1. Dean Foods Company
Consumer Analyst Group
of New York
Annual Conference
February 21, 2007

2. 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.

3. Agenda
The New Dean Gregg Engles
WhiteWave Joe Scalzo
Dairy Group Jack Callahan
Summary and Outlook Gregg Engles

4. Dean Foods Is the Only National Dairy
Beverage Company
Leading portfolio of national and regional dairy brands in
better-for-you beverage categories
National manufacturing system with fullest set of capabilities
and with market proximity as a strategic advantage
Unparalleled refrigerated distribution network
Deep customer relationships at local,
regional and national levels across
all channels
Ability to innovate across the entire
dairy category
Experienced management team with
deep company, dairy and CPG
industry expertise

5. Strong Branded Position
Complemented by Private Label…
National Brands
Private
Label
33% Branded
Sales
67%
Strong Regional
Brands
Dean Foods 2006
Sales Mix

6. …With the Country’s Only
National Manufacturing System…

7. ...Delivered Through the Most Extensive National
Refrigerated Sales and Distribution Network
DSD Warehouse
160,000 refrigerated Broad grocery and retail
locations served capability, including natural
foods channel
6,500 DSD routes
nationwide Extensive foodservice /
QSR system
2,600 tractors
4,400 straight trucks
5,300 refrigerated trailers
Any customer, any channel

8. Dean Foods: 2006 Scorecard
Long-term
Algorithm 2006 Result
Mid-single digits
Dairy Group
+6%
(5-6%)
Mid-teens
+21%
WhiteWave Foods (15-18%)
Less than volume growth
(2.4%)
(2-3%)
Corporate Costs
High-single digits
+9%
(7-8%)
Operating Profits
Leverage: share repurchase
+++
+++
and/or debt paydown
Earnings Per
+16%
Double-digit
Share Growth*
EPS Growth
*excludes restructuring and other one-time items

9. Historical EPS Growth
$2.12
2002 - 2006 $1.83
Adjusted EPS*
CAGR = 17%
$1.48
$1.31
$1.15
2002 2003 2004 2005 2006
GAAP EPS
$1.28 $1.67 $2.01
$1.08 $1.53
from continuing
operations
See reconciliation of these at www.deanfoods.com and in Appendix A of this presentation
*Adjusted to omit the net impact of facility closing costs and one time charges and discontinued operations.

10. Consistent Operating Income
and Stable Cash Flow Generation
Cash Flow from
Operating Income from
Continuing Operations
Continuing Operations*
($ millions) ($ millions)
Capex: $260 $301 $287 $237
$580 $651
GAAP $536
$574
Op. Inc. FCF: $125 $113 $255 $323
* Excludes divestures and non-recurring items, See Appendix A for reconciliation

11. Focus on Sustained Shareholder
Value Creation
Announced sale of
$45 Iberian operations
CAGR = 26% TreeHouse
$40 Spin-off
Acquired 100% of
$35 Horizon Organic
$30 Acquired
Acquired minority
Dean Foods Added to
interest in
$25 S&P 500 Index
Horizon Organic
Began WhiteWave
$20 consolidation
Acquired
Southern Foods
$15
IPO
$10 Acquired
White Wave
Acquired
$5 Morningstar
$0
2006 2007
1996 1997 1998 1999 2000 2003
2002 2005
2001 2004
YTD
Source: Bloomberg as of 2/16/2007
Note: Share price appreciation reflects stock-split adjusted price.

12. Dean Foods Evolution
Transition
Consolidation
1994 - 2001 2002 - 2006
75 fold US dairy Shifting volume to more
revenue growth from efficient facilities,
1994 to 2002 elimination of excess
capacity
– $100 million to
$7.6 billion
Demonstrated ability to
drive market share
Expanded from 2
facilities to over 100
Significant management
focus on portfolio
Developed only
rationalization and
nationwide footprint in
WhiteWave
the industry
consolidation
Four times larger than
Early steps towards
nearest competitor
developing the future
Primary focus on Dairy Group operating
rollup, limited change model
to local dairy
operating model

13. Dairy Category Still Has Tremendous Upside
Traditional Dairy New Dairy
Consolidated industry
Fragmented industry
Single national player –
Local companies
Dean Foods is the #1 health &
Locally managed, lack of wellness and #3 non-alcoholic
functional expertise beverage company in U.S.
Growing profitability;
Limited profitability and
resources to invest
financial resources
Investment in innovation
Infrequent innovation
and marketing
Limited marketing
Emergence of national brands
High private label penetration Strong regional brands
Greater consumer focus
on nutrition

14. Dean Foods Evolution
Transition The New Dean
Consolidation
1994 - 2001 2002 - 2006 2007 - 2010
75 fold US dairy Shifting volume to more Evolve the operating
revenue growth from efficient facilities, model to maximize the
1994 to 2002 elimination of excess benefits of scale
capacity advantage
– $100 million to
$7.6 billion
Demonstrated ability to Strengthen functional
drive market share expertise to:
Expanded from 2
facilities to over 100 – Sustain year on year
Significant management productivity
focus on portfolio
Developed only – Enhance selling
rationalization and
nationwide footprint in capability, brand
WhiteWave
the industry building and
consolidation innovation
Four times larger than
Early steps towards
nearest competitor Ensure pace of change
developing the future does not inhibit
Primary focus on operating model business performance
rollup, limited change
to local dairy operating Opportunity to sustain
model strong operating profit
growth

15. Building the New Dairy Model
The New Dean Foods
The New Dean Foods
Step-Up
Strengthen Brand
Strengthened Stepped Up
Increase
Increased
Selling Building
Selling Brand Building
Productivity
Productivity
Systems and Innovation
Systems And
Innovation

16. WhiteWave Foods
Starting Point: 2004 Where We Are Today: 2007
Consolidated and
Three separate businesses
integrated three businesses
– Overlapping organizations
into one
– Significant redundancy
– Single face to the
– Variety of systems
customer
Complex and inefficient – Reduced redundancy
manufacturing and – Leveraged scale
distribution Implementing SAP for
– Over 12 internal efficiency and business
production sites insight
– 30+ co-packers
Building direct sales model,
Limited selling and company-wide innovation
marketing capability center, and world-class
marketing organization
Update From Joe Scalzo,
CEO and President, WhiteWave Foods

17. Dairy Group
Starting Point: 2005 Where We Are Today: 2007
Moving forward on a multi-
Highly decentralized
year productivity
– 57 Business Units
enhancement program
– 139 P&L’s
– Purchasing
Limited scale leverage
– Administration
– Some plant
– Manufacturing
rationalization
Shifting operating model to
– Cooperation on some
balance national scale with
direct materials
local accountability
Significant redundancy
Looking to build expertise
Mixed functional expertise
in marketing and DSD
over time
Update From Jack Callahan
CFO, Dean Foods

18. Agenda
The New Dean Gregg Engles
WhiteWave Joe Scalzo
Dairy Group Jack Callahan
Summary and Outlook Gregg Engles

19. WhiteWave Foods: Overview
Core Brands
Strong portfolio of branded
products
Leading market shares in on-
trend categories
- Horizon: #1 organic milk (45% share)
- Silk: #1 soy milk (75% share)
Significant recent investment in
capabilities and infrastructure
Brand Mix
2006 Performance
Sales: $1,278M
Operating Income: $139M, +21%

20. Transition to a Unified WhiteWave Business is Near
Complete; Margin Expansion Along the Way
~2008+
2005 2006
2004
Net sales: $1,042M $1,201M $1,278M Top-tier CPG
Op mgn (%): 8.4% 10.9%
9.6% performance
The New
and superior returns
WhiteWave:
Sustainable growth
Increase
Transition
Three productivity
to one Strengthen
separate,
integrated selling systems
legacy Step-up brand
business
companies building and
innovation
2004 2008+
2007
2005 2006

21. Building the New Dairy Model
Step-Up
Strengthen Brand
Stepped Up
Strengthened
Increase
Increased Selling Building
Brand Building
Selling
Productivity
Productivity
Systems And
and Innovation
Systems
Innovation

22. Increase Productivity: Supply Chain
Under-leveraged
Unfocused Complex
Manufacturing
Portfolio Distribution
2004 65
12 Company
2,600 SKU’s Inventory
Owned Plants and
Manufactured Locations
30+ Co-packers
In-house Reduce
Drive top production product
2005 -
products (5 plants, movement,
2006 (~700 SKUs) 3 strategic maximize
co-packers) truck loads
Leveraged, integrated supply chain
2007
Focused
Efficient Optimized
and Product
Manufacturing Distribution
beyond Portfolio

23. Increase Productivity: Purchasing
2005 – 2006:
– Organized a centralized procurement
organization
– Leveraged combined spend of 3 legacy
WWF businesses
2007 and 2008:
– Leverages common areas of spend
across Dean Foods
– Standardizing specifications

24. Increase Productivity: SAP
2006: Significant portion of business migrated
- 50% of products and customers
- Two plants
2007: Migrate rest of business
2008 and beyond:
- Leverage improved enterprise
planning, visibility and control
- KPI-measured performance
improvement

25. Building the New Dairy Model
Step-Up
Strengthen Brand
Strengthened Stepped Up
Increase
Increased Selling Building
Selling Brand Building
Productivity
Productivity
Systems And
Systems and Innovation
Innovation

26. Strengthen Selling Systems
2005 – 2006: Transitioned to one sales
organization primarily brokered through Acosta
2007 – 2008:
–Transition to hybrid direct sales model with
dedicated sales and distribution teams for
key customers
– Leverage Dairy Group DSD
Single Serve
Alternative Channels

27. Building the New Dairy Model
Step-Up
Strengthen Brand
Strengthened Stepped Up
Increase
Increased Selling Building
Selling Brand Building
Productivity
Productivity
Systems And
Systems and Innovation
Innovation

28. Step-Up Branding and Innovation
2005 – 2006: Improve marketing to drive
continued core brand growth
– Build the team with top CPG marketing talent
– Consumer insight and ROI-driven programs
2007 – 2008: Invest to
accelerate growth
through innovation
– Focus on prospects
– New products
– New channels
– New geographies

29. Step-Up Branding and Innovation: 2007
Single Serve Value-added
Value-added New Products
New Products
Expansion Line Extensions
Line Extensions

30. Core Brand Overview
Strategic Summary
Strategic Summary
No. 1 soy beverage
Compelling health benefits
Significant growth potential by
targeting consumer prospects:
• 2006 Brand Sales: ~$360MM
– Only 11.5% HH penetration
(up 1% point from year ago)2
• 12% increase vs 2005
– Soymilk households consume
• 75% market share1 three times as much
conventional milk as soymilk3
Driving cost from the supply
chain through scale and
efficiencies
1. IRI, Spins, IRI Wal-Mart panel data
2. IRI Household Panel.
3. Cambridge Group – Demand Landscape March 2006.
Investing in innovation

31. Core Brand Overview
Strategic Summary
Strategic Summary
Continue to focus on supply
growth
– 25%+ organic milk supply increase in
2007 (vs. year ago)2
Significant growth potential
from penetrating consumer
• 2006 Brand Sales: ~$315MM prospects
– ~4% household penetration vs. 33% of
• 24% Milk Increase vs 2005 households interested in organic milk 3
• 45% market share1
Demand-driving initiatives
under way
– New Products
– Distribution
1. IRI, Spins, IRI Wal-Mart panel data
– Single Serve
2.Company estimates
3.Cambridge Group – Demand Landscape March 2006.

32. Core Brand Overview
2006 sales growth of 7%
30% market share in retail (#2)
#1 in foodservice
(approx 80% share)
2006 sales growth of 6%
20% market share – all-time
high (half and half creamer)
Exclusive perpetual fluid dairy
license
2006 sales growth of 27%
#1 UK organic milk brand
#2 UK organic yogurt
Introduce brand to U.S.

33. WhiteWave Summary
Transitioning to one integrated business;
will be completed in 2007
Strong core brand growth
Steadily improving operating margins
On our way to the New WhiteWave

34. Agenda
The New Dean Gregg Engles
WhiteWave Joe Scalzo
Dairy Group Jack Callahan
Summary and Outlook Gregg Engles

35. Dean Dairy Group: Overview
#1processor and distributor of
Representative Brands
milk and dairy products in the
U.S.
Leading portfolio of well-
known regional brands, with
private label offerings
Broad customer reach and
Product Mix
strong relationships
Unparalleled refrigerated U.S.
distribution network
2006 Performance
Sales: $8,821M
Operating Income: $678M, +6%

36. Building the New Dairy Model
Step-Up
Strengthen Brand
Strengthened Stepped Up
Increase
Increased Selling Building
Selling Brand Building
Productivity
Productivity
Systems And
Systems and Innovation
Innovation

37. Significant Compressible Cost Opportunity
Estimate
2006 Cost Base = $8.14 B
100%
Operating
Expense
80%
60%
COGS
40%
20%
0%
Traditional P&L
View: Dairy Group

38. Significant Compressible Cost Opportunity
Estimate
2006 Cost Base = $8.14 B
100%
Operating
Expense
80%
60%
COGS
40%
20% Milk/Cream
40%
0%
Traditional P&L Alternative P&L
View: Dairy Group View

39. Significant Compressible Cost Opportunity
Estimate
2006 Cost Base = $8.14 B
100%
Operating People Related
Expense 22%
80%
Direct Materials
Compressible
20%
Costs
60%
~$5B
Indirect Purchases
COGS 12%
Capital 2%
40%
Other 4%
20% Milk/Cream
40%
0%
Traditional P&L Alternative P&L
View: Dairy Group View

40. Purchasing: Starting Point
Understaffed organization
Buyer roles combined strategic sourcing with
Organization
execution
Majority of category spend unmanaged
Category Primarily price focused vs. total cost of
management ownership/system cost emphasis
Limited plant compliance with local buying
Limited ability to track performance metrics
Compliance

41. Purchasing: The Opportunity
$1.9B $1.1B
Other
Direct Materials Indirect Purchases
Other
Ingredients / Commodities* Utilities
MRO
Packaging
Logistics
Includes both Dean Dairy Group & WhiteWave
*Notes: Ingredients/ commodities does not include raw milk, cream or soybeans: 2005 cost base
Source: Internal data, including Dairy Group, and WWF

42. Purchasing: Where We Are Today
New experienced leadership in place
Establishing a disciplined sourcing process
Organization
Detailed understanding of total spend
Category Leverage competitive bidding to drive results
management Set high expectations of our suppliers
Measure performance against expectations
Ensure compliance
Compliance
Foundational Work Complete in 2006

43. Purchasing: Prioritized Into Multiple Waves
2008- 2009+ 2007- 2008
Wave II
Wave III Wave I
High
$ Impact
Low
High
Low
Ease of implementation
Delivering Net Benefits in 2007 - Several Years of Benefits Expected

44. Administration: Starting Point
>2,000 people and
Historically local and
$110 million
decentralized staffing
Multiple systems and
organization
Other structures
Accounting, payroll,
and accounts payable
HR & Payroll at over 60 locations
Opportunity to:
Finance Current
– Keep activities local
& Focus of
that need to be local
initiatives
Accounting
– Centralize activities
that can be shared

45. Finance: A More Specialized, Capable Function
Financial Planning and
Control & Reporting Shared Services
Analysis
Efficient Transaction
Forward Looking Actual Result
Processing
Orientation Orientation
Key Focus: Key Focus: Key Focus:
Influencing decision Financial statement Consistent and high
quality service for our
making and bottom line consistency, integrity &
partners and
performance reporting
employees
Aligned with field Transitioning into three
Created Dean Financial
management structure primary locations
Services in Dallas
Requires An Investment in 2007

46. Manufacturing: Continue to Drive Costs Lower
Continue optimization of the manufacturing
Continued footprint
Focus Developing common metrics in cooperation with
the realigned Finance Organization
Improve underperforming operations
Best practices
Longer-Term Continuous
Development improvement
programs

47. Building the New Dairy Model
Step-Up
Strengthen Brand
Stepped Up
Strengthened
Increase
Increased
Selling Building
Brand Building
Selling
Productivity
Productivity
and Innovation
Systems
Systems And
Innovation

48. Working Toward a Transition from a Geographic
Focus to a System Focus
Refrigerated Frozen
Selling
DSD Warehouse DSD &
System
Warehouse
Primary Ice Cream,
Milk, Cream, ESL Cream,
Novelties
Product Juice, Yogurt, Cottage
Drinks, Cheese, Sour
Line
Water Cream, Ice Cream
Mix
Shelf
Life 2-3 weeks 2-3 months 9-12 months
Estimated
10%
Sales Mix 75% 15%
(% of total)

49. Selling Systems: Uniquely Positioned to
Leverage Size and Scale
Leveraging DSD, warehouse and frozen distribution to
offer full category management
Flexibility to meet the diverse needs of national, regional
and local retail and foodservice customers
Private label offering builds
close working relationships
with key customers, in
addition to scale leverage
Investing in technology to
further improve customer
services, eg: ASN, UCCNet

50. Brand Building: Regional Dairy Brands
Investing to strengthen Marketing leadership and capability

51. Extensive Dairy, Beverage and Functional Expertise
Alan Bernon
Dairy: 31 yrs
Dean: 10 yrs
John Robinson Harrald Kroeker
Business TBD
Unit Morningstar/ Dairy DSD Ice Cream / Frozen
Leadership Warehouse
Dairy: 25 yrs CPG: 26 yrs
Dean: 8 yrs PBG: 20 yrs
Years Of Experience
•Dairy 98
Functional
Staff
•Dean 44
•Beverage 22
•HR 22
•Finance 25
•Purchasing 30

52. Dairy Group 2007 Algorithm
-1% ~ +5%
+2%
+2%
Investments
+2% Purchasing
$678 M Productivity
Volume/
Mix
$642 M
$597 M
%
6.6
=
R
AG
C
r
a
Ye
2
2004 2007 E
2005 2006

53. Agenda
The New Dean Gregg Engles
WhiteWave Joe Scalzo
Dairy Group Jack Callahan
Summary and Outlook Gregg Engles

54. Building the New Dairy Model
The New Dean Foods
The New Dean Foods
Step-Up
Strengthen Brand
Strengthened Stepped Up
Increase
Increased
Selling Building
Selling Brand Building
Productivity
Productivity
Systems and Innovation
Systems And
Innovation

55. Dean Foods Sustainable Growth Algorithm
Mid-single digits
Dairy Group
(5-6%)
Mid-teens
WhiteWave Foods
(15-18%)
Less than volume growth
Corporate Costs (2-3%)
High-single digits
Operating Profits
(7-8%)
Leverage from share repurchase
+++
and/or debt paydown
Double-digit EPS Growth
Earnings Per Share Growth*
*excludes any future restructuring or other one-time items

56. 2007 Outlook
Operating profit: ~7% growth
EPS: $2.33 - $2.38
10% - 12% growth
Capital Expenditures: ~$250 M
Q1 EPS Expectations:
$0.44 - $0.46
10% – 15% growth

57. Dean Foods Company
Consumer Analyst Group
of New York
Annual Conference
February 21, 2007

58. Appendix A: Reconciliation
DEAN FOODS COMPANY
Reconciliation of Operating Income and Diluted EPS from Continuing Operations to Adjusted Results
(Dollars in thousands, except per share data)
(Unaudited)
Fiscal Year Ended December 31,
2002 2003 2004 2005 2006
$ 475,906 $ 573,683 $ 535,745 $ 580,095 $ 650,695
Operating Income (GAAP):
Facility closing and reorganization costs 19,050 11,787 24,575 35,451 25,116
Other operating (income) expense - (68,719) (5,899) 3,148 -
$ 494,957 $ 516,751 $ 554,420 $ 618,694 $ 675,811
Operating Income (Adjusted):
$ 1.08 $ 1.53 $ 1.28 $ 1.67 $ 2.01
Diluted EPS from continuing operations (GAAP):
Facility closing and reorganization costs 0.07 0.04 0.09 0.15 0.11
Settlement of tax matter (0.04) - - - -
Losses on investment in affiliate 0.04 - - - -
Gain on sale of frozen pre-whip topping business - (0.25) - - -
Gain on litigation settlement - - (0.02) - -
Write-off of deferred financing costs - - 0.13 - -
Other non-recurring charges - (0.01) - 0.01 -
$ 1.15 $ 1.31 $ 1.48 $ 1.83 $ 2.12
Diluted EPS from continuing operations (Adjusted)