Moscow, 27 May, 2008 – OJSC Pharmstandard (LSE: PHST LI, RTS: PHST RU), the leading domestic pharmaceutical company in Russia and the third largest pharmaceutical company operating in Russia overall, invites its shareholders/holders to its annual general meeting of shareholders to be held at Petrovka str 11/20, Moscow, Russia, Marriot Aurora Hotel, “Stoleshniki” conference room at 10.00 am Moscow time on 27 June 2008 (hereinafter: the “AGM”). The record date for the AGM is 22 May 2008.

There are following key items will be discussed at the AGM:

1. Adoption of the financial statements for the year 2007 and allocation of profit and loses of the company based on year 2007 financial results.

2. Dividends for the year 2007.

3. Election of the Board of Directors.

4. Election of Audit Committee.

5. Appoint independent audit company for the year 2008.

6. Approve new redaction for the statute of OJSC “Pharmstandard”.

7. Approve regulations for the Management Board of OJSC “Pharmstandard”.

8. Approve regulations for the interested party transactions.