About Dreyfus

Eggers To Be Named Chief Executive Officer of The Dreyfus Corporation; Little To Be Named Chairman; Canter Retires

NEW YORK, December 8, 2006 — The Dreyfus Corporation today announced that Thomas F. Eggers, president and chief operating officer of Dreyfus, will be named chief executive officer. Jon Little, chief executive officer of Mellon Global Investments, will be named Dreyfus chairman. Steve Canter, who held titles of both chairman and chief executive officer for Dreyfus, has elected to retire. All changes will be effective December 31, 2006.

"Growing U.S. intermediary business through Dreyfus is one of Mellon Asset Management's most important strategic objectives and Tom has led Dreyfus' transformation to a customer-focused distribution company," said Ronald P. O'Hanley, Mellon vice chairman and president of Mellon Asset Management. "Consistent with our ongoing strategy to add global investing capabilities to our very successful asset management franchise, we are better aligning our worldwide distribution infrastructure. Jon has led our global distribution arm and will now have the opportunity to work more closely with Dreyfus to help it become an even greater distribution force."

"We would like to take this opportunity to thank Steve Canter for his enormous contributions to the Dreyfus franchise over his tenure of 11 years," O'Hanley said. "Steve enjoyed a stellar career in investment management, topped by his leadership of Dreyfus since 2001. He will be greatly missed."

Eggers was promoted to chief operating officer of Dreyfus in April of this year after having rejoined Dreyfus as president a year before. 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 rejoined Dreyfus in April 2005 from Scudder Investments, where he served as president and chief executive officer since May 2002.

Little will become chairman of Mellon Global Investments (MGI) and remain co-chairman of Mellon International. Before joining Mellon Global Investments in July 2000, he was head of sales and distribution for JP Morgan Investment Management's international fund and sub-advisory businesses outside the U.S. Prior to that he was director of sales and business development for Fidelity Investments in the UK. He was educated at Oxford Brookes University. As part of his role, Little is also a director of several asset management firms including Pareto Partners, EACM Advisors, Mellon Global Alternative Investments and Hamon Investment Group. He also serves as chairman of the board of WestLB Mellon Asset Management and a non-executive member of the board of Walter Scott & Partners Limited.

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 $190 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 subsidiary of Mellon Financial Corporation and is part of Mellon Asset Management. London-based Mellon Global Investments Limited is the international distributor of the investment skills and products of the asset management subsidiaries of Mellon Financial Corporation.

Mellon Financial Corporation is 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 asset management, private wealth management, asset servicing, payment solutions and investor services. Mellon has approximately $5.3 trillion in assets under management, administration or custody, including $918 billion under management. News and other information about Mellon is available at www.mellon.com.

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Press Contact

Patrice Kozlowski
Senior Vice President, Corporate Communications
Phone: 1-212-922-6030
Fax: 1-212-922-6585
e-Mail: kozlowski.pm@dreyfus.com