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Moscow, Russia — June 20, 2002 — Wimm-Bill-Dann Foods OJSC [NYSE: WBD] today announced the acquisition of the controlling stake in Novokuibyshevskmoloko OJSC (Novokuibyshevsk, Samara Region) by Lianozovsky Molochny Kombinat OJSC.

The Company acquired 50.87% of the share capital (14,781 voting shares). The transaction amounted to approximately US $2.3 million.

Novokuibyshevskmoloko OJSC is currently capable of processing 60 tons of products per day. The capacity is expected to grow to 170-200 tons per day by 2005.

The factory’s capacities will be included in the production program of the Dairy Business Unit. The Company’s experience in reviving food enterprises, along with the investment potential of Wimm-Bill-Dann Foods, will allow the factory to achieve completely new, modern production levels through the use of state-of-the-art technologies and best raw materials, attracting the leading industry specialists and improving control over the final product quality.

Novokuibyshevskmoloko OJSC was put into operation in 1975. The factory specializes in dry fat-free milk, dairy products and fermented milk products.

Wimm-Bill-Dann Foods OJSC
16 Yauzsky Boulevard, Moscow, Russia
Phone: +7 095 733-97-26/9727
Fax: +7 095 733-97-25
web: http://www.wbd.com
E-mail: kagan@wbd.ru

Some of the information in this press release may contain projections or other forward-looking statements regarding future events or the future financial performance of Wimm-Bill-Dann, 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 files from time to time with the U.S. Securities and Exchange Commission, including our Form F-1. These documents contain and identify important factors, including those contained in the section captioned “Risk Factors” in our Form F-1, 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, our competitive environment, acquisition strategy, risks associated with operating in Russia, volatility of stock price, financial risk management, and future growth subject to risks.
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