –shelf availability of goods
Effective use of the pricing strategies
Completion of shared-services program
Close of unprofitable stores
Offer the best value for money RX/OTC drugs in the market
Unique offer to our clients:
Expansion of the Private Label portfolio
Release of new exclusive brands and goods
Customers loyalty program («Malina»)
Beauty laboratories
Rebrand existing stores
Perfection of services and personnel qualifications
Strengthen our positions in key markets:
Moscow and the Moscow region
Yekaterinburg
Ufa
Rostov
Nizhniy Novgorod
Novosibirsk
Selective financially-driven approach on new stores openings and M&A.
Profitable growth!

26. III. Veropharm

27. Veropharm – one of the largest Russian producers of pharmaceutical products
Key Financials
Market share in 2008 – 6.1%
Company operates 3 production facilities in Russia:
Belgorod (GMP line built in December 2001)
Voronezh (#1 in Russia and Ukraine in adhesive bandages) (1)
Pokrov (#1 in oncology products with 48,3% market share among Russian producers)(2)
Product portfolio of over 400 drugs (RX, OTC, traditional, adhesives)
Wide portfolio of generic drugs, most of which are positioned in high- growth, high-margin pharmaceutical groups
IPO in April 2006, 49% placement of shares on RTS
Over employees
$ mln.
Source: audited IFRS accounts
Sales breakdown, Q1 2009
Source: CMR “Pharmexpert”
Source: IMS
Source: Company

28. Financial Highlights as of 31.03.2009 (Veropharm)
RUR mln
In rubles
In US dollars
$ mln
Growth: + 8,4%
Decline:
-39,7%
Source: unaudited Q IFRS accounts

29. IV. Early Learning Center (ELC)
“Network of developmental toys for children ages 0-8”

30. Early Learning Center (ELC)
One of the largest retailers of children’s toys in UK working on a franchising base:
LLC “Kub-Market” – franchisee since July 2006, own logistics, import, 94 employees
A unique concept of stores for children and mothers:
Developmental toys and special play zones for kids
In 2008:
Business in Russia was rewarded “ The fastest growing business” (75% growth versus 2007)
Sales increased to USD 5.7 mln*
11 stores in Moscow
“ELC zones” in 42 Pharmacy Chain 36,6 stores.
Loyalty program “ Happy Birthday Club” including participants
Alive internet presence of 1000 visitors per day.
* share in Total sales of the Company

31. V. Summary

32. Pharmacy Chain 36.6:
A valuable asset with the leading position in the Russian retail pharmaceutical market
Refocused strategy on retail development
Significant year-over-year improvements at operational level
Experienced management team with proven expertise
Leading the industry in social responsibility

33. Ochakovskoe shosse, bld. 10-2-1
Contact information
Address: , Moscow,
Ochakovskoe shosse, bld
Tel.: +7 (495)
Fax: +7 (495)