Joseph S. DiMartino has joined Los Angeles-headquartered Ivory Investment Management as a senior adviser. DiMartino, who also serves as chairman of the board of the Dreyfus family of mutual funds, will work closely with Ivory's partners on strategic and organizational matters. DiMartino will be based in Ivory's New York office.

Ivory Investment Management, L.P., a Los Angeles-based investment management firm, today announced that Joseph S. DiMartino has joined the Firm as a Senior Advisor. Mr. DiMartino will be based in Ivory�s New York office.

In this new role, Mr. DiMartino will work closely with the Firm�s partners on strategic and organizational matters. Mr. DiMartino also serves as Chairman of the Board of the Dreyfus Family of Mutual Funds, which currently has more than $190 billion in assets in approximately 200 mutual fund portfolios.

�We are very pleased to welcome Joe to the Ivory team,� said Curtis Macnguyen, Ivory�s founder and head portfolio manager. �Joe brings a wealth of strategic and operational expertise to the firm. His experience building one of the world�s leading asset management companies will be of tremendous value to our growing operation. We are fortunate to have him and look forward to his immediate contributions.�

�Ivory has assembled an impressive group of professionals dedicated to delivering solid risk-adjusted returns for investors,� said Mr. DiMartino. �The Firm�s commitment to its investment process, risk management systems and technology infrastructure is unique in the hedge fund industry. I look forward to working with the Ivory team and sharing my experience building and managing an institutional asset management organization.�

Mr. DiMartino joined The Dreyfus Corporation from Chase Manhattan Bank in 1971 to serve as portfolio manager of the Dreyfus Special Income Fund. In the ensuing years, he took on various roles within the firm, including serving as President of The Dreyfus Special Income Fund, Head Equity Trader for all Dreyfus Mutual Funds and later assuming management responsibility for all Dreyfus Money Market Funds. In October 1982, Mr. DiMartino was elected President and Chief Operating Officer of The Dreyfus Corporation, at the time a New York Stock Exchange-listed company. He served as President and COO for over a decade, during which time Dreyfus became one of the largest operators of mutual funds in the United States. In December 1993, Dreyfus announced plans to merge with Mellon Bank in what became a landmark transaction for the financial services industry. After the completion of the merger in August 1994, Mr. DiMartino served as President of the Dreyfus Corporation and a member of the Board of Directors of Mellon Bank through December of that year. In January 1995 he assumed his current position as Chairman of the Board and Director of the Dreyfus Family of Mutual Funds.

In addition to his activities with Dreyfus, Mr. DiMartino has assumed various other leadership roles. He currently serves on the Board of Directors of CBIZ, Inc.; The Newark Group; Sunair Services and The Muscular Dystrophy Association. Mr. DiMartino also serves on the Advisory Board of CDC IXIS. Past leadership positions include serving as a member of several New York Stock Exchange committees, including Chairman of the NYSE Institutional Advisory Committee on Trading, and as Chairman of the Board of Noel Group, Inc., a public buyout firm. Mr. DiMartino also is a Past President of the Bond Club of New York, a former Governor of The Metropolitan Club, and a Former Trustee of Bucknell University.

About Ivory Investment Management, L.P.

Ivory Investment Management, L.P. is a research-intensive, fundamental value-based investment firm founded in 1998. Ivory currently manages two absolute return strategies that focus on investment opportunities in the equity and debt markets. The Firm employs a proprietary risk management process that seeks to generate portfolio returns with low correlation to market indices. Ivory currently employs more than 50 professionals and manages approximately $3.5 billion of investment capital. The Firm is headquartered in Los Angeles and also maintains an office in New York City. Ivory is a registered investment adviser with the Securities and Exchange Commission.

Edited by: Erin Kello

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