99.6% of Second Tranche Converted to Common Stock on May 21

DALLAS, May 22 /PRNewswire-FirstCall/ — At its Annual Meeting of
Stockholders today, Dean Foods Company (NYSE: DF) announced that on
June 23, 2003, its wholly-owned subsidiary, Dean Capital Trust, will redeem
the remainder of its outstanding 5 1/2% Trust Issued Preferred Equity
Securities (TIPES) at a redemption price of $51.0315 per security.

Holders of all remaining TIPES will have until 4:00 P.M. ET on
June 20, 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 after May 23, 2003, which is the record date for the
company’s previously-announced 3-for-2 stock split, will be exchanged for
1.917 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.

Today the company also announced that holders of 99.6% of the second
tranche of TIPES called on April 22, 2003 elected to convert to common stock
rather than receive the cash purchase price.

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 28,000 people.

Contacts: Cory Olson

Senior Vice President and Treasurer
(214) 303-3645

SOURCE Dean Foods Company
-0- 05/22/2003
/CONTACT: Cory Olson, Senior Vice President and Treasurer of Dean Foods
Company, +1-214-303-3645/
/Web site: https://www.deanfoods.com /
(DF)

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

GN-CJ
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2930 05/22/2003 11:41 EDT http://www.prnewswire.com