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dean foods Harrald Kroeker Investor Day
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 and earnings per share, (2) our growth strategy, (3) our branding initiatives (4) our
integration, innovation, and research and development 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, which are identified
in our filings with the Securities and Exchange Commission, including our Annual Report on Form 10-K (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 Company's ability to profit from its branding initiatives depends on a
number of factors including consumer acceptance of the Company's 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 the appendix of this presentation
and in such press releases, which are publicly available on our web site
at www.deanfoods.com/investors.
dean foods Harrald Kroeker Investor Day
dean foods Harrald Kroeker Investor Day
Other Fluid   Other                                     Other
                 Dairy        2%                                        8%
                  8%                                    Distributors
        Cultured
          5%                                                 7%

   Other
 Beverages                                         Convenience
    5%                                               Stores
                                                       7%
Ice Cream
    9%
                                                  Food Service
                                                     14%



                                                                               Retailers
                                     Fresh Milk
                                                                                 64%
                                        71%
dean foods Harrald Kroeker Investor Day
dean foods Harrald Kroeker Investor Day
dean foods Harrald Kroeker Investor Day
National footprint, local dairy
Customers consolidating        heritage to deliver
                               differentiated selling
                               proposition

Consumers trading down         Brands and private label
                               Unmatched size and
Local competitors challenged   resources to be the
                               low cost leader
YOY Change
                                     DSD Dairy        Competition
   4.0%

   3.0%                                                                     DSD Dairy
   2.0%

   1.0%

   0.0%

  -1.0%
                                                                                  Competition
  -2.0%

  -3.0%

  -4.0%
          1Q 06   2Q 06   3Q 06   4Q 06   1Q 07   2Q 07   3Q 07   4Q 07   1Q 08   2Q 08   3Q 08   4Q 08
Leverage our scale    Strengthen our selling   Test ability to
Invest in industry-   and delivery             leverage our selling
leading technology    capabilities             and delivery
and expertise                                  infrastructure to
                                               drive top line growth
dean foods Harrald Kroeker Investor Day
Distribution           Common market        Define and execute
Procurement            structure            the value maximizing
                       Marketing            role of DSD in Dean
Conversion                                  Foods
                       Selling capability
Network Optimization                        Tuck-in acquisitions
                       Standard in store
                       execution
$ Millions   DSD Distribution        Procurement
                  $50



                WhiteWave
                   $50                     Conversion




              Network Optimization
5,800 company-owned
routes
160,000 locations served
200 million miles a year
48 million diesel gallons
dean foods Harrald Kroeker Investor Day
2006   2007   2008   2007   2008
dean foods Harrald Kroeker Investor Day
Multiple points of contact   National selling structure
per customer
Limited account visibility   Key account plans
Varying degrees of           Standard selling skills
selling skills               and approach
Drive distribution

Expand inventory

Increase margins
dean foods Harrald Kroeker Investor Day
Decentralized        Centrally coordinated

Opaque               Data, process driven

Internally focused   Consumer relevant
Pre-standardization
                                       Post-standardization



187               1,300
                                           13

                                                          10
      -90%                -90%



             18
                                 159
3.2%

 0.1%             Nestle   Unilever

Category   Dean

                            -4.1%



                  -9.5%
To drive impact, we must change how we
operate the business
– Data driven
– Simplified, standardized
– National point of view

Our starting point, while challenging, creates massive
opportunities
– Small changes can have a large impact
Cost / efficiency   Standard go-to-   Use DSD system
                    market strategy   to grow the top
Standardization     and approach by   line
                    channel
Conservative volume growth

Limited pricing – highly competitive markets

Margin enhancement driven by productivity

Sustained reinvestment in core capability areas

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dean foods Harrald Kroeker Investor Day

  • 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 and earnings per share, (2) our growth strategy, (3) our branding initiatives (4) our integration, innovation, and research and development 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, which are identified in our filings with the Securities and Exchange Commission, including our Annual Report on Form 10-K (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 Company's ability to profit from its branding initiatives depends on a number of factors including consumer acceptance of the Company's 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.
  • 3. 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 the appendix of this presentation and in such press releases, which are publicly available on our web site at www.deanfoods.com/investors.
  • 6. Other Fluid Other Other Dairy 2% 8% 8% Distributors Cultured 5% 7% Other Beverages Convenience 5% Stores 7% Ice Cream 9% Food Service 14% Retailers Fresh Milk 64% 71%
  • 10. National footprint, local dairy Customers consolidating heritage to deliver differentiated selling proposition Consumers trading down Brands and private label Unmatched size and Local competitors challenged resources to be the low cost leader
  • 11. YOY Change DSD Dairy Competition 4.0% 3.0% DSD Dairy 2.0% 1.0% 0.0% -1.0% Competition -2.0% -3.0% -4.0% 1Q 06 2Q 06 3Q 06 4Q 06 1Q 07 2Q 07 3Q 07 4Q 07 1Q 08 2Q 08 3Q 08 4Q 08
  • 12. Leverage our scale Strengthen our selling Test ability to Invest in industry- and delivery leverage our selling leading technology capabilities and delivery and expertise infrastructure to drive top line growth
  • 14. Distribution Common market Define and execute Procurement structure the value maximizing Marketing role of DSD in Dean Conversion Foods Selling capability Network Optimization Tuck-in acquisitions Standard in store execution
  • 15. $ Millions DSD Distribution Procurement $50 WhiteWave $50 Conversion Network Optimization
  • 16. 5,800 company-owned routes 160,000 locations served 200 million miles a year 48 million diesel gallons
  • 18. 2006 2007 2008 2007 2008
  • 20. Multiple points of contact National selling structure per customer Limited account visibility Key account plans Varying degrees of Standard selling skills selling skills and approach
  • 23. Decentralized Centrally coordinated Opaque Data, process driven Internally focused Consumer relevant
  • 24. Pre-standardization Post-standardization 187 1,300 13 10 -90% -90% 18 159
  • 25. 3.2% 0.1% Nestle Unilever Category Dean -4.1% -9.5%
  • 26. To drive impact, we must change how we operate the business – Data driven – Simplified, standardized – National point of view Our starting point, while challenging, creates massive opportunities – Small changes can have a large impact
  • 27. Cost / efficiency Standard go-to- Use DSD system market strategy to grow the top Standardization and approach by line channel
  • 28. Conservative volume growth Limited pricing – highly competitive markets Margin enhancement driven by productivity Sustained reinvestment in core capability areas