Sept 2009 Dean Foods Df Presentation

Barclays Capital Back to School Consumer Conference

September 9, 2009

Forward Looking Statements 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 including acquisitions and the integration of such acquisitions, (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, operating income, net income, financial performance and adjusted 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 Forms 10-K and 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). 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, and consolidated adjusted operating 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 such press releases, which are publicly available on our web site at www.deanfoods.com/investors. 2

Agenda

Fresh Dairy Direct WhiteWave - Morningstar

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Three-Part Strategy to Win

Distribute Procure $50M $50M WhiteWave $50M

Convert $85

Network Optimization $65M

Extend Our Low Cost Position

Drive Revenue & Profit in Our Core

Invest for Growth

Our Investment Thesis

4

Advantaged Business Platforms

Net Sales*

$9.8B

$1.1B

ƒ #1 US fresh milk

ƒ US leader in long

ƒ Value-added

ƒ National chilled

shelf-life private label dairy ƒ Strong foodservice and retail presence

ƒ

direct store delivery and plant footprint ƒ National selling with local execution ƒ Cost leadership ƒ Strategic focus Transformation Status

Early Stages

$1.9B

ƒ ƒ ƒ

Beginning

brands in growth categories #1 in global soy #1 US organic milk #2 US creamers Emerging fruitbased beverage

Complete

Note: Reflects full year 2008 information. *Proforma for Alpro acquisition that was completed in July 2009. Alspo net sales have been converted at a rate of $1.4 / €1 for purposes of this presentation

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A Very Strong First Half of 2009 Adjusted Diluted Earnings per Share*

Free Cash Flow* ($ millions)

$0.95

$0.56

1H08

249

+70%

+19% $210

1H09

1H08

*See Reconciliation of Non-GAAP Financial Measures contained in our most recent earnings press release posted on the Dean Foods web site for computation of adjusted diluted earnings per share and Free Cash Flow

1H09

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A Very Strong First Half of 2009 Segment Operating Income ($ millions)

Adjusted Consolidated Operating Income* ($ millions)

350

384

$285 +23%

1H08

1H09

$301

+28%

135 $95

1H08

+43%

1H08

1H09

1H09

*See Reconciliation of Non-GAAP Financial Measures contained in our most recent earnings press release posted on the Dean Foods web site for computation of consolidated operating income

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Agenda

Extending our Advantage

WhiteWave - Morningstar

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Fresh Dairy Direct: Category Leadership ƒ $9.8B revenue (2008)

ƒ Largest US processor and

ƒ 22,000 employees ƒ 5,800 company owned DSD routes ƒ 83 plants;160,000 locations served ƒ 40+ acquisitions

distributor of milk and other dairy products ƒ Products sold under more than 35 familiar local and regional brands and a wide array of private labels ƒ Proven pass-through dynamic

4.0%

Fluid Milk

2.4%

3.0%

71%

Milk

Dean

2.0% 1.0%

9% Ice Cream 5%Other

0.0%

-0.4%

-1.0%

Competitors

Beverages

8%

5%

Other Cultured Fluid Dairy

2% Other

-2.0%

2008

2009

Competitor estimates derived from subtracting FDD pounds from USDA sales pounds

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Compelling Growth Opportunities 25%

3rd Party

71%

Milk

40% Branded

9% Ice Cream

35% Private Label

ƒ FDD: #1 share in milk

ƒ $900 million in 2008 net sales

ƒ Three 2009 tuck-in

ƒ Improving profitability

acquisitions announced ƒ Investing to drive DSD capability

ƒ Longer-term strategy under

development

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An Opportunity to Drive Significant Value

ƒ Local

ƒ National

ƒ Overly complex

ƒ Simplified product

product portfolio ƒ Everything to

everyone production in each facility ƒ Limited selling

capability ƒ Supply chain

inherited through acquisition ƒ Patchwork of IT

portfolio ƒ Specialized, longer

run, lower complexity production ƒ A national selling

powerhouse ƒ Optimized supply

chain based on analysis ƒ Integrated IT

systems 11

Winning Through Cost Leadership A clear opportunity to lower our $11.8B* cost structure Procure Milk

$5.4B •Packaging •Fuel •Ingredients •MRO

Dean Productivity Target =

$300+ million over the next 3 to 5 years *Total Dean Foods,~$9.2B for Fresh Dairy Direct

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Extend our Low Cost Position: Solid Progress

$50M

Procurement ƒ Consolidated purchasing driving savings - on track for over $10 million in 2009 ƒ Increased efforts to standardize and simplify to drive to the next level of opportunity

Conversion $85M

ƒ Accelerated KPI tracker and continuous improvement process rollout ƒ 15% of FDD facilities through deep-dive continuous improvement training in 2009 ƒ Offsetting inflation in conversion costs - flat YTD with favorable trends

Network Optimization $65M

ƒ Closing four facilities in 2009 ƒ Evaluating larger opportunities going forward

Direct Store Distribution $50M

ƒ GPS technology rollout complete ƒ 4% fewer gallons of diesel and flat employee costs YTD

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An Opportunity to Drive Significant Value

ƒ Local ƒ Overly complex

Foundational ƒ

product portfolio ƒ Everything to

everyone production in each facility ƒ Limited selling

Information Technology

Immediate Cost Reduction ƒ ƒ

Supply Chain R&D

inherited through acquisition ƒ Patchwork of IT

systems

ƒ Simplified product

portfolio ƒ Specialized, longer

run, lower complexity production ƒ A national selling

powerhouse

capability ƒ Supply chain

ƒ National

Total IT, Supply Chain and R&D investments up ~$20 million in FY2009

ƒ Optimized supply

chain based on analysis ƒ Integrated IT

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Fresh Dairy Direct ƒ The U.S. leader in fresh milk – Most capable company in the industry – Broad national geographic reach and extensive production and distribution capabilities

ƒ Driving to further differentiate our low cost position – $300 million* of defined opportunity over the next three to five years – On track to deliver $75 million* of productivity in 2009 – Investing to drive current and future growth

A Strong Current Position and Getting Stronger *Total Dean

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Agenda

Extending our Advantage Fresh Dairy Direct

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WhiteWave-Morningstar: Strong Bottom Line Performance

Net Sales

Operating Profit

($ millions)

($ millions)

$1,271

1,227

135

$95

-4%

1H08

+43%

1H09

1H08

1H09 17

WhiteWave + Alpro: A Brand Powerhouse

ƒ $1.9B revenue (2008) ƒ 2,200 employees, 11 plants ƒ A history of growth behind well

positioned value-added brands ƒ Strong 1H09 operating profit

growth

($ in billions)

Other $1.9

$1.5

$1.7

5% 3%

Alpro*

23%

12% WW

16% FY 06

FY 07

19%

FY08

*Proforma for Alpro acquisition that was completed in July 2009. Net sales have been converted at a rate of $1.4 / €1 for purposes of this presentation

22% 18

WhiteWave: Strong Profit Flow-through Net Sales

Operating Profit

($ millions)

($ millions)

$732

718

-2%

1H08

ƒ ƒ ƒ

+31%

1H09

Holding share in slowing categories Continued growth in creamers Exit of unprofitable foodservice business

1H08

1H09

ƒ Integrated supply chain and IT infrastructure helping drive efficiencies ƒ On track to deliver $14M in cost savings in 2009 ƒ Organic milk no longer masking progress 19

The Leading Global Soy Platform

ƒ No. 1 soy platform in the world – Silk is the North American leader – Alpro is the European leader ƒ Compelling heart health benefits ƒ Category still nascent. Growth potential with

relatively low levels of HH penetration, even in home markets ƒ Combined 2008 Sales*: $791M ƒ 9% increase* vs. 2007 ƒ World leading products and

process technology

ƒ Expansion opportunity into new geographies

and broader food categories ƒ Will leverage collective trans-Atlantic

expertise in marketing, operations and R&D against global marketplace

*Proforma for Alpro acquisition completed in July 2009 using an exchange rate of $1.40 per €1

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Alpro: Investing to Grow

Core Markets

ƒ The European leader in soy beverages and related products with €260 million in 2008 net sales ƒ Annualized growth in net sales of 14% since 2000

Home Markets

Gent, Belgium Headquarters

ƒ Significant room to increase per capita usage in core markets and geographic footprint ƒ €325 million purchase price. Modestly accretive to 2009 earnings, excluding one-time transaction costs

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Soy: A Proven Growth Model Volume/ buyer

3 4

2 Heavy users (lactose intolerant, soy fans)

Increase volume per user

3

Medium/ light users

New Sub-category Geography

2

(health and environment conscious) Penetration

Increase penetration of users

1

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Horizon Organic: The Leading Milk Brand in the U.S.

ƒ Largest national milk brand in U.S. ƒ Competing in largest, fastest growing

value-added segment ƒ Compelling, ƒ

2008 Sales: $433M

ƒ

21% increase vs 2007

ƒ

42% of organic milk category

differentiated growth segments targeting young children ƒ Share stable

in slowing category ƒ Economics

steadily improving 23

Creamers: Strong Consumption Trends and Innovation

ƒ Increasing coffee consumption

trends driving category ƒ Well-positioned portfolio – #1 Dairy creamer, #2 flavored ND – #1 Away-from-home, #2 Retail ƒ Retail category

ƒ 2008 Sales: $535M ƒ 8% increase vs. 2007 ƒ 23% of creamer category1

benefitting from declines in premium coffeehouse consumption

1Source: IRI Grocery (01/09); Internal Data. Creamers defined as Non dairy flavored creamers and half and half. Share includes only WWFC Land O’Lakes and International Delight creamers (HO and Silk creamers 2% additional share)

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A Platform with Great Potential ƒ US leader in long shelf-life private

ƒ $1.1B revenue (2008)

label dairy ƒ Well penetrated in leading retailers, quick serve restaurants ƒ Strong share of cultured and extended shelf life dairy ƒ Compelling transformation opportunity

ƒ 2,000 employees ƒ Dallas headquarters ƒ 14 plants

Extended Shelf Life

Cultured

Creamers 41%

Other Sour 2% Cream 10% Yogurt 8%

Cottage Cheese 10% Ice Cream Mix 21%

ƒ Simplify the business, reducing

complexity ƒ Establish high quality, low cost supply chain ƒ Improve revenue management ƒ Drive growth in core categories with targeted customers

Aerosol 8%

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Morningstar: Strong Profit Growth Net Sales

Operating Profit

($ millions)

($ millions)

$539

508

-6%

1H08

+57%

1H09

1H08

1H09

ƒ Slight volume decline

ƒ Favorable commodities

ƒ Pass-through of lower dairy commodities

ƒ Operational benefits from facility closure

ƒ Relatively stronger retail business offset by challenged foodservice

ƒ Focus on revenue management

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WhiteWave-Morningstar ƒ WhiteWave focused on driving growth – Transformation that began in 2004 is complete – Strong profit growth trends – leveraging capability and infrastructure – Leading advantaged brands in key value-added categories – focused marketing and innovation – Alpro acquisition creates clear global leader in soy

ƒ Morningstar is a uniquely positioned platform – A strong business position with broad product and geographic capabilities – retail and foodservice private label – An upcoming transformation opportunity

Driving Strong Results

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Summary: Executing the Transformation, Driving Results ƒ Leader in attractive categories – Category leader across the refrigerated case – #1 position in large, stable fresh milk segment – Leading brands in growth categories

ƒ Defined strategies and initiatives – Fresh Dairy Direct driving toward differentiated cost advantage – Significant early progress against $300 million of defined productivity opportunities – WhiteWave-Morningstar realizing significant operational leverage

ƒ Strong 1H09 financial results – Strong first half 2009 performance across the business – A solid balance of year outlook

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