The document discusses forward-looking statements made by the company regarding projected sales, profit margins, income, growth strategy, branding initiatives, innovation plans, and cost-savings initiatives. It states that financial projections are based on assumptions and actual results could differ from projections. It also provides an overview of the company's revenues, employees, headquarters, plants, product categories, and market shares.

3. 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.

4. 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. $1.5B Revenue (2008)
1,500 employees
Broomfield HQ, 6 plants, 2 strategic co-packers
Source: IRI (1/09). Grocery only. All shares reported for refrigerated segments only

7. 100%
100%
Other Other
C-stores
80 80 Foodservice
Club/Mass
60 60
40 40
Grocery
20 20
0 0
Percent of Revenue Percent of Revenue

8. 2004–08 Sales CAGR
28.0%
30%
WhiteWave = 40% share
20
7.7%
10 7.2% 6.3%
4.2%
0
Creamers1
Organic Soymilk Yogurt Cheese
Milk
Relative Market Share 2.5 11.0 0.5
1. Creamers includes refrigerated non-dairy flavored creamers and Half & Half
Source: IRI (1/09). Grocery only

9. 3 separate companies One integrated organization
Unfocused portfolio with 2,600 SKUs <400 SKUs in four primary categories
12 owned plants & 30+ co-packers 9 “ship-from” locations
65 inventory locations Strategic supply chain network
3 distinct sales organizations One WhiteWave face to the customer
3 sub-scale IT platforms One enterprise-wide SAP solution

10. ($ Millions)
2,000
+13%
CAGR
1,500
1,000
500
Silk, Creamers, Other
Horizon
0
2004 2006 2008
CAGR = Compound Annual Growth Rate
Note: WhiteWave revenue excludes Hershey’s from 2004-06

11. ($ Millions)
+11%
300
CAGR
200
100
0
Silk, Creamers, Other
-100 Horizon
2004 2006 2008
CAGR = Compound Annual Growth Rate
Note: WhiteWave contribution margin excludes Hershey’s from 2004-06

12. Net Sales Operating Income
Excludes impact of Hero JV

15. DSD Distribution
Procurement
WhiteWave
$50M
Distribution $45M $19M $26M
Manufacturing $40M $23M $17M
Procurement $9M $2M $7M
Conversion
Network
Total $94M $44M $50M
Optimization

16. Continuous Improve load Leverage
improvement utilization sourcing volumes
across Dean
Standardize Implement order
formulas minimums Move to low-cost
supplier and
Redesign Optimize routes specification
packaging alternatives
Reduce waste

18. Largest national milk brand in U.S.
Competing in a large, rapid growth
segment
Significant growth potential remains
2008 Sales: $433M
Compelling, differentiated growth
21% increase vs 2007 segments targeting young children
42% market share
Source: IRI Grocery (01/09); Internal Data. Horizon market share includes The Organic Cow

19. Modest supply – Poor farm economics
Over-supply – Government regulations
Increasing prices due to
Aggressive retail pricing
declining supply
due to over-supply
Slow demand growth – Flat household
Dramatic demand growth –
and distribution and poor economy
Household penetration and distribution
gains, and strong economy
Declining inputs – lowering
Inflationary inputs – increasing
cost of goods
cost of goods

20. 100%
Private Label
Private Label
80
60 Other Brands
Other Brands
40
Horizon
20 Horizon
0
Jan 2007 Jan 2009
Source: IRI (1/09). Grocery only. Dollar share

21. 5% of category in short time period
Over 20% of category sales growth
Strong loyalty with a 61% repeat rate
Source: IRI (8/08)

22. Tremendous health appeal for mothers
Strong 3-year growth rate
3% of total category share
Introducing new, loyal consumers to
Horizon: 25% new to brand with 60% repeat
Source: IRI (8/08)

23. No. 1 soy beverage in the world
Compelling heart health benefits and beyond
Significant growth potential
– Category only has 16% HH penetration
Shifting competitive set – to all wellness
food and beverage products
2008 Sales: $427M
10% increase vs. 2007 Expand benefits via advertising & innovation
78% market share
New “Natural” line will keep Silk affordable
Source: IRI Grocery (01/09); Internal Data

24. First Silk specific claim – Clinically shown to
reduce cholesterol by 7% in 4 weeks
Compares favorably to other wellness products
98 million in U.S. with cholesterol concerns
Expect to be a top-selling SKU in portfolio

27. Coffee consumption trends driving category
Well positioned portfolio
– #2 flavored ND, #1 Dairy creamer
– #2 Retail, #1 Away-from-home
2008 Sales: $535M Driving category growth via innovation
8% increase vs. 2007
Benefiting from trend away from
share1
23% market coffeehouses
Source: IRI Grocery (01/09); Internal Data. Creamers defined as ND flavored creamers and H&H. Share
includes only WWFC LOL and ID creamers (HO and Silk creamers 2% additional share)

28. 2-Year Revenue
57%
CAGR (%)
56%
53% 57% of adults are 10
49%
daily drinkers 8.8
8
77% of daily drinking
is at home 6
5.3
Half of daily drinkers 4
‘04 ‘05 ‘06 ‘07
use creamers 2
0
Drank Coffee Yesterday
All Creamers1
(ex-WhiteWave)
1. Includes all cream and creamer products, including powder
Source: National Coffee Drinking Trends, 2007

29. New, more premium consumer preferred bottle
Continued flavor innovation
Coffeehouse drinker targeted product offering
1.
2.
3.

32. Built capability and recently opened new
Centers for Innovation and R&D
We are building a pipeline of new products
through two paths:
– Internal Development
– External Partnerships

33. $1.6B
100%
Other
A European leader in fruit-based foods 80
60
A global leader in baby food Infant
40
Highly innovative and entrepreneurial
20 Fruit
0
Hero
Source: Hero website (converted CHF to USD at 2/24 rate)

34. Fruit2day is a unique “fruit in a bottle”
Targeting a large consumer market
– $1.3B chilled cut-fruit
– $420M super-premium juice
Extensive consumer validation
$1.75/bottle retail compares favorably
to other super-premium juices
Source: IRI (6/08)

35. Retail Sales ($ Millions)
$40M
Implies a
33.8
30.2 30.0 $200M+ U.S.
30 26.8
retail business at
comparable
18.3
20
sales per capita
8.5
10 2007
2006
2005
0
Germany Netherlands
Source: IRI

37. US leader in national long shelf-life private label dairy
Well penetrated in leading retailers, quick serve restaurants
Strong share of nationwide cultured and extended shelf life dairy
Compelling transformation opportunity
Note: Externally reported revenue; does not include internal sales

38. Ice Cream Mix
Creamers/Half & Half
Whipping Creams
Aerosol Whipped Cream
Specialty Milk
Yogurt
Sour Cream
Cottage Cheese

39. ($ Millions)
+11%
1,250 1,120
CAGR
1,000
811
$749
750
500
250
0
2004 2006 2008
Note: Externally reported revenue and operating income (ex-restructuring and non-recurring costs)

40. Rationalize
Category-centric
SKUs Align Regional Organization
Production
Growth from core
With Demand Thought Leaders in
categories, core
Private Label and
customers, and Rationalize Assets
Restaurant Chains
focused innovation

41. Continued cost savings
from WhiteWave
transformation
Strong performance by
our brands
Exciting innovation
pipeline
Early stages of
assessing Morningstar
Morningstar WhiteWave WhiteWave-
opportunity
Morningstar