Dean Foods Presentation at 2010 Consumer Goods Analyst Conference

1. 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.
2

3. Gregg Engles, Chairman and CEO
CEO Perspective and Strategic Update
Joe Scalzo, Chief Operating Officer
Extending our Advantage in 2010
Jack Callahan, Chief Financial Officer
Financial Update
3

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
4

5. Net Sales* $8.5B $1.0B $1.8B
#1 US fresh milk US leader in long Value-added
shelf-life private brands in growth
Cost leadership label dairy categories
National footprint Nationwide #1 in global soy
National selling capabilities
#1 US organic
with local Strong milk
execution foodservice and
retail presence #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
5

6. Focus on Cost Focus on Growth
Share and cost Leading brands
leadership Growth categories
Stable category Global soy platform
Distribution strength Solid margins
Pass-through Best-in-class
mitigates commodity capability
impact
Top-line growth
Resilient cash opportunity
generation
Best in Class
Commodity Food
Packaged Food
6

7. Distribute Procure
$50M
$50M Procure
Distribute
$50M $50M
WhiteWave
$50M
WhiteWave Convert
$50M Convert
$85
$85
Network
Network
Optimization
Optimization
$65M
$65M
7

8. Fluid Milk Competitive Landscape in
Geographies Dean Serves
Dean is the only
160+ Competitors
350+ Total Plants national player in a
highly fragmented
Balance of industry
Local Industry
1-4 Plants Each 155+
Players Dean has a third
fewer plants, but
Regional Next Five
equal share as local
6-31 Plants Each Players competitors
combined
National
82 Plants Share continues to
grow as we extend
our advantage
8
Note: Dean internal analytics. Sources: NMPF 2010 Highlights, IRI, Retail Link, Dean internal data

9. Traditional Dairy The Dean Model
Local/Regional Scale
Tribal knowledge and
Data
intuition
Complex product offering Focus
results in high costs
Little understanding of
consumer product Capability
preferences
Limited cost reduction
abilities Cost
9

10. A Hotly
Contested
Category
10

11. Gap Between Retail Price Dean Brand Price Premium
and Class I Mover over Private Label
$2.10
(per gallon, white milk)
32%
$2.00 25%
21% 21%
$1.90
2006 2007 2008 2009
$1.80
$1.70
$1.60
$1.50
11

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
12

13. Class I Mover ($/cwt)
$23
$21
$19
$17
$15 5 year avg. $14.78
$13
$11
$9
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
13

14. Procure Convert Distribute
14

15. Fluid Milk Gallons (YOY change)
Competition1
1Q 08 2Q 08 3Q 08 4Q 08 1Q 09 2Q 09 3Q 09 4Q 09
15
1 Competitor estimates derived from subtracting FDD pounds from USDA sales pounds

16. WhiteWave Revenue1 WhiteWave Operating Profit
($ Millions) ($ Millions)
1,750 150
1,500
125
1,250
100
1,000
0 0
Note:Net Revenue: 2007 & 2008 adjusted for exited businesses
16
Source: internal data

17. Free Cash Flow* ($ Millions) Adjusted Earnings Per Share
$320
300+
$1.59 $1.54 –
$1.64
$1.30
$1.20
17

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
18

19. Gregg Engles, Chairman and CEO
CEO Perspective and Strategic Update
Joe Scalzo, Chief Operating Officer
Extending our Advantage in 2010
Jack Callahan, Chief Financial Officer
Financial Update
19

20. Highlights Fluid Milk Share %
Largest US milk processor
36 37 38
35
$8.5B revenue
50 regional brands and private 2003 2005 2007 2009
label
Product Mix
5,800 company owned DSD
routes
82 plants;160,000 locations 71% 10%
Milk Ice Cream
served
5%
Industry consolidating, but still Other
Beverages
highly fragmented
5%
Cultured
8%
1% Other
Other Fluid Dairy
20

21. 2009 Delivered: 2010 Plan: Cost Savings
$75M $90M Target:
$300M+
21

22. Drive Procurement Savings
Leveraging Our Scale
($ millions)
50
10% advantage achieved
today by leveraging scale
and capability 26
$11M in 2009 savings 15
Targeting $15 million in
2010 $11 11
Focus on product
standardization
22

23. Continuous Improvement
Marathon Campaigns Gain Momentum 85
($ millions)
Problem solving & lean skills 54
SWAT team approach 30
Hands-on 20 week program
$24 24
Cultural transformation
KPI enabled
40-60% line efficiency improvement in
marathon plants
5-15% labor cost reduction in plant and cooler
in marathon plants
Improved scheduling
23
*Includes capital projects

24. Simplify the Network
Right Products in the Right Plants 65
($ millions)
Fewer, more productive 23
manufacturing facilities
13
Consolidation to most efficient
facilities
Closed eight plants in the last $10 10
two years
Like products into focused
facilities
Optimize the network to reduce
total costs
24

25. Example Case: Texas Production
Transportation Reduction
Before After
25

26. Distribution Efficiency
Fewer, More Productive Routes 50
($ millions)
32
Leveraging truck based
GPS 17
Reduced administration
time
$15 15
Live truck data
Standardized delivery time
Routing tools
Future focus Gallons of Fuel -4%
Delivery frequency Routes Removed 220
management Labor $ per Gal -1%
Dynamic routing
Avg. Cases per Load +3%
26

27. Highlights Strong Brand Positions
Largest US value-added
dairy case competitor
$1.8B Revenue (2009)1
2,200 employees, 10 plants
Strong 2009 operating profit
growth
Note: 1Alpro 2009 revenues while owned by Dean Foods $174MM. 27
Source: Grocery data from IRI and Nielsen

28. 2009 Sales: $750MM
54% combined share
No. 1 in soymilk worldwide
Soymilk category slowed in
2009 driven by economy
Maintained clear leadership
behind marketing
investment of +10% in 2009
Expanding beyond soy:
PureAlmond
Note: Alpro share of “EU9”: UK, NL, BE, DE, P, SW, AU, IT, FR. Approx 2009 share. 2009 Alpro sales translated back to US GAAP. 28
Source: Grocery data from IRI and NIelsen; Internal Data

29. DF Position and Share in Global Strong Opportunities to Grow
Soy (by Brand) within Existing Regions
EU6 0.2
US 0.5
Australia 0.8
Dean Foods Soymilk Business Germany 8.3
#1 position in N America and Europe
UK 11.3
World-leading expertise
International growth opportunities US 15.0
Belgium 25.0
Note: 67% Silk share for US grocery and Canada grocery + mass
42% Alpro share for “EU9”: UK, NL, BE, DE, P, SW, AU, FR, IT
Core countries = BE, NL, UK, DE 29
Source: Grocery data from IRI and Nielsen

30. 2009 Sales: $550M
7% increase vs. 2008
24% share, +2 pts
Strong core growth;
Accelerating growth behind
CoffeeHouse Inspirations
Q309 launch, at 80% ACV
International Delight is the 50%+ of ND creamer growth
#2 fastest growing national “Skinny” launching now
grocery brand
Share growth accelerating
30
Source: Grocery data from IRI and Nielsen; Internal Data

31. 2009 Sales: $435M
Maintaining 41% share
Category down in 2009 –
starting to recover with
better price gaps to
conventional
Focus on cost and price
management driving
improved profit outlook
Driving sales to
differentiated products:
single-serve and DHA
Note: Horizon market share includes The Organic Cow 31
Source: Grocery data from IRI; Internal Data

32. Gregg Engles, Chairman and CEO
CEO Perspective and Strategic Update
Joe Scalzo, Chief Operating Officer
Extending our Advantage in 2010
Jack Callahan, Chief Financial Officer
Financial Update
32

33. Gross Profit
+ 6%
Selling & Distribution
< 1%
Operating Cost
+ 5%
G&A
+ 23%
+ 22%
Adjusted Full Year
Operating Profit Adjsted
+ 10% $693M EPS
$1.59
33

34. ~$45M in Support of Strategy
($ Millions)
15 $599
30
Special
43
Projects
IT Strategic
R&D Consulting
25 Supply-Chain
$486 Wages/Benefits
Incentive Comp
Pension
Legal
Insurance
2008 Acquisitions Base Growth / Strategic Discretionary 2009
G&A Corporate Items Capability Spending G&A
34

35. 2007 – 2010E
($ Millions)
$462
$390
$300 +
$109
CapEx
35

36. Net Debt
$5,295
($ Million)
$4,459
$4,190
< $3,900
2007 2008 2009 2010 E
Leverage Ratio*
36
*Year end, as defined by credit agreement

37. Limited G&A Growth in 2010
Flat Operating Profit Growth
37

38. 2010 Estimated Adj EPS Growth Drivers of Second Half Growth
Margin concessions in
run-rate
Accumulating benefit of
cost programs
Limited G&A growth
Minimal impact from dairy
commodities
Easier overlap, including
Q1 Q2 Q3 Q4
share count
38

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
39

40. February 19, 2010

41. Appendix
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