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WhiteWave Foods Reports Preliminary Second Quarter 2013 Results

i. A transitional sales agreement with Morningstar pursuant to which Morningstar will transfer back to us responsibility for sales and associated costs of certain WhiteWave products. The net effect of the agreement is an estimated increase in total net sales for the following periods:

  • $nil million for the three months ended June 30, 2013.
  • $nil million for the six months ended June 30, 2013.
  • $6.4 million for the three months ended June 30, 2012.
  • $12.9 million for the six months ended June 30, 2012.

ii. A transitional sales agreement with Morningstar pursuant to which we will transfer to Morningstar responsibility for the sales and associated costs of our aerosol whipped topping and other non-core products. The net effect of the agreement is a decrease in total net sales, a decrease in cost of sales, and a decrease in selling and distribution expense for the following periods:
  • $nil million, $nil million, and $nil million for the three months ended June 30, 2013.
  • $nil million, $nil million, and $nil million for the six months ended June 30, 2013.
  • $8.3 million, $5.3 million, and $0.5 million for the three months ended June 30, 2012.
  • $15.0 million, $9.6 million, and $1.0 million for the six months ended June 30, 2012.

(i) For 2012 periods presented, the number of shares used to compute basic earnings per share is 173,000,000, which is comprised of 23,000,000 shares of Class A common stock (the number of shares outstanding upon completion of our initial public offering) and 150,000,000 shares of Class B common stock. The number of shares used to compute diluted earnings per share includes the dilutive impact of stock options and RSUs.

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