Scudder New Asia Fund Announces Results of Annual Meeting of Stockholders and Board Recommendation to Amend Articles of Incorporation.

NEW YORK -- The Scudder New Asia Fund, Inc. (NYSE: SAF) announced today results of a vote held at the Fund's annual meeting of stockholders to approve a proposal providing for the reorganization of the Fund into Scudder Emerging Markets Fund ("Emerging Markets Fund"), which is a registered open-end investment company.

Approximately 5,579,035 shares of common stock (representing 71.25% of shares represented at the meeting), or approximately 63.69% of the Fund's common stock outstanding, were voted in favor of the proposal. 766,051 shares of common stock, or approximately 8.75% of the Fund's outstanding common stock, were voted against the proposal. The proposal was not approved since it required the approval of holders of two-thirds of the Fund's outstanding shares. Accordingly, the Fund will continue to trade as a closed-end fund.

The Fund also announced that its Board of Directors approved a proposal providing for the amendment of the Fund's Articles of Incorporation to enable an affirmative vote of a majority of the Fund's outstanding shares to approve any reorganization, consolidation, merger, transfer or assets or share exchange of the Fund. Contingent on shareholder approval of such an amendment, the Fund's Board of Directors recommended that the proposal for the reorganization of the Fund, voted on at the annual meeting, be resubmitted to shareholders.

Robert Callander, Chairman of the Fund's Board of Directors, said "The Board believes that the high percentage of shareholders who voted in favor of the merger and recent changes in the Fund's shareholder base suggest strong support by current holders of a substantial majority of the Fund's shares for the proposal to prevail. Therefore, the Board has recommended amending the Fund's Articles of Incorporation to give shareholders another opportunity to enable the reorganization of the Fund."

The Board of Directors of the Fund plans to submit the proposed amendment to shareholders at a special meeting of shareholders, currently expected to take place in the first quarter of 2006. Holders of a majority of the Fund's outstanding shares must affirmatively vote in favor of the amendment for it to pass. If shareholders approve the amendment to the Articles of Incorporation, the Fund will resubmit to shareholders the proposal providing for the merger of the Fund into the Emerging Markets Fund. There can be no assurance that shareholders of the Fund will approve the proposed amendment to the Articles of Incorporation or the proposed merger. The Fund's shareholders are advised to read the prospectus, proxy statement and other materials when they are available as they will contain important information. These materials will be mailed to shareholders and will be available on the SEC's website or by calling the Fund's shareholder service line at 800-349-4281.

The Fund is a closed-end fund with an investment objective of long-term capital appreciation through investment primarily in the equity securities of Asian companies. Closed-end funds, unlike open-end funds, are not continuously offered. There is a one time public offering and once issued, shares of closed-end funds are sold in the open market through a stock exchange. Shares of closed-end funds frequently trade at a discount to net asset value. The price of the fund's shares 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.

The Scudder New Asia Fund, Inc. is a non-diversified and may focus its investments in certain geographic 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 fluctuation, political and economic change, and market risks. This may result in greater share price volatility.

This announcement is not an offer to purchase or the solicitation of an offer to sell shares of the Fund or a prospectus, circular or representation intended for use in the purchase or sale of Fund shares.

NOT FDIC/ NCUA INSURED  MAY LOSE VALUE  NO BANK GUARANTEE
NOT A DEPOSIT   NOT INSURED BY ANY FEDERAL GOVERNMENT AGENCY

Scudder Investments is part of Deutsche Asset Management which is the marketing name in the US 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 (12/05 (41408)).