The Company’s Board of Directors has recommended to the General Meeting of Shareholders of Wimm-Bill-Dann Foods OJSC, that will take place on June 30, 2006, the payment of dividends for the financial years 2002-2004 in the amount of RUB4.60 (approximately US$0.17 ) per share, as well as for the first quarter of 2006 in the amount of RUB2.27 (approximately US$0.081) per share.

The Board of Directors also approved guidance on the Company’s dividend policy. Taking into consideration a number of financial factors, including sustainability, as well as capital requirements and resources, the Board of Directors expects the Company’s annual dividend to be in the range of US$0.50-0.60 per share for fiscal year 2006. It is intended that similar dividends will be paid in the future, subject to the Company’s profitability.

In addition, the Board of Directors discussed the optimization of Wimm-Bill-Dann’s structure. In order to increase the effectiveness of the Company’s business, it was decided to create a network of 11 Wimm-Bill-Dann affiliates on the territory of the Russian Federation: two affiliates in Moscow and one in each of the following cities: Nizhni Novgorod, Timashevsk, Volgograd, Krasnodar, Rostov-on-Don, St Petersburg, Ufa, Ekaterinbourg and Vladivistok.