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August 8, 2017Second Quarter 2017 Earnings
August 8, 2017Second Quarter 2017 EarningsForward 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
factors, which are identified in our filings with the Securities and Exchange Commission, including our most recent Forms 10 -K and 10 -Q (which can be accessed on our
website at www.deanfoods.com or on the website of the Securities and Exchange Commission at www.sec.gov). Our ability to prof it from our branding and marketing
initiatives depends on a number of factors including consumer acceptance of our products. The declaration and payment of cash dividends under our dividend policy
remains at the sole discretion of the Board of Directors and will depend upon our financial results, cash requirements, futur e prospects, restrictions in our credit agreement
and debt covenant compliance, applicable law and other factors that may be deemed relevant by the Board. All forward -looking sta tements 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 r evisions to any such statements to reflect any
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23 Pages
W. R. Berkley Corporation