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.

Extend OurLow CostPosition

WhiteWave$50

DSD Distribution$50

$ Millions

Extend OurLow CostPosition

Buy our inputs at lower prices

Reduce our conversion costs by operating our plants more effectively

Design a better network to lower our landed costs

Unconnected with no direct authority over plants

Limited supply chain expertise

No common metrics or analytical frameworks for improvement

Dedicated,specialized

support

Centralized supply chain expertise, analytical capability and leadership

One Dean Foods Supply

Chain

No scale in purchasing raw materialsHigh conversion cost from in-plant complexitySystem-wide underutilization of assets

Small, inefficient plantsOpportunity for quality improvementHigh waste of raw materials and energy

Lack of analysis for decision supportNo understanding of baseline performance levels or benchmarks for improvement

Procurement$50M

Leverage purchasing scale today

Simplify what we produce to reduce our procurement costs in the future

$50M+ in savings to date

Significant consolidation of supply base

Improved quality, service

More favorable payment terms

Professional procurement organization

Spend management

Compliance tracking

86 colors9 styles3 materials3 suppliers

37 cup sizes10 lid sizes4 cup styles2 lid styles3 materials

60 formulas8 types

70 mixes282 flavors

Conversion$85M

Standardize how we manage our plants to ensure efficient operation

Design and resource a process to continually identify and attack cost opportunities

Simplify our product portfolio to increase run sizes and throughput

$0.00

$0.10

$0.20

$0.30

$0.40

$0.50

$0.60

0 2,000,000 4,000,000 6,000,000 8,000,000

Manufactured Gallons

Conversion Cost/Gallon

Type in week beginning, Monday 3/28/04 66% efficiencyThis brings up data for w/b 22 Mar 04 19,728 DZ made

SICP - BT #1 Lost Time, week beginning 22 Mar 04

0% 2% 4% 6% 8% 10% 12%

Error

VDL

SHORT SHIFT

WRAPPER

BOXER

HELP

Slow Running

SUPPLIES

WAITED FOR

FILLER HEAD

STICK MACHINE

TEST RUN

MIX

HUMAN ERROR

COLLATOR

SAM 2

PCS

FREEZER

TUNNEL

SAM 1

SAM 3

GUMBALL HOPPER

Last Week 5 week Average

Click here to make Pareto

Weekly Efficiency of SICP - BT #1 - Last 12 weeks

30%

40%

50%

60%

70%

80%

90%

12/2

9/20

03

1/5/

2004

1/12

/200

4

1/19

/200

4

1/26

/200

4

2/2/

2004

2/9/

2004

2/16

/200

4

2/23

/200

4

3/1/

2004

3/8/

2004

3/15

/200

4

3/22

/200

4

Daily Efficiency of SICP - BT #1 - Last 28 days

0%

20%

40%

60%

80%

100%

2/29

/200

4

3/2/

2004

3/4/

2004

3/6/

2004

3/8/

2004

3/10

/200

4

3/12

/200

4

3/14

/200

4

3/16

/200

4

3/18

/200

4

3/20

/200

4

3/22

/200

4

3/24

/200

4

3/26

/200

4

Weekly Summary:Efficiency calculated from repported line hours only - ie no set-up and no sanitation time has been accounted for.Slow running represents the difference between runnng the maximum speed of 1500 DZ/hour and the current speed.Error represents the difference between the total reported time and the sum of calculated runtime and reported downtime.

Type in week beginning, Monday 3/28/04 66% efficiencyThis brings up data for w/b 22 Mar 04 19,728 DZ made

SICP - BT #1 Lost Time, week beginning 22 Mar 04

0% 2% 4% 6% 8% 10% 12%

Error

VDL

SHORT SHIFT

WRAPPER

BOXER

HELP

Slow Running

SUPPLIES

WAITED FOR

FILLER HEAD

STICK MACHINE

TEST RUN

MIX

HUMAN ERROR

COLLATOR

SAM 2

PCS

FREEZER

TUNNEL

SAM 1

SAM 3

GUMBALL HOPPER

Last Week 5 week Average

Click here to make Pareto

Weekly Efficiency of SICP - BT #1 - Last 12 weeks

30%

40%

50%

60%

70%

80%

90%

12/2

9/20

03

1/5/

2004

1/12

/200

4

1/19

/200

4

1/26

/200

4

2/2/

2004

2/9/

2004

2/16

/200

4

2/23

/200

4

3/1/

2004

3/8/

2004

3/15

/200

4

3/22

/200

4

Daily Efficiency of SICP - BT #1 - Last 28 days

0%

20%

40%

60%

80%

100%

2/29

/200

4

3/2/

2004

3/4/

2004

3/6/

2004

3/8/

2004

3/10

/200

4

3/12

/200

4

3/14

/200

4

3/16

/200

4

3/18

/200

4

3/20

/200

4

3/22

/200

4

3/24

/200

4

3/26

/200

4

Weekly Summary:Efficiency calculated from repported line hours only - ie no set-up and no sanitation time has been accounted for.Slow running represents the difference between runnng the maximum speed of 1500 DZ/hour and the current speed.Error represents the difference between the total reported time and the sum of calculated runtime and reported downtime.

Gallon Filler Output

Pre-standardizationPost-standardization

187

18

1,300

159

13

10

-90% -90%

Manufacture the right products in the right places

Consolidate volumes to more efficient facilities whether existing or new

Network Optimization

$65M

Conversion$85

Procurement$50

Network Optimization$65

WhiteWave$50

DSD Distribution$50

$ Millions

Note: 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