PepsiCo Announces Completion of U.S. Tender Offer for All ADSs of Wimm-Bill-Dann

A total of approximately 23,758,556 ADSs, representing approximately 13.50% of Wimm-Bill-Dann's shares, were validly tendered at expiration. PepsiCo has accepted for payment all ADSs validly tendered pursuant to the U.S. offer.

5/18/2011 --- PepsiCo, Inc. announced the completion of its tender offer in the United States for all outstanding American Depositary Shares (ADSs) of Wimm-Bill-Dann Foods OJSC for 970.925 Russian rubles per ADS.  The U.S. offer expired at 12 p.m. EDT on Monday, May 16, 2011.  A total of approximately 23,758,556 ADSs, representing approximately 13.50% of Wimm-Bill-Dann's shares, were validly tendered at expiration.  PepsiCo has accepted for payment all ADSs validly tendered pursuant to the U.S. offer.

PepsiCo's offer in Russia for all outstanding shares of Wimm-Bill-Dann will expire at 6 p.m. MSD on Thursday, May 19, 2011.  As described in the U.S. offer documents, the shares underlying the ADSs validly tendered in the U.S. offer will be tendered in the Russian offer.  The U.S. offer price will be converted to U.S. dollars at the spot market conversion rates available to the ADS depositary during the conversion period and paid to tendering ADS holders using the weighted average of the conversion rates, less certain fees under the ADS depositary agreement and applicable taxes and other governmental charges, if any.  PepsiCo expects the conversion from Russian rubles to U.S. dollars and the subsequent payment of U.S. dollars to validly tendering ADS holders to occur no later than May 31, 2011.