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About Dreyfus

The Dreyfus Corporation Dramatically Expands Fund Line-Up

10 New Offerings Launched since December 2005 Span Equity, Fixed Income, International and Global Mandates

NEW YORK, January 31, 2007 — The Dreyfus Corporation dramatically expanded its mutual fund line-up in 2006, adding 10 new funds since December 2005. The new funds broaden Dreyfus' capabilities to position the firm as a premier provider of investment solutions for individuals and advisors. With the extensive offerings — and continued growth in its existing funds — Dreyfus' assets under management are approaching $200 billion.

"In 2006, we continued to build on Dreyfus' long history of product innovation and our position as the mutual fund showcase for Mellon's asset management expertise," said Thomas F. Eggers, Dreyfus president and chief executive officer. "Nine of the 10 new funds are sub-advised by, or managed by portfolio managers from our Mellon affiliates, in many cases bringing their time-tested institutional strategies to individual investors for the first time. The Global Alpha Fund, for instance, uses long-short strategies in stocks, bonds and currencies to allow investors the potential for positive absolute returns in any market climate." This new fund has been received with enthusiasm in the market, topping $160 million in assets in its first nine months of operation.

Jon Little, Dreyfus' new chairman, added that, with the new product introductions, Dreyfus further leverages the nearly $1 trillion in asset management capabilities of Mellon Asset Management and its affiliated companies.

"Dreyfus is evolving to form a best-in-class intermediary distribution company, providing access to Mellon Asset Management's investment capabilities to a growing pool of U.S.-based retail customers and their advisors," said Little. "Dreyfus has always had a reputation for strong client service and a high quality reputation as a product provider. We now intend to reclaim our position as a leader in product innovation and investment excellence."

The 10 new funds include:

Fund Name/Inception Date

Portfolio Manager

(Primary Employer)

Investment Strategy

Dreyfus Premier Total Return Advantage Fund

Inception: 03/15/06

Lowell Bennett/David Kwan, Mellon Capital Management

This intermediate-term bond fund seeks to maximize total return through capital appreciation and income. The fund primarily invests in fixed income securities and instruments that provide exposure to currency markets.

Global Alpha Fund

Inception: 05/02/06

Helen Potter, Mellon Capital Management

The fund seeks total return by investing in global equities, bonds, currency markets, and fixed-income securities primarily through long and short positions in futures, options, or forward contracts.

Dreyfus Premier Equity Income Fund

Inception: 07/05/06

Jocelin A. Reed, Mellon Equity Associates

The fund seeks capital appreciation and income, focusing its investments on dividend-paying stocks and other investments and investment techniques that provide income.

Dreyfus Premier Strategic Income Fund

Inception: 07/11/06

Kent Wosepka, Standish Mellon Asset Management

This intermediate-term bond fund seeks high current income (with capital appreciation a secondary consideration) by investing in bonds, notes, mortgage-related securities, asset-backed securities, convertible securities, foreign bonds, preferred stocks and money market instruments.

Emerging Markets Opportunity Fund

Inception: 7/13/06

Hugh Hunter, WestLB, Mellon Asset Management, sub-adviser, an asset management company affiliated with Mellon Asset Management.

This fund uses a time-tested quantitative process to identify promising emerging markets economies, then selects individual stocks in these economies through an intensive fundamental analysis.

Dreyfus Premier Small Cap Growth Equity Fund

Inception: 11/15/06

Bear Stearns Asset Management, sub-adviser, a firm with $41 billion under management, including $7.4 billion in mutual fund assets.

The fund seeks capital appreciation by investing in small fast-growing companies.

Systematic International Equity Fund

Inception: 11/30/06

Donald E. Perks, Robert A. Wilk, Mellon Equity Associates, sub-adviser.

This quantitatively-driven international equity fund ranks stocks according to six fundamental factors, selecting a diversified portfolio from among the highest rated securities.

Global Stock Fund

Inception: 12/29/06

A team at Walter Scott & Partners, sub-adviser, an Edinburgh-based specialist in international asset management.

This fund seeks long-term total return by investing in companies located in the world's developed markets, including the United States, Canada, Japan, Australia, Hong Kong and Western Europe. Its research-intensive investment process seeks out companies with fundamental strength and potential for sustainable growth.

International Stock Fund

Inception: 12/29/06

A team at Walter Scott & Partners, sub-adviser, an Edinburgh-based specialist in international asset management.

As with the Global Stock Fund, this fund uses in-depth research to identify stocks with strong financial underpinnings and attractive growth prospects. Its focus, however, excludes U.S.-based companies.

Dreyfus Premier International Bond Fund

Inception: 12/30/05

Thomas P. Fahey, Standish Mellon Asset Management

The Dreyfus Premier International Bond Fund focuses entirely on the international fixed income markets, identifying undervalued government bond markets, currencies, sectors and securities through in-depth economic research and quantitative analysis.

Each fund has a minimum initial investment requirement of $1,000 for regular accounts and $750 for individual retirement accounts. The equity funds offer Class A,C,R,T and the fixed income funds offer Class A,C,R, each of which are subject to different sales charges and expenses.

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. The Dreyfus Corporation is each fund's investment adviser. For funds which do not have a sub-advisory relationship, the fund's portfolio manager manages the fund for Dreyfus under a dual employee relationship, applying the firm's proprietary investment process.

The Dreyfus Corporation is a subsidiary of Mellon Financial Corporation, a global financial services company, and is part of Mellon Asset Management. Mellon Asset Management, with nearly $1 trillion in assets under management, is a leading global provider of investment management products and services that offer a broad range of equity, fixed-income, hedge and liquidity management products through individual asset management companies and multiple distribution channels.

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 and payment solutions and investor services. Mellon has approximately $5.5 trillion in assets under management, administration or custody, including $995 billion under management. News and other information about Mellon is available at www.mellon.com.

Investors should consider the investment objectives, risks, charges and expenses of the funds carefully before investing. Contact Dreyfus at 1-800-221-1804 and obtain a prospectus that contains this and other information about the funds, and read it carefully before investing.

Equity funds are subject generally to market, market sector, market liquidity, issuer and investment style risks, among other factors, to varying degrees, all of which are more fully described in the fund's prospectus.

Investing internationally involves special risks, including changes in currency exchange rates, political, economic and social instability, a lack of comprehensive company information, differing auditing and legal standards and less market liquidity. These risks are enhanced in emerging markets countries.

Bond funds are subject generally to interest rate, credit, liquidity, prepayment and extension, and market risks, to varying degrees, all of which are more fully described in the fund's prospectus.

The prices of small company stocks tend to be more volatile than the process of large company stocks, mainly because these companies have less established and more volatile earnings histories. They also tend to be less liquid than larger stocks.

Short sales involve selling a security the fund does not own in anticipation that the security's price will decline. Short sales may involve substantial risk and leverage, and expose the fund to the risk that will be required to buy the security sold short at a time when the security has appreciated in value, resulting in a loss to the fund. Leverage may magnify the fund's gains or losses.

The use of derivatives involved risks different from, or possibly greater than, the risks associated with investing directly in the underlying assets. Derivatives can be highly volatile, illiquid and difficult to value and there is the risk that changes in the value of a derivative held by the fund will not correlate with the underlying instruments or the fund's other investments.

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