Dean Foods Investor Presentation — August 2017

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August 8, 2017Second Quarter 2017 EarningsForward Looking Statements

Some of the 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 including statements relating to: (1) our financial forecast, including projected sales (including specific product l ines and the company as a whole), total volume,

price realization, profit margins, net income, earnings per share, free cash flow, our leverage ratio and debt covenant compl iance, (2) our regional and national branding

and marketing initiatives, (3) our innovation, research and development plans and our ability to successfully launch new prod ucts or brands, (4) commodity prices and

other inputs and our ability to forecast or predict commodity prices, milk production and milk exports, (5) our commercial an d cost productivity initiatives, including plant

closures and route reductions, and our ability to achieve expected savings, (6) our planned capital expenditures, (7) the sta tusof our litigation matters, (8) our plans

related to our capital structure, (9) our dividend policy, (10) possible repurchases of shares of our common stock, and (11) potential acquisitions. These statements involve

risks and uncertainties that may cause results to differ materially from those set forth in this presentation, including the risks disclosed in our filings with the Securities and

Exchange Commission. Financial projections are based on a number of assumptions. Actual results could be materially different than projected if those assumptions are

erroneous. The cost and supply of commodities and other raw materials are determined by market forces over which we have limi tedor no control. Sales, operating

income, net income, debt covenant compliance, financial performance and earnings per share can vary based on a variety of eco nomic, governmental and competitive