Annual Earnings Report for the Fiscal Year Ended September 30, 2003 For Dreyfus Strategic Municipals, Inc.

Business Editors

NEW YORK--(BUSINESS WIRE)--Dec. 5, 2003

Dreyfus Strategic Municipals, Inc. (NYSE: LEO) reported the following financial information for the fiscal year ended September 30, 2003, compared with the results for the fiscal year ended September 30, 2002:

Year Ended September 30:                      2003            2002
Net Investment Income
         Total                          $42,654,878.00  $47,823,496.00
         Per Share                               $0.71           $0.81
Net Investment Income after Dividends
Paid to Preferred Shareholders
         Total                          $38,419,863.00   43,002,172.00
         Per Share (Common Stock)                $0.64           $0.73
Net Asset Value at End of Period
         Net of Preferred Stock        $549,676,053.00 $554,757,187.00
         Preferred Stock Outstanding   $285,000,000.00 $285,000,000.00
         Per Share (Common Stock)                $9.14           $9.37
Net Asset Value at Beginning of Period
         Net of Preferred Stock        $538,434,769.00 $553,992,562.00
         Preferred Stock Outstanding   $285,000,000.00 $285,000,000.00
         Per Share (Common Stock)                $9.02           $9.42