Wimm-Bill-Dann's Board of Directors approved one issue of five-year ruble bonds for RUB3 billion at its scheduled meeting, which took place on October 21, 2005. The bonds will be guaranteed by Wimm-Bill-Dann's subsidiary, Siberian Dairy Plant. This issue is aimed at refinancing Wimm-Bill-Dann's current indebtedness and financing future capital expenditures. ZAO Raiffeisen Bank Austria and Investment Bank Trust are the organizers of the issue.

Earlier, the General Shareholders Meeting of Siberian Dairy Plant confirmed that the plant will guarantee two of Wimm-Bill-Dann?s bond issues pending approval by Wimm-Bill-Dann's Board of Directors.