December 13, 2004

Dreyer’s Chairman and CEO Gary Rogers Joins
San Francisco Federal Reserve Board

San Francisco, December 13, 2004 – The Federal Reserve’s Board of Governors in Washington D.C. has appointed T. Gary Rogers, chairman and CEO of Dreyer’s Grand Ice Cream Holdings, Inc., to the Federal Reserve Bank of San Francisco’s board of directors. In this role, Mr. Rogers joins eight other directors in providing the Federal Reserve System with economic information for his industry and region. Directors also recommend changes in the Reserve Bank’s discount rate.

Mr. Rogers purchased Dreyer’s Grand Ice Cream, Inc. in 1977 with his partner William F. Cronk and a financial investor. As chairman and CEO, Mr. Rogers expanded the small regional ice cream operation into the nation’s top-selling maker of packaged ice cream and frozen snacks. The company went public in 1981 and last year merged with the Nestlé Ice Cream Company, L.L.C. to form Dreyer’s Grand Ice Cream Holdings, Inc. The merger combined the Dreyer’s and Edy’s brands with Häagen-Dazs and the Nestlé Ice Cream frozen snacks brands. Prior to his involvement at Dreyer’s, Mr. Rogers was founder and president of Vintage Management Company, operating Vintage House Restaurants in California and Texas, and prior to that, a consultant with McKinsey and Co.

Mr. Rogers sits on the boards of Levi Strauss & Co., the Shorenstein Company, L.L.C., and Stanislaus Food Products, and is a member and former chairman of the Bay Area Council. He is a graduate of the University of California at Berkeley in mechanical engineering and holds an M.B.A from Harvard University, where he was a Baker Scholar.

The Federal Reserve Bank of San Francisco provides wholesale banking services to financial institutions in the nine western states through its head office in San Francisco, branch offices in Los Angeles, Portland, Salt Lake City, and Seattle, and a cash processing office in Phoenix. As the nation's central bank, the Federal Reserve System formulates monetary policy, serves as a bank regulator, administers consumer protection laws, and is fiscal agent for the U.S. government.

# # #