The Germany, New Germany and Central Europe and Russia Funds Announce Results of Annual Meeting NEW YORK, June 23 /PRNewswire-FirstCall/ -- The Germany Fund, Inc. (GER), The New Germany Fund, Inc. (GF) and The Central Europe and Russia Fund, Inc. (CEE) each announced that, at their annual stockholders meetings held yesterday, the incumbent Directors were re-elected and the Board of Directors' appointment of PricewaterhouseCoopers LLP as independent accountants for the current fiscal years of the Funds was ratified. Stockholder proposals to terminate the investment advisory agreement with Deutsche Asset Management International GmbHfor The New Germany and Central Europe and Russia Funds were not adopted as each proposal failed to attain the approval of more than 50% of the Fund's outstanding shares. Additionally, with respect to the proposal that the Board of Directors promptly take steps necessary to open end The New Germany Fund or enable stockholders to realize net asset value for their shares, of the total shares outstanding 27.13% voted in favor, 17.38% voted against and 0.94% abstained. This being an advisory proposal, the Fund will report these results to the Board of Directors. Additionally, as discussed in the Funds' proxy statement, Richard Hale, managing director of an affiliate of the fund's investment adviser retired on June 18, 2004. In connection with his retirement, Mr. Hale resigned as President and CEO of the Funds. The Board of Directors will consider a replacement for Mr. Hale at its Board Meeting in July. The Funds are not diversified and may focus their investments in certain geographical regions, thereby increasing their vulnerability to developments in that region. Investing in foreign securities presents certain unique risks not associated with domestic investments, such as currency fluctuations and political and economic changes and market risks. This may result in greater share price volatility. Shares of a closed end fund frequently trade at a discount to net asset value. The price of the funds' share is determined by a number of factors, several of which are beyond the control of the fund. Therefore, the fund cannot predict whether its shares will trade at, below or above net asset value Not FDIC Insured/No Guarantee/May Lose Value and Russia Fund, Inc. DATASOURCE: The Germany Fund, Inc.; The New Germany Fund, Inc.; The Central Europe CONTACT: Media Inquiries - Judy Inosanto, Investor Inquiries - Patricia Rosch, both for The Germany Fund, Inc., The New Germany Fund, Inc. and The Central Europe and Russia Fund, Inc., +1-212-454-2123

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