www.wbd.com

Wimm-Bill-Dann Foods OJSC[NYSE: WBD]

Investor Presentation1H 2006

2

Forward Looking Statements

This presentation contains forward-looking statements that reflect Wimm-Bill-Dann’s current views and estimates, which

are based on many factors and assumptions.

Changes in such factors or assumptions could produce significantly different results.

3

Who is Wimm-Bill-Dann?

Headquarters: Moscow

Founded: 1992

Manufacturing: 31 production sites in Russia and the Commonwealth of Independent States (CIS)

Products: A full range of diversified branded dairy products, over 150 types of juice, nectars, water and fast growing baby food

Listing: WBD: NYSE - Level 3 ADR

Market Cap: US $2.0 Billion

Employees: 18,500

Market Position: Russian dairy market leader

Revenue Structure: Dairy ~75%; Beverages ~20%; Baby Food ~5%

Corporate Governance: WBD assigned highest corporate governance score in Russia by Standard & Poor's Governance Services

Russia’s Largest Food Company with Growing CIS Business

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MoscowN.Novgorod

KazanUfa

Volgograd

Samara

Ekaterinburg Omsk

Tuimazy

Timashevsk

Krasnodar

Rostov-na-Donu

Voronezh

BelgorodTula

St.Peterburg

Ramenskoe

Kiev

Sumi

Kharkov

Bishkek

Almaty

Tashkent

Obninsk

Kursk

Essentuki

Pervouralsk

Growing National & CIS Platform

Dairy production sitesBeverages production sites

Large distribution centers

Baby Food production sitesFarms

31 Production facilities in Russia & CIS

Surgut

Novosibirsk

Rubtsovsk

Krasnoyarsk

Irkutsk

Vladivostok

Khabarovsk

Dairy production sites with beverages lines

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1H 2006 Operational Highlights

• Profitable growth continues in 1H 2006

• New CEO Tony Maher appointed

• Beverage segment turnaround plan in place

• Optimization of the corporate structure

• Baby food segment continues rapid growth

• Dividend payments approved for 2002-2004, 1Q’06, future policy determined

• New regional dairy plants – Pervouralsk & Surgut (3Q’06) acquired

• New Head, new Head of Marketing, and new Commercial Director appointed in Beverages segment (3Q’06)

• New Group Head of Marketing and Innovation appointed

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1H 2006 Financial Highlights

1H 2006 1H 2005 Change, %

US$mln US$ mln

Sales 813.6 681.7 19.4%Dairy 595.0 479.5 24.1%Beverages 163.7 159.5 2.6%Baby Food 55.0 42.6 28.9%

Gross Profit 253.8 187.8 35.2%Selling and distribution expenses 112.0 98.3 13.9%General and administrative expenses 62.9 53.5 17.6%Operating income 75.1 30.8 143.5%Net income 46.7 8.3 465.2%Adjusted EBITDA* 104.9 56.6 85.3%CAPEX including acquisitions 50.4 38.9 30.1%

Profitable growth across all segments

* Non-GAAP indicator: for reconciliation of Adjusted EBITDA to US GAAP Net Income see www.wbd.com/f_reports/

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New Team – New Horizons

Tony Maher – CEO: 30-year veteran of Coca-Cola system, former Regional Director for CIS & a number of WE markets for CCHBC, served as COB of Multon. Appointed April 2006.

Visited all WBD facilities, launched wide-range review of beverages business & cost structures in all businesses.

Working to ensure sustainable market leadership and profitable growth

Silviu Popovici – Head of Beverages: veteran of global companies BMS & Coca-Cola in EE, Russia & Ukraine. Most recently head of CCHBC in Ukraine, fastest growing Coca-Cola market in the world. Appointed August 2006.

Grant Winterton – Group Head of Marketing & Innovation: extensive experience in marketing and sales with WellaHaircare, Australian National Dairies, Campbell Soup Co and Coca-Cola in Australia, Russia, Ukraine, Belarus and China.

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Dairy – Market Overview

WBD34%

Unimilk7%

Ochakovsky5%

Danone14%

Ehrmann2%

Campina2%

Others36%

WBD remains clear market leader with room to grow

0 20 40 60 80 100 120

Spain

Germany

France

GB

Italy

Poland

Russia

Dairy consumption, kg/person Structure of Russian Dairy Market (2005)

Source: Datamonitor, Reuters Business Insight, GKS Source: ACNielsen Retail Audit; value terms

• Russian dairy consumption trails CEE & WE peers

• Market remains fragmented with many small producers

• Sustainable growth outlook in higher margin yogurts & desserts

• Continued growth in traditional segment in the regions

• WBD maintains market share in 2005 (34.0% vs 33.8% in 2004)

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4,04,55,05,56,06,57,07,58,0

Jan Feb Mar Apr May Jun Jul Aug Sep Octv Nov Dec

RUR

2003 2004 2005

-5

0

5

10

15

20

25

2000 2001 2002 2003 2004 2005

Milk producer ruble prices change y-o-y WBD Raw Milk Purchase Price (rubles/ liter)

Source: GKS Source: WBD

Dairy – Raw Milk Challenge

WBD is working to ensure predictable supply, smoothing out seasonality

• Move toward long-term supply contracts & direct contracts with farmers

• Milk Rivers program leases milking & refrigeration equipment to farms

• Working with Russian government to develop plan for sector and increase investments

• Agro SBU established to gauge vertical integration

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Dairy – Successful Regional Strategy

Central48%

Urals8%

Volga7%

South11%

Central Asia2%

North West8%

Ukraine7%

Siberia & Far East

9%

Regional, CIS markets provide long-term basis for growth

Dairy Segment – Regional Sales (2005) Dairy Segment – Regional Sales (1H 2006)

Source: WBD Source: WBD

• All regions profitable since 2005

• Fastest growth in Urals, Ukraine & Siberia

• Diversification – Central region now less than half of dairy sales

• Product portfolio optimized – from 340 to 221 SKUs in Central region

• Market leadership achieved in Ukraine, South, Urals & Volga in 1H 2006

Central45%

Siberia & Far East10%

Urals9%

South11%

Central Asia2%

Ukraine8%

North West8%

Volga7%

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Dairy – New High Margin Products

Continued launch of innovative products to ensure leadership

• La Frut smoothie launched in 2005

• Dairy drink based on Chinese recipe

• Chudo-lunch with spoon

• New ready-to-eat dairy porridges

Ads – new products with enduring values

= New products for the Russian market using trusted brands

New products under existing umbrella brands

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Dairy – Cheese Brands Strengthened

Increased capacity and strong brand in cheese segment

• New line at Rubtsovsk dairy plant doubles Lamber production

• Lamber challenging imports on price & quality basis

• New brand & packaging for Happy Milkman soft cheeses

• Cheese accounted for 4% of dairy in 1H 2006

Lamber hard cheese #1 domestic mid-market brand

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0

100

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2002200320042005e2006e2007e2008e2009e

mln USD

Baby Food – A ‘Young’ Market

0 500 1000 1500 2000 2500 3000 3500

France

UK

Germany

Portugal

Poland

Hungary

Russia

Baby Food – Estimated Mkt Value 2002-2009 Baby Food– Annual Per Capita Consumption (kg)

Source: Euromonitor Source: Euromonitor

More than 11% CAGR projected for Russian mkt up to 2009

• Russian baby food consumption still trails CEE & WEE peers

• Companies establishing leadership by sub-segments (WBD in dairy)

• New niches & regional markets entry expected to continue in 2006-2007

• Regional market potential largely untapped

• CIS markets also have strong long-term potential (i.e. Ukraine)

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Baby Food – New Segment Delivers

Strong margins & leadership in dairy baby food sub-segment

• Sales up 29% & margins up 42% y-on-y in 1H 2006

• Portfolio expanding into juice, vegetable & meat products

• 56% market share in dairy baby foods

• Kursk baby food plant re-launch anticipated in 4Q’06

• Agusha brand platform for new baby food product launches

Agusha – Symbol of Quality & Trust for Parents

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0 50 100 150 200

Italy

France

Belgium

Germany

Greece

Portugal

Hungary

Poland

UK

Russia

Beverages – Market Overview

0%

10%

20%

30%

40%

50%

60%

70%

2001 2002 2003 2004 2005e

Juice Market Y-o-Y growth, volume %

Source: WBD

Challenging juice environment, opportunities in water

• WBD No.3 in juice market in 2005 (24%)

• 4 domestic players control 90% of the market

• ‘Commodification’ of juice market in Moscow, St Petersburg

• Regional growth driving market – dominated by lower-middle segment

• Bottled water market fragmented & few true mineral waters

Bottled Water per capita (liters, 2005)

Source: ACNielsen Retail Audit; value terms

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Beverages – WBD Restructuring

J737%

100% Gold14%

Lovely Garden

42%

Wonder Berry4%

Water2%

Others1%

Strong regional presence, re-invigorated brands key

• Major promotion campaign to re-invigorate brands • New flavors, PET packaging for Lovely Garden – regional leader• Essentuki water production upped, Novoessentukskaya brand added

Beverages – Sales by Brand (2005) Beverages – Sales by Brand (1H 2006)

Source: WBDSource: WBD

J730%

100% Gold12%

Lovely Garden

49%

Others1%Water

4%Wonder Berry4%

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Beverages – Turnaround Plan

Developing strategy for long-term restructuring of business

• No.1 focus for CEO

• No options off the table

• New team being put in place – new Head & Head of Marketing

• Continued focus on regional markets & production

• R&D team exploring new products

• Cost structure under tight scrutiny

• Historic strength & trust in core brands platform for next stage

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WBD – Challenges Ahead

Growing strength of retailers & cost growth remain issues

• Growth of hypermarkets & supermarkets putting pressure on producers

• Retail chains reduce intermediaries but have strong pricing power

• Side effects of economic growth: higher wages, higher tariffs

• New TV advertising rules reduce airtime, driving up rates

• Continued market entry by multinational food co’s

• Consolidation among Russian players increases competition

Russian Retail Landscape – end 2005 Russian Retail Landscape – end 2010 (forecast)

Source: GKS, Renaissance Capital Source: Renaissance Capital

Traditional Grocery Stores41%

Supermarkets10%Hypermarkets

3%

Discounters10%

Kiosks & Pavilions15%

Markets21%

Traditional Grocery Stores25%

Supermarkets15%

Hypermarkets12%

Discounters21%

Kiosks & Pavilions12%

Markets15%

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$1 000

$2 000

$3 000

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$6 000

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$8 000

$9 000

$10 000

$11 000

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2001

2002

2003

2004

2005

2006

e20

07e

2008

e20

09e

2010

e

GDP per capita, US$ PPP GDP/capita, US$

WBD – Russian Opportunities

0

50100

150200

250

300350

400

Centr al NW South Volga Ur als Siber ia FE

2000 2001 2002 2003 2004

Avg. Monthly Nominal Wages by Region (US$)

Source: GKS

Rising incomes across Russia driving demand for WBD products

• Current macro outlook for Russia remains strong

• Russian incomes rising across all regions

• WBD loyalty in regions = consumers switch to higher margin products

• WBD’s first-mover advantage persists as markets grow

• Stable operating environment aids long-term planning

GDP per capita Trends to 2010 (US$)

Source: GKS, RenCap

20

500

1000

1500

2000

2500

3000

3500

2000 2001 2002 2003 2004 2005

Uzbekistan Kyrgyzstan Ukraine Kazakhstan

WBD – CIS Opportunities

-2.0

.0

2.0

4.0

6.0

8.0

10.0

12.0

14.0

16.0

2000 2001 2002 2003 2004 2005

Kyrgyzstan Ukraine Uzbekistan Kazakhstan

Selected CIS Markets GDP Change Y-o-Y

Source: Business Monitor Int’l

• CIS economies are growing & aiming to diversify

• WBD has production presence in Ukraine, Kyrgyzstan & Uzbekistan

• WBD has strengthening sales presence in Kazakhstan

• Considerable unmet demand for modern dairy & beverage products

• CIS accounts for 9% of all Dairy Segment sales (2005)

Selected CIS Markets GDP per capita (US$)

Source: Business Monitor Int’l

WBD Can Build on Production & Trade Presence in CIS

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WBD – ADR Performance

Closing price of ADR on NYSE (US$)

ADR price on 3 January 2006: $25.33

ADR price on 15 September 2006: $46.10

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WBD – Shareholder Structure

As of 1H 2006

ADRs32,7%Founders of the

company58,4%

Other holders of ordinary shares

8,9%

Danone9,9%

Other ADR holders22,8%

Based on Company’s List of affiliates from 31.12.2005 with later amendments(http://www.wbd.ru/content/files/aff_list_300605.pdf)

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6m 2006 Financials

Sales growth by segment

160

43

682595

164

55

814

480

0100200300400500600700800900

Dairy Juice Baby food Group

mln USD

1H 2005 1H 2006

24%

3% 29%

19%

24

83 80

97

141

57

105

0

20

40

60

80

100

120

140

160

2002 2003 2004 2005 1H 2005 1H 2006

EBITDA, mln USD

6m 2006 Financials

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6m 2006 Financials

Operating Cash flow, mln USD

30

72

116

52

84

-7-20

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20

40

60

80

100

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140

2002 2003 2004 2005 1H 2005 1H 2006

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Debt Levels & Ratings

S&P Moody's Corporate credit rating

Global Scale B+ B1 National Scale ruA+

Debt rating

USD Eurobond B+ B3 RUR Domestic ruA+

Corporate governance 7+ (of 10)

Credit Ratings at Top of National ScaleTotal Debt to EBITDA Ratio

Reduced Debt Ratios

3,5

3,02,7

1,5

2003 2004 2005 1H 2006

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IR Contacts

Also see our re-launched IR site: www.wbd.com

Marina Kagan, Head of Corporate Affairs

Phone: +7 495 105 5805, ext. 1154Fax: +7 495 105 5800e-mail: kagan@wbd.ru

Natalya Belyavskaya, Senior Investor Relations Manager

Phone: +7 495 105 5805, ext. 1611Fax: +7 495 105 5800e-mail: belyavskayaND@wbd.ru

Wimm-Bill-Dann Foods OJSC13, Solyanka st., Bld. 2, Moscow, 109028, Russiahttp://www.wbd.com