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Proc-Type: 2001,MIC-CLEAR
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<SEC-DOCUMENT>0000891092-06-001485.txt : 20060612
<SEC-HEADER>0000891092-06-001485.hdr.sgml : 20060612
<ACCEPTANCE-DATETIME>20060612110213
ACCESSION NUMBER:		0000891092-06-001485
CONFORMED SUBMISSION TYPE:	DEFA14A
PUBLIC DOCUMENT COUNT:		2
FILED AS OF DATE:		20060612
DATE AS OF CHANGE:		20060612
EFFECTIVENESS DATE:		20060612

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:		06898770

	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>e24249defa14a.htm
<DESCRIPTION>ADDITIONAL PROXY MATERIALS
<TEXT>
<html>
<head>
<title></title>
</head>
<body>

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<P ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2><B>SCHEDULE 14A </B></FONT></P>

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<P ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>(RULE 14a-101)  </FONT></P>

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<P ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2><B>INFORMATION REQUIRED
IN PROXY STATEMENT                             <br>
  SCHEDULE 14A INFORMATION </B></FONT></P>

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<P ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2><B>Proxy Statement
Pursuant to Section 14(a) of the Securities                               <br>
  Exchange Act of
1934 </B></FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Filed by the Registrant [<b>X</b>] </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Filed by a party other than the
Registrant [   &nbsp;&nbsp;] </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Check the appropriate box: </FONT></P>

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<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0>
  <TR VALIGN=TOP>
    <TD WIDTH=5%><font face="Times New Roman, Times, Serif" size=2>[&nbsp;&nbsp;&nbsp;]    </font></TD>
    <TD WIDTH=95%><font face="Times New Roman, Times, Serif" size=2>Preliminary proxy statement</font></TD>
  </TR>
  <TR VALIGN=TOP>
    <TD WIDTH=5%><font face="Times New Roman, Times, Serif" size=2>[&nbsp;&nbsp;&nbsp;] </font></TD>
    <TD WIDTH=95%><font face="Times New Roman, Times, Serif" size=2>Definitive proxy statement</font></TD>
  </TR>
  <TR VALIGN=TOP>
    <TD WIDTH=5%><font face="Times New Roman, Times, Serif" size=2> [<b>X</b>]</font></TD>
    <TD WIDTH=95%><font face="Times New Roman, Times, Serif" size=2>Definitive additional materials.</font></TD>
  </TR>
  <TR VALIGN=TOP>
    <TD WIDTH=5%><font face="Times New Roman, Times, Serif" size=2>[&nbsp;&nbsp;&nbsp;] </font></TD>
    <TD WIDTH=95%><font face="Times New Roman, Times, Serif" size=2>Soliciting material under Rule 14a-12.</font></TD>
  </TR>
  <TR VALIGN=TOP>
    <TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>[&nbsp;&nbsp;&nbsp;] </FONT></TD>
    <TD WIDTH=95%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
Confidential, for use of the Commission only (as permitted by Rule 14a-6(e)(2)). </FONT></TD>
  </TR>
</TABLE>
<BR>

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<P ALIGN=CENTER>
<div align="center"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>THE NEW GERMANY FUND,
INC.                 <br>
  </FONT></div>
<hr size="1" noshade align="center">
<div align="center"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
(Name of Registrant as Specified in Its Charter) </FONT></div>

<div align="center"><!-- MARKER FORMAT-SHEET="Center no bold" FSL="Workstation" -->
</div>
<P ALIGN=center>
<hr size="1" noshade>
<div align="center"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>(Name of Person(s)
Filing Proxy Statement, if Other Than the Registrant) </FONT><!-- MARKER FORMAT-SHEET="Para Flush 00" FSL="Workstation" -->
</div>
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Payment of filing fee (check the
appropriate box): </FONT></P>

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<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0>
<TR VALIGN=TOP>
    <TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>[<b>X</b>]</FONT></TD>
    <TD WIDTH=95%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>

No fee required. </FONT></TD>
</TR>
</TABLE>
<BR>

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<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0>
<TR VALIGN=TOP>
    <TD WIDTH=5%><font face="Times New Roman, Times, Serif" size=2>[&nbsp;&nbsp;&nbsp;] </font></TD>
    <TD WIDTH=95%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
Fee computed on table below per Exchange Act Rules 14a-6(i)(1) and 0-11. </FONT></TD>
</TR>
</TABLE>
<BR>

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<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0>
<TR VALIGN=TOP>
    <TD WIDTH=5%><font face="Times New Roman, Times, Serif" size=2>(1)
     </font></TD>    <TD WIDTH=95%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
Title of each class of securities to which transaction applies: </FONT></TD>
</TR>
</TABLE>
<BR>

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<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0>
<TR VALIGN=TOP>
    <TD WIDTH=5%><font face="Times New Roman, Times, Serif" size=2>(2)
     </font></TD>    <TD WIDTH=95%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
Aggregate number of securities to which transaction applies: </FONT></TD>
</TR>
</TABLE>
<BR>

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<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0>
<TR VALIGN=TOP>
    <TD WIDTH=5%><font face="Times New Roman, Times, Serif" size=2>(3)
     </font></TD>    <TD WIDTH=95%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
Per unit price or other underlying value of transaction computed          pursuant
to Exchange Act Rule 0-11 (set forth the amount on which the          filing fee is
calculated and state how it was determined): </FONT></TD>
</TR>
</TABLE>
<BR>

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<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0>
<TR VALIGN=TOP>
    <TD WIDTH=5%><font face="Times New Roman, Times, Serif" size=2>(4)
     </font></TD>    <TD WIDTH=95%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
Proposed maximum aggregate value of transaction: </FONT></TD>
</TR>
</TABLE>
<BR>

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<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0>
<TR VALIGN=TOP>
    <TD WIDTH=5%><font face="Times New Roman, Times, Serif" size=2>(5)
     </font></TD>    <TD WIDTH=95%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
Total fee paid: </FONT></TD>
</TR>
</TABLE>
<BR>

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<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0>
<TR VALIGN=TOP>
    <TD WIDTH=5%><font face="Times New Roman, Times, Serif" size=2>[&nbsp;&nbsp;&nbsp;] </font></TD>
    <TD WIDTH=95%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
Fee paid previously with preliminary materials. </FONT></TD>
</TR>
</TABLE>
<BR>

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<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0>
<TR VALIGN=TOP>
    <TD WIDTH=5%><font face="Times New Roman, Times, Serif" size=2>[&nbsp;&nbsp;&nbsp;] </font></TD>
    <TD WIDTH=95%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
Check box if any part of the fee is offset as provided by Exchange Act Rule 0-11(a)(2)
and identify the filing for which the offsetting fee was paid previously. Identify the
previous filing by registration statement number, or the form or schedule and the date of
its filing. </FONT></TD>
</TR>
</TABLE>
<BR>

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<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0>
<TR VALIGN=TOP>
    <TD WIDTH=5%><font face="Times New Roman, Times, Serif" size=2>(1)
</font></TD>    <TD WIDTH=95%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
Amount Previously Paid: </FONT></TD>
</TR>
</TABLE>
<BR>

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<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0>
<TR VALIGN=TOP>
    <TD WIDTH=5%><font face="Times New Roman, Times, Serif" size=2>(2)
</font></TD>    <TD WIDTH=95%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
Form, Schedule or Registration Statement No.: </FONT></TD>
</TR>
</TABLE>
<BR>

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<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0>
<TR VALIGN=TOP>
    <TD WIDTH=5%><font face="Times New Roman, Times, Serif" size=2>(3)
</font></TD>    <TD WIDTH=95%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
Filing Party: </FONT></TD>
</TR>
</TABLE>
<BR>

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<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0>
<TR VALIGN=TOP>
    <TD WIDTH=5%><font face="Times New Roman, Times, Serif" size=2>(4)
</font></TD>    <TD WIDTH=95%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
Date Filed: </FONT></TD>
</TR>
</TABLE>
<BR>

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<BR>&nbsp;
<TABLE WIDTH=100%><TR><TD WIDTH=20% ALIGN=left><FONT SIZE=1>&nbsp;</FONT></TD><TD WIDTH=60% ALIGN=center><FONT SIZE="2">
</FONT></TD><TD WIDTH=20% ALIGN=right><FONT SIZE="1">&nbsp;</FONT></TD></TR></TABLE><HR SIZE=5 noshade WIDTH=100% ALIGN=LEFT>





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<table width=100% cellpadding=0 cellspacing=0>
  <tr valign=bottom>
    <td width=50%><font face="Arial, Helvetica, sans-serif" size="5"><b>The New
Germany Fund, Inc. </b></font><font face="Times New Roman, Times, Serif" size=2>                                                        </font></td>
    <td><font face="Times New Roman, Times, Serif" size=2>&nbsp; </font></td>
    <td width=50% align="right"><font face="Times New Roman, Times, Serif" size=2> <img src="newgermanylogo.gif" width="97" height="75"></font></td>
  </tr>
</table>
<br>

<!-- MARKER FORMAT-SHEET="Para Flush 00" FSL="Workstation" -->
<p><font face="Times New Roman, Times, Serif" size=2>Dear Stockholder: </font></p>
<!-- MARKER FORMAT-SHEET="Para Indent 00" FSL="Workstation" -->
<p><font face="Times New Roman, Times, Serif" size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Your
Fund is being threatened by a group of hedge funds. Phil Goldstein, the leader of this
group, wants you to believe that open-ending or liquidation is in your best interests. In
the materials he has sent to you, he misleadingly paints himself as a champion of
stockholder rights with an agenda to help all stockholders. </font></p>
<!-- MARKER FORMAT-SHEET="Para Indent 00" FSL="Workstation" -->
<p><font face="Times New Roman, Times, Serif" size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Why
then, when he conducted a similar fight against the Fund last year, did he not even show
up at the meeting to turn in the proxies he received from stockholders who supported him?
Will he do the same thing this year? </font></p>
<!-- MARKER FORMAT-SHEET="Para Indent 00" FSL="Workstation" -->
<p><font face="Times New Roman, Times, Serif" size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Institutional
Shareholder Services (ISS), a leading independent proxy advisory firm, recommends that
stockholders <b>support</b> the Fund&#146;s nominees and vote <b>against</b> the dissidents&#146; proposals 3, 4
and 5. ISS states that &#147;...Mr. Goldstein&#146;s proposal may favor Fund investors who
currently plan to liquidate their shares to the detriment of continuing long-term
investors.&#148; </font></p>
<!-- MARKER FORMAT-SHEET="Para Indent 00" FSL="Workstation" -->
<p><font face="Times New Roman, Times, Serif" size=2><b>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Regardless
of the number of shares you own, your vote is very important. We urge you to vote FOR
your Board&#146;s nominees and AGAINST the dissidents&#146; proposals (proposals 3, 4, and 5).
Please complete, sign and date the enclosed <i>White</i> Proxy Card and return it in the
enclosed postage-paid envelope, or please refer to the instructions on the <i>White</i> Proxy
Card for you to vote by telephone or Internet. Mr. Goldstein&#146;s solicitation is not
endorsed by the Fund or your Board. Please only fill out the <i>White</i> Proxy Card. </b></font></p>
<!-- MARKER FORMAT-SHEET="Para Indent 00" FSL="Workstation" -->
<p><font face="Times New Roman, Times, Serif" size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Please
do not be misled by Goldstein&#146;s rhetoric. It is important that you take time to look at
the issues: </font></p>
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<table width=100% cellpadding=0 cellspacing=0>
  <tr valign=TOP>
    <td width=5%><b><font face="Times New Roman, Times, Serif" size=2>1.  </font></b></td>
    <td><b><font face="Times New Roman, Times, Serif" size=2>&nbsp; </font></b></td>
    <td width=95%><b><font face="Times New Roman, Times, Serif" size=2>How
has your Fund performed? </font></b></td>
  </tr>
</table>
<br>

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<table width=100% cellpadding=0 cellspacing=0>
  <tr valign=TOP>
    <td width=5%><font face="Times New Roman, Times, Serif" size=2>     &nbsp; </font></td>
    <td><font face="Times New Roman, Times, Serif" size=2>&nbsp;  </font></td>
    <td width=95%><font face="Times New Roman, Times, Serif" size=2>Any investment
will experience volatility over time. What cannot be argued      (although Goldstein
tries his best to do so) is that your Fund has an      excellent performance track record
in the short- and long-term. Just look: </font></td>
  </tr>
</table>
<br>

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<table width=100%>
  <tr>
    <td width=5%></td>
    <td width=2% valign=top>
      <div align="right"><font size=3>&#149;</font></div>
    </td>
    <td width=3%></td>
    <td width=90%><font size=2>The Fund outperformed its benchmark for each of the past 1, 3, 5, and 10 year
periods. </font></td>
  </tr>
</table>
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<table width=100%>
  <tr>
    <td width=5%></td>
    <td width=2% valign=top>
      <div align="right"><font size=3>&#149;</font></div>
    </td>
    <td width=3%></td>
    <td width=90%><font size=2>The Fund&#146;s 10-year average annual market return is 9.49%, nearly               four
times annual average benchmark return for the same period. </font></td>
  </tr>
</table>
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<table width=100%>
  <tr>
    <td width=5%></td>
    <td width=2% valign=top>
      <div align="right"><font size=3>&#149;</font></div>
    </td>
    <td width=3%></td>
    <td width=90%><font size=2>The German midcap market has increased in volatility since 1998
              (i.e., since the technology bubble). Our outperformance over the
              past ten years shows our long-term success in both volatile and
              negative equity markets. </font></td>
  </tr>
</table>
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<table width=100%>
  <tr>
    <td width=5%></td>
    <td width=2% valign=top>
      <div align="right"><font size=3>&#149;</font></div>
    </td>
    <td width=3%></td>
    <td width=90%><font size=2>&nbsp;Our total return was 30.50% in 2005 and 19.94% in 2004, significantly beating the
benchmark. </font></td>
  </tr>
</table>
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<table width=100%>
  <tr>
    <td width=5%></td>
    <td width=2% valign=top>
      <div align="right"><font size=3>&#149;</font></div>
    </td>
    <td width=3%></td>
    <td width=90%><font size=2>A $10,000 investment in the Fund at March 31, 2003 would have grown in market value
to <b>$40,133</b> by March 31, 2006. </font></td>
  </tr>
</table>
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<p><table width=100% cellpadding=0 cellspacing=0>
  <tr valign=TOP>
    <td width=5%><b><font face="Times New Roman, Times, Serif" size=2>2. </font></b></td>
    <td><b><font face="Times New Roman, Times, Serif" size=2>&nbsp; </font></b></td>
    <td width=95%><b><font face="Times New Roman, Times, Serif" size=2>How will open-ending affect your investment in the Fund? </font></b></td>
  </tr>
</table>


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<p><table width=100%>
  <tr>
    <td width=5%></td>
    <td width=2% valign=top>
      <div align="right"><font size=3>&#149;</font></div>
    </td>
    <td width=3%></td>
    <td width=90%><font size=2>An open-end fund is forced to keep some of its assets in cash or
              liquid securities to meet redemptions. A manager of a closed-end
              fund, such as The New Germany Fund, can invest <i><b>all</b></i> of the fund&#146;s
              money for the benefit of stockholders. </font></td>
  </tr>
</table>
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<table width=100%>
  <tr>
    <td width=5%></td>
    <td width=2% valign=top>
      <div align="right"><font size=3>&#149;</font></div>
    </td>
    <td width=3%></td>
    <td width=90%><font size=2>Small- and mid-cap stocks, in which the Fund focuses, have limited
              liquidity. Sales by the Fund to raise cash to pay redemptions
              could lower the price of those stocks and harm performance. </font></td>
  </tr>
</table>
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<table width=100%>
  <tr>
    <td width=5%></td>
    <td width=2% valign=top>
      <div align="right"><font size=3>&#149;</font></div>
    </td>
    <td width=3%></td>
    <td width=90%><font size=2>Redemptions are inevitable if your Fund open-ends, which would
              shrink the size of the Fund, increase the expense ratio, and
              likely force the Fund to liquidate. </font></td>
  </tr>
</table>
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<br>
&nbsp;
<table width=100%>
  <tr>
    <td width=20% align=left><font size=1>&nbsp;</font></td>
    <td width=60% align=center><font size="2">
</font></td>
    <td width=20% align=right><font size="1">&nbsp;</font></td>
  </tr>
</table>
<hr size=5 noshade width=100% align=LEFT>





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<table width=100% cellpadding=0 cellspacing=0>
  <tr valign=bottom>
    <td width=50%><font face="Arial, Helvetica, sans-serif" size="5"><b>The New
Germany Fund, Inc. </b></font><font face="Times New Roman, Times, Serif" size=2>                                                        </font></td>
    <td><font face="Times New Roman, Times, Serif" size=2>&nbsp; </font></td>
    <td width=50% align="right"><font face="Times New Roman, Times, Serif" size=2> <img src="newgermanylogo.gif" width="97" height="75"></font></td>
  </tr>
</table>
<br>

<!-- MARKER FORMAT-SHEET="Para Indent 00" FSL="Workstation" -->
<p><font face="Times New Roman, Times, Serif" size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;How
can Mr. Goldstein&#146;s proposals be to the advantage of anyone who      wants to continue to
have the opportunity to enjoy the performance that      they have experienced as a
stockholder of the Fund? </font></p>

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<table width=100% cellpadding=0 cellspacing=0>
  <tr valign=TOP>
    <td width=5%><b><font face="Times New Roman, Times, Serif" size=2>3.  </font></b></td>
    <td><b><font face="Times New Roman, Times, Serif" size=2>&nbsp; </font></b></td>
    <td width=95%><b><font face="Times New Roman, Times, Serif" size=2>Who
is best served to protect the interests of all shareholders? </font></b></td>
  </tr>
</table>
<br>

<!-- MARKER FORMAT-SHEET="Bullet 10" FSL="Workstation" -->
<table width=100%>
  <tr>
    <td width=5%></td>
    <td width=2% valign=top><font size=3>&#149;</font></td>
    <td width=3%></td>
    <td width=90%><font size=2>No Director of the Fund is an employee of Deutsche Asset
              Management, the manager of your Fund. We have no interest in the
              fees that are paid to the manager. Our concern, and our fiduciary
              obligation, is the performance of the Fund and the protection of
              all stockholders&#146; interests.</font></td>
  </tr>
</table>
<!-- MARKER FORMAT-SHEET="Bullet 10" FSL="Workstation" -->
<table width=100%>
  <tr>
    <td width=5%></td>
    <td width=2% valign=top><font size=3>&#149;</font></td>
    <td width=3%></td>
    <td width=90%><font size=2><b>Mr. Goldstein&#146;s concern is for the investors in his hedge funds.</b>
              His agenda is clearly one with a short term objective: Force the
              Fund to open-end so he can get out.</font></td>
  </tr>
</table>
<!-- MARKER FORMAT-SHEET="Para Indent 00" FSL="Workstation" -->
<p><font face="Times New Roman, Times, Serif" size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If
you have any questions, please contact The Altman Group, Inc. toll-free at
1-800-884-5101. We thank you for your support. </font></p>
<!-- MARKER FORMAT-SHEET="Para Flush 05" FSL="Workstation" -->
<table width=100% cellpadding=0 cellspacing=0>
  <tr valign=TOP>
    <td width=65%><font face="Times New Roman, Times, Serif" size=2>&nbsp; </font></td>
    <td width=35%><font face="Times New Roman, Times, Serif" size=2>
Sincerely, <br>
      The
Board of Directors of <br>
      The
New Germany Fund
      </font></td>
  </tr>
</table>
<br>

<!-- MARKER FORMAT-SHEET="Para Flush 00" FSL="Workstation" -->
<hr size="1" noshade>
<p><font face="Times New Roman, Times, Serif" size=2>Please be sure to complete, sign and
date the enclosed <i><b>White</b></i> Proxy Card to ensure that your vote is counted. </font></p>
<!-- MARKER FORMAT-SHEET="Para Flush 00" FSL="Workstation" -->
<p><font face="Times New Roman, Times, Serif" size=2>Your Board of Directors strongly
urge you top vote FOR the re-election of three experienced Directors of the Fund
(Proposal 1), FOR the ratification of the appointment of PricewaterhouseCoopers LLP as
the Fund&#146;s independent auditors (Proposal 2), and <b>AGAINST</b> Proposals 3, 4 and 5. </font></p>
<!-- MARKER FORMAT-SHEET="Para Flush 00" FSL="Workstation" -->
<p><font face="Times New Roman, Times, Serif" size=2>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 <i><b>White</b></i> proxy voting form it will send you. </font></p>
<!-- MARKER FORMAT-SHEET="Para Flush 00" FSL="Workstation" -->
<p><font face="Times New Roman, Times, Serif" size=2>Please do not send back any green
proxy card you receive &#150; even to vote against Mr.  Goldstein.  Doing so may override
 your vote to support your Fund. </font></p>
<!-- MARKER FORMAT-SHEET="Para Flush 00" FSL="Workstation" -->
<p><font face="Times New Roman, Times, Serif" size=2>If you have already returned a green
proxy card, you can still support your Fund by returning a <i><b>White</b></i> Proxy Card. Only your
latest dated proxy card will count. </font></p>
<!-- MARKER FORMAT-SHEET="Para Flush 00" FSL="Workstation" -->
<p><font face="Times New Roman, Times, Serif" size=2>Since time is short, you can quickly
and easily vote your shares by phone or Internet. Please refer to the instructions on the
enclosed <i><b>White</b></i> Proxy Card. </font></p>
<hr size="1" noshade>
<!-- MARKER FORMAT-SHEET="Page Break CENTER" FSL="Workstation" -->
<br>
&nbsp;
<table width=100%>
  <tr>
    <td width=20% align=left><font size=1>&nbsp;</font></td>
    <td width=60% align=center><font size="2">
</font></td>
    <td width=20% align=right><font size="1">&nbsp;</font></td>
  </tr>
</table>
<hr size=5 noshade width=100% align=LEFT>

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