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<SEC-DOCUMENT>0000950123-10-051859.txt : 20100521
<SEC-HEADER>0000950123-10-051859.hdr.sgml : 20100521
<ACCEPTANCE-DATETIME>20100521131832
ACCESSION NUMBER:		0000950123-10-051859
CONFORMED SUBMISSION TYPE:	DEF 14A
PUBLIC DOCUMENT COUNT:		2
CONFORMED PERIOD OF REPORT:	20100628
FILED AS OF DATE:		20100521
DATE AS OF CHANGE:		20100521
EFFECTIVENESS DATE:		20100521

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:		DEF 14A
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	811-05983
		FILM NUMBER:		10850375

	BUSINESS ADDRESS:	
		STREET 1:		345 PARK AVENUE
		CITY:			NEW YORK
		STATE:			NY
		ZIP:			10154-0004
		BUSINESS PHONE:		212-454-6778

	MAIL ADDRESS:	
		STREET 1:		345 PARK AVENUE
		CITY:			NEW YORK
		STATE:			NY
		ZIP:			10154-0004

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	LENOX FUND INC
		DATE OF NAME CHANGE:	19900115
</SEC-HEADER>
<DOCUMENT>
<TYPE>DEF 14A
<SEQUENCE>1
<FILENAME>y84658def14a.htm
<DESCRIPTION>DEF 14A
<TEXT>
<HTML>
<HEAD>
<TITLE>def14a</TITLE>
</HEAD>
<BODY bgcolor="#FFFFFF">
<!-- PAGEBREAK -->
<H5 align="left" style="page-break-before:always"><A HREF="#toc">Table of Contents</A></H5><P>
<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV align="center" style="font-size: 18pt; margin-top: 12pt"><B>SCHEDULE 14A</B>
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 12pt">(RULE 14a-101)</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 12pt"><B>INFORMATION REQUIRED IN PROXY STATEMENT<BR>
SCHEDULE 14A INFORMATION</B></DIV>


<DIV align="center" style="font-size: 12pt; margin-top: 12pt"><B>Proxy Statement Pursuant to Section&nbsp;14(a) of the Securities<BR>
Exchange Act of 1934</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Filed by the Registrant <FONT style="font-family: Wingdings">&#254;</FONT>

</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Filed by a party other than the Registrant <FONT style="font-family: Wingdings">&#111;</FONT>

</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Check the appropriate box:

</DIV>

<DIV style="margin-top: 10pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left"><FONT style="font-family: Wingdings">&#111;</FONT></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Preliminary proxy statement.</TD>
</TR>

<TR>
    <TD style="font-size: 10pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left"><FONT style="font-family: Wingdings">&#111;</FONT></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>Confidential, for use of the Commission only (as permitted by Rule&nbsp;14a-</B><B>6(e)(2)</B><B>).</B></TD>
</TR>

<TR>
    <TD style="font-size: 10pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left"><FONT style="font-family: Wingdings">&#254;</FONT></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Definitive proxy statement.</TD>
</TR>

<TR>
    <TD style="font-size: 10pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left"><FONT style="font-family: Wingdings">&#111;</FONT></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Definitive additional materials.</TD>
</TR>

<TR>
    <TD style="font-size: 10pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left"><FONT style="font-family: Wingdings">&#111;</FONT></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Soliciting material under Rule&nbsp;14a-12.</TD>
</TR>

</TABLE>
</DIV>
<DIV align="center" style="font-size: 14pt; margin-top: 12pt"><B>THE NEW GERMANY FUND, INC.</B>
</DIV>

<DIV align="center" style="font-size: 10pt"><DIV style="width: 100%; border-bottom: 1px solid #000000; FONT-size: 1px">&nbsp;</DIV>
(Name of Registrant as Specified in Its Charter)</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 12pt"><DIV style="width: 100%; border-bottom: 1px solid #000000; FONT-size: 1px">&nbsp;</DIV></DIV>

<DIV align="center" style="font-size: 10pt">(Name of Person(s) Filing Proxy Statement, if Other Than the Registrant)</DIV>



<DIV align="left" style="font-size: 10pt; margin-top: 12pt">Payment of filing fee (check the appropriate box):
</DIV>


<DIV style="margin-top: 10pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left"><FONT style="font-family: Wingdings">&#254;</FONT></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>No fee required.</TD>
</TR>

<TR>
    <TD style="font-size: 10pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left"><FONT style="font-family: Wingdings">&#111;</FONT></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Fee computed on table below per Exchange Act Rules&nbsp;14a-6(i)(1) and 0-11.</TD>
</TR>

<TR>
    <TD style="font-size: 10pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">(1)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Title of each class of securities to which transaction applies:</TD>
</TR>

<TR>
    <TD style="font-size: 10pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">(2)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Aggregate number of securities to which transaction applies:</TD>
</TR>

<TR>
    <TD style="font-size: 10pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">(3)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Per unit price or other underlying value of transaction computed pursuant to Exchange Act
Rule&nbsp;0-11 (set forth the amount on which the filing fee is calculated and state how it was
determined):</TD>
</TR>

<TR>
    <TD style="font-size: 10pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">(4)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Proposed maximum aggregate value of transaction:</TD>
</TR>

<TR>
    <TD style="font-size: 10pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">(5)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Total fee paid:</TD>
</TR>

<TR>
    <TD style="font-size: 10pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left"><FONT style="font-family: Wingdings">&#111;</FONT></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Fee paid previously with preliminary materials.</TD>
</TR>

</TABLE>
</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><FONT style="font-family: Wingdings">&#111;</FONT> Check box if any part of the fee is offset as provided by Exchange Act Rule&nbsp;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.
</DIV>


<DIV style="margin-top: 10pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">(1)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Amount Previously Paid:</TD>
</TR>

<TR>
    <TD style="font-size: 10pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">(2)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Form, Schedule or Registration Statement No.:</TD>
</TR>

<TR>
    <TD style="font-size: 10pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">(3)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Filing Party:</TD>
</TR>

<TR>
    <TD style="font-size: 10pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">(4)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Date Filed:</TD>
</TR>

</TABLE>
</DIV>

<P align="center" style="font-size: 10pt"><!-- Folio -->&nbsp;<!-- /Folio -->
</DIV>

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<P><HR noshade><P>

<DIV style="width: 82%; margin-left: 9%"><!-- BEGIN PAGE WIDTH -->
<!-- XBRL Pagebreak End -->

<!-- TOC -->
<A name="toc"><DIV align="CENTER" style="page-break-before:always"><U><B>TABLE OF CONTENTS</B></U></DIV></A>

<P><CENTER>
<TABLE border="0" width="90%" cellpadding="0" cellspacing="0">
<TR>
	<TD width="3%"></TD>
	<TD width="3%"></TD>
	<TD width="3%"></TD>
	<TD width="3%"></TD>
	<TD width="3%"></TD>
	<TD width="3%"></TD>
	<TD width="3%"></TD>
	<TD width="3%"></TD>
	<TD width="76%"></TD>
</TR>
<TR><TD colspan="9"><A HREF="#000">NOTICE OF ANNUAL MEETING OF STOCKHOLDERS</A></TD></TR>
<TR><TD colspan="9"><A HREF="#001">PROXY STATEMENT</A></TD></TR>
<TR><TD colspan="9"><A HREF="#002">PROPOSALS 1, 2 AND 3: ELECTION OF DIRECTORS</A></TD></TR>
<TR><TD colspan="9"><A HREF="#003">THE BOARD UNANIMOUSLY RECOMMENDS A VOTE FOR PROPOSALS 1, 2 AND 3.</A></TD></TR>
<TR><TD colspan="9"><A HREF="#004">PROPOSAL 4: RATIFICATION OF THE APPOINTMENT OF INDEPENDENT AUDITORS</A></TD></TR>
<TR><TD colspan="9"><A HREF="#005">THE BOARD UNANIMOUSLY RECOMMENDS A VOTE &#147;FOR&#148; PROPOSAL 4.</A></TD></TR>
<TR><TD colspan="9"><A HREF="#006">PROPOSAL 5: TO CHANGE THE FUND&#146;S INVESTMENT OBJECTIVE TO BROADEN THE DEFINITION OF &#147;GERMAN COMPANY&#148;</A></TD></TR>
<TR><TD colspan="9"><A HREF="#007">THE BOARD UNANIMOUSLY RECOMMENDS A VOTE &#147;FOR&#148; PROPOSAL 5.</A></TD></TR>
<TR><TD colspan="9"><A HREF="#008">PROPOSAL 6: STOCKHOLDER PROPOSAL REGARDING CONVERSION OF THE FUND TO AN INTERVAL FUND</A></TD></TR>
<TR><TD colspan="9"><A HREF="#009">END OF PROPOSAL AND SUPPORTING STATEMENT</A></TD></TR>
<TR><TD colspan="9"><A HREF="#010">SECURITY OWNERSHIP OF CERTAIN BENEFICIAL OWNERS</A></TD></TR>
<TR><TD colspan="9"><A HREF="#011">SECTION 16(a) BENEFICIAL OWNERSHIP REPORTING COMPLIANCE</A></TD></TR>
<TR><TD colspan="9"><A HREF="#012">ADDRESS OF INVESTMENT ADVISER AND MANAGER</A></TD></TR>
<TR><TD colspan="9"><A HREF="#013">OTHER MATTERS</A></TD></TR>
<TR><TD colspan="9"><A HREF="#014">STOCKHOLDER PROPOSALS</A></TD></TR>
<TR><TD colspan="9"><A HREF="#015">EXPENSES OF PROXY SOLICITATION</A></TD></TR>
<TR><TD colspan="9"><A HREF="#016">ANNUAL REPORT DELIVERY</A></TD></TR>
<TR><TD colspan="9"><A HREF="#017">ANNEX A</A></TD></TR>
<TR><TD colspan="9"><A HREF="#018">THE NEW GERMANY FUND, INC. EXCERPTS OF BYLAWS</A></TD></TR>
</TABLE>
</CENTER>
<!-- /TOC -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#toc">Table of Contents</A></H5><P>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 14pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">THE NEW
    GERMANY FUND, INC.</FONT></B>
</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <B>345 Park Avenue</B>
</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <B>New York, New York 10154</B>
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">

<!-- link1 "NOTICE OF ANNUAL MEETING OF STOCKHOLDERS" -->
<DIV align="left"><A NAME="000"></A></DIV>
<B><FONT style="font-size: 12pt">
    NOTICE OF ANNUAL MEETING OF STOCKHOLDERS</FONT></B>
</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <B><FONT style="font-size: 12pt">June&#160;28, 2010</FONT></B>
</DIV>

<DIV style="margin-top: 2pt; font-size: 1pt">&nbsp;</DIV>

<CENTER style="font-size: 1pt; width: 21%; border-bottom: 1pt solid #000000"></CENTER>

<DIV style="margin-top: 1pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    To our Stockholders:
</DIV>

<DIV style="margin-top: 2pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 5%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Notice is hereby given that the Annual Meeting of Stockholders
    (the &#147;Meeting&#148;) of The New&#160;Germany Fund, Inc., a
    Maryland corporation (the &#147;Fund&#148;), will be held at
    3:30&#160;p.m., New York time, on June&#160;28, 2010 at the
    New&#160;York Marriott East Side Hotel, 525 Lexington Avenue,
    New York, New York 10017 for the following purposes:
</DIV>

<DIV style="margin-top: 2pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 5%; margin-right: 0%; text-indent: 5%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    1.&#160;To elect four (4)&#160;Class&#160;I Directors, each to
    serve for a term of three years and until their successors are
    elected and qualify.
</DIV>

<DIV style="margin-top: 2pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 5%; margin-right: 0%; text-indent: 5%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    2.&#160;To elect one (1)&#160;Class&#160;II Director to serve
    for a term of one year and until his successor is elected and
    qualifies.
</DIV>

<DIV style="margin-top: 2pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 5%; margin-right: 0%; text-indent: 5%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    3.&#160;To elect one (1)&#160;Class&#160;III Director to serve
    for a term of two years and until his successor is elected and
    qualifies.
</DIV>

<DIV style="margin-top: 2pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 5%; margin-right: 0%; text-indent: 5%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    4.&#160;To ratify the appointment by the Audit Committee and the
    Board of Directors of PricewaterhouseCoopers LLP, an independent
    registered public accounting firm, as independent auditors for
    the fiscal year ending December&#160;31, 2010.
</DIV>

<DIV style="margin-top: 2pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 5%; margin-right: 0%; text-indent: 5%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    5.&#160;To approve a proposed change in the Fund&#146;s
    fundamental investment objective to broaden the type of
    companies the Fund may invest in.
</DIV>

<DIV style="margin-top: 2pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 5%; margin-right: 0%; text-indent: 5%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    6.&#160;To transact such other business as may properly come
    before the Meeting or any postponement or adjournment thereof
    including acting upon one stockholder proposal presented in the
    Proxy Statement accompanying this Notice, if the proposal is
    brought before the meeting by the proponent or his
    representative that is qualified under state law to present the
    proposal on his behalf.
</DIV>

<DIV style="margin-top: 2pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 5%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Only holders of record of Common Stock at the close of business
    on May&#160;14, 2010 are entitled to notice of, and to vote at,
    this Meeting or any postponement or adjournment thereof.
</DIV>

<DIV style="margin-top: 2pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 5%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    If you have any questions or need additional information, please
    contact The Altman Group, Inc. at 1200 Wall Street West, 3rd
    Floor, Lyndhurst, New Jersey 07071.
</DIV>

<DIV style="margin-top: 24pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 49%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    By Order of the Board of Directors
</DIV>

<DIV style="margin-top: 48pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 49%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    David Goldman
</DIV>

<DIV align="left" style="margin-left: 49%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Secretary
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Dated: May&#160;21, 2010
</DIV>

<DIV style="margin-top: 3pt; font-size: 1pt">&nbsp;</DIV>

<DIV style="margin-top: 1pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">


</DIV>
<DIV style="width: 100%; border-top: 1px solid #000000; padding-top: 12pt; border-right: 1px solid #000000; padding-right: 12pt; border-bottom: 1px solid #000000; padding-bottom: 12pt; border-left: 1px solid #000000; padding-left: 12pt"><!-- Begin box 1 -->

<DIV style="margin-top: 2pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <B>Whether or not you expect to attend the Meeting, please sign
    the enclosed Proxy Card and promptly return it to the Fund. We
    ask your cooperation in mailing in your Proxy Card promptly, so
    that the Fund can avoid additional expenses of solicitation of
    proxies.</B>
</DIV>
</DIV><!-- End box 1 -->

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>
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</DIV><!-- END PAGE WIDTH -->
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#toc">Table of Contents</A></H5><P>

<DIV style="width: 82%; margin-left: 9%"><!-- BEGIN PAGE WIDTH -->
<!-- XBRL Pagebreak End -->

<DIV style="margin-top: 18pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 14pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">THE NEW
    GERMANY FUND, INC.<BR>
    <FONT style="font-size: 10pt">345 Park Avenue<BR>
    New York, New York 10154</FONT></FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">Annual
    Meeting of Stockholders<BR>
    June&#160;28, 2010</FONT></B>
</DIV>

<DIV style="margin-top: 14pt; font-size: 1pt">&nbsp;</DIV>

<CENTER style="font-size: 1pt; width: 21%; border-bottom: 1pt solid #000000"></CENTER>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">

<!-- link1 "PROXY STATEMENT" -->
<DIV align="left"><A NAME="001"></A></DIV>
<B><FONT style="font-size: 12pt">
    PROXY STATEMENT</FONT></B>
</DIV>

<DIV style="margin-top: 14pt; font-size: 1pt">&nbsp;</DIV>

<CENTER style="font-size: 1pt; width: 21%; border-bottom: 1pt solid #000000"></CENTER>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>



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    This Proxy Statement is furnished by the Board of Directors of
    The New Germany Fund, Inc. (the &#147;Board of Directors&#148;
    or &#147;Board&#148;), a Maryland corporation (the
    &#147;Fund&#148;), in connection with the solicitation of
    proxies for use at the Annual Meeting of Stockholders (the
    &#147;Meeting&#148;) to be held at 3:30&#160;p.m., New York
    time, on June&#160;28, 2010 at the New York Marriott East Side
    Hotel, 525&#160;Lexington Avenue, New York, New York 10017. The
    purpose of the Meeting and the matters to be considered are set
    forth in the accompanying Notice of Annual Meeting of
    Stockholders.
</DIV>

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    If the accompanying Proxy Card is executed properly and
    returned, shares represented by it will be voted at the Meeting,
    and any postponement or adjournment thereof, in accordance with
    the instructions on the Proxy Card. However, if no instructions
    are specified, shares will be voted FOR the election of four
    (4)&#160;Class&#160;I directors of the Fund
    (&#147;Directors&#148;) nominated by the Board
    (Proposal&#160;1), FOR the election of one
    (1)&#160;Class&#160;II director of the Fund nominated by the
    Board (Proposal&#160;2), FOR the election of one
    (1)&#160;Class&#160;III director of the Fund nominated by the
    Board (Proposal&#160;3), FOR the ratification of the appointment
    by the Audit Committee and the Board of PricewaterhouseCoopers
    LLP, an independent public accounting firm, as independent
    auditors for the Fund (Proposal&#160;4), FOR a change to the
    Fund&#146;s investment objective to broaden the definition of
    &#147;German Company&#148; (Proposal&#160;5)&#160;and AGAINST
    the conversion of the Fund to an interval fund
    (Proposal&#160;6). A proxy may be revoked at any time prior to
    the time it is voted by written notice to the Secretary of the
    Fund, by submitting a subsequently executed and dated proxy or
    by attending the Meeting and voting in person.
</DIV>

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    If a stockholder owns shares of the Fund in violation of
    applicable law, including the Investment Company Act of 1940, as
    amended (the &#147;Investment Company Act&#148;), the Fund may
    determine that any vote attributable to such shares shall not be
    counted, or that such shares will not be counted for quorum
    purposes, or both. Under Section&#160;12(d)(1) of the Investment
    Company Act, the acquisition of more than 3% of the Fund&#146;s
    common stock by another fund (whether registered, private or
    offshore) is unlawful. There is legal uncertainty about the
    operation of Section&#160;12(d)(1) and about the Fund&#146;s
    right under federal and state law to invalidate votes cast by
    any person whose Fund shares are held in violation of law. The
    Fund is prepared, if necessary, to seek judicial resolution of
    the uncertainty in any particular case.
</DIV>

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    The close of business on May&#160;14, 2010 has been fixed as the
    record date for the determination of stockholders entitled to
    notice of, and to vote at, the Meeting. On that date, the Fund
    had 18,450,628.13&#160;shares of Common Stock outstanding and
    entitled to vote. Each share will be entitled to one vote on
    each matter that comes before the Meeting. It is expected that
    the Notice of Annual Meeting, this Proxy Statement and the form
    of Proxy Card will first be mailed to stockholders on or about
    May&#160;24, 2010.
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    A quorum is necessary to hold a valid meeting. If stockholders
    entitled to cast one-third of all votes entitled to be cast at
    the Meeting are present in person or by proxy, a quorum will be
    established. The Fund intends to treat properly executed proxies
    that are marked &#147;abstain&#148; and broker non-votes
    (defined below) as present for the purposes of determining
    whether a quorum has been achieved at the Meeting. Under
    Maryland law, abstentions do not constitute a vote
    &#147;for&#148; or &#147;against&#148; a matter and will be
    disregarded in determining the &#147;votes cast&#148; on an
    issue. A &#147;broker non-vote&#148; occurs when a broker
    holding shares for a beneficial owner does not vote on a
    particular matter because the broker does not have discretionary
    voting power with respect to that matter and has not received
    instructions from the beneficial owner.
</DIV>


<!-- link1 "PROPOSALS 1, 2 AND 3: ELECTION OF DIRECTORS" -->
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    <B><FONT style="font-family: 'Times New Roman', Times">PROPOSALS&#160;1,
    2 AND 3:<BR>
    </FONT></B>
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    <B><FONT style="font-family: 'Times New Roman', Times">ELECTION
    OF DIRECTORS</FONT></B>
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    The Fund&#146;s charter (the &#147;Charter&#148;) provides that
    the Board of Directors be divided into three classes of
    Directors serving staggered three-year terms and until their
    successors are elected and qualify. The term of office for
    Directors in Class&#160;I expires at the 2010 Annual Meeting,
    Class&#160;II at the next succeeding annual meeting and
    Class&#160;III at the following succeeding annual meeting. Four
    Class&#160;I nominees, Mr.&#160;Christian H. Strenger,
    Mr.&#160;Detlef Bierbaum, Mr.&#160;Richard Karl Goeltz and
    Mr.&#160;Robert H. Wadsworth, are proposed in this Proxy
    Statement for election. If elected, each of the four
    Class&#160;I nominees will serve a three-year term of office
    until the Annual Meeting of Stockholders in 2013 and until his
    respective successor is elected and qualifies. One Class&#160;II
    nominee, Mr.&#160;Joachim Wagner, is proposed in this Proxy
    Statement for election. If elected, Mr.&#160;Wagner will serve a
    one year term of office until the Annual Meeting of Stockholders
    in 2011 and until his successor is elected and qualifies. In
    addition, one Class&#160;III nominee, Mr.&#160;Richard R. Burt,
    who is a current Class&#160;I Director of the Fund, is a nominee
    for election as a Class&#160;III Director. If elected as a
    Class&#160;III Director, Mr.&#160;Burt will serve a two year
    term of office until the Annual Meeting of Stockholders in 2012
    and until his successor is elected and qualifies.
</DIV>

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    As a result of retirements from the Board over the past year,
    each class of Directors of the Board would not be of approximate
    equal size if no further action were taken. Under the
    Fund&#146;s By-laws and the New York Stock Exchange Listed
    Company Manual Rule&#160;304 (&#147;NYSE Rule&#160;304&#148;),
    the classes of the Fund&#146;s board should be of approximately
    equal size. Accordingly, the Fund&#146;s Nominating Committee
    nominated Mr.&#160;Burt, as a member of one of the largest
    classes of Directors of the Fund (Class&#160;I), to fill a
    Class&#160;III vacancy created by recent retirements with
    Mr.&#160;Burt&#146;s resignation from Class&#160;I contingent
    upon his election to the Board as a member of Class&#160;III. If
    each nominee is elected, each class of Directors of the Board
    would be of approximately equal size and in compliance with the
    requirements of the Fund&#146;s Bylaws and NYSE Rule&#160;304.
</DIV>

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    Should any vacancy occur on the Board of Directors, the
    remaining Directors would be able to fill that vacancy by the
    affirmative vote of a majority of the remaining Directors in
    office, even if the remaining Directors do not constitute a
    quorum. Any Director elected by the Board to fill a vacancy
    would hold office until the remainder of the full term of the
    class of Directors in which the vacancy occurred and until a
    successor is elected and qualifies. If the size of the Board is
    increased, additional Directors will be apportioned among the
    three classes to make all classes as nearly equal as possible.
</DIV>

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    Unless authority is withheld, it is the intention of the persons
    named in the accompanying form of Proxy Card to vote each Proxy
    Card for the election of our five nominees listed above. Each
    nominee has indicated that he will continue to serve as a
    Director if elected, but if any nominee should be unable to
    serve, proxies will be voted for any other person determined by
    the persons
</DIV>
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    <BR>
    2
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    named in the form of Proxy Card in accordance with their
    discretion. The Board of Directors has no reason to believe that
    any of the above nominees will be unable to serve as a Director.
</DIV>

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    <B><FONT style="font-family: 'Times New Roman', Times; font-variant: SMALL-CAPS">Board
    of Directors Information</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 5%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The management of the business and affairs of the Fund is
    overseen by the Board of Directors. Directors who are not
    &#147;interested persons&#148; of the Fund as defined in the
    1940 Act, are referred to as &#147;Independent Directors&#148;,
    and Directors who are &#147;interested persons&#148; of the Fund
    are referred to as &#147;Interested Directors&#148;. Certain
    information concerning the Fund&#146;s governance structure and
    each Director is set forth below.
</DIV>

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<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 5%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <I><U>Experience, Skills, Attributes, and Qualifications of the
    Fund&#146;s Directors</U>.</I>&#160;&#160;The Nominating and
    Governance Committee of the Fund&#146;s Board, which is composed
    entirely of Independent Directors, reviews the experience,
    qualifications, attributes and skills of potential candidates
    for nomination or election by the Board, and conducts a similar
    review in connection with the proposed nomination of current
    Directors for re-election by stockholders. When assessing a
    candidate for nomination it is the policy of the Nominating and
    Governance Committee to consider whether the individual&#146;s
    background, skills, and experience will complement the
    background, skills and experience of other nominees and will
    contribute to the diversity of the Board. The Nominating and
    Governance Committee assesses the effectiveness of this policy
    as part of its annual self assessment. Additional information
    concerning the Nominating and Governance Committee&#146;s
    consideration of nominees appears in the description of the
    Committee following the table below.
</DIV>

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<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 5%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The Board has concluded that, based on each Director&#146;s
    experience, qualifications, attributes or skills on an
    individual basis and in combination with those of the other
    Directors, that each Director is qualified and should continue
    to serve as such. In determining that a particular Director was
    and continues to be qualified to serve as a Director, the Board
    has considered a variety of criteria, none of which, in
    isolation, was controlling. In addition, the Board has taken
    into account the actual service and commitment of each Director
    during his tenure (including the Director&#146;s participation
    in Board and committee meetings, as well as his current and
    prior leadership of standing and ad hoc committees) in
    concluding that each should continue to serve. Information about
    the specific experience, skills, attributes and qualifications
    of each Director, which in each case led to the Board&#146;s
    conclusion that the Director should serve (or continue to serve)
    as a director of the Fund, is provided in the table following
    the &#147;Risk Oversight&#148; section below.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 5%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The Board believes that, collectively, the Directors have
    balanced and diverse experience, qualifications, attributes, and
    skills, which allow the Board to operate effectively in
    governing the Fund and protecting the interests of shareholders.
    Among other attributes common to all Directors are their
    willingness and ability to commit the necessary time and
    attention to their duties as Directors, their ability to review
    critically, evaluate, question and discuss information provided
    to them (including information requested by the Directors), to
    interact effectively with each other and with Deutsche
    Investment Management Americas Inc., the fund&#146;s investment
    manager (the &#147;Investment Manager&#148;), Deutsche Asset
    Management International GmbH (the &#147;Investment
    Adviser&#148;) and other service providers, counsel and the
    Fund&#146;s independent registered public accounting firm, to
    exercise effective business judgment in the performance of their
    duties as Directors. References to the qualifications,
    attributes and skills of Directors are pursuant to requirements
    of the Securities and Exchange Commission, do not constitute
    holding out of the Board or any Director as having special
    expertise or experience and shall not be deemed to impose any
    greater responsibility or liability on any Director or on the
    Board by reason thereof.
</DIV>
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    <BR>
    3
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<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 5%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <I><U>Board Structure and Oversight
    Function</U>.</I>&#160;&#160; The Board is responsible for
    oversight of the Fund. The Fund has engaged the Investment
    Manager and the Investment Adviser to manage the Fund on a
    <FONT style="white-space: nowrap">day-to-day</FONT>
    basis. The Board is responsible for overseeing the Investment
    Manager and the Investment Adviser and the Fund&#146;s other
    service providers in the operations of each Fund in accordance
    with the Fund&#146;s investment objective and policies and
    otherwise in accordance with the requirements of the 1940 Act
    and other applicable Federal, state and other securities and
    other laws, and the Fund&#146;s charter and bylaws. The Board
    meets in person at regularly scheduled meetings four times
    throughout the year. In addition, the Directors may meet in
    person or by telephone at special meetings or on an informal
    basis at other times. The Directors also regularly meet outside
    the presence of any representatives of the Investment Manager
    and the Investment Adviser. As described below, the Board has
    established five standing committees&#160;&#151; the Audit,
    Nominating and Governance, Advisory, Valuation and Executive
    Committees&#160;&#151; and may establish ad hoc committees or
    working groups from time to time, to assist the Board in
    fulfilling its oversight responsibilities. Each committee other
    than the Executive Committee is composed exclusively of
    Independent Directors. Each year the Directors evaluate the
    performance of the Board and its committees. The
    responsibilities of each committee, including its oversight
    responsibilities, are described further below. The Independent
    Directors have also engaged independent legal counsel, and may
    from time to time engage consultants and other advisors, to
    assist them in performing their oversight responsibilities.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 5%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The Chairman&#146;s duties include setting the agenda for each
    Board meeting in consultation with management, presiding at each
    Board meeting, meeting with management between Board meetings,
    and facilitating communication and coordination between the
    Directors and management. Christian Strenger, the Chairman of
    the Fund&#146;s Board of Directors is an Interested Director as
    defined in the 1940 Act because he is a member of the
    Supervisory Board of a company that is affiliated with the
    Investment Manager and the Investment Adviser and because of his
    ownership of shares of the ultimate parent of the Investment
    Manager and the Investment Adviser. The Directors believe that
    it is appropriate for Mr.&#160;Strenger to serve as Chairman and
    that his service benefits shareholders because of his extensive
    knowledge of the investment management industry, the Deutsche
    Bank organization and the Funds. In addition, the Directors note
    that, although Mr.&#160;Strenger is an Interested Director as
    defined in the 1940 Act, he is not involved in the management of
    the Fund and is not an officer or director of the Investment
    Manager or the Investment Adviser. The Independent Directors are
    satisfied that they can act independently and effectively
    without having an Independent Director serve as Chairman and
    note that a key structural component for ensuring that they are
    in a position to do so is for the Independent Directors to
    constitute a substantial majority of the Board. Richard Karl
    Goeltz, an Independent Director and Chairman of the Nominating
    and Governance Committee, serves as Lead Independent Director
    for the Fund and as such is available to act as liaison between
    the Independent Directors and management and to consult with the
    Chairman to the extent deemed appropriate.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 5%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <I><U>Risk Oversight</U>.</I>&#160;&#160; The Fund is subject to
    a number of risks, including investment, compliance and
    operational risks.
    <FONT style="white-space: nowrap">Day-to-day</FONT>
    risk management with respect to the Fund resides with the
    Investment Manager and the Investment Adviser or other service
    providers (depending on the nature of the risk), subject to
    supervision by the Investment Manager. The Board has charged the
    Adviser and its affiliates with (i)&#160;identifying events or
    circumstances the occurrence of which could have demonstrable
    and material adverse effects on the Fund; (ii)&#160;to the
    extent appropriate, reasonable or practicable, implementing
    processes and controls reasonably designed to lessen the
    possibility that such events or circumstances occur or to
    mitigate the effects of such events or circumstances if they do
    occur; and (iii)&#160;creating and maintaining a system designed
    to evaluate continuously, and to revise as appropriate, the
    processes and controls described in (i)&#160;and (ii)&#160;above.
</DIV>
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    <BR>
    4
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<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 5%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Risk oversight forms part of the Board&#146;s general oversight
    of each Fund&#146;s investment program and operations and is
    addressed as part of various regular Board and committee
    activities. Each of the Investment Manager, the Investment
    Adviser, and the Fund&#146;s other principal service providers
    has an independent interest in risk management but the policies
    and the methods by which one or more risk management functions
    are carried out may differ from the Fund&#146;s and each
    other&#146;s in the setting of priorities, the resources
    available or the effectiveness of relevant controls. Oversight
    of risk management is provided by the Board and the Audit
    Committee. The Directors regularly receive reports from, among
    others, management, the Fund&#146;s Chief Compliance Officer,
    its independent registered public accounting firm, counsel, and
    internal auditors for the Investment Manager, as appropriate,
    regarding risks faced by the Fund and the Investment
    Manager&#146;s risk management programs.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 5%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Not all risks that may affect the Fund can be identified, nor
    can controls be developed to eliminate or mitigate their
    occurrence or effects. The processes and controls employed to
    address certain risks may be limited in their effectiveness, and
    some risks are simply beyond the reasonable control of the Fund
    or the Investment Manager, its affiliates or other service
    providers. Moreover, it is necessary to bear certain risks (such
    as investment-related risks) to achieve the Fund&#146;s goals.
</DIV>
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    <BR>
    5
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    <B><FONT style="font-family: 'Times New Roman', Times; font-variant: SMALL-CAPS">Information
    Regarding Directors and Officers</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 5%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The following tables show certain information about the nominees
    for election as Directors and about Directors whose terms will
    continue, including beneficial ownership of Common Stock of the
    Fund, and about all officers of the Fund. Most current Directors
    resident in the United States own Fund shares. Directors who are
    German residents would be subject to adverse German tax
    consequences if they owned shares of a fund organized outside of
    Germany, such as the Fund, that is not subject to German
    regulation or tax reporting.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">Nominees
    Proposed for Election:</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<TABLE border="0" width="100%" align="center" cellpadding="0" cellspacing="0" style="font-size: 7pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
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    <TD width="10%">&nbsp;</TD>	<!-- colindex=02 type=maindata -->
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    <TD width="7%">&nbsp;</TD>	<!-- colindex=03 type=maindata -->
    <TD width="1%">&nbsp;</TD>	<!-- colindex=04 type=gutter -->
    <TD width="19%">&nbsp;</TD>	<!-- colindex=04 type=maindata -->
    <TD width="1%">&nbsp;</TD>	<!-- colindex=05 type=gutter -->
    <TD width="7%">&nbsp;</TD>	<!-- colindex=05 type=maindata -->
    <TD width="1%">&nbsp;</TD>	<!-- colindex=06 type=gutter -->
    <TD width="19%">&nbsp;</TD>	<!-- colindex=06 type=maindata -->
    <TD width="1%">&nbsp;</TD>	<!-- colindex=07 type=gutter -->
    <TD width="7%">&nbsp;</TD>	<!-- colindex=07 type=maindata -->
</TR>
<!-- Table Width Row END -->
<!-- TableOutputHead -->
<TR style="font-size: 6pt" valign="bottom" align="center">
<TD colspan="13" nowrap align="center" valign="bottom">
    <B>Class I Directors<BR>
    </B>
</TD>
</TR>
<TR style="font-size: 6pt" valign="bottom" align="center">
<TD colspan="13" nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>(Term will Expire in 2010; Nominees for Term Expiring in
    2013)</B>
</TD>
</TR>
<TR style="font-size: 6pt" valign="bottom" align="center">
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    <B>Shares of<BR>
    </B>
</TD>
</TR>
<TR style="font-size: 6pt" valign="bottom" align="center">
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    <B>Number of<BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    <B>Common<BR>
    </B>
</TD>
</TR>
<TR style="font-size: 6pt" valign="bottom" align="center">
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    <B>Principal Occupation(s)<BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    <B>Portfolios<BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    <B>Stock<BR>
    </B>
</TD>
</TR>
<TR style="font-size: 6pt" valign="bottom" align="center">
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    <B>During Past<BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    <B>in Fund<BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    <B>Beneficially<BR>
    </B>
</TD>
</TR>
<TR style="font-size: 6pt" valign="bottom" align="center">
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    <B>Length of<BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    <B>Five Years or Longer<BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    <B>Complex<SUP style="font-size: 85%; vertical-align: top">(2)<BR>

    </SUP></B>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    <B>Owned at<BR>
    </B>
</TD>
</TR>
<TR style="font-size: 6pt" valign="bottom" align="center">
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    <B>Position(s)<BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    <B>Time<BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    <B>and  Other Relevant<BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    <B>Overseen<BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    <B>Other Directorships Held by<BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    <B>March&#160;31,<BR>
    </B>
</TD>
</TR>
<TR style="font-size: 6pt" valign="bottom" align="center">
<TD nowrap align="left" valign="bottom">
<DIV style="border-bottom: 1px solid #000000; width: 1%; padding-bottom: 1px">
    <B>Name,
    Address<SUP style="font-size: 85%; vertical-align: top">(1)</SUP>&#038;

    Age</B>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>with Fund</B>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>Served</B>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
<DIV style="border-bottom: 1px solid #000000; width: 1%; padding-bottom: 1px">
    <B>Qualifications*</B>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
<DIV style="border-bottom: 1px solid #000000; width: 1%; padding-bottom: 1px">
    <B>by Director</B>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
<DIV style="border-bottom: 1px solid #000000; width: 1%; padding-bottom: 1px">
    <B>Director During Past Five
    Years<SUP style="font-size: 85%; vertical-align: top">(3)</SUP></B>

</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
<DIV style="border-bottom: 1px solid #000000; width: 1%; padding-bottom: 1px">
    <B>2010<SUP style="font-size: 85%; vertical-align: top">(4)</SUP></B>

</DIV>
</TD>
</TR>
<TR style="line-height: 3pt; font-size: 1pt">
<TD>&nbsp;
</TD>
</TR>
<!-- TableOutputBody -->
<TR valign="bottom">
<TD colspan="13" align="center" valign="top">
<DIV style="text-indent: -7pt; margin-left: 7pt">
    <B>Non-Interested Directors</B>
</DIV>
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="top">
    Detlef Bierbaum, 67
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="top">
    Director
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="top">
    Since 1990
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    Vice Chairman of the Supervisory Board of Oppenheim KAG GmbH
    (asset management) and a member of the Supervisory Board of Bank
    Sal. Oppenheim Jr. &#038; Cie. (&#246;sterreich) AG (private
    bank) for more than five years. Mr. Bierbaum also serves as a
    member of the Board or Supervisory Board of a number of non-U.S.
    investment companies and of companies in diverse businesses
    including insurance, reinsurance, real estate, and retailing. He
    is a former member of the Supervisory Board of Sal. Oppenheim
    Jr. &#038; Cie KGaA (private bank) (2008 to March 2010) and was
    formerly a partner of that firm. He is also a former member of
    the Supervisory Board of DWS Investment GmbH (asset management)
    (2005-2008).
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="top">
    3
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    Director of The Central Europe and Russia Fund, Inc. (since
    1990) and The European Equity Fund, Inc. (since
    1986).<SUP style="font-size: 85%; vertical-align: top">(2)</SUP>

</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="top">
    None
</TD>
</TR>
</TABLE>
<!-- XBRL Pagebreak Begin -->

<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <BR>
    6
</DIV><!-- END PAGE WIDTH -->
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#toc">Table of Contents</A></H5><P>

<DIV style="width: 82%; margin-left: 9%"><!-- BEGIN PAGE WIDTH -->
<!-- XBRL Pagebreak End -->
<!-- XBRL Table Pagebreak -->

<TABLE border="0" width="100%" align="center" cellpadding="0" cellspacing="0" style="font-size: 7pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
<!-- Table Width Row BEGIN -->
<TR style="font-size: 1pt" valign="bottom">
    <TD width="25%">&nbsp;</TD>	<!-- colindex=01 type=maindata -->
    <TD width="1%">&nbsp;</TD>	<!-- colindex=02 type=gutter -->
    <TD width="10%">&nbsp;</TD>	<!-- colindex=02 type=maindata -->
    <TD width="1%">&nbsp;</TD>	<!-- colindex=03 type=gutter -->
    <TD width="7%">&nbsp;</TD>	<!-- colindex=03 type=maindata -->
    <TD width="1%">&nbsp;</TD>	<!-- colindex=04 type=gutter -->
    <TD width="19%">&nbsp;</TD>	<!-- colindex=04 type=maindata -->
    <TD width="1%">&nbsp;</TD>	<!-- colindex=05 type=gutter -->
    <TD width="7%">&nbsp;</TD>	<!-- colindex=05 type=maindata -->
    <TD width="1%">&nbsp;</TD>	<!-- colindex=06 type=gutter -->
    <TD width="19%">&nbsp;</TD>	<!-- colindex=06 type=maindata -->
    <TD width="1%">&nbsp;</TD>	<!-- colindex=07 type=gutter -->
    <TD width="7%">&nbsp;</TD>	<!-- colindex=07 type=maindata -->
</TR>
<!-- Table Width Row END -->
<!-- TableOutputHead -->
<TR style="font-size: 6pt" valign="bottom" align="center">
<TD colspan="13" nowrap align="center" valign="bottom">
    <B>Class I Directors<BR>
    </B>
</TD>
</TR>
<TR style="font-size: 6pt" valign="bottom" align="center">
<TD colspan="13" nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B> (Term will Expire in 2010; Nominees for Term Expiring in
    2013)</B>
</TD>
</TR>
<TR style="font-size: 6pt" valign="bottom" align="center">
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    <B>Shares of<BR>
    </B>
</TD>
</TR>
<TR style="font-size: 6pt" valign="bottom" align="center">
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    <B>Number of<BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    <B>Common<BR>
    </B>
</TD>
</TR>
<TR style="font-size: 6pt" valign="bottom" align="center">
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    <B>Principal Occupation(s)<BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    <B>Portfolios<BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    <B>Stock<BR>
    </B>
</TD>
</TR>
<TR style="font-size: 6pt" valign="bottom" align="center">
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    <B>During Past<BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    <B>in Fund<BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    <B>Beneficially<BR>
    </B>
</TD>
</TR>
<TR style="font-size: 6pt" valign="bottom" align="center">
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    <B>Length of<BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    <B>Five Years or Longer<BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    <B>Complex<SUP style="font-size: 85%; vertical-align: top">(2)<BR>

    </SUP></B>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    <B>Owned at<BR>
    </B>
</TD>
</TR>
<TR style="font-size: 6pt" valign="bottom" align="center">
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    <B>Position(s)<BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    <B>Time<BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    <B>and  Other Relevant<BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    <B>Overseen<BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    <B>Other Directorships Held by<BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    <B>March&#160;31,<BR>
    </B>
</TD>
</TR>
<TR style="font-size: 6pt" valign="bottom" align="center">
<TD nowrap align="left" valign="bottom">
<DIV style="border-bottom: 1px solid #000000; width: 1%; padding-bottom: 1px">
    <B>Name,
    Address<SUP style="font-size: 85%; vertical-align: top">(1)</SUP>&#038;

    Age</B>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>with Fund</B>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>Served</B>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
<DIV style="border-bottom: 1px solid #000000; width: 1%; padding-bottom: 1px">
    <B>Qualifications*</B>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
<DIV style="border-bottom: 1px solid #000000; width: 1%; padding-bottom: 1px">
    <B>by Director</B>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
<DIV style="border-bottom: 1px solid #000000; width: 1%; padding-bottom: 1px">
    <B>Director During Past Five
    Years<SUP style="font-size: 85%; vertical-align: top">(3)</SUP></B>

</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
<DIV style="border-bottom: 1px solid #000000; width: 1%; padding-bottom: 1px">
    <B>2010<SUP style="font-size: 85%; vertical-align: top">(4)</SUP></B>

</DIV>
</TD>
</TR>
<TR style="line-height: 3pt; font-size: 1pt">
<TD>&nbsp;
</TD>
</TR>
<!-- TableOutputBody -->
<TR valign="bottom">
<TD colspan="13" align="center" valign="top">
<DIV style="text-indent: -7pt; margin-left: 7pt">
    <B>Non-Interested Directors</B>
</DIV>
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="top">
    Richard Karl Goeltz, 67
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="top">
    Director
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="top">
    Since 1990
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    Retired. Formerly, Vice Chairman and Chief Financial Officer of
    American Express Co. (financial services) (1996-2000) and
    previously served as chief financial officer of two other major
    multi-national corporations. Mr. Goeltz is also a member of the
    Court of Governors of the London School of Economics and
    Political Science, Trustee of the American Academy in Berlin and
    of other charitable organizations.
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="top">
    3
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    Director of The Central Europe and Russia Fund, Inc. (since
    2008) and The European Equity Fund, Inc. (since
    2008).<SUP style="font-size: 85%; vertical-align: top">(2)</SUP>Independent

    Non-Executive Director of Aviva plc (financial services) and The
    Warnaco Group, Inc. (apparel). Formerly director of Federal Home
    Loan Mortgage Corporation and Delta Air Lines, Inc. (air
    transport).
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="top">
    12,104
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="top">
    Robert H. Wadsworth, 70
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="top">
    Director
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="top">
    Since 1992
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    President, Robert H. Wadsworth Associates, Inc. (investment
    management consulting firm) (1983 to present). Mr. Wadsworth
    also has experience as an owner and chief executive officer of
    various businesses serving the mutual fund industry, including a
    registered broker-dealer and a registered transfer agent, and
    has served as a senior executive officer of several mutual funds.
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="top">
    129<SUP style="font-size: 85%; vertical-align: top">(5)</SUP>

</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    Director of The Central Europe and Russia Fund, Inc. (since
    1990) and The European Equity Fund, Inc. (since
    1986),<SUP style="font-size: 85%; vertical-align: top">(2)</SUP>

    as well as other funds in the Fund Complex as
    indicated.<SUP style="font-size: 85%; vertical-align: top">(5)</SUP>

</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="top">
    10,863
</TD>
</TR>
<TR valign="bottom">
<TD colspan="13" align="center" valign="top">
<DIV style="text-indent: -7pt; margin-left: 7pt">
    <B>Interested
    Director<SUP style="font-size: 85%; vertical-align: top">(6)</SUP></B>

</DIV>
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="top">
    Christian H. Strenger, 66
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="top">
    Director<BR>
    and Chairman
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="top">
    Since 1990
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    Member of Supervisory Board (since 1999) and formerly Managing
    Director (1991-1999) of DWS Investment GmbH (investment
    management), a subsidiary of Deutsche Bank AG. Mr. Strenger is
    also Member, Supervisory Board, Evonik Industries AG (chemical,
    utility and property business), Fraport AG (international
    airport business) and Hermes Equity Ownership Services Ltd.
    (governance advisory).
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="top">
    3
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    Director of The Central Europe and Russia Fund, Inc. (since
    1990) and The European Equity Fund, Inc. (since
    1986).<SUP style="font-size: 85%; vertical-align: top">(2)</SUP>

</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="top">
    None
</TD>
</TR>
</TABLE>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">

</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>
<!-- XBRL Pagebreak Begin -->

<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    7
</DIV><!-- END PAGE WIDTH -->
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#toc">Table of Contents</A></H5><P>

<DIV style="width: 82%; margin-left: 9%"><!-- BEGIN PAGE WIDTH -->
<!-- XBRL Pagebreak End -->

<TABLE border="0" width="100%" align="center" cellpadding="0" cellspacing="0" style="font-size: 7pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
<!-- Table Width Row BEGIN -->
<TR style="font-size: 1pt" valign="bottom">
    <TD width="21%">&nbsp;</TD>	<!-- colindex=01 type=maindata -->
    <TD width="1%">&nbsp;</TD>	<!-- colindex=02 type=gutter -->
    <TD width="6%">&nbsp;</TD>	<!-- colindex=02 type=maindata -->
    <TD width="1%">&nbsp;</TD>	<!-- colindex=03 type=gutter -->
    <TD width="7%">&nbsp;</TD>	<!-- colindex=03 type=maindata -->
    <TD width="1%">&nbsp;</TD>	<!-- colindex=04 type=gutter -->
    <TD width="23%">&nbsp;</TD>	<!-- colindex=04 type=maindata -->
    <TD width="1%">&nbsp;</TD>	<!-- colindex=05 type=gutter -->
    <TD width="7%">&nbsp;</TD>	<!-- colindex=05 type=maindata -->
    <TD width="1%">&nbsp;</TD>	<!-- colindex=06 type=gutter -->
    <TD width="23%">&nbsp;</TD>	<!-- colindex=06 type=maindata -->
    <TD width="1%">&nbsp;</TD>	<!-- colindex=07 type=gutter -->
    <TD width="7%">&nbsp;</TD>	<!-- colindex=07 type=maindata -->
</TR>
<!-- Table Width Row END -->
<!-- TableOutputHead -->
<TR style="font-size: 6pt" valign="bottom" align="center">
<TD colspan="13" nowrap align="center" valign="bottom">
    <B>Class&#160;II Director<BR>
    </B>
</TD>
</TR>
<TR style="font-size: 6pt" valign="bottom" align="center">
<TD colspan="13" nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>(Nominee for Term Expiring in 2011)</B>
</TD>
</TR>
<TR style="font-size: 6pt" valign="bottom" align="center">
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    <B>Shares of<BR>
    </B>
</TD>
</TR>
<TR style="font-size: 6pt" valign="bottom" align="center">
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    <B>Number of<BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    <B>Common<BR>
    </B>
</TD>
</TR>
<TR style="font-size: 6pt" valign="bottom" align="center">
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    <B>Principal Occupation(s)<BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    <B>Portfolios<BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    <B>Stock<BR>
    </B>
</TD>
</TR>
<TR style="font-size: 6pt" valign="bottom" align="center">
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    <B>During Past<BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    <B>in Fund<BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    <B>Beneficially<BR>
    </B>
</TD>
</TR>
<TR style="font-size: 6pt" valign="bottom" align="center">
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    <B>Length of<BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    <B>Five Years or Longer <BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    <B>Complex<SUP style="font-size: 85%; vertical-align: top">(2)<BR>

    </SUP></B>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    <B>Owned at<BR>
    </B>
</TD>
</TR>
<TR style="font-size: 6pt" valign="bottom" align="center">
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    <B>Position(s)<BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    <B>Time<BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    <B>and Other Relevant<BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    <B>Overseen<BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    <B>Other Directorships Held by<BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    <B>March&#160;31,<BR>
    </B>
</TD>
</TR>
<TR style="font-size: 6pt" valign="bottom" align="center">
<TD nowrap align="left" valign="bottom">
<DIV style="border-bottom: 1px solid #000000; width: 1%; padding-bottom: 1px">
    <B>Name,
    Address<SUP style="font-size: 85%; vertical-align: top">(1)</SUP>

    &#038; Age</B>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>with Fund</B>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>Served</B>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
<DIV style="border-bottom: 1px solid #000000; width: 1%; padding-bottom: 1px">
    <B>Qualifications*</B>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>by Director</B>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
<DIV style="border-bottom: 1px solid #000000; width: 1%; padding-bottom: 1px">
    <B>Director During Past Five
    Years<SUP style="font-size: 85%; vertical-align: top">(3)</SUP></B>

</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>2010<SUP style="font-size: 85%; vertical-align: top">(4)</SUP></B>

</TD>
</TR>
<TR style="line-height: 3pt; font-size: 1pt">
<TD>&nbsp;
</TD>
</TR>
<!-- TableOutputBody -->
<TR valign="bottom">
<TD colspan="13" align="center" valign="top">
<DIV style="text-indent: -7pt; margin-left: 7pt">
    <B>Non-Interested Director</B>
</DIV>
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="top">
<DIV style="text-indent: -7pt; margin-left: 7pt">
    Joachim Wagner, 63
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="top">
    Director
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="top">
    Since 2009
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    Chief Financial Officer, RAG Beteiligungs AG/Evonik Industries
    AG, Germany (mining holding company) (2006-2009). Formerly,
    Chief Financial Officer, Degussa AG, Germany (chemical
    manufacturer) (2001-2006). Mr. Wagner is also a member of the
    Supervisory Board of a German retail bank and a member of the
    advisory board of a private German bank, and Treasurer of a
    Frankfurt-based scientific and technical society.
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="top">
    2
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    Director of The European Equity Fund, Inc. (since
    2009).<SUP style="font-size: 85%; vertical-align: top">(2)</SUP>

</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="top">
    None
</TD>
</TR>
</TABLE>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">

</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<TABLE border="0" width="100%" align="center" cellpadding="0" cellspacing="0" style="font-size: 7pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
<!-- Table Width Row BEGIN -->
<TR style="font-size: 1pt" valign="bottom">
    <TD width="21%">&nbsp;</TD>	<!-- colindex=01 type=maindata -->
    <TD width="1%">&nbsp;</TD>	<!-- colindex=02 type=gutter -->
    <TD width="6%">&nbsp;</TD>	<!-- colindex=02 type=maindata -->
    <TD width="1%">&nbsp;</TD>	<!-- colindex=03 type=gutter -->
    <TD width="7%">&nbsp;</TD>	<!-- colindex=03 type=maindata -->
    <TD width="1%">&nbsp;</TD>	<!-- colindex=04 type=gutter -->
    <TD width="23%">&nbsp;</TD>	<!-- colindex=04 type=maindata -->
    <TD width="1%">&nbsp;</TD>	<!-- colindex=05 type=gutter -->
    <TD width="7%">&nbsp;</TD>	<!-- colindex=05 type=maindata -->
    <TD width="1%">&nbsp;</TD>	<!-- colindex=06 type=gutter -->
    <TD width="23%">&nbsp;</TD>	<!-- colindex=06 type=maindata -->
    <TD width="1%">&nbsp;</TD>	<!-- colindex=07 type=gutter -->
    <TD width="7%">&nbsp;</TD>	<!-- colindex=07 type=maindata -->
</TR>
<!-- Table Width Row END -->
<!-- TableOutputHead -->
<TR style="font-size: 6pt" valign="bottom" align="center">
<TD colspan="13" nowrap align="center" valign="bottom">
    <B>Class&#160;III Director<BR>
    </B>
</TD>
</TR>
<TR style="font-size: 6pt" valign="bottom" align="center">
<TD colspan="13" nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>(Nominee for Term Expiring in 2012)</B>
</TD>
</TR>
<TR style="font-size: 6pt" valign="bottom" align="center">
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    <B>Shares of<BR>
    </B>
</TD>
</TR>
<TR style="font-size: 6pt" valign="bottom" align="center">
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    <B>Number of<BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    <B>Common<BR>
    </B>
</TD>
</TR>
<TR style="font-size: 6pt" valign="bottom" align="center">
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    <B>Principal Occupation(s)<BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    <B>Portfolios<BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    <B>Stock<BR>
    </B>
</TD>
</TR>
<TR style="font-size: 6pt" valign="bottom" align="center">
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    <B>During Past<BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    <B>in Fund<BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    <B>Beneficially<BR>
    </B>
</TD>
</TR>
<TR style="font-size: 6pt" valign="bottom" align="center">
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    <B>Length of<BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    <B>Five Years or Longer<BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    <B>Complex<SUP style="font-size: 85%; vertical-align: top">(2)<BR>

    </SUP></B>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    <B>Owned at<BR>
    </B>
</TD>
</TR>
<TR style="font-size: 6pt" valign="bottom" align="center">
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    <B>Position(s)<BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    <B>Time<BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    <B>and Other Relevant<BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    <B>Overseen<BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    <B>Other Directorships Held by<BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    <B>March&#160;31,<BR>
    </B>
</TD>
</TR>
<TR style="font-size: 6pt" valign="bottom" align="center">
<TD nowrap align="left" valign="bottom">
<DIV style="border-bottom: 1px solid #000000; width: 1%; padding-bottom: 1px">
    <B>Name,
    Address<SUP style="font-size: 85%; vertical-align: top">(1)</SUP>

    &#038; Age</B>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>with Fund</B>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>Served</B>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
<DIV style="border-bottom: 1px solid #000000; width: 1%; padding-bottom: 1px">
    <B>Qualifications*</B>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
<DIV style="border-bottom: 1px solid #000000; width: 1%; padding-bottom: 1px">
    <B>by Director</B>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
<DIV style="border-bottom: 1px solid #000000; width: 1%; padding-bottom: 1px">
    <B>Director During Past Five
    Years<SUP style="font-size: 85%; vertical-align: top">(3)</SUP></B>

</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>2010<SUP style="font-size: 85%; vertical-align: top">(4)</SUP></B>

</TD>
</TR>
<TR style="line-height: 3pt; font-size: 1pt">
<TD>&nbsp;
</TD>
</TR>
<!-- TableOutputBody -->
<TR valign="bottom">
<TD colspan="13" align="center" valign="top">
<DIV style="text-indent: -7pt; margin-left: 7pt">
    <B>Non-Interested Director</B>
</DIV>
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="top">
<DIV style="text-indent: -7pt; margin-left: 7pt">
    Ambassador<BR>
    Richard R. Burt, 63
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="top">
    Director
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="top">
    Since 2004
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    Managing Director, McLarty Associates (international strategic
    advisory). Formerly, Chairman, Diligence, Inc. (international
    information and risk management firm) (2002-2007); Chairman of
    the Board, Weirton Steel Corp. (1996-2004); Partner, McKinsey
    &#038; Company (consulting firm) (1991-1994); State Department
    Chief Negotiator in charge of negotiating the Arms Treaty with
    Russia (1989-1991); U.S. Ambassador to the Federal Republic of
    Germany (1985-1989). Mr. Burt is also Director, IGT, Inc.
    (gaming technology) (since 1995), and HCL Technologies Inc.
    (information technology and product engineering) (since 1999)
    and member, Textron Inc. International Advisory Council
    (aviation, automotive, industrial operations and finance) (since
    1996).
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="top">
    3
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    Director of The European Equity Fund, Inc. (since 2000) and The
    Central Europe and Russia Fund, Inc. (since
    2000).<SUP style="font-size: 85%; vertical-align: top">(2)</SUP>

    Director, UBS family of mutual funds (since 1995).
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="top">
    1,572
</TD>
</TR>
</TABLE>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">

</DIV>
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<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    8
</DIV><!-- END PAGE WIDTH -->
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#toc">Table of Contents</A></H5><P>

<DIV style="width: 82%; margin-left: 9%"><!-- BEGIN PAGE WIDTH -->
<!-- XBRL Pagebreak End -->

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">Directors
    whose terms will continue:</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<TABLE border="0" width="100%" align="center" cellpadding="0" cellspacing="0" style="font-size: 7pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
<!-- Table Width Row BEGIN -->
<TR style="font-size: 1pt" valign="bottom">
    <TD width="21%">&nbsp;</TD>	<!-- colindex=01 type=maindata -->
    <TD width="1%">&nbsp;</TD>	<!-- colindex=02 type=gutter -->
    <TD width="6%">&nbsp;</TD>	<!-- colindex=02 type=maindata -->
    <TD width="1%">&nbsp;</TD>	<!-- colindex=03 type=gutter -->
    <TD width="7%">&nbsp;</TD>	<!-- colindex=03 type=maindata -->
    <TD width="1%">&nbsp;</TD>	<!-- colindex=04 type=gutter -->
    <TD width="23%">&nbsp;</TD>	<!-- colindex=04 type=maindata -->
    <TD width="1%">&nbsp;</TD>	<!-- colindex=05 type=gutter -->
    <TD width="7%">&nbsp;</TD>	<!-- colindex=05 type=maindata -->
    <TD width="1%">&nbsp;</TD>	<!-- colindex=06 type=gutter -->
    <TD width="23%">&nbsp;</TD>	<!-- colindex=06 type=maindata -->
    <TD width="1%">&nbsp;</TD>	<!-- colindex=07 type=gutter -->
    <TD width="7%">&nbsp;</TD>	<!-- colindex=07 type=maindata -->
</TR>
<!-- Table Width Row END -->
<!-- TableOutputHead -->
<TR style="font-size: 6pt" valign="bottom" align="center">
<TD colspan="13" nowrap align="center" valign="bottom">
    <B>Class&#160;II Directors<BR>
    </B>
</TD>
</TR>
<TR style="font-size: 6pt" valign="bottom" align="center">
<TD colspan="13" nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>(Term will Expire in 2011)</B>
</TD>
</TR>
<TR style="font-size: 6pt" valign="bottom" align="center">
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    <B>Shares of<BR>
    </B>
</TD>
</TR>
<TR style="font-size: 6pt" valign="bottom" align="center">
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    <B>Number of<BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    <B>Common<BR>
    </B>
</TD>
</TR>
<TR style="font-size: 6pt" valign="bottom" align="center">
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    <B>Principal Occupation(s)<BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    <B>Portfolios<BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    <B>Stock<BR>
    </B>
</TD>
</TR>
<TR style="font-size: 6pt" valign="bottom" align="center">
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    <B>During Past<BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    <B>in Fund<BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    <B>Beneficially<BR>
    </B>
</TD>
</TR>
<TR style="font-size: 6pt" valign="bottom" align="center">
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    <B>Length of<BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    <B>Five Years or Longer<BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    <B>Complex<SUP style="font-size: 85%; vertical-align: top">(2)<BR>

    </SUP></B>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    <B>Owned at<BR>
    </B>
</TD>
</TR>
<TR style="font-size: 6pt" valign="bottom" align="center">
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    <B>Position(s)<BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    <B>Time<BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    <B>and Other Relevant<BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    <B>Overseen<BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    <B>Other Directorships Held by<BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    <B>March&#160;31,<BR>
    </B>
</TD>
</TR>
<TR style="font-size: 6pt" valign="bottom" align="center">
<TD nowrap align="left" valign="bottom">
<DIV style="border-bottom: 1px solid #000000; width: 1%; padding-bottom: 1px">
    <B>Name,
    Address<SUP style="font-size: 85%; vertical-align: top">(1)</SUP>&#038;

    Age</B>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>with Fund</B>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>Served</B>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
<DIV style="border-bottom: 1px solid #000000; width: 1%; padding-bottom: 1px">
    <B>Qualifications*</B>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
<DIV style="border-bottom: 1px solid #000000; width: 1%; padding-bottom: 1px">
    <B>by Director</B>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
<DIV style="border-bottom: 1px solid #000000; width: 1%; padding-bottom: 1px">
    <B>Director During Past Five
    Years<SUP style="font-size: 85%; vertical-align: top">(3)</SUP></B>

</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
<DIV style="border-bottom: 1px solid #000000; width: 1%; padding-bottom: 1px">
    <B>2010<SUP style="font-size: 85%; vertical-align: top">(4)</SUP></B>

</DIV>
</TD>
</TR>
<TR style="line-height: 3pt; font-size: 1pt">
<TD>&nbsp;
</TD>
</TR>
<!-- TableOutputBody -->
<TR valign="bottom">
<TD colspan="13" align="center" valign="top">
<DIV style="text-indent: -7pt; margin-left: 7pt">
    <B>Non-Interested Directors</B>
</DIV>
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="top">
<DIV style="text-indent: -7pt; margin-left: 7pt">
    John H. Cannon, 68
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="top">
    Director
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="top">
    Since 1990
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    Consultant (since 2002). Formerly, Vice President and Treasurer,
    Venator Group/Footlocker, Inc. (footwear retailer) (1982-2002).
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="top">
    3
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    Director of The Central Europe and Russia Fund, Inc. (since
    2004) and The European Equity Fund, Inc. (since
    2004).<SUP style="font-size: 85%; vertical-align: top">(2)</SUP>

</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="top">
    5,915
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="top">
    Werner Walbr&#246;l, 72
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="top">
    Director
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="top">
    Since 2004
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    Delegate for North American Humboltt Universitat (Berlin).
    Formerly, President and Chief Executive Officer, The European
    American Chamber of Commerce, Inc. (2004-2008); President and
    Chief Executive Officer, The German American Chamber of
    Commerce, Inc. (until 2003).  Mr. Walbr&#246;l is also a
    Director of The German American Chamber of Commerce, Inc.
    President and Director, German-American Partnership Program
    (student exchange programs), and a Director of an independent
    testing and assessment company.
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="top">
    3
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    Director of The European Equity Fund, Inc. (since 1986) and The
    Central Europe and Russia Fund, Inc. (since
    1990).<SUP style="font-size: 85%; vertical-align: top">(2)</SUP>

</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="top">
    1,885
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="top">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="top">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="top">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="top">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="top">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="top">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="top">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD colspan="13" align="center" valign="top">
<DIV style="text-indent: -7pt; margin-left: 7pt">
    <B>Interested
    Director</B><SUP style="font-size: 85%; vertical-align: top">(6)</SUP>

</DIV>
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="top">
    John Bult, 74
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="top">
    Director
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="top">
    Since 1990
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    Chairman, PaineWebber International (financial services holding
    company) (since 1985). Mr. Bult has many years of experience in
    the securities industry.
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="top">
    3
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    Director of The European Equity Fund, Inc. (since 1986) and The
    Central Europe and Russia Fund, Inc. (since
    1990).<SUP style="font-size: 85%; vertical-align: top">(2)</SUP>

    Director of The Greater China Fund, Inc. (closed-end fund)(since
    1992).
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="top">
    3,075
</TD>
</TR>
</TABLE>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">

</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>
<!-- XBRL Pagebreak Begin -->

<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <BR>
    9
</DIV><!-- END PAGE WIDTH -->
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#toc">Table of Contents</A></H5><P>

<DIV style="width: 82%; margin-left: 9%"><!-- BEGIN PAGE WIDTH -->
<!-- XBRL Pagebreak End -->

<TABLE border="0" width="100%" align="center" cellpadding="0" cellspacing="0" style="font-size: 7pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
<!-- Table Width Row BEGIN -->
<TR style="font-size: 1pt" valign="bottom">
    <TD width="27%">&nbsp;</TD>	<!-- colindex=01 type=maindata -->
    <TD width="1%">&nbsp;</TD>	<!-- colindex=02 type=gutter -->
    <TD width="6%">&nbsp;</TD>	<!-- colindex=02 type=maindata -->
    <TD width="1%">&nbsp;</TD>	<!-- colindex=03 type=gutter -->
    <TD width="7%">&nbsp;</TD>	<!-- colindex=03 type=maindata -->
    <TD width="1%">&nbsp;</TD>	<!-- colindex=04 type=gutter -->
    <TD width="20%">&nbsp;</TD>	<!-- colindex=04 type=maindata -->
    <TD width="1%">&nbsp;</TD>	<!-- colindex=05 type=gutter -->
    <TD width="7%">&nbsp;</TD>	<!-- colindex=05 type=maindata -->
    <TD width="1%">&nbsp;</TD>	<!-- colindex=06 type=gutter -->
    <TD width="20%">&nbsp;</TD>	<!-- colindex=06 type=maindata -->
    <TD width="1%">&nbsp;</TD>	<!-- colindex=07 type=gutter -->
    <TD width="7%">&nbsp;</TD>	<!-- colindex=07 type=maindata -->
</TR>
<!-- Table Width Row END -->
<!-- TableOutputHead -->
<TR style="font-size: 6pt" valign="bottom" align="center">
<TD colspan="13" nowrap align="center" valign="bottom">
    <B>Class&#160;III Directors<BR>
    </B>
</TD>
</TR>
<TR style="font-size: 6pt" valign="bottom" align="center">
<TD colspan="13" nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>(Term will Expire in 2012)</B>
</TD>
</TR>
<TR style="font-size: 6pt" valign="bottom" align="center">
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    <B>Shares of<BR>
    </B>
</TD>
</TR>
<TR style="font-size: 6pt" valign="bottom" align="center">
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    <B>Number of<BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    <B>Common<BR>
    </B>
</TD>
</TR>
<TR style="font-size: 6pt" valign="bottom" align="center">
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    <B>Principal Occupation(s)<BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    <B>Portfolios<BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    <B>Stock<BR>
    </B>
</TD>
</TR>
<TR style="font-size: 6pt" valign="bottom" align="center">
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    <B>During Past<BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    <B>in Fund<BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    <B>Beneficially<BR>
    </B>
</TD>
</TR>
<TR style="font-size: 6pt" valign="bottom" align="center">
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    <B>Length of<BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    <B>Five Years or Longer <BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    <B>Complex<SUP style="font-size: 85%; vertical-align: top">(2)<BR>

    </SUP></B>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    <B>Owned at<BR>
    </B>
</TD>
</TR>
<TR style="font-size: 6pt" valign="bottom" align="center">
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    <B>Position(s)<BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    <B>Time<BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    <B>and Other Relevant<BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    <B>Overseen<BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    <B>Other Directorships Held by<BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    <B>March&#160;31,<BR>
    </B>
</TD>
</TR>
<TR style="font-size: 6pt" valign="bottom" align="center">
<TD nowrap align="left" valign="bottom">
<DIV style="border-bottom: 1px solid #000000; width: 1%; padding-bottom: 1px">
    <B>Name,
    Address<SUP style="font-size: 85%; vertical-align: top">(1)</SUP>

    &#038; Age</B>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>with Fund</B>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>Served</B>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
<DIV style="border-bottom: 1px solid #000000; width: 1%; padding-bottom: 1px">
    <B>Qualifications*</B>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
<DIV style="border-bottom: 1px solid #000000; width: 1%; padding-bottom: 1px">
    <B>by Director</B>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
<DIV style="border-bottom: 1px solid #000000; width: 1%; padding-bottom: 1px">
    <B>Director During Past Five
    Years<SUP style="font-size: 85%; vertical-align: top">(3)</SUP></B>

</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
<DIV style="border-bottom: 1px solid #000000; width: 1%; padding-bottom: 1px">
    <B>2010<SUP style="font-size: 85%; vertical-align: top">(4)</SUP></B>

</DIV>
</TD>
</TR>
<TR style="line-height: 3pt; font-size: 1pt">
<TD>&nbsp;
</TD>
</TR>
<!-- TableOutputBody -->
<TR valign="bottom">
<TD colspan="13" align="center" valign="top">
<DIV style="text-indent: -7pt; margin-left: 7pt">
    <B>Non-Interested Directors</B>
</DIV>
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="top">
<DIV style="text-indent: -7pt; margin-left: 7pt">
    Dr.&#160;Franz Wilhelm Hopp, 67
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="top">
    Director
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="top">
    Since 1993
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    Member of the Board of Management of KarstadtQuelle Pension
    Trust e.V. (February 2007-September 2009). Former Member of the
    Boards of Management of ERGO Insurance Group AG, ERGO Europa
    Beteiligungsgesellschaft AG, and ERGO International AG
    (insurance) (over five years until 2004). Former Member of the
    Boards of Management of VICTORIA Holding, VICTORIA
    Lebensversicherung AG&#160;(life insurance), VICTORIA
    Versicherung AG (insurance), VICTORIA International, VICTORIA
    R&#252;ckversicherung AG&#160;(reinsurance) and D.A.S.
    Versicherungs-AG. (insurance).
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="top">
    3
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    Director of The European Equity Fund, Inc. (since 2008) and The
    Central Europe and Russia Fund, Inc. (since
    2008).<SUP style="font-size: 85%; vertical-align: top">(2)</SUP>

</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="top">
    None
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="top">
    Dr.&#160;Friedbert H. Malt, 68
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="top">
    Director
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="top">
    Since 2007
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    Vice Chairman and Member of the Executive Committee of NOL
    Neptune Orient Lines Ltd., Singapore (&#147;NOL&#148;) (since
    2002). He currently is also a Director of NOL (since 2000) and
    T&#220;V Rheinland of North America, Inc., a company offering
    independent testing and assessment services. Formerly,
    Dr.&#160;Malt was a Member of the Executive Board of DG Bank
    (now DZ Bank), Frankfurt (until 2001).
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="top">
    3
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    Director of The European Equity Fund, Inc. (since 2007) and The
    Central Europe and Russia Fund, Inc. (since
    2007).<SUP style="font-size: 85%; vertical-align: top">(2)</SUP>

</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="top">
    None
</TD>
</TR>
</TABLE>
<!-- XBRL Pagebreak Begin -->

<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    10
</DIV><!-- END PAGE WIDTH -->
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#toc">Table of Contents</A></H5><P>

<DIV style="width: 82%; margin-left: 9%"><!-- BEGIN PAGE WIDTH -->
<!-- XBRL Pagebreak End -->
<!-- XBRL Table Pagebreak -->

<TABLE border="0" width="100%" align="center" cellpadding="0" cellspacing="0" style="font-size: 7pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
<!-- Table Width Row BEGIN -->
<TR style="font-size: 1pt" valign="bottom">
    <TD width="27%">&nbsp;</TD>	<!-- colindex=01 type=maindata -->
    <TD width="1%">&nbsp;</TD>	<!-- colindex=02 type=gutter -->
    <TD width="6%">&nbsp;</TD>	<!-- colindex=02 type=maindata -->
    <TD width="1%">&nbsp;</TD>	<!-- colindex=03 type=gutter -->
    <TD width="7%">&nbsp;</TD>	<!-- colindex=03 type=maindata -->
    <TD width="1%">&nbsp;</TD>	<!-- colindex=04 type=gutter -->
    <TD width="20%">&nbsp;</TD>	<!-- colindex=04 type=maindata -->
    <TD width="1%">&nbsp;</TD>	<!-- colindex=05 type=gutter -->
    <TD width="7%">&nbsp;</TD>	<!-- colindex=05 type=maindata -->
    <TD width="1%">&nbsp;</TD>	<!-- colindex=06 type=gutter -->
    <TD width="20%">&nbsp;</TD>	<!-- colindex=06 type=maindata -->
    <TD width="1%">&nbsp;</TD>	<!-- colindex=07 type=gutter -->
    <TD width="7%">&nbsp;</TD>	<!-- colindex=07 type=maindata -->
</TR>
<!-- Table Width Row END -->
<!-- TableOutputHead -->
<TR style="font-size: 6pt" valign="bottom" align="center">
<TD colspan="13" nowrap align="center" valign="bottom">
    <B>Class&#160;III Directors<BR>
    </B>
</TD>
</TR>
<TR style="font-size: 6pt" valign="bottom" align="center">
<TD colspan="13" nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>(Term will Expire in 2012)</B>
</TD>
</TR>
<TR style="font-size: 6pt" valign="bottom" align="center">
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    <B>Shares of<BR>
    </B>
</TD>
</TR>
<TR style="font-size: 6pt" valign="bottom" align="center">
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    <B>Number of<BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    <B>Common<BR>
    </B>
</TD>
</TR>
<TR style="font-size: 6pt" valign="bottom" align="center">
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    <B>Principal Occupation(s)<BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    <B>Portfolios<BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    <B>Stock<BR>
    </B>
</TD>
</TR>
<TR style="font-size: 6pt" valign="bottom" align="center">
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    <B>During Past<BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    <B>in Fund<BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    <B>Beneficially<BR>
    </B>
</TD>
</TR>
<TR style="font-size: 6pt" valign="bottom" align="center">
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    <B>Length of<BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    <B>Five Years or Longer <BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    <B>Complex<SUP style="font-size: 85%; vertical-align: top">(2)<BR>

    </SUP></B>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    <B>Owned at<BR>
    </B>
</TD>
</TR>
<TR style="font-size: 6pt" valign="bottom" align="center">
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    <B>Position(s)<BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    <B>Time<BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    <B>and Other Relevant<BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    <B>Overseen<BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    <B>Other Directorships Held by<BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    <B>March&#160;31,<BR>
    </B>
</TD>
</TR>
<TR style="font-size: 6pt" valign="bottom" align="center">
<TD nowrap align="left" valign="bottom">
<DIV style="border-bottom: 1px solid #000000; width: 1%; padding-bottom: 1px">
    <B>Name,
    Address<SUP style="font-size: 85%; vertical-align: top">(1)</SUP>

    &#038; Age</B>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>with Fund</B>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>Served</B>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
<DIV style="border-bottom: 1px solid #000000; width: 1%; padding-bottom: 1px">
    <B>Qualifications*</B>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
<DIV style="border-bottom: 1px solid #000000; width: 1%; padding-bottom: 1px">
    <B>by Director</B>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
<DIV style="border-bottom: 1px solid #000000; width: 1%; padding-bottom: 1px">
    <B>Director During Past Five
    Years<SUP style="font-size: 85%; vertical-align: top">(3)</SUP></B>

</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
<DIV style="border-bottom: 1px solid #000000; width: 1%; padding-bottom: 1px">
    <B>2010<SUP style="font-size: 85%; vertical-align: top">(4)</SUP></B>

</DIV>
</TD>
</TR>
<TR style="line-height: 3pt; font-size: 1pt">
<TD>&nbsp;
</TD>
</TR>
<!-- TableOutputBody -->
<TR valign="bottom">
<TD align="left" valign="top">
    Dr.&#160;Frank Tr&#246;mel,
    74<SUP style="font-size: 85%; vertical-align: top">(7)</SUP>

</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="top">
    Director
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="top">
    Since 1990
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    Deputy Chairman of the Supervisory Board of DELTON AG (strategic
    management holding company operation in the pharmaceutical,
    household products, logistics and power supply sectors)
    (2000-2006). Member (since 2000) and Vice-President (2002-2006)
    of the German Accounting Standards Board.
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="top">
    1
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    Formerly director of The European Equity Fund, Inc. (2005-2009)
    and The Central Europe and Russia Fund, Inc. (2005-2009).
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="top">
    None
</TD>
</TR>
</TABLE>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">

</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV style="font-size: 1pt; margin-left: 0%; width: 15%;  align: left; border-bottom: 1pt solid #000000"></DIV>

<DIV style="margin-top: 3pt; font-size: 1pt">&nbsp;</DIV>



<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">

<TR>
    <TD width="1%"></TD>
    <TD width="1%"></TD>
    <TD width="98%"></TD>
</TR>

<TR>
    <TD valign="top">
    * </TD>
    <TD></TD>
    <TD valign="bottom">
    The information above includes each Director&#146;s principal
    occupation during the last five years and other information
    relating to the experience, attributes and skills relevant to
    each Director&#146;s qualifications to serve as a Director,
    which led (together with the Director&#146;s current and prior
    experience as a Director of other SEC reporting companies, if
    any, as indicated elsewhere in the table) to the conclusion that
    each Director should serve as a Director for the Fund.</TD>
</TR>

</TABLE>
<!-- XBRL Pagebreak Begin -->

<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    11
</DIV><!-- END PAGE WIDTH -->
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#toc">Table of Contents</A></H5><P>

<DIV style="width: 82%; margin-left: 9%"><!-- BEGIN PAGE WIDTH -->
<!-- XBRL Pagebreak End -->

<TABLE border="0" width="100%" align="center" cellpadding="0" cellspacing="0" style="font-size: 8pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
<!-- Table Width Row BEGIN -->
<TR style="font-size: 1pt" valign="bottom">
    <TD width="23%">&nbsp;</TD>	<!-- colindex=01 type=maindata -->
    <TD width="2%">&nbsp;</TD>	<!-- colindex=02 type=gutter -->
    <TD width="16%">&nbsp;</TD>	<!-- colindex=02 type=maindata -->
    <TD width="3%">&nbsp;</TD>	<!-- colindex=03 type=gutter -->
    <TD width="9%">&nbsp;</TD>	<!-- colindex=03 type=maindata -->
    <TD width="3%">&nbsp;</TD>	<!-- colindex=04 type=gutter -->
    <TD width="31%">&nbsp;</TD>	<!-- colindex=04 type=maindata -->
    <TD width="3%">&nbsp;</TD>	<!-- colindex=05 type=gutter -->
    <TD width="10%">&nbsp;</TD>	<!-- colindex=05 type=maindata -->
</TR>
<!-- Table Width Row END -->
<!-- TableOutputHead -->
<TR style="font-size: 8pt" valign="bottom" align="center">
<TD colspan="9" align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>Executive
    Officers<SUP style="font-size: 85%; vertical-align: top">(8)</SUP></B>

</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom" align="center">
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    <B>Shares of<BR>
    </B>
</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom" align="center">
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    <B>Common<BR>
    </B>
</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom" align="center">
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    <B>Stock<BR>
    </B>
</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom" align="center">
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    <B>Beneficially<BR>
    </B>
</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom" align="center">
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    <B>Position(s)<BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    <B>Length of<BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    <B>Owned at<BR>
    </B>
</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom" align="center">
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    <B>with<BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    <B>Time<BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    <B>Principal Occupation(s)<BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    <B>March&#160;31,<BR>
    </B>
</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom" align="center">
<TD nowrap align="center" valign="bottom">
<DIV style="border-bottom: 1px solid #000000; width: 1%; padding-bottom: 1px">
    <B>Name,
    Address<SUP style="font-size: 85%; vertical-align: top">(1)</SUP>

    &#038; Age</B>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
<DIV style="border-bottom: 1px solid #000000; width: 1%; padding-bottom: 1px">
    <B>Fund</B>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>Served</B>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
<DIV style="border-bottom: 1px solid #000000; width: 1%; padding-bottom: 1px">
    <B>During Past Five Years</B>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>2010<SUP style="font-size: 85%; vertical-align: top">(4)</SUP></B>

</TD>
</TR>
<TR style="line-height: 3pt; font-size: 1pt">
<TD>&nbsp;
</TD>
</TR>
<!-- TableOutputBody -->
<TR valign="bottom">
<TD align="left" valign="top">
<DIV style="text-indent: -8pt; margin-left: 8pt">
    Michael G. Clark,
    44<SUP style="font-size: 85%; vertical-align: top">(9)</SUP>

</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    President and <BR>
    Chief Executive<BR>
    Officer
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="top">
    Since 2006
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    Managing Director, Deutsche Asset Management (since 2006);
    President of DWS family of funds; formerly, Director of Fund
    Board Relations (2004-2006) and Director of Product Development,
    Merrill Lynch Investment Managers (2000-2004).
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="top">
    None
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="top">
    Paul H. Schubert,
    47<SUP style="font-size: 85%; vertical-align: top">(9)</SUP>

</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    Treasurer and<BR>
    Chief Financial<BR>
    Officer
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="top">
    Since 2004
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    Managing Director, Deutsche Asset Management (since 2004).
    Formerly, Executive Director, Head of Mutual Fund Services and
    Treasurer for UBS Family of Funds at UBS Global Asset Management
    (1998-2004).
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="top">
    None
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="top">
    David Goldman,
    36<SUP style="font-size: 85%; vertical-align: top">(9)</SUP>

</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="top">
    Secretary
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="top">
    Since 2006
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    Director, Deutsche Asset Management (since 2008). Formerly, Vice
    President, Deutsche Asset Management (2002-2008).
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="top">
    None
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="top">
    John Millette,
    47<SUP style="font-size: 85%; vertical-align: top">(9)</SUP>

</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="top">
    Assistant<BR>
    Secretary
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="top">
    Since 2006
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    Director, Deutsche Asset Management (since 2002).
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="top">
    None
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="top">
    Rita Rubin, 39
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    Chief Legal <BR>
    Officer
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="top">
    Since 2008
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    Vice President and Counsel, Deutsche Asset Management (since
    2007). Formerly, Vice President, Morgan Stanley Investment
    Management Inc. (2004-2007).
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="top">
    None
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="top">
    Alexis Kuchinsky, 34
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    Chief Compliance <BR>
    Officer
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="top">
    Since 2009
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    Vice President, Deutsche Asset Management (since 2002); Head of
    Compliance Program Oversight of Deutsche Asset Management.
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="top">
    None
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="top">
    John Caruso, 45
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    Anti-Money <BR>
    Laundering <BR>
    Compliance Officer
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="top">
    Since 2010
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    Managing Director, Deutsche Asset Management.
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="top">
    None
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="top">
    Rainer Vermehren, 42
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="top">
    Vice President
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="top">
    Since 2010
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    Director, DWS Investment GmbH (since 2007). Fund Manager, DWS
    Investment GmbH (since 1997).
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="top">
    None
</TD>
</TR>
</TABLE>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">

</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV style="font-size: 1pt; margin-left: 0%; width: 15%;  align: left; border-bottom: 1pt solid #000000"></DIV>

<DIV style="margin-top: 3pt; font-size: 1pt">&nbsp;</DIV>



<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">

<TR>
    <TD width="2%"></TD>
    <TD width="1%"></TD>
    <TD width="97%"></TD>
</TR>

<TR>
    <TD align="right" valign="top">
    (1) </TD>
    <TD></TD>
    <TD valign="bottom">
    The mailing address of all directors and officers with respect
    to Fund operations is
    <FONT style="white-space: nowrap">c/o&#160;Deutsche</FONT>
    Investment Management Americas Inc., 345 Park Avenue,
    NYC20-2799, New York, New York 10154.</TD>
</TR>


<TR style="line-height: 3pt; font-size: 1pt"><TD>&nbsp;</TD></TR>

<TR>
    <TD align="right" valign="top">
    (2) </TD>
    <TD></TD>
    <TD valign="bottom">
    The Fund&#160;Complex includes The European Equity Fund, Inc.
    and The Central Europe and Russia Fund, Inc., which are other
    closed-end registered investment companies for which Deutsche
    Investment Management Americas Inc. acts as manager. It also
    includes 126 other open- and closed-end funds advised by wholly
    owned entities of the Deutsche Bank Group in the United States.</TD>
</TR>


<TR style="line-height: 3pt; font-size: 1pt"><TD>&nbsp;</TD></TR>

<TR>
    <TD align="right" valign="top">
    (3) </TD>
    <TD></TD>
    <TD valign="bottom">
    Directorships are only for companies that file reports with the
    SEC.</TD>
</TR>


<TR style="line-height: 3pt; font-size: 1pt"><TD>&nbsp;</TD></TR>

<TR>
    <TD align="right" valign="top">
    (4) </TD>
    <TD></TD>
    <TD valign="bottom">
    As of March&#160;31, 2010, all Directors, Nominees for election
    and Executive Officers as a group (20&#160;persons) owned
    35,414&#160;shares, which constitutes less than 1% of the
    outstanding Common Stock of the Fund. Share numbers in this
    Proxy Statement have been rounded to the nearest whole share.</TD>
</TR>

</TABLE>
<!-- XBRL Pagebreak Begin -->

<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <BR>
    12
</DIV><!-- END PAGE WIDTH -->
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#toc">Table of Contents</A></H5><P>

<DIV style="width: 82%; margin-left: 9%"><!-- BEGIN PAGE WIDTH -->
<!-- XBRL Pagebreak End -->

<DIV style="margin-top: 3pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">

<TR>
    <TD width="2%"></TD>
    <TD width="1%"></TD>
    <TD width="97%"></TD>
</TR>

<TR>
    <TD align="right" valign="top">
    (5) </TD>
    <TD></TD>
    <TD valign="bottom">
    Mr.&#160;Wadsworth oversees all 129 funds in the
    Fund&#160;Complex .</TD>
</TR>


<TR style="line-height: 3pt; font-size: 1pt"><TD>&nbsp;</TD></TR>

<TR>
    <TD align="right" valign="top">
    (6) </TD>
    <TD></TD>
    <TD valign="bottom">
    Indicates &#147;Interested Person,&#148; as defined in the
    Investment Company Act. Mr.&#160;Bult is an
    &#147;interested&#148; Director because of his affiliation with
    PaineWebber International, an affiliate of UBS Securities LLC, a
    registered broker-dealer and Mr.&#160;Strenger is an
    &#147;interested&#148; Director because of his affiliation with
    DWS-Deutsche Gesellschaft f&#252;r Wertpapiersparen mbH
    (&#147;DWS&#148;), a subsidiary of Deutsche Bank AG, and because
    of his ownership of Deutsche Bank AG shares. Prior to April 2010
    Mr.&#160;Bierbaum was interested because of his prior
    relationships with Sal. Oppenheim Jr. &#038; Cie KGaA, which
    executed portfolio securities transactions for the Fund and
    certain affiliated persons, and because of his former ownership
    of Deutsche Bank AG shares.</TD>
</TR>


<TR style="line-height: 3pt; font-size: 1pt"><TD>&nbsp;</TD></TR>

<TR>
    <TD align="right" valign="top">
    (7) </TD>
    <TD></TD>
    <TD valign="bottom">
    Dr.&#160;Tr&#246;mel&#146;s son has been employed since
    March&#160;1, 2002 by an indirect subsidiary of Deutsche Bank AG.</TD>
</TR>


<TR style="line-height: 3pt; font-size: 1pt"><TD>&nbsp;</TD></TR>

<TR>
    <TD align="right" valign="top">
    (8) </TD>
    <TD></TD>
    <TD valign="bottom">
    Each also serving as an officer of The European Equity Fund,
    Inc. and The Central Europe and Russia Fund, Inc. The officers
    of the Fund are elected annually by the Board of Directors at
    its meeting following the Annual Meeting of Stockholders. Each
    of Messrs.&#160;Clark, Schubert, Millette and Caruso, and
    Ms.&#160;Rubin also serves as an officer of other Funds in the
    Fund Complex.</TD>
</TR>


<TR style="line-height: 3pt; font-size: 1pt"><TD>&nbsp;</TD></TR>

<TR>
    <TD align="right" valign="top">
    (9) </TD>
    <TD></TD>
    <TD valign="bottom">
    Indicates ownership of securities of Deutsche Bank AG either
    directly or through Deutsche Bank&#146;s deferred compensation
    plan.</TD>
</TR>

</TABLE>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 5%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The following table contains additional information with respect
    to the beneficial ownership of equity securities by each
    Director or Nominee in the Fund and, on an aggregated basis, in
    any registered investment companies overseen by the Director or
    Nominee within the same Family of Investment Companies as the
    Fund:
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<TABLE border="0" width="100%" align="center" cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
<!-- Table Width Row BEGIN -->
<TR style="font-size: 1pt" valign="bottom">
    <TD width="54%">&nbsp;</TD>	<!-- colindex=01 type=maindata -->
    <TD width="2%">&nbsp;</TD>	<!-- colindex=02 type=gutter -->
    <TD width="20%">&nbsp;</TD>	<!-- colindex=02 type=maindata -->
    <TD width="4%">&nbsp;</TD>	<!-- colindex=03 type=gutter -->
    <TD width="20%">&nbsp;</TD>	<!-- colindex=03 type=maindata -->
</TR>
<!-- Table Width Row END -->
<!-- TableOutputHead -->
<TR style="font-size: 8pt" valign="bottom" align="center">
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    <B>Aggregate Dollar<BR>
    </B>
</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom" align="center">
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    <B>Range of Equity<BR>
    </B>
</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom" align="center">
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    <B>Securities in All<BR>
    </B>
</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom" align="center">
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    <B>Funds<BR>
    </B>
</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom" align="center">
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    <B>Overseen by<BR>
    </B>
</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom" align="center">
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    <B>Dollar Range of<BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    <B>Director or Nominee<BR>
    </B>
</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom" align="center">
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    <B>Equity Securities<BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    <B>in Family of<BR>
    </B>
</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom" align="center">
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    <B>in the<BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    <B>Investment<BR>
    </B>
</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom" align="center">
<TD nowrap align="left" valign="bottom">
<DIV style="border-bottom: 1px solid #000000; width: 1%; padding-bottom: 1px">
    <B>Name of Director or Nominee</B>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>Fund<SUP style="font-size: 85%; vertical-align: top">(1)</SUP></B>

</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>Companies<SUP style="font-size: 85%; vertical-align: top">(1),(2)</SUP></B>

</TD>
</TR>
<TR style="line-height: 3pt; font-size: 1pt">
<TD>&nbsp;
</TD>
</TR>
<!-- TableOutputBody -->
<TR valign="bottom" style="background: #CCEEFF">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    Detlef Bierbaum
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    None
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    None
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    John Bult
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    $10,001-$50,000
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    Over $100,000
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    Ambassador Richard R. Burt
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    $10,001-$50,000
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    Over $100,000
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    John H. Cannon
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    $50,001-$100,000
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    $50,001-$100,000
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    Richard Karl Goeltz
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    Over $100,000
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    Over $100,000
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    Dr.&#160;Franz Wilhelm Hopp
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    None
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    None
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    Dr.&#160;Friedbert Malt
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    None
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    None
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    Christian H. Strenger
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    None
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    $10,001-$50,000
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    Dr.&#160;Frank Tr&#246;mel
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    None
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    None
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    Robert H. Wadsworth
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    Over $100,000
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    Over $100,000
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    Joachim Wagner
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    None
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    None
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    Werner Walbr&#246;l
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    $10,001-$50,000
</TD>
<TD>
&nbsp;
</TD>
<TD align="center" valign="bottom">
    Over $100,000
</TD>
</TR>
</TABLE>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">

</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV style="font-size: 1pt; margin-left: 0%; width: 15%;  align: left; border-bottom: 1pt solid #000000"></DIV>

<DIV style="margin-top: 3pt; font-size: 1pt">&nbsp;</DIV>



<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">

<TR>
    <TD width="2%"></TD>
    <TD width="1%"></TD>
    <TD width="97%"></TD>
</TR>

<TR>
    <TD align="right" valign="top">
    (1) </TD>
    <TD></TD>
    <TD valign="bottom">
    Valuation date is March&#160;31, 2010. Directors who are German
    residents would be subject to adverse German tax consequences if
    they owned shares of a fund organized outside of Germany, such
    as the Fund, that is not subject to German regulation or tax
    reporting.</TD>
</TR>

</TABLE>
<!-- XBRL Pagebreak Begin -->

<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <BR>
    13
</DIV><!-- END PAGE WIDTH -->
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#toc">Table of Contents</A></H5><P>

<DIV style="width: 82%; margin-left: 9%"><!-- BEGIN PAGE WIDTH -->
<!-- XBRL Pagebreak End -->

<DIV style="margin-top: 3pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">

<TR>
    <TD width="2%"></TD>
    <TD width="1%"></TD>
    <TD width="97%"></TD>
</TR>

<TR>
    <TD align="right" valign="top">
    (2) </TD>
    <TD></TD>
    <TD valign="bottom">
    The Family of Investment Companies consists of the Fund, The
    European Equity Fund, Inc. and The Central Europe and Russia
    Fund, Inc., which are closed-end funds that share the same
    investment adviser and manager and hold themselves out as
    related companies.</TD>
</TR>

</TABLE>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 5%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The Board of Directors presently has five standing committees
    including an audit committee (the &#147;Audit Committee&#148;),
    an advisory committee (the &#147;Advisory Committee&#148;), an
    executive committee (the &#147;Executive Committee&#148;), a
    nominating and governance committee (the &#147;Nominating
    Committee&#148;) and a valuation committee (the &#147;Valuation
    Committee&#148;).
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 5%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The Audit Committee, currently comprising Messrs.&#160;Burt,
    Cannon (Chair), Goeltz, Wadsworth, Wagner and Walbr&#246;l and
    Drs.&#160;Malt and Tr&#246;mel, operates pursuant to a written
    charter. The Audit Committee charter is currently available on
    the Fund&#146;s website, www.dws-investments.com. The Audit
    Committee&#146;s organization and responsibilities are contained
    in the Audit Committee Report, which is included in this Proxy
    Statement, and in its written charter. The members of the Audit
    Committee are &#147;independent&#148; as required by the
    independence standards of
    <FONT style="white-space: nowrap">Rule&#160;10A-3</FONT>
    under the Securities Exchange Act of 1934. The Board of
    Directors has determined that each member of the Audit Committee
    is financially literate and has determined that
    Messrs.&#160;Cannon, Goeltz, Wadsworth and Wagner meet the
    requirements for an audit committee financial expert under the
    rules of the Securities and Exchange Commission
    (&#147;SEC&#148;). Although the Board has determined that all
    four meet the requirements for an audit committee financial
    expert, their responsibilities are the same as those of the
    other audit committee members. Messrs.&#160;Cannon, Goeltz,
    Wadsworth and Wagner are not auditors or accountants, do not
    perform &#147;field work&#148; and are not full-time employees.
    The SEC has determined that an audit committee member who is
    designated as an audit committee financial expert will not be
    deemed to be an &#147;expert&#148; for any purpose as a result
    of being identified as an audit committee financial expert. The
    Audit Committee met four times during the fiscal year ended
    December&#160;31, 2009.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 5%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The Advisory Committee, currently comprising
    Messrs.&#160;Cannon, Goeltz and Wadsworth (Chair) and
    Dr.&#160;Tr&#246;mel, makes recommendations to the full Board
    with respect to the Management Agreement between the Fund and
    Deutsche Investment Management Americas Inc., and the Investment
    Advisory Agreement between the Fund and Deutsche Asset
    Management International GmbH. The Advisory Committee met twice
    during the past fiscal year, in connection with the annual
    continuance of those agreements.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 5%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The Executive Committee, currently comprising Messrs.&#160;Burt,
    Cannon, Goeltz, Strenger, Wadsworth and Walbr&#246;l, has the
    authority to act for the Board on all matters between meetings
    of the Board subject to any limitations under applicable state
    law. During the past fiscal year the Executive Committee did not
    meet.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 5%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The Valuation Committee, currently comprising
    Messrs.&#160;Cannon, Wadsworth (Chair) and Walbr&#246;l and
    Dr.&#160;Tr&#246;mel, reviews the Fund&#146;s valuation
    procedures and makes recommendations with respect thereto and,
    to the extent required by such procedures, determines the fair
    value of the Fund&#146;s securities or other assets. During the
    past fiscal year, the Valuation Committee met once.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 5%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The Nominating and Governance Committee is currently comprised
    of Messrs.&#160;Burt, Cannon, Goeltz (Chair), Wadsworth and
    Walbr&#246;l and Dr.&#160;Tr&#246;mel. The Board has determined
    that each of the members of the Nominating and Governance
    Committee is not an &#147;interested person&#148; as the term is
    defined in Section&#160;2(a)(19) of the Investment Company Act.
    Generally, the Nominating and Governance Committee identifies,
    evaluates and selects and nominates, or recommends to the Board
    of Directors, candidates for the Board or any committee of the
    Board, and also advises the Board regarding governance matters
    generally and confirms that the Board and Audit Committee
    undertake annual self-evaluations. To be eligible for nomination
    as a Director a person must, at the
</DIV>
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<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <BR>
    14
</DIV><!-- END PAGE WIDTH -->
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<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#toc">Table of Contents</A></H5><P>

<DIV style="width: 82%; margin-left: 9%"><!-- BEGIN PAGE WIDTH -->
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<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    time of such person&#146;s nomination, have Relevant Experience
    and Country Knowledge and must not have any Conflict of
    Interest, as those terms are defined in the Fund&#146;s Bylaws.
    The relevant portions of the Fund&#146;s Bylaws describing these
    requirements are included as Annex&#160;A. The Nominating and
    Governance Committee may also take into account additional
    factors listed in the Nominating and Governance Committee
    Charter, which generally relate to the nominee&#146;s industry
    knowledge, business experience, education, ethical reputation,
    special skills, ability to work well in group settings and the
    ability to qualify as an &#147;independent director&#148;. When
    assessing a candidate for nomination, the Nominating and
    Governance Committee considers whether the individual&#146;s
    background, skills and experience will complement the
    background, skills and experience of other nominees and will
    contribute to the diversity of the Board.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 5%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The Nominating and Governance Committee will consider nominee
    candidates properly submitted by stockholders in accordance with
    applicable law, the Fund&#146;s Charter or Bylaws, resolutions
    of the Board and the qualifications and procedures set forth in
    the Nominating and Governance Committee Charter, which is
    currently available on the Fund&#146;s website,
    www.dws-investments.com. A stockholder or group of stockholders
    seeking to submit a nominee candidate (i)&#160;must have
    beneficially owned at least 5% of the Fund&#146;s common stock
    for at least two years, (ii)&#160;may submit only one nominee
    candidate for any particular meeting of stockholders, and
    (iii)&#160;may submit a nominee candidate for only an annual
    meeting or other meeting of stockholders at which directors will
    be elected. The stockholder or group of stockholders must
    provide notice of the proposed nominee pursuant to the
    requirements found in the Fund&#146;s Bylaws. Generally, this
    notice must be received not less than 90&#160;days nor more than
    120&#160;days prior to the first anniversary of the date of
    mailing of the notice for the preceding year&#146;s annual
    meeting. Such notice shall include the specific information
    required by the Fund&#146;s Bylaws. The relevant portions
    describing these requirements are included as Annex&#160;C. The
    Nominating and Governance Committee will evaluate nominee
    candidates properly submitted by stockholders on the same basis
    as it considers and evaluates candidates recommended by other
    sources. The Nominating and Governance Committee met four times
    during the past fiscal year.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 5%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    All members on each of the five committees of the Board are not
    &#147;interested persons&#148; as the term is defined in the
    Investment Company Act, with the exception of Mr.&#160;Strenger,
    who is a member of the Executive Committee.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 5%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    During the past fiscal year, the Board of Directors had four
    regular meetings. Each incumbent Director who served as a
    Director during the past fiscal year attended at least 75% of
    the aggregate number of meetings of the Board and meetings of
    Board Committees on which that Director served. The Board has a
    policy that encourages Directors to attend the Annual Meeting of
    Stockholders, to the extent that travel to the Annual Meeting of
    Stockholders is reasonable for that Director. Two Directors
    attended the 2009 Annual Meeting of Stockholders.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 5%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    To communicate with the Board of Directors or an individual
    Director of the Fund, a stockholder must send a written
    communication to the Fund&#146;s principal office at 345 Park
    Avenue, NYC20-2799, New York, New York 10154
    <FONT style="white-space: nowrap">(c/o&#160;The</FONT>
    New Germany Fund, Inc.), addressed to (i)&#160;the Board of
    Directors of the Fund or an individual Director, and
    (ii)&#160;the Secretary of the Fund. The Secretary of the Fund
    will direct the correspondence to the appropriate parties.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 5%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The Fund pays each of its Directors who is not an interested
    person of the Fund, of the investment adviser or of the manager
    an annual fee of $6,000 plus $750 for each Board and Committee
    meeting attended. Each such Director who is also a Director of
    The European Equity Fund, Inc. or The Central Europe and Russia
    Fund, Inc. also receives the same annual and per-meeting fees
    for services as a Director of each such fund. These compensation
    arrangements were
</DIV>
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<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <BR>
    15
</DIV><!-- END PAGE WIDTH -->
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<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#toc">Table of Contents</A></H5><P>

<DIV style="width: 82%; margin-left: 9%"><!-- BEGIN PAGE WIDTH -->
<!-- XBRL Pagebreak End -->

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    effective as of January&#160;1, 2010. Each of the Fund, The
    European Equity Fund, Inc. and The Central Europe and Russia
    Fund, Inc. reimburses the Directors (except for those employed
    by the Deutsche Bank Group) for travel expenses in connection
    with Board meetings. These three funds, together with 126 other
    open- and closed-end funds advised by wholly owned entities of
    the Deutsche Bank Group in the United States, represent the
    entire Fund&#160;Complex within the meaning of the applicable
    rules and regulations of the SEC.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 5%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The following table sets forth (a)&#160;the aggregate
    compensation from the Fund for the fiscal year ended
    December&#160;31, 2009, and (b)&#160;the total compensation from
    each fund in the Fund&#160;Complex that includes the Fund, for
    the 2009 fiscal year of each such fund, (i)&#160;for each
    Director who is not an interested person of the Fund, and
    (ii)&#160;for all such Directors as a group:
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<TABLE border="0" width="100%" align="center" cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
<!-- Table Width Row BEGIN -->
<TR style="font-size: 1pt" valign="bottom">
    <TD width="62%">&nbsp;</TD>	<!-- colindex=01 type=maindata -->
    <TD width="2%">&nbsp;</TD>	<!-- colindex=02 type=gutter -->
    <TD width="6%" align="right">&nbsp;</TD>	<!-- colindex=02 type=lead -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=02 type=body -->
    <TD width="6%" align="left">&nbsp;</TD>	<!-- colindex=02 type=hang1 -->
    <TD width="4%">&nbsp;</TD>	<!-- colindex=03 type=gutter -->
    <TD width="9%" align="right">&nbsp;</TD>	<!-- colindex=03 type=lead -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=03 type=body -->
    <TD width="9%" align="left">&nbsp;</TD>	<!-- colindex=03 type=hang1 -->
</TR>
<!-- Table Width Row END -->
<!-- TableOutputHead -->
<TR style="font-size: 8pt" valign="bottom" align="center">
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="3" nowrap align="center" valign="bottom">
    <B>Aggregate<BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="3" nowrap align="center" valign="bottom">
&nbsp;
</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom" align="center">
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="3" nowrap align="center" valign="bottom">
    <B>Compensation<BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="3" nowrap align="center" valign="bottom">
    <B>Total Compensation<BR>
    </B>
</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom" align="center">
<TD nowrap align="left" valign="bottom">
<DIV style="border-bottom: 1px solid #000000; width: 1%; padding-bottom: 1px">
    <B>Name of Director</B>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="3" nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>from Fund</B>
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="3" nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>from Fund Complex</B>
</TD>
</TR>
<TR style="line-height: 3pt; font-size: 1pt">
<TD>&nbsp;
</TD>
</TR>
<!-- TableOutputBody -->
<TR valign="bottom" style="background: #CCEEFF">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    Detlef Bierbaum
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    0
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    0
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    Ambassador Richard R. Burt
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    10,334
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    32,500
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    John H. Cannon
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    11,001
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    36,000
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    Richard Karl Goeltz
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    14,250
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    14,250
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    Dr.&#160;Franz Wilhelm Hopp
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    10,500
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    10,500
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    Dr.&#160;Friedbert H. Malt
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    9,000
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    28,500
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    Dr.&#160;Frank Tr&#246;mel
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    13,127
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    23,171
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    Robert H. Wadsworth
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    10,500
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    33,000
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    Joachim Wagner
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    2,189
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    4,378
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    Werner Walbr&#246;l
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    10,834
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    34,000
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 20pt">
    <B>Total</B>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    <B>$</B>
</TD>
<TD nowrap align="right" valign="bottom">
    <B>91,735</B>
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    <B>$</B>
</TD>
<TD nowrap align="right" valign="bottom">
    <B>216,299 </B>
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
</TABLE>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">

</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 5%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    No compensation is paid by the Fund to Directors who are
    interested persons of the Fund or of any entity of the Deutsche
    Bank Group or to officers. Mr.&#160;Bierbaum was an interested
    person of the Fund during the fiscal year ended
    December&#160;31, 2009 and, as such, received no compensation
    from the Fund&#160;Complex.
</DIV>


<!-- link1 "THE BOARD UNANIMOUSLY RECOMMENDS A VOTE FOR PROPOSALS 1, 2 AND 3." -->
<DIV align="left"><A NAME="003"></A></DIV>


<DIV style="margin-top: 18pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">THE BOARD
    UNANIMOUSLY RECOMMENDS A VOTE <U>FOR</U> PROPOSALS&#160;1, 2 AND
    3.</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 5%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <I>Required Vote.</I>&#160;&#160;Provided a quorum has been
    established, the affirmative vote of a majority of the votes
    entitled to be cast at the Meeting is required for the election
    of each Director. For purposes of the election of Directors,
    abstentions and broker non-votes will have the same effect as a
    vote against a Director.
</DIV>


<!-- link1 "PROPOSAL 4: RATIFICATION OF THE APPOINTMENT OF INDEPENDENT AUDITORS" -->
<DIV align="left"><A NAME="004"></A></DIV>


<DIV style="margin-top: 18pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">PROPOSAL&#160;4:<BR>
    </FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">RATIFICATION
    OF THE APPOINTMENT OF INDEPENDENT AUDITORS</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 5%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The Audit Committee has approved PricewaterhouseCoopers LLP (the
    &#147;Firm&#148; or &#147;PwC&#148;), an independent registered
    public accounting firm, as independent auditors for the Fund for
    the fiscal year ending December&#160;31, 2010. A majority of
    members of the Board of Directors, including a majority of the
    members of the Board of Directors who are not
    &#147;interested&#148; Directors (as defined in the Investment
    Company Act) of the Fund, have ratified the appointment of PwC
    as the Fund&#146;s independent auditors for that fiscal year.
    Based principally on representations from the Firm, the
</DIV>
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<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <BR>
    16
</DIV><!-- END PAGE WIDTH -->
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#toc">Table of Contents</A></H5><P>

<DIV style="width: 82%; margin-left: 9%"><!-- BEGIN PAGE WIDTH -->
<!-- XBRL Pagebreak End -->

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Fund knows of no direct financial or material indirect financial
    interest of such Firm in the Fund. That Firm, or a predecessor
    firm, has served as the independent auditors for the Fund since
    inception.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 5%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Neither our Charter nor Bylaws require that the stockholders
    ratify the appointment of PwC as our independent auditors. We
    are doing so because we believe it is a matter of good corporate
    practice. If the stockholders do not ratify the appointment, the
    Audit Committee and the Board of Directors will reconsider
    whether or not to retain PwC, but may retain such independent
    auditors. Even if the appointment is ratified, the Audit
    Committee and the Board of Directors in their discretion may
    change the appointment at any time during the year if they
    determine that such change would be in the best interests of the
    Fund and its stockholders. It is intended that the persons named
    in the accompanying form of proxy will vote for PwC. A
    representative of PwC will be present at the Meeting and will
    have the opportunity to make a statement and is expected to be
    available to answer appropriate questions concerning the
    Fund&#146;s financial statements.
</DIV>


<!-- link1 "THE BOARD UNANIMOUSLY RECOMMENDS A VOTE &#147;FOR&#148; PROPOSAL 4." -->
<DIV align="left"><A NAME="005"></A></DIV>


<DIV style="margin-top: 18pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">THE BOARD
    UNANIMOUSLY RECOMMENDS A VOTE &#147;<U>FOR</U>&#148;
    PROPOSAL&#160;4.</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 5%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <I>Required Vote.</I>&#160;&#160;Provided a quorum has been
    established, the affirmative vote of a majority of the votes
    cast at the Meeting is required for the ratification of the
    appointment by the Audit Committee and the Board of Directors of
    PwC as independent auditors for the Fund for the fiscal year
    ending December&#160;31, 2010. For purposes of Proposal&#160;4
    abstentions will have no effect on the result of the vote.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times; font-variant: SMALL-CAPS">Information
    With Respect to the Fund&#146;s Independent Auditors</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 5%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The following table shows fees paid to PwC by the Fund during
    the Fund&#146;s two most recent fiscal years: (i)&#160;for audit
    and non-audit services provided to the Fund, and (ii)&#160;for
    engagements for non-audit services pre-approved by the Audit
    Committee for the Fund&#146;s manager and investment adviser and
    certain entities controlling, controlled by, or under common
    control with the manager and investment adviser that provide
    ongoing services to the Fund (collectively, the &#147;Adviser
    Entities&#148;), which engagements relate directly to the
    operations and financial reporting of the Fund. The Audit
    Committee of each board will review, at least annually, whether
    PwC&#146;s receipt of non-audit fees from the Fund, the
    Fund&#146;s manager, the Fund&#146;s Investment adviser and all
    Adviser Entities is compatible with maintaining PwC&#146;s
    independence.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<TABLE border="0" width="100%" align="center" cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
<!-- Table Width Row BEGIN -->
<TR style="font-size: 1pt" valign="bottom">
    <TD width="23%">&nbsp;</TD>	<!-- colindex=01 type=maindata -->
    <TD width="2%">&nbsp;</TD>	<!-- colindex=02 type=gutter -->
    <TD width="4%" align="right">&nbsp;</TD>	<!-- colindex=02 type=lead -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=02 type=body -->
    <TD width="4%" align="left">&nbsp;</TD>	<!-- colindex=02 type=hang1 -->
    <TD width="4%">&nbsp;</TD>	<!-- colindex=03 type=gutter -->
    <TD width="3%" align="right">&nbsp;</TD>	<!-- colindex=03 type=lead -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=03 type=body -->
    <TD width="3%" align="left">&nbsp;</TD>	<!-- colindex=03 type=hang1 -->
    <TD width="4%">&nbsp;</TD>	<!-- colindex=04 type=gutter -->
    <TD width="3%" align="right">&nbsp;</TD>	<!-- colindex=04 type=lead -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=04 type=body -->
    <TD width="3%" align="left">&nbsp;</TD>	<!-- colindex=04 type=hang1 -->
    <TD width="4%">&nbsp;</TD>	<!-- colindex=05 type=gutter -->
    <TD width="2%" align="right">&nbsp;</TD>	<!-- colindex=05 type=lead -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=05 type=body -->
    <TD width="2%" align="left">&nbsp;</TD>	<!-- colindex=05 type=hang1 -->
    <TD width="4%">&nbsp;</TD>	<!-- colindex=06 type=gutter -->
    <TD width="4%" align="right">&nbsp;</TD>	<!-- colindex=06 type=lead -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=06 type=body -->
    <TD width="4%" align="left">&nbsp;</TD>	<!-- colindex=06 type=hang1 -->
    <TD width="4%">&nbsp;</TD>	<!-- colindex=07 type=gutter -->
    <TD width="3%" align="right">&nbsp;</TD>	<!-- colindex=07 type=lead -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=07 type=body -->
    <TD width="3%" align="left">&nbsp;</TD>	<!-- colindex=07 type=hang1 -->
    <TD width="4%">&nbsp;</TD>	<!-- colindex=08 type=gutter -->
    <TD width="3%" align="right">&nbsp;</TD>	<!-- colindex=08 type=lead -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=08 type=body -->
    <TD width="3%" align="left">&nbsp;</TD>	<!-- colindex=08 type=hang1 -->
</TR>
<!-- Table Width Row END -->
<!-- TableOutputHead -->
<TR style="font-size: 8pt" valign="bottom" align="center">
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="3" nowrap align="center" valign="bottom">
    <B>Audit<BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="7" align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="7" align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="7" align="center" valign="bottom">
&nbsp;
</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom" align="center">
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="3" nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>Fees<SUP style="font-size: 85%; vertical-align: top">(1)</SUP></B>

</TD>
<TD>
&nbsp;
</TD>
<TD colspan="7" align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>Audit Related
    Fees<SUP style="font-size: 85%; vertical-align: top">(2)</SUP></B>

</TD>
<TD>
&nbsp;
</TD>
<TD colspan="7" align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>Tax
    Fees<SUP style="font-size: 85%; vertical-align: top">(3)</SUP></B>

</TD>
<TD>
&nbsp;
</TD>
<TD colspan="7" align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>All Other
    Fees<SUP style="font-size: 85%; vertical-align: top">(4)</SUP></B>

</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom" align="center">
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="3" nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="3" nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="3" nowrap align="center" valign="bottom">
    <B>Adviser<BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="3" nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="3" nowrap align="center" valign="bottom">
    <B>Adviser<BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="3" nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="3" nowrap align="center" valign="bottom">
    <B>Adviser<BR>
    </B>
</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom" align="center">
<TD nowrap align="left" valign="bottom">
<DIV style="border-bottom: 1px solid #000000; width: 1%; padding-bottom: 1px">
    <B>Fiscal Year</B>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="3" nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>Fund</B>
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="3" nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>Fund</B>
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="3" nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>Entities</B>
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="3" nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>Fund</B>
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="3" nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>Entities</B>
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="3" nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>Fund</B>
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="3" nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>Entities</B>
</TD>
</TR>
<TR style="line-height: 3pt; font-size: 1pt">
<TD>&nbsp;
</TD>
</TR>
<!-- TableOutputBody -->
<TR valign="bottom">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    2009
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    63,000
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    0
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    2,000
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    0
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    0
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    0
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    0
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    2008
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    70,000
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    0
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    0
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    0
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    19,000
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    0
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    0
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
</TABLE>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">

</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV style="font-size: 1pt; margin-left: 0%; width: 15%;  align: left; border-bottom: 1pt solid #000000"></DIV>

<DIV style="margin-top: 3pt; font-size: 1pt">&nbsp;</DIV>



<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">

<TR>
    <TD width="2%"></TD>
    <TD width="1%"></TD>
    <TD width="97%"></TD>
</TR>

<TR>
    <TD align="right" valign="top">
    (1) </TD>
    <TD></TD>
    <TD valign="bottom">
    &#147;Audit Fees&#148; are the aggregate fees billed for
    professional services for the audit of the Fund&#146;s annual
    financial statements and services provided in connection with
    statutory and regulatory filings or engagements.</TD>
</TR>


<TR style="line-height: 3pt; font-size: 1pt"><TD>&nbsp;</TD></TR>

<TR>
    <TD align="right" valign="top">
    (2) </TD>
    <TD></TD>
    <TD valign="bottom">
    &#147;Audit Related Fees&#148; are the aggregate fees billed for
    assurance and related services reasonably related to the
    performance of the audit or review of financial statements and
    are not reported under &#147;Audit Fees&#148;.</TD>
</TR>


<TR style="line-height: 3pt; font-size: 1pt"><TD>&nbsp;</TD></TR>

<TR>
    <TD align="right" valign="top">
    (3) </TD>
    <TD></TD>
    <TD valign="bottom">
    &#147;Tax Fees&#148; are the aggregate fees billed for
    professional services for tax compliance and tax planning.</TD>
</TR>

</TABLE>
<!-- XBRL Pagebreak Begin -->

<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <BR>
    17
</DIV><!-- END PAGE WIDTH -->
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#toc">Table of Contents</A></H5><P>

<DIV style="width: 82%; margin-left: 9%"><!-- BEGIN PAGE WIDTH -->
<!-- XBRL Pagebreak End -->

<DIV style="margin-top: 3pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">

<TR>
    <TD width="2%"></TD>
    <TD width="1%"></TD>
    <TD width="97%"></TD>
</TR>

<TR>
    <TD align="right" valign="top">
    (4) </TD>
    <TD></TD>
    <TD valign="bottom">
    &#147;All Other Fees&#148; are the aggregate fees billed for
    products and services other than &#147;Audit Fees,&#148;
    &#147;Audit Related Fees&#148; and &#147;Tax Fees&#148;.</TD>
</TR>

</TABLE>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 5%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <I>Audit Committee Pre-Approval Policies and
    Procedures.</I>&#160;&#160;Generally, the Audit Committee must
    pre-approve (i)&#160;all services to be performed for the Fund
    by the Fund&#146;s independent auditors and (ii)&#160;all
    non-audit services to be performed by the Fund&#146;s
    independent auditors for the Fund&#146;s investment adviser or
    any Adviser Entities with respect to operations and financial
    reporting of the Fund. Any member of the Audit Committee may
    pre-approve any audit or non-audit services to be performed by
    the independent auditors, provided that any such approvals are
    presented to the Audit Committee at its next scheduled meeting.
    The auditors shall report to the Audit Committee at each of its
    regular meetings all audit or non-audit services to the Fund and
    all non-audit services to the Adviser Entities that relate
    directly to the Fund&#146;s operations and financial reporting
    initiated since the last such report was rendered, including a
    general description of the services and projected fees and the
    means by which such services were approved by the Audit
    Committee.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 5%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <I>All Non-Audit Fees.</I>&#160;&#160;The table below shows the
    aggregate non-audit fees billed by PwC for services rendered to
    the Fund and to the Adviser Entities that provide ongoing
    services to the Fund, whether or not such engagements relate
    directly to the operations and financial reporting of the Fund,
    for the two most recent fiscal years for the Fund.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<TABLE border="0" width="100%" align="center" cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
<!-- Table Width Row BEGIN -->
<TR style="font-size: 1pt" valign="bottom">
    <TD width="85%">&nbsp;</TD>	<!-- colindex=01 type=maindata -->
    <TD width="2%">&nbsp;</TD>	<!-- colindex=02 type=gutter -->
    <TD width="6%" align="right">&nbsp;</TD>	<!-- colindex=02 type=lead -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=02 type=body -->
    <TD width="6%" align="left">&nbsp;</TD>	<!-- colindex=02 type=hang1 -->
</TR>
<!-- Table Width Row END -->
<!-- TableOutputHead -->
<TR style="font-size: 8pt" valign="bottom" align="center">
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="3" nowrap align="center" valign="bottom">
    <B>Aggregate<BR>
    </B>
</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom" align="center">
<TD nowrap align="left" valign="bottom">
<DIV style="border-bottom: 1px solid #000000; width: 1%; padding-bottom: 1px">
    <B>Fiscal Year</B>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="3" nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>Non-Audit Fees</B>
</TD>
</TR>
<TR style="line-height: 3pt; font-size: 1pt">
<TD>&nbsp;
</TD>
</TR>
<!-- TableOutputBody -->
<TR valign="bottom">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    2009
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    100,000
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    2008
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    19,000
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
</TABLE>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">

</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times; font-variant: SMALL-CAPS">Audit
    Committee Report</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 5%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The purposes of the Audit Committee are 1)&#160;to assist the
    Board of Directors in its oversight of (i)&#160;the integrity of
    the Fund&#146;s financial statements; (ii)&#160;the Fund&#146;s
    compliance with legal and regulatory requirements;
    (iii)&#160;the independent auditors&#146; qualifications and
    independence; and (iv)&#160;the performance of the independent
    auditors; and 2)&#160;to prepare this report. Each Member of the
    Audit Committee is &#147;independent&#148;, as required by the
    independence standards of
    <FONT style="white-space: nowrap">Rule&#160;10A-3</FONT>
    under the Securities Exchange Act of 1934. The Audit Committee
    operates pursuant to a written charter. As set forth in the
    Audit Committee Charter, management of the Fund and applicable
    service providers are responsible for the preparation,
    presentation and integrity of the Fund&#146;s financial
    statements and for the effectiveness of internal control over
    financial reporting. Management and applicable service providers
    are responsible for maintaining appropriate accounting and
    financial reporting principles and policies and internal control
    over financial reporting and other procedures that provide for
    compliance with accounting standards and applicable laws and
    regulations. The independent auditors are responsible for
    planning and carrying out a proper audit of the Fund&#146;s
    annual financial statements and expressing an opinion as to
    their conformity with generally accepted accounting principles.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 5%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    In the performance of its oversight function, the Audit
    Committee has considered and discussed the audited financial
    statements with management and the independent auditors of the
    Fund. The Audit Committee has also discussed with the
    independent auditors the matters required to be discussed by
    Statement on Auditing Standards No.&#160;61, <I>Communication
    with Audit Committees</I>, as currently in effect. The Audit
    Committee has also considered whether the provision of any
    non-audit services not pre-approved by the Audit Committee
    provided by the Fund&#146;s independent auditors to the
    Fund&#146;s investment adviser, manager or to any entity
    controlling, controlled by or under common control with the
    Fund&#146;s investment adviser or manager that provides ongoing
    services to the Fund is compatible with maintaining the
    auditors&#146; independence. Finally, the Audit Committee has
    received
</DIV>
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    <BR>
    18
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<DIV style="width: 82%; margin-left: 9%"><!-- BEGIN PAGE WIDTH -->
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<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    the written disclosures and the letter from the independent
    auditors required by Independence Standards Board Standard
    No.&#160;1, <I>Independence Discussions with Audit
    Committees</I>, as currently in effect, and has discussed with
    the auditors their independence.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 5%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The members of the Audit Committee are not full-time employees
    of the Fund and are not performing the functions of auditors or
    accountants. As such, it is not the duty or responsibility of
    the Audit Committee or its members to conduct &#147;field
    work&#148; or other types of auditing or accounting reviews or
    procedures or to set auditor independence standards. Members of
    the Audit Committee necessarily rely on the information provided
    to them by management and the independent auditors. Accordingly,
    the Audit Committee&#146;s considerations and discussions
    referred to above do not assure that the audit of the
    Fund&#146;s financial statements has been carried out in
    accordance with generally accepted auditing standards, that the
    financial statements are presented in accordance with generally
    accepted accounting principles or that the Fund&#146;s auditors
    are in fact &#147;independent&#148;.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 5%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Based upon the reports and discussions described in this report,
    and subject to the limitations on the role and responsibilities
    of the Audit Committee referred to above and in the Charter, the
    Audit Committee recommended to the Board of Directors of the
    Fund that the audited financial statements of the Fund be
    included in the Fund&#146;s annual report to stockholders for
    the fiscal year ended December&#160;31, 2009.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 5%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Submitted by the Audit Committee
</DIV>

<DIV align="left" style="margin-left: 5%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    of the Fund&#146;s Board of Directors
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 5%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    John H. Cannon, Chair
</DIV>

<DIV align="left" style="margin-left: 5%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Richard R. Burt
</DIV>

<DIV align="left" style="margin-left: 5%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Richard Karl Goeltz
</DIV>

<DIV align="left" style="margin-left: 5%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Dr.&#160;Friedbert Malt
</DIV>

<DIV align="left" style="margin-left: 5%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Dr.&#160;Frank Tr&#246;mel
</DIV>

<DIV align="left" style="margin-left: 5%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Robert H. Wadsworth
</DIV>

<DIV align="left" style="margin-left: 5%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Joachim Wagner
</DIV>

<DIV align="left" style="margin-left: 5%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Werner Walbr&#246;l
</DIV>
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    <BR>
    19
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<DIV style="width: 82%; margin-left: 9%"><!-- BEGIN PAGE WIDTH -->
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<!-- link1 "PROPOSAL 5: TO CHANGE THE FUND&#146;S INVESTMENT OBJECTIVE TO BROADEN THE DEFINITION OF &#147;GERMAN COMPANY&#148;" -->
<DIV align="left"><A NAME="006"></A></DIV>


<DIV style="margin-top: 18pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">PROPOSAL&#160;5:<BR>
    </FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">TO CHANGE
    THE FUND&#146;S INVESTMENT OBJECTIVE TO BROADEN THE DEFINITION
    OF &#147;GERMAN COMPANY&#148;</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 5%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The Board of Directors has approved a change to the Fund&#146;s
    investment objective (as amended, the &#147;Proposed Investment
    Objective&#148;) to eliminate the current concept of companies
    &#147;domiciled&#148; in Germany, which is restricted to
    companies organized under German law, and to replace it with a
    broader concept of &#147;German companies&#148; which includes
    not only companies organized under German law, but also
    companies that are closely tied economically to Germany. The
    current investment objective and the Proposed Investment
    Objectives appear below.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<TABLE border="0" width="100%" align="center" cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
<!-- Table Width Row BEGIN -->
<TR style="font-size: 1pt" valign="bottom">
    <TD width="50%">&nbsp;</TD>	<!-- colindex=01 type=maindata -->
    <TD width="2%">&nbsp;</TD>	<!-- colindex=02 type=gutter -->
    <TD width="48%">&nbsp;</TD>	<!-- colindex=02 type=maindata -->
</TR>
<!-- Table Width Row END -->
<!-- TableOutputHead -->
<TR style="font-size: 8pt" valign="bottom" align="center">
<TD nowrap align="left" valign="bottom">
<DIV style="border-bottom: 1px solid #000000; width: 1%; padding-bottom: 1px">
    <B>Current Investment Objective</B>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
<DIV style="border-bottom: 1px solid #000000; width: 1%; padding-bottom: 1px">
    <B>Proposed Investment Objective</B>
</DIV>
</TD>
</TR>
<TR style="line-height: 3pt; font-size: 1pt">
<TD>&nbsp;
</TD>
</TR>
<!-- TableOutputBody -->
<TR valign="bottom">
<TD align="left" valign="top">
    The Fund&#146;s investment objective is to seek capital
    appreciation through investment primarily in equity or
    equity-linked securities of companies domiciled in Germany. For
    this purpose, only companies organized under German law are
    considered to be domiciled in Germany.
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    The Fund&#146;s investment objective is to seek capital
    appreciation through investment primarily in equity or
    equity-linked securities of German companies. For this purpose,
    a company is a &#147;German company&#148; if (i) it is organized
    under the laws of Germany or maintains its principal place of
    business in Germany, (ii) its equity securities are traded
    principally in Germany and its principal place of business is in
    the European Union or in a state that is a member of the
    European Free Trade Association or (iii) during its most recent
    fiscal year, it derived at least 50% of its revenues or profits
    from goods produced or sold, or investments made, or services
    performed, in Germany or had at least 50% of its assets in
    Germany.
</TD>
</TR>
</TABLE>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">

</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 5%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The Fund&#146;s Investment Manager and Investment Adviser
    recommended approval of the Proposed Investment Objective to the
    Fund&#146;s Board at a meeting on April&#160;13, 2010. They
    noted that there are a number of companies that are closely tied
    economically to Germany but are not organized under German law
    for various reasons, and that a number of such companies are
    included in the Fund&#146;s benchmark. They stated that they
    believed that the current concept of companies
    &#147;domiciled&#148; in Germany is too narrow and that it would
    be in the best interests of the Fund for it to be able to treat
    companies that are closely tied economically to Germany as
    &#147;German companies&#148; for purposes of the Fund&#146;s
    investment objective and policies. The Proposed Investment
    Objective defines a company as a &#147;German company&#148; if
    (i)&#160;it is organized under the laws of Germany or maintains
    its principal place of business in Germany, (ii)&#160;its equity
    securities are traded principally in Germany and its principal
    place of business is in the European Union or in a state that is
    a member of the European Free Trade Association or
    (iii)&#160;during its most recent fiscal year, it derived at
    least 50% of its revenues or profits from goods produced or
    sold, or investments made, or services performed, in Germany or
    had at least 50% of its assets in Germany. Since the Fund&#146;s
    investment objective is &#147;fundamental&#148;, it cannot be
    changed without the approval of stockholders. After discussion
    and consideration of the proposal, the Board of Directors
    unanimously agreed with the recommendation of the Investment
    Manager and Investment Adviser and approved the Proposed
    Investment Objective and recommends it to stockholders for their
    approval.
</DIV>
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    <BR>
    20
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<DIV style="width: 82%; margin-left: 9%"><!-- BEGIN PAGE WIDTH -->
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<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 5%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The Investment Manager and Investment Adviser noted that there
    are a number of companies that are closely tied economically to
    Germany but are not organized under German law for various
    reasons, and that some of these companies are included in the
    Fund&#146;s benchmark. They stated that in such circumstances
    they believed that if the Proposed Investment Objective is
    approved, the Fund will be able to treat a broader range of
    companies as &#147;German companies&#148; for purposes of its
    investment policies. There would be no change to wording of the
    Fund&#146;s policies that under normal market conditions at
    least 80% of the Fund&#146;s total assets are invested in equity
    and equity-linked securities of German companies, or that it may
    invest up to 35% of its total assets in equity and equity-linked
    securities of major German companies (<I>i</I>.<I>e</I>., the 20
    largest companies by market capitalization, as determined from
    time to time pursuant to procedures adopted by the Fund&#146;s
    Board of Directors), but the policies would be interpreted in
    accordance with the new definition of &#147;German
    company&#148;. The Fund&#146;s non-fundamental policy of
    investing at least 65% of its total assets in equity and
    equity-linked securities of smaller- and medium-sized companies
    domiciled in Germany, including securities introduced for
    trading in the
    <FONT style="white-space: nowrap">over-the-counter</FONT>
    market in Germany, and publicly traded securities of issuers
    domiciled elsewhere in Western Europe would be revised to
    incorporate the new defined term &#147;German company&#148; and
    would read as follows: &#147;At least 65% of the Fund&#146;s
    total assets are invested in equity and equity-linked securities
    of smaller- and medium-sized German companies, including
    securities introduced for trading in the
    <FONT style="white-space: nowrap">over-the-counter</FONT>
    market in Germany, and publicly traded securities of issuers
    domiciled elsewhere in Western Europe.&#148; In addition, not
    more than 20% of the Fund&#146;s total assets would be invested
    in non-German companies.
</DIV>


<!-- link1 "THE BOARD UNANIMOUSLY RECOMMENDS A VOTE &#147;FOR&#148; PROPOSAL 5." -->
<DIV align="left"><A NAME="007"></A></DIV>


<DIV style="margin-top: 18pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">THE BOARD
    UNANIMOUSLY RECOMMENDS A VOTE &#147;<U>FOR</U>&#148;
    PROPOSAL&#160;5.</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 5%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <I>Required Vote.</I>&#160;&#160;Approval of the Proposed
    Investment Objective requires the affirmative vote of the
    holders of a &#147;majority of the outstanding voting
    securities&#148; of the Fund as defined in the Investment
    Company Act, which means the lesser of (i)&#160;67% or more of
    the voting securities of the Fund present or represented by
    proxy, if the holders of more than 50% of the outstanding voting
    securities are present or represented by proxy, or
    (ii)&#160;more than 50% of the outstanding voting securities of
    the Fund.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 5%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    If the Proposed Investment Objective is not approved, the Board
    of Directors will consider what actions, if any, may be in the
    best interests of the Fund.
</DIV>


<!-- link1 "PROPOSAL 6: STOCKHOLDER PROPOSAL REGARDING CONVERSION OF THE FUND TO AN INTERVAL FUND" -->
<DIV align="left"><A NAME="008"></A></DIV>


<DIV style="margin-top: 18pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">PROPOSAL&#160;6:<BR>
    </FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">STOCKHOLDER
    PROPOSAL&#160;REGARDING CONVERSION OF THE FUND&#160;TO AN
    INTERVAL FUND</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 5%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The Fund has received one proposal from a stockholder for
    inclusion in this year&#146;s proxy materials, which is set
    forth below. The Fund will provide the name and address of such
    stockholder and the number of shares of the Fund&#146;s common
    stock owned by such stockholder upon oral or written request.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 5%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    In accordance with rules of the Securities and Exchange
    Commission (&#147;SEC&#148;), the text of the stockholder&#146;s
    resolution and supporting statement is printed verbatim from his
    submission letter. The Fund, the Board, the Investment Manager
    and the Investment Adviser are not responsible for the contents
    of the stockholder&#146;s proposal or supporting statement.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 5%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <I>RESOLVED:</I>&#160;&#160;The shareholders of The New Germany
    Fund, Inc. (&#147;Fund&#148;) ask the Board of Directors to take
    the steps necessary to adopt an interval fund structure, whereby
    the Fund will
</DIV>
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    <BR>
    21
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<DIV style="width: 82%; margin-left: 9%"><!-- BEGIN PAGE WIDTH -->
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<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    conduct periodic tender offers at least semiannually for at
    least 10% of currently outstanding common shares at a price of
    at least 98% of net asset value (NAV).
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 5%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <I>SUPPORTING STATEMENT:</I>&#160;&#160;Shares of our Fund have
    traded at a double-digit discount from NAV for a long time,
    which keeps shareholders from realizing the full asset value of
    their holdings. The discount has averaged more than 15% over the
    past three years. One proven way to reduce the discount is to
    adopt an interval fund structure, in which the Fund conducts
    periodic tender offers for its shares at a price at or near NAV.
    This approach has been successfully implemented by other
    closed-end funds, such as The Asia Tigers Fund and The India
    Fund, whose discounts under interval fund structures have
    averaged below 6% for more than five years.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 5%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    What has worked for The Asia Tigers Fund and The India Fund
    will, in my opinion, also work for our Fund to reduce the
    discount and substantially increase shareholder value.
</DIV>


<!-- link1 "END OF PROPOSAL AND SUPPORTING STATEMENT" -->
<DIV align="left"><A NAME="009"></A></DIV>


<DIV style="margin-top: 18pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">END OF
    PROPOSAL&#160;AND SUPPORTING STATEMENT</FONT></B>
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times; font-variant: SMALL-CAPS">Response
    of the Board of Directors</FONT></B>
</DIV>

<DIV style="margin-top: 18pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">THE BOARD
    UNANIMOUSLY RECOMMENDS THAT YOU VOTE<BR>
    AGAINST THIS PROPOSAL.</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 5%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The Board believes that the Fund can best pursue its investment
    objective using the closed-end structure. A closed-end fund can
    keep all of its assets invested toward meeting its goals.
    Because an interval fund is required to periodically buy back
    shares from its stockholders, it must keep on hand cash or
    securities that can be readily sold to raise cash to pay
    stockholders tendering their shares for repurchase. Periodic
    repurchases at the level contemplated by the above proposal (10%
    semi-annually) would require frequent sales of the Fund&#146;s
    portfolio securities, potentially at disadvantageous times and
    with adverse portfolio management, expense, tax, trading or
    other consequences as discussed in more detail below.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 5%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Although the SEC rule permitting interval funds was approved
    17&#160;years ago, only a small handful of listed closed-end
    funds are currently relying on the rule, and none of them is
    similar to the Fund. The data available, moreover, do not appear
    to support the proponent&#146;s suggestion that conversion to
    interval status is a &#147;proven way to reduce the
    discount&#148;. For example, the average discount of The India
    Fund (cited in the supporting statement above) was 1.82% from
    December&#160;31, 2004 through December&#160;31, 2009, while the
    Morgan Stanley India Fund&#146;s average discount for the same
    period was 0.30%. The India Fund was an interval fund throughout
    that period, while the Morgan Stanley India Fund was not. The
    Board notes that the stockholders of the Morgan Stanley India
    Fund rejected a stockholder proposal recommending that the fund
    become an interval fund in 2003, and that since Asia Tigers Fund
    became an interval fund in late 2003, its shares outstanding
    have declined by 56% while its expense ratio increased by 42%.
    The Board further notes that several interval funds have traded
    at materially larger average discounts than their competitors
    that are not interval funds. The Board acknowledges that the two
    funds cited in the supporting statement for the above proposal
    have traded, on average, at lower discounts than the Fund over
    the last five years. However, they differ significantly from the
    Fund in important respects and therefore do not offer useful
    comparisons. For example, they each invest in markets that have
    been relatively popular with investors in recent years, which
    favorably affects demand for shares of funds that invest in such
    regions. The Board is also very concerned about the significant
    negative features of interval funds, which are discussed below.
</DIV>
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<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 5%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The Board continues to believe that the best way for the Fund to
    pursue its investment objective of long-term capital
    appreciation is to identify investments on a
    <FONT style="white-space: nowrap">company-by-company</FONT>
    basis and to hold these investments for a sufficiently long
    period of time to allow them to appreciate in value. This
    long-term investment philosophy was an important reason for the
    original decision to organize the Fund as a closed-end fund. The
    Board and management believe that the closed-end fund structure
    remains the best structure for the Fund and recommends that you
    vote AGAINST the proposal.
</DIV>

<DIV style="margin-top: 18pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times; font-variant: SMALL-CAPS">HOW
    DOES AN INTERVAL FUND&#160;OPERATE?</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 5%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    An interval fund must operate according to applicable SEC rules.
    These rules require an interval fund to commit to buy back its
    shares from investors at net asset value (&#147;NAV&#148;) at
    periodic intervals of three, six or twelve months. The periodic
    repurchase offers must be made pursuant to a fundamental policy
    approved by the fund&#146;s stockholders. Once a fund adopts a
    fundamental policy, it cannot be changed again without
    stockholder approval. Periodic repurchase offers must be made to
    all stockholders. The directors of an interval fund decide the
    actual percentage of shares to be repurchased, between a minimum
    of 5% and a maximum of 25% of the shares outstanding. The
    proposal contemplates repurchase offers to be made at least
    semi-annually, each for at least 10% of the Fund&#146;s
    outstanding shares of common stock. An interval fund must hold
    cash or liquid securities, in an amount at least equal to the
    value of the shares to be repurchased, from the notice date of
    the offer until the date the fund determines the price at which
    the shares will be purchased.
</DIV>

<DIV style="margin-top: 18pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">WHY DOES
    THE BOARD UNANIMOUSLY RECOMMEND A VOTE<BR>
    AGAINST THIS PROPOSAL?</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 5%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The Board recommends a vote AGAINST adopting the stockholder
    proposal for the following reasons, which are discussed in more
    detail below: (1)&#160;Changing the Fund&#146;s structure would
    require a change in investment strategy that is not in the best
    interests of the Fund and its stockholders; (2)&#160;Converting
    to an interval fund would interfere with and seriously limit the
    Fund&#146;s investment flexibility and potentially require the
    sale of securities at &#147;fire sale&#148; prices,
    (3)&#160;Significant tax consequences may result if the Fund is
    converted to an interval fund; (4)&#160;The Fund&#146;s expense
    ratio is likely to increase significantly if the Fund is
    converted to an interval fund; (5)&#160;The significant
    reduction in the Fund&#146;s total outstanding shares that is
    the likely outcome of conversion to an interval fund structure
    may result in a thinner trading market for the Fund&#146;s
    shares (since the Fund&#146;s &#147;float&#148; will be
    substantially reduced); (6)&#160;The Fund may have to borrow
    money to raise the funds necessary to buy back Fund shares,
    increasing the risk of an investment in the Fund and increasing
    costs to the Fund as a result of such borrowings, and
    (7)&#160;The Board believes that open-market purchases are a
    much more flexible and satisfactory way to deploy the
    Fund&#146;s capital with a view to possible discount mitigation
    than periodic purchases at close to net asset value. In
    addition, as discussed above, the very limited available data do
    not support the proponent&#146;s contention that the interval
    fund structure is a &#147;proven&#148; way to reduce discounts,
    whereas the fact that the market has generally not embraced the
    rigid interval fund structure supports the Board&#146;s
    recommendation that stockholders vote AGAINST the proposal.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 5%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    1.&#160;CONVERSION TO AN INTERVAL FUND&#160;REQUIRES CHANGES TO
    THE FUND&#146;S PORTFOLIO STRUCTURE AND INVESTMENT STRATEGY THAT
    ARE NOT IN THE BEST INTERESTS OF THE FUND&#160;AND ITS
    STOCKHOLDERS.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 5%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The Fund was originally established as a closed-end fund because
    it was believed that the closed-end fund structure was best
    suited to pursue the Fund&#146;s objective of long-term capital
    appreciation. The Board believes that most stockholders have
    invested in Fund shares because of its
</DIV>
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    <BR>
    23
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<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    investment program. Converting the Fund to an interval fund
    would require the Fund to focus on short-term considerations to
    facilitate periodic repurchase offers. Using the Fund&#146;s
    assets to buy back shares reduces the asset base which can be
    deployed to realize the Fund&#146;s goals. This short-term focus
    would be disruptive to the Fund&#146;s investment program which
    involves buying securities with a view to holding them until the
    market realizes their value, and therefore is not in the best
    interests of the Fund and its stockholders.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 5%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    2.&#160;CONVERTING TO AN INTERVAL STRUCTURE WOULD INTERFERE WITH
    AND LIMIT THE FUND&#146;S INVESTMENT FLEXIBILITY.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 5%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The closed-end structure allows the Fund to invest its assets
    solely in accordance with the Fund&#146;s investment objective.
    As a closed-end fund, the Fund can keep all of its assets
    working toward its investment goals. This gives it the
    flexibility to invest in less liquid securities that present
    attractive long-term opportunities. If the Fund is converted to
    an interval fund, however, it could be required to sell
    portfolio securities before their full potential has been
    reached in order to raise cash needed to fund periodic
    repurchases. The Fund would have to focus more on the timing of
    relative allocations and less on identifying significant
    investment opportunities and may have to forego certain
    opportunities because of the requirement to hold cash and liquid
    securities to meet periodic buybacks. Finally, the Fund&#146;s
    liquidity and its ability to sell securities at advantageous
    prices may decrease in times of declining market prices or
    seriously disrupted markets, such as those that existed during
    the recent financial crisis. This is a particular issue for the
    Fund since it normally invests primarily in equity and
    equity-linked securities of smaller- and medium-sized German
    companies, which are generally less liquid than the equity
    securities of large capitalization companies that are the
    primary investments of many other funds. In a declining or
    disrupted market, the Fund could be forced to accept a lower
    price for securities than might otherwise be the case. As a
    closed-end fund, the Fund is protected from the necessity of
    selling its investments at a time when market prices are
    temporarily depressed, because it does not have to sell off
    investments to meet mandatory repurchase offers. While the Fund
    needs to raise cash to fund market repurchases, such purchases
    may be made at the Fund&#146;s discretion and may be suspended
    when they could only be funded by the proceeds of sales into a
    distressed or disrupted market.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 5%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    3.&#160;SIGNIFICANT TAX CONSEQUENCES MAY RESULT IF THE
    FUND&#160;IS CONVERTED TO AN INTERVAL FUND.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 5%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    As an interval fund, the Fund may be required to sell securities
    to meet periodic repurchase requests. Selling appreciated
    securities would result in the Fund realizing and distributing
    to remaining stockholders additional capital gains (unless it
    has sufficient realized capital losses to offset the gains),
    while selling depreciated securities, potentially at &#147;fire
    sale&#148; prices in disrupted financial markets, would result
    in losses that could hurt the Fund&#146;s performance. Moreover,
    repurchase payments may be characterized as dividends for tax
    purposes, with the result that a stockholder would not be able
    to use its basis in the repurchased shares at the time of the
    redemption and would instead be taxed on the full amount of the
    payments. To the extent repurchase payments are treated as
    dividends to stockholders whose shares are repurchased by the
    Funds, the Internal Revenue Service could contend that even a
    stockholder who does not sell its shares should be treated as
    having received a dividend (even though such stockholder has
    received no cash or Fund stock) because such stockholder has
    increased its proportionate interest in the earnings and profits
    of the Fund.
</DIV>
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    <BR>
    24
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<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 5%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    4.&#160;THE FUND&#146;S EXPENSE RATIO IS LIKELY TO INCREASE
    SIGNIFICANTLY IF THE FUND&#160;IS CONVERTED TO AN INTERVAL FUND.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 5%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Because an interval fund must periodically repurchase its
    shares, the size of an interval fund decreases as more shares
    are bought back. Although interval funds may continually offer
    and sell new shares, unless the Fund&#146;s principal
    underwriter or &#147;distributor&#148; is able to sell enough
    new shares to offset the buybacks, the Fund would shrink in
    size, potentially in a short period of time given the size of
    the semi-annual tender offers contemplated by the above
    proposal. The Board does not believe that it would be
    practicable for the Fund to sell additional shares of its common
    stock to offset shares that it would likely be required to
    repurchase after conversion to an interval fund structure.
    Furthermore, proceeds from any offering of new shares may need
    to be invested in accordance with the Fund&#146;s policy at
    inopportune times in the market.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 5%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Because certain of the Fund&#146;s operating expenses are fixed,
    shrinking in size would increase the ratio of the Fund&#146;s
    operating expenses to its income and net assets. For example,
    the Fund estimates that if it sustains a 50% reduction in size
    after several years of making the semiannual repurchase offers
    contemplated by the proposal, its expense ratio would increase
    by 26% based on its current level of fixed expenses
    (<I>i</I>.<I>e</I>., without giving effect to the burdensome
    expenses of making the annual offer and other expenses that may
    be incurred as a result of the conversion as discussed
    herein&#160;&#151; the actual expense ratio impact could be much
    more severe) and the adverse effect would likely increase over
    time. As noted above, the number of outstanding shares of the
    Asia Tigers Fund, which is cited in the proponent&#146;s
    supporting statement, declined by 56%, while its expense ratio
    increased by 42%, after it became an interval fund. There are
    also ongoing costs of operating as an interval fund that would
    adversely affect the Fund&#146;s expense ratio. The annual costs
    would include possible distribution costs, the costs of
    notifying stockholders about repurchase offers, the costs of
    maintaining a current prospectus (if the Fund were to seek to
    offset buybacks with sales of shares) and the costs of preparing
    and filing the requisite documents with the SEC. Further, as an
    interval fund, the Fund could subject stockholders seeking to
    take advantage of share repurchases to additional expenses.
    Under SEC rules, the Fund may deduct from the repurchase offer a
    fee, not to exceed 2% of the buyback amount, to compensate the
    Fund for expenses and costs related to the repurchase. Although
    the Board has not concluded that a fee would be necessary, a fee
    may be imposed if the conversion occurs. Finally, there would be
    costs associated with seeking stockholder approval of conversion
    to interval fund status, which would require a vote of a
    &#147;majority of the outstanding voting securities&#148; of the
    Fund, as defined in the Investment Company Act.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 5%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    5.&#160;THE SIGNIFICANT REDUCTION IN THE FUND&#146;S TOTAL
    OUTSTANDING SHARES&#160;THAT IS THE LIKELY OUTCOME OF CONVERSION
    TO AN INTERVAL FUND&#160;STRUCTURE MAY RESULT IN A THINNER
    TRADING MARKET FOR THE FUND&#146;S SHARES.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 5%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Conversion to an interval fund structure would likely result in
    a significant reduction in the total number of the Fund&#146;s
    outstanding shares over a relatively short period of time. For
    example, assuming no issuances of new shares by the Fund,
    conducting 10% repurchase offers semi-annually for two years
    would result in approximately a 35% reduction in the number of
    the Fund&#146;s outstanding shares. A much lower float would
    likely result in a thinner trading market for the Fund&#146;s
    shares, with lighter volumes and large bid-ask spreads, to the
    detriment of the Fund and its stockholders, a problem that would
    get worse with every repurchase offer. Eventually, the number of
    outstanding shares may become so small that the Fund may no
    longer satisfy the minimum listing requirements of the New York
    Stock Exchange and be delisted, to the great detriment of the
    remaining stockholders.
</DIV>
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    25
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<DIV style="width: 82%; margin-left: 9%"><!-- BEGIN PAGE WIDTH -->
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<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 5%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    6.&#160;THE FUND&#160;MAY HAVE TO BORROW TO RAISE THE MONEY
    NECESSARY TO REPURCHASE FUND SHARES.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 5%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    As an interval fund, the Fund may determine that it would be
    appropriate to borrow money to raise the cash necessary to
    repurchase Fund shares. For example, in cases where the Fund
    wishes to avoid selling securities at inopportune times, the
    Fund could borrow money to pay for all or a portion of the
    shares to be repurchased the buybacks. Borrowing under these
    circumstances could create additional investment risks for
    stockholders that include: (i)&#160;the cost of borrowing may
    exceed the income generated from securities held by the Fund;
    (ii)&#160;unless certain financial tests contained in the debt
    documents are met, the Fund would be prohibited from making
    distributions to stockholders; (iii)&#160;a failure to make
    distributions could result in the Fund ceasing to qualify for
    the advantageous treatment as a regulated investment company
    under the Internal Revenue Code; and (iv)&#160;if assets of the
    Fund are used as security for the borrowing and the Fund is
    unable to meet its obligations, those assets may be forfeited.
    All the costs associated with borrowing to repurchase shares
    would be borne by the Fund, and thus ultimately by its
    stockholders.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 5%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    7.&#160;THE BOARD BELIEVES THAT OPEN-MARKET REPURCHASES ARE
    SUPERIOR TO PERIODIC REPURCHASE OFFERS.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 5%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The Board reviews the Fund&#146;s discount to NAV at each of its
    regularly scheduled meetings. The Board has authorized
    substantial share repurchase programs for a number of years
    (most recently authorizing the repurchase of up to
    1,000,000&#160;shares in the twelve-month period ending
    October&#160;31, 2010). Such purchases are made in such amounts,
    and at such times, as is believed to be in the best interests of
    the Fund. The Board notes that repurchases of the Fund&#146;s
    shares in the open market at a discount have an anti-dilutive
    effect which benefits all of the Fund&#146;s remaining
    stockholders. Such purchases can be made from time to time at
    prices, and in amounts, that are deemed in the best interests of
    the Fund. By contrast, periodic repurchase offers at no discount
    or at a very small discount are completely inflexible
    (potentially requiring sales of portfolio securities at
    extremely disadvantageous times to fund required repurchase
    offers), are subject to being &#147;gamed&#148; by arbitrageurs,
    are likely to result in pro-rating of repurchases and have a
    minimal (or no) anti-dilutive benefit to the remaining
    stockholders.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 5%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The Board acknowledges that the repurchase of shares in the open
    market reduces the size of the Fund and that this may adversely
    affect the Fund&#146;s expense ratio over time. However, the
    Fund&#146;s control over the timing and amount of such
    repurchases provides it with valuable flexibility to make them
    only to the extent they are believed to be in the best interests
    of the Fund, and avoids most of the disadvantages associated
    with the inflexible interval fund structure discussed above.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 5%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The Board notes that the fact that closed-end fund shares may
    trade at a discount is well known in the marketplace and that
    the possibility of such discounts is an inherent feature of
    closed-end funds. Market discounts reflect primarily supply and
    demand for the Fund&#146;s shares and may be affected by market
    sentiment and other factors and tend to vary substantially over
    time. The Board believes that although periodic repurchase
    offers at close to NAV may offer attractive opportunities to
    short-term traders, they are inconsistent with the best
    interests of the Fund and of its long-term investors, as well as
    with the achievement of the Fund&#146;s investment objective.
</DIV>

<DIV style="margin-top: 18pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">WHAT
    ADDITIONAL MEASURES WOULD NEED TO BE TAKEN IN CONNECTION<BR>
    WITH CONVERSION TO INTERVAL FUND&#160;STATUS?</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 5%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    If the stockholder proposal is approved, the Board will consider
    the proposal to convert the Fund from a closed-end fund to an
    interval fund in light of its fiduciary obligations to
    stockholders and the
</DIV>
<!-- XBRL Paragraph Pagebreak -->
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<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <BR>
    26
</DIV><!-- END PAGE WIDTH -->
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<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#toc">Table of Contents</A></H5><P>

<DIV style="width: 82%; margin-left: 9%"><!-- BEGIN PAGE WIDTH -->
<!-- XBRL Pagebreak End -->

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    stockholder votes cast. The adoption of a policy to convert the
    Fund to an interval fund would require approval by the
    Fund&#146;s stockholders. Accordingly, if the Board concludes
    that conversion of the Fund to an interval fund is consistent
    with the best interests of the Fund and its stockholders, the
    Board will submit the proposal to stockholders for consideration
    at a future meeting of stockholders. If, however, the Board
    determines that conversion would not be consistent with the best
    interests of the Fund and its stockholders, no further action
    would be taken. In the event that the Board decides to submit
    the proposal to stockholders, the Board may also conclude that
    conversion to an interval fund would require other changes to
    the Fund&#146;s investment objectives and policies, which may or
    may not require stockholder approval. Finally, the Board may
    need to approve other changes in the Fund&#146;s administration
    and structure to facilitate operation as an interval fund.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 5%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <B>THE BOARD BELIEVES THAT THE CONTINUED OPERATION OF THE
    FUND&#160;AS A CLOSED-END FUND&#160;IS IN YOUR BEST LONG-TERM
    INTEREST, AND UNANIMOUSLY RECOMMENDS A VOTE <U>AGAINST</U> THIS
    PROPOSAL.</B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 5%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <I>Required Vote.</I>&#160;&#160;Provided a quorum has been
    established, the affirmative vote of a majority of the votes
    cast at the Meeting is required for approval of the Proposal.
    For purposes of Proposal&#160;6, abstentions will have no effect
    on the result of the vote.
</DIV>

<DIV style="margin-top: 9pt; font-size: 1pt">&nbsp;</DIV>


<!-- link1 "SECURITY OWNERSHIP OF CERTAIN BENEFICIAL OWNERS" -->
<DIV align="left"><A NAME="010"></A></DIV>


<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">SECURITY
    OWNERSHIP OF CERTAIN BENEFICIAL OWNERS</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 5%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    As of May&#160;14, 2010, no person, to the knowledge of
    management, owned of record or beneficially more than 5% of the
    outstanding Common Stock of the Fund, other than as set forth
    below:
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<TABLE border="0" width="100%" align="center" cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
<!-- Table Width Row BEGIN -->
<TR style="font-size: 1pt" valign="bottom">
    <TD width="62%">&nbsp;</TD>	<!-- colindex=01 type=maindata -->
    <TD width="2%">&nbsp;</TD>	<!-- colindex=02 type=gutter -->
    <TD width="9%" align="right">&nbsp;</TD>	<!-- colindex=02 type=lead -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=02 type=body -->
    <TD width="9%" align="left">&nbsp;</TD>	<!-- colindex=02 type=hang1 -->
    <TD width="4%">&nbsp;</TD>	<!-- colindex=03 type=gutter -->
    <TD width="6%" align="right">&nbsp;</TD>	<!-- colindex=03 type=lead -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=03 type=body -->
    <TD width="6%" align="left">&nbsp;</TD>	<!-- colindex=03 type=hang1 -->
</TR>
<!-- Table Width Row END -->
<!-- TableOutputHead -->
<TR style="font-size: 8pt" valign="bottom" align="center">
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="3" nowrap align="center" valign="bottom">
    <B>Amount and<BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="3" nowrap align="center" valign="bottom">
    <B>Percent of<BR>
    </B>
</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom" align="center">
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="3" nowrap align="center" valign="bottom">
    <B>Nature of<BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="3" nowrap align="center" valign="bottom">
    <B>Outstanding<BR>
    </B>
</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom" align="center">
<TD nowrap align="left" valign="bottom">
<DIV style="border-bottom: 1px solid #000000; width: 1%; padding-bottom: 1px">
    <B>Name and Address of Beneficial Owner</B>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="3" nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>Beneficial Ownership</B>
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="3" nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>Common Stock</B>
</TD>
</TR>
<TR style="line-height: 3pt; font-size: 1pt">
<TD>&nbsp;
</TD>
</TR>
<!-- TableOutputBody -->
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    1607 Capital Partners,
    LLC<SUP style="font-size: 85%; vertical-align: top">(1)</SUP>

</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    2,754,338&#160;shares
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    14.53
</TD>
<TD nowrap align="left" valign="bottom">
    %
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    4991 Lake Brook Dr., Suite&#160;125, Glen Allen, VA&#160;23060
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    Lazard Asset Management
    LLC<SUP style="font-size: 85%; vertical-align: top">(2)</SUP>

</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    4,186,244&#160;shares
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    21.79
</TD>
<TD nowrap align="left" valign="bottom">
    %
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    30 Rockefeller Plaza, New York, NY 10112
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
</TABLE>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">

</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV style="font-size: 1pt; margin-left: 0%; width: 15%;  align: left; border-bottom: 1pt solid #000000"></DIV>

<DIV style="margin-top: 3pt; font-size: 1pt">&nbsp;</DIV>



<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">

<TR>
    <TD width="2%"></TD>
    <TD width="1%"></TD>
    <TD width="97%"></TD>
</TR>

<TR>
    <TD align="right" valign="top">
    (1) </TD>
    <TD></TD>
    <TD valign="bottom">
    This information is based exclusively on information provided by
    such entity on
    <FONT style="white-space: nowrap">Schedule&#160;13G/A</FONT>
    filed with respect to the Fund on February&#160;16, 2010.</TD>
</TR>


<TR style="line-height: 3pt; font-size: 1pt"><TD>&nbsp;</TD></TR>

<TR>
    <TD align="right" valign="top">
    (2) </TD>
    <TD></TD>
    <TD valign="bottom">
    This information is based exclusively on information provided by
    such entity on
    <FONT style="white-space: nowrap">Schedule&#160;13D/A</FONT>
    filed with respect to the Fund on May&#160;3, 2010.</TD>
</TR>

</TABLE>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>


<!-- link1 "SECTION 16(a) BENEFICIAL OWNERSHIP REPORTING COMPLIANCE" -->
<DIV align="left"><A NAME="011"></A></DIV>


<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">SECTION&#160;16(a)
    BENEFICIAL OWNERSHIP<BR>
    REPORTING COMPLIANCE</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 5%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Based on a review of reports filed by the Fund&#146;s directors
    and executive officers, the investment adviser, officers and
    directors of the investment adviser, affiliated persons of the
    investment adviser and beneficial holders of 10% or more of the
    Fund&#146;s outstanding stock, and written representations by
    the Reporting Persons that no year-end reports were required for
    such persons, all filings required by Section&#160;16(a) of the
    Securities and Exchange Act of 1934 for the fiscal year ended
    December&#160;31, 2009 were timely, except that a late
    Form&#160;3 was filed on behalf of each of Petra Pflaum and
    Georg Schuh, officers of the Fund.
</DIV>
<!-- XBRL Pagebreak Begin -->

<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <BR>
    27
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<DIV style="width: 82%; margin-left: 9%"><!-- BEGIN PAGE WIDTH -->
<!-- XBRL Pagebreak End -->


<!-- link1 "ADDRESS OF INVESTMENT ADVISER AND MANAGER" -->
<DIV align="left"><A NAME="012"></A></DIV>


<DIV style="margin-top: 18pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">ADDRESS
    OF INVESTMENT ADVISER AND MANAGER</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 5%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The principal office of Deutsche Asset Management International
    GmbH, the Fund&#146;s investment adviser, is located at Mainzer
    Landstrasse
    <FONT style="white-space: nowrap">178-190,</FONT>
    D-60327 Frankfurt am Main, Federal Republic of Germany. The
    corporate office of Deutsche Investment Management Americas
    Inc., the Fund&#146;s manager, is located at 345 Park Avenue,
    New&#160;York, New York 10154.
</DIV>


<!-- link1 "OTHER MATTERS" -->
<DIV align="left"><A NAME="013"></A></DIV>


<DIV style="margin-top: 18pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">OTHER
    MATTERS</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 5%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    No business other than as set forth herein is expected to come
    before the Meeting, but should any other matter requiring a vote
    of stockholders properly come before the Meeting, including any
    question as to an adjournment of the Meeting, the persons named
    in the enclosed Proxy Card will vote thereon according to their
    discretion. Abstentions and broker non-votes shall have no
    effect on the outcome of a vote to adjourn the Meeting.
</DIV>


<!-- link1 "STOCKHOLDER PROPOSALS" -->
<DIV align="left"><A NAME="014"></A></DIV>


<DIV style="margin-top: 18pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">STOCKHOLDER
    PROPOSALS</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 5%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    In order for stockholder proposals otherwise satisfying the
    eligibility requirements of SEC
    <FONT style="white-space: nowrap">Rule&#160;14a-8</FONT>
    to be considered for inclusion in the Fund&#146;s proxy
    statement for the 2011 Annual Meeting, the proposals must be
    received at The New Germany Fund, Inc.,
    <FONT style="white-space: nowrap">c/o&#160;Deutsche</FONT>
    Investment Management Americas, 345 Park Avenue, NYC20-2799, New
    York, New York 10154, Attention: Secretary, on or before
    January&#160;24, 2011.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 5%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    In addition, the Fund&#146;s Bylaws currently provide that if a
    stockholder desires to bring business (including director
    nominations) before the 2011 Annual Meeting that is or is not
    the subject of a proposal timely submitted for inclusion in the
    Fund&#146;s proxy statement, written notice of such business as
    prescribed in the Bylaws must be delivered to the Fund&#146;s
    Secretary, at the principal executive offices of the Fund,
    between January&#160;24, 2011 and February&#160;23, 2011. For
    additional requirements, the stockholder may refer to the
    Bylaws, a current copy of which may be obtained without charge
    upon request from the Fund&#146;s Secretary. If the Fund does
    not receive timely notice pursuant to the Bylaws, the proposal
    may be excluded from consideration at the meeting, regardless of
    any earlier notice provided in accordance with SEC
    <FONT style="white-space: nowrap">Rule&#160;14a-8.</FONT>
</DIV>


<!-- link1 "EXPENSES OF PROXY SOLICITATION" -->
<DIV align="left"><A NAME="015"></A></DIV>


<DIV style="margin-top: 18pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">EXPENSES
    OF PROXY SOLICITATION</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 5%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The cost of preparing, assembling and mailing material in
    connection with this solicitation will be borne by the Fund. In
    addition to the use of mails, proxies may be solicited
    personally by regular employees of the Fund or the manager or by
    telephone or telegraph. Brokerage houses, banks and other
    fiduciaries may be requested to forward proxy solicitation
    materials to their principals to obtain authorization for the
    execution of proxies, and they will be reimbursed by the Fund
    for
    <FONT style="white-space: nowrap">out-of-pocket</FONT>
    expenses incurred in this connection. The Fund has also made
    arrangements with The Altman Group, Inc. to assist in the
    solicitation of proxies, if called upon by the Fund, at an
    estimated fee of $14,800 plus reimbursement of normal expenses.
</DIV>
<!-- XBRL Pagebreak Begin -->

<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <BR>
    28
</DIV><!-- END PAGE WIDTH -->
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<H5 align="left" style="page-break-before:always"><A HREF="#toc">Table of Contents</A></H5><P>

<DIV style="width: 82%; margin-left: 9%"><!-- BEGIN PAGE WIDTH -->
<!-- XBRL Pagebreak End -->


<!-- link1 "ANNUAL REPORT DELIVERY" -->
<DIV align="left"><A NAME="016"></A></DIV>


<DIV style="margin-top: 18pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">ANNUAL
    REPORT DELIVERY</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 5%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The Fund will furnish, without charge, a copy of its annual
    report for the fiscal year ended December&#160;31, 2009 and the
    most recent semi-annual report, if any, to any stockholder upon
    request. Such requests should be directed by mail to The New
    Germany Fund, Inc.,
    <FONT style="white-space: nowrap">c/o&#160;Deutsche</FONT>
    Investment Management Americas, 345 Park Avenue,
    <FONT style="white-space: nowrap">NYC20-2799,</FONT>
    New York, New York 10154 or by telephone to
    <FONT style="white-space: nowrap">1-800-437-6269.</FONT>
    Annual reports are also available on the Fund&#146;s web site:
    www.germanyfund.com.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 49%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    David Goldman
</DIV>

<DIV align="left" style="margin-left: 49%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Secretary
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Dated: May&#160;21, 2010
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <B>Stockholders who do not expect to be present at the Meeting
    and who wish to have their shares voted are requested to date
    and sign the enclosed Proxy Card and return it to the Fund as
    soon as practicable.</B>
</DIV>
<!-- XBRL Pagebreak Begin -->

<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <BR>
    29
</DIV><!-- END PAGE WIDTH -->
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<H5 align="left" style="page-break-before:always"><A HREF="#toc">Table of Contents</A></H5><P>

<DIV style="width: 82%; margin-left: 9%"><!-- BEGIN PAGE WIDTH -->
<!-- XBRL Pagebreak End -->


<!-- link1 "ANNEX A" -->
<DIV align="left"><A NAME="017"></A></DIV>


<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="right" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">ANNEX&#160;A</FONT></B>
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>


<!-- link1 "THE NEW GERMANY FUND, INC. EXCERPTS OF BYLAWS" -->
<DIV align="left"><A NAME="018"></A></DIV>


<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">THE NEW
    GERMANY FUND, INC.<BR>
    EXCERPTS OF BYLAWS</FONT></B>
</DIV>

<DIV style="margin-top: 9pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <FONT style="font-family: 'Times New Roman', Times">Article&#160;II
    </FONT>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 5%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <FONT style="font-variant: SMALL-CAPS">Section&#160;13.&#160;&#160;</FONT><I><U>Advance
    Notice of Stockholder Nominees for Director and Other
    Stockholder Proposals</U>. (a)&#160;<U>Annual Meetings of
    Stockholders</U>.</I>&#160;&#160;(1)&#160;Nominations of persons
    for election to the Board of Directors and the proposal of
    business to be considered by the stockholders may be made at an
    annual meeting of stockholders (i)&#160;pursuant to the
    Corporation&#146;s notice of meeting, (ii)&#160;by or at the
    direction of the Board of Directors or (iii)&#160;by any
    stockholder of the Corporation who was a stockholder of record
    both at the time of giving of notice provided for in this
    Section&#160;13(a) and at the time of the annual meeting, who is
    entitled to vote at the meeting and who complied with the notice
    procedures set forth in this Section&#160;13(a).
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 5%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    (2)&#160;For nominations or other business to be properly
    brought before an annual meeting by a stockholder pursuant to
    clause&#160;(iii) of paragraph (a)(1) of this Section&#160;13,
    the stockholder must have given timely notice thereof in writing
    to the Secretary of the Corporation and such other business must
    otherwise be a proper matter for action by the stockholders. To
    be timely, a stockholder&#146;s notice shall be delivered to the
    Secretary at the principal executive offices of the Corporation
    not less than 90&#160;days nor more than 120&#160;days prior to
    the first anniversary of the date of mailing of the notice for
    the preceding year&#146;s annual meeting; provided, however,
    that in the event that the date of mailing of the notice for the
    annual meeting is advanced or delayed by more than 30&#160;days
    from the first anniversary of the date of mailing of the notice
    for the preceding year&#146;s annual meeting, notice by the
    stockholder to be timely must be so delivered not earlier than
    the 120th&#160;day prior to the date of mailing of the notice
    for such annual meeting and not later than the close of business
    on the later of the 90th&#160;day prior to the date of mailing
    of the notice for such annual meeting or the tenth day following
    the day on which disclosure of the date of mailing of the notice
    for such meeting is first made. In no event shall the public
    announcement of a postponement or adjournment of an annual
    meeting commence a new time period for the giving of a
    stockholder&#146;s notice as described above. Such
    stockholder&#146;s notice shall set forth (i)&#160;as to each
    person whom the stockholder proposes to nominate for election or
    reelection as a director, (A)&#160;the name, age, business
    address and residence address of such person, (B)&#160;the class
    and number of shares of stock of the Corporation that are
    beneficially owned by such person, (C)&#160;all other
    information relating to such person that is required to be
    disclosed in solicitations of proxies for election of directors
    in an election contest (even if an election contest is not
    involved), or is otherwise required, in each case pursuant to
    Regulation&#160;14A (or any successor provision) under the
    Exchange Act or pursuant to the Investment Company Act and the
    rules thereunder (including such person&#146;s written consent
    to being named in the proxy statement as a nominee and to
    serving as a director if elected), and (D)&#160;a statement
    specifying which of clauses (1)-(7) of the definition of
    &#147;Relevant Experience and Country Knowledge&#148; in
    Article&#160;III, Section&#160;3 of the Bylaws the person being
    nominated satisfies, information relating to such person
    sufficient to support a determination that the person satisfies
    the specified clause or clauses of the definition and a
    representation that the person does not have a &#147;Conflict of
    Interest&#148; as defined in Article&#160;III, Section&#160;3 of
    the Bylaws; (ii)&#160;as to any other business that the
    stockholder proposes to bring before the meeting, a description
    of the business desired to be brought before the meeting, the
    reasons for conducting such business at the meeting and any
    material interest in such business of such stockholder
    (including any anticipated benefit to the stockholder therefrom)
    and of each beneficial owner, if any, on whose behalf the
    proposal is made; and (iii)&#160;as to the stockholder giving
    the notice and each beneficial owner, if any, on whose behalf
    the nomination or proposal is made,
</DIV>
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<DIV style="width: 82%; margin-left: 9%"><!-- BEGIN PAGE WIDTH -->
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<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    (x)&#160;the name and address of such stockholder, as they
    appear on the Corporation&#146;s stock ledgers and a current
    name and address, if different, and of such beneficial owner,
    and (y)&#160;the class and number of shares of each class of
    stock of the Corporation which are owned beneficially and of
    record by such stockholder and owned beneficially by such
    beneficial owner.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 5%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    (3)&#160;Notwithstanding anything in this subsection&#160;(a) of
    this Section&#160;13 to the contrary, in the event the Board of
    Directors increases or decreases the maximum or minimum number
    of directors in accordance with Article&#160;III, Section&#160;2
    of these Bylaws, and there is no public announcement of such
    action at least 100&#160;days prior to the first anniversary of
    the date of mailing of the preceding year&#146;s annual meeting,
    a stockholder&#146;s notice required by this Section&#160;13(a)
    shall also be considered timely, but only with respect to
    nominees for any new positions created by such increase, if it
    shall be delivered to the Secretary at the principal executive
    offices of the Corporation not later than the close of business
    on the tenth day following the day on which such public
    announcement is first made by the Corporation.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 5%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    (b)<I>&#160;<U>Special Meetings of
    Stockholders</U>.</I>&#160;&#160;Only such business shall be
    conducted at a special meeting of stockholders as shall have
    been brought before the meeting pursuant to the
    Corporation&#146;s notice of meeting. Nominations of persons for
    election to the Board of Directors may be made at a special
    meeting of stockholders at which directors are to be elected
    (i)&#160;pursuant to the Corporation&#146;s notice of meeting,
    (ii)&#160;by or at the direction of the Board of Directors or
    (iii)&#160;provided that the Board of Directors has determined
    that directors shall be elected at such special meeting, by any
    stockholder of the Corporation who is a stockholder of record
    both at the time of giving of notice provided for in this
    Section&#160;13 and at the time of the special meeting, who is
    entitled to vote at the meeting and who complied with the notice
    procedures set forth in this Section&#160;13. In the event the
    Corporation calls a special meeting of stockholders for the
    purpose of electing one or more directors to the Board of
    Directors, any such stockholder may nominate a person or persons
    (as the case may be) for election as a director as specified in
    the Corporation&#146;s notice of meeting, if the
    stockholder&#146;s notice required by paragraph (a)(2) of this
    Section&#160;13 shall be delivered to the Secretary at the
    principal executive offices of the Corporation not earlier than
    the 120th&#160;day prior to such special meeting and not later
    than the close of business on the later of the 90th&#160;day
    prior to such special meeting or the tenth day following the day
    on which public announcement is first made of the date of the
    special meeting and of the nominees proposed by the Board of
    Directors to be elected at such meeting. In no event shall the
    public announcement of a postponement or adjournment of a
    special meeting commence a new time period for the giving of a
    stockholder&#146;s notice as described above.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 5%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    (c)&#160;<I><U>General</U>.</I>&#160;&#160;(1)&#160;Only such
    persons who are nominated in accordance with the procedures set
    forth in this Section&#160;13 and Article&#160;III,
    Section&#160;3 of these Bylaws shall be eligible to serve as
    directors and only such business shall be conducted at a meeting
    of stockholders as shall have been brought before the meeting in
    accordance with the procedures set forth in this
    Section&#160;13. The chairman of the meeting shall have the
    power and duty to determine whether a nomination or any business
    proposed to be brought before the meeting was made or proposed,
    as the case may be, in accordance with the procedures set forth
    in this Section&#160;13 and, if any proposed nomination or
    business is not in compliance with this Section&#160;13, to
    declare that such defective nomination or proposal be
    disregarded.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 5%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    (2)&#160;For purposes of this Section&#160;13, (a)&#160;the
    &#147;date of mailing of the notice&#148; shall mean the date of
    the proxy statement for the solicitation of proxies for election
    of directors and (b)&#160;&#147;public announcement&#148; shall
    mean disclosure (i)&#160;in a press release reported by the Dow
    Jones News Service, Associated Press or comparable news service
    or (ii)&#160;in a document publicly filed by the Corporation
    with the Securities and Exchange Commission pursuant to the
    Exchange Act or the Investment Company Act.
</DIV>
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    <BR>
    A-2
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<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 5%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    (3)&#160;Notwithstanding the foregoing provisions of this
    Section&#160;13, a stockholder shall also comply with all
    applicable requirements of state law and of the Exchange Act and
    the Investment Company Act and the rules and regulations
    thereunder with respect to the matters set forth in this
    Section&#160;13. Nothing in this Section&#160;13 shall be deemed
    to affect any right of stockholders to request inclusion of
    proposals in, nor the right of the Corporation to omit a
    proposal from, the Corporation&#146;s proxy statement pursuant
    to
    <FONT style="white-space: nowrap">Rule&#160;14a-8</FONT>
    (or any successor provision) under the Exchange Act.
</DIV>

<DIV style="margin-top: 18pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <FONT style="font-family: 'Times New Roman', Times">Article&#160;III
    </FONT>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 5%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <FONT style="font-variant: SMALL-CAPS">Section&#160;3.&#160;&#160;</FONT><I><U>Qualifications</U>.</I>&#160;&#160;Directors
    need not be stockholders. Each Director shall hold office until
    the earlier of: (a)&#160;the expiration of his term and his or
    her successor shall have been elected and qualifies,
    (b)&#160;his or her death, (c)&#160;his or her resignation, or
    (d)&#160;his or her removal. To be eligible for nomination as a
    director a person must, at the time of such person&#146;s
    nomination by the Board of Directors, (a)&#160;have Relevant
    Experience and Country Knowledge (as defined below),
    (b)&#160;not have any Conflict of Interest (as defined below)
    and (c)&#160;not be over 72&#160;years of age; provided that
    clause&#160;(c) shall not apply to any person who was a Director
    on October&#160;15, 1999 or to any person whom the Nominating
    Committee (or in the absence of such a Committee, the Board of
    Directors) determines to except from that clause on the basis
    that the person&#146;s prior public or government service or
    other broad-based activities in the business community make it
    essential that the Corporation continue to receive the benefit
    of the person&#146;s services as a Director. The determination
    described in the previous sentence shall be made on or before
    the time of nomination. Whether a proposed nominee satisfies the
    foregoing qualifications shall be determined by the Nominating
    Committee or, in the absence of such a Committee, by the Board
    of Directors, each in its sole discretion.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 5%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    &#147;Relevant Experience and Country Knowledge&#148; means
    experience in business, investment, economic or political
    matters of Germany or the United States through service for 10
    of the past 20&#160;years (except where a shorter period is
    noted) in one or more of the following principal occupations:
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 5%; margin-right: 0%; text-indent: 5%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    (1)&#160;senior executive officer or partner of a financial or
    industrial business headquartered in Germany that has annual
    revenues of at least the equivalent of US $500&#160;million,
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 5%; margin-right: 0%; text-indent: 5%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    (2)&#160;senior executive officer or partner of a financial or
    industrial business headquartered in the United&#160;States that
    has annual revenues of at least the equivalent of US
    $500&#160;million and whose management responsibilities include
    supervision of European business operations,
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 5%; margin-right: 0%; text-indent: 5%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    (3)&#160;director (or the equivalent) for 5 of the past
    10&#160;years of one or more investment businesses or vehicles
    (including this Corporation) a principal focus of which is
    investment in Germany and that have at least the equivalent of
    US $250&#160;million in combined total assets of their own,
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 5%; margin-right: 0%; text-indent: 5%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    (4)&#160;senior executive officer or partner of an investment
    management business having at least the equivalent of US
    $500&#160;million in securities of German companies or
    securities principally traded in Germany under discretionary
    management for others,
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 5%; margin-right: 0%; text-indent: 5%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    (5)&#160;senior executive officer or partner (a)&#160;of a
    business consulting, accounting or law firm having at least 100
    professionals and (b)&#160;whose principal responsibility
    involves or involved providing services involving European
    matters for financial or industrial businesses, investment
    businesses or vehicles or investment management businesses as
    described in (1)-(4) above,
</DIV>
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    <BR>
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<DIV align="left" style="margin-left: 5%; margin-right: 0%; text-indent: 5%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    (6)&#160;senior official (including ambassador or minister) in
    the national government, a government agency or the central bank
    of Germany or the United States, in a major supranational agency
    or organization of which Germany or the United States is a
    member, or in a leading international trade organization
    relating to Germany or the United States, in each case in the
    area of finance, economics, trade or foreign relations,&#160;or
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 5%; margin-right: 0%; text-indent: 5%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    (7)&#160;current director or senior officer (without regard to
    years of service) of an investment manager or adviser of the
    Corporation, or of any entity controlling or under common
    control with an investment manager or adviser of the Corporation.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 5%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    For purposes of clauses (1)-(5) of the preceding sentence and
    clauses (1)-(2) of the next paragraph, the term &#147;financial
    or industrial business&#148; includes a financial or industrial
    business unit within a larger enterprise; the term
    &#147;investment businesses or vehicles&#148; includes an
    investment business unit or investment vehicle within a larger
    enterprise; the term &#147;investment management business&#148;
    includes an investment management business unit within a larger
    enterprise; and the term &#147;investment vehicle&#148; includes
    an investment vehicle within a larger enterprise; but in each
    case only to the extent the unit satisfies the revenue, asset
    and other requirements specified for the business or vehicle in
    clauses (1)-(5) of the preceding sentence or clauses (1)-(2) of
    the next paragraph.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 5%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    &#147;Conflict of Interest&#148; means the presence of a
    conflict with the interests of the Corporation or its operations
    through any of the following:
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 5%; margin-right: 0%; text-indent: 5%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    (1)&#160;current position as a director, officer, partner or
    employee of another investment vehicle a significant
    (<I>i.e.</I>, 25% or more of total assets) focus of which is
    securities of German companies or securities principally traded
    in German markets and that does not have the same investment
    adviser as the Corporation or an investment adviser affiliated
    with an investment adviser of the Corporation,
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 5%; margin-right: 0%; text-indent: 5%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    (2)&#160;current position as a director, officer, partner or
    employee of the sponsor or equivalent of an investment vehicle
    described in the previous point,&#160;or
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 5%; margin-right: 0%; text-indent: 5%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    (3)&#160;current position as an official of a governmental
    agency or self-regulatory body having responsibility for
    regulating the Corporation or the markets in which it proposes
    to invest.
</DIV>
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    <BR>
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<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <IMG src="y84658y8465801.gif" alt="(New Germany Fund logo)">
</DIV>

<DIV style="margin-top: 3pt; font-size: 1pt">&nbsp;</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>
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<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>PROXY<BR>
THE NEW GERMANY FUND, INC.<BR>
This proxy is solicited on behalf of the Board of Directors.</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The undersigned stockholder of The New Germany Fund, Inc., a Maryland corporation (the
&#147;Fund&#148;), hereby appoints David Goldman, John Millette and Rita Rubin, or any of them, as proxies
for the undersigned, with full power of substitution in each of them, to attend the Annual Meeting
of the Stockholders of the Fund to be held at 3:30 p.m., New York time, on June&nbsp;28, 2010 at the New
York Marriott East Side Hotel, 525 Lexington Avenue, New York, New York 10017, and any adjournment
or postponement thereof, to cast on behalf of the undersigned all votes that the undersigned is
entitled to cast at such meeting, and otherwise to represent the undersigned at the meeting with
all powers possessed by the undersigned if personally present at the meeting. The undersigned
hereby acknowledges receipt of the Notice of the Annual Meeting of Stockholders and of the
accompanying Proxy Statement, the terms of each of which are incorporated by reference herein, and
revokes any proxy heretofore given with respect to such meeting.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>The votes entitled to be cast by the undersigned will be cast as instructed below. If this
Proxy is executed but no instruction is given, the votes entitled to be cast by the undersigned
will be cast &#147;For&#148; each of the nominees for director, &#147;For&#148; Proposals 4 and 5, and &#147;Against&#148;
Proposal 6, as described in the Proxy Statement and in the discretion of the Proxy holder on any
other matter that may properly come before the meeting or any adjournment or postponement thereof.</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>The Board of Directors unanimously recommends a vote &#147;For&#148; the Class&nbsp;I nominees below</B>
</DIV>

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="33%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="31%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="31%">&nbsp;</TD>
</TR>
<TR></TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:10pt; text-indent:-10pt">1.&nbsp;<B>FOR </B>each of the nominees
for<br> director listed below. <FONT style="font-family: Wingdings">&#111;</FONT>
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><B>WITHHOLD AUTHORITY</B><br>
as to all listed nominees. <FONT style="font-family: Wingdings">&#111;</FONT>
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><B>FOR </B>all nominees except as<br> marked to the
contrary below. <FONT style="font-family: Wingdings">&#111;</FONT></TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>

<DIV align="center" style="font-size: 8pt">(<B>Instructions</B>: To withhold authority for any individual nominee, strike a line through the nominee&#146;s name in the list below.)</DIV>


<DIV align="center" style="font-size: 10pt">Mr.&nbsp;Detlef Bierbaum</DIV>


<DIV align="center" style="font-size: 10pt">Mr.&nbsp;Richard Karl Goeltz</DIV>


<DIV align="center" style="font-size: 10pt">Mr.&nbsp;Christian H. Strenger</DIV>


<DIV align="center" style="font-size: 10pt">Mr.&nbsp;Robert H. Wadsworth</DIV>



<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>The Board of Directors unanimously recommends a vote &#147;For&#148; the Class&nbsp;II nominee below</B>
</DIV>

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="33%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="31%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="31%">&nbsp;</TD>
</TR>
<TR></TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:10pt; text-indent:-10pt">2.&nbsp;<B>FOR </B>the nominee
for<br> director listed below. <FONT style="font-family: Wingdings">&#111;</FONT>
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><B>WITHHOLD AUTHORITY</B><br>
as to the listed nominee. <FONT style="font-family: Wingdings">&#111;</FONT><br>
Mr.&nbsp;Joachim Wagner
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>The Board of Directors unanimously recommends a vote &#147;For&#148; the Class&nbsp;III nominee below</B>
</DIV>

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="33%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="31%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="31%">&nbsp;</TD>
</TR>
<TR></TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:10pt; text-indent:-10pt">3.&nbsp;<B>FOR </B>the nominee
for<br> director listed below. <FONT style="font-family: Wingdings">&#111;</FONT>
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><B>WITHHOLD AUTHORITY</B><br>
as to the listed nominee. <FONT style="font-family: Wingdings">&#111;</FONT><br>
Mr.&nbsp;Richard R. Burt
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>The Board of Directors unanimously recommends a vote &#147;For&#148; Proposal 4 below</B>
</DIV>

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="97%">&nbsp;</TD>
</TR>
<TR></TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">4.
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">To ratify the appointment by the Audit Committee and the Board
of Directors of PricewaterhouseCoopers LLP, an independent public
accounting firm, as independent auditors for the fiscal year
ending December&nbsp;31, 2010</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<DIV align="Center" style="font-size: 10pt; margin-top: 6pt"><B>FOR </B><FONT style="font-family: Wingdings">&#111;</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>AGAINST </B><FONT style="font-family: Wingdings">&#111;</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <B>ABSTAIN </B><FONT style="font-family: Wingdings">&#111;</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>The Board of Directors unanimously recommends a vote &#147;For&#148; Proposal 5 below</B>
</DIV>

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="97%">&nbsp;</TD>
</TR>
<TR></TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">5.
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">To change the Fund&#146;s investment objective to broaden the definition of &#147;German company&#148;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<DIV align="Center" style="font-size: 10pt; margin-top: 6pt"><B>FOR </B><FONT style="font-family: Wingdings">&#111;</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>AGAINST </B><FONT style="font-family: Wingdings">&#111;</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>ABSTAIN </B><FONT style="font-family: Wingdings">&#111;</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</DIV>

<P align="center" style="font-size: 10pt"><!-- Folio -->&nbsp;<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#toc">Table of Contents</A></H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">


<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>The Board of Directors unanimously recommends a vote &#147;Against&#148; Proposal 6 below</B>
</DIV>

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="97%">&nbsp;</TD>
</TR>
<TR></TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">6.
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">If properly presented at the Meeting, to consider and vote on a
stockholder proposal to ask the Board of Directors to take the
steps necessary to adopt an interval fund structure, whereby the
Fund would conduct periodic tender offers at least semiannually
for at least 10% of currently outstanding common shares at a price
of at least 98% of net asset value.</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<DIV align="Center" style="font-size: 10pt; margin-top: 6pt"><B>FOR </B><FONT style="font-family: Wingdings">&#111;</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>AGAINST </B><FONT style="font-family: Wingdings">&#111;</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>ABSTAIN </B><FONT style="font-family: Wingdings">&#111;</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</DIV>
<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="97%">&nbsp;</TD>
</TR>
<TR></TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">

    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">7.
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">To vote and otherwise represent the undersigned on any other matter that may
properly come before the meeting or any adjournment or postponement thereof in
the discretion of the Proxy holder.</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Please sign here exactly as name appears on the records of the Fund and date. If the shares
are held jointly, each holder should sign. When signing as an attorney, executor, administrator,
trustee, guardian, officer of a corporation or other entity or in another representative capacity,
please give the full title under signature(s).
</DIV>

<DIV align="center" style="margin-top: 30pt">
<TABLE style="font-size: 8pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="52%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="42%">&nbsp;</TD>
</TR>
<TR></TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR style="font-size: 1px">
    <TD align="center" valign="top">&nbsp;
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top" style="border-top: 1px solid #000000">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD align="center" valign="top">&nbsp;
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">Signature</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
</TR>


<TR style="font-size: 1px">
    <TD align="center" valign="top">&nbsp;
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top" style="border-top: 1px solid #000000">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD align="center" valign="top">&nbsp;
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">Signature, if held jointly</TD>
</TR>

<TR valign="bottom"><!-- Blank Space -->
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
</TR>

<TR style="font-size: 1px">
    <TD align="center" valign="top">&nbsp;
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top" style="border-top: 1px solid #000000">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD align="center" valign="top">&nbsp;
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">Dated: <U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U>, 2010</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>



<P align="center" style="font-size: 10pt"><!-- Folio -->&nbsp;<!-- /Folio -->
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`
end
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
-----END PRIVACY-ENHANCED MESSAGE-----
