The document discusses forward-looking statements made by the company regarding projected sales, profit margins, income, earnings per share, growth strategy, branding initiatives, innovation plans, and cost-savings initiatives. It notes that financial projections are based on assumptions and actual results could differ from projections. It also discusses non-GAAP financial measures included in the presentation. The document contains charts on the company's national footprint and segments, competitors' performance, distribution network, selling structure, and opportunities to standardize operations and use data to drive impact.

2. 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.

3. 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.

6. Other Fluid Other Other
Dairy 2% 8%
8% Distributors
Cultured
5% 7%
Other
Beverages Convenience
5% Stores
7%
Ice Cream
9%
Food Service
14%
Retailers
Fresh Milk
64%
71%

10. National footprint, local dairy
Customers consolidating heritage to deliver
differentiated selling
proposition
Consumers trading down Brands and private label
Unmatched size and
Local competitors challenged resources to be the
low cost leader

11. YOY Change
DSD Dairy Competition
4.0%
3.0% DSD Dairy
2.0%
1.0%
0.0%
-1.0%
Competition
-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

12. Leverage our scale Strengthen our selling Test ability to
Invest in industry- and delivery leverage our selling
leading technology capabilities and delivery
and expertise infrastructure to
drive top line growth

14. Distribution Common market Define and execute
Procurement structure the value maximizing
Marketing role of DSD in Dean
Conversion Foods
Selling capability
Network Optimization Tuck-in acquisitions
Standard in store
execution

15. $ Millions DSD Distribution Procurement
$50
WhiteWave
$50 Conversion
Network Optimization

16. 5,800 company-owned
routes
160,000 locations served
200 million miles a year
48 million diesel gallons

18. 2006 2007 2008 2007 2008

20. Multiple points of contact National selling structure
per customer
Limited account visibility Key account plans
Varying degrees of Standard selling skills
selling skills and approach

21. Drive distribution
Expand inventory
Increase margins

23. Decentralized Centrally coordinated
Opaque Data, process driven
Internally focused Consumer relevant

24. Pre-standardization
Post-standardization
187 1,300
13
10
-90% -90%
18
159

25. 3.2%
0.1% Nestle Unilever
Category Dean
-4.1%
-9.5%

26. 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

27. Cost / efficiency Standard go-to- Use DSD system
market strategy to grow the top
Standardization and approach by line
channel

28. Conservative volume growth
Limited pricing – highly competitive markets
Margin enhancement driven by productivity
Sustained reinvestment in core capability areas