News

The placement of Wimm-Bill-Dann Foods OJSC’s third series of bonds on the Moscow Inter-bank Currency Exchange (MICEX) was completed over a single day on March 5th, 2008. The issue attracted considerable interest among investors with the market seeing the largest number of orders received for the last nine months and the issue was nearly two-times over-subscribed.

As the result of an auction, the interest rate of the first coupon was established at an annual rate of 9.30% and the bond yield to the annual offer amounted to 9.52% annually. The funds from the placement will be directed towards refinancing and the development of the company.

The issue was lead-managed by Raiffeisenbank and Renaissance Capital. Sberbank acted as a co-lead manager.

The underwriters of the issue were: Alliance Rosno, UniCredit Bank, Commerzbank (Eurasia) WestLB East, Kapital Investment Company, Promsvyazbank and Transcreditbank. The following institutions acted as co-underwriters: Arbat Capital, Deutsche Bank, Region Investment Group, Rosbank, Uralsib and Everest.

The bonds, with a total nominal value of RUR5 billion, have a maturity of five years and coupons are paid on a half-yearly basis. The interest rates for both coupons in the first year are equal and amount to 9.30% annually and the rates for subsequent coupons will be set by the issuer. Theissueincludes built-in 1-year put option.

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 37 manufacturing facilities in Russia, Ukraine, Kyrgyzstan, Uzbekistan and Georgia with over 21,000 employees. Wimm-Bill-Dann became the first Russian dairy producer to receive approval from the European Commission to export its products into the European Union.

In 2007 Standard & Poor's Governance Services confirmed WBD's Corporate Governance Score 7+ (7.7 accordingly on the Russian national scale), which makes the Company's score the highest rating in Russia. That result 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.
_____________________

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.