Dreyfus Appreciation Fund Manager Expects More Frequent and More Volatile Cyclical Imbalances, Supporting a Bullish Secular Trend for Energy Industry

NEW YORK, April 19, 2012 — Despite the diversification and return potential of energy investments, global energy is underrepresented in equity markets and equity portfolios, according to the newest edition of "The Long-Term Outlook for Energy" by Fayez Sarofim & Co., sub-advisor to several Dreyfus mutual funds including Dreyfus Appreciation Fund.

"Globally, the scramble for energy security remains one of the most significant issues to follow in a world that will continue to face political upheaval," said Jeffrey M. Jacobe, Director of Investments for Fayez Sarofim & Co., who co-authored the paper. "We expect spare capacity of global energy resources to remain thin, with more frequent and more volatile cyclical imbalances underpinning a bullish secular trend for the industry."

Fayez Sarofim & Co., which acts as sub-advisor to several Dreyfus mutual funds including Dreyfus Appreciation Fund, discusses current challenges impacting energy including the Arab Spring and the search for alternative energy resources. Among the key findings in this paper or "vital issues for investors to understand" include:

1) Energy consumption will rise with population growth and living standards
2) Access, technology and capital are the key drivers of the energy industry
3) The existing production base faces accelerating decline rates
4) Alternatives do not have the scale to replace hydrocarbons in the intermediate term and
5) Global energy is underrepresented in the equity markets and could gain share within the typical diversified portfolio

"Investors should consider expanding their investment approach by adopting a global investment strategy for the long-term," said Jon Baum, Chairman and CEO of The Dreyfus Corporation. "This should include global energy, which we believe is an attractive investment for the long-term."

"Domestic equity indices fail to capture the global nature of the business and exclude more than $1 trillion of market value in a handful of large foreign energy companies that invest within our borders," Jacobe concluded. "In our view, energy will remain an attractive investment opportunity within a diversified portfolio for many years to come."

Higher oil prices demanded by OPEC, competition for LNG resources and the spread of new technology to international markets are three key themes to follow, according to the paper. To access the complete findings, please visit https://public.dreyfus.com/documents/manual/perspectives/dry-fswp.pdf

The Dreyfus Corporation, established in 1951 and headquartered in New York City, is one of the nation's leading asset management and distribution companies, currently managing approximately $400 billion in mutual funds and separately managed accounts.

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