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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