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                         THE EMERGING GERMANY FUND INC.
- --------------------------------------------------------------------------------
                (Name of Registrant as Specified in Its Charter)

                                      N/A
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    (Name of Person(s) Filing Proxy Statement, if other than the Registrant)

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PRESS RELEASE

THE EMERGING GERMANY FUND INC. AMENDS BYLAWS, WILL RESCHEDULE ANNUAL MEETING, 
AND COMMENCES LITIGATION AGAINST STOCKHOLDERS FOR VIOLATION OF SECURITIES LAWS

April 8, 1998 -- The Emerging Germany Fund Inc. (NYSE:FRG) announced today 
that its Board of Directors has:

1. Adopted a Bylaw amendment, effective immediately, requiring that proposals 
   intended to be made at stockholders' meetings be provided to the Fund in 
   advance of the meeting together with materially relevant information.

2. Withdrawn the notice previously given for the Fund's 1998 annual meeting 
   of stockholders, which was scheduled for April 27, 1998. Stockholders will 
   be notified of the new meeting date when it is set.

3. Instructed its counsel to file suit on behalf of the Fund against certain 
   of its stockholders with regard to possible violations of the federal 
   securities laws.

The Fund's lawsuit will be filed today in the United States District Court 
for the Southern District of New York. The named defendants include, among 
others, Opportunity Partners L.P., its general partner Kimball & Winthrop, 
and Kimball & Winthrop's president, Phillip Goldstein. It alleges violations 
by the defendants of sections 13(d) and 14(a) of the Securities Exchange Act 
of 1934, which alleged violations include use of the Internet for unlawful 
proxy solicitations. The lawsuit requests equitable relief, including that 
the defendants be enjoined from further violations of the Exchange Act.

"We are taking these steps to ensure full and fair informational disclosure 
to the Board and all Fund stockholders in light of proposals made by a 
stockholder that, particularly given the continuing strong performance by 
the Fund, appear to be inappropriate and ill-timed," said Theodore Coburn, a 
Director of the Fund.

On March 27, the Fund received from Opportunity Partners L.P. an unsolicited 
letter stating that it intended to nominate at the Fund's annual meeting, 
then scheduled for April 27, four persons for election as Class I directors 
in opposition to the nominees proposed by the Board. The letter also stated 
that Opportunity Partners intended to propose, among other things, that the 
Fund's investment advisory agreement with Dresdner RCM Global Investors LLC 
be terminated (without




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proposing an alternate advisor); that the Fund's remaining directors 
resign; and that the Fund's stockholders be afforded an opportunity to 
realize net asset value for their investment in the Fund.

"The Board has determined that the Opportunity Partners' notice lacks 
sufficient information to consider it on an informed basis. The Board also 
was advised by the Fund's counsel that it appears that Opportunity Partners 
has violated the federal securities laws in soliciting support for these 
proposals without complying with legal requirements governing such actions," 
said Mr. Coburn.

The Bylaw amendment provides that notice of any proposal or nomination to be 
presented at a meeting of stockholders must be given no later than 14 days in 
advance of the annual meeting for 1998. The notice must include information 
as to Director nominees and the rationale and specifics of any proposal to be 
presented. The notice must be given to the Fund's corporate secretary. The 
date for the rescheduled 1998 annual meeting of stockholders will be 
announced sufficiently in advance of the meeting to permit any stockholder 
who wishes to do so to provide notice of any such nomination or proposal.

ACTIONS ALREADY TAKEN BY THE BOARD TO ENHANCE STOCKHOLDER VALUE

In early 1996, in order to allow the Fund to take full advantage of the 
broader investment opportunities in the German equities market, the Board 
recommended, and the stockholders approved, changes to the Fund's investment 
mandate. One of the major changes was an elimination of the restrictions on 
the market capitalization of the companies in which the Fund may invest. 
Previously, the mandate required at least 60% of the Fund's assets to be 
invested in small and medium sized German companies. Since inception of the 
Fund to date, mid-cap German companies (MDAX index) underperformed large-cap 
German companies (DAX index) significantly.

"Since early 1996 the Fund's investment manager, Dresdner RCM, has been able 
to use the Fund's broadened investment mandate, together with a stronger 
active fundamental research approach, to focus on investing in growth 
companies and investment themes such as restructurings and consolidations. 
Excellent performance has resulted," commented Mr. Coburn.

STRONG FUND PERFORMANCE

Since the broadening of the investment mandate through the first quarter of 
this year (from 4/30/96 to 3/31/98), the Fund has delivered excellent 
performance, including a 93.5% increase in the market price* of its shares, 
and a 77.7% increase in NAV*, compared with a rise of 64.6% in the DAX 100 
and 64.7% in the MSCI Germany index (the broad index of German equities).




Based on total NAV* return, the Fund was the top performing Germany fund 
(open or closed) in the U.S. marketplace for 1997. Comparative percentage 
performance for 1997 and first quarter 1998 is shown below:




                 Emerging Germany Fund         DAX100         MSCI Germany Index
- --------------------------------------------------------------------------------
                                                     
1997               NAV*:       26.3%            22.4%               24.8%
                   Mkt Price*: 48.0%

1st Q 98           NAV*:       21.1%            16.7%               17.1%
                   Mkt Price*: 18.3%


*All Market Price and NAV returns include reinvestment of dividends and 
 distributions.

FIRST DIVIDEND PAYABLE ON APRIL 20

On February 25, 1998, the Board announced a managed distribution plan that 
provides for the distribution to the Fund's stockholders on a quarterly basis 
of approximately 2.5% (at least 10% annually) of the Fund's net assets. The 
Board declared the first quarterly dividend on March 30, 1998, payable on 
April 20, 1998.

The Emerging Germany Fund Inc. is a non-diversified, closed-end registered 
investment management company with total net assets of approximately $213 
million as of March 31, 1998. The Fund's objective is to provide its 
investors with long-term capital appreciation by investing primarily in the 
growing Germany equity marketplace at all market capitalization levels.


                                     -end-

For additional information, please contact:

The Emerging Germany Fund Inc.
Theodore Coburn, Director
415-263-5200

Jeffrey Taufield
Kekst & Co.
212-521-4815