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345 Park Avenue (at 51st Street)
New York, New York 10154
(800) 349-4281

Scudder New Asia Fund, Inc.

September 1, 1999

To the Stockholders:

The Annual Meeting of Stockholders of Scudder New Asia Fund, Inc. (the
"Fund") is to be held at 9:00 a.m., eastern time, on Wednesday, October 20,
1999, at the offices of Scudder Kemper Investments, Inc., 25th Floor, 345 Park
Avenue (at 51st Street), New York, New York 10154. Stockholders who are unable
to attend this meeting are strongly encouraged to vote by proxy, which is
customary in corporate meetings of this kind. A Proxy Statement regarding the
meeting, a proxy card for your vote at the meeting and an envelope -- postage
prepaid -- in which to return your proxy card are enclosed.

At the Annual Meeting, the stockholders will elect four Directors and
consider the ratification of the selection of PricewaterhouseCoopers LLP as the
Fund's independent accountants. In addition, the stockholders present will hear
a report on the Fund. There will be an opportunity to discuss matters of
interest to you as a stockholder.

Your Fund's Directors recommend that you vote in favor of each of the
foregoing matters.

Respectfully,

/s/Nicholas Bratt /s/Daniel Pierce

Nicholas Bratt Daniel Pierce
President Chairman of the Board

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STOCKHOLDERS ARE URGED TO SIGN THE PROXY CARD AND MAIL IT IN THE ENCLOSED
POSTAGE-PREPAID ENVELOPE SO AS TO ENSURE A QUORUM AT THE MEETING. THIS IS
IMPORTANT WHETHER YOU OWN FEW OR MANY SHARES.
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SCUDDER NEW ASIA FUND, INC.

Notice of Annual Meeting of Stockholders

To the Stockholders of
Scudder New Asia Fund, Inc.:

Please take notice that the Annual Meeting of Stockholders of Scudder New Asia
Fund, Inc. (the "Fund") has been called to be held at the offices of Scudder
Kemper Investments, Inc., 25th Floor, 345 Park Avenue (at 51st Street), New
York, New York 10154, on Wednesday, October 20, 1999 at 9:00 a.m., eastern time,
for the following purposes:

(1) To elect three Directors of the Fund to hold office for a term
of three years and one Director of the Fund to hold office for a term of
two years or until their respective successors shall have been duly elected
and qualified.

(2) To ratify or reject the action of the Board of Directors in
selecting PricewaterhouseCoopers LLP as independent accountants for the
fiscal year ending December 31, 1999.

The appointed proxies will vote on any other business as may properly come
before the meeting or any adjournments thereof.

Holders of record of the shares of common stock of the Fund at the close of
business on August 25, 1999 are entitled to vote at the meeting and any
adjournments thereof.

By order of the Board of Directors,
John Millette, Secretary

September 1, 1999

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IMPORTANT -- We urge you to sign and date the enclosed proxy card and return it
in the enclosed addressed envelope which requires no postage and is intended for
your convenience. Your prompt return of the enclosed proxy card may save the
Fund the necessity and expense of further solicitations to ensure a quorum at
the Annual Meeting. If you can attend the meeting and wish to vote your shares
in person at that time, you will be able to do so.
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PROXY STATEMENT

GENERAL

This Proxy Statement is furnished in connection with the solicitation of
proxies by the Board of Directors of Scudder New Asia Fund, Inc. (the "Fund")
for use at the Annual Meeting of Stockholders, to be held at the offices of
Scudder Kemper Investments, Inc. ("Scudder Kemper" or the "Investment Manager"),
25th Floor, 345 Park Avenue (at 51st Street), New York, New York 10154, on
Wednesday, October 20, 1999 at 9:00 a.m., eastern time, and at any adjournments
or postponements thereof (collectively, the "Meeting").

This Proxy Statement, the Notice of Annual Meeting and the proxy card are
first being mailed to stockholders on or about September 1, 1999 or as soon as
practicable thereafter. Any stockholder giving a proxy has the power to revoke
it by mail (addressed to the Secretary at the principal executive office of the
Fund, 345 Park Avenue, New York, New York 10154) or in person at the Meeting by
executing a superseding proxy or by submitting a notice of revocation to the
Fund. All properly executed proxies received in time for the Meeting will be
voted as specified in the proxy or, if no specification is made, for each
proposal referred to in the Proxy Statement.

The presence at any stockholders' meeting, in person or by proxy, of
stockholders entitled to cast a majority of the votes entitled to be cast shall
be necessary and sufficient to constitute a quorum for the transaction of
business. For purposes of determining the presence of a quorum for transacting
business at the Meeting, abstentions and broker "non-votes" will be treated as
shares that are present but which have not been voted. Broker non-votes are
proxies received by the Fund from brokers or nominees when the broker or nominee
has neither received instructions from the beneficial owner or other persons
entitled to vote nor has discretionary power to vote on a particular matter.
Accordingly, stockholders are urged to forward their voting instructions
promptly.

Abstentions and broker non-votes will not be counted in favor of, but will
have no other effect on, the vote for proposals (1) and (2) which require the
approval of a majority of shares voting at the Meeting.

Holders of record of the common stock of the Fund at the close of business
on August 25, 1999 (the "Record Date") will be entitled to one vote per share on
all business of the Meeting and any adjournments. There were 8,804,755 shares of
common stock outstanding on the Record Date.

The Fund provides periodic reports to all stockholders which highlight
relevant information, including investment results and a review of portfolio
changes. You may receive an additional copy of the annual report for the fiscal
year ended December 31, 1998 and a copy of the semiannual report for the
six-month period ended June 30, 1999, without charge, by calling 800-349-4281 or
writing the Fund at 345 Park Avenue, New York, New York 10154.

(1) ELECTION OF DIRECTORS

Persons named on the accompanying proxy card intend, in the absence of
contrary instructions, to vote all proxies in favor of the election of the four
nominees listed below as Directors of the Fund (Classes I and II) to serve for a
term of three years (two years in the case of Kenneth C. Froewiss), or until
their successors are duly elected and qualified. All nominees have consented to
stand for election and to serve if elected. If any such nominee should be unable
to serve, an event not now anticipated, the proxies will be voted for such
person, if any, as shall be designated by the Board of Directors to replace any
such nominee.

Information Concerning Nominees

The following table sets forth certain information concerning each of the
four nominees as a Director of the Fund. Each of the nominees, except for Kesop
Yun and Kenneth C. Froewiss, is now a Director of the Fund. Unless otherwise
noted, each of the nominees has engaged in the principal occupation listed in
the following table for more than five years, but not necessarily in the same
capacity. For election of Directors at the Meeting, the Board of Directors has
approved the nomination of the individuals listed below.

Class II - Nominees to serve until 2002 Annual Meeting of Stockholders:

Shares
Present Office with the Fund, if Beneficially
any; Principal Occupation or Year First Owned Percent
Employment and Directorships Became a June 30, of
Name (Age) in Publicly Held Companies Director 1999 (1) Class
- ---------- -------------------------- -------- -------- -----

Hugh T. Patrick (69) R.D. Calkins Professor of 1993 1,669 Less than
International Business, Graduate 1/4 of 1%
School of Business, Columbia
University; Director, Center on
Japanese Economy and Business,
Columbia University; Co-Director,
APEC Study Center, Columbia
University; and Director, Japan
Society. Mr. Patrick currently serves
on the board of one additional fund
managed by Scudder Kemper.

William H. Luers (70) Chairman and President, United 1998 500 Less than
Nations Association of The United 1/4 of 1%
States of America; President, The
Metropolitan Museum of Art (1996-99);
Director; IDEX Corporation (liquid
handling equipment manufacturer);
Wickes Lumber Company (building
materials); StoryFirst Communications,
Inc. (owns television and radio
stations in Russia and Ukraine);
Transco Energy Company (natural gas
transmission company, until 1995) and
the Discount Corporation of New York
(bond trading, until 1993). Mr. Luers
serves on the boards of certain other
funds managed by Scudder Kemper.

Kesop Yun (54) Dean, College of Business -- -- --
Administration, Seoul National
University, Seoul, Korea; Visiting
Professor of London Business School
(1997-98); President, Korea
Securities & Economy Institute
(1994-95); President, Korea Tax
Association (1994-95).

Class I - Nominee to serve until 2001 Annual Meeting of Stockholders:

Kenneth C. Froewiss (53) Visiting Professor of Finance, Stern -- -- --
School of Business, New York
University; Managing Director, J.P.
Morgan (investment banking firm)
(until 1996). Mr. Froewiss serves on
the boards of certain other funds
managed by Scudder Kemper.

Information Concerning Continuing Directors

The Board of Directors is divided into three classes, each Director serving
for a term of three years. The terms of Class I and III Directors do not expire
this year. Mr. Froewiss, if elected, will be designated as a Class I Director.
The following table sets forth certain information regarding the Directors in
such classes. Unless otherwise noted, each Director has engaged in the principal
occupation listed in the following table for more than five years, but not
necessarily in the same capacity.

Class III - Directors serving until 2000 Annual Meeting of Stockholders:

Robert J. Callander (68) Director, ARAMARK Corporation 1994 500 Less than
(diversified service corporation), 1/4 of 1%
Barnes Group, Inc. (manufacturing
company) and Omnicom Group, Inc.
(advertising and communications
company); Member, Council on Foreign
Relations; Managing Director,
Metropolitan Opera Association;
Trustee, Drew University; and
Visiting Professor/Executive-in-Residence,
Columbia Business School, Columbia
University. Mr. Callander serves on
the boards of certain other funds
managed by Scudder Kemper.

Kathryn L. Quirk (46)*+ Managing Director of Scudder Kemper 1996 413 (2) Less than
Investments, Inc. Ms. Quirk serves on 1/4 of 1%
the boards of certain other funds
managed by Scudder Kemper.

Class I - Directors serving until 2001 Annual Meeting of Stockholders:

Daniel Pierce (65)*+ Chairman of the Board; Advisory 1991 24,288 (3) .27%
Managing Director of Scudder Kemper
Investments, Inc.; and Director,
Fiduciary Trust Company (bank and
trust company) and Fiduciary Company
Incorporated (bank and trust
company). Mr. Pierce serves on the
boards of certain other funds managed
by Scudder Kemper.

Sheryle J. Bolton (53) Chief Executive Officer and Director, 1998 -- --
Scientific Learning Corporation; and
President and Chief Operating
Officer, Physicians' Online, Inc.
(electronic transmission of clinical
information for physicians)
(1994-95). Ms. Bolton serves on the
boards of certain other funds managed
by Scudder Kemper.

All Directors and Officers as a group 46,413 (4) .52%

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* Persons considered by the Fund and its counsel to be "interested persons"
[which as used in this proxy statement is as defined in the Investment
Company Act of 1940, as amended] of the Fund or of the Fund's investment
manager, Scudder Kemper Investments, Inc. Mr. Pierce and Ms. Quirk are
deemed to be interested persons because of their affiliation with the Fund's
investment manager, Scudder Kemper Investments, Inc., or because they are
Officers of the Fund or both.
+ Mr. Pierce and Ms. Quirk are members of the Executive Committee of the
Fund.
(1) The information as to beneficial ownership is based on statements furnished
to the Fund by the Directors. Unless otherwise noted, beneficial ownership
is based on sole voting and investment power.
(2) Ms. Quirk's shares are owned by members of her family as to which she shares
investment and voting power.
(3) Mr. Pierce's total includes 8,133 shares held in a fiduciary capacity.
(4) The total for the group includes 27,467 shares held with sole investment and
voting power and 18,946 shares held with shared investment and voting power.

Section 16(a) Beneficial Ownership Reporting Compliance

Section 16(a) of the Securities Exchange Act of 1934, as amended, and
Section 30(h) of the Investment Company Act of 1940, as amended (the "1940
Act"), as applied to a fund, requires the fund's Officers and Directors,
Investment Manager, affiliates of the Investment Manager, and persons who
beneficially own more than ten percent of a registered class of the fund's
outstanding securities ("reporting persons"), to file reports of ownership of
the fund's securities and changes in such ownership with the Securities and
Exchange Commission (the "SEC") and The New York Stock Exchange. Such persons
are required by SEC regulations to furnish the fund with copies of all such
filings.

Based solely upon its review of the copies of such forms received by it and
written representations from certain reporting persons that no year-end reports
were required for those persons, the Fund believes that during the fiscal year
ended December 31, 1998, its reporting persons complied with all applicable
filing requirements except that Form 3 on behalf of William H. Luers and Sheryle
Bolton and Form 4 on behalf of Nicholas Bratt and Daniel Pierce were filed late.

According to filings with the SEC on Schedule 13G made in March 1999, Lowe,
Brockenbrough & Tattersall Strategic Advisors, Inc., 6620 West Broad Street,
Suite 300, Richmond, Virginia 23230-1720 reported beneficial ownership of
559,000 shares, or 6.4% of the Fund's outstanding shares.

Except as noted above, to the best of the Fund's knowledge, as of June 30,
1999 no person owned beneficially more than 5% of the Fund's outstanding stock.

Honorary Directors

James W. Morley, Robert G. Stone, Jr. and William H. Gleysteen serve as
Honorary Directors of the Fund. Honorary Directors are invited to attend all
Board meetings and to participate in Board decisions, but are not entitled to
vote on any matter presented to the Board. Messrs. Morley, Stone and Gleysteen
had served as Directors of the Fund since 1986. Messrs. Morley, Stone and
Gleysteen retired as Directors in 1993, 1994 and 1998, respectively, in
accordance with the Board of Directors' retirement policy.

Committees of the Board -- Board Meetings

The Board of Directors of the Fund met four times during the fiscal year
ended December 31, 1998.

The Board of Directors, in addition to an Executive Committee, has an Audit
Committee, a Valuation Committee and a Committee on Independent Directors. The
Executive and Valuation Committees consist of regular members, allowing
alternates.

Audit Committee

The Board has an Audit Committee consisting of those Directors who are not
interested persons of the Fund or of Scudder Kemper ("Noninterested Directors"),
as defined in the 1940 Act, which last met on April 27, 1999. The Audit
Committee reviews with management and the independent accountants for the Fund,
among other things, the scope of the audit and the controls of the Fund and its
agents, reviews and approves in advance the type of services to be rendered by
independent accountants, recommends the selection of independent accountants for
the Fund to the Board and, in general, considers and reports to the Board on
matters regarding the Fund's accounting and bookkeeping practices.

Committee on Independent Directors

The Board has a Committee on Independent Directors consisting of the
Noninterested Directors. The Committee is charged with the duty of making all
nominations for Noninterested Directors and consideration of other related
matters. Stockholders' recommendations as to nominees received by management are
referred to the Committee for its consideration and action. The Committee last
met on July 20, 1999 to consider and to nominate the nominees set forth above.

Executive Officers

In addition to Mr. Pierce and Ms. Quirk, Directors who are also Officers of
the Fund, the following persons are Executive Officers of the Fund:

Year First
Present Office with the Fund; Became an
Name (Age) Principal Occupation or Employment (1) Officer (2)
---------- -------------------------------------- -----------

Elizabeth J. Allan (46) Vice President; Senior Vice President of Scudder Kemper 1989
Investments, Inc.

Nicholas Bratt (51) President; Managing Director of Scudder Kemper 1984
Investments, Inc.

Bruce H. Goldfarb (34) Vice President and Assistant Secretary; Senior Vice 1997
President of Scudder Kemper Investments, Inc. since
February 1997; previously practiced law with the law firm
of Cravath, Swaine & Moore.

Theresa Gusman (39) Vice President; Senior Vice President of Scudder Kemper 1996
Investments, Inc. since 1995; previously a Vice
President, Arnhold and S. Bleichroeder.

Judith A. Hannaway (46) Vice President; Senior Vice President of Scudder Kemper 1997
Investments, Inc. since February 1995; previously a
Senior Vice President in the Investment Banking Group of
Kidder Peabody & Company.

John R. Hebble (41) Treasurer; Senior Vice President of Scudder Kemper 1998
Investments, Inc.

Ann M. McCreary (42) Vice President; Managing Director of Scudder Kemper 1998
Investments, Inc.

John Millette (37) Vice President and Secretary; Assistant Vice President of 1999
Scudder Kemper Investments, Inc.

Caroline Pearson (37) Assistant Secretary; Senior Vice President of Scudder 1998
Kemper Investments, Inc. since September 1997; previously
practiced law with the law firm of Dechert Price & Rhoads.

(1) Unless otherwise stated, all Executive Officers have been associated with
Scudder Kemper for more than five years, although not necessarily in the
same capacity.

(2) The President, Treasurer and Secretary each hold office until his successor
has been duly elected and qualified, and all other officers hold office in
accordance with the By-Laws of the Fund.

Transactions with and Remuneration of Directors and Officers

The aggregate direct remuneration by the Fund of Directors not affiliated
with Scudder Kemper was $71,178, including expenses, for the fiscal year ended
December 31, 1998. Each such unaffiliated Director currently receives fees paid
by the Fund of $750 per Directors' meeting attended and an annual Director's fee
of $6,000. Each Director also receives $250 per committee meeting attended
(other than Audit Committee meetings and meetings held for the purposes of
considering arrangements between the Fund and the Investment Manager or an
affiliate of the Investment Manager, for which such Director receives a fee of
$750). Scudder Kemper supervises the Fund's investments, pays the compensation
and certain expenses of its personnel who serve as Directors and Officers of the
Fund and receives a management fee for its services. Several of the Fund's
Officers and Directors are also officers, directors, employees or stockholders
of Scudder Kemper and participate in the fees paid to that firm (see "Investment
Manager," page 8), although the Fund makes no direct payments to them other than
for reimbursement of travel expenses in connection with the attendance at
Directors' and committee meetings.

The following Compensation Table, provides in tabular form, the following data:

Column (1) All Directors who receive compensation from the Fund.

Column (2) Aggregate compensation received by a Director from the Fund and
Scudder Kemper.

Columns (3) and (4) Pension or retirement benefits accrued or proposed to be
paid by the Fund. The Fund does not pay its Directors such benefits.

Column (5) Total compensation received by a Director from the Fund and Scudder
Kemper, plus compensation received from all funds managed by Scudder Kemper for
which a Director serves. The total number of funds from which a Director
receives such compensation is also provided in column (5).

Compensation Table
for the year ended December 31, 1998
- -----------------------------------------------------------------------------------------------------------------
(1) (2) (3) (4) (5)

Aggregate Compensation as
Aggregate a Director/Trustee of
Compensation the Fund and Other
as a Director of the Fund Scudder Kemper Funds

Estimated
Pension or Annual
Paid by Retirement Benefits Benefits Paid by
Name of Person, Paid by Scudder Accrued As Part of Upon Paid by Scudder
Position Fund Kemper* Fund Expenses Retirement Funds Kemper*
- -----------------------------------------------------------------------------------------------------------------
Paul Bancroft III, $12,250 $0 N/A N/A $174,200 $8,925
Director** (23 funds)
- -----------------------------------------------------------------------------------------------------------------
Sheryle J. Bolton, $0 $0 N/A N/A $149,050 $0
Director*** (21 funds)
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Robert J. Callander, $12,250 $0 N/A N/A $37,600 $0
Director (3 funds)
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Thomas J. Devine, $11,500 $0 N/A N/A $162,450 $8,925
Director[ (22 funds)
- -----------------------------------------------------------------------------------------------------------------
William H. Gleysteen, $12,250 $0 $6,208+ $6,000+ $123,200 $4,675
Jr., Director[ (16 funds)
- -----------------------------------------------------------------------------------------------------------------
William H. Luers, $0 $0 N/A N/A $157,050 $8,925
Director*** (24 funds)
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Wilson Nolen, $12,250 $0 N/A N/A $189,075 $6,375
Director** (24 funds)
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Hugh T. Patrick, $12,250 $0 N/A N/A $24,000 $0
Director (2 funds)

* During 1998 Scudder Kemper voluntarily agreed to pay the fees and expenses of
Directors relating to special meetings held for the purpose of considering the
proposed alliance between Zurich Insurance Company and B.A.T Industries p.l.c.,
which was consummated on September 8, 1998.

** In accordance with the Board of Directors' retirement policy, Mr. Nolen is
not standing for reelection. In addition, Mr. Bancroft has indicated that he
intends to resign from the Board as of October 20, 1999.

*** Ms. Bolton and Mr. Luers became members of the Board on October 28, 1998.

[ In accordance with the Board of Directors' retirement policy, Messrs. Devine
and Gleysteen retired from the Board on October 28, 1998.

+ Retirement benefits accrued and proposed to be paid as additional compensation
for serving on the Board of the Japan Fund, Inc.

Kenneth C. Froewiss, a nominee for Director of the Fund, received $12,250
during 1998 for serving on the Board of one other fund advised by Scudder
Kemper.

Required Vote

Election of each of the listed nominees for Director requires the
affirmative vote of a majority of the votes cast at the Meeting in person or by
proxy. Your Fund's Directors recommend that stockholders vote in favor of each
of the nominees.

(2) RATIFICATION OR REJECTION OF THE SELECTION OF INDEPENDENT ACCOUNTANTS

At a meeting held on July 20, 1999, the Board of Directors of the Fund,
including a majority of the Noninterested Directors, recommended to stockholders
the selection of PricewaterhouseCoopers LLP to act as independent accountants
for the Fund for the fiscal year ending December 31, 1999.
PricewaterhouseCoopers LLP are independent accountants and have advised the Fund
that they have no direct financial interest or material indirect financial
interest in the Fund. One or more representatives of PricewaterhouseCoopers LLP
are expected to be present at the Meeting and will have an opportunity to make a
statement if they so desire. Such representatives are expected to be available
to respond to appropriate questions posed by stockholders or management.

The Fund's financial statements for the fiscal year ended December 31, 1998
were audited by PricewaterhouseCoopers LLP.

Required Vote

Ratification of the selection of independent accountants requires the
affirmative vote of a majority of the votes cast at the Meeting in person or by
proxy. Your Fund's Directors recommend that stockholders ratify the selection of
PricewaterhouseCoopers LLP as independent accountants.

Investment Manager

The Investment Manager is a Delaware corporation. Rolf Huppi* is the
Chairman of the Board and Director, Edmond D. Villani# is the President, Chief
Executive Officer and Director, Stephen R. Beckwith# is the Treasurer and Chief
Financial Officer, Kathryn L. Quirk# is the General Counsel, Chief Compliance
Officer and Secretary, Lynn S. Birdsong# is a Corporate Vice President and
Director, Cornelia M. Small# is a Corporate Vice President, Chief Investment
Officer and Director, Laurence Cheng* is a Director, Gunther Gose* is a Director
and William H. Bolinder[ is a Director of the Investment Manager. The principal
occupation of each of Edmond D. Villani, Stephen R. Beckwith, Kathryn L. Quirk,
Lynn S. Birdsong and Cornelia M. Small is serving as a Managing Director of the
Investment Manager; the principal occupation of Rolf Huppi is serving as the
Chairman and Chief Executive Officer of Zurich Financial Services Group
("Zurich"); the principal occupation of Laurence Cheng is serving as a senior
partner of Capital Z Partners, an investment fund; the principal occupation of
Gunther Gose is serving as the Chief Financial Officer of Zurich; the principal
occupation of William H. Bolinder is serving as a member of the Group Executive
Board of Zurich.

On September 7, 1998, the businesses of the Zurich Group (including
Zurich's 70% interest in Scudder Kemper) and the financial services businesses
of B.A.T Industries p.l.c. ("B.A.T") were combined to form a new global
insurance and financial services company known as Zurich Financial Services
Group. Zurich Financial Services Group is 57% owned by Zurich Allied AG, a
listed Swiss holding company, and 43% owned by Allied Zurich p.l.c., a listed
U.K. holding company. The home offices of Zurich Financial Services Group and
Zurich Allied AG are located at Mythenquai 2, 8002 Zurich, Switzerland, and the
home office of Allied Zurich p.l.c. is located at 22 Arlington Street, London,
England SW1A 1RW, United Kingdom.

- ------------------------
* Mythenquai 2, Zurich, Switzerland

# 345 Park Avenue, New York, New York

[ 1400 American Lane, Schaumburg, Illinois

The outstanding voting securities of the Investment Manager are held of
record 36.63% by Zurich Holding Company of America ("ZHCA"), a subsidiary of
Zurich; 32.85% by ZKI Holding Corp. ("ZKIH") a subsidiary of Zurich; 20.86% by
Stephen R. Beckwith, Lynn S. Birdsong, Kathryn L. Quirk, Cornelia M. Small and
Edmond D. Villani in their capacity as representatives (the "Management
Representatives") of the Investment Manager's management holders and retiree
holders pursuant to a Second Amended and Restated Security Holders Agreement
among the Investment Manager, Zurich, ZHCA, ZKIH, the Management
Representatives, the management holders, the retiree holders and Edmond D.
Villani, as trustee of Scudder Kemper Investments, Inc. Executive Defined
Contribution Plan Trust (the "Trust"); and 9.66% by the Trust. There are no
outstanding non-voting securities of the Investment Manager.

Brokerage Commissions on Portfolio Transactions

To the maximum extent feasible, Scudder Kemper places orders for portfolio
transactions through Scudder Investor Services, Inc., Two International Place,
Boston, Massachusetts 02110 (the "Distributor") (a corporation registered as a
broker/dealer and a subsidiary of Scudder Kemper), which in turn places orders
on behalf of the Fund with issuers, underwriters or other brokers and dealers.
The Distributor receives no commissions, fees or other remuneration from the
Fund for this service. In selecting brokers and dealers with which to place
portfolio transactions for the Fund, Scudder Kemper may place such transactions
with brokers and dealers that sell shares of funds advised by Scudder Kemper. In
addition, when it can be done consistently with its policy of obtaining the most
favorable net results in placing Fund brokerage, Scudder Kemper is authorized to
place such brokerage with brokers and dealers who supply brokerage and research
services to Scudder Kemper. Allocation of portfolio transactions is supervised
by Scudder Kemper.

Other Matters

The Board of Directors does not know of any matters to be brought before
the Meeting other than those mentioned in this Proxy Statement. The appointed
proxies will vote on any other business that properly comes before the Meeting
or any adjournments thereof in accordance with their best judgment.

Miscellaneous

Proxies will be solicited by mail and may be solicited in person or by
telephone or facsimile by Officers of the Fund or personnel of Scudder Kemper.
The Fund has retained Shareholder Communications Corporation, 17 State Street,
New York, New York 10004 to assist in the proxy solicitation. The cost of their
services is estimated at $3,500 plus expenses. The costs and expenses connected
with the solicitation of the proxies and with any further proxies which may be
solicited by the Fund's Officers or Shareholder Communications Corporation, in
person, by telephone or by facsimile will be borne by the Fund. The Fund will
reimburse banks, brokers and other persons holding the Fund's shares registered
in their names or in the names of their nominees for their expenses incurred in
sending proxy material to and obtaining proxies from the beneficial owners of
such shares.

In the event that sufficient votes in favor of any proposal set forth in
the Notice of this Meeting are not received by October 20, 1999, the persons
named as appointed proxies on the enclosed proxy card may propose one or more
adjournments of the Meeting to permit further solicitation of proxies. Any such
adjournment will require the affirmative vote of the holders of a majority of
the shares present in person or by proxy at the session of the Meeting to be
adjourned. The persons named as appointed proxies on the enclosed proxy card
will vote in favor of such adjournment those proxies which they are entitled

to vote in favor of the proposal for which further solicitation of proxies is to
be made. They will vote against any such adjournment those proxies required to
be voted against such proposal. The costs of any such additional solicitation
and of any adjourned session will be borne by the Fund.

Stockholder Proposals

Stockholders wishing to submit proposals for inclusion in a proxy statement
for the 2000 meeting of stockholders of the Fund should send their written
proposals to John Millette, Secretary of the Fund, c/o Scudder Kemper
Investments, Inc. at 345 Park Avenue, New York, New York 10154, by May 3, 2000.
The timely submission of a proposal does not guarantee its inclusion.

The Fund may exercise discretionary voting authority with respect to
stockholder proposals for the 2000 meeting of stockholders which are not
included in the proxy statement and form of proxy, if notice of such proposals
is not received by the Fund at the above address on or before July 18, 2000.
Even if timely notice is received, the Fund may exercise discretionary voting
authority in certain other circumstances. Discretionary voting authority is the
ability to vote proxies that stockholders have executed and returned to the Fund
on matters not specifically reflected on the form of proxy.

By order of the Board of Directors,

John Millette
Secretary

345 Park Avenue
New York, New York 10154

September 1, 1999

PROXY SCUDDER NEW ASIA FUND, INC. PROXY
THIS PROXY IS SOLICITED ON BEHALF OF THE BOARD OF DIRECTORS

Annual Meeting of Stockholders -- October 20, 1999

The undersigned hereby appoints Robert J. Callander, Bruce H. Goldfarb and
Daniel Pierce and each of them, the proxies of the undersigned, with the power
of substitution to each of them, to vote all shares of Scudder New Asia Fund,
Inc. which the undersigned is entitled to vote at the Annual Meeting of
Stockholders of Scudder New Asia Fund, Inc. to be held at the offices of Scudder
Kemper Investments, Inc., 25th Floor, 345 Park Avenue (at 51st Street), New
York, New York 10154, on Wednesday, October 20, 1999 at 9:00 a.m., eastern time,
and at any adjournments or postponements thereof.

Unless otherwise specified in the squares provided, the undersigned's vote will
be cast "FOR" each numbered item listed on the reverse side.

1. The election of Directors:

FOR all nominees listed below WITHHOLD AUTHORITY
(except as marked to the contrary below / / to vote for all nominees
listed below / /

Nominees: Class II: Hugh T. Patrick, William H. Luers and Kesop Yun.
Class I: Kenneth C. Froewiss.
(INSTRUCTION: To withhold authority to vote for any individual nominee,
write that nominee's name on the space provided below.)

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2. Ratification of the selection of PricewaterhouseCoopers LLP as independent
accountants: FOR / / AGAINST / / ABSTAIN / /

The Proxies are authorized to vote in their discretion on any other business as
may properly come before the meeting and any adjournments thereof.

MARK HERE FOR ADDRESS CHANGE AND NOTE AT LEFT / /

PLEASE SIGN AND RETURN PROMPTLY IN ENCLOSED ENVELOPE
NO POSTAGE IS REQUIRED

Please sign exactly as Signature:.................. Date:............, 1999
your name or names appear.
When signing as attorney,
executor, administrator,
trustee or guardian,
please give you full title
as such.
Signature:.................. Date:............, 1999