www.wbd.com

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

Investor Presentation9M 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.

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Who Is Wimm-Bill-Dann?

Headquarters: Moscow

Founded: 1992

Manufacturing: 33 production sites in Russia and the Commonwealth of Independent States (CIS)

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

Listing: WBD: NYSE - Level 3 ADR

Market Cap: US $2.1 Billion

Employees: 18,500

Market Position: Russian dairy market leader

Revenue Structure: Dairy ~74%; Beverages ~19%; Baby Food ~7%

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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N.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

33 Production facilities in Russia & CIS

Surgut

Novosibirsk

Rubtsovsk

Krasnoyarsk

Irkutsk

Vladivostok

Khabarovsk

Dairy production sites with beverages lines

Moscow

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Our Mission

Wimm-Bill-Dann helps the entire family live healthier by enjoying our nutritious and delicious food and beverage products everyday throughout their lives

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Wimm-Bill-Dann’s Strengths and Opportunities…

GrowthGrowth

Growing consumer incomes,

convenience

Improving macroeconomic fundamentals

Strong balance sheet, solid financial

base

Clear strategic vision

Track-record of market leadership and competitive

advantage

Commitment to corporate governance

and transparencyExperienced

management team and committed shareholders

Sustainable

Profitable

…for Sustainable and Profitable Growth

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Wimm-Bill-Dann’s Strategic Imperatives

Returns to our

Shareholders

Strong differentiated brands

Superior route to market

Capability to sustain leadership

Performance Management

Routines

Cost base optimization

Sustainable

Superior

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Strategic ImperativesStrong Differentiated Brands

• Strong, differentiated brands backed by marketing programs => =>consistent image of Health & Wellness across all businesses

• Appointments:• Group Head of Marketing and Innovation• Group Head of Quality Control

• Innovations - newer, higher-margin products to win market share

• Morand truffles

• Spoonable yogurt w/ natural fruits on the bottom

• Curd dessert with caramel filling

• National SKU Management – reviewing, unification, and reducing

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Strong Differentiated Brands

Innovations - higher-margin products

• Increase in volume +29%, in value +44% year-over-year in 9M 2006

• Portfolio expanding into 3 new taste launches:

•Prunes-nuts for Neo 2 Bio drinkable yogurts and curd desserts

•Dried apricots-nuts for Neo 2 Bio drinkable yogurts and curd desserts

•Cereals for Neo Imunele

Neo Imunele

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Strong Differentiated Brands

Our market leaders in Dairy, Baby Food, Beverages

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Strategic ImperativesSuperior Route to Market

• Investing in own Sales Force

• Focus on trade marketing and POS marketing

• More control over distribution network

• Centralized Key Account Management for all businesses => economies of skill and scale in dealing with large customers

• Implementing new merchandising standards to focus on impulse high margin products

• Continued focus on regional markets & production

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Strategic Imperatives Capability to Sustain Market Leadership

• Grow leaders

• Building human capabilities, e.g. Account Management, Sales and Marketing

• Focus on recruitment of the best available talents

• Expanding our training programs – such as Corporate University

• Investing in internal and external training

• Promoting Health & Wellness lifestyle

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Strategic Imperatives Performance Management Routines

• Understandable and achievable KPIs

• KPI system implementation across all business units

• Semi-annual performance review and individual development plans for top 300 employees

• Sales personnel remuneration scheme enhancement

• Introduction of stock option program for top managers

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Strategic ImperativesCost Base Optimization

• Centralization of functions• Procurement• Production Planning in Dairy

• Legal entities consolidation

• Shared services for back-office – Legal, IT

• Manning reduction by July 2007 y-o-y (-3000)

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9M 2006 Operational Highlights

• Profitable growth accelerates in 9M 2006• Senior Appointments:

• Tony Maher appointed, new CEO (April)• Grant Winterton, Group Head of Marketing and Innovation (November)• Beverages BU Head, Head of Marketing, and Commercial Director, (3Q’06)

• Regional dairy plants acquired:• Surgut (3Q’06)• Ochakovo Dairy Plant - the 4th largest dairy producer in Russia and one of the largest dairy enterprises in Moscow (November)• Manros Dairy Company - the largest independent dairy manufacturer in Siberia and the Far East (October)

• Successful completion of secondary offering of 10% of common stock on RTS by founders (November)

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9M 2006 Financial Highlights (GAAP reported)

9M 2006 9M 2005 Change, %

US$mln US$ mln

Sales 1 252.6 1 025.9 22.1%

Dairy 928.5 735.1 26.3%

Beverages 241.5 227.1 6.3%

Baby Food 82.6 63.7 29.8%

Gross Profit 403.4 288.0 40.0%

Gross Profit Margin, % 31.2% 28.1% 410 bp

Net profit margin, % 5.3% 2.1% 320 bp

EBITDA margin, % 12.7% 9.8% 290 bp

Selling and distribution expenses (164.8) (141.8) 16.3%

General and administrative expenses (100.1) (78.4) 27.6%

Operating income 113.0 61.4 84.1%

Net income 66.2 21.7 204.4%

EBITDA* 159.1 100.5 58.4%

CAPEX excluding acquisitions 74.9 52.4 43%

Profitable growth across all segments

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

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8 3 8 0

9 7

1 4 1

1 0 0

1 5 9

0

2 0

4 0

6 0

8 0

1 0 0

1 2 0

1 4 0

1 6 0

1 8 0

2 0 0 2 2 0 0 3 2 0 0 4 2 0 0 5 9 M2 0 0 5

9 M2 0 0 6

9M 2006 Financials

EBITDA, mln USD

58%

-4%

21%

45%

18

3 0

7 2

1 1 6

5 9

1 0 0

-7-2 0

0

2 0

4 0

6 0

8 0

1 0 0

1 2 0

1 4 0

2 0 0 2 2 0 0 3 2 0 0 4 2 0 0 5 9 M 2 0 0 5 9 M 2 0 0 6

Operating Cash flow, mln USD

9M 2006 Financials

69%

61%

140%

329%

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Dairy – Market Overview

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 (9M 2006)

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 increases market share in 9M 2006 (29.4% + 3.3% vs. 9M 2005)

WBD29,4%

Unimilk9,8%

Ochakovsky2,7%

Danone14,0%

Others37,6%

Ehrmann2,0%

Campina2,0%

Voronezhsky2,5%

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0

100

200

300

400

500

600

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

• Additional disposable income drives market growth

• Our sales up 30% & margins up 41% year-over-year in 9M 2006

• Fragmented market - leadership by sub-segment (WBD in dairy)

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

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0%

10%

20%

30%

40%

50%

60%

70%

2001 2002 2003 2004 2005 2006 0 50 100 150 200

Italy

France

Belgium

Germany

Greece

Portugal

Hungary

Poland

UK

Russia

Bottled Water per capita (liters, 2005)

Source: ACNielsen Retail Audit; value terms

Beverages – Market Overview

Challenging juice environment, opportunities in water

• WBD No. 3 in juice market in 3Q 2006 (19.4%)

• 4 domestic players control 85% of the market

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

• Bottled water market fragmented & few true mineral waters

Juice Market Y-o-Y growth, volume %

Source: WBD

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$0$1 000

$2 000$3 000

$4 000$5 000

$6 000$7 000

$8 000$9 000

$10 000$11 000

$12 000

2001

2002

2003

2004

2005

2006e

2007e

2008e

2009e

2010e

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

0

50

100

150

200

250

300

350

400

450

Central Northwest Southern Volga Urals Siberia Far East

2000 2001 2002 2003 2004 2005GDP per capita Trends to 2010 (US$) Avg. Monthly Nominal Wages by Region (US$)

Source: GKS, RenCap

WBD – Russian Opportunities

Rising incomes across Russia driving demand for WBD products

• Current macro outlook for Russia remains strong

• Russian consumer income rising through 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

Source: GKS

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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 (excl. Russia) accounts for 9% of all Dairy Segment sales (2005) but 42% of population

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 1 December 2006: $50.22

10

15

20

25

30

35

40

45

50

55

01.0

1.20

0601

.02.

2006

01.0

3.20

0601

.04.

2006

01.0

5.20

0601

.06.

2006

01.0

7.20

0601

.08.

2006

01.0

9.20

0601

.10.

2006

01.1

1.20

0601

.12.

2006

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WBD – Shareholder Structure

As of 9 M 2006

Based on Company’s List of affiliates from 30.09.2006 with later amendments

Founders of the company48,4%

Other holders of ordinary shares

15,9%Danone (Ordinary

Shares)3,0%

Other ADR holders22,8%

Danone9,9%

ADRs32,7%

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Debt Levels & Ratings

S&P Moody's Corporate credit rating

Global Scale B+ B1 National Scale ruA+ Outlook Positive

Debt rating

USD Eurobond B+ B2 RUR Domestic ruA+

Corporate governance 7+ (of 10) (Highest in Russia)

Credit Ratings at Top of National ScaleTotal Debt to EBITDA Ratio

Reduced Debt Ratios

3,5

3,02,7

1,7

2003 2004 2005 9M 2006

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IR Contacts

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

Marina Kagan, Head of Public AffairsPhone: +7 495 105 5805Fax: +7 495 105 5800e-mail: kagan@wbd.ru

Natalya Belyavskaya, Senior Investor Relations ManagerPhone: +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