dean foods Harrald Kroeker Investor Day

The following statements made in this presentation are “forward looking” and are made pursuant to the safe harbor provision of the Private Securities Litigation Reform Act of 1995: statements relating to (1) projected sales (including for individual segments, for specific product lines and for the company as a whole), profit margins, net income and earnings per share, (2) our growth strategy, (3) our branding initiatives (4) our integration, innovation, and research and development plans, and (5) our cost-savings initiatives. These statements involve risks and uncertainties that may cause results to differ materially from those set forth in this presentation. Financial projections are based on a number of assumptions. Actual results could be materially different than projected if those assumptions are erroneous. Sales, profit margins, net income and earnings per share can vary based on a variety of economic, governmental and competitive factors, which are identified in our filings with the Securities and Exchange Commission, including our Annual Report on Form 10-K (which can be accessed on our website at www.deanfoods.com or the website of the Securities and Exchange Commission at www.sec.gov). The Company's ability to profit from its branding initiatives depends on a number of factors including consumer acceptance of the Company's products. All forward looking statements in this presentation speak only as of the date of this presentation. We expressly disclaim any obligation or undertaking to release publicly any updates or revisions to any such statements to reflect any change in our expectations with regard thereto or any changes in the events, conditions or circumstances on which any such statement is based.

Certain non-GAAP financial measures contained in this presentation, including adjusted diluted earnings per share, free cash flow, consolidated adjusted operating income and consolidated adjusted net income, have been adjusted to eliminate the net expense or net gain related to certain items identified in our press releases. A full reconciliation of these measures calculated according to GAAP and on an adjusted basis is contained in the appendix of this presentation and in such press releases, which are publicly available on our web site at www.deanfoods.com/investors.

Other Fluid Dairy 8%

Other 2%

Cultured 5%

Other Beverages

5%

Ice Cream 9%

Fresh Milk 71%

Other 8%

Retailers 64%

Convenience Stores

7%

Distributors 7%

Food Service 14%

National footprint, local dairy heritage to deliver differentiated selling proposition

Brands and private label

Unmatched size and resources to be the low cost leader

Customers consolidating

Consumers trading down

Local competitors challenged

-4.0%

-3.0%

-2.0%

-1.0%

0.0%

1.0%

2.0%

3.0%

4.0%

1Q 06 2Q 06 3Q 06 4Q 06 1Q 07 2Q 07 3Q 07 4Q 07 1Q 08 2Q 08 3Q 08 4Q 08

DSD Dairy

DSD Dairy Competition

Competition

YOY Change

Leverage our scaleInvest in industry-leading technology and expertise

Strengthen our selling and delivery capabilities

Test ability to leverage our selling and delivery infrastructure to drive top line growth

DistributionProcurementConversionNetwork Optimization

Common market structure MarketingSelling capabilityStandard in store execution

Define and execute the value maximizing role of DSD in Dean FoodsTuck-in acquisitions

Conversion

Procurement

Network Optimization

WhiteWave$50

DSD Distribution$50

$ Millions

5,800 company-owned routes

160,000 locations served

200 million miles a year

48 million diesel gallons

2007 20082006 2007 2008

National selling structure

Key account plans

Standard selling skills and approach

Multiple points of contact per customer

Limited account visibility

Varying degrees of selling skills

Drive distribution

Expand inventory

Increase margins

Centrally coordinated

Data, process driven

Consumer relevant

Decentralized

Opaque

Internally focused

187

18

Pre-standardizationPost-standardization

1,300

159

13

10

-90% -90%

3.2%

0.1%

-9.5%

-4.1%

Nestle Unilever

DeanCategory

To drive impact, we must change how we operate the business– Data driven– Simplified, standardized– National point of view

Our starting point, while challenging, creates massive opportunities– Small changes can have a large impact

Cost / efficiency

Standardization

Standard go-to-market strategy and approach by channel

Use DSD system to grow the top line

Conservative volume growth

Limited pricing – highly competitive markets

Margin enhancement driven by productivity

Sustained reinvestment in core capability areas