99% of First $100 Million Tranche Converted to Common Stock on April 17

DALLAS, April 22 /PRNewswire-FirstCall/ — Dean Foods Company (NYSE: DF)
announced today that its wholly-owned subsidiary, Dean Capital Trust, will
partially redeem a second tranche of its 5 1/2% Trust Issued Preferred Equity
Securities (TIPES). TIPES with an aggregate liquidation amount of
$200 million will be redeemed on May 22, 2003 at a redemption price of
$51.0315 per security. The TIPES to be redeemed will be selected by lot
pursuant to the terms of the related indenture.

Holders of TIPES that are selected for redemption will have until
4:00 P.M. EDT on May 21, 2003 to convert their preferred securities into
shares of Dean Foods common stock instead of receiving the $51.0315 redemption
price. TIPES submitted for conversion will be exchanged for 1.278 shares of
Dean Foods common stock for each TIPES security. Fractional shares will be
paid in cash.

The company will fund cash redemptions of TIPES using cash flow from
operations and borrowings under the company’s senior credit facility. Any
shares of common stock that Dean Foods Company may issue as a result of
conversions of TIPES are already reflected in the company’s reported diluted
share calculation for purposes of determining diluted earnings per share, as
required by generally accepted accounting principles.

On April 17, 2003, 99% of the first $100 million tranche of TIPES were
converted to common stock. Following the completion of the company’s second
partial redemption, approximately $300 million of TIPES will remain
outstanding.

Dean Foods Company is one of the nation’s leading food and beverage
companies. The company produces a full line of company-branded and private
label dairy and dairy-related products such as milk and milk-based beverages,
ice cream, coffee creamers, half and half, whipping cream, whipped toppings,
sour cream, cottage cheese, yogurt, dips, dressings and soy milk. The company
is also a leading supplier of pickles and other specialty food products,
juice, juice drinks and water. The company operates over 120 plants in
36 U.S. states and Spain, and employs approximately 30,000 people.

Contacts: Cory Olson

Senior Vice President and Treasurer
(214) 303-3645

SOURCE Dean Foods Company
-0- 04/22/2003
/CONTACT: Cory Olson, Senior Vice President and Treasurer of Dean Foods
Company, +1-214-303-3645/
/Web site: http://www.deanfoods.com /
(DF)

CO: Dean Foods Company; Dean Capital Trust
ST: Texas
IN: FOD REA
SU:

1209 04/22/2003 17:06 EDT http://www.prnewswire.com