Thursday, 9 May 2002

Dean Foods Completes White Wave Transaction

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Thursday, 9 May 2002

DALLAS and BOULDER, Co., May 9, 2002 — Dean
Foods Company (NYSE: DF) today announced that it completed the acquisition of
the 64% equity interest in White Wave, Inc. it did not already own. White Wave,
based in Boulder, Co., is the maker of Silk(R), the leading refrigerated soymilk
in the country, and had sales of approximately $125 million during the twelve
months ended March 31, 2002.

Dean Foods has purchased the remaining 64% interest in White Wave for a total
price of approximately $189 million, bringing Dean’s total investment to
approximately $204 million. Dean Foods anticipates that the transaction will
have a neutral effect on earnings in the first full year after closing.

The Hart-Scott Rodino waiting period expired on May 8 and the parties closed the
transaction on May 9. No divestitures were required and no other conditions were
imposed by the Department of Justice.

Presentation and Webcast

On Friday, May 10 at 11:30 a.m. eastern, Dean Foods will make a presentation at
the Goldman Sachs Global Consumer Conference in New York. Gregg Engles, Chairman
and Chief Executive Officer; Barry Fromberg, Executive Vice President and Chief
Financial Officer; and Steve Demos, President and Founder of White Wave will
discuss the company’s strategy, its outlook for the balance of the year and the
White Wave transaction. The webcast can be accessed directly by visiting
http://gs.com/ir/conf and entering the username “conference/conf2” and password
“goldman2”. Additionally, a link to the live webcast will be available on the
Dean Foods company website at www.deanfoods.com .

About White Wave

White Wave, Inc., was established in Boulder, Co. in 1977. Founder and company
president Steve Demos’ belief in “business without guilt” has made White Wave
one of the largest manufacturers of soyfoods in the country. White Wave was
recently ranked 351 in Inc magazine’s “500 fastest growing privately- owned
companies” and produces more than 40 soy products including Silk(R) Soymilk,
Silk(R) Cultured Soy yogurt and White Wave(TM) Tofu and Tempeh. For more
information, visit www.SilkIsSoy.com .

About Dean Foods

Dean Foods Company is one of the nation’s leading food and beverage companies.
The company produces a full line of company-branded and private label dairy
products such as milk and milk-based beverages, ice cream, coffee creamers, half
and half, whipping cream, whipped toppings, sour cream, cottage cheese, yogurt,
dips, dressings and soy milk. The company is also a leading supplier of pickles
and other specialty food products, juice, juice drinks and water. The company
operates over 120 plants in 38 U.S. states and 3 countries, and employs more
than 30,000 people.

     Contacts:

Dean Foods: Cory Olson
Senior Vice President, Treasurer
(214) 303-3645

P.I. Aquino
Assistant Treasurer
(214) 303-3437

White Wave: Jay Lemke
Senior Counselor, Carmichael Lynch Spong
(612) 375-8529


SOURCE Dean Foods, Inc.

CONTACT: Cory Olson, Senior Vice President, Treasurer, +1-214-303-3645,
or P.I. Aquino, Assistant Treasurer, +1-214-303-3437, both of Dean Foods,
Inc.; or Jay Lemke, Senior Counselor of Carmichael Lynch Spong,
+1-612-375-8529, for White Wave, Inc.

URL: http://www.SilkIsSoy.com

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