df 09/09/05

Dean Foods Company

Prudential Equity Group’s14th Annual Back to School

Consumer ConferenceSeptember 8, 2005

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, and (3) our branding 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.

Dean Foods Company: 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 competitor

• Uniquely positioned branded portfolio– On trend with healthy, better-for-you

and premium product offerings– High-growth brands– Significant margin-enhancing opportunities

• Extremely focused on shareholder value

Positioned for 8-10% Long-Term EarningsPer 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– Synergy opportunities – Volume growth – Strong cash flow– National refrigerated direct

store delivery network

WhiteWave Foods– Significant growth potential– Large, growing categories– Strong national brands– Value-added margins– Leverage through

consolidation

Consistent EPS Growth Despite DairyCommodity Price Volatility

Adj

uste

d A

nnua

l EP

SC

la ss I Mover (per h undre dw

ei ght)

* Adjusted to omit the net impact of facility closing costs, discontinued operations and one time items.

Dean Foods Adjusted Annual EPS vs. Class 1 Mover, 2002 – 2005 Est.

$9.00

$10.00

$11.00

$12.00

$13.00

$14.00

$15.00

$16.00

$17.00

$18.00

$19.00

$0.75

$1.00

$1.25

$1.50

$1.75

$2.00

$2.25

$2.50

$1.40

$1.60

$1.74

FYE2002

FYE2003

FYE2004

FYE2005E

Adjusted Annual EPS Class 1 Mover

$1.97 - $2.02

Estimated 2005 Net Sales by Segment

Dairy Group$8.6 billion

WhiteWaveFoods$1.2 billion

International$0.4 billion



WhiteWaveFoods$1.2 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

Estimated 2005 net salesof $8.6 billion

National Refrigerated DSD Network Coupled With Strong Regional Brands

DSD coverageProcessing plants

• 105 facilities• 30 facilities

closed to date• 2 additional

scheduled for 2005 closure

• 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

Focus on Volume and Marketshare GrowthDairy Group Fluid Milk and Cream Growth versus

USDA Total Consumption

-4%

-3%

-1%

1%

2%

3%

4%

5%

-0.8%

2.4%

2.7%

Q22004

Q42004

Q12005

Q22005

USDA Fresh MilkVolume Growth

0%

-2%

Q32004

Dean Milk and CreamVolume Growth

-2.9%

-0.5%

0.0%

1.2%

-2.3%

4.1%

1.5%

* Calculation is exclusive of cream volumes in 2005

Focus on Driving Efficiency

• Consolidating redundant facilities

• Creating specialized manufacturing facilities

• Optimizing distribution• Leveraging scale• Improving margins

Experienced Leadership

• Alan Bernon namedPresident of Dean Dairy Group– Effective January 1, 2006– 30 year dairy industry veteran– 20 years as president of Garelick/

COO of Dean Northeast region

• Pete Schenkel to becomevice-chairman of DeanJanuary 1, 2006– Will work closely with Alan


WhiteWaveFoods$1.2 billionInternational$0.4 billion


WhiteWave Foods

• Leading brands– Silk– Horizon Organic– International Delight– Land O’Lakes

Estimated 2005 net salesof $1.2 billion¹

¹ 2005 Net Sales includes Maries brand

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, brand-

centric organization– Best-in-class processes

and systems

Sust

aina

ble

grow

th a

ndsu

perio

r ret

urns

Time

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

StrongGrowth

And SuperiorReturns

StrongGrowth

And SuperiorReturns

FocusedProductPortfolio

FocusedProductPortfolio

Focusedportfolio ofcore brands

• Health andwellness

• Premium• High growth• Profitable

FocusedOrganization

FocusedOrganization

Top talent,brand centricorganization• Preservation of legacy

strengths• Talent infusion from

blue-chip consumer goods companies

• Investment in capabilities to drive sales and marketing excellence

FocusedSupplyChain

FocusedSupplyChain

Best-in-classsupply chain &infrastructure• Fully integrated,

leveraged supply chain• CPG best practice

systems andprocesses

• Seamless customerexperience

Vertically Integrated Branded Supply Chain

Efficient Manufacturing

Optimized Distribution

FocusedProduct Portfolio

Creating a Leveraged,Fully-Integrated Supply Chain

Under-leveragedShort-run Plants

DistributedMfg Footprint

ComplexDistribution

2,600 SKU’sInefficient

Processing

12 CompanyOwned Plants and

30+ co-packers

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)

Focused on Premium, High Growth andProfit Potential Brands in the Dairy Case

Focused on brands that offer:• High growth

• Health and wellness

• High profit potential

• Premium dairy brands

• Synergy opportunities

Focused on Premium, High Growth andProfit Potential Brands in the Dairy Case

Focused on brands that offer:• High growth

• Health and wellness

• High profit potential

• Premium dairy brands

• Synergy opportunities

… with a History of Innovationand Strong Growth

5 YR CAGR ofKey Brands = 29%

* Pro forma assuming Dean owned these same businesses in all comparable periods

$ M

illi o

n s

0

200

400

600

800

1,000

1,200

2000 2001 2002 2003 2004 2005 E

p. 23

WhiteWave Foods’Leading Brand Portfolio…

* Note: excludes Marie’s

$275 M

$335 M

$235 M

and other$100 M *

Estimated 2005 Net Sales *

$190 M

* 2005 Net Sales excludes Maries brand* 'other' category includes Tofu products, and Jakada, Farm Rich, Naturally Yours,

Vitamite and IMO brands

p. 24



$335 M

Estimated 2005 Net Sales

p. 25

Strategic focus

Silk is driving growth in core ESL business

• Continue to drive the core refrigerated ESL businessinto the mainstream

• Eliminate Distractions

• Integrate the supply chainto drive margin expansion

• Continue to innovate


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

100%$335 M

Other

Aseptic

ExtendedShelf Life

p. 26



$275 M


p. 27

Strategic focus

Horizon Organic Opportunityis Large and Growing

• Rationalize productofferings to focus onlargest opportunities

• Optimize pricing to maximize long-term profitability

• Integrate the supply chainto drive margin expansion

• Continuously manage organic milk supply

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

100%


$275 M

Fluid Milk

Non-milk Dairy

Other

p. 28



$235 M


p. 29

Strategic focus

International Delight – Opportunities for Sales and Profit Growth

• Continue to be an innovation leader

– Introduction of seasonal flavors and “trans fat-free” varieties

• Capture the “Away from Home” Opportunity

• Integrate the supply chain to drive margin expansion

Estimated 2005 Net Sales0%

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

100%$235 M

At Home(Pints and Quarts)

Away from Home(Bulk and PC)

p. 30



$190 M


p. 31

Strategic focus

Land O’ Lakes is a PremiumDairy Brand

• Leverage brand equityto build leadership in premium dairy categories

• Innovate to introduce value-added products

• Continue to invest to drive national brand equity and continued growth

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

100%


$190 M

Half & Half

Aseptic Portion Control

Aerosol

Other

p. 32



and other$100 M*

Estimated 2005 Net Sales* 2005 Net Sales excludes Maries brand

* 'other' category includes Tofu products, and the Jakada, Farm Rich, Naturally Yours, Vitamite and IMO brands

p. 33

Strategic focus

Non-core Brands Will Be Re-focused or Rationalized

• Narrow Hershey’sproduct, channel, and customer focus

• Emphasize Hershey’sshake product line

• Focus on brand profitability• Other brands will be

re-focused or rationalized• Private label will continue

to be reduced

and other*

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

100%


$100 M

Hershey’s Shakes

Hershey’sSS Milk

Hershey’sOther

Private Label

Other

* 2005 Net Sales excludes Maries brand

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

• Clarifying portfolio– Sale of Dean’s dips and Marie’s dressings– TreeHouse Spin-off

• Building a world-class management team

• Optimizing operations– Dairy Group facility consolidation – WhiteWave supply chain efficiency

• Optimizing capital structure– Efficient use of free cash flow

Focus on Shareholder Value Stock Price Performance, IPO – August 2005

$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

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 stock for June through August 2005 to show total shareholder return since IPO

Hurricane Katrina

• New Orleans facility shut down • Significant gulf coast market disruption• Resin and fuel costs have increased significantly• WhiteWave continues to perform well

• Maintaining guidance – $0.49 - $0.51 per share in the third quarter– $1.97 – $2.02 per share for the full year

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

Prudential Equity Group’s14th Annual Back to School

Consumer ConferenceSeptember 8, 2005

df 09/09/05

Economy & Finance

facility closing

dairy case

high growth

profit potential

high growth

profit margins

branding initiatives

excludes maries