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Pharmacy Chain 36.6

March 23, 2004

Pharmacy Chain 36.6 announced the appointment of Mr. Svein Aage Olsen as Chief Financial Officer (CFO)

Moscow, Russia – March 23, 2004 – Pharmacy Chain 36.6 [MICEX: RU14APTK1007; RTS Board: APTK] today announced the appointment of Mr. Svein Aage Olsen as Chief Financial Officer (CFO).


Mr. Svein Aage Olsen has extensive experience of top level general and  financial  management at leading multinational and Russian institutions, including CFO and Vice-President  positions at Comincom-Combellga, an alternative telecommunications provider in Moscow; the position of CFO  in Kyivstar GSM, a Ukrainian GSM operator; and the post of Deputy Director of Eastern European Region at Telenor ASA, the Norwegian telecommunications incumbent, being responsible for  international business development and acquisitions integration management, mainly in CIS.


Mr. Olsen started his working career in 1993 as a management consultant with McKinsey & Company in Scandinavia.  He’s got a Master of Science degree in Economics and Business Administration from the Norwegian School of Economics and Business Administration, Bergen, Norway.


Pharmacy Chain’s 36.6 CEO, Artem Bektemirov, said: “Mr. Olsen’s joining the Company is in line with the current objectives of Pharmacy Chain’s 36.6. An aggressive regional expansion requires stricter control on expenses and investments.”


Mr. Olsen commented: «I’m very pleased to join a strong management team in a company that already has built a very strong brand name and reputation in the market. I’m looking forward to contribute to both financial management of the ongoing business activities and the high growth and expansion aspirations in the coming periods.”


Mr. Olsen as CFO has succeeded Mr. Chkareuli, who left the Company for personal reasons.



Pharmacy Chain 36.6

Anna Ionova, Corporate Communications Manager

Tel: +7 095 792 5207




Some of the information contained in this press release may contain projections or other forward-looking statements regarding future events or the future financial performance of Pharmacy Chain 36.6 OJSC, as defined in the safe harbor provisions of the U.S. Private Securities Litigation Reform Act of 1995.  We wish to caution you that these statements are only predictions and that actual events or results may differ materially. We do not intend to update these statements to conform them to actual results. We refer you to the documents Pharmacy Chain 36.6 OJSC files from time to time with the Russian Federal Securities Commission. These documents contain and identify important factors. These factors  could cause the actual results to differ materially from those contained in our projections or forward-looking statements, including, among others, potential fluctuations in quarterly results, and risks associated with our competitive environment, acquisition strategy, ability to develop new products or maintain market share, brand and company image, operating in Russia, volatility of stock price, financial risk management, and future growth.



Notes to Editors:

OJSC Pharmacy Chain 36.6 is a leading Russian national health and beauty retailer and pharmaceutical manufacturer.

The consolidated sales of OJSC Pharmacy Chain 36.6 exceeded US 140 $ million in 2003.

The company currently has 180 stores in Moscow, Moscow region, Republic of Bashkortostan, Murmansk, Belgorod, and Voronezh. According to 2003 Moscow Gallup Media Survey, the company’s 36.6 brand was ranked No.1 in terms of retail brand awareness among all Moscow retailers.

The company’s manufacturing subsidiary, Veropharm, is Russia’s third largest manufacturer by sales and output (according to Pharmexpert).

OJSC Pharmacy Chain 36.6 employs over 5,500 people.

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