1. Dean Foods Company
Prudential Equity Group’s
14th Annual Back to School
Consumer Conference
September 8, 2005

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, 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.

3. 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

4. A Unique Balance of Businesses
Dairy Group WhiteWave Foods
– Stable, predictable earnings – Significant growth potential
– Synergy opportunities – Large, growing categories
– Volume growth – Strong national brands
– Strong cash flow – Value-added margins
– National refrigerated direct – Leverage through
store delivery network consolidation
Positioned for 8-10%
Long-Term Earnings
1 1
Excludes possible facility closing costs, future
Per Share Growth acquisitions / divestitures and one-time items

5. Consistent EPS Growth Despite Dairy
Commodity Price Volatility
Dean Foods Adjusted Annual EPS vs. Class 1 Mover, 2002 – 2005 Est.
$19.00
$2.50
Class I Mover (per hundredweight)
$18.00
$2.25
Adjusted Annual EPS
$17.00
$1.97 - $2.02
$2.00 $16.00
$1.74
$15.00
$1.75
$1.60
$14.00
$1.50 $13.00
$1.40
$12.00
$1.25
$11.00
$1.00
$10.00
$9.00
$0.75
FYE FYE FYE FYE
2002 2003 2004 2005E
Adjusted Annual EPS Class 1 Mover
* Adjusted to omit the net impact of facility closing costs,
discontinued operations and one time items.

6. Estimated 2005 Net Sales by Segment
Dairy Group
$8.6 billion
WhiteWave
Foods
$1.2 billion
International
$0.4 billion

7. Estimated 2005 Net Sales by Segment
Dairy Group
$8.6 billion
WhiteWave
Foods
$1.2 billion
International
$0.4 billion

8. Dean Dairy Group
• Nation’s largest dairy processor
• Strong regional brands
• Unique nationwide footprint
• National refrigerated direct store
delivery (DSD) network
Estimated 2005 net sales
of $8.6 billion

9. National Refrigerated DSD Network
Coupled With Strong Regional Brands
• 105 facilities
• 30 facilities
closed to date
• 2 additional
scheduled for
2005 closure
• 6,500 DSD
routes
• 150,000
locations served
DSD coverage
Processing plants

10. Focus on Leading the Industry
in Customer Service
• One-stop-shop solution
• Simplified pricing
• Superior responsiveness
• Focus on quality

11. Focus on Volume and Marketshare Growth
Dairy Group Fluid Milk and Cream Growth versus
USDA Total Consumption
5%
4.1%
4%
2.7%
3%
2%
1.5%
2.4%
1%
1.2%
0%
0.0%
-1%
-0.5%
-0.8%
-2%
-2.3%
-3%
-2.9%
-4%
Q2 Q3 Q4 Q1 Q2
2004 2004 2004 2005 2005
Dean Milk and Cream USDA Fresh Milk
Volume Growth Volume Growth
* Calculation is exclusive of cream volumes in 2005

12. Focus on Driving Efficiency
• Consolidating redundant
facilities
• Creating specialized
manufacturing facilities
• Optimizing distribution
• Leveraging scale
• Improving margins

13. Experienced Leadership
• Alan Bernon named
President 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 become
vice-chairman of Dean
January 1, 2006
– Will work closely with Alan

14. Estimated 2005 Net Sales by Segment
Dairy Group
$8.6 billion
WhiteWave
Foods
$1.2 billion
International
$0.4 billion

15. WhiteWave Foods
• Leading brands
– Silk
– Horizon Organic
– International Delight
– Land O’Lakes
Estimated 2005 net sales
of $1.2 billion¹
¹ 2005 Net Sales includes Maries brand

16. Branded products have become a core
part of the Dean Foods portfolio over time
1997 2002 2004
Purchased Entered licensing Purchased
Morningstar agreement with Horizon
Land O’ Lakes Organic
2005
2002
Merged 3 legacy companies
Purchased
under WhiteWave name
White Wave

17. Significant Strides Have Been Made
in Integrating the 3 Legacy Companies
One, unified
company;
best-in-class brands,
One company talent, and
3 separate,
Sustainable growth and
infrastructure
legacy companies
superior returns
– 1 organization
– 1 leadership team
– 3 faces to the – Focused portfolio of
– 1 “sales” face to
customer premium brands
the customer
– 3 separate, – 1 face to the customer
– Supply chain
under-leveraged integration in – Fully integrated supply
supply chains progress chain
– Internal redundancy – Process and – Top-talent, brand-
– Limited process systems build-out in centric organization
and systems progress – Best-in-class processes
infrastructure and systems
Time

18. White Wave’s Focus is to Enable Continued
Growth and Superior Returns
Focused Top talent,
Focused Focused brand centric
portfolio of Product Organization organization
core brands
Portfolio
• Preservation of legacy
• Health and
Strong strengths
wellness
Growth • Talent infusion from
• Premium
blue-chip consumer
And Superior
• High growth
goods companies
Returns
• Profitable
• Investment in
capabilities to drive
sales and marketing
Best-in-class
excellence
supply chain &
infrastructure
• Fully integrated,
leveraged supply chain Focused
• CPG best practice Supply
systems and
Chain
processes
• Seamless customer
experience

19. Creating a Leveraged,
Fully-Integrated Supply Chain
Distributed Complex
Under-leveraged
Mfg Footprint Distribution
Short-run Plants
2,600 SKU’s 12 Company 65
Inefficient Owned Plants and Inventory
Processing 30+ co-packers Locations
Focus Reduced
Dedicated,
product product
multi-line,
portfolio on movement,
long run plants
largest full trucks
(5 WWFC plants
opportunities (11 inventory
3 strategic
(~700 SKUs) locations)
co-packers)
Vertically Integrated Branded Supply Chain
Focused Efficient Optimized
Product Portfolio Manufacturing Distribution

20. Focused on Premium, High Growth and
Profit Potential Brands in the Dairy Case
Focused on brands
that offer:
• High growth
• Health and wellness
• High profit potential
• Premium dairy
brands
• Synergy opportunities

21. Focused on Premium, High Growth and
Profit Potential Brands in the Dairy Case
Focused on brands
that offer:
• High growth
• Health and wellness
• High profit potential
• Premium dairy
brands
• Synergy opportunities

22. … with a History of Innovation
and Strong Growth
1,200
1,000
5 YR CAGR of
Key Brands = 29%
$ Millions
800
600
400
200
0
2000 2001 2002 2003 2004 2005 E
* Pro forma assuming Dean owned these same businesses in all
comparable periods

23. WhiteWave Foods’
Leading Brand Portfolio…
$335 M
and other
$100 M *
$275 M
$190 M
$235 M
Estimated 2005 Net Sales *
* 2005 Net Sales excludes Maries brand
* 'other' category includes Tofu products, and Jakada, Farm Rich, Naturally Yours,
Vitamite and IMO brands
* Note: excludes Marie’s p. 23

24. WhiteWave Foods’
Leading Brand Portfolio…
$335 M
Estimated 2005 Net Sales
* Note: excludes Marie’s p. 24

25. Silk is driving growth in core ESL business
$335 M
100% Other
Strategic focus
90%
Aseptic
80% • Continue to drive the core
refrigerated ESL business
70%
into the mainstream
60%
50% • Eliminate Distractions
40% Extended • Integrate the supply chain
30% Shelf Life to drive margin expansion
20%
• Continue to innovate
10%
0%
Estimated 2005 Net Sales
p. 25

26. WhiteWave Foods’
Leading Brand Portfolio…
$275 M
Estimated 2005 Net Sales
* Note: excludes Marie’s p. 26

27. Horizon Organic Opportunity
is Large and Growing
$275 M
Strategic focus
100%
Other
90%
• Rationalize product
Non-milk
80% offerings to focus on
Dairy
largest opportunities
70%
60% • Optimize pricing to maximize
long-term profitability
50%
40% • Integrate the supply chain
Fluid Milk to drive margin expansion
30%
• Continuously manage
20%
organic milk supply
10%
0%
Estimated 2005 Net Sales
p. 27

28. WhiteWave Foods’
Leading Brand Portfolio…
$235 M
Estimated 2005 Net Sales
* Note: excludes Marie’s p. 28

29. International Delight – Opportunities for
Sales and Profit Growth
Strategic focus
$235 M
100%
Away from
90% • Continue to be an
Home
innovation leader
80%
(Bulk and PC)
– Introduction of seasonal
70%
flavors and “trans fat-
60% free” varieties
At Home
50% • Capture the “Away from
(Pints and Home” Opportunity
40%
Quarts)
30% • Integrate the supply chain
to drive margin expansion
20%
10%
0%
Estimated 2005 Net Sales
p. 29

30. WhiteWave Foods’
Leading Brand Portfolio…
$190 M
Estimated 2005 Net Sales
* Note: excludes Marie’s p. 30

31. Land O’ Lakes is a Premium
Dairy Brand
$190 M
Strategic focus
100%
Other
90%
80% • Leverage brand equity
Aerosol
to build leadership in
70%
premium dairy categories
Aseptic
60%
Portion
• Innovate to introduce
50% Control
value-added products
40%
30% • Continue to invest to drive
national brand equity and
Half & Half
20%
continued growth
10%
0%
Estimated 2005 Net Sales
p. 31

32. WhiteWave Foods’
Leading Brand Portfolio…
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
* Note: excludes Marie’s p. 32

33. Non-core Brands Will Be Re-focused or
Rationalized
and other*
Strategic focus
$100 M
100%
• Narrow Hershey’s
90% Other
product, channel, and
80%
customer focus
70% Private Label
• Emphasize Hershey’s
60% Hershey’s shake product line
Other
50% • Focus on brand profitability
Hershey’s
40% SS Milk • Other brands will be
re-focused or rationalized
30%
Hershey’s • Private label will continue
20% Shakes to be reduced
10%
0%
Estimated 2005 Net Sales
* 2005 Net Sales excludes Maries brand
p. 33

34. Building a World Class Organization
• Joe Scalzo named
President 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

35. 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

36. Focus on Shareholder Value
Stock Price Performance, IPO – August 2005
$50 TreeHouse Spin-off
$45
CAGR = 26% Acquired Horizon Organic
$40
Acquired Dean Foods
$35
$30 Acquired Morningstar
$25
$20 Began WhiteWave
consolidation
$15 Acquired
White Wave
$10
$5
$0
6
7
8
9
0
1
2
3
4
96
97
98
99
00
01
02
03
04
05
-9
-9
-9
-9
-0
-0
-0
-0
-0
r-
r-
r-
r-
r-
r-
r-
r-
r-
r-
ct
ct
ct
ct
ct
ct
ct
ct
ct
Ap
Ap
Ap
Ap
Ap
Ap
Ap
Ap
Ap
Ap
O
O
O
O
O
O
O
O
O
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

37. 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

38. 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

39. Dean Foods Company
Prudential Equity Group’s
14th Annual Back to School
Consumer Conference
September 8, 2005