DF CAGNY 2010

February 19, 2010

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, 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, debt covenant compliance, 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). Our ability to profit from our branding initiatives depends on a number of factors including consumer acceptance of 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 such press releases, which are publicly available on our website at www.deanfoods.com/investors.

3

Gregg Engles, Chairman and CEOCEO Perspective and Strategic Update

Joe Scalzo, Chief Operating OfficerExtending our Advantage in 2010

Jack Callahan, Chief Financial OfficerFinancial Update

4

The in fluid milk with 38% share

of next largest milk competitor

The country’s fluid dairy processing footprint

Retailer and processor consolidation continues,

Our scale advantage affords us opportunities to reduce costs and build capability that our We are aggressively attacking these opportunities

5

US leader in long shelf-life private label dairy

Nationwide capabilities

Strong foodservice and retail presence

Value-added brands in growth categories

#1 in global soy

#1 US organic milk

#2 US creamers

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

$1.8B$8.5B $1.0BNet Sales*

#1 US fresh milk

Cost leadership

National footprint

National selling with local execution

6

Share and cost leadershipStable categoryDistribution strengthPass-through mitigates commodity impactResilient cash generation

Leading brandsGrowth categoriesGlobal soy platformSolid marginsBest-in-class capabilityTop-line growth opportunity

Focus on Cost Focus on Growth

Commodity Food Best in Class Packaged Food

7

Procure$50M

Distribute$50M

WhiteWave$50M

NetworkOptimization

$65M

Convert$85

Procure$50M

Distribute$50M

WhiteWave$50M

NetworkOptimization

$65M

Convert$85

8

National82 Plants

Regional6-31 Plants Each

Local1-4 Plants Each

Note: Dean internal analytics. Sources: NMPF 2010 Highlights, IRI, Retail Link, Dean internal data

Dean is the only national player in a highly fragmented industry

Dean has a third fewer plants, but equal share as local competitors combined

Share continues to grow as we extend our advantage

Fluid Milk Competitive Landscape in Geographies Dean Serves

Next Five Players

Balance of Industry

155+Players

160+ Competitors350+ Total Plants

9

Local/Regional

Tribal knowledge and intuition

Complex product offering results in high costs

Little understanding of consumer product

preferences

Limited cost reduction abilities

Scale

Data

Focus

Capability

Cost

Traditional Dairy The Dean Model

10

A Hotly Contested Category

11

$1.50

$1.60

$1.70

$1.80

$1.90

$2.00

$2.10(per gallon, white milk)

Gap Between Retail Price and Class I Mover

25%21% 21%

32%

2006 2007 2008 2009

Dean Brand Price Premium over Private Label

12

Profit pool has been compressed

Believe we will see a bottom in 2010

Margin pressure for retailers and commodity increases likely leads to price inflation

Processor margin pool limited

13

$9

$11

$13

$15

$17

$19

$21

$23

J F M A M J J A S O N D J F M A M J J A S O N D J F M A M J J A S O N D

Class I Mover ($/cwt)

5 year avg. $14.78

14

Procure Distribute Convert

15

1Q 08 2Q 08 3Q 08 4Q 08 1Q 09 2Q 09 3Q 09 4Q 09

Competition1

Fluid Milk Gallons (YOY change)

1 Competitor estimates derived from subtracting FDD pounds from USDA sales pounds

16

WhiteWave Revenue1 WhiteWave Operating Profit

0

1,000

1,250

1,500

1,750

0

100

125

150

($ Millions) ($ Millions)

Note:Net Revenue: 2007 & 2008 adjusted for exited businessesSource: internal data

17

$1.20

$1.54 –$1.64

$1.30

$1.59

$320

300+

Free Cash Flow* ($ Millions) Adjusted Earnings Per Share

18

Dean is uniquely positioned to win

Near-term challenges underscore the importance of executing our strategies

We expect to gain share in 2010 and hold the adjusted EPS growth we achieved in 2009

Our long-term earnings trajectory for double-digit adjusted EPS CAGR remains on track

Confident we will win

19

Gregg Engles, Chairman and CEOCEO Perspective and Strategic Update

Joe Scalzo, Chief Operating OfficerExtending our Advantage in 2010

Jack Callahan, Chief Financial OfficerFinancial Update

20

71% 10%

5%

5%8%1%

Other Beverages

Other Fluid DairyOther

Cultured

Largest US milk processor

$8.5B revenue

50 regional brands and private label

5,800 company owned DSD routes

82 plants;160,000 locations served

Industry consolidating, but still highly fragmented

Ice CreamMilk

Highlights

Product Mix

Fluid Milk Share %

35 36 37 38

2003 2005 2007 2009

21

2010 Plan: $90M

2009 Delivered: $75M

Cost Savings Target:

$300M+

22

($ millions)

10% advantage achieved today by leveraging scale and capability

$11M in 2009 savings

Targeting $15 million in 2010

Focus on product standardization

Drive Procurement SavingsLeveraging Our Scale

50

26

15

11$11

23*Includes capital projects

Problem solving & lean skills

SWAT team approach

Hands-on 20 week program

Cultural transformation

KPI enabled

Continuous ImprovementMarathon Campaigns Gain Momentum

($ millions) 85

54

30

24$24

40-60% line efficiency improvement in marathon plants

5-15% labor cost reduction in plant and cooler in marathon plants

Improved scheduling

24

Fewer, more productive manufacturing facilitiesConsolidation to most efficient facilities

Closed eight plants in the last two years

Like products into focused facilitiesOptimize the network to reduce total costs

Simplify the NetworkRight Products in the Right Plants

($ millions) 65

23

13

10$10

25

Example Case: Texas Production Transportation Reduction

Before After

26

Leveraging truck based GPS

Reduced administration timeLive truck dataStandardized delivery time

Routing tools

Future focusDelivery frequency managementDynamic routing

Distribution EfficiencyFewer, More Productive Routes

($ millions)50

32

17

15$15

Gallons of Fuel -4%

Routes Removed 220

Labor $ per Gal -1%

Avg. Cases per Load +3%

27Note: 1Alpro 2009 revenues while owned by Dean Foods $174MM.Source: Grocery data from IRI and Nielsen

Largest US value-added dairy case competitor

$1.8B Revenue (2009)1

2,200 employees, 10 plants

Strong 2009 operating profit growth

Highlights Strong Brand Positions

28Note: Alpro share of “EU9”: UK, NL, BE, DE, P, SW, AU, IT, FR. Approx 2009 share. 2009 Alpro sales translated back to US GAAP. Source: Grocery data from IRI and NIelsen; Internal Data

2009 Sales: $750MM54% combined shareNo. 1 in soymilk worldwideSoymilk category slowed in 2009 driven by economyMaintained clear leadership behind marketing investment of +10% in 2009Expanding beyond soy: PureAlmond

29

Australia

US

EU6

Belgium

UK

US

Germany

Note: 67% Silk share for US grocery and Canada grocery + mass42% Alpro share for “EU9”: UK, NL, BE, DE, P, SW, AU, FR, IT Core countries = BE, NL, UK, DESource: Grocery data from IRI and Nielsen

DF Position and Share in Global Soy (by Brand)

Strong Opportunities to Growwithin Existing Regions

#1 position in N America and EuropeWorld-leading expertiseInternational growth opportunities

Dean Foods Soymilk Business

0.8

0.5

0.2

25.0

11.3

15.0

8.3

30Source: Grocery data from IRI and Nielsen; Internal Data

2009 Sales: $550M

7% increase vs. 2008

24% share, +2 pts

Strong core growth; Accelerating growth behind CoffeeHouse Inspirations

International Delight is the #2 fastest growing national grocery brand

Share growth accelerating

Q309 launch, at 80% ACV50%+ of ND creamer growth“Skinny” launching now

31Note: Horizon market share includes The Organic CowSource: Grocery data from IRI; Internal Data

2009 Sales: $435MMaintaining 41% shareCategory down in 2009 –starting to recover with better price gaps to conventionalFocus on cost and price management driving improved profit outlook Driving sales to differentiated products: single-serve and DHA

32

Gregg Engles, Chairman and CEOCEO Perspective and Strategic Update

Joe Scalzo, Chief Operating OfficerExtending our Advantage in 2010

Jack Callahan, Chief Financial OfficerFinancial Update

33

Gross Profit+ 6%

Adjusted Operating Profit+ 10% $693M

+ 22%Full Year Adjsted

EPS $1.59

Selling & Distribution< 1%

G&A+ 23%

Operating Cost+ 5%

34

ITR&DSupply-Chain

~$45M in Support of Strategy($ Millions)

Wages/Benefits Incentive CompPensionLegalInsurance

2008G&A

Base Growth /Corporate Items

StrategicCapability

Special ProjectsStrategic Consulting

2009G&A

Discretionary Spending

Acquisitions

43

3015

25

$486

$599

35

$109

$462

$390

$300 +

2007 – 2010E ($ Millions)

CapEx

36

$5,295

$4,459

$4,190

< $3,900

2007 2008 2009 2010 E

Net Debt($ Million)

Leverage Ratio*

*Year end, as defined by credit agreement

37

Flat Operating Profit Growth

Limited G&A Growth in 2010

38

Q1 Q2 Q3 Q4

Margin concessions in run-rate

Accumulating benefit of cost programs

Limited G&A growth

Minimal impact from dairy commodities

Easier overlap, including share count

2010 Estimated Adj EPS Growth Drivers of Second Half Growth

39

Clear leadership positions in both fluid milk and our value-added branded portfolio

Current marketplace pressures make scale more important than ever, and Dean has a 5x advantage

Cost programs gaining momentum

WhiteWave-Alpro well positioned to sustain growth

Significant capability now in place, limited incremental investment

Resilient cash generation, and long-term EPS progression

February 19, 2010

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Appendix

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