<SEC-DOCUMENT>0000950123-11-051255.txt : 20110517
<SEC-HEADER>0000950123-11-051255.hdr.sgml : 20110517
<ACCEPTANCE-DATETIME>20110517145822
ACCESSION NUMBER:		0000950123-11-051255
CONFORMED SUBMISSION TYPE:	DEF 14A
PUBLIC DOCUMENT COUNT:		3
CONFORMED PERIOD OF REPORT:	20110627
FILED AS OF DATE:		20110517
DATE AS OF CHANGE:		20110517
EFFECTIVENESS DATE:		20110517

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:		11851145

	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>y91339def14a.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="#Y91339toc">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>

<!-- PAGEBREAK -->
<P><HR noshade><P>

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

<!-- TOC -->
<A name="Y91339toc"><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="#Y91339000">NOTICE OF ANNUAL MEETING OF STOCKHOLDERS</A></TD></TR>
<TR><TD colspan="9"><A HREF="#Y91339001">PROXY STATEMENT</A></TD></TR>
<TR><TD colspan="9"><A HREF="#Y91339002">PROPOSAL 1: ELECTION OF DIRECTORS</A></TD></TR>
<TR><TD colspan="9"><A HREF="#Y91339003">THE BOARD UNANIMOUSLY RECOMMENDS A VOTE FOR PROPOSAL 1.</A></TD></TR>
<TR><TD colspan="9"><A HREF="#Y91339004">PROPOSAL 2: RATIFICATION OF THE APPOINTMENT OF INDEPENDENT AUDITORS</A></TD></TR>
<TR><TD colspan="9"><A HREF="#Y91339005">THE BOARD UNANIMOUSLY RECOMMENDS A VOTE &#147;FOR&#148; PROPOSAL 2.</A></TD></TR>
<TR><TD colspan="9"><A HREF="#Y91339006">SECURITY OWNERSHIP OF CERTAIN BENEFICIAL OWNERS</A></TD></TR>
<TR><TD colspan="9"><A HREF="#Y91339007">SECTION 16(a) BENEFICIAL OWNERSHIP REPORTING COMPLIANCE</A></TD></TR>
<TR><TD colspan="9"><A HREF="#Y91339008">ADDRESS OF INVESTMENT ADVISER AND MANAGER</A></TD></TR>
<TR><TD colspan="9"><A HREF="#Y91339009">OTHER MATTERS</A></TD></TR>
<TR><TD colspan="9"><A HREF="#Y91339010">STOCKHOLDER PROPOSALS</A></TD></TR>
<TR><TD colspan="9"><A HREF="#Y91339011">PROXY COSTS AND SOLICITATION OF PROXIES</A></TD></TR>
<TR><TD colspan="9"><A HREF="#Y91339012">ANNUAL REPORT DELIVERY</A></TD></TR>
<TR><TD colspan="9"><A HREF="#Y91339013">ANNEX A</A></TD></TR>
</TABLE>
</CENTER>
<!-- /TOC -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#Y91339toc">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: transparent">

    <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: transparent">
    <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: transparent">
    <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: transparent">

<!-- link1 "NOTICE OF ANNUAL MEETING OF STOCKHOLDERS" -->
<DIV align="left"><A NAME="Y91339000"></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: transparent">
    <B><FONT style="font-size: 12pt">June&#160;27, 2011</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: transparent">
    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: transparent">
    Notice is hereby given that the Annual Meeting of Stockholders
    (the &#147;Meeting&#148;) of The New Germany Fund, Inc., a
    Maryland corporation (the &#147;Fund&#148;), will be held at
    11:00&#160;a.m., New York time, on June&#160;27, 2011 at the New
    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: transparent">
    1.&#160;To elect three (3)&#160;Class&#160;II 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: transparent">
    2.&#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, 2011.
</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: transparent">
    3.&#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: transparent">
    Only holders of record of Common Stock at the close of business
    on May&#160;13, 2011 are entitled to notice of, and to vote at,
    this Meeting or any postponement or adjournment thereof.
</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: transparent">
    By Order of the Board of Directors
</DIV>

<DIV style="margin-top: 6pt; 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: transparent">
    <IMG src="y91339y9133901.gif" alt="-s-John Millette">
</DIV>

<DIV style="margin-top: 6pt; 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: transparent">
    John Millette
</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: transparent">
    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: transparent">
    Dated: May&#160;19, 2011
</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: transparent">


</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: transparent">
    <B>We urge you to mark, sign, date and mail the enclosed proxy
    card in the postage-paid envelope provided or to record your
    voting instructions by telephone or via the Internet so that you
    will be represented at the Meeting. If you complete and sign the
    proxy card (or tell us how you want to vote by voting by
    telephone or via the Internet), we will vote it exactly as you
    tell us. If you simply sign the proxy card, we will vote it in
    accordance with the Board&#146;s recommendation on the
    Proposals. Your prompt return of the enclosed proxy card (or
    your voting by telephone or via the Internet) may prevent the
    necessity and expense of further solicitations. If you have any
    questions, please call The Altman Group, Inc.
    (&#147;Altman&#148;), the Fund&#146;s proxy solicitor, at 1200
    Wall Street West,
    3<SUP style="font-size: 85%; vertical-align: top">rd</SUP></B>

    <B>Floor, Lyndhurst, New Jersey 07071 or at the special
    toll-free number we have set up for you
    <FONT style="white-space: nowrap">(1-800-845-1507),</FONT>
    or contact your financial advisor.</B>
</DIV>
</DIV><!-- End box 1 -->

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

<P align="left" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">

</DIV><!-- END PAGE WIDTH -->
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#Y91339toc">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: transparent">

    <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: transparent">

    <B><FONT style="font-family: 'Times New Roman', Times">Annual
    Meeting of Stockholders<BR>
    June&#160;27, 2011</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: transparent">

<!-- link1 "PROXY STATEMENT" -->
<DIV align="left"><A NAME="Y91339001"></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>



<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: transparent">
    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 11:00&#160;a.m., New York
    time, on June&#160;27, 2011 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>

<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: transparent">
    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 three
    (3)&#160;Class&#160;II directors of the Fund
    (&#147;Directors&#148;) nominated by the Board
    (Proposal&#160;1), and 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;2). 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>

<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: transparent">
    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>

<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: transparent">
    The close of business on May&#160;13, 2011 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 17,764,652.89 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;19, 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: transparent">
    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
</DIV>
<!-- XBRL Paragraph Pagebreak -->
<!-- XBRL Pagebreak Begin -->

<P align="left" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">

</DIV><!-- END PAGE WIDTH -->
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#Y91339toc">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: transparent">
    &#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 "PROPOSAL 1: ELECTION OF DIRECTORS" -->
<DIV align="left"><A NAME="Y91339002"></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: transparent">

    <B><FONT style="font-family: 'Times New Roman', Times">PROPOSAL&#160;1:<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: transparent">

    <B><FONT style="font-family: 'Times New Roman', Times">ELECTION
    OF DIRECTORS</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: transparent">
    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;II expires at the 2011 Annual Meeting,
    Class&#160;III at the next succeeding annual meeting and
    Class&#160;I at the following succeeding annual meeting. Three
    Class&#160;II nominees, Mr.&#160;John H. Cannon,
    Mr.&#160;Joachim Wagner and Mr.&#160;Werner Walbr&#246;l, are
    proposed in this Proxy Statement for election. If elected, each
    of the three Class&#160;II nominees will serve a three-year term
    of office until the Annual Meeting of Stockholders in 2014 and
    until his respective successor is elected and qualifies.
    Mr.&#160;John Bult, a Class&#160;II director, will not stand for
    re-election pursuant to the Fund&#146;s retirement policy.
</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: transparent">
    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>

<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: transparent">
    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 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>

<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: transparent">

    <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: transparent">
    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>

<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: transparent">
    <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.
</DIV>
<!-- XBRL Paragraph Pagebreak -->
<!-- XBRL Pagebreak Begin -->

<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <BR>
    2
</DIV><!-- END PAGE WIDTH -->
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#Y91339toc">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: transparent">
    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>

<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: transparent">
    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: transparent">
    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>

<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: transparent">
    <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: transparent">
    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,
</DIV>
<!-- XBRL Paragraph Pagebreak -->
<!-- XBRL Pagebreak Begin -->

<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <BR>
    3
</DIV><!-- END PAGE WIDTH -->
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#Y91339toc">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: transparent">
    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: transparent">
    <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>

<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: transparent">
    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: transparent">
    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>
<!-- XBRL Pagebreak Begin -->

<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <BR>
    4
</DIV><!-- END PAGE WIDTH -->
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#Y91339toc">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: transparent">

    <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: transparent">
    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. The Fund has
    elected to be subject to the statutory calculation, notification
    and publication requirements of the German Investment Tax Act
    (Investmentsteuergesetz) (the &#147;Act&#148;) for the fiscal
    year ended December&#160;31, 2010 and intends to elect to be
    subject to the Act for the fiscal year ending December&#160;31,
    2011. Prior thereto, Directors who are German residents would
    have been subject to adverse German tax consequences if they
    owned shares of a fund organized outside of Germany, such as the
    Fund, that was not subject to German regulation or tax
    reporting. In light of the Fund&#146;s election to be subject to
    the Act, the Board of Directors encourages all Directors of the
    Fund (including those who are German residents) to invest in the
    Fund.
</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: transparent">

    <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: transparent">
<!-- 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; Nominees for Term Expiring in
    2014<SUP style="font-size: 85%; vertical-align: top">(1)</SUP></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">
    <B>Other Directorships Held by<BR>
    </B>
</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>Director During Past Five<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>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>2011<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 Directors</B>
</DIV>
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="top">
<DIV style="text-indent: -7pt; margin-left: 7pt">
    John H. Cannon, 69
</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)
    <FONT style="white-space: nowrap">(1982-2002).</FONT>
</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">
<DIV style="text-indent: -7pt; margin-left: 7pt">
    Joachim Wagner, 64
</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.
</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>
<!-- XBRL Pagebreak Begin -->

<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <BR>
    5
</DIV><!-- END PAGE WIDTH -->
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#Y91339toc">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: transparent">
<!-- 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; Nominees for Term Expiring in
    2014<SUP style="font-size: 85%; vertical-align: top">(1)</SUP></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">
    <B>Other Directorships Held by<BR>
    </B>
</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>Director During Past Five<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>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>2011<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: -7pt; margin-left: 7pt">
    Werner Walbr&#246;l, 73
</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">
    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 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">
    1,885
</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: transparent">

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

<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    6
</DIV><!-- END PAGE WIDTH -->
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#Y91339toc">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: transparent">

    <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: transparent">
<!-- 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" style="border-bottom: 1px solid #000000">
    <B>by Director</B>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>Director During Past Five
    Years<SUP style="font-size: 85%; vertical-align: top">(3)</SUP></B>

</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>2011<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 Directors</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, 64
</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) (since 2007). 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)
    <FONT style="white-space: nowrap">(1991-1994);</FONT>
    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.&#160;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 Central Europe and Russia Fund, Inc. (since
    2000) and The European Equity 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>
<!-- XBRL Pagebreak Begin -->

<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <BR>
    7
</DIV><!-- END PAGE WIDTH -->
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#Y91339toc">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: transparent">
<!-- 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" style="border-bottom: 1px solid #000000">
    <B>by Director</B>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>Director During Past Five
    Years<SUP style="font-size: 85%; vertical-align: top">(3)</SUP></B>

</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>2011<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: -7pt; margin-left: 7pt">
    Dr.&#160;Franz Wilhelm Hopp, 68
</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">
    Partner of Laplace Finanzconsulting GmbH (asset management).
    Member of the Supervisory Board WAVE AG (asset management).
    Former member of the Board of Management of KarstadtQuelle
    Pension Trust e.V. (February
    <FONT style="white-space: nowrap">2007-September</FONT>
    2009).
</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>

</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="top">
    None
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="top">
<DIV style="text-indent: -7pt; margin-left: 7pt">
    Dr.&#160;Friedbert H. Malt, 69
</DIV>
</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 Central Europe and Russia Fund, Inc. (since
    2007) The European Equity Fund, Inc. (since
    2007).<SUP style="font-size: 85%; vertical-align: top">(2)</SUP>

</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="top">
    300
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="top">
<DIV style="text-indent: -7pt; margin-left: 7pt">
    Dr.&#160;Frank Tr&#246;mel,
    75<SUP style="font-size: 85%; vertical-align: top">(6)(7)</SUP>

</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">
    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 Central Europe and Russia Fund, Inc.
    (2005-2009) and The European Equity 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: transparent">

</DIV>

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

<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    8
</DIV><!-- END PAGE WIDTH -->
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#Y91339toc">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: transparent">
<!-- 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="8%">&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 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">
    <B>Other Directorships Held by<BR>
    </B>
</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>Director During Past Five<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>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>2011<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 Directors</B>
</DIV>
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="top">
<DIV style="text-indent: -7pt; margin-left: 7pt">
    Detlef Bierbaum, 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 2010).  He is also Vice Chairman of the
    Supervisory Board of Oppenheim KAG GmbH (asset management) and a
    member of the Supervisory Board of Deutsche Bank &#214;sterreich
    AG (private bank) for more than five years. Mr.&#160;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">
    2,000
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="top">
<DIV style="text-indent: -7pt; margin-left: 7pt">
    Richard Karl Goeltz, 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">
    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
    Council and 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>
</TABLE>
<!-- XBRL Pagebreak Begin -->

<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    9
</DIV><!-- END PAGE WIDTH -->
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#Y91339toc">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: transparent">
<!-- 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="8%">&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 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">
    <B>Other Directorships Held by<BR>
    </B>
</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>Director During Past Five<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>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>2011<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: -7pt; margin-left: 7pt">
    Robert H. Wadsworth, 71
</DIV>
</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">
    116<SUP style="font-size: 85%; vertical-align: top">(8)</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">
    5,942
</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">(5)</SUP></B>

</DIV>
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="top">
    Christian H.
    Strenger<SUP style="font-size: 85%; vertical-align: top">(10)</SUP>,

    67
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    Director and <BR>
    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), Hermes Equity Ownership Services Ltd.
    (governance advisory) and TUI AG (travel business).
</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">
    1,000
</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: transparent">

</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: transparent">

<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: transparent">
    10
</DIV><!-- END PAGE WIDTH -->
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#Y91339toc">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: transparent">
<!-- Table Width Row BEGIN -->
<TR style="font-size: 1pt" valign="bottom">
    <TD width="29%">&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="2%">&nbsp;</TD>	<!-- colindex=03 type=gutter -->
    <TD width="9%">&nbsp;</TD>	<!-- colindex=03 type=maindata -->
    <TD width="2%">&nbsp;</TD>	<!-- colindex=04 type=gutter -->
    <TD width="28%">&nbsp;</TD>	<!-- colindex=04 type=maindata -->
    <TD width="2%">&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">(9)</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 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="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>Common<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">
&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="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>Beneficially<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>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="left" 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="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">
<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>2011<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">
    W. Douglas Beck, CFA,
    44<SUP style="font-size: 85%; vertical-align: top">(10)(11)</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 2011
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    Managing
    Director<SUP style="font-size: 85%; vertical-align: top">(13)</SUP>,

    Deutsche Asset Management  and Head of Product Management, US
    for DWS Investments  (since 2006).  Formerly, Executive
    Director, Head of Product Management and President of the UBS
    Funds at UBS Global Asset Management (2002-2006).
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="top">
    None
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="top">
<DIV style="text-indent: -8pt; margin-left: 8pt">
    Paul H. Schubert,
    48<SUP style="font-size: 85%; vertical-align: top">(10)(12)</SUP>

</DIV>
</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<SUP style="font-size: 85%; vertical-align: top">(13)</SUP>,

    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">
<DIV style="text-indent: -8pt; margin-left: 8pt">
    Rita Rubin,
    40<SUP style="font-size: 85%; vertical-align: top">(10)(14)</SUP>

</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap 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">
    Director and Senior
    Counsel<SUP style="font-size: 85%; vertical-align: top">(13)(15)</SUP>,

    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">
<DIV style="text-indent: -8pt; margin-left: 8pt">
    Alexis Kuchinsky,
    35<SUP style="font-size: 85%; vertical-align: top">(14)</SUP>

</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap 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">
<DIV style="text-indent: -8pt; margin-left: 8pt">
    John Caruso,
    46<SUP style="font-size: 85%; vertical-align: top">(10)(14)</SUP>

</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap 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<SUP style="font-size: 85%; vertical-align: top">(13)</SUP>,

    Deutsche Asset Management.
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="top">
    None
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="top">
<DIV style="text-indent: -8pt; margin-left: 8pt">
    Rainer Vermehren,
    43<SUP style="font-size: 85%; vertical-align: top">(10)(16)</SUP>

</DIV>
</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<SUP style="font-size: 85%; vertical-align: top">(13)</SUP>,

    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>
<TR valign="bottom">
<TD align="left" valign="top">
<DIV style="text-indent: -8pt; margin-left: 8pt">
    John Millette,
    48<SUP style="font-size: 85%; vertical-align: top">(10)(17)(18)</SUP>

</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="top">
    Secretary
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="top">
    Since 2011
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    Director<SUP style="font-size: 85%; vertical-align: top">(13)</SUP>,

    Deutsche Asset Management (since 2002).
</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: transparent">

</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: transparent">

<TR>
    <TD width="4%"></TD>
    <TD width="1%"></TD>
    <TD width="95%"></TD>
</TR>

<TR>
    <TD valign="top">
    (1) </TD>
    <TD></TD>
    <TD valign="bottom">
    The mailing address of all directors 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 valign="top">
    (2) </TD>
    <TD></TD>
    <TD valign="bottom">
    The Fund&#160;Complex includes The Central Europe and Russia
    Fund, Inc. and The New Germany Fund, Inc., which are other
    closed-end registered investment companies for which Deutsche
    Investment Management Americas Inc. acts as manager. It also
    includes 113 other open- and closed-end funds advised by
    wholly-owned entities of the Deutsche Bank Group in the
    United&#160;States.</TD>
</TR>


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

<TR>
    <TD 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 valign="top">
    (4) </TD>
    <TD></TD>
    <TD valign="bottom">
    As of March&#160;31, 2011, all Directors, Nominees for election
    and Executive Officers as a group (19&#160;persons) owned
    33,807&#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: transparent">
    <BR>
    11
</DIV><!-- END PAGE WIDTH -->
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#Y91339toc">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: transparent">

<TR>
    <TD width="4%"></TD>
    <TD width="1%"></TD>
    <TD width="95%"></TD>
</TR>

<TR>
    <TD valign="top">
    (5) </TD>
    <TD></TD>
    <TD valign="bottom">
    Indicates &#147;Interested Person&#148;, as defined in the
    Investment Company Act. 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 majority-owned subsidiary of Deutsche Bank
    AG, and because of his ownership of Deutsche Bank AG shares.
    Prior to April 2010, Mr.&#160;Bierbaum was
    &#147;interested&#148; 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. John Bult, a Class&#160;II Director, is not standing for
    re-election pursuant to the Fund&#146;s retirement policy. Until
    the effective date of his resignation, 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.</TD>
</TR>


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

<TR>
    <TD valign="top">
    (6) </TD>
    <TD></TD>
    <TD valign="bottom">
    Dr.&#160;Frank Tr&#246;mel, a Class&#160;III director, is not
    standing for re-election pursuant to the Fund&#146;s retirement
    policy.</TD>
</TR>


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

<TR>
    <TD 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 valign="top">
    (8) </TD>
    <TD></TD>
    <TD valign="bottom">
    Mr.&#160;Wadsworth oversees all 116 funds in the
    Fund&#160;Complex.</TD>
</TR>


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

<TR>
    <TD valign="top">
    (9) </TD>
    <TD></TD>
    <TD valign="bottom">
    Each also serving as an officer of The New Germany 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
    Mr.&#160;Schubert, Mr.&#160;Millette, Mr.&#160;Caruso and
    Ms.&#160;Rubin also serve as officers of the other Funds in the
    Fund&#160;Complex.</TD>
</TR>


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

<TR>
    <TD valign="top">
    (10) </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>


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

<TR>
    <TD valign="top">
    (11) </TD>
    <TD></TD>
    <TD valign="bottom">
    Address: 345 Park Avenue, New York, NY 10154.</TD>
</TR>


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

<TR>
    <TD valign="top">
    (12) </TD>
    <TD></TD>
    <TD valign="bottom">
    Address: 100 Plaza One, Jersey City, New Jersey 07311.</TD>
</TR>


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

<TR>
    <TD valign="top">
    (13) </TD>
    <TD></TD>
    <TD valign="bottom">
    Executive title, not a board directorship.</TD>
</TR>


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

<TR>
    <TD valign="top">
    (14) </TD>
    <TD></TD>
    <TD valign="bottom">
    Address: 60 Wall Street, New York, NY 10005.</TD>
</TR>


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

<TR>
    <TD valign="top">
    (15) </TD>
    <TD></TD>
    <TD valign="bottom">
    Prior to February&#160;1, 2011, Vice President and Counsel.</TD>
</TR>


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

<TR>
    <TD valign="top">
    (16) </TD>
    <TD></TD>
    <TD valign="bottom">
    Address: Mainzer Landstrasse
    <FONT style="white-space: nowrap">178-190,</FONT>
    Frankfurt am Main, Germany.</TD>
</TR>


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

<TR>
    <TD valign="top">
    (17) </TD>
    <TD></TD>
    <TD valign="bottom">
    Since January&#160;3, 2011. From July&#160;14, 2006 to
    January&#160;3, 2011 served as Assistant Secretary to the Fund.
    From January&#160;30, 2006 to July&#160;14, 2006 served as
    Secretary to the Fund.</TD>
</TR>


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

<TR>
    <TD valign="top">
    (18) </TD>
    <TD></TD>
    <TD valign="bottom">
    Address: One Beacon Street, Boston, Massachusetts 02108.</TD>
</TR>

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

<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <BR>
    12
</DIV><!-- END PAGE WIDTH -->
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#Y91339toc">Table of Contents</A></H5><P>

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

<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: transparent">
    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: transparent">
<!-- 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">
    $10,001-$50,000
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    Over $100,000
</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">
    Over$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">
    $1-$10,000
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    $10,001-$50,000
</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">
    $10,001-$50,000
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    $50,001-$100,000
</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: transparent">

</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: transparent">

<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, 2011. The Fund has elected to
    be subject to the statutory calculation, notification and
    publication requirements of the German Investment Tax Act
    (Investmentsteuergesetz) (the &#147;Act&#146;) for the fiscal
    year ended December&#160;31, 2010 and intends to elect to be
    subject to the Act for the fiscal year ending December&#160;31,
    2011. Prior thereto, Directors who are German residents would
    have been subject to adverse German tax consequences if they
    owned shares of a fund organized outside of Germany, such as the
    Fund, that was not subject to German regulation or tax
    reporting. In light of the Fund&#146;s election to be subject to
    the Act, the Board of Directors encourages all Directors of the
    Fund (including those who are German residents) to invest in the
    Fund.</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 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: transparent">
    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: transparent">
    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
</DIV>
<!-- XBRL Paragraph Pagebreak -->
<!-- XBRL Pagebreak Begin -->

<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <BR>
    13
</DIV><!-- END PAGE WIDTH -->
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#Y91339toc">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: transparent">
    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, 2010.
</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: transparent">
    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: transparent">
    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: transparent">
    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: transparent">
    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 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: transparent">
    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
</DIV>
<!-- XBRL Paragraph Pagebreak -->
<!-- XBRL Pagebreak Begin -->

<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <BR>
    14
</DIV><!-- END PAGE WIDTH -->
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#Y91339toc">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: transparent">
    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 three 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: transparent">
    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: transparent">
    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. One Director
    attended the 2010 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: transparent">
    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: transparent">
    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 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. Effective January&#160;1, 2011,
    the Chairman of the Audit Committee receives a $1,000 retainer.
    These three funds, together with 118 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>
<!-- XBRL Pagebreak Begin -->

<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <BR>
    15
</DIV><!-- END PAGE WIDTH -->
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#Y91339toc">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: 5%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    The following table sets forth (a)&#160;the aggregate
    compensation from the Fund for the fiscal year ended
    December&#160;31, 2010, and (b)&#160;the total compensation from
    each fund in the Fund&#160;Complex that includes the Fund, for
    the 2010 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: transparent">
<!-- 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="1%" align="right">&nbsp;</TD>	<!-- colindex=02 type=lead -->
    <TD width="11%" align="right">&nbsp;</TD>	<!-- colindex=02 type=body -->
    <TD width="1%" align="left">&nbsp;</TD>	<!-- colindex=02 type=hang1 -->
    <TD width="4%">&nbsp;</TD>	<!-- colindex=03 type=gutter -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=03 type=lead -->
    <TD width="17%" align="right">&nbsp;</TD>	<!-- colindex=03 type=body -->
    <TD width="1%" 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="2" nowrap align="center" valign="bottom">
    <B>Aggregate<BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&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="2" nowrap align="center" valign="bottom">
    <B>Compensation<BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
    <B>Total Compensation<BR>
    </B>
</TD>
<TD>
&nbsp;
</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="2" nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>from Fund</B>
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>from Fund Complex</B>
</TD>
<TD>
&nbsp;
</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="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    6,524
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    15,298
</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="left" 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="left" 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 align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    John H. Cannon
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    13,334
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    40,500
</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">
    Richard Karl Goeltz
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    12,583
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    31,000
</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="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    8,250
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    18,750
</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="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    11,250
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    32,750
</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="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    16,500
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    37,500
</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">
    Robert H. Wadsworth
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    12,583
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    37,500
</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">
    Joachim Wagner
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    12,000
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    24,000
</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">
    Werner Walbr&#246;l
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    11,333
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    34,500
</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: 20pt">
    <B>Total</B>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    <B>$</B>
</TD>
<TD nowrap align="right" valign="bottom">
    <B>115,191</B>
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    <B>$</B>
</TD>
<TD nowrap align="right" valign="bottom">
    <B>283,798</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: transparent">

</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: transparent">
    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 until April 2010 and, as such, received
    partial compensation from the Fund&#160;Complex during the
    fiscal year ended December&#160;31, 2010.
</DIV>


<!-- link1 "THE BOARD UNANIMOUSLY RECOMMENDS A VOTE FOR PROPOSAL 1." -->
<DIV align="left"><A NAME="Y91339003"></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: transparent">

    <B><FONT style="font-family: 'Times New Roman', Times">THE BOARD
    UNANIMOUSLY RECOMMENDS A VOTE <U>FOR</U>
    PROPOSAL&#160;1.</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: transparent">
    <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 2: RATIFICATION OF THE APPOINTMENT OF INDEPENDENT AUDITORS" -->
<DIV align="left"><A NAME="Y91339004"></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: transparent">

    <B><FONT style="font-family: 'Times New Roman', Times">PROPOSAL&#160;2:<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: transparent">

    <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: transparent">
    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, 2011. 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 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: transparent">
    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
</DIV>
<!-- XBRL Paragraph Pagebreak -->
<!-- XBRL Pagebreak Begin -->

<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <BR>
    16
</DIV><!-- END PAGE WIDTH -->
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#Y91339toc">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: transparent">
    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 2." -->
<DIV align="left"><A NAME="Y91339005"></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: transparent">

    <B><FONT style="font-family: 'Times New Roman', Times">THE BOARD
    UNANIMOUSLY RECOMMENDS A VOTE &#147;<U>FOR</U>&#148;
    PROPOSAL&#160;2.</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: transparent">
    <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, 2011. For purposes of Proposal&#160;2
    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: transparent">

    <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: transparent">
    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: transparent">
<!-- Table Width Row BEGIN -->
<TR style="font-size: 1pt" valign="bottom">
    <TD width="25%">&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="3%" align="right">&nbsp;</TD>	<!-- colindex=06 type=lead -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=06 type=body -->
    <TD width="3%" 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">
    2010
</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">
    7,500
</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">
    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">
    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>
</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: transparent">

</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: transparent">

<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>


<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">
    &#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: transparent">
    <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
</DIV>
<!-- XBRL Paragraph Pagebreak -->
<!-- XBRL Pagebreak Begin -->

<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <BR>
    17
</DIV><!-- END PAGE WIDTH -->
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#Y91339toc">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: transparent">
    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: transparent">
    <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. The aggregate
    non-audit fees in fiscal year 2009 were paid for by the
    Investment Manager for work performed on its behalf.
</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: transparent">
<!-- 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">
    2010
</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>
</TR>
<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>
</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: transparent">

</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: transparent">

    <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: transparent">
    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 retention and performance of the
    independent auditors; and (2)&#160;to prepare this report. The
    Audit Committee assists the Board of Directors in its oversight
    of the Fund&#146;s policies and practices with respect to
    accounting, financial reporting, internal control over financial
    reporting, independent audits, and risk management. The Audit
    Committee regularly discusses the Fund&#146;s most significant
    risk exposures and the steps management has taken to monitor and
    control such exposures. 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: transparent">
    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. During the past fiscal year, no
    non-audit services that were not pre-approved by the Audit
    Committee were provided by the Fund&#146;s independent auditors.
    Finally, the Audit Committee has received the written
    disclosures and the letter from the independent auditors
    required by Independence Standards Board Standard No.&#160;1,
</DIV>
<!-- XBRL Paragraph Pagebreak -->
<!-- XBRL Pagebreak Begin -->

<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <BR>
    18
</DIV><!-- END PAGE WIDTH -->
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#Y91339toc">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: transparent">
    <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: transparent">
    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: transparent">
    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, 2010.
</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: transparent">
    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: transparent">
    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: transparent">
    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: transparent">
    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: transparent">
    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: transparent">
    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: transparent">
    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: transparent">
    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: transparent">
    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: transparent">
    Werner Walbr&#246;l
</DIV>


<!-- link1 "SECURITY OWNERSHIP OF CERTAIN BENEFICIAL OWNERS" -->
<DIV align="left"><A NAME="Y91339006"></A></DIV>


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

<DIV align="center" style="margin-left: 5%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">

    <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: transparent">
    As of May&#160;13, 2011, 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: transparent">
<!-- Table Width Row BEGIN -->
<TR style="font-size: 1pt" valign="bottom">
    <TD width="63%">&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="2%">&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 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 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 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="left" valign="bottom">
    2,720,800&#160;shares
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    14.71
</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="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="left" valign="bottom">
    4,122,030&#160;shares
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    22.28
</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="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: transparent">

</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: transparent">

<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 Schedule&#160;13G/A filed with respect to the
    Fund on February&#160;14, 2011.</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 Schedule&#160;13D/A filed with respect to the
    Fund on January 11 , 2011.</TD>
</TR>

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

<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <BR>
    19
</DIV><!-- END PAGE WIDTH -->
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#Y91339toc">Table of Contents</A></H5><P>

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


<!-- link1 "SECTION 16(a) BENEFICIAL OWNERSHIP REPORTING COMPLIANCE" -->
<DIV align="left"><A NAME="Y91339007"></A></DIV>


<DIV style="margin-top: 12pt; 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: transparent">

    <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: 4pt; 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: transparent">
    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, 2010 were timely except a late Form&#160;3 was
    filed on behalf of both Rainer Vermehren and John Caruso,
    officers of the Fund. The late Form&#160;3s did not relate to
    any transactions in Fund shares. In addition, a late Form&#160;4
    was filed on behalf of Robert Wadsworth, a Director of the Fund.
</DIV>


<!-- link1 "ADDRESS OF INVESTMENT ADVISER AND MANAGER" -->
<DIV align="left"><A NAME="Y91339008"></A></DIV>


<DIV style="margin-top: 12pt; 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: transparent">

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

<DIV style="margin-top: 4pt; 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: transparent">
    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 York, New York 10154.
</DIV>


<!-- link1 "OTHER MATTERS" -->
<DIV align="left"><A NAME="Y91339009"></A></DIV>


<DIV style="margin-top: 12pt; 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: transparent">

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

<DIV style="margin-top: 4pt; 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: transparent">
    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="Y91339010"></A></DIV>


<DIV style="margin-top: 12pt; 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: transparent">

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

<DIV style="margin-top: 4pt; 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: transparent">
    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 2012 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;20, 2012.
</DIV>

<DIV style="margin-top: 4pt; 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: transparent">
    In addition, the Fund&#146;s Bylaws currently provide that if a
    stockholder desires to bring business (including director
    nominations) before the 2012 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;20, 2012 and February&#160;19, 2012. 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 "PROXY COSTS AND SOLICITATION OF PROXIES" -->
<DIV align="left"><A NAME="Y91339011"></A></DIV>


<DIV style="margin-top: 12pt; 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: transparent">

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

<DIV style="margin-top: 4pt; 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: transparent">
    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, telegraph or Internet. 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
</DIV>
<!-- XBRL Paragraph Pagebreak -->
<!-- XBRL Pagebreak Begin -->

<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <BR>
    20
</DIV><!-- END PAGE WIDTH -->
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#Y91339toc">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: transparent">
    with Altman to assist in the solicitation of proxies, if called
    upon by the Fund, at an estimated fee of $5,600 plus
    reimbursement of normal expenses (the exact cost will depend on
    the amount and types of services rendered). If the stockholders
    record votes by telephone or through the Internet, the proxy
    solicitor will use procedures designed to authenticate
    stockholders&#146; identities, to allow stockholders to
    authorize the voting of their shares in accordance with their
    instructions and to allow stockholders to confirm that their
    instructions have been recorded properly.
</DIV>

<DIV style="margin-top: 4pt; 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: transparent">
    If a stockholder wishes to participate in the Meeting, but does
    not wish to give a proxy by telephone or via the Internet, the
    stockholder may still submit the Proxy Card(s) originally sent
    with this Proxy Statement or attend the Meeting in person.
    Should stockholders require additional information regarding the
    proxy or replacement Proxy Card(s), they may call Altman
    toll-free at
    <FONT style="white-space: nowrap">1-800-845-1507.</FONT>
    Any proxy given by a stockholder is revocable until voted at the
    Meeting.
</DIV>

<DIV style="margin-top: 4pt; 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: transparent">
    As the Meeting date approaches, certain stockholders of the
    Funds may receive a telephone call from a representative of
    Altman if their votes have not yet been received.
</DIV>

<DIV style="margin-top: 4pt; 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: transparent">
    One Proxy Statement may be delivered to two or more stockholders
    of the Fund who share an address, unless the Fund has received
    instructions to the contrary. To request a separate copy of the
    Proxy Statement, which will be delivered upon written or oral
    request, or for instructions as to how to request a single copy
    if multiple copies are received, stockholders should call
    <FONT style="white-space: nowrap">800-349-4281</FONT>
    or write to the Fund at 345 Park Avenue, New York, New York
    10154.
</DIV>


<!-- link1 "ANNUAL REPORT DELIVERY" -->
<DIV align="left"><A NAME="Y91339012"></A></DIV>


<DIV style="margin-top: 12pt; 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: transparent">

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

<DIV style="margin-top: 4pt; 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: transparent">
    The Fund will furnish, without charge, a copy of its annual
    report for the fiscal year ended December&#160;31, 2010 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, NYC20-2799, 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: transparent">
    John Millette
</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: transparent">
    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: transparent">
    Dated: May&#160;19, 2011
</DIV>

<DIV style="margin-top: 4pt; 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: transparent">
    <B>IF YOU HAVE ANY QUESTIONS CONCERNING THIS PROXY STATEMENT OR
    THE PROCEDURES TO BE FOLLOWED TO EXECUTE AND TO DELIVER A PROXY
    CARD, PLEASE CONTACT ALTMAN AT
    <FONT style="white-space: nowrap">1-800-845-1507.</FONT></B>
</DIV>

<DIV style="margin-top: 4pt; 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: transparent">
    <B>STOCKHOLDERS WHO DO NOT EXPECT TO BE PRESENT AT THE MEETING
    AND WHO WISH TO HAVE THEIR SHARES&#160;VOTED ARE REQUESTED TO
    DATE AND TO SIGN THE ENCLOSED PROXY CARD AND TO RETURN IT IN THE
    ENCLOSED ENVELOPE, OR TO FOLLOW THE INSTRUCTIONS&#160;ON THE
    ENCLOSED PROXY CARD FOR VOTING BY TELEPHONE OR THROUGH THE
    INTERNET.</B>
</DIV>

<DIV style="margin-top: 4pt; 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: transparent">
    <B>IMPORTANT NOTICE REGARDING THE AVAILABILITY OF PROXY
    MATERIALS FOR THE STOCKHOLDER MEETING TO BE HELD ON JUNE 27,
    2011:</B>
</DIV>

<DIV style="margin-top: 4pt; 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: transparent">
    <B>The Notice of Meeting, Proxy Statement and Proxy Card are
    available at
    <U><FONT style="white-space: nowrap">http://www.proxyonline.com/docs/gf2011.pdf</FONT></U></B>
</DIV>
<!-- XBRL Pagebreak Begin -->

<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <BR>
    21
</DIV><!-- END PAGE WIDTH -->
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#Y91339toc">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="Y91339013"></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: transparent">

    <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>

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

    <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: transparent">

    <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: transparent">
    <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) <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: transparent">
    (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>
<!-- XBRL Paragraph Pagebreak -->
<!-- XBRL Pagebreak Begin -->

<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <BR>
    A-1
</DIV><!-- END PAGE WIDTH -->
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#Y91339toc">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: transparent">
    (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: transparent">
    (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: transparent">
    (b)&#160;<I><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: transparent">
    (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: transparent">
    (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>
<!-- XBRL Pagebreak Begin -->

<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <BR>
    A-2
</DIV><!-- END PAGE WIDTH -->
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#Y91339toc">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: 5%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    (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: transparent">

    <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: transparent">
    <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: transparent">
    &#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: transparent">
    (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: transparent">
    (2)&#160;senior executive officer or partner of a financial or
    industrial business headquartered in the United 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: transparent">
    (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: transparent">
    (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: transparent">
    (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>
<!-- XBRL Pagebreak Begin -->

<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <BR>
    A-3
</DIV><!-- END PAGE WIDTH -->
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#Y91339toc">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: 5%; margin-right: 0%; text-indent: 5%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    (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: transparent">
    (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: transparent">
    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: transparent">
    &#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: transparent">
    (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: transparent">
    (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: transparent">
    (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>
<!-- XBRL Pagebreak Begin -->

<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <BR>
    A-4
</DIV><!-- END PAGE WIDTH -->
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#Y91339toc">Table of Contents</A></H5><P>

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

<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: transparent">
    <IMG src="y91339y9133902.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>
<!-- XBRL Pagebreak Begin -->

<P align="left" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">

</DIV><!-- END PAGE WIDTH -->
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#Y91339toc">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>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 John Millette and Rita Rubin, or
either 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 11:00&nbsp;a.m., New York time, on June&nbsp;27, 2011 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 and &#147;For&#148; Proposal 2, 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;II 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;John H. Cannon<BR>
Mr.&nbsp;Joachim Wagner<BR>
Mr.&nbsp;Werner Walbr&#246;l
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 18pt">
<B>The Board of Directors unanimously recommends a vote &#147;For&#148; Proposal 2 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">2.
</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, 2011
</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">3.
</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>, 2011</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>



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



</BODY>
</HTML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>GRAPHIC
<SEQUENCE>2
<FILENAME>y91339y9133901.gif
<DESCRIPTION>GRAPHIC
<TEXT>
begin 644 y91339y9133901.gif
M1TE&.#EAWP!#`,0``']_?[^_OQ\?']_?WP\/#S\_/^_O[Y^?G\_/SU]?7X^/
MCR\O+Z^OKT]/3V]O;P```/___P``````````````````````````````````
M`````````````````````````"'Y!```````+`````#?`$,```7_("2.9&F>
M:*JN;.N^<"S/=&W?>*[O?.__*L-!`2P:C\@DBR%X/!#*J'1*C1T>@L2#6.UZ
MOZ_`@`9X%`R!+7B].S38-,=C,5,\&F,[%"XZ%!A\+TTD`P`&@2ER#P0R=@5C
M$%J(B@"(2P^5(V5[EB1I3@\Q904C"&:!6DZ01:LE"0$S!`^P(@8+C)TDI@]7
M`C`'!(\C5P=P`058<T<,H297F3`##PXD=K2Y$`,-F!!8800+J[8/AVL,!`0.
M5UQ%92=E[((/JP/@-`@(`0$,`/V`/EH6"'F0P`4"`@TX06!&9XT"`@**+1!X
M1`"N$DT4MC!5<(26>"?R'>B7H(!)=*!2_Q;CP0R7G'\KI!%H%6D6&&98QD@#
MZ2,-J1+2?O[B-4+F@0'Z`O0KDRRE4U`+"C08N7('LS,B"E!<8<#DB5M%$/`L
M@6#!HJJ;@&J\P>S:"#EK2XG+=F5.@29/\Z;,HH^FD:OEI%%;$4#`&V<$BZ09
M"P&`V6GTO)%`QDU'@X:$!/A"L4NO9RP"%`!@L`^`6RJ]RD&X<MI$`'!Q%PCP
MR]*,@MO]'B\`0%//,(1V+A)J-,U$&6@G&)2D#$J``P`'<*JV!`"<VR;3G1%(
M$'<=$@!XFR<XD%U$@LT0Y"0P8$!RT?.T5=SUJSG,`;Q5F1VV9&`;9A$[J>!(
M"H-$H11R)SPC`O\S7*2!'@0&X(4@895Y4EPTB7DT3R>OW9&=-2EHT=$):<"4
MP(15;%.,'>SX-,)KNS7S`CCE%4!`7"I<MLI!0O$Q0"I5%>5$"L",>$*!$&PC
MXQ>&B1":A2LQ0TT#PK&01I`C9%@"BB*8@IP6\76!0`*R))1@A25TN)\)S/RC
MR)+&:58>#PX0$$!7")9Q"'@K"=!C+?'=59X6:\G!)3*MV/.%`5`@<`"9MH6X
MX0EW:&D"E7U$=(H)!C"`3!-&]A!A05325%UZ!*Q$S*5_UH+F",&8((VEI5@*
M#QB?..%<:YE5J<E,:B276%D,2,-K&;.EP64.5X@U4PFV.">`B3>F&6S_"<SX
MU5YKGZ!81BN:A6F@2;R:8`>*S991+J9M0I#&-6AT1=1"\_I@P';`\/2)G23<
MHM&[1X8J`L`ER$'`G`G\YR4V*2!JPD&^A'OF496EH=IYLEWC#A!74(FN$VZ9
M`M,(=I1G\0D@DG`..2BX5U.Y#&]:`I4,L(C"9<<X4$X:V02P"P$C?PL$7@W,
MR<1@FCQAW'_#L.S:`S`%`"G2SB"''0H&5"=N%>?*.@W$<T(0U410:C4`N3/[
MJ@-.!>"8C0G(E/=0>>!A'4P_R!1PP`("IT#K"/V!C(B-:_F;%HE.\"LD%B//
M_""=B\B`S)H`HFA*V`B85$`"D/CA=@FO=FF1_UDP=W''PV9(@R4)[0G06CYA
MB[#-#SCUS97KQKR:]1R[T[*U$L=Y/='C/%SQPV.Q,TR(3<,TP84<`5`)9Q=F
MQ=4$`8SET&E/3E"MO`I$98T,;QIBH<#O2+37ZL`.-/Y]8RZ_GP)$6MW1N"*E
M2U'&ZO(3.6W_,6E`/U#0-3AL#(`(3"`.ZJ/`!CKP!<Q8U@,G^,##4?""%!R`
MGS#(P0D6L(,@!.``;H&^$)J0#1T[H0J51Z;/K?"%76B/]V!(PR^4P7TUS.$-
M^)>">PD@>3H,H@O<`(/%"/&(-2A`]DY@(R0Z408+6")9_O;$*K8L?]5PFA6W
M>`)IE)!'7`RC"<X#Q'^FE5",02P`%K-$.31R48TNH)(+W7A$);9`&K:CXQ.]
M<KM)Z3&,FV.!=_XHQD"JP!1J(^0>I\<ZL"A2C,:2%`X?N<=)UDF*E!1B`;QU
MH4P"<C:LTX(P/!G&%-9"#FTDI14M4HGJ*$.5:`0&*`@@05@Z42D+:!\;RFC+
(7OHR!R$``#L_
`
end
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>GRAPHIC
<SEQUENCE>3
<FILENAME>y91339y9133902.gif
<DESCRIPTION>GRAPHIC
<TEXT>
begin 644 y91339y9133902.gif
M1TE&.#EAU@"F`.8``'%Q<;"PL/O[^TE)25Y>7I65E;JZNN3DY"@H**"@H)F9
MF9"0D$Y.3C4U-8Z.CB4E)?7U]>#@X&5E982$A+:VML3$Q/;V]N+BXLG)R=[>
MWIR<G*BHJ'5U=::FIMK:VO#P\-+2TGIZ>FUM;<O+RRXN+FAH:*RLK,'!P=S<
MW"PL+(&!@=34U%145.[N[L+"PK.SLT)"0GY^?CHZ.LS,S#@X.)Z>GGAX>+R\
MO$1$1#\_/WQ\?*JJJI*2DD9&1CP\/(R,C(J*BDM+2VMK:S(R,EI:6A\?'V!@
M8!X>'E!04#`P,*^OK\?'QU=75S$Q,>;FYD!`0.CHZ*2DI(.#@T%!0=?7UU%1
M4:*BHOCX^&%A8>?GYX>'A^SL[%A86-'1T6)B8EE965)24O+R\HB(B*.CH[2T
MM+FYN?GY^2,C(]#0T%-34X*"@OW]_:ZNKF-C8[6UM>WM[5965MG9V:6EI>OK
MZ^KJZKBXN//S\_S\_,_/SXF)B=;6UK^_OR(B(B$A(2`@(/___R'Y!```````
M+`````#6`*8```?_@'^"@X2%AH>(B8J+C(V+3@0%(%@+5CPD5VN.FYR=GI^@
MH:*CG@1-#BY^)&H;1RH1I+&RL[2UMHX^"$0<?F<24D4E<;?$Q<;'R((I9SD,
M?GY!6'Y&5,G6U]C9B,_<W'S4VN'BX[5&2=U]?4=8U>3N[_",YD5%Z7U^?2$9
M\?S]\5Y-$*3@XR?%D#X+#OA;R#!;&QDP!JC#0>2!`H4-,VJ\981%"!7/`"1H
M\FJCR9.C!NC@84.=D`TAA*&<.7/-'2444!B*L`)-ER<$L`2YAZ-$"2-D9F"X
MHVG0&BA*E$!I2K-J.`ASD!!)D*40!0<JI-`@\>`9GR(/&B#A$(+#!P&$_Z`$
M0()DA!FK>+-%J/`,C)5""WS<(^BM3Y$C?/C<6P&!D!(DSRC8R4LYV1PJSQ!(
M*&3.;!%\?A2'QI<X"A1"#HZ$WD"GLNMB'RX\Z\/B#2$C)$#3^^R'GN)[14P/
M`A&"=X`/KY/7@K`%@>$>-Z@<L/`']^C>]+#_[CT&B@4H5*Q(*WBCL?+SLG(X
M1Y##B`)81IHDGJWNS.`C]?A8R1)A!Y8<2=P#!@CH%4@*``WTD1@?"+3Q!Q9)
M'*;;&=W@<\]^"R2&WS/"&>CA)Q(D@1]!?,#Q!@'G\-8;:+-9.$8<6M!W3QZP
M?&CC)KA]=H\?#.C!0`H6=J,8/3OVH<8,:CQC'_\^`'APXY.,E"`?A:%5`0(.
M")`6Y)`J^E'""#&2IA@`.D%IYB$JR"!09ILAD1MB6PY&F!]21+!`:$>LZ<86
M9_9)B`=:\4(#%PK\00`-SI&0PP1+-+I$`@.AE8(&3FPP@`Q]?,'+%G#YZ:<`
M3`"@01]2Q%"H$48\T0<`021`"`8("#$$#4CL-P8<:O2A`QM)>.IK=2(4P$0%
M"BQ0G10$I%"!%ZX.@D$*2X`Q0`E<)2#!"`/\8,(`OWH:0GL65+"#"=5-```2
M?Q10!R$@,/!'"%7XE<4>%RTAQ0!&=.MG##S``H`)?!*PA!Q&N/'",(,<4$`%
M(:@1Q7YT5,##'V@LD*__O@9"<8(6'(O!,0PLQ*!%`T1((88/!(`A`Q@2A*"%
M&#"'P`(6/0S`!1P-B^"#&!PPT03,0&MQ0J<8YY5!`D@PP`!=/]**1!%.I]!`
M$RFDD,,`#%1!UP`TC-4$#0T,@`0.?E1Q*1]TT:6U%=05G1<:()WUV89X=MF-
M;ZKM2+<W"\XYV@2VN4W3&E<8P0`-W"B8V(ZB$:;@;'WW/9B0"U;8APPS"SZ3
M`%N0D$)9D"_.XG6)[UBAA;^EXXWE")#0A*]K"!!55`','@`;L^>N^^Y1X<X[
M[[[__GL`Q)N@P>FD%4F?Y<H'J;@]JI/>&W!]Y!Z\\-AGK_WVO=N>Q1V>"'!%
M_QI:IYUTTDN;K_[Z::?/OOI*OR\_$E74SP`.I@O)_.D*WJ/Z_Z))G%E6Y(<C
M`,</YHO?_!;(P`8R4(%?P`/1-B$^$E!I-*KQ6_]"$T`M!>F#'C1+X^;DMP!&
MKG%TBQS?\I>X`$9/2ZHC80%[(2;1D<YO^UO08":'/!G&L(8=;.%\N#&%&5!E
M$VM8`PM(D`[5/`,QS1,A"]'QPN@Q;G7\RY_<BB"WT.A(BZ'SW^@LY#\QE@X=
M0?JB64PW13;JSQYHM%P6S[BX*2)/#!$X(B<"4(`2R(`;1+*'XZ#W0BK:48`@
M!`T<R7@8`V*'D&<D8XOF^#_F+1(X7PPD]/B'Q18]#_^29SRD\S8Y1GPD@04+
MP,-D1%$!$0#'B:2L8OY8:,?L3!*1;-S1;K"3R%(B#WF%I&('Z89)&?T2D9:$
MHRYU5$I;EE)YIFL"`3HPBR6$1I3'S.;I)/3+O?&/#T?8$$%^*$02CG.(')P<
M.=>831QJ,YO>?*+=[N;$;LZ3`&R@Q1+`Z<O5!=.&[SRF#4\XN4:*LX8?M"(/
M`\K."OEM;\'4W_XZ>3H3AK"BO\1"`/29.BI"+HZC*:1(%SG&<:;#HMO,#@Y)
M>DLRVI&EO\RE3%N:NEG"5'DH95$9=\A2(RB!H[]1T>,2*<.2VO2%&H2<%2<Z
M0$,ZU)#N3-X[%3I+DQJRD'7_E*,B.PG-_PFR&SX%JF'@U%0Z-LZ?Z(RDXGYI
MU8]&[ZQBHESERAK5&_;RKN:,G"@!^LYS2I2.8M(H1[EQ06"R48=J+9*<U*E.
M=*8UK@I=7CHEN\['%F:`BC/A0F_(5Z5>,Z2+=>@Y2]C!H7)#L-6\FTMCZD&1
MRBB&V]G294GGU>71<I8)9>$X6\I6T?3/M)R-;23]J5C=7E2KIPMK:@%)'Q<*
MB90R<MQ`E1G%I:*.JK25Y%TQBLR8UA2ZHZLI:SV9R]$I%I?`!>M/8R&`#U"`
MN1Y59!EI.M<-3M*,VBRN,>>T4]Z.-Z95O6LPL<E;6>*5N.GE!A<2L(4KD&(+
M%9`"_PVYF,V(`G&("2ZK]/X*PG5*5L,^#&WH^O;&'0XWAH>TXGQ47*3*K36S
M5WQ<#*<`@!<X@11+"`'BX(O>-O;0?_Q]HQPW^5(W(M>DOY5Q&V%;50.SUL*W
M3"I+ZXI+\2*@`01X`2G*8(0OXK:%4S8R*$M7VZ,2TJ:4_?!WB8S?W%[5L"2=
M;T1G>IV1?AB99W[&$_ZR"#MD`0I_AH*@`PV%#G#AM=V])G`[6-HIQC:*0\:P
M;;$8X.%NU=*83N9*35QA2.\/RL#LC0P6,&A"_SD+6X!`%ZP@!RN,(0I1:/6K
MHP"`)S#TLU8M8:5G.\=O^G#%<P5L9H,H6N/"<*&D=2&RF?_JT497=(3E?482
ML""'AR4`UF.PPL/(L(([+4Y"2Z6PDCB,4&&'-JK2+78[KRC%9^N5<JT];US=
M/$=B@_:IMT;L1#.KG4V'9@IY.$``A+";>F1'EX#DIF&SJ%M[D]>FRM:J=1/*
M-\MJ^,F/O61\O6IG/+?4=&W]N)@P*9J\V4,#!H!%%JR`A"<`J8M3;.0QYSQ@
M*,_7J<;T.,6C+%SDSAQUEOQP%5=K:2.7D-(@E>^WH3C#/B!`!E]8P6D&`84H
M0*:S5'XKNQ.[O)!ON(>R[2%<GRUO9X_VF]M]<;"/CE5TFW#L0L]U3O4L!D3`
M+:3@5!%!,EA#1^<PVI9+Z]GC2]S__!(XLKVT.&45C_>_IA74')0<,.W-=S]@
MH0QV5X&<?VG+J)87Q6W^-$4%2-V;DS[GB0XZ59%,8*)[],O&K*1VA<AU3FXH
M'9='1!9.8#$L>,$+;1A`A+KD93*K6(/5!3!,[^NX.X\1E!GF^%4%:4/$"_+,
M;WVN]"L)?36?T[H(F`(6Q@_\"02@3(F@0!T,P/Y[%;QTR*^BPR7.\-3[%_*+
M[[#L.;SFS\(0R=]%>CMU<[34=0LG8TW5``!0!NS'?BW@"0;@!7539]^W>%Y'
M@0ZU6>KV1B=$;N@@>9VE;H^W62J$64M&=NTT;Y'78D?G!U,0!5OF!<5$2:17
M1_J5=(_V_T]MEFM&IE:&YU^*EG0N%7\,=T@7V%W-EU^B\8*D4`?C@4E=%5XN
MA5W8I7^YY%M:YVD*U5&=YGJH5W/VE6:O-713J%7\!5Y%IAA3,`9-V&6ZX4CR
M-60G9GK+)TN+%'$`%B<T%TH=ADLI"%+.A6=BA'B^Y5:N!6!3P&>BP&5<%$^3
M-5"%EW:"YV+E164;UU@A-VSGY7:$MU;'16*>V(F#-%D?M4*895E,.`I:,`6F
MTTB\,5VWEE#0]H.E*$*EU8+WIFL+]X@59VSWUEOV9F''EU>;%3VJ,007$PIF
M``!#T"+X40\G!6;:155E]ES[%GMF=(-A:(F>]7GR%F/9Z&R2A/]FE,12>R5F
MSN,'",`MHF`&*N`#LR$AT.AD]L5BLJ=%M)2$+Y:-7UA4Z\9\F7A?HR15MZ1,
MA!=':/AS?`@:!)$"7Q"#&L(;CHAO%45@)$91H-AP6S=:9@=W9Q>*]19V`A4Z
M]!:+!%EQ.$00.0"#HV``;;!#AP%0_]2+DQ>2F%97_E9N')1#M[A2+L:-@"5"
MD,5I'ZE%6,<W_V<Z3]`LBS@>NJ%&`_97=D:.YH5?2/9,EM9\S0<],NEO=?52
M9,1H$25<GP129!AXB;24I&`"AY8_)@>(9@F%^Z=:1(5>0&B7'(=]1Z56!X=<
MS1-GJM,E]3AFW8>0'F5+/C`QHG`%/T#_-H8AD=Q0!7#`!%SP!4Q`F9;)!5QP
MF9S9F7#0!*`C0)_!'I=9F9QIFIV9FCA``O-T&'V0`CBPF90IFYK)!%_P!;*9
MFK6)FYAYF0/0&_B1/_70!#U@F[DYFTPPF:B9G$R@)M.X(TG``)QYF]1YG-.I
MF5\`!BG@FMCA1$,@!*-P`&"@-Y^Q=Y_A!`[V"3DB/6K(DIV@!`R`&'B(!!M5
M"_M$$#$I)NM@`)^@!;;F?.P`"E``!O3$=&<P"GOPFZK!3-VP!\CQ"3Y0%H;1
M#?C1!)OA"6/@`[LD7WW0`!I@"_ND&\_@&T7``!_J"2*0&U;8`UT`"B?PFS-T
M&%T2`6WS"7%@_P3;^6$I0`-Q8!Z>$`(-,*)W4P0PL`&?@`<Q4$"9!!I><`.V
MX`%"X$:V)`08\`E60*#/U`=`4".>X`$X:AB%E`)(0`=W$0HQ\$<K@DF8(PH8
M,``*UR),$`K6='O800\)<&.U,`=*`'-UZ@?&\@D7$`.BU*-FBBD?)@-Y0`IB
M\)]YHZ1/D(R?,*#'%*>@,*="54!\(!FVD`4)\%#EZ:>@,`=2(&+<``5EVI^,
MVB6I*`JKJ`[`F3=3`*F><`!5T&[71*F>$`9D0!^J(4YN$`:V4'40Q3A_Z@E;
M(&$D21KH&0J+JE8P(`>DT*HR2@\&%*NB0*LQ68A]P`6@H*L+2JVV1/\&P%H+
M*U</!=1?Q=H)<Y`D>G@/RPH*S3I%/E``T:HJ2BJDUAH*3E`%KDE.3)">G>"M
MO%1/?B"NFVH%YNI(T9BNG+`%[)J7?G```.L)\5HA4#,!BIJJ._FHHB"IYWH/
M5%(%>!JPNUI]@_&KP1H%PSH:#+L);S`!7">QH>"?3\0B14`"6%"OP\6Q^EJK
M!E@V(\L)NNI_%6*PM5!U<V)`IM.RCO"RD0=L?&"JH:!C3]4'32"KJ+JS6,L)
M<>`,,]14(OL)0WM,;K!*M%!U:'0/!L2TC7"L[09'[ZJ>#X!?Z7"U]8I=/`L*
M!M`#!#1)89NKN^IQ1GNV40!(<L:VC."V0RC_&G'K"4R@(+9D#W:KBE/@6/>0
MMY^0`%/`G14"!D&["6-;D'[P`N-*N"*J1HB["(HK1.XZL9W`!>D@HXHTN:Q:
MN:)#&)CK"5&0`[Q116DP=0'K!I`H(8,["VB[5L]X!&>0NHJP!1-`E(SKNISP
M!8P%14FPM9U`L]:8NYU@!;S;1FGPN8X0!L)K4=E1O+*`MD.Z&\R;",Y[@\_0
MN*]+1;QQO3JK4Y>+O8XP!K:6A'TAOHV@JWD&&JP1K&-@15W2OHCPOEXHOYP`
MNP5HOZIHKX7$O9PP!E.`OY$)P(Q`OL;$3`6P#^1J!:+SF&;A`!.T"<=*AZT;
M"K!+&#*:#A+,JO8Z_V\6O`F:.T/>!`;`RPEV0`&(U45^H`)HD+(+<@;)&QI2
M,`>?L+KRY\";P`)<A)_AA`^T.[/]BT4W[`A1``,K=A]%\+<DFZQFH09%?+11
M,"=GH%)\,`%\8JP25E0*`L6.P`0#Y!M6K+^;H+V%T0?Y"@I1P(HE]!F>*[:!
M"Y)\(`4MBL;.I",$(05OW`FKB[]\0,>-8,<?6+=Z[`@ZL&,K)'ZB$,@E1<@<
MO`AC&XW>H,@IZTQ`!\F?$`$A@)")8<F,@,EA9+6;W`A?X$*5\P0Y&PJB_(CX
MP<.&W`MRX@UF;,2?"EMN_`D1*%H+(K6@8,OS-L.A0+VBY0=),`6B8`6JTO^"
M8BRT9%!/*J3*:+RRS^#*$/B2T,P',CO-&(7+I`"['XM)#X``W?S-R!/.H$L&
M7?)]YDRX;A0]ZMP)92`-8*0@)_"@GW!H(&7-\-P;`71PW2S(^US*BA"Z394.
M`3T+*T=G=!(X!HT%(Z4@)M`:H(#-<@31GT#-0LH;%7V6_#R^@7MIZ;S(M,"I
M/@<XGU`&,LAP'?()*DU%+.VX9A&<B%&>H9S!OS33C0`![W5,'9V^<I!-/`V!
M$CABW"`'/=P)NYR)5QS17<1%P+'4G`2T8BN\QT3$!^MC=!+)G/#,SA?4GN#0
MJR7/HV#+D54$9JU55=`5GM`">WI`%:(&.#T+!Z#_`+U6T'$M@_W%#=T1"G9\
M@T7="9BLM"PD"AB\(G;SUY]P`)VJMJ<SU;$0`1/`R@0-UYMPT$HV7_LAV>;%
M#97-"2Y].MT,`SH\.E6`$9W0!5+@DX]\V+)`!49P%BO(0<WL"0=]W)!#UY8=
M4V$MU(#W#*$,`VH+C=>TVY_@V_R7S+5`W"'V#%?="7+=2Z\=T2-*83>;RXS@
MT*;3J'ZPU-/Z1(K!`$[B"7>'8$-\QK0`WGT,&HR]"1&X>3L2V1%]0/B9`BQ`
M"IBL2V^IV4_0R&0=!%6*WR"AW][=WT8P4_<0X(XPX#K%(@;>TD2"2`@``PR^
MA_F,@%/,!\^ZW<AJ@DHL_]RQ0-REF-H][06*=]XDGC>*87)'P.`7QPTK#DX_
M5`0YH(B<X-OZ1M`T3@HV+M6J_>'L;&_.3=OQG!A"/G.B$`,T4.(Q[,=LZ`G<
M+=5//@K$+6^SX>&-4-[!=.6.L`5I4%+:L>6QK2"B4`)#`.:]"P/NN>0QWE*&
M;0MIKH+XP.:,,."75.!=O0E94*LS^)A\8.<#/>FA@`6LR4OXH!I^#N,^Q];?
M;028ANB+X-,G)6\\W@D>NTOF6@]V'GB6#@J8/C>"V>ED_MNPS@<9/@M1+HUO
M[<Q5/D5PW@@#JB`&%&SQG=<"V0VB8`[8]PRK"NA!YN2$ON&LS`VDK@AU(.HQ
M-?_LC+"OD(M=0EZ-]-#L`1*`+CCFO8WKK\<!%:[A)IS>AL$!"#/29)@.WKX(
M63">MT7=RGY>KV3NOM0',*#DF\#DZ>T\;>"DH0Y?KAD,%>#,,CCM]S#BG9`%
M<YY-I+#+G,;LH=`99F7KZTZ,!42?U0X:C1I.?.`%F(?5OT@:7`$*^ZI-&S]6
M(^KCL:Z>3=!B.Q3M!Q_HI,@`^=3PQR8AN:?<X^%L^:X(3I`&7RP]\ZSI)"7P
M=^;SCE#FNA$]2+!>&LY:6,"?GK#M'`H]2Y\(&,]XHW`%<""D*DCUB63UC5#F
MJJ.TSV#R1(]17@#VG<"6=<:5%L\)&`]JHP#NZH"?9W#_3LTN'Y('[7_^\T3;
M#7;?]3.9]Y_0K.ZD(*G."4WOB\D>"E``&:[Z.'-B`>"CGN?@6?@@\M)>(7PG
M]"</Z]-``97_GRC)!SS`VYVP^:BO.H//K^;Z<'.0PCAR^J8']XR`!NR*\AET
M!`S`];.@!P2`=M.P+I[@GZ'W#")PWYXP\Z'D/X-/H.+6]]+L"2`?3,:_"'`S
MCR9L&,U/Z-'O9GU`^=6O*F'(#>#P"?O^<2<U^&D`"'U^@GY^?(6%669_C(V.
MCX]&28B"1XA/8Y":D&@J1X2'A'Y(2INFIXU41H-]@JVN7@:HFUI/K**(1E2S
MFUEIA;C`?;RG3FE\N(>(3E?$_Y!&3<&75LZ.75*(AME\I-7$5%BLE(189=Z,
MM>/"?KKGC$Y5V?)%1^Z.66"O\LO-[I*4`)]0.]?I%2%1W>R9TD,`5RM$Y=S5
M<J7O53MW\`!FZU-$(:,L\1X"H\3,WK];18H(PN1N3PED%5TE]`AI!1.-V;#(
M.J=E"D6#K2Z><Y*/XJU"-#/*4S:HI+])A@312SDEBCLE2$2Y*L2M%$U..(ZH
M9(HHEL0GP40)]4;TH5M12:OTX<.4K--SDN:2%5OU*@-+^PS-_-IHB;*Y@Y`5
M,LO3%C"ZV=964YHX6%RNB.SVP]N$+ME!,.2X8\.`SY'32P<3_K/$D.*E7LPU
MUI8YU_\N=U#`<'V=+:GNP,#N>CO)]`@R'P6N(N%39.-#U827.,3%V%LZ=<`D
M.\L-'%'2--(>"Z]V<JOQ/C2D*#?*ZA#TK]*=9ZM>[?I15MJ)X>M>R,P:A<;P
MMA$?XSES4F6()(&%<H\=YIY7JS'2VF?S[62=+71I)4A^O!BCX390+&(//'J)
M(]YFWB!!0GA^)&&$<G5M\QY-K6UC8D2S+>49A[.\T(,?Q@E82('.4';?D"A6
M0\(#;U&4!`$,:I7-C![5B$A*^N!XX2`C,<4C*AO`X$<10@ZB"(#QR,>//3`Q
MIQ)%34!Y#E:W((8(`Q!&*)U4S0&DTUDB&53(EZ=8,<689?;_$2*:_/E!)"\'
MT<-E(4V\."<2PBB6DA]X1E@88BD=LJD??S:6S*2$FI+`%/3H(\^9(Z;9W:.S
M%$(/A2["J)@RMZ81@*<2:J-7<^3(MJ6-MMECQ1.2FO@0K;-D)%(A8IDIXCG5
MAI?KI>L`1F85OP);8RO%6<)`#6=M)$^JFRP[ZK1(,@HOEGS`>LZ[X_2QK3=8
M`=6G(3AL`"QK/SW4*@X.I.LJ)>QJ8J@\T_8!+2I&0DQ@DL[8^@DER%2Z'BC;
M#*'!P/%)Q1294VBAL)!]-`R)%6+^.VE3&!<IES1Z+>I.=\CL6PV=M67&QP(D
M:W.KJ'2EG&Y4F`UZVSDP`XF@.!,7_Y-F*)`]6S,OP)PACC(^.P/T;F,:5T3"
MXE)K2+743@'$TJ]YQH?+CRP[#V"&5&T*2#,S':\[8N';I\?<@BP5D&A[&A\B
MU;8ZA1CN``&#(&72[8B[WJJ4F=Z;Z,%`W]/:ZTW@EO1I21]Q1CF22$40+>Y6
M4Z7TR1,JGQ.##%OM8WDCF(\9ZIAY;\V+W:Y)_1@=UWH#9'-N<M4'"7+RBRG$
M![FN>/&6L'U$#K5[<Y..R;K3NR60A:JS.U'`H-CI0.J50!;V="U6B2TN>$X`
M57RVJQ_6Z[D.*_387O>JP82'R"T;4\"#/59%ET]\B',.\TGN-%6$,4`A?GQJ
MG"#"1HP`3/]O)._JWVI:PQ':O*((3X#<.0IXD-SY`0$8L,<86)62`$I-$*+S
MQA@<$Q5R^2X*%W0'GWR'I199BE\,$(FH_B7"Z$1,&'UXG#NX\*'#^&$)RN)A
M#8%7B/.=`P@RD%1%$/&#"YSC"@?@R+]&Y0<2L.`#`JC&&S30@T#M0PUT\-0'
M7F`>A\@@!!_PAB\<(JQ#4,`.WEC#&L2`.PHAH@*!M$<.$,"X?^D%!@KTQ@$*
M8*-`/:`)D*Q&&4J0@L`@I@]?,(&G,,"!?1CP"`]@`1:K`3-I8,T/4@!!(J\P
M!030;S>"((`>W'$',SS@9)84Q!`P<`=O@",;Q.+8`S3@A&IL@`O_7G.E:?H`
M@SQX:@,_FID!50*#!'@C!C2(&$4.`8`*>,,"&4#`&=*2#1G,P!UK$``-'C`2
M^>1@!O^IA@<``+P^X&T<+]A"-4X@@2MI[DI^@(/`(D2&`E[)((<X0Q!NX`T-
MY"!BA^&(&KK@C2LX84FN'%4/2%J-);AT"3A`0#35Y0<<=."E.,VI3E_02N8=
M-!L;V(-.A_I2);3!H:'@(@$V0-2F.G4)"?`"KS2GCP<PP`U/U:E'00=-'00@
MJSFM@`OV&9A1(8&I2Z`"!+@&+_XXTC59V]7^3AF,4+00.P84&N42@S7/[)6O
M@,5,7@?DH/\U[9>FU!]O2M16GK$H,Z(@_Q^[;@F<6PYV'W;M9%WW)Y\,[08R
MC1+67?EC0,\8UJW4X]A;OX8LUX2GL64R$2N,`Y&GG:([;"NKS#06VM[R9[>^
M#:YPASM<-A+WN+9"E6T9,0<0Y-1W^S!N=*,+7.1V1[K6S:YV>_O3[?KV7V?%
M*1XBX$&FT653GH6KW.*:6<"6%A3K-:U@__I9]@KM-?1#K'MC6]_T:K.OZ=4+
M@.^[6?KZK2Z+'6W0J$4^V3XA#P'X2]P6#.`$']BTC:VL;($#4O_FUZ_@`Z8Z
MR))7QMH2OR>^*X#AJV"0\NR^Y2,3ETXGB@=[\"<<"VTRM`+:QDH)BA!SSF/O
MX\,,3V=`.#&L6\U6YT+2O@4[IK2CCO%*+M00,H4WULA<@`(O+KM*4)-Z;:!&
M>^1\"=D5&0*S;UV%XNF,<<G][-MC@.Q*C@$%RF,FLS[F9]P44H``24@""4@0
MZ$`W(0E-2+2B#XWH1#?:T8B.=*$9+>E"&_K2EH:TI3?]:$I/^M"+-K2G.4UJ
M24-:TZ8>M:HG36I*HYK5HH[UIS\-:E=O&M2#%C2A!9T$!BP``Q,P`A:,(.QA
F$_O8R$ZVLI?-[&8[^]G0CK:TITWM:EO[VL?&`@&RG6P;F"`0`#L_
`
end
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
