The Germany, New Germany and Central Europe and Russia Funds Change Time of NAV Calculation to 11:30AM Eastern Time.

Business Editors

NEW YORK--(BUSINESS WIRE)--Feb. 5, 2004

The Germany Fund, Inc. (GER), The New Germany Fund, Inc. (GF) and The Central Europe and Russia Fund, Inc. (CEE) announced today that they will change the time of calculating their net asset values per share (NAV) to 11:30 am, New York time, from the current 5:00 pm, New York time. The change will become effective on Tuesday, February 17, 2004. The daily NAVs will be publicly announced via website posting (www.germanyfund.com) as soon as reasonably possible after the 11:30 am calculation time, currently expected to be in the range of 1:00 pm to 2:00 pm, New York time. The NAVs will also continue to be made available via toll-free telephone (800-GERMANY) following the website posting.

The Funds are closed-end registered investment companies whose shares are listed on the New York Stock Exchange. The change in NAV timing will not affect the times or prices at which investors may buy and sell Fund shares on the NYSE.

The reason for the change in time of calculating the NAV is to minimize the possibility that events occurring after the close of the securities exchanges on which the Funds' portfolio securities principally trade would require adjustment to the closing market prices in order to reflect fair value. Currently the latest closing time of the European and Russian securities exchanges on which the Funds' portfolio securities trade is the closing of the Frankfurt stock markets at 5:30 pm, Frankfurt time, which is generally 11:30 am, New York time.

As closed-end investment companies, the Funds do not issue and redeem their shares at NAV. Instead, investors buy and sell Fund shares on the NYSE at market prices. Thus, changes in the time of calculating the NAV should not affect Fund investors to any significant extent. As with most closed-end investment companies, Fund shares generally trade a discount to NAV.

Although the NAV does not determine the prices at which investors buy and sell Fund shares, the Funds are nevertheless required by the Investment Company Act and SEC regulations to adjust the values of their portfolio securities used in calculating NAV if market quotations are believed not to reflect fair value. NAV is used by the Funds in preparing financial statements and in calculating the fees of some service providers that are based on average weekly net assets. The Funds voluntarily calculate their NAVs on each NYSE trading day.

Because the Funds will calculate their NAVs based on the Frankfurt time closing of the Frankfurt stock markets and because Germany and New York do not start and end Daylight Savings time (Summer time) on the same dates, there will be brief periods in the Spring and Fall when the NAV calculations will be made as of 12:30 pm, New York time.

The Funds are managed and advised by members of the Deutsche Bank Group.

The Germany Fund, Inc. is a non-diversified, closed-end investment company. The Fund seeks long-term capital appreciation investing primarily in large capitalization equity securities trading on the German stock exchanges. The Fund may also invest up to 20% of total assets in blue chip stocks in the United Kingdom, Switzerland, and countries outside of Germany that have adopted the new Euro currency. Its shares are listed on the New York Stock Exchange under the symbol "GER"

The Central Europe and Russia Fund, Inc. is a non-diversified, closed-end investment company seeking capital appreciation primarily through investment in Central European and Russian equities. Its shares are listed on the New York Stock Exchange under the symbol "CEE". Effective June 24, 2003, the Fund's name and investment policies changed. The Fund's former name was The Central European Equity Fund, Inc.

The New Germany Fund, Inc. is a non-diversified, closed-end investment company seeking capital appreciation primarily through investment in the Mittelstand - an important group of small and mid-cap German companies. The Fund may invest up to 35% of its assets in large cap German companies, and up to 20% in other Western European companies. Its shares are listed on the New York Stock Exchange under the symbol "GF".

The Funds are non-diversified and can take larger positions in fewer companies, increasing its overall risk profile. Investments in securities of foreign issuers present greater risks including currency fluctuations and changes in political/economic conditions. Foreign securities markets generally exhibit greater price volatility and are less liquid than the US markets. Please read this fund's prospectus for specific details regarding its risk profile.

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.

Not FDIC Insured/No Guarantee/May Lose Value.