“I’m very pleased with the excellent results we achieved during the first quarter of this year,” commented Tony Maher, chief executive officer of Wimm-Bill-Dann Foods OJSC. “Our group revenue increased an unprecedented 40.1% over prior year period, driven by an excellent quarter for all of our businesses. Organic growth remained the key driver, delivering 29.7% of our revenue growth, with acquisitions contributing 10.4%. In just one year we doubled the rate at which our revenue is growing. Despite continued cost pressure from raw milk, juice concentrate and sugar, we continued to improve gross margins from 29.3% in the first quarter of 2006 to 32% the first quarter of 2007.

“During the quarter sales in our Dairy division increased 43.9% to US$414.2 million, significantly exceeding industry growth rates, with gross margins reaching 29.2% compared to 27.4% a year ago. Our Beverage division turnaround strategy continued to make progress, resulting in a revenue increase of 26.4% to US$92.9 million, with gross margins improving to 39.9% compared to 33.9% in the prior year period. Our Baby Food sales grew 36.8% to US$35.7 million, with gross margins expanding to 44.8% from 37.3% in the prior year period. EBITDA for the group increased 58.8% in the quarter to $70.4 million.

During the quarter we continued to make good progress on the consolidation of legal entities and the simplification of our corporate structure. As of the end of May, we have legally consolidated 16, well ahead of our internal deadlines. Our effective tax rate is down significantly to 28.7% from 34.8% in the prior year period”.

[1] Note: See Attachment A for definitions of EBITDA and EBITDA margin and reconciliations to net income.

 Key Financial Indicators of 1Q 2007

Sales in the Dairy Segment increased 43.9% to US$414.2 million in the first quarter of 2007 from US$287.9 million in the first quarter of 2006 driven primarily by volume growth. The impact of acquisitions made at the end of 2006 was 14.2% of the total Dairy revenue growth. The average dollar selling price rose 15.8% to US$1.01 per 1 kg in the first quarter of 2007 from US$0.87 per 1 kg in the first quarter of 2006 driven by the average ruble price growth and exchange rate effect**. The gross margin in the Dairy Segment increased to 29.2% from 27.4%* due to the rise in the average selling price outstripping raw milk price increases. The price of raw milk grew 11% in dollar terms over prior year period.

Sales in the Beverage Segment grew 26.4% to US$92.9 million in the first quarter of 2007 compared to US$73.5 million in the first quarter of 2006 driven primarily by an increase in selling prices and volume growth. The average selling price increased 20.3% to US$0.81 per liter in the first quarter of 2007 from US$0.67 per liter in the first quarter of 2006. The gross margin in the Beverage Segment increased to 39.9% from 33.9% year-on-year, driven primarily by the rise in selling price outstripping concentrate and sugar price increases.

Sales in the Baby Food Segment increased 36.8% to US$35.7 million in the first quarter of 2007 from US$26.1 million in the first quarter of 2006. The average selling price rose 10.8% to US$1.84 per 1 kg in the first quarter of 2007 from US$1.66 per 1 kg in the first quarter of 2006. This increase was driven by both positive currency exchange rate effect** and the average ruble price growth. The gross margin in the Baby Food Segment increased to 44.8% from 37.3%.

In the first quarter of 2007, selling and distribution expenses increased to 15.1% from 13.6% year-on-year as a percentage of sales due to increased marketing and advertising expenditure, transportation and personnel costs, an expected result of enhancing our route-to-market, reaching new geographies and establishing new sales channels. General and administrative expenses remained flat as a percentage of sales at 7.7%.

Operating margin increased to 9.5% in the first quarter of 2007 from 7.7% in prior year period. EBITDA margin increased to 13.0% in the first quarter of 2007 from 11.4% in prior year period.

Financial expenses during the first quarter of 2007 increased 191.8% to US$5.7 million compared to US$2.0 million in the same period of 2006. This was mainly a result of increased interest expense payable on bonds as well as decreased foreign currency gain. In the first quarter of 2007 foreign currency gain amounted to US$3.2 million compared to US$5.0 million for the same period of 2006.

Income tax expenses totalled US$13.1 million in the first quarter of 2007 compared to US$9.7 million in the first quarter of 2006. At the same time, the effective tax rate decreased to 28.7% from 34.8% mainly as a result of corporate restructuring and the financial effect of consolidation of legal entities.

Net income increased 84.8% to US$32.1 million in the first quarter of 2007 from US$17.4 million in the first quarter of 2006.

* For comparative information, Dairy Segment sales revenue and gross profit for the first quarter of 2006 have been adjusted, to conform to the changes in the presentation of the current period. This change in classification had no effect on previously reported net income.

**The average currency exchange rates, used for the calculations, were 28.16 rubles per US dollar in the first quarter of 2006, and 26.32 rubles per US dollar in the first quarter of 2007.

Attachment A
Reconciliation of EBITDA and EBITDA margin to US GAAP Net Income
EBITDA is a non-U.S. GAAP financial measure. The following table presents reconciliation of EBITDA to net income (and EBITDA margin to net income as a percentage of sales), the most directly comparable U.S. GAAP financial measure.

EBITDA represents net income before interest, income taxes and depreciation and amortization, adjusted for interest income, currency remeasurement gains, bank charges and other financial expenses and minority interest. EBITDA margin is EBITDA expressed as a percentage of sales.

We present EBITDA because we consider it an important supplemental measure of our operating performance.In particular, we believe EBITDA provides useful information to securities analysts, investors and other interested parties because it is used in the “debt to EBITDA” debt incurrence financial measurement in certain of our financing arrangements.

EBITDA has limitations as an analytical tool, and you should not consider it in isolation, or as substitute for analysis of our operating results as reported under U.S. GAAP.Moreover, other companies in our industry may calculate EBITDA differently or may use it for different purposes than we do, limiting its usefulness as a comparative measure.

EBITDA also should not be considered as an alternative to cash flow from operating activities or as a measure of our liquidity.In particular, EBITDA should not be considered as a measure of discretionary cash available to us to invest in the growth of our business.

For further enquiries contact:
Anton Saraikin
Press Secretary
Solyanka, 13, Moscow, 109028 Russia
Tel +7 (495) 105-5805 (ext. 116-99)
Fax +7 (495) 105-5800
e-mail: saraikinas@wbd.ru

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 Wimm-Bill-Dann Foods 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 Wimm-Bill-Dann Foods OJSC files from time to time with the U.S. Securities and Exchange Commission, specifically, the Company's most recent Form 20-F. These documents contain and identify important factors, including those contained in the section captioned "Risk Factors" in our Form 20-F, that 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.

Wimm-Bill-Dann Foods OJSC was founded in 1992 and is the largest manufacturer of dairy products and a leading producer of juices and beverages in Russia and the CIS. The company produces dairy products (main brands include: Domik v Derevne, Neo, 2Bio, 33 Korovy, Chudo and more), juices (J7, Lubimy Sad, 100% Gold), Essentuki mineral water and Agusha baby food. The company has 36 manufacturing facilities in Russia, Ukraine, Kyrgyzstan and Uzbekistan with over 19,000 employees. In 2005, Wimm-Bill-Dann became the first Russian dairy producer to receive approval from the European Commission to export its products into the European Union.

On May 18, 2006, Standard & Poor's Governance Services announced the upgrade of WBD's Corporate Governance Score (CGS) from 7 to 7+ (from 7.3 and 7.7 accordingly on the Russian national scale), which makes the Company's score the highest rating in Russia. The increase in the score reflects the effective work of the Board of Directors and, in particular, the real influence of independent directors in the decision-making process and the adherence of the controlling shareholders to the highest standards of corporate governance.