CARNEGIE CORPORATION OF NEW YORK ANNOUNCES TWO NEW MEMBERS OF THE BOARD OF TRUSTEES

New York, NY—April 12, 2004. New York, New York. Fiona Druckenmiller of New York and Richard W. Riley of South Carolina have joined the Board of Trustees of Carnegie Corporation of New York following the retirement from the board of Marta Tienda and Ruth Simmons.

"Both Fiona and Dick bring to the Corporation a wealth of experience with issues of great importance to our grantmaking," says Vartan Gregorian, president of Carnegie Corporation of New York, "and both represent the values of intellectual discipline, social involvement and principled leadership that have been the mark of the Corporation's board throughout the years."

Fiona Druckenmiller is an ordained interfaith Reverend who, during her years with the Dreyfus Corporation in New York City, was Portfolio Manager for the Management of Dreyfus Strategic World Investing and Dreyfus Global Investing, which had combined assets of $400 million. Ms. Druckenmiller serves on numerous boards including The Spence School, The American Museum of Natural History, The Parrish Art Museum, The Kuan-Yin Foundation and the Global Healing Community. She is a former member of the board of the Dreyfus Strategic Work Investing Mutual Fund, the Episcopal School, Human Rights Watch, Human Rights in China and Adopt a Minefield.

Richard W. Riley is the former Governor of South Carolina and the former U.S. Secretary of Education, serving the eight years of the Clinton administration. Riley has won recognition on the state and national level for his commitment to raising education standards and for innovations that prepared education systems to respond to the challenges and opportunities of a global society in the 21st century. While Secretary of Education, Riley helped win an historic F.C.C. ruling to give schools and libraries deep discounts for Internet access and telecommunications services, known as the E-rate.

Currently, Riley is with the law firm of Nelson Mullins Riley & Scarborough and a Distinguished Professor of Furman University where he serves as Advisory Board Chair of the Richard W. Riley Institute of Government, Politics and Public Leadership. Additionally, Riley has been named Distinguished Professor at the University of South Carolina and Distinguished Senior Fellow at NAFSA: Association of International Educators.

Carnegie Corporation of New York was created by Andrew Carnegie in 1911 to promote "the advancement and diffusion of knowledge and understanding." As a grantmaking foundation, the Corporation seeks to carry out Carnegie's vision of philanthropy, which he said should aim "to do real and permanent good in the world." The Corporation's capital fund, originally donated at a value of about $135 million, had a market value of $1.8 billion on September 30, 2003. The Corporation awards grants totaling approximately $80 million a year in the areas of education, international peace and security, international development and strengthening U.S. democracy.