Gregg Engles, Chairman and Chief Executive Officer

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2 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, earnings per share, and covenant compliance (2) our growth strategy, including acquisitions and the integration of such acquisitions, (3) our branding initiatives (4) our integration, innovation, and research and development plans, and (5) our costsavings 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, operating income, net income and debt covenant compliance, financial performance and adjusted 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 Forms 10-K and 10-Q (which can be accessed on our website at or the website of the Securities and Exchange Commission at Our ability to profit from our branding initiatives iti depends d on a number of factors including consumer acceptance of 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 such press releases, which are publicly available on our web site at 2

3 Barry Sievert, VP Investor Relations Gregg Engles, Chairman and Chief Executive Officer - Business Performance - Forward Outlook Jack Callahan, Chief Financial Officer - Financial Review Joe Scalzo, Chief Operating Officer Tim Smith, VP Treasury - In Attendance for Q&A 3

4 Adjusted Diluted Earnings Per Share Best first half performance ever $ Milk discounting begins Pricing environment pressuring margins Results well below year ago levels, but a step forward from the first quarter of 2010 Fresh Dairy Direct- Morningstar challenges continue p WhiteWave-Alpro top-line momentum continues Amendment and Extension an important step Q1 Q2 Q3 Q4 Q1 Q

5 External Factors Dean Segment Impact Uneven economic recovery leaves many American consumers struggling Weak volume growth across many food categories, in spite of increased promotional efforts Weak conventional milk category volume growth Continued private label discounting by retailers Cereal category down midsingle digits (drives ~30% of milk consumption) Stronger growth across some value-added categories Non-dairy milk alternatives Flavored coffee creamers Organic milk 5

6 USDA Fluid Milk Category Volume 0.9% YOY % Change $2.00 $1.90 Private Label Retail Price Less Raw Milk Cost (Class I Mover) Conventional White Milk Gallons 05% 0.5% 03% 0.3% $ % $1.70 $ % $1.50 $ wks ending June 27th Q2 Q3 Q4 Q1 Q2* $ Source: USDA * 2Q10 includes June month estimate based on FMMO receipts and Class I utilization Source: IRI, USDA. Class I mover converted at 11.6 gallons per cwt 6

7 Dean Fluid Milk Volume (YOY change) Dean Competition 0.2% Competition 1-0.6% Q2 Q3 Q4 Q1 Q Competitor estimates derived from subtracting FDD-MS pounds from USDA sales pounds 7

8 FDD-MS Gross Profit Change Q vs Q ($54M ) -8.5% Estimate Weak category trends across most categories Balance of Portfolio Regional Branded Milk Regional branded milk margins and volumes continue to be challenged by low private label retail prices Stepped-up competitive pressures impact private label margins Private Label Milk Margin Q2 Gross Profit increased $12 million from Q

9 On track for $100M+ cost savings in 2010 Accelerated cost reduction announced last quarter has driven elimination of over 360 positions, with year to date total of over 700+ Leveraging technology to drive distribution costs lower Fuel F l consumption ti d down 2% Employee costs down 5% Distribution costs per gallon, excluding fuel, down 2% Announced additional plant closure in Southeast, driving asset utilization 9

10 Operating Income $ Millions Overview $ Tight cost control and pricing initiatives drove operating income of $147 million 127 Below year ago, but a $20 million improvement from 1Q10 Q2 Q3 Q4 Q1 Q % PY 15% 10% -15% -41% -28% 10

11 Net Sales $ Millions Highlights $ Alpro WW $377M* +8% Growing value-added categories Strong volume-led led growth across the portfolio Innovation and product extensions fueling growth Q2 Q3 Q4 Q1 Q2 Strong Alpro performance continues % PY 2% 25% 23% 36% 31% *includes Hero JV sales 11

12 Key Brand Performance Net Sales Growth % Mid-Teens Mid-Single Digits* High-Single Digits** Low-Double Digits High -Single Digits*** * Growth refers to LOL creamer product only **Horizon sales growth refers to branded milk sales ***Alpro sales growth on proforma basis 12

13 Operating Income $ Millions Highlights $ * Profit growth driven by Alpro acquisition WhiteWave gross profit growth offset by higher distribution costs and the timing of marketing investment on new products Q2 Q3 Q4 Q1 Q FY 2010: Expect continued strong top line and operating income growth % PY 31% 69% 7% 57% 18% * Excludes the $1.9M loss related to the Company s portion of the Hero JV 13

14 Outlook fundamentally unchanged Continued challenges in Fresh Dairy Direct- Morningstar; unclear how long environment will persist Expect continued strong top line and full year operating income growth at WhiteWave-Alpro Amendment and extension removes uncertainty Q3 Guidance: Adjusted Diluted EPS of $ $0.22 (includes increased interest expense of approximately $0.06) 14

15 Corporate Expense $ Millions Overview $ Period of stepped up investment in corporate capability is over Expect flat corporate expense over balance of year Q2 Q3 Q4 Q1 Q Working to reduce this expense over time % PY -41% -28% -26% -24% 6% 15

16 Consolidated Dean Foods Operating Expense Bridge Adjusted, $ Millions Overview $ $37M 6% Over 90% of operating expense growth is related to Alpro and Fresh Dairy Direct acquisitions iti Minimal G&A increase Selling and distribution increase driven by acquisitions Q2 09 General & Administrative Selling & Distribution Q2 10 acquisition-related 16

17 $ millions, except EPS Q B/(W) vs Q2 09 Consolidated Adjusted Operating Income* $ 133 (26%) Interest Expense $ 49 $11 Tax Rate 37.1% Adjusted Net Income from Continuing Operations* $ 53 (28%) Shares Outstanding 182M 11M Adjusted Diluted EPS* $ 0.29 (34%) *See Reconciliation of Non-GAAP Financial Measures in the press release earnings tables for computation 17

18 Reduction in Net Debt Free Cash Flow of $131M $ millions $4,168 4,184 4,156 $ millions Six months ended June 30, 2010 Six months ended June 30, ,092 Net Cash Provided d by Continuing Operations $ $ Net Capital Expenditures (112.9) (100.8) Free Cash Flow from Continuing Operations** $ $ Leverage Ratio* 3Q 4Q 1Q 2Q x 4.16x 4.43x 4.68x 5.50x 50x covenant until 2Q11 ** See Reconciliation of Non-GAAP Financial Measures in the press release earnings tables for computation of Free Cash Flow and Free Cash Flow from continuing operations * As defined by credit agreements 18

19 Previous Debt Maturity Profile* 57% to mature in 2014 or later New 77% to mature in 2014 or later Highlights Lengthened maturity profile Reduced near-term amortizations Provides greater flexibility in leverage ratio covenant Almost 80% total debt outstanding matures in 2014 or later Over $1.3 billion of available liquidity under Revolving Credit Facility and AR Asset Securitization Facility Expected full year 2010 interest expense of approximately $238- $240 million *excludes asset securitization 19

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