<SEC-DOCUMENT>0000088053-18-000483.txt : 20180508
<SEC-HEADER>0000088053-18-000483.hdr.sgml : 20180508
<ACCEPTANCE-DATETIME>20180508170055
ACCESSION NUMBER:		0000088053-18-000483
CONFORMED SUBMISSION TYPE:	8-K
PUBLIC DOCUMENT COUNT:		3
CONFORMED PERIOD OF REPORT:	20180508
ITEM INFORMATION:		Other Events
ITEM INFORMATION:		Financial Statements and Exhibits
FILED AS OF DATE:		20180508
DATE AS OF CHANGE:		20180508

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:		8-K
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	811-05983
		FILM NUMBER:		18815549

	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>8-K
<SEQUENCE>1
<FILENAME>fm8k_050818ngf.htm
<DESCRIPTION>FORM 8-K - THE NEW GERMANY FUND, INC.
<TEXT>
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<P STYLE="font: bold 10pt/85% Times New Roman, Times, Serif; margin: 0; text-align: center">As filed with the Securities and Exchange
Commission on May 8, 2018</P>

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<P STYLE="font: bold 14pt/85% Times New Roman, Times, Serif; margin: 0 0 0 0.4in; text-align: center; text-indent: -0.2in">UNITED
STATES</P>

<P STYLE="font: bold 14pt/85% Times New Roman, Times, Serif; margin: 0 0 0 0.4in; text-align: center; text-indent: -0.2in">SECURITIES
AND EXCHANGE COMMISSION</P>

<P STYLE="font: bold 10pt/85% Times New Roman, Times, Serif; margin: 0 0 0 0.4in; text-align: center; text-indent: -0.2in">WASHINGTON,
D.C. 20549</P>

<P STYLE="font: 5pt/85% Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: bold 14pt/85% Times New Roman, Times, Serif; margin: 0; text-align: center">____________<BR>
<BR>
FORM 8-K<BR>
____________</P>

<P STYLE="font: bold 14pt/85% Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P>

<P STYLE="font: 5pt/85% Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: bold 12pt/85% Times New Roman, Times, Serif; margin: 0; text-align: center">CURRENT REPORT</P>

<P STYLE="font: bold 10pt/85% Times New Roman, Times, Serif; margin: 0; text-align: center">Pursuant to Section 13 or 15(d) of
the Securities Exchange Act of 1934</P>

<P STYLE="font: bold 10pt/85% Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P>

<P STYLE="font: bold 10pt/85% Times New Roman, Times, Serif; margin: 0; text-align: center">Date of Report (Date of earliest event
reported): May 4, 2018</P>

<P STYLE="font: 5pt/85% Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 16pt/85% Times New Roman, Times, Serif; margin: 0 0 0 0.2in; text-align: center; text-indent: 0.2in"><B><BR>
THE NEW GERMANY FUND, INC.</B></P>

<P STYLE="font: 10pt/85% Times New Roman, Times, Serif; margin: 0 0 0 0.2in; text-align: center; text-indent: 0.2in"><I>(Exact
name of registrant as specified in its charter)</I></P>

<P STYLE="font: 10pt/85% Times New Roman, Times, Serif; margin: 0 0 0 0.2in; text-align: center; text-indent: 0.2in"><I>&nbsp;</I></P>

<P STYLE="font: 14pt/85% Times New Roman, Times, Serif; margin: 0 0 0 0.2in; text-align: center; text-indent: 0.2in">____________</P>

<P STYLE="font: 10pt/85% Times New Roman, Times, Serif; margin: 0 0 0 0.2in; text-align: center; text-indent: 0.2in"><I>&nbsp;</I></P>

<P STYLE="font: 10pt/85% Times New Roman, Times, Serif; margin: 0 0 0 0.2in; text-align: center; text-indent: 0.2in"><I>&nbsp;</I></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse">
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        <P STYLE="font: 10pt/85% Times New Roman, Times, Serif; margin: 0 0.5in 0 0; text-align: left"><B>Maryland</B></P>
        <P STYLE="font: 10pt/85% Times New Roman, Times, Serif; margin: 0 0.5in 0 0; text-align: left">(State or other Jurisdiction</P>
        <P STYLE="font: 10pt/85% Times New Roman, Times, Serif; margin: 0 0.5in 0 0; text-align: left">of incorporation)</P></TD>
    <TD STYLE="width: 33%; padding-right: 5.4pt; padding-left: 5.4pt">
        <P STYLE="font: 10pt/85% Times New Roman, Times, Serif; margin: 0 0.5in 0 0; text-align: center"><B>811-05983</B></P>
        <P STYLE="font: 10pt/85% Times New Roman, Times, Serif; margin: 0 0.5in 0 33.3pt; text-align: left">(Commission<BR>
        File Number)</P>
        <P STYLE="font: 10pt/85% Times New Roman, Times, Serif; margin: 0 0.5in 0 0; text-align: center"><B>&nbsp;</B></P></TD>
    <TD STYLE="width: 33%; padding-right: 5.4pt; padding-left: 5.4pt">
        <P STYLE="font: 10pt/85% Times New Roman, Times, Serif; margin: 0 0.5in 0 0; text-align: left"><B>13-3555471</B></P>
        <P STYLE="font: 10pt/85% Times New Roman, Times, Serif; margin: 0 0.5in 0 0; text-align: left">(IRS Employer</P>
        <P STYLE="font: 10pt/85% Times New Roman, Times, Serif; margin: 0 0.5in 0 0; text-align: left">Identification No,)</P></TD></TR>
</TABLE>
<P STYLE="font: 10pt/85% Times New Roman, Times, Serif; margin: 0; text-align: left">&nbsp;</P>

<P STYLE="font: 10pt/85% Times New Roman, Times, Serif; margin: 0; text-align: center"><B>345 Park Avenue</B><BR>
<B>New York, NY 10154</B></P>

<P STYLE="font: 10pt/85% Times New Roman, Times, Serif; margin: 0; text-align: center"><B>(Address of principal executive offices)</B></P>

<P STYLE="font: 10pt/85% Times New Roman, Times, Serif; margin: 0; text-align: center"><BR>
<BR>
<B>Registrant&#8217;s telephone number, including area code: (617) 295-1000</B><BR>
<BR>
<B>Not Applicable</B><BR>
<B>(Former name or former address, if changed since last report.)</B></P>

<P STYLE="font: 14pt/85% Times New Roman, Times, Serif; margin: 0 0 0 0.2in; text-align: center; text-indent: 0.2in"><B>____________</B></P>

<P STYLE="font: 10pt/85% Times New Roman, Times, Serif; margin: 0 0 0 0.2in; text-align: center; text-indent: 0.2in"><I>&nbsp;</I></P>

<P STYLE="font: 10pt/85% Times New Roman, Times, Serif; margin: 0 0 0 0.2in; text-align: center; text-indent: 0.2in"><I>&nbsp;</I></P>

<P STYLE="font: 10pt/85% Times New Roman, Times, Serif; margin: 0 0 0 0.2in; text-align: center; text-indent: 0.2in"><I>&nbsp;</I></P>

<P STYLE="font: 10pt/85% Times New Roman, Times, Serif; margin: 0 0 0 0.2in; text-align: center; text-indent: 0.2in"><I>&nbsp;</I></P>

<P STYLE="font: 5pt/85% Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 5pt/85% Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 5pt/85% Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt/10.2pt Times New Roman, Times, Serif; margin: 0 0 12pt 1.95pt; text-align: left; color: #231F20">Check the
appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under
any of the following provisions (<U>see</U> General Instruction A.2. below):</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt 2.15pt; text-align: left; color: #231F20">[ ] <FONT STYLE="letter-spacing: -0.1pt">Written</FONT>
communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt 2.15pt; text-align: left; color: #231F20">[ ] Soliciting material
pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0.4pt 0 12pt 1.95pt; text-align: left; color: #231F20">[ ] Pre-commencement
communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 2.7pt 0 12pt 1.95pt; text-align: left; color: #231F20">[ ] Pre-commencement
communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 2.7pt 0 12pt 1.95pt; text-align: left; color: #231F20">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left; color: #231F20">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 12pt Times New Roman, Times, Serif; margin-top: 24pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 1in"><A NAME="bookmark4"></A><A NAME="ITEM_9_01__FINANCIAL_STATEMENTS_AND_EXHI"></A><A NAME="ITEM_2_02__RESULTS_OF_OPERATIONS_AND_FIN"></A><A NAME="ITEM_5_02__DEPARTURE_OF_DIRECTORS_OR_CER"></A><A NAME="ITEM_7_01__REGULATION_FD_DISCLOSURE_"></A><A NAME="bookmark0"></A><A NAME="bookmark1"></A><A NAME="bookmark2"></A><A NAME="ITEM_8_01_OTHER_EVENTS"></A><A NAME="bookmark3"></A><FONT STYLE="letter-spacing: 0.05pt">ITEM 8.01</FONT></TD><TD STYLE="text-align: justify">OTHER
EVENTS</TD></TR></TABLE>

<P STYLE="font: 12pt/102% Times New Roman, Times, Serif; margin: 5.35pt 0 0 1.95pt; text-indent: 21.5pt"><FONT STYLE="letter-spacing: 0.05pt">On
May 4, 2018, the Board of Directors of the Registrant approved (1) Amended and Restated Bylaws of the Registrant, effective May
4, 2018; and (2) Articles of Restatement of the Registrant&#8217;s charter, which became effective on May 7, 2018. The Amended
and Restated Bylaws are filed as Exhibit 99.1 to this Report on Form 8-K. The Articles of Restatement are filed as Exhibit 99.2
to this Report on Form 8-K. </FONT></P>

<P STYLE="font: 12pt/102% Times New Roman, Times, Serif; margin: 5.35pt 0 0 1.95pt; text-indent: 21.5pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 12pt Times New Roman, Times, Serif; margin-top: 24pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 1in"><FONT STYLE="letter-spacing: 0.05pt">ITEM 9.01</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="letter-spacing: 0.05pt">FINANCIAL STATEMENTS AND EXHIBITS</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 1.95pt">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 6.6pt 0 0 1.95pt"><FONT STYLE="letter-spacing: -0.2pt">(</FONT><FONT STYLE="letter-spacing: 0.3pt">d</FONT>)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;E<FONT STYLE="letter-spacing: 0.3pt">xh</FONT><FONT STYLE="letter-spacing: 0.2pt">i</FONT><FONT STYLE="letter-spacing: 0.3pt">b</FONT><FONT STYLE="letter-spacing: 0.2pt">it</FONT><FONT STYLE="letter-spacing: -0.05pt">s</FONT>.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0.5pt 0 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" BORDER="0" STYLE="width: 100%; font: 12pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 10pt; text-indent: -10pt; width: 8pc">Exhibit</TD>
    <TD STYLE="padding-left: 10pt; text-indent: -10pt">&nbsp;</TD></TR>
</TABLE>


<TABLE CELLPADDING="0" CELLSPACING="0" BORDER="0" STYLE="width: 100%; margin-top: 0.3pt; font: 12pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 10pt; text-indent: -10pt; width: 8pc"><FONT STYLE="letter-spacing: 0.15pt"><U>Numbe</U>r</FONT></TD>
    <TD STYLE="padding-left: 10pt; text-indent: -10pt"><FONT STYLE="letter-spacing: 0.05pt"><U>Description</U></FONT></TD></TR>
</TABLE>


<TABLE CELLPADDING="0" CELLSPACING="0" BORDER="0" STYLE="width: 100%; font: 12pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 10pt; text-indent: -10pt; width: 8pc"><FONT STYLE="letter-spacing: 0.05pt">99.1</FONT></TD>
    <TD STYLE="padding-left: 10pt; text-indent: -10pt"><FONT STYLE="letter-spacing: -0.05pt">Registrant&#8217;s Amended and Restated Bylaws as of May 4, 2018</FONT></TD></TR>
</TABLE>


<TABLE CELLPADDING="0" CELLSPACING="0" BORDER="0" STYLE="width: 100%; font: 12pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 10pt; text-indent: -10pt; width: 8pc"><FONT STYLE="letter-spacing: 0.05pt">99.2</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="letter-spacing: -0.05pt">Registrant&#8217;s Articles of Restatement as filed with the State Department of Assessments
and Taxation of the State of Maryland on May 7, 2018</FONT></TD></TR>
</TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>



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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 2.7pt 0 12pt 1.95pt; text-align: center"><B>SIGNATURE</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 2.7pt 0 12pt 1.95pt; text-align: left; text-indent: 0.5in">Pursuant
to the requirements of the Securities Exchange Act of 1934, as amended, the Registrant has duly caused this report to be signed
on its behalf by the undersigned hereunto duly authorized.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 2.7pt 0 12pt 0pt; text-align: left">Date: May 8, 2018&#9;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The New
Germany Fund, Inc.<BR></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 2.7pt 0 12pt 280pt; text-align: left"><BR>
&#9;<U>/s/John Millette</U><BR>
&#9;Name: John Millette<BR>
&#9;Title: Secretary</P>

<P STYLE="font: 5pt/85% Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify">&nbsp;</P>


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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>EXHIBIT INDEX</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left"><B>&nbsp;</B></P>

<TABLE CELLPADDING="0" CELLSPACING="0" BORDER="0" STYLE="width: 100%; font: 8pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: left; padding-left: 10pt; text-indent: -10pt; width: 8pc">Exhibit</TD>
    <TD STYLE="text-align: left; padding-left: 10pt; text-indent: -10pt">&nbsp;</TD></TR>
</TABLE>


<TABLE CELLPADDING="0" CELLSPACING="0" BORDER="0" STYLE="width: 100%; font: 8pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: left; padding-left: 10pt; text-indent: -10pt; width: 8pc"><U>Number</U></TD>
    <TD STYLE="text-align: left; padding-left: 10pt; text-indent: -10pt"><U>Description</U></TD></TR>
</TABLE>


<P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: left">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" BORDER="0" STYLE="width: 100%; font: 8pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: left; padding-left: 10pt; text-indent: -10pt; width: 8pc">99.1&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>
    <TD STYLE="text-align: left; padding-left: 10pt; text-indent: -10pt">Registrant&#8217;s Amended and Restated Bylaws as of May
    4, 2018</TD></TR>
</TABLE>


<P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: left">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" BORDER="0" STYLE="width: 100%; font: 8pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: left; padding-left: 10pt; text-indent: -10pt; width: 8pc">99.2&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>
    <TD STYLE="text-align: left">Registrant&#8217;s Articles of Restatement as filed with
    the State Department of Assessments and Taxation of the State of Maryland on May 7, 2018</TD></TR>
</TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">4<B>&nbsp;</B></P>



<P STYLE="margin: 0">&nbsp;</P>

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<DOCUMENT>
<TYPE>EX-99.1
<SEQUENCE>2
<FILENAME>ex99-1_ngf.htm
<DESCRIPTION>THE NEW GERMANY FUND, INC. (A MARYLAND CORPORATION) BYLAWS (AMENDED AND RESTATED AS OF MAY 4, 2018)
<TEXT>
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<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="margin: 0; text-align: right">Exhibit 99.1</P>

<P STYLE="font: 12pt/200% Times New Roman, Times, Serif; margin: 0; text-align: center"><B>The New Germany Fund, Inc.</B></P>

<P STYLE="font: 12pt/200% Times New Roman, Times, Serif; margin: 0; text-align: center">(a Maryland corporation)</P>

<P STYLE="font: 12pt/200% Times New Roman, Times, Serif; margin: 0; text-align: center"><B>Bylaws</B></P>

<P STYLE="font: 12pt/200% Times New Roman, Times, Serif; margin: 0; text-align: center">(Amended and Restated as of May 4, 2018)</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 12pt 0; text-align: center; text-indent: 0in"><FONT STYLE="font-family: (normal text),serif">ARTICLE
I<BR>
<BR>
</FONT><BR><U>Offices</U></P>

<P STYLE="font: 12pt/200% Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><FONT STYLE="font-family: (normal text),serif">Section
1.</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;&nbsp;&nbsp; </FONT><U>Principal Office</U>.
The principal office of The New Germany Fund, Inc. (the &#8220;Corporation&#8221;) shall be located at such place or places as
the Board of Directors may designate.</P>

<P STYLE="font: 12pt/200% Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><FONT STYLE="font-family: (normal text),serif">Section
2.</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;&nbsp;&nbsp; </FONT><U>Additional Offices</U>.
The Corporation may have additional offices at such places as the Board of Directors may from time to time determine or the business
of the Corporation may require.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 12pt 0; text-align: center; text-indent: 0in"><FONT STYLE="font-family: (normal text),serif">ARTICLE
II<BR>
<BR>
</FONT><BR><U>Stockholders</U></P>

<P STYLE="font: 12pt/200% Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><FONT STYLE="font-family: (normal text),serif">Section
1.</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;&nbsp;&nbsp; </FONT><U>Place of Meetings</U>.
All meetings of the stockholders of the Corporation shall be held at the principal office of the Corporation or at such other place
as may from time to time be set by the Board of Directors and stated in the notice of meeting.</P>

<P STYLE="font: 12pt/200% Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><FONT STYLE="font-family: (normal text),serif">Section
2.</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;&nbsp;&nbsp; </FONT><U>Annual Meetings</U>.
An annual meeting of the stockholders for the election of Directors and transaction of any business within the powers of the</P>


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<P STYLE="font: 12pt/200% Times New Roman, Times, Serif; margin: 0">Corporation shall be held on a date and time and at a place
set by the Board of Directors each year and stated in the notice of the meeting.</P>

<P STYLE="font: 12pt/200% Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><FONT STYLE="font-family: (normal text),serif">Section
3.</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;&nbsp;&nbsp; </FONT><U>Special Meetings</U>.
(a) <U>General</U>. The President, Chief Executive Officer or Board of Directors may call a special meeting of the stockholders.
Subject to subsection&nbsp;(b) of this Section&nbsp;3, a special meeting of stockholders shall also be called by the Secretary
of the Corporation upon the written request of the stockholders entitled to cast not less than a majority of all the votes entitled
to be cast at such meeting.</P>

<P STYLE="font: 12pt/200% Times New Roman, Times, Serif; margin: 0; text-indent: 1in"><FONT STYLE="font-family: (normal text),serif; line-height: 200%">(b)</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt; line-height: 200%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Stockholder-Requested Special Meetings</U>. (1) Any stockholder of record seeking to have stockholders request a special
meeting shall, by sending written notice to the Secretary (the &#8220;Record Date Request Notice&#8221;) by registered mail, return
receipt requested, request the Board of Directors to fix a record date to determine the stockholders entitled to request a special
meeting (the &#8220;Request Record Date&#8221;). The Record Date Request Notice shall set forth the purpose of the meeting and
the matters proposed to be acted on at it, shall be signed by one or more stockholders of record as of the date of signature (or
their duly authorized agents), shall bear the date of signature of each such stockholder (or other agent) and shall set forth all
information relating to each such stockholder that must 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&nbsp;14A
under the Securities Exchange Act of 1934, as amended (the &#8220;Exchange Act&#8221;), or pursuant to the Investment Company Act
of 1940, as amended (the &#8220;Investment Company Act&#8221;), and the rules promulgated thereunder. Upon receiving the Record
Date Request Notice, the Board of Directors may fix a Request Record Date. The Request Record Date shall not precede</P>


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<P STYLE="font: 12pt/200% Times New Roman, Times, Serif; margin: 0">and shall not be more than ten days after the close of business
on the date on which the resolution fixing the Request Record Date is adopted by the Board of Directors. If the Board of Directors,
within ten days after the date on which a valid Record Date Request Notice is received, fails to adopt a resolution fixing the
Request Record Date and make a public announcement of such Request Record Date, the Request Record Date shall be the close of business
on the tenth day after the first date on which the Record Date Request Notice is received by the Secretary.</P>

<P STYLE="font: 12pt/200% Times New Roman, Times, Serif; margin: 0; text-indent: 1in"><FONT STYLE="font-family: (normal text),serif">(2)</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;&nbsp;
</FONT>In order for any stockholder to request a special meeting to act on any matter that may properly be considered at a meeting
of stockholders, one or more written requests for a special meeting signed by stockholders of record (or their duly authorized
agents) as of the Request Record Date entitled to cast not less than a majority (the &#8220;Special Meeting Percentage&#8221;)
of all of the votes entitled to be cast on such matter at such meeting (the &#8220;Special Meeting Request&#8221;) shall be delivered
to the Secretary. In addition, the Special Meeting Request shall set forth the purpose of the meeting and the matters proposed
to be acted on at it (which shall be limited to the matters set forth in the Record Date Request Notice received by the Secretary),
shall bear the date of signature of each such stockholder (or other agent) signing the Special Meeting Request, shall set forth
the name and address, as they appear in the Corporation&#8217;s books, of each stockholder signing such request (or on whose behalf
the Special Meeting Request is signed), the class and number of shares of stock of the Corporation which are owned of record and
beneficially by each such stockholder and the nominee holder for, and number of, shares of stock of the Corporation owned beneficially
but not of record by such stockholder, shall be sent to the Secretary by registered mail, return receipt requested, and</P>


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<P STYLE="font: 12pt/200% Times New Roman, Times, Serif; margin: 0">shall be received by the Secretary within 60 days after the
Request Record Date. Any requesting stockholder may revoke his, her or its request for a special meeting at any time by written
revocation delivered to the Secretary.</P>

<P STYLE="font: 12pt/200% Times New Roman, Times, Serif; margin: 0 0 0 6pt; text-indent: 66pt"><FONT STYLE="font-family: (normal text),serif">(3)</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;&nbsp;
</FONT>The Secretary shall inform the requesting stockholders of the reasonably estimated cost of preparing and mailing the notice
of meeting (including the Corporation&#8217;s proxy materials). The Secretary shall not be required to call a special meeting upon
stockholder request and such meeting shall not be held unless, in addition to the documents required by paragraph&nbsp;(2) of this
Section&nbsp;3(b), the Secretary receives payment of such reasonably estimated cost prior to the preparation and mailing or delivery
of any notice of the meeting.</P>

<P STYLE="font: 12pt/200% Times New Roman, Times, Serif; margin: 0; text-indent: 1in"><FONT STYLE="font-family: (normal text),serif">(4)</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;&nbsp;
</FONT>Except as provided in the next sentence, any special meeting shall be held at such place, date and time as may be designated
by the President, Chief Executive Officer or Board of Directors, whoever has called the meeting. In the case of any special meeting
called by the Secretary upon the request of stockholders (a &#8220;Stockholder-Requested Meeting&#8221;), such meeting shall be
held at such place, date and time as may be designated by the Board of Directors; <U>provided</U>, however, that the date of any
Stockholder-Requested Meeting shall be not more than 90 days after the record date for such meeting (the &#8220;Meeting Record
Date&#8221;); and <U>provided further</U> that if the Board of Directors fails to designate, within ten days after the date that
a valid Special Meeting Request is actually received by the Secretary (the &#8220;Delivery Date&#8221;), a date and time for a
Stockholder-Requested Meeting, then such meeting shall be held at 2:00&nbsp;p.m. local time on the 90th day after the Meeting Record
Date or, if such 90th day is not a Business Day (as defined below), on the first preceding Business Day; and <U>provided further</U>
that in the</P>


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<P STYLE="font: 12pt/200% Times New Roman, Times, Serif; margin: 0">event that the Board of Directors fails to designate a place
for a Stockholder-Requested Meeting within ten days after the Delivery Date, then such meeting shall be held at the principal executive
offices of the Corporation. In fixing a date for any special meeting, the President, Chief Executive Officer or Board of Directors
may consider such factors as he, she or it deems relevant within the good faith exercise of business judgment, including, without
limitation, the nature of the matters to be considered, the facts and circumstances surrounding any request for meeting and any
plan of the Board of Directors to call an annual meeting or a special meeting. In the case of any Stockholder-Requested Meeting,
if the Board of Directors fails to fix a Meeting Record Date that is a date within 30&nbsp;days after the Delivery Date, then the
close of business on the 30th day after the Delivery Date shall be the Meeting Record Date.</P>

<P STYLE="font: 12pt/200% Times New Roman, Times, Serif; margin: 0; text-indent: 1in"><FONT STYLE="font-family: (normal text),serif">(5)</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;&nbsp;
</FONT>If at any time as a result of written revocations of requests for the special meeting, stockholders of record (or their
duly authorized agents) as of the Request Record Date entitled to cast less than the Special Meeting Percentage shall have delivered
and not revoked requests for a special meeting, the Secretary may refrain from mailing the notice of the meeting or, if the notice
of the meeting has been mailed, the Secretary may revoke the notice of the meeting at any time before ten days before the meeting
if the Secretary has first sent to all other requesting stockholders written notice of such revocation and of intention to revoke
the notice of the meeting. Any request for a special meeting received after a revocation by the Secretary of a notice of a meeting
shall be considered a request for a new special meeting.</P>

<P STYLE="font: 12pt/200% Times New Roman, Times, Serif; margin: 0; text-indent: 1in"><FONT STYLE="font-family: (normal text),serif">(6)</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;&nbsp;
</FONT>The Chairman of the Board of Directors, the President or the Board of Directors may appoint regionally or nationally recognized
independent inspectors of</P>


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<P STYLE="font: 12pt/200% Times New Roman, Times, Serif; margin: 0">elections to act as the agent of the Corporation for the purpose
of promptly performing a ministerial review of the validity of any purported Special Meeting Request received by the Secretary.
For the purpose of permitting the inspectors to perform such review, no such purported request shall be deemed to have been delivered
to the Secretary until the earlier of (i)&nbsp;five Business Days after receipt by the Secretary of such purported request and
(ii)&nbsp;such date as the independent inspectors certify to the Corporation that the valid requests received by the Secretary
represent stockholders of record entitled to cast not less than the Special Meeting Percentage. Nothing contained in this paragraph&nbsp;(6)
shall in any way be construed to suggest or imply that the Corporation or any stockholder shall not be entitled to contest the
validity of any request, whether during or after such five Business Day period, or to take any other action (including, without
limitation, the commencement, prosecution or defense of any litigation with respect thereto, and the seeking of injunctive relief
in such litigation).</P>

<P STYLE="font: 12pt/200% Times New Roman, Times, Serif; margin: 0; text-indent: 1in"><FONT STYLE="font-family: (normal text),serif">(7)</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;&nbsp;
</FONT>For purposes of these Bylaws, &#8220;Business Day&#8221; shall mean any day other than a Saturday, a Sunday or a day on
which banking institutions in the State of New York are authorized or obligated by law or executive order to close.</P>

<P STYLE="font: 12pt/200% Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><FONT STYLE="font-family: (normal text),serif">Section
4.</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;&nbsp;&nbsp; </FONT><U>Notice of Meetings
of Stockholders</U>. Not less than ten nor more than 90&nbsp;days before each meeting of stockholders, the Secretary shall give
to each stockholder entitled to vote at such meeting and to each stockholder not entitled to vote who is entitled to notice of
the meeting notice in writing or by electronic transmission stating the time and place of the meeting and, in the case of a special
meeting or as otherwise may be required by any statute, the purpose for which the meeting is called, either by mail, presenting
it to the stockholder personally, leaving it at the stockholder&#8217;s residence or</P>


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<P STYLE="font: 12pt/200% Times New Roman, Times, Serif; margin: 0">usual place of business, by electronic transmission or transmitting
the notice to the stockholder in any other manner authorized by law. If mailed, notice shall be deemed to be given when deposited
in the United States mail addressed to the stockholder at the stockholder&#8217;s post office address as it appears upon the books
of the Corporation, with postage thereon prepaid. If transmitted electronically, such notice shall be deemed to be given when transmitted
to the stockholder by an electronic transmission to any address or number of the stockholder at which the stockholder receives
electronic transmissions. The Corporation may give a single notice to all stockholders who share an address, which single notice
shall be effective as to any stockholder at such address, unless a stockholder objects to receiving such single notice or revokes
a prior consent to receiving such single notice. Failure to give notice of any meeting to one or more stockholders, or any irregularity
in such notice, shall not affect the validity of any meeting fixed in accordance with this Article II or the validity of any proceedings
at any such meeting. The Corporation may postpone or cancel a meeting of stockholders by making a public announcement (as defined
in Section 13(c)(3) of this Article II) of such postponement or cancellation prior to the meeting. Notice of the date, time and
place to which the meeting is postponed shall be given not less than ten days prior to such date and otherwise in the manner set
forth in this section.</P>

<P STYLE="font: 12pt/200% Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><FONT STYLE="font-family: (normal text),serif">Section
5.</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;&nbsp;&nbsp; </FONT><U>Scope of Notice</U>.
Any business of the Corporation may be transacted at an annual meeting of stockholders without being specifically designated in
the notice, except such business as is required by any statute to be stated in such notice. No business shall be transacted at
a special meeting of stockholders except as specifically designated in the notice.</P>

<P STYLE="font: 12pt/200% Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><FONT STYLE="font-family: (normal text),serif"></FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;&nbsp;&nbsp; </FONT></P>


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<P STYLE="font: 12pt/200% Times New Roman, Times, Serif; margin: 0; text-indent: 40pt"><U></U></P>

<P STYLE="font: 12pt/200% Times New Roman, Times, Serif; margin: 0; text-indent: 40pt">Section 6. &nbsp;&nbsp;&nbsp;&nbsp;<U>Quorum</U>.
At any meeting of stockholders, the presence in person or by proxy of stockholders entitled to cast one-third of all the votes
entitled to be cast at such meeting shall constitute a quorum; but this section shall not affect any requirement under any statute
or the charter of the Corporation for the vote necessary for the adoption of any measure. If, however, such quorum shall not be
present at any meeting of the stockholders, the chairman of the meeting, in accordance with Section&nbsp;12 of this Article&nbsp;II
of these Bylaws, shall have the power to adjourn the meeting from time to time to a date not more than 120 days after the original
record date without notice other than announcement at the meeting. At such adjourned meeting at which a quorum shall be present,
any business may be transacted which might have been transacted at the meeting as originally notified.</P>

<P STYLE="font: 12pt/200% Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">The stockholders present either in person
or by proxy, at a meeting which has been duly called and at which a quorum has been established, may continue to transact business
until adjournment, notwithstanding the withdrawal from the meeting of enough stockholders to leave stockholders with fewer shares
than would be required to establish a quorum.</P>

<P STYLE="font: 12pt/200% Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><FONT STYLE="font-family: (normal text),serif">Section
7.</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;&nbsp;&nbsp; </FONT><U>Voting</U>. A nominee
for Director shall be elected as a Director only if such nominee receives the affirmative vote of a majority of the total number
of votes entitled to be cast thereon at a meeting of stockholders duly called and at which a quorum is present. Each share may
be voted for as many individuals as there are Directors to be elected and for whose election the share is entitled to be voted.
A majority of the votes cast at a meeting of stockholders duly called and at which a quorum is present shall be sufficient to approve
any other matter which may properly come before the meeting,</P>


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<P STYLE="font: 12pt/200% Times New Roman, Times, Serif; margin: 0">unless more than a majority of the votes cast is required by
statute or by the charter of the Corporation. Unless otherwise provided in the charter, each outstanding share, regardless of class,
shall be entitled to one vote on each matter submitted to a vote at a meeting of stockholders.</P>

<P STYLE="font: 12pt/200% Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><FONT STYLE="font-family: (normal text),serif">Section
8.</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;&nbsp;&nbsp; </FONT><U>Proxies</U>. A stockholder
may cast the votes entitled to be cast by the shares of stock of the Corporation owned of record by him, her or it either in person
or by proxy executed by the stockholder or the stockholder&#8217;s duly authorized agent in any manner authorized by law. Such
proxy shall be filed with the Secretary of the Corporation before or at the time of the meeting. No proxy shall be valid after
eleven months from the date of its execution, unless otherwise provided in the proxy.</P>

<P STYLE="font: 12pt/200% Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><FONT STYLE="font-family: (normal text),serif">Section
9.</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;&nbsp;&nbsp; </FONT><U>Voting of Stock
by Certain Holders</U>. Stock of the Corporation registered in the name of a corporation, limited liability company, partnership,
joint venture, trust or other entity, if entitled to be voted, may be voted by the President or a Vice President, member, manager,
general partner or trustee thereof, as the case may be, or a proxy appointed by any of the foregoing individuals, unless some other
person who has been appointed to vote such stock pursuant to a bylaw or a resolution of the governing body of such corporation
or other entity or agreement of the partners of a partnership presents a certified copy of such bylaw, resolution or agreement,
in which case such person may vote such stock. Any Director or other fiduciary may vote stock registered in his or her name as
such fiduciary, either in person or by proxy.</P>

<P STYLE="font: 12pt/200% Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">Shares of stock of the Corporation directly
or indirectly owned by it shall not be voted at any meeting and shall not be counted in determining the total number of outstanding
shares entitled to be voted at any given time, unless they are held by it in a</P>


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<P STYLE="font: 12pt/200% Times New Roman, Times, Serif; margin: 0">fiduciary capacity, in which case they may be voted and shall
be counted in determining the total number of outstanding shares at any given time.</P>

<P STYLE="font: 12pt/200% Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">The Board of Directors may adopt by resolution
a procedure by which a stockholder may certify in writing to the Corporation that any shares of stock registered in the name of
the stockholder are held for the account of a specified person other than the stockholder. The resolution shall set forth the class
of stockholders who may make the certification, the purpose for which the certification may be made, the form of certification
and the information to be contained in it; if the certification is with respect to a record date or closing of the stock transfer
books, the time after the record date or closing of the stock transfer books within which the certification must be received by
the Corporation; and any other provisions with respect to the procedure which the Board of Directors considers necessary or desirable.
On receipt of such certification, the person specified in the certification shall be regarded as, for the purposes set forth in
the certification, the stockholder of record of the specified stock in place of the stockholder who makes the certification.</P>

<P STYLE="font: 12pt/200% Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><FONT STYLE="font-family: (normal text),serif">Section
10.</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Inspectors</U>. The Board of Directors, in advance of any meeting, may, but need not, appoint one or more individual
inspectors or one or more entities that designate individuals as inspectors to act at the meeting or any adjournment thereof. If
an inspector is, or inspectors are, not appointed, the person presiding at the meeting may, but need not, appoint one or more inspectors.
In case any person who may be appointed as an inspector fails to appear or act, the vacancy may be filled by appointment made by
the Board of Directors in advance of the meeting or at the meeting by the chairman of the meeting. The inspectors, if any, shall
(i) determine the number of shares of stock</P>


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<P STYLE="font: 12pt/200% Times New Roman, Times, Serif; margin: 0">represented at the meeting, in person or by proxy, and the
validity and effect of proxies, (ii) receive and tabulate all votes, ballots or consents, (iii) report such tabulation to the chairman
of the meeting, (iv) hear and determine all challenges and questions arising in connection with the right to vote, and (v) do such
acts as are proper to fairly conduct the election or vote. Each such report shall be in writing and signed by the inspector or
by a majority of them if there is more than one inspector acting at such meeting. If there is more than one inspector, the report
of a majority shall be the report of the inspectors. The report of the inspector or inspectors on the number of shares represented
at the meeting and the results of the voting shall be <I>prima facie</I> evidence thereof.</P>

<P STYLE="font: 12pt/200% Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><FONT STYLE="font-family: (normal text),serif">Section
11.</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Presiding Officer - Stockholders Meetings</U>. At every meeting of stockholders, an individual appointed by the Board
of Directors to be chairman of the meeting shall conduct the meeting or, in the absence of such appointment or appointed individual,
the Chairman of the Board, if there be one, shall conduct the meeting or, in the case of vacancy in office or absence of the Chairman
of the Board, one of the following Directors or officers present shall conduct the meeting in the order stated: the Vice Chairman
of the Board, if there be one, the Chief Executive Officer, the President, the Vice Presidents in their order of rank and seniority,
or a chairman chosen by the stockholders entitled to cast a majority of the votes which all stockholders present in person or by
proxy are entitled to cast, shall act as chairman, and the Secretary, or, in his or her absence, an Assistant Secretary, or in
the absence of both the Secretary and Assistant Secretaries, a person appointed by the chairman shall act as secretary.</P>

<P STYLE="font: 12pt/200% Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><FONT STYLE="font-family: (normal text),serif">Section
12.</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Conduct of Stockholders Meetings</U>. The order of business and all other matters of procedure at any meeting of stockholders
shall be determined by the</P>


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<P STYLE="font: 12pt/200% Times New Roman, Times, Serif; margin: 0">chairman of the meeting. The chairman of the meeting may prescribe
such rules, regulations and procedures and take such action as, in the discretion of such chairman, are appropriate for the proper
conduct of the meeting, including, without limitation, (a)&nbsp;restricting admission to the time set for the commencement of the
meeting; (b)&nbsp;limiting attendance at the meeting to stockholders of record of the Corporation, their duly authorized proxies
or other such persons as the chairman of the meeting may determine; (c)&nbsp;limiting participation at the meeting on any matter
to stockholders of record of the Corporation entitled to vote on such matter, their duly authorized proxies or other such persons
as the chairman of the meeting may determine; (d)&nbsp;limiting the time allotted to questions or comments by participants; (e)&nbsp;determining
when and for how long the polls should be opened and when the polls should be closed; (f) maintaining order and security at the
meeting; (g)&nbsp;concluding the meeting or recessing or adjourning the meeting to a later date and time and a place announced
at the meeting and (h) complying with any state and local laws and regulations concerning safety and security. Unless otherwise
determined by the chairman of the meeting, meetings of stockholders shall not be required to be held in accordance with the rules
of parliamentary procedure.</P>

<P STYLE="font: 12pt/200% Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">Section 13.&nbsp;&nbsp;<U>Advance Notice
of Stockholder Nominees for Director and Other Stockholder Proposals</U>. (a)&nbsp;&nbsp;<U>Annual Meetings of Stockholders</U>.</P>

<P STYLE="font: 12pt/200% Times New Roman, Times, Serif; margin: 0; text-indent: 1in">(1)&#9;Nominations of individuals for election
to the Board of Directors and the proposal of other business to be considered by the stockholders may be made at an annual meeting
of stockholders (i) pursuant to the Corporation&#8217;s notice of meeting, (ii) by or at the direction of the Board of Directors
or (iii) by any stockholder of the Corporation who was a stockholder of record as of the record date set by the Board of</P>


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<P STYLE="font: 12pt/200% Times New Roman, Times, Serif; margin: 0">Directors for the purpose of determining stockholders entitled
to vote at the annual meeting, at the time of giving of notice by the stockholder as provided for in this Section 13(a) and at
the time of the annual meeting, who is entitled to vote at the meeting in the election of each individual so nominated or on any
such other business and who has complied with this Section 13(a).</P>

<P STYLE="font: 12pt/200% Times New Roman, Times, Serif; margin: 0; text-indent: 1in">(2)&#9;For any nomination or other business
to be properly brought before an annual meeting by a stockholder pursuant to clause (iii) of paragraph (a)(1) of this Section 13,
the stockholder must have given timely notice thereof in writing to the Secretary of the Corporation and, in the case of any such
other business, such other business must otherwise be a proper matter for action by the stockholders. To be timely, a stockholder&#8217;s
notice shall set forth all information required under this Section 13 and shall be delivered to the Secretary of the Corporation
not earlier than the 150<SUP>th</SUP> day nor later than 5:00 p.m., Eastern Time, on the 120<SUP>th</SUP> day prior to the first
anniversary of the date of the proxy statement (as defined in Section 13(c)(3) of this Article II) for the preceding year&#8217;s
annual meeting; provided, however, that, in the event that the date of the annual meeting is advanced or delayed by more than 30
days from the first anniversary of the date of the preceding year&#8217;s annual meeting, in order for notice by the stockholder
to be timely, such notice must be so delivered not earlier than the 150<SUP>th</SUP> day prior to the date of such annual meeting
and not later than 5:00 p.m., Eastern Time, on the later of the 120<SUP>th</SUP> day prior to the date of such annual meeting or
the tenth day following the day on which public announcement of the date of such meeting is first made. The public announcement
of a postponement or adjournment of an annual meeting shall not commence a new time period for the giving of a stockholder&#8217;s
notice as described above.</P>


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<P STYLE="font: 12pt/200% Times New Roman, Times, Serif; margin: 0; text-indent: 1in">(3)&#9;Such stockholder&#8217;s notice shall
set forth:</P>

<P STYLE="font: 12pt/200% Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-indent: 1in">(i) as to each individual whom
the stockholder proposes to nominate for election or reelection as a Director (each, a &#8220;Proposed Nominee&#8221;),</P>

<P STYLE="font: 12pt/200% Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-indent: 1in">(A) all information relating to
the Proposed Nominee that would be required to be disclosed in connection with the solicitation of proxies for the election of
the Proposed Nominee as a Director in an election contest (even if an election contest is not involved), or would otherwise be
required in connection with such solicitation, in each case pursuant to Regulation 14A (or any successor provision) under the Exchange
Act and the rules thereunder; and</P>

<P STYLE="font: 12pt/200% Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-indent: 1in">(B) whether such stockholder believes
any such Proposed Nominee is, or is not, an &#8220;interested person&#8221; of the Corporation, as defined in the Investment Company
Act, and information regarding such individual that is sufficient, in the discretion of the Board of Directors or any committee
thereof or any authorized officer of the Corporation, to make such determination;</P>

<P STYLE="font: 12pt/200% Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-indent: 1in">(ii) as to any other business
that the stockholder proposes to bring before the meeting, a description of such business, the stockholder&#8217;s reasons for
proposing such business at the meeting and any material interest in such business of such stockholder or any Stockholder Associated
Person (as defined below), individually or in the aggregate, including any anticipated benefit to the stockholder or the Stockholder
Associated Person therefrom, other than an interest arising from the ownership of Company Securities where such stockholder, Proposed
Nominee or Stockholder Associated Person receives no extra or special benefit not shared on a <I>pro rata </I>basis by all other
holders of the same class;</P>


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<P STYLE="font: 12pt/200% Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-indent: 1in">(iii) as to the stockholder giving
the notice, any Proposed Nominee and any Stockholder Associated Person,</P>

<P STYLE="font: 12pt/200% Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-indent: 1in">(A) the class and number of all
shares of stock or other securities of the Corporation or any affiliate thereof (collectively, the &#8220;Company Securities&#8221;),
if any, which are owned (beneficially or of record) by such stockholder, Proposed Nominee or Stockholder Associated Person, the
date on which each such Company Security was acquired, and any short interest (including any opportunity to profit or share in
any benefit from any decrease in the price of such stock or other security) in any Company Securities of any such person;</P>

<P STYLE="font: 12pt/200% Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-indent: 1in">(B) the nominee holder for, and
number of, any Company Securities owned beneficially but not of record by such stockholder, Proposed Nominee or Stockholder Associated
Person;</P>

<P STYLE="font: 12pt/200% Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-indent: 1in">(C) whether and the extent to which
such stockholder, Proposed Nominee or Stockholder Associated Person, directly or indirectly (through brokers, nominees or otherwise),
is subject to or during the last twelve months has engaged in any hedging, derivative or other transaction or series of transactions
or entered into any other agreement, arrangement or understanding (including any short interest, any borrowing or lending of securities
or any proxy or voting agreement), the effect or intent of which is to (I) manage risk or benefit, for such stockholder, Proposed
Nominee or Stockholder Associated Person, of changes in the price of Company Securities or (II)&nbsp;increase or decrease the voting
power of such stockholder, Proposed Nominee or Stockholder Associated Person in the</P>


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<P STYLE="font: 12pt/200% Times New Roman, Times, Serif; margin: 0 0 0 0.5in">Corporation or any affiliate thereof disproportionately
to such person&#8217;s economic interest in the Company Securities; and</P>

<P STYLE="font: 12pt/200% Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-indent: 1in">(D) any substantial interest, direct
or indirect (including, without limitation, any existing or prospective commercial, business or contractual relationship with the
Corporation), by security holdings or otherwise, of such stockholder, Proposed Nominee or Stockholder Associated Person, in the
Corporation or any affiliate thereof, other than an interest arising from the ownership of Company Securities where such stockholder,
Proposed Nominee or Stockholder Associated Person receives no extra or special benefit not shared on a <I>pro rata</I> basis by
all other holders of the same class;</P>

<P STYLE="font: 12pt/200% Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-indent: 1in">(iv) as to the stockholder giving
the notice, any Stockholder Associated Person with an interest or ownership referred to in clauses (ii) or (iii) of this paragraph&nbsp;(3)
of this Section 13(a) and any Proposed Nominee, the name and address of such stockholder, as they appear on the Corporation&#8217;s
stock ledger, and the current name and business address, if different, of each such Stockholder Associated Person and any Proposed
Nominee.</P>

<P STYLE="font: 12pt/200% Times New Roman, Times, Serif; margin: 0; text-indent: 1in">(4)&#9;Such stockholder&#8217;s notice shall,
with respect to any Proposed Nominee, be accompanied by a certificate executed by the Proposed Nominee (i) certifying that such
Proposed Nominee (a) is not, and will not become a party to, any agreement, arrangement or understanding with any person or entity
other than the Corporation in connection with service or action as a Director that has not been disclosed to the Corporation and
(b) will serve as a Director of the Corporation if elected; and (ii) attaching a completed Proposed Nominee questionnaire (which
questionnaire shall be</P>


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<P STYLE="font: 12pt/200% Times New Roman, Times, Serif; margin: 0">provided by the Corporation, upon request, to the stockholder
in advance of providing the notice and shall, as completed, include all information relating to the Proposed Nominee that would
be required to be disclosed in connection with the solicitation of proxies for the election of the Proposed Nominee as a Director
in an election contest (even if an election contest is not involved), or would otherwise be required in connection with such solicitation,
in each case pursuant to Regulation 14A (or any successor provision) under the Exchange Act and the rules thereunder, or would
be required pursuant to the rules of any national securities exchange or over-the-counter market on which the Corporation&#8217;s
securities are listed or traded). Such Proposed Nominee questionnaire shall, as completed, also include a statement specifying
which of clauses (1)-(7) of the definition of &#8220;Relevant Experience and Country Knowledge&#8221; in Article III, Section 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 &#8220;Conflict
of Interest&#8221; as defined in Article III, Section 3 of the Bylaws.</P>

<P STYLE="font: 12pt/200% Times New Roman, Times, Serif; margin: 0; text-indent: 1in">(5)&#9;Notwithstanding anything in this subsection
(a) of this Section 13 to the contrary, in the event that the number of Directors to be elected to the Board of Directors is increased,
and there is no public announcement of such action at least 130 days prior to the first anniversary of the date of the proxy statement
(as defined in Section 13(c)(3) of this Article II) for the preceding year&#8217;s annual meeting, a stockholder&#8217;s notice
required by this Section 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</P>


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<P STYLE="font: 12pt/200% Times New Roman, Times, Serif; margin: 0">Secretary of the Corporation not later than 5:00 p.m., Eastern
Time, on the tenth day following the day on which such public announcement is first made by the Corporation.</P>

<P STYLE="font: 12pt/200% Times New Roman, Times, Serif; margin: 0; text-indent: 1in">(6)&#9;For purposes of this Section 13, &#8220;Stockholder
Associated Person&#8221; of any stockholder means (i) any person&nbsp;acting in concert with such stockholder, (ii) any beneficial
owner of shares of stock of the Corporation owned of record or beneficially by such stockholder (other than a stockholder that
is a depositary) and (iii) any&nbsp;person that directly, or indirectly through one or more intermediaries, controls, or is controlled
by, or is under common control with, such stockholder or such Stockholder Associated Person.</P>

<P STYLE="font: 12pt/200% Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">(b)&#9;<U>Special Meetings of Stockholders</U>.
Only such business shall be conducted at a special meeting of stockholders as shall have been brought before the meeting pursuant
to the Corporation&#8217;s notice of meeting. Nominations of individuals for election to the Board of Directors may be made at
a special meeting of stockholders at which Directors are to be elected only (i) by or at the direction of the Board of Directors
or (ii) provided that the special meeting has been called in accordance with Section 3 of this Article II for the purpose of electing
Directors, by any stockholder of the Corporation who is a stockholder of record as of the record date set by the Board of Directors
for the purpose of determining stockholders entitled to vote at the special meeting, at the time of giving of notice provided for
in this Section 13 and at the time of the special meeting, who is entitled to vote at the meeting in the election of each individual
so nominated and who has complied with the notice procedures set forth in this Section 13. In the event the Corporation calls a
special meeting of stockholders for the purpose of electing one or more individuals to the Board of Directors, any such stockholder
may nominate an individual or individuals (as the case may be) for election as a Director as specified in the</P>


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<P STYLE="font: 12pt/200% Times New Roman, Times, Serif; margin: 0">Corporation&#8217;s notice of meeting, if the stockholder&#8217;s
notice, containing the information required by paragraphs (a)(3) and (4) of this Section 13 shall be delivered to the Secretary
of the Corporation not earlier than the 120<SUP>th</SUP> day prior to such special meeting and not later than 5:00 p.m., Eastern
Time, on the later of the 90<SUP>th</SUP> 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. The public announcement of a postponement or adjournment of a special meeting shall not commence a new time period
for the giving of a stockholder&#8217;s notice as described above.</P>

<P STYLE="font: 12pt/200% Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">(c)&#9;<U>General</U>.&#9;(1) If information
submitted pursuant to this Section 13 by any stockholder proposing a nominee for election as a Director or any proposal for other
business at a meeting of stockholders shall be inaccurate in any material respect, such information may be deemed not to have been
provided in accordance with this Section 13. Any such stockholder shall notify the Corporation of any material inaccuracy or change
(within two Business Days of becoming aware of such inaccuracy or change) in any such information. Upon written request by the
Secretary of the Corporation or the Board of Directors, any such stockholder shall provide, within five Business Days of delivery
of such request (or such other period as may be specified in such request), (A) written verification, satisfactory, in the discretion
of the Board of Directors or any authorized officer of the Corporation, to demonstrate the accuracy of any information submitted
by the stockholder pursuant to this Section 13, and (B) a written update of any information (including, if requested by the Corporation,
written confirmation by such stockholder that it continues to intend to bring such nomination or other business</P>


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<P STYLE="font: 12pt/200% Times New Roman, Times, Serif; margin: 0">proposal before the meeting) submitted by the stockholder pursuant
to this Section 13 as of an earlier date. If a stockholder fails to provide such written verification or written update within
such period, the information as to which written verification or a written update was requested may be deemed not to have been
provided in accordance with this Section 13.</P>

<P STYLE="font: 12pt/200% Times New Roman, Times, Serif; margin: 0; text-indent: 1in">(2)&#9;Only such individuals whose nomination
is made in accordance with this Section 13 shall be eligible for nomination and election by stockholders 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
this Section 13. The chairman of the meeting shall have the power to determine whether a nomination or any other business proposed
to be brought before the meeting was made or proposed, as the case may be, in accordance with this Section 13.</P>

<P STYLE="font: 12pt/200% Times New Roman, Times, Serif; margin: 0; text-indent: 1in">(3)&#9;For purposes of this Section 13, &#8220;the
date of the proxy statement&#8221; shall have the same meaning as &#8220;the date of the company&#8217;s proxy statement released
to shareholders&#8221; as used in Rule 14a-8(e) promulgated under the Exchange Act, as interpreted by the Securities and Exchange
Commission or the Staff thereof from time to time. &#8220;Public announcement&#8221; shall mean disclosure (i) in a press release
reported by the Dow Jones News Service, Associated Press, Business Wire, PR Newswire or other widely circulated news or wire service
or (ii) in a document publicly filed by the Corporation with the Securities and Exchange Commission and the staff thereof pursuant
to the Exchange Act or the Investment Company Act.</P>

<P STYLE="font: 12pt/200% Times New Roman, Times, Serif; margin: 0; text-indent: 1in">(4)&#9;Notwithstanding the foregoing provisions
of this Section 13, a stockholder shall also comply with all applicable requirements of state law and of the</P>


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<P STYLE="font: 12pt/200% Times New Roman, Times, Serif; margin: 0">Exchange Act and the Investment Company Act and the rules and
regulations thereunder with respect to the matters set forth in this Section 13. Nothing in this Section 13 shall be deemed to
affect any right of a stockholder to request inclusion of a proposal in, or the right of the Corporation to omit a proposal from,
the Corporation&#8217;s proxy statement pursuant to Rule 14a-8 (or any successor provision) under the Exchange Act. Nothing in
this Section 13 shall require disclosure of revocable proxies received by the stockholder or Stockholder Associated Person pursuant
to a solicitation of proxies after the filing of an effective Schedule 14A by such stockholder or Stockholder Associated Person
under Section 14(a) of the Exchange Act.</P>

<P STYLE="font: 12pt/200% Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><FONT STYLE="font-family: (normal text),serif">Section
14.</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT> <U>Voting by Ballot</U>. Voting on any question or in any election may be <I>viva voce</I> unless the chairman of the meeting
shall order or any stockholder shall demand that voting be by ballot.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 12pt 0; text-align: center; text-indent: 0in"><FONT STYLE="font-family: (normal text),serif">ARTICLE
III</FONT><U><BR></U></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 12pt 0; text-align: center; text-indent: 0in"><U>Board of Directors</U></P>

<P STYLE="font: 12pt/200% Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><FONT STYLE="font-family: (normal text),serif">Section
1.</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;&nbsp;&nbsp; </FONT><U>General Powers</U>.
The business and affairs of the Corporation shall be managed under the direction of its Board of Directors.</P>

<P STYLE="font: 12pt/200% Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><FONT STYLE="font-family: (normal text),serif">Section
2.</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;&nbsp;&nbsp; </FONT><U>Number and Tenure</U>.
The number of Directors shall be not less than the minimum number required by the Maryland General Corporation Law (the &#8220;MGCL&#8221;).
Subject to the minimum number of Directors described in the immediately preceding sentence, the number of Directors of the Corporation
shall be fixed only by a vote of the Board of Directors.</P>

<P STYLE="font: 12pt/200% Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><FONT STYLE="font-family: (normal text),serif"></FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;&nbsp;&nbsp; </FONT></P>


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<P STYLE="font: 12pt/200% Times New Roman, Times, Serif; margin: 0; text-indent: 20pt"></P>

<P STYLE="font: 12pt/200% Times New Roman, Times, Serif; margin: 0; text-indent: 40pt">Section 3.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Qualifications</U>.
Directors need not be stockholders. Each Director shall hold office until the earlier of: (a) the expiration of his term and his
or her successor shall have been elected and qualifies, (b) his or her death, (c) his or her resignation, or (d) his or her removal.
To be eligible for nomination as a Director a person must, at the time of such person's nomination, (a) have Relevant Experience
and Country Knowledge (as defined below), (b) not have any Conflict of Interest (as defined below) and (c) not be over 75 years
of age, unless the Nominating and Governance Committee of the Board of Directors determines to except such person from that clause
based on its determination that such person&#8217;s continued service on the Board of Directors would be in the best interests
of the Corporation, giving consideration to, among other things, the person&#8217;s leadership role(s) on the Board. Whether a
proposed nominee satisfies the foregoing qualifications shall be determined by the Nominating and Governance Committee or, in
the absence of such a Committee, by the Board of Directors, each in its sole discretion.</P>

<P STYLE="font: 12pt/200% Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&#8220;Relevant Experience and Country
Knowledge&#8221; means experience in business, investment, economic or political matters of Germany or the United States through
service for five of the past 25&nbsp;years (except where a shorter period is noted) in one or more of the following occupations:</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(1)</TD><TD>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&nbsp;$500 million,</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(2)</TD><TD>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&nbsp;$500 million and whose management responsibilities include supervision of European
business operations,</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(3)</TD><TD>director (or the equivalent) for one of the past 10&nbsp;years of one or more investment businesses or vehicles (including
this Corporation) a principal</TD></TR></TABLE>


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<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt 1in">focus of which is investment in Germany and that have
at least the equivalent of US&nbsp;$25 million in combined total assets of their own,</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(4)</TD><TD>senior executive officer, partner or member of the board of directors (or equivalent, such as member of a supervisory board)
of an investment management business having at least the equivalent of US $500 million in securities of German companies or securities
principally traded in Germany under discretionary management for others,</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(5)</TD><TD>senior executive officer or partner of a business consulting, accounting or law firm having at least 100 professionals and
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,</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(6)</TD><TD>senior official (including ambassador or minister) (i) in the national government, a government agency or the central bank
of Germany or the United States, (ii) in a major supranational agency or organization of which Germany or the United States is
a member, or (iii) 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, or</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(7)</TD><TD>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.</TD></TR></TABLE>

<P STYLE="font: 12pt/200% Times New Roman, Times, Serif; margin: 0">For purposes of clauses&nbsp;(1)-(5) of the preceding sentence
and clauses&nbsp;(1)-(2) of the next paragraph, the term &#8220;financial or industrial business&#8221; includes a financial or
industrial business unit within a larger enterprise; the term &#8220;investment businesses or vehicles&#8221; includes an investment
business unit or investment vehicle within a larger enterprise; the term &#8220;investment management business&#8221; includes
an investment management business unit within a larger enterprise; and the term &#8220;investment vehicle&#8221; includes an investment
vehicle within a larger enterprise; but in each case only to the extent the unit satisfies the</P>


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<P STYLE="font: 12pt/200% Times New Roman, Times, Serif; margin: 0">revenue, asset and other requirements specified for the business
or vehicle in clauses&nbsp;(1)-(5) of the preceding sentence or clauses&nbsp;(1)-(2) of the next paragraph.</P>

<P STYLE="font: 12pt/200% Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&#8220;Conflict of Interest&#8221; means
the presence of a conflict with the interests of the Corporation or its operations through any of the following:</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(1)</TD><TD>current position (a) 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 and (b) having direct and regular responsibilities relating to that investment vehicle,</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(2)</TD><TD>current position as (a) a director, officer, partner or employee of the sponsor (or equivalent) of an investment vehicle described
in the previous point and (b) having direct and regular responsibilities relating to that investment vehicle, or</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(3)</TD><TD>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.</TD></TR></TABLE>

<P STYLE="font: 12pt/200% Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><FONT STYLE="font-family: (normal text),serif">Section
4.</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;&nbsp;&nbsp; </FONT><U>Vacancies</U>. Subject
to the provisions of the Investment Company Act, each vacancy on the Board of Directors of the Corporation may be filled only 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 to fill a vacancy shall hold office for the remainder of the full term of the class of Directors in which
the vacancy occurred and until a successor is elected and qualifies.</P>

<P STYLE="font: 12pt/200% Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><FONT STYLE="font-family: (normal text),serif">Section
5.</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;&nbsp;&nbsp; </FONT><U>Place of Meeting</U>.
The Directors may hold their meetings, have one or more offices, and keep the books of the Corporation at any office or offices
of the Corporation or at any other place as they may from time to time by resolution determine,</P>


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<P STYLE="font: 12pt/200% Times New Roman, Times, Serif; margin: 0">or in the case of meetings, as they may from time to time by
resolution determine or as shall be specified or fixed in the respective notices or waivers of notice thereof.</P>

<P STYLE="font: 12pt/200% Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><FONT STYLE="font-family: (normal text),serif">Section
6.</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;&nbsp;&nbsp; </FONT><U>Annual and Regular
Meetings</U>. The annual meeting of the Board of Directors shall be held as soon as practicable after the annual meeting of the
stockholders. The Board of Directors may provide, by resolution, the time and place, either within or without the State of Maryland,
for the holding of regular meetings of the Board of Directors without other notice than such resolution.</P>

<P STYLE="font: 12pt/200% Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><FONT STYLE="font-family: (normal text),serif">Section
7.</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;&nbsp;&nbsp; </FONT><U>Special Meetings</U>.
Special meetings of the Board of Directors may be called by the Chairman of the Board, the Chief Executive Officer, the President,
the Secretary or two or more Directors who are then appointed to the Executive Committee. The person or persons authorized to call
special meetings of the Board of Directors may fix any place as the place for holding any special meeting of the Board of Directors
called by them.</P>

<P STYLE="font: 12pt/200% Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><FONT STYLE="font-family: (normal text),serif">Section
8.</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;&nbsp;&nbsp; </FONT><U>Notice</U>. Notice
of any special meeting of the Board of Directors shall be delivered personally or by telephone, facsimile transmission, United
States mail or courier to each Director at his business or residence address and may also be provided by electronic mail. Notice
by personal delivery, by telephone, electronic mail or a facsimile transmission shall be given at least two days prior to the meeting.
Notice by mail shall be given at least five days prior to the meeting and shall be deemed to be given when deposited in the United
States mail properly addressed, with postage thereon prepaid. Telephone notice shall be deemed to be given when the Director is
personally given such notice in a telephone call to which he or she is a party. Electronic mail notice shall be deemed to be given
upon transmission of the message to the electronic mail address given</P>


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<P STYLE="font: 12pt/200% Times New Roman, Times, Serif; margin: 0">to the Corporation by the Director. Facsimile transmission
notice shall be deemed to be given upon completion of the transmission of the message to the number given to the Corporation by
the Director and receipt of a completed answer-back indicating receipt. Neither the business to be transacted at, nor the purpose
of, any annual, regular or special meeting of the Board of Directors need be stated in the notice, unless specifically required
by statute or these Bylaws.</P>

<P STYLE="font: 12pt/200% Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><FONT STYLE="font-family: (normal text),serif">Section
9.</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;&nbsp;&nbsp; </FONT><U>Quorum and Voting</U>.
A majority of the Board of Directors then in office shall constitute a quorum for the transaction of business, <U>provided</U>
that, if less than a majority of such Directors are present at said meeting, a majority of the Directors present may adjourn the
meeting from time to time without further notice, and <U>provided</U> further that if, pursuant to the charter of the Corporation
or these Bylaws, the vote of a majority of a particular group of Directors is required for action, a quorum must also include a
majority of such group. The action of the majority of the Directors present at any meeting at which a quorum is present shall be
the action of the Board of Directors, unless the concurrence of a greater proportion is required for such action by applicable
statute.</P>

<P STYLE="font: 12pt/200% Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><FONT STYLE="font-family: (normal text),serif">Section
10.</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Telephone Meetings</U>. Directors may participate in a meeting by means of a conference telephone or similar communications
equipment if all persons participating in the meeting can hear each other at the same time; <U>provided</U> that no such meeting
by conference telephone or similar communications equipment may be held for the purpose of voting to approve or continue any investment
advisory contract pursuant to Section 15 of the Investment Company Act. Participation in a meeting by these means constitutes presence
in person at the meeting.&#9;</P>

<P STYLE="font: 12pt/200% Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><FONT STYLE="font-family: (normal text),serif"></FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT></P>


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<P STYLE="font: 12pt/200% Times New Roman, Times, Serif; margin: 0; text-indent: 40pt"><U><BR></U></P>

<P STYLE="font: 12pt/200% Times New Roman, Times, Serif; margin: 0; text-indent: 40pt">Section 11.&nbsp;&nbsp;&nbsp;&nbsp;<U>&nbsp;Informal
Action by the Board of Directors</U>. Any action required or permitted to be taken at any meeting of the Board of Directors may
be taken without a meeting, if a consent to such action is given in writing or by electronic transmission by each Director and
such consent is subsequently filed with the minutes of the proceedings of the Board or such committee; provided that no such action
by consent may be taken to approve or continue an investment advisory contract pursuant to Section&nbsp;15 of the Investment Company
Act.&#9;</P>

<P STYLE="font: 12pt/200% Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><FONT STYLE="font-family: (normal text),serif">Section
12.</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Compensation of Directors</U>. Directors shall be entitled to receive such compensation from the Corporation for their
services as may from time to time be voted by the Board of Directors.</P>

<P STYLE="font: 12pt/200% Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><FONT STYLE="font-family: (normal text),serif">Section
13.</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Reliance</U>. <FONT STYLE="line-height: 200%">Each Director and officer of the Corporation shall, in the performance
of his or her duties with respect to the Corporation, be entitled to rely on any information, opinion, report or statement, including
any financial statement or other financial data, prepared or presented by an officer or employee of the Corporation whom the Director
or officer reasonably believes to be reliable and competent in the matters presented, by a lawyer, certified public accountant
or other person, as to a matter which the Director or officer reasonably believes to be within the person&#8217;s professional
or expert competence, or, with respect to a Director, by a committee of the Board of Directors on which the Director does not serve,
as to a matter within its designated authority, if the Director reasonably believes the committee to merit confidence.</FONT></P>

<P STYLE="font: 12pt/200% Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><FONT STYLE="font-family: (normal text),serif">Section
14.</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><FONT STYLE="line-height: 200%"><U>Emergency Provisions</U>. Notwithstanding any other provision in the Charter or these
Bylaws, this Section 15 shall apply during the existence of any catastrophe, or other similar emergency condition affecting the
Company, as a result of</FONT></P>


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<P STYLE="font: 12pt/200% Times New Roman, Times, Serif; margin: 0">which a quorum of the Board of Directors under Article III
of these Bylaws cannot readily be obtained (an &#8220;Emergency&#8221;). During any Emergency, unless otherwise provided by the
Board of Directors, (i)&nbsp;a meeting of the Board of Directors or a committee thereof may be called by any Director or officer
by any means feasible under the circumstances; (ii)&nbsp;notice of any meeting of the Board of Directors during such an Emergency
may be given less than 24 hours prior to the meeting to as many Directors and by such means as may be feasible at the time, including
publication, television or radio; and (iii)&nbsp;the number of Directors necessary to constitute a quorum shall be one-third of
the entire Board of Directors.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 12pt 0; text-align: center; text-indent: 0in"><FONT STYLE="font-family: (normal text),serif">ARTICLE
IV</FONT><U><BR></U></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 12pt 0; text-align: center; text-indent: 0in"><U>Committees</U></P>

<P STYLE="font: 12pt/200% Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><FONT STYLE="font-family: (normal text),serif">Section
1.</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;&nbsp;&nbsp; </FONT><U>Number, Tenure and
Qualifications</U>. The Board of Directors may appoint from among its members an Audit Committee and other committees, composed
of one or more Directors, to serve at the pleasure of the Board of Directors. The Board of Directors may appoint from among its
members an Executive Committee composed of two or more Directors, to serve at the pleasure of the Board of Directors.</P>

<P STYLE="font: 12pt/200% Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><FONT STYLE="font-family: (normal text),serif">Section
2.</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;&nbsp;&nbsp; </FONT><U>Powers</U>. The
Board of Directors may delegate to committees appointed under Section&nbsp;1 of this Article any of the powers of the Board of
Directors, except as prohibited by law.</P>

<P STYLE="font: 12pt/200% Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><FONT STYLE="font-family: (normal text),serif">Section
3.</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;&nbsp;&nbsp; </FONT><U>Meetings</U>. <FONT STYLE="line-height: 200%">Notice
of committee meetings shall be given in the same manner as notice for special meetings of the Board of Directors. A majority of
the members of the committee shall constitute a quorum for the transaction of business at any</FONT></P>


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<P STYLE="font: 12pt/200% Times New Roman, Times, Serif; margin: 0">meeting of the committee. The act of a majority of the committee
members present at a meeting shall be the act of such committee. The Board of Directors may designate a chairman of any committee,
and such chairman or any two members of any committee (if there are at least two members of the committee) may fix the time and
place of its meeting unless the Board shall otherwise provide. In the absence of any member of any such committee, the members
thereof present at any meeting, whether or not they constitute a quorum, may appoint another Director to act in the place of such
absent member. Each committee shall keep minutes of its proceedings.</P>

<P STYLE="font: 12pt/200% Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><FONT STYLE="font-family: (normal text),serif">Section
4.</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;&nbsp;&nbsp; </FONT><U>Telephone Meetings</U>.
Members of a committee of the Board of Directors may participate in a meeting by means of a conference telephone or similar communications
equipment if all persons participating in the meeting can hear each other at the same time; <U>provided</U> that no such meeting
by conference telephone or similar communications equipment may be held for the purpose of voting to approve or continue any investment
advisory contract pursuant to Section 15 of the Investment Company Act. Participation in a meeting by these means constitutes presence
in person at the meeting.</P>

<P STYLE="font: 12pt/200% Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><FONT STYLE="font-family: (normal text),serif">Section
5.</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;&nbsp;&nbsp; </FONT><U>Informal Action
by Committees</U>. Any action required or permitted to be taken at any meeting of a committee of the Board of Directors may be
taken without a meeting, if a consent to such action is given in writing or by electronic transmission by each member of the committee
and such consent is subsequently filed with the minutes of proceedings of such committee; <U>provided</U> that no such action by
written consent may be taken to approve or continue an investment advisory contract pursuant to Section&nbsp;15 of the Investment
Company Act.</P>

<P STYLE="font: 12pt/200% Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><FONT STYLE="font-family: (normal text),serif"></FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;&nbsp;&nbsp; </FONT></P>


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<P STYLE="font: 12pt/200% Times New Roman, Times, Serif; margin: 0; text-indent: 40pt"><U></U></P>

<P STYLE="font: 12pt/200% Times New Roman, Times, Serif; margin: 0; text-indent: 40pt">Section 6.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Vacancies</U>.
Subject to the provisions hereof, the Board of Directors shall have the power at any time to change the membership of any committee,
to fill all vacancies, to designate alternate members to replace any absent or disqualified member or to dissolve any such committee.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 12pt 0; text-align: center; text-indent: 0in"><FONT STYLE="font-family: (normal text),serif">ARTICLE
V</FONT><U><BR></U></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 12pt 0; text-align: center; text-indent: 0in"><U>Officers</U></P>

<P STYLE="font: 12pt/200% Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><FONT STYLE="font-family: (normal text),serif">Section
1.</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;&nbsp;&nbsp; </FONT><U>General Provisions</U>.
The officers of the Corporation shall include a Chief Executive Officer, a President, a Secretary and a Treasurer and may include
a Chairman of the Board, a Vice Chairman of the Board, one or more Vice Presidents, a Chief Operating Officer, a Chief Financial
Officer, one or more Assistant Secretaries and one or more Assistant Treasurers. In addition, the Board of Directors may from time
to time appoint such other officers with such powers and duties as they shall deem necessary or desirable. The officers of the
Corporation shall be elected annually by the Board of Directors at the first meeting of the Board of Directors held after each
annual meeting of stockholders, except that the Chief Executive Officer may appoint one or more Vice Presidents, Assistant Secretaries
and Assistant Treasurers. If the election of officers shall not be held at such meeting, such election shall be held as soon thereafter
as may be convenient. Each officer shall hold office until his or her successor is elected and qualifies or until his or her death,
resignation or removal in the manner hereinafter provided. Any two or more offices except President and Vice President may be held
by the same person. In its discretion, the Board of Directors may leave unfilled any office</P>


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<P STYLE="font: 12pt/200% Times New Roman, Times, Serif; margin: 0">except that of President, Treasurer and Secretary. Election
of an officer or agent shall not of itself create contract rights between the Corporation and such officer or agent.</P>

<P STYLE="font: 12pt/200% Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><FONT STYLE="font-family: (normal text),serif">Section
2.</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;&nbsp;&nbsp; </FONT><U>Removal and Resignation</U>.
Any officer or agent of the Corporation may be removed by the Board of Directors if in its judgment the best interests of the Corporation
would be served thereby, but such removal shall be without prejudice to the contract rights, if any, of the person so removed.
Any officer of the Corporation may resign at any time by giving written notice of his or her resignation to the Board of Directors,
the Chairman of the Board, the President or the Secretary. Any resignation shall take effect at any time subsequent to the time
specified therein or, if the time when it shall become effective is not specified therein, immediately upon its receipt. The acceptance
of a resignation shall not be necessary to make it effective unless otherwise stated in the resignation. Such resignation shall
be without prejudice to the contract rights, if any, of the Corporation.</P>

<P STYLE="font: 12pt/200% Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><FONT STYLE="font-family: (normal text),serif">Section
3.</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;&nbsp;&nbsp; </FONT><U>Vacancies</U>. A
vacancy in any office may be filled by the Board of Directors for the balance of the term.</P>

<P STYLE="font: 12pt/200% Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><FONT STYLE="font-family: (normal text),serif">Section
4.</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;&nbsp;&nbsp; </FONT><U>Chairman of the
Board</U>. The Board of Directors shall designate from among its members a Chairman of the Board. The Chairman of the Board shall
preside over the meetings of the Board of Directors and of the stockholders at which he or she shall be present. The Chairman of
the Board shall perform such other duties as may be assigned to him or her by the Board of Directors.</P>

<P STYLE="font: 12pt/200% Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><FONT STYLE="font-family: (normal text),serif">Section
5.</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;&nbsp;&nbsp; </FONT><U>Chief Executive
Officer</U>. The Board of Directors may designate a Chief Executive Officer. In the absence of such designation, the Chairman of
the Board shall be the Chief Executive Officer of the Corporation. The Chief Executive Officer</P>


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<P STYLE="font: 12pt/200% Times New Roman, Times, Serif; margin: 0">shall have general responsibility for implementation of the
policies of the Corporation, as determined by the Board of Directors, and for the management of the business and affairs of the
Corporation. He or she may execute any deed, mortgage, bond, contract or other instrument, except in cases where the execution
thereof shall be expressly delegated by the Board of Directors or by these Bylaws to some other officer or agent of the Corporation
or shall be required by law to be otherwise executed.</P>

<P STYLE="font: 12pt/200% Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><FONT STYLE="font-family: (normal text),serif">Section
6.</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;&nbsp;&nbsp; </FONT><U>President</U>. The
President shall have the responsibilities and duties as set forth by the Board of Directors or, in the event that the offices of
Chief Executive Officer and President are not held by the same person, the Chief Executive Officer.</P>

<P STYLE="font: 12pt/200% Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><FONT STYLE="font-family: (normal text),serif">Section
7.</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;&nbsp;&nbsp; </FONT><U>Chief Operating
Officer</U>. The Board of Directors may designate a Chief Operating Officer. The Chief Operating Officer shall have the responsibilities
and duties as set forth by the Board of Directors or the Chief Executive Officer.</P>

<P STYLE="font: 12pt/200% Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><FONT STYLE="font-family: (normal text),serif">Section
8.</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;&nbsp;&nbsp; </FONT><U>Chief Financial
Officer</U>. The Board of Directors may designate a Chief Financial Officer. The Chief Financial Officer shall have the responsibilities
and duties as set forth by the Board of Directors or the Chief Executive Officer.</P>

<P STYLE="font: 12pt/200% Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><FONT STYLE="font-family: (normal text),serif">Section
9.</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;&nbsp;&nbsp; </FONT><U>Vice Presidents</U>.
In the absence of the Chief Executive Officer and the President or in the event of a vacancy in such office, the Vice President
(or in the event there be more than one Vice President, the Vice Presidents in the order designated at the time of their election
or, in the absence of any designation, then in the order of their election) shall perform the duties of the Chief Executive Officer
and the President and when so acting shall have all the powers of and be subject to all the restrictions upon the Chief Executive
Officer and the President; and shall perform such other duties as from time to time may be assigned to him by the President or
by the Board of Directors. The</P>


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<P STYLE="font: 12pt/200% Times New Roman, Times, Serif; margin: 0">Board of Directors or the Chief Executive Officer may designate
one or more Vice Presidents as executive Vice President or as Vice President for particular areas of responsibility.</P>

<P STYLE="font: 12pt/200% Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><FONT STYLE="font-family: (normal text),serif">Section
10.</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Secretary</U>. The Secretary shall (a)&nbsp;keep the minutes of the proceedings of the stockholders, the Board of Directors
and committees of the Board of Directors in one or more books provided for that purpose; (b)&nbsp;see that all notices are duly
given in accordance with the provisions of these Bylaws or as required by law; (c)&nbsp;be custodian of the corporate records and
of the seal of the Corporation; (d)&nbsp;keep a register of the post office address of each stockholder which shall be furnished
to the Secretary by such stockholder; (e)&nbsp;have general charge of the share transfer books of the Corporation; and (f)&nbsp;in
general perform such other duties as from time to time may be assigned to him by the Chief Executive Officer, the President or
by the Board of Directors.</P>

<P STYLE="font: 12pt/200% Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><FONT STYLE="font-family: (normal text),serif">Section
11.</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Treasurer</U>. The Treasurer shall have the custody of the funds and securities of the Corporation and shall keep full
and accurate accounts of receipts and disbursements in books belonging to the Corporation and shall deposit all moneys and other
valuable effects in the name and to the credit of the Corporation in such depositories as may be designated by the Board of Directors.</P>

<P STYLE="font: 12pt/200% Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">The Treasurer shall disburse the funds
of the Corporation as may be ordered by the Board of Directors, taking proper vouchers for such disbursements, and shall render
to the President and Board of Directors, at the regular meetings of the Board of Directors or whenever it may so require, an account
of all his or her transactions as Treasurer and of the financial condition of the Corporation.</P>


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<P STYLE="font: 12pt/200% Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">If required by the Board of Directors,
the Treasurer shall give the Corporation a bond in such sum and with such surety or sureties as shall be satisfactory to the Board
of Directors for the faithful performance of the duties of his or her office and for the restoration to the Corporation, in case
of his or her death, resignation, retirement or removal from office, of all books, papers, vouchers, moneys and other property
of whatever kind in his or her possession or under his or her control belonging to the Corporation.</P>

<P STYLE="font: 12pt/200% Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><FONT STYLE="font-family: (normal text),serif">Section
12.</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Assistant Secretaries and Assistant Treasurers</U>. The Assistant Secretaries and Assistant Treasurers, in general, shall
perform such duties as shall be assigned to them by the Secretary or Treasurer, respectively, or by the Chief Executive Officer
or the Board of Directors. The Assistant Treasurers shall, if required by the Board of Directors, give bonds for the faithful performance
of their duties in such sums and with such surety or sureties as shall be satisfactory to the Board of Directors.</P>

<P STYLE="font: 12pt/200% Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><FONT STYLE="font-family: (normal text),serif">Section
13.</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Salaries</U>. The salaries and other compensation of the officers shall be fixed from time to time by the Board of Directors
and no officer shall be prevented from receiving such salary or other compensation by reason of the fact that he or she is also
a Director.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 12pt 0; text-align: center; text-indent: 0in"><FONT STYLE="font-family: (normal text),serif">ARTICLE
VI</FONT><U><BR></U></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 12pt 0; text-align: center; text-indent: 0in"><U>Contracts, Loans, Checks and Deposits</U></P>

<P STYLE="font: 12pt/200% Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><FONT STYLE="font-family: (normal text),serif">Section
1.</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;&nbsp;&nbsp; </FONT><U>Contracts</U>. The
Board of Directors may authorize any officer or agent to enter into any contract or to execute and deliver any instrument in the
name of and on behalf of the Corporation and such authority may be general or confined to specific</P>


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<P STYLE="font: 12pt/200% Times New Roman, Times, Serif; margin: 0">instances. Any agreement, deed, mortgage, lease or other document
executed by one or more of the Directors or by an authorized person shall be valid and binding upon the Board of Directors and
upon the Corporation when authorized or ratified by action of the Board of Directors.</P>

<P STYLE="font: 12pt/200% Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><FONT STYLE="font-family: (normal text),serif">Section
2.</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;&nbsp;&nbsp; </FONT><U>Checks and Drafts</U>.
All checks, drafts or other orders for the payment of money, notes or other evidences of indebtedness issued in the name of the
Corporation shall be signed by such officer or agent of the Corporation in such manner as shall from time to time be determined
by the Board of Directors.</P>

<P STYLE="font: 12pt/200% Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><FONT STYLE="font-family: (normal text),serif">Section
3.</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;&nbsp;&nbsp; </FONT><U>Deposits</U>. All
funds of the Corporation not otherwise employed shall be deposited from time to time to the credit of the Corporation in such banks,
trust companies or other depositories as the Board of Directors may designate.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 12pt 0; text-align: center; text-indent: 0in"><FONT STYLE="font-family: (normal text),serif">ARTICLE
VII</FONT><U><BR></U></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 12pt 0; text-align: center; text-indent: 0in"><U>Stock</U></P>

<P STYLE="font: 12pt/200% Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><FONT STYLE="font-family: (normal text),serif">Section
1.</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;&nbsp;&nbsp; </FONT><U>Certificates; Required
Information</U>. The Board of Directors may authorize the Corporation to issue some or all of the shares of any class of its stock
without certificates. In the event that the Corporation issues shares of stock represented by certificates, such certificates shall
be in such form as prescribed by the Board of Directors or a duly authorized officer, shall contain the statements and information
required by the MGCL and shall be signed by the officers of the Corporation in the manner permitted by the MGCL. In the event that
the Corporation issues shares of stock without certificates, to the extent then required by the MGCL, the Corporation shall provide
to record holders of such shares a written statement of the information required</P>


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<P STYLE="font: 12pt/200% Times New Roman, Times, Serif; margin: 0">by the MGCL to be included on stock certificates. There shall
be no differences in the rights and obligations of stockholders based on whether or not their shares are represented by certificates.
If shares of a class of stock are authorized by the Board of Directors to be issued without certificates, no stockholder shall
be entitled to a certificate or certificates representing any shares of such class of stock held by such stockholder unless otherwise
determined by the Board of Directors and then only upon written request by such stockholder to the Secretary of the Corporation.</P>

<P STYLE="font: 12pt/200% Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><FONT STYLE="font-family: (normal text),serif">Section
2.</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;&nbsp;&nbsp; </FONT><U>Transfers</U>. All
transfers of shares of stock shall be made on the books of the Corporation, by the holder of the shares, in person or by his, her
or its attorney, in such manner as the Board of Directors or any officer of the Corporation may prescribe and, if such shares are
certificated, upon surrender of certificates duly endorsed. The issuance of a new certificate upon the transfer of certificated
shares is subject to the determination of the Board of Directors that such shares shall no longer be represented by certificates.
Upon the transfer of any uncertificated shares, to the extent then required by the MGCL, the Corporation shall provide to the record
holders of such shares a written statement of the information required by the MGCL to be included on stock certificates.</P>

<P STYLE="font: 12pt/200% Times New Roman, Times, Serif; margin: 0; text-indent: 0.25in">The Corporation shall be entitled to treat
the holder of record of any share of stock as the holder in fact thereof and, accordingly, shall not be bound to recognize any
equitable or other claim to or interest in such share or on the part of any other person, whether or not it shall have express
or other notice thereof, except as otherwise expressly provided by the laws of the State of Maryland. Notwithstanding the foregoing,
transfers of shares of any class of stock will be subject in all respects to the Charter and all of the terms and conditions contained
therein.</P>

<P STYLE="font: 12pt/200% Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><FONT STYLE="font-family: (normal text),serif"></FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;&nbsp;&nbsp; </FONT></P>


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<P STYLE="font: 12pt/200% Times New Roman, Times, Serif; margin: 0; text-indent: 40pt">&nbsp;</P>

<P STYLE="font: 12pt/200% Times New Roman, Times, Serif; margin: 0; text-indent: 40pt">Section 3.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Replacement
Certificate</U>. Any officer of the Corporation may direct a new certificate or certificates to be issued in place of any certificate
or certificates theretofore issued by the Corporation alleged to have been lost, destroyed, stolen or mutilated, upon the making
of an affidavit of that fact by the person claiming the certificate to be lost, destroyed, stolen or mutilated; provided, however,
if such shares have ceased to be certificated, no new certificate shall be issued unless requested in writing by such stockholder
and the Board of Directors has determined that such certificates may be issued. Unless otherwise determined by an officer of the
Corporation, the owner of such lost, destroyed, stolen or mutilated certificate or certificates, or his or her legal representative,
shall be required, as a condition precedent to the issuance of a new certificate or certificates, to give the Corporation a bond
in such sums as it may direct as indemnity against any claim that may be made against the Corporation.</P>

<P STYLE="font: 12pt/200% Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><FONT STYLE="font-family: (normal text),serif">Section
4.</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;&nbsp;&nbsp; </FONT><U>Fixing of Record
Date</U>. Subject to Article II, Section 3(b) of these Bylaws, in advance, a record date may be set, for the purpose of determining
stockholders entitled to notice of or to vote at any meeting of stockholders, by the Chief Executive Officer, the President or
the Board of Directors, whoever shall have called the meeting. The Board of Directors may set, in advance, the record date for
determining stockholders entitled to receive payment of any dividend or the allotment of any other rights, or in order to make
a determination of stockholders for any other proper purpose. Such date, in any case, shall not be prior to the close of business
on the day the record date is fixed and shall be not more than 90 days and, in the case of a meeting of stockholders, not less
than ten days, before the date on which the meeting or particular action requiring such determination of stockholders of record
is to be held or taken.</P>


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<P STYLE="font: 12pt/200% Times New Roman, Times, Serif; margin: 0">When a record date for the determination of stockholders entitled
to notice of and to vote at any meeting of stockholders has been set as provided in this section, such record date shall continue
to apply to the meeting if adjourned or postponed, except if the meeting is adjourned or postponed to a date more than 120 days
after the record date originally fixed for the meeting, in which case a new record date for such meeting may be determined as set
forth herein.</P>

<P STYLE="font: 12pt/200% Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><FONT STYLE="font-family: (normal text),serif">Section
5.</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;&nbsp;&nbsp; </FONT><U>Stock Ledger</U>.
The Corporation shall maintain at its principal office or at the office of its transfer agent, an original or duplicate stock ledger
containing the name and address of each stockholder and the number of shares of each class held by such stockholder.</P>

<P STYLE="font: 12pt/200% Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><FONT STYLE="font-family: (normal text),serif">Section
6.</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;&nbsp;&nbsp; </FONT><U>Fractional Stock</U>.
The Board of Directors may authorize the Corporation to issue fractional stock on such terms and under such conditions as it may
determine.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 12pt 0; text-align: center; text-indent: 0in"><FONT STYLE="font-family: (normal text),serif">ARTICLE
VIII</FONT><U><BR></U></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 12pt 0; text-align: center; text-indent: 0in"><U>Corporate Seal</U></P>

<P STYLE="font: 12pt/200% Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><FONT STYLE="font-family: (normal text),serif">Section
1.</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;&nbsp;&nbsp; </FONT><U>In General</U>.
The Board of Directors may provide for a suitable corporate seal, in such form and bearing such inscriptions as it may determine.</P>

<P STYLE="font: 12pt/200% Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><FONT STYLE="font-family: (normal text),serif">Section
2.</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;&nbsp;&nbsp; </FONT><U>Affixing Seal</U>.
Whenever the Corporation is permitted or required to affix its seal to a document, it shall be sufficient to meet the requirements
of any law, rule or regulation relating to a seal to place the word &#8220;(SEAL)&#8221; adjacent to the signature of the person
authorized to execute the document on behalf of the Corporation.</P>

<P STYLE="font: 12pt (normal text),serif; margin: 12pt 0; text-align: center; text-indent: 0in"></P>


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<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 12pt 0; text-align: center">ARTICLE IX</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 12pt 0; text-align: center"><U>Fiscal Year</U></P>

<P STYLE="font: 12pt/200% Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">The Board of Directors shall have the power,
from time to time, to fix the fiscal year of the Corporation by a duly adopted resolution.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 12pt 0; text-align: center; text-indent: 0in"><FONT STYLE="font-family: (normal text),serif">ARTICLE
X</FONT><U><BR></U></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 12pt 0; text-align: center; text-indent: 0in"><U>Distributions</U></P>

<P STYLE="font: 12pt/200% Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><FONT STYLE="font-family: (normal text),serif">Section
1.</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;&nbsp;&nbsp; </FONT><U>Authorization</U>.
Dividends and other distributions upon the stock of the Corporation may be authorized by the Board of Directors, subject to the
provisions of law and the charter of the Corporation. Dividends and other distributions may be paid in cash, property or stock
of the Corporation, subject to the provisions of law and the charter.</P>

<P STYLE="font: 12pt/200% Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><FONT STYLE="font-family: (normal text),serif">Section
2.</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;&nbsp;&nbsp; </FONT><U>Contingencies</U>.
Before payment of any dividends or other distributions, there may be set aside out of any assets of the Corporation available for
dividends or other distributions such sum or sums as the Board of Directors may from time to time, in its absolute discretion,
think proper as a reserve fund for contingencies, for equalizing dividends or other distributions, for repairing or maintaining
any property of the Corporation or for such other purpose as the Board of Directors shall determine to be in the best interest
of the Corporation, and the Board of Directors may modify or abolish any such reserve in the manner in which it was created.</P>

<P STYLE="font: 12pt (normal text),serif; margin: 12pt 0; text-align: center; text-indent: 0in"></P>


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<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 12pt 0; text-align: center">ARTICLE XI<U><BR></U></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 12pt 0; text-align: center"><U>Waiver of Notice</U></P>

<P STYLE="font: 12pt/200% Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">Whenever any notice of a meeting is required
to be given pursuant to the charter of the Corporation or these Bylaws or pursuant to applicable law, a waiver thereof in writing,
signed by the person or persons entitled to such notice, whether before or after the time stated therein, shall be deemed equivalent
to the giving of such notice. Neither the business to be transacted at nor the purpose of any meeting need be set forth in the
waiver of notice, unless specifically required by statute. The attendance of any person at any meeting shall constitute a waiver
of notice of such meeting, except where such person attends a meeting for the express purpose of objecting to the transaction of
any business on the ground that the meeting is not lawfully called or convened.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 12pt 0; text-align: center; text-indent: 0in"><FONT STYLE="font-family: (normal text),serif">ARTICLE
XII</FONT><U><BR></U></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 12pt 0; text-align: center; text-indent: 0in"><U>Indemnification</U></P>

<P STYLE="font: 12pt/200% Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">The Corporation shall indemnify to the
fullest extent permitted by law (including the Investment Company Act) as currently in effect or as the same may hereafter be amended,
any person made or threatened to be made a party to, or witness in, any action, suit or proceeding, whether criminal, civil, administrative
or investigative, by reason of the fact that such person or such person&#8217;s testator or intestate is or was a Director or officer
of the Corporation or serves or served at the request of the Corporation any other enterprise as a Director or officer. To the
fullest extent permitted by law (including the Investment Company Act) as currently in effect or as the same may hereafter be amended,
expenses incurred by any such person in defending any such action, suit or</P>


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<P STYLE="font: 12pt/200% Times New Roman, Times, Serif; margin: 0">proceeding shall be paid or reimbursed by the Corporation promptly
upon receipt by it of an undertaking of such person to repay such expenses if it shall ultimately be determined that such person
is not entitled to be indemnified by the Corporation. The rights provided to any person by this Article&nbsp;XII shall be enforceable
against the Corporation by such person who shall be presumed to have relied upon it in serving or continuing to serve as a Director
or officer as provided above. No amendment of this Article&nbsp;XII shall impair the rights of any person arising at any time with
respect to events occurring prior to such amendment. For purposes of this Article&nbsp;XII, the term &#8220;Corporation&#8221;
shall include any predecessor of the Corporation and any constituent corporation (including any constituent of a constituent) absorbed
by the Corporation in a consolidation or merger; the term &#8220;other enterprise&#8221; shall include any corporation, partnership,
joint venture, trust or employee benefit plan; service &#8220;at the request of the Corporation&#8221; shall include service as
a Director or officer of the Corporation which imposes duties on, or involves services by, such Director or officer with respect
to an employee benefit plan, its participants or beneficiaries; any excise taxes assessed on a person with respect to an employee
benefit plan shall be deemed to be indemnifiable expenses; and action by a person with respect to any employee benefit plan which
such person reasonably believes to be in the interest of the participants and beneficiaries of such plan shall be deemed to be
action not opposed to the best interests of the Corporation.</P>

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<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 12pt 0; text-align: center">ARTICLE XIII<BR>
<BR>
<U>Custodian</U></P>

<P STYLE="font: 12pt/200% Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><FONT STYLE="font-family: (normal text),serif">Section
1.</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;&nbsp;&nbsp; </FONT><U>In General</U>.
The Corporation shall have as custodian or custodians (including any sub-custodian) one or more trust companies or banks of good
standing which shall conform to the requirements of Section&nbsp;17(f) of the Investment Company Act and the rules promulgated
thereunder. To the extent required by the Investment Company Act and the rules promulgated thereunder, the funds and securities
held by the Corporation shall be kept in the custody of one or more such custodians (and any sub-custodian), provided such custodian
or custodians (and any sub-custodian) can be found ready and willing to act.</P>

<P STYLE="font: 12pt/200% Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><FONT STYLE="font-family: (normal text),serif">Section
2.</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;&nbsp;&nbsp; </FONT><U>Resignation, Change
or Inability to Serve</U>. The Corporation shall upon the resignation, change or inability to serve of its custodian (and any sub-custodian):</P>

<P STYLE="font: 12pt/200% Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-indent: 1in"><FONT STYLE="font-family: (normal text),serif">(i)</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>in case of such resignation or inability to serve, use its best efforts to obtain a successor custodian;</P>

<P STYLE="font: 12pt/200% Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-indent: 1in"><FONT STYLE="font-family: (normal text),serif">(ii)</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>require that the cash and securities owned by the Corporation be delivered directly to the successor custodian; and</P>

<P STYLE="font: 12pt/200% Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-indent: 1in"><FONT STYLE="font-family: (normal text),serif">(iii)</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>in the event that no successor custodian can be found, submit to the stockholders before permitting delivery of the cash
and securities owned by the Corporation otherwise than to a successor custodian, the question whether or not this Corporation shall
be liquidated or shall function without a custodian.</P>

<P STYLE="font: 12pt (normal text),serif; margin: 12pt 0; text-align: center; text-indent: 0in"></P>


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<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 12pt 0; text-align: center">ARTICLE XIV</P>

<P STYLE="font: 12pt/200% Times New Roman, Times, Serif; margin: 0; text-align: center; text-indent: 0in"><U>Exclusive Forum for
Certain Litigation</U></P>

<P STYLE="font: 12pt/200% Times New Roman, Times, Serif; margin: 0; text-indent: 0.25in">Unless the Corporation consents in writing
to the selection of an alternative forum, the Circuit Court for Baltimore City, Maryland, or, if that Court does not have jurisdiction,
the United States District Court for the District of Maryland, Baltimore Division, shall be the sole and exclusive forum for (a)
any derivative action or proceeding brought on behalf of the Corporation, (b) any action asserting a claim of breach of any duty
owed by any Director or officer or other employee of the Corporation to the Corporation or to the stockholders of the Corporation,
(c) any action asserting a claim against the Corporation or any Director or officer or other employee of the Corporation arising
pursuant to any provision of the MGCL or the charter or Bylaws of the Corporation, or (d) any action asserting a claim against
the Corporation or any Director or officer or other employee of the Corporation that is governed by the internal affairs doctrine.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 12pt 0; text-align: center; text-indent: 0in"><FONT STYLE="font-family: (normal text),serif">ARTICLE
XV</FONT><U><BR></U></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 12pt 0; text-align: center; text-indent: 0in"><U>Amendment of Bylaws</U></P>

<P STYLE="font: 12pt/200% Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">The Bylaws of the Corporation may be altered,
amended, added to or repealed by a majority vote of the entire Board of Directors; the power to alter, amend, add to or repeal
the Bylaws is vested exclusively in the Board of Directors.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>



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<DESCRIPTION>THE NEW GERMANY FUND, INC. - ARTICLES OF RESTATEMENT
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<P STYLE="margin: 0; text-align: right">Exhibit 99.2</P>

<P STYLE="margin: 0; text-align: left">&nbsp;</P>

<P STYLE="font: 12pt/normal Times New Roman, Times, Serif; margin: 0; text-align: center"><B><U>THE NEW GERMANY FUND, INC.</U></B></P>

<P STYLE="font: 12pt/normal Times New Roman, Times, Serif; margin: 0; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 12pt/normal Times New Roman, Times, Serif; margin: 0; text-align: center"><B>ARTICLES OF RESTATEMENT</B></P>

<P STYLE="font: 11pt/107% Calibri, Helvetica, Sans-Serif; margin: 0 0 8pt; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 12pt/107% Times New Roman, Times, Serif; margin: 0 0 8pt; text-indent: 0.5in">The New Germany Fund, Inc., a Maryland
corporation (the &ldquo;Corporation&rdquo;), hereby certifies to the State Department of Assessments and Taxation (the &ldquo;SDAT&rdquo;)
that:</P>

<P STYLE="font: 11pt/normal Times New Roman, Times, Serif; margin: 0; text-indent: 0.25in"><FONT STYLE="font-size: 12pt">1.</FONT><FONT STYLE="font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><FONT STYLE="font-size: 12pt">The Corporation desires to restate in its entirety the charter of the Corporation (the &ldquo;Charter&rdquo;)
as is currently in effect pursuant to Section 2-608 of the Maryland General Corporation Law (the &ldquo;MGCL&rdquo;).</FONT></P>

<P STYLE="font: 12pt/normal Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/normal Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-size: 12pt">2.</FONT></TD><TD><FONT STYLE="font-size: 12pt">The following provisions are all of the provisions of the Charter currently in effect:</FONT></TD></TR></TABLE>

<P STYLE="font: 12pt/normal Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 12pt/107% Times New Roman, Times, Serif; margin: 0 0 8pt; text-indent: 0.5in"><B>FIRST</B>: &#9;The name of the
corporation is &ldquo;The New Germany Fund, Inc.&rdquo; (the &ldquo;Corporation&rdquo;).</P>

<P STYLE="font: 12pt/107% Times New Roman, Times, Serif; margin: 0 0 8pt; text-indent: 0.5in"><B>SECOND</B>:&#9;The address of
the Corporation&rsquo;s resident agent in the State of Maryland is c/o The Corporation Trust Incorporated, 2405 York Road, Suite
201, Timonium, MD 21093. The name of its resident agent at such address is The Corporation Trust Incorporated. The address of the
principal office of the Corporation in the State of Maryland is c/o The Corporation Trust Incorporated, 2405 York Road, Suite 201,
Timonium, MD 21093.</P>

<P STYLE="font: 12pt/107% Times New Roman, Times, Serif; margin: 0 0 8pt; text-indent: 0.5in"><B>THIRD</B>: The purpose of the
Corporation is to engage in any lawful act or activity for which corporations may be formed under the General Corporation Law of
Maryland. The duration of the Corporation is perpetual.</P>

<P STYLE="font: 12pt/107% Times New Roman, Times, Serif; margin: 0 0 8pt; text-indent: 0.5in"><B>FOURTH</B>:&#9;Section 1. &#9;The
total authorized capital stock of the Corporation shall be 80,000,000 shares of Common Stock of the par value of $.001 per share.
The aggregate par value of all authorized shares of stock having par value is $80,000.</P>

<P STYLE="font: 12pt/107% Times New Roman, Times, Serif; margin: 0 0 8pt; text-indent: 0.5in">The Corporation, acting by its Board
of Directors, without action by the stockholders, may from time to time create and issue, whether or not in connection with the
issue and sale of any shares of stock or other securities of the Corporation, rights or options entitling the bearer or registered
owner or holder of each thereof to purchase from the Corporation, any shares of its capital stock, such rights or options to be
evidenced by or in such warrant or warrants, or purchase certificate or purchase certificates, or other instrument or instruments
as shall be approved by its Board of Directors. The terms upon which, the time or times, which may be limited or unlimited in duration,
at or within which and the price or prices at which, or the other consideration or considerations for which, such shares may be
purchased from the Corporation upon the exercise of any such right or option shall be as fixed or stated or provided in a resolution
or resolutions adopted by the Board of Directors of the Corporation providing for the creation and issue of such rights or options,
and in every case, set forth or incorporated by reference in the warrant or warrants, or purchase certificate or purchase certificates,
or other instrument or instruments evidencing such rights or options; provided, however, that, in case the shares of stock of the
Corporation to be purchased upon the exercise of such rights or options shall be originally issued upon such exercise, the price
or prices to be received therefor shall not</P>


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<P STYLE="font: 12pt/107% Times New Roman, Times, Serif; margin: 0 0 8pt">be less than the par value thereof. Any shares so issued
for which the price or consideration fixed as aforesaid shall have been paid, shall be deemed full-paid stock and shall not be
liable to any further call or assessment thereon. Without limitation of the foregoing, the Corporation may, during any period fixed
by it, limit the right to exercise any such rights or options to the owners of specified certificates for shares of stock or other
securities of the Corporation.</P>

<P STYLE="font: 12pt/107% Times New Roman, Times, Serif; margin: 0 0 8pt; text-indent: 0.5in">Section 2. &#9;The presence in person
or by proxy of the holders of record of one-third of the shares of common stock issued and outstanding and entitled to vote thereat
shall constitute a quorum for the transaction of any business at all meetings of the stockholders except as otherwise provided
by law or in these Articles of Incorporation.</P>

<P STYLE="font: 12pt/107% Times New Roman, Times, Serif; margin: 0 0 8pt; text-indent: 0.5in">Section 3. &#9;Notwithstanding any
provision of the General Laws of the State of Maryland requiring action to be taken or authorized by the affirmative vote of the
holders of a designated proportion greater than a majority of the shares of common stock, such action shall be valid and effective
if taken or authorized by the affirmative vote of the holders of a majority of the total number of shares of common stock outstanding
and entitled to vote thereupon pursuant to the provisions of these Articles of Incorporation.</P>

<P STYLE="font: 12pt/107% Times New Roman, Times, Serif; margin: 0 0 8pt; text-indent: 0.5in">Section 4. &#9;No holder of shares
of common stock of the Corporation shall, as such holder, have any preemptive right to purchase or subscribe for any part of any
new or additional issue of stock of any class, or of rights or options to purchase any stock, or of securities convertible into,
or carrying rights or options to purchase, stock of any class, whether now or hereafter authorized or whether issued for money,
for a consideration other than money or by way of a dividend or otherwise, and all such rights are hereby waived by each holder
of common stock and of any other class of stock or securities which may hereafter be created.</P>

<P STYLE="font: 12pt/107% Times New Roman, Times, Serif; margin: 0 0 8pt; text-indent: 0.5in">Section 5. &#9;All persons who shall
acquire common stock in the Corporation shall acquire the same subject to the provisions of these Articles of Incorporation.</P>

<P STYLE="font: 12pt/107% Times New Roman, Times, Serif; margin: 0 0 8pt; text-indent: 0.5in"><B>FIFTH</B>:&#9;If so determined
by the Board of Directors, and to the extent and in the manner permitted by law, the Corporation may from time to time receive
money and/or other property and credit the amount or value thereof to reserve or surplus, and such money or other property may
be an undivided part of money, and/or other property for another part of which stock, bonds, debentures and/or other obligations
of the Corporation are issued. Against any reserve or surplus so established there may be charged losses at any time incurred by
the Corporation, and also dividends or other distributions upon stock. Such reserve or surplus may be reduced from time to time
by the Board of Directors for the purposes above specified or by transfer from such reserve or surplus to capital account.</P>

<P STYLE="font: 12pt/107% Times New Roman, Times, Serif; margin: 0 0 8pt; text-indent: 0.5in"><B>SIXTH</B>:&#9;The initial number
of directors of the Corporation shall be one. However, the By-Laws of the Corporation may fix the number of directors at a number
other than one. The Board of Directors is hereby authorized, by the vote of a majority of the entire Board of Directors, to increase
or decrease the number of directors within a limit specified in the By-Laws and to fill the vacancies created by any such increase
in the number of directors. The directors of the Corporation need not be stockholders.</P>


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<P STYLE="font: 12pt/107% Times New Roman, Times, Serif; margin: 0 0 8pt; text-indent: 0.5in">&#9;At such time as the number of
Directors first equals or exceeds three, the Board of Directors shall be divided into three classes, as nearly equal in number
as the then total number of Directors constituting the entire Board permits with the term of office of one class expiring each
year. At the annual meeting of stockholders next following such division into three classes, Directors of the first class shall
be elected to hold office for a term expiring at the next succeeding annual meeting, Directors of the second class shall be elected
to hold office for a term expiring at the second succeeding annual meeting, and Directors of the third class shall be elected to
hold office for a term expiring at the third succeeding annual meeting. At each annual meeting of stockholders succeeding the annual
meeting of stockholders next following such division into three classes, the successors to the class of Directors whose term shall
then expire shall be elected to hold office for a term expiring at the third succeeding annual meeting.</P>

<P STYLE="font: 12pt/107% Times New Roman, Times, Serif; margin: 0 0 8pt; text-indent: 0.5in"><B>SEVENTH</B>:&#9;In furtherance
and not in limitation of the powers conferred by law, the Board of Directors is expressly authorized:</P>

<P STYLE="font: 11pt/normal Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in"><FONT STYLE="font-size: 12pt">(a)</FONT><FONT STYLE="font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><FONT STYLE="font-size: 12pt">to make, adopt, alter, amend and repeal the By-Laws of the Corporation, subject to the power
of the holders of the capital stock to alter, amend or repeal the By-Laws made by the Board of Directors; </FONT></P>

<P STYLE="font: 11pt/normal Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in"><FONT STYLE="font-size: 12pt">(b)</FONT><FONT STYLE="font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><FONT STYLE="font-size: 12pt">to designate by resolution passed by a majority of the whole Board two or more of their number
to constitute an Executive Committee, who, to the extent provided in said resolution or in the By-Laws of the Corporation, shall
have and exercise the powers of the Board of Directors in the management of the business and affairs of the Corporation, with power
to authorize the seal of the Corporation to be affixed to all papers which may require it;</FONT></P>

<P STYLE="font: 11pt/normal Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in"><FONT STYLE="font-size: 12pt">(c)</FONT><FONT STYLE="font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><FONT STYLE="font-size: 12pt">to appoint from the Directors or otherwise such other committees as they may deem judicious,
and to such extent as may be provided in their resolutions or in the By-Laws to delegate to such committees all or any of the powers
of the Board of Directors which may be lawfully delegated; </FONT></P>

<P STYLE="font: 11pt/normal Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in"><FONT STYLE="font-size: 12pt">(d)</FONT><FONT STYLE="font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><FONT STYLE="font-size: 12pt">to determine conclusively at the time of such acquisition, what initial valuation shall be
placed upon the property, rights and interests acquired by the Corporation in exchange for or in payment of its shares of stock;</FONT></P>

<P STYLE="font: 11pt/normal Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in"><FONT STYLE="font-size: 12pt">(e)</FONT><FONT STYLE="font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><FONT STYLE="font-size: 12pt">to fix from time to time, and to vary, the amount of the profits to be reserved as working
capital or for any other lawful purposes and to increase, decrease or make any disposition of any fund so reserved;</FONT></P>

<P STYLE="font: 11pt/normal Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in"><FONT STYLE="font-size: 12pt">(f)</FONT><FONT STYLE="font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><FONT STYLE="font-size: 12pt">subject to the provisions of these Articles of Incorporation, to determine whether any, and
if any, what part, of the surplus of the Corporation or of the net profits arising from its business shall be declared in dividends
and paid to the stockholders and to direct and determine the use and disposition of any such surplus or net profits; </FONT></P>

<P STYLE="font: 11pt/normal Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in"><FONT STYLE="font-size: 12pt">(g)</FONT><FONT STYLE="font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><FONT STYLE="font-size: 12pt">to determine from time to time whether and to what extent and at what times and places and
under what conditions and regulations the accounts and books of the Corporation, or any of them, shall be open to the inspection
of the stockholders; and no stockholder shall have any right to inspect any account or book or document of the Corporation, except
as conferred by</FONT></P>


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<P STYLE="font: 12pt/normal Times New Roman, Times, Serif; margin: 0 0 12pt">the laws of the State of Maryland, unless and until
authorized so to do by resolution of the Board of Directors or of the stockholders;</P>

<P STYLE="font: 11pt/normal Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in"><FONT STYLE="font-size: 12pt">(h)</FONT><FONT STYLE="font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><FONT STYLE="font-size: 12pt">to remove at any time any officer elected or appointed by the Board of Directors, but only
by the affirmative vote of a majority of the members of the Board then in office, and to remove or to confer on any committee or
officer the power to remove any other officer or employee of the Corporation. Any such removal may be for cause or without cause.
</FONT></P>

<P STYLE="font: 12pt/107% Times New Roman, Times, Serif; margin: 0 0 8pt; text-indent: 0.5in"><B>EIGHTH</B>:&#9;Any contract, transaction
or act of the Corporation or of the Directors, which shall be ratified by a majority of a quorum of the stockholders having voting
power at any annual meeting, or at any special meeting called for such purpose, shall, except as otherwise specifically provided
by law, or by these Articles of Incorporation, be as valid and as binding as though ratified by every stockholder of the Corporation;
provided, however, that any failure of the stockholders to approve or ratify such contract, transaction or act, when and if submitted,
shall not of itself be deemed in any way to render the same invalid, nor deprive their Directors of their right to proceed with
such contract, transaction or act.</P>

<P STYLE="font: 12pt/107% Times New Roman, Times, Serif; margin: 0 0 8pt; text-indent: 0.5in"><B>NINTH</B>:&#9;The Corporation
reserves the right to amend, alter, change or repeal any provisions contained in these Articles of Incorporation, in the manner
now or hereafter prescribed by statute in the case of articles of incorporation, and all rights conferred upon the stockholders
herein are granted subject to this reservation. The vote of two-thirds of the outstanding shares of capital stock of the Corporation
shall be necessary to authorize any of the following actions: (i) a merger or consolidation of the Corporation with an open-end
investment company, (ii) the dissolution of the Corporation, (iii) the sale of all or substantially all of the assets of the Corporation,
(iv) any amendment to these Articles of Incorporation which makes the Common Stock a redeemable security (as such term is defined
in the Investment Company Act of 1940) or reduces the two-thirds vote required to authorize the actions listed in this paragraph.</P>

<P STYLE="font: 12pt/107% Times New Roman, Times, Serif; margin: 0 0 8pt; text-indent: 0.5in"><B>TENTH</B>:&#9;A Director or officer
of the Corporation shall not be liable to the Corporation or its stockholders for monetary damages for breach of fiduciary duty
as a Director or officer, except to the extent such exemption from liability or limitation thereof is not permitted under the Maryland
General Corporation Law or the Investment Company Act of 1940 as currently in effect or as the same may hereafter be amended. No
amendment, modification or repeal of this Article TENTH shall adversely affect any right or protection of a Director or officer
that exists at the time of such amendment, modification or repeal.</P>

<P STYLE="font: 12pt/107% Times New Roman, Times, Serif; margin: 0 0 8pt; text-indent: 0.5in"><B>ELEVENTH</B>:&#9;The Corporation
shall indemnify to the fullest extent permitted by law (including the Investment Company Act of 1940) as currently in effect or
as the same may hereafter be amended, any person made or threatened to be made a party to any action, suit or proceeding, whether
criminal, civil, administrative or investigative, by reason of the fact that such person or such person&rsquo;s testator or intestate
is or was a director or officer of the Corporation or serves or served at the request of the Corporation any other enterprise as
a director or officer. To the fullest extent permitted by law (including the Investment Company Act of 1940) as currently in effect
or as the same may hereafter be amended, expenses incurred by any such</P>


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<P STYLE="font: 12pt/107% Times New Roman, Times, Serif; margin: 0 0 8pt">person in defending any such action, suit or proceeding
shall be paid or reimbursed by the Corporation promptly upon receipt by it of an undertaking of such person to repay such expenses
if it shall ultimately be determined that such person is not entitled to be indemnified by the Corporation. The rights provided
to any person by this Article ELEVENTH shall be enforceable against the Corporation by such person who shall be presumed to have
relied upon it in serving or continuing to serve as a director or officer as provided above. No amendment of this Article ELEVENTH
shall impair the rights of any person arising at any time with respect to events occurring prior to such amendment. For purposes
of this Article ELEVENTH, the term &ldquo;Corporation&rdquo; shall include any predecessor of the Corporation and any constituent
corporation (including any constituent of a constituent) absorbed by the Corporation in a consolidation or merger; the term &ldquo;other
enterprise&rdquo; shall include any corporation, partnership, joint venture trust or employee benefit plan; service &ldquo;at the
request of the Corporation&rdquo; shall include service as a director or officer of the Corporation which imposes duties on, or
involves services by, such director or officer with respect to an employee benefit plan, its participants or beneficiaries; any
excise taxes assessed on a person with respect to an employee benefit plan shall be deemed to be indemnifiable expenses; and action
by a person with respect to any employee benefit plan which such person reasonably believes to be in the interest of the participants
and beneficiaries of such plan shall be deemed to be action not opposed to the best interests of the Corporation.</P>

<P STYLE="font: 12pt/normal Times New Roman, Times, Serif; margin: 11.25pt 0 0; text-indent: 0.5in">3. As set forth in Articles
Supplementary filed with and accepted for record by the SDAT on December 17, 1999, under a power contained in Title 3, Subtitle
8 of the MGCL, by resolutions duly adopted by the Board of Directors and notwithstanding any other provision in the Charter or
the By-Laws to the contrary, the Corporation elected to be subject to Sections 3-804 and 3-805 of the MGCL, the repeal of which
may be effected only by the means authorized by Section 3-802(b)(3) of the MGCL.</P>

<P STYLE="font: 12pt/normal Times New Roman, Times, Serif; margin: 11.25pt 0 0; text-indent: 0.5in">4. The foregoing restatement
of the Charter has been approved by a majority of the entire Board of Directors.</P>

<P STYLE="font: 12pt/normal Times New Roman, Times, Serif; margin: 11.25pt 0 0; text-indent: 0.5in">5. The Charter is not amended
by these Articles of Restatement.</P>

<P STYLE="font: 12pt/normal Times New Roman, Times, Serif; margin: 11.25pt 0 0; text-indent: 0.5in">6. The current address of the
principal office of the Corporation is set forth in Article SECOND of the foregoing restatement of the Charter.</P>

<P STYLE="font: 12pt/normal Times New Roman, Times, Serif; margin: 11.25pt 0 0; text-indent: 0.5in">7. The name and address of
the Corporation&rsquo;s current resident agent are as set forth in Article SECOND of the foregoing restatement of the Charter.</P>

<P STYLE="font: 12pt/normal Times New Roman, Times, Serif; margin: 11.25pt 0 0; text-indent: 0.5in">8. The number of directors
of the Corporation is currently seven, and the names of the current directors are as follows:</P>

<P STYLE="font: 12pt/normal Times New Roman, Times, Serif; margin: 0; text-align: center">Wilhelm Bender</P>

<P STYLE="font: 12pt/normal Times New Roman, Times, Serif; margin: 0; text-align: center">Richard R. Burt</P>

<P STYLE="font: 12pt/normal Times New Roman, Times, Serif; margin: 0; text-align: center">Walter C. Dostmann</P>

<P STYLE="font: 12pt/normal Times New Roman, Times, Serif; margin: 0; text-align: center">Kenneth C. Froewiss</P>

<P STYLE="font: 12pt/normal Times New Roman, Times, Serif; margin: 0; text-align: center">Wolfgang Leoni</P>

<P STYLE="font: 12pt/normal Times New Roman, Times, Serif; margin: 0; text-align: center">Christopher Pleister</P>

<P STYLE="font: 12pt/normal Times New Roman, Times, Serif; margin: 0; text-align: center">Christian Strenger</P>


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<P STYLE="font: 12pt/normal Times New Roman, Times, Serif; margin: 11.25pt 0 0; text-indent: 0.5in">9. The undersigned acknowledges
these Articles of Restatement to be the corporate act of the Corporation and, as to all matters or facts required to be verified
under oath, the undersigned acknowledges that, to the best of his knowledge, information and belief, these matters and facts are
true in all material respects and that this statement is made under the penalties for perjury.</P>

<P STYLE="font: 12pt/107% Times New Roman, Times, Serif; margin: 0 0 8pt; text-align: center"><I>&nbsp;</I></P>

<P STYLE="font: 12pt/107% Times New Roman, Times, Serif; margin: 0 0 8pt; text-align: center"><I>- Signature page follows -</I></P>


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<P STYLE="font: 11pt/107% Calibri, Helvetica, Sans-Serif; margin: 0 0 8pt; text-align: center">&nbsp;</P>

<P STYLE="font: 12pt/normal Times New Roman, Times, Serif; margin: 11.25pt 0 0; text-indent: 0.5in">IN WITNESS WHEREOF, the Corporation
has caused these Articles of Restatement to be signed in its name and on its behalf by its President and attested to by its Secretary
on this fourth day of May, 2018.</P>

<P STYLE="font: 12pt/107% Times New Roman, Times, Serif; margin: 0 0 8pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt/107% Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 8pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 3in">ATTEST:</TD><TD>THE NEW GERMANY FUND, INC.</TD></TR></TABLE>

<P STYLE="font: 12pt/107% Times New Roman, Times, Serif; margin: 0 0 8pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" BORDER="0" STYLE="width: 100%; font: 12pt/normal Times New Roman, Times, Serif">
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 10pt; text-indent: -10pt; width: 18pc"><U>/s/John Millette</U></TD>
    <TD STYLE="padding-left: 10pt; text-indent: -10pt">By: <U>/s/Hepsen Uzcan</U></TD></TR>
</TABLE>


<TABLE CELLPADDING="0" CELLSPACING="0" BORDER="0" STYLE="width: 100%; font: 12pt/normal Times New Roman, Times, Serif">
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 10pt; text-indent: -10pt; width: 20pc">John Millette</TD>
    <TD STYLE="padding-left: 10pt; text-indent: -10pt">Hepsen Uzcan</TD></TR>
</TABLE>


<TABLE CELLPADDING="0" CELLSPACING="0" BORDER="0" STYLE="width: 100%; margin-bottom: 8pt; font: 12pt/107% Times New Roman, Times, Serif">
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 10pt; text-indent: -10pt; width: 20pc">Secretary</TD>
    <TD STYLE="padding-left: 10pt; text-indent: -10pt">President</TD></TR>
</TABLE>


<P STYLE="font: 12pt/107% Times New Roman, Times, Serif; margin: 0 0 8pt">&nbsp;</P>

<P STYLE="font: 12pt/107% Times New Roman, Times, Serif; margin: 0 0 8pt">&nbsp;</P>

<P STYLE="font: 12pt/107% Times New Roman, Times, Serif; margin: 0 0 8pt">&nbsp;</P>

<P STYLE="font: 12pt/107% Times New Roman, Times, Serif; margin: 0 0 8pt">&nbsp;</P>

<P STYLE="font: 12pt/107% Times New Roman, Times, Serif; margin: 0 0 8pt">&nbsp;</P>

<P STYLE="font: 12pt/107% Times New Roman, Times, Serif; margin: 0 0 8pt">&nbsp;</P>



<P STYLE="margin: 0; text-align: left">&nbsp;</P>

<P STYLE="margin-top: 0; margin-bottom: 0; text-align: center">7</P>

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