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.

$495517

554

619

676

2002 2003 2004 2005 2006

$ Millions

EPS $1.02 1.25 1.48 1.83 2.12

5Yr Avg = $12.73

C1Mover

Merger Synergies

Milk Share Gains

Establishment of WhiteWave

Favorable Commodity Environment

and Dean’s Dips

Favorable Credit Environment

$4.8B Credit Facility

Extended Maturities

$15 Cash Dividend

$1.4 Billion in Share Repurchases

$12.7311.88

18.14

+53%

$21.91 Peak

Competitors Industry

+40%

~25%

~55%

2005-2007 Category Growth

23%

5 Year Average

2006 2007

$255

324

109

2005 2006 2007

$619

676

590

$14.40

11.88

18.14

2005 2006 2007

C1 Mover

$ Millions

$619

676

590631

$14.40 11.88

18.14 18.00

2005 2006 2007 2008

$255324

109

462

2005 2006 2007 2008

C1 Mover

$ Millions

-40%

-30%

-20%

-10%

0%

10%

20%

30%

40%

1995 2008

Limited activity in the past

Leadership in place

Policy and process under refinement

Evaluating targeted positions

Extend OurLow Cost Position

Clear opportunity to lower cost structure

Multi-year productivity program in place

All Other 54%

Milk Cost 46%

Direct Materials

39%

Indirect Purchases

24%

People Costs 28%

Energy 6%Depreciation 3%

$5.4B $6.4B

Conversion$85

Procurement$50

Network Optimization$65

WhiteWave$50

DSD Distribution$50

$ Millions

2006 2008

MilkMilk

OtherOther

2007 2008

Other Other

People Costs

People Costs

Fuel/FreightFuel/Freight

Drive Revenue & Profit in Our Core

Large stable categoryShare opportunityWhiteWave: A unique value-added platformAdvantaged go-to-market systems

Invest for Growth

Sequence capability investments

High return projects

Acquisition pipeline

WhiteWave – 2004

Procurement – 2006

Finance – 2006

Human Resources – 2007

Strategy – 2008

DSD Distribution – 2008

Supply Chain

R&D

DSD Marketing & Selling

Innovation

Hero JV

Standard Process and Training

Information Systems

– DSD Dairy

– Morningstar

DSD Front Line Selling Capability

New Growth Platforms

*includes nominal amount of corporate capital spending

146 166 152

230

77 58 83

4014 17

2230

2006 2007 2008 2009 2010+

Morningstar

257

~300

241$237

300+

WhiteWave

DSD Dairy

$ Millions

Commodity volatility and financial crisis have stressed industry playersPipeline more robust than two years agoLargely tuck-in dairy acquisitions

2009 Examples:Supply ChainR&DInnovationStandard Process/TrainingHero JV

2007 2008 2009

$1.20

$1.30

At least$1.55

+19%

5.94x

4.92x

6.25x

5.75x

5.00x 4.50x 4.50x

2007 2008 2009 2010 2011

* As defined by Credit Agreements

Continued focus on reducing overall leverage levels

Re-align our balance sheet to diversify our capital sources over time

Maintain flexibility to fund high-return projects and strategic acquisitions

*Estimate: JP Morgan

Bank Debt

Public Bonds

Receivables Facility

71%

18%

11%

3.0

1.8InstitutionalInvestors

TraditionalBanks

$4.8B

$2.0-2.5B

2009 2010 2011 2012 2013 2014 2015 2016 2017

Public Bonds

Bank Debt

500

281

1,692

862

243150

$ Millions

2009-2011 Maturities = $1.4 billion

Unused Revolving Facilities ~ $1.5 billion + free cash flow

$315

January results and updated Q1 forecast indicate a strong start to 2009

Increase Q1 EPS guidance to ‘at least $0.41’

Increase FY2009 EPS guidance to ‘at least $1.55’

Well positioned to sustain double-digit EPS growth– $300 million of productivity improvements identified– Continued WhiteWave growth– Conservative volume growth assumptions across balance of portfolio– Acquisitions a potential upside

Strong cash flows support continued deleveraging and targeted reinvestment in the business

Realign balance sheet over time– Consistent with reality in credit markets– Maintain flexibility to reinvest in growth