About Dreyfus

The Dreyfus Corporation Promotes Durnin to Vice Chairman, Elected to Board of Directors

NEW YORK, May 17, 2005 — The Dreyfus Corporation today announced that Diane P. Durnin has been promoted to Vice Chairman of the firm. She was also elected to the corporation's Board of Directors. Both appointments are effective immediately.

"This promotion recognizes how critical Diane's contributions have been over the years and demonstrates our continued confidence in her outstanding capabilities and leadership," said Stephen E. Canter, Chairman and CEO of The Dreyfus Corporation. "This appointment solidifies Diane's standing as one of the most senior executives at the firm," added Thomas F. Eggers, President of Dreyfus. Eggers rejoined Dreyfus in March.

Durnin will continue to head Dreyfus Strategic Products and Business Development and client service. Durnin, who previously headed marketing for the past three years, also will now run the due diligence process for all of Dreyfus' actively-managed products. Additionally, Durnin will oversee all products distributed through any Dreyfus channel, including Managed Accounts. 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 account providers.

Since starting her career with Mellon in 1982, Durnin has held a variety of progressive positions, including corporate lending, credit and risk management, relationship management and money management. She joined Dreyfus in November 1994. Durnin is also a member of The Dreyfus Corporation's Senior Management Committee and Operating Committee. She will report to Eggers.

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.

Dreyfus is a wholly-owned 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 $729 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

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