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WhiteWave Foods Reports Strong Third Quarter 2012 Results

CONFERENCE CALL WEBCAST

A webcast to discuss the Company’s financial results and outlook will be held on November 30 at 9:30AM ET and may be heard live by visiting the “Webcast” section of the Company’s website at http://www.thewhitewavefoodscompany.com/investor_relations/. A slide presentation will accompany the webcast. A webcast replay will be available for approximately 45 days following the event within the Investor Relations section of the Company's website.

INITIAL PUBLIC OFFERING, BASIS OF PRESENTATION AND NON-GAAP FINANCIAL MEASURES

The financial information in this release relates to periods that ended prior to the initial public offering representing 13.3% of the economic interest in the Company in October 2012 (the “IPO”) and the separation of our business from Dean Foods’ other businesses. As of September 30, 2012, the Company had nominal assets and no liabilities, and had conducted no operations. In October 2012, in connection with the IPO, Dean Foods contributed the capital stock of its wholly owned subsidiary WWF Operating Company (“WWF Opco”) to the Company. WWF Opco, which is now a wholly owned subsidiary of the Company, held substantially all of the assets and liabilities related to the Company’s current business. Because a discussion of the Company’s historical results would not be meaningful, except as otherwise indicated, historical financial information in this release relates to WWF Opco.

The historical financial results in this release differ from the results of the WhiteWave-Alpro segment for the same periods previously reported by Dean Foods. A reconciliation between the results reported in this release and the WhiteWave-Alpro segment results reported by Dean Foods is included in the tables below.

In addition to the results prepared in accordance with U.S. generally accepted accounting principles (“GAAP”), we have presented certain non-GAAP financial measures, including pro forma adjusted net sales, pro forma adjusted income from continuing operations and pro forma adjusted diluted net income per share. These non-GAAP measures have been presented on a pro forma adjusted basis as if the Company had operated on an independent and stand-alone basis in all periods presented in order to facilitate meaningful evaluation of our operating performance between periods. These adjustments primarily relate to various commercial arrangements with Dean Foods in connection with the separation of the Company’s business from the rest of Dean Foods’ businesses, increased corporate costs to operate as a stand-alone public company, interest expense, completion of the IPO and the use of proceeds therefrom, non-recurring transaction costs related to the Company’s IPO and equity awards to certain of our executive officers, employees and directors. These adjustments are not necessarily indicative of our future performance and do not reflect what our actual financial performance would have been had we been a stand-alone public company during the periods presented. Further detail regarding these adjustments is included in the tables below.

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