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<SEC-DOCUMENT>0000891836-05-000272.txt : 20050518
<SEC-HEADER>0000891836-05-000272.hdr.sgml : 20050518
<ACCEPTANCE-DATETIME>20050518163908
ACCESSION NUMBER:		0000891836-05-000272
CONFORMED SUBMISSION TYPE:	DEFA14A
PUBLIC DOCUMENT COUNT:		2
FILED AS OF DATE:		20050518
DATE AS OF CHANGE:		20050518
EFFECTIVENESS DATE:		20050518

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			NEW GERMANY FUND INC
		CENTRAL INDEX KEY:			0000858706
		IRS NUMBER:				133555471
		STATE OF INCORPORATION:			MD
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		DEFA14A
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	811-05983
		FILM NUMBER:		05842156

	BUSINESS ADDRESS:	
		STREET 1:		345 PARK AVENUE
		CITY:			NEW YORK
		STATE:			NY
		ZIP:			10154
		BUSINESS PHONE:		800-437-6269

	MAIL ADDRESS:	
		STREET 1:		345 PARK AVENUE
		CITY:			NEW YORK
		STATE:			NY
		ZIP:			10154

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	LENOX FUND INC
		DATE OF NAME CHANGE:	19900115
</SEC-HEADER>
<DOCUMENT>
<TYPE>DEFA14A
<SEQUENCE>1
<FILENAME>sc0126.htm
<DESCRIPTION>LETTER TO STOCKHOLDERS
<TEXT>
<HTML>
<HEAD>
     <TITLE>Letter to Stockholders</TITLE>
</HEAD>
<BODY>


<H1 ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=5>The New Germany Fund,
Inc. </FONT></H1>

<BR><BR><BR>

<TABLE BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH=100%>
<TR VALIGN="TOP">
     <TD WIDTH=65%><FONT FACE="Times New Roman, Times, Serif" SIZE="3"></FONT></TD>
     <TD WIDTH=35%><FONT FACE="Times New Roman, Times, Serif" SIZE="3">May 18, 2005 </FONT></TD></TR>
</TABLE>
<BR>

<P ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=3>Dear Stockholders: </FONT></P>

<P><FONT FACE="Times New Roman, Times, Serif" SIZE=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We
recently mailed to you proxy materials in connection with the upcoming Annual Meeting of
Stockholders of The New Germany Fund, Inc. to be held on June 21, 2005. In these
materials, your Board of Directors is asking you to use the White Proxy Card to: </FONT></P>

<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0>
<TR VALIGN=TOP>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=3>&nbsp; </FONT></TD>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=3>&#149; </FONT></TD>
<TD><FONT FACE="Times New Roman, Times, Serif" SIZE=3>&nbsp; </FONT></TD>
<TD WIDTH=90%><FONT FACE="Times New Roman, Times, Serif" SIZE=3>Vote
&#147;<B>FOR</B>&#148; the reelection of four experienced Directors of the Fund: Messrs. John Bult, John
H. Cannon, Werner Walbr&ouml;l and Peter Z&uuml;hlsdorff; </FONT> </TD>
</TR>
</TABLE>
<BR>

<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0>
<TR VALIGN=TOP>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=3>&nbsp; </FONT></TD>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=3>&#149; </FONT></TD>
<TD><FONT FACE="Times New Roman, Times, Serif" SIZE=3>&nbsp; </FONT></TD>
<TD WIDTH=90%><FONT FACE="Times New Roman, Times, Serif" SIZE=3>Vote
&#147;<B>FOR</B>&#148; the ratification of the appointment by the Audit Committee and the
Board of PricewaterhouseCoopers&nbsp;LLP, an independent registered public accounting
firm, as independent auditors for the Fund; and  </FONT></TD>
</TR>
</TABLE>
<BR>

<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0>
<TR VALIGN=TOP>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=3>&nbsp; </FONT></TD>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=3>&#149; </FONT></TD>
<TD><FONT FACE="Times New Roman, Times, Serif" SIZE=3>&nbsp; </FONT></TD>
<TD WIDTH=90%><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
Vote &#147;<B>AGAINST</B>&#148; the non-binding stockholder proposal submitted by
Opportunity Partners, L.P., a short-term arbitrage fund controlled by Mr. Phillip
Goldstein, proposing that &#147;[stock]holders of the Fund be afforded an opportunity to
realize net asset value for their shares as soon as practicable.&#148; </FONT></TD>
</TR>
</TABLE>
<BR>

<P><FONT FACE="Times New Roman, Times, Serif" SIZE=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We
hope you will take a moment to review these materials and to vote in accordance with your
Board of Directors&#146; recommendations. Please be sure to complete, sign and date the
enclosed <B><I>White</I></B><I></I> Proxy Card to ensure that your vote is counted. If you
hold your shares in a brokerage or bank account (in &#147;street name&#148;), your broker
or bank cannot vote your shares this year (as it has in past routine annual meetings)
unless you complete, sign and return the proxy voting form it will send you. If you have
already returned the <B><I>White</I></B><I></I> Proxy Card, we thank you for your support. </FONT></P>

<P><FONT FACE="Times New Roman, Times, Serif" SIZE=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We
also want to alert you that over the next few days and weeks, you may receive proxy
solicitation material with a proxy card from Mr. Goldstein. Do not be confused. <B>The
Goldstein Solicitation is not endorsed by the Fund or Your Board of Directors. </B>Your
Board of Directors strongly opposes both (1)&nbsp;Mr. Goldstein&#146;s attempt to replace
four experienced Directors of your Fund with his less qualified and less experienced
nominees, and (2)&nbsp;Mr. Goldstein&#146;s stockholder proposal. The open agenda being
pursued by Mr. Goldstein is to install a minority of directors who will seek to have the
Fund open-end, conduct a partial tender offer, or liquidate &#150; all actions that would
essentially terminate the Fund or disrupt its ability to make investments under its
current strategy while simultaneously incurring expenses. </FONT></P>

<P><FONT FACE="Times New Roman, Times, Serif" SIZE=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>Mr.&nbsp;Goldstein&#146;s
short-term financial interests are not aligned with the financial interests of long-term
stockholders, who have seen their investment in the Fund appreciate very substantially in
recent years &#150; a total return of 166% from January&nbsp;1, 2003 to March&nbsp;31,
2005, beating the relevant benchmark significantly. </B>We urge you to voice your</FONT></P>


<PAGE>
<BR><BR>


<P><FONT FACE="Times New Roman, Times, Serif" SIZE=3>opposition to Mr. Goldstein&#146;s
two proposals by completing, signing and dating our enclosed <B><I>White </I></B>Proxy Card and
promptly mailing it in the enclosed postage-paid envelope. Please do not sign or return
any proxy card sent to you by Opportunity Partners or Mr. Goldstein. </FONT> </P>

<P><FONT FACE="Times New Roman, Times, Serif" SIZE=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We
explain our position in greater detail in the proxy materials we previously sent to you,
but please consider the following: </FONT></P>

<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0>
<TR VALIGN=TOP>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=3>&nbsp; </FONT></TD>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=3>&#149; </FONT></TD>
<TD><FONT FACE="Times New Roman, Times, Serif" SIZE=3>&nbsp; </FONT></TD>
<TD WIDTH=90%><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
<B>The longer term value proposition of your Fund and its investment objective is well
served by the closed-end format, </B> <B>as proven by the Fund&#146;s superior performance
in recent years.</B> The Fund&#146;s total return in 2004 was 24.44% based on net asset
value (NAV) and 30.50% based on the market price of Fund shares. In 2003, total return was
93.07% based on NAV and 102.42% based on market price. If the Fund had been liquidated,
long-term investors would not have received those returns. </FONT></TD>
</TR>
</TABLE>
<BR>

<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0>
<TR VALIGN=TOP>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=3>&nbsp; </FONT></TD>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=3>&#149; </FONT></TD>
<TD><FONT FACE="Times New Roman, Times, Serif" SIZE=3>&nbsp; </FONT></TD>
<TD WIDTH=90%><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
Country funds, like your Fund, have tended to be closed-end because the volatility of
investor demand for individual countries can cause an open-end fund to experience wide
swings in net purchases (which often adds cash in rising markets and dilutes returns) and
net redemptions (which often forces sales in falling markets and aggravates the downside).
Your Fund is generally over 80% invested in small- and mid-cap German companies with
limited liquidity. <B>Open-ending may force the Fund to divest, at great expense, the very
same holdings from which the Fund&#146;s </B> <B>stockholders have profited handsomely in
recent years.</B> Further, not having to worry about raising cash on a moment&#146;s
notice to buy back shares allows your Fund&#146;s manager to keep your Fund fully invested
and to search out the medium- and smaller-sized German companies that are the Fund&#146;s
mandate. </FONT></TD>
</TR>
</TABLE>
<BR>

<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0>
<TR VALIGN=TOP>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=3>&nbsp; </FONT></TD>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=3>&#149; </FONT></TD>
<TD><FONT FACE="Times New Roman, Times, Serif" SIZE=3>&nbsp; </FONT></TD>
<TD WIDTH=90%><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
<B>Tender offers have no long-term effect on the discount, and deplete the Fund&#146;s
capital.</B> This allows short-term arbitragers to profit, but raises the Fund&#146;s
expense ratio for long-term investors. Repeated tender offers result in liquidation. </FONT></TD>
</TR>
</TABLE>
<BR>

<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0>
<TR VALIGN=TOP>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=3>&nbsp; </FONT></TD>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=3>&#149; </FONT></TD>
<TD><FONT FACE="Times New Roman, Times, Serif" SIZE=3>&nbsp; </FONT></TD>
<TD WIDTH=90%><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
<B>Although Mr. Goldstein claims that the stockholders last year approved (by a margin of
61% to 39%) his non-binding </B> <B>proposal to open-end or take similar actions to enable
stockholders to realize NAV, his proposal received a </B> <B>favorable vote from the
holders of only 27% of your Fund&#146;s outstanding shares.</B> The holders of the
majority (55%) of the Fund&#146;s outstanding shares did not even vote on the proposal,
and 17% voted against it. Any characterization of the vote as sending a message about the
wishes of a true majority of stockholders is just wrong. </FONT></TD>
</TR>
</TABLE>
<BR>

<P><FONT FACE="Times New Roman, Times, Serif" SIZE=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;As
indicated above, Mr. Goldstein is soliciting proxies for his own candidates for the Board
of Directors. The interests of the Fund and the stockholders are best served when its
Directors have experience in matters relevant to the Fund&#146;s investment business.
Accordingly, the director qualification requirements in the Fund&#146;s Bylaws require
that nominees for election as Director have experience in business, investment, economic
or political matters of Germany. Mr. Goldstein has conceded his intended nominees are not
qualified to serve as directors under the Fund&#146;s Bylaws, and as such, his nominees
may not serve as directors of the Fund. Your Board&#146;s nominees for re-election as
Directors have far more relevant experience and expertise,</FONT></P>
<BR>

<P ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=3>- 2 - </FONT></P>

<PAGE>
<BR><BR>

<P><FONT FACE="Times New Roman, Times, Serif" SIZE=3>meet the director qualification
requirements in the Fund&#146;s Bylaws, and will better serve the interests of <I>all</I> stockholders.  </FONT></P>

<P><FONT FACE="Times New Roman, Times, Serif" SIZE=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>Whether
or not you plan to attend the Meeting, and regardless of the number of shares you own, we
urge you to vote FOR your Board&#146;s nominees and AGAINST Mr. Goldstein&#146;s
stockholder proposal.</B> </FONT></P>

<P><FONT FACE="Times New Roman, Times, Serif" SIZE=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Please
complete, sign and date the enclosed <B><I>White</I></B><I></I> Proxy Card and return it
in the enclosed postage-paid envelope. Please do not return any proxy card sent you by
Opportunity Partners or Mr. Goldstein. If you have previously returned a proxy card sent
to you by Opportunity Partners or Mr. Goldstein, you may revoke that proxy by completing,
signing and dating the enclosed <B><I>White </I></B><I></I>Proxy Card and promptly
returning it in the enclosed postage-paid envelope. Should you need another copy of our
proxy materials, or if you have any questions, please contact Georgeson Shareholder
Communications Inc., the Fund&#146;s proxy solicitors, at the phone numbers listed at the
bottom of this letter. </FONT></P>

<P ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=3>Sincerely, </FONT></P>

<P ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=3>The Board of Directors of
The New Germany Fund </FONT></P>



<TABLE WIDTH="100%" BORDER="0" CELLPADDING="0" CELLSPACING="0">
<TR VALIGN="TOP">
     <TD WIDTH="50%"><FONT FACE="Times New Roman, Times, Serif" SIZE="3">John Bult</FONT></TD>
     <TD WIDTH="50%"><FONT FACE="Times New Roman, Times, Serif" SIZE="3">Christian H. Strenger</FONT></TD></TR>
<TR VALIGN="TOP">
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="3">Ambassador Richard R. Burt</FONT></TD>
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="3">Dr. Frank Tr&ouml;mel</FONT></TD></TR>
<TR VALIGN="TOP">
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="3">John H. Cannon</FONT></TD>
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="3"></FONT>Robert H. Wadsworth</TD></TR>
<TR VALIGN="TOP">
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="3">Richard Karl Goeltz</FONT></TD>
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="3"></FONT>Werner Walbr&ouml;l</TD></TR>
<TR VALIGN="TOP">
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="3">Dr. Franz Wilhalm Hopp</FONT></TD>
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="3">Peter Z&uuml;hlsdorff</FONT></TD></TR>
<TR VALIGN="TOP">
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="3">Ernst-Ulrich Matz</FONT></TD>
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="3">&nbsp;</FONT></TD></TR>
</TABLE>
<BR>


<TABLE WIDTH="700" BORDER="2" CELLPADDING="0" CELLSPACING="0" ALIGN=CENTER>
<TR VALIGN="TOP">
<TD WIDTH="100%" ALIGN="CENTER"><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE="3">
<BR>
If you have questions or need assistance in voting your shares, please call:<BR>
<BR>
<IMG SRC="logo01.jpg">
<BR>
<BR>
17 State Street, 10th Floor<BR>
New York, NY 10004 <BR>
(800) 279-7155 (Toll Free)<BR>
<BR>
<BR>
Banks and Brokerage Firms please call:<BR>
(212) 440-9800<BR>
<BR>
</FONT></TD></TR>
</TABLE>
<BR>
<BR>

<P ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=3>- 3 - </FONT></P>

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`
end
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
-----END PRIVACY-ENHANCED MESSAGE-----
