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

3
 Three-Part Strategy to Win

Distribute Procure
$50M $50M

WhiteWave
$50M Convert
$85
Network
Optimization
$65M

Extend Our Drive Revenue & Invest for

Low Cost Position Profit in Our Core Growth

Our Investment Thesis

4
 Advantaged Business Platforms

Net Sales* $9.8B $1.1B $1.9B

ƒ #1 US fresh milk ƒ US leader in long ƒ Value-added

ƒ National chilled shelf-life private brands in growth
direct store label dairy categories
delivery and ƒ Strong ƒ #1 in global soy
plant footprint foodservice and ƒ #1 US organic
ƒ National selling retail presence milk
with local ƒ #2 US creamers
execution
ƒ Emerging fruit-
ƒ Cost leadership based beverage
ƒ Strategic focus

Transformation Early Stages Beginning Complete

Status

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 $1.4 / €1 for purposes of this presentation 5
 A Very Strong First Half of 2009
Adjusted Diluted Earnings per Share* Free Cash Flow*
($ millions)

$0.95
249

+70% +19%
$0.56
$210

1H08 1H09 1H08 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 adjusted diluted earnings per share and Free Cash Flow 6
 A Very Strong First Half of 2009
Segment Operating Income Adjusted Consolidated Operating Income*
($ millions) ($ millions)

350 384
$285

+23%

$301
1H08 1H09
+28%

135

$95
+43%
1H08 1H09

1H08 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 7
 Agenda

Extending our Advantage

WhiteWave - Morningstar

8
 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

Dean
71%
3.0% 2.4%
Milk 2.0%

1.0%
9%
Ice Cream 0.0%

5%Other -1.0% -0.4%

Beverages Competitors
8% 5% -2.0% 2008 2009
Other Cultured
Fluid Dairy
Competitor estimates derived from subtracting FDD pounds from USDA sales pounds
2%
Other 9
 Compelling Growth Opportunities

25%
3rd Party
71% 40%
Milk 9% Branded
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 ƒ Longer-term strategy under
capability development

10
 An Opportunity to Drive Significant Value

ƒ Local ƒ National
ƒ Overly complex ƒ Simplified product
product portfolio portfolio
ƒ Everything to ƒ Specialized, longer
everyone production run, lower complexity
in each facility production
ƒ Limited selling ƒ A national selling
capability powerhouse
ƒ Supply chain ƒ Optimized supply
inherited through chain based on
acquisition analysis
ƒ Patchwork of IT 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 12

 Extend our Low Cost Position: Solid Progress

Procurement
$50M
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

13
 An Opportunity to Drive Significant Value

ƒ Local Foundational ƒ National

ƒ Information
ƒ Overly complex ƒ Simplified product
Technology portfolio
product portfolio
ƒ Everything to Immediate Cost ƒ Specialized, longer
everyone production Reduction run, lower complexity
in each facility ƒ Supply Chain production
ƒ Limited selling ƒ R&D ƒ A national selling
capability powerhouse
Total IT, Supply
ƒ Supply chain ƒ Optimized supply
inherited through Chain and R&D chain based on
acquisition investments up analysis
~$20 million in
ƒ Patchwork of IT FY2009 ƒ Integrated IT
systems

14
 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 15
 Agenda

Extending our Advantage

Fresh Dairy Direct

16
WhiteWave-Morningstar: Strong Bottom Line Performance

Net Sales Operating Profit

($ millions) ($ millions)

$1,271 1,227 135

$95

-4% +43%

1H08 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
$1.7 Alpro*
5% 3%
$1.5
12% 23%
WW

16%
19%

FY 06 FY 07 FY08

*Proforma for Alpro acquisition that was completed in July 2009. Net 22%
sales have been converted at a rate of $1.4 / €1 for purposes of this
presentation
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 WhiteWave: Strong Profit Flow-through
Net Sales Operating Profit
($ millions) ($ millions)
$732 718

-2% +31%

1H08 1H09 1H08 1H09

ƒ Holding share in slowing ƒ Integrated supply chain and

categories IT infrastructure helping
ƒ Continued growth in drive efficiencies
creamers ƒ On track to deliver $14M in
ƒ Exit of unprofitable cost savings in 2009
foodservice business 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 Expansion opportunity into new geographies
ƒ 9% increase* vs. 2007 and broader food categories

ƒ World leading products and ƒ Will leverage collective trans-Atlantic

process technology 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 20
 Alpro: Investing to Grow

Core Markets

ƒ The European leader in soy

beverages and related products Home Markets
with €260 million in 2008 net sales
ƒ Annualized growth in net sales of 14% since
2000 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

21
 Soy: A Proven Growth Model
Volume/ buyer

2 4
Increase 3
Heavy users volume per
(lactose intolerant, 2
user New
soy fans)
Sub-category
Geography
Medium/ light users
(health and environment conscious)

Penetration
Increase penetration of users 1

22
 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,
differentiated growth
ƒ 2008 Sales: $433M segments targeting
young children
ƒ 21% increase vs 2007
ƒ Share stable
ƒ 42% of organic milk in slowing
category 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 benefitting from
declines in premium
ƒ 8% increase vs. 2007 coffeehouse
consumption
ƒ 23% of creamer category1

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) 24
 A Platform with Great Potential

ƒ US leader in long shelf-life private

ƒ $1.1B revenue (2008) label dairy
ƒ 2,000 employees ƒ Well penetrated in leading
retailers, quick serve restaurants
ƒ Dallas headquarters ƒ Strong share of cultured and
extended shelf life dairy
ƒ 14 plants ƒ Compelling transformation
opportunity

Extended ƒ Simplify the business, reducing

Other Sour Cultured complexity
Shelf Life 2% Cream
10% Yogurt ƒ Establish high quality, low cost
Creamers
8% supply chain
Cottage
41%
Cheese
ƒ Improve revenue management
10% ƒ Drive growth in core categories
with targeted customers
Ice Cream
Mix
21%
Aerosol
8%
25
 Morningstar: Strong Profit Growth
Net Sales Operating Profit
($ millions) ($ millions)

$539
508

-6% +57%

1H08 1H09 1H08 1H09

ƒ Slight volume decline ƒ Favorable commodities

ƒ Pass-through of lower dairy ƒ Operational benefits from
commodities facility closure
ƒ Relatively stronger retail ƒ Focus on revenue
business offset by management
challenged foodservice

26
 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

27
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 28
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