Chairman of Wimm-Bill-Dann Foods OJSC Issues Clarification.

Business Editors

MOSCOW--(BUSINESS WIRE)--Oct. 16, 2003

Mr. David Iakobachvili, Chairman of the Board of Directors of Wimm-Bill-Dann Foods OJSC (NYSE:WBD), wishes to correct certain recent press reports. At the present time and as previously disclosed, certain of the company's shareholders (which includes Mr. Iakobachvili) are engaged in preliminary discussions with Groupe Danone in relation to a possible transaction which may or may not result in the acquisition of all or a majority of the outstanding ordinary shares of the company by Groupe Danone. The company has, at the request of these shareholders, cooperated in discussions concerning this kind of possible transaction. Neither the company nor such shareholders are engaged in discussions with any other party at this time in respect of this kind of a possible transaction.

As of this date, no agreement with respect to the material terms or conditions of this kind of a possible transaction with Groupe Danone has been reached. Moreover, no assurances can be made that these discussions will continue or that any agreement with respect to such a transaction will be reached, or, if reached, what the form of the transaction will be. The terms of any such transaction may or may not be extended to the company's public shareholders. Mr. Iakobachvili does not intend to comment further on these matters unless and until required by applicable law.