Scudder Investments Launches Scudder Global Commodities Stock Fund, Inc. New Closed-End Fund Aimed at Offering an Option for Diversification Into Non-Traditional Asset Classes NEW YORK, Sept. 27 /PRNewswire/ -- Scudder Investments (Scudder) announced today that Scudder Global Commodities Stock Fund, Inc. (the Fund) began trading on the New York Stock Exchange under the symbol "GCS" last Friday, September 24. The Fund is a non-diversified closed-end management investment company investing primarily in commodities-oriented equities and in other commodity-linked securities. "By launching the Global Commodities Stock Fund, Scudder's aim is to provide investors with a new product option that enables them to diversify their holdings into non-traditional, low-market correlated asset classes," said Vincent J. Esposito, Head of Product Development at Deutsche Asset Management. "In addition, commodities have historically performed relatively well in a rising-interest-rate or rising inflation environment. This, along with its previous long cycles of stock outperformance and its potential to help offset the downswings of other asset classes, are some factors for investors to consider when thinking about adding this product to their long-term holdings." Past Performance is not a Guarantee of Future Results. The Fund's initial public offering was priced at $15 per share, raising $365,250,000 based on 24,350,000 shares outstanding (before the underwriters' over-allotment option). The lead managers of the offering are Merrill Lynch, UBS Investment Bank, A.G. Edwards and Deutsche Bank Securities, Inc. The Fund's investment manager is Deutsche Investment Management Americas Inc. The Fund is Scudder's third such non-traditional closed-end fund offering, having launched two real estate funds, Scudder RREEF Real Estate Fund, Inc. (AMEX:SRQ) and the Scudder RREEF Real Estate Fund, Inc., II (AMEX:SRO) in the last two years. Scudder Global Commodities Stock Fund, Inc. has a unique strategic approach in that it plans to emphasize exposure to tangible commodities, unlike what some other commodities-oriented mutual funds typically do. The Fund intends to invest primarily in equities of companies in commodities related industries and in securities whose value is tied to the price of certain commodities or commodities-related indexes. "By placing a majority of the Fund's holdings into equities, we are seeking to add value through our stock selection ability. At the same time, we are working to manage risk from the volatility associated with commodities, without sacrificing the potential benefits that can come from diversification into this asset class," said Theresa Gusman, portfolio manager. She and Terrence Brennan, portfolio manager, are supported by an experienced commodities and materials team encompassing twelve professionals worldwide whose research coverage spans more than 160 energy and materials companies in more than 25 countries with combined market capitalization exceeding $2.5 trillion (as of 6/30/04). "This new fund offering is an example of Scudder's ongoing commitment to delivering to investors and their financial advisors a comprehensive range of compelling, innovative investment products that help our clients implement effective asset allocation strategies," said Jon Baum, President and CEO, Scudder Distributors, Inc. "In addition, with investor interest in alternative asset classes such as commodities continuing to grow, Scudder strives to be in the forefront of this trend by bringing products like the Scudder Global Commodities Fund, Inc. to market." About Scudder Investments Scudder Investments is the US retail brand for Deutsche Asset Management. With approximately US $699 billion (as of 6/30/2004) in assets under management globally, Deutsche Asset Management is one of the world's leading investment management organizations not just in size, but in quality and breadth of investment products and client service. Deutsche Asset Management is geographically divided into three regions -- the Americas, Europe and Asia Pacific, providing a broad range of investment management products across the risk/return spectrum. All of our products are managed for consistency, and with a goal of competitive long-term risk-adjusted performance. Important Risk Information: Past Performance is no guarantee of future results. Portfolio diversification does not eliminate risk. Stock Market Risk. An investment in common shares represents an indirect investment in the portfolio securities held by the fund. The value of these securities fluctuates. Commodities concentration risk. Because the fund concentrates its investments in securities related to commodities, market price movements, regulatory changes and economic changes as well as adverse political or financial factors could have a significant impact on the fund's performance. The commodity-linked structured notes and futures contracts in which the fund expects to invest have substantial additional risks, including risk of loss of a significant portion of their principal value and liquidity risk, as well as the risk of greater volatility. Closed-end fund risk. Shares of closed-end investment companies frequently trade at a discount from their net asset value. This characteristic is a risk separate and distinct from the risk that net asset value could decrease as a result of investment activities and may be greater for investors expecting to sell their shares in a relatively short period following the completion of this offering. Please keep in mind that general discussions of commodities are not meant to predict the performance of this fund, which is new and has no operating history. Please refer to the prospectus for a details discussion on the fund's primary risks. Not FDIC Insured. Not Guaranteed. May Lose Value. No assurance that objectives will be met. Scudder Distributors, Inc. 222 South Riverside Plaza, Chicago, IL 60606-5808 MARS 33703 9/27/04 NOTE: 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. DATASOURCE: Scudder Investments CONTACT: Judy Inosanto, +1-212-454-7304, for Scudder Investments

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