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.

Source: IRI (1/09). Grocery only. All shares reported for refrigerated segments only

$1.5B Revenue (2008)

1,500 employees

Broomfield HQ, 6 plants, 2 strategic co-packers

OtherC-stores

0

20

40

60

80

100%

Percent of Revenue

Other

0

20

40

60

80

100%

Foodservice

Percent of Revenue

Club/Mass

Grocery

1. Creamers includes refrigerated non-dairy flavored creamers and Half & HalfSource: IRI (1/09). Grocery only

0

10

20

30%

OrganicMilk

28.0%

Soymilk

7.7%

Creamers1

7.2%

Yogurt

6.3%

Cheese

4.2%

2004–08 Sales CAGR

Relative Market Share 2.5 11.0 0.5

WhiteWave = 40% share

One integrated organization

<400 SKUs in four primary categories

9 “ship-from” locations

Strategic supply chain network

One WhiteWave face to the customer

One enterprise-wide SAP solution

3 separate companies

Unfocused portfolio with 2,600 SKUs

12 owned plants & 30+ co-packers

65 inventory locations

3 distinct sales organizations

3 sub-scale IT platforms

CAGR = Compound Annual Growth RateNote: WhiteWave revenue excludes Hershey’s from 2004-06

0

500

1,000

1,500

2,000

2004 2006 2008HorizonSilk, Creamers, Other

($ Millions)

+13%CAGR

($ Millions)

CAGR = Compound Annual Growth RateNote: WhiteWave contribution margin excludes Hershey’s from 2004-06

-100

0

100

200

300

2004 2006 2008

+11%CAGR

HorizonSilk, Creamers, Other

Operating IncomeNet Sales

Excludes impact of Hero JV

Conversion

Procurement

Network Optimization

WhiteWave$50M

DSD Distribution

Distribution $45M $19M $26M

Manufacturing $40M $23M $17M

Procurement $9M $2M $7M

Total $94M $44M $50M

Continuous improvement

Standardize formulas

Redesign packaging

Reduce waste

Improve load utilization

Implement order minimums

Optimize routes

Leverage sourcing volumes across Dean

Move to low-cost supplier and specification alternatives

2008 Sales: $433M

21% increase vs 2007

42% market share

Largest national milk brand in U.S.

Competing in a large, rapid growth segment

Significant growth potential remains

Compelling, differentiated growth segments targeting young children

Source: IRI Grocery (01/09); Internal Data. Horizon market share includes The Organic Cow

Over-supply – Government regulations

Aggressive retail pricing due to over-supply

Dramatic demand growth –Household penetration and distribution gains, and strong economy

Inflationary inputs – increasing cost of goods

Modest supply – Poor farm economics

Increasing prices due to declining supply

Slow demand growth – Flat household and distribution and poor economy

Declining inputs – lowering cost of goods

Source: IRI (1/09). Grocery only. Dollar share

0

20

40

60

80

100%

Jan 2007

Private Label

Horizon

Jan 2009

Horizon

Private Label

Other BrandsOther Brands

5% of category in short time period

Over 20% of category sales growth

Strong loyalty with a 61% repeat rate

Source: IRI (8/08)

Source: IRI (8/08)

Tremendous health appeal for mothers

Strong 3-year growth rate

3% of total category share

Introducing new, loyal consumers to Horizon: 25% new to brand with 60% repeat

2008 Sales: $427M

10% increase vs. 2007

78% market share

Source: IRI Grocery (01/09); Internal Data

No. 1 soy beverage in the world

Compelling heart health benefits and beyond

Significant growth potential– Category only has 16% HH penetration

Shifting competitive set – to all wellness food and beverage products

Expand benefits via advertising & innovation

New “Natural” line will keep Silk affordable

First Silk specific claim – Clinically shown to reduce cholesterol by 7% in 4 weeks

Compares favorably to other wellness products

98 million in U.S. with cholesterol concerns

Expect to be a top-selling SKU in portfolio

2008 Sales: $535M

8% increase vs. 2007

23% market share1

Coffee consumption trends driving category

Well positioned portfolio

– #2 flavored ND, #1 Dairy creamer

– #2 Retail, #1 Away-from-home

Driving category growth via innovation

Benefiting from trend away from coffeehouses

Source: IRI Grocery (01/09); Internal Data. Creamers defined as ND flavored creamers and H&H. Share includes only WWFC LOL and ID creamers (HO and Silk creamers 2% additional share)

53%49%

56%

‘04 ‘06 ‘07

Drank Coffee Yesterday

‘05

57%

57% of adults are daily drinkers

77% of daily drinking is at home

Half of daily drinkers use creamers

0

2

4

6

8

10

All Creamers1

(ex-WhiteWave)

5.3

8.8

2-Year Revenue CAGR (%)

1. Includes all cream and creamer products, including powderSource: National Coffee Drinking Trends, 2007

New, more premium consumer preferred bottle

Continued flavor innovation

Coffeehouse drinker targeted product offering

1.2.3.

Built capability and recently opened new Centers for Innovation and R&D

We are building a pipeline of new products through two paths:– Internal Development– External Partnerships

0

20

40

60

80

100%

Hero

Other

Infant

Fruit

$1.6B

A European leader in fruit-based foods

A global leader in baby food

Highly innovative and entrepreneurial

Source: Hero website (converted CHF to USD at 2/24 rate)

Source: IRI (6/08)

Fruit2day is a unique “fruit in a bottle”

Targeting a large consumer market– $1.3B chilled cut-fruit

– $420M super-premium juice

Extensive consumer validation

$1.75/bottle retail compares favorably to other super-premium juices

Source: IRI

0

10

20

30

$40M

Germany

8.5

30.233.8

Netherlands

18.3

26.830.0

200520062007

Implies a $200M+ U.S. retail business at comparable sales per capita

Retail Sales ($ Millions)

Note: Externally reported revenue; does not include internal sales

US leader in national long shelf-life private label dairy

Well penetrated in leading retailers, quick serve restaurants

Strong share of nationwide cultured and extended shelf life dairy

Compelling transformation opportunity

Ice Cream MixCreamers/Half & HalfWhipping CreamsAerosol Whipped Cream Specialty Milk

YogurtSour CreamCottage Cheese

Note: Externally reported revenue and operating income (ex-restructuring and non-recurring costs)

2004

$749

2006

811

2008

1,120+11%CAGR

0

1,000

1,250

750

500

250

($ Millions)

Category-centric Organization

Thought Leaders in Private Label and Restaurant Chains

RationalizeSKUs

Growth from core categories, core customers, and

focused innovation

Align RegionalProduction

With Demand

Rationalize Assets

Continued cost savings from WhiteWave transformation

Strong performance by our brands

Exciting innovation pipeline

Early stages of assessing Morningstar opportunityWhiteWave-

MorningstarWhiteWaveMorningstar