About Dreyfus

Eggers To Rejoin The Dreyfus Corporation As President

NEW YORK, March 24, 2005 — The Dreyfus Corporation today announced that Thomas F. Eggers will rejoin Dreyfus as president, effective April 1. Eggers also is expected to be named chairman and chief executive officer of Dreyfus Service Corporation and elected to the Board of Directors of The Dreyfus Corporation.

As president of Dreyfus, Eggers will oversee all sales, both direct and through intermediaries. Eggers will also oversee strategic product management and development, as well as marketing. Additionally, Eggers will also be working closely with certain support services aligned with distribution.

"Dreyfus embarked on an aggressive multi-channel distribution strategy when Tom originally joined Dreyfus, and we are one of the few asset management companies to have successfully utilized multiple distribution channels nationwide," said Stephen E. Canter, vice chairman of Mellon Financial Corporation and Dreyfus chairman and chief executive officer. "Tom's return, coupled with his distribution expertise and outstanding leadership, intensifies our focus on customers and distribution activities."

Pointing to Dreyfus' recent distribution success, Canter noted that Dreyfus' Separate Account Management business has been growing rapidly, topping $10 billion in assets under management in only four years, placing Dreyfus among the top 10 separate account providers.

"I am very happy to be rejoining Dreyfus at this time," said Eggers. "Dreyfus symbolizes trust and integrity, and the Dreyfus brand is one of the most recognizable forces in the financial services industry. Dreyfus is committed to partnering with intermediaries in the marketplace. I plan to build on each of those strengths."

Eggers originally joined Dreyfus in April 1996 as head of Dreyfus Investments, was appointed vice chairman of The Dreyfus Corporation in January 1999 and promoted to president in October 2001. Prior to joining Dreyfus, Eggers was managing director and principal of Mitchell Hutchins Asset Management, a subsidiary of PaineWebber, where he began his career. Eggers rejoins Dreyfus from Scudder Investments, where he served as president and chief executive officer since May 2002.

Eggers replaces Michael G. Millard who will be working with Eggers through a transition period and will be available for various projects. "We would like to take this opportunity to thank Mike for his many accomplishments during his tenure as president of Dreyfus," Canter said.

The Dreyfus Corporation, established in 1951 and headquartered in New York City, is one of the nation's leading asset management companies, currently managing more than $160 billion in mutual funds, separately managed accounts and institutional portfolios. Dreyfus Service Corporation, each fund's distributor, is a wholly-owned subsidiary of The Dreyfus Corporation.

The Dreyfus Corporation is a subsidiary of Mellon Financial Corporation, a global financial services company. Headquartered in Pittsburgh, Mellon is one of the world's leading providers of financial services for institutions, corporations and high-net-worth individuals, providing institutional asset management, mutual funds, private wealth management, asset servicing, payment solutions and investor services, and treasury services. Mellon has more than $4.0 trillion in assets under management, administration or custody, including $707 billion under management. Its asset management companies include The Dreyfus Corporation and U.K.-based Newton Investment Management Limited. News and other information about Mellon is available at www.mellon.com.