Scudder Global Commodities Stock Fund, Inc. ('GCS') Announces Update to Portfolio New Closed-End Fund Aimed at Offering Investors the Opportunity for Diversification into Non-traditional Asset Classes NEW YORK, Nov. 1 /PRNewswire-FirstCall/ -- The Scudder Global Commodities Stock Fund, Inc. ("the Fund") is fully invested as of October 1, 2004. The Fund began trading on the New York Stock Exchange under the symbol "GCS" on Friday, September 24. The Fund is a non-diversified closed-end management investment company currently invested in equity and commodities-linked securities of companies in commodities-related industries and issuers whose value is tied to the price of certain commodities or commodities-related indexes. The Fund's benchmark is 40% MSCI World Energy Index, 40% MSCI World Materials Index and 20% Goldman Sachs Commodities Index. As of October 15, 2004 the Fund's top 5 holdings were BP PLC 7.45%, Exxon Mobil Corp. 5.90%, ChevronTexaco Corp. 5.25%, BHP Billiton PLC 4.95%, and Total S.A. 4.94%. Its top 5 over weight positions were BHP Billiton PLC, Dow Chemical, Monsanto, CVRD and ChevronTexaco, and its top 5 under weight positions were Exxon Mobil Corp., Royal Dutch Petroleum Co., E.I. DuPont de Nemours, BHP Billiton Ltd., and Shell Transport & Trading Co. PLC. From an industry perspective, the Fund is over weight Diversified Metals & Mining and Oil & Gas Exploration & Production and under weight Integrated Oil & Gas and Chemicals. The objective of the Fund is capital appreciation with total return as a secondary objective. Commenting on the investments, portfolio manager Theresa Gusman of Deutsche Asset Management remarked, "We are pleased with the initial portfolio and excited about the opportunities for the Scudder Global Commodities Stock Fund. The Fund's portfolio is currently invested in the targeted asset allocation with exposure to the energy and industrial commodities that we believe are most likely to benefit from the possibility of constrained supply, robust demand and higher prices over the next several years." Fund information including Fund performance, asset allocation, portfolio holdings, sector breakdown and other portfolio information as of a calendar month end will be posted after the 15th day of the next month on Scudder Investments website, http://cef.scudder.com/ . Important Risk Information: Portfolio diversification does not eliminate risk. Stock Market Risk. An investment in common shares represents an indirect investment in the portfolio securities held by the Fund. The value of these securities fluctuates. Commodities concentration risk. Because the Fund concentrates its investments in securities related to commodities, market price movements, regulatory changes and economic changes as well as adverse political or financial factors could have a significant impact on the Fund's performance. The commodity-linked structured notes and futures contracts in which the Fund expects to invest have substantial additional risks, including risk of loss of a significant portion of their principal value and liquidity risk, as well as the risk of greater volatility. Closed-end Fund risk. Shares of closed-end investment companies frequently trade at a discount from their net asset value. This characteristic is a risk separate and distinct from the risk that net asset value could decrease as a result of investment activities and may be greater for investors expecting to sell their shares in a relatively short period following the completion of this offering. Past performance of the Fund and of its portfolio holdings is not a predictor of the Fund's future performance. The Fund has a limited operating history and has been in operation only since September 24, 2004. Please refer to the prospectus for a detailed discussion of the Fund's primary risks. Portfolio holdings are shown as a percentage of net assets and are subject to change. The views expressed reflect those of the portfolio manager as of November 1,2004. These views are subject to change at any time, based on market and other conditions, and should not be construed as a recommendation. The Goldman Sachs Commodities Index is a composite index of commodity sector returns, representing an unleveraged, long-only investments in commodities futures that is broadly diversified across the spectrum of commodities. The MSCI World Materials Index measures the performance of materials equities in developed markets around the world. The MSCI World Energy Index measures the performance energy equities in developed markets around the world. Indices are unmanaged and are not available for direct investment. Not FDIC Insured. Not Guaranteed. May Lose Value. No assurance that objectives will be met. Scudder Investments is part of Deutsche Asset Management which is the marketing name in the U.S. for the asset management activities of Deutsche Bank AG, Deutsche Bank Trust Company Americas, Deutsche Asset Management Inc., Deutsche Asset Management Investment Services Ltd., Deutsche Investment Management Americas Inc. and Scudder Trust Company. DATASOURCE: Scudder Global Commodities Stock Fund, Inc. CONTACT: Investor Inquiries - Jon Diorio, +1-212-454-2208, or Press Inquiries - Judy Inosanto, +1-212-454-7304, both of Scudder Global Commodities Stock Fund, Inc. Web site: http://cef.scudder.com/

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