CAGNY 2006

Dean Foods Company

CAGNY ConferenceFebruary 21, 2006

Scottsdale, Arizona

Forward Looking Statements

The following statements made in this presentation are “forward looking” and are made pursuant to the safe harbor provision of the 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 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, all of which are identified in our filings with the Securities and Exchange Commission, including our Annual Report on Form 10K (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 success of our branding initiatives will depend on a number of factors, including customer and consumer acceptance of both the products themselves and the prices that we intend to charge for those products. We have many competitors with greater resources than ours, and significant additional spending or innovations by our competitors could render our products less successful than we currently expect. 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.

One of the nation’s leading food and beverage companies

• Largest dairy company in the U.S.– Over $10 billion in net sales– Approximately 4X the size of nearest fluid

dairy competitor• Uniquely positioned branded portfolio

– On trend with healthy, better-for-youproduct offerings

– High-growth brands– Significant margin-enhancing opportunities

• Extremely focused on shareholder value

Dean Foods 2005 Achievements

• Spun-off Treehouse Foods

• Divested Marie’s dressings and Dean’s dips

• Combined branded businesses

• Joe Scalzo named president of WhiteWave

• Alan Bernon promoted to president of the Dairy Group

• Repurchased 18.9 million shares

Dean Foods 2005 Financial Recap

• Dairy Group fluid milk volume growth of 2.5% – operating income growth of 7%

• WhiteWave Foods revenue growth of 13%– operating income growth of 32%

• Consolidated operating profit growth of 7%

• Earnings per share growth of 15%

2006 Guidance

Consolidated operating income of $680 -700 million, up 9%-12%*

Earnings per share of $2.10 – $2.15, up 15%-18% over $1.82 in 2005*

* Post stock-option expense

Positioned for 8-10% Long-Term Earnings Per Share Growth1

1 Excludes possible facility closing costs, future acquisitions / divestitures and one-time items

A Unique Balance of Businesses

Dairy Group– Stable, predictable earnings– Volume growth – Synergy opportunities– Strong cash flow– National refrigerated direct

store delivery network

WhiteWave Foods– Attractive growth categories– Strong national brands– Value-added margins– Improving supply chain– Leverage through

consolidation

2005 Net Sales by Segment

Dairy Group$9 billion

WhiteWave Foods$1.1 billion

International$0.4 billion

2005 Net Sales by Segment

Dairy Group$9 billion

WhiteWave Foods$1.1 billion

International$0.4 billion

Dean Dairy Group

• Nation’s largest dairy processor• Strong regional brands• Unique nationwide footprint• National refrigerated direct store

delivery (DSD) network

2005 Dairy Group Sales

Fresh FluidMilk/Cream 67%

Ice Cream 9%

Cultured 6%

Juice/Drinks/Water 4%

ESLCream/Creamer 6%

Others 4%

Ice Cream Mix 4%

National Refrigerated DSD Network Coupled With Strong Regional Brands

DSD coverageProcessing plants

• 99 facilities

• 6,500 DSD routes

• 150,000 locations served

Focus on Leading the Industryin Customer Service

• One-stop-shop solution • Simplified pricing• Superior responsiveness• Focus on quality

-4%

-3%

-2%

-1%

0%

1%

2%

3%

4%

5%

Focus on Volume and Marketshare Growth

Dairy Group Fluid Milk and Cream Growth versusUSDA Total Consumption

* Calculation is exclusive of cream volumes in 2005

USDA Fresh MilkVolume Growth

Dean Milk and CreamVolume Growth

-0.8%

- 2.9%

- 0.5%

-2.3%

0%

1.3%0.9%

2.4% 2.7%

1.2%

4.1%3.4%

Q2 04 Q3 04 Q4 04 Q1 05 Q2 05 Q3 05 Q4 05

0%

1.4%

Historical Focus• Consolidate redundant facilities

– 32 facilities closed to date– Includes 2 facilities closed in 2005

• Separated branded and private label product manufacturing

Next Steps• Modernize information systems

platform• Optimize SG&A infrastructure

– Consolidate regional structure– Leverage scale in purchasing and

administrative functions

Focus on Driving Efficiency

Experienced Leadership

• Alan Bernon namedPresident of Dean Dairy Group– 30 year dairy industry veteran– 20 years as president of Garelick/

COO of Dean Northeast region

• Pete Schenkel namedVice-Chairman of Dean

2005 Net Sales by Segment

WhiteWave Foods$1.1 billionInternational$0.4 billion

Dairy Group$9 billion

p. 18

WhiteWave Foods’Leading Brand Portfolio

* Note: excludes Marie’s

$273 M

$337 M

$241 M

and other$111 M

2005 Net Sales

$182 M

Branded products have become a corepart of the Dean Foods portfolio over time

2002Purchased

White Wave

1997Purchased

Morningstar

2002Entered licensing agreement with Land O’ Lakes

2004Purchased HorizonOrganic

2005Merged 3 legacy companies

under WhiteWave name

Significant Strides Have Been Madein Integrating the 3 Legacy Companies

3 separate,legacy companies

– 3 faces to the customer

– 3 separate,under-leveragedsupply chains

– Internal redundancy– Limited process

and systems infrastructure

One company

– 1 organization– 1 leadership team– 1 “sales” face to

the customer– Supply chain

integration in progress

– Process and systems build-out in progress

One, unified company;

best-in-class brands, talent, and

infrastructure

– Focused portfolio of premium brands

– 1 face to the customer– Fully integrated supply

chain– Top-talent organization– Best-in-class

processes and systems

Sust

aina

ble

grow

th a

ndsu

perio

r ret

urns

Time2004 2005 2006-2007

p. 21

White Wave’s Focus is to Enable Continued Growth and Superior Returns

StrongGrowth

And SuperiorReturns

StrongGrowth

And SuperiorReturns

FocusedProductPortfolio

FocusedProductPortfolio

FocusedOrganization

FocusedOrganization

FocusedSupplyChain

FocusedSupplyChain

Vertically Integrated Branded Supply Chain

Efficient Manufacturing

Optimized Distribution

FocusedProduct Portfolio

Creating a Leveraged,Fully-Integrated Supply ChainUnder-leveragedShort-run Plants

2,600 SKU’sInefficient

Processing

DistributedMfg Footprint

12 CompanyOwned Plants and

30+ Co-packers

ComplexDistribution

65InventoryLocations

Reduced product

movement, full trucks

(11 inventory locations)

Focusproduct

portfolio onlargest

opportunities(~700 SKUs)

Dedicated,multi-line,

long run plants(5 WWFC plants

3 strategicco-packers)

2004

2005

2006-2007

Focused on brands that offer:• High growth

• Health and wellness

• High profit potential

• Premium dairy brands

• Supply chain fit

Focused on Premium, High Growth Brands in the Dairy Case

Focused on Premium, High Growth Brands in the Dairy Case

Fit with the vision

Focused on brands that offer:• High growth

• Health and wellness

• High profit potential

• Premium dairy brands

• Supply chain fit

Strong Brands with a History ofRobust Growth

0

200

400

600

800

1,000

1,200

2000 2001 2002 2003 2004 2005

5 YR CAGR ofKey Brands = 28%

* Pro forma assuming we owned these samebusinesses in all comparable periods

p. 26

WhiteWave Foods’Leading Brand Portfolio

* Note: excludes Marie’s

$337 M

2005 Net Sales

20% increase vs. 2004

p. 27

Despite the Rapid Growth of the Soymilk Category, US Household

Penetration is Low

• Virtually all sales are to 7% of households– These buyers represent 80% of category

volume

• Core soymilk households still consume 3X as much conventional milk as soymilk

• Another 30% of US households are interested in soymilk

Represents significant opportunity to grow the category

p. 28

Strategic focus

Silk’s strategy is to drive category growth

• Focus on current users and interested prospects

• Increase marketing investment and focus on heart health

• Focus on core refrigerated products (best taste - margins)

• Use new products to drive trial (e.g. Silk Light)

• Integrate the supply chainto improve margins

2005 Net Sales

0%10%20%30%40%50%60%70%80%90%

100%$337 M

Other

Aseptic

Refrigerated

p. 29

Targeted Promotion

p. 30

WhiteWave Foods’Leading Brand Portfolio

* Note: excludes Marie’s

$273 M

2005 Net Sales

39% increase vs. 2004

p. 31

There is Significant Latent Demand for Organic Milk

• 32% of consumers are interested– 4% of households use organic milk today

• Demand is outstripping supply, customers are on allocation

• We are not currently investing in marketing the brand or pursuing new distribution (68% ACV)

Category will grow as supply situation improves

p. 32

We are Investing to Grow Supply

• Increase supply from 325+ family-owned farms (80% of current supply)

• Adding 180 new family farms to producer network– Horizon Organic Producer Education (HOPE) –

Assists farmers to become organic– 12-36 month transition period

• Increase supply at company-owned farms (20% of current supply)– Improve operations at Idaho and Maryland to

increase quality and productivity– Add new company-owned farms

p. 33

Strategic focus

Horizon Organic’s Focus is Profitable Growth

• Invest to increase supply

• Integrate the supply chainand drive margin

• Optimize pricing to improve profitability and moderate demand

• Drive growth on core fluid milk by targeting interested prospects

0%10%20%30%40%50%60%70%80%90%

100%

2005 Net Sales

$273 M

Fluid Milk

Non-milk Dairy

Other

p. 34

Strategic focus

Rachel’s Organic

• Intensify marketing support of branded products

• Use innovation as driver of growth and differentiation

• Continue to reinforce premium nature of the brand

0%10%20%30%40%50%60%70%80%90%

100%

2005 Net Sales

$69 M

Milk

Yogurt & Cream

Other

38% increase over 2004

p. 35

WhiteWave Foods’Leading Brand Portfolio

* Note: excludes Marie’s

$241 M

2005 Net Sales

13% increase vs. 2004

p. 36

Strategic focus

International Delight – Opportunities for Sales and Profit Growth

• Continue to innovate– Introduction of seasonal

flavors and “trans fat-free” varieties

• Capture the “Away from Home” opportunity

• Integrate the supply chain to drive margin expansion

• Maintain/enhance market position over time

– currently 30% market share

2005 Net Sales0%

10%20%30%40%50%60%70%80%90%

100%$241 M

At Home(Pints and Quarts)

Away from Home(Portion Control

& Bulk)

p. 37

Innovation Drives the Brand: At Home

• Hershey’s Chocolate Caramel leverages a strong co-brand equity

• 0 Trans Fat formulation targets health and wellness trends

p. 38

Innovation Drives the Brand: Away from Home

• Bulk Creamer dispensers complement Portion Control cups to provide full creamer solutions for Away FromHome coffee programs

• Seasonal, limited timeflavors add excitement and incremental sales

p. 39

WhiteWave Foods’Leading Brand Portfolio

* Note: excludes Marie’s

$182 M

2005 Net Sales

2% increase vs. 2004

p. 40

Strategic focus

Land O’ Lakes is a PremiumDairy Brand

• Invest to drive national brand equity and growth

• Introduce value-added products

• Leverage brand equityto build leadership in premium dairy categories

0%10%20%30%40%50%60%70%80%90%

100%

2005 Net Sales

$182 M

Half & HalfAt home(Pints & Quarts)

Half & Half Away from home(Portion Control)

Aerosol

Other

Building a World Class Organization

• Joe Scalzo namedPresident and CEO of WhiteWave– Proven executive with skills and

experience to realize WhiteWave’s potential

– Gillette, Coca-Cola, Procter & Gamble

– Brand management, marketing, logistics and supply chain management experience

– Passion for excellence

Focus on Shareholder Value Stock Price Performance, IPO – February 13, 2006

$0

$5

$10

$15

$20

$25

$30

$35

$40

$45

$50

Apr-96

Oct-96

Apr-97

Oct-97

Apr-98

Oct-98

Apr-99

Oct-99

Apr-00

Oct-00

Apr-01

Oct-01

Apr-02

Oct-02

Apr-03

Oct-03

Apr-04

Oct-04

Apr-05

Oct-05

CAGR = 26%

Acquired Morningstar

Acquired Dean Foods

AcquiredWhite Wave

Acquired Horizon Organic

Began WhiteWaveconsolidation

TreeHouse Spin-off

TreeHouse Foods was Spun-off from Dean Foods on June 27, 2005. Chart includes the value of TreeHouse Foods on the day it was spun-off to show total shareholder return since IPO

Summary• Dairy Group continues to execute long-term

strategy– Growing marketshare– Driving efficiency

• Significant opportunities at WhiteWave Foods– Driving rapid growth in well-positioned brands– Pushing efficiency to grow profitability

• Intense focus on shareholder value creation– History of shareholder enriching activities

Dean Foods Company

CAGNY ConferenceFebruary 21, 2006

Scottsdale, Arizona