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Forward-Looking StatementsCertain statements made in this presentation are “forward-looking” and are made pursuant to the safe harbor provision of the Securities Litigation Reform Act of 1995. These statements may include, without limitation, 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 and rationalization plans, and (5) our cost-savings initiatives. These statements are forward-looking in nature and 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, all of which are identified in our filings with the Securities and Exchange Commission, including our most recent Annual Report on Form 10-K and Quarterly Report on Form 10-Q (which can be accessed on our website at www.deanfoods.com or the website of the Securities and Exchange Commission at www.sec.gov). 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 consolidated operating income for the year ended December 31, 2007, and adjusted earnings per share (EPS), free cash flow and consolidated operating income for the quarter ended March 31, 2008, have been adjusted to eliminate the net expense or net gain related to certain items identified in our press releases dated February 13, 2008, and April 30, 2008. A full reconciliation of these measures calculated according to GAAP and on an adjusted basis is contained in such press releases, which are publicly available on our web site at www.deanfoods.com/investors.

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• 2007 was an extremely challenging year• Extraordinary cost inflation in commodities• Class I milk prices increased in the first nine months of the year by

75% to an all-time high of $21.91 • Increased global demand• Constraints on global supply• Declining U.S. dollar

• Oversupply in the raw organic milk market• Increased competitive intensity• Drove down realized prices

• Decrease in adjusted consolidated operating income to $590 million − almost 13% lower than previous year

2007 Highlights

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• Sharpened our focus on cost reduction• Strengthened our centralized procurement initiatives• Continued work to streamline/consolidate operations

• Improved our systems• SAP implementation at WhiteWave• Consolidation and realignment of accounting and finance

functions

• Realigned our business units• Greater focus and clarity• Leveraging our scale across our warehouse ESL businesses

Challenges in 2007 Strengthened Us for 2008

DSD Dairy Platform

WhiteWave-Morningstar Platform

• Direct to store business model

• Focus on world-class customer service

• Simplify supply chain to drive out costs

• Warehouse business model

• Selectively leverage manufacturing, distribution, sales and system synergies

• Maintain clear focus on national brands versus private label business

New Alignment Provides Focus and Scale

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DSD Dairy

Fluid Milk65% Ice Cream

9%

Other Dairy21%

OtherBeverages 5%

Product Line Sales Mix

Total 2007 Net Sales: $9.4 Billion

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Silk

Horizon

International Delight

Land O'Lakes

Cultured

Other WWBrands

ESL Products

WhiteWave–Morningstar

Morningstar$1.0B

43% of Net Sales

WhiteWave$1.4B

57% of Net Sales

2007 Net Sales $2.4 Billion

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• Paul Moskowitz, EVP, Human Resources (joined 2007)

• Gregg Tanner, EVP, Supply Chain (joined 2007)

• Debbie Carosella, SVP, Innovation (joined 2007)

• Rachel Cullen, SVP, DSD Dairy, Ice Cream (joined 2007)

• Greg McKelvey, SVP, Strategy & Marketing Services (promoted 2008)

• Chris Sliva, COO, Morningstar (promoted 2007)

• Kelly Duffin-Maxwell, EVP, Research and Development (joined May 2008)

Continued to Build Capability

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1Q 2008: Making Progress

• Adjusted EPS of $0.23, well ahead of previous guidance

• Adjusted operating income down -13.5%, improving trend versus previous two quarters

• Strong free cash flow from operations contributed approximately $114 million to debt paydown, before acquisition spending

• Continued focus on cost reduction• Announced three facility closures

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Strategic Investment Opportunities

• $400 million equity offering completed in March• Reduced outstanding debt and interest expense• Provided greater flexibility for strategic tuck-in acquisitions

• Three acquisitions completed (YTD)• Wells’ Dairy fluid milk operations – Le Mars, IA• Rich Foods Dairy – Richmond, VA• Atlanta Dairy – Atlanta, GA

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• Calculating “baseline” greenhouse gas (GHG) emissions

• Voluntarily reporting our emissions through the Carbon Disclosure Project and The Climate Registry

• GHG emission reduction goals set by year-end• Pilot programs at two facilities – focus on waste,

water and energy reduction • Efforts to date summarized in our Interim

Corporate Responsibility Update• Posted on website• Copies available on tables outside

Progress on Sustainability

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• Steady progress in DSD Dairy results

• Continued strong net sales performance from brands in WhiteWave

• Significant cost pressures• Energy (diesel, electricity)• Other inputs

• Continued dairy volatility• Class I mover• Organic milk costs rising

Balance of Year Expectations

Commodities: Expect ContinuedVolatility through 2008

$1.00

$1.20

$1.40

$1.60

$1.80

$2.00

$2.20

$2.40

CME Cheese

NASS NFDM

2007 2008

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$13.00

$14.00

$15.00

$16.00

$17.00

$18.00

$19.00

$20.00

$21.00

$22.00

June Forecast

Class I Mover: Wide Range in 2H08 Outlook

Q1

2008 2007 Actual

Q2 Q3 Q4

High-Low range of currentestimates from six economists

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Organic Milk Supplies Have Tightened

Strong category growthhas tightened industry supply-demand:

• Supplies expected to be tight• Retail prices are rising across the industry• Pay prices to farmers are also rising

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• Continued focus on cost reduction• Streamlining and consolidating our operations • Reducing energy, materials and waste

• Continued strategic investments• Tuck-in acquisitions • Capabilities – Supply Chain, R&D, Innovation

Focus on the Future

Multi-year, disciplined effort

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• Strengthened by 2007 challenges

• Exceptional team of strong senior leaders

• Progress toward transformation

• Positioned for future long-term success

Summary

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• To our shareholders for your continued support

• To our Board and management team for your leadership

• Especially to our employees for your outstanding efforts, continued hard work and commitment

Thank You

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