Hanspeter Ackermann, Portfolio Manager of the Germany and New Germany Funds, Comments On Gerhard Schroder's Election Victory

Business Wire, Sept 23, 2002

Business Editors

NEW YORK--(BUSINESS WIRE)--Sept. 23, 2002

Gerhard Schroder's narrow election victory will mean that his previously-proposed tax reforms will continue to move forward, with top tax rates falling to 42% by 2005, observes Hanspeter Ackermann, Portfolio Manager of the Germany and New Germany Funds (NYSE: GER, GF).

According to Mr. Ackermann, "tax reform is needed in Germany, historically one of the highest-taxed countries, and should prove beneficial to the over-all equity markets."

Mr. Ackermann added, "the Schroder government is likely to maintain the current tax exemption for capital gains on corporate shareholdings, which we believe is positive for corporate Germany."

The Germany Fund, Inc. is a non-diversified, closed-end investment company listed on the New York Stock Exchange with the symbol "GER". The Fund seeks long-term capital appreciation primarily through investment in German equities. It is managed and advised by wholly-owned subsidiaries of the Deutsche Bank Group.

The New Germany Fund, Inc. is a non-diversified, closed-end investment company listed on the New York Stock Exchange with the symbol "GF". The Fund seeks capital appreciation primarily through investment in middle-market German equities. It is managed and advised by wholly-owned subsidiaries of the Deutsche Bank Group.