<SEC-DOCUMENT>0000088053-23-000134.txt : 20230310
<SEC-HEADER>0000088053-23-000134.hdr.sgml : 20230310
<ACCEPTANCE-DATETIME>20230310131358
ACCESSION NUMBER:		0000088053-23-000134
CONFORMED SUBMISSION TYPE:	N-CSR
PUBLIC DOCUMENT COUNT:		13
CONFORMED PERIOD OF REPORT:	20221231
FILED AS OF DATE:		20230310
DATE AS OF CHANGE:		20230310
EFFECTIVENESS DATE:		20230310

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:		N-CSR
		SEC ACT:		1940 Act
		SEC FILE NUMBER:	811-05983
		FILM NUMBER:		23722858

	BUSINESS ADDRESS:	
		STREET 1:		875 THIRD AVENUE
		CITY:			NEW YORK
		STATE:			NY
		ZIP:			10022-6225
		BUSINESS PHONE:		212-454-4500

	MAIL ADDRESS:	
		STREET 1:		875 THIRD AVENUE
		CITY:			NEW YORK
		STATE:			NY
		ZIP:			10022-6225

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	LENOX FUND INC
		DATE OF NAME CHANGE:	19900115
</SEC-HEADER>
<DOCUMENT>
<TYPE>N-CSR
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<FILENAME>ar123122ngf.htm
<DESCRIPTION>THE NEW GERMANY FUND, INC.
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">UNITED STATES</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">SECURITIES AND EXCHANGE
COMMISSION</P>

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

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">Investment Company Act file number: 811-05983</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: center"><U>The New Germany
Fund, Inc.</U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">(Exact Name of Registrant
as Specified in Charter)</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">875 Third Avenue</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><U>New York, NY 10022-6225</U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">(Address of Principal
Executive Offices) (Zip Code)</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">Registrant&rsquo;s
Telephone Number, including Area Code: <U>(212) 454-4500</U></P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">100 Summer Street</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><U>Boston, MA 02110</U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">(Name and Address of
Agent for Service)</P>

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

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  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 26%; padding-right: 5.4pt; padding-left: 5.4pt">Date of fiscal year end:</TD>
    <TD STYLE="width: 74%; padding-right: 5.4pt; padding-left: 5.4pt">12/31</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">Date of reporting period:</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">12/31/2022</TD></TR>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

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    <TD STYLE="width: 15%; padding-right: 5.4pt; padding-left: 5.4pt"><B>ITEM 1.</B></TD>
    <TD STYLE="width: 85%; padding-right: 5.4pt; padding-left: 5.4pt"><B>REPORT TO STOCKHOLDERS</B></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD></TR>
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    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">(a)</TD></TR>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL" ALIGN="center">December 31, 2022 </P>
<P STYLE="margin-top:48pt; margin-bottom:0pt; font-size:24pt; font-family:ARIAL" ALIGN="center"><B>Annual Report </B></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:24pt; font-family:ARIAL" ALIGN="center"><B>to Shareholders </B></P>
<P STYLE="margin-top:116pt; margin-bottom:0pt; font-size:16pt; font-family:ARIAL" ALIGN="center"><B>The New Germany Fund, Inc. </B></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:8pt; font-family:ARIAL" ALIGN="center">Ticker Symbol: GF
</P> <P STYLE="font-size:150pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:16pt; font-family:ARIAL"><B><A NAME="toc"></A>Contents </B></P> <P STYLE="font-size:10pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:10pt">
<TD VALIGN="top"><FONT STYLE="font-size:9pt"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="top" ALIGN="right"><FONT STYLE="font-size:9pt"><B>4</B></FONT></TD>
<TD NOWRAP VALIGN="top"><FONT STYLE="font-size:9pt"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"><A HREF="#tx423707_1">Letter to the Shareholders</A></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:10pt">
<TD VALIGN="top"><FONT STYLE="font-size:9pt"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="top" ALIGN="right"><FONT STYLE="font-size:9pt"><B>9</B></FONT></TD>
<TD NOWRAP VALIGN="top"><FONT STYLE="font-size:9pt"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"><A HREF="#tx423707_2">Performance Summary</A></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:10pt">
<TD VALIGN="top"><FONT STYLE="font-size:9pt"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="top" ALIGN="right"><FONT STYLE="font-size:9pt"><B>11</B></FONT></TD>
<TD NOWRAP VALIGN="top"><FONT STYLE="font-size:9pt"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"><A HREF="#tx423707_3">Schedule of Investments</A></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:10pt">
<TD VALIGN="top"><FONT STYLE="font-size:9pt"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="top" ALIGN="right"><FONT STYLE="font-size:9pt"><B>17</B></FONT></TD>
<TD NOWRAP VALIGN="top"><FONT STYLE="font-size:9pt"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"><A HREF="#tx423707_4">Statement of Assets and Liabilities</A></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:10pt">
<TD VALIGN="top"><FONT STYLE="font-size:9pt"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="top" ALIGN="right"><FONT STYLE="font-size:9pt"><B>18</B></FONT></TD>
<TD NOWRAP VALIGN="top"><FONT STYLE="font-size:9pt"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"><A HREF="#tx423707_5">Statement of Operations</A></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:10pt">
<TD VALIGN="top"><FONT STYLE="font-size:9pt"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="top" ALIGN="right"><FONT STYLE="font-size:9pt"><B>19</B></FONT></TD>
<TD NOWRAP VALIGN="top"><FONT STYLE="font-size:9pt"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"><A HREF="#tx423707_6">Statements of Changes in Net Assets</A></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:10pt">
<TD VALIGN="top"><FONT STYLE="font-size:9pt"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="top" ALIGN="right"><FONT STYLE="font-size:9pt"><B>20</B></FONT></TD>
<TD NOWRAP VALIGN="top"><FONT STYLE="font-size:9pt"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"><A HREF="#tx423707_7">Financial Highlights</A></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:10pt">
<TD VALIGN="top"><FONT STYLE="font-size:9pt"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="top" ALIGN="right"><FONT STYLE="font-size:9pt"><B>21</B></FONT></TD>
<TD NOWRAP VALIGN="top"><FONT STYLE="font-size:9pt"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"><A HREF="#tx423707_8">Notes to Financial Statements</A></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:10pt">
<TD VALIGN="top"><FONT STYLE="font-size:9pt"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="top" ALIGN="right"><FONT STYLE="font-size:9pt"><B>28</B></FONT></TD>
<TD NOWRAP VALIGN="top"><FONT STYLE="font-size:9pt"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"><A HREF="#tx423707_9">Report of Independent Registered Public Accounting Firm</A></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:10pt">
<TD VALIGN="top"><FONT STYLE="font-size:9pt"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="top" ALIGN="right"><FONT STYLE="font-size:9pt"><B>30</B></FONT></TD>
<TD NOWRAP VALIGN="top"><FONT STYLE="font-size:9pt"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"><A HREF="#tx423707_10">Tax Information</A></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:10pt">
<TD VALIGN="top"><FONT STYLE="font-size:9pt"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="top" ALIGN="right"><FONT STYLE="font-size:9pt"><B>30</B></FONT></TD>
<TD NOWRAP VALIGN="top"><FONT STYLE="font-size:9pt"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"><A HREF="#tx423707_11">Shares Repurchased and Issued</A></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:10pt">
<TD VALIGN="top"><FONT STYLE="font-size:9pt"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="top" ALIGN="right"><FONT STYLE="font-size:9pt"><B>31</B></FONT></TD>
<TD NOWRAP VALIGN="top"><FONT STYLE="font-size:9pt"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"><A HREF="#tx423707_12">Voluntary Cash Purchase Program and Dividend Reinvestment Plan</A></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:10pt">
<TD VALIGN="top"><FONT STYLE="font-size:9pt"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="top" ALIGN="right"><FONT STYLE="font-size:9pt"><B>36</B></FONT></TD>
<TD NOWRAP VALIGN="top"><FONT STYLE="font-size:9pt"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"><A HREF="#tx423707_13">Approval of Continuance of Investment Advisory Agreement</A></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:10pt">
<TD VALIGN="top"><FONT STYLE="font-size:9pt"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="top" ALIGN="right"><FONT STYLE="font-size:9pt"><B>42</B></FONT></TD>
<TD NOWRAP VALIGN="top"><FONT STYLE="font-size:9pt"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"><A HREF="#tx423707_14">Investment Objective, Investment Policies and Principal Risks</A></TD></TR>
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<TD VALIGN="top"><FONT STYLE="font-size:9pt"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="top" ALIGN="right"><FONT STYLE="font-size:9pt"><B>52</B></FONT></TD>
<TD NOWRAP VALIGN="top"><FONT STYLE="font-size:9pt"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"><A HREF="#tx423707_15">Directors and Officers of the Fund</A></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:10pt">
<TD VALIGN="top"><FONT STYLE="font-size:9pt"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="top" ALIGN="right"><FONT STYLE="font-size:9pt"><B>57</B></FONT></TD>
<TD NOWRAP VALIGN="top"><FONT STYLE="font-size:9pt"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"><A HREF="#tx423707_16">Additional Information</A></TD></TR>
</TABLE> <P STYLE="font-size:120pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P> <P STYLE="margin-top:29pt; margin-bottom:0pt; font-size:8pt; font-family:ARIAL">The brand DWS represents DWS Group GmbH&nbsp;&amp; Co. KGaA and
any of its subsidiaries such as DWS Distributors, Inc. which offers investment products or DWS Investment Management Americas, Inc. and RREEF America L.L.C. which offer advisory services. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:8pt; font-family:ARIAL">NOT FDIC/NCUA INSURED&nbsp;&nbsp;&nbsp;&nbsp; NO BANK GUARANTEE&nbsp;&nbsp;&nbsp;&nbsp; MAY LOSE VALUE NOT A DEPOSIT&nbsp;&nbsp;&nbsp;&nbsp; NOT INSURED BY ANY FEDERAL
GOVERNMENT AGENCY </P>
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<TD VALIGN="bottom" NOWRAP><FONT STYLE="font-size:8pt"><B>2</B></FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP ALIGN="center">|</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP><FONT STYLE="font-size:8pt">The New Germany Fund, Inc.</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
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<p style="margin-top:1em; margin-bottom:0em; page-break-before:always">
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8.5pt; font-family:ARIAL">The Fund seeks <FONT STYLE="white-space:nowrap">long-term</FONT> capital appreciation primarily through investment in <FONT
STYLE="white-space:nowrap">middle-market</FONT> German equities. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:8.5pt; font-family:ARIAL">Investments in funds involve risks, including the loss of principal. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:8.5pt; font-family:ARIAL">The shares of most <FONT STYLE="white-space:nowrap">closed-end</FONT> funds, including the Fund, are not continuously offered. Once issued, shares of <FONT
STYLE="white-space:nowrap">closed-end</FONT> funds are bought and sold in the open market. Shares of <FONT STYLE="white-space:nowrap">closed-end</FONT> funds frequently trade at a discount to net asset value. The price of the Fund&#146;s shares is
determined by a number of factors, several of which are beyond the control of the Fund. Therefore, the Fund cannot predict whether its shares will trade at, below, or above net asset value. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:8.5pt; font-family:ARIAL">This Fund is diversified, but primarily focuses its investments in Germany, thereby increasing its vulnerability to developments in that country. Investing in foreign
securities presents certain risks, such as currency fluctuations, political and economic changes and market risks. Any fund that concentrates in a particular segment of the market or in a particular geographical region will generally be more
volatile than a fund that invests more broadly. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:8.5pt; font-family:ARIAL">The United States, the European Union (EU), the United Kingdom, and other countries have imposed sanctions in
response to the Russian military and other actions in recent years. These sanctions have adversely affected Russian individuals, Russian issuers and the Russian economy. Russia, in turn, has imposed sanctions targeting Western individuals,
businesses and products. The various sanctions have adversely affected, and may continue to adversely affect, not only the Russian economy but also the economies of many countries in Europe, including Germany. The continuation of current sanctions
or the imposition of additional sanctions may materially adversely affect the value of the Fund&#146;s portfolio. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:8.5pt; font-family:ARIAL">As of January&nbsp;1, 2021 the United Kingdom is
no longer part of the EU customs union and single market, nor is it subject to EU policies and international agreements. The long-term impact of the United Kingdom&#146;s withdrawal from the EU is still unknown and could have adverse economic and
political effects on the United Kingdom, the EU and its member countries, and the global economy, including financial markets and asset valuations. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:8.5pt; font-family:ARIAL">War, terrorism,
sanctions, economic uncertainty, trade disputes, public health crises and related geopolitical events have led, and, in the future, may lead to significant disruptions in U.S. and world economies and markets, which may lead to increased market
volatility and may have significant adverse effects on the Fund and its investments. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P>
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<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT STYLE="font-size:8pt">The New Germany Fund,&nbsp;Inc.</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP ALIGN="center">|</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-size:8pt"><B>&nbsp;</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right"><FONT STYLE="font-size:8pt"><B>3</B></FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-size:8pt"><B>&nbsp;</B></FONT></TD></TR></TABLE>


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<TD VALIGN="top" NOWRAP><FONT STYLE="font-size:16pt"><B><A NAME="tx423707_1"></A>Letter to the Shareholders</B></FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right"><B>(Unaudited)</B></TD></TR>
</TABLE> <P STYLE="margin-top:14pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL">Dear Shareholder, </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL">For the twelve-month period ended
December 31, 2022, the total return of the New Germany Fund, Inc. (the &#147;Fund&#148;) in U.S. dollars (USD) was &#150;39.13% based on net asset value and &#150;42.06% based on market price. During the same period, the total return in USD of the
Fund&#146;s blended benchmark (a custom blend of the MDAX Index, 80% weight, and the SDAX Index, 20% weight) was &#150;32.45%.<SUP STYLE="font-size:75%; vertical-align:top">1</SUP> The Fund&#146;s discount to net asset value averaged 11.16% for the
period from January 1, 2022 to December&nbsp;31, 2022, compared with 11.38% for the same period a year earlier. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL">The first nine months of 2022 saw the German stock
market experience a steep decline along with considerable volatility. Early in the period, the principal driver of deteriorating sentiment was raised expectations for global central bank tightening. Global equities moved lower in January and
February on a pulling forward of the expected timetable for interest rate increases on the part of central banks, with more interest rate-sensitive growth sectors most negatively impacted. This decline was then exacerbated by the invasion of Ukraine
at the end of February, with global equities dropping sharply in early March. As the second quarter of 2022 progressed, recession fears moved to the forefront of the market&#146;s focus. The reasons included the ongoing war in Ukraine and COVID-19
lockdowns in China, both of which further impaired global supply chains, along with the spike in energy prices in the aftermath of Russia&#146;s aggression. Moreover, inflation was once again proving far more persistent than consensus expectations,
clearly pointing to a more rapid pace of rate hikes from central banks than anticipated entering the quarter. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL">The third quarter also saw heightened fears of a
potential recession, particularly after shipments through the Nord Stream gas pipeline from Russia were suspended. Rocketing European natural gas futures burdened the German equity market, which dropped to its low for the year by the end of
September. However, with European governments announcing plans to partially protect consumers and businesses from the impact of higher energy prices, alongside sufficient gas storage levels and progress in reducing gas consumption, markets started
to rebound in </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P>
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<TD></TD>

<TD VALIGN="bottom"></TD>
<TD></TD>

<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="96%"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:10pt">
<TD VALIGN="bottom" NOWRAP><FONT STYLE="font-size:8pt"><B>4</B></FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP ALIGN="center">|</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP><FONT STYLE="font-size:8pt">The New Germany Fund,&nbsp;Inc.</FONT></TD></TR></TABLE>


<p style="margin-top:1em; margin-bottom:0em; page-break-before:always">
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL">
October. Furthermore, U.S. Consumer Price Index readings surprised on the downside, raising hopes that &#147;peak inflation&#148; might have finally been reached. This trend was echoed in the
Euro area, where inflation fell from a peak of 10.6% in October to 10.1% in November. With the strong upward market move in the fourth quarter, the German small- and mid-cap equity market recovered approximately one-third of the losses incurred over
the first nine months of 2022. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL">The Fund&#146;s negative absolute return for the twelve months ended December 31, 2022, in large part reflects the unexpectedly
difficult environment. In addition, sector allocation weighed on performance relative to the benchmark, most notably overweights to the more cyclical consumer discretionary and industrials sectors. The Fund&#146;s sector weights were shifted to
become more defensive in the wake of the Russia-Ukraine war, with reduced allocations to industrials and consumer discretionary. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL">Within industrials, companies with
lengthy order backlogs at fixed prices such as forklift manufacturer Jungheinrich AG were hurt by the strong rise in raw material costs. In addition, the Fund&#146;s underweight in the defense space constrained performance as prices for many of
those stocks were boosted with the start of the war in Ukraine. Positions subsequently initiated in defense companies such as Rheinmetall AG and Hensoldt AG have since supported performance. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL">On the positive side, the Fund&#146;s underweight in the utilities sector aided relative return. In particular, the lack of a position in Uniper SE* proved beneficial,
as the company is highly reliant on imports of natural gas from Russia. In addition, the Fund&#146;s underweight in health care was a positive </P> <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P>
<P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TR>

<TD WIDTH="72%"></TD>

<TD VALIGN="bottom" WIDTH="8%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>

<TD VALIGN="bottom" WIDTH="8%"></TD>
<TD></TD>
<TD></TD>
<TD></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:8pt">
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #7f7f7f"><FONT STYLE="font-size:9.5pt"><B>Sector Diversification </B></FONT>(As a % of Equity Securities)</TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #7f7f7f">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="BORDER-BOTTOM:1px solid #7f7f7f"><B>12/31/22</B></TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #7f7f7f">&nbsp;</TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #7f7f7f">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="BORDER-BOTTOM:1px solid #7f7f7f"><B>12/31/21</B></TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #7f7f7f">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:8pt">
<TD VALIGN="top">Industrials</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">29%</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">32%</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:8pt">
<TD VALIGN="top">Communication Services</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">14%</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">6%</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:8pt">
<TD VALIGN="top">Consumer Discretionary</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">11%</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">16%</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:8pt">
<TD VALIGN="top">Materials</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">11%</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">7%</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:8pt">
<TD VALIGN="top">Information Technology</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">10%</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">8%</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:8pt">
<TD VALIGN="top">Financials</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">7%</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">10%</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:8pt">
<TD VALIGN="top">Health Care</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">7%</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">9%</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:8pt">
<TD VALIGN="top">Consumer Staples</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">5%</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">3%</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:8pt">
<TD VALIGN="top">Real Estate</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">4%</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">6%</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:8pt">
<TD VALIGN="top">Utilities</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">1%</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">2%</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:8pt">
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #7f7f7f">Energy</TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #7f7f7f">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #7f7f7f">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #7f7f7f" ALIGN="right">1%</TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #7f7f7f">&nbsp;</TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #7f7f7f">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #7f7f7f">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #7f7f7f" ALIGN="right">1%</TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #7f7f7f">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:8pt">
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #7f7f7f"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #7f7f7f">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #7f7f7f">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #7f7f7f" ALIGN="right">100%</TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #7f7f7f">&nbsp;</TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #7f7f7f">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #7f7f7f">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #7f7f7f" ALIGN="right">100%</TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #7f7f7f">&nbsp;</TD></TR></TABLE>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P>
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<TR>

<TD WIDTH="96%"></TD>

<TD VALIGN="bottom"></TD>
<TD></TD>

<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD></TD>
<TD></TD>
<TD></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:10pt">
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT STYLE="font-size:8pt">The New Germany Fund,&nbsp;Inc.</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP ALIGN="center">|</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-size:8pt"><B>&nbsp;</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right"><FONT STYLE="font-size:8pt"><B>5</B></FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-size:8pt"><B>&nbsp;</B></FONT></TD></TR></TABLE>


<p style="margin-top:1em; margin-bottom:0em; page-break-before:always">
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL">
contributor. While health care stocks are generally viewed as defensive holdings, the high valuations in the sector declined throughout 2022. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10.5pt; font-family:ARIAL"><B>Market Outlook </B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL">With the expected time lag, the powerful impact of higher
central bank rates is now unfolding across the real economy. Activity is slowing in Europe and global management teams are talking about cost cutting, excess inventory, and the risk of order cancellations. Construction activity has begun to decline
and spending on consumer goods is shrinking. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL">However, three factors give us some comfort with respect to the year ahead. First, in our view economic weakness should
be short-lived and shallow mainly because of a robust labor market and high order book levels driven by pent-up demand from the supply chain bottlenecks experienced in the last few years. Second, most investors appear to have already factored in the
prospect of a recession, with more defensive stocks at a very high valuation premium to cyclical stocks. Finally, consensus expectations for equity market returns over the coming 12&nbsp;months are quite conservative, in contrast to the same time
last year. As such, given the already bearish market sentiment, we believe the downside risk to equities might be less pronounced. </P>
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<TR>

<TD></TD>
<TD></TD>
<TD></TD>

<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD WIDTH="84%"></TD>

<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="9%"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:8pt">
<TD VALIGN="bottom" COLSPAN="5" STYLE="BORDER-BOTTOM:1px solid #7f7f7f"><FONT STYLE="font-size:9.5pt"><B>Ten Largest Equity Holdings at December&nbsp;31, 2022</B></FONT><BR>( 35.5% of Net Assets)</TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #7f7f7f">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center" STYLE="BORDER-BOTTOM:1px solid #7f7f7f"><B>Percent</B></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:8pt">
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #cccccc"><B>&nbsp;</B></TD>
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #cccccc" ALIGN="right"><B>1.</B></TD>
<TD NOWRAP VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #cccccc"><B>&nbsp;</B></TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #cccccc">&nbsp;</TD>
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #cccccc"><B>Rheinmetall AG</B></TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #cccccc">&nbsp;</TD>
<TD VALIGN="top" ALIGN="right" STYLE="BORDER-BOTTOM:1px solid #cccccc"><B>4.9%</B></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:8pt">
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #cccccc"><B>&nbsp;</B></TD>
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #cccccc" ALIGN="right"><B>2.</B></TD>
<TD NOWRAP VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #cccccc"><B>&nbsp;</B></TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #cccccc">&nbsp;</TD>
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #cccccc"><B>Commerzbank AG</B></TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #cccccc">&nbsp;</TD>
<TD VALIGN="top" ALIGN="right" STYLE="BORDER-BOTTOM:1px solid #cccccc"><B>4.9%</B></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:8pt">
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #cccccc"><B>&nbsp;</B></TD>
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #cccccc" ALIGN="right"><B>3.</B></TD>
<TD NOWRAP VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #cccccc"><B>&nbsp;</B></TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #cccccc">&nbsp;</TD>
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #cccccc"><B>AIXTRON SE</B></TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #cccccc">&nbsp;</TD>
<TD VALIGN="top" ALIGN="right" STYLE="BORDER-BOTTOM:1px solid #cccccc"><B>3.7%</B></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:8pt">
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #cccccc"><B>&nbsp;</B></TD>
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #cccccc" ALIGN="right"><B>4.</B></TD>
<TD NOWRAP VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #cccccc"><B>&nbsp;</B></TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #cccccc">&nbsp;</TD>
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #cccccc"><B>Scout24 SE</B></TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #cccccc">&nbsp;</TD>
<TD VALIGN="top" ALIGN="right" STYLE="BORDER-BOTTOM:1px solid #cccccc"><B>3.5%</B></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:8pt">
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #cccccc"><B>&nbsp;</B></TD>
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #cccccc" ALIGN="right"><B>5.</B></TD>
<TD NOWRAP VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #cccccc"><B>&nbsp;</B></TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #cccccc">&nbsp;</TD>
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #cccccc"><B>Deutsche Lufthansa AG </B></TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #cccccc">&nbsp;</TD>
<TD VALIGN="top" ALIGN="right" STYLE="BORDER-BOTTOM:1px solid #cccccc"><B>3.4%</B></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:8pt">
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #cccccc"><B>&nbsp;</B></TD>
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #cccccc" ALIGN="right"><B>6.</B></TD>
<TD NOWRAP VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #cccccc"><B>&nbsp;</B></TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #cccccc">&nbsp;</TD>
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #cccccc"><B>Delivery Hero SE</B></TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #cccccc">&nbsp;</TD>
<TD VALIGN="top" ALIGN="right" STYLE="BORDER-BOTTOM:1px solid #cccccc"><B>3.4%</B></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:8pt">
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #cccccc"><B>&nbsp;</B></TD>
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #cccccc" ALIGN="right"><B>7.</B></TD>
<TD NOWRAP VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #cccccc"><B>&nbsp;</B></TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #cccccc">&nbsp;</TD>
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #cccccc"><B>HUGO BOSS AG</B></TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #cccccc">&nbsp;</TD>
<TD VALIGN="top" ALIGN="right" STYLE="BORDER-BOTTOM:1px solid #cccccc"><B>3.2%</B></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:8pt">
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #cccccc"><B>&nbsp;</B></TD>
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #cccccc" ALIGN="right"><B>8.</B></TD>
<TD NOWRAP VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #cccccc"><B>&nbsp;</B></TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #cccccc">&nbsp;</TD>
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #cccccc"><B>Jungheinrich AG</B></TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #cccccc">&nbsp;</TD>
<TD VALIGN="top" ALIGN="right" STYLE="BORDER-BOTTOM:1px solid #cccccc"><B>2.9%</B></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:8pt">
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #cccccc"><B>&nbsp;</B></TD>
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #cccccc" ALIGN="right"><B>9.</B></TD>
<TD NOWRAP VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #cccccc"><B>&nbsp;</B></TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #cccccc">&nbsp;</TD>
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #cccccc"><B>HelloFresh SE</B></TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #cccccc">&nbsp;</TD>
<TD VALIGN="top" ALIGN="right" STYLE="BORDER-BOTTOM:1px solid #cccccc"><B>2.9%</B></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:8pt">
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #7f7f7f"><B>&nbsp;</B></TD>
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #7f7f7f" ALIGN="right"><B>10.</B></TD>
<TD NOWRAP VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #7f7f7f"><B>&nbsp;</B></TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #7f7f7f">&nbsp;</TD>
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #7f7f7f"><B>thyssenkrupp AG</B></TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #7f7f7f">&nbsp;</TD>
<TD VALIGN="top" ALIGN="right" STYLE="BORDER-BOTTOM:1px solid #7f7f7f"><B>2.7%</B></TD></TR></TABLE> <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:8pt; font-family:ARIAL">Portfolio holdings and characteristics are subject to change and not indicative of future portfolio composition. </P>
<P STYLE="margin-top:2pt; margin-bottom:0pt; font-size:8pt; font-family:ARIAL">For more details about the Fund&#146;s investments, see the Schedule of Investments commencing on page&nbsp;11. For additional information about the Fund, including
performance, dividends, presentations, press releases, market updates, daily NAV and shareholder reports, please visit dws.com. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P>
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<TR>

<TD></TD>

<TD VALIGN="bottom"></TD>
<TD></TD>

<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="96%"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:10pt">
<TD VALIGN="bottom" NOWRAP><FONT STYLE="font-size:8pt"><B>6</B></FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP ALIGN="center">|</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP><FONT STYLE="font-size:8pt">The New Germany Fund,&nbsp;Inc.</FONT></TD></TR></TABLE>


<p style="margin-top:1em; margin-bottom:0em; page-break-before:always">
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL">We have become more constructive with respect to the investment climate as we believe the peak of central bank rate
increases is in sight. In this regard, we are scaling back holdings of defensive sectors such as telecommunications and healthcare while shifting into more cyclical sectors such as industrials, a rotation that would continue to favor value stocks
relative to growth. On the other hand, we believe we will see a &#147;shallow recession&#148; followed by a &#147;shallow recovery.&#148; Absent a booming economy, any cyclical earnings rebound could be short-lived and stock selection will be
critical. In this vein, we will look to selectively begin to increase holdings of growth stocks with more realistic earnings expectations and more normalized valuations. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL">Lastly, on December&nbsp;31, 2022, Ambassador Richard R. Burt retired from the Fund&#146;s Board. The Board thanks Ambassador Burt for his excellent service for many
years to the Fund. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL">Sincerely, </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TR>

<TD WIDTH="24%"></TD>

<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="37%"></TD>

<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="37%"></TD></TR>


<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:8pt">
<TD VALIGN="top">


<IMG SRC="g423707g52z99.jpg" ALT="LOGO">
</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">


<IMG SRC="g423707g57z96.jpg" ALT="LOGO">
</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">


<IMG SRC="g423707g51x89.jpg" ALT="LOGO">
</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:8pt">
<TD VALIGN="top">Christian Strenger</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">Valerie Schueler</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">Hepsen Uzcan</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:8pt">
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:8pt; font-family:ARIAL">Chairman</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">Portfolio Manager</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">Director, President and Chief Executive Officer</TD></TR>
</TABLE> <P STYLE="margin-top:8pt; margin-bottom:0pt; font-size:8.5pt; font-family:ARIAL"><B>The views expressed in the preceding discussion reflect those of the portfolio management team generally through the end of the
period of the report as stated on the cover.</B> The management team&#146;s views are subject to change at any time based on market and other conditions and should not be construed as recommendations. Past performance is no guarantee of future
results. Current and future portfolio holdings are subject to risk, including geopolitical and other risks. </P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:8pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="3%" VALIGN="top" ALIGN="left"><SUP STYLE="font-size:75%; vertical-align:top">1</SUP>&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:8pt; font-family:ARIAL; " ALIGN="left">The MDAX is a total-return index of 50 mid-cap issues that rank below the DAX. The SDAX is a total-return index that
tracks 70 German companies from all industries that rank directly below the MDAX equities in terms of market capitalization and exchange turnover. The DAX is a total-return index of 40 selected German blue chip stocks traded on the Frankfurt
exchange. Index returns do not reflect any fees or expenses and it is not possible to invest directly in the blended index consisting of 80% MDAX / 20% SDAX. </P></TD></TR></TABLE> <P STYLE="font-size:2pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>

<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:8pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="3%" VALIGN="top" ALIGN="left">*</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:8pt; font-family:ARIAL; " ALIGN="left">Not held at December 31, 2022. </P></TD></TR></TABLE>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P>
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<TR>

<TD WIDTH="96%"></TD>

<TD VALIGN="bottom"></TD>
<TD></TD>

<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD></TD>
<TD></TD>
<TD></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:10pt">
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT STYLE="font-size:8pt">The New Germany Fund,&nbsp;Inc.</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP ALIGN="center">|</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-size:8pt"><B>&nbsp;</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right"><FONT STYLE="font-size:8pt"><B>7</B></FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-size:8pt"><B>&nbsp;</B></FONT></TD></TR></TABLE>


<p style="margin-top:1em; margin-bottom:0em; page-break-before:always">
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10.5pt; font-family:ARIAL"><B>Other Information &#151; Announcement of Portfolio Manager Change </B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL">Leon Cappel will replace Valerie Schueler as the Fund&#146;s portfolio manager effective March&nbsp;1, 2023. Mr.&nbsp;Cappel currently serves as the Fund&#146;s deputy
portfolio manager and has been a member of the Fund&#146;s portfolio management team since 2022. In addition, effective March&nbsp;1, 2023, Alexander Lippert will replace Mr.&nbsp;Cappel as the Fund&#146;s deputy portfolio manager. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL">Mr.&nbsp;Cappel, CESGA, is a Portfolio Manager&nbsp;&#151; Equity&nbsp;&#151; Frankfurt. He joined the German equity team at DWS in 2019. He received a BSc and MSc in
Business Chemistry from Heinrich Heine University Duesseldorf. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL">Mr.&nbsp;Lippert, CESGA, is a Senior Portfolio Manager for European Small/Mid Caps: Frankfurt. He
joined DWS in 2022 with 5&nbsp;years of industry experience. He is responsible for the analysis of European Small/Mid Caps, focusing on chemicals, auto suppliers, telecommunications and UK/Ireland. Prior to joining DWS, he worked as a Portfolio
Manager at MainFirst Asset Management. During his time at MainFirst, he also was responsible for the chemicals sector. He received a BSc in Economics from the University of Mannheim at HEC Lausanne. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P>
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<TD></TD>

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<TD></TD>

<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="96%"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:10pt">
<TD VALIGN="bottom" NOWRAP><FONT STYLE="font-size:8pt"><B>8</B></FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP ALIGN="center">|</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP><FONT STYLE="font-size:8pt">The New Germany Fund,&nbsp;Inc.</FONT></TD></TR></TABLE>


<p style="margin-top:1em; margin-bottom:0em; page-break-before:always">
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">

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<TD WIDTH="56%"></TD>

<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="43%"></TD></TR>


<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:9.5pt">
<TD VALIGN="top" NOWRAP><FONT STYLE="font-size:16pt"><B><A NAME="tx423707_2"></A>Performance Summary</B></FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right"><B>December&nbsp;31,&nbsp;2022&nbsp;(Unaudited)</B></TD></TR>
</TABLE> <P STYLE="margin-top:14pt; margin-bottom:0pt; font-size:8.5pt; font-family:ARIAL"><B>All performance shown is historical, assumes reinvestment of all dividend and capital gain distributions, and does not guarantee
future results. Investment return and net asset value fluctuate with changing market conditions so that, when sold, shares may be worth more or less than their original cost. Current performance may be lower or higher than the performance data
quoted. Please visit dws.com for the most recent performance of the Fund. </B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:8.5pt; font-family:ARIAL"><B>Fund specific data and performance are provided for informational purposes only
and are not intended for trading purposes. </B></P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TR>

<TD WIDTH="63%"></TD>

<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>

<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="3%"></TD>

<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="3%"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:8pt">
<TD VALIGN="bottom" COLSPAN="12" STYLE="BORDER-BOTTOM:1px solid #7f7f7f"><FONT STYLE="font-size:9.5pt"><B>Average Annual Total Returns </B></FONT>as of 12/31/22<FONT STYLE="font-size:9.5pt"><B></B></FONT></TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #7f7f7f">&nbsp;</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:8pt">
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #7f7f7f">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #7f7f7f">&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="BORDER-BOTTOM:1px solid #7f7f7f"><B><FONT STYLE="white-space:nowrap">1-Year</FONT></B></TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #7f7f7f">&nbsp;</TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #7f7f7f">&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="BORDER-BOTTOM:1px solid #7f7f7f"><B><FONT STYLE="white-space:nowrap">5-Year</FONT></B></TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #7f7f7f">&nbsp;</TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #7f7f7f">&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="BORDER-BOTTOM:1px solid #7f7f7f"><B><FONT STYLE="white-space:nowrap">10-Year</FONT></B></TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #7f7f7f">&nbsp;</TD></TR>


<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:8pt">
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #cccccc"><B>Net Asset Value<SUP STYLE="font-size:75%; vertical-align:top">(a) </SUP></B></TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #cccccc">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #cccccc"><B>&nbsp;</B></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #cccccc" ALIGN="right"><B>(39.13)%</B></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #cccccc"><B>&nbsp;</B></TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #cccccc">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #cccccc"><B>&nbsp;</B></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #cccccc" ALIGN="right"><B>0.04%</B></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #cccccc"><B>&nbsp;</B></TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #cccccc">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #cccccc"><B>&nbsp;</B></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #cccccc" ALIGN="right"><B>9.35%</B></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #cccccc"><B>&nbsp;</B></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:8pt">
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #cccccc"><B>Market Price<SUP STYLE="font-size:75%; vertical-align:top">(a) </SUP></B></TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #cccccc">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #cccccc"><B>&nbsp;</B></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #cccccc" ALIGN="right"><B>(42.06)%</B></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #cccccc"><B>&nbsp;</B></TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #cccccc">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #cccccc"><B>&nbsp;</B></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #cccccc" ALIGN="right"><B>(1.19)%</B></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #cccccc"><B>&nbsp;</B></TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #cccccc">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #cccccc"><B>&nbsp;</B></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #cccccc" ALIGN="right"><B>8.81%</B></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #cccccc"><B>&nbsp;</B></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:8pt">
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #7f7f7f">Blended index: 80%&nbsp;German Mid Cap Index (MDAX)&nbsp;/ 20%&nbsp;German Small Cap Index (SDAX)<SUP STYLE="font-size:75%; vertical-align:top">(b)</SUP></TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #7f7f7f">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #7f7f7f">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #7f7f7f" ALIGN="right">(32.45)%</TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #7f7f7f">&nbsp;</TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #7f7f7f">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #7f7f7f">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #7f7f7f" ALIGN="right">(2.89)%</TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #7f7f7f">&nbsp;</TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #7f7f7f">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #7f7f7f">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #7f7f7f" ALIGN="right">5.72%</TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #7f7f7f">&nbsp;</TD></TR>
</TABLE> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TR>

<TD WIDTH="100%"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:8pt">
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #7f7f7f"><FONT STYLE="font-size:9.5pt"><B>Growth of an Assumed $10,000 Investment</B></FONT></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<P STYLE="margin-top:0pt;margin-bottom:0pt">


<IMG SRC="g423707g67m50.jpg" ALT="LOGO">
 </P> <P STYLE="line-height:1.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1px solid #7f7f7f">&nbsp;</P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:8pt; font-family:ARIAL">The growth of $10,000 is
cumulative. </P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:8pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="3%" VALIGN="top" ALIGN="left"><SUP STYLE="font-size:75%; vertical-align:top">a</SUP>&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:8pt; font-family:ARIAL; " ALIGN="left">Total return based on net asset value reflects changes in the Fund&#146;s net asset value during each period. Total return
based on market value reflects changes in market value during each period. Each figure includes reinvestments of income and capital gain distributions, if any, at market prices pursuant to the dividend reinvestment plan. Total returns based on net
asset value and market price will differ depending upon the level of any discount from or premium to net asset value at which the Fund&#146;s shares trade during the period. Expenses of the Fund include investment advisory and administration fees
and other fund expenses. Total returns shown take into account these fees and expenses. The annualized expense ratio of the Fund for the year ended December 31, 2022 was 1.40%. </P></TD></TR></TABLE>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P>
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<TR>

<TD WIDTH="96%"></TD>

<TD VALIGN="bottom"></TD>
<TD></TD>

<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD></TD>
<TD></TD>
<TD></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:10pt">
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT STYLE="font-size:8pt">The New Germany Fund,&nbsp;Inc.</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP ALIGN="center">|</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-size:8pt"><B>&nbsp;</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right"><FONT STYLE="font-size:8pt"><B>9</B></FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-size:8pt"><B>&nbsp;</B></FONT></TD></TR></TABLE>


<p style="margin-top:1em; margin-bottom:0em; page-break-before:always">
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">

<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:8pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="3%" VALIGN="top" ALIGN="left"><SUP STYLE="font-size:75%; vertical-align:top">b</SUP>&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:8pt; font-family:ARIAL; " ALIGN="left">The MDAX is a total-return index of 50 mid-cap issues that rank below the DAX. The SDAX is a total-return index that
tracks 70 German companies from all industries that rank directly below the MDAX equities in terms of market capitalization and exchange turnover. The DAX is a <FONT STYLE="white-space:nowrap">total-return</FONT> index of 40 selected German blue
chip stocks traded on the Frankfurt exchange. As noted in the &#147;Change to the Fund&#146;s Benchmark Index&#148; section of the Letter to Shareholders in this report, effective September 2021 the 10 components of the MDAX Index having the largest
market capitalizations transferred to the DAX Index, resulting in the MDAX Index having 50 components and the DAX Index having 40 components. </P></TD></TR></TABLE> <P STYLE="font-size:2pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:8pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:8pt; font-family:ARIAL; " ALIGN="left">Index returns do not reflect any fees or expenses and it is not possible to invest directly in the blended index
consisting of 80% MDAX / 20% SDAX. </P></TD></TR></TABLE> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TR>

<TD WIDTH="56%"></TD>

<TD VALIGN="bottom" WIDTH="7%"></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="8%"></TD>

<TD VALIGN="bottom" WIDTH="9%"></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="9%"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:8pt">
<TD VALIGN="bottom" COLSPAN="8" STYLE="BORDER-BOTTOM:1px solid #7f7f7f"><FONT STYLE="font-size:9.5pt"><B>Net Asset Value and Market Price</B></FONT></TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #7f7f7f">&nbsp;</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:8pt">
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #7f7f7f">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #7f7f7f">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="BORDER-BOTTOM:1px solid #7f7f7f"><B>As&nbsp;of&nbsp;12/31/22</B></TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #7f7f7f">&nbsp;</TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #7f7f7f">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="BORDER-BOTTOM:1px solid #7f7f7f"><B>As&nbsp;of&nbsp;12/31/21</B></TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #7f7f7f">&nbsp;</TD></TR>


<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:8pt">
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #cccccc">Net Asset Value</TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #cccccc">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #cccccc">$</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #cccccc" ALIGN="right">9.28</TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #cccccc">&nbsp;</TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #cccccc">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #cccccc">$</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #cccccc" ALIGN="right">&nbsp;&nbsp;16.58</TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #cccccc">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:8pt">
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #7f7f7f">Market Price</TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #7f7f7f">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #7f7f7f">$</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #7f7f7f" ALIGN="right">7.89</TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #7f7f7f">&nbsp;</TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #7f7f7f">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #7f7f7f">$</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #7f7f7f" ALIGN="right">&nbsp;&nbsp;14.81</TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #7f7f7f">&nbsp;</TD></TR>
</TABLE> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:8pt; font-family:ARIAL">Prices and Net Asset Value fluctuate and are not guaranteed. </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:8pt" ALIGN="center">


<TR>

<TD WIDTH="84%"></TD>

<TD VALIGN="bottom" WIDTH="6%"></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="6%"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:8pt">
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #7f7f7f"><FONT STYLE="font-size:9.5pt"><B>Distribution Information</B></FONT></TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #7f7f7f">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="right" STYLE="BORDER-BOTTOM:1px solid #7f7f7f"><B>Per&nbsp;Share</B></TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #7f7f7f">&nbsp;</TD></TR>


<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:8pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:8pt; font-family:ARIAL">Twelve Months as of 12/31/22:</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:8pt">
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #7f7f7f"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; font-size:8pt; font-family:ARIAL">Income Distribution</P></TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #7f7f7f">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #7f7f7f">$</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #7f7f7f" ALIGN="right">0.04</TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #7f7f7f">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:8pt">
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #7f7f7f"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; font-size:8pt; font-family:ARIAL">Capital Gains Distribution</P></TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #7f7f7f">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #7f7f7f">$</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #7f7f7f" ALIGN="right">0.73</TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #7f7f7f">&nbsp;</TD></TR>
</TABLE> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:8pt; font-family:ARIAL">Distributions are historical, not guaranteed and will fluctuate. Distributions do not include return of capital or other <FONT
STYLE="white-space:nowrap">non-income</FONT> sources. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:8pt">

<TR>

<TD></TD>

<TD VALIGN="bottom"></TD>
<TD></TD>

<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="94%"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:10pt">
<TD VALIGN="bottom" NOWRAP><FONT STYLE="font-size:8pt"><B>10</B></FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP ALIGN="center">|</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP><FONT STYLE="font-size:8pt">The New Germany Fund,&nbsp;Inc.</FONT></TD></TR></TABLE>


<p style="margin-top:1em; margin-bottom:0em; page-break-before:always">
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">

<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:16pt">


<TR>

<TD WIDTH="66%"></TD>

<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="33%"></TD></TR>


<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:9.5pt">
<TD VALIGN="top" NOWRAP><FONT STYLE="font-size:16pt"><B><A NAME="tx423707_3"></A>Schedule&nbsp;of&nbsp;Investments</B></FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right"><B>as&nbsp;of&nbsp;December&nbsp;31,&nbsp;2022</B></TD></TR>
</TABLE>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:8pt" ALIGN="center">


<TR>

<TD WIDTH="69%"></TD>

<TD VALIGN="bottom" WIDTH="3%"></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="2%"></TD>

<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="3%"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:8pt">
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="right" STYLE="border-bottom:1.00px solid #7f7f7f"><B>Shares</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="right" STYLE="border-bottom:1.00px solid #7f7f7f"><B>Value ($)</B></TD>
<TD VALIGN="bottom">&nbsp;</TD></TR>


<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:8pt">
<TD VALIGN="top"><FONT STYLE="font-size:10.5pt"><B>Germany&nbsp;93.4%</B></FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:8pt">
<TD VALIGN="top"><FONT STYLE="font-size:9.5pt"><B>Common Stocks&nbsp;89.9%</B></FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="2"></TD>
<TD HEIGHT="2" COLSPAN="4"></TD>
<TD HEIGHT="2" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:8pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:8pt; font-family:ARIAL"><B>Aerospace&nbsp;&amp; Defense 6.2%</B></P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="1"></TD>
<TD HEIGHT="1" COLSPAN="4"></TD>
<TD HEIGHT="1" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:8pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:8pt; font-family:ARIAL">Hensoldt AG</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">87,443</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">2,062,547</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="1"></TD>
<TD HEIGHT="1" COLSPAN="4"></TD>
<TD HEIGHT="1" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:8pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:8pt; font-family:ARIAL">Rheinmetall AG</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">40,034</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">7,949,598</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-size:1px; ">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #7f7f7f">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #7f7f7f">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:8pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"><B>&nbsp;</B></TD>
<TD VALIGN="bottom" ALIGN="right"><B>10,012,145</B></TD>
<TD NOWRAP VALIGN="bottom"><B>&nbsp;</B></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="2" COLSPAN="5"></TD>
<TD HEIGHT="2" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:8pt">
<TD VALIGN="top" COLSPAN="4"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:8pt; font-family:ARIAL"><B>Airlines 3.4%</B></P></TD>
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:0em; text-indent:0em; font-size:8pt; font-family:ARIAL"><B>&nbsp;</B></P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:8pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:8pt; font-family:ARIAL">Deutsche Lufthansa AG (Registered)*</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">664,089</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"><B>&nbsp;</B></TD>
<TD VALIGN="bottom" ALIGN="right"><B>5,503,694</B></TD>
<TD NOWRAP VALIGN="bottom"><B>&nbsp;</B></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="6" COLSPAN="5"></TD>
<TD HEIGHT="6" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:8pt">
<TD VALIGN="top" COLSPAN="4"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:8pt; font-family:ARIAL"><B>Auto Components 1.1%</B></P></TD>
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:0em; text-indent:0em; font-size:8pt; font-family:ARIAL"><B>&nbsp;</B></P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:8pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:8pt; font-family:ARIAL">Hella GmbH&nbsp;&amp; Co. KGaA</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">10,272</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">833,759</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="1"></TD>
<TD HEIGHT="1" COLSPAN="4"></TD>
<TD HEIGHT="1" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:8pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:8pt; font-family:ARIAL"><FONT STYLE="white-space:nowrap">SAF-Holland</FONT> SE</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">110,807</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">1,042,500</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-size:1px; ">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #7f7f7f">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #7f7f7f">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:8pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"><B>&nbsp;</B></TD>
<TD VALIGN="bottom" ALIGN="right"><B>1,876,259</B></TD>
<TD NOWRAP VALIGN="bottom"><B>&nbsp;</B></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="2" COLSPAN="5"></TD>
<TD HEIGHT="2" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:8pt">
<TD VALIGN="top" COLSPAN="4"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:8pt; font-family:ARIAL"><B>Automobiles 0.6%</B></P></TD>
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:0em; text-indent:0em; font-size:8pt; font-family:ARIAL"><B>&nbsp;</B></P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:8pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:8pt; font-family:ARIAL">Knaus Tabbert AG</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">27,739</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"><B>&nbsp;</B></TD>
<TD VALIGN="bottom" ALIGN="right"><B>947,387</B></TD>
<TD NOWRAP VALIGN="bottom"><B>&nbsp;</B></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="6" COLSPAN="5"></TD>
<TD HEIGHT="6" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:8pt">
<TD VALIGN="top" COLSPAN="4"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:8pt; font-family:ARIAL"><B>Banks 4.9%</B></P></TD>
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:0em; text-indent:0em; font-size:8pt; font-family:ARIAL"><B>&nbsp;</B></P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:8pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:8pt; font-family:ARIAL">Commerzbank AG*</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">830,000</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"><B>&nbsp;</B></TD>
<TD VALIGN="bottom" ALIGN="right"><B>7,827,450</B></TD>
<TD NOWRAP VALIGN="bottom"><B>&nbsp;</B></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="6"></TD>
<TD HEIGHT="6" COLSPAN="4"></TD>
<TD HEIGHT="6" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:8pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:8pt; font-family:ARIAL"><B>Biotechnology 0.2%</B></P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:8pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:8pt; font-family:ARIAL">MorphoSys AG*</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">20,084</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"><B>&nbsp;</B></TD>
<TD VALIGN="bottom" ALIGN="right"><B>283,165</B></TD>
<TD NOWRAP VALIGN="bottom"><B>&nbsp;</B></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="6"></TD>
<TD HEIGHT="6" COLSPAN="4"></TD>
<TD HEIGHT="6" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:8pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:8pt; font-family:ARIAL"><B>Building Products 0.2%</B></P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:8pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:8pt; font-family:ARIAL">Steico SE</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">6,262</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"><B>&nbsp;</B></TD>
<TD VALIGN="bottom" ALIGN="right"><B>288,390</B></TD>
<TD NOWRAP VALIGN="bottom"><B>&nbsp;</B></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="6"></TD>
<TD HEIGHT="6" COLSPAN="4"></TD>
<TD HEIGHT="6" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:8pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:8pt; font-family:ARIAL"><B>Capital Markets 0.2%</B></P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:8pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:8pt; font-family:ARIAL">flatexDEGIRO AG*</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">53,679</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"><B>&nbsp;</B></TD>
<TD VALIGN="bottom" ALIGN="right"><B>362,427</B></TD>
<TD NOWRAP VALIGN="bottom"><B>&nbsp;</B></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="6"></TD>
<TD HEIGHT="6" COLSPAN="4"></TD>
<TD HEIGHT="6" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:8pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:8pt; font-family:ARIAL"><B>Chemicals 6.7%</B></P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:8pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:8pt; font-family:ARIAL">Evonik Industries AG</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">93,202</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">1,784,075</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="1"></TD>
<TD HEIGHT="1" COLSPAN="4"></TD>
<TD HEIGHT="1" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:8pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:8pt; font-family:ARIAL">K+S AG (Registered)</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">215,214</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">4,220,699</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="1"></TD>
<TD HEIGHT="1" COLSPAN="4"></TD>
<TD HEIGHT="1" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:8pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:8pt; font-family:ARIAL">LANXESS AG</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">75,267</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">3,028,534</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="1"></TD>
<TD HEIGHT="1" COLSPAN="4"></TD>
<TD HEIGHT="1" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:8pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:8pt; font-family:ARIAL">Wacker Chemie AG</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">13,609</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">1,734,271</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-size:1px; ">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #7f7f7f">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #7f7f7f">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:8pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"><B>&nbsp;</B></TD>
<TD VALIGN="bottom" ALIGN="right"><B>10,767,579</B></TD>
<TD NOWRAP VALIGN="bottom"><B>&nbsp;</B></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="2"></TD>
<TD HEIGHT="2" COLSPAN="4"></TD>
<TD HEIGHT="2" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:8pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:8pt; font-family:ARIAL"><B>Diversified Financial Services 0.2%</B></P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:8pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:8pt; font-family:ARIAL">Hypoport SE*</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">2,786</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"><B>&nbsp;</B></TD>
<TD VALIGN="bottom" ALIGN="right"><B>289,619</B></TD>
<TD NOWRAP VALIGN="bottom"><B>&nbsp;</B></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="6"></TD>
<TD HEIGHT="6" COLSPAN="4"></TD>
<TD HEIGHT="6" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:8pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:8pt; font-family:ARIAL"><B>Diversified Telecommunication Services 3.2%</B></P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="1"></TD>
<TD HEIGHT="1" COLSPAN="4"></TD>
<TD HEIGHT="1" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:8pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:8pt; font-family:ARIAL">Telefonica Deutschland Holding AG</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">783,989</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">1,927,039</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="1"></TD>
<TD HEIGHT="1" COLSPAN="4"></TD>
<TD HEIGHT="1" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:8pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:8pt; font-family:ARIAL">United Internet AG (Registered)</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">114,419</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">2,306,835</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="1"></TD>
<TD HEIGHT="1" COLSPAN="4"></TD>
<TD HEIGHT="1" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:8pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:8pt; font-family:ARIAL">Vantage Towers AG</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">27,012</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">925,440</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-size:1px; ">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #7f7f7f">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #7f7f7f">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:8pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"><B>&nbsp;</B></TD>
<TD VALIGN="bottom" ALIGN="right"><B>5,159,314</B></TD>
<TD NOWRAP VALIGN="bottom"><B>&nbsp;</B></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="2"></TD>
<TD HEIGHT="2" COLSPAN="4"></TD>
<TD HEIGHT="2" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:8pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:8pt; font-family:ARIAL"><B>Electrical Equipment 0.6%</B></P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="1"></TD>
<TD HEIGHT="1" COLSPAN="4"></TD>
<TD HEIGHT="1" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:8pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:8pt; font-family:ARIAL">Siemens Energy AG</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">49,313</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"><B>&nbsp;</B></TD>
<TD VALIGN="bottom" ALIGN="right"><B>925,003</B></TD>
<TD NOWRAP VALIGN="bottom"><B>&nbsp;</B></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="6"></TD>
<TD HEIGHT="6" COLSPAN="4"></TD>
<TD HEIGHT="6" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:8pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:8pt; font-family:ARIAL"><B>Electronic Equipment, Instruments&nbsp;&amp; Components 0.6%</B></P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="1"></TD>
<TD HEIGHT="1" COLSPAN="4"></TD>
<TD HEIGHT="1" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:8pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:8pt; font-family:ARIAL">Jenoptik AG</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">35,077</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"><B>&nbsp;</B></TD>
<TD VALIGN="bottom" ALIGN="right"><B>956,907</B></TD>
<TD NOWRAP VALIGN="bottom"><B>&nbsp;</B></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="6"></TD>
<TD HEIGHT="6" COLSPAN="4"></TD>
<TD HEIGHT="6" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:8pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:8pt; font-family:ARIAL"><B>Entertainment 1.2%</B></P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="1"></TD>
<TD HEIGHT="1" COLSPAN="4"></TD>
<TD HEIGHT="1" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:8pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:8pt; font-family:ARIAL">CTS Eventim AG&nbsp;&amp; Co. KGaA*</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">29,480</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"><B>&nbsp;</B></TD>
<TD VALIGN="bottom" ALIGN="right"><B>1,875,255</B></TD>
<TD NOWRAP VALIGN="bottom"><B>&nbsp;</B></TD></TR></TABLE> <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:ARIAL" ALIGN="center">The accompanying notes are an integral part of the financial statements. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P>
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<TD></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:10pt">
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT STYLE="font-size:8pt">The New Germany Fund,&nbsp;Inc.</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP ALIGN="center">|</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-size:8pt"><B>&nbsp;</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right"><FONT STYLE="font-size:8pt"><B>11</B></FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-size:8pt"><B>&nbsp;</B></FONT></TD></TR></TABLE>


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<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:8pt">
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="right" STYLE="border-bottom:1.00px solid #7f7f7f"><B>Shares</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="right" STYLE="border-bottom:1.00px solid #7f7f7f"><B>Value ($)</B></TD>
<TD VALIGN="bottom">&nbsp;</TD></TR>


<TR STYLE="font-size:1pt">
<TD HEIGHT="2"></TD>
<TD HEIGHT="2" COLSPAN="4"></TD>
<TD HEIGHT="2" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:8pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:8pt; font-family:ARIAL"><B>Food&nbsp;&amp; Staples Retailing 2.9%</B></P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="1"></TD>
<TD HEIGHT="1" COLSPAN="4"></TD>
<TD HEIGHT="1" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:8pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:8pt; font-family:ARIAL">HelloFresh SE*</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">211,994</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"><B>&nbsp;</B></TD>
<TD VALIGN="bottom" ALIGN="right"><B>4,645,142</B></TD>
<TD NOWRAP VALIGN="bottom"><B>&nbsp;</B></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="6"></TD>
<TD HEIGHT="6" COLSPAN="4"></TD>
<TD HEIGHT="6" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:8pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:8pt; font-family:ARIAL"><B>Food Products 1.5%</B></P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="1"></TD>
<TD HEIGHT="1" COLSPAN="4"></TD>
<TD HEIGHT="1" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:8pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:8pt; font-family:ARIAL">KWS Saat SE&nbsp;&amp; Co. KGaA</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">34,657</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"><B>&nbsp;</B></TD>
<TD VALIGN="bottom" ALIGN="right"><B>2,371,022</B></TD>
<TD NOWRAP VALIGN="bottom"><B>&nbsp;</B></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="6"></TD>
<TD HEIGHT="6" COLSPAN="4"></TD>
<TD HEIGHT="6" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:8pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:8pt; font-family:ARIAL"><B>Health Care Equipment&nbsp;&amp; Supplies 2.5%</B></P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="1"></TD>
<TD HEIGHT="1" COLSPAN="4"></TD>
<TD HEIGHT="1" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:8pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:8pt; font-family:ARIAL">Carl Zeiss Meditec AG</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">28,797</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">3,623,661</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="1"></TD>
<TD HEIGHT="1" COLSPAN="4"></TD>
<TD HEIGHT="1" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:8pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:8pt; font-family:ARIAL">STRATEC SE</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">4,916</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">425,519</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-size:1px; ">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #7f7f7f">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #7f7f7f">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:8pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"><B>&nbsp;</B></TD>
<TD VALIGN="bottom" ALIGN="right"><B>4,049,180</B></TD>
<TD NOWRAP VALIGN="bottom"><B>&nbsp;</B></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="2" COLSPAN="5"></TD>
<TD HEIGHT="2" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:8pt">
<TD VALIGN="top" COLSPAN="4"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:8pt; font-family:ARIAL"><B>Independent Power&nbsp;&amp; Renewable Electricity Producers 1.0%</B></P></TD>
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:0em; text-indent:0em; font-size:8pt; font-family:ARIAL"><B>&nbsp;</B></P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:8pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:8pt; font-family:ARIAL">Encavis AG</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">83,282</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"><B>&nbsp;</B></TD>
<TD VALIGN="bottom" ALIGN="right"><B>1,643,074</B></TD>
<TD NOWRAP VALIGN="bottom"><B>&nbsp;</B></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="6" COLSPAN="5"></TD>
<TD HEIGHT="6" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:8pt">
<TD VALIGN="top" COLSPAN="4"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:8pt; font-family:ARIAL"><B>Insurance 1.4%</B></P></TD>
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:0em; text-indent:0em; font-size:8pt; font-family:ARIAL"><B>&nbsp;</B></P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:8pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:8pt; font-family:ARIAL">Talanx AG</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">48,284</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"><B>&nbsp;</B></TD>
<TD VALIGN="bottom" ALIGN="right"><B>2,283,965</B></TD>
<TD NOWRAP VALIGN="bottom"><B>&nbsp;</B></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="6"></TD>
<TD HEIGHT="6" COLSPAN="4"></TD>
<TD HEIGHT="6" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:8pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:8pt; font-family:ARIAL"><B>Interactive Media&nbsp;&amp; Services 4.4%</B></P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="1"></TD>
<TD HEIGHT="1" COLSPAN="4"></TD>
<TD HEIGHT="1" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:8pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:8pt; font-family:ARIAL">New Work SE</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">9,070</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">1,477,231</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="1"></TD>
<TD HEIGHT="1" COLSPAN="4"></TD>
<TD HEIGHT="1" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:8pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:8pt; font-family:ARIAL">Scout24 SE 144A</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">113,144</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">5,667,201</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-size:1px; ">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #7f7f7f">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #7f7f7f">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:8pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"><B>&nbsp;</B></TD>
<TD VALIGN="bottom" ALIGN="right"><B>7,144,432</B></TD>
<TD NOWRAP VALIGN="bottom"><B>&nbsp;</B></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="2"></TD>
<TD HEIGHT="2" COLSPAN="4"></TD>
<TD HEIGHT="2" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:8pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:8pt; font-family:ARIAL"><B>Internet&nbsp;&amp; Direct Marketing Retail 4.0%</B></P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="1"></TD>
<TD HEIGHT="1" COLSPAN="4"></TD>
<TD HEIGHT="1" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:8pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:8pt; font-family:ARIAL">About You Holding SE*</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">176,088</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">1,105,080</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="1"></TD>
<TD HEIGHT="1" COLSPAN="4"></TD>
<TD HEIGHT="1" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:8pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:8pt; font-family:ARIAL">Delivery Hero SE 144A*</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">113,662</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">5,432,327</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-size:1px; ">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #7f7f7f">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #7f7f7f">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:8pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"><B>&nbsp;</B></TD>
<TD VALIGN="bottom" ALIGN="right"><B>6,537,407</B></TD>
<TD NOWRAP VALIGN="bottom"><B>&nbsp;</B></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="2" COLSPAN="5"></TD>
<TD HEIGHT="2" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:8pt">
<TD VALIGN="top" COLSPAN="4"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:8pt; font-family:ARIAL"><B>IT Services 2.3%</B></P></TD>
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:0em; text-indent:0em; font-size:8pt; font-family:ARIAL"><B>&nbsp;</B></P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:8pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:8pt; font-family:ARIAL">Bechtle AG</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">50,518</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">1,782,524</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="1"></TD>
<TD HEIGHT="1" COLSPAN="4"></TD>
<TD HEIGHT="1" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:8pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:8pt; font-family:ARIAL">CANCOM SE</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">25,754</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">752,051</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="1"></TD>
<TD HEIGHT="1" COLSPAN="4"></TD>
<TD HEIGHT="1" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:8pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:8pt; font-family:ARIAL">GFT Technologies SE</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">26,916</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">975,297</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="1"></TD>
<TD HEIGHT="1" COLSPAN="4"></TD>
<TD HEIGHT="1" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:8pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:8pt; font-family:ARIAL">Secunet Security Networks AG</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">765</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">160,358</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-size:1px; ">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #7f7f7f">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #7f7f7f">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:8pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"><B>&nbsp;</B></TD>
<TD VALIGN="bottom" ALIGN="right"><B>3,670,230</B></TD>
<TD NOWRAP VALIGN="bottom"><B>&nbsp;</B></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="2"></TD>
<TD HEIGHT="2" COLSPAN="4"></TD>
<TD HEIGHT="2" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:8pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:8pt; font-family:ARIAL"><B>Life Sciences Tools&nbsp;&amp; Services 3.3%</B></P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="1"></TD>
<TD HEIGHT="1" COLSPAN="4"></TD>
<TD HEIGHT="1" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:8pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:8pt; font-family:ARIAL">Evotec SE*</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">135,831</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">2,212,279</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="1"></TD>
<TD HEIGHT="1" COLSPAN="4"></TD>
<TD HEIGHT="1" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:8pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:8pt; font-family:ARIAL">Gerresheimer AG</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">47,166</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">3,161,369</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-size:1px; ">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #7f7f7f">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #7f7f7f">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:8pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"><B>&nbsp;</B></TD>
<TD VALIGN="bottom" ALIGN="right"><B>5,373,648</B></TD>
<TD NOWRAP VALIGN="bottom"><B>&nbsp;</B></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="2" COLSPAN="5"></TD>
<TD HEIGHT="2" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:8pt">
<TD VALIGN="top" COLSPAN="4"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:8pt; font-family:ARIAL"><B>Machinery 9.1%</B></P></TD>
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:0em; text-indent:0em; font-size:8pt; font-family:ARIAL"><B>&nbsp;</B></P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:8pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:8pt; font-family:ARIAL">Deutz AG</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">682,421</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">2,946,896</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="1"></TD>
<TD HEIGHT="1" COLSPAN="4"></TD>
<TD HEIGHT="1" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:8pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:8pt; font-family:ARIAL">Duerr AG</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">21,465</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">722,110</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="1"></TD>
<TD HEIGHT="1" COLSPAN="4"></TD>
<TD HEIGHT="1" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:8pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:8pt; font-family:ARIAL">GEA Group AG</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">85,221</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">3,474,533</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="1"></TD>
<TD HEIGHT="1" COLSPAN="4"></TD>
<TD HEIGHT="1" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:8pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:8pt; font-family:ARIAL">JOST Werke AG 144A</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">32,885</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">1,846,163</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="1"></TD>
<TD HEIGHT="1" COLSPAN="4"></TD>
<TD HEIGHT="1" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:8pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:8pt; font-family:ARIAL">KION Group AG</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">85,336</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">2,438,188</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="1"></TD>
<TD HEIGHT="1" COLSPAN="4"></TD>
<TD HEIGHT="1" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:8pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:8pt; font-family:ARIAL">Knorr-Bremse AG</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">14,275</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">777,630</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="1"></TD>
<TD HEIGHT="1" COLSPAN="4"></TD>
<TD HEIGHT="1" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:8pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:8pt; font-family:ARIAL">Krones AG</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">12,368</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">1,386,038</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="1"></TD>
<TD HEIGHT="1" COLSPAN="4"></TD>
<TD HEIGHT="1" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:8pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:8pt; font-family:ARIAL">Pfeiffer Vacuum Technology AG</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">3,864</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">707,687</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="1"></TD>
<TD HEIGHT="1" COLSPAN="4"></TD>
<TD HEIGHT="1" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:8pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:8pt; font-family:ARIAL">Stabilus SE</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">1,607</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">107,883</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="1"></TD>
<TD HEIGHT="1" COLSPAN="4"></TD>
<TD HEIGHT="1" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:8pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:8pt; font-family:ARIAL">Vossloh AG</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">3,919</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">163,546</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-size:1px; ">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #7f7f7f">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #7f7f7f">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:8pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"><B>&nbsp;</B></TD>
<TD VALIGN="bottom" ALIGN="right"><B>14,570,674</B></TD>
<TD NOWRAP VALIGN="bottom"><B>&nbsp;</B></TD></TR></TABLE> <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:ARIAL" ALIGN="center">The accompanying notes are an integral part of the financial statements. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:8pt">

<TR>

<TD></TD>

<TD VALIGN="bottom"></TD>
<TD></TD>

<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="94%"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:10pt">
<TD VALIGN="bottom" NOWRAP><FONT STYLE="font-size:8pt"><B>12</B></FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP ALIGN="center">|</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP><FONT STYLE="font-size:8pt">The New Germany Fund,&nbsp;Inc.</FONT></TD></TR></TABLE>


<p style="margin-top:1em; margin-bottom:0em; page-break-before:always">
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">

<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:8pt" ALIGN="center">


<TR>

<TD WIDTH="68%"></TD>

<TD VALIGN="bottom" WIDTH="3%"></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="3%"></TD>

<TD VALIGN="bottom" WIDTH="3%"></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="3%"></TD></TR>

<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:8pt">
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="right" STYLE="border-bottom:1.00px solid #7f7f7f"><B>Shares</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="right" STYLE="border-bottom:1.00px solid #7f7f7f"><B>Value ($)</B></TD>
<TD VALIGN="bottom">&nbsp;</TD></TR>


<TR STYLE="font-size:1pt">
<TD HEIGHT="2"></TD>
<TD HEIGHT="2" COLSPAN="4"></TD>
<TD HEIGHT="2" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:8pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:8pt; font-family:ARIAL"><B>Media 1.7%</B></P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="1"></TD>
<TD HEIGHT="1" COLSPAN="4"></TD>
<TD HEIGHT="1" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:8pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:8pt; font-family:ARIAL">ProSiebenSat.1 Media SE</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">159,142</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">1,418,267</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="1"></TD>
<TD HEIGHT="1" COLSPAN="4"></TD>
<TD HEIGHT="1" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:8pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:8pt; font-family:ARIAL">Stroeer SE&nbsp;&amp; Co. KGaA</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">29,871</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">1,388,750</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-size:1px; ">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #7f7f7f">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #7f7f7f">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:8pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"><B>&nbsp;</B></TD>
<TD VALIGN="bottom" ALIGN="right"><B>2,807,017</B></TD>
<TD NOWRAP VALIGN="bottom"><B>&nbsp;</B></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="2" COLSPAN="5"></TD>
<TD HEIGHT="2" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:8pt">
<TD VALIGN="top" COLSPAN="4"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:8pt; font-family:ARIAL"><B>Metals&nbsp;&amp; Mining 3.6%</B></P></TD>
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:0em; text-indent:0em; font-size:8pt; font-family:ARIAL"><B>&nbsp;</B></P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:8pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:8pt; font-family:ARIAL">Aurubis AG</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">10,703</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">872,284</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="1"></TD>
<TD HEIGHT="1" COLSPAN="4"></TD>
<TD HEIGHT="1" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:8pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:8pt; font-family:ARIAL">Salzgitter AG</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">17,922</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">545,535</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="1"></TD>
<TD HEIGHT="1" COLSPAN="4"></TD>
<TD HEIGHT="1" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:8pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:8pt; font-family:ARIAL">thyssenkrupp AG*</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">720,293</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">4,378,906</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-size:1px; ">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #7f7f7f">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #7f7f7f">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:8pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"><B>&nbsp;</B></TD>
<TD VALIGN="bottom" ALIGN="right"><B>5,796,725</B></TD>
<TD NOWRAP VALIGN="bottom"><B>&nbsp;</B></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="2"></TD>
<TD HEIGHT="2" COLSPAN="4"></TD>
<TD HEIGHT="2" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:8pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:8pt; font-family:ARIAL"><B>Oil, Gas&nbsp;&amp; Consumable Fuels 0.8%</B></P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="1"></TD>
<TD HEIGHT="1" COLSPAN="4"></TD>
<TD HEIGHT="1" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:8pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:8pt; font-family:ARIAL">Friedrich Vorwerk Group SE</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">15,913</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">374,496</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="1"></TD>
<TD HEIGHT="1" COLSPAN="4"></TD>
<TD HEIGHT="1" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:8pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:8pt; font-family:ARIAL">VERBIO Vereinigte BioEnergie AG</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">13,499</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">873,093</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-size:1px; ">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #7f7f7f">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #7f7f7f">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:8pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"><B>&nbsp;</B></TD>
<TD VALIGN="bottom" ALIGN="right"><B>1,247,589</B></TD>
<TD NOWRAP VALIGN="bottom"><B>&nbsp;</B></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="2" COLSPAN="5"></TD>
<TD HEIGHT="2" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:8pt">
<TD VALIGN="top" COLSPAN="4"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:8pt; font-family:ARIAL"><B>Pharmaceuticals 1.1%</B></P></TD>
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:0em; text-indent:0em; font-size:8pt; font-family:ARIAL"><B>&nbsp;</B></P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:8pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:8pt; font-family:ARIAL">Dermapharm Holding SE</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">43,727</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"><B>&nbsp;</B></TD>
<TD VALIGN="bottom" ALIGN="right"><B>1,751,052</B></TD>
<TD NOWRAP VALIGN="bottom"><B>&nbsp;</B></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="6" COLSPAN="5"></TD>
<TD HEIGHT="6" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:8pt">
<TD VALIGN="top" COLSPAN="4"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:8pt; font-family:ARIAL"><B>Professional Services 0.3%</B></P></TD>
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:0em; text-indent:0em; font-size:8pt; font-family:ARIAL"><B>&nbsp;</B></P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:8pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:8pt; font-family:ARIAL">Amadeus Fire AG</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">3,234</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"><B>&nbsp;</B></TD>
<TD VALIGN="bottom" ALIGN="right"><B>399,011</B></TD>
<TD NOWRAP VALIGN="bottom"><B>&nbsp;</B></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="6"></TD>
<TD HEIGHT="6" COLSPAN="4"></TD>
<TD HEIGHT="6" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:8pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:8pt; font-family:ARIAL"><B>Real Estate Management&nbsp;&amp; Development 3.2%</B></P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:8pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:8pt; font-family:ARIAL">Instone Real Estate Group SE 144A</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">34,763</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">299,418</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="1"></TD>
<TD HEIGHT="1" COLSPAN="4"></TD>
<TD HEIGHT="1" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:8pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:8pt; font-family:ARIAL">LEG Immobilien SE</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">61,000</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">3,962,308</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="1"></TD>
<TD HEIGHT="1" COLSPAN="4"></TD>
<TD HEIGHT="1" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:8pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:8pt; font-family:ARIAL">PATRIZIA SE</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">34,224</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">378,423</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="1"></TD>
<TD HEIGHT="1" COLSPAN="4"></TD>
<TD HEIGHT="1" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:8pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:8pt; font-family:ARIAL">TAG Immobilien AG</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">80,000</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">516,146</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-size:1px; ">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #7f7f7f">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #7f7f7f">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:8pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"><B>&nbsp;</B></TD>
<TD VALIGN="bottom" ALIGN="right"><B>5,156,295</B></TD>
<TD NOWRAP VALIGN="bottom"><B>&nbsp;</B></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="2"></TD>
<TD HEIGHT="2" COLSPAN="4"></TD>
<TD HEIGHT="2" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:8pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:8pt; font-family:ARIAL"><B>Road&nbsp;&amp; Rail 0.6%</B></P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:8pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:8pt; font-family:ARIAL">Sixt SE</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">10,833</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"><B>&nbsp;</B></TD>
<TD VALIGN="bottom" ALIGN="right"><B>993,759</B></TD>
<TD NOWRAP VALIGN="bottom"><B>&nbsp;</B></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="6"></TD>
<TD HEIGHT="6" COLSPAN="4"></TD>
<TD HEIGHT="6" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:8pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:8pt; font-family:ARIAL"><B>Semiconductors&nbsp;&amp; Semiconductor Equipment 4.0%</B></P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="1"></TD>
<TD HEIGHT="1" COLSPAN="4"></TD>
<TD HEIGHT="1" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:8pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:8pt; font-family:ARIAL">AIXTRON SE</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">208,632</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">6,005,489</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="1"></TD>
<TD HEIGHT="1" COLSPAN="4"></TD>
<TD HEIGHT="1" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:8pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:8pt; font-family:ARIAL">Siltronic AG</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">7,000</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">509,155</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-size:1px; ">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #7f7f7f">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #7f7f7f">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:8pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"><B>&nbsp;</B></TD>
<TD VALIGN="bottom" ALIGN="right"><B>6,514,644</B></TD>
<TD NOWRAP VALIGN="bottom"><B>&nbsp;</B></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="2"></TD>
<TD HEIGHT="2" COLSPAN="4"></TD>
<TD HEIGHT="2" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:8pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:8pt; font-family:ARIAL"><B>Software 2.7%</B></P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="1"></TD>
<TD HEIGHT="1" COLSPAN="4"></TD>
<TD HEIGHT="1" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:8pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:8pt; font-family:ARIAL">Nemetschek SE</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">34,567</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">1,759,444</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="1"></TD>
<TD HEIGHT="1" COLSPAN="4"></TD>
<TD HEIGHT="1" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:8pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:8pt; font-family:ARIAL">SUSE SA*</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">73,463</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">1,320,375</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="1"></TD>
<TD HEIGHT="1" COLSPAN="4"></TD>
<TD HEIGHT="1" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:8pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:8pt; font-family:ARIAL">TeamViewer AG 144A*</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">97,908</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">1,258,669</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-size:1px; ">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #7f7f7f">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #7f7f7f">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:8pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"><B>&nbsp;</B></TD>
<TD VALIGN="bottom" ALIGN="right"><B>4,338,488</B></TD>
<TD NOWRAP VALIGN="bottom"><B>&nbsp;</B></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="2"></TD>
<TD HEIGHT="2" COLSPAN="4"></TD>
<TD HEIGHT="2" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:8pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:8pt; font-family:ARIAL"><B>Specialty Retail 0.4%</B></P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="1"></TD>
<TD HEIGHT="1" COLSPAN="4"></TD>
<TD HEIGHT="1" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:8pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:8pt; font-family:ARIAL">Fielmann AG</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">16,489</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"><B>&nbsp;</B></TD>
<TD VALIGN="bottom" ALIGN="right"><B>651,504</B></TD>
<TD NOWRAP VALIGN="bottom"><B>&nbsp;</B></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="6"></TD>
<TD HEIGHT="6" COLSPAN="4"></TD>
<TD HEIGHT="6" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:8pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:8pt; font-family:ARIAL"><B>Technology Hardware, Storage&nbsp;&amp; Peripherals 0.5%</B></P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:8pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:8pt; font-family:ARIAL">Cherry SE*</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">94,182</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"><B>&nbsp;</B></TD>
<TD VALIGN="bottom" ALIGN="right"><B>761,945</B></TD>
<TD NOWRAP VALIGN="bottom"><B>&nbsp;</B></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="5"></TD>
<TD HEIGHT="5" COLSPAN="4"></TD>
<TD HEIGHT="5" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:8pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:8pt; font-family:ARIAL"><B>Textiles, Apparel&nbsp;&amp; Luxury Goods 4.3%</B></P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="1"></TD>
<TD HEIGHT="1" COLSPAN="4"></TD>
<TD HEIGHT="1" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:8pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:8pt; font-family:ARIAL">HUGO BOSS AG</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">89,779</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">5,189,672</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="1"></TD>
<TD HEIGHT="1" COLSPAN="4"></TD>
<TD HEIGHT="1" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:8pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:8pt; font-family:ARIAL">Puma SE</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">30,000</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">1,815,478</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-size:1px; ">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #7f7f7f">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #7f7f7f">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:8pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"><B>&nbsp;</B></TD>
<TD VALIGN="bottom" ALIGN="right"><B>7,005,150</B></TD>
<TD NOWRAP VALIGN="bottom"><B>&nbsp;</B></TD></TR></TABLE> <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:ARIAL" ALIGN="center">The accompanying notes are an integral part of the financial statements. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:8pt">

<TR>

<TD WIDTH="94%"></TD>

<TD VALIGN="bottom"></TD>
<TD></TD>

<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD></TD>
<TD></TD>
<TD></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:10pt">
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT STYLE="font-size:8pt">The New Germany Fund,&nbsp;Inc.</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP ALIGN="center">|</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-size:8pt"><B>&nbsp;</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right"><FONT STYLE="font-size:8pt"><B>13</B></FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-size:8pt"><B>&nbsp;</B></FONT></TD></TR></TABLE>


<p style="margin-top:1em; margin-bottom:0em; page-break-before:always">
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">

<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:8pt" ALIGN="center">


<TR>

<TD WIDTH="68%"></TD>

<TD VALIGN="bottom" WIDTH="3%"></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="2%"></TD>

<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="3%"></TD></TR>

<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:8pt">
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="right" STYLE="border-bottom:1.00px solid #7f7f7f"><B>Shares</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="right" STYLE="border-bottom:1.00px solid #7f7f7f"><B>Value ($)</B></TD>
<TD VALIGN="bottom">&nbsp;</TD></TR>


<TR STYLE="font-size:1pt">
<TD HEIGHT="2"></TD>
<TD HEIGHT="2" COLSPAN="4"></TD>
<TD HEIGHT="2" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:8pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:8pt; font-family:ARIAL"><B>Thrifts&nbsp;&amp; Mortgage Finance 0.5%</B></P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="1"></TD>
<TD HEIGHT="1" COLSPAN="4"></TD>
<TD HEIGHT="1" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:8pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:8pt; font-family:ARIAL">Deutsche Pfandbriefbank AG 144A</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">111,807</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"><B>&nbsp;</B></TD>
<TD VALIGN="bottom" ALIGN="right"><B>867,541</B></TD>
<TD NOWRAP VALIGN="bottom"><B>&nbsp;</B></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="6"></TD>
<TD HEIGHT="6" COLSPAN="4"></TD>
<TD HEIGHT="6" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:8pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:8pt; font-family:ARIAL"><B>Trading Companies&nbsp;&amp; Distributors 2.4%</B></P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="1"></TD>
<TD HEIGHT="1" COLSPAN="4"></TD>
<TD HEIGHT="1" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:8pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:8pt; font-family:ARIAL">Brenntag SE</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">53,445</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">3,406,539</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="1"></TD>
<TD HEIGHT="1" COLSPAN="4"></TD>
<TD HEIGHT="1" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:8pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:8pt; font-family:ARIAL">Kloeckner&nbsp;&amp; Co. SE</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">50,307</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">495,852</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-size:1px; ">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #7f7f7f">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #7f7f7f">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:8pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"><B>&nbsp;</B></TD>
<TD VALIGN="bottom" ALIGN="right"><B>3,902,391</B></TD>
<TD NOWRAP VALIGN="bottom"><B>&nbsp;</B></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="2"></TD>
<TD HEIGHT="2" COLSPAN="4"></TD>
<TD HEIGHT="2" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:8pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:8pt; font-family:ARIAL"><B>Transportation Infrastructure 0.4%</B></P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:8pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:8pt; font-family:ARIAL">Fraport AG Frankfurt Airport Services Worldwide*</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">17,696</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"><B>&nbsp;</B></TD>
<TD VALIGN="bottom" ALIGN="right"><B>718,648</B></TD>
<TD NOWRAP VALIGN="bottom"><B>&nbsp;</B></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="6" COLSPAN="5"></TD>
<TD HEIGHT="6" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:8pt">
<TD VALIGN="top" COLSPAN="4"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:8pt; font-family:ARIAL"><B>Wireless Telecommunication Services 1.7%</B></P></TD>
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:0em; text-indent:0em; font-size:8pt; font-family:ARIAL"><B>&nbsp;</B></P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:8pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:8pt; font-family:ARIAL">1&amp;1 AG</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">26,047</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">322,480</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="1"></TD>
<TD HEIGHT="1" COLSPAN="4"></TD>
<TD HEIGHT="1" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:8pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:8pt; font-family:ARIAL">Freenet AG</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">110,968</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">2,418,466</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-size:1px; ">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #7f7f7f">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #7f7f7f">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:8pt">
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #7f7f7f"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #7f7f7f">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #7f7f7f"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #7f7f7f"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #7f7f7f"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #7f7f7f">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #7f7f7f"><B>&nbsp;</B></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #7f7f7f" ALIGN="right"><B>2,740,946</B></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #7f7f7f"><B>&nbsp;</B></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:8pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:8pt; font-family:ARIAL"><B>Total Common Stocks </B>(Cost $169,922,690)<B></B></P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"><B>&nbsp;</B></TD>
<TD VALIGN="bottom" ALIGN="right"><B>145,016,073</B></TD>
<TD NOWRAP VALIGN="bottom"><B>&nbsp;</B></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="13"></TD>
<TD HEIGHT="13" COLSPAN="4"></TD>
<TD HEIGHT="13" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:8pt">
<TD VALIGN="top"><FONT STYLE="font-size:9.5pt"><B>Preferred Stocks&nbsp;3.5%</B></FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="2"></TD>
<TD HEIGHT="2" COLSPAN="4"></TD>
<TD HEIGHT="2" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:8pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:8pt; font-family:ARIAL"><B>Chemicals 0.6%</B></P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:8pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:8pt; font-family:ARIAL">FUCHS PETROLUB SE</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">28,435</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"><B>&nbsp;</B></TD>
<TD VALIGN="bottom" ALIGN="right"><B>993,616</B></TD>
<TD NOWRAP VALIGN="bottom"><B>&nbsp;</B></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="2"></TD>
<TD HEIGHT="2" COLSPAN="4"></TD>
<TD HEIGHT="2" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:8pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:8pt; font-family:ARIAL"><B>Machinery 2.9%</B></P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:8pt">
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #7f7f7f"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:8pt; font-family:ARIAL">Jungheinrich AG</P></TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #7f7f7f">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #7f7f7f">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #7f7f7f" ALIGN="right">167,174</TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #7f7f7f">&nbsp;</TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #7f7f7f">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #7f7f7f"><B>&nbsp;</B></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #7f7f7f" ALIGN="right"><B>4,742,531</B></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #7f7f7f"><B>&nbsp;</B></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:8pt">
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #000000"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:8pt; font-family:ARIAL"><B>Total Preferred Stocks </B>(Cost $5,179,473)<B></B></P></TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000"><B>&nbsp;</B></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000" ALIGN="right"><B>5,736,147</B></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000"><B>&nbsp;</B></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:8pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:8pt; font-family:ARIAL"><B>Total Germany </B>(Cost $175,102,163)<B></B></P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"><B>&nbsp;</B></TD>
<TD VALIGN="bottom" ALIGN="right"><B>150,752,220</B></TD>
<TD NOWRAP VALIGN="bottom"><B>&nbsp;</B></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="29"></TD>
<TD HEIGHT="29" COLSPAN="4"></TD>
<TD HEIGHT="29" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:8pt">
<TD VALIGN="top"><FONT STYLE="font-size:10.5pt"><B>Luxembourg&nbsp;5.4%</B></FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:8pt">
<TD VALIGN="top"><FONT STYLE="font-size:9.5pt"><B>Common Stocks</B></FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="2"></TD>
<TD HEIGHT="2" COLSPAN="4"></TD>
<TD HEIGHT="2" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:8pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:8pt; font-family:ARIAL"><B>Auto Components 0.8%</B></P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="1"></TD>
<TD HEIGHT="1" COLSPAN="4"></TD>
<TD HEIGHT="1" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:8pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:8pt; font-family:ARIAL">Novem Group SA</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">151,003</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"><B>&nbsp;</B></TD>
<TD VALIGN="bottom" ALIGN="right"><B>1,334,450</B></TD>
<TD NOWRAP VALIGN="bottom"><B>&nbsp;</B></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="2"></TD>
<TD HEIGHT="2" COLSPAN="4"></TD>
<TD HEIGHT="2" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:8pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:8pt; font-family:ARIAL"><B>Commercial Services&nbsp;&amp; Supplies 2.7%</B></P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="1"></TD>
<TD HEIGHT="1" COLSPAN="4"></TD>
<TD HEIGHT="1" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:8pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:8pt; font-family:ARIAL">Befesa SA 144A</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">89,049</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"><B>&nbsp;</B></TD>
<TD VALIGN="bottom" ALIGN="right"><B>4,282,593</B></TD>
<TD NOWRAP VALIGN="bottom"><B>&nbsp;</B></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="2"></TD>
<TD HEIGHT="2" COLSPAN="4"></TD>
<TD HEIGHT="2" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:8pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:8pt; font-family:ARIAL"><B>Media 1.5%</B></P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="1"></TD>
<TD HEIGHT="1" COLSPAN="4"></TD>
<TD HEIGHT="1" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:8pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:8pt; font-family:ARIAL">RTL Group SA</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">58,574</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"><B>&nbsp;</B></TD>
<TD VALIGN="bottom" ALIGN="right"><B>2,465,632</B></TD>
<TD NOWRAP VALIGN="bottom"><B>&nbsp;</B></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="2"></TD>
<TD HEIGHT="2" COLSPAN="4"></TD>
<TD HEIGHT="2" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:8pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:8pt; font-family:ARIAL"><B>Real Estate Management&nbsp;&amp; Development 0.4%</B></P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:8pt">
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #7f7f7f"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:8pt; font-family:ARIAL">Aroundtown SA</P></TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #7f7f7f">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #7f7f7f">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #7f7f7f" ALIGN="right">250,000</TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #7f7f7f">&nbsp;</TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #7f7f7f">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #7f7f7f"><B>&nbsp;</B></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #7f7f7f" ALIGN="right"><B>582,479</B></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #7f7f7f"><B>&nbsp;</B></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:8pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:8pt; font-family:ARIAL"><B>Total Luxembourg </B>(Cost $13,549,038)<B></B></P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"><B>&nbsp;</B></TD>
<TD VALIGN="bottom" ALIGN="right"><B>8,665,154</B></TD>
<TD NOWRAP VALIGN="bottom"><B>&nbsp;</B></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="29"></TD>
<TD HEIGHT="29" COLSPAN="4"></TD>
<TD HEIGHT="29" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:8pt">
<TD VALIGN="top"><FONT STYLE="font-size:10.5pt"><B>Netherlands&nbsp;0.3%</B></FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:8pt">
<TD VALIGN="top"><FONT STYLE="font-size:9.5pt"><B>Common Stocks</B></FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="2"></TD>
<TD HEIGHT="2" COLSPAN="4"></TD>
<TD HEIGHT="2" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:8pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:8pt; font-family:ARIAL"><B>Food&nbsp;&amp; Staples Retailing 0.3%</B></P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="1"></TD>
<TD HEIGHT="1" COLSPAN="4"></TD>
<TD HEIGHT="1" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:8pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:8pt; font-family:ARIAL">Shop Apotheke Europe NV 144A (Cost $701,165)*</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">11,189</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"><B>&nbsp;</B></TD>
<TD VALIGN="bottom" ALIGN="right"><B>526,763</B></TD>
<TD NOWRAP VALIGN="bottom"><B>&nbsp;</B></TD></TR></TABLE> <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:ARIAL" ALIGN="center">The accompanying notes are an integral part of the financial statements. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:8pt">

<TR>

<TD></TD>

<TD VALIGN="bottom"></TD>
<TD></TD>

<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="94%"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:10pt">
<TD VALIGN="bottom" NOWRAP><FONT STYLE="font-size:8pt"><B>14</B></FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP ALIGN="center">|</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP><FONT STYLE="font-size:8pt">The New Germany Fund,&nbsp;Inc.</FONT></TD></TR></TABLE>


<p style="margin-top:1em; margin-bottom:0em; page-break-before:always">
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">

<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:8pt" ALIGN="center">


<TR>

<TD WIDTH="69%"></TD>

<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="2%"></TD>

<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="2%"></TD></TR>

<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:8pt">
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="right" STYLE="border-bottom:1.00px solid #7f7f7f"><B>Shares</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="right" STYLE="border-bottom:1.00px solid #7f7f7f"><B>Value ($)</B></TD>
<TD VALIGN="bottom">&nbsp;</TD></TR>


<TR STYLE="font-size:1pt">
<TD HEIGHT="29"></TD>
<TD HEIGHT="29" COLSPAN="4"></TD>
<TD HEIGHT="29" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:8pt">
<TD VALIGN="top"><FONT STYLE="font-size:10.5pt"><B>Cash Equivalents&nbsp;1.4%</B></FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:8pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:8pt; font-family:ARIAL">DWS Central Cash Management Government Fund,<BR>4.20% (Cost $2,208,318) (a)</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">2,208,322</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"><B>&nbsp;</B></TD>
<TD VALIGN="bottom" ALIGN="right"><B>2,208,318</B></TD>
<TD NOWRAP VALIGN="bottom"><B>&nbsp;</B></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="4"></TD>
<TD HEIGHT="16" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:8pt">
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="right" STYLE="border-bottom:1.00px solid #7f7f7f"><B>% of Net<BR>Assets</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="right" STYLE="border-bottom:1.00px solid #7f7f7f"><B>Value ($)</B></TD>
<TD VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:8pt">
<TD VALIGN="top"><FONT STYLE="font-size:9.5pt"><B>Total Investment Portfolio </B></FONT>(Cost $191,560,684)<FONT STYLE="font-size:9.5pt"><B></B></FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">100.5</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"><B>&nbsp;</B></TD>
<TD VALIGN="bottom" ALIGN="right"><B>162,152,455</B></TD>
<TD NOWRAP VALIGN="bottom"><B>&nbsp;</B></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:8pt">
<TD VALIGN="top"><FONT STYLE="font-size:9.5pt"><B>Other Assets and Liabilities, Net</B></FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(0.5</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"><B>&nbsp;</B></TD>
<TD VALIGN="bottom" ALIGN="right"><B>(797,149</B></TD>
<TD NOWRAP VALIGN="bottom"><B>)&nbsp;</B></TD></TR>
<TR STYLE="font-size:1px; ">
<TD COLSPAN="8" VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #7f7f7f">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:8pt">
<TD VALIGN="top"><FONT STYLE="font-size:9.5pt"><B>Net Assets</B></FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">100.0</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"><B>&nbsp;</B></TD>
<TD VALIGN="bottom" ALIGN="right"><B>161,355,306</B></TD>
<TD NOWRAP VALIGN="bottom"><B>&nbsp;</B></TD></TR>
</TABLE> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:8pt; font-family:ARIAL">A summary of the Fund&#146;s transactions with affiliated investments during the year ended December&nbsp;31, 2022 are as follows: </P>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:7pt" ALIGN="center">


<TR>

<TD></TD>
<TD></TD>
<TD></TD>

<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>

<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>

<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>

<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>

<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>

<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>

<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>

<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD></TD>
<TD></TD>
<TD></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:7pt">
<TD VALIGN="bottom" COLSPAN="2" ALIGN="right" STYLE="BORDER-BOTTOM:1px solid #7f7f7f"><B>Value ($)<BR>at<BR>12/31/2021</B></TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #7f7f7f">&nbsp;</TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #7f7f7f">&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="right" STYLE="BORDER-BOTTOM:1px solid #7f7f7f"><B>Pur-<BR>chases<BR>Cost<BR>($)</B></TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #7f7f7f">&nbsp;</TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #7f7f7f">&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="right" STYLE="BORDER-BOTTOM:1px solid #7f7f7f"><B>Sales<BR>Proceeds<BR>($)</B></TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #7f7f7f">&nbsp;</TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #7f7f7f">&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="right" STYLE="BORDER-BOTTOM:1px solid #7f7f7f"><B>Net<BR>Real-<BR>ized<BR>Gain/<BR>(Loss)<BR>($)</B></TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #7f7f7f">&nbsp;</TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #7f7f7f">&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="right" STYLE="BORDER-BOTTOM:1px solid #7f7f7f"><B>Net<BR>Change<BR>in<BR>Unreal-<BR>ized<BR>Appreci-<BR>ation/<BR>(Depreci-<BR>ation)<BR>($)</B></TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #7f7f7f">&nbsp;</TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #7f7f7f">&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="right" STYLE="BORDER-BOTTOM:1px solid #7f7f7f"><B>Income<BR>($)</B></TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #7f7f7f">&nbsp;</TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #7f7f7f">&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="right" STYLE="BORDER-BOTTOM:1px solid #7f7f7f"><B>Capital<BR>Gain<BR>Distri-<BR>butions<BR>($)</B></TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #7f7f7f">&nbsp;</TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #7f7f7f">&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="right" STYLE="BORDER-BOTTOM:1px solid #7f7f7f"><B>Number&nbsp;of<BR>Shares at<BR>12/31/2022</B></TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #7f7f7f">&nbsp;</TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #7f7f7f">&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="right" STYLE="BORDER-BOTTOM:1px solid #7f7f7f"><B>Value ($)<BR>at<BR>12/31/2022</B></TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #7f7f7f">&nbsp;</TD></TR>


<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:7pt">
<TD VALIGN="top"><B>&nbsp;</B></TD>
<TD VALIGN="top" COLSPAN="21"><B>Securities Lending Collateral 0.0%</B></TD>
<TD VALIGN="top"><B>&nbsp;</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:7pt">
<TD VALIGN="top">&nbsp;<BR></TD>
<TD VALIGN="top" COLSPAN="33">DWS Government&nbsp;&amp; Agency Securities Portfolio &#145;&#145;DWS Government Cash Institutional Shares&#146;&#146;,<BR>4.07%&nbsp;(a) (b)</TD>
<TD VALIGN="top">&nbsp;<BR>&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:7pt">
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #cccccc">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #cccccc" ALIGN="right">3,691,676</TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #cccccc">&nbsp;</TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #cccccc">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #cccccc">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #cccccc" ALIGN="right">&#151;</TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #cccccc">&nbsp;</TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #cccccc">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #cccccc">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #cccccc" ALIGN="right">3,691,676</TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #cccccc">&nbsp;(c)&nbsp;</TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #cccccc">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #cccccc">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #cccccc" ALIGN="right">&#151;</TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #cccccc">&nbsp;</TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #cccccc">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #cccccc">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #cccccc" ALIGN="right">&#151;</TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #cccccc">&nbsp;</TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #cccccc">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #cccccc">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #cccccc" ALIGN="right">51,324</TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #cccccc">&nbsp;</TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #cccccc">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #cccccc">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #cccccc" ALIGN="right">&#151;</TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #cccccc">&nbsp;</TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #cccccc">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #cccccc">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #cccccc" ALIGN="right">&#151;</TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #cccccc">&nbsp;</TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #cccccc">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #cccccc">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #cccccc" ALIGN="right">&#151;</TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #cccccc">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:7pt">
<TD VALIGN="top"><B>&nbsp;</B></TD>
<TD VALIGN="top" COLSPAN="17"><B>Cash Equivalents 1.4%</B></TD>
<TD VALIGN="top"><B>&nbsp;</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:7pt">
<TD VALIGN="top">&nbsp;</TD>
<TD VALIGN="top" COLSPAN="33">DWS Central Cash Management Government Fund, 4.20% (a)</TD>
<TD VALIGN="top">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:7pt">
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #7f7f7f">&nbsp;</TD>
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #7f7f7f" ALIGN="right">8,837,225</TD>
<TD NOWRAP VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #7f7f7f">&nbsp;</TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #7f7f7f">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #7f7f7f">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #7f7f7f" ALIGN="right">136,732,795</TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #7f7f7f">&nbsp;</TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #7f7f7f">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #7f7f7f">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #7f7f7f" ALIGN="right">143,361,702</TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #7f7f7f">&nbsp;</TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #7f7f7f">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #7f7f7f">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #7f7f7f" ALIGN="right">&#151;</TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #7f7f7f">&nbsp;</TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #7f7f7f">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #7f7f7f">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #7f7f7f" ALIGN="right">&#151;</TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #7f7f7f">&nbsp;</TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #7f7f7f">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #7f7f7f">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #7f7f7f" ALIGN="right">101,462</TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #7f7f7f">&nbsp;</TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #7f7f7f">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #7f7f7f">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #7f7f7f" ALIGN="right">&#151;</TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #7f7f7f">&nbsp;</TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #7f7f7f">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #7f7f7f">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #7f7f7f" ALIGN="right">2,208,322</TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #7f7f7f">&nbsp;</TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #7f7f7f">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #7f7f7f">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #7f7f7f" ALIGN="right">2,208,318</TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #7f7f7f">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:7pt">
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #7f7f7f"><B>&nbsp;</B></TD>
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #7f7f7f" ALIGN="right"><B>12,528,901</B></TD>
<TD NOWRAP VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #7f7f7f"><B>&nbsp;</B></TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #7f7f7f">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #7f7f7f"><B>&nbsp;</B></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #7f7f7f" ALIGN="right"><B>136,732,795</B></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #7f7f7f"><B>&nbsp;</B></TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #7f7f7f">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #7f7f7f"><B>&nbsp;</B></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #7f7f7f" ALIGN="right"><B>147,053,378</B></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #7f7f7f"><B>&nbsp;</B></TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #7f7f7f">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #7f7f7f"><B>&nbsp;</B></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #7f7f7f" ALIGN="right"><B>&#151;</B></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #7f7f7f"><B>&nbsp;</B></TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #7f7f7f">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #7f7f7f"><B>&nbsp;</B></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #7f7f7f" ALIGN="right"><B>&#151;</B></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #7f7f7f"><B>&nbsp;</B></TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #7f7f7f">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #7f7f7f"><B>&nbsp;</B></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #7f7f7f" ALIGN="right"><B>152,786</B></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #7f7f7f"><B>&nbsp;</B></TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #7f7f7f">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #7f7f7f"><B>&nbsp;</B></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #7f7f7f" ALIGN="right"><B>&#151;</B></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #7f7f7f"><B>&nbsp;</B></TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #7f7f7f">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #7f7f7f"><B>&nbsp;</B></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #7f7f7f" ALIGN="right"><B>2,208,322</B></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #7f7f7f"><B>&nbsp;</B></TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #7f7f7f">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #7f7f7f"><B>&nbsp;</B></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #7f7f7f" ALIGN="right"><B>2,208,318</B></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #7f7f7f"><B>&nbsp;</B></TD></TR>
</TABLE> <P STYLE="font-size:2pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:8pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="3%" VALIGN="top" ALIGN="left">*</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:8pt; font-family:ARIAL; " ALIGN="left"><FONT STYLE="white-space:nowrap">Non-income</FONT> producing security. </P></TD></TR></TABLE>
<P STYLE="font-size:2pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:8pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="3%" VALIGN="top" ALIGN="left">(a)</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:8pt; font-family:ARIAL; " ALIGN="left">Affiliated fund managed by DWS Investment Management Americas, Inc. The rate shown is the annualized <FONT
STYLE="white-space:nowrap">seven-day</FONT> yield at period end. </P></TD></TR></TABLE> <P STYLE="font-size:2pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:8pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="3%" VALIGN="top" ALIGN="left">(b)</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:8pt; font-family:ARIAL; " ALIGN="left">Represents cash collateral held in connection with securities lending. Income earned by the Fund is net of borrower
rebates. </P></TD></TR></TABLE> <P STYLE="font-size:2pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:8pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="3%" VALIGN="top" ALIGN="left">(c)</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:8pt; font-family:ARIAL; " ALIGN="left">Represents the net increase (purchases cost) or decrease (sales proceeds) in the amount invested in cash collateral for
the period ended December&nbsp;31, 2022. </P></TD></TR></TABLE> <P STYLE="margin-top:2pt; margin-bottom:0pt; font-size:8pt; font-family:ARIAL">144A: Securities exempt from registration under Rule 144A of the Securities Act of 1933. These securities
may be resold in transactions exempt from registration, normally to qualified institutional buyers. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:8pt; font-family:ARIAL">For purposes of its industry concentration policy, the Fund
classifies issuers of portfolio securities at the industry <FONT STYLE="white-space:nowrap">sub-group</FONT> level.&nbsp;Certain of the categories in the above Schedule of Investments consist of multiple industry
<FONT STYLE="white-space:nowrap">sub-groups</FONT> or industries. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:8pt; font-family:ARIAL">Securities are listed in the country of domicile. For purposes of the Fund&#146;s investment
objective policy to invest in German companies, <FONT STYLE="white-space:nowrap">non-Germany</FONT> domiciled securities may qualify as German companies as defined in the Fund&#146;s Statement of Investment Objectives, Policies and Investment
Restrictions. </P> <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:ARIAL" ALIGN="center">The accompanying notes are an integral part of the financial
statements. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:8pt">

<TR>

<TD WIDTH="94%"></TD>

<TD VALIGN="bottom"></TD>
<TD></TD>

<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD></TD>
<TD></TD>
<TD></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:10pt">
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT STYLE="font-size:8pt">The New Germany Fund,&nbsp;Inc.</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP ALIGN="center">|</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-size:8pt"><B>&nbsp;</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right"><FONT STYLE="font-size:8pt"><B>15</B></FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-size:8pt"><B>&nbsp;</B></FONT></TD></TR></TABLE>


<p style="margin-top:1em; margin-bottom:0em; page-break-before:always">
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:9.5pt; font-family:ARIAL"><B>Fair Value Measurements </B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:8pt; font-family:ARIAL">Various
inputs are used in determining the value of the Fund&#146;s investments. These inputs are summarized in three broad levels. Level 1 includes quoted prices in active markets for identical securities. Level 2 includes other significant observable
inputs (including quoted prices for similar securities, interest rates, prepayment speeds and credit risk). Level 3 includes significant unobservable inputs (including the Fund&#146;s own assumptions in determining the fair value of investments).
The level assigned to the securities valuations may not be an indication of the risk associated with investing in those securities. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:8pt; font-family:ARIAL">The following is a summary of the
inputs used as of December 31, 2022 in valuing the Fund&#146;s investments. For information on the Fund&#146;s policy regarding the valuation of investments, please refer to the Security Valuation section of Note 1 in the accompanying Notes to
Financial Statements. </P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:8pt" ALIGN="center">


<TR>

<TD WIDTH="37%"></TD>

<TD VALIGN="bottom" WIDTH="3%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>

<TD VALIGN="bottom" WIDTH="3%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>

<TD VALIGN="bottom" WIDTH="3%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>

<TD VALIGN="bottom" WIDTH="4%"></TD>
<TD></TD>
<TD></TD>
<TD></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:8pt">
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #7f7f7f"><B>Assets</B></TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #7f7f7f">&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="BORDER-BOTTOM:1px solid #7f7f7f"><B>Level&nbsp;1</B></TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #7f7f7f">&nbsp;</TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #7f7f7f">&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="BORDER-BOTTOM:1px solid #7f7f7f"><B>Level&nbsp;2</B></TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #7f7f7f">&nbsp;</TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #7f7f7f">&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="BORDER-BOTTOM:1px solid #7f7f7f"><B>Level&nbsp;3</B></TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #7f7f7f">&nbsp;</TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #7f7f7f">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="BORDER-BOTTOM:1px solid #7f7f7f"><B>Total</B></TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #7f7f7f">&nbsp;</TD></TR>


<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:8pt">
<TD VALIGN="top" COLSPAN="12">Common Stocks and/or Other Equity Investments (d)</TD>
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:0em; text-indent:0em; font-size:8pt; font-family:ARIAL">&nbsp;</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:8pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:2.00em; text-indent:-1.00em; font-size:8pt; font-family:ARIAL">Germany</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">$</TD>
<TD VALIGN="bottom" ALIGN="right">150,752,220</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">$</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#151;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">$</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#151;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">$</TD>
<TD VALIGN="bottom" ALIGN="right">150,752,220</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:8pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:2.00em; text-indent:-1.00em; font-size:8pt; font-family:ARIAL">Luxembourg</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">8,665,154</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">8,665,154</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:8pt">
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #cccccc"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; font-size:8pt; font-family:ARIAL">Netherlands</P></TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #cccccc">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #cccccc">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #cccccc" ALIGN="right">526,763</TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #cccccc">&nbsp;</TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #cccccc">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #cccccc">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #cccccc" ALIGN="right">&#151;</TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #cccccc">&nbsp;</TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #cccccc">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #cccccc">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #cccccc" ALIGN="right">&#151;</TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #cccccc">&nbsp;</TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #cccccc">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #cccccc">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #cccccc" ALIGN="right">526,763</TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #cccccc">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:8pt">
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #7f7f7f">Short-Term Instruments (d)</TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #7f7f7f">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #7f7f7f">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #7f7f7f" ALIGN="right">2,208,318</TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #7f7f7f">&nbsp;</TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #7f7f7f">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #7f7f7f">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #7f7f7f" ALIGN="right">&#151;</TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #7f7f7f">&nbsp;</TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #7f7f7f">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #7f7f7f">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #7f7f7f" ALIGN="right">&#151;</TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #7f7f7f">&nbsp;</TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #7f7f7f">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #7f7f7f">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #7f7f7f" ALIGN="right">2,208,318</TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #7f7f7f">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:8pt">
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #7f7f7f"><B>Total</B></TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #7f7f7f">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #7f7f7f"><B>$</B></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #7f7f7f" ALIGN="right"><B>162,152,455</B></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #7f7f7f"><B>&nbsp;</B></TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #7f7f7f">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #7f7f7f"><B>$</B></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #7f7f7f" ALIGN="right"><B>&#151;</B></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #7f7f7f"><B>&nbsp;</B></TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #7f7f7f">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #7f7f7f"><B>$</B></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #7f7f7f" ALIGN="right"><B>&#151;</B></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #7f7f7f"><B>&nbsp;</B></TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #7f7f7f">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #7f7f7f"><B>$</B></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #7f7f7f" ALIGN="right"><B>162,152,455</B></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #7f7f7f"><B>&nbsp;</B></TD></TR>
</TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:8pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="3%" VALIGN="top" ALIGN="left">(d)</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:8pt; font-family:ARIAL; " ALIGN="left">See Schedule of Investments for additional detailed categorizations. </P></TD></TR></TABLE>
<p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:ARIAL" ALIGN="center">The accompanying notes are an integral part of the financial statements. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:8pt">

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<TD WIDTH="94%"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:10pt">
<TD VALIGN="bottom" NOWRAP><FONT STYLE="font-size:8pt"><B>16</B></FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP ALIGN="center">|</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP><FONT STYLE="font-size:8pt">The New Germany Fund,&nbsp;Inc.</FONT></TD></TR></TABLE>


<p style="margin-top:1em; margin-bottom:0em; page-break-before:always">
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:16pt; font-family:ARIAL"><B><A NAME="tx423707_4"></A>Statement of Assets and Liabilities </B></P>
<P STYLE="font-size:14pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:8pt" ALIGN="center">


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<TD WIDTH="79%"></TD>

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<TD></TD>
<TD VALIGN="bottom" WIDTH="4%"></TD></TR>


<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:8pt">
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #7f7f7f">as of December&nbsp;31, 2022</TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #7f7f7f">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #7f7f7f"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #7f7f7f"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #7f7f7f"><FONT SIZE="1">&nbsp;</FONT></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:8pt">
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #7f7f7f"><B>Assets</B></TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #7f7f7f">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #7f7f7f"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #7f7f7f"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #7f7f7f"><FONT SIZE="1">&nbsp;</FONT></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:8pt">
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #cccccc">Investments in <FONT STYLE="white-space:nowrap">non-affiliated</FONT> securities, at value (cost $189,352,366)</TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #cccccc">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #cccccc">$</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #cccccc" ALIGN="right">159,944,137</TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #cccccc">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:8pt">
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #cccccc">Investment in DWS Central Cash Management Government Fund <BR>(cost $2,208,318)</TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #cccccc">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #cccccc">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #cccccc" ALIGN="right">2,208,318</TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #cccccc">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:8pt">
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #cccccc">Foreign currency, at value (cost $16,051)</TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #cccccc">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #cccccc">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #cccccc" ALIGN="right">16,143</TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #cccccc">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:8pt">
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #cccccc">Foreign taxes recoverable</TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #cccccc">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #cccccc">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #cccccc" ALIGN="right">273,634</TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #cccccc">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:8pt">
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #cccccc">Interest receivable</TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #cccccc">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #cccccc">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #cccccc" ALIGN="right">9,880</TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #cccccc">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:8pt">
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #7f7f7f">Other assets</TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #7f7f7f">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #7f7f7f">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #7f7f7f" ALIGN="right">36,247</TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #7f7f7f">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:8pt">
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #7f7f7f">Total assets</TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #7f7f7f">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #7f7f7f">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #7f7f7f" ALIGN="right">162,488,359</TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #7f7f7f">&nbsp;</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:8pt">
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #7f7f7f"><B>Liabilities</B></TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #7f7f7f">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #7f7f7f"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #7f7f7f"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #7f7f7f"><FONT SIZE="1">&nbsp;</FONT></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:8pt">
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #cccccc">Distributions payable</TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #cccccc">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #cccccc">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #cccccc" ALIGN="right">749,823</TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #cccccc">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:8pt">
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #cccccc">Investment advisory fee payable</TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #cccccc">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #cccccc">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #cccccc" ALIGN="right">95,757</TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #cccccc">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:8pt">
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #cccccc">Payable for Fund shares repurchased</TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #cccccc">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #cccccc">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #cccccc" ALIGN="right">46,052</TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #cccccc">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:8pt">
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #cccccc">Administration fee payable</TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #cccccc">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #cccccc">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #cccccc" ALIGN="right">27,672</TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #cccccc">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:8pt">
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #cccccc">Payable for Directors&#146; fees and expenses</TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #cccccc">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #cccccc">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #cccccc" ALIGN="right">25,214</TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #cccccc">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:8pt">
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #7f7f7f">Accrued expenses and other liabilities</TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #7f7f7f">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #7f7f7f">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #7f7f7f" ALIGN="right">188,535</TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #7f7f7f">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:8pt">
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #7f7f7f">Total liabilities</TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #7f7f7f">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #7f7f7f">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #7f7f7f" ALIGN="right">1,133,053</TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #7f7f7f">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:8pt">
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #7f7f7f"><B>Net assets</B></TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #7f7f7f">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #7f7f7f"><B>$</B></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #7f7f7f" ALIGN="right"><B>161,355,306</B></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #7f7f7f"><B>&nbsp;</B></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:8pt">
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #7f7f7f"><B>Net Assets Consist of</B></TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #7f7f7f">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #7f7f7f"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #7f7f7f"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #7f7f7f"><FONT SIZE="1">&nbsp;</FONT></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:8pt">
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #cccccc">Distributable earnings (loss)</TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #cccccc">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #cccccc">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #cccccc" ALIGN="right">(38,797,997</TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #cccccc">)&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:8pt">
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #7f7f7f"><FONT STYLE="white-space:nowrap">Paid-in</FONT> capital</TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #7f7f7f">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #7f7f7f">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #7f7f7f" ALIGN="right">200,153,303</TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #7f7f7f">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:8pt">
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #7f7f7f"><B>Net assets</B></TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #7f7f7f">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #7f7f7f"><B>$</B></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #7f7f7f" ALIGN="right"><B>161,355,306</B></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #7f7f7f"><B>&nbsp;</B></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:8pt">
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #7f7f7f"><B>Net Asset Value</B></TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #7f7f7f">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #7f7f7f"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #7f7f7f"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #7f7f7f"><FONT SIZE="1">&nbsp;</FONT></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="2"></TD>
<TD HEIGHT="2" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:8pt">
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #7f7f7f"><B>Net assets value per share<BR></B>($161,355,306 &divide; 17,391,480 shares of common stock issued and outstanding, $.001 par value, 80,000,000 shares authorized)</TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #7f7f7f">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #7f7f7f"><B>$</B></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #7f7f7f" ALIGN="right"><B>9.28</B></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #7f7f7f"><B>&nbsp;</B></TD></TR>
</TABLE>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:8pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="3%" VALIGN="top" ALIGN="left"></TD></TR></TABLE> <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:ARIAL" ALIGN="center">The accompanying notes
are an integral part of the financial statements. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:8pt">

<TR>

<TD WIDTH="94%"></TD>

<TD VALIGN="bottom"></TD>
<TD></TD>

<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD></TD>
<TD></TD>
<TD></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:10pt">
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT STYLE="font-size:8pt">The New Germany Fund,&nbsp;Inc.</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP ALIGN="center">|</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-size:8pt"><B>&nbsp;</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right"><FONT STYLE="font-size:8pt"><B>17</B></FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-size:8pt"><B>&nbsp;</B></FONT></TD></TR></TABLE>


<p style="margin-top:1em; margin-bottom:0em; page-break-before:always">
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:16pt; font-family:ARIAL"><B><A NAME="tx423707_5"></A>Statement of Operations </B></P>
<P STYLE="font-size:14pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:8pt" ALIGN="center">


<TR>

<TD WIDTH="80%"></TD>

<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="5%"></TD></TR>


<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:8pt">
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #7f7f7f">for the year ended December&nbsp;31, 2022</TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #7f7f7f">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #7f7f7f"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #7f7f7f"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #7f7f7f"><FONT SIZE="1">&nbsp;</FONT></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:8pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom"></TD>
<TD NOWRAP VALIGN="bottom"></TD>
<TD NOWRAP VALIGN="bottom"></TD>
<TD NOWRAP VALIGN="bottom"></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:8pt">
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #7f7f7f"><B>Net Investment Income</B></TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #7f7f7f">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #7f7f7f"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #7f7f7f"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #7f7f7f"><FONT SIZE="1">&nbsp;</FONT></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:8pt">
<TD VALIGN="top">Income:</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="2"></TD>
<TD HEIGHT="2" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:8pt">
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #cccccc">Dividends (net of foreign withholding taxes of&nbsp;$400,477)</TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #cccccc">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #cccccc">$</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #cccccc" ALIGN="right">3,356,578</TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #cccccc">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:8pt">
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #cccccc">Income distributions &#151; DWS Central Cash Management Government Fund</TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #cccccc">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #cccccc">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #cccccc" ALIGN="right">101,462</TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #cccccc">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:8pt">
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #7f7f7f">Securities lending income, net of borrower rebates</TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #7f7f7f">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #7f7f7f">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #7f7f7f" ALIGN="right">51,324</TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #7f7f7f">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:8pt">
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #7f7f7f">Total investment income</TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #7f7f7f">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #7f7f7f">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #7f7f7f" ALIGN="right">3,509,364</TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #7f7f7f">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:8pt">
<TD VALIGN="top">Expenses:</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="2"></TD>
<TD HEIGHT="2" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:8pt">
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #cccccc">Investment advisory fee</TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #cccccc">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #cccccc">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #cccccc" ALIGN="right">1,276,818</TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #cccccc">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:8pt">
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #cccccc">Administration fee</TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #cccccc">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #cccccc">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #cccccc" ALIGN="right">375,606</TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #cccccc">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:8pt">
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #cccccc">Custody and accounting fee</TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #cccccc">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #cccccc">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #cccccc" ALIGN="right">126,328</TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #cccccc">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:8pt">
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #cccccc">Services to shareholders</TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #cccccc">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #cccccc">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #cccccc" ALIGN="right">15,581</TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #cccccc">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:8pt">
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #cccccc">Reports to shareholders and shareholder meeting expenses</TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #cccccc">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #cccccc">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #cccccc" ALIGN="right">61,718</TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #cccccc">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:8pt">
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #cccccc">Directors&#146; fees and expenses</TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #cccccc">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #cccccc">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #cccccc" ALIGN="right">270,673</TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #cccccc">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:8pt">
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #cccccc">Legal fees</TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #cccccc">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #cccccc">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #cccccc" ALIGN="right">308,101</TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #cccccc">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:8pt">
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #cccccc">Audit and tax fees</TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #cccccc">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #cccccc">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #cccccc" ALIGN="right">66,913</TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #cccccc">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:8pt">
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #cccccc">NYSE listing fee</TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #cccccc">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #cccccc">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #cccccc" ALIGN="right">33,837</TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #cccccc">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:8pt">
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #cccccc">Insurance</TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #cccccc">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #cccccc">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #cccccc" ALIGN="right">42,821</TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #cccccc">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:8pt">
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #7f7f7f">Miscellaneous</TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #7f7f7f">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #7f7f7f">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #7f7f7f" ALIGN="right">28,724</TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #7f7f7f">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:8pt">
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #7f7f7f">Net expenses</TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #7f7f7f">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #7f7f7f">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #7f7f7f" ALIGN="right">2,607,120</TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #7f7f7f">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:8pt">
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #7f7f7f"><B>Net investment income</B></TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #7f7f7f">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #7f7f7f"><B>&nbsp;</B></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #7f7f7f" ALIGN="right"><B>902,244</B></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #7f7f7f"><B>&nbsp;</B></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:8pt">
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #7f7f7f"><B>Realized and Unrealized Gain (Loss)</B></TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #7f7f7f">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #7f7f7f"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #7f7f7f"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #7f7f7f"><FONT SIZE="1">&nbsp;</FONT></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:8pt">
<TD VALIGN="top">Net realized gain (loss) from:</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="2"></TD>
<TD HEIGHT="2" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:8pt">
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #cccccc">Investments</TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #cccccc">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #cccccc">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #cccccc" ALIGN="right">(6,955,701</TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #cccccc">)&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:8pt">
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #7f7f7f">Foreign currency</TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #7f7f7f">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #7f7f7f">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #7f7f7f" ALIGN="right">21,821</TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #7f7f7f">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:8pt">
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #7f7f7f">Net realized gain (loss)</TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #7f7f7f">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #7f7f7f">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #7f7f7f" ALIGN="right">(6,933,880</TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #7f7f7f">)&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:8pt">
<TD VALIGN="top">Change in net unrealized appreciation (depreciation) on:</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="2"></TD>
<TD HEIGHT="2" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:8pt">
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #cccccc">Investments</TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #cccccc">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #cccccc">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #cccccc" ALIGN="right">(100,312,601</TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #cccccc">)&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:8pt">
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #7f7f7f">Foreign currency</TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #7f7f7f">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #7f7f7f">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #7f7f7f" ALIGN="right">(18,781</TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #7f7f7f">)&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:8pt">
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #7f7f7f">Change in net unrealized appreciation (depreciation)</TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #7f7f7f">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #7f7f7f">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #7f7f7f" ALIGN="right">(100,331,382</TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #7f7f7f">)&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:8pt">
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #7f7f7f"><B>Net gain (loss)</B></TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #7f7f7f">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #7f7f7f"><B>&nbsp;</B></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #7f7f7f" ALIGN="right"><B>(107,265,262</B></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #7f7f7f"><B>)&nbsp;</B></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:8pt">
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #7f7f7f"><B>Net increase (decrease) in net assets resulting from operations</B></TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #7f7f7f">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #7f7f7f"><B>$</B></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #7f7f7f" ALIGN="right"><B>(106,363,018</B></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #7f7f7f"><B>)&nbsp;</B></TD></TR>
</TABLE> <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:ARIAL" ALIGN="center">The accompanying notes are an integral part of the
financial statements. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:8pt">

<TR>

<TD></TD>

<TD VALIGN="bottom"></TD>
<TD></TD>

<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="94%"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:10pt">
<TD VALIGN="bottom" NOWRAP><FONT STYLE="font-size:8pt"><B>18</B></FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP ALIGN="center">|</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP><FONT STYLE="font-size:8pt">The New Germany Fund,&nbsp;Inc.</FONT></TD></TR></TABLE>


<p style="margin-top:1em; margin-bottom:0em; page-break-before:always">
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:16pt; font-family:ARIAL"><B><A NAME="tx423707_6"></A>Statements of Changes in Net Assets </B></P>
<P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:8pt" ALIGN="center">


<TR>

<TD WIDTH="58%"></TD>

<TD VALIGN="bottom" WIDTH="4%"></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="4%"></TD>

<TD VALIGN="bottom" WIDTH="4%"></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="4%"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:8pt">
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="6" ALIGN="center"><B>Years Ended December&nbsp;31,</B></TD>
<TD VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:8pt">
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #7f7f7f"><B>Increase (Decrease) in Net Assets</B></TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #7f7f7f">&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="BORDER-BOTTOM:1px solid #7f7f7f"><B>2022</B></TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #7f7f7f">&nbsp;</TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #7f7f7f">&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="BORDER-BOTTOM:1px solid #7f7f7f"><B>2021</B></TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #7f7f7f">&nbsp;</TD></TR>


<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:8pt">
<TD VALIGN="top">Operations:</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="2"></TD>
<TD HEIGHT="2" COLSPAN="4"></TD>
<TD HEIGHT="2" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:8pt">
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #cccccc">Net investment income (loss)</TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #cccccc">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #cccccc">$</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #cccccc" ALIGN="right">902,244</TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #cccccc">&nbsp;</TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #cccccc">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #cccccc">$</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #cccccc" ALIGN="right">(558,622</TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #cccccc">)&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:8pt">
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #cccccc">Net realized gain (loss)</TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #cccccc">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #cccccc">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #cccccc" ALIGN="right">(6,933,880</TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #cccccc">)&nbsp;</TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #cccccc">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #cccccc">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #cccccc" ALIGN="right">89,240,300</TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #cccccc">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:8pt">
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #7f7f7f">Change in net unrealized appreciation (depreciation)</TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #7f7f7f">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #7f7f7f">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #7f7f7f" ALIGN="right">(100,331,382</TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #7f7f7f">)&nbsp;</TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #7f7f7f">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #7f7f7f">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #7f7f7f" ALIGN="right">(79,491,627</TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #7f7f7f">)&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:8pt">
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #7f7f7f">Net increase (decrease) in net assets resulting from operations</TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #7f7f7f">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #7f7f7f">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #7f7f7f" ALIGN="right">(106,363,018</TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #7f7f7f">)&nbsp;</TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #7f7f7f">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #7f7f7f">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #7f7f7f" ALIGN="right">9,190,051</TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #7f7f7f">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:8pt">
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #7f7f7f">Distributions to shareholders</TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #7f7f7f">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #7f7f7f">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #7f7f7f" ALIGN="right">(13,169,478</TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #7f7f7f">)&nbsp;</TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #7f7f7f">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #7f7f7f">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #7f7f7f" ALIGN="right">(90,992,445</TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #7f7f7f">)&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:8pt">
<TD VALIGN="top">Fund share transactions:</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="2"></TD>
<TD HEIGHT="2" COLSPAN="4"></TD>
<TD HEIGHT="2" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:8pt">
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #cccccc">Net proceeds from reinvestment of distributions</TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #cccccc">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #cccccc">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #cccccc" ALIGN="right">25,742,200</TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #cccccc">&nbsp;</TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #cccccc">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #cccccc">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #cccccc" ALIGN="right">13,159,279</TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #cccccc">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:8pt">
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #7f7f7f">Shares repurchased</TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #7f7f7f">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #7f7f7f">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #7f7f7f" ALIGN="right">(2,299,988</TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #7f7f7f">)&nbsp;</TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #7f7f7f">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #7f7f7f">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #7f7f7f" ALIGN="right">(11,521,502</TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #7f7f7f">)&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:8pt">
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #7f7f7f">Net increase (decrease) in net assets from Fund share transactions</TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #7f7f7f">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #7f7f7f">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #7f7f7f" ALIGN="right">23,442,212</TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #7f7f7f">&nbsp;</TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #7f7f7f">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #7f7f7f">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #7f7f7f" ALIGN="right">1,637,777</TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #7f7f7f">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:8pt">
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #cccccc"><B>Total increase (decrease) in net assets</B></TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #cccccc">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #cccccc">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #cccccc" ALIGN="right">(96,090,284</TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #cccccc">)&nbsp;</TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #cccccc">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #cccccc">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #cccccc" ALIGN="right">(80,164,617</TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #cccccc">)&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:8pt">
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #7f7f7f">Net assets at beginning of period</TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #7f7f7f">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #7f7f7f">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #7f7f7f" ALIGN="right">257,445,590</TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #7f7f7f">&nbsp;</TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #7f7f7f">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #7f7f7f">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #7f7f7f" ALIGN="right">337,610,207</TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #7f7f7f">&nbsp;</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="2"></TD>
<TD HEIGHT="2" COLSPAN="4"></TD>
<TD HEIGHT="2" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:8pt">
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #7f7f7f">Net assets at end of period</TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #7f7f7f">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #7f7f7f"><B>$</B></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #7f7f7f" ALIGN="right"><B>161,355,306</B></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #7f7f7f"><B>&nbsp;</B></TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #7f7f7f">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #7f7f7f"><B>$</B></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #7f7f7f" ALIGN="right"><B>257,445,590</B></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #7f7f7f"><B>&nbsp;</B></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:8pt">
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #7f7f7f"><B>Other Information</B></TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #7f7f7f">&nbsp;</TD>
<TD COLSPAN="2" VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #7f7f7f">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #7f7f7f">&nbsp;</TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #7f7f7f">&nbsp;</TD>
<TD COLSPAN="2" VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #7f7f7f">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #7f7f7f">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:8pt">
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #cccccc">Shares outstanding at beginning of period</TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #cccccc">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #cccccc">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #cccccc" ALIGN="right">15,530,655</TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #cccccc">&nbsp;</TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #cccccc">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #cccccc">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #cccccc" ALIGN="right">15,439,215</TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #cccccc">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:8pt">
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #cccccc">Shares issued from reinvestment of distributions</TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #cccccc">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #cccccc">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #cccccc" ALIGN="right">2,122,125</TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #cccccc">&nbsp;</TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #cccccc">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #cccccc">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #cccccc" ALIGN="right">660,127</TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #cccccc">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:8pt">
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #7f7f7f">Shares repurchased</TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #7f7f7f">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #7f7f7f">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #7f7f7f" ALIGN="right">(261,300</TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #7f7f7f">)&nbsp;</TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #7f7f7f">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #7f7f7f">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #7f7f7f" ALIGN="right">(568,687</TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #7f7f7f">)&nbsp;</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="2"></TD>
<TD HEIGHT="2" COLSPAN="4"></TD>
<TD HEIGHT="2" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:8pt">
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #7f7f7f">Shares outstanding at end of period</TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #7f7f7f">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #7f7f7f"><B>&nbsp;</B></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #7f7f7f" ALIGN="right"><B>17,391,480</B></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #7f7f7f"><B>&nbsp;</B></TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #7f7f7f">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #7f7f7f"><B>&nbsp;</B></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #7f7f7f" ALIGN="right"><B>15,530,655</B></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #7f7f7f"><B>&nbsp;</B></TD></TR>
</TABLE> <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:ARIAL" ALIGN="center">The accompanying notes are an integral part of the
financial statements. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:8pt">

<TR>

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<TD></TD>

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<TD></TD>
<TD></TD>
<TD></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:10pt">
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT STYLE="font-size:8pt">The New Germany Fund,&nbsp;Inc.</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP ALIGN="center">|</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-size:8pt"><B>&nbsp;</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right"><FONT STYLE="font-size:8pt"><B>19</B></FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-size:8pt"><B>&nbsp;</B></FONT></TD></TR></TABLE>


<p style="margin-top:1em; margin-bottom:0em; page-break-before:always">
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:16pt; font-family:ARIAL"><B><A NAME="tx423707_7"></A>Financial Highlights </B></P>
<P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:8pt" ALIGN="center">


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<TD WIDTH="51%"></TD>

<TD VALIGN="bottom"></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>

<TD VALIGN="bottom"></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>

<TD VALIGN="bottom"></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>

<TD VALIGN="bottom"></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>

<TD VALIGN="bottom"></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:8pt">
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="18" ALIGN="center"><B>Years Ended December&nbsp;31,</B></TD>
<TD VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:8pt">
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #7f7f7f">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #7f7f7f">&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="right" STYLE="BORDER-BOTTOM:1px solid #7f7f7f"><B>2022</B></TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #7f7f7f">&nbsp;</TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #7f7f7f">&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="right" STYLE="BORDER-BOTTOM:1px solid #7f7f7f"><B>2021</B></TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #7f7f7f">&nbsp;</TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #7f7f7f">&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="right" STYLE="BORDER-BOTTOM:1px solid #7f7f7f"><B>2020</B></TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #7f7f7f">&nbsp;</TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #7f7f7f">&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="right" STYLE="BORDER-BOTTOM:1px solid #7f7f7f"><B>2019</B></TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #7f7f7f">&nbsp;</TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #7f7f7f">&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="right" STYLE="BORDER-BOTTOM:1px solid #7f7f7f"><B>2018</B></TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #7f7f7f">&nbsp;</TD></TR>


<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:8pt">
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #7f7f7f"><B>Per Share Operating Performance</B></TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #7f7f7f">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #7f7f7f"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #7f7f7f"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #7f7f7f"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #7f7f7f">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #7f7f7f"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #7f7f7f"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #7f7f7f"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #7f7f7f">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #7f7f7f"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #7f7f7f"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #7f7f7f"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #7f7f7f">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #7f7f7f"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #7f7f7f"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #7f7f7f"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #7f7f7f">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #7f7f7f"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #7f7f7f"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #7f7f7f"><FONT SIZE="1">&nbsp;</FONT></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:8pt">
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #7f7f7f"><B>Net asset value, beginning of period</B></TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #7f7f7f">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #7f7f7f"><B>&nbsp;</B></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #7f7f7f" ALIGN="right"><B>$16.58</B></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #7f7f7f"><B>&nbsp;</B></TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #7f7f7f">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #7f7f7f"><B>&nbsp;</B></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #7f7f7f" ALIGN="right"><B>$21.87</B></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #7f7f7f"><B>&nbsp;</B></TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #7f7f7f">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #7f7f7f"><B>&nbsp;</B></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #7f7f7f" ALIGN="right"><B>$17.97</B></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #7f7f7f"><B>&nbsp;</B></TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #7f7f7f">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #7f7f7f"><B>&nbsp;</B></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #7f7f7f" ALIGN="right"><B>$13.53</B></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #7f7f7f"><B>&nbsp;</B></TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #7f7f7f">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #7f7f7f"><B>&nbsp;</B></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #7f7f7f" ALIGN="right"><B>$21.49</B></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #7f7f7f"><B>&nbsp;</B></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:8pt">
<TD VALIGN="top"><I>Income (loss) from investment operations:</I></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="2"></TD>
<TD HEIGHT="2" COLSPAN="4"></TD>
<TD HEIGHT="2" COLSPAN="4"></TD>
<TD HEIGHT="2" COLSPAN="4"></TD>
<TD HEIGHT="2" COLSPAN="4"></TD>
<TD HEIGHT="2" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:8pt">
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #cccccc"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; font-size:8pt; font-family:ARIAL">Net investment income
(loss)<SUP STYLE="font-size:75%; vertical-align:top">a</SUP></P></TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #cccccc">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #cccccc">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #cccccc" ALIGN="right">.05</TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #cccccc">&nbsp;</TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #cccccc">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #cccccc">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #cccccc" ALIGN="right">(.04</TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #cccccc">)&nbsp;</TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #cccccc">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #cccccc">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #cccccc" ALIGN="right">(.03</TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #cccccc">)&nbsp;</TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #cccccc">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #cccccc">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #cccccc" ALIGN="right">.14</TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #cccccc">&nbsp;</TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #cccccc">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #cccccc">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #cccccc" ALIGN="right">.11</TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #cccccc">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:8pt">
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #7f7f7f"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; font-size:8pt; font-family:ARIAL">Net realized and unrealized gain (loss) on investments and foreign currency</P></TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #7f7f7f">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #7f7f7f">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #7f7f7f" ALIGN="right">(6.45</TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #7f7f7f">)&nbsp;</TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #7f7f7f">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #7f7f7f">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #7f7f7f" ALIGN="right">.62</TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #7f7f7f">&nbsp;</TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #7f7f7f">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #7f7f7f">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #7f7f7f" ALIGN="right">6.31</TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #7f7f7f">&nbsp;</TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #7f7f7f">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #7f7f7f">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #7f7f7f" ALIGN="right">4.85</TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #7f7f7f">&nbsp;</TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #7f7f7f">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #7f7f7f">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #7f7f7f" ALIGN="right">(4.46</TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #7f7f7f">)&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:8pt">
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #7f7f7f"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; font-size:8pt; font-family:ARIAL"><B>Total from investment operations</B></P></TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #7f7f7f">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #7f7f7f">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #7f7f7f" ALIGN="right">(6.40</TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #7f7f7f">)&nbsp;</TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #7f7f7f">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #7f7f7f">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #7f7f7f" ALIGN="right">.58</TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #7f7f7f">&nbsp;</TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #7f7f7f">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #7f7f7f">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #7f7f7f" ALIGN="right">6.28</TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #7f7f7f">&nbsp;</TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #7f7f7f">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #7f7f7f">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #7f7f7f" ALIGN="right">4.99</TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #7f7f7f">&nbsp;</TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #7f7f7f">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #7f7f7f">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #7f7f7f" ALIGN="right">(4.35</TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #7f7f7f">)&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:8pt">
<TD VALIGN="top"><I>Less distributions from:</I></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="2"></TD>
<TD HEIGHT="2" COLSPAN="4"></TD>
<TD HEIGHT="2" COLSPAN="4"></TD>
<TD HEIGHT="2" COLSPAN="4"></TD>
<TD HEIGHT="2" COLSPAN="4"></TD>
<TD HEIGHT="2" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:8pt">
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #cccccc"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; font-size:8pt; font-family:ARIAL">Net investment income</P></TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #cccccc">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #cccccc">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #cccccc" ALIGN="right">(.04</TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #cccccc">)&nbsp;</TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #cccccc">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #cccccc">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #cccccc" ALIGN="right">(.08</TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #cccccc">)&nbsp;</TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #cccccc">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #cccccc">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #cccccc" ALIGN="right">(.00</TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #cccccc">)*&nbsp;</TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #cccccc">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #cccccc">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #cccccc" ALIGN="right">(.15</TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #cccccc">)&nbsp;</TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #cccccc">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #cccccc">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #cccccc" ALIGN="right">(.25</TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #cccccc">)&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:8pt">
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #7f7f7f"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; font-size:8pt; font-family:ARIAL">Net realized gains</P></TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #7f7f7f">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #7f7f7f">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #7f7f7f" ALIGN="right">(.73</TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #7f7f7f">)&nbsp;</TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #7f7f7f">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #7f7f7f">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #7f7f7f" ALIGN="right">(5.77</TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #7f7f7f">)&nbsp;</TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #7f7f7f">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #7f7f7f">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #7f7f7f" ALIGN="right">(2.46</TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #7f7f7f">)&nbsp;</TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #7f7f7f">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #7f7f7f">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #7f7f7f" ALIGN="right">(.37</TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #7f7f7f">)&nbsp;</TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #7f7f7f">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #7f7f7f">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #7f7f7f" ALIGN="right">(3.40</TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #7f7f7f">)&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:8pt">
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #7f7f7f"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; font-size:8pt; font-family:ARIAL"><B>Total distributions</B></P></TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #7f7f7f">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #7f7f7f">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #7f7f7f" ALIGN="right">(.77</TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #7f7f7f">)&nbsp;</TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #7f7f7f">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #7f7f7f">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #7f7f7f" ALIGN="right">(5.85</TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #7f7f7f">)&nbsp;</TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #7f7f7f">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #7f7f7f">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #7f7f7f" ALIGN="right">(2.46</TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #7f7f7f">)&nbsp;</TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #7f7f7f">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #7f7f7f">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #7f7f7f" ALIGN="right">(.52</TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #7f7f7f">)&nbsp;</TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #7f7f7f">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #7f7f7f">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #7f7f7f" ALIGN="right">(3.65</TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #7f7f7f">)&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:8pt">
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #7f7f7f">Dilution in net asset value from dividend reinvestment</TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #7f7f7f">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #7f7f7f">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #7f7f7f" ALIGN="right">(.15</TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #7f7f7f">)&nbsp;</TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #7f7f7f">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #7f7f7f">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #7f7f7f" ALIGN="right">(.11</TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #7f7f7f">)&nbsp;</TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #7f7f7f">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #7f7f7f">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #7f7f7f" ALIGN="right">(.02</TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #7f7f7f">)&nbsp;</TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #7f7f7f">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #7f7f7f">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #7f7f7f" ALIGN="right">(.11</TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #7f7f7f">)&nbsp;</TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #7f7f7f">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #7f7f7f">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #7f7f7f" ALIGN="right">(.06</TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #7f7f7f">)&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:8pt">
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #7f7f7f">Increase resulting from share&nbsp;repurchases</TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #7f7f7f">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #7f7f7f">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #7f7f7f" ALIGN="right">.02</TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #7f7f7f">&nbsp;</TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #7f7f7f">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #7f7f7f">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #7f7f7f" ALIGN="right">.09</TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #7f7f7f">&nbsp;</TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #7f7f7f">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #7f7f7f">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #7f7f7f" ALIGN="right">.10</TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #7f7f7f">&nbsp;</TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #7f7f7f">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #7f7f7f">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #7f7f7f" ALIGN="right">.08</TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #7f7f7f">&nbsp;</TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #7f7f7f">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #7f7f7f">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #7f7f7f" ALIGN="right">.10</TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #7f7f7f">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:8pt">
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #7f7f7f"><B>Net asset value, end of period</B></TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #7f7f7f">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #7f7f7f"><B>&nbsp;</B></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #7f7f7f" ALIGN="right"><B>$9.28</B></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #7f7f7f"><B>&nbsp;</B></TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #7f7f7f">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #7f7f7f"><B>&nbsp;</B></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #7f7f7f" ALIGN="right"><B>$16.58</B></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #7f7f7f"><B>&nbsp;</B></TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #7f7f7f">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #7f7f7f"><B>&nbsp;</B></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #7f7f7f" ALIGN="right"><B>$21.87</B></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #7f7f7f"><B>&nbsp;</B></TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #7f7f7f">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #7f7f7f"><B>&nbsp;</B></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #7f7f7f" ALIGN="right"><B>$17.97</B></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #7f7f7f"><B>&nbsp;</B></TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #7f7f7f">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #7f7f7f"><B>&nbsp;</B></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #7f7f7f" ALIGN="right"><B>$13.53</B></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #7f7f7f"><B>&nbsp;</B></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:8pt">
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #7f7f7f"><B>Market value, end of period</B></TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #7f7f7f">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #7f7f7f"><B>&nbsp;</B></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #7f7f7f" ALIGN="right"><B>$7.89</B></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #7f7f7f"><B>&nbsp;</B></TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #7f7f7f">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #7f7f7f"><B>&nbsp;</B></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #7f7f7f" ALIGN="right"><B>$14.81</B></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #7f7f7f"><B>&nbsp;</B></TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #7f7f7f">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #7f7f7f"><B>&nbsp;</B></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #7f7f7f" ALIGN="right"><B>$19.03</B></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #7f7f7f"><B>&nbsp;</B></TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #7f7f7f">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #7f7f7f"><B>&nbsp;</B></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #7f7f7f" ALIGN="right"><B>$15.68</B></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #7f7f7f"><B>&nbsp;</B></TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #7f7f7f">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #7f7f7f"><B>&nbsp;</B></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #7f7f7f" ALIGN="right"><B>$11.70</B></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #7f7f7f"><B>&nbsp;</B></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8" COLSPAN="9"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:8pt">
<TD VALIGN="top" COLSPAN="8" STYLE="BORDER-BOTTOM:1px solid #7f7f7f"><B>Total Investment Return for the Period<SUP STYLE="font-size:75%; vertical-align:top">b</SUP></B></TD>
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #7f7f7f"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:0em; text-indent:0em; font-size:8pt; font-family:ARIAL"><B>&nbsp;</B></P></TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #7f7f7f">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #7f7f7f"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #7f7f7f"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #7f7f7f"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #7f7f7f">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #7f7f7f"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #7f7f7f"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #7f7f7f"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #7f7f7f">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #7f7f7f"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #7f7f7f"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #7f7f7f"><FONT SIZE="1">&nbsp;</FONT></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:8pt">
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #cccccc">Based upon market value (%)</TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #cccccc">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #cccccc">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #cccccc" ALIGN="right">(42.06</TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #cccccc">)&nbsp;</TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #cccccc">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #cccccc">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #cccccc" ALIGN="right">11.89</TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #cccccc">&nbsp;</TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #cccccc">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #cccccc">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #cccccc" ALIGN="right">37.46</TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #cccccc">&nbsp;</TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #cccccc">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #cccccc">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #cccccc" ALIGN="right">38.75</TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #cccccc">&nbsp;</TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #cccccc">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #cccccc">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #cccccc" ALIGN="right">(23.89</TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #cccccc">)&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:8pt">
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #7f7f7f">Based upon net asset value (%)</TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #7f7f7f">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #7f7f7f">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #7f7f7f" ALIGN="right">(39.13</TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #7f7f7f">)&nbsp;</TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #7f7f7f">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #7f7f7f">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #7f7f7f" ALIGN="right">8.99</TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #7f7f7f">&nbsp;</TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #7f7f7f">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #7f7f7f">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #7f7f7f" ALIGN="right">37.84</TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #7f7f7f">&nbsp;</TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #7f7f7f">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #7f7f7f">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #7f7f7f" ALIGN="right">37.51</TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #7f7f7f">&nbsp;</TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #7f7f7f">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #7f7f7f">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #7f7f7f" ALIGN="right">(20.38</TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #7f7f7f">)&nbsp;</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:8pt">
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #7f7f7f"><B>Ratios to Average Net Assets</B></TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #7f7f7f">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #7f7f7f"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #7f7f7f"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #7f7f7f"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #7f7f7f">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #7f7f7f"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #7f7f7f"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #7f7f7f"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #7f7f7f">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #7f7f7f"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #7f7f7f"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #7f7f7f"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #7f7f7f">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #7f7f7f"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #7f7f7f"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #7f7f7f"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #7f7f7f">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #7f7f7f"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #7f7f7f"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #7f7f7f"><FONT SIZE="1">&nbsp;</FONT></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:8pt">
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #cccccc">Total expenses (%)</TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #cccccc">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #cccccc">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #cccccc" ALIGN="right">1.40</TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #cccccc">&nbsp;</TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #cccccc">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #cccccc">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #cccccc" ALIGN="right">1.11</TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #cccccc">&nbsp;</TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #cccccc">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #cccccc">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #cccccc" ALIGN="right">1.11</TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #cccccc">&nbsp;</TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #cccccc">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #cccccc">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #cccccc" ALIGN="right">1.16</TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #cccccc">&nbsp;</TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #cccccc">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #cccccc">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #cccccc" ALIGN="right">1.16</TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #cccccc">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:8pt">
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #cccccc">Net investment income (loss) (%)</TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #cccccc">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #cccccc">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #cccccc" ALIGN="right">.49</TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #cccccc">&nbsp;</TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #cccccc">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #cccccc">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #cccccc" ALIGN="right">(.16</TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #cccccc">)&nbsp;</TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #cccccc">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #cccccc">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #cccccc" ALIGN="right">(.15</TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #cccccc">)&nbsp;</TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #cccccc">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #cccccc">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #cccccc" ALIGN="right">.87</TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #cccccc">&nbsp;</TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #cccccc">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #cccccc">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #cccccc" ALIGN="right">.52</TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #cccccc">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:8pt">
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #cccccc">Portfolio turnover (%)</TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #cccccc">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #cccccc">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #cccccc" ALIGN="right">55</TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #cccccc">&nbsp;</TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #cccccc">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #cccccc">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #cccccc" ALIGN="right">49</TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #cccccc">&nbsp;</TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #cccccc">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #cccccc">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #cccccc" ALIGN="right">57</TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #cccccc">&nbsp;</TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #cccccc">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #cccccc">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #cccccc" ALIGN="right">36</TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #cccccc">&nbsp;</TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #cccccc">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #cccccc">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #cccccc" ALIGN="right">37</TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #cccccc">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:8pt">
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #7f7f7f">Net assets at end of period ($ thousands)</TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #7f7f7f">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #7f7f7f">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #7f7f7f" ALIGN="right">161,355</TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #7f7f7f">&nbsp;</TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #7f7f7f">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #7f7f7f">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #7f7f7f" ALIGN="right">257,446</TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #7f7f7f">&nbsp;</TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #7f7f7f">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #7f7f7f">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #7f7f7f" ALIGN="right">337,610</TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #7f7f7f">&nbsp;</TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #7f7f7f">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #7f7f7f">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #7f7f7f" ALIGN="right">285,176</TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #7f7f7f">&nbsp;</TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #7f7f7f">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #7f7f7f">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #7f7f7f" ALIGN="right">210,587</TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #7f7f7f">&nbsp;</TD></TR>
</TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:8pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="3%" VALIGN="top" ALIGN="left"><SUP STYLE="font-size:75%; vertical-align:top">a</SUP>&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:8pt; font-family:ARIAL; " ALIGN="left">Based on average shares outstanding during the period. </P></TD></TR></TABLE>
<P STYLE="font-size:2pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:8pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="3%" VALIGN="top" ALIGN="left"><SUP STYLE="font-size:75%; vertical-align:top">b</SUP>&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:8pt; font-family:ARIAL; " ALIGN="left">Total investment return based on net asset value reflects changes in the Fund&#146;s net asset value during each period.
Total return based on market value reflects changes in market value during each period. Each figure includes reinvestments of dividend and capital gain distributions, if any, at market prices pursuant to the dividend reinvestment plan. These figures
will differ depending upon the level of any discount from or premium to net asset value at which the Fund&#146;s shares trade during the period. </P></TD></TR></TABLE> <P STYLE="font-size:2pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:8pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="3%" VALIGN="top" ALIGN="left"><SUP STYLE="font-size:75%; vertical-align:top">*</SUP>&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:8pt; font-family:ARIAL; " ALIGN="left">Amount is less than $.005 per share. </P></TD></TR></TABLE>
<p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:ARIAL" ALIGN="center">The accompanying notes are an integral part of the financial statements. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P>
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<TD></TD>

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<TD VALIGN="bottom" NOWRAP><FONT STYLE="font-size:8pt"><B>20</B></FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP ALIGN="center">|</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP><FONT STYLE="font-size:8pt">The New Germany Fund,&nbsp;Inc.</FONT></TD></TR></TABLE>


<p style="margin-top:1em; margin-bottom:0em; page-break-before:always">
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">

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<TD VALIGN="top" NOWRAP><FONT STYLE="font-size:16pt"><B><A NAME="tx423707_8"></A>Notes to Financial Statements</B></FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD></TR>
</TABLE> <P STYLE="margin-top:14pt; margin-bottom:0pt; font-size:10.5pt; font-family:ARIAL"><B>A. Accounting Policies </B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL">The New Germany
Fund, Inc. (the &#147;Fund&#148;) was incorporated in Maryland on January&nbsp;16, 1990 as a <FONT STYLE="white-space:nowrap">non-diversified,</FONT> <FONT STYLE="white-space:nowrap">closed-end</FONT> management investment company. The Fund
commenced investment operations on January&nbsp;30, 1990. The Fund became a diversified fund on October&nbsp;26, 2007. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL">The preparation of financial statements in
accordance with accounting principles generally accepted in the United States of America (&#147;U.S. GAAP&#148;) requires management to make estimates and assumptions that affect the reported amounts and disclosures in the financial statements.
Actual results could differ from those estimates. The Fund qualifies as an investment company under Topic 946 of Accounting Standards Codification of U.S. GAAP. The following is a summary of significant accounting policies followed by the Fund in
the preparation of its financial statements. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL"><FONT STYLE="font-family:ARIAL; font-size:9.5pt"><B>Security Valuation.</B></FONT><FONT
STYLE="font-family:ARIAL; font-size:10pt"> The Fund calculates its net asset value (&#147;NAV&#148;) per share for publication at the close of regular trading on Deutsche B&ouml;rse XETRA, normally at 11:30 a.m., New York time. </FONT></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL">The Fund&#146;s Board has designated DWS International GmbH (the&nbsp;&#147;Advisor&#148;) as the valuation designee for the Fund pursuant to Rule&nbsp;2a-5 under the
1940 Act. The Advisor&#146;s Pricing Committee (the &#147;Pricing Committee&#148;) typically values securities using readily available market quotations or prices supplied by independent pricing services (which are considered fair values under Rule
2a-5). The Advisor has adopted fair valuation procedures that provide methodologies for fair valuing securities. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL">Various inputs are used in determining the value of
the Fund&#146;s investments. These inputs are summarized in three broad levels. Level&nbsp;1 includes quoted prices in active markets for identical securities. Level&nbsp;2 includes other significant observable inputs (including quoted prices for
similar securities, interest rates, prepayment speeds and credit risk). Level&nbsp;3 includes significant unobservable inputs (including the Fund&#146;s own assumptions in determining the fair value of investments). The level assigned to the
securities valuations may not be an indication of the risk or liquidity associated with investing in those securities. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL">Equity securities are valued at the most
recent sale price or official closing price reported on the exchange (U.S. or foreign) or <FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">over-the-counter</FONT></FONT> market on which they trade prior to the time of valuation.
Securities for which no sales are reported are valued at the calculated mean between the most recent bid and asked quotations on the relevant market or, if a mean cannot be determined, at the most recent bid quotation. Equity securities are
generally categorized as Level&nbsp;1. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P>
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<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD></TD>
<TD></TD>
<TD></TD></TR>
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<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT STYLE="font-size:8pt">The New Germany Fund,&nbsp;Inc.</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP ALIGN="center">|</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-size:8pt"><B>&nbsp;</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right"><FONT STYLE="font-size:8pt"><B>21</B></FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-size:8pt"><B>&nbsp;</B></FONT></TD></TR></TABLE>


<p style="margin-top:1em; margin-bottom:0em; page-break-before:always">
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL">Investments in <FONT STYLE="white-space:nowrap">open-end</FONT> investment companies are valued and traded at their NAV
each business day and are categorized as Level&nbsp;1. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL">Securities and other assets for which market quotations are not readily available or for which the above
valuation procedures are deemed not to reflect fair value are valued in a manner that is intended to reflect their fair value as determined in accordance with procedures approved by the Board and are generally categorized as Level&nbsp;3. In
accordance with the Fund&#146;s valuation procedures, factors considered in determining value may include, but are not limited to, the type of the security; the size of the holding; the initial cost of the security; the existence of any contractual
restrictions on the security&#146;s disposition; the price and extent of public trading in similar securities of the issuer or of comparable companies; quotations or evaluated prices from <FONT STYLE="white-space:nowrap">broker-dealers</FONT> and/or
the appropriate stock exchange (for <FONT STYLE="white-space:nowrap">exchange-traded</FONT> securities); an analysis of the company&#146;s or issuer&#146;s financial statements; an evaluation of the forces that influence the issuer and the market(s)
in which the security is purchased and sold; and, with respect to debt securities, the maturity, coupon, creditworthiness, currency denomination, and the movement of the market in which the security is normally traded. The value determined under
these procedures may differ from published values for the same securities. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL">Disclosure about the classification of the fair value measurements is included in a table
following the Fund&#146;s Schedule of Investments. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL"><FONT STYLE="font-family:ARIAL; font-size:9.5pt"><B>Securities Transactions and Investment Income.</B></FONT><FONT
STYLE="font-family:ARIAL; font-size:10pt"> Investment transactions are accounted for on a trade date plus one basis for daily NAV calculation. However, for financial reporting purposes, investment security transactions are reported on trade date.
Interest income is recorded on the accrual basis. Dividend income is recorded on the <FONT STYLE="white-space:nowrap">ex-dividend</FONT> date net of foreign withholding taxes. Certain dividends from foreign securities may be recorded subsequent to
the <FONT STYLE="white-space:nowrap">ex-dividend</FONT> date as soon as the Fund is informed of such dividends. Realized gains and losses from investment transactions are recorded on an identified cost basis. Proceeds from litigation payments, if
any, are included in net realized gain (loss) for investments. </FONT></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL"><FONT STYLE="font-family:ARIAL; font-size:9.5pt"><B>Securities Lending.</B></FONT><FONT
STYLE="font-family:ARIAL; font-size:10pt"> Brown Brothers Harriman&nbsp;&amp; Co., as lending agent, lends securities of the Fund to certain financial institutions under the terms of its securities lending agreement. During the term of the loans,
the Fund continues to receive interest and dividends generated by the securities and to participate in any changes in their market value. The Fund requires the borrowers of the securities to maintain collateral with the Fund consisting of either
cash and/or U.S. Treasury Securities having a value at least equal to the value of the securities loaned. When the collateral falls below specified amounts, the lending agent will use its best effort to obtain additional collateral on the next
business day to meet </FONT></P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P>
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<TD VALIGN="bottom" NOWRAP><FONT STYLE="font-size:8pt"><B>22</B></FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP ALIGN="center">|</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP><FONT STYLE="font-size:8pt">The New Germany Fund,&nbsp;Inc.</FONT></TD></TR></TABLE>


<p style="margin-top:1em; margin-bottom:0em; page-break-before:always">
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL">
required amounts under the securities lending agreement. As of period end, any securities on loan were collateralized by cash. During the year ended December 31, 2022, the Fund invested the cash
collateral into a joint trading account in DWS Government&nbsp;&amp; Agency Securities Portfolio, an affiliated money market fund managed by DWS Investment Management Americas, Inc. DWS Investment Management Americas, Inc. receives a
management/administration fee (0.07% annualized effective rate as of December 31, 2022) on the cash collateral invested in DWS&nbsp;Government&nbsp;&amp; Agency Securities Portfolio. The Fund receives compensation for lending its securities either
in the form of fees or by earning interest on invested cash collateral net of borrower rebates and fees paid to a lending agent. Either the Fund or the borrower may terminate the loan at any time and the borrower, after notice, is required to return
borrowed securities within a standard time period. There may be risks of delay and costs in recovery of securities or even loss of rights in the collateral should the borrower of the securities fail financially. If the Fund is not able to recover
securities lent, the Fund may sell the collateral and purchase a replacement investment in the market, incurring the risk that the value of the replacement security is greater than the value of the collateral. The Fund is also subject to all
investment risks associated with the reinvestment of any cash collateral received, including, but not limited to, interest rate, credit and liquidity risk associated with such investments. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL">The Fund had no securities on loan at December 31, 2022 </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL"><FONT
STYLE="font-family:ARIAL; font-size:9.5pt"><B>Foreign Currency Translation.</B></FONT><FONT STYLE="font-family:ARIAL; font-size:10pt"> The books and records of the Fund are maintained in United States dollars. </FONT></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL">Assets and liabilities denominated in foreign currency are translated into United States dollars at the prevailing exchange rates at period end. Purchases and sales of
investment securities, income and expenses are translated at the rate of exchange prevailing on the respective dates of such transactions. Net realized and unrealized gains and losses on foreign currency transactions represent net gains and losses
between trade and settlement dates on securities transactions, the acquisition and disposition of foreign currencies, and the difference between the amount of net investment income accrued and the U.S. dollar amount actually received. The portion of
both realized and unrealized gains and losses on investments that results from fluctuations in foreign currency exchange rates is not separately disclosed but is included with net realized and unrealized gain/appreciation and loss/depreciation on
investments. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL">At December 31, 2022, the exchange rate was EUR <FONT STYLE="font-family:Times New Roman">&#128;</FONT>1.00 to USD $1.07. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL"><FONT STYLE="font-family:ARIAL; font-size:9.5pt"><B>Contingencies.</B></FONT><FONT STYLE="font-family:ARIAL; font-size:10pt"> In the normal course of business, the Fund
may enter into contracts with service providers that contain general indemnification clauses. The Fund&#146;s maximum exposure under these arrangements is unknown, as this would involve future claims that may be made against
</FONT></P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P>
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<TR>

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<TD VALIGN="bottom" WIDTH="1%"></TD>
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<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:10pt">
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT STYLE="font-size:8pt">The New Germany Fund,&nbsp;Inc.</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP ALIGN="center">|</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-size:8pt"><B>&nbsp;</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right"><FONT STYLE="font-size:8pt"><B>23</B></FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-size:8pt"><B>&nbsp;</B></FONT></TD></TR></TABLE>


<p style="margin-top:1em; margin-bottom:0em; page-break-before:always">
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL">
the Fund that have not yet occurred. However, based on experience, the Fund expects the risk of loss to be remote. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL"><FONT STYLE="font-family:ARIAL; font-size:9.5pt"><B>Taxes. </B></FONT><FONT STYLE="font-family:ARIAL; font-size:10pt">The Fund&#146;s policy is to comply with the
requirements of the Internal Revenue Code, as amended, which are applicable to regulated investment companies, and to distribute all of its taxable income to its shareholders. </FONT></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL">Additionally, the Fund may be subject to taxes imposed by the governments of countries in which it invests. Such taxes are generally based on income and/or capital gains
earned or repatriated. Estimated tax liabilities on certain foreign securities are recorded on an accrual basis and are reflected as components of interest income or net change in unrealized gain/loss on investments. Tax liabilities realized as a
result of security sales are reflected as a component of net realized gain/loss on investments. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL">At December 31, 2022, the Fund had a net tax basis capital loss
carryforward of approximately $9,175,000, which may be applied against realized net taxable capital gains indefinitely<B>.</B> </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL">The Fund has reviewed the tax
positions for the open tax years as of December&nbsp;31, 2022 and has determined that no provision for income tax and/or uncertain tax positions is required in the Fund&#146;s financial statements. The Fund&#146;s federal tax returns for the prior
three fiscal years remain open subject to examinations by the Internal Revenue Service. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL"><FONT STYLE="font-family:ARIAL; font-size:9.5pt"><B>Dividends and
Distributions to Shareholders.</B></FONT><FONT STYLE="font-family:ARIAL; font-size:10pt"> The Fund records dividends and distributions to its shareholders on the <FONT STYLE="white-space:nowrap">ex-dividend</FONT> date. The timing and character of
certain income and capital gain distributions are determined annually in accordance with United States federal income tax regulations, which may differ from accounting principles generally accepted in the United States of America. These differences
primarily relate to investments certain securities sold at a loss. As a result, net investment income (loss) and net realized gain (loss) on investment transactions for a reporting period may differ significantly from distributions during such
period. Accordingly, the Fund may periodically make reclassifications among certain of its capital accounts without impacting the NAV of the Fund. </FONT></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL">At
December 31, 2022, the Fund&#146;s components of distributable earnings (accumulated losses) on a tax basis were as follows: </P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:8pt" ALIGN="center">


<TR>

<TD WIDTH="79%"></TD>

<TD VALIGN="bottom" WIDTH="4%"></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="4%"></TD></TR>


<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:8pt">
<TD VALIGN="top" STYLE="BORDER-TOP:1px solid #7f7f7f; BORDER-BOTTOM:1px solid #cccccc">Undistributed ordinary income</TD>
<TD VALIGN="bottom" STYLE=" BORDER-TOP:1px solid #7f7f7f; BORDER-BOTTOM:1px solid #cccccc">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-TOP:1px solid #7f7f7f; BORDER-BOTTOM:1px solid #cccccc">$</TD>
<TD VALIGN="bottom" STYLE="BORDER-TOP:1px solid #7f7f7f; BORDER-BOTTOM:1px solid #cccccc" ALIGN="right">230,479</TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-TOP:1px solid #7f7f7f; BORDER-BOTTOM:1px solid #cccccc">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:8pt">
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #cccccc">Capital loss carryforwards</TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #cccccc">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #cccccc">$</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #cccccc" ALIGN="right">(9,175,000</TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #cccccc">)&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:8pt">
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #7f7f7f">Net unrealized appreciation (depreciation)</TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #7f7f7f">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #7f7f7f">$</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #7f7f7f" ALIGN="right">(29,820,814</TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #7f7f7f">)&nbsp;</TD></TR>
</TABLE>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P>
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<TR>

<TD></TD>

<TD VALIGN="bottom"></TD>
<TD></TD>

<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="94%"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:10pt">
<TD VALIGN="bottom" NOWRAP><FONT STYLE="font-size:8pt"><B>24</B></FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP ALIGN="center">|</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP><FONT STYLE="font-size:8pt">The New Germany Fund,&nbsp;Inc.</FONT></TD></TR></TABLE>


<p style="margin-top:1em; margin-bottom:0em; page-break-before:always">
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL">At December 31, 2022, the aggregate cost of investments for federal income tax purposes was $191,973,269. The net
unrealized depreciation for all investments based on tax cost was $29,820,814. This consisted of aggregate gross unrealized appreciation for all investments for which there was an excess of value over tax cost of $20,681,473 and aggregate gross
unrealized depreciation for all investments for which there was an excess of tax cost over value of $50,502,287. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL">In addition, the tax character of distributions
paid to shareholders by the </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL">Fund is summarized as follows: </P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:8pt" ALIGN="center">


<TR>

<TD WIDTH="57%"></TD>

<TD VALIGN="bottom" WIDTH="4%"></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="4%"></TD>

<TD VALIGN="bottom" WIDTH="5%"></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="6%"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:8pt">
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="6" ALIGN="center"><B>Years Ended December&nbsp;31,</B></TD>
<TD VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:8pt">
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #7f7f7f">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #7f7f7f">&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="BORDER-BOTTOM:1px solid #7f7f7f"><B>2022</B></TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #7f7f7f">&nbsp;</TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #7f7f7f">&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="BORDER-BOTTOM:1px solid #7f7f7f"><B>2021</B></TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #7f7f7f">&nbsp;</TD></TR>


<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:8pt">
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #cccccc">Distributions from ordinary income*</TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #cccccc">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #cccccc">$</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #cccccc" ALIGN="right">763,980</TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #cccccc">&nbsp;</TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #cccccc">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #cccccc">$</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #cccccc" ALIGN="right">16,712,998</TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #cccccc">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:8pt">
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #7f7f7f">Distributions from long-term capital gains</TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #7f7f7f">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #7f7f7f">$</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #7f7f7f" ALIGN="right">12,405,498</TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #7f7f7f">&nbsp;</TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #7f7f7f">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #7f7f7f">$</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #7f7f7f" ALIGN="right">74,279,447</TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #7f7f7f">&nbsp;</TD></TR>
</TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:8pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="3%" VALIGN="top" ALIGN="left">*</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:8pt; font-family:ARIAL; " ALIGN="left">For tax purposes, short-term capital gain is considered ordinary income. </P></TD></TR></TABLE>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10.5pt; font-family:ARIAL"><B>B. Investment Advisory and Administration Agreements </B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL">The Fund is party to
an Investment Advisory Agreement with DWS International GmbH (&#147;DWSI&#148;). The Fund also has an Administration Agreement with DWS Investment Management Americas, Inc. (&#147;DIMA&#148;). DWSI and DIMA are affiliated companies. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL">Under the Investment Advisory Agreement with DWSI, DWSI directs the investments of the Fund in accordance with its investment objectives, policies and restrictions. DWSI
determines the securities, instruments and other contracts relating to investments to be purchased, sold or entered into by the Fund. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL">The Investment Advisory
Agreement provides DWSI with a fee, computed weekly and payable monthly, at the annual rate of 0.75% of the Fund&#146;s average weekly net assets up to and including $100&nbsp;million, 0.60% of such assets in excess of $100 million and up to and
including $500 million, and 0.55% of such assets in excess of $500&nbsp;million. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL">Accordingly, for the year ended December 31, 2022, the fee pursuant to the
Investment Advisory Agreement was equivalent to an annual rate of 0.68% of the Fund&#146;s average daily net assets. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL">Under the Administration Agreement with DIMA,
DIMA provides certain fund administration services to the Fund. The Administration Agreement provides DIMA with an annual fee, computed weekly and payable monthly, of 0.20% of the Fund&#146;s average weekly net assets. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10.5pt; font-family:ARIAL"><B>C. Transactions with Affiliates </B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL">DWS Service Company (&#147;DSC&#148;), an
affiliate of DIMA, is the transfer agent, <FONT STYLE="white-space:nowrap">dividend-paying</FONT> agent and shareholder service agent of the Fund. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P>
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<TD></TD>
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<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT STYLE="font-size:8pt">The New Germany Fund,&nbsp;Inc.</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP ALIGN="center">|</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-size:8pt"><B>&nbsp;</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right"><FONT STYLE="font-size:8pt"><B>25</B></FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-size:8pt"><B>&nbsp;</B></FONT></TD></TR></TABLE>


<p style="margin-top:1em; margin-bottom:0em; page-break-before:always">
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL">
Pursuant to a <FONT STYLE="white-space:nowrap">sub-transfer</FONT> agency agreement between DSC and SS&amp;C GIDS, Inc. (&#147;SS&amp;C&#148;) (name changed from DST Systems, Inc. effective
January 1, 2023), DSC has delegated certain transfer agent and <FONT STYLE="white-space:nowrap">dividend-paying</FONT> agent functions to SS&amp;C. DSC compensates SS&amp;C out of the fee it receives from the Fund. For the year ended
December&nbsp;31,&nbsp;2022, the amount charged to the Fund by DSC included in the Statement of Operations under &#147;Services to shareholders&#148; aggregated $11,993, of which $1,000 is unpaid. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL">Under an agreement with the Fund, DIMA is compensated for providing certain <FONT STYLE="white-space:nowrap">pre-press</FONT> and regulatory filing services to the Fund.
For the year ended December 31, 2022, the amount charged to the Fund by DIMA included in the Statement of Operations under &#147;Reports to shareholders and shareholder meeting expenses&#148; aggregated $13,812, of which $8,381 is unpaid. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL">Deutsche Bank AG, the majority shareholder in the DWS Group, and its affiliates may receive brokerage commissions as a result of executing agency transactions in
portfolio securities on behalf of the Fund, that the Board determined were effected in compliance with the Fund&#146;s <FONT STYLE="white-space:nowrap">Rule&nbsp;17e-1</FONT> procedures. For the year ended December 31, 2022, Deutsche Bank did not
receive brokerage commissions from the Fund. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL">Certain Officers of the Fund are also officers of DIMA. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL">The Fund pays each Director who is not an &#147;interested person&#148; of DIMA or DWS International GmbH retainer fees plus specified amounts for attended board and
committee meetings. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL">The Fund may invest cash balances in DWS Central Cash Management Government Fund, which is managed by DIMA. The Fund indirectly bears its
proportionate share of the expenses of DWS Central Cash Management Government Fund. DWS Central Cash Management Government Fund does not pay DIMA an investment management fee. DWS Central Cash Management Government Fund seeks maximum current income
to the extent consistent with stability of principal. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10.5pt; font-family:ARIAL"><B>D. Portfolio Securities </B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL">Purchases and sales of investment securities, excluding <FONT STYLE="white-space:nowrap">short-term</FONT> investments, for the year ended December 31, 2022, were
$97,398,819 and $155,183,431, respectively. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10.5pt; font-family:ARIAL"><B>E. Capital </B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL">During the
year ended December 31, 2022 and the year ended December&nbsp;31, 2021, the Fund purchased 261,300 and 568,687 of its shares of common stock on the open market at a total cost of $2,299,988 and $11,521,502 ($8.80 and $20.26 average per share),
respectively. The </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P>
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<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="94%"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:10pt">
<TD VALIGN="bottom" NOWRAP><FONT STYLE="font-size:8pt"><B>26</B></FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP ALIGN="center">|</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP><FONT STYLE="font-size:8pt">The New Germany Fund,&nbsp;Inc.</FONT></TD></TR></TABLE>


<p style="margin-top:1em; margin-bottom:0em; page-break-before:always">
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL">
average discount of these purchased shares, comparing the purchase price to the NAV per share at the time of purchase, was 11.38% and 11.32%, respectively. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL">During the year ended December 31, 2022 and the year ended December&nbsp;31, 2021, the Fund issued for dividend reinvestment 2,122,125&nbsp;and 660,127 shares,
respectively. The average discount of these issued shares, comparing the issue price to the NAV per share at the time of issuance, was 9.72% and 11.99%, respectively. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10.5pt; font-family:ARIAL"><B>F. Share Repurchases </B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL">On July 24, 2020, the Fund announced that the Board
of Directors approved an extension of the current repurchase authorization permitting the Fund to repurchase up to 1,573,000 shares during the period from August 1, 2020 through July&nbsp;31,&nbsp;2021. The Fund repurchased 601,348 shares between
August 1, 2020 and July 31, 2021. On July&nbsp;30, 2021, the Fund announced that the Board of Directors approved an extension of the current repurchase authorization permitting the Fund to repurchase up to 1,575,385 shares during the period from
August&nbsp;1, 2021 through July 31, 2022. The Fund repurchased 285,900 shares between August 1, 2021 and July&nbsp;31, 2022. On July&nbsp;29, 2022, the Fund announced that the Board of Directors approved an extension of the current repurchase
authorization permitting the Fund to repurchase up to 1,756,928 shares during the period from August&nbsp;1, 2022 through July&nbsp;31, 2023. The Fund repurchased 154,700 shares between August 1, 2022 and December 31, 2022. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL">Repurchases will be made from time to time when they are believed to be in the best interests of the Fund. There can be no assurance that the Fund&#146;s repurchases
will reduce the spread between the market price of the Fund&#146;s shares referred to below and its NAV per share. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL">Monthly updates concerning the Fund&#146;s
repurchase program are available on its Web site at dws.com. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10.5pt; font-family:ARIAL"><B>G. Concentration of Ownership </B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL">From time to time, the Fund may have a concentration of several shareholder accounts holding a significant percentage of shares outstanding. Investment activities of
these shareholders could have a material impact on the Fund. At December 31, 2022, there were four shareholders that held approximately 13%, 12%, 8%, and 6%, respectively, of the outstanding shares of the Fund. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P>
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<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:10pt">
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT STYLE="font-size:8pt">The New Germany Fund,&nbsp;Inc.</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP ALIGN="center">|</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-size:8pt"><B>&nbsp;</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right"><FONT STYLE="font-size:8pt"><B>27</B></FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-size:8pt"><B>&nbsp;</B></FONT></TD></TR></TABLE>


<p style="margin-top:1em; margin-bottom:0em; page-break-before:always">
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:16pt; font-family:ARIAL"><B><A NAME="tx423707_9"></A>Report of Independent Registered </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:16pt; font-family:ARIAL"><B>Public Accounting Firm </B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:9.5pt; font-family:ARIAL"><B>To the Board of Directors and Shareholders of
</B></P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:9.5pt; font-family:ARIAL"><B>The New Germany Fund, Inc.: </B></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10.5pt; font-family:ARIAL"><B><I>Opinion on the Financial
Statements </I></B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL">We have audited the accompanying statement of assets and liabilities of The New Germany Fund, Inc. (the &#147;Fund&#148;), including the schedule
of investments as of December&nbsp;31, 2022, and the related statement of operations for the year then ended, the statements of changes in net assets for each of the two years in the period then ended, the financial highlights for each of the four
years in the period then ended and the related notes (collectively referred to as the &#147;financial statements&#148;). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Fund at
December&nbsp;31, 2022, the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period then ended and its financial highlights for each of the four years in the period then ended, in
conformity with U.S. generally accepted accounting principles. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL">The financial highlights for the year ended December&nbsp;31, 2018, were audited by another
independent registered public accounting firm whose report, dated February&nbsp;19, 2019, expressed an unqualified opinion on those financial highlights. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10.5pt; font-family:ARIAL"><B><I>Basis for Opinion </I></B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL">These financial statements are the responsibility
of the Fund&#146;s management. Our responsibility is to express an opinion on the Fund&#146;s financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States)
(&#147;PCAOB&#148;) and are required to be independent with respect to the Fund in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL">We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about
whether the financial statements are free of material misstatement, whether due to error or fraud. The Fund is not </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P>
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<TD VALIGN="bottom" NOWRAP><FONT STYLE="font-size:8pt"><B>28</B></FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP ALIGN="center">|</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP><FONT STYLE="font-size:8pt">The New Germany Fund,&nbsp;Inc.</FONT></TD></TR></TABLE>


<p style="margin-top:1em; margin-bottom:0em; page-break-before:always">
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL">
required to have, nor were we engaged to perform, an audit of the Fund&#146;s internal control over financial reporting. As part of our audits, we are required to obtain an understanding of
internal control over financial reporting, but not for the purpose of expressing an opinion on the effectiveness of the Fund&#146;s internal control over financial reporting. Accordingly, we express no such opinion. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL">Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing
procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our procedures included confirmation of securities owned as of December&nbsp;31,
2022, by correspondence with the custodian, brokers and others; when replies were not received from brokers&nbsp;and&nbsp;others, we performed other auditing procedures. Our audits also included evaluating the accounting principles used and
significant estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that our audits provide a reasonable basis for our opinion. </P>
<P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P> <P STYLE="margin-top:0pt;margin-bottom:0pt" ALIGN="right">


<IMG SRC="g423707g72j16.jpg" ALT="LOGO">
 </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL">We have served as the auditor of one or more investment companies in the DWS family of funds since at least 1979, but we are unable to
determine the specific year. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL">Boston, Massachusetts </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL">February&nbsp;23, 2023 </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P>
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<TR>

<TD WIDTH="94%"></TD>

<TD VALIGN="bottom"></TD>
<TD></TD>

<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD></TD>
<TD></TD>
<TD></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:10pt">
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT STYLE="font-size:8pt">The New Germany Fund,&nbsp;Inc.</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP ALIGN="center">|</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-size:8pt"><B>&nbsp;</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right"><FONT STYLE="font-size:8pt"><B>29</B></FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-size:8pt"><B>&nbsp;</B></FONT></TD></TR></TABLE>


<p style="margin-top:1em; margin-bottom:0em; page-break-before:always">
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">

<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:16pt">


<TR>

<TD WIDTH="83%"></TD>

<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="16%"></TD></TR>


<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:9.5pt">
<TD VALIGN="top" NOWRAP><FONT STYLE="font-size:16pt"><B><A NAME="tx423707_10"></A>Tax Information</B></FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right"><B>(Unaudited)</B></TD></TR>
</TABLE> <P STYLE="margin-top:14pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL">The Fund paid distributions of $0.7254 per share from net long-term capital gains during its year ended December&nbsp;31, 2022. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL">For federal Income tax purposes, the Fund designates $3,755,000, or the maximum amount allowable under tax law, as qualified dividend income. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL">The Fund paid foreign taxes of $400,477 and earned $1,308,917 of foreign source income during the year ended December&nbsp;31, 2022. Pursuant to Section&nbsp;853 of the
Internal Revenue Code, the Fund designates $0.0230 per share as foreign taxes paid and $0.0753 per share as income earned from foreign sources for the year ended December&nbsp;31, 2022. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL">Please consult a tax advisor if you have questions about federal or state income tax laws, or on how to prepare your tax returns. If you have specific questions about
your account, please call (800) <FONT STYLE="white-space:nowrap">728-3337.</FONT> </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL">The Fund elected to be subject to the statutory calculation, notification and
publication requirements of the German Investment Tax Act (Investmentsteuergesetz) (the &#147;Act&#148;) for the fiscal year ended December&nbsp;31, 2021 and intends to elect to be subject to the Act for the fiscal year ending December&nbsp;31,
2022. This election allows investors based in Germany to invest in the Fund without adverse tax consequences. </P>
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<TD WIDTH="83%"></TD>

<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="16%"></TD></TR>


<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:9.5pt">
<TD VALIGN="top" NOWRAP><FONT STYLE="font-size:16pt"><B><A NAME="tx423707_11"></A>Shares Repurchased and Issued</B></FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right"><B>(Unaudited)</B></TD></TR>
</TABLE> <P STYLE="margin-top:14pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL">The Fund has been purchasing shares of its common stock in the open market and has also purchased shares pursuant to tender offers.
Shares repurchased in the open market, shares issued for dividend reinvestment, and shares tendered and accepted for the past five years are as follows: </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TR>

<TD WIDTH="33%"></TD>

<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="2%"></TD>

<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="2%"></TD>

<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="2%"></TD>

<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="2%"></TD>

<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="2%"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:8pt">
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="18" ALIGN="center"><B>Years Ended December&nbsp;31,</B></TD>
<TD VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:8pt">
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #7f7f7f">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #7f7f7f">&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="BORDER-BOTTOM:1px solid #7f7f7f"><B>2022</B></TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #7f7f7f">&nbsp;</TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #7f7f7f">&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="BORDER-BOTTOM:1px solid #7f7f7f"><B>2021</B></TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #7f7f7f">&nbsp;</TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #7f7f7f">&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="BORDER-BOTTOM:1px solid #7f7f7f"><B>2020</B></TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #7f7f7f">&nbsp;</TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #7f7f7f">&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="BORDER-BOTTOM:1px solid #7f7f7f"><B>2019</B></TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #7f7f7f">&nbsp;</TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #7f7f7f">&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="BORDER-BOTTOM:1px solid #7f7f7f"><B>2018</B></TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #7f7f7f">&nbsp;</TD></TR>


<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:8pt">
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #cccccc">Shares repurchased</TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #cccccc">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #cccccc">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #cccccc" ALIGN="right">261,300</TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #cccccc">&nbsp;</TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #cccccc">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #cccccc">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #cccccc" ALIGN="right">568,687</TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #cccccc">&nbsp;</TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #cccccc">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #cccccc">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #cccccc" ALIGN="right">587,813</TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #cccccc">&nbsp;</TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #cccccc">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #cccccc">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #cccccc" ALIGN="right">643,500</TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #cccccc">&nbsp;</TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #cccccc">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #cccccc">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #cccccc" ALIGN="right">688,100</TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #cccccc">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:8pt">
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #7f7f7f">Shares issued for dividend reinvestment</TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #7f7f7f">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #7f7f7f">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #7f7f7f" ALIGN="right">2,122,125</TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #7f7f7f">&nbsp;</TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #7f7f7f">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #7f7f7f">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #7f7f7f" ALIGN="right">660,127</TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #7f7f7f">&nbsp;</TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #7f7f7f">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #7f7f7f">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #7f7f7f" ALIGN="right">156,925</TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #7f7f7f">&nbsp;</TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #7f7f7f">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #7f7f7f">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #7f7f7f" ALIGN="right">952,989</TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #7f7f7f">&nbsp;</TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #7f7f7f">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #7f7f7f">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #7f7f7f" ALIGN="right">445,326</TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #7f7f7f">&nbsp;</TD></TR>
</TABLE>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P>
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<TD></TD>

<TD VALIGN="bottom"></TD>
<TD></TD>

<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="94%"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:10pt">
<TD VALIGN="bottom" NOWRAP><FONT STYLE="font-size:8pt"><B>30</B></FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP ALIGN="center">|</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP><FONT STYLE="font-size:8pt">The New Germany Fund,&nbsp;Inc.</FONT></TD></TR></TABLE>


<p style="margin-top:1em; margin-bottom:0em; page-break-before:always">
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">

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<TD WIDTH="83%"></TD>

<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="16%"></TD></TR>


<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:9.5pt">
<TD VALIGN="top" NOWRAP> <P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:16pt; font-family:ARIAL"><B><A NAME="tx423707_12"></A>Voluntary Cash Purchase Program and Dividend Reinvestment Plan</B></P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right"><B>(Unaudited)</B></TD></TR>
</TABLE> <P STYLE="margin-top:14pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL">The Fund offers shareholders a Voluntary Cash Purchase Program and Dividend Reinvestment Plan (&#147;Plan&#148;) which provides for
optional cash purchases and for the automatic reinvestment of dividends and distributions payable by the Fund in additional Fund shares. A more complete description of the Plan is provided in the Plan brochure available from DWS Service Company, the
transfer agent (the &#147;Transfer Agent&#148;), P.O. Box 219066, Kansas City, Missouri 64105 (telephone <FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">1-800-GERMANY</FONT></FONT> (1-800-437-6269)). SS&amp;C GIDS, Inc. (the
&#147;Plan Agent&#148;) acts as the plan agent under the Plan. A shareholder should read the Plan brochure carefully before enrolling in the Plan. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL">Under the Plan,
participating shareholders (&#147;Plan Participants&#148;) appoint the Transfer Agent to receive or invest Fund distributions as described below under &#147;Reinvestment of Fund Shares.&#148; In addition, Plan Participants may make optional cash
purchases through the Transfer Agent as often as once a month as described below under &#147;Voluntary Cash Purchases.&#148; There is no charge to Plan Participants for participating in the Plan, although when shares are purchased under the Plan by
the Plan Agent on the New York Stock Exchange or otherwise on the open market, each Plan Participant will pay a pro rata share of brokerage commissions incurred in connection with such purchases, as described below under &#147;Reinvestment of Fund
Shares&#148; and &#147;Voluntary Cash Purchases.&#148; </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL"><FONT STYLE="font-family:ARIAL; font-size:9.5pt"><B>Reinvestment of Fund Shares. </B></FONT><FONT
STYLE="font-family:ARIAL; font-size:10pt">Whenever the Fund declares a capital gain<B> </B>distribution, an income dividend or a return of capital distribution payable, at the election of shareholders, either in cash or in Fund shares, or payable
only in cash, the Transfer Agent shall automatically elect to receive Fund shares for the account of each Plan Participant. </FONT></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL">Whenever the Fund declares a
capital gain distribution, an income dividend or a return of capital distribution payable only in cash and the net asset value per share of the Fund&#146;s common stock equals or is less than the market price per share on the valuation date (the
&#147;Market Parity or Premium&#148;), the Transfer Agent shall apply the amount of such dividend or distribution payable to a Plan Participant to the purchase from the Fund of Fund Shares for a Plan Participant&#146;s account, except that if the
Fund does not offer shares for such purpose because it concludes Securities Act registration would be required and such registration cannot be timely effected or is not otherwise a <FONT STYLE="white-space:nowrap">cost-effective</FONT> alternative
for the Fund, then the Transfer Agent shall follow the procedure described in the next paragraph. The number of additional shares to be credited to a Plan Participant&#146;s account shall be determined by dividing the dollar amount of
</P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P>
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<TR>

<TD WIDTH="94%"></TD>

<TD VALIGN="bottom"></TD>
<TD></TD>

<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD></TD>
<TD></TD>
<TD></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:10pt">
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT STYLE="font-size:8pt">The New Germany Fund,&nbsp;Inc.</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP ALIGN="center">|</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-size:8pt"><B>&nbsp;</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right"><FONT STYLE="font-size:8pt"><B>31</B></FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-size:8pt"><B>&nbsp;</B></FONT></TD></TR></TABLE>


<p style="margin-top:1em; margin-bottom:0em; page-break-before:always">
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL">
the distribution payable to a Plan Participant by the net asset value per share of the Fund&#146;s common stock on the valuation date, or if the net asset value per share is less than 95% of the
market price per share on such date, then by 95% of the market price per share. The valuation date will be the payable date for such dividend or distribution. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL">Whenever the Fund declares a capital gains distribution, an income dividend or a return of capital distribution payable only in cash and the net asset value per share of
the Fund&#146;s common stock exceeds the market price per share on the valuation date (the &#147;Market Discount&#148;), the Plan Agent shall apply the amount of such dividend or distribution payable to a Plan Participant (less a Plan
Participant&#146;s pro rata share of brokerage commissions incurred with respect to <FONT STYLE="white-space:nowrap">open-market</FONT> purchases in connection with the reinvestment of such dividend or distribution) to the purchase on the open
market of Fund shares for a Plan Participant&#146;s account. The valuation date will be the payable date for such dividend or distribution. Such purchases will be made on or shortly after the valuation date and in no event more than 30 days after
such date except where temporary curtailment or suspension of purchase is necessary to comply with applicable provisions of federal securities laws. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL">The Transfer
Agent or the Plan Agent may aggregate a Plan Participant&#146;s purchases with the purchases of other Plan Participants, and the average price (including brokerage commissions) of all shares purchased by the Plan Agent shall be the price per share
allocable to each Plan Participant. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL">For all purposes of the Plan, the market price of the Fund&#146;s common stock on a payable date shall be the last sales price
on the New York Stock Exchange on that date, or, if there is no sale on such Exchange (or, if different, the principal exchange for Fund shares) on that date, then the mean between the closing bid and asked quotations for such stock on such Exchange
on such date. The net asset value per share of the Fund&#146;s common stock on a valuation date shall be as determined by or on behalf of the Fund. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL">The Transfer
Agent may hold a Plan Participant&#146;s shares acquired pursuant to the Plan, together with the shares of other Plan Participants acquired pursuant to this Plan, in <FONT STYLE="white-space:nowrap">non-certificated</FONT> form in the name of the
Transfer Agent or that of a nominee. The Transfer Agent will forward to each Plan Participant any proxy solicitation material and will vote any shares so held for a Plan Participant only in accordance with the proxy returned by a Plan Participant to
the Fund. Upon a Plan Participant&#146;s written request, the Transfer Agent will deliver to a Plan Participant, without charge, a certificate or certificates for the full shares held by the Transfer Agent. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL"><FONT STYLE="font-family:ARIAL; font-size:9.5pt"><B>Voluntary Cash Purchases. </B></FONT><FONT STYLE="font-family:ARIAL; font-size:10pt">Plan Participants have the
option of making<B> </B>investments in Fund shares through the Transfer Agent as often as once </FONT></P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P>
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<TR>

<TD></TD>

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<TD></TD>

<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="94%"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:10pt">
<TD VALIGN="bottom" NOWRAP><FONT STYLE="font-size:8pt"><B>32</B></FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP ALIGN="center">|</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP><FONT STYLE="font-size:8pt">The New Germany Fund,&nbsp;Inc.</FONT></TD></TR></TABLE>


<p style="margin-top:1em; margin-bottom:0em; page-break-before:always">
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL">
a month. Plan Participants may invest as little as $100 in any month and may invest up to $36,000 annually through the voluntary cash purchase feature of the Plan. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL">The Plan Agent shall apply such funds (less a Plan Participant&#146;s pro rata share of brokerage commissions or other costs, if any) to the purchase on the New York
Stock Exchange (or, if different, on the principal exchange for Fund shares) or otherwise on the open market of Fund shares for such Plan Participant&#146;s account, regardless of whether there is a Market Parity or Premium or a Market Discount. The
Plan Agent will purchase shares for Plan Participants on or about the 15th of each month. Cash payments received by the Transfer Agent less than five business days prior to a cash purchase investment date will be held by the Transfer Agent until the
next month&#146;s investment date. Uninvested funds will not bear interest. Plan Participants may withdraw any voluntary cash payment by written notice received by the Transfer Agent not less than 48 hours before such payment is to be invested. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL"><FONT STYLE="font-family:ARIAL; font-size:9.5pt"><B>Enrollment and Withdrawal. </B></FONT><FONT STYLE="font-family:ARIAL; font-size:10pt">Both current shareholders and <FONT
STYLE="white-space:nowrap">first-time</FONT><B> </B>investors in the Fund are eligible to participate in the Plan. Current shareholders may join the Plan by either enrolling their shares with the Transfer Agent or by making an initial cash deposit
of at least $250 with the Transfer Agent. <FONT STYLE="white-space:nowrap">First-time</FONT> investors in the Fund may join the Plan by making an initial cash deposit of at least $250 with the Transfer Agent. In order to become a Plan Participant,
shareholders must complete and sign the enrollment form included in the Plan brochure and return it, and, if applicable, an initial cash deposit of at least $250 directly to the Transfer Agent if shares are registered in their name. Shareholders who
hold Fund shares in the name of a brokerage firm, bank or other nominee should contact such nominee to arrange for it to participate in the Plan on such shareholder&#146;s behalf. </FONT></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL">If the Plan Participant elects to participate in the Plan by enrolling current shares owned by the Plan Participant with the Transfer Agent, participation in the
dividend reinvestment feature of the Plan begins with the next dividend or capital gains distribution payable after the Transfer Agent receives the Plan Participant&#146;s written authorization, provided such authorization is received by the
Transfer Agent prior to the record date for such dividend or distribution. If such authorization is received after such record date, the Plan Participant&#146;s participation in the dividend reinvestment feature of the Plan begins with the following
dividend or distribution. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL">If the Plan Participant elects to participate in the Plan by making an initial cash deposit of at least $250 with the Transfer Agent,
participation in the dividend reinvestment feature of the Plan begins with the next dividend or capital gains distribution payable after the Transfer Agent receives the Plan Participant&#146;s authorization and deposit, and after the Plan Agent
</P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P>
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<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD></TD>
<TD></TD>
<TD></TD></TR>
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<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT STYLE="font-size:8pt">The New Germany Fund,&nbsp;Inc.</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP ALIGN="center">|</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-size:8pt"><B>&nbsp;</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right"><FONT STYLE="font-size:8pt"><B>33</B></FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-size:8pt"><B>&nbsp;</B></FONT></TD></TR></TABLE>


<p style="margin-top:1em; margin-bottom:0em; page-break-before:always">
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL">
purchases shares for the Plan Participant on the New York Stock Exchange (or, if different, on the principal exchange for Fund shares) or otherwise on the open market, provided that the
authorization and deposit are received, and the purchases are made by the Plan Agent prior to the record date. If such authorization and deposit are received after the record date, or if the Plan Agent purchases shares for the Plan Participant after
the record date, the Plan Participant&#146;s participation in the dividend reinvestment feature of the Plan begins with the following dividend or distribution. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL">A
shareholder&#146;s written authorization and cash payment must be received by the Transfer Agent at least five business days in advance of the next cash purchase investment date (normally the 15th of every month) in order for the Plan Participant to
participate in the voluntary cash purchase feature of the Plan in that month. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL">Plan Participants may withdraw from the Plan without charge by written notice to the
Transfer Agent. Plan Participants who choose to withdraw may elect to receive stock certificates representing all of the full shares held by the Transfer Agent on their behalf, or to instruct the Transfer Agent to sell such full shares and
distribute the proceeds, net of brokerage commissions, to such withdrawing Plan Participant. Withdrawing Plan Participants will receive a cash adjustment for the market value of any fractional shares held on their behalf at the time of termination.
Withdrawal will be effective immediately with respect to distributions with a record date not less than 10 days later than receipt of such written notice by the Transfer Agent. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL"><FONT STYLE="font-family:ARIAL; font-size:9.5pt"><B>Amendment and Termination of Plan. </B></FONT><FONT STYLE="font-family:ARIAL; font-size:10pt">The Plan may only be
amended or<B> </B>supplemented by the Fund or by the Transfer Agent by giving each Plan Participant written notice at least 90 days prior to the effective date of such amendment or supplement, except that such notice period may be shortened when
necessary or appropriate in order to comply with applicable law or the rules or policies of the Securities and Exchange Commission or any other regulatory body. </FONT></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL">The Plan may be terminated by the Fund or by the Transfer Agent by written notice mailed to each Plan Participant. Such termination will be effective with respect to all
distributions with a record date at least 90 days after the mailing of such written notice to the Plan Participants. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL"><FONT STYLE="font-family:ARIAL; font-size:9.5pt"><B>Federal Income Tax Implications of Reinvestment of Fund Shares. </B></FONT><FONT
STYLE="font-family:ARIAL; font-size:10pt">Reinvestment of Fund shares does not relieve Plan Participants from any income tax which may be payable on dividends or distributions. For U.S. federal income tax purposes, when the Fund issues shares
representing an income dividend or a capital gains dividend, a Participant will include in income the fair market value of the shares received as of the payment date, which will be ordinary dividend income or capital gains, as the case
</FONT></P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P>
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<TD VALIGN="bottom" NOWRAP><FONT STYLE="font-size:8pt"><B>34</B></FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP ALIGN="center">|</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP><FONT STYLE="font-size:8pt">The New Germany Fund,&nbsp;Inc.</FONT></TD></TR></TABLE>


<p style="margin-top:1em; margin-bottom:0em; page-break-before:always">
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL">
may be. The shares will have a tax basis equal to such fair market value, and the holding period for the shares will begin on the day after the date of distribution. If shares are purchased on
the open market by the Plan Agent, a Plan Participant will include in income the amount of the cash payment made. The basis of such shares will be the purchase price of the shares, and the holding period for the shares will begin on the day
following the date of purchase. State, local and foreign taxes may also be applicable. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:8pt">

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<TD VALIGN="bottom"></TD>
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<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD></TD>
<TD></TD>
<TD></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:10pt">
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT STYLE="font-size:8pt">The New Germany Fund,&nbsp;Inc.</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP ALIGN="center">|</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-size:8pt"><B>&nbsp;</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right"><FONT STYLE="font-size:8pt"><B>35</B></FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-size:8pt"><B>&nbsp;</B></FONT></TD></TR></TABLE>


<p style="margin-top:1em; margin-bottom:0em; page-break-before:always">
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:16pt; font-family:ARIAL"><B><A NAME="tx423707_13"></A>Approval of Continuance of </B></P>
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<TD WIDTH="16%"></TD></TR>


<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:9.5pt">
<TD VALIGN="top" NOWRAP><FONT STYLE="font-size:16pt"><B>Investment Advisory Agreement</B></FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right"><B>(Unaudited)</B></TD></TR>
</TABLE> <P STYLE="margin-top:14pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL">The Fund&#146;s directors approved the continuance of the investment advisory agreement between the Fund and DWS International GmbH
(&#147;DWSI&#148;) (the &#147;agreement&#148;) at a meeting held on November&nbsp;4, 2022. The Fund&#146;s directors simultaneously approved the continuance of the administration agreement (the &#147;administration agreement&#148;) between the Fund
and DWS Investment Management Americas, Inc. (&#147;DIMA&#148;), an affiliate of DWSI. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL">In preparation for the meeting, the directors had requested, received and
evaluated extensive materials from DWSI and DIMA, including performance and expense information for other investment companies with similar investment objectives derived from data compiled by Broadridge Financial Solutions, Inc.
(&#147;Broadridge&#148;). Prior to voting, the directors reviewed the proposed approval of the continuance of the agreement with management and experienced Fund counsel and received a memorandum from such counsel discussing the legal standards for
their consideration of the proposed approval of the continuance. The directors also discussed the proposed approval in private sessions with counsel at which no representatives of DWSI or DIMA were present. In reaching their determination relating
to approval of the agreement, the directors considered all factors they believed relevant, including the following: </P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left">1.</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:ARIAL; " ALIGN="left">information comparing the Fund&#146;s performance to other investment companies with similar investment objectives and to
an index; </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left">2.</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:ARIAL; " ALIGN="left">the nature, extent and quality of investment advisory and other services rendered by DWSI; </P></TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left">3.</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:ARIAL; " ALIGN="left">payments received by DWSI and its affiliates (including DIMA) from all sources in respect to the Fund;
</P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left">4.</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:ARIAL; " ALIGN="left">the costs borne by, and profitability of, DWSI and DIMA in providing services to the Fund; </P></TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left">5.</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:ARIAL; " ALIGN="left">comparative fee and expense data for the Fund and other investment companies with similar investment objectives;
</P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left">6.</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:ARIAL; " ALIGN="left">the extent to which economies of scale would be realized as the Fund grows and whether fee levels reflect these economies
of scale for the benefit of investors; </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left">7.</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:ARIAL; " ALIGN="left">DWSI&#146;s policies and practices regarding allocation of the Fund&#146;s portfolio transactions, including the fact
that DWSI does not benefit from soft dollar arrangements; </P></TD></TR></TABLE>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P>
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<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="94%"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:10pt">
<TD VALIGN="bottom" NOWRAP><FONT STYLE="font-size:8pt"><B>36</B></FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP ALIGN="center">|</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP><FONT STYLE="font-size:8pt">The New Germany Fund,&nbsp;Inc.</FONT></TD></TR></TABLE>


<p style="margin-top:1em; margin-bottom:0em; page-break-before:always">
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">

<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left">8.</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:ARIAL; " ALIGN="left">the Fund&#146;s portfolio turnover rates compared to those of other <FONT STYLE="white-space:nowrap">closed-end</FONT>
investment companies investing in international equities; </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left">9.</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:ARIAL; " ALIGN="left"><FONT STYLE="white-space:nowrap">fall-out</FONT> benefits which DWSI and its affiliates receive from their relationships
with the Fund; </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left">10.</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:ARIAL; " ALIGN="left">information concerning the programs established by DWSI with respect to compliance, risk management, cybersecurity,
disclosure and ethics; </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left">11.</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:ARIAL; " ALIGN="left">information regarding DWSI&#146;s disqualification from providing investment advisory services to the Fund pursuant to
Section&nbsp;9(a) of the Investment Company Act of 1940 from June&nbsp;17, 2020 through the issuance of temporary (on September&nbsp;24, 2020) and permanent (on October&nbsp;20, 2020) orders, retroactive to June&nbsp;17, 2020, exempting DWSI from
the disqualification; </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left">12.</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:ARIAL; " ALIGN="left">the professional experience and qualifications of the Fund&#146;s portfolio management team and other senior personnel of
DWSI, and the potential implications for DWSI and DIMA of recent developments relating to Deutsche Bank AG (&#147;Deutsche Bank&#148;) and DWS Group GmbH&nbsp;&amp; Co. KGaA (&#147;DWS Group&#148;), including: (A)&nbsp;the March 2018 initial public
offering (the &#147;IPO&#148;) of DWS Group, which resulted in DWS Group becoming a public company, with Deutsche Bank retaining an approximately 79% ownership interest, and changes in the relationship between DWS Group and Deutsche Bank since the
IPO; (B)&nbsp;ongoing reorganizations and expense reduction efforts by both Deutsche Bank and DWS Group; and (C)&nbsp;the various material legal enforcement and litigation exposures of Deutsche Bank, and the ongoing regulatory investigations of DWS
Group Environmental, Social and Governance (&#147;ESG&#148;) matters, and management&#146;s representations that none of the IPO, the reorganizations or expense reduction efforts, the regulatory enforcement and litigation exposures of Deutsche Bank
or the regulatory investigations of DWS Group ESG matters were expected to have any adverse effect on the management or operations of the Fund or the quality of services provided by DWSI and DIMA to the Fund, or result in any material changes to the
persons at DWSI and DIMA providing services to the Fund, and that, to the extent such persons leave DWSI or DIMA, high quality replacements would be put in place as promptly as is reasonably practicable; and </P></TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left">13.</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:ARIAL; " ALIGN="left">the terms of the agreement. </P></TD></TR></TABLE>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL">The directors also considered their knowledge of the nature and quality of the services provided by DIMA and DWSI to the Fund gained from their experience as directors
of the European Equity Fund and the Central and Eastern Europe Fund and their confidence in DWSI&#146;s integrity and competence gained from that experience and DWSI&#146;s responsiveness to </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P>
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<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD></TD>
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<TD></TD></TR>
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<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT STYLE="font-size:8pt">The New Germany Fund,&nbsp;Inc.</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP ALIGN="center">|</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-size:8pt"><B>&nbsp;</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right"><FONT STYLE="font-size:8pt"><B>37</B></FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-size:8pt"><B>&nbsp;</B></FONT></TD></TR></TABLE>


<p style="margin-top:1em; margin-bottom:0em; page-break-before:always">
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL">
concerns raised by them in the past, including DWSI&#146;s willingness to consider and implement organizational and operational changes designed to improve investment results and the services
provided to the Fund. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL">In their deliberations, the directors did not identify any particular information that was
<FONT STYLE="white-space:nowrap">all-important</FONT> or controlling, and each director attributed different weights to the various factors. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL">The directors
determined that the overall arrangements between the Fund and DWSI, as provided in the agreement, were fair and reasonable in light of the services performed, expenses incurred and such other matters as the directors considered relevant in the
exercise of their reasonable judgment. The directors further determined that they were satisfied that the services provided by DWSI to the Fund represented good value for the money payable to it by the Fund. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL">The material factors and conclusions that formed the basis for the directors&#146; reaching their determination to approve the continuance of the agreement (including
their determinations that DWSI should continue in its role as investment advisor for the Fund, and that the fees payable to DWSI pursuant to the agreement are appropriate) were separately discussed by the directors. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL"><FONT STYLE="font-family:ARIAL; font-size:9.5pt"><B>Nature, Extent and Quality of Services Provided by DWSI.</B></FONT><FONT STYLE="font-family:ARIAL; font-size:10pt">
The directors noted that, under the agreement, DWSI, in accordance with the Fund&#146;s investment objectives, policies and limitations, makes all decisions with respect to suitable securities for investment by the Fund and transmits purchase and
sale orders and selects brokers and dealers to execute portfolio transactions on behalf of the Fund. DWSI pays all of the compensation of the Fund&#146;s directors and officers who are interested persons of DWSI. </FONT></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL">The directors considered the scope and quality of services provided by DWSI under the agreement and noted that the scope of services provided had expanded over time as a
result of regulatory and other developments. The directors also considered the commitment of DWSI to, and the programs established by it with respect to, compliance, risk management, cybersecurity, disclosure and ethics. The directors considered the
quality of the investment research capabilities of DWSI and the other resources it has dedicated to performing services for the Fund. The quality of the advisory services provided also were considered. The directors considered management&#146;s
representation that the various recent developments affecting DWS Group and Deutsche Bank enumerated in Nos. 11 and 12 above were not expected to have any adverse effect on the management or operations of the Fund or the quality of services provided
by DWSI and DIMA to the Fund, or result in any material changes to the persons at DWSI and DIMA providing services to the Fund and that, to the extent such persons leave DWSI or DIMA, high quality </P>
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<TD VALIGN="bottom" NOWRAP><FONT STYLE="font-size:8pt">The New Germany Fund,&nbsp;Inc.</FONT></TD></TR></TABLE>


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replacements would be put in place as promptly as is reasonably practicable. With respect to the ESG matter in No. 12(C) above, the directors noted that although DWSI may consider ESG factors as
part of its investment process, the Fund is not, and has never been, represented to investors as, an &#147;ESG fund.&#148; The directors agreed that they would continue to monitor the matters in No. 12(A)-(C) above, including the dedication of
resources to the Fund going forward, and management agreed to continue to provide information to facilitate such review. The directors concluded that, overall, they were satisfied with the nature, extent and quality of services provided (and
expected to be provided) to the Fund under the agreement. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL"><FONT STYLE="font-family:ARIAL; font-size:9.5pt"><B>Costs of Services Provided and Profitability to
DWSI.</B></FONT><FONT STYLE="font-family:ARIAL; font-size:10pt"> At the request of the directors, DWSI provided information concerning its revenues, expenses and net income and financial condition for 2021 as well as information about revenues and
expenses and the profitability of its relationship with the Fund in 2021. Similar information was provided for DIMA. The directors also reviewed certain pro forma information showing the impact (based on certain assumptions) of the significant
decline in the Fund&#146;s net assets in 2022 as compared to 2021. The directors reviewed the assumptions and methods of allocation used by DWSI and DIMA in preparing Fund-specific profitability data. DWSI and DIMA stated their belief that the
methods of allocation used were reasonable, but noted that there are limitations inherent in allocating costs to multiple individual clients served by organizations such as DWSI and DIMA where each of the clients draws on, and benefits from, the
research and other resources of the DWS organization. </FONT></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL">The directors recognized that it is difficult to make comparisons of profitability from fund advisory
contracts because comparative information is not generally publicly available and is affected by numerous factors, including the structure of the particular advisor, the types of funds it manages, its business mix, numerous assumptions regarding
allocations and the advisor&#146;s capital structure and cost of capital. In considering profitability information, the directors considered the effect of possible <FONT STYLE="white-space:nowrap">fall-out</FONT> benefits on DWSI&#146;s expenses,
including the fact that there were no affiliated brokerage commissions. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL">The directors noted that at the beginning of 2018 DWSI had discontinued its prior practice
of allocating a portion of the Fund&#146;s brokerage to receive research generated by, or paid for by, executing brokers. They also noted that DWSI has policies to prohibit consideration of the sale of shares of DWS funds when selecting broker
dealers to execute portfolio transactions for the Fund or other DWS funds. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL">The directors recognized that DWSI should, as a general matter, be entitled to earn a
reasonable level of profits for the services it provides to the Fund and, based on their review, concluded that DWSI&#146;s level of </P>
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<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT STYLE="font-size:8pt">The New Germany Fund,&nbsp;Inc.</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP ALIGN="center">|</TD>
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<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-size:8pt"><B>&nbsp;</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right"><FONT STYLE="font-size:8pt"><B>39</B></FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-size:8pt"><B>&nbsp;</B></FONT></TD></TR></TABLE>


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profitability from its relationships with the Fund was not excessive. The directors also considered the aggregate profitability of the relationships with the Fund of DWSI and DIMA and concluded
that it was not excessive. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL"><FONT STYLE="font-family:ARIAL; font-size:9.5pt"><B>Investment Results.</B></FONT><FONT STYLE="font-family:ARIAL; font-size:10pt"> In
addition to the information received by the directors for the meeting, the directors receive detailed performance information for the Fund at each regular board meeting during the year and also receive monthly performance information. As the Fund is
not aware of any <FONT STYLE="white-space:nowrap">closed-end</FONT> fund with an objective similar to that of the Fund, and the Fund&#146;s market trading discount is beyond the control of DWSI, the directors generally focus on the Fund&#146;s
performance based on net asset value compared to its benchmark when assessing investment results. The directors also reviewed information showing the Fund&#146;s performance compared to that of other investment vehicles compiled by management based
on information provided by Broadridge and Morningstar. The directors also reviewed information showing performance of the Fund&#146;s benchmark index, a custom blend of the German Mid Cap Index (80% weight) and the German Small Cap Index (20%
weight), and prior to September&nbsp;1, 2018 the German Mid Cap Market Index of 80 stocks. </FONT></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL">The comparative information showed that the Fund underperformed
its benchmark in the first nine months of 2022, and outperformed its benchmark from 2017 through 2021. Taking into account these comparisons and the other factors considered, the directors concluded that the Fund&#146;s investment results over time
were satisfactory. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL"><FONT STYLE="font-family:ARIAL; font-size:9.5pt"><B>Management and Investment Advisory Fees and Other Expenses.</B></FONT><FONT
STYLE="font-family:ARIAL; font-size:10pt"> The directors considered the investment advisory fee rates payable by the Fund to DWSI under the agreement. The directors recognized that it is difficult to make comparisons of advisory fees because there
are variations in the services that are included in the fees paid by other funds and noted that no <FONT STYLE="white-space:nowrap">closed-end</FONT> or <FONT STYLE="white-space:nowrap">open-end</FONT> fund has a similar investment strategy as the
Fund. The directors also considered information provided by DWSI concerning the fee rates charged to other investment companies having somewhat similar mandates as the Fund, the representation by DWSI that it does not manage any other institutional
accounts that are similar to the Fund and DWSI&#146;s review of the reasons that it does not consider institutional fee rates to be relevant to the consideration of appropriate fee rates payable by investment companies such as the Fund. The
directors noted that: (i)&nbsp;in response to a request of the directors as part of ongoing efforts to reduce Fund expenses, in 2019 DWSI had agreed to an amendment to the advisory agreement, effective November&nbsp;1, 2019, to reduce the fee
schedule permanently from 0.80% to 0.75% of average weekly net assets up to $100&nbsp;million, with no diminution in the quality of advisory services provided to the Fund. The </FONT></P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P>
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<TD VALIGN="bottom" NOWRAP><FONT STYLE="font-size:8pt">The New Germany Fund,&nbsp;Inc.</FONT></TD></TR></TABLE>


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directors noted that DWSI advises <FONT STYLE="white-space:nowrap">non-U.S.</FONT> <FONT STYLE="white-space:nowrap">open-end</FONT> funds that pay management fees that, while not entirely
comparable to the fees payable by the Fund to DWSI and DIMA, are substantially higher than the combined advisory and administration fee rate paid by the Fund. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL">The
Fund&#146;s management expense comparison group consisted of seven <FONT STYLE="white-space:nowrap">closed-end</FONT> developed market or global funds (including the Fund) and nine <FONT STYLE="white-space:nowrap">open-end</FONT> European region
funds and developed market funds (plus the Fund) selected by Broadridge. The directors reviewed information comparing the combined advisory and administrative fees payable under the agreement and the administration agreement for this purpose, noting
that DWSI and DIMA are affiliated companies. The directors noted that the combined actual advisory and administrative fee rate paid by the Fund in 2021 was 0.84% and that the information prepared by Broadridge indicated that the combined fee rate
was equal to the contractual median fee rate and below the actual median fee rates of the <FONT STYLE="white-space:nowrap">closed-end</FONT> fund comparison group, and below the contractual and median fee rates of the
<FONT STYLE="white-space:nowrap">open-end</FONT> fund comparison group. The directors noted that the Fund&#146;s effective fee rate reflected the effect of breakpoints. The directors also considered the Fund&#146;s net expense ratio in comparison to
the fees and expenses of 30 other <FONT STYLE="white-space:nowrap">closed-end</FONT> international equity funds compiled by management based on Morningstar data. The directors also noted that the Fund&#146;s net expense ratio was below the median
and average and in the lowest quartile of the comparison group. The directors concluded that the Fund&#146;s expense ratio was satisfactory. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL"><FONT
STYLE="font-family:ARIAL; font-size:9.5pt"><B>Economies of Scale.</B></FONT><FONT STYLE="font-family:ARIAL; font-size:10pt"> The directors noted that the investment advisory fee schedule in the agreement contains breakpoints that reduce the fee rate
on assets above specified levels. The directors recognized that breakpoints may be an appropriate way for DWSI to share its economies of scale with some funds that have substantial assets or that may grow materially over the next year. However, they
also recognized that there is no direct relationship between the economies of scale realized by funds and those realized by DWSI as assets increase, largely because economies of scale are realized (if at all) by DWSI across a variety of products and
services, and not only in respect of a single fund. They also noted that the Fund&#146;s assets have generally diminished over recent years. Having taken these factors into account, the directors concluded that the breakpoint arrangements in the
agreement were acceptable under the Fund&#146;s circumstances. </FONT></P>
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<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT STYLE="font-size:8pt">The New Germany Fund,&nbsp;Inc.</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP ALIGN="center">|</TD>
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<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-size:8pt"><B>&nbsp;</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right"><FONT STYLE="font-size:8pt"><B>41</B></FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-size:8pt"><B>&nbsp;</B></FONT></TD></TR></TABLE>


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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:16pt; font-family:ARIAL"><B>Changes in Portfolio Management </B></P>
<P STYLE="margin-top:14pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL">The following information in this annual report is a summary of certain changes since December&nbsp;31, 2022. This information may not reflect all of the changes that
have occurred since you purchased the Fund: </P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TR style = "page-break-inside:avoid">
<TD WIDTH="2%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#151;</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:ARIAL; " ALIGN="left">Effective June&nbsp;1, 2022, Leon Cappel replaced Philipp Schweneke as the Fund&#146;s deputy portfolio manager. At that
time, Valerie Schuler continued to serve as the Fund&#146;s portfolio manager. </P></TD>
<TD WIDTH="2%">&nbsp;</TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="2%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#151;</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:ARIAL; " ALIGN="left">Effective, March&nbsp;1, 2023, Leon Cappel is replacing Valerie Schueler as the Fund&#146;s portfolio manager and
Alexander Lippert is replacing Mr. Cappel as the Fund&#146;s deputy portfolio manager. For more information regarding these portfolio management changes, see &#147;Other Information &#150; Announcement of Portfolio Manager Change.&#148; </P></TD>
<TD WIDTH="2%">&nbsp;</TD></TR></TABLE> <P STYLE="margin-top:30pt; margin-bottom:0pt; font-size:16pt; font-family:ARIAL"><B><A NAME="tx423707_14"></A>Investment Objective, Investment Policies </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:16pt; font-family:ARIAL"><B>and Principal Risks </B></P>
<P STYLE="margin-top:14pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL"><FONT STYLE="font-family:ARIAL; font-size:9.5pt"><B>Investment Objective</B></FONT><FONT STYLE="font-family:ARIAL; font-size:9.5pt"><B>.</B></FONT><FONT
STYLE="font-family:ARIAL; font-size:10pt"> The Fund&#146;s investment objective is to seek capital appreciation through investment primarily in equity or equity-linked securities of German companies. For this purpose, a company is a &#147;German
company&#148; if (i)&nbsp;it is organized under the laws of Germany or maintains its principal place of business in Germany, (ii)&nbsp;its equity securities are traded principally in Germany and its principal place of business is in the European
Union or in a state that is a member of the European Free Trade Association or (iii)&nbsp;during its most recent fiscal year, it derived at least 50% of its revenues or profits from goods produced or sold, or investments made, or services performed,
in Germany or had at least 50% of its assets in Germany. This objective is a fundamental policy that may not be changed without the approval of a majority of the Fund&#146;s outstanding voting securities. </FONT></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL"><FONT STYLE="font-family:ARIAL; font-size:9.5pt"><B>Investment Policies</B></FONT><FONT STYLE="font-family:ARIAL; font-size:9.5pt"><B>.</B></FONT><FONT
STYLE="font-family:ARIAL; font-size:10pt"> Under normal market conditions at least 80% of the Fund&#146;s net assets are invested in equity or equity-linked securities of German companies. (If the Fund borrows money from banks (referred to as
&#147;leverage&#148;), which the Fund is permitted to do only for temporary or emergency purposes or for the clearance of transactions in amounts not exceeding 10% of the value of the Fund&#146;s total assets (not including amounts borrowed), the
80% minimum will apply to the total of the Fund&#146;s net assets, plus the amount of those borrowings.) In addition, at least 65% of its total assets are invested in equity or equity-linked </FONT></P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P>
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<TD VALIGN="bottom" NOWRAP><FONT STYLE="font-size:8pt">The New Germany Fund,&nbsp;Inc.</FONT></TD></TR></TABLE>


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securities of smaller- and <FONT STYLE="white-space:nowrap">medium-sized</FONT> German companies, including securities introduced for trading in the <FONT STYLE="white-space:nowrap"><FONT
STYLE="white-space:nowrap">over-the-counter</FONT></FONT> market in Germany, and publicly-traded securities of <FONT STYLE="white-space:nowrap">non-German</FONT> companies; provided, however, that not more than 20% of the Fund&#146;s net assets,
plus any borrowings, will be invested in <FONT STYLE="white-space:nowrap">non-German</FONT> companies. The Fund may invest up to 35% of its total assets in equity or equity-linked securities of major German companies (i.e., the 20 largest companies
by market capitalization, as determined from time to time pursuant to procedures adopted by the Board of Directors). Companies that do not qualify as &#147;major German companies&#148; constitute &#147;smaller- and
<FONT STYLE="white-space:nowrap">medium-sized</FONT> companies.&#148; The Fund may trade in securities for short-term gain. Current interest and dividend income may also be considered in selecting securities but is not an objective of the Fund. When
selecting an investment from among several investment opportunities that the Fund&#146;s investment adviser believes to have substantially similar potential for capital appreciation, the investment adviser selects the investment that it believes
will provide the highest level of current dividend or interest income and that is compatible with the Fund&#146;s investment objective. No assurance can be given that the Fund will be able to achieve its objective. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL"><FONT STYLE="font-family:ARIAL; font-size:9.5pt"><B>Portfolio Structure</B></FONT><FONT STYLE="font-family:ARIAL; font-size:9.5pt"><B>.</B></FONT><FONT
STYLE="font-family:ARIAL; font-size:10pt"> Subject to the investment restrictions set forth below, the Fund seeks to achieve its objective by investing under normal circumstances at least 80% of its net assets, plus any borrowings, in equity or
equity-linked securities of German companies. Additionally, the Fund may invest up to 20% of its net assets, plus any borrowings, in <FONT STYLE="white-space:nowrap">non-German</FONT> companies. Investments are primarily in smaller- and <FONT
STYLE="white-space:nowrap">medium-sized</FONT> companies. Equity and equity-linked securities include common stock, convertible and <FONT STYLE="white-space:nowrap">non-convertible</FONT> preferred stock, whether voting or <FONT
STYLE="white-space:nowrap">non-voting,</FONT> convertible bonds, bonds with warrants and unattached warrants. Equity-linked securities also include options, futures, and options on futures on equities or indices of equity securities. The Fund may
seek to earn additional income by lending its portfolio securities. </FONT></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL">The Fund invests in a broad spectrum of German industries. As a matter of fundamental
policy, the Fund may not invest 25% or more of the value of its total assets in the securities of issuers having at the time of investment their principal business activities in the same industry. For purposes of its concentration policy, the Fund
generally classifies issuers of portfolio securities at the industry <FONT STYLE="white-space:nowrap">sub-group</FONT> level. In addition, the Fund may not invest more than 35% of its total assets in major German companies. In selecting industries
and companies for investment by the Fund, the investment adviser generally considers factors such as overall growth prospects, competitive position in their product markets, management, technology, research and development, productivity, labor
costs, raw material costs and sources, profit margins, return on investment, capital resources and government regulation. Portfolio </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P>
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<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT STYLE="font-size:8pt">The New Germany Fund,&nbsp;Inc.</FONT></TD>
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<TD VALIGN="bottom" NOWRAP ALIGN="center">|</TD>
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<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-size:8pt"><B>&nbsp;</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right"><FONT STYLE="font-size:8pt"><B>43</B></FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-size:8pt"><B>&nbsp;</B></FONT></TD></TR></TABLE>


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management may also consider environmental, social and governance (ESG) factors that it believes to be financially material. As a matter of fundamental policy, the Fund may not purchase more than
10% of the voting securities of any single issuer or invest more than 15% of its total assets in the securities of any one issuer. The Fund may not invest more than 15% of its total assets in equity or equity-linked securities that are not readily
marketable, including joint ventures, or more than 5% of its net assets in joint ventures at the time of investment. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL">The first category of investments described
above (major German companies) includes securities of the 20 largest companies by market capitalization. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL">The second category (smaller- and <FONT
STYLE="white-space:nowrap">medium-sized</FONT> companies) includes a selection of smaller- and <FONT STYLE="white-space:nowrap">medium-sized</FONT> German companies that are traded on the official market, the regulated unlisted market or the <FONT
STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">over-the-counter</FONT></FONT> market on or off one or more German stock exchanges. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL">These securities
generally have smaller trading volumes and greater price volatility than the major listed companies. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL">The third category consists of securities of <FONT
STYLE="white-space:nowrap">non-German</FONT> companies. The Fund may not invest more than 20% of the value of its net assets, plus any borrowings, in securities of <FONT STYLE="white-space:nowrap">non-German</FONT> companies or invest more than 15%
of its total assets in securities of companies based in any single country other than Germany. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL">For temporary defensive purposes, the Fund may invest in
Euro-denominated fixed income securities. Such investments may include Euro-denominated bonds issued by the Federal Republic of Germany, as well as in Euro-denominated debt instruments issued by private and public entities, including multi-national
lending institutions and supra-national institutions. In the view of the Fund&#146;s investment adviser, such investments contribute to the Fund&#146;s objective of capital appreciation because during periods of pronounced strength of the Euro, the
dollar value of Euro-denominated debt instruments increases. Also, for temporary defensive purposes, the Fund may invest in U.S. dollar and Euro-denominated money market instruments, including bank time deposits and certificates of deposit. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL">The Fund may invest any cash collateral received on the Fund&#146;s lending of securities in shares of an affiliated money market fund and also in repurchase agreements.
Such repurchase agreements are collateralized by securities issued or guaranteed by the United States Government, its agencies or instrumentalities. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10.5pt; font-family:ARIAL"><B>Principal
Risks </B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL"><FONT STYLE="font-family:ARIAL; font-size:9.5pt"><B>Stock market risk.</B></FONT><FONT STYLE="font-family:ARIAL; font-size:10pt"> When stock prices fall,
you should expect the value of your investment to fall as well. Stock prices can be hurt by poor </FONT></P>
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<TD VALIGN="bottom" NOWRAP><FONT STYLE="font-size:8pt">The New Germany Fund,&nbsp;Inc.</FONT></TD></TR></TABLE>


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management on the part of the issuer of the stock, shrinking product demand and other business risks. These may affect single companies as well as groups of companies. The market as a whole may
not favor the types of investments the Fund makes, which could adversely affect a stock&#146;s price, regardless of how well the company performs, or the Fund&#146;s ability to sell a stock at an attractive price. There is a chance that stock prices
overall will decline because stock markets tend to move in cycles, with periods of rising and falling prices. Events, including actions taken by central banks and governments to stimulate or stabilize economic growth, may at times result in
unusually high market volatility which could negatively affect performance. High market volatility may also result from significant shifts in momentum of one or more specific stocks due to increases or decreases in trading activity. Momentum can
change quickly, and securities subject to shifts in momentum may be more volatile than the market as a whole and returns on such securities may drop precipitously. The Fund focuses its investments in Europe, and accordingly the Fund&#146;s
performance may be affected by the general performance of that region. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL"><FONT STYLE="font-family:ARIAL; font-size:9.5pt"><B>Market disruption risk.</B></FONT><FONT
STYLE="font-family:ARIAL; font-size:10pt"> Economies and financial markets throughout the world are becoming increasingly interconnected, which increases the likelihood that events or conditions in one country or region will adversely impact markets
or issuers in other countries or regions. The value of the Fund&#146;s investments may be negatively affected by adverse changes in overall economic or market conditions, such as the level of economic activity and productivity, unemployment and
labor force participation rates, inflation or deflation (and expectations for inflation or deflation), interest rates, demand and supply for particular products or resources, including labor and debt levels and credit ratings, among others. Such
adverse conditions may contribute to an overall economic contraction across entire economies or markets, which may negatively impact the profitability of issuers operating in those economies or markets, including the investments held by the Fund. In
addition, geopolitical and other events, including war, terrorism, economic uncertainty, trade disputes, public health crises and related geopolitical events, have led, and in the future may lead, to disruptions in Europe and world economies and
markets, which may increase financial market volatility and have significant adverse direct or indirect effects on the Fund and its investments. Adverse market conditions or disruptions could cause the Fund to lose money and encounter operational
difficulties, and may adversely affect the trading price of the Fund&#146;s common stock. Although multiple asset classes may be affected by adverse market conditions or a particular market disruption, the duration and effects may not be the same
for all types of assets. Russia&#146;s recent military incursions in Ukraine have led to, and may lead to, additional sanctions being levied by the United States, European Union and other countries against Russia.
</FONT></P>
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<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT STYLE="font-size:8pt">The New Germany Fund,&nbsp;Inc.</FONT></TD>
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<TD VALIGN="bottom" NOWRAP ALIGN="center">|</TD>
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<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-size:8pt"><B>&nbsp;</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right"><FONT STYLE="font-size:8pt"><B>45</B></FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-size:8pt"><B>&nbsp;</B></FONT></TD></TR></TABLE>


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Russia&#146;s military incursions and the resulting sanctions could adversely affect global energy, commodities and financial markets and thus could affect the value of the Fund&#146;s
investments. The extent and duration of the military action, sanctions and resulting market disruptions are impossible to predict, but could be substantial. Other market disruption events include the ongoing
<FONT STYLE="white-space:nowrap">COVID-19</FONT> pandemic, which at times has caused significant uncertainty, market volatility, decreased economic and other activity, increased government activity, including economic stimulus measures and
China&#146;s previously enforced &#147;Zero Covid&#148; policy, and supply chain interruptions. The full effects, duration and costs of the <FONT STYLE="white-space:nowrap">COVID-19</FONT> pandemic are impossible to predict, and the circumstances
surrounding the <FONT STYLE="white-space:nowrap">COVID-19</FONT> pandemic will continue to evolve, including the risk of future increased rates of infection due to significant portions of the population being unvaccinated or without recent
vaccination in certain jurisdictions and populations and/or the potential lack of effectiveness of current or future vaccines against new variants. The pandemic has affected and may continue to affect certain countries, industries, economic sectors,
companies and investment products more than others, may exacerbate existing economic, political, or social tensions and may increase the probability of an economic recession or depression. The Fund and its investments may be adversely affected by
the effects of the <FONT STYLE="white-space:nowrap">COVID-19</FONT> pandemic. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL">Adverse market conditions or particular market disruptions, such as those caused by
Russian military action and the <FONT STYLE="white-space:nowrap">COVID-19</FONT> pandemic, may magnify the impact of each of the other risks described in this &#147;Principal Risks&#148; section and may increase volatility in one or more markets in
which the Fund invests leading to the potential for greater losses for the Fund. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL"><FONT STYLE="font-family:ARIAL; font-size:9.5pt"><B>Security selection
risk.</B></FONT><FONT STYLE="font-family:ARIAL; font-size:10pt"> The securities in the Fund&#146;s portfolio may decline in value. Portfolio management could be incorrect in its analysis of industries, companies, economic trends, ESG factors, the
relative attractiveness of different securities or other matters. </FONT></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL"><FONT STYLE="font-family:ARIAL; font-size:9.5pt"><B>Small and <FONT
STYLE="white-space:nowrap">medium-sized</FONT> company risk.</B></FONT><FONT STYLE="font-family:ARIAL; font-size:10pt"> Small and <FONT STYLE="white-space:nowrap">medium-sized</FONT> company stocks tend to be more volatile than large company stocks.
Because stock analysts are less likely to follow small and <FONT STYLE="white-space:nowrap">medium-sized</FONT> companies, less information about them is available to investors. Industry-wide reversals may have a greater impact on small and <FONT
STYLE="white-space:nowrap">medium-sized</FONT> companies, since they lack the financial resources of larger companies. Small and <FONT STYLE="white-space:nowrap">medium-sized</FONT> company stocks are typically less liquid than large company stocks.
</FONT></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL"><FONT STYLE="font-family:ARIAL; font-size:9.5pt"><B>Foreign investment risk.</B></FONT><FONT STYLE="font-family:ARIAL; font-size:10pt"> Adverse political,
economic or social developments, as well as US and foreign government actions such as the imposition of tariffs, economic and trade sanctions or embargoes, could </FONT></P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P>
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<TD VALIGN="bottom" NOWRAP><FONT STYLE="font-size:8pt">The New Germany Fund,&nbsp;Inc.</FONT></TD></TR></TABLE>


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undermine the value of the Fund&#146;s investments, prevent the Fund from realizing the full value of its investments or prevent the Fund from selling securities it holds. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL">Financial reporting standards for companies based in foreign markets differ from those in the US. To the extent that the Fund invests in
<FONT STYLE="white-space:nowrap">non-US</FONT> dollar denominated foreign securities, changes in currency exchange rates may affect the US dollar value of foreign securities or the income or gain received on these securities. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL">Foreign governments may restrict investment by foreign parties, limit withdrawal of trading profit or currency from the country, restrict currency exchange or seize
foreign investments. The investments of the Fund may also be subject to foreign withholding or other taxes. Foreign brokerage commissions and other fees are generally higher than those for US investments, and the transactions and custody of foreign
assets may involve delays in payment, delivery or recovery of money or investments. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL">Foreign markets can have liquidity risks beyond those typical of US markets.
Because foreign exchanges generally are smaller and less liquid than US exchanges, buying and selling foreign investments can be more difficult and costly. Relatively small transactions can sometimes materially affect the price and availability of
securities. In certain situations, it may become virtually impossible to sell foreign investments in an orderly fashion at a price that approaches portfolio management&#146;s estimate of its value. For the same reason, it may at times be difficult
to value the Fund&#146;s foreign investments. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL"><FONT STYLE="font-family:ARIAL; font-size:9.5pt"><B>Risks related to investing in Germany.</B></FONT><FONT
STYLE="font-family:ARIAL; font-size:10pt"> The German economy is dependent on the other countries in Europe as well as China and the United States as key trade partners. Exports account for more than <FONT STYLE="white-space:nowrap">one-third</FONT>
of Germany&#146;s output and are a key element in German economic expansion. Reduction in spending by key trade partners on German products and services or negative changes in any of these countries (including decreasing imports, new trade
regulations, changes in exchange rates or recessions) may cause an adverse impact on the German economy. </FONT></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL">Investing in German issuers involves political,
social and regulatory risks. Certain sectors and regions of Germany have experienced high unemployment and social unrest. These issues may have an adverse effect on the German economy or the German industries or sectors in which the Fund invests.
Heavy regulation of labor and product markets is pervasive in Germany. These regulations may stifle economic growth or result in extended recessionary periods. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL"><FONT
STYLE="font-family:ARIAL; font-size:9.5pt"><B>Country concentration risk.</B></FONT><FONT STYLE="font-family:ARIAL; font-size:10pt"> To the extent that the Fund invests significantly in a single country, it is more likely to be impacted by events or
conditions affecting that country. For example, political and economic </FONT></P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P>
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<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT STYLE="font-size:8pt">The New Germany Fund,&nbsp;Inc.</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP ALIGN="center">|</TD>
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<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-size:8pt"><B>&nbsp;</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right"><FONT STYLE="font-size:8pt"><B>47</B></FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-size:8pt"><B>&nbsp;</B></FONT></TD></TR></TABLE>


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conditions and changes in regulatory, tax or economic policy in a country could significantly affect the market in that country and in surrounding or related countries and have a negative impact
on the Fund&#146;s performance. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL"><FONT STYLE="font-family:ARIAL; font-size:9.5pt"><B>European investment risk.</B></FONT><FONT
STYLE="font-family:ARIAL; font-size:10pt"> European financial markets have experienced volatility in recent years and have been adversely affected by concerns about economic downturns, credit rating downgrades, rising government debt level and
possible default on or restructuring of government debt in several European countries. A default or debt restructuring by any European country would adversely impact holders of that country&#146;s debt, and sellers of credit default swaps linked to
that country&#146;s creditworthiness. Most countries in Western Europe are members of the European Union (EU), which faces major issues involving its membership, structure, procedures and policies. As of January&nbsp;1, 2021, the United Kingdom is
no longer part of the EU customs union and single market, nor is it subject to EU policies and international agreements. The long-term impact of the United Kingdom&#146;s withdrawal from the EU is still unknown and could have adverse economic and
political effects on the United&nbsp;Kingdom, the EU and its member countries, and the global economy, including financial markets and asset valuations. </FONT></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL">European countries are also significantly affected by fiscal and monetary controls implemented pursuant to the European Economic and Monetary Union (EMU), and it is
possible that the timing and substance of these controls may not address the needs of all EMU member countries. Investing in euro-denominated securities also risks exposure to a currency that may not fully reflect the strengths and weaknesses of the
disparate economies that comprise Europe. There is continued concern over member state-level support for the euro, which could lead to certain countries leaving the EMU, the implementation of currency controls, or potentially the dissolution of the
euro. The dissolution of the euro could have significant negative effects on European financial markets. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL"><FONT STYLE="font-family:ARIAL; font-size:9.5pt"><B>Regional focus risk.</B></FONT><FONT STYLE="font-family:ARIAL; font-size:10pt"> Focusing investments in a single
geographic region, as the Fund does, involves increased currency, political, regulatory and other risks compared to a broader investment strategy. Market swings in a targeted region are likely to have a greater effect on the Fund&#146;s performance
than they would in a more geographically diversified fund. </FONT></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL"><FONT STYLE="font-family:ARIAL; font-size:9.5pt"><B>Net asset value discount risk.</B></FONT><FONT
STYLE="font-family:ARIAL; font-size:10pt"> Shares of <FONT STYLE="white-space:nowrap">closed-end</FONT> investment companies, such as the Fund, frequently trade at a discount from net asset value, and the discount may be substantial. This is a risk
separate and distinct from the risk that the Fund&#146;s net asset value will decrease. The Fund cannot predict whether its common stock will trade at, above or below net asset value. However, the Fund&#146;s shares of common stock have generally
traded at a discount, and the level of the discount has fluctuated significantly over time. </FONT></P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL"><FONT STYLE="font-family:ARIAL; font-size:9.5pt"><B>Exchange rate fluctuations and foreign currency
considerations.</B></FONT><FONT STYLE="font-family:ARIAL; font-size:10pt"><B> </B>The value of currencies are influenced by a variety of factors, including: interest rates, national debt levels and trade deficits, changes in balances of payments and
trade, domestic and foreign interest and inflation rates, global or regional political, economic or financial events, monetary policies of governments, actual or potential government intervention, global energy prices, political instability and
government monetary policies and the buying or selling of currency by a country&#146;s government. Since we will compute and distribute income in U.S. dollars, and the computation of income will be made on the day we earn the income, any fluctuation
in the value of foreign currency relative to the U.S. dollar between the earning of the income and the time at which we convert the foreign currencies to U.S. dollars may have an adverse impact on us. In addition, since we will invest in securities
denominated or quoted in currencies other than the U.S. dollar, changes in foreign currency exchange rates will affect the value of our securities in our portfolio and the unrealized appreciation or depreciation of our investments. </FONT></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL"><FONT STYLE="font-family:ARIAL; font-size:9.5pt"><B>Focus risk.</B></FONT><FONT STYLE="font-family:ARIAL; font-size:10pt"> To the extent that the Fund focuses its
investments in particular industries, asset classes or sectors of the economy, any market price movements, regulatory or technological changes, or economic conditions affecting companies in those industries, asset classes or sectors may have a
significant impact on the Fund&#146;s performance. The Fund may become more focused in particular industries, asset classes or sectors of the economy as a result of changes in the valuation of the fund&#146;s investments or fluctuations in the
fund&#146;s assets, and the fund is not required to reduce such exposures under these circumstances. </FONT></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL"><FONT STYLE="font-family:ARIAL; font-size:9.5pt"><B>Liquidity risk.</B></FONT><FONT STYLE="font-family:ARIAL; font-size:10pt"> In certain situations, it may be difficult
or impossible to sell an investment and/or the Fund may have to sell certain investments at a price or time that is not advantageous in order to meet cash needs. This risk can be ongoing for any security that does not trade actively or in large
volumes, for any security that trades primarily on smaller markets, and for investments that typically trade only among a limited number of large investors (such as certain types of derivatives or restricted securities). In unusual market
conditions, even normally liquid securities may be affected by a degree of liquidity risk (i.e., if the number and capacity of traditional market participants is reduced). This may affect only certain securities or an overall securities market.
</FONT></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL"><FONT STYLE="font-family:ARIAL; font-size:9.5pt"><B>Interest expense risk.</B></FONT><FONT STYLE="font-family:ARIAL; font-size:10pt"> The Fund may, subject
to limitations, borrow money for temporary or emergency purposes for the clearance of transactions. Borrowing money will subject the Fund to interest expenses, and the Fund may incur other transaction costs. </FONT></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL"><FONT STYLE="font-family:ARIAL; font-size:9.5pt"><B>Certain provisions of our Articles of Incorporation and Bylaws.</B></FONT><FONT
STYLE="font-family:ARIAL; font-size:10pt"> Certain provisions in the Fund&#146;s articles of incorporation and bylaws could have the effect of delaying, deferring, preventing or otherwise limiting the
</FONT></P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P>
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<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT STYLE="font-size:8pt">The New Germany Fund,&nbsp;Inc.</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP ALIGN="center">|</TD>
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<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-size:8pt"><B>&nbsp;</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right"><FONT STYLE="font-size:8pt"><B>49</B></FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-size:8pt"><B>&nbsp;</B></FONT></TD></TR></TABLE>


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ability of other entities or persons to acquire control of the Fund, to cause the Fund to engage in certain transactions or to modify its structure. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL"><FONT STYLE="font-family:ARIAL; font-size:9.5pt"><B>Foreign custody. </B></FONT><FONT STYLE="font-family:ARIAL; font-size:10pt">The Fund&#146;s foreign securities and
cash are generally held in foreign banks and securities depositories by a global network of custodians. There may be limited or no regulatory oversight over their operations. Additionally, the laws of certain countries may limit the Fund&#146;s
ability to recover its assets if a foreign bank, depository or issuer of a security, or any of their agents, goes bankrupt. </FONT></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL"><FONT
STYLE="font-family:ARIAL; font-size:9.5pt"><B>Derivatives risk.</B></FONT><FONT STYLE="font-family:ARIAL; font-size:10pt"> Derivatives involve risks different from, and possibly greater than, the risks associated with investing directly in
securities and other more traditional investments. Risks associated with derivatives may include the risk that the derivative is not well correlated with the security, index or currency to which it relates; the risk that derivatives may result in
losses or missed opportunities; the risk that the Fund will be unable to sell the derivative because of an illiquid secondary market; the risk that a counterparty is unwilling or unable to meet its obligation, which risk may be heightened in
derivative entered into <FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">&#147;over-the-counter&#148;</FONT></FONT> (i.e., not on an exchange or contract market); and the risk that the derivative transaction could expose the Fund to
the effects of leverage, which could increase the Fund&#146;s exposure to the market and magnify potential losses. </FONT></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL">There is no guarantee that derivatives, to
the extent employed, will have the intended effect, and their use could cause lower returns or even losses to the Fund. The use of derivatives by the Fund to hedge risk may reduce the opportunity for gain by offsetting the positive effect of
favorable price movements. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL"><FONT STYLE="font-family:ARIAL; font-size:9.5pt"><B>Counterparty risk.</B></FONT><FONT STYLE="font-family:ARIAL; font-size:10pt"> A
financial institution or other counterparty with whom the Fund does business, or that underwrites, distributes or guarantees any investments or contracts that the Fund owns or is otherwise exposed to, may decline in financial health and become
unable to honor its commitments. This could cause losses for the Fund or could delay the return or delivery of collateral or other assets to the Fund. </FONT></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL"><FONT
STYLE="font-family:ARIAL; font-size:9.5pt"><B>Securities lending risk.</B></FONT><FONT STYLE="font-family:ARIAL; font-size:10pt"> Securities lending involves the risk that the Fund may lose money because the borrower of the loaned securities fails
to return the securities in a timely manner or at all. A delay in the recovery of loaned securities could interfere with the fund&#146;s ability to vote proxies or settle transactions. The Fund could also lose money in the event of a decline in the
value of the collateral provided for the loaned securities or a decline in the value of any investments made with cash collateral or even a loss of rights in the collateral should the borrower of the securities fail financially while holding the
securities. </FONT></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL"><FONT STYLE="font-family:ARIAL; font-size:9.5pt"><B>Operational and technology risk.</B></FONT><FONT STYLE="font-family:ARIAL; font-size:10pt">
Cyber-attacks, disruptions or failures that affect the Fund&#146;s service providers or counterparties, issuers of securities held by the Fund, or other market participants may adversely </FONT></P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P>
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<TD VALIGN="bottom" NOWRAP><FONT STYLE="font-size:8pt"><B>50</B></FONT></TD>
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<TD VALIGN="bottom" NOWRAP ALIGN="center">|</TD>
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<TD VALIGN="bottom" NOWRAP><FONT STYLE="font-size:8pt">The New Germany Fund,&nbsp;Inc.</FONT></TD></TR></TABLE>


<p style="margin-top:1em; margin-bottom:0em; page-break-before:always">
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL">
affect the Fund and its shareholders, including by causing losses for the Fund or impairing its operations. For example, the Fund&#146;s or its service providers&#146; assets or sensitive or
confidential information may be misappropriated, data may be corrupted and operations may be disrupted (e.g., cyber-attacks, operational failures or broader disruptions may cause the release of private shareholder information or confidential Fund
information, interfere with the processing of shareholder transactions, impact the ability to calculate the Fund&#146;s net asset value and impede trading). Market events and disruptions also may trigger a volume of transactions that overloads
current information technology and communication systems and processes, impacting the ability to conduct the Fund&#146;s operations. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P>
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<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT STYLE="font-size:8pt">The New Germany Fund,&nbsp;Inc.</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP ALIGN="center">|</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-size:8pt"><B>&nbsp;</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right"><FONT STYLE="font-size:8pt"><B>51</B></FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-size:8pt"><B>&nbsp;</B></FONT></TD></TR></TABLE>


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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:16pt; font-family:ARIAL"><B><A NAME="tx423707_15"></A>Directors and Officers of the Fund </B></P>
<P STYLE="font-size:14pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #7f7f7f"><B>Directors</B></TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #7f7f7f">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #7f7f7f">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #7f7f7f">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #7f7f7f">&nbsp;&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:8pt">
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #7f7f7f"><B>Name, Age,<BR>Term of Office<BR>and Length of<BR>Time&nbsp;Served*<SUP STYLE="font-size:75%; vertical-align:top">&#134;</SUP></B></TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #7f7f7f">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #7f7f7f"><B>Principal Occupation(s) During the Past Five<BR>Years and Other Information</B></TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #7f7f7f">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #7f7f7f"><B>Other<BR>Directorships<BR>Held&nbsp;by&nbsp;Director</B></TD></TR>


<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:8pt">
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #cccccc"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:ARIAL">Walter C. Dostmann,&nbsp;66<SUP STYLE="font-size:75%; vertical-align:top">(1)</SUP></P>
<P STYLE="font-size:2pt; margin-top:0pt; margin-bottom:0pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:ARIAL">Class&nbsp;I</P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:8pt; font-family:ARIAL">Since&nbsp;2015</P></TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #cccccc">&nbsp;</TD>
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #cccccc">Founder and Principal, Dostmann &amp; Partners LLC (international business advisory firm) (since&nbsp;2000); Director of 360 T Systems, Inc. (trading platform provider affiliated with Deutsche
Boerse Group) (since&nbsp;2013); and Director and Chairman of CABEI Central American Fund plc (since 1998). Formerly, Managing Director and Head of International Corporate Finance Division at Deutsche Bank Securities, Inc. (1990&#150;1999); and
Director and Chairman of North American Income Fund (1998&#150;2020).</TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #cccccc">&nbsp;</TD>
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #cccccc">Director, The European Equity Fund, Inc. (since 2015) and The Central and Eastern Europe Fund, Inc. (since&nbsp;2015).</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:8pt">
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #cccccc"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:ARIAL">Fiona&nbsp;Flannery,</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:ARIAL">55<SUP
STYLE="font-size:75%; vertical-align:top">(1) </SUP></P> <P STYLE="font-size:2pt; margin-top:0pt; margin-bottom:0pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:ARIAL">Class III</P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:8pt; font-family:ARIAL">Since 2022</P></TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #cccccc">&nbsp;</TD>
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #cccccc">CEO of PFS Card Services Ireland Ltd (PCSIL) (October 2022 to present) and Co-European CEO of EML Europe (October 2022 to present) (e-money institution). Chief Executive Officer of DEPFA Bank
plc (December 2014 through May 2022) and Director of DEPFA Bank plc (April 2010 through May 2022). Formerly, Group Chief Risk Officer and Executive Director of DEPFA BANK plc (April 2010 to December 2014); Managing Director, Global Head of Credit
Risk, DEPFA BANK plc (October 2007 to April 2010); Executive Director of DEPFA ACS BANK DAC (May 2010 to January 2022); and Director of DEPFA Pfandbrief Bank International S.A. Luxembourg (December 2011 to November 2019).</TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #cccccc">&nbsp;</TD>
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #cccccc">Director, The European Equity Fund, Inc. (since 2022) and The Central and Eastern Europe Fund, Inc. (since&nbsp;2022).</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:8pt">
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #cccccc"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:ARIAL">Dr. Holger Hatje, 63<SUP STYLE="font-size:75%; vertical-align:top">(1)</SUP></P>
<P STYLE="font-size:2pt; margin-top:0pt; margin-bottom:0pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:8pt; font-family:ARIAL">Class I Since&nbsp;2020</P></TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #cccccc">&nbsp;</TD>
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #cccccc">Chairman of bank99 AG (Austrian retail bank) and Supervisory Director of Hertha BSC GmbH &amp; Co. (German premier league football club) (since 2019). Member of the Supervisory Board of the
IDEAL Insurance Group, (since 2021). Formerly Chief Executive Officer (2006&#150;2018) and Executive Director (2005), Berliner Volksbank eG (German regional co-operative bank); and Executive Director (2004&#150;2005), Oldenburgische Landesbank AG
(German regional bank). He previously held various positions at Dresdner Bank AG (German global bank) (1987&#150;2003), and served as Supervisory Director of a number of German banking and charitable organizations.</TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #cccccc">&nbsp;</TD>
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #cccccc">Director, The European Equity Fund, Inc. (since 2020) and The Central and Eastern Europe, Inc. (since 2020).</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:8pt">
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #cccccc"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:ARIAL">Bernhard&nbsp;Koepp,</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:ARIAL">57<SUP
STYLE="font-size:75%; vertical-align:top">(1)</SUP></P> <P STYLE="font-size:2pt; margin-top:0pt; margin-bottom:0pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:ARIAL">Class II</P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:8pt; font-family:ARIAL">Since&nbsp;2022</P></TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #cccccc">&nbsp;</TD>
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #cccccc">CEO &amp; Managing Member, Cyrus J. Lawrence LLC (SEC registered investment advisor) (since 2014). Formerly, Senior Managing Director, ISI Group Inc. (RIA/broker-dealer) (1999&#150;2014);
Director, Asset Management Products Group, Deutsche Bank Securities (1993&#150;1999); and Structured Finance Manager &#151; Deutsche Bank AG London (1989&#150;1993).</TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #cccccc">&nbsp;</TD>
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #cccccc">Director, The European Equity Fund, Inc. (since 2022) and The Central and Eastern Europe Fund, Inc. (since&nbsp;2022).</TD></TR></TABLE>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P>
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<TD VALIGN="bottom" NOWRAP><FONT STYLE="font-size:8pt"><B>52</B></FONT></TD>
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<TD VALIGN="bottom" NOWRAP ALIGN="center">|</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP><FONT STYLE="font-size:8pt">The New Germany Fund,&nbsp;Inc.</FONT></TD></TR></TABLE>


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<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">

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<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:8pt">
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #7f7f7f"><B>Name, Age,<BR>Term of Office<BR>and Length of<BR>Time&nbsp;Served*<SUP STYLE="font-size:75%; vertical-align:top">&#134;</SUP></B></TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #7f7f7f">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #7f7f7f"><B>Principal Occupation(s) During the Past Five<BR>Years and Other Information</B></TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #7f7f7f">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #7f7f7f"><B>Other<BR>Directorships<BR>Held&nbsp;by&nbsp;Director</B></TD></TR>


<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:8pt">
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #cccccc"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:ARIAL">Dr.&nbsp;Wolfgang</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:ARIAL">Leoni, 65<SUP
STYLE="font-size:75%; vertical-align:top">(1)</SUP></P> <P STYLE="font-size:2pt; margin-top:0pt; margin-bottom:0pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:ARIAL">Class&nbsp;III</P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:8pt; font-family:ARIAL">Since&nbsp;2017</P></TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #cccccc">&nbsp;</TD>
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #cccccc">Independent Consultant; Dr. Leoni is the former Managing Director of HQ Asset Management GmbH (2018&#150;2022); Chief Executive Officer of Sal. Oppenheim Jr. &amp; CIE. Komplement&auml;r AG,
Cologne (Germany) (private bank) (2013&#150;2017); and Chairman of Sal. Oppenheim Jr. &amp; CIE. Luxembourg S.A. (2013&#150;2017). He is the former Chief Investment Officer and member of the Management Board of Sal. Oppenheim Jr. &amp; CIE.
Komplement&auml;r AG, Cologne (Germany) (private bank) (2009&#150;2013). He is the former Managing Director/CIO of Oppenheim Kapitalanlagegesellschaft MBH, Cologne (Germany) (investment company) (2007&#150;2009), Managing Director/CIO of Lupus Alpha
Alternative Solutions GMBH Frankfurt/M (investment company) (2006). He is the former Managing Director/CIO of DEKA Investment GMBH, Frankfurt/M (investment company) (2002&#150;2006) and Managing Director/management board member
(1996&#150;2002).</TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #cccccc">&nbsp;</TD>
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #cccccc">Director, The European Equity Fund, Inc. (since 2017) and The Central and Eastern Europe Fund, Inc. (since&nbsp;2017).</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:8pt">
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #cccccc"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:ARIAL">Dr.&nbsp;Christopher</P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:ARIAL">Pleister, 74<SUP STYLE="font-size:75%; vertical-align:top">(1)</SUP></P> <P STYLE="font-size:2pt; margin-top:0pt; margin-bottom:0pt">&nbsp;</P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:ARIAL">Class&nbsp;II</P> <P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:8pt; font-family:ARIAL">Since&nbsp;2016</P></TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #cccccc">&nbsp;</TD>
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #cccccc">Chairman of the Appeal Panel of the Single Resolution Board (Institution of the European Banking Union) (since&nbsp;2016) (member since&nbsp;2015). He is the former Chairman of FMSA (German
financial market stabilization agency) (2011&#150;2014) and Director (nonexecutive) of Depfa Bank plc (2015&#150;2021).</TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #cccccc">&nbsp;</TD>
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #cccccc">Director, The European Equity Fund, Inc. (since 2016) and The Central and Eastern Europe Fund, Inc. (since&nbsp;2016).</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:8pt">
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #cccccc"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:ARIAL">Christian H.</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:ARIAL">Strenger, 79<SUP
STYLE="font-size:75%; vertical-align:top">(1)(2)</SUP></P> <P STYLE="font-size:2pt; margin-top:0pt; margin-bottom:0pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:ARIAL">Class&nbsp;I</P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:8pt; font-family:ARIAL">Since&nbsp;1990</P></TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #cccccc">&nbsp;</TD>
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #cccccc">Member of Supervisory Board (since 1999) and formerly Managing Director (1991&#150;1999) of DWS Investment GmbH (investment management), a subsidiary of DWS Group. Mr.&nbsp;Strenger serves as
Director of the Corporate Governance Institute of the Frankfurt School of Finance &amp; Management. Formerly, Director of the Center for Corporate Governance at the Leipzig Graduate School of Management.</TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #cccccc">&nbsp;</TD>
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #cccccc">Director and Chairman, The European Equity Fund, Inc. (since 1986) and The Central and Eastern Europe Fund, Inc. (since&nbsp;1990).</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:8pt">
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #cccccc"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:ARIAL">Hepsen Uzcan, 48<SUP STYLE="font-size:75%; vertical-align:top">(1)(2)</SUP></P>
<P STYLE="font-size:2pt; margin-top:0pt; margin-bottom:0pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:8pt; font-family:ARIAL">Class&nbsp;III Since&nbsp;2020</P></TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #cccccc">&nbsp;</TD>
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #cccccc">Fund Administration (Head since 2017), DWS; Secretary of DWS USA Corporation (since 2018); Assistant Secretary, DWS Distributors, Inc. (since 2018); Director and Vice President, DWS Service
Company (since 2018); Assistant Secretary, DWS Investment Management Americas, Inc. (since 2018); and Director and President, DB Investment Managers, Inc. (since 2018); Assistant Clerk, DWS Trust Company (since 2020); and Chief Executive Officer and
President, various DWS US registered investment companies advised by DWS Investment Management Americas, Inc. (since 2017). Ms. Uzcan also serves as Director of Episcopal Charities of New York (since 2018); and Director of ICI Mutual Insurance
Company (since 2020).</TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #cccccc">&nbsp;</TD>
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #cccccc">Director, The European Equity Fund, Inc. (since 2020) and The Central and Eastern Europe Fund, Inc. (since&nbsp;2020).</TD></TR></TABLE>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P>
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<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT STYLE="font-size:8pt">The New Germany Fund,&nbsp;Inc.</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP ALIGN="center">|</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-size:8pt"><B>&nbsp;</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right"><FONT STYLE="font-size:8pt"><B>53</B></FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-size:8pt"><B>&nbsp;</B></FONT></TD></TR></TABLE>


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<TD WIDTH="19%"></TD></TR>

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<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #7f7f7f"><B>Name, Age,<BR>Term of Office<BR>and Length of<BR>Time&nbsp;Served*<SUP STYLE="font-size:75%; vertical-align:top">&#134;</SUP></B></TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #7f7f7f">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #7f7f7f"><B>Principal Occupation(s) During the Past Five<BR>Years and Other Information</B></TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #7f7f7f">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #7f7f7f"><B>Other<BR>Directorships<BR>Held&nbsp;by&nbsp;Director</B></TD></TR>


<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:8pt">
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #7f7f7f"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:ARIAL">Christian M.</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:ARIAL">Z&uuml;gel, 62<SUP
STYLE="font-size:75%; vertical-align:top">(1)</SUP></P> <P STYLE="font-size:2pt; margin-top:0pt; margin-bottom:0pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:ARIAL">Class&nbsp;II</P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:8pt; font-family:ARIAL">Since&nbsp;2019</P></TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #7f7f7f">&nbsp;</TD>
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #7f7f7f">Founder and Chief Investment Officer of ZAIS Group, LLC (alternative credit manager) (since 1997) and Chairman of ZAIS Group Holdings, Inc. He is also a director or officer of various wholly
owned affiliated companies and investment funds managed by ZAIS Group LLC or related companies. Formerly, Director and Chairman of ZAIS Financial Corp. (publicly traded commercial mortgage real estate investment trust) (2011&#150;2016).</TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #7f7f7f">&nbsp;</TD>
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #7f7f7f">Director, The European Equity Fund, Inc. (since 2019) and The Central and Eastern Europe Fund, Inc. (since&nbsp;2019).</TD></TR>
</TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:8pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="3%" VALIGN="top" ALIGN="left">*</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:8pt; font-family:ARIAL; " ALIGN="left">The address of each Director is c/o DWS Investment Management Americas, Inc., 875&nbsp;Third Avenue, New York, NY 10022.
</P></TD></TR></TABLE> <P STYLE="font-size:2pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:8pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="3%" VALIGN="top" ALIGN="left"><SUP STYLE="font-size:75%; vertical-align:top"><FONT STYLE="font-family:Times New Roman">&#134;</FONT></SUP>&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:8pt; font-family:ARIAL; " ALIGN="left">The term of office for Directors in Class&nbsp;I expires at the 2025 Annual Meeting, Class&nbsp;II expires at the 2023
Annual Meeting and Class&nbsp;III expires at the 2024 Annual Meeting. </P></TD></TR></TABLE> <P STYLE="font-size:2pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:8pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="3%" VALIGN="top" ALIGN="left"><SUP STYLE="font-size:75%; vertical-align:top">(1)</SUP></TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:8pt; font-family:ARIAL; " ALIGN="left">Indicates that the Director also serves as a Director of The European Equity Fund, Inc. and The Central and Eastern Europe
Fund, Inc., two other <FONT STYLE="white-space:nowrap">closed-end</FONT> registered investment companies for which DWS Investment Management Americas, Inc. acts as Administrator and DWS International GmbH acts as Investment Adviser.
</P></TD></TR></TABLE> <P STYLE="font-size:2pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:8pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="3%" VALIGN="top" ALIGN="left"><SUP STYLE="font-size:75%; vertical-align:top">(2)</SUP></TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:8pt; font-family:ARIAL; " ALIGN="left">Indicates &#147;Interested Person&#148;, as defined in the Investment Company Act of 1940, as amended (the &#147;1940
Act&#148;). Mr.&nbsp;Strenger is an &#147;interested&#147; Director because of his affiliation with <FONT STYLE="white-space:nowrap">DWS-Deutsche</FONT> Gesellschaft f&uuml;r Werpapiersparen mbH (&#147;DWS&#147;), an indirect wholly owned subsidiary
of Deutsche Bank AG, and because of his ownership of Deutsche Bank AG shares. Ms. Uzcan is an &#147;interested&#148; Director as a result of: her being an officer of the Fund and her ownership of securities of DWS Group; the indirect owner of the
Investment Adviser of the Fund; and her ownership of shares of the indirect majority owner of DWS Group. </P></TD></TR></TABLE>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P>
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<TD VALIGN="bottom" NOWRAP><FONT STYLE="font-size:8pt"><B>54</B></FONT></TD>
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<TD VALIGN="bottom" NOWRAP ALIGN="center">|</TD>
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<TD VALIGN="bottom" NOWRAP><FONT STYLE="font-size:8pt">The New Germany Fund,&nbsp;Inc.</FONT></TD></TR></TABLE>


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<TD VALIGN="bottom" COLSPAN="3" STYLE="BORDER-BOTTOM:1px solid #7f7f7f"><B>Officers*</B></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:8pt">
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #7f7f7f"><B>Name, Age, Position<BR>with the Fund and<BR>Length of Time Served</B></TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #7f7f7f">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #7f7f7f"><B>Principal Occupation(s) During the Past&nbsp;Five&nbsp;Years</B></TD></TR>


<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:8pt">
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #cccccc"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:ARIAL">Hepsen Uzcan, 48<SUP STYLE="font-size:75%; vertical-align:top">(1)</SUP></P>
<P STYLE="font-size:2pt; margin-top:0pt; margin-bottom:0pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:8pt; font-family:ARIAL">President and Chief Executive Officer,<BR>2017&#150;present<SUP
STYLE="font-size:75%; vertical-align:top">(2)</SUP></P></TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #cccccc">&nbsp;</TD>
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #cccccc">Fund Administration (Head since 2017), DWS; Secretary, DWS USA Corporation (since 2018); Assistant Secretary, DWS Distributors, Inc. (since 2018); Director and Vice President, DWS Service
Company (since 2018); Assistant Secretary, DWS Investment Management Americas, Inc. (since 2018); and Director and President, DB Investment Managers, Inc. (since 2018); Assistant Clerk, DWS Trust Company (since 2020); and Chief Executive Officer and
President, various DWS US registered investment companies advised by DWS Investment Management Americas, Inc. (since 2017); formerly: Vice President, various DWS US registered investment companies advised by DWS Investment Management Americas, Inc.
(2016&#150;2017).</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:8pt">
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #cccccc"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:ARIAL">Diane Kenneally, 55<SUP STYLE="font-size:75%; vertical-align:top">(3)</SUP></P>
<P STYLE="font-size:2pt; margin-top:0pt; margin-bottom:0pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:8pt; font-family:ARIAL">Treasurer and Chief Financial Officer, 2018&#150;present</P></TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #cccccc">&nbsp;</TD>
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #cccccc">Fund Administration Treasurer&#146;s Office (Co-Head since 2018), DWS; Treasurer, Chief Financial Officer and Controller, DBX ETF Trust (since 2019); and Chief Financial Officer and Treasurer,
various DWS US registered investment companies advised by DWS Investment Management Americas, Inc. (since 2018); formerly: Assistant Treasurer, various DWS US registered investment companies advised by DWS Investment Management Americas, Inc.
(2007&#150;2018).</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:8pt">
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #cccccc"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:ARIAL">John Millette, 60<SUP STYLE="font-size:75%; vertical-align:top">(3)</SUP></P>
<P STYLE="font-size:2pt; margin-top:0pt; margin-bottom:0pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:8pt; font-family:ARIAL">Secretary,<BR>2011&#150;present<SUP STYLE="font-size:75%; vertical-align:top">(4)</SUP></P></TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #cccccc">&nbsp;</TD>
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #cccccc">Legal (Associate General Counsel), DWS; Chief Legal Officer, DWS Investment Management Americas, Inc. (since 2009); and Director and Vice President, DWS Trust Company; Secretary, DBX ETF Trust
(since 2020); Vice President, DBX Advisors LLC (since 2021); formerly, Vice President and Secretary, various DWS US registered investment companies advised by DWS Investment Management Americas, Inc.; and Assistant Secretary, DBX ETF Trust
(2019&#150;2020).</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:8pt">
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #cccccc"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:ARIAL">Sheila Cadogan, 56<SUP STYLE="font-size:75%; vertical-align:top">(3)</SUP></P>
<P STYLE="font-size:2pt; margin-top:0pt; margin-bottom:0pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:8pt; font-family:ARIAL">Assistant Treasurer,<BR>2018&#150;present</P></TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #cccccc">&nbsp;</TD>
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #cccccc">Fund Administration Treasurer&#146;s Office (Co-Head since 2018), DWS; Director and Vice President, DWS Trust Company (since 2018); Assistant Treasurer, DBX ETF Trust (since 2019); and
Assistant Treasurer, various DWS US registered investment companies advised by DWS Investment Management Americas, Inc.</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:8pt">
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #cccccc"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:ARIAL">Alyssa Asbury, 27<SUP STYLE="font-size:75%; vertical-align:top">(1)</SUP></P>
<P STYLE="font-size:2pt; margin-top:0pt; margin-bottom:0pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:8pt; font-family:ARIAL">Assistant Secretary,<BR>2020&#150;present</P></TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #cccccc">&nbsp;</TD>
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #cccccc">Fund Administration (Specialist), DWS</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:8pt">
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #cccccc"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:ARIAL">Caroline Pearson, 60<SUP STYLE="font-size:75%; vertical-align:top">(3)</SUP></P>
<P STYLE="font-size:2pt; margin-top:0pt; margin-bottom:0pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:8pt; font-family:ARIAL">Chief Legal Officer,<BR>2012&#150;present</P></TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #cccccc">&nbsp;</TD>
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #cccccc">Legal (Senior Team Lead), DWS; Chief Legal Officer, DBX Advisors LLC (since 2020); Assistant Secretary, DBX ETF Trust (since 2020); and Chief Legal Officer, various DWS US registered
investment companies advised by DWS Investment Management Americas, Inc. Formerly: Secretary, Deutsche AM Distributors, Inc. (2002&#150;2017); Secretary, Deutsche AM Service Company (2010&#150;2017); and Chief Legal Officer, DBX Strategic Advisors
LLC (2020&#150;2021).</TD></TR></TABLE>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P>
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<TD VALIGN="bottom" NOWRAP ALIGN="center">|</TD>
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<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-size:8pt"><B>&nbsp;</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right"><FONT STYLE="font-size:8pt"><B>55</B></FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-size:8pt"><B>&nbsp;</B></FONT></TD></TR></TABLE>


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<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #7f7f7f"><B>Name, Age, Position<BR>with the Fund and<BR>Length of Time Served</B></TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #7f7f7f">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #7f7f7f"><B>Principal Occupation(s) During the Past&nbsp;Five&nbsp;Years</B></TD></TR>


<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:8pt">
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #cccccc"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:ARIAL">Scott D. Hogan, 52<SUP STYLE="font-size:75%; vertical-align:top">(3)</SUP></P>
<P STYLE="font-size:2pt; margin-top:0pt; margin-bottom:0pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:8pt; font-family:ARIAL">Chief Compliance Officer, 2016&#150;present</P></TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #cccccc">&nbsp;</TD>
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #cccccc">Anti-Financial Crime &amp; Compliance US (Senior Team Lead), DWS; and Chief Compliance Officer, various DWS US registered investment companies advised by DWS Investment Management Americas,
Inc.</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:8pt">
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #7f7f7f"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:ARIAL">Christian Rijs, 42<SUP STYLE="font-size:75%; vertical-align:top">(1)</SUP></P>
<P STYLE="font-size:2pt; margin-top:0pt; margin-bottom:0pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:8pt; font-family:ARIAL">Anti-Money Laundering Compliance Officer, since 2021&#150;present</P></TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #7f7f7f">&nbsp;</TD>
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #7f7f7f">Senior Team Lead Anti-Financial Crime and Compliance, DWS; AML Officer, DWS Trust Company (since November 2, 2021); AML Officer, DBX ETF Trust (since October 21, 2021); AML Officer, various
DWS US registered investment companies advised by DWS Investment Management Americas, Inc. (since October 6, 2021); formerly: DWS UK &amp; Ireland Head of Anti-Financial Crime and MLRO.</TD></TR>
</TABLE> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:8pt; font-family:ARIAL">Each also serves as an Officer of The European Equity Fund, Inc. and The Central and Eastern Europe Fund, Inc., two other <FONT
STYLE="white-space:nowrap">closed-end</FONT> registered investment companies for which DWS Investment Management Americas, Inc. acts as Administrator. </P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:8pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="3%" VALIGN="top" ALIGN="left">*</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:8pt; font-family:ARIAL; " ALIGN="left">As a result of their respective positions held with the Administrator or its affiliates, these individuals are considered
&#147;interested persons&#148; of the Administrator within the meaning of the 1940 Act. Interested persons receive no compensation directly from the Fund. </P></TD></TR></TABLE> <P STYLE="font-size:2pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:8pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="3%" VALIGN="top" ALIGN="left"><SUP STYLE="font-size:75%; vertical-align:top">(1)</SUP>&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:8pt; font-family:ARIAL; " ALIGN="left">Address: 875 Third Avenue, New York, New York 10022. </P></TD></TR></TABLE>
<P STYLE="font-size:2pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:8pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="3%" VALIGN="top" ALIGN="left"><SUP STYLE="font-size:75%; vertical-align:top">(2)</SUP>&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:8pt; font-family:ARIAL; " ALIGN="left">Served as Assistant Secretary from July 22, 2013 to May 7, 2020. </P></TD></TR></TABLE>
<P STYLE="font-size:2pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:8pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="3%" VALIGN="top" ALIGN="left"><SUP STYLE="font-size:75%; vertical-align:top">(3)</SUP></TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:8pt; font-family:ARIAL; " ALIGN="left">Address: 100 Summer Street, Boston, Massachusetts 02110. </P></TD></TR></TABLE>
<P STYLE="font-size:2pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:8pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="3%" VALIGN="top" ALIGN="left"><SUP STYLE="font-size:75%; vertical-align:top">(4)</SUP>&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:8pt; font-family:ARIAL; " ALIGN="left">Served as Assistant Secretary from July 14, 2006 to December 31, 2010 and as Secretary to the Fund from January 30, 2006
to July 13, 2006. </P></TD></TR></TABLE>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P>
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<TD VALIGN="bottom" NOWRAP><FONT STYLE="font-size:8pt"><B>56</B></FONT></TD>
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<TD VALIGN="bottom" COLSPAN="3"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:16pt; font-family:ARIAL"><B><A NAME="tx423707_16"></A>Additional Information</B></P>
<P STYLE="font-size:14pt; margin-top:0pt; margin-bottom:1pt">&nbsp;</P></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:8pt">
<TD VALIGN="top" ALIGN="right" STYLE="BORDER-TOP:1px solid #7f7f7f; BORDER-BOTTOM:1px solid #cccccc"><B>Automated Information Lines</B></TD>
<TD VALIGN="bottom" STYLE=" BORDER-TOP:1px solid #7f7f7f; BORDER-BOTTOM:1px solid #cccccc">&nbsp;&nbsp;</TD>
<TD VALIGN="top" STYLE="BORDER-TOP:1px solid #7f7f7f; BORDER-BOTTOM:1px solid #cccccc"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:ARIAL"><B>DWS <FONT STYLE="white-space:nowrap">Closed-End</FONT> Fund Info Line</B></P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:8pt; font-family:ARIAL"><B>1-800-GERMANY (1-800-437-6269)</B></P></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:8pt">
<TD VALIGN="top" ALIGN="right" STYLE="BORDER-BOTTOM:1px solid #cccccc"><B>Web Site</B></TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #cccccc">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #cccccc"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:ARIAL"><B>dws.com</B><B></B></P> <P STYLE="font-size:2pt; margin-top:0pt; margin-bottom:0pt">&nbsp;</P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:8pt; font-family:ARIAL"><B></B>Obtain fact sheets, financial reports, press releases and webcasts when available.</P></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:8pt">
<TD VALIGN="top" ALIGN="right" STYLE="BORDER-BOTTOM:1px solid #cccccc"><B>Written Correspondence</B></TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #cccccc">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #cccccc"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:ARIAL"><B>DWS</B></P> <P STYLE="font-size:2pt; margin-top:0pt; margin-bottom:0pt">&nbsp;</P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:ARIAL">Attn: Secretary of the DWS Funds</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:ARIAL">100 Summer Street</P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:8pt; font-family:ARIAL">Boston, MA 02110</P></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:8pt">
<TD VALIGN="top" ALIGN="right" STYLE="BORDER-BOTTOM:1px solid #cccccc"><B>Legal Counsel</B></TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #cccccc">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #cccccc"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:ARIAL"><B>Sullivan</B><B></B><B>&nbsp;&amp; Cromwell LLP</B></P>
<P STYLE="font-size:2pt; margin-top:0pt; margin-bottom:0pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:ARIAL">125 Broad Street</P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:8pt; font-family:ARIAL">New York, NY 10004</P></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:8pt">
<TD VALIGN="top" ALIGN="right" STYLE="BORDER-BOTTOM:1px solid #cccccc"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:ARIAL" ALIGN="right"><B>Dividend Reinvestment</B></P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:8pt; font-family:ARIAL" ALIGN="right"><B>Plan Agent</B></P></TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #cccccc">&nbsp;&nbsp;</TD>
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #cccccc"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:ARIAL"><B>SS&amp;C GIDS, Inc.</B></P> <P STYLE="font-size:2pt; margin-top:0pt; margin-bottom:0pt">&nbsp;</P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:ARIAL">333 W. 11th Street, 5th Floor</P> <P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:8pt; font-family:ARIAL">Kansas City, MO 64105</P></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:8pt">
<TD VALIGN="top" ALIGN="right" STYLE="BORDER-BOTTOM:1px solid #cccccc"><B>Shareholder Service Agent and Transfer Agent</B></TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #cccccc">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #cccccc"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:ARIAL"><B>DWS Service Company</B></P> <P STYLE="font-size:2pt; margin-top:0pt; margin-bottom:0pt">&nbsp;</P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:ARIAL">P.O. Box 219066</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:ARIAL">Kansas City, MO <FONT STYLE="white-space:nowrap">64121-9066</FONT></P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:8pt; font-family:ARIAL"><B>1-800-GERMANY (1-800-437-6269)</B></P></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:8pt">
<TD VALIGN="top" ALIGN="right" STYLE="BORDER-BOTTOM:1px solid #cccccc"><B>Custodian</B></TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #cccccc">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #cccccc"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:ARIAL"><B>Brown Brothers Harriman</B><B></B><B>&nbsp;&amp; Company</B></P>
<P STYLE="font-size:2pt; margin-top:0pt; margin-bottom:0pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:ARIAL">50 Post Office Square</P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:8pt; font-family:ARIAL">Boston, MA 02110</P></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:8pt">
<TD VALIGN="top" ALIGN="right" STYLE="BORDER-BOTTOM:1px solid #cccccc"><B>Independent Registered Public Accounting Firm</B></TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #cccccc">&nbsp;&nbsp;</TD>
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #cccccc"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:ARIAL"><B>Ernst &amp; Young LLP</B></P> <P STYLE="font-size:2pt; margin-top:0pt; margin-bottom:0pt">&nbsp;</P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:ARIAL">200 Clarendon Street</P> <P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:8pt; font-family:ARIAL">Boston, MA 02116</P></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:8pt">
<TD VALIGN="top" ALIGN="right" STYLE="BORDER-BOTTOM:1px solid #cccccc"><B>Proxy Voting</B></TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #cccccc">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #cccccc">A description of the Fund&#146;s policies and procedures for voting proxies for portfolio securities and information about how the Fund voted proxies related to its portfolio securities
during the most recent <FONT STYLE="white-space:nowrap">12-month</FONT> period ended June&nbsp;30 is available on our Web site&nbsp;&#151; <FONT STYLE="white-space:nowrap">dws.com/en-us/resources/proxy-voting</FONT> or on the SEC&#146;s Web site
&#151; sec.gov. To obtain a written copy of the Fund&#146;s policies and procedures without charge, upon request, call us toll free at <FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">1-800-GERMANY</FONT></FONT>
(1-800-437-6269).</TD></TR>
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<TD VALIGN="top" ALIGN="right" STYLE="BORDER-BOTTOM:1px solid #7f7f7f"><B>Portfolio Holdings</B></TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #7f7f7f">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #7f7f7f">Following the Fund&#146;s fiscal first and third quarter-end, a complete portfolio holdings listing is posted on dws.com, and is available free of charge by contacting your financial
intermediary, or if you are a direct investor, by calling (800) 728-3337. In addition, the portfolio holdings listing is filed with the SEC on the Fund&#146;s Form N-PORT and will be available on the SEC&#146;s Web site at sec.gov. Additional
portfolio holdings for the Fund are also posted on dws.com from time to time. Please see the Fund&#146;s current prospectus for more information.</TD></TR></TABLE>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P>
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<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT STYLE="font-size:8pt">The New Germany Fund,&nbsp;Inc.</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP ALIGN="center">|</TD>
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<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-size:8pt"><B>&nbsp;</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right"><FONT STYLE="font-size:8pt"><B>57</B></FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-size:8pt"><B>&nbsp;</B></FONT></TD></TR></TABLE>


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<TD VALIGN="top" ALIGN="right" STYLE="BORDER-TOP:1px solid #7f7f7f; BORDER-BOTTOM:1px solid #cccccc"><B>Investment Management</B></TD>
<TD VALIGN="bottom" STYLE=" BORDER-TOP:1px solid #7f7f7f; BORDER-BOTTOM:1px solid #cccccc">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-TOP:1px solid #7f7f7f; BORDER-BOTTOM:1px solid #cccccc"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:ARIAL">DWS International GmbH (the &#147;Advisor&#148;), which is part of the DWS
Group GmbH &amp; Co. KGaA (&#147;DWS Group&#148;), is the investment advisor for the Fund. DWS International GmbH provides a full range of investment advisory services to both institutional and retail clients. DWS International GmbH is a wholly
owned subsidiary of DWS Group.</P> <P STYLE="font-size:2pt; margin-top:0pt; margin-bottom:0pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:8pt; font-family:ARIAL">DWS Group is a global organization that offers a wide range of
investing expertise and resources, including hundreds of portfolio managers and analysts and an office network that reaches the world&#146;s major investment centers. This <FONT STYLE="white-space:nowrap">well-resourced</FONT> global investment
platform brings together a wide variety of experience and investment insight across industries, regions, asset classes and investing styles.</P></TD></TR>
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<TD VALIGN="top" ALIGN="right" STYLE="BORDER-BOTTOM:1px solid #cccccc"><B>Open Market Purchases by the&nbsp;Fund</B></TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #cccccc">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #cccccc">Notice is hereby given in accordance with Section 23(c) of the Investment Company Act of 1940 that the Fund may purchase at market prices from time to time shares of its common stock in the
open market.</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:8pt">
<TD VALIGN="top" ALIGN="right" STYLE="BORDER-BOTTOM:1px solid #cccccc"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:ARIAL" ALIGN="right"><B>Voluntary&nbsp;Cash</B></P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:8pt; font-family:ARIAL" ALIGN="right"><B>Purchase Program and Dividend Reinvestment Plan</B></P></TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #cccccc">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #cccccc"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:ARIAL">The Fund offers shareholders a Voluntary Cash Purchase Program and Dividend Reinvestment Plan
(&#147;Plan&#148;) which provides for optional cash purchases and for the automatic reinvestment of dividends and distributions payable by the Fund in additional Fund shares. Plan participants may invest as little as $100 in any month and may invest
up to $36,000 annually. The Plan allows current shareholders who are not already participants in the Plan and first time investors to enroll in the Plan by making an initial cash deposit of at least $250 with the plan agent. Share purchases are
combined to receive a beneficial brokerage fee. A brochure is available by writing or telephoning the transfer agent:</P> <P STYLE="font-size:2pt; margin-top:0pt; margin-bottom:0pt">&nbsp;</P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:ARIAL">DWS Service Company</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:ARIAL">P.O. Box 219066</P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:ARIAL">Kansas City, MO 64105</P> <P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:8pt; font-family:ARIAL">Tel.: <FONT STYLE="white-space:nowrap"><FONT
STYLE="white-space:nowrap">1-800-GERMANY</FONT></FONT> (1-800-437-6269)</P></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:8pt">
<TD VALIGN="top" ALIGN="right" STYLE="BORDER-BOTTOM:1px solid #cccccc"><B>NYSE Symbol</B></TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #cccccc">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #cccccc">GF</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:8pt">
<TD VALIGN="top" ALIGN="right" STYLE="BORDER-BOTTOM:1px solid #cccccc"><B>Nasdaq Symbol</B></TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #cccccc">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #cccccc">XGFNX</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:8pt">
<TD VALIGN="top" ALIGN="right" STYLE="BORDER-BOTTOM:1px solid #7f7f7f"><B>CUSIP Number</B></TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #7f7f7f">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #7f7f7f">644465106</TD></TR>
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<TD VALIGN="bottom" NOWRAP><FONT STYLE="font-size:8pt"><B>58</B></FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP ALIGN="center">|</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP><FONT STYLE="font-size:8pt">The New Germany Fund,&nbsp;Inc.</FONT></TD></TR></TABLE>


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<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
 <P STYLE="font-size:36pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P> <P STYLE="font-size:60pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<P STYLE="font-size:36pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P><div style="max-width:100%;margin-left:0%; margin-right:0%;border:solid 1px #7f7f7f;background-color:;;padding-top:2pt;padding-bottom:3pt">
<P STYLE="margin-top:0pt; margin-bottom:0pt; padding-top:4pt; margin-left:2%; margin-right:2%; font-size:10pt; font-family:ARIAL"><B>There are three <FONT STYLE="white-space:nowrap">closed-end</FONT> funds investing in European equities advised and
administered by wholly owned subsidiaries of the DWS Group: </B></P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="2%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#151;</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:ARIAL; " ALIGN="left">The Central and Eastern Europe Fund, Inc. &#151; investing primarily in equity or equity-linked securities of issuers
domiciled in Central and Eastern Europe (with normally at least 80% in securities of issuers domiciled in countries in Central and Eastern Europe). </P></TD>
<TD WIDTH="2%">&nbsp;</TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="2%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#151;</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:ARIAL; " ALIGN="left">The European Equity Fund, Inc. &#151; investing primarily in equity or equity-linked securities of issuers domiciled in
Europe (with normally at least 80% in securities of issuers domiciled in Europe). </P></TD>
<TD WIDTH="2%">&nbsp;</TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="2%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#151;</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:ARIAL; " ALIGN="left">The New Germany Fund, Inc. &#151; investing primarily in equity or equity-linked securities of middle market German
companies with up to 20% in other Western European companies (with no more than 15% in any single country). </P></TD>
<TD WIDTH="2%">&nbsp;</TD></TR></TABLE> <P STYLE="margin-top:6pt; margin-bottom:0pt; padding-bottom:4pt; margin-left:2%; margin-right:2%; font-size:10pt; font-family:ARIAL">Please consult your broker for advice on any of the above or call <FONT
STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">1-800-GERMANY</FONT></FONT> (1-800-437-6269) for shareholder reports. </P></div>

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 </P> <P STYLE="margin-top:220pt; margin-bottom:0pt; margin-left:2%; font-size:7pt; font-family:ARIAL"><B><FONT STYLE="white-space:nowrap">NGF-2</FONT> </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:2%; font-size:6pt; font-family:ARIAL">(R-025797-12 2/23) </P>
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    <TD STYLE="width: 85%; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Courier New, Courier, Monospace">&nbsp;</TD></TR>
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    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-family: Courier New, Courier, Monospace"><FONT STYLE="font-family: Times New Roman, Times, Serif">(b) Not applicable</FONT></TD></TR>
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    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-family: Courier New, Courier, Monospace">&nbsp;</TD>
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    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-family: Courier New, Courier, Monospace"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>ITEM 2.</B></FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-family: Courier New, Courier, Monospace"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>CODE OF ETHICS</B></FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-family: Courier New, Courier, Monospace">&nbsp;</TD>
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    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-family: Courier New, Courier, Monospace">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">As of the end of the period covered by
    this report, the registrant has adopted a code of ethics, as defined in Item 2 of Form N-CSR that applies
    to its Principal Executive Officer and Principal Financial Officer.</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">There have been no amendments to, or waivers
    from, a provision of the code of ethics during the period covered by this report that would require disclosure
    under Item 2.</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">A copy of the code of ethics is filed as
    an exhibit to this Form N-CSR.</P></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-family: Courier New, Courier, Monospace">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-family: Courier New, Courier, Monospace">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-family: Courier New, Courier, Monospace"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>ITEM 3.</B></FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-family: Courier New, Courier, Monospace"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>AUDIT COMMITTEE FINANCIAL EXPERT</B></FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-family: Courier New, Courier, Monospace">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-family: Courier New, Courier, Monospace">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-family: Courier New, Courier, Monospace">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">The Fund&rsquo;s Board of Directors has
    determined that the Fund has at least one &ldquo;audit committee financial expert&rdquo; serving on its
    audit committee: Mr. Walter C. Dostmann. This audit committee member is &ldquo;independent,&rdquo; meaning
    that he is not an &ldquo;interested person&rdquo; of the Fund (as that term is defined in Section 2(a)(19)
    of the Investment Company Act of 1940) and he does not accept any consulting, advisory, or other compensatory
    fee from the Fund (except in the capacity as a Board or committee member).</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">An &ldquo;audit committee financial expert&rdquo;
    is not an &ldquo;expert&rdquo; for any purpose, including for purposes of Section 11 of the Securities
    Act of 1933, as a result of being designated as an &ldquo;audit committee financial expert.&rdquo; Further,
    the designation of a person as an &ldquo;audit committee financial expert&rdquo; does not mean that the
    person has any greater duties, obligations, or liability than those imposed on the person without the
    &ldquo;audit committee financial expert&rdquo; designation. Similarly, the designation of a person as
    an &ldquo;audit committee financial expert&rdquo; does not affect the duties, obligations, or liability
    of any other member of the audit committee or board of directors.</P></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-family: Courier New, Courier, Monospace">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-family: Courier New, Courier, Monospace">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-family: Courier New, Courier, Monospace"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>ITEM 4.</B></FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-family: Courier New, Courier, Monospace"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>PRINCIPAL ACCOUNTANT FEES AND SERVICES</B></FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-family: Courier New, Courier, Monospace">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-family: Courier New, Courier, Monospace">&nbsp;</TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"></P>

<!-- Field: Include-Text; File: New Germany.doc; Date: 2023%2D03%2D06T15:52:41; Size: 0x0000EC00 -->
<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-transform: uppercase; text-align: center">The
new germany Fund, Inc.</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-transform: uppercase; text-align: center">form
n-csr disclosure re: AUDIT FEES</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify">The following
table shows the amount of fees that Ernst&nbsp;&amp; Young LLP (&#8220;EY&#8221;), the Fund&#8217;s Independent
Registered Public Accounting Firm, billed to the Fund during the Fund&#8217;s last two fiscal years. The
Audit Committee approved in advance all audit services and non-audit services that EY provided to the
Fund.</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: center">Services
that the Fund&#8217;s Independent Registered Public Accounting Firm Billed to the Fund</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 27%; border: Black 1pt solid; padding-right: 5.4pt; padding-bottom: 6pt; padding-left: 5.4pt; text-align: left">Fiscal Year<BR>
Ended<BR>
December 31,</TD>
    <TD STYLE="width: 18%; border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-bottom: 6pt; padding-left: 5.4pt; text-align: center">Audit Fees Billed to Fund</TD>
    <TD STYLE="width: 18%; border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-bottom: 6pt; padding-left: 5.4pt; text-align: center">Audit&#45;Related<BR>
Fees Billed to Fund</TD>
    <TD STYLE="width: 20%; border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-bottom: 6pt; padding-left: 5.4pt; text-align: center">Tax Fees Billed to Fund</TD>
    <TD STYLE="width: 17%; border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-bottom: 6pt; padding-left: 5.4pt; text-align: center">All<BR>
Other Fees Billed to Fund</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 5.4pt; padding-bottom: 6pt; padding-left: 5.4pt; text-align: left">2022</TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-bottom: 6pt; padding-left: 5.4pt; text-align: center">$54,722</TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-bottom: 6pt; padding-left: 5.4pt; text-align: center">$0</TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-bottom: 6pt; padding-left: 5.4pt; text-align: center">$7,880</TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-bottom: 6pt; padding-left: 5.4pt; text-align: center">$0</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 5.4pt; padding-bottom: 6pt; padding-left: 5.4pt; text-align: left">2021</TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-bottom: 6pt; padding-left: 5.4pt; text-align: center">$54,722</TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-bottom: 6pt; padding-left: 5.4pt; text-align: center">$0</TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-bottom: 6pt; padding-left: 5.4pt; text-align: center">$7,880</TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-bottom: 6pt; padding-left: 5.4pt; text-align: center">$0</TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: left"><FONT STYLE="font-weight: normal">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: left"><FONT STYLE="font-weight: normal">The
above &#8220;Tax Fees&#8221; were billed for professional services rendered for tax preparation. </FONT></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0 0 12pt -20pt; text-align: center">Services
that the Fund&#8217;s Independent Registered Public Accounting Firm Billed to the Adviser and Affiliated
Fund Service Providers</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify">The following
table shows the amount of fees billed by EY to the Fund&#8217;s advisor, DWS International GmbH, or the
administrator, DWS Investment Management Americas, Inc. (&#8220;DIMA&#8221;), and any entity controlling,
controlled by or under common control with DWS International GmbH or DWS Investment Management Americas,
Inc. (&#8220;Control Affiliate&#8221;) that provides ongoing services to the Fund (collectively, the Advisor
Entities&#8221;), for engagements directly related to the Fund&#8217;s operations and financial reporting,
during the Fund&#8217;s last two fiscal years.</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 32%; border: Black 1pt solid; padding-right: 5.4pt; padding-bottom: 6pt; padding-left: 5.4pt; text-align: left">Fiscal Year<BR>
Ended<BR>
December 31,</TD>
    <TD STYLE="width: 23%; border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-bottom: 6pt; padding-left: 5.4pt; text-align: center">Audit&#45;Related<BR>
Fees Billed to Adviser and Affiliated Fund Service Providers</TD>
    <TD STYLE="width: 24%; border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-bottom: 6pt; padding-left: 5.4pt; text-align: center">Tax Fees Billed to Adviser and Affiliated Fund Service Providers</TD>
    <TD STYLE="width: 21%; border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-bottom: 6pt; padding-left: 5.4pt; text-align: center">All<BR>
Other Fees Billed to Adviser and Affiliated Fund Service Providers</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 5.4pt; padding-bottom: 6pt; padding-left: 5.4pt; text-align: left">2022</TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-bottom: 6pt; padding-left: 5.4pt; text-align: center">$0</TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-bottom: 6pt; padding-left: 5.4pt; text-align: center">$148,212</TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-bottom: 6pt; padding-left: 5.4pt; text-align: center">$0</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 5.4pt; padding-bottom: 6pt; padding-left: 5.4pt; text-align: left">2021</TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-bottom: 6pt; padding-left: 5.4pt; text-align: center">$0</TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-bottom: 6pt; padding-left: 5.4pt; text-align: center">$462,717</TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-bottom: 6pt; padding-left: 5.4pt; text-align: center">$0</TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0; text-align: justify">The above &#8220;Tax
Fees&#8221; were billed in connection with tax compliance services and agreed upon procedures</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify">The following
table shows the amount of fees that EY billed during the Fund&#8217;s last two fiscal years for non-audit
services. The Audit Committee pre-approved all non-audit services that EY provided to the Adviser and
any Affiliated Fund Service Provider that related directly to the Fund&#8217;s operations and financial
reporting. The Audit Committee requested and received information from EY about any non-audit services
that EY rendered during the Fund&#8217;s last fiscal year to the Adviser and any Affiliated Fund Service
Provider. The Committee considered this information in evaluating EY&#8217;s independence.</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 20%; border: Black 1pt solid; padding-right: 5.4pt; padding-bottom: 6pt; padding-left: 5.4pt; text-align: left">Fiscal Year<BR>
Ended<BR>
December 31,</TD>
    <TD STYLE="width: 20%; border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-bottom: 6pt; padding-left: 5.4pt; text-align: center">Total <BR>
Non&#45;Audit Fees Billed to Fund<BR>
(A)</TD>
    <TD STYLE="width: 20%; border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-bottom: 6pt; padding-left: 5.4pt; text-align: center">Total Non-Audit Fees billed to Adviser and Affiliated Fund Service Providers (engagements related directly to the operations and financial reporting of the Fund)<BR>
(B)</TD>
    <TD STYLE="width: 20%; border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-bottom: 6pt; padding-left: 5.4pt; text-align: center">Total Non-Audit Fees billed to Adviser and Affiliated Fund Service Providers (all other engagements)<BR>
(C)</TD>
    <TD STYLE="width: 20%; border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-bottom: 6pt; padding-left: 5.4pt; text-align: center">Total of (A), (B)<BR>
and (C)</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 5.4pt; padding-bottom: 6pt; padding-left: 5.4pt; text-align: left">2022</TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-bottom: 6pt; padding-left: 5.4pt; text-align: center">$7,880</TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-bottom: 6pt; padding-left: 5.4pt; text-align: center">$148,212</TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-bottom: 6pt; padding-left: 5.4pt; text-align: center">$0</TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-bottom: 6pt; padding-left: 5.4pt; text-align: center">$156,092</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 5.4pt; padding-bottom: 6pt; padding-left: 5.4pt; text-align: left">2021</TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-bottom: 6pt; padding-left: 5.4pt; text-align: center">$7,880</TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-bottom: 6pt; padding-left: 5.4pt; text-align: center">$461,717</TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-bottom: 6pt; padding-left: 5.4pt; text-align: center">$0</TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-bottom: 6pt; padding-left: 5.4pt; text-align: center">$469,597</TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0 0">Audit Committee Pre-Approval Policies
and Procedures. Generally, each Fund&#8217;s Audit Committee must pre approve (i) all services to be performed
for a Fund by a Fund&#8217;s Independent Registered Public Accounting Firm and (ii) all non-audit services
to be performed by a Fund&#8217;s Independent Registered Public Accounting Firm for the Advisor Entities
with respect to operations and financial reporting of the Fund. The Audit Committee may, in its discretion,
delegate all or a portion of its duties and responsibilities to a subcommittee of the Audit Committee.
The Board and the Audit Committee have authorized any member of the Audit Committee to pre-approve any
audit or non-audit services to be performed by the independent auditors, provided that any such approvals
are presented to the Audit Committee at its next scheduled meeting.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0 0">There were no amounts that were
approved by the Audit Committee pursuant to the de minimis exception under Rule 2-01 of Regulation S-X.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0 0">According to each principal Independent
Registered Public Accounting Firm, substantially all the principal Independent Registered Public Accounting
Firm's hours spent on auditing the registrant's financial statements were attributed to work performed
by full-time permanent employees of the principal Independent Registered Public Accounting Firm.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0; text-align: center; text-indent: 0.5in">***</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0 0">In connection with the audit of
the 2021 and 2022 financial statements, the Fund entered into an engagement letter with EY. The terms
of the engagement letter required by EY, and agreed to by the Audit Committee, include a provision mandating
the use of mediation and arbitration to resolve any controversy or claim between the parties arising out
of or relating to the engagement letter or services provided thereunder.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0; text-align: center; text-indent: 0.5in">***</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0; text-align: justify">Pursuant to PCAOB
Rule 3526, EY is required to describe in writing to the Fund&#8217;s Audit Committee, on at least an annual
basis, all relationships between EY, or any of its affiliates, and the DWS Funds, including the Fund,
or persons in financial reporting oversight roles at the DWS Funds that, as of the date of the communication,
may reasonably be thought to bear on EY&#8217;s independence. Pursuant to PCAOB Rule 3526, EY has reported
the matters set forth below that may reasonably be thought to bear on EY&#8217;s independence. With respect
to each reported matter, individually and in the aggregate, EY advised the Audit Committee that, after
careful consideration of the facts and circumstances and the applicable independence rules, it concluded
that the matters do not and will not impair EY&#8217;s ability to exercise objective and impartial judgement
in connection with the audits of the financial statements for the Fund and a reasonable investor with
knowledge of all relevant facts and circumstances would conclude that EY has been and is capable of exercising
objective and impartial judgment on all issues encompassed within EY&#8217;s audit engagements. EY also
confirmed to the Audit Committee that it can continue act as the Independent Registered Public Accounting
Firm for the Fund.</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: 0.75in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">EY advised the Fund&#8217;s Audit Committee
that various covered persons within EY&#8217;s affiliates held investments in, or had other financial
relationships with, entities within the DWS Funds &#8220;investment company complex&#8221; (as defined
in Regulation S-X) (the &#8220;DWS Funds Complex&#8221;). EY informed the Audit Committee that these investments
and financial relationships were inconsistent with Rule 2-01(c)(1) of Regulation S-X. EY reported that
all breaches have been resolved and that none of the breaches involved any investments in the Fund or
any professionals who were part of the audit engagement team for the Fund. In addition, EY noted that
the independence breaches did not (i) create a mutual or conflicting interest with the Fund, (ii) place
EY in the position of auditing its own work, (iii) result in EY acting as management or an employee of
the Fund, or (iv) place EY in a position of being an advocate of the Fund.</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: center; text-indent: 0.5in">&nbsp;</P>
<!-- Field: /Include-Text -->

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Courier New, Courier, Monospace; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 15%; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="width: 85%; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>ITEM 5.</B></FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>AUDIT COMMITTEE OF LISTED REGISTRANTS</B></FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-family: Times New Roman, Times, Serif">The registrant has a separately-designated standing audit committee established in accordance with Section 3(a)(58)(A) of the Securities Exchange Act of 1934, as amended. The registrant's audit committee consists of Walter C. Dostmann (Chairman), Fiona Flannery and Dr. Christopher Pleister.</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>ITEM 6.</B></FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>SCHEDULE OF INVESTMENTS</B></FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">Not applicable</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>ITEM 7.</B></FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>DISCLOSURE OF PROXY VOTING POLICIES AND PROCEDURES FOR CLOSED-END MANAGEMENT INVESTMENT COMPANIES</B></FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"></P>

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<P STYLE="font: bold 12pt/14pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0">Scope</P>

<P STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0">DWS investment advisers registered
with the Securities and Exchange Commission (&#8220;DWS&#8221;)<SUP>1</SUP> have adopted and implemented
the following Proxy Voting Policy and Guidelines &#8211; DWS Americas (&#8220;Policy and Guidelines&#8221;).
The Policy and Guidelines are reasonably designed to ensure that proxies are voted in the best economic
interest of clients and in accordance with its fiduciary duties and local regulation. The Policy and Guidelines
apply to DWS when on behalf of client accounts, it has taken on the responsibility to vote, or provide
recommendations relating to proxies. In addition, DWS&#8217;s proxy policies reflect the fiduciary standards
and responsibilities for ERISA accounts.</P>

<P STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0">The Guidelines attached as Attachment
A represent a set of recommendations that were determined by the DWS Proxy Voting Sub-Committee (&#8220;the
PVSC&#8221;). These guidelines were developed by the PVSC to provide DWS with a comprehensive list of
recommendations that represent how DWS will generally vote proxies for its clients. The Guidelines are
closely aligned with, although not identical to, those of its proxy voting agent, Institutional Shareholder
Services (&#8220;ISS&#8221;). DWS has a fiduciary obligation to vote proxies without considering any relationship
that it or its parent or affiliates may have with an issuer. In addition, the organizational structures
and documents of the various DWS legal entities allow, where necessary or appropriate, the execution by
individual DWS subsidiaries of the proxy voting rights independently of any parent or affiliated company.</P>

<P STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0">Capitalised terms have the meaning
ascribed to them in the Glossary.</P>

<P STYLE="font: bold 12pt/14pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0">DWS&#8217;S Proxy Voting
Responsibilities</P>

<P STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0">Proxy votes are the property
of DWS&#8217;s advisory clients.<SUP>2 </SUP>As such, DWS&#8217;s authority and responsibility to vote
such proxies depend upon its contractual relationships with its clients or other delegated authority.
DWS has delegated responsibility for effecting its advisory clients&#8217; proxy votes to, ISS, an independent
third-party proxy voting specialist. ISS analyses and votes DWS&#8217;s advisory clients&#8217; proxies
in accordance with the Guidelines or DWS&#8217;s specific instructions. Where a client has given specific
instructions as to how a proxy should be voted, DWS will notify ISS to carry out those instructions. Where
no specific instruction exists, DWS will follow the procedures in voting the proxies set forth in this
document. Certain Taft-Hartley clients may direct DWS to have ISS vote their proxies in accordance with
Taft-Hartley Voting Guidelines.</P>

<P STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0">Clients may in certain instances
contract with their custodial agent and notify DWS that they wish to engage in securities lending transactions.
In such cases, it is the responsibility of the custodian to deduct the number of shares that are on loan
so that they do not get voted twice.</P>

<P STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0">In certain circumstances, when
a security is on loan through a securities lending program, the portfolio management teams may not be
able to participate in certain proxy votes unless the shares of a particular issuer are recalled in time
to cast the vote. A determination of whether to seek a recall will be based on whether the applicable
portfolio management team determines that the benefit of voting outweighs the costs, lost revenue, and/or
other detriments of retrieving the securities, recognizing that the handling of such recall requests is
beyond DWS&#8217;s control and may not be satisfied in time for DWS to vote shares in question.</P>

<P STYLE="font: 8pt/10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0"><SUP>&nbsp;</SUP></P>

<P STYLE="font: 8pt/10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0"><SUP>1 </SUP>These include DWS
Investment Management Americas, Inc. (&#8220;DIMA&#8221;), DBX Advisors LLC (&#8220;DBX&#8221;) and RREEF
Americas L.L.C. (&#8220;RREEF&#8221;) as well as DWS registered investment advisers based outside of the
U.S. who provide services to U.S. accounts based on delegation from DIMA, DBX or RREEF.</P>

<P STYLE="font: 8pt/10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0"><SUP>2 </SUP>For purposes of this
document, &#8220;clients&#8221; refers to persons or entities: (i) for which DWS serves as investment
adviser or sub-adviser; (ii) for which DWS votes proxies; and (iii) that have an economic or beneficial
ownership interest in the portfolio securities of issuers soliciting such proxies.</P>

<P STYLE="font: bold 11pt/13pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0">POLICIES</P>

<P STYLE="font: bold 11pt/13pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0">Proxy Voting Activities
are Conducted in the Best Economic Interest of Clients</P>

<P STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0">DWS has adopted the following
Policies and Guidelines to ensure that proxies are voted in accordance with the best economic interest
of its clients, as determined by DWS in good faith after appropriate review. DWS believes that responsibility
including environmental, social and governance (&#8220;ESG&#8221;) factors, and profitability, complement
each other in many respects and may apply ESG criteria when evaluating shareholder proposals.</P>

<P STYLE="font: bold 11pt/13pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0">DWS Investment Platform</P>

<P STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0">Portfolio managers or research
analysts in the DWS Investment Platform with appropriate standing (&#8220;Portfolio Management&#8221;)<SUP>3
</SUP>review recommendations for the U.S. accounts they manage from ISS on how to vote proxies based on
its application of the Guidelines. Portfolio Management and members of the PVSC may request that the PVSC
consider voting a particular proxy contrary to the Guidelines or recommendations from ISS based on its
application of the Guidelines, if they believe that it may not be in the best economic interests of clients
to vote the proxy in accordance with the Guidelines or ISS recommendations.</P>

<P STYLE="font: 8pt/10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0"><SUP>3 </SUP>Portfolio Management
also includes portfolio managers from DWS registered investment advisers based outside the U.S. who provided
services to the U.S. accounts based on a delegation from DIMA, DBX or RREEF.</P>

<P STYLE="font: bold 11pt/13pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0">The Proxy Voting Sub-Committee</P>

<P STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0">The PVSC is an internal working
group established by the applicable DWS&#8217;s Investment Risk Oversight Committee pursuant to written
Terms of Reference. The PVSC is responsible for overseeing DWS&#8217;s proxy voting activities, including:</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&#9632;</TD><TD>Adopting, monitoring and updating the Guidelines that provide how DWS will generally vote proxies
pertaining to a comprehensive list of common proxy voting matters;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&#9632;</TD><TD>Making decisions on how to vote proxies where: (i) the issues are not covered by specific client instruction
or the Guidelines; or (ii) where an exception to the Guidelines may be in the best economic interest of
DWS&#8217;s clients;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&#9632;</TD><TD>Review recommendations raised by Portfolio Management, the PVSC and others to vote a particular proxy
contrary to the Guidelines or recommendations from ISS based on its application of the Guidelines; and</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&#9632;</TD><TD>Monitoring Proxy Vendor Oversight&#8217;s proxy voting activities (see below).</TD></TR></TABLE>

<P STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0">DWS&#8217;s Proxy Vendor Oversight,
a function of DWS&#8217;s Operations Group, is responsible for coordinating with ISS to administer DWS&#8217;s
proxy voting process and for voting proxies in accordance with any specific client instructions or, if
there are none, the Guidelines, and overseeing ISS&#8217; proxy responsibilities in this regard.</P>

<P STYLE="font: bold 11pt/13pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0">Availability of Proxy Voting
Policies and Proxy Voting Record</P>

<P STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0">Copies of this Policy and Guidelines,
as it may be updated from time to time are made available to clients as required by law and otherwise
at DWS&#8217;s discretion. Clients may also obtain information on how their proxies were voted by DWS
as required by law and otherwise at DWS&#8217;s discretion. Note, however, that DWS must not selectively
disclose its investment company clients&#8217; proxy voting records. Proxy Vendor Oversight will make
proxy voting reports available to advisory clients upon request. The investment companies&#8217; proxy
voting records will be disclosed to shareholders by means of publicly available annual filings of each
company&#8217;s proxy voting record for the 12-month periods ending June 30, if so required by relevant
law.</P>

<P STYLE="font: bold 12pt/14pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0">Procedures</P>

<P STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0">The key aspects of DWS&#8217;s
proxy voting process are delineated below.</P>

<P STYLE="font: bold 11pt/13pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0">The DWS Proxy Voting Guidelines</P>

<P STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0">The Guidelines set forth the
PVSC&#8217;s standard voting positions on a comprehensive list of common proxy voting matters. The PVSC
has developed and continues to update the Guidelines based on consideration of current corporate governance
principles, industry standards, client feedback, and the impact of the matter on issuers and the value
of the investments.</P>

<P STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0">The PVSC will review the Guidelines
as necessary to support the best economic interests of DWS&#8217;s clients and, in any event, at least
annually. The PVSC will make changes to the Guidelines, whether as a result of the annual review or otherwise,
taking solely into account the best economic interests of clients. Before changing the Guidelines, the
PVSC will thoroughly review and evaluate the proposed change and the reasons therefore, and the PVSC Chairperson(s)
will ask PVSC members whether anyone outside or within the DWS organization (including Deutsche Bank and
its affiliates) or any entity that identifies itself as an DWS advisory client has requested or attempted
to influence the proposed change and whether any member has a conflict of interest with respect to the
proposed change. If any such matter is reported to the PVSC Chairperson(s), the Chairperson(s) will promptly
notify the Conflicts of Interest Management Sub-Committee and will defer the approval, if possible. Lastly,
the PVSC will fully document its rationale for approving any change to the Guidelines.</P>

<P STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0">The Guidelines may reflect a
voting position that differs from the actual practices of the public company(ies) within the Deutsche
Bank organization or of the investment companies for which DWS or an affiliate serves as investment adviser
or sponsor. Investment companies, particularly closed-end investment companies, are different from traditional
operating companies. These differences may call for differences in the actual practices of the investment
company and the voting positions of the investment company on the same or similar matters. Further, the
manner in which DWS votes proxies on behalf investment company proxies may differ from the voting recommendations
made by a DWS-advised or sponsored investment company soliciting proxies from its shareholders.</P>

<P STYLE="font: bold 11pt/13pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0">Proxy Voting Recommendations
and Decisions Made on a Case-by-Case Basis</P>

<P STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0">Proxy Vendor Oversight will refer
to Portfolio Management and members of the PVSC for review and approval recommendations from ISS on how
to vote proxies. The proxies shall be voted on a case-by-case basis based on its application of the Guidelines.
Portfolio Management and members of PVSC may request that the PVSC consider voting a particular proxy
contrary to the Guidelines or recommendations from ISS based on its application of the Guidelines, if
they believe that it may not be in the best economic interest of clients to vote the proxy in accordance
with the Guidelines or ISS recommendations.</P>

<P STYLE="font: bold 11pt/13pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0">Specific Proxy Voting Decisions
Made by the PVSC</P>

<P STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0">Proxy Vendor Oversight will refer
to the PVSC only proxy proposals: (i) that are not covered by specific client instructions or the Guidelines;
or (ii) that, in accordance with this Policy and Guidelines, have been appealed. The Proxy Vendor Oversight
team will present to Portfolio Management and members of the PVSC all proposals voted on a case-by-case
basis in accordance with the Guidelines which will include recommendations from ISS based on its application
of the Guidelines and, in some cases, its benchmark policy, its Socially Responsible Investment &#8220;SRI&#8221;
Policy on social and sustainability issues, or the Coalition for Environmentally Responsible Economies
(&#8220;CERES&#8221;) recommendation on environmental and social matters contained in the CERES Roadmap
2030. Portfolio Management may appeal the ISS recommendation if they believe that it may not be in the
best economic interest of the client to vote in accordance with the ISS recommendation, and such appeal
will be referred by the Proxy Vendor Oversight team to the PVSC for consideration.</P>

<P STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0">Additionally, if Proxy Vendor
Oversight, the PVSC Chairperson(s), any member of the PVSC or Portfolio Management believes that voting
a particular proxy in accordance with the Guidelines may not be in the best economic interests of clients,
that individual may bring the matter to the attention of the PVSC Chairperson(s) and/or Proxy Vendor Oversight.</P>

<P STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0">If Proxy Vendor Oversight refers
a proxy proposal to the PVSC or the PVSC determines that voting a particular proxy in accordance with
the Guidelines is not in the best economic interests of clients, the PVSC will evaluate and vote the proxy,
subject to the procedures below regarding conflicts.</P>

<P STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0">The U.S Corporate Governance
Center (&#8220;CGC&#8221;) may, at the PVSC&#8217;s request, provide research and analysis related to
issuers, including with respect to ESG related topics. The CGC will not provide the PVSC with any voting
recommendations.</P>

<P STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0">The PVSC endeavours to hold meetings
to decide how to vote particular proxies sufficiently before the voting deadline so that the procedures
below regarding conflicts can be completed before the PVSC&#8217;s voting determination.</P>

<P STYLE="font: bold 11pt/13pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0">Proxies that Cannot Be Voted
or Instances When DWS Abstains from Voting</P>

<P STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0">In some cases, the PVSC may determine
that it is in the best economic interests of its clients not to vote certain proxies, or that it may not
be feasible to vote certain proxies. If the conditions below are met with regard to a proxy proposal,
DWS will abstain from voting:</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">1.</TD><TD>Neither the Guidelines nor specific client instructions cover an issue;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">2.</TD><TD>ISS does not make a recommendation on the issue; and</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">3.</TD><TD>The PVSC cannot convene on the proxy proposal at issue to make a determination as to what would be
in the client&#8217;s best interest. (This could happen, for example, if the Conflicts of Interest Management
Sub-Committee found that there was a material conflict or if despite all best efforts being made, the
PVSC quorum requirement could not be met).</TD></TR></TABLE>

<P STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0">In addition, it is DWS&#8217;s
policy not to vote proxies of issuers subject to laws of those jurisdictions that impose restrictions
upon selling shares after proxies are voted, in order to preserve liquidity. In other cases, it may not
be possible to vote certain proxies, despite good faith efforts to do so. For example, some jurisdictions
do not provide adequate notice to shareholders so that proxies may be voted on a timely basis. Voting
rights on securities that have been loaned to third-parties transfer to those third-parties, with loan
termination often being the only way to attempt to vote proxies on the loaned securities. Lastly, the
PVSC may determine that the costs to the client(s) associated with voting a particular proxy or group
of proxies outweighs the economic benefits expected from voting the proxy or group of proxies.</P>

<P STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0">Proxy Vendor Oversight will coordinate
with the PVSC Chairperson(s) regarding any specific proxies and any categories of proxies that will not
or cannot be voted. The reasons for not voting any proxy shall be documented.</P>

<P STYLE="font: bold 11pt/13pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0">Conflict of Interest Procedures</P>

<P STYLE="font: bold 11pt/13pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0">Procedures to Address Conflicts
of Interest and Improper Influence</P>

<P STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0"><I>Overriding Principle.</I>
In the limited circumstances where the PVSC votes proxies,<SUP>4</SUP> the PVSC will vote those proxies
in accordance with what it, in good faith, determines to be the best economic interest of DWS&#8217;s
clients.<SUP>5</SUP></P>

<P STYLE="font: 8pt/10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0"><SUP>4 </SUP>As mentioned above,
the PVSC votes proxies where: (i) neither a specific client instruction nor a Guideline directs how the
proxy should be voted; or (ii) where voting in accordance with the Guidelines may not be in the best economic
interests of clients. Further, the PVSC will review recommendations for proxies if Portfolio Management
or a member of the PVSC recommends voting contrary to the ISS recommendation if they believe that it may
not be in the best economic interest of the client to vote in accordance with the Guidelines or ISS recommendation
based on its application of the Guidelines.</P>

<P STYLE="font: 8pt/10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0"><SUP>5 </SUP>Proxy Vendor Oversight,
who serves as the non-voting secretary of the PVSC, may receive routine calls from proxy solicitors and
other parties interested in a particular proxy vote. Any contact that attempts to exert improper pressure
or influence shall be reported to the Conflicts of Interest Management Sub-Committee.</P>

<P STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0"><I>Independence of the PVSC.</I>
As a matter of Compliance policy, the PVSC and Proxy Vendor Oversight are structured to be independent
from other parts of Deutsche Bank. Members of the PVSC and the employee responsible for Proxy Vendor Oversight
are employees of DWS. As such, they may not be subject to the supervision or control of any employees
of Deutsche Bank Corporate and Investment Banking division (&#8220;CIB&#8221;). Their compensation cannot
be based upon their contribution to any business activity outside of DWS without prior approval of Legal
and Compliance. They can have no contact with employees of Deutsche Bank outside of DWS regarding specific
clients, business matters, or initiatives without the prior approval of Legal and Compliance. They furthermore
may not discuss proxy votes with any person outside of DWS (and within DWS only on a need-to-know basis).</P>

<P STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0"><I>Conflict Review Procedures.</I>
The &#8220;Conflicts of Interest Management Sub-Committee&#8221; within DWS monitors for potential material
conflicts of interest in connection with proxy proposals that are to be evaluated by the PVSC. The Conflicts
of Interest Management Sub-Committee members include DWS Compliance, the chief compliance officers of
the advisors and the DWS Funds. Promptly upon a determination that a proxy vote shall be presented to
the PVSC, the PVSC Chairperson(s) shall notify the Conflicts of Interest Management Sub-Committee. The
Conflicts of Interest Management Sub-Committee shall promptly collect and review any information deemed
reasonably appropriate to evaluate, in its reasonable judgment, if DWS or any person participating in
the proxy voting process has, or has the appearance of, a material conflict of interest. For the purposes
of this policy, a conflict of interest shall be considered &#8220;material&#8221; to the extent that a
reasonable person could expect the conflict to influence, or appear to influence, the PVSC&#8217;s decision
on the particular vote at issue. PVSC should provide the Conflicts of Interest Management Sub-Committee
a reasonable amount of time (no less than 24 hours for the Americas/Europe and 48 hours for APAC) to perform
all necessary and appropriate reviews. To the extent that a conflicts review cannot be sufficiently completed
by the Conflicts of Interest Management Sub-Committee the proxies will be voted in accordance with the
standard Guidelines.</P>

<P STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0">The information considered by
the Conflicts of Interest Management Sub-Committee may include without limitation information regarding:
(i) DWS client relationships; (ii) any relevant personal conflict known by the Conflicts of Interest Management
Sub-Committee or brought to the attention of that sub-committee; and (iii) any communications with members
of the PVSC (or anyone participating or providing information to the PVSC) and any person outside or within
the DWS organization (including Deutsche Bank and its affiliates) or any entity that identifies itself
as an DWS advisory client regarding the vote at issue. In the context of any determination, the Conflicts
of Interest Management Sub-Committee may consult with and shall be entitled to rely upon all applicable
outside experts, including legal counsel.</P>

<P STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0">Upon completion of the investigation,
the Conflicts of Interest Management Sub-Committee will document its findings and conclusions. If the
Conflicts of Interest Management Sub-Committee determines that: (i) DWS has a material conflict of interest
that would prevent it from deciding how to vote the proxies concerned without further client consent;
or (ii) certain individuals should be recused from participating in the proxy vote at issue, the Conflicts
of Interest Management Sub-Committee will so inform the PVSC Chairperson(s).</P>

<P STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0">If notified that DWS has a material
conflict of interest as described above, the PVSC chairperson(s) will obtain instructions as to how the
proxies should be voted either from: (i) if time permits, the affected clients; or (ii) in accordance
with the standard Guidelines. If notified that certain individuals should be recused from the proxy vote
at issue, the PVSC Chairperson(s) shall do so in accordance with the procedures set forth below.</P>

<P STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0">Note: Any DWS employee who becomes
aware of a potential, material conflict of interest in respect of any proxy vote to be made on behalf
of clients shall notify Compliance or the Conflicts of Interest Management Sub-Committee. Compliance shall
call a meeting of the Conflicts of Interest Management Sub-Committee to evaluate such conflict and determine
a recommended course of action.</P>

<P STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0"><I>Procedures to be followed
by the PVSC.</I> At the beginning of any discussion regarding how to vote any proxy, the PVSC Chairperson(s)
(or his or her delegate) will inquire as to whether any PVSC member (whether voting or ex officio) or
any person participating in the proxy voting process has a personal conflict of interest or has knowledge
of an actual or apparent conflict that has not been reported to the Conflicts of Interest Management Sub-Committee.</P>

<P STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0">The PVSC Chairperson(s) also
will inquire of these same parties whether they have actual knowledge regarding whether any Director,
officer, or employee outside or within the DWS organization (including Deutsche Bank and its affiliates)
or any entity that identifies itself as an DWS advisory client, has: (i) requested that DWS, Proxy Vendor
Oversight (or any member thereof), or a PVSC member vote a particular proxy in a certain manner; (ii)
attempted to influence DWS, Proxy Vendor Oversight (or any member thereof), a PVSC member or any other
person in connection with proxy voting activities; or (iii) otherwise communicated with a PVSC member,
or any other person participating or providing information to the PVSC regarding the particular proxy
vote at issue and which incident has not yet been reported to the Conflicts of Interest Management Sub-Committee.</P>

<P STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0">If any such incidents are reported
to the PVSC Chairperson(s), the Chairperson(s) will promptly notify the Conflicts of Interest Management
Sub-Committee and, if possible, will delay the vote until the Conflicts of Interest Management Sub-Committee
can complete the conflicts report. If a delay is not possible, the Conflicts of Interest Management Sub-Committee
will instruct the PVSC (i) whether anyone should be recused from the proxy voting process or (ii) whether
DWS should vote the proxy in accordance with the standard guidelines, seek instructions as to how to vote
the proxy at issue from ISS or, if time permits, the affected clients. These inquiries and discussions
will be properly reflected in the PVSC&#8217;s minutes.</P>

<P STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0"><I>Duty to Report.</I> Any DWS
employee, including any PVSC member (whether voting or ex officio), that is aware of any actual or apparent
conflict of interest relevant to, or any attempt by any person outside or within the DWS organization
(including Deutsche Bank and its affiliates) or any entity that identifies itself as an DWS advisory client
to influence how DWS votes its proxies has a duty to disclose the existence of the situation to the PVSC
Chairperson(s) (or his or her designee) and the details of the matter to the Conflicts of Interest Management
Sub-Committee. In the case of any person participating in the deliberations on a specific vote, such disclosure
should be made before engaging in any activities or participating in any discussion pertaining to that
vote.</P>

<P STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0"><I>Recusal of Members.</I> The
PVSC will recuse from participating in a specific proxy vote any PVSC members (whether voting or ex officio)
and/or any other person who: (i) are personally involved in a material conflict of interest; or (ii) who,
as determined by the Conflicts of Interest Management Sub-Committee, have actual knowledge of a circumstance
or fact that could affect their independent judgment, in respect of such vote. The PVSC will also exclude
from consideration the views of any person (whether requested or volunteered) if the PVSC or any member
thereof knows, or if the Conflicts of Interest Management Sub-Committee has determined, that such other
person has a material conflict of interest with respect to the particular proxy or has attempted to influence
the vote in any manner prohibited by these policies.</P>

<P STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0">If, after excluding all relevant
PVSC voting members pursuant to the paragraph above, there are three or more PVSC voting members remaining,
those remaining PVSC members will determine how to vote the proxy in accordance with these Policies and
Guidelines. If there are fewer than three PVSC voting members remaining, the PVSC Chairperson(s) will
vote the proxy in accordance with the standard Guidelines or will obtain instructions as to how to have
the proxy voted from, if time permits, the affected clients and otherwise from ISS.</P>

<P STYLE="font: bold 11pt/13pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0">Affiliated Investment Companies,
Rule 12d1-4 and Affiliated Public Companies</P>

<P STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0"><I>Investment Companies.</I>
For investment companies for which DWS or an affiliate serves as investment adviser or principal underwriter,
such proxies are voted in the same proportion as the vote of all other shareholders (i.e., &#8220;mirror&#8221;
or &#8220;echo&#8221; voting). In addition, if a registered investment company (including an exchange
traded fund (&#8220;ETF&#8221;) advised by DWS or an affiliate together with DWS advisory clients, in
aggregate, (i) hold more than 25% of the outstanding voting securities of an investment company that is
not a registered closed-end fund or business development company, or (ii) hold more than 10% of the outstanding
voting securities of an investment company that is a registered closed-end fund or business development
company, then DWS will vote its holdings in such registered investment company&#8217;s securities in the
same proportion as the vote of all other holders of such securities (i.e., &#8220;mirror&#8221; or &#8220;echo&#8221;
voting) as required by Rule 12d1-4 of the Investment Company Act of 1940 (the &#8220;1940 Act&#8221;).
Master Fund proxies solicited from feeder Funds are voted in accordance with applicable provisions of
Section 12 of 1940 Act.</P>

<P STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0"><I>Affiliated Public Companies.</I>
For proxies solicited by non-investment company issuers of or within the DWS or Deutsche Bank organization
(e.g., shares of DWS or Deutsche Bank), these proxies will be voted in the same proportion as the vote
of other shareholders (i.e., &#8220;mirror&#8221; or &#8220;echo&#8221; voting). In markets where mirror
voting is not permitted, DWS will &#8220;Abstain&#8221; from voting such shares.</P>

<P STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0">Note: With respect to affiliated
registered investment companies that invest in the DWS Central Cash Management Government Fund (registered
under the Investment Company Act), the affiliated registered investment companies are not required to
engage in echo voting with respect to proxies of the DWS Central Cash Management Government Fund and the
investment adviser will use these Guidelines and may determine, with respect to proxies of the DWS Central
Cash Management Government Fund, to vote contrary to the positions in the Guidelines, consistent with
the Fund&#8217;s best interest.</P>

<P STYLE="font: bold 11pt/13pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0">Other Procedures that Limit
Conflicts of Interest</P>

<P STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0">DWS and other entities in the
Deutsche Bank organization have adopted a number of policies, procedures, and internal controls that are
designed to avoid various conflicts of interest, including those that may arise in connection with proxy
voting, including but not limited to:</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&#9632;</TD><TD>Code of Conduct&#8211; DB Group;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&#9632;</TD><TD>Conflicts of Interest Policy &#8211; DWS Group;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&#9632;</TD><TD>Code of Ethics &#8211; DWS Group;</TD></TR></TABLE>

<P STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0">The PVSC expects that these policies,
procedures, and internal controls will greatly reduce the chance that the PVSC (or its members) would
be involved in, aware of, or influenced by an actual or apparent conflict of interest.</P>

<P STYLE="font: bold 12pt/14pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0">RECORDKEEPING</P>

<P STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0">At a minimum, the following records
must be properly maintained and readily accessible in order to evidence compliance with this Policy.</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&#9632;</TD><TD>DWS will maintain a record of each proxy vote cast by DWS that includes among other things, company
name, meeting date, proposals presented, vote cast, and shares voted.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&#9632;</TD><TD>Proxy Vendor Oversight maintains records for each of the proxy ballots it votes. Specifically, the
records include, but are not limited to:</TD></TR></TABLE>

<P STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0 0.75in; text-indent: -0.25in">The
proxy statement (and any additional solicitation materials) and relevant portions of annual statements;</P>

<P STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0 0.75in; text-indent: -0.25in">Any
additional information considered in the voting process that may be obtained from an issuing company,
its agents, or proxy research firms;</P>

<P STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0 0.75in; text-indent: -0.25in">Analyst
worksheets created for stock option plan and share increase analyses; and</P>

<P STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0 0.75in; text-indent: -0.25in">Proxy
Edge print-screen of actual vote election.</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&#9632;</TD><TD>DWS will: (i) retain this Policy and the Guidelines; (ii) maintain records of requests from Portfolio
Management and members of the PVSC to appeal a recommendation on how to vote a proxy; (iii) maintain minutes
of the meeting of the PVSC; (iv) maintain records of client requests for proxy voting information; and
(v) retain any documents Proxy Vendor Oversight or the PVSC prepared that were material to making a voting
decision or that memorialized the basis for a proxy voting decision.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&#9632;</TD><TD>The PVSC also will create and maintain appropriate records documenting its compliance with this Policy,
including records of its deliberations and decisions regarding conflicts of interest and their resolution.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&#9632;</TD><TD>With respect to DWS&#8217;s investment company clients, ISS will create and maintain records of each
company&#8217;s proxy voting record for the 12-month periods ending June 30. DWS will compile the following
information for each matter relating to a portfolio security considered at any shareholder meeting held
during the period covered by the report (and with respect to which the company was entitled to vote):</TD></TR></TABLE>

<P STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0 0.75in; text-indent: -0.25in">The
name of the issuer of the portfolio security;</P>

<P STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0 0.75in; text-indent: -0.25in">The
exchange ticker symbol of the portfolio security (if symbol is available through reasonably practicable
means);</P>

<P STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0 0.75in; text-indent: -0.25in">The
Council on Uniform Securities Identification Procedures (&#8220;CUSIP&#8221;) number for the portfolio
security (if the number is available through reasonably practicable means);</P>

<P STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0 0.75in; text-indent: -0.25in">The
shareholder meeting date;</P>

<P STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0 0.75in; text-indent: -0.25in">A
brief identification of the matter voted on;</P>

<P STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0 0.75in; text-indent: -0.25in">Whether
the matter was proposed by the issuer or by a security holder;</P>

<P STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0 0.75in; text-indent: -0.25in">Whether
the company cast its vote on the matter;</P>

<P STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0 0.75in; text-indent: -0.25in">How
the company cast its vote (e.g., for or against proposal, or abstain; for or withhold regarding election
of Directors); and</P>

<P STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0 0.75in; text-indent: -0.25in">Whether
the company cast its vote for or against Management.</P>

<P STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0">Note: This list is intended to
provide guidance only in terms of the records that must be maintained in accordance with this policy.
In addition, please note that records must be maintained in accordance with the Records Management Policy
&#8211; Deutsche Bank Group and applicable policies and procedures thereunder.</P>

<P STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0">With respect to electronically
stored records, &#8220;properly maintained&#8221; is defined as complete, authentic (unalterable), usable
and backed-up. At a minimum, records should be retained for a period of not less than six years (or longer,
if necessary to comply with applicable regulatory requirements), the first three years in an appropriate
DWS office.</P>

<P STYLE="font: bold 11pt/13pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0">OVERSIGHT RESPONSIBILITIES</P>

<P STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0">Proxy Vendor Oversight will review
a reasonable sampling of votes based on its procedures on a regular basis to ensure that ISS has cast
the votes in a manner consistent with the Guidelines. Proxy Vendor Oversight will provide the PVSC with
a quarterly report of its review and identify any issues encountered during the period. Proxy Vendor Oversight
will also perform a post season review once a year on certain proposals to assess whether ISS voted consistent
with the Guidelines.</P>

<P STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0">In addition, the PVSC will, in
cooperation with Proxy Vendor Oversight and DWS Compliance, consider, on at least an annual basis, whether
ISS has the capacity and competence to adequately analyze the matters for which it is responsible. This
includes whether ISS has effective polices, and methodologies and a review of ISS&#8217;s policies and
procedures with respect to conflicts.</P>

<P STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0">The PVSC also monitors the proxy
voting process by reviewing summary proxy information presented by ISS to determine, among other things,
whether any changes should be made to the Guidelines. This review will take place at least quarterly and
is documented in the PVSC&#8217;s meeting minutes.</P>

<P STYLE="font: bold 11pt/13pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0">ANNUAL REVIEW</P>

<P STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0">The PVSC, in cooperation with
Proxy Vendor Oversight and DWS Compliance, will review and document, no less frequently than annually,
the adequacy of the Guidelines, including whether the Guidelines continue to be reasonably designed to
ensure that DWS votes in the best interest of its clients.</P>

<P STYLE="font: bold 11pt/13pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0">GLOSSARY</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="border: Black 1pt solid; padding-top: 6pt; padding-right: 5.4pt; padding-left: 5.4pt; line-height: 12pt; color: #0070C0"><B>Term</B></TD>
    <TD STYLE="border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 6pt; padding-right: 5.4pt; padding-left: 5.4pt; line-height: 12pt; color: #0070C0"><B>Definition</B></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-top: 6pt; padding-right: 5.4pt; padding-left: 5.4pt; line-height: 12pt; color: #0070C0"><B>Committee</B></TD>
    <TD STYLE="border-bottom: Black 1pt solid; border-right: Black 1pt solid; padding-top: 6pt; padding-right: 5.4pt; padding-left: 5.4pt; line-height: 12pt; color: #0070C0">Decision-making forum established pursuant to the &#8220;Committee Governance Policy &#8211; Deutsche Bank Group&#8221; for a specific purpose and an unlimited period of time</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-top: 6pt; padding-right: 5.4pt; padding-left: 5.4pt; line-height: 12pt; color: #0070C0"><B>CUSIP</B></TD>
    <TD STYLE="border-bottom: Black 1pt solid; border-right: Black 1pt solid; padding-top: 6pt; padding-right: 5.4pt; padding-left: 5.4pt; line-height: 12pt; color: #0070C0">Council on Uniform Securities Identification Procedures</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-top: 6pt; padding-right: 5.4pt; padding-left: 5.4pt; line-height: 12pt; color: #0070C0"><B>Employee</B></TD>
    <TD STYLE="border-bottom: Black 1pt solid; border-right: Black 1pt solid; padding-top: 6pt; padding-right: 5.4pt; padding-left: 5.4pt; line-height: 12pt; color: #0070C0">Any individual with an employment contract directly with a Legal Entity of DB Group</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-top: 6pt; padding-right: 5.4pt; padding-left: 5.4pt; line-height: 12pt; color: #0070C0"><B>ETF</B></TD>
    <TD STYLE="border-bottom: Black 1pt solid; border-right: Black 1pt solid; padding-top: 6pt; padding-right: 5.4pt; padding-left: 5.4pt; line-height: 12pt; color: #0070C0">Exchange Traded Funds</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-top: 6pt; padding-right: 5.4pt; padding-left: 5.4pt; line-height: 12pt; color: #0070C0"><B>Investment Company Act</B></TD>
    <TD STYLE="border-bottom: Black 1pt solid; border-right: Black 1pt solid; padding-top: 6pt; padding-right: 5.4pt; padding-left: 5.4pt; line-height: 12pt; color: #0070C0">Investment Company Act of 1940</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-top: 6pt; padding-right: 5.4pt; padding-left: 5.4pt; line-height: 12pt; color: #0070C0"><B>ISS</B></TD>
    <TD STYLE="border-bottom: Black 1pt solid; border-right: Black 1pt solid; padding-top: 6pt; padding-right: 5.4pt; padding-left: 5.4pt; line-height: 12pt; color: #0070C0">Institutional Shareholder Services, Inc.</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-top: 6pt; padding-right: 5.4pt; padding-left: 5.4pt; line-height: 12pt; color: #0070C0"><B>PVSC</B></TD>
    <TD STYLE="border-bottom: Black 1pt solid; border-right: Black 1pt solid; padding-top: 6pt; padding-right: 5.4pt; padding-left: 5.4pt; line-height: 12pt; color: #0070C0">Proxy Voting Sub-Committee</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-top: 6pt; padding-right: 5.4pt; padding-left: 5.4pt; line-height: 12pt; color: #0070C0"><B>Risk Type Controller (RTC)</B></TD>
    <TD STYLE="border-bottom: Black 1pt solid; border-right: Black 1pt solid; padding-top: 6pt; padding-right: 5.4pt; padding-left: 5.4pt; line-height: 12pt; color: #0070C0">Global Head of a Risk Control Function; formally representing the respective Risk Control Function and accountable for designing, implementing and maintaining an effective risk type management / control and policy framework for all risk types within their mandate.</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-top: 6pt; padding-right: 5.4pt; padding-left: 5.4pt; line-height: 12pt; color: #0070C0"><B>RTC Contact</B></TD>
    <TD STYLE="border-bottom: Black 1pt solid; border-right: Black 1pt solid; padding-top: 6pt; padding-right: 5.4pt; padding-left: 5.4pt; line-height: 12pt; color: #0070C0">Individual(s) authorised by the Risk Type Controller to fulfil tasks in relation to the respective RTC mandate including authorisation of other Units to issue a Policy or Procedure regulating the respective risk type</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-top: 6pt; padding-right: 5.4pt; padding-left: 5.4pt; line-height: 12pt; color: #0070C0"><B>SEC</B></TD>
    <TD STYLE="border-bottom: Black 1pt solid; border-right: Black 1pt solid; padding-top: 6pt; padding-right: 5.4pt; padding-left: 5.4pt; line-height: 12pt; color: #0070C0">Securities and Exchange Commission</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-top: 6pt; padding-right: 5.4pt; padding-left: 5.4pt; line-height: 12pt; color: #0070C0"><B>Unit</B></TD>
    <TD STYLE="border-bottom: Black 1pt solid; border-right: Black 1pt solid; padding-top: 6pt; padding-right: 5.4pt; padding-left: 5.4pt; line-height: 12pt; color: #0070C0">Refers to the organisational areas within DB Group, such as corporate divisions and infrastructure functions, as per the DB Business Allocation Plan.</TD></TR>
  </TABLE>
<P STYLE="font: 9pt/11pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0"><FONT STYLE="font-weight: normal">&nbsp;</FONT></P>

<P STYLE="font: bold 11pt/13pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0">LIST OF ANNEXES AND ATTACHMENTS</P>

<P STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0">Attachment A &#8211; DWS Proxy
Voting Guidelines &#8211; DWS Americas</P>

<P STYLE="font: bold 9pt/11pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0">Attachment A</P>

<P STYLE="font: bold 9pt/11pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0">DWS</P>

<P STYLE="font: bold 9pt/11pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0">Proxy Voting Guidelines &#8211;
DWS Americas</P>

<P STYLE="font: bold 9pt/11pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0">Effective March 1, 2022</P>

<P STYLE="font: bold 11pt/13pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0">TABLE OF CONTENTS</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="border: Black 1pt solid; padding-top: 6pt; padding-right: 5.4pt; padding-left: 5.4pt; color: #0070C0">&nbsp;</TD>
    <TD STYLE="width: 572px; border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 6pt; padding-right: 5.4pt; padding-left: 5.4pt; color: #0070C0"><B>BOARD OF DIRECTORS</B></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-top: 6pt; padding-right: 5.4pt; padding-left: 5.4pt; color: #0070C0">&nbsp;</TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 6pt; padding-right: 5.4pt; padding-left: 5.4pt; color: #0070C0">Independence</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-top: 6pt; padding-right: 5.4pt; padding-left: 5.4pt; color: #0070C0">&nbsp;</TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 6pt; padding-right: 5.4pt; padding-left: 5.4pt; color: #0070C0">Composition</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-top: 6pt; padding-right: 5.4pt; padding-left: 5.4pt; color: #0070C0">&nbsp;</TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 6pt; padding-right: 5.4pt; padding-left: 5.4pt; color: #0070C0">Responsiveness</TD></TR>
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    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-top: 6pt; padding-right: 5.4pt; padding-left: 5.4pt; color: #0070C0">&nbsp;</TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 6pt; padding-right: 5.4pt; padding-left: 5.4pt; color: #0070C0">Accountability</TD></TR>
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    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-top: 6pt; padding-right: 5.4pt; padding-left: 5.4pt; color: #0070C0">&nbsp;</TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 6pt; padding-right: 5.4pt; padding-left: 5.4pt; color: #0070C0">Voting on Director Nominees in Contested Elections</TD></TR>
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    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-top: 6pt; padding-right: 5.4pt; padding-left: 5.4pt; color: #0070C0">&nbsp;</TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 6pt; padding-right: 5.4pt; padding-left: 5.4pt; color: #0070C0">Vote-No Campaigns</TD></TR>
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    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-top: 6pt; padding-right: 5.4pt; padding-left: 5.4pt; color: #0070C0">&nbsp;</TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 6pt; padding-right: 5.4pt; padding-left: 5.4pt; color: #0070C0">Proxy Contests/Proxy Access</TD></TR>
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    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-top: 6pt; padding-right: 5.4pt; padding-left: 5.4pt; color: #0070C0">&nbsp;</TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 6pt; padding-right: 5.4pt; padding-left: 5.4pt; color: #0070C0"><B>Other Board Related Proposals</B></TD></TR>
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    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-top: 6pt; padding-right: 5.4pt; padding-left: 5.4pt; color: #0070C0">&nbsp;</TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 6pt; padding-right: 5.4pt; padding-left: 5.4pt; color: #0070C0">Adopt Anti-Hedging/Pledging/Speculative Investments Policy</TD></TR>
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    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-top: 6pt; padding-right: 5.4pt; padding-left: 5.4pt; color: #0070C0">&nbsp;</TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 6pt; padding-right: 5.4pt; padding-left: 5.4pt; color: #0070C0">Board Refreshment</TD></TR>
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    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-top: 6pt; padding-right: 5.4pt; padding-left: 5.4pt; color: #0070C0">&nbsp;</TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 6pt; padding-right: 5.4pt; padding-left: 5.4pt; color: #0070C0">Term/Tenure Limits</TD></TR>
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    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-top: 6pt; padding-right: 5.4pt; padding-left: 5.4pt; color: #0070C0">&nbsp;</TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 6pt; padding-right: 5.4pt; padding-left: 5.4pt; color: #0070C0">Age Limits</TD></TR>
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    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-top: 6pt; padding-right: 5.4pt; padding-left: 5.4pt; color: #0070C0">&nbsp;</TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 6pt; padding-right: 5.4pt; padding-left: 5.4pt; color: #0070C0">Board Size</TD></TR>
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    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-top: 6pt; padding-right: 5.4pt; padding-left: 5.4pt; color: #0070C0">&nbsp;</TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 6pt; padding-right: 5.4pt; padding-left: 5.4pt; color: #0070C0">Classification/Declassification of the Board</TD></TR>
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    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-top: 6pt; padding-right: 5.4pt; padding-left: 5.4pt; color: #0070C0">&nbsp;</TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 6pt; padding-right: 5.4pt; padding-left: 5.4pt; color: #0070C0">CEO Succession Planning</TD></TR>
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    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-top: 6pt; padding-right: 5.4pt; padding-left: 5.4pt; color: #0070C0">&nbsp;</TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 6pt; padding-right: 5.4pt; padding-left: 5.4pt; color: #0070C0">Cumulative Voting</TD></TR>
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    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-top: 6pt; padding-right: 5.4pt; padding-left: 5.4pt; color: #0070C0">&nbsp;</TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 6pt; padding-right: 5.4pt; padding-left: 5.4pt; color: #0070C0">Director and Officer Indemnification and Liability Protection</TD></TR>
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    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-top: 6pt; padding-right: 5.4pt; padding-left: 5.4pt; color: #0070C0">&nbsp;</TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 6pt; padding-right: 5.4pt; padding-left: 5.4pt; color: #0070C0">Establish/Amend Nominee Qualifications</TD></TR>
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    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-top: 6pt; padding-right: 5.4pt; padding-left: 5.4pt; color: #0070C0">&nbsp;</TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 6pt; padding-right: 5.4pt; padding-left: 5.4pt; color: #0070C0">Establish Other Board Committee Proposals</TD></TR>
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    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-top: 6pt; padding-right: 5.4pt; padding-left: 5.4pt; color: #0070C0">&nbsp;</TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 6pt; padding-right: 5.4pt; padding-left: 5.4pt; color: #0070C0">Filling Vacancies/Removal of Directors</TD></TR>
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    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-top: 6pt; padding-right: 5.4pt; padding-left: 5.4pt; color: #0070C0">&nbsp;</TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 6pt; padding-right: 5.4pt; padding-left: 5.4pt; color: #0070C0">Independent Board Chair</TD></TR>
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    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-top: 6pt; padding-right: 5.4pt; padding-left: 5.4pt; color: #0070C0">&nbsp;</TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 6pt; padding-right: 5.4pt; padding-left: 5.4pt; color: #0070C0">Majority of Independent Directors/Establishment of Independent Committees</TD></TR>
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    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-top: 6pt; padding-right: 5.4pt; padding-left: 5.4pt; color: #0070C0">&nbsp;</TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 6pt; padding-right: 5.4pt; padding-left: 5.4pt; color: #0070C0">Majority Vote Standard for the Election of Directors</TD></TR>
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    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-top: 6pt; padding-right: 5.4pt; padding-left: 5.4pt; color: #0070C0">&nbsp;</TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 6pt; padding-right: 5.4pt; padding-left: 5.4pt; color: #0070C0">Proxy Access</TD></TR>
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    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-top: 6pt; padding-right: 5.4pt; padding-left: 5.4pt; color: #0070C0">&nbsp;</TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 6pt; padding-right: 5.4pt; padding-left: 5.4pt; color: #0070C0">Require More Nominees than Open Seats</TD></TR>
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    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-top: 6pt; padding-right: 5.4pt; padding-left: 5.4pt; color: #0070C0">&nbsp;</TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 6pt; padding-right: 5.4pt; padding-left: 5.4pt; color: #0070C0">Shareholder Engagement Policy (Shareholder Advisory Committee)</TD></TR>
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    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-top: 6pt; padding-right: 5.4pt; padding-left: 5.4pt; color: #0070C0">&nbsp;</TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 6pt; padding-right: 5.4pt; padding-left: 5.4pt; color: #0070C0"><B>AUDIO-RELATED</B></TD></TR>
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    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-top: 6pt; padding-right: 5.4pt; padding-left: 5.4pt; color: #0070C0">&nbsp;</TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 6pt; padding-right: 5.4pt; padding-left: 5.4pt; color: #0070C0">Auditor Indemnification and Limitation of Liability</TD></TR>
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    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-top: 6pt; padding-right: 5.4pt; padding-left: 5.4pt; color: #0070C0">&nbsp;</TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 6pt; padding-right: 5.4pt; padding-left: 5.4pt; color: #0070C0">Auditor Ratification</TD></TR>
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    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-top: 6pt; padding-right: 5.4pt; padding-left: 5.4pt; color: #0070C0">&nbsp;</TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 6pt; padding-right: 5.4pt; padding-left: 5.4pt; color: #0070C0">Shareholder Proposals Limiting Non-Audit Services</TD></TR>
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    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-top: 6pt; padding-right: 5.4pt; padding-left: 5.4pt; color: #0070C0">&nbsp;</TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 6pt; padding-right: 5.4pt; padding-left: 5.4pt; color: #0070C0">Shareholder Proposals on Audit Firm Rotation</TD></TR>
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    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-top: 6pt; padding-right: 5.4pt; padding-left: 5.4pt; color: #0070C0">&nbsp;</TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 6pt; padding-right: 5.4pt; padding-left: 5.4pt; color: #0070C0"><B>SHAREHOLDER RIGHTS &amp; DEFENCES</B></TD></TR>
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    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-top: 6pt; padding-right: 5.4pt; padding-left: 5.4pt; color: #0070C0">&nbsp;</TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 6pt; padding-right: 5.4pt; padding-left: 5.4pt; color: #0070C0">Advance Notice Requirements for Shareholder Proposals/Nominations</TD></TR>
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    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-top: 6pt; padding-right: 5.4pt; padding-left: 5.4pt; color: #0070C0">&nbsp;</TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 6pt; padding-right: 5.4pt; padding-left: 5.4pt; color: #0070C0">Amend Bylaws without Shareholder Consent</TD></TR>
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    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-top: 6pt; padding-right: 5.4pt; padding-left: 5.4pt; color: #0070C0">&nbsp;</TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 6pt; padding-right: 5.4pt; padding-left: 5.4pt; color: #0070C0">Control Share Acquisition Provisions</TD></TR>
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    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-top: 6pt; padding-right: 5.4pt; padding-left: 5.4pt; color: #0070C0">&nbsp;</TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 6pt; padding-right: 5.4pt; padding-left: 5.4pt; color: #0070C0">Control Share Cash&#8212;Out Provisions</TD></TR>
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    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-top: 6pt; padding-right: 5.4pt; padding-left: 5.4pt; color: #0070C0">&nbsp;</TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 6pt; padding-right: 5.4pt; padding-left: 5.4pt; color: #0070C0">Disgorgement Provisions</TD></TR>
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    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-top: 6pt; padding-right: 5.4pt; padding-left: 5.4pt; color: #0070C0">&nbsp;</TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 6pt; padding-right: 5.4pt; padding-left: 5.4pt; color: #0070C0">Fair Price Provisions</TD></TR>
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    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-top: 6pt; padding-right: 5.4pt; padding-left: 5.4pt; color: #0070C0">&nbsp;</TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 6pt; padding-right: 5.4pt; padding-left: 5.4pt; color: #0070C0">Freeze-Out Provisions</TD></TR>
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    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-top: 6pt; padding-right: 5.4pt; padding-left: 5.4pt; color: #0070C0">&nbsp;</TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 6pt; padding-right: 5.4pt; padding-left: 5.4pt; color: #0070C0">Greenmail</TD></TR>
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    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-top: 6pt; padding-right: 5.4pt; padding-left: 5.4pt; color: #0070C0">&nbsp;</TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 6pt; padding-right: 5.4pt; padding-left: 5.4pt; color: #0070C0">Shareholder Litigation Rights Federal Forum Selection Provisions</TD></TR>
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    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-top: 6pt; padding-right: 5.4pt; padding-left: 5.4pt; color: #0070C0">&nbsp;</TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 6pt; padding-right: 5.4pt; padding-left: 5.4pt; color: #0070C0">Exclusive Forum Provisions for State Law Matters</TD></TR>
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    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-top: 6pt; padding-right: 5.4pt; padding-left: 5.4pt; color: #0070C0">&nbsp;</TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 6pt; padding-right: 5.4pt; padding-left: 5.4pt; color: #0070C0">Fee shifting</TD></TR>
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    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-top: 6pt; padding-right: 5.4pt; padding-left: 5.4pt; color: #0070C0">&nbsp;</TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 6pt; padding-right: 5.4pt; padding-left: 5.4pt; color: #0070C0">Net Operating Loss (NOL) Protective Amendments</TD></TR>
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    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-top: 6pt; padding-right: 5.4pt; padding-left: 5.4pt; color: #0070C0">&nbsp;</TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 6pt; padding-right: 5.4pt; padding-left: 5.4pt; color: #0070C0">Poison Pills (Shareholder Rights Plans)</TD></TR>
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    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-top: 6pt; padding-right: 5.4pt; padding-left: 5.4pt; color: #0070C0">&nbsp;</TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 6pt; padding-right: 5.4pt; padding-left: 5.4pt; color: #0070C0">Shareholder Proposals to Put Pill to a Vote and/or Adopt a Pill Policy</TD></TR>
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    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-top: 6pt; padding-right: 5.4pt; padding-left: 5.4pt; color: #0070C0">&nbsp;</TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 6pt; padding-right: 5.4pt; padding-left: 5.4pt; color: #0070C0">Management Proposals to Ratify a Poison Pill</TD></TR>
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    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-top: 6pt; padding-right: 5.4pt; padding-left: 5.4pt; color: #0070C0">&nbsp;</TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 6pt; padding-right: 5.4pt; padding-left: 5.4pt; color: #0070C0">Management Proposals to Ratify a Pill to Preserve Net Operating Losses (NOLs)</TD></TR>
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    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-top: 6pt; padding-right: 5.4pt; padding-left: 5.4pt; color: #0070C0">&nbsp;</TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 6pt; padding-right: 5.4pt; padding-left: 5.4pt; color: #0070C0">Proxy Voting Disclosure, Confidentiality, and Tabulation</TD></TR>
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    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-top: 6pt; padding-right: 5.4pt; padding-left: 5.4pt; color: #0070C0">&nbsp;</TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 6pt; padding-right: 5.4pt; padding-left: 5.4pt; color: #0070C0">Ratification Proposals: Management Proposals to Ratify Existing Charter or Bylaw Provisions</TD></TR>
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    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-top: 6pt; padding-right: 5.4pt; padding-left: 5.4pt; color: #0070C0">&nbsp;</TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 6pt; padding-right: 5.4pt; padding-left: 5.4pt; color: #0070C0">Reimbursing Proxy Solicitation Expenses</TD></TR>
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    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-top: 6pt; padding-right: 5.4pt; padding-left: 5.4pt; color: #0070C0">&nbsp;</TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 6pt; padding-right: 5.4pt; padding-left: 5.4pt; color: #0070C0">Reincorporation Proposals</TD></TR>
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    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-top: 6pt; padding-right: 5.4pt; padding-left: 5.4pt; color: #0070C0">&nbsp;</TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 6pt; padding-right: 5.4pt; padding-left: 5.4pt; color: #0070C0">Shareholder Ability to Act by Written Consent</TD></TR>
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    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-top: 6pt; padding-right: 5.4pt; padding-left: 5.4pt; color: #0070C0">&nbsp;</TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 6pt; padding-right: 5.4pt; padding-left: 5.4pt; color: #0070C0">Shareholder Ability to Call Special Meetings</TD></TR>
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    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-top: 6pt; padding-right: 5.4pt; padding-left: 5.4pt; color: #0070C0">&nbsp;</TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 6pt; padding-right: 5.4pt; padding-left: 5.4pt; color: #0070C0">Stakeholder Provisions</TD></TR>
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    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 6pt; padding-right: 5.4pt; padding-left: 5.4pt; color: #0070C0">State Antitakeover Statutes</TD></TR>
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    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-top: 6pt; padding-right: 5.4pt; padding-left: 5.4pt; color: #0070C0">&nbsp;</TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 6pt; padding-right: 5.4pt; padding-left: 5.4pt; color: #0070C0">Supermajority Vote Requirements</TD></TR>
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    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-top: 6pt; padding-right: 5.4pt; padding-left: 5.4pt; color: #0070C0">&nbsp;</TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 6pt; padding-right: 5.4pt; padding-left: 5.4pt; color: #0070C0">Virtual Shareholder Meetings</TD></TR>
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    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-top: 6pt; padding-right: 5.4pt; padding-left: 5.4pt; color: #0070C0">&nbsp;</TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 6pt; padding-right: 5.4pt; padding-left: 5.4pt; color: #0070C0"><B>CAPITAL RESTRUCTURING</B></TD></TR>
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    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 6pt; padding-right: 5.4pt; padding-left: 5.4pt; color: #0070C0">Capital</TD></TR>
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    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 6pt; padding-right: 5.4pt; padding-left: 5.4pt; color: #0070C0">Adjustments to Par Value of Common Stock</TD></TR>
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    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 6pt; padding-right: 5.4pt; padding-left: 5.4pt; color: #0070C0">Common Stock Authorization</TD></TR>
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    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 6pt; padding-right: 5.4pt; padding-left: 5.4pt; color: #0070C0">General Authorization Requests</TD></TR>
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    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 6pt; padding-right: 5.4pt; padding-left: 5.4pt; color: #0070C0">Specific Authorization Requests</TD></TR>
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    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-top: 6pt; padding-right: 5.4pt; padding-left: 5.4pt; color: #0070C0">&nbsp;</TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 6pt; padding-right: 5.4pt; padding-left: 5.4pt; color: #0070C0">Dual Class Structure</TD></TR>
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    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 6pt; padding-right: 5.4pt; padding-left: 5.4pt; color: #0070C0">Issue Stock for Use with Rights Plan</TD></TR>
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    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-top: 6pt; padding-right: 5.4pt; padding-left: 5.4pt; color: #0070C0">&nbsp;</TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 6pt; padding-right: 5.4pt; padding-left: 5.4pt; color: #0070C0">Preemptive Rights</TD></TR>
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    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 6pt; padding-right: 5.4pt; padding-left: 5.4pt; color: #0070C0">Preferred Stock Authorization</TD></TR>
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    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-top: 6pt; padding-right: 5.4pt; padding-left: 5.4pt; color: #0070C0">&nbsp;</TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 6pt; padding-right: 5.4pt; padding-left: 5.4pt; color: #0070C0">General Authorization Requests</TD></TR>
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    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-top: 6pt; padding-right: 5.4pt; padding-left: 5.4pt; color: #0070C0">&nbsp;</TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 6pt; padding-right: 5.4pt; padding-left: 5.4pt; color: #0070C0">Specific Authorization Requests</TD></TR>
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    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-top: 6pt; padding-right: 5.4pt; padding-left: 5.4pt; color: #0070C0">&nbsp;</TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 6pt; padding-right: 5.4pt; padding-left: 5.4pt; color: #0070C0">Recapitalization Plans</TD></TR>
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    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 6pt; padding-right: 5.4pt; padding-left: 5.4pt; color: #0070C0">Reverse Stock Splits</TD></TR>
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    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-top: 6pt; padding-right: 5.4pt; padding-left: 5.4pt; color: #0070C0">&nbsp;</TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 6pt; padding-right: 5.4pt; padding-left: 5.4pt; color: #0070C0">Share Repurchase Programs</TD></TR>
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    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 6pt; padding-right: 5.4pt; padding-left: 5.4pt; color: #0070C0">Share Repurchase Programs Shareholder Proposals</TD></TR>
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    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 6pt; padding-right: 5.4pt; padding-left: 5.4pt; color: #0070C0">Stock Distributions: Splits and Dividends</TD></TR>
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    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 6pt; padding-right: 5.4pt; padding-left: 5.4pt; color: #0070C0">Tracking Stock</TD></TR>
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    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-top: 6pt; padding-right: 5.4pt; padding-left: 5.4pt; color: #0070C0">&nbsp;</TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 6pt; padding-right: 5.4pt; padding-left: 5.4pt; color: #0070C0">Restructuring</TD></TR>
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    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-top: 6pt; padding-right: 5.4pt; padding-left: 5.4pt; color: #0070C0">&nbsp;</TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 6pt; padding-right: 5.4pt; padding-left: 5.4pt; color: #0070C0">Appraisal Rights</TD></TR>
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    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 6pt; padding-right: 5.4pt; padding-left: 5.4pt; color: #0070C0">Asset Purchases</TD></TR>
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    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 6pt; padding-right: 5.4pt; padding-left: 5.4pt; color: #0070C0">Asset Sales</TD></TR>
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    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-top: 6pt; padding-right: 5.4pt; padding-left: 5.4pt; color: #0070C0">&nbsp;</TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 6pt; padding-right: 5.4pt; padding-left: 5.4pt; color: #0070C0">Bundled Proposals</TD></TR>
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    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-top: 6pt; padding-right: 5.4pt; padding-left: 5.4pt; color: #0070C0">&nbsp;</TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 6pt; padding-right: 5.4pt; padding-left: 5.4pt; color: #0070C0">Conversion of Securities</TD></TR>
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    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-top: 6pt; padding-right: 5.4pt; padding-left: 5.4pt; color: #0070C0">&nbsp;</TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 6pt; padding-right: 5.4pt; padding-left: 5.4pt; color: #0070C0">Corporate Reorganization/Debt Restructuring/Prepackaged Bankruptcy Plans/Reverse Leveraged Buyouts/Wrap Plans</TD></TR>
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    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-top: 6pt; padding-right: 5.4pt; padding-left: 5.4pt; color: #0070C0">&nbsp;</TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 6pt; padding-right: 5.4pt; padding-left: 5.4pt; color: #0070C0">Formation of Holding Company</TD></TR>
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    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-top: 6pt; padding-right: 5.4pt; padding-left: 5.4pt; color: #0070C0">&nbsp;</TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 6pt; padding-right: 5.4pt; padding-left: 5.4pt; color: #0070C0">Going Private and Going Dark Transactions (LBOs and Minority Squeeze-outs)</TD></TR>
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    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-top: 6pt; padding-right: 5.4pt; padding-left: 5.4pt; color: #0070C0">&nbsp;</TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 6pt; padding-right: 5.4pt; padding-left: 5.4pt; color: #0070C0">Joint Ventures</TD></TR>
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    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-top: 6pt; padding-right: 5.4pt; padding-left: 5.4pt; color: #0070C0">&nbsp;</TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 6pt; padding-right: 5.4pt; padding-left: 5.4pt; color: #0070C0">Liquidations</TD></TR>
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    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-top: 6pt; padding-right: 5.4pt; padding-left: 5.4pt; color: #0070C0">&nbsp;</TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 6pt; padding-right: 5.4pt; padding-left: 5.4pt; color: #0070C0">Mergers and Acquisitions</TD></TR>
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    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 6pt; padding-right: 5.4pt; padding-left: 5.4pt; color: #0070C0">Private Placements/Warrants/Convertible Debentures</TD></TR>
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    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-top: 6pt; padding-right: 5.4pt; padding-left: 5.4pt; color: #0070C0">&nbsp;</TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 6pt; padding-right: 5.4pt; padding-left: 5.4pt; color: #0070C0">Reorganization/Restructuring Plan (Bankruptcy)</TD></TR>
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    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-top: 6pt; padding-right: 5.4pt; padding-left: 5.4pt; color: #0070C0">&nbsp;</TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 6pt; padding-right: 5.4pt; padding-left: 5.4pt; color: #0070C0">Special Purpose Acquisition Corporations (SPACs)</TD></TR>
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    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 6pt; padding-right: 5.4pt; padding-left: 5.4pt; color: #0070C0">Special Purpose Acquisition Corporations (SPACs) - Proposals for Extensions</TD></TR>
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    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-top: 6pt; padding-right: 5.4pt; padding-left: 5.4pt; color: #0070C0">&nbsp;</TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 6pt; padding-right: 5.4pt; padding-left: 5.4pt; color: #0070C0">Spin-offs</TD></TR>
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    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-top: 6pt; padding-right: 5.4pt; padding-left: 5.4pt; color: #0070C0">&nbsp;</TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 6pt; padding-right: 5.4pt; padding-left: 5.4pt; color: #0070C0">Value Maximization Shareholder Proposals</TD></TR>
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    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-top: 6pt; padding-right: 5.4pt; padding-left: 5.4pt; color: #0070C0">&nbsp;</TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 6pt; padding-right: 5.4pt; padding-left: 5.4pt; color: #0070C0"><B>COMPENSATION</B></TD></TR>
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    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 6pt; padding-right: 5.4pt; padding-left: 5.4pt; color: #0070C0">Executive Pay Evaluation</TD></TR>
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    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 6pt; padding-right: 5.4pt; padding-left: 5.4pt; color: #0070C0">Advisory Votes on Executive Compensation&#8212;Management Proposals (Say-on-Pay)</TD></TR>
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    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-top: 6pt; padding-right: 5.4pt; padding-left: 5.4pt; color: #0070C0">&nbsp;</TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 6pt; padding-right: 5.4pt; padding-left: 5.4pt; color: #0070C0">Frequency of Advisory Vote on Executive Compensation (&quot;Say When on Pay&quot;)</TD></TR>
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    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-top: 6pt; padding-right: 5.4pt; padding-left: 5.4pt; color: #0070C0">&nbsp;</TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 6pt; padding-right: 5.4pt; padding-left: 5.4pt; color: #0070C0">Voting on Golden Parachutes in an Acquisition, Merger, Consolidation, or Proposed Sale</TD></TR>
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    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 6pt; padding-right: 5.4pt; padding-left: 5.4pt; color: #0070C0">Equity-Based and Other Incentive Plans</TD></TR>
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    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-top: 6pt; padding-right: 5.4pt; padding-left: 5.4pt; color: #0070C0">&nbsp;</TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 6pt; padding-right: 5.4pt; padding-left: 5.4pt; color: #0070C0">Further Information on certain EPSC Factors:</TD></TR>
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    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 6pt; padding-right: 5.4pt; padding-left: 5.4pt; color: #0070C0">Egregious Factors</TD></TR>
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    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 6pt; padding-right: 5.4pt; padding-left: 5.4pt; color: #0070C0">Liberal Change in Control Definition</TD></TR>
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    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-top: 6pt; padding-right: 5.4pt; padding-left: 5.4pt; color: #0070C0">&nbsp;</TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 6pt; padding-right: 5.4pt; padding-left: 5.4pt; color: #0070C0">Repricing Provisions</TD></TR>
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    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 6pt; padding-right: 5.4pt; padding-left: 5.4pt; color: #0070C0">Problematic Pay Practices or Significant Pay-for-Performance Disconnect</TD></TR>
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    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-top: 6pt; padding-right: 5.4pt; padding-left: 5.4pt; color: #0070C0">&nbsp;</TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 6pt; padding-right: 5.4pt; padding-left: 5.4pt; color: #0070C0">Amending Cash and Equity Plans (including Approval for Tax Deductibility (162(m))</TD></TR>
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    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-top: 6pt; padding-right: 5.4pt; padding-left: 5.4pt; color: #0070C0">&nbsp;</TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 6pt; padding-right: 5.4pt; padding-left: 5.4pt; color: #0070C0">Specific Treatment of Certain Award Types in Equity Plan Evaluations</TD></TR>
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    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 6pt; padding-right: 5.4pt; padding-left: 5.4pt; color: #0070C0">Dividend Equivalent Rights</TD></TR>
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    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 6pt; padding-right: 5.4pt; padding-left: 5.4pt; color: #0070C0">Operating Partnership (OP) Units in Equity Plan Analysis of Real Estate Investment Trusts (REITs)</TD></TR>
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    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-top: 6pt; padding-right: 5.4pt; padding-left: 5.4pt; color: #0070C0">&nbsp;</TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 6pt; padding-right: 5.4pt; padding-left: 5.4pt; color: #0070C0">Other Compensation Plans</TD></TR>
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    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 6pt; padding-right: 5.4pt; padding-left: 5.4pt; color: #0070C0">401(k) Employee Benefit Plans</TD></TR>
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    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-top: 6pt; padding-right: 5.4pt; padding-left: 5.4pt; color: #0070C0">&nbsp;</TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 6pt; padding-right: 5.4pt; padding-left: 5.4pt; color: #0070C0">Employee Stock Ownership Plans (ESOPs)</TD></TR>
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    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 6pt; padding-right: 5.4pt; padding-left: 5.4pt; color: #0070C0">Employee Stock Purchase Plans&#8212;Qualified Plans</TD></TR>
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    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-top: 6pt; padding-right: 5.4pt; padding-left: 5.4pt; color: #0070C0">&nbsp;</TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 6pt; padding-right: 5.4pt; padding-left: 5.4pt; color: #0070C0">Employee Stock Purchase Plans&#8212;Non-Qualified Plans</TD></TR>
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    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-top: 6pt; padding-right: 5.4pt; padding-left: 5.4pt; color: #0070C0">&nbsp;</TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 6pt; padding-right: 5.4pt; padding-left: 5.4pt; color: #0070C0">Option Exchange Programs/Repricing Options</TD></TR>
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    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-top: 6pt; padding-right: 5.4pt; padding-left: 5.4pt; color: #0070C0">&nbsp;</TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 6pt; padding-right: 5.4pt; padding-left: 5.4pt; color: #0070C0">Stock Plans in Lieu of Cash</TD></TR>
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    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-top: 6pt; padding-right: 5.4pt; padding-left: 5.4pt; color: #0070C0">&nbsp;</TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 6pt; padding-right: 5.4pt; padding-left: 5.4pt; color: #0070C0">Transfer Stock Option (TSO) Programs</TD></TR>
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    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-top: 6pt; padding-right: 5.4pt; padding-left: 5.4pt; color: #0070C0">&nbsp;</TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 6pt; padding-right: 5.4pt; padding-left: 5.4pt; color: #0070C0">Director Compensation</TD></TR>
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    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-top: 6pt; padding-right: 5.4pt; padding-left: 5.4pt; color: #0070C0">&nbsp;</TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 6pt; padding-right: 5.4pt; padding-left: 5.4pt; color: #0070C0">Shareholder Ratification of Director Pay Programs</TD></TR>
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    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-top: 6pt; padding-right: 5.4pt; padding-left: 5.4pt; color: #0070C0">&nbsp;</TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 6pt; padding-right: 5.4pt; padding-left: 5.4pt; color: #0070C0">Equity Plans for Non-Employee Directors</TD></TR>
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    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-top: 6pt; padding-right: 5.4pt; padding-left: 5.4pt; color: #0070C0">&nbsp;</TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 6pt; padding-right: 5.4pt; padding-left: 5.4pt; color: #0070C0">Non-Employee Director Retirement Plans</TD></TR>
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    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-top: 6pt; padding-right: 5.4pt; padding-left: 5.4pt; color: #0070C0">&nbsp;</TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 6pt; padding-right: 5.4pt; padding-left: 5.4pt; color: #0070C0">Shareholder Proposals on Compensation</TD></TR>
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    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-top: 6pt; padding-right: 5.4pt; padding-left: 5.4pt; color: #0070C0">&nbsp;</TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 6pt; padding-right: 5.4pt; padding-left: 5.4pt; color: #0070C0">Bonus Banking/Bonus Banking &#8220;Plus&#8221;</TD></TR>
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    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-top: 6pt; padding-right: 5.4pt; padding-left: 5.4pt; color: #0070C0">&nbsp;</TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 6pt; padding-right: 5.4pt; padding-left: 5.4pt; color: #0070C0">Compensation Consultants&#8212;Disclosure of Board or Company&#8217;s Utilization</TD></TR>
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    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-top: 6pt; padding-right: 5.4pt; padding-left: 5.4pt; color: #0070C0">&nbsp;</TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 6pt; padding-right: 5.4pt; padding-left: 5.4pt; color: #0070C0">Disclosure/Setting Levels or Types of Compensation for Executives and Directors</TD></TR>
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    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-top: 6pt; padding-right: 5.4pt; padding-left: 5.4pt; color: #0070C0">&nbsp;</TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 6pt; padding-right: 5.4pt; padding-left: 5.4pt; color: #0070C0">Golden Coffins/Executive Death Benefits</TD></TR>
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    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-top: 6pt; padding-right: 5.4pt; padding-left: 5.4pt; color: #0070C0">&nbsp;</TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 6pt; padding-right: 5.4pt; padding-left: 5.4pt; color: #0070C0">Hold Equity Past Retirement or for a Significant Period of Time</TD></TR>
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    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-top: 6pt; padding-right: 5.4pt; padding-left: 5.4pt; color: #0070C0">&nbsp;</TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 6pt; padding-right: 5.4pt; padding-left: 5.4pt; color: #0070C0">Pay Disparity</TD></TR>
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    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-top: 6pt; padding-right: 5.4pt; padding-left: 5.4pt; color: #0070C0">&nbsp;</TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 6pt; padding-right: 5.4pt; padding-left: 5.4pt; color: #0070C0">Pay for Performance/Performance-Based Awards</TD></TR>
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    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-top: 6pt; padding-right: 5.4pt; padding-left: 5.4pt; color: #0070C0">&nbsp;</TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 6pt; padding-right: 5.4pt; padding-left: 5.4pt; color: #0070C0">Pay for Superior Performance</TD></TR>
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    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-top: 6pt; padding-right: 5.4pt; padding-left: 5.4pt; color: #0070C0">&nbsp;</TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 6pt; padding-right: 5.4pt; padding-left: 5.4pt; color: #0070C0">Pre-Arranged Trading Plans (10b5-1 Plans)</TD></TR>
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    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-top: 6pt; padding-right: 5.4pt; padding-left: 5.4pt; color: #0070C0">&nbsp;</TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 6pt; padding-right: 5.4pt; padding-left: 5.4pt; color: #0070C0">Prohibit Outside CEOs from Serving on Compensation Committees</TD></TR>
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    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-top: 6pt; padding-right: 5.4pt; padding-left: 5.4pt; color: #0070C0">&nbsp;</TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 6pt; padding-right: 5.4pt; padding-left: 5.4pt; color: #0070C0">Recoupment of Incentive or Stock Compensation in Specified Circumstances</TD></TR>
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    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-top: 6pt; padding-right: 5.4pt; padding-left: 5.4pt; color: #0070C0">&nbsp;</TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 6pt; padding-right: 5.4pt; padding-left: 5.4pt; color: #0070C0">Severance Agreements for Executives/Golden Parachutes</TD></TR>
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    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-top: 6pt; padding-right: 5.4pt; padding-left: 5.4pt; color: #0070C0">&nbsp;</TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 6pt; padding-right: 5.4pt; padding-left: 5.4pt; color: #0070C0">Share Buyback Impact on Incentive Program Metrics</TD></TR>
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    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-top: 6pt; padding-right: 5.4pt; padding-left: 5.4pt; color: #0070C0">&nbsp;</TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 6pt; padding-right: 5.4pt; padding-left: 5.4pt; color: #0070C0">Supplemental Executive Retirement Plans (SERPs)</TD></TR>
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    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-top: 6pt; padding-right: 5.4pt; padding-left: 5.4pt; color: #0070C0">&nbsp;</TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 6pt; padding-right: 5.4pt; padding-left: 5.4pt; color: #0070C0">Tax Gross-Up Proposals</TD></TR>
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    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-top: 6pt; padding-right: 5.4pt; padding-left: 5.4pt; color: #0070C0">&nbsp;</TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 6pt; padding-right: 5.4pt; padding-left: 5.4pt; color: #0070C0">Termination of Employment Prior to Severance Payment/Eliminating Accelerated Vesting of Unvested Equity</TD></TR>
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    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-top: 6pt; padding-right: 5.4pt; padding-left: 5.4pt; color: #0070C0">&nbsp;</TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 6pt; padding-right: 5.4pt; padding-left: 5.4pt; color: #0070C0"><B>ROUTINE / MISCELLANEOUS</B></TD></TR>
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    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-top: 6pt; padding-right: 5.4pt; padding-left: 5.4pt; color: #0070C0">&nbsp;</TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 6pt; padding-right: 5.4pt; padding-left: 5.4pt; color: #0070C0">Adjourn Meeting</TD></TR>
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    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-top: 6pt; padding-right: 5.4pt; padding-left: 5.4pt; color: #0070C0">&nbsp;</TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 6pt; padding-right: 5.4pt; padding-left: 5.4pt; color: #0070C0">Amend Quorum Requirements</TD></TR>
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    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-top: 6pt; padding-right: 5.4pt; padding-left: 5.4pt; color: #0070C0">&nbsp;</TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 6pt; padding-right: 5.4pt; padding-left: 5.4pt; color: #0070C0">Amend Minor Bylaws</TD></TR>
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    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-top: 6pt; padding-right: 5.4pt; padding-left: 5.4pt; color: #0070C0">&nbsp;</TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 6pt; padding-right: 5.4pt; padding-left: 5.4pt; color: #0070C0">Change Company Name</TD></TR>
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    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-top: 6pt; padding-right: 5.4pt; padding-left: 5.4pt; color: #0070C0">&nbsp;</TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 6pt; padding-right: 5.4pt; padding-left: 5.4pt; color: #0070C0">Change Date, Time, or Location of Annual Meeting</TD></TR>
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    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-top: 6pt; padding-right: 5.4pt; padding-left: 5.4pt; color: #0070C0">&nbsp;</TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 6pt; padding-right: 5.4pt; padding-left: 5.4pt; color: #0070C0">Other Business</TD></TR>
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    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-top: 6pt; padding-right: 5.4pt; padding-left: 5.4pt; color: #0070C0">&nbsp;</TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 6pt; padding-right: 5.4pt; padding-left: 5.4pt; color: #0070C0"><B>SOCIAL AND ENVIRONMENTAL ISSUES</B></TD></TR>
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    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-top: 6pt; padding-right: 5.4pt; padding-left: 5.4pt; color: #0070C0">&nbsp;</TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 6pt; padding-right: 5.4pt; padding-left: 5.4pt; color: #0070C0">General Approach</TD></TR>
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    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-top: 6pt; padding-right: 5.4pt; padding-left: 5.4pt; color: #0070C0">&nbsp;</TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 6pt; padding-right: 5.4pt; padding-left: 5.4pt; color: #0070C0">Endorsement of Principles</TD></TR>
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    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-top: 6pt; padding-right: 5.4pt; padding-left: 5.4pt; color: #0070C0">&nbsp;</TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 6pt; padding-right: 5.4pt; padding-left: 5.4pt; color: #0070C0">Animal Welfare</TD></TR>
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    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-top: 6pt; padding-right: 5.4pt; padding-left: 5.4pt; color: #0070C0">&nbsp;</TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 6pt; padding-right: 5.4pt; padding-left: 5.4pt; color: #0070C0">Animal Welfare Policies</TD></TR>
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    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-top: 6pt; padding-right: 5.4pt; padding-left: 5.4pt; color: #0070C0">&nbsp;</TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 6pt; padding-right: 5.4pt; padding-left: 5.4pt; color: #0070C0">Animal Testing</TD></TR>
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    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-top: 6pt; padding-right: 5.4pt; padding-left: 5.4pt; color: #0070C0">&nbsp;</TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 6pt; padding-right: 5.4pt; padding-left: 5.4pt; color: #0070C0">Animal Slaughter</TD></TR>
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    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-top: 6pt; padding-right: 5.4pt; padding-left: 5.4pt; color: #0070C0">&nbsp;</TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 6pt; padding-right: 5.4pt; padding-left: 5.4pt; color: #0070C0">Consumer Issues</TD></TR>
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    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-top: 6pt; padding-right: 5.4pt; padding-left: 5.4pt; color: #0070C0">&nbsp;</TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 6pt; padding-right: 5.4pt; padding-left: 5.4pt; color: #0070C0">Genetically Modified Ingredients</TD></TR>
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    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-top: 6pt; padding-right: 5.4pt; padding-left: 5.4pt; color: #0070C0">&nbsp;</TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 6pt; padding-right: 5.4pt; padding-left: 5.4pt; color: #0070C0">Reports on Potentially Controversial Business/Financial Practices</TD></TR>
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    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-top: 6pt; padding-right: 5.4pt; padding-left: 5.4pt; color: #0070C0">&nbsp;</TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 6pt; padding-right: 5.4pt; padding-left: 5.4pt; color: #0070C0">Pharmaceutical Pricing, Access to Medicines, and Prescription Drug Reimportation</TD></TR>
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    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-top: 6pt; padding-right: 5.4pt; padding-left: 5.4pt; color: #0070C0">&nbsp;</TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 6pt; padding-right: 5.4pt; padding-left: 5.4pt; color: #0070C0">Product Safety and Toxic/Hazardous Materials</TD></TR>
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    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 6pt; padding-right: 5.4pt; padding-left: 5.4pt; color: #0070C0">Tobacco-Related Proposals</TD></TR>
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    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-top: 6pt; padding-right: 5.4pt; padding-left: 5.4pt; color: #0070C0">&nbsp;</TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 6pt; padding-right: 5.4pt; padding-left: 5.4pt; color: #0070C0">Climate Change</TD></TR>
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    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-top: 6pt; padding-right: 5.4pt; padding-left: 5.4pt; color: #0070C0">&nbsp;</TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 6pt; padding-right: 5.4pt; padding-left: 5.4pt; color: #0070C0">Climate (SoC) Management Proposals</TD></TR>
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    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-top: 6pt; padding-right: 5.4pt; padding-left: 5.4pt; color: #0070C0">&nbsp;</TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 6pt; padding-right: 5.4pt; padding-left: 5.4pt; color: #0070C0">Climate (SoC) Shareholder Proposals</TD></TR>
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    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-top: 6pt; padding-right: 5.4pt; padding-left: 5.4pt; color: #0070C0">&nbsp;</TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 6pt; padding-right: 5.4pt; padding-left: 5.4pt; color: #0070C0">Climate Change/Greenhouse Gas (GHG) Emissions</TD></TR>
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    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-top: 6pt; padding-right: 5.4pt; padding-left: 5.4pt; color: #0070C0">&nbsp;</TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 6pt; padding-right: 5.4pt; padding-left: 5.4pt; color: #0070C0">Energy Efficiency</TD></TR>
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    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-top: 6pt; padding-right: 5.4pt; padding-left: 5.4pt; color: #0070C0">&nbsp;</TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 6pt; padding-right: 5.4pt; padding-left: 5.4pt; color: #0070C0">Renewable Energy</TD></TR>
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    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-top: 6pt; padding-right: 5.4pt; padding-left: 5.4pt; color: #0070C0">&nbsp;</TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 6pt; padding-right: 5.4pt; padding-left: 5.4pt; color: #0070C0">Diversity</TD></TR>
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    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 6pt; padding-right: 5.4pt; padding-left: 5.4pt; color: #0070C0">Board Diversity</TD></TR>
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    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-top: 6pt; padding-right: 5.4pt; padding-left: 5.4pt; color: #0070C0">&nbsp;</TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 6pt; padding-right: 5.4pt; padding-left: 5.4pt; color: #0070C0">Equality of Opportunity</TD></TR>
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    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-top: 6pt; padding-right: 5.4pt; padding-left: 5.4pt; color: #0070C0">&nbsp;</TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 6pt; padding-right: 5.4pt; padding-left: 5.4pt; color: #0070C0">Gender Identity, Sexual Orientation, and Domestic Partner Benefits</TD></TR>
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    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-top: 6pt; padding-right: 5.4pt; padding-left: 5.4pt; color: #0070C0">&nbsp;</TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 6pt; padding-right: 5.4pt; padding-left: 5.4pt; color: #0070C0">Gender, Race / Ethnicity Pay Gap</TD></TR>
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    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-top: 6pt; padding-right: 5.4pt; padding-left: 5.4pt; color: #0070C0">&nbsp;</TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 6pt; padding-right: 5.4pt; padding-left: 5.4pt; color: #0070C0">Racial Equity and/or Civil Rights Audit Guidelines</TD></TR>
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    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-top: 6pt; padding-right: 5.4pt; padding-left: 5.4pt; color: #0070C0">&nbsp;</TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 6pt; padding-right: 5.4pt; padding-left: 5.4pt; color: #0070C0">Environment and Sustainability</TD></TR>
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    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 6pt; padding-right: 5.4pt; padding-left: 5.4pt; color: #0070C0">Facility and Workplace Safety</TD></TR>
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    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-top: 6pt; padding-right: 5.4pt; padding-left: 5.4pt; color: #0070C0">&nbsp;</TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 6pt; padding-right: 5.4pt; padding-left: 5.4pt; color: #0070C0">General Environmental Proposals and Community Impact Assessments</TD></TR>
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    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-top: 6pt; padding-right: 5.4pt; padding-left: 5.4pt; color: #0070C0">&nbsp;</TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 6pt; padding-right: 5.4pt; padding-left: 5.4pt; color: #0070C0">Hydraulic Fracturing</TD></TR>
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    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-top: 6pt; padding-right: 5.4pt; padding-left: 5.4pt; color: #0070C0">&nbsp;</TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 6pt; padding-right: 5.4pt; padding-left: 5.4pt; color: #0070C0">Operations in Protected Areas</TD></TR>
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    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-top: 6pt; padding-right: 5.4pt; padding-left: 5.4pt; color: #0070C0">&nbsp;</TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 6pt; padding-right: 5.4pt; padding-left: 5.4pt; color: #0070C0">Recycling</TD></TR>
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    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-top: 6pt; padding-right: 5.4pt; padding-left: 5.4pt; color: #0070C0">&nbsp;</TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 6pt; padding-right: 5.4pt; padding-left: 5.4pt; color: #0070C0">Sustainability Reporting</TD></TR>
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    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-top: 6pt; padding-right: 5.4pt; padding-left: 5.4pt; color: #0070C0">&nbsp;</TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 6pt; padding-right: 5.4pt; padding-left: 5.4pt; color: #0070C0">Water Issues</TD></TR>
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    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-top: 6pt; padding-right: 5.4pt; padding-left: 5.4pt; color: #0070C0">&nbsp;</TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 6pt; padding-right: 5.4pt; padding-left: 5.4pt; color: #0070C0">General Corporate Issues</TD></TR>
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    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-top: 6pt; padding-right: 5.4pt; padding-left: 5.4pt; color: #0070C0">&nbsp;</TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 6pt; padding-right: 5.4pt; padding-left: 5.4pt; color: #0070C0">Charitable Contributions</TD></TR>
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    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-top: 6pt; padding-right: 5.4pt; padding-left: 5.4pt; color: #0070C0">&nbsp;</TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 6pt; padding-right: 5.4pt; padding-left: 5.4pt; color: #0070C0">Data Security, Privacy, and Internet Issues</TD></TR>
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    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-top: 6pt; padding-right: 5.4pt; padding-left: 5.4pt; color: #0070C0">&nbsp;</TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 6pt; padding-right: 5.4pt; padding-left: 5.4pt; color: #0070C0">Environmental, Social, and Governance (ESG) Compensation-Related Proposals</TD></TR>
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    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-top: 6pt; padding-right: 5.4pt; padding-left: 5.4pt; color: #0070C0">&nbsp;</TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 6pt; padding-right: 5.4pt; padding-left: 5.4pt; color: #0070C0">Human Rights, Human Capital Management, and International Operations</TD></TR>
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    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 6pt; padding-right: 5.4pt; padding-left: 5.4pt; color: #0070C0">Human Rights Proposals</TD></TR>
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    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-top: 6pt; padding-right: 5.4pt; padding-left: 5.4pt; color: #0070C0">&nbsp;</TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 6pt; padding-right: 5.4pt; padding-left: 5.4pt; color: #0070C0">Mandatory Arbitration</TD></TR>
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    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-top: 6pt; padding-right: 5.4pt; padding-left: 5.4pt; color: #0070C0">&nbsp;</TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 6pt; padding-right: 5.4pt; padding-left: 5.4pt; color: #0070C0">Operations in High Risk Markets</TD></TR>
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    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-top: 6pt; padding-right: 5.4pt; padding-left: 5.4pt; color: #0070C0">&nbsp;</TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 6pt; padding-right: 5.4pt; padding-left: 5.4pt; color: #0070C0">Outsourcing/Offshoring</TD></TR>
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    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-top: 6pt; padding-right: 5.4pt; padding-left: 5.4pt; color: #0070C0">&nbsp;</TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 6pt; padding-right: 5.4pt; padding-left: 5.4pt; color: #0070C0">Sexual Harassment</TD></TR>
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    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-top: 6pt; padding-right: 5.4pt; padding-left: 5.4pt; color: #0070C0">&nbsp;</TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 6pt; padding-right: 5.4pt; padding-left: 5.4pt; color: #0070C0">Weapons and Military Sales</TD></TR>
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    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-top: 6pt; padding-right: 5.4pt; padding-left: 5.4pt; color: #0070C0">&nbsp;</TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 6pt; padding-right: 5.4pt; padding-left: 5.4pt; color: #0070C0">Political Activities</TD></TR>
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    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-top: 6pt; padding-right: 5.4pt; padding-left: 5.4pt; color: #0070C0">&nbsp;</TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 6pt; padding-right: 5.4pt; padding-left: 5.4pt; color: #0070C0">Lobbying</TD></TR>
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    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-top: 6pt; padding-right: 5.4pt; padding-left: 5.4pt; color: #0070C0">&nbsp;</TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 6pt; padding-right: 5.4pt; padding-left: 5.4pt; color: #0070C0">Political Contributions</TD></TR>
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    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-top: 6pt; padding-right: 5.4pt; padding-left: 5.4pt; color: #0070C0">&nbsp;</TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 6pt; padding-right: 5.4pt; padding-left: 5.4pt; color: #0070C0">Political Ties</TD></TR>
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    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-top: 6pt; padding-right: 5.4pt; padding-left: 5.4pt; color: #0070C0">&nbsp;</TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 6pt; padding-right: 5.4pt; padding-left: 5.4pt; color: #0070C0"><B>REGISTERED INVESTMENT COMPANY PROXIES</B></TD></TR>
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    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-top: 6pt; padding-right: 5.4pt; padding-left: 5.4pt; color: #0070C0">&nbsp;</TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 6pt; padding-right: 5.4pt; padding-left: 5.4pt; color: #0070C0">Election of Directors</TD></TR>
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    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-top: 6pt; padding-right: 5.4pt; padding-left: 5.4pt; color: #0070C0">&nbsp;</TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 6pt; padding-right: 5.4pt; padding-left: 5.4pt; color: #0070C0">Closed End Fund - Unilateral Opt-In to Control Share Acquisition Statutes</TD></TR>
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    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-top: 6pt; padding-right: 5.4pt; padding-left: 5.4pt; color: #0070C0">&nbsp;</TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 6pt; padding-right: 5.4pt; padding-left: 5.4pt; color: #0070C0">Converting Closed-end Fund to Open-end Fund</TD></TR>
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    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-top: 6pt; padding-right: 5.4pt; padding-left: 5.4pt; color: #0070C0">&nbsp;</TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 6pt; padding-right: 5.4pt; padding-left: 5.4pt; color: #0070C0">Proxy Contests</TD></TR>
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    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-top: 6pt; padding-right: 5.4pt; padding-left: 5.4pt; color: #0070C0">&nbsp;</TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 6pt; padding-right: 5.4pt; padding-left: 5.4pt; color: #0070C0">Investment Advisory Agreements</TD></TR>
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    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-top: 6pt; padding-right: 5.4pt; padding-left: 5.4pt; color: #0070C0">&nbsp;</TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 6pt; padding-right: 5.4pt; padding-left: 5.4pt; color: #0070C0">Approving New Classes or Series of Shares</TD></TR>
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    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-top: 6pt; padding-right: 5.4pt; padding-left: 5.4pt; color: #0070C0">&nbsp;</TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 6pt; padding-right: 5.4pt; padding-left: 5.4pt; color: #0070C0">Preferred Stock Proposals</TD></TR>
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    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-top: 6pt; padding-right: 5.4pt; padding-left: 5.4pt; color: #0070C0">&nbsp;</TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 6pt; padding-right: 5.4pt; padding-left: 5.4pt; color: #0070C0">1940 Act Policies</TD></TR>
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    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-top: 6pt; padding-right: 5.4pt; padding-left: 5.4pt; color: #0070C0">&nbsp;</TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 6pt; padding-right: 5.4pt; padding-left: 5.4pt; color: #0070C0">Changing a Fundamental Restriction to a Nonfundamental Restriction</TD></TR>
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    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-top: 6pt; padding-right: 5.4pt; padding-left: 5.4pt; color: #0070C0">&nbsp;</TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 6pt; padding-right: 5.4pt; padding-left: 5.4pt; color: #0070C0">Change Fundamental Investment Objective to Nonfundamental</TD></TR>
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    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-top: 6pt; padding-right: 5.4pt; padding-left: 5.4pt; color: #0070C0">&nbsp;</TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 6pt; padding-right: 5.4pt; padding-left: 5.4pt; color: #0070C0">Name Change Proposals</TD></TR>
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    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-top: 6pt; padding-right: 5.4pt; padding-left: 5.4pt; color: #0070C0">&nbsp;</TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 6pt; padding-right: 5.4pt; padding-left: 5.4pt; color: #0070C0">Change in Fund's Subclassification</TD></TR>
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    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-top: 6pt; padding-right: 5.4pt; padding-left: 5.4pt; color: #0070C0">&nbsp;</TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 6pt; padding-right: 5.4pt; padding-left: 5.4pt; color: #0070C0">Business Development Companies&#8212;Authorization to Sell Shares of Common Stock at a Price below Net Asset Value</TD></TR>
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    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-top: 6pt; padding-right: 5.4pt; padding-left: 5.4pt; color: #0070C0">&nbsp;</TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 6pt; padding-right: 5.4pt; padding-left: 5.4pt; color: #0070C0">Disposition of Assets/Termination/Liquidation</TD></TR>
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    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-top: 6pt; padding-right: 5.4pt; padding-left: 5.4pt; color: #0070C0">&nbsp;</TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 6pt; padding-right: 5.4pt; padding-left: 5.4pt; color: #0070C0">Changes to the Charter Document</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-top: 6pt; padding-right: 5.4pt; padding-left: 5.4pt; color: #0070C0">&nbsp;</TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 6pt; padding-right: 5.4pt; padding-left: 5.4pt; color: #0070C0">Changing the Domicile of a Fund</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-top: 6pt; padding-right: 5.4pt; padding-left: 5.4pt; color: #0070C0">&nbsp;</TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 6pt; padding-right: 5.4pt; padding-left: 5.4pt; color: #0070C0">Authorizing the Board to Hire and Terminate Subadvisers Without Shareholder Approval</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-top: 6pt; padding-right: 5.4pt; padding-left: 5.4pt; color: #0070C0">&nbsp;</TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 6pt; padding-right: 5.4pt; padding-left: 5.4pt; color: #0070C0">Distribution Agreements</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-top: 6pt; padding-right: 5.4pt; padding-left: 5.4pt; color: #0070C0">&nbsp;</TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 6pt; padding-right: 5.4pt; padding-left: 5.4pt; color: #0070C0">Master-Feeder Structure</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-top: 6pt; padding-right: 5.4pt; padding-left: 5.4pt; color: #0070C0">&nbsp;</TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 6pt; padding-right: 5.4pt; padding-left: 5.4pt; color: #0070C0">Mergers</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-top: 6pt; padding-right: 5.4pt; padding-left: 5.4pt; color: #0070C0">&nbsp;</TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 6pt; padding-right: 5.4pt; padding-left: 5.4pt; color: #0070C0">Shareholder Proposals for Mutual Funds</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-top: 6pt; padding-right: 5.4pt; padding-left: 5.4pt; color: #0070C0">&nbsp;</TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 6pt; padding-right: 5.4pt; padding-left: 5.4pt; color: #0070C0">Establish Director Ownership Requirement</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-top: 6pt; padding-right: 5.4pt; padding-left: 5.4pt; color: #0070C0">&nbsp;</TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 6pt; padding-right: 5.4pt; padding-left: 5.4pt; color: #0070C0">Reimburse Shareholder for Expenses Incurred</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-top: 6pt; padding-right: 5.4pt; padding-left: 5.4pt; color: #0070C0">&nbsp;</TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 6pt; padding-right: 5.4pt; padding-left: 5.4pt; color: #0070C0">Terminate the Investment Advisor</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-top: 6pt; padding-right: 5.4pt; padding-left: 5.4pt; color: #0070C0">&nbsp;</TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 6pt; padding-right: 5.4pt; padding-left: 5.4pt; color: #0070C0">INTERNATIONAL PROXY VOTING</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-top: 6pt; padding-right: 5.4pt; padding-left: 5.4pt; color: #0070C0">&nbsp;</TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 6pt; padding-right: 5.4pt; padding-left: 5.4pt; color: #0070C0">Appendix I</TD></TR>
  </TABLE>
<P STYLE="color: #0070C0; font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0"><BR STYLE="clear: both">
</P>

<P STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0"><B>NOTE:</B> Because of the unique
oversight structure and regulatory scheme applicable to closed-end and open-end investment companies,
except as otherwise noted, these voting guidelines are not applicable to holdings of shares of closed-end
and open-end investment companies (except Real Estate Investment Trusts).</P>

<P STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0">In voting proxies that are noted
case-by-case, DWS will vote such proxies based on recommendations from ISS based on its application of
the Guidelines.</P>

<P STYLE="font: bold 12pt/14pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0">BOARD OF DIRECTORS</P>

<P STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0">DWS&#8217;s policy is to generally
vote for director nominees, except under the following circumstances (with new nominees<SUP>6</SUP> considered
on case-by-case basis):</P>

<P STYLE="font: bold 11pt/13pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0">Independence</P>

<P STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0">General Recommendation: DWS&#8217;s
policy is to generally vote against<SUP>7</SUP> or withhold from non-independent directors when (See Appendix
1 for Classification of Directors):</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&#9632;</TD><TD>Independent directors comprise 50 percent or less of the board;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&#9632;</TD><TD>The non-independent director serves on the audit, compensation, or nominating committee;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&#9632;</TD><TD>The company lacks an audit, compensation, or nominating committee so that the full board functions
as that committee; or</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&#9632;</TD><TD>The company lacks a formal nominating committee, even if the board attests that the independent directors
fulfill the functions of such a committee.</TD></TR></TABLE>

<P STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0">&nbsp;</P>

<P STYLE="font: 8pt/10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0"><SUP>6 </SUP>A &quot;new nominee&quot;
is a director who is being presented for election by shareholders for the first time. Recommendations
on new nominees who have served for less than one year are made on a case-by-case basis depending on the
timing of their appointment and the problematic governance issue in question.</P>

<P STYLE="font: 8pt/10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0"><SUP>7</SUP> In general, companies
with a plurality vote standard use &#8220;Withhold&#8221; as the contrary vote option in director elections;
companies with a majority vote standard use &#8220;Against&#8221;. However, it will vary by company and
the proxy must be checked to determine the valid contrary vote option for the particular company.</P>

<P STYLE="font: bold 11pt/13pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0">Composition</P>

<P STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0">Attendance at Board and Committee
Meetings: DWS&#8217;s policy is to generally vote against or withhold from directors (except nominees
who served only part of the fiscal year<SUP>8</SUP>) who attend less than 75 percent of the aggregate
of their board and committee meetings for the period for which they served, unless an acceptable reason
for absences is disclosed in the proxy or another SEC filing. Acceptable reasons for director absences
are generally limited to the following:</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&#9632;</TD><TD>Medical issues/illness;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&#9632;</TD><TD>Family emergencies; and</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&#9632;</TD><TD>Missing only one meeting (when the total of all meetings is three or fewer).</TD></TR></TABLE>

<P STYLE="font: 8pt/10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0"><SUP>8</SUP> Nominees who served
for only part of the fiscal year are generally exempted from the attendance policy.</P>

<P STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0">In cases of chronic poor attendance
without reasonable justification, in addition to voting against the director(s) with poor attendance,
generally vote against or withhold from appropriate members of the nominating/governance committees or
the full board.</P>

<P STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0">If the proxy disclosure is unclear
and insufficient to determine whether a director attended at least 75 percent of the aggregate of his/her
board and committee meetings during his/her period of service, vote against or withhold from the director(s)
in question.</P>

<P STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0"><B>Overboarded Directors: </B>DWS&#8217;s
policy is to generally vote against or withhold from individual directors who:</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&#9632;</TD><TD>Sit on more than five public company boards; or</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&#9632;</TD><TD>Are CEOs of public companies who sit on the boards of more than two public companies besides their
own&#8212;withhold only at their outside boards<SUP>9</SUP></TD></TR></TABLE>

<P STYLE="font: 8pt/10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0"><SUP>9</SUP> Although all of a
CEO&#8217;s subsidiary boards with publicly-traded common stock will be counted as separate boards, DWS
will not recommend a withhold vote for the CEO of a parent company board or any of the controlled (&gt;50
percent ownership) subsidiaries of that parent but may do so at subsidiaries that are less than 50 percent
controlled and boards outside the parent/subsidiary relationships.</P>

<P STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0"><B>Gender Diversity:</B> For
companies in the Russell 3000 or S&amp;P 1500 indices, DWS&#8217;s policy is to generally vote against
or withhold from the chair of the nominating committee (or other directors on a case-by-case basis) at
companies where there are no women on the company's board. An exception will be made if there was a woman
on the board at the preceding annual meeting and the board makes a firm commitment to return to a gender-diverse
status within a year.</P>

<P STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0">This policy will also apply for
companies not in the Russell 3000 and S&amp;P1500 indices, effective for meetings on or after Feb. 1,
2023.</P>

<P STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0"><B>Racial and/or Ethnic Diversity:
</B>For companies in the Russell 3000 or S&amp;P 1500 indices,</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&#9632;</TD><TD>generally vote against or withhold from the chair of the nominating committee (or other directors
on a case-by-case basis) where the board has no apparent racially or ethnically diverse members.<SUP>10</SUP>
An exception will be made if (i) there was racial and/or ethnic diversity on the board at the preceding
annual meeting and the board makes a firm commitment to appoint at least one racial and/or ethnic diverse
member within a year; or (ii) there are no new nominees proposed for election to the board.</TD></TR></TABLE>

<P STYLE="font: 8pt/10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0"><SUP>10 </SUP>Aggregate diversity
statistics provided by the board will only be considered if specific to racial and/or ethnic diversity.</P>

<P STYLE="font: bold 11pt/13pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0">Responsiveness</P>

<P STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0">DWS&#8217;s policy is to generally
vote case-by-case on individual directors, committee members, or the entire board of directors as appropriate
if:</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&#9632;</TD><TD>The board failed to act on a shareholder proposal that received the support of a majority of the shares
cast in the previous year or failed to act on a management proposal seeking to ratify an existing charter/bylaw
provision that received opposition of a majority of the shares cast in the previous year. Factors that
will be considered are:</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&#9632;</TD><TD>Disclosed outreach efforts by the board to shareholders in the wake of the vote;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&#9632;</TD><TD>Rationale provided in the proxy statement for the level of implementation;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&#9632;</TD><TD>The subject matter of the proposal;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&#9632;</TD><TD>The level of support for and opposition to the resolution in past meetings;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&#9632;</TD><TD>Actions taken by the board in response to the majority vote and its engagement with shareholders;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&#9632;</TD><TD>The continuation of the underlying issue as a voting item on the ballot (as either shareholder or
management proposals); and</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&#9632;</TD><TD>Other factors as appropriate.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&#9632;</TD><TD>The board failed to act on takeover offers where the majority of shares are tendered;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&#9632;</TD><TD>At the previous board election, any director received more than 50 percent withhold/against votes
of the shares cast and the company has failed to address the issue(s) that caused the high withhold/against
vote.</TD></TR></TABLE>

<P STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0">DWS&#8217;s policy is to generally
vote case-by-case on Compensation Committee members (or, in exceptional cases, the full board) and the
Say on Pay proposal if:</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&#9632;</TD><TD>The company&#8217;s previous say-on-pay received the support of less than 70 percent of votes cast.
Factors that will be considered are:</TD></TR></TABLE>

<P STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0">The company's response, including:</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&#9632;</TD><TD>Disclosure of engagement efforts with major institutional investors, including the frequency and timing
of engagements and the company participants (including whether independent directors participated);</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&#9632;</TD><TD>Disclosure of the specific concerns voiced by dissenting shareholders that led to the say-on-pay opposition;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&#9632;</TD><TD>Disclosure of specific and meaningful actions taken to address shareholders' concerns;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&#9632;</TD><TD>Other recent compensation actions taken by the company;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&#9632;</TD><TD>Whether the issues raised are recurring or isolated;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&#9632;</TD><TD>The company's ownership structure; and</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&#9632;</TD><TD>Whether the support level was less than 50 percent, which would warrant the highest degree of responsiveness.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&#9632;</TD><TD>The board implements an advisory vote on executive compensation on a less frequent basis than the
frequency that received the plurality of votes cast.</TD></TR></TABLE>

<P STYLE="font: bold 11pt/13pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0">Accountability</P>

<P STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0"><B><I>Problematic Takeover Defenses/Governance
Structure</I></B></P>

<P STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0"><B>Poison Pills:</B> DWS&#8217;s
policy is to generally vote against or withhold from all nominees (except new nominees<SUP>5</SUP>, who
should be considered case-by-case) if:</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&#9632;</TD><TD>The company has a poison pill that was not approved by shareholders<SUP>11</SUP>. However, vote case-by-case
on nominees if the board adopts an initial pill with a term of one year or less, depending on the disclosed
rationale for the adoption, and other factors as relevant (such as a commitment to put any renewal to
a shareholder vote);</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&#9632;</TD><TD>The board makes a material adverse modification to an existing pill, including, but not limited to,
extension, renewal, or lowering the trigger, without shareholder approval; or</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&#9632;</TD><TD>The pill, whether short-term<SUP>12</SUP> or long-term, has a deadhand or slowhand feature.</TD></TR></TABLE>

<P STYLE="font: 8pt/10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0"><SUP>11</SUP> Public shareholders
only, approval prior to a company&#8217;s becoming public is insufficient.</P>

<P STYLE="font: 8pt/10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0"><SUP>12</SUP> If the short-term
pill with a deadhand or slowhand feature is enacted but expires before the next shareholder vote, DWS
will generally still vote withhold or against nominees at the next shareholder meeting following its adoption.</P>

<P STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0"><B>Classified Board Structure:
</B>The board is classified, and a continuing director responsible for a problematic governance issue
at the board/committee level that would warrant a withhold / against vote recommendation is not up for
election. All appropriate nominees (except new) may be held accountable.</P>

<P STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0"><B>Removal of Shareholder Discretion
on Classified Boards: </B>The company has opted into, or failed to opt out of, state laws requiring a
classified board structure.</P>

<P STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0"><B>Director Performance Evaluation:
</B>The board lacks mechanisms to promote accountability and oversight, coupled with sustained poor performance
relative to peers. Sustained poor performance is measured by one-, three-, and five-year total shareholder
returns in the bottom half of a company&#8217;s four-digit GICS industry group (Russell 3000 companies
only). Take into consideration the company&#8217;s operational metrics and other factors as warranted.</P>

<P STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0">Problematic provisions include
but are not limited to:</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&#9632;</TD><TD>A classified board structure;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&#9632;</TD><TD>A supermajority vote requirement;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&#9632;</TD><TD>Either a plurality vote standard in uncontested director elections, or a majority vote standard in
contested elections;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&#9632;</TD><TD>The inability of shareholders to call special meetings;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&#9632;</TD><TD>The inability of shareholders to act by written consent;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&#9632;</TD><TD>A multi-class capital structure; and/or</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&#9632;</TD><TD>A non-shareholder-approved poison pill.</TD></TR></TABLE>

<P STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0"><B>Unilateral Bylaw/Charter Amendments
and Problematic Capital Structures:</B> DWS&#8217;s policy is to generally vote against or withhold from
directors individually, committee members, or the entire board (except new nominees<SUP>5</SUP>, who should
be considered case-by-case) if the board amends the company's bylaws or charter without shareholder approval
in a manner that materially diminishes shareholders' rights or that could adversely impact shareholders,
considering the following factors:</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&#9632;</TD><TD>The board's rationale for adopting the bylaw/charter amendment without shareholder ratification;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&#9632;</TD><TD>Disclosure by the company of any significant engagement with shareholders regarding the amendment;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&#9632;</TD><TD>The level of impairment of shareholders' rights caused by the board's unilateral amendment to the
bylaws/charter;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&#9632;</TD><TD>The board's track record with regard to unilateral board action on bylaw/charter amendments or other
entrenchment provisions;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&#9632;</TD><TD>The company's ownership structure;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&#9632;</TD><TD>The company's existing governance provisions;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&#9632;</TD><TD>The timing of the board's amendment to the bylaws/charter in connection with a significant business
development; and</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&#9632;</TD><TD>Other factors, as deemed appropriate, that may be relevant to determine the impact of the amendment
on shareholders.</TD></TR></TABLE>

<P STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0">Unless the adverse amendment
is reversed or submitted to a binding shareholder vote, in subsequent years vote case-by-case on director
nominees. DWS&#8217;s policy is to generally vote against (except new nominees, who should be considered
case-by-case) if the directors:</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&#9632;</TD><TD>Classified the board;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&#9632;</TD><TD>Adopted supermajority vote requirements to amend the bylaws or charter; or</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&#9632;</TD><TD>Eliminated shareholders' ability to amend bylaws.</TD></TR></TABLE>

<P STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0"><B>Unequal Voting Rights</B></P>

<P STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0"><B>Problematic Capital Structure
- Newly Public Companies: For 2022, </B>for newly public companies<SUP>13</SUP>, DWS&#8217;s policy is
to generally vote against or withhold from the entire board (except new nominees<SUP>5</SUP>, who should
be considered case-by-case) if, prior to or in connection with the company's public offering, the company
or its board implemented a multi-class capital structure in which the classes have unequal voting rights
without subjecting the multi-class capital structure to a reasonable time-based sunset. In assessing the
reasonableness of a time-based sunset provision, consideration will be given to the company&#8217;s lifespan,
its post-IPO ownership structure and the board&#8217;s disclosed rationale for the sunset period selected.
No sunset period of more than seven years from the date of the IPO will be considered to be reasonable.</P>

<P STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0">Continue to vote against or withhold
from incumbent directors in subsequent years, unless the problematic capital structure is reversed, removed
or subject to a newly added reasonable sunset.</P>

<P STYLE="font: 8pt/10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0"><SUP>13 </SUP>Newly-public companies
generally include companies that emerge from bankruptcy, SPAC transactions, spin-offs, direct listings,
and those who complete a traditional initial public offering.</P>

<P STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0"><B>Common Stock Capital Structure
with Unequal Voting Rights:</B> Starting <B>Feb.1, 2023</B>, generally vote withhold or against directors
individually, committee members, or the entire board (except new nominees, who should be considered (case-by-case),
if the company employs a common stock structure with unequal voting rights<SUP>14</SUP>.</P>

<P STYLE="font: 8pt/10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0"><SUP>14 </SUP>This generally includes
classes of common stock that have additional votes per share than other shares; classes that are not entitled
to vote on all the same ballot items or nominees; or stock with time-phased voting rights (&#8220;loyalty
shares&#8221;)</P>

<P STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0">Exceptions to this policy will
generally be limited to:</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&#9632;</TD><TD>Newly-public companies with a sunset provision of no more than seven years from the date of going
public;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&#9632;</TD><TD>Limited Partnerships and the Operating Partnership (OP) unit structure of REITs;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&#9632;</TD><TD>Situations where the unequal voting rights are considered de minimis; or</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&#9632;</TD><TD>The company provides sufficient protections for minority shareholders, such as allowing minority shareholders
a regular binding vote on whether the capital structure should be maintained.</TD></TR></TABLE>

<P STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0"><B>Problematic Governance Structure
- Newly Public Companies: </B>For newly public companies<SUP>12</SUP>, DWS&#8217;s policy is to generally
vote against or withhold from directors individually, committee members, or the entire board (except new
nominees<SUP>5</SUP>, who should be considered case-by-case) if, prior to or in connection with the company's
public offering, the company or its board adopted the following bylaw or charter provisions that are considered
to be materially adverse to shareholder rights:</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&#9632;</TD><TD>Supermajority vote requirements to amend the bylaws or charter;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&#9632;</TD><TD>A classified board structure; or</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&#9632;</TD><TD>Other egregious provisions.</TD></TR></TABLE>

<P STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0">A reasonable sunset provision
will be considered a mitigating factor.</P>

<P STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0">Unless the adverse provision
is reversed or removed, vote case-by-case on director nominees in subsequent years.</P>

<P STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0"><B>Management Proposals to Ratify
Existing Charter or Bylaw Provisions: </B>DWS&#8217;s policy is to generally vote against/withhold from
individual directors, members of the governance committee, or the full board, where boards ask shareholders
to ratify existing charter or bylaw provisions considering the following factors:</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&#9632;</TD><TD>The presence of a shareholder proposal addressing the same issue on the same ballot;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&#9632;</TD><TD>The board's rationale for seeking ratification;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&#9632;</TD><TD>Disclosure of actions to be taken by the board should the ratification proposal fail;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&#9632;</TD><TD>Disclosure of shareholder engagement regarding the board&#8217;s ratification request;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&#9632;</TD><TD>The level of impairment to shareholders' rights caused by the existing provision;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&#9632;</TD><TD>The history of management and shareholder proposals on the provision at the company&#8217;s past meetings;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&#9632;</TD><TD>Whether the current provision was adopted in response to the shareholder proposal;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&#9632;</TD><TD>The company's ownership structure; and</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&#9632;</TD><TD>Previous use of ratification proposals to exclude shareholder proposals.</TD></TR></TABLE>

<P STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0"><B>Restrictions on Shareholders&#8217;
Rights</B></P>

<P STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0"><B>Restricting Binding Shareholder
Proposals: </B>DWS&#8217;s policy is to generally vote against or withhold from the members of the governance
committee if:</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&#9632;</TD><TD>The company&#8217;s governing documents impose undue restrictions on shareholders&#8217; ability to
amend the bylaws.</TD></TR></TABLE>

<P STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0">Such restrictions include but
are not limited to: outright prohibition on the submission of binding shareholder proposals or share ownership
requirements, subject matter restrictions, or time holding requirements in excess of SEC Rule 14a-8. Vote
against or withhold on an ongoing basis.</P>

<P STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0">Submission of management proposals
to approve or ratify requirements in excess of SEC Rule 14a-8 for the submission of binding bylaw amendments
will generally be viewed as an insufficient restoration of shareholders' rights. DWS&#8217;s policy is
to generally continue to vote against or withhold on an ongoing basis until shareholders are provided
with an unfettered ability to amend the bylaws or a proposal providing for such unfettered right is submitted
for shareholder approval.</P>

<P STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0"><B>Problematic Audit-Related
Practices</B></P>

<P STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0">DWS&#8217;s policy is to generally
vote against or withhold from the members of the Audit Committee if:</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&#9632;</TD><TD>The non-audit fees paid to the auditor are excessive;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&#9632;</TD><TD>The company receives an adverse opinion on the company&#8217;s financial statements from its auditor;
or</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&#9632;</TD><TD>There is persuasive evidence that the Audit Committee entered into an inappropriate indemnification
agreement with its auditor that limits the ability of the company, or its shareholders, to pursue legitimate
legal recourse against the audit firm.</TD></TR></TABLE>

<P STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0">DWS&#8217;s policy is to generally
vote case-by-case on members of the Audit Committee and potentially the full board if:</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&#9632;</TD><TD>Poor accounting practices are identified that rise to a level of serious concern, such as: fraud;
misapplication of GAAP; and material weaknesses identified in Section 404 disclosures. Examine the severity,
breadth, chronological sequence, and duration, as well as the company&#8217;s efforts at remediation or
corrective actions, in determining whether withhold/against votes are warranted.</TD></TR></TABLE>

<P STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0"><B>Problematic Compensation Practices</B></P>

<P STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0">In the absence of an Advisory
Vote on Executive Compensation (Say on Pay) ballot item or in egregious situations, DWS&#8217;s policy
is to generally vote against or withhold from the members of the Compensation Committee and potentially
the full board if:</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&#9632;</TD><TD>There is an unmitigated misalignment between CEO pay and company performance (pay for performance);</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&#9632;</TD><TD>The company maintains significant problematic pay practices; or</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&#9632;</TD><TD>The board exhibits a significant level of poor communication and responsiveness to shareholders.</TD></TR></TABLE>

<P STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0">DWS&#8217;s policy is to generally
vote against or withhold from the Compensation Committee chair, other committee members, or potentially
the full board if:</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&#9632;</TD><TD>The company fails to include a Say on Pay ballot item when required under SEC provisions, or under
the company&#8217;s declared frequency of say on pay; or</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&#9632;</TD><TD>The company fails to include a Frequency of Say on Pay ballot item when required under SEC provisions.</TD></TR></TABLE>

<P STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0">DWS&#8217;s policy is to generally
vote against members of the board committee responsible for approving/setting non-employee director compensation
if there is a pattern (i.e. two or more years) of awarding excessive non-employee director compensation
without disclosing a compelling rationale or other mitigating factors.</P>

<P STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0"><B>Problematic Pledging of Company
Stock</B></P>

<P STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0">DWS&#8217;s policy is to generally
vote against the members of the committee that oversees risks related to pledging, or the full board,
where a significant level of pledged company stock by executives or directors raises concerns.</P>

<P STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0">The following factors will be
considered:</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&#9632;</TD><TD>The presence of an anti-pledging policy, disclosed in the proxy statement, that prohibits future pledging
activity;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&#9632;</TD><TD>The magnitude of aggregate pledged shares in terms of total common shares outstanding, market value,
and trading volume;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&#9632;</TD><TD>Disclosure of progress or lack thereof in reducing the magnitude of aggregate pledged shares over
time;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&#9632;</TD><TD>Disclosure in the proxy statement that shares subject to stock ownership and holding requirements
do not include pledged company stock; and</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&#9632;</TD><TD>Any other relevant factors.</TD></TR></TABLE>

<P STYLE="font: bold 11pt/13pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0">Climate Accountability</P>

<P STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0">For companies that are significant
greenhouse gas (GHG) emitters, through their operations or value chain<SUP>15</SUP>, DWS&#8217;s policy
is to generally vote against or withhold from the incumbent chair of the responsible committee (or other
directors on a case-by-case basis) in cases where DWS determines that the company is not taking the minimum
steps needed to understand, assess and mitigate the risks related to climate change to the company and
the larger economy which may lead to regulatory risks.</P>

<P STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0">For 2022, minimum steps to understand
and mitigate those risks are considered to be the following. Both minimum criteria will be required to
be in compliance:</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&#9632;</TD><TD>Detailed disclosure of climate-related risks, such as according to the framework established by the
Task Force on Climate-related Financial Disclosures (TCFD), including:</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">1.</TD><TD>Board governance measures;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">2.</TD><TD>Corporate strategy;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">3.</TD><TD>Risk management analyses; and</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">4.</TD><TD>Metrics and targets.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&#9632;</TD><TD>Appropriate GHG emissions reduction targets.</TD></TR></TABLE>

<P STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0">For 2022, &#8220;appropriate
GHG emissions reduction targets&#8221; will be any well-defined GHG reduction targets. Targets for Scope
3 emissions will not be required for 2022 but the targets should cover at least a significant portion
of the company&#8217;s direct emissions. Expectations about what constitutes &#8220;minimum steps to mitigate
risks related to climate change&#8221; will increase over time.</P>

<P STYLE="font: 8pt/10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0"><SUP>15 </SUP>For 2022, companies
defined as &#8220;significant GHG emitters&#8221; will be those on the current Climate Action 100+ Focus
Group list.</P>

<P STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0"><B><I>Governance Failures</I></B></P>

<P STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0">DWS&#8217;s policy is to generally
vote case-by-case on directors individually, committee members, or the entire board, due to:</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&#9632;</TD><TD>Material failures of governance, stewardship, risk oversight<SUP>16</SUP>, or fiduciary responsibilities
at the company, including failures to adequately manage or mitigate environmental, social and governance
(ESG) risks;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&#9632;</TD><TD>Failure to replace management as appropriate; or</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&#9632;</TD><TD>Egregious actions related to a director&#8217;s service on other boards that raise substantial doubt
about his or her ability to effectively oversee management and serve the best interests of shareholders
at any company.</TD></TR></TABLE>

<P STYLE="font: 8pt/10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0"><SUP>16 </SUP>Examples of failure
of risk oversight include but are not limited to: bribery; large or serial fines or sanctions from regulatory
bodies; demonstrably poor oversight of environmental and social issues, including climate change; significant
adverse legal judgments or settlement; or hedging of company stock.</P>

<P STYLE="font: bold 11pt/13pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0">Voting on Director Nominees
in Contested Elections</P>

<P STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0"><B>Vote-No Campaigns</B></P>

<P STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0"><B>General Recommendation:</B>
In cases where companies are targeted in connection with public &#8220;vote-no&#8221; campaigns, evaluate
director nominees under the existing governance policies for voting on director nominees in uncontested
elections. Take into consideration the arguments submitted by shareholders and other publicly available
information.</P>

<P STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0"><B>Proxy Contests/Proxy Access
</B></P>

<P STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0"><B>General Recommendation: </B>DWS&#8217;s
policy is to generally vote case-by-case on the election of directors in contested elections, considering
the following factors:</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&#9632;</TD><TD>Long-term financial performance of the company relative to its industry;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&#9632;</TD><TD>Management&#8217;s track record;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&#9632;</TD><TD>Background to the contested election;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&#9632;</TD><TD>Nominee qualifications and any compensatory arrangements;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&#9632;</TD><TD>Strategic plan of dissident slate and quality of the critique against management;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&#9632;</TD><TD>Likelihood that the proposed goals and objectives can be achieved (both slates); and</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&#9632;</TD><TD>Stock ownership positions.</TD></TR></TABLE>

<P STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0">In the case of candidates nominated
pursuant to proxy access, DWS&#8217;s policy is to generally vote case-by-case considering any applicable
factors listed above or additional factors which may be relevant, including those that are specific to
the company, to the nominee(s) and/or to the nature of the election (such as whether there are more candidates
than board seats).</P>

<P STYLE="font: bold 11pt/13pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0">Other Board-Related Proposals</P>

<P STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0"><B>Adopt Anti-Hedging/Pledging/Speculative
Investments Policy</B></P>

<P STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0"><B>General Recommendation:</B>
DWS&#8217;s policy is to generally vote for proposals seeking a policy that prohibits named executive
officers from engaging in derivative or speculative transactions involving company stock, including hedging,
holding stock in a margin account, or pledging stock as collateral for a loan. However, the company&#8217;s
existing policies regarding responsible use of company stock will be considered.</P>

<P STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0"><B>Board Refreshment</B></P>

<P STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0">DWS believes Board refreshment
is best implemented through an ongoing program of individual director evaluations, conducted annually,
to ensure the evolving needs of the board are met and to bring in fresh perspectives, skills, and diversity
as needed.</P>

<P STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0"><B>Term/Tenure Limits</B></P>

<P STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0"><B>General Recommendation: </B>DWS&#8217;s
policy is to generally vote case-by-case on management proposals regarding director term/tenure limits,
considering:</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&#9632;</TD><TD>The rationale provided for adoption of the term/tenure limit;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&#9632;</TD><TD>The robustness of the company&#8217;s board evaluation process;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&#9632;</TD><TD>Whether the limit is of sufficient length to allow for a broad range of director tenures;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&#9632;</TD><TD>Whether the limit would disadvantage independent directors compared to non-independent directors;
and</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&#9632;</TD><TD>Whether the board will impose the limit evenly, and not have the ability to waive it in a discriminatory
manner.</TD></TR></TABLE>

<P STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0">Vote case-by-case on shareholder
proposals asking for the company to adopt director term/tenure limits, considering:</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&#9632;</TD><TD>The scope of the shareholder proposal; and</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&#9632;</TD><TD>Evidence of problematic issues at the company combined with, or exacerbated by, a lack of board refreshment.</TD></TR></TABLE>

<P STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0"><B>Age Limits</B></P>

<P STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0"><B>General Recommendation:</B>
DWS&#8217;s policy is to generally vote against management and shareholder proposals to limit the tenure
of independent directors through mandatory retirement ages. DWS&#8217;s policy is to generally vote for
proposals to remove mandatory age limits.</P>

<P STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0"><B>Board Size</B></P>

<P STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0"><B>General Recommendation:</B>
DWS&#8217;s policy is to generally vote for proposals seeking to fix the board size or designate a range
for the board size. DWS&#8217;s policy is to generally vote against proposals that give management the
ability to alter the size of the board outside of a specified range without shareholder approval.</P>

<P STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0"><B>Classification/Declassification
of the Board</B></P>

<P STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0"><B>General Recommendation:</B>
DWS&#8217;s policy is to vote against proposals to classify (stagger) the board. Vote for proposals to
repeal classified boards and to elect all directors annually.</P>

<P STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0"><B>CEO Succession Planning</B></P>

<P STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0"><B>General Recommendation: </B>DWS&#8217;s
policy is to generally vote for proposals seeking disclosure on a CEO succession planning policy, considering,
at a minimum, the following factors:</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&#9632;</TD><TD>The reasonableness/scope of the request; and</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&#9632;</TD><TD>The company&#8217;s existing disclosure on its current CEO succession planning process.</TD></TR></TABLE>

<P STYLE="font: bold 11pt/13pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0">Cumulative Voting</P>

<P STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0"><B>General Recommendation: </B>DWS&#8217;s
policy is to generally vote against management proposals to eliminate cumulate voting, and for shareholder
proposals to restore or provide for cumulative voting, unless:</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&#9632;</TD><TD>The company has proxy access<SUP>17</SUP>, thereby allowing shareholders to nominate directors to
the company&#8217;s ballot; and</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&#9632;</TD><TD>The company has adopted a majority vote standard, with a carve-out for plurality voting in situations
where there are more nominees than seats, and a director resignation policy to address failed elections.</TD></TR></TABLE>

<P STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0">DWS&#8217;s policy is to generally
vote for proposals for cumulative voting at controlled companies (insider voting power &gt; 50%).</P>

<P STYLE="font: 8pt/10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0"><SUP>17 </SUP>A proxy access right
that meets the recommended guidelines.</P>

<P STYLE="font: bold 11pt/13pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0">Director and Officer Indemnification
and Liability Protection</P>

<P STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0"><B>General Recommendation:</B>
DWS&#8217;s policy is to generally vote case-by-case on proposals on director and officer indemnification
and liability protection.</P>

<P STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0">Vote against proposals that would:</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&#9632;</TD><TD>Eliminate entirely directors' and officers' liability for monetary damages for violating the duty
of care.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&#9632;</TD><TD>Expand coverage beyond just legal expenses to liability for acts that are more serious violations
of fiduciary obligation than mere carelessness.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&#9632;</TD><TD>Expand the scope of indemnification to provide for mandatory indemnification of company officials
in connection with acts that previously the company was permitted to provide indemnification for, at the
discretion of the company's board (i.e., &quot;permissive indemnification&quot;), but that previously
the company was not required to indemnify.</TD></TR></TABLE>

<P STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0">Vote for only those proposals
providing such expanded coverage in cases when a director&#8217;s or officer&#8217;s legal defense was
unsuccessful if both of the following apply:</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&#9632;</TD><TD>If the director was found to have acted in good faith and in a manner that s/he reasonably believed
was in the best interests of the company; and</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&#9632;</TD><TD>If only the director&#8217;s legal expenses would be covered.</TD></TR></TABLE>

<P STYLE="font: bold 11pt/13pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0">Establish/Amend Nominee
Qualifications</P>

<P STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0"><B>General Recommendation:</B>
DWS&#8217;s policy is to generally vote case-by-case on proposals that establish or amend director qualifications.
Votes should be based on the reasonableness of the criteria and the degree to which they may preclude
dissident nominees from joining the board.</P>

<P STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0">Vote case-by-case on shareholder
resolutions seeking a director nominee who possesses a particular subject matter expertise, considering:</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&#9632;</TD><TD>The company&#8217;s board committee structure, existing subject matter expertise, and board nomination
provisions relative to that of its peers;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&#9632;</TD><TD>The company&#8217;s existing board and management oversight mechanisms regarding the issue for which
board oversight is sought;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&#9632;</TD><TD>The company&#8217;s disclosure and performance relating to the issue for which board oversight is
sought and any significant related controversies; and</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&#9632;</TD><TD>The scope and structure of the proposal.</TD></TR></TABLE>

<P STYLE="font: bold 11pt/13pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0">Establish Other Board Committee
Proposals</P>

<P STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0"><B>General Recommendation: </B>DWS&#8217;s
policy is to generally vote against shareholder proposals to establish a new board committee, as such
proposals seek a specific oversight mechanism/structure that potentially limits a company&#8217;s flexibility
to determine an appropriate oversight mechanism for itself. However, the following factors will be considered:</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&#9632;</TD><TD>Existing oversight mechanisms (including current committee structure) regarding the issue for which
board oversight is sought;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&#9632;</TD><TD>Level of disclosure regarding the issue for which board oversight is sought;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&#9632;</TD><TD>Company performance related to the issue for which board oversight is sought;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&#9632;</TD><TD>Board committee structure compared to that of other companies in its industry sector; and</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&#9632;</TD><TD>The scope and structure of the proposal.</TD></TR></TABLE>

<P STYLE="font: bold 11pt/13pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0">Filling Vacancies/Removal
of Directors</P>

<P STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0"><B>General Recommendation:</B>
DWS&#8217;s policy is to generally vote against proposals that provide that directors may be removed only
for cause.</P>

<P STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0">Vote for proposals to restore
shareholders&#8217; ability to remove directors with or without cause.</P>

<P STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0">Vote against proposals that provide
that only continuing directors may elect replacements to fill board vacancies. Vote for proposals that
permit shareholders to elect directors to fill board vacancies.</P>

<P STYLE="font: bold 11pt/13pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0">Independent Board Chair</P>

<P STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0"><B>General Recommendation:</B>
DWS&#8217;s policy is to generally vote for shareholder proposals requiring that the board chair position
be filled by an independent director, taking into consideration the following:</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&#9632;</TD><TD>The scope and rationale of the proposal;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&#9632;</TD><TD>The company's current board leadership structure;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&#9632;</TD><TD>The company's governance structure and practices;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&#9632;</TD><TD>Company performance; and</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&#9632;</TD><TD>Any other relevant factors that may be applicable.</TD></TR></TABLE>

<P STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0">The following factors will increase
the likelihood of a &#8220;for&#8221; recommendation:</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&#9632;</TD><TD>A majority non-independent board and/or the presence of non-independent directors on key board committees;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&#9632;</TD><TD>A weak or poorly defined lead independent director role that fails to serve as an appropriate counterbalance
to a combined CEO/chair role;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&#9632;</TD><TD>The presence of an executive or non-independent chair in addition to the CEO, a recent recombination
of the role of CEO and chair, and/or departure from a structure with an independent chair;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&#9632;</TD><TD>Evidence that the board has failed to oversee and address material risks facing the company;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&#9632;</TD><TD>A material governance failure, particularly if the board has failed to adequately respond to shareholder
concerns or if the board has materially diminished shareholder rights; or</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&#9632;</TD><TD>Evidence that the board has failed to intervene when management&#8217;s interests are contrary to
shareholders' interests.</TD></TR></TABLE>

<P STYLE="font: bold 11pt/13pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0">Majority of Independent
Directors/Establishment of Independent Committees</P>

<P STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0"><B>General Recommendation:</B>
DWS&#8217;s policy is to generally vote for shareholder proposals asking that a majority or more of directors
be independent unless the board composition already meets the proposed threshold by ISS&#8217; definition
of Independent Director.</P>

<P STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0">Vote for shareholder proposals
asking that board audit, compensation, and/or nominating committees be composed exclusively of independent
directors unless they currently meet that standard.</P>

<P STYLE="font: bold 11pt/13pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0">Majority Vote Standard for
the Election of Directors</P>

<P STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0"><B>General Recommendation:</B>
DWS&#8217;s policy is to generally vote for management proposals to adopt a majority of votes cast standard
for directors in uncontested elections. Vote against if no carve-out for a plurality vote standard in
contested elections is included.</P>

<P STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0">DWS&#8217;s policy is to generally
vote for precatory and binding shareholder resolutions requesting that the board change the company&#8217;s
bylaws to stipulate that directors need to be elected with an affirmative majority of votes cast, provided
it does not conflict with the state law where the company is incorporated. Binding resolutions need to
allow for a carve-out for a plurality vote standard when there are more nominees than board seats.</P>

<P STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0">Companies are strongly encouraged
to also adopt a post-election policy (also known as a director resignation policy) that will provide guidelines
so that the company will promptly address the situation of a holdover director.</P>

<P STYLE="font: bold 11pt/13pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0">Proxy Access</P>

<P STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0"><B>General Recommendation: </B>DWS&#8217;s
policy is to generally vote for management and shareholder proposals for proxy access with the following
provisions:</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&#9632;</TD><TD><B>Ownership threshold:</B> maximum requirement not more than three percent (3%) of the voting power;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&#9632;</TD><TD><B>Ownership duration:</B> maximum requirement not longer than three (3) years of continuous ownership
for each member of the nominating group;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&#9632;</TD><TD><B>Aggregation:</B> minimal or no limits on the number of shareholders permitted to form a nominating
group;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&#9632;</TD><TD><B>Cap:</B> cap on nominees of generally twenty-five percent (25%) of the board.</TD></TR></TABLE>

<P STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0">Review for reasonableness any
other restrictions on the right of proxy access. Generally vote against proposals that are more restrictive
than these guidelines.</P>

<P STYLE="font: bold 11pt/13pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0">Require More Nominees than
Open Seats</P>

<P STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0"><B>General Recommendation:</B>
DWS&#8217;s policy is to generally vote against shareholder proposals that would require a company to
nominate more candidates than the number of open board seats.</P>

<P STYLE="font: bold 11pt/13pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0">Shareholder Engagement Policy
(Shareholder Advisory Committee)</P>

<P STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0"><B>General Recommendation: </B>DWS&#8217;s
policy is to generally vote for shareholder proposals requesting that the board establish an internal
mechanism/process, which may include a committee, in order to improve communications between directors
and shareholders, unless the company has the following features, as appropriate:</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&#9632;</TD><TD>Established a communication structure that goes beyond the exchange requirements to facilitate the
exchange of information between shareholders and members of the board;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&#9632;</TD><TD>Effectively disclosed information with respect to this structure to its shareholders;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&#9632;</TD><TD>Company has not ignored majority-supported shareholder proposals or a majority withhold vote on a
director nominee; and</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&#9632;</TD><TD>The company has an independent chair or a lead director, according to ISS&#8217; definition. This
individual must be made available for periodic consultation and direct communication with major shareholders.</TD></TR></TABLE>

<P STYLE="font: bold 12pt/14pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0">AUDIT-RELATED</P>

<P STYLE="font: bold 11pt/13pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0">Auditor Indemnification
and Limitation of Liability</P>

<P STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0"><B>General Recommendation:</B>
DWS&#8217;s policy is to generally vote case-by-case on the issue of auditor indemnification and limitation
of liability. Factors to be assessed include, but are not limited to:</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&#9632;</TD><TD>The terms of the auditor agreement&#8212;the degree to which these agreements impact shareholders'
rights;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&#9632;</TD><TD>The motivation and rationale for establishing the agreements;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&#9632;</TD><TD>The quality of the company&#8217;s disclosure; and</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&#9632;</TD><TD>The company&#8217;s historical practices in the audit area.</TD></TR></TABLE>

<P STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0">Vote against or withhold from
members of an audit committee in situations where there is persuasive evidence that the audit committee
entered into an inappropriate indemnification agreement with its auditor that limits the ability of the
company, or its shareholders, to pursue legitimate legal recourse against the audit firm.</P>

<P STYLE="font: bold 11pt/13pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0">Auditor Ratification</P>

<P STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0"><B>General Recommendation:</B>
DWS&#8217;s policy is to generally vote for proposals to ratify auditors unless any of the following apply:</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&#9632;</TD><TD>An auditor has a financial interest in or association with the company, and is therefore not independent;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&#9632;</TD><TD>There is reason to believe that the independent auditor has rendered an opinion that is neither accurate
nor indicative of the company&#8217;s financial position;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&#9632;</TD><TD>Poor accounting practices are identified that rise to a serious level of concern, such as fraud or
misapplication of GAAP; or</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&#9632;</TD><TD>Fees for non-audit services (&#8220;Other&#8221; fees) are excessive.</TD></TR></TABLE>

<P STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0">Non-audit fees are excessive
if:</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&#9632;</TD><TD>Non-audit (&#8220;other&#8221;) fees &gt; audit fees + audit-related fees + tax compliance/preparation
fees</TD></TR></TABLE>

<P STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0">Tax compliance and preparation
include the preparation of original and amended tax returns and refund claims, and tax payment planning.
All other services in the tax category, such as tax advice, planning, or consulting, should be added to
&#8220;Other&#8221; fees. If the breakout of tax fees cannot be determined, add all tax fees to &#8220;Other&#8221;
fees.</P>

<P STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0">In circumstances where &quot;Other&quot;
fees include fees related to significant one-time capital structure events (such as initial public offerings,
bankruptcy emergence, and spin-offs) and the company makes public disclosure of the amount and nature
of those fees that are an exception to the standard &quot;non-audit fee&quot; category, then such fees
may be excluded from the non-audit fees considered in determining the ratio of non-audit to audit/audit-related
fees/tax compliance and preparation for purposes of determining whether non-audit fees are excessive.</P>

<P STYLE="font: bold 11pt/13pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0">Shareholder Proposals Limiting
Non-Audit Services</P>

<P STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0"><B>General Recommendation:</B>
DWS&#8217;s policy is to generally vote case-by-case on shareholder proposals asking companies to prohibit
or limit their auditors from engaging in non-audit services, taking into account:</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&#9632;</TD><TD>The company&#8217;s stated rationale for using its auditor to provide the non-audit services;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&#9632;</TD><TD>Relationships between directors/executives and the audit firm; and</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&#9632;</TD><TD>The presence of other accounting issues (material weaknesses, restatements, non-timely filings (Ks
and Qs).</TD></TR></TABLE>

<P STYLE="font: bold 11pt/13pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0">Shareholder Proposals on
Audit Firm Rotation</P>

<P STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0"><B>General Recommendation: </B>DWS&#8217;s
policy is to generally vote case-by-case on shareholder proposals asking for audit firm rotation, taking
into account:</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&#9632;</TD><TD>The tenure of the audit firm;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&#9632;</TD><TD>The length of rotation specified in the proposal;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&#9632;</TD><TD>Any significant audit-related issues at the company;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&#9632;</TD><TD>The number of Audit Committee meetings held each year;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&#9632;</TD><TD>The number of financial experts serving on the committee; and</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&#9632;</TD><TD>Whether the company has a periodic renewal process where the auditor is evaluated for both audit quality
and competitive price.</TD></TR></TABLE>

<P STYLE="font: bold 12pt/14pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0">SHAREHOLDER RIGHTS &amp;
DEFENSES</P>

<P STYLE="font: bold 11pt/13pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0">Advance Notice Requirements
for Shareholder Proposals/Nominations</P>

<P STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0"><B>General Recommendation:</B>
DWS&#8217;s policy is to generally vote case-by-case on advance notice proposals, giving support to those
proposals which allow shareholders to submit proposals/nominations as close to the meeting date as reasonably
possible and within the broadest window possible, recognizing the need to allow sufficient notice for
company, regulatory, and shareholder review.</P>

<P STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0">To be reasonable, the company&#8217;s
deadline for shareholder notice of a proposal/nominations must be no earlier than 120 days prior to the
anniversary of the previous year&#8217;s meeting and have a submittal window of no shorter than 30 days
from the beginning of the notice period. The submittal window is the period under which shareholders must
file their proposals/nominations prior to the deadline.</P>

<P STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0">In general, support additional
efforts by companies to ensure full disclosure in regard to a proponent&#8217;s economic and voting position
in the company so long as the informational requirements are reasonable and aimed at providing shareholders
with the necessary information to review such proposals.</P>

<P STYLE="font: bold 11pt/13pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0">Amend Bylaws without Shareholder
Consent</P>

<P STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0"><B>General Recommendation:</B>
DWS&#8217;s policy is to generally vote against proposals giving the board exclusive authority to amend
the bylaws.</P>

<P STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0">Vote case-by-case on proposals
giving the board the ability to amend the bylaws in addition to shareholders, taking into account the
following:</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&#9632;</TD><TD>Any impediments to shareholders' ability to amend the bylaws (i.e. supermajority voting requirements);</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&#9632;</TD><TD>The company's ownership structure and historical voting turnout;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&#9632;</TD><TD>Whether the board could amend bylaws adopted by shareholders; and</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&#9632;</TD><TD>Whether shareholders would retain the ability to ratify any board-initiated amendments.</TD></TR></TABLE>

<P STYLE="font: bold 11pt/13pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0">Control Share Acquisition
Provisions</P>

<P STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0"><B>General Recommendation:</B>
DWS&#8217;s policy is to generally vote for proposals to opt out of control share acquisition statutes
unless doing so would enable the completion of a takeover that would be detrimental to shareholders.</P>

<P STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0">Vote against proposals to amend
the charter to include control share acquisition provisions. Vote for proposals to restore voting rights
to the control shares.</P>

<P STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0">Control share acquisition statutes
function by denying shares their voting rights when they contribute to ownership in excess of certain
thresholds. Voting rights for those shares exceeding ownership limits may only be restored by approval
of either a majority or supermajority of disinterested shares. Thus, control share acquisition statutes
effectively require a hostile bidder to put its offer to a shareholder vote or risk voting disenfranchisement
if the bidder continues buying up a large block of shares.</P>

<P STYLE="font: bold 11pt/13pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0">Control Share Cash&#8212;Out
Provisions</P>

<P STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0"><B>General Recommendation:</B>
DWS&#8217;s policy is to generally vote for proposals to opt out of control share cash-out statutes.</P>

<P STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0">Control share cash-out statutes
give dissident shareholders the right to &quot;cash-out&quot; of their position in a company at the expense
of the shareholder who has taken a control position. In other words, when an investor crosses a preset
threshold level, remaining shareholders are given the right to sell their shares to the acquirer, who
must buy them at the highest acquiring price.</P>

<P STYLE="font: bold 11pt/13pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0">Disgorgement Provisions</P>

<P STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0"><B>General Recommendation:</B>
DWS&#8217;s policy is to generally vote for proposals to opt out of state disgorgement provisions.</P>

<P STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0">Disgorgement provisions require
an acquirer or potential acquirer of more than a certain percentage of a company's stock to disgorge,
or pay back, to the company any profits realized from the sale of that company's stock purchased 24 months
before achieving control status. All sales of company stock by the acquirer occurring within a certain
period of time (between 18 months and 24 months) prior to the investor's gaining control status are subject
to these recapture-of-profits provisions.</P>

<P STYLE="font: bold 11pt/13pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0">Fair Price Provisions</P>

<P STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0"><B>General Recommendation: </B>DWS&#8217;s
policy is to generally vote case-by-case on proposals to adopt fair price provisions (provisions that
stipulate that an acquirer must pay the same price to acquire all shares as it paid to acquire the control
shares), evaluating factors such as the vote required to approve the proposed acquisition, the vote required
to repeal the fair price provision, and the mechanism for determining the fair price.</P>

<P STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0">DWS&#8217;s policy is to generally
vote against fair price provisions with shareholder vote requirements greater than a majority of disinterested
shares.</P>

<P STYLE="font: bold 11pt/13pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0">Freeze-Out Provisions</P>

<P STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0"><B>General Recommendation:</B>
DWS&#8217;s policy is to generally vote for proposals to opt out of state freeze-out provisions. Freeze-out
provisions force an investor who surpasses a certain ownership threshold in a company to wait a specified
period of time before gaining control of the company.</P>

<P STYLE="font: bold 11pt/13pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0">Greenmail</P>

<P STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0"><B>General Recommendation:</B>
DWS&#8217;s policy is to generally vote for proposals to adopt anti-greenmail charter or bylaw amendments
or otherwise restrict a company&#8217;s ability to make greenmail payments.</P>

<P STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0">Vote case-by-case on anti-greenmail
proposals when they are bundled with other charter or bylaw amendments.</P>

<P STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0">Greenmail payments are targeted
share repurchases by management of company stock from individuals or groups seeking control of the company.
Since only the hostile party receives payment, usually at a substantial premium over the market value
of its shares, the practice discriminates against all other shareholders.</P>

<P STYLE="font: bold 11pt/13pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0">Shareholder Litigation Rights</P>

<P STYLE="font: bold 11pt/13pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0">Federal Forum Selection
Provisions</P>

<P STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0">Federal forum selection provisions
require that U.S federal courts be the sole forum for shareholders to litigate claims arising under federal
securities law.</P>

<P STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0"><B>General Recommendation:</B>
DWS&#8217;s policy is to generally vote for federal forum selection provisions in the charter or bylaws
that specify &quot;the district courts of the United States&quot; as the exclusive forum for federal securities
law matters, in the absence of serious concerns about corporate governance or board responsiveness to
shareholders.</P>

<P STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0">Vote against provisions that
restrict the forum to a particular federal district court; unilateral adoption (without a shareholder
vote) of such a provision will generally be considered a one-time failure under the Unilateral Bylaw/Charter
Amendments policy.</P>

<P STYLE="font: bold 11pt/13pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0">Exclusive Forum Provisions
for State Law Matters</P>

<P STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0">Exclusive forum provisions in
the charter or bylaws restrict shareholders&#8217; ability to bring derivative lawsuits against the company,
for claims arising out of state corporate law, to the courts of a particular state (generally the state
of incorporation).</P>

<P STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0"><B>General Recommendation: </B>DWS&#8217;s
policy is to generally vote for charter or bylaw provisions that specify courts located within the state
of Delaware as the exclusive forum for corporate law matters for Delaware corporations, in the absence
of serious concerns about corporate governance or board responsiveness to shareholders.</P>

<P STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0">For states other than Delaware,
vote case-by-case on exclusive forum provisions, taking into consideration:</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&#9632;</TD><TD>The company's stated rationale for adopting such a provision;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&#9632;</TD><TD>Disclosure of past harm from duplicative shareholder lawsuits in more than one forum;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&#9632;</TD><TD>The breadth of application of the charter or bylaw provision, including the types of lawsuits to which
it would apply and the definition of key terms; and</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&#9632;</TD><TD>Governance features such as shareholders' ability to repeal the provision at a later date (including
the vote standard applied when shareholders attempt to amend the charter or bylaws) and their ability
to hold directors accountable through annual director elections and a majority vote standard in uncontested
elections.</TD></TR></TABLE>

<P STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0">Generally vote against provisions
that specify a state other than the state of incorporation as the exclusive forum for corporate law matters,
or that specify a particular local court within the state; unilateral adoption of such provision will
generally be considered a one-time failure under the Unilateral Bylaw/Charter Amendments policy.</P>

<P STYLE="font: bold 11pt/13pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0">Fee shifting</P>

<P STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0">Fee-shifting provisions in the
charter or bylaws require that a shareholder who sues a company unsuccessfully pay all litigation expenses
of the defendant corporation and its directors and officers.</P>

<P STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0"><B>General Recommendation: </B>DWS&#8217;s
policy is to generally vote against provisions that mandate fee-shifting whenever plaintiffs are not completely
successful on the merits (i.e. including cases where the plaintiffs are partially successful).</P>

<P STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0">Unilateral adoption of a fee-shifting
provision will generally be considered an ongoing failure under the Unilateral Bylaw/Charter Amendments
policy.</P>

<P STYLE="font: bold 11pt/13pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0">Net Operating Loss (NOL)
Protective Amendments</P>

<P STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0"><B>General Recommendation:</B>
DWS&#8217;s policy is to generally vote against proposals to adopt a protective amendment for the stated
purpose of protecting a company's net operating losses (NOL) if the effective term of the protective amendment
would exceed the shorter of three years and the exhaustion of the NOL.</P>

<P STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0">Vote case-by-case, considering
the following factors, for management proposals to adopt an NOL protective amendment that would remain
in effect for the shorter of three years (or less) and the exhaustion of the NOL:</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&#9632;</TD><TD>The ownership threshold (NOL protective amendments generally prohibit stock ownership transfers that
would result in a new 5-percent holder or increase the stock ownership percentage of an existing 5-percent
holder);</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&#9632;</TD><TD>The value of the NOLs;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&#9632;</TD><TD>Shareholder protection mechanisms (sunset provision or commitment to cause expiration of the protective
amendment upon exhaustion or expiration of the NOL);</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&#9632;</TD><TD>The company's existing governance structure including: board independence, existing takeover defenses,
track record of responsiveness to shareholders, and any other problematic governance concerns; and</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&#9632;</TD><TD>Any other factors that may be applicable.</TD></TR></TABLE>

<P STYLE="font: bold 11pt/13pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0">Poison Pills (Shareholder
Rights Plans)</P>

<P STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0"><B>Shareholder Proposals to Put
Pill to a Vote and/or Adopt a Pill Policy</B></P>

<P STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0"><B>General Recommendation:</B>
DWS&#8217;s policy is to generally vote for shareholder proposals requesting that the company submit its
poison pill to a shareholder vote or redeem it unless the company has: (1) A shareholder-approved poison
pill in place; or (2) The company has adopted a policy concerning the adoption of a pill in the future
specifying that the board will only adopt a shareholder rights plan if either:</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&#9632;</TD><TD>Shareholders have approved the adoption of the plan; or</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&#9632;</TD><TD>The board, in its exercise of its fiduciary responsibilities, determines that it is in the best interest
of shareholders under the circumstances to adopt a pill without the delay in adoption that would result
from seeking stockholder approval (i.e., the &#8220;fiduciary out&#8221; provision). A poison pill adopted
under this fiduciary out will be put to a shareholder ratification vote within 12 months of adoption or
expire. If the pill is not approved by a majority of the votes cast on this issue, the plan will immediately
terminate.</TD></TR></TABLE>

<P STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0">If the shareholder proposal calls
for a time period of less than 12 months for shareholder ratification after adoption, DWS&#8217;s policy
is to generally vote for the proposal, but add the caveat that a vote within 12 months would be considered
sufficient implementation.</P>

<P STYLE="font: bold 11pt/13pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0">Management Proposals to
Ratify a Poison Pill</P>

<P STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0"><B>General Recommendation:</B>
DWS&#8217;s policy is to generally vote case-by-case on management proposals on poison pill ratification,
focusing on the features of the shareholder rights plan. Rights plans should contain the following attributes:</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&#9632;</TD><TD>No lower than a 20 percent trigger, flip-in or flip-over;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&#9632;</TD><TD>A term of no more than three years;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&#9632;</TD><TD>No deadhand, slowhand, no-hand, or similar feature that limits the ability of a future board to redeem
the pill;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&#9632;</TD><TD>Shareholder redemption feature (qualifying offer clause); if the board refuses to redeem the pill
90 days after a qualifying offer is announced, 10 percent of the shares may call a special meeting or
seek a written consent to vote on rescinding the pill.</TD></TR></TABLE>

<P STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0">In addition, the rationale for
adopting the pill should be thoroughly explained by the company. In examining the request for the pill,
take into consideration the company&#8217;s existing governance structure, including: board independence,
existing takeover defenses, and any problematic governance concerns.</P>

<P STYLE="font: bold 11pt/13pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0">Management Proposals to
Ratify a Pill to Preserve Net Operating Losses (NOLs)</P>

<P STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0"><B>General Recommendation:</B>
DWS&#8217;s policy is to generally vote against proposals to adopt a poison pill for the stated purpose
of protecting a company's net operating losses (NOL) if the term of the pill would exceed the shorter
of three years and the exhaustion of the NOL.</P>

<P STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0">DWS&#8217;s policy is to vote
case-by-case on management proposals for poison pill ratification, considering the following factors,
if the term of the pill would be the shorter of three years (or less) and the exhaustion of the NOL:</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&#9632;</TD><TD>The ownership threshold to transfer (NOL pills generally have a trigger slightly below 5 percent);</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&#9632;</TD><TD>The value of the NOLs;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&#9632;</TD><TD>Shareholder protection mechanisms (sunset provision, or commitment to cause expiration of the pill
upon exhaustion or expiration of NOLs);</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&#9632;</TD><TD>The company's existing governance structure including: board independence, existing takeover defenses,
track record of responsiveness to shareholders, and any other problematic governance concerns; and</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&#9632;</TD><TD>Any other factors that may be applicable.</TD></TR></TABLE>

<P STYLE="font: bold 11pt/13pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0">Proxy Voting Disclosure,
Confidentiality, and Tabulation</P>

<P STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0"><B>General Recommendation:</B>
DWS&#8217;s policy is to generally vote case-by-case on proposals regarding proxy voting mechanics, taking
into consideration whether implementation of the proposal is likely to enhance or protect shareholder
rights. Specific issues covered under the policy include, but are not limited to, confidential voting
of individual proxies and ballots, confidentiality of running vote tallies, and the treatment of abstentions
and/or broker non-votes in the company's vote-counting methodology.</P>

<P STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0">While a variety of factors may
be considered in each analysis, the guiding principles are: transparency, consistency, and fairness in
the proxy voting process. The factors considered, as applicable to the proposal, may include:</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&#9632;</TD><TD>The scope and structure of the proposal;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&#9632;</TD><TD>The company's stated confidential voting policy (or other relevant policies) and whether it ensures
a &quot;level playing field&quot; by providing shareholder proponents with equal access to vote information
prior to the annual meeting;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&#9632;</TD><TD>The company's vote standard for management and shareholder proposals and whether it ensures consistency
and fairness in the proxy voting process and maintains the integrity of vote results;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&#9632;</TD><TD>Whether the company's disclosure regarding its vote counting method and other relevant voting policies
with respect to management and shareholder proposals are consistent and clear;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&#9632;</TD><TD>Any recent controversies or concerns related to the company's proxy voting mechanics;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&#9632;</TD><TD>Any unintended consequences resulting from implementation of the proposal; and</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&#9632;</TD><TD>Any other factors that may be relevant.</TD></TR></TABLE>

<P STYLE="font: bold 11pt/13pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0">Ratification Proposals:
Management Proposals to Ratify Existing Charter or Bylaw Provisions</P>

<P STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0"><B>General Recommendation:</B>
DWS&#8217;s policy is to generally vote against management proposals to ratify provisions of the company&#8217;s
existing charter or bylaws, unless these governance provisions align with best practice.</P>

<P STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0">In addition, voting against/withhold
from individual directors, members of the governance committee, or the full board may be warranted, considering:</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&#9632;</TD><TD>The presence of a shareholder proposal addressing the same issue on the same ballot;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&#9632;</TD><TD>The board's rationale for seeking ratification;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&#9632;</TD><TD>Disclosure of actions to be taken by the board should the ratification proposal fail;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&#9632;</TD><TD>Disclosure of shareholder engagement regarding the board&#8217;s ratification request;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&#9632;</TD><TD>The level of impairment to shareholders' rights caused by the existing provision;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&#9632;</TD><TD>The history of management and shareholder proposals on the provision at the company&#8217;s past meetings;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&#9632;</TD><TD>Whether the current provision was adopted in response to the shareholder proposal;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&#9632;</TD><TD>The company's ownership structure; and</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&#9632;</TD><TD>Previous use of ratification proposals to exclude shareholder proposals.</TD></TR></TABLE>

<P STYLE="font: bold 11pt/13pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0">Reimbursing Proxy Solicitation
Expenses</P>

<P STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0"><B>General Recommendation:</B>
DWS&#8217;s policy is to generally vote case-by-case on proposals to reimburse proxy solicitation expenses.</P>

<P STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0">When voting in conjunction with
support of a dissident slate, vote for the reimbursement of all appropriate proxy solicitation expenses
associated with the election.</P>

<P STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0">DWS&#8217;s policy is to generally
vote for shareholder proposals calling for the reimbursement of reasonable costs incurred in connection
with nominating one or more candidates in a contested election where the following apply:</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&#9632;</TD><TD>The election of fewer than 50 percent of the directors to be elected is contested in the election;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&#9632;</TD><TD>One or more of the dissident&#8217;s candidates is elected;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&#9632;</TD><TD>Shareholders are not permitted to cumulate their votes for directors; and</TD></TR></TABLE>

<P STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0">The election occurred, and the
expenses were incurred, after the adoption of this bylaw.</P>

<P STYLE="font: bold 11pt/13pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0">Reincorporation Proposals</P>

<P STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0"><B>General Recommendation: </B>Management
or shareholder proposals to change a company's state of incorporation should be evaluated case-by-case,
giving consideration to both financial and corporate governance concerns including the following:</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&#9632;</TD><TD>Reasons for reincorporation;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&#9632;</TD><TD>Comparison of company's governance practices and provisions prior to and following the reincorporation;
and</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&#9632;</TD><TD>Comparison of corporation laws of original state and destination state.</TD></TR></TABLE>

<P STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0">DWS&#8217;s policy is to generally
vote for reincorporation when the economic factors outweigh any neutral or negative governance changes.</P>

<P STYLE="font: bold 11pt/13pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0">Shareholder Ability to Act
by Written Consent</P>

<P STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0"><B>General Recommendation:</B>
DWS&#8217;s policy is to generally vote against management and shareholder proposals to restrict or prohibit
shareholders' ability to act by written consent.</P>

<P STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0">DWS&#8217;s policy is to generally
vote for management and shareholder proposals that provide shareholders with the ability to act by written
consent, taking into account the following factors:</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&#9632;</TD><TD>Shareholders' current right to act by written consent;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&#9632;</TD><TD>The consent threshold;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&#9632;</TD><TD>The inclusion of exclusionary or prohibitive language;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&#9632;</TD><TD>Investor ownership structure; and</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&#9632;</TD><TD>Shareholder support of, and management's response to, previous shareholder proposals.</TD></TR></TABLE>

<P STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0">DWS&#8217;s policy is to vote
case-by-case on shareholder proposals if, in addition to the considerations above, the company has the
following governance and antitakeover provisions:</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&#9632;</TD><TD>An unfettered<SUP>18</SUP> right for shareholders to call special meetings at a 10 percent threshold;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&#9632;</TD><TD>A majority vote standard in uncontested director elections;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&#9632;</TD><TD>No non-shareholder-approved pill; and</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&#9632;</TD><TD>An annually elected board.</TD></TR></TABLE>

<P STYLE="font: 8pt/10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0"><SUP>18 </SUP>&quot;Unfettered&quot;
means no restrictions on agenda items, no restrictions on the number of shareholders who can group together
to reach the 10 percent threshold, and only reasonable limits on when a meeting can be called: no greater
than 30 days after the last annual meeting and no greater than 90 prior to the next annual meeting.</P>

<P STYLE="font: bold 11pt/13pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0">Shareholder Ability to Call
Special Meetings</P>

<P STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0"><B>General Recommendation:</B>
DWS&#8217;s policy is to generally vote against management or shareholder proposals to restrict or prohibit
shareholders&#8217; ability to call special meetings.</P>

<P STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0">DWS&#8217;s policy is to generally
vote for management or shareholder proposals that provide shareholders with the ability to call special
meetings taking into account the following factors:</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&#9632;</TD><TD>Shareholders&#8217; current right to call special meetings;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&#9632;</TD><TD>Minimum ownership threshold necessary to call special meetings (10 percent preferred);</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&#9632;</TD><TD>The inclusion of exclusionary or prohibitive language;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&#9632;</TD><TD>Investor ownership structure; and</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&#9632;</TD><TD>Shareholder support of, and management&#8217;s response to, previous shareholder proposals.</TD></TR></TABLE>

<P STYLE="font: bold 11pt/13pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0">Stakeholder Provisions</P>

<P STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0"><B>General Recommendation:</B>
DWS&#8217;s policy is to generally vote against proposals that ask the board to consider non-shareholder
constituencies or other non-financial effects when evaluating a merger or business combination.</P>

<P STYLE="font: bold 11pt/13pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0">State Antitakeover Statutes</P>

<P STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0">General Recommendation: DWS&#8217;s
policy is to vote case-by-case on proposals to opt in or out of state takeover statutes (including fair
price provisions, stakeholder laws, poison pill endorsements, severance pay and labor contract provisions,
and anti-greenmail provisions).</P>

<P STYLE="font: bold 11pt/13pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0">Supermajority Vote Requirements</P>

<P STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0"><B>General Recommendation:</B>
DWS&#8217;s policy is to vote against proposals to require a supermajority shareholder vote.</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&#9632;</TD><TD>Vote for management or shareholder proposals to reduce supermajority vote requirements. However, for
companies with shareholder(s) who have significant ownership levels, vote case-by-case, taking into account:</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&#9632;</TD><TD>Ownership structure;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&#9632;</TD><TD>Quorum requirements; and</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&#9632;</TD><TD>Vote requirements.</TD></TR></TABLE>

<P STYLE="font: bold 11pt/13pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0">Virtual Shareholder Meetings</P>

<P STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0"><B>General Recommendation:</B>
DWS&#8217;s policy is to generally vote for management proposals allowing for the convening of shareholder
meetings by electronic means, so long as they do not preclude in-person meetings. Companies are encouraged
to disclose the circumstances under which virtual-only<SUP>19</SUP> meetings would be held, and to allow
for comparable rights and opportunities for shareholders to participate electronically as they would have
during an in-person meeting.</P>

<P STYLE="font: 8pt/10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0"><SUP>19 </SUP>Virtual-only shareholder
meeting&#8221; refers to a meeting of shareholders that is held exclusively using technology without a
corresponding in-person meeting.</P>

<P STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0">Vote case-by-case on shareholder
proposals concerning virtual-only meetings, considering:</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&#9632;</TD><TD>Scope and rationale of the proposal; and</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&#9632;</TD><TD>Concerns identified with the company&#8217;s prior meeting practices.</TD></TR></TABLE>

<P STYLE="font: bold 12pt/14pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0">CAPITAL / RESTRUCTURING</P>

<P STYLE="font: bold 11pt/13pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0">Capital</P>

<P STYLE="font: bold 11pt/13pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0">Adjustments to Par Value
of Common Stock</P>

<P STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0"><B>General Recommendation:</B>
DWS&#8217;s policy is to vote for management proposals to reduce the par value of common stock unless
the action is being taken to facilitate an anti-takeover device or some other negative corporate governance
action.</P>

<P STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0">Vote for management proposals
to eliminate par value.</P>

<P STYLE="font: bold 11pt/13pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0">Common Stock Authorization</P>

<P STYLE="font: bold 11pt/13pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0">General Authorization Requests</P>

<P STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0"><B>General Recommendation:</B>
DWS&#8217;s policy is to vote case-by-case on proposals to increase the number of authorized shares of
common stock that are to be used for general corporate purposes:</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&#9632;</TD><TD>if share usage (outstanding plus reserved) is less than 50% of the current authorized shares, vote
for an increase of up to 50% of current authorized shares</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&#9632;</TD><TD>If share usage is 50% to 100% of the current authorized, vote for an increase of up to 100% of current
authorized shares.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&#9632;</TD><TD>If share usage is greater than current authorized shares, vote for an increase of up to the current
share usage.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&#9632;</TD><TD>In the case of a stock split, the allowable increase is calculated (per above) based on the post-split
adjusted authorization.</TD></TR></TABLE>

<P STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0">DWS&#8217;s policy is to generally
vote against proposed increases, even if within the above ratios, if the proposal or the company&#8217;s
prior or ongoing use of authorized shares is problematic, including, but not limited to:</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&#9632;</TD><TD>The proposal seeks to increase the number of authorized shares of the class of common stock that has
superior voting rights to other share classes;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&#9632;</TD><TD>On the same ballot is a proposal for a reverse split for which support is warranted despite the fact
that it would result in an excessive increase in the share authorization;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&#9632;</TD><TD>The company has a non-shareholder approved poison pill (including an NOL pill); or</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&#9632;</TD><TD>The company has previous sizeable placements (within the past 3 years) of stock with insiders at prices
substantially below market value, or with problematic voting rights, without shareholder approval.</TD></TR></TABLE>

<P STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0">However, generally vote for proposed
increases beyond the above ratios or problematic situations when there is disclosure of specific and severe
risks to shareholders of not approving the request, such as:</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&#9632;</TD><TD>In, or subsequent to, the company&#8217;s most recent 10-k filing, the company discloses that there
is substantial doubt about its ability to continue as a going concern;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&#9632;</TD><TD>The company states that there is a risk of imminent bankruptcy or imminent liquidation if shareholders
do not approve the increase in authorized capital; or</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&#9632;</TD><TD>A government body has in the past year required the company to increase capital ratios.</TD></TR></TABLE>

<P STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0">For companies incorporated in
states that allow increases in authorized capital without shareholder approval, DWS&#8217;s policy is
to generally vote withhold or against all nominees if a unilateral capital authorization increase does
not conform to the above policies.</P>

<P STYLE="font: bold 11pt/13pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0">Specific Authorization Requests</P>

<P STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0">General Recommendation: DWS&#8217;s
policy is to generally vote for proposals to increase the number of authorized common shares where the
primary purpose of the increase is to issue shares in connection with transaction(s) (such as acquisitions,
SPAC transactions, private placements, or similar transactions) on the same ballot, or disclosed in the
proxy statement, that warrant support. For such transactions, the allowable increase will be the greater
of:</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&#9632;</TD><TD>twice the amount needed to support the transactions on the ballot, and</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&#9632;</TD><TD>the allowable increase as calculated for general issuances above.</TD></TR></TABLE>

<P STYLE="font: bold 11pt/13pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0">Dual Class Structure</P>

<P STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0"><B>General Recommendation:</B>
DWS&#8217;s policy is to generally vote against proposals to create a new class of common stock unless:</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&#9632;</TD><TD>The company discloses a compelling rationale for the dual-class capital structure, such as:</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&#9632;</TD><TD>The company's auditor has concluded that there is substantial doubt about the company's ability to
continue as a going concern; or</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&#9632;</TD><TD>The new class of shares will be transitory;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&#9632;</TD><TD>The new class is intended for financing purposes with minimal or no dilution to current shareholders
in both the short term and long term; and</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&#9632;</TD><TD>The new class is not designed to preserve or increase the voting power of an insider or significant
shareholder.</TD></TR></TABLE>

<P STYLE="font: bold 11pt/13pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0">Issue Stock for Use with
Rights Plan</P>

<P STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0"><B>General Recommendation:</B>
DWS&#8217;s policy is to generally vote against proposals that increase authorized common stock for the
explicit purpose of implementing a non-shareholder-approved shareholder rights plan (poison pill).</P>

<P STYLE="font: bold 11pt/13pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0">Preemptive Rights</P>

<P STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0"><B>General Recommendation:</B>
DWS&#8217;s policy is to generally vote case-by-case on shareholder proposals that seek preemptive rights,
taking into consideration:</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&#9632;</TD><TD>The size of the company;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&#9632;</TD><TD>The shareholder base; and</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&#9632;</TD><TD>The liquidity of the stock.</TD></TR></TABLE>

<P STYLE="font: bold 11pt/13pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0">Preferred Stock Authorization</P>

<P STYLE="font: bold 11pt/13pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0">General Authorization Requests</P>

<P STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0"><B>General Recommendation: </B>DWS&#8217;s
policy is to vote case-by-case on proposals to increase the number of authorized shares of preferred stock
that are to be used for general corporate purposes:</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&#9632;</TD><TD>If share usage (outstanding plus reserved) is less than 50% of the current authorized shares, vote
for an increase of up to 50% of current authorized shares.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&#9632;</TD><TD>If share usage is 50% to 100% of the current authorized, vote for an increase up to 100% of current
authorized shares.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&#9632;</TD><TD>If share usage is greater than current authorized shares, vote for an increase of up to the current
share usage.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&#9632;</TD><TD>In the case of a stock split, the allowable increase is calculated (per above) based on the post-split
adjusted authorization.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&#9632;</TD><TD>If no preferred shares are currently issued and outstanding, vote against the request, unless the
company discloses a specific use for the shares.</TD></TR></TABLE>

<P STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0">DWS&#8217;s policy is to generally
vote against proposed increases, even if within the above ratios, if the proposal or the company&#8217;s
prior or ongoing use of authorized shares is problematic, including, but not limited to:</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&#9632;</TD><TD>If the shares requested are blank check preferred shares that can be used for antitakeover purposes<SUP>20</SUP>;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&#9632;</TD><TD>The company seeks to increase a class of non-convertible preferred shares entitled to more than one
vote per share on matters that do not solely affect the rights of preferred stockholders &#8220;supervoting
shares&#8221;);</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&#9632;</TD><TD>The company seeks to increase a class of convertible preferred shares entitled to a number of votes
greater than the number of common shares into which they are convertible (&#8220;supervoting shares&#8221;)
on matters that do not solely affect the rights of preferred stockholders;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&#9632;</TD><TD>The stated intent of the increase in the general authorization is to allow the company to increase
an existing designated class of supervoting preferred shares;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&#9632;</TD><TD>On the same ballot is a proposal for a reverse split for which support is warranted despite the fact
that it would result in an excessive increase in the share authorization;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&#9632;</TD><TD>The company has a non-shareholder approved poison pill (including NOL pill); or</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&#9632;</TD><TD>The company has previous sizeable placements (within the past 3 years) of stock with insiders at prices
substantially below market value, or with problematic voting rights, without shareholder approval.</TD></TR></TABLE>

<P STYLE="font: 8pt/10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0"><SUP>20 </SUP>To be acceptable,
appropriate disclosure would be needed that the shares are &#8220;declawed&#8221;; i.e., representation
by the board that it will not, without prior stockholder approval, issue or use the preferred stock for
any defensive or anti-takeover purpose or for the purpose of implementing any stockholder rights plan.</P>

<P STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0">However, DWS&#8217;s policy is
to generally vote for proposed increases beyond the above ratios or problematic situations when there
is disclosure of specific and severe risks to shareholders of not approving the request, such as:</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&#9632;</TD><TD>In, or subsequent to, the company&#8217;s most recent 10-k filing, the company discloses that there
is substantial doubt about its ability to continue as a going concern;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&#9632;</TD><TD>The company states that there is a risk of imminent bankruptcy or imminent liquidation if shareholders
do not approve the increase in authorized capital; or</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&#9632;</TD><TD>A government body has in the past year required the company to increase capital ratios.</TD></TR></TABLE>

<P STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0">For companies incorporated in
states that allow increases in authorized capital without shareholder approval, DWS&#8217;s policy is
to generally vote withhold or against all nominees if a unilateral capital authorization increase does
not conform to the above policies.</P>

<P STYLE="font: bold 11pt/13pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0">Specific Authorization Requests</P>

<P STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0"><B>General Recommendation:</B>
DWS&#8217;s policy is to generally vote for proposals to increase the number of authorized preferred shares
where the primary purpose of the increase is to issue shares in connection with transaction(s) (such as
acquisitions, SPAC transactions, private placements, or similar transactions) on the same ballot, or disclosed
in the proxy statement, that warrant support. For such transactions, the allowable increase will be the
greater of:</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&#9632;</TD><TD>twice the amount needed to support the transactions on the ballot, and</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&#9632;</TD><TD>the allowable increase as calculated for general issuances above.</TD></TR></TABLE>

<P STYLE="font: bold 11pt/13pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0">Recapitalization Plans</P>

<P STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0"><B>General Recommendation:</B>
DWS&#8217;s policy is to generally vote case-by-case on recapitalizations (reclassifications of securities),
taking into account the following:</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&#9632;</TD><TD>More simplified capital structure;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&#9632;</TD><TD>Enhanced liquidity;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&#9632;</TD><TD>Fairness of conversion terms;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&#9632;</TD><TD>Impact on voting power and dividends;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&#9632;</TD><TD>Reasons for the reclassification;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&#9632;</TD><TD>Conflicts of interest; and</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&#9632;</TD><TD>Other alternatives considered.</TD></TR></TABLE>

<P STYLE="font: bold 11pt/13pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0">Reverse Stock Splits</P>

<P STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0"><B>General Recommendation: </B>DWS&#8217;s
policy is to generally vote for management proposals to implement a reverse stock split if:</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&#9632;</TD><TD>The number of authorized shares will be proportionately reduced; or</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&#9632;</TD><TD>The effective increase in authorized shares is equal to or less than the allowable increase calculated
in accordance with ISS' Common Stock Authorization policy.</TD></TR></TABLE>

<P STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0">DWS&#8217;s policy is to generally
vote case-by-case on proposals that do not meet either of the above conditions, taking into consideration
the following factors:</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&#9632;</TD><TD>Stock exchange notification to the company of a potential delisting;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&#9632;</TD><TD>Disclosure of substantial doubt about the company's ability to continue as a going concern without
additional financing;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&#9632;</TD><TD>The company's rationale; or</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&#9632;</TD><TD>Other factors as applicable.</TD></TR></TABLE>

<P STYLE="font: bold 11pt/13pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0">Share Repurchase Programs</P>

<P STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0"><B>General Recommendation:</B>
For U.S.-incorporated companies, and foreign-incorporated U.S. Domestic Issuers that are traded solely
on U.S. exchanges, DWS&#8217;s policy is to generally vote for management proposals to institute open-market
share repurchase plans in which all shareholders may participate on equal terms, or to grant the board
authority to conduct open-market repurchases, in the absence of company-specific concerns regarding:</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&#9632;</TD><TD>Greenmail,</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&#9632;</TD><TD>The use of buybacks to inappropriately manipulate incentive compensation metrics,</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&#9632;</TD><TD>Threats to the company's long-term viability, or</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&#9632;</TD><TD>Other company-specific factors as warranted.</TD></TR></TABLE>

<P STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0">DWS&#8217;s policy is to generally
vote case-by-case on proposals to repurchase shares directly from specified shareholders, balancing the
stated rationale against the possibility for the repurchase authority to be misused, such as to repurchase
shares from insiders at a premium to market price.</P>

<P STYLE="font: bold 11pt/13pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0">Share Repurchase Programs
Shareholder Proposals</P>

<P STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0"><B>General Recommendation:</B>
DWS&#8217;s policy is to generally vote against shareholder proposals prohibiting executives from selling
shares of company stock during periods in which the company has announced that it may or will be repurchasing
shares of its stock. Vote for the proposal when there is a pattern of abuse by executives exercising options
or selling shares during periods of share buybacks.</P>

<P STYLE="font: bold 11pt/13pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0">Stock Distributions: Splits
and Dividends</P>

<P STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0"><B>General Recommendation:</B>
DWS&#8217;s policy is to generally vote for management proposals to increase the common share authorization
for stock split or stock dividend, provided that the effective increase in authorized shares is equal
to or is less than the allowable increase calculated in accordance with ISS' Common Stock Authorization
policy.</P>

<P STYLE="font: bold 11pt/13pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0">Tracking Stock</P>

<P STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0"><B>General Recommendation:</B>
DWS&#8217;s policy is to generally vote case-by-case on the creation of tracking stock, weighing the strategic
value of the transaction against such factors as:</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&#9632;</TD><TD>Adverse governance changes;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&#9632;</TD><TD>Excessive increases in authorized capital stock;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&#9632;</TD><TD>Unfair method of distribution;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&#9632;</TD><TD>Diminution of voting rights;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&#9632;</TD><TD>Adverse conversion features;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&#9632;</TD><TD>Negative impact on stock option plans; and</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&#9632;</TD><TD>Alternatives such as spin-off.</TD></TR></TABLE>

<P STYLE="font: bold 11pt/13pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0">Restructuring</P>

<P STYLE="font: bold 11pt/13pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0">Appraisal Rights</P>

<P STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0"><B>General Recommendation: </B>DWS&#8217;s
policy is to generally vote for proposals to restore or provide shareholders with rights of appraisal.</P>

<P STYLE="font: bold 11pt/13pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0">Asset Purchases</P>

<P STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0"><B>General Recommendation:</B>
DWS&#8217;s policy is to generally vote case-by-case on asset purchase proposals, considering the following
factors:</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&#9632;</TD><TD>Purchase price;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&#9632;</TD><TD>Fairness opinion;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&#9632;</TD><TD>Financial and strategic benefits;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&#9632;</TD><TD>How the deal was negotiated;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&#9632;</TD><TD>Conflicts of interest;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&#9632;</TD><TD>Other alternatives for the business;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&#9632;</TD><TD>Non-completion risk.</TD></TR></TABLE>

<P STYLE="font: bold 11pt/13pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0">Asset Sales</P>

<P STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0"><B>General Recommendation:</B>
DWS&#8217;s policy is to generally vote case-by-case on asset sales, considering the following factors:</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&#9632;</TD><TD>Impact on the balance sheet/working capital;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&#9632;</TD><TD>Potential elimination of diseconomies;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&#9632;</TD><TD>Anticipated financial and operating benefits;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&#9632;</TD><TD>Anticipated use of funds;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&#9632;</TD><TD>Value received for the asset;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&#9632;</TD><TD>Fairness opinion;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&#9632;</TD><TD>How the deal was negotiated;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&#9632;</TD><TD>Conflicts of interest.</TD></TR></TABLE>

<P STYLE="font: bold 11pt/13pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0">Bundled Proposals</P>

<P STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0"><B>General Recommendation:</B>
DWS&#8217;s policy is to generally vote case-by-case on bundled or &#8220;conditional&#8221; proxy proposals.
In the case of items that are conditioned upon each other, examine the benefits and costs of the packaged
items. In instances when the joint effect of the conditioned items is not in shareholders&#8217; best
interests, vote against the proposals. If the combined effect is positive, support such proposals.</P>

<P STYLE="font: bold 11pt/13pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0">Conversion of Securities</P>

<P STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0"><B>General Recommendation: </B>DWS&#8217;s
policy is to generally vote case-by-case on proposals regarding conversion of securities. When evaluating
these proposals, the investor should review the dilution to existing shareholders, the conversion price
relative to market value, financial issues, control issues, termination penalties, and conflicts of interest.</P>

<P STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0">DWS&#8217;s policy is to vote
for the conversion if it is expected that the company will be subject to onerous penalties or will be
forced to file for bankruptcy if the transaction is not approved.</P>

<P STYLE="font: bold 11pt/13pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0">Corporate Reorganization/Debt
Restructuring/Prepackaged Bankruptcy Plans/Reverse Leveraged Buyouts/Wrap Plans</P>

<P STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0"><B>General Recommendation:</B>
DWS&#8217;s policy is to generally vote case-by-case on proposals to increase common and/or preferred
shares and to issue shares as part of a debt restructuring plan, after evaluating:</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&#9632;</TD><TD>Dilution to existing shareholders' positions;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&#9632;</TD><TD>Terms of the offer - discount/premium in purchase price to investor, including any fairness opinion;
termination penalties; exit strategy;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&#9632;</TD><TD>Financial issues - company's financial situation; degree of need for capital; use of proceeds; effect
of the financing on the company's cost of capital;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&#9632;</TD><TD>Management's efforts to pursue other alternatives;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&#9632;</TD><TD>Control issues - change in management; change in control, guaranteed board and committee seats; standstill
provisions; voting agreements; veto power over certain corporate actions; and</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&#9632;</TD><TD>Conflict of interest - arm's length transaction, managerial incentives.</TD></TR></TABLE>

<P STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0">Vote for the debt restructuring
if it is expected that the company will file for bankruptcy if the transaction is not approved.</P>

<P STYLE="font: bold 11pt/13pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0">Formation of Holding Company</P>

<P STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0"><B>General Recommendation:</B>
DWS&#8217;s policy is to generally vote case-by-case on proposals regarding the formation of a holding
company, taking into consideration the following:</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&#9632;</TD><TD>The reasons for the change;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&#9632;</TD><TD>Any financial or tax benefits;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&#9632;</TD><TD>Regulatory benefits;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&#9632;</TD><TD>Increases in capital structure; and</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&#9632;</TD><TD>Changes to the articles of incorporation or bylaws of the company.</TD></TR></TABLE>

<P STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0">Absent compelling financial reasons
to recommend for the transaction, vote against the formation of a holding company if the transaction would
include either of the following:</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&#9632;</TD><TD>Increases in common or preferred stock in excess of the allowable maximum (see discussion under &#8220;Capital&#8221;);
or</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&#9632;</TD><TD>Adverse changes in shareholder rights.</TD></TR></TABLE>

<P STYLE="font: bold 11pt/13pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0">Going Private and Going
Dark Transactions (LBOs and Minority Squeeze-outs)</P>

<P STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0"><B>General Recommendation:</B>
DWS&#8217;s policy is to generally vote case-by-case on going private transactions, taking into account
the following:</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&#9632;</TD><TD>Offer price/premium;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&#9632;</TD><TD>Fairness opinion;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&#9632;</TD><TD>How the deal was negotiated;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&#9632;</TD><TD>Conflicts of interest;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&#9632;</TD><TD>Other alternatives/offers considered; and</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&#9632;</TD><TD>Non-completion risk.</TD></TR></TABLE>

<P STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0">DWS&#8217;s policy is to vote
case-by-case on going dark transactions, determining whether the transaction enhances shareholder value
by taking into consideration:</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&#9632;</TD><TD>Whether the company has attained benefits from being publicly-traded (examination of trading volume,
liquidity, and market research of the stock);</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&#9632;</TD><TD>Balanced interests of continuing vs. cashed-out shareholders, taking into account the following:</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&#9632;</TD><TD>Are all shareholders able to participate in the transaction?</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&#9632;</TD><TD>Will there be a liquid market for remaining shareholders following the transaction?</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&#9632;</TD><TD>Does the company have strong corporate governance?</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&#9632;</TD><TD>Will insiders reap the gains of control following the proposed transaction?</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&#9632;</TD><TD>Does the state of incorporation have laws requiring continued reporting that may benefit shareholders?</TD></TR></TABLE>

<P STYLE="font: bold 11pt/13pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0">Joint Ventures</P>

<P STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0"><B>General Recommendation: </B>DWS&#8217;s
policy is to generally vote case-by-case on proposals to form joint ventures, taking into account the
following:</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&#9632;</TD><TD>Percentage of assets/business contributed;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&#9632;</TD><TD>Percentage ownership;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&#9632;</TD><TD>Financial and strategic benefits;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&#9632;</TD><TD>Governance structure;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&#9632;</TD><TD>Conflicts of interest;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&#9632;</TD><TD>Other alternatives; and</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&#9632;</TD><TD>Non-completion risk.</TD></TR></TABLE>

<P STYLE="font: bold 11pt/13pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0">Liquidations</P>

<P STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0"><B>General Recommendation:</B>
DWS&#8217;s policy is to generally vote case-by-case on liquidations, taking into account the following:</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&#9632;</TD><TD>Management&#8217;s efforts to pursue other alternatives;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&#9632;</TD><TD>Appraisal value of assets; and</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&#9632;</TD><TD>The compensation plan for executives managing the liquidation.</TD></TR></TABLE>

<P STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0">DWS&#8217;s policy is to vote
for the liquidation if the company will file for bankruptcy if the proposal is not approved.</P>

<P STYLE="font: bold 11pt/13pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0">Mergers and Acquisitions</P>

<P STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0"><B>General Recommendation:</B>
DWS&#8217;s policy is to generally vote case-by-case on mergers and acquisitions. Review and evaluate
the merits and drawbacks of the proposed transaction, balancing various and sometimes countervailing factors
including:</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&#9632;</TD><TD><I>Valuation</I> - Is the value to be received by the target shareholders (or paid by the acquirer)
reasonable? While the fairness opinion may provide an initial starting point for assessing valuation reasonableness,
emphasis is placed on the offer premium, market reaction, and strategic rationale.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&#9632;</TD><TD><I>Market reaction</I> - How has the market responded to the proposed deal? A negative market reaction
should cause closer scrutiny of a deal.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&#9632;</TD><TD><I>Strategic rationale</I> - Does the deal make sense strategically? From where is the value derived?
Cost and revenue synergies should not be overly aggressive or optimistic, but reasonably achievable. Management
should also have a favorable track record of successful integration of historical acquisitions.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&#9632;</TD><TD><I>Negotiations and process</I> - Were the terms of the transaction negotiated at arm's-length? Was
the process fair and equitable? A fair process helps to ensure the best price for shareholders. Significant
negotiation &quot;wins&quot; can also signify the deal makers' competency. The comprehensiveness of the
sales process (e.g., full auction, partial auction, no auction) can also affect shareholder value.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&#9632;</TD><TD><I>Conflicts of interest</I> - Are insiders benefiting from the transaction disproportionately and
inappropriately as compared to non-insider shareholders? As the result of potential conflicts, the directors
and officers of the company may be more likely to vote to approve a merger than if they did not hold these
interests. Consider whether these interests may have influenced these directors and officers to support
or recommend the merger. The CIC figure presented in the &quot;ISS Transaction Summary&quot; section of
this report is an aggregate figure that can in certain cases be a misleading indicator of the true value
transfer from shareholders to insiders. Where such figure appears to be excessive, analyze the underlying
assumptions to determine whether a potential conflict exists.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&#9632;</TD><TD><I>Governance</I> - Will the combined company have a better or worse governance profile than the current
governance profiles of the respective parties to the transaction? If the governance profile is to change
for the worse, the burden is on the company to prove that other issues (such as valuation) outweigh any
deterioration in governance.</TD></TR></TABLE>

<P STYLE="font: bold 11pt/13pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0">Private Placements/Warrants/Convertible
Debentures</P>

<P STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0"><B>General Recommendation: </B>DWS&#8217;s
policy is to generally vote case-by-case on proposals regarding private placements, warrants, and convertible
debentures taking into consideration:</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&#9632;</TD><TD>Dilution to existing shareholders' position: The amount and timing of shareholder ownership dilution
should be weighed against the needs and proposed shareholder benefits of the capital infusion. Although
newly issued common stock, absent preemptive rights, is typically dilutive to existing shareholders, share
price appreciation is often the necessary event to trigger the exercise of &quot;out of the money&quot;
warrants and convertible debt. In these instances from a value standpoint, the negative impact of dilution
is mitigated by the increase in the company's stock price that must occur to trigger the dilutive event.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&#9632;</TD><TD>Terms of the offer (discount/premium in purchase price to investor, including any fairness opinion,
conversion features, termination penalties, exit strategy):</TD></TR></TABLE>

<P STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0 0.75in; text-indent: -0.25in">The
terms of the offer should be weighed against the alternatives of the company and in light of company's
financial condition. Ideally, the conversion price for convertible debt and the exercise price for warrants
should be at a premium to the then prevailing stock price at the time of private placement.</P>

<P STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0 0.75in; text-indent: -0.25in">When
evaluating the magnitude of a private placement discount or premium, consider factors that influence the
discount or premium, such as, liquidity, due diligence costs, control and monitoring costs, capital scarcity,
information asymmetry, and anticipation of future performance.</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&#9632;</TD><TD>Financial issues:</TD></TR></TABLE>

<P STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0 0.75in; text-indent: -0.25in">The
company's financial condition;</P>

<P STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0 0.75in; text-indent: -0.25in">Degree
of need for capital;</P>

<P STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0 0.75in; text-indent: -0.25in">Use
of proceeds;</P>

<P STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0 0.75in; text-indent: -0.25in">Effect
of the financing on the company's cost of capital;</P>

<P STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0 0.75in; text-indent: -0.25in">Current
and proposed cash burn rate;</P>

<P STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0 0.75in; text-indent: -0.25in">Going
concern viability and the state of the capital and credit markets.</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&#9632;</TD><TD>Management's efforts to pursue alternatives and whether the company engaged in a process to evaluate
alternatives: A fair, unconstrained process helps to ensure the best price for shareholders. Financing
alternatives can include joint ventures, partnership, merger, or sale of part or all of the company.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&#9632;</TD><TD>Control issues:</TD></TR></TABLE>

<P STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0 0.75in; text-indent: -0.25in">Change
in management;</P>

<P STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0 0.75in; text-indent: -0.25in">Change
in control;</P>

<P STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0 0.75in; text-indent: -0.25in">Guaranteed
board and committee seats;</P>

<P STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0 0.75in; text-indent: -0.25in">Standstill
provisions;</P>

<P STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0 0.75in; text-indent: -0.25in">Voting
agreements;</P>

<P STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0 0.75in; text-indent: -0.25in">Veto
power over certain corporate actions; and</P>

<P STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0 0.75in; text-indent: -0.25in">Minority
versus majority ownership and corresponding minority discount or majority control premium.</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&#9632;</TD><TD>Conflicts of interest:</TD></TR></TABLE>

<P STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0 0.75in; text-indent: -0.25in">Conflicts
of interest should be viewed from the perspective of the company and the investor.</P>

<P STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0 0.75in; text-indent: -0.25in">Were
the terms of the transaction negotiated at arm's length? Are managerial incentives aligned with shareholder
interests?</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&#9632;</TD><TD>Market reaction:</TD></TR></TABLE>

<P STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0 0.75in; text-indent: -0.25in">The
market's response to the proposed deal. A negative market reaction is a cause for concern. Market reaction
may be addressed by analyzing the one-day impact on the unaffected stock price.</P>

<P STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0">Vote for the private placement,
or for the issuance of warrants and/or convertible debentures in a private placement, if it is expected
that the company will file for bankruptcy if the transaction is not approved.</P>

<P STYLE="font: bold 11pt/13pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0">Reorganization/Restructuring
Plan (Bankruptcy)</P>

<P STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0"><B>General Recommendation: </B>DWS&#8217;s
policy is to generally vote case-by-case on proposals to common shareholders on bankruptcy plans of reorganization,
considering the following factors including, but not limited to:</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&#9632;</TD><TD>Estimated value and financial prospects of the reorganized company;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&#9632;</TD><TD>Percentage ownership of current shareholders in the reorganized company;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&#9632;</TD><TD>Whether shareholders are adequately represented in the reorganization process (particularly through
the existence of an Official Equity Committee);</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&#9632;</TD><TD>The cause(s) of the bankruptcy filing, and the extent to which the plan of reorganization addresses
the cause(s);</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&#9632;</TD><TD>Existence of a superior alternative to the plan of reorganization; and</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&#9632;</TD><TD>Governance of the reorganized company.</TD></TR></TABLE>

<P STYLE="font: bold 11pt/13pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0">Special Purpose Acquisition
Corporations (SPACs)</P>

<P STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0"><B>General Recommendation:</B>
DWS&#8217;s policy is to generally vote case-by-case on SPAC mergers and acquisitions taking into account
the following:</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&#9632;</TD><TD><I>Valuation</I> - Is the value being paid by the SPAC reasonable? SPACs generally lack an independent
fairness opinion and the financials on the target may be limited. Compare the conversion price with the
intrinsic value of the target company provided in the fairness opinion. Also, evaluate the proportionate
value of the combined entity attributable to the SPAC IPO shareholders versus the pre-merger value of
SPAC. Additionally, a private company discount may be applied to the target, if it is a private entity.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&#9632;</TD><TD><I>Market reaction</I> - How has the market responded to the proposed deal? A negative market reaction
may be a cause for concern. Market reaction may be addressed by analyzing the one-day impact on the unaffected
stock price.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&#9632;</TD><TD><I>Deal timing</I> - A main driver for most transactions is that the SPAC charter typically requires
the deal to be complete within 18 to 24 months, or the SPAC is to be liquidated. Evaluate the valuation,
market reaction, and potential conflicts of interest for deals that are announced close to the liquidation
date.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&#9632;</TD><TD><I>Negotiations and process</I> - What was the process undertaken to identify potential target companies
within specified industry or location specified in charter? Consider the background of the sponsors.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&#9632;</TD><TD><I>Conflicts of interest</I> - How are sponsors benefiting from the transaction compared to IPO shareholders?
Potential conflicts could arise if a fairness opinion is issued by the insiders to qualify the deal rather
than a third party or if management is encouraged to pay a higher price for the target because of an 80
percent rule (the charter requires that the fair market value of the target is at least equal to 80 percent
of net assets of the SPAC). Also, there may be sense of urgency by the management team of the SPAC to
close the deal since its charter typically requires a transaction to be completed within the 18-24 month
timeframe.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&#9632;</TD><TD><I>Voting agreements</I> - Are the sponsors entering into enter into any voting agreements/tender
offers with shareholders who are likely to vote against the proposed merger or exercise conversion rights?</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&#9632;</TD><TD><I>Governance</I> - What is the impact of having the SPAC CEO or founder on key committees following
the proposed merger?</TD></TR></TABLE>

<P STYLE="font: bold 11pt/13pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0">Special Purpose Acquisition
Corporations (SPACs) - Proposals for Extensions</P>

<P STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0"><B>General Recommendation:</B>
DWS&#8217;s policy is to generally vote case-by-case on SPAC extension proposals taking into account the
length of the requested extension, the status of any pending transaction(s) or progression of the acquisition
process, any added incentive for non-redeeming shareholders, and any prior extension requests.</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&#9632;</TD><TD><I>Length of request:</I> Typically, extension requests range from two to six months, depending on
the progression of the SPAC's acquisition process.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&#9632;</TD><TD><I>Pending transaction(s) or progression of the acquisition process:</I> Sometimes an initial business
combination was already put to a shareholder vote, but, for varying reasons, the transaction could not
be consummated by the termination date and the SPAC is requesting an extension. Other times, the SPAC
has entered into a definitive transaction agreement, but needs additional time to consummate or hold the
shareholder meeting.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&#9632;</TD><TD><I>Added incentive for non-redeeming shareholders:</I> Sometimes the SPAC sponsor (or other insiders)
will contribute, typically as a loan to the company, additional funds that will be added to the redemption
value of each public share as long as such shares are not redeemed in connection with the extension request.
The purpose of the &quot;equity kicker&quot; is to incentivize shareholders to hold their shares through
the end of the requested extension or until the time the transaction is put to a shareholder vote, rather
than electing redemption at the extension proposal meeting.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&#9632;</TD><TD><I>Prior extension requests:</I> Some SPACs request additional time beyond the extension period sought
in prior extension requests.</TD></TR></TABLE>

<P STYLE="font: bold 11pt/13pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0">Spin-offs</P>

<P STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0"><B>General Recommendation:</B>
DWS&#8217;s policy is to generally vote case-by-case on spin-offs, considering:</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&#9632;</TD><TD>Tax and regulatory advantages;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&#9632;</TD><TD>Planned use of the sale proceeds;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&#9632;</TD><TD>Valuation of spinoff;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&#9632;</TD><TD>Fairness opinion;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&#9632;</TD><TD>Benefits to the parent company;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&#9632;</TD><TD>Conflicts of interest;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&#9632;</TD><TD>Managerial incentives;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&#9632;</TD><TD>Corporate governance changes;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&#9632;</TD><TD>Changes in the capital structure.</TD></TR></TABLE>

<P STYLE="font: bold 11pt/13pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0">Value Maximization Shareholder
Proposals</P>

<P STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0"><B>General Recommendation:</B>
DWS&#8217;s policy is to generally vote case-by-case on shareholder proposals seeking to maximize shareholder
value by:</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&#9632;</TD><TD>Hiring a financial advisor to explore strategic alternatives;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&#9632;</TD><TD>Selling the company; or</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&#9632;</TD><TD>Liquidating the company and distributing the proceeds to shareholders.</TD></TR></TABLE>

<P STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0">These proposals should be evaluated
based on the following factors:</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&#9632;</TD><TD>Prolonged poor performance with no turnaround in sight;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&#9632;</TD><TD>Signs of entrenched board and management (such as the adoption of takeover defenses);</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&#9632;</TD><TD>Strategic plan in place for improving value;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&#9632;</TD><TD>Likelihood of receiving reasonable value in a sale or dissolution; and</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&#9632;</TD><TD>The company actively exploring its strategic options, including retaining a financial advisor.</TD></TR></TABLE>

<P STYLE="font: bold 12pt/14pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0">COMPENSATION</P>

<P STYLE="font: bold 11pt/13pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0">Executive Pay Evaluation</P>

<P STYLE="font: bold 11pt/13pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0">Advisory Votes on Executive
Compensation&#8212;Management Proposals (Say-on-Pay)</P>

<P STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0"><B>General Recommendation:</B>
DWS&#8217;s policy is to generally vote case-by-case on ballot items related to executive pay and practices,
as well as certain aspects of outside director compensation.</P>

<P STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0">DWS&#8217;s policy is to vote
against Advisory Votes on Executive Compensation (Say-on-Pay or &#8220;SOP&#8221;) if:</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&#9632;</TD><TD>There is an unmitigated misalignment between CEO pay and company performance (pay for performance);</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&#9632;</TD><TD>The company maintains significant problematic pay practices;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&#9632;</TD><TD>The board exhibits a significant level of poor communication and responsiveness to shareholders.</TD></TR></TABLE>

<P STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0">DWS&#8217;s policy is to generally
vote against or withhold from the members of the Compensation Committee and potentially the full board
if:</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&#9632;</TD><TD>There is no SOP on the ballot, and an against vote on an SOP would otherwise be warranted due to pay-for-performance
misalignment, problematic pay practices, or the lack of adequate responsiveness on compensation issues
raised previously, or a combination thereof;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&#9632;</TD><TD>The board fails to respond adequately to a previous SOP proposal that received less than 70 percent
support of votes cast;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&#9632;</TD><TD>The company has recently practiced or approved problematic pay practices, such as option repricing
or option backdating; or</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&#9632;</TD><TD>The situation is egregious.</TD></TR></TABLE>

<P STYLE="font: bold 11pt/13pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0">Frequency of Advisory Vote
on Executive Compensation (&quot;Say When on Pay&quot;)</P>

<P STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0"><B>General Recommendation:</B>
DWS&#8217;s policy is to generally vote for annual advisory votes on compensation, which provide the most
consistent and clear communication channel for shareholder concerns about companies' executive pay programs.</P>

<P STYLE="font: bold 11pt/13pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0">Voting on Golden Parachutes
in an Acquisition, Merger, Consolidation, or Proposed Sale</P>

<P STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0"><B>General Recommendation: </B>DWS&#8217;s
policy is to generally vote case-by-case on say on Golden Parachute proposals, including consideration
of existing change-in-control arrangements maintained with named executive officers but also considering
new or extended arrangements.</P>

<P STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0">Features that may result in an
&#8220;against&#8221; recommendation include one or more of the following, depending on the number, magnitude,
and/or timing of issue(s):</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&#9632;</TD><TD>Single- or modified-single-trigger cash severance;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&#9632;</TD><TD>Single-trigger acceleration of unvested equity awards;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&#9632;</TD><TD>Full acceleration of equity awards granted shortly before the change in control;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&#9632;</TD><TD>Acceleration of performance awards above the target level of performance without compelling rationale;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&#9632;</TD><TD>Excessive cash severance (generally &gt;3x base salary and bonus);</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&#9632;</TD><TD>Excise tax gross-ups triggered and payable;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&#9632;</TD><TD>Excessive golden parachute payments (on an absolute basis or as a percentage of transaction equity
value); or</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&#9632;</TD><TD>Recent amendments that incorporate any problematic features (such as those above) or recent actions
(such as extraordinary equity grants) that may make packages so attractive as to influence merger agreements
that may not be in the best interests of shareholders; or</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&#9632;</TD><TD>The company's assertion that a proposed transaction is conditioned on shareholder approval of the
golden parachute advisory vote.</TD></TR></TABLE>

<P STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0">Recent amendment(s) that incorporate
problematic features will tend to carry more weight on the overall analysis. However, the presence of
multiple legacy problematic features will also be closely scrutinized.</P>

<P STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0">In cases where the golden parachute
vote is incorporated into a company's advisory vote on compensation (management say-on-pay), DWS will
evaluate the say-on-pay proposal in accordance with these guidelines, which may give higher weight to
that component of the overall evaluation.</P>

<P STYLE="font: bold 11pt/13pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0">Equity-Based and Other Incentive
Plans</P>

<P STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0"><B>General Recommendation:</B>
DWS&#8217;s policy is to generally vote case-by-case on certain equity-based compensation plans<SUP>21</SUP>
depending on a combination of certain plan features and equity grant practices, where positive factors
may counterbalance negative factors, and vice versa, as evaluated using an &quot;Equity Plan Scorecard&quot;
(EPSC) approach with three pillars:</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&#9632;</TD><TD><B>Plan Cost:</B> The total estimated cost of the company&#8217;s equity plans relative to industry/market
cap peers, measured by the company's estimated Shareholder Value Transfer (SVT) in relation to peers and
considering both:</TD></TR></TABLE>

<P STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0 0.75in; text-indent: -0.25in">SVT
based on new shares requested plus shares remaining for future grants, plus outstanding unvested/unexercised
grants; and</P>

<P STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0 0.75in; text-indent: -0.25in">SVT
based only on new shares requested plus shares remaining for future grants.</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&#9632;</TD><TD><B>Plan Features:</B></TD></TR></TABLE>

<P STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0 0.75in; text-indent: -0.25in">Quality
of disclosure around vesting upon a change in control (CIC);</P>

<P STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0 0.75in; text-indent: -0.25in">Discretionary
vesting authority;</P>

<P STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0 0.75in; text-indent: -0.25in">Liberal
share recycling on various award types;</P>

<P STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0 0.75in; text-indent: -0.25in">Lack
of minimum vesting period for grants made under the plan;</P>

<P STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0 0.75in; text-indent: -0.25in">Dividends
payable prior to award vesting.</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&#9632;</TD><TD><B>Grant Practices:</B></TD></TR></TABLE>

<P STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0 0.75in; text-indent: -0.25in">The
company&#8217;s three-year burn rate relative to its industry/market cap peers;</P>

<P STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0 0.75in; text-indent: -0.25in">Vesting
requirements in CEO's recent equity grants (3-year look-back);</P>

<P STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0 0.75in; text-indent: -0.25in">The
estimated duration of the plan (based on the sum of shares remaining available and the new shares requested,
divided by the average annual shares granted in the prior three years);</P>

<P STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0 0.75in; text-indent: -0.25in">The
proportion of the CEO's most recent equity grants/awards subject to performance conditions;</P>

<P STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0 0.75in; text-indent: -0.25in">Whether
the company maintains a sufficient claw-back policy;</P>

<P STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0 0.75in; text-indent: -0.25in">Whether
the company maintains sufficient post-exercise/vesting share-holding requirements.</P>

<P STYLE="font: 8pt/10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0"><SUP>21 </SUP>Proposals evaluated
under the EPSC policy generally include those to approve or amend (1) stock option plans for employees
and/or employees and directors, (2) restricted stock plans for employees and/or employees and directors,
and (3) omnibus stock incentive plans for employees and/or employees and directors; amended plans will
be further evaluated case-by-case.</P>

<P STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0">DWS&#8217;s policy is to generally
vote against the plan proposal if the combination of above factors indicates that the plan is not, overall,
in shareholders' interests, or if any of the following egregious factors (&quot;overriding factors&quot;)
apply:</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&#9632;</TD><TD>Awards may vest in connection with a liberal change-of-control definition;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&#9632;</TD><TD>The plan would permit repricing or cash buyout of underwater options without shareholder approval
(either by expressly permitting it &#8211; for NYSE and Nasdaq listed companies &#8211; or by not prohibiting
it when the company has a history of repricing &#8211; for non-listed companies);</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&#9632;</TD><TD>The plan is a vehicle for problematic pay practices or a significant pay-for-performance disconnect
under certain circumstances;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&#9632;</TD><TD>The plan is excessively dilutive to shareholders' holdings;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&#9632;</TD><TD>The plan contains an evergreen (automatic share replenishment) feature; or</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&#9632;</TD><TD>Any other plan features are determined to have a significant negative impact on shareholder interests.</TD></TR></TABLE>

<P STYLE="font: bold 11pt/13pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0">Further Information on certain
EPSC Factors:</P>

<P STYLE="font: bold 11pt/13pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0">Shareholder Value Transfer
(SVT)</P>

<P STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0">The cost of the equity plans
is expressed as Shareholder Value Transfer (SVT), which is measured using a binomial option pricing model
that assesses the amount of shareholders&#8217; equity flowing out of the company to employees and directors.
SVT is expressed as both a dollar amount and as a percentage of market value, and includes the new shares
proposed, shares available under existing plans, and shares granted but unexercised (using two measures,
in the case of plans subject to the Equity Plan Scorecard evaluation, as noted above). All award types
are valued. For omnibus plans, unless limitations are placed on the most expensive types of awards (for
example, full-value awards), the assumption is made that all awards to be granted will be the most expensive
types.</P>

<P STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0">For proposals that are not subject
to the Equity Plan Scorecard evaluation, Shareholder Value Transfer is reasonable if it falls below a
company-specific benchmark. The benchmark is determined as follows: The top quartile performers in each
industry group (using the Global Industry Classification Standard: GICS) are identified. Benchmark SVT
levels for each industry are established based on these top performers&#8217; historic SVT. Regression
analyses are run on each industry group to identify the variables most strongly correlated to SVT. The
benchmark industry SVT level is then adjusted upwards or downwards for the specific company by plugging
the company-specific performance measures, size and cash compensation into the industry cap equations
to arrive at the company&#8217;s benchmark.<SUP>22</SUP></P>

<P STYLE="font: 8pt/10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0"><SUP>22 </SUP>For plans evaluated
under the Equity Plan Scorecard policy, the company's SVT benchmark is considered along with other factors.</P>

<P STYLE="font: bold 11pt/13pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0">Three-Year Burn Rate</P>

<P STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0">For meetings held prior to February
1, 2023, burn-rate benchmarks (utilized in Equity Plan Scorecard evaluations) are calculated as the greater
of: (1) the mean (&#956;) plus one standard deviation (&#963;) of the company's GICS group segmented by
S&amp;P 500, Russell 3000 index (less the S&amp;P500), and non-Russell 3000 index; and (2) two percent
of weighted common shares outstanding. In addition, year-over-year burn-rate benchmark changes will be
limited to a maximum of two (2) percentage points plus or minus the prior year's burn-rate benchmark.</P>

<P STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0">For meetings held prior to February
1, 2023, a company&#8217;s adjusted burn rate is calculated as follows:</P>

<P STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0">Burn Rate = (# of appreciation
awards granted + # of full value awards granted * Volatility Multiplier) / Weighted average common shares
outstanding</P>

<P STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0">The Volatility Multiplier is
used to provide more equivalent valuation between stock options and full value shares, base on the company&#8217;s
historical stock price volatility.</P>

<P STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0">Effective for meetings held on
or after February 1, 2023, a &#8220;Value-Adjusted Burn Rate&#8221; will instead be used for stock plan
valuations. Value-Adjusted Burn Rate benchmarks will be calculated as the greater of: (1) an industry-specific
threshold based on three-year burn rates within the company's GICS group segmented by S&amp;P 500, Russell
3000 index (less the S&amp;P 500) and non-Russell 3000 index; and (2) a de minimis threshold established
separately for each of the S&amp;P 500, the Russell 3000 index less the S&amp;P 500, and the non-Russell
3000 index. Year-over-year burn-rate benchmark changes will be limited to a predetermined range above
or below the prior year's burn-rate benchmark.</P>

<P STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0">The Value-Adjusted Burn rate
will be calculated as follows:</P>

<P STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0">Value-Adjusted Burn Rate = ((#
of options * option&#8217;s dollar value using a Black-Scholes model) + (# of full-value awards * stock
price)) / (Weighted average common shares * stock price).</P>

<P STYLE="font: bold 11pt/13pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0">Egregious Factors</P>

<P STYLE="font: bold 11pt/13pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0">Liberal Change in Control
Definition</P>

<P STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0">Generally vote against equity
plans if the plan has a liberal definition of change in control and the equity awards could vest upon
such liberal definition of change in control, even though an actual change in control may not occur. Examples
of such a definition include, but are not limited to, announcement or commencement of a tender offer,
provisions for acceleration upon a &#8220;potential&#8221; takeover, shareholder approval of a merger
or other transactions, or similar language.</P>

<P STYLE="font: bold 11pt/13pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0">Repricing Provisions</P>

<P STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0">Vote against plans that expressly
permit the repricing or exchange of underwater stock options/stock appreciate rights (SARs) without prior
shareholder approval. &quot;Repricing&quot; typically includes the ability to do any of the following:</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&#9632;</TD><TD>Amend the terms of outstanding options or SARs to reduce the exercise price of such outstanding options
or SARs;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&#9632;</TD><TD>Cancel outstanding options or SARs in exchange for options or SARs with an exercise price that is
less than the exercise price of the original options or SARs;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&#9632;</TD><TD>Cancel underwater options in exchange for stock awards; or</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&#9632;</TD><TD>Provide cash buyouts of underwater options.</TD></TR></TABLE>

<P STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0">Also, vote against or withhold
from members of the Compensation Committee who approved repricing (as defined above or otherwise determined
by ISS), without prior shareholder approval, even if such repricings are allowed in their equity plan.</P>

<P STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0">Vote against plans that do not
expressly prohibit repricing or cash buyout of underwater options without shareholder approval if the
company has a history of repricing/buyouts without shareholder approval, and the applicable listing standards
would not preclude them from doing so.</P>

<P STYLE="font: bold 11pt/13pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0">Problematic Pay Practices
or Significant Pay-for-Performance Disconnect</P>

<P STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0">If the equity plan on the ballot
is a vehicle for problematic pay practices, vote against the plan.</P>

<P STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0">ISS may recommend a vote against
the equity plan if the plan is determined to be a vehicle for pay-for-performance misalignment. Considerations
in voting against the equity plan may include, but are not limited to:</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&#9632;</TD><TD>Severity of the pay-for-performance misalignment;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&#9632;</TD><TD>Whether problematic equity grant practices are driving the misalignment; and/or</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&#9632;</TD><TD>Whether equity plan awards have been heavily concentrated to the CEO and/or the other NEOs.</TD></TR></TABLE>

<P STYLE="font: bold 11pt/13pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0">Amending Cash and Equity
Plans (including Approval for Tax Deductibility (162(m))</P>

<P STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0"><B>General Recommendation:</B>
DWS&#8217;s policy is to generally vote case-by-case on amendments to cash and equity incentive plans.</P>

<P STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0">DWS&#8217;s policy is to vote
for proposals to amend executive cash, stock, or cash and stock incentive plans if the proposal:</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&#9632;</TD><TD>Addresses administrative features only; or</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&#9632;</TD><TD>Seeks approval for Section 162(m) purposes only and the plan administering committee consists entirely
of independent directors. Note that if the company is presenting the plan to shareholders for the first
time for any reason (including after the company&#8217;s initial public offering), or if the proposal
is bundled with other material plan amendments, then the recommendation will be case-by-case (see below).</TD></TR></TABLE>

<P STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0">DWS&#8217;s policy is to vote
against proposals to amend executive cash, stock, or cash and stock incentive plans if the proposal:</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&#9632;</TD><TD>Seeks approval for Section 162(m) purposes only, and the plan administering committee does not consist
entirely of independent directors.</TD></TR></TABLE>

<P STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0">Vote case-by-case on all other
proposals to amend c ash incentive plans. This includes plans presented to shareholders for the first
time after the company's IPO and/or proposals that bundle material amendment(s) other than those for Section
162(m) purposes.</P>

<P STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0">Vote case-by-case on all other
proposals to amend equity incentive plans, considering the following:</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&#9632;</TD><TD>If the proposal requests additional shares and/or the amendments include a term extension or addition
of full value awards as an award type, the recommendation will be based on the Equity Plan Scorecard evaluation
as well as an analysis of the overall impact of the amendments.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&#9632;</TD><TD>If the plan is being presented to shareholders for the first time (including after the company's IPO),
whether or not additional shares are being requested, the recommendation will be based on the Equity Plan
Scorecard evaluation as well as an analysis of the overall impact of any amendments.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&#9632;</TD><TD>If there is no request for additional shares and the amendments do not include a term extension or
addition of full value awards as an award type, then the recommendation will be based entirely on an analysis
of the overall impact of the amendments, and the EPSC evaluation will be shown only for informational
purposes.</TD></TR></TABLE>

<P STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0">In the first two case-by-case
evaluation scenarios, the EPSC evaluation/score is the more heavily weighted consideration.</P>

<P STYLE="font: bold 11pt/13pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0">Specific Treatment of Certain
Award Types in Equity Plan Evaluations</P>

<P STYLE="font: bold 11pt/13pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0">Dividend Equivalent Rights</P>

<P STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0">Options that have Dividend Equivalent
Rights (DERs) associated with them will have a higher calculated award value than those without DERs under
the binomial model, based on the value of these dividend streams. The higher value will be applied to
new shares, shares available under existing plans, and shares awarded but not exercised per the plan specifications.
DERS transfer more shareholder equity to employees and non-employee directors and this cost should be
captured.</P>

<P STYLE="font: bold 11pt/13pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0">Operating Partnership (OP)
Units in Equity Plan Analysis of Real Estate Investment Trusts (REITs)</P>

<P STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0">For Real Estate Investment Trusts
(REITS), include the common shares issuable upon conversion of outstanding Operating Partnership (OP)
units in the share count for the purposes of determining: (1) market capitalization in the Shareholder
Value Transfer (SVT) analysis and (2) shares outstanding in the burn rate analysis.</P>

<P STYLE="font: bold 11pt/13pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0">Other Compensation Plans</P>

<P STYLE="font: bold 11pt/13pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0">401(k) Employee Benefit
Plans</P>

<P STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0"><B>General Recommendation:</B>
DWS&#8217;s policy is to generally vote for proposals to implement a 401(k) savings plan for employees.</P>

<P STYLE="font: bold 11pt/13pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0">Employee Stock Ownership
Plans (ESOPs)</P>

<P STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0"><B>General Recommendation: </B>DWS&#8217;s
policy is to generally vote for proposals to implement an ESOP or increase authorized shares for existing
ESOPs, unless the number of shares allocated to the ESOP is excessive (more than five percent of outstanding
shares).</P>

<P STYLE="font: bold 11pt/13pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0">Employee Stock Purchase
Plans&#8212;Qualified Plans</P>

<P STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0"><B>General Recommendation:</B>
DWS&#8217;s policy is to generally vote case-by-case on qualified employee stock purchase plans. Vote
for employee stock purchase plans where all of the following apply:</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&#9632;</TD><TD>Purchase price is at least 85 percent of fair market value;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&#9632;</TD><TD>Offering period is 27 months or less; and</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&#9632;</TD><TD>The number of shares allocated to the plan is 10 percent or less of the outstanding shares.</TD></TR></TABLE>

<P STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0">Vote against qualified employee
stock purchase plans where when the plan features do not meet all of the above criteria.</P>

<P STYLE="font: bold 11pt/13pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0">Employee Stock Purchase
Plans&#8212;Non-Qualified Plans</P>

<P STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0"><B>General Recommendation:</B>
DWS&#8217;s policy is to generally vote case-by-case on nonqualified employee stock purchase plans. Vote
for nonqualified employee stock purchase plans with all the following features:</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&#9632;</TD><TD>Broad-based participation;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&#9632;</TD><TD>Limits on employee contribution, which may be a fixed dollar amount or expressed as a percent of base
salary;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&#9632;</TD><TD>Company matching contribution up to 25 percent of employee&#8217;s contribution, which is effectively
a discount of 20 percent from market value; and</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&#9632;</TD><TD>No discount on the stock price on the date of purchase when there is a company matching contribution.</TD></TR></TABLE>

<P STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0">DWS&#8217;s policy is to generally
vote against nonqualified employee stock purchase plans when the plan features do not meet all of the
above criteria. If the matching contribution or effective discount exceeds the above, DWS may evaluate
the SVT cost of the plan as part of the assessment.</P>

<P STYLE="font: bold 11pt/13pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0">Option Exchange Programs/Repricing
Options</P>

<P STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0"><B>General Recommendation: </B>DWS&#8217;s
policy is to generally vote case-by-case on management proposals seeking approval to exchange/reprice
options taking into consideration:</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&#9632;</TD><TD>Historic trading patterns--the stock price should not be so volatile that the options are likely to
be back &#8220;in-the-money&#8221; over the near term;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&#9632;</TD><TD>Rationale for the re-pricing--was the stock price decline beyond management's control?;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&#9632;</TD><TD>Is this a value-for-value exchange?;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&#9632;</TD><TD>Are surrendered stock options added back to the plan reserve?;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&#9632;</TD><TD>Timing--repricing should occur at least one year out from any precipitous drop in company's stock
price;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&#9632;</TD><TD>Option vesting--does the new option vest immediately or is there a black-out period?;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&#9632;</TD><TD>Term of the option--the term should remain the same as that of the replaced option;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&#9632;</TD><TD>Exercise price--should be set at fair market or a premium to market;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&#9632;</TD><TD>Participants--executive officers and directors must be excluded.</TD></TR></TABLE>

<P STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0">If the surrendered options are
added back to the equity plans for re-issuance, then also take into consideration the company&#8217;s
total cost of equity plans and its three-year average burn rate.</P>

<P STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0">In addition to the above considerations,
evaluate the intent, rationale, and timing of the repricing proposal. The proposal should clearly articulate
why the board is choosing to conduct an exchange program at this point in time. Repricing underwater options
after a recent precipitous drop in the company&#8217;s stock price demonstrates poor timing and warrants
additional scrutiny. Also, consider the terms of the surrendered options, such as the grant date, exercise
price and vesting schedule. Grant dates of surrendered options should be far enough back (two to three
years) so as not to suggest that repricings are being done to take advantage of short-term downward price
movements. Similarly, the exercise price of surrendered options should be above the 52-week high for the
stock price.</P>

<P STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0">Vote for shareholder proposals
to put option repricings to a shareholder vote.</P>

<P STYLE="font: bold 11pt/13pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0">Stock Plans in Lieu of Cash</P>

<P STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0">General Recommendation: DWS&#8217;s
policy is to generally vote case-by-case on plans that provide participants with the option of taking
all or a portion of their cash compensation in the form of stock.</P>

<P STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0">Vote for non-employee director-only
equity plans that provide a dollar-for-dollar cash-for-stock exchange.</P>

<P STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0">Vote case-by-case on plans which
do not provide a dollar-for-dollar cash for stock exchange. In cases where the exchange is not dollar-for-dollar,
the request for new or additional shares for such equity program will be considered using the binomial
option pricing model. In an effort to capture the total cost of total compensation, DWS will not make
any adjustments to carve out the in-lieu-of cash compensation.</P>

<P STYLE="font: bold 11pt/13pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0">Transfer Stock Option (TSO)
Programs</P>

<P STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0">General Recommendation: One-time
Transfers: DWS&#8217;s policy is to generally vote against or withhold from compensation committee members
if they fail to submit one-time transfers to shareholders for approval.</P>

<P STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0">Vote case-by-case on one-time
transfers. Vote for if:</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&#9632;</TD><TD>Executive officers and non-employee directors are excluded from participating;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&#9632;</TD><TD>Stock options are purchased by third-party financial institutions at a discount to their fair value
using option pricing models such as Black-Scholes or a Binomial Option Valuation or other appropriate
financial models; and</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&#9632;</TD><TD>There is a two-year minimum holding period for sale proceeds (cash or stock) for all participants.</TD></TR></TABLE>

<P STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0">Additionally, management should
provide a clear explanation of why options are being transferred to a third-party institution and whether
the events leading up to a decline in stock price were beyond management's control. A review of the company's
historic stock price volatility should indicate if the options are likely to be back &#8220;in-the-money&#8221;
over the near term.</P>

<P STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0">Ongoing TSO program: Vote against
equity plan proposals if the details of ongoing TSO programs are not provided to shareholders. Since TSOs
will be one of the award types under a stock plan, the ongoing TSO program, structure and mechanics must
be disclosed to shareholders. The specific criteria to be considered in evaluating these proposals include,
but not limited, to the following:</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&#9632;</TD><TD>Eligibility;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&#9632;</TD><TD>Vesting;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&#9632;</TD><TD>Bid-price;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&#9632;</TD><TD>Term of options;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&#9632;</TD><TD>Cost of the program and impact of the TSOs on company&#8217;s total option expense; and</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&#9632;</TD><TD>Option repricing policy.</TD></TR></TABLE>

<P STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0">Amendments to existing plans
that allow for introduction of transferability of stock options should make clear that only options granted
post-amendment shall be transferable.</P>

<P STYLE="font: bold 11pt/13pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0">Director Compensation</P>

<P STYLE="font: bold 11pt/13pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0">Shareholder Ratification
of Director Pay Programs</P>

<P STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0"><B>General Recommendation:</B>
DWS&#8217;s policy is to generally vote case-by-case on management proposals seeking ratification of non-employee
director compensation, based on the following factors:</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&#9632;</TD><TD>If the equity plan under which non-employee director grants are made is on the ballot, whether or
not it warrants support; and</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&#9632;</TD><TD>An assessment of the following qualitative factors:</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&#9632;</TD><TD>The relative magnitude of director compensation as compared to companies of a similar profile;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&#9632;</TD><TD>The presence of problematic pay practices relating to director compensation;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&#9632;</TD><TD>Director stock ownership guidelines and holding requirements;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&#9632;</TD><TD>Equity award vesting schedules;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&#9632;</TD><TD>The mix of cash and equity-based compensation;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&#9632;</TD><TD>Meaningful limits on director compensation;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&#9632;</TD><TD>The availability of retirement benefits or perquisites; and</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&#9632;</TD><TD>The quality of disclosure surrounding director compensation.</TD></TR></TABLE>

<P STYLE="font: bold 11pt/13pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0">Equity Plans for Non-Employee
Directors</P>

<P STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0"><B>General Recommendation: </B>DWS&#8217;s
policy is to generally vote case-by-case on compensation plans for non-employee directors, based on:</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&#9632;</TD><TD>The total estimated cost of the company&#8217;s equity plans relative to industry/market cap peers,
measured by the company&#8217;s estimated Shareholder Value Transfer (SVT) based on new shares requested
plus shares remaining for future grants, plus outstanding unvested/unexercised grants;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&#9632;</TD><TD>The company&#8217;s three-year burn rate relative to its industry/market cap peers (in certain circumstances);
and</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&#9632;</TD><TD>The presence of any egregious plan features (such as an option repricing provision or liberal CIC
vesting risk).</TD></TR></TABLE>

<P STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0">On occasion, non-employee director
stock plans will exceed the plan cost or burn-rate benchmarks when combined with employee or executive
stock plans. In such cases, vote case-by-case on the plan taking into consideration the following qualitative
factors:</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&#9632;</TD><TD>The relative magnitude of director compensation as compared to companies of a similar profile;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&#9632;</TD><TD>The presence of problematic pay practices relating to director compensation;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&#9632;</TD><TD>Director stock ownership guidelines and holding requirements;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&#9632;</TD><TD>Equity award vesting schedules;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&#9632;</TD><TD>The mix of cash and equity-based compensation;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&#9632;</TD><TD>Meaningful limits on director compensation;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&#9632;</TD><TD>The availability of retirement benefits or perquisites; and</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&#9632;</TD><TD>The quality of disclosure surrounding director compensation.</TD></TR></TABLE>

<P STYLE="font: bold 11pt/13pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0">Non-Employee Director Retirement
Plans</P>

<P STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0"><B>General Recommendation: </B>DWS&#8217;s
policy is to generally vote against retirement plans for non-employee directors. Vote for shareholder
proposals to eliminate retirement plans for non-employee directors.</P>

<P STYLE="font: bold 11pt/13pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0">Shareholder Proposals on
Compensation</P>

<P STYLE="font: bold 11pt/13pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0">Bonus Banking/Bonus Banking
&#8220;Plus&#8221;</P>

<P STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0"><B>General Recommendation:</B>
DWS&#8217;s policy is to generally vote case-by-case on proposals seeking deferral of a portion of annual
bonus pay, with ultimate payout linked to sustained results for the performance metrics on which the bonus
was earned (whether for the named executive officers or a wider group of employees), taking into account
the following factors:</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&#9632;</TD><TD>The company&#8217;s past practices regarding equity and cash compensation;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&#9632;</TD><TD>Whether the company has a holding period or stock ownership requirements in place, such as a meaningful
retention ratio (at least 50 percent for full tenure); and</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&#9632;</TD><TD>Whether the company has a rigorous claw-back policy in place.</TD></TR></TABLE>

<P STYLE="font: bold 11pt/13pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0">Compensation Consultants&#8212;Disclosure
of Board or Company&#8217;s Utilization</P>

<P STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0"><B>General Recommendation:</B>
DWS&#8217;s policy is to generally vote for shareholder proposals seeking disclosure regarding the company,
board, or compensation committee&#8217;s use of compensation consultants, such as company name, business
relationship(s), and fees paid.</P>

<P STYLE="font: bold 11pt/13pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0">Disclosure/Setting Levels
or Types of Compensation for Executives and Directors</P>

<P STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0"><B>General Recommendation:</B>
DWS&#8217;s policy is to generally vote for shareholder proposals seeking additional disclosure of executive
and director pay information, provided the information requested is relevant to shareholders' needs, would
not put the company at a competitive disadvantage relative to its industry, and is not unduly burdensome
to the company.</P>

<P STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0">DWS&#8217;s policy is to generally
vote against shareholder proposals seeking to set absolute levels on compensation or otherwise dictate
the amount or form of compensation (such as types of compensation elements or specific metrics) to be
used for executive or directors.</P>

<P STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0">DWS&#8217;s policy is to generally
vote against shareholder proposals that mandate a minimum amount of stock that directors must own in order
to qualify as a director or to remain on the board.</P>

<P STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0">Vote case-by-case on all other
shareholder proposals regarding executive and director pay, taking into account relevant factors, including
but not limited to: company performance, pay level and design versus peers, history of compensation concerns
or pay-for-performance disconnect, and/or the scope and prescriptive nature of the proposal.</P>

<P STYLE="font: bold 11pt/13pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0">Golden Coffins/Executive
Death Benefits</P>

<P STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0"><B>General Recommendation:</B>
DWS&#8217;s policy is to generally vote for proposals calling for companies to adopt a policy of obtaining
shareholder approval for any future agreements and corporate policies that could oblige the company to
make payments or awards following the death of a senior executive in the form of unearned salary or bonuses,
accelerated vesting or the continuation in force of unvested equity grants, perquisites and other payments
or awards made in lieu of compensation. This would not apply to any benefit programs or equity plan proposals
for which the broad-based employee population is eligible.</P>

<P STYLE="font: bold 11pt/13pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0">Hold Equity Past Retirement
or for a Significant Period of Time</P>

<P STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0"><B>General Recommendation:</B>
DWS&#8217;s policy is to generally vote case-by-case on shareholder proposals asking companies to adopt
policies requiring senior executive officers to retain a portion of net shares acquired through compensation
plans. The following factors will be taken into account:</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&#9632;</TD><TD>The percentage/ratio of net shares required to be retained;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&#9632;</TD><TD>The time period required to retain the shares;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&#9632;</TD><TD>Whether the company has equity retention, holding period, and/or stock ownership requirements in place
and the robustness of such requirements;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&#9632;</TD><TD>Whether the company has any other policies aimed at mitigating risk taking by executives;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&#9632;</TD><TD>Executives' actual stock ownership and the degree to which it meets or exceeds the proponent&#8217;s
suggested holding period/retention ratio or the company&#8217;s existing requirements; and</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&#9632;</TD><TD>Problematic pay practices, current and past, which may demonstrate a short-term versus long-term focus.</TD></TR></TABLE>

<P STYLE="font: bold 11pt/13pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0">Pay Disparity</P>

<P STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0"><B>General Recommendation:</B>
DWS&#8217;s policy is to generally vote case-by-case on proposals calling for an analysis of the pay disparity
between corporate executives and other non-executive employees. The following factors will be considered:</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&#9632;</TD><TD>The company&#8217;s current level of disclosure of its executive compensation setting process, including
how the company considers pay disparity;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&#9632;</TD><TD>If any problematic pay practices or pay-for-performance concerns have been identified at the company;
and</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&#9632;</TD><TD>The level of shareholder support for the company's pay programs.</TD></TR></TABLE>

<P STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0">DWS&#8217;s policy is to generally
vote against proposals calling for the company to use the pay disparity analysis or pay ratio in a specific
way to set or limit executive pay.</P>

<P STYLE="font: bold 11pt/13pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0">Pay for Performance/Performance-Based
Awards</P>

<P STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0"><B>General Recommendation:</B>
DWS&#8217;s policy is to generally vote case-by-case on shareholder proposals requesting that a significant
amount of future long-term incentive compensation awarded to senior executives shall be performance-based
and requesting that the board adopt and disclose challenging performance metrics to shareholders, based
on the following analytical steps:</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&#9632;</TD><TD>First, vote for shareholder proposals advocating the use of performance-based equity awards, such
as performance contingent options or restricted stock, indexed options or premium-priced options, unless
the proposal is overly restrictive or if the company has demonstrated that it is using a &#8220;substantial&#8221;
portion of performance-based awards for its top executives. Standard stock options and performance-accelerated
awards do not meet the criteria to be considered as performance-based awards. Further, premium-priced
options should have a meaningful premium to be considered performance-based awards.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&#9632;</TD><TD>Second, assess the rigor of the company&#8217;s performance-based equity program. If the bar set for
the performance-based program is too low based on the company&#8217;s historical or peer group comparison,
generally vote for the proposal. Furthermore, if target performance results in an above target payout,
vote for the shareholder proposal due to program&#8217;s poor design. If the company does not disclose
the performance metric of the performance-based equity program, vote for the shareholder proposal regardless
of the outcome of the first step to the test.</TD></TR></TABLE>

<P STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0">In general, vote for the shareholder
proposal if the company does not meet both of the above two steps.</P>

<P STYLE="font: bold 11pt/13pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0">Pay for Superior Performance</P>

<P STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0"><B>General Recommendation:</B>
DWS&#8217;s policy is to generally vote case-by-case on shareholder proposals that request the board establish
a pay-for-superior performance standard in the company's executive compensation plan for senior executives.
These proposals generally include the following principles:</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&#9632;</TD><TD>Set compensation targets for the plan&#8217;s annual and long-term incentive pay components at or
below the peer group median;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&#9632;</TD><TD>Deliver a majority of the plan&#8217;s target long-term compensation through performance-vested, not
simply time-vested, equity awards;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&#9632;</TD><TD>Provide the strategic rationale and relative weightings of the financial and non-financial performance
metrics or criteria used in the annual and performance-vested long-term incentive components of the plan;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&#9632;</TD><TD>Establish performance targets for each plan financial metric relative to the performance of the company&#8217;s
peer companies;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&#9632;</TD><TD>Limit payment under the annual and performance-vested long-term incentive components of the plan to
when the company&#8217;s performance on its selected financial performance metrics exceeds peer group
median performance.</TD></TR></TABLE>

<P STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0">Consider the following factors
in evaluating this proposal:</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&#9632;</TD><TD>What aspects of the company&#8217;s annual and long-term equity incentive programs are performance
driven?</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&#9632;</TD><TD>If the annual and long-term equity incentive programs are performance driven, are the performance
criteria and hurdle rates disclosed to shareholders or are they benchmarked against a disclosed peer group?</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&#9632;</TD><TD>Can shareholders assess the correlation between pay and performance based on the current disclosure?</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&#9632;</TD><TD>What type of industry and stage of business cycle does the company belong to?</TD></TR></TABLE>

<P STYLE="font: bold 11pt/13pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0">Pre-Arranged Trading Plans
(10b5-1 Plans)</P>

<P STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0"><B>General Recommendation:</B>
DWS&#8217;s policy is to generally vote for shareholder proposals calling for the addition of certain
safeguards in prearranged trading plans (10b5-1 plans) for executives. Safeguards may include:</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&#9632;</TD><TD>Adoption, amendment, or termination of a 10b5-1 Plan must be disclosed in a Form 8-K;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&#9632;</TD><TD>Amendment or early termination of a 10b5-1 Plan is allowed only under extraordinary circumstances,
as determined by the board;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&#9632;</TD><TD>Request that a certain number of days that must elapse between adoption or amendment of a 10b5-1 Plan
and initial trading under the plan;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&#9632;</TD><TD>Reports on Form 4 must identify transactions made pursuant to a 10b5-1 Plan;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&#9632;</TD><TD>An executive may not trade in company stock outside the 10b5-1 Plan;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&#9632;</TD><TD>Trades under a 10b5-1 Plan must be handled by a broker who does not handle other securities transactions
for the executive.</TD></TR></TABLE>

<P STYLE="font: bold 11pt/13pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0">Prohibit Outside CEOs from
Serving on Compensation Committees</P>

<P STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0">General Recommendation: DWS&#8217;s
policy is to generally vote against proposals seeking a policy to prohibit any outside CEO from serving
on a company&#8217;s compensation committee, unless the company has demonstrated problematic pay practices
that raise concerns about the performance and composition of the committee.</P>

<P STYLE="font: bold 11pt/13pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0">Recoupment of Incentive
or Stock Compensation in Specified Circumstances</P>

<P STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0"><B>General Recommendation:</B>
DWS&#8217;s policy is to generally vote case-by-case on proposals to recoup incentive cash or stock compensation
made to senior executives if it is later determined that the figures upon which incentive compensation
is earned turn out to have been in error, or if the senior executive has breached company policy or has
engaged in misconduct that may be significantly detrimental to the company's financial position or reputation,
or if the senior executive failed to manage or monitor risks that subsequently led to significant financial
or reputational harm to the company. Many companies have adopted policies that permit recoupment in cases
where an executive's fraud, misconduct, or negligence significantly contributed to a restatement of financial
results that led to the awarding of unearned incentive compensation. However, such policies may be narrow
given that not all misconduct or negligence may result in significant financial restatements. Misconduct,
negligence or lack of sufficient oversight by senior executives may lead to significant financial loss
or reputational damage that may have long-lasting impact.</P>

<P STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0">In considering whether to support
such shareholder proposals, DWS will take into consideration the following factors:</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&#9632;</TD><TD>If the company has adopted a formal recoupment policy;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&#9632;</TD><TD>The rigor of the recoupment policy focusing on how and under what circumstances the company may recoup
incentive or stock compensation;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&#9632;</TD><TD>Whether the company has chronic restatement history or material financial problems;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&#9632;</TD><TD>Whether the company&#8217;s policy substantially addresses the concerns raised by the proponent;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&#9632;</TD><TD>Disclosure of recoupment of incentive or stock compensation from senior executives or lack thereof;
or</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&#9632;</TD><TD>Any other relevant factors.</TD></TR></TABLE>

<P STYLE="font: bold 11pt/13pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0">Severance Agreements for
Executives/Golden Parachutes</P>

<P STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0"><B>General Recommendation:</B>
DWS&#8217;s policy is to generally vote for shareholder proposals requiring that golden parachutes or
executive severance agreements be submitted for shareholder ratification, unless the proposal requires
shareholder approval prior to entering into employment contracts.</P>

<P STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0">DWS&#8217;s policy is to generally
vote case-by-case on proposals to ratify or cancel golden parachutes. An acceptable parachute should include,
but is not limited to, the following:</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&#9632;</TD><TD>The triggering mechanism should be beyond the control of management;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&#9632;</TD><TD>The amount should not exceed three times base amount (defined as the average annual taxable W-2 compensation
during the five years prior to the year in which the change of control occurs);</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&#9632;</TD><TD>Change-in-control payments should be double-triggered, i.e., (1) after a change in control has taken
place, and (2) termination of the executive as a result of the change in control. Change in control is
defined as a change in the company ownership structure.</TD></TR></TABLE>

<P STYLE="font: bold 11pt/13pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0">Share Buyback Impact on
Incentive Program Metrics</P>

<P STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0"><B>General Recommendation:</B>
DWS&#8217;s policy is to generally vote case-by-case on proposals requesting the company exclude the impact
of share buybacks from the calculation of incentive program metrics, considering the following factors:</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&#9632;</TD><TD>The frequency and timing of the company's share buybacks;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&#9632;</TD><TD>The use of per-share metrics in incentive plans;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&#9632;</TD><TD>The effect of recent buybacks on incentive metric results and payouts; and</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&#9632;</TD><TD>Whether there is any indication of metric result manipulation.</TD></TR></TABLE>

<P STYLE="font: bold 11pt/13pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0">Supplemental Executive Retirement
Plans (SERPs)</P>

<P STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0"><B>General Recommendation:</B>
DWS&#8217;s policy is to generally vote for shareholder proposals requesting to put extraordinary benefits
contained in SERP agreements to a shareholder vote unless the company&#8217;s executive pension plans
do not contain excessive benefits beyond what is offered under employee-wide plans.</P>

<P STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0">Generally vote for shareholder
proposals requesting to limit the executive benefits provided under the company&#8217;s supplemental executive
retirement plan (SERP) by limiting covered compensation to a senior executive&#8217;s annual salary or
those pay elements covered for the general employee population.</P>

<P STYLE="font: bold 11pt/13pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0">Tax Gross-Up Proposals</P>

<P STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0">General Recommendation: DWS&#8217;s
policy is to generally vote for proposals calling for companies to adopt a policy of not providing tax
gross-up payments to executives, except in situations where gross-ups are provided pursuant to a plan,
policy, or arrangement applicable to management employees of the company, such as a relocation or expatriate
tax equalization policy.</P>

<P STYLE="font: bold 11pt/13pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0">Termination of Employment
Prior to Severance Payment/Eliminating Accelerated Vesting of Unvested Equity</P>

<P STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0"><B>General Recommendation:</B>
DWS&#8217;s policy is to generally vote case-by-case on shareholder proposals seeking a policy requiring
termination of employment prior to severance payment and/or eliminating accelerated vesting of unvested
equity.</P>

<P STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0">The following factors will be
considered:</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&#9632;</TD><TD>The company's current treatment of equity upon employment termination and/or in change-in-control
situations (i.e., vesting is double triggered and/or pro rata, does it allow for the assumption of equity
by acquiring company, the treatment of performance shares, etc.);</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&#9632;</TD><TD>Current employment agreements, including potential poor pay practices such as gross-ups embedded in
those agreements.</TD></TR></TABLE>

<P STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0">DWS&#8217;s policy is to generally
vote for proposals seeking a policy that prohibits automatic acceleration of the vesting of equity awards
to senior executives upon a voluntary termination of employment or in the event of a change in control
(except for pro rata vesting considering the time elapsed and attainment of any related performance goals
between the award date and the change in control).</P>

<P STYLE="font: bold 12pt/14pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0">ROUTINE / MISCELLANEOUS</P>

<P STYLE="font: bold 11pt/13pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0">Adjourn Meeting</P>

<P STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0"><B>General Recommendation:</B>
DWS&#8217;s policy is to generally vote against proposals to provide management with the authority to
adjourn an annual or special meeting absent compelling reasons to support the proposal.</P>

<P STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0">Vote for proposals that relate
specifically to soliciting votes for a merger or transaction if supporting that merger or transaction.
Vote against proposals if the wording is too vague or if the proposal includes &quot;other business.&quot;</P>

<P STYLE="font: bold 11pt/13pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0">Amend Quorum Requirements</P>

<P STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0"><B>General Recommendation:</B>
DWS&#8217;s policy is to generally vote against proposals to reduce quorum requirements for shareholder
meetings below a majority of the shares outstanding unless there are compelling reasons to support the
proposal.</P>

<P STYLE="font: bold 11pt/13pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0">Amend Minor Bylaws</P>

<P STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0"><B>General Recommendation:</B>
DWS&#8217;s policy is to generally vote for bylaw or charter changes that are of a housekeeping nature
(updates or corrections).</P>

<P STYLE="font: bold 11pt/13pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0">Change Company Name</P>

<P STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0"><B>General Recommendation:</B>
DWS&#8217;s policy is to generally vote for proposals to change the corporate name unless there is compelling
evidence that the change would adversely impact shareholder value.</P>

<P STYLE="font: bold 11pt/13pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0">Change Date, Time, or Location
of Annual Meeting</P>

<P STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0"><B>General Recommendation:</B>
DWS&#8217;s policy is to generally vote for management proposals to change the date, time, or location
of the annual meeting unless the proposed change is unreasonable.</P>

<P STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0">Vote against shareholder proposals
to change the date, time, or location of the annual meeting unless the current scheduling or location
is unreasonable.</P>

<P STYLE="font: bold 11pt/13pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0">Other Business</P>

<P STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0"><B>General Recommendation:</B>
DWS&#8217;s policy is to generally vote against proposals to approve other business when it appears as
a voting item.</P>

<P STYLE="font: bold 11pt/13pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0">SOCIAL AND ENVIRONMENTAL
ISSUES</P>

<P STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0"><B>General Recommendation:</B>
DWS&#8217;s policy will consider the Coalition for Environmentally Responsible Economies (&#8220;CERES&#8221;)
recommendation on environmental and social matters contained in the CERES Roadmap 2030 as well as the
recommendations of ISS Socially Responsible Investment &#8220;SRI&#8221; Policy on social and sustainability
issues. DWS will rely on ISS to identify shareholder proposals addressing CERES Roadmap 2030 to examine
theses proxy items and to provide DWS with a voting recommendation based on ISS&#8217;s application of
the Guidelines including any factors set forth in the Guidelines. DWS will generally vote such proxies
in accordance with ISS&#8217; recommendations for topics covered under CERES Roadmap 2030.</P>

<P STYLE="font: bold 11pt/13pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0">General Approach</P>

<P STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0">DWS&#8217;s policy is to generally
vote for social and environmental shareholder proposals that enhance long-term shareholder value. DWS&#8217;s
general policy is to vote for disclosure reports that seek additional information particularly when it
appears companies have not adequately addressed shareholders' social, workforce, and environmental concerns.
In determining vote recommendations on shareholder social, workforce, and environmental proposals, DWS
will analyze the following factors:</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&#9632;</TD><TD>Whether the proposal itself is well framed and reasonable;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&#9632;</TD><TD>Whether adoption of the proposal would have either a positive or negative impact on the company&#8217;s
short-term or long-term share value</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&#9632;</TD><TD>Whether the company&#8217;s analysis and voting recommendation to shareholders is persuasive</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&#9632;</TD><TD>The degree to which the company&#8217;s stated position on the issues could affect its reputation
or sales, or leave it vulnerable to boycott or selective purchasing</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&#9632;</TD><TD>Whether the subject of the proposal is best left to the discretion of the board</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&#9632;</TD><TD>Whether the issues presented in the proposal are best dealt with through legislation, government regulation,
or company-specific action</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&#9632;</TD><TD>The company&#8217;s approach compared with its peers or any industry standard practices for addressing
the issue(s) raised by the proposal</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&#9632;</TD><TD>Whether the company has already responded in an appropriate or sufficient manner to the issue(s) raised
by the proposal</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&#9632;</TD><TD>Whether there are significant controversies, fines, penalties or litigation associated with the company&#8217;s
environmental or social practices</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&#9632;</TD><TD>If the proposal requests increased disclosure or greater transparency, whether sufficient information
is publicly available to shareholders and whether it would be unduly burdensome for the company to compile
and avail the requested information to shareholders in a more comprehensive or amalgamated fashion</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&#9632;</TD><TD>Whether implementation of the proposal would achieve the objectives sought in the proposal</TD></TR></TABLE>

<P STYLE="font: bold 11pt/13pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0">Endorsement of Principles</P>

<P STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0"><B>General Recommendation:</B>
DWS&#8217;s policy is to generally vote case-by-case on proposals seeking a company's endorsement of principles
that support a particular public policy position. Endorsing a set of principles may require a company
to take a stand on an issue that is beyond its own control and may limit its flexibility with respect
to future developments. Management and the board should be afforded the flexibility to make decisions
on specific public policy positions based on their own assessment of the most beneficial strategies for
the company.</P>

<P STYLE="font: bold 11pt/13pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0">Animal Welfare</P>

<P STYLE="font: bold 11pt/13pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0">Animal Welfare Policies</P>

<P STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0"><B>General Recommendation:</B>
DWS&#8217;s policy is to generally vote for proposals seeking a report on a company&#8217;s animal welfare
standards, or animal welfare-related risks, considering whether:</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&#9632;</TD><TD>The company has already published a set of animal welfare standards and monitors compliance;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&#9632;</TD><TD>The company&#8217;s standards are comparable to industry peers; and</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&#9632;</TD><TD>There are no recent significant fines, litigation, or controversies related to the company&#8217;s
and/or its suppliers' treatment of animals.</TD></TR></TABLE>

<P STYLE="font: bold 11pt/13pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0">Animal Testing</P>

<P STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0"><B>General Recommendation:</B>
DWS&#8217;s policy is to generally vote case-by-case on proposals to phase out the use of animals in product
testing, considering whether:</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&#9632;</TD><TD>The company is conducting animal testing programs that are unnecessary or not required by regulation;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&#9632;</TD><TD>The company is conducting animal testing when suitable alternatives are commonly accepted and used
by industry peers; or</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&#9632;</TD><TD>There are recent, significant fines or litigation related to the company&#8217;s treatment of animals.</TD></TR></TABLE>

<P STYLE="font: bold 11pt/13pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0">Animal Slaughter</P>

<P STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0"><B>General Recommendation:</B>
DWS&#8217;s policy is to generally vote case-by-case on proposals requesting the implementation of Controlled
Atmosphere Killing (CAK) methods at company and/or supplier operations unless such methods are required
by legislation or generally accepted as the industry standard.</P>

<P STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0">DWS&#8217;s policy is to vote
case-by-case on proposals requesting a report on the feasibility of implementing CAK methods at company
and/or supplier operations considering the availability of existing research conducted by the company
or industry groups on this topic and any fines or litigation related to current animal processing procedures
at the company.</P>

<P STYLE="font: bold 11pt/13pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0">Consumer Issues</P>

<P STYLE="font: bold 11pt/13pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0">Genetically Modified Ingredients</P>

<P STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0"><B>General Recommendation:</B>
DWS&#8217;s policy is to generally vote case-by-case on proposals requesting that a company voluntarily
label genetically engineered (GE) ingredients in its products.</P>

<P STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0">DWS&#8217;s policy is to generally
vote for proposals asking for a report on the feasibility of labeling products containing GE ingredients,
taking into account:</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&#9632;</TD><TD>The potential impact of such labeling on the company's business;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&#9632;</TD><TD>The quality of the company&#8217;s disclosure on GE product labeling, related voluntary initiatives,
and how this disclosure compares with industry peer disclosure; and</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&#9632;</TD><TD>Company&#8217;s current disclosure on the feasibility of GE product labeling.</TD></TR></TABLE>

<P STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0">DWS&#8217;s policy is to generally
vote case-by-case on proposals seeking a report on the social, health, and environmental effects of genetically
modified organisms (GMOs).</P>

<P STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0">DWS&#8217;s policy is to generally
vote case-by-case on proposals to phase out GE ingredients from the company's products, or proposals asking
for reports outlining the steps necessary to eliminate GE ingredients from the company&#8217;s products.</P>

<P STYLE="font: bold 11pt/13pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0">Reports on Potentially Controversial
Business/Financial Practices</P>

<P STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0"><B>General Recommendation:</B>
DWS&#8217;s policy is to generally vote for requests for reports on a company&#8217;s potentially controversial
business or financial practices or products, taking into account:</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&#9632;</TD><TD>Whether the company has adequately disclosed mechanisms in place to prevent abuses;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&#9632;</TD><TD>Whether the company has adequately disclosed the financial risks of the products/practices in question;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&#9632;</TD><TD>Whether the company has been subject to violations of related laws or serious controversies; and</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&#9632;</TD><TD>Peer companies&#8217; policies/practices in this area.</TD></TR></TABLE>

<P STYLE="font: bold 11pt/13pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0">Pharmaceutical Pricing,
Access to Medicines, and Prescription Drug Reimportation</P>

<P STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0"><B>General Recommendation:</B>
DWS&#8217;s policy is to generally vote case-by-case on proposals requesting that companies implement
specific price restraints on pharmaceutical products taking into account whether the company fails to
adhere to legislative guidelines or industry norms in its product pricing practices.</P>

<P STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0">DWS&#8217;s policy is to generally
vote for proposals requesting that a company report on its product pricing or access to medicine policies,
considering:</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&#9632;</TD><TD>The potential for reputational, market, and regulatory risk exposure;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&#9632;</TD><TD>Existing disclosure of relevant policies;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&#9632;</TD><TD>Deviation from established industry norms;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&#9632;</TD><TD>Relevant company initiatives to provide research and/or products to disadvantaged consumers;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&#9632;</TD><TD>Whether the proposal focuses on specific products or geographic regions;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&#9632;</TD><TD>The potential burden and scope of the requested report;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&#9632;</TD><TD>Recent significant controversies, litigation, or fines at the company.</TD></TR></TABLE>

<P STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0">DWS&#8217;s policy is to generally
vote for proposals requesting that a company report on the financial and legal impact of its prescription
drug reimportation policies unless such information is already publicly disclosed.</P>

<P STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0">DWS&#8217;s policy is to generally
vote case-by-case on proposals requesting that companies adopt specific policies to encourage or constrain
prescription drug reimportation.</P>

<P STYLE="font: bold 11pt/13pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0">Product Safety and Toxic/Hazardous
Materials</P>

<P STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0"><B>General Recommendation:</B>
DWS&#8217;s policy is to generally vote for proposals requesting that a company report on its policies,
initiatives/procedures, and oversight mechanisms related to toxic/hazardous materials or product safety
in its supply chain, considering whether:</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&#9632;</TD><TD>The company already discloses similar information through existing reports such as a supplier code
of conduct and/or a sustainability report;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&#9632;</TD><TD>The company has formally committed to the implementation of a toxic/hazardous materials and/or product
safety and supply chain reporting and monitoring program based on industry norms or similar standards
within a specified time frame; and</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&#9632;</TD><TD>The company has not been recently involved in relevant significant controversies, fines, or litigation.</TD></TR></TABLE>

<P STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0">DWS&#8217;s policy is to generally
vote for resolutions requesting that companies develop a feasibility assessment to phase-out of certain
toxic/hazardous materials, or evaluate and disclose the potential financial and legal risks associated
with utilizing certain materials, considering:</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&#9632;</TD><TD>The company&#8217;s current level of disclosure regarding its product safety policies, initiatives,
and oversight mechanisms;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&#9632;</TD><TD>Current regulations in the markets in which the company operates; and</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&#9632;</TD><TD>Recent significant controversies, litigation, or fines stemming from toxic/hazardous materials at
the company.</TD></TR></TABLE>

<P STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0">Generally vote case-by-case on
resolutions requiring that a company reformulate its products.</P>

<P STYLE="font: bold 11pt/13pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0">Tobacco-Related Proposals</P>

<P STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0"><B>General Recommendation:</B>
DWS&#8217;s policy is to generally vote case-by-case on resolutions regarding the advertisement of tobacco
products, considering:</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&#9632;</TD><TD>Recent related fines, controversies, or significant litigation;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&#9632;</TD><TD>Whether the company complies with relevant laws and regulations on the marketing of tobacco;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&#9632;</TD><TD>Whether the company&#8217;s advertising restrictions deviate from those of industry peers;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&#9632;</TD><TD>Whether the company entered into the Master Settlement Agreement, which restricts marketing of tobacco
to youth; and</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&#9632;</TD><TD>Whether restrictions on marketing to youth extend to foreign countries.</TD></TR></TABLE>

<P STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0">DWS&#8217;s policy is to generally
vote case-by-case on proposals regarding second-hand smoke, considering;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&#9632;</TD><TD>Whether the company complies with all laws and regulations;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&#9632;</TD><TD>The degree that voluntary restrictions beyond those mandated by law might hurt the company&#8217;s
competitiveness; and</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&#9632;</TD><TD>The risk of any health-related liabilities.</TD></TR></TABLE>

<P STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0">DWS&#8217;s policy is to generally
vote case-by-case on resolutions to cease production of tobacco-related products, to avoid selling products
to tobacco companies, to spin-off tobacco-related businesses, or prohibit investment in tobacco equities.
Such business decisions are better left to company management or portfolio managers.</P>

<P STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0">DWS&#8217;s policy is to generally
vote case-by-case on proposals regarding tobacco product warnings.</P>

<P STYLE="font: bold 11pt/13pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0">Climate Change</P>

<P STYLE="font: bold 11pt/13pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0">Say on Climate (SoC) Management
Proposals</P>

<P STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0"><B>General Recommendation:</B>
DWS&#8217;s policy is to vote case-by-case on management proposals that request shareholders to approve
the company&#8217;s transition action plan<SUP>23</SUP>, taking into account the completeness and rigor
of the plan.</P>

<P STYLE="font: 8pt/10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0"><SUP>23 </SUP>Variations of this
request also include climate transition related ambitions, or commitment to reporting on the implementation
of a climate plan.</P>

<P STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0">Information that will be considered
where available includes the following:</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&#9632;</TD><TD>The extent to which the company&#8217;s climate related disclosures are in line with TCFD recommendations
and meet other market standards;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&#9632;</TD><TD>Disclosure of its operational and supply chain Green House Gas (GHG) emissions (Scopes 1, 2, and 3);</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&#9632;</TD><TD>The completeness and rigor of company&#8217;s short-, medium-, and long-term targets for reducing
operational and supply chain GHG emissions (Scopes 1, 2 and 3 if relevant);</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&#9632;</TD><TD>Whether the company has sought and received third-party approval that its targets are science-based;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&#9632;</TD><TD>Whether the company has made a commitment to be &#8220;net zero&#8221; for operational and supply
chain emissions (Scopes 1, 2, and 3) by 2050;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&#9632;</TD><TD>Whether the company discloses a commitment to report on the implementation of its plan in subsequent
years;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&#9632;</TD><TD>Whether the company&#8217;s climate data has received third-party assurance;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&#9632;</TD><TD>Disclosure of how the company&#8217;s lobbying activities and its capital expenditures align with
company strategy;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&#9632;</TD><TD>Whether there are specific industry decarbonization challenges; and</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&#9632;</TD><TD>The company&#8217;s related commitment, disclosure, and performance compared to its industry peers.</TD></TR></TABLE>

<P STYLE="font: bold 11pt/13pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0">Say on Climate (SoC) Shareholder
Proposals</P>

<P STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0"><B>General Recommendation:</B>
DWS&#8217;s policy is to vote case-by-case on shareholder proposals that request the company to disclose
a report on providing its GHG emissions levels and reduction targets and/or its upcoming/approved climate
transition action plan and provide shareholders the opportunity to express approval or disapproval of
its GHG emissions reduction plan, taking into account information such as the following:</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&#9632;</TD><TD>The completeness and rigor of the company&#8217;s climate-related disclosure;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&#9632;</TD><TD>The company&#8217;s actual GHG emissions performance;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&#9632;</TD><TD>Whether the company has been the subject of recent, significant violations, fines litigation, or controversy
related to its GHG emissions; and</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&#9632;</TD><TD>Whether the proposal&#8217;s request is unduly burdensome (scope or timeframe) or overly prescriptive.</TD></TR></TABLE>

<P STYLE="font: bold 11pt/13pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0">Climate Change/Greenhouse
Gas (GHG) Emissions</P>

<P STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0"><B>General Recommendation:</B>
DWS&#8217;s policy is to generally vote for resolutions requesting that a company disclose information
on the financial, physical, or regulatory risks it faces related to climate change on its operations and
investments or on how the company identifies, measures, and manages such risks, considering:</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&#9632;</TD><TD>Whether the company already provides current, publicly-available information on the impact that climate
change may have on the company as well as associated company policies and procedures to address related
risks and/or opportunities;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&#9632;</TD><TD>The company's level of disclosure compared to industry peers; and</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&#9632;</TD><TD>Whether there are significant controversies, fines, penalties, or litigation associated with the company's
climate change-related performance.</TD></TR></TABLE>

<P STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0">DWS&#8217;s policy is to generally
vote for on proposals requesting a report on greenhouse gas (GHG) emissions from company operations and/or
products and operations, considering whether:</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&#9632;</TD><TD>The company already discloses current, publicly-available information on the impacts that GHG emissions
may have on the company as well as associated company policies and procedures to address related risks
and/or opportunities;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&#9632;</TD><TD>The company's level of disclosure is comparable to that of industry peers; and</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&#9632;</TD><TD>There are no significant, controversies, fines, penalties, or litigation associated with the company's
GHG emissions.</TD></TR></TABLE>

<P STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0">DWS&#8217;s policy is to generally
vote for proposals that call for the adoption of GHG reduction goals from products and operations, taking
into account:</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&#9632;</TD><TD>Whether the company provides disclosure of year-over-year GHG emissions performance data;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&#9632;</TD><TD>Whether company disclosure lags behind industry peers;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&#9632;</TD><TD>The company's actual GHG emissions performance;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&#9632;</TD><TD>The company's current GHG emission policies, oversight mechanisms, and related initiatives; and</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&#9632;</TD><TD>Whether the company has been the subject of recent, significant violations, fines, litigation, or
controversy related to GHG emissions.</TD></TR></TABLE>

<P STYLE="font: bold 11pt/13pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0">Energy Efficiency</P>

<P STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0"><B>General Recommendation:</B>
DWS&#8217;s policy is to generally vote for proposals requesting that a company report on its energy efficiency
policies, considering whether:</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&#9632;</TD><TD>The company complies with applicable energy efficiency regulations and laws, and discloses its participation
in energy efficiency policies and programs, including disclosure of benchmark data, targets, and performance
measures; or</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&#9632;</TD><TD>The proponent requests adoption of specific energy efficiency goals within specific timelines.</TD></TR></TABLE>

<P STYLE="font: bold 11pt/13pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0">Renewable Energy</P>

<P STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0"><B>General Recommendation:</B>
DWS&#8217;s policy is to generally vote for requests for reports on the feasibility of developing renewable
energy resources unless the report would be duplicative of existing disclosure or irrelevant to the company&#8217;s
line of business.</P>

<P STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0">&nbsp;</P>

<P STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0">DWS&#8217;s policy is to generally
vote case-by-case on proposals seeking increased investment in renewable energy resources taking into
consideration whether the terms of the resolution are overly restrictive.</P>

<P STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0">DWS&#8217;s policy is to generally
vote for proposals that call for the adoption of renewable energy goals, taking into account:</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&#9632;</TD><TD>The scope and structure of the proposal;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&#9632;</TD><TD>The company's current level of disclosure on renewable energy use and GHG emissions; and</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&#9632;</TD><TD>The company's disclosure of policies, practices, and oversight implemented to manage GHG emissions
and mitigate climate change risks.</TD></TR></TABLE>

<P STYLE="font: bold 11pt/13pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0">Diversity</P>

<P STYLE="font: bold 11pt/13pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0">Board Diversity</P>

<P STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0"><B>General Recommendation:</B>
DWS&#8217;s policy is to generally vote for requests for reports on a company's efforts to diversify the
board, considering whether:</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&#9632;</TD><TD>The gender and racial minority representation of the company&#8217;s board is reasonably inclusive
in relation to companies of similar size and business; and</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&#9632;</TD><TD>The board already reports on its nominating procedures and gender and racial minority initiatives
on the board and within the company.</TD></TR></TABLE>

<P STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0">DWS&#8217;s policy is to generally
vote for proposals asking a company to increase the gender and racial minority representation on its board,
taking into account:</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&#9632;</TD><TD>The degree of existing gender and racial minority diversity on the company&#8217;s board and among
its executive officers;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&#9632;</TD><TD>The level of gender and racial minority representation that exists at the company&#8217;s industry
peers;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&#9632;</TD><TD>The company&#8217;s established process for addressing gender and racial minority board representation;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&#9632;</TD><TD>Whether the proposal includes an overly prescriptive request to amend nominating committee charter
language;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&#9632;</TD><TD>The independence of the company&#8217;s nominating committee;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&#9632;</TD><TD>Whether the company uses an outside search firm to identify potential director nominees; and</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&#9632;</TD><TD>Whether the company has had recent controversies, fines, or litigation regarding equal employment
practices.</TD></TR></TABLE>

<P STYLE="font: bold 11pt/13pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0">Equality of Opportunity</P>

<P STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0"><B>General Recommendation:</B>
DWS&#8217;s policy is to generally vote for proposals requesting a company disclose its diversity policies
or initiatives, or proposals requesting disclosure of a company&#8217;s comprehensive workforce diversity
data, including requests for EEO-1 data, considering whether:</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&#9632;</TD><TD>The company publicly discloses equal opportunity policies and initiatives in a comprehensive manner;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&#9632;</TD><TD>The company already publicly discloses comprehensive workforce diversity data; and</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&#9632;</TD><TD>The company has no recent significant EEO-related violations or litigation.</TD></TR></TABLE>

<P STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0">DWS&#8217;s policy is to generally
vote for shareholder proposals requesting nondiscrimination in salary, wages and all benefits.</P>

<P STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0">DWS&#8217;s policy is to generally
vote for shareholder proposals calling for action on equal employment opportunity and antidiscrimination.</P>

<P STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0">DWS&#8217;s policy is to generally
vote case-by-case on proposals seeking information on the diversity efforts of suppliers and service providers.</P>

<P STYLE="font: bold 11pt/13pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0">Gender Identity, Sexual
Orientation, and Domestic Partner Benefits</P>

<P STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0"><B>General Recommendation:</B>
DWS&#8217;s policy is to generally vote for proposals seeking to amend a company&#8217;s EEO statement
or diversity policies to prohibit discrimination based on sexual orientation and/or gender identity.</P>

<P STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0">DWS&#8217;s policy is to generally
vote for shareholder proposals seeking reports on a company&#8217;s initiatives to create a workplace
free of discrimination on the basis of sexual orientation or gender identity.</P>

<P STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0">DWS&#8217;s policy is to generally
vote against shareholder proposals that seek to eliminate protection already afforded to gay and lesbian
employees.</P>

<P STYLE="font: bold 11pt/13pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0">Gender, Race / Ethnicity
Pay Gap</P>

<P STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0"><B>General Recommendation:</B>
DWS&#8217;s policy is to generally vote for requests for reports on a company's pay data by gender or
race /ethnicity, or a report on a company&#8217;s policies and goals to reduce any gender, or race /ethnicity
pay gaps, taking into account:</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&#9632;</TD><TD>The company's current policies and disclosure related to both its diversity and inclusion policies
and practices and its compensation philosophy on fair and equitable compensation practices;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&#9632;</TD><TD>Whether the company has been the subject of recent controversy, litigation, or regulatory actions
related to gender, race, or ethnicity pay gap issues;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&#9632;</TD><TD>The company&#8217;s disclosure regarding gender, race, or ethnicity pay gap policies or initiatives
is compared to its industry peers; and</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&#9632;</TD><TD>Local laws regarding categorization of race and/or ethnicity and definitions of ethnic and/or racial
minorities.</TD></TR></TABLE>

<P STYLE="font: bold 11pt/13pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0">Racial Equity and/or Civil
Rights Audit Guidelines</P>

<P STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0">General Recommendation: DWS&#8217;s
policy is to vote case-by-case on proposals asking a company to conduct an independent racial equity and/or
civil rights audit, taking into account:</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&#9632;</TD><TD>The company's established process or framework for addressing racial inequity and discrimination internally;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&#9632;</TD><TD>Whether the company has issued a public statement related to its racial justice efforts in recent
years; or has committed to internal policy review;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&#9632;</TD><TD>Whether the company has engaged with impacted communities, stakeholders, and civil rights experts;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&#9632;</TD><TD>The company&#8217;s track record in recent years of racial justice measures and outreach externally;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&#9632;</TD><TD>Whether the company has been the subject of recent controversy, litigation, or regulatory actions
related to racial inequity or discrimination; and</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&#9632;</TD><TD>Whether the company&#8217;s actions are aligned with market norms on civil rights, and racial or ethnic
diversity.</TD></TR></TABLE>

<P STYLE="font: bold 11pt/13pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0">Environment and Sustainability</P>

<P STYLE="font: bold 11pt/13pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0">Facility and Workplace Safety</P>

<P STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0"><B>General Recommendation: </B>DWS&#8217;s
policy is to generally vote for requests for workplace safety reports, including reports on accident risk
reduction efforts, taking into account:</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&#9632;</TD><TD>The company&#8217;s current level of disclosure of its workplace health and safety performance data,
health and safety management policies, initiatives, and oversight mechanisms;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&#9632;</TD><TD>The nature of the company&#8217;s business, specifically regarding company and employee exposure to
health and safety risks;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&#9632;</TD><TD>Recent significant controversies, fines, or violations related to workplace health and safety; and</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&#9632;</TD><TD>The company's workplace health and safety performance relative to industry peers.</TD></TR></TABLE>

<P STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0">DWS&#8217;s policy is to generally
vote case-by-case on resolutions requesting that a company report on or implement safety/security risk
procedures associated with their operations and/or facilities, considering:</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&#9632;</TD><TD>The company&#8217;s compliance with applicable regulations and guidelines;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&#9632;</TD><TD>The company&#8217;s current level of disclosure regarding its security and safety policies, procedures,
and compliance monitoring; and</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&#9632;</TD><TD>The existence of recent, significant violations, fines, or controversy regarding the safety and security
of the company&#8217;s operations and/or facilities.</TD></TR></TABLE>

<P STYLE="font: bold 11pt/13pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0">General Environmental Proposals
and Community Impact Assessments</P>

<P STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0"><B>General Recommendation:</B>
DWS&#8217;s policy is to generally vote for requests for reports on policies and/or the potential (community)
social and/or environmental impact of company operations, considering:</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&#9632;</TD><TD>Current disclosure of applicable policies and risk assessment report(s) and risk management procedures;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&#9632;</TD><TD>The impact of regulatory non-compliance, litigation, remediation, or reputational loss that may be
associated with failure to manage the company&#8217;s operations in question, including the management
of relevant community and stakeholder relations;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&#9632;</TD><TD>The nature, purpose, and scope of the company&#8217;s operations in the specific region(s);</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&#9632;</TD><TD>The degree to which company policies and procedures are consistent with industry norms; and</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&#9632;</TD><TD>The scope of the resolution.</TD></TR></TABLE>

<P STYLE="font: bold 11pt/13pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0">Hydraulic Fracturing</P>

<P STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0"><B>General Recommendation:</B>
DWS&#8217;s policy is to generally vote for proposals requesting greater disclosure of a company's (natural
gas) hydraulic fracturing operations, including measures the company has taken to manage and mitigate
the potential community and environmental impacts of those operations, considering:</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&#9632;</TD><TD>The company's current level of disclosure of relevant policies and oversight mechanisms;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&#9632;</TD><TD>The company's current level of such disclosure relative to its industry peers;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&#9632;</TD><TD>Potential relevant local, state, or national regulatory developments; and</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&#9632;</TD><TD>Controversies, fines, or litigation related to the company's hydraulic fracturing operations.</TD></TR></TABLE>

<P STYLE="font: bold 11pt/13pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0">Operations in Protected
Areas</P>

<P STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0"><B>General Recommendation:</B>
DWS&#8217;s policy is to generally vote for requests for reports on potential environmental damage as
a result of company operations in protected regions, considering whether:</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&#9632;</TD><TD>Operations in the specified regions are not permitted by current laws or regulations;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&#9632;</TD><TD>The company does not currently have operations or plans to develop operations in these protected regions;
or</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&#9632;</TD><TD>The company&#8217;s disclosure of its operations and environmental policies in these regions is comparable
to industry peers.</TD></TR></TABLE>

<P STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0">DWS&#8217;s policy is to generally
vote for shareholder proposals asking companies to prepare reports or adopt policies on operations that
include mining, drilling or logging in environmentally sensitive areas.</P>

<P STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0">DWS&#8217;s policy is to generally
vote for shareholder proposals seeking to curb or reduce the sale of products manufactured from materials
extracted from environmentally sensitive areas such as old growth forests.</P>

<P STYLE="font: bold 11pt/13pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0">Recycling</P>

<P STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0"><B>General Recommendation:</B>
DWS&#8217;s policy is to generally vote for proposals to report on an existing recycling program, to increase
their recycling efforts or adopt a new recycling program, taking into account:</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&#9632;</TD><TD>The nature of the company&#8217;s business;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&#9632;</TD><TD>The current level of disclosure of the company's existing related programs;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&#9632;</TD><TD>The timetable and methods of program implementation prescribed by the proposal;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&#9632;</TD><TD>The company&#8217;s ability to address the issues raised in the proposal; and</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&#9632;</TD><TD>How the company's recycling programs compare to similar programs of its industry peers.</TD></TR></TABLE>

<P STYLE="font: bold 11pt/13pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0">Sustainability Reporting</P>

<P STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0"><B>General Recommendation: </B>DWS&#8217;s
policy is to generally vote for proposals requesting that a company report on its policies, initiatives,
and oversight mechanisms related to social, economic, and environmental sustainability, considering whether:</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&#9632;</TD><TD>The company already discloses similar information through existing reports or policies such as an
environment, health, and safety (EHS) report; a comprehensive code of corporate conduct; and/or a diversity
report; or</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&#9632;</TD><TD>The company has formally committed to the implementation of a reporting program based on Global Reporting
Initiative (GRI) guidelines or a similar standard within a specified time frame.</TD></TR></TABLE>

<P STYLE="font: bold 11pt/13pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0">Water Issues</P>

<P STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0"><B>General Recommendation:</B>
DWS&#8217;s policy is to generally vote for proposals requesting a company report on, or adopt a new policy
on, water-related risks and concerns, taking into account:</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&#9632;</TD><TD>The company's current disclosure of relevant policies, initiatives, oversight mechanisms, and water
usage metrics;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&#9632;</TD><TD>Whether or not the company's existing water-related policies and practices are consistent with relevant
internationally recognized standards and national/local regulations;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&#9632;</TD><TD>The potential financial impact or risk to the company associated with water-related concerns or issues;
and</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&#9632;</TD><TD>Recent, significant company controversies, fines, or litigation regarding water use by the company
and its suppliers.</TD></TR></TABLE>

<P STYLE="font: bold 11pt/13pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0">General Corporate Issues</P>

<P STYLE="font: bold 11pt/13pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0">Charitable Contributions</P>

<P STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0"><B>General Recommendation:</B>
DWS&#8217;s policy is to generally vote against proposals restricting a company from making charitable
contributions.</P>

<P STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0">Charitable contributions are
generally useful for assisting worthwhile causes and for creating goodwill in the community.</P>

<P STYLE="font: bold 11pt/13pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0">Data Security, Privacy,
and Internet Issues</P>

<P STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0"><B>General Recommendation:</B>
DWS&#8217;s policy is to generally vote for proposals requesting the disclosure or implementation of data
security, privacy, or information access and management policies and procedures, considering:</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&#9632;</TD><TD>The level of disclosure of company policies and procedures relating to data security, privacy, freedom
of speech, information access and management, and Internet censorship;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&#9632;</TD><TD>Engagement in dialogue with governments or relevant groups with respect to data security, privacy,
or the free flow of information on the Internet;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&#9632;</TD><TD>The scope of business involvement and of investment in countries whose governments censor or monitor
the Internet and other telecommunications;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&#9632;</TD><TD>Applicable market-specific laws or regulations that may be imposed on the company; and</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&#9632;</TD><TD>Controversies, fines, or litigation related to data security, privacy, freedom of speech, or Internet
censorship.</TD></TR></TABLE>

<P STYLE="font: bold 11pt/13pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0">Environmental, Social, and
Governance (ESG) Compensation-Related Proposals</P>

<P STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0"><B>General Recommendation:</B>
DWS&#8217;s policy is to generally vote for proposals to link, or report on linking, executive compensation
to sustainability (environmental and social) criteria, considering:</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&#9632;</TD><TD>The scope and prescriptive nature of the proposal;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&#9632;</TD><TD>Whether the company has significant and/or persistent controversies or regulatory violations regarding
social and/or environmental issues;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&#9632;</TD><TD>Whether the company has management systems and oversight mechanisms in place regarding its social
and environmental performance;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&#9632;</TD><TD>The degree to which industry peers have incorporated similar non-financial performance criteria in
their executive compensation practices; and</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&#9632;</TD><TD>The company's current level of disclosure regarding its environmental and social performance.</TD></TR></TABLE>

<P STYLE="font: bold 11pt/13pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0">Human Rights, Human Capital
Management, and International Operations</P>

<P STYLE="font: bold 11pt/13pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0">Human Rights Proposals</P>

<P STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0"><B>General Recommendation:</B>
DWS&#8217;s policy is to generally vote for proposals requesting a report on company or company supplier
labor and/or human rights standards and policies unless such information is already publicly disclosed.</P>

<P STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0">DWS&#8217;s policy is to generally
vote for proposals to implement company or company supplier labor and/or human rights standards and policies,
considering:</P>

<P STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0">The degree to which existing
relevant policies and practices are disclosed;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&#9632;</TD><TD>Whether or not existing relevant policies are consistent with internationally recognized standards;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&#9632;</TD><TD>Whether company facilities and those of its suppliers are monitored and how;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&#9632;</TD><TD>Company participation in fair labor organizations or other internationally recognized human rights
initiatives;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&#9632;</TD><TD>Scope and nature of business conducted in markets known to have higher risk of workplace labor/human
rights abuse;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&#9632;</TD><TD>Recent, significant company controversies, fines, or litigation regarding human rights at the company
or its suppliers;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&#9632;</TD><TD>The scope of the request; and</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&#9632;</TD><TD>Deviation from industry sector peer company standards and practices.</TD></TR></TABLE>

<P STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0">DWS&#8217;s policy is to generally
vote for proposals requesting that a company conduct an assessment of the human rights risks in its operations
or in its supply chain, or report on its human rights risk assessment process, considering:</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&#9632;</TD><TD>The degree to which existing relevant policies and practices are disclosed, including information
on the implementation of these policies and any related oversight mechanisms;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&#9632;</TD><TD>The company&#8217;s industry and whether the company or its suppliers operate in countries or areas
where there is a history of human rights concerns;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&#9632;</TD><TD>Recent significant controversies, fines, or litigation regarding human rights involving the company
or its suppliers, and whether the company has taken remedial steps; and</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&#9632;</TD><TD>Whether the proposal is unduly burdensome or overly prescriptive.</TD></TR></TABLE>

<P STYLE="font: bold 11pt/13pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0">Mandatory Arbitration</P>

<P STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0"><B>General Recommendation:</B>
DWS&#8217;s policy is to generally vote for requests for a report on a company&#8217;s use of mandatory
arbitration on employment-related claims, taking into account:</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&#9632;</TD><TD>The company's current policies and practices related to the use of mandatory arbitration agreements
on workplace claims;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&#9632;</TD><TD>Whether the company has been the subject of recent controversy, litigation, or regulatory actions
related to the use of mandatory arbitration agreements on workplace claims; and</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&#9632;</TD><TD>The company's disclosure of its policies and practices related to the use of mandatory arbitration
agreements compared to its peers.</TD></TR></TABLE>

<P STYLE="font: bold 11pt/13pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0">Operations in High Risk
Markets</P>

<P STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0"><B>General Recommendation:</B>
DWS&#8217;s policy is to generally vote for requests for a report on a company&#8217;s potential financial
and reputational risks associated with operations in &#8220;high-risk&#8221; markets, such as a terrorism-sponsoring
state or politically/socially unstable region, taking into account:</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&#9632;</TD><TD>The nature, purpose, and scope of the operations and business involved that could be affected by social
or political disruption;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&#9632;</TD><TD>Current disclosure of applicable risk assessment(s) and risk management procedures;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&#9632;</TD><TD>Compliance with U.S. sanctions and laws;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&#9632;</TD><TD>Consideration of other international policies, standards, and laws; and</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&#9632;</TD><TD>Whether the company has been recently involved in recent, significant controversies, fines, or litigation
related to its operations in &quot;high-risk&quot; markets.</TD></TR></TABLE>

<P STYLE="font: bold 11pt/13pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0">Outsourcing/Offshoring</P>

<P STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0"><B>General Recommendation:</B>
DWS&#8217;s policy is to generally vote for proposals calling for companies to report on the risks associated
with outsourcing/plant closures, considering:</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&#9632;</TD><TD>Controversies surrounding operations in the relevant market(s);</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&#9632;</TD><TD>The value of the requested report to shareholders;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&#9632;</TD><TD>The company&#8217;s current level of disclosure of relevant information on outsourcing and plant closure
procedures; and</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&#9632;</TD><TD>The company&#8217;s existing human rights standards relative to industry peers.</TD></TR></TABLE>

<P STYLE="font: bold 11pt/13pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0">Sexual Harassment</P>

<P STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0"><B>General Recommendation:</B>
DWS&#8217;s policy is to generally vote for requests for a report on company actions taken to strengthen
policies and oversight to prevent workplace sexual harassment, or a report on risks posed by a company&#8217;s
failure to prevent workplace sexual harassment, taking into account:</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&#9632;</TD><TD>The company&#8217;s current policies, practices, oversight mechanisms related to preventing workplace
sexual harassment;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&#9632;</TD><TD>Whether the company has been the subject of recent controversy, litigation, or regulatory actions
related to workplace sexual harassment issues; and</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&#9632;</TD><TD>The company&#8217;s disclosure regarding workplace sexual harassment policies or initiatives compared
to its industry peers.</TD></TR></TABLE>

<P STYLE="font: bold 11pt/13pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0">Weapons and Military Sales</P>

<P STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0"><B>General Recommendation:</B>
DWS&#8217;s policy is to generally vote for reports on foreign military sales or offsets, taking into
account;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&#9632;</TD><TD>such disclosures may involve sensitive and confidential information</TD></TR></TABLE>

<P STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0">DWS&#8217;s policy is to generally
vote for shareholder proposals seeking a report on the renouncement of future landmine production</P>

<P STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0">DWS&#8217;s policy is to generally
vote for shareholder proposals requesting a report on the involvement, policies, and procedures related
to depleted uranium and nuclear weapons.</P>

<P STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0">DWS&#8217;s policy is to generally
vote case-by-case on proposals that call for outright restrictions on foreign military sales.</P>

<P STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0">DWS&#8217;s policy is to generally
vote for shareholder proposals asking companies to review and amend, if necessary, the company&#8217;s
code of conduct and statements of ethical criteria for military production related contract bids, awards
and execution.</P>

<P STYLE="font: bold 11pt/13pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0">Political Activities</P>

<P STYLE="font: bold 11pt/13pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0">Lobbying</P>

<P STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0"><B>General Recommendation:</B>
DWS&#8217;s policy is to generally vote for proposals requesting information on a company&#8217;s lobbying
(including direct, indirect, and grassroots lobbying) activities, policies, or procedures, considering:</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&#9632;</TD><TD>The company&#8217;s current disclosure of relevant lobbying policies, and management and board oversight;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&#9632;</TD><TD>The company&#8217;s disclosure regarding trade associations or other groups that it supports, or is
a member of, that engage in lobbying activities; and</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&#9632;</TD><TD>Recent significant controversies, fines, or litigation regarding the company&#8217;s lobbying-related
activities.</TD></TR></TABLE>

<P STYLE="font: bold 11pt/13pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0">Political Contributions</P>

<P STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0"><B>General Recommendation:</B>
DWS&#8217;s policy is to generally vote for proposals requesting greater disclosure of a company's political
contributions and trade association spending policies and activities, considering:</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&#9632;</TD><TD>The company's policies, and management and board oversight related to its direct political contributions
and payments to trade associations or other groups that may be used for political purposes;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&#9632;</TD><TD>The company's disclosure regarding its support of, and participation in, trade associations or other
groups that may make political contributions; and</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&#9632;</TD><TD>Recent significant controversies, fines, or litigation related to the company's political contributions
or political activities.</TD></TR></TABLE>

<P STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0">Vote case-by-case on proposals
barring a company from making political contributions. Businesses are affected by legislation at the federal,
state, and local level; barring political contributions can put the company at a competitive disadvantage.</P>

<P STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0">Vote case-by-case on proposals
to publish in newspapers and other media a company's political contributions. Such publications could
present significant cost to the company without providing commensurate value to shareholders.</P>

<P STYLE="font: bold 11pt/13pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0">Political Ties</P>

<P STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0"><B>General Recommendation:</B>
DWS&#8217;s policy is to generally vote for proposals asking a company to affirm political nonpartisanship
in the workplace, considering whether:</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&#9632;</TD><TD>There are no recent, significant controversies, fines, or litigation regarding the company&#8217;s
political contributions or trade association spending; and</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&#9632;</TD><TD>The company has procedures in place to ensure that employee contributions to company-sponsored political
action committees (PACs) are strictly voluntary and prohibit coercion.</TD></TR></TABLE>

<P STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0">DWS&#8217;s policy is to generally
vote for shareholder proposals calling for the disclosure of prior government service of the company&#8217;s
key executives.</P>

<P STYLE="font: bold 12pt/14pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0">REGISTERED INVESTMENT COMPANY
PROXIES</P>

<P STYLE="font: bold 11pt/13pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0">Election of Directors</P>

<P STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0"><B>General Recommendation:</B>
DWS&#8217;s policy is to generally vote case-by-case on the election of directors and trustees.</P>

<P STYLE="font: bold 11pt/13pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0">Closed End Fund - Unilateral
Opt-In to Control Share Acquisition Statutes</P>

<P STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0"><B>General Recommendation:</B>
For closed-end management investment companies (CEFs), DWS&#8217;s policy is to generally vote on a case-by-case
basis for nominating/governance committee members (or other directors on a case-by-case basis) at CEFs
that have not provided a compelling rationale for opting-in to a Control Share Acquisition Statute, nor
submitted a by-law amendment to a shareholder vote.</P>

<P STYLE="font: bold 11pt/13pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0">Converting Closed-end Fund
to Open-end Fund</P>

<P STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0"><B>General Recommendation: </B>DWS&#8217;s
policy is to generally vote case-by-case on conversion proposals, considering the following factors:</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&#9632;</TD><TD>Past performance as a closed-end fund;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&#9632;</TD><TD>Market in which the fund invests;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&#9632;</TD><TD>Measures taken by the board to address the discount; and</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&#9632;</TD><TD>Past shareholder activism, board activity, and votes on related proposals.</TD></TR></TABLE>

<P STYLE="font: bold 11pt/13pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0">Proxy Contests</P>

<P STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0"><B>General Recommendation:</B>
DWS&#8217;s policy is to generally vote case-by-case on proxy contests, considering the following factors:</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&#9632;</TD><TD>Past performance relative to its peers;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&#9632;</TD><TD>Market in which the fund invests;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&#9632;</TD><TD>Measures taken by the board to address the issues;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&#9632;</TD><TD>Past shareholder activism, board activity, and votes on related proposals;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&#9632;</TD><TD>Strategy of the incumbents versus the dissidents;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&#9632;</TD><TD>Independence of directors;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&#9632;</TD><TD>Experience and skills of director candidates;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&#9632;</TD><TD>Governance profile of the company;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&#9632;</TD><TD>Evidence of management entrenchment.</TD></TR></TABLE>

<P STYLE="font: bold 11pt/13pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0">Investment Advisory Agreements</P>

<P STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0"><B>General Recommendation:</B>
DWS&#8217;s policy is to generally vote case-by-case on investment advisory agreements, considering the
following factors:</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&#9632;</TD><TD>Proposed and current fee schedules;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&#9632;</TD><TD>Fund category/investment objective;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&#9632;</TD><TD>Performance benchmarks;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&#9632;</TD><TD>Share price performance as compared with peers;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&#9632;</TD><TD>Resulting fees relative to peers;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&#9632;</TD><TD>Assignments (where the advisor undergoes a change of control).</TD></TR></TABLE>

<P STYLE="font: bold 11pt/13pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0">Approving New Classes or
Series of Shares</P>

<P STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0"><B>General Recommendation:</B>
DWS&#8217;s policy is to generally vote case-by-case on the establishment of new classes or series of
shares.</P>

<P STYLE="font: bold 11pt/13pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0">Preferred Stock Proposals</P>

<P STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0"><B>General Recommendation:</B>
DWS&#8217;s policy is to generally vote case-by-case on the authorization for or increase in preferred
shares, considering the following factors:</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&#9632;</TD><TD>Stated specific financing purpose;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&#9632;</TD><TD>Possible dilution for common shares;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&#9632;</TD><TD>Whether the shares can be used for antitakeover purposes.</TD></TR></TABLE>

<P STYLE="font: bold 11pt/13pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0">1940 Act Policies</P>

<P STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0"><B>General Recommendation:</B>
DWS&#8217;s policy is to generally vote case-by-case on policies under the Investment Advisor Act of 1940,
considering the following factors:</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&#9632;</TD><TD>Potential competitiveness;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&#9632;</TD><TD>Regulatory developments;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&#9632;</TD><TD>Current and potential returns; and</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&#9632;</TD><TD>Current and potential risk.</TD></TR></TABLE>

<P STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0">DWS&#8217;s policy is to generally
vote for these amendments as long as the proposed changes do not fundamentally alter the investment focus
of the fund and do comply with the current SEC interpretation.</P>

<P STYLE="font: bold 11pt/13pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0">Changing a Fundamental Restriction
to a Nonfundamental Restriction</P>

<P STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0"><B>General Recommendation:</B>
DWS&#8217;s policy is to generally vote case-by-case on proposals to change a fundamental restriction
to a non-fundamental restriction, considering the following factors:</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&#9632;</TD><TD>The fund's target investments;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&#9632;</TD><TD>The reasons given by the fund for the change; and</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&#9632;</TD><TD>The projected impact of the change on the portfolio.</TD></TR></TABLE>

<P STYLE="font: bold 11pt/13pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0">Change Fundamental Investment
Objective to Nonfundamental</P>

<P STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0"><B>General Recommendation:</B>
DWS&#8217;s policy is to generally vote case-by-case on proposals to change a fund&#8217;s fundamental
investment objective to non-fundamental.</P>

<P STYLE="font: bold 11pt/13pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0">Name Change Proposals</P>

<P STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0"><B>General Recommendation:</B>
DWS&#8217;s policy is to generally vote case-by-case on name change proposals, considering the following
factors:</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&#9632;</TD><TD>Political/economic changes in the target market;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&#9632;</TD><TD>Consolidation in the target market; and</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&#9632;</TD><TD>Current asset composition.</TD></TR></TABLE>

<P STYLE="font: bold 11pt/13pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0">Change in Fund's Subclassification</P>

<P STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0"><B>General Recommendation:</B>
DWS&#8217;s policy is to generally vote case-by-case on changes in a fund's sub-classification, considering
the following factors:</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&#9632;</TD><TD>Potential competitiveness;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&#9632;</TD><TD>Current and potential returns;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&#9632;</TD><TD>Risk of concentration;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&#9632;</TD><TD>Consolidation in target industry.</TD></TR></TABLE>

<P STYLE="font: bold 11pt/13pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0">Business Development Companies&#8212;Authorization
to Sell Shares of Common Stock at a Price below Net Asset Value</P>

<P STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0"><B>General Recommendation:</B>
DWS&#8217;s policy is to generally vote case-by-case on proposals authorizing the board to issue shares
below Net Asset Value (NAV) if:</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&#9632;</TD><TD>The proposal to allow share issuances below NAV has an expiration date no more than one year from
the date shareholders approve the underlying proposal, as required under the Investment Company Act of
1940;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&#9632;</TD><TD>The sale is deemed to be in the best interests of shareholders by (1) a majority of the company's
independent directors and (2) a majority of the company's directors who have no financial interest in
the issuance; and</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&#9632;</TD><TD>The company has demonstrated responsible past use of share issuances by either:</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&#9632;</TD><TD>Outperforming peers in its 8-digit GICS group as measured by one- and three-year median TSRs; or</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&#9632;</TD><TD>Providing disclosure that its past share issuances were priced at levels that resulted in only small
or moderate discounts to NAV and economic dilution to existing non-participating shareholders.</TD></TR></TABLE>

<P STYLE="font: bold 11pt/13pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0">Disposition of Assets/Termination/Liquidation</P>

<P STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0"><B>General Recommendation:</B>
DWS&#8217;s policy is to generally vote case-by-case on proposals to dispose of assets, to terminate or
liquidate, considering the following factors:</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&#9632;</TD><TD>Strategies employed to salvage the company;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&#9632;</TD><TD>The fund&#8217;s past performance;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&#9632;</TD><TD>The terms of the liquidation.</TD></TR></TABLE>

<P STYLE="font: bold 11pt/13pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0">Changes to the Charter Document</P>

<P STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0"><B>General Recommendation:</B>
DWS&#8217;s policy is to generally vote case-by-case on changes to the charter document, considering the
following factors:</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&#9632;</TD><TD>The degree of change implied by the proposal;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&#9632;</TD><TD>The efficiencies that could result;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&#9632;</TD><TD>The state of incorporation;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&#9632;</TD><TD>Regulatory standards and implications.</TD></TR></TABLE>

<P STYLE="font: bold 11pt/13pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0">Changing the Domicile of
a Fund</P>

<P STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0"><B>General Recommendation:</B>
DWS&#8217;s policy is to generally vote case-by-case on re-incorporations, considering the following factors:</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&#9632;</TD><TD>Regulations of both states;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&#9632;</TD><TD>Required fundamental policies of both states;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&#9632;</TD><TD>The increased flexibility available.</TD></TR></TABLE>

<P STYLE="font: bold 11pt/13pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0">Authorizing the Board to
Hire and Terminate Subadvisers Without Shareholder Approval</P>

<P STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0"><B>General Recommendation:</B>
DWS&#8217;s policy is to generally vote case-by-case on proposals authorizing the board to hire or terminate
subadvisers without shareholder approval if the investment adviser currently employs only one subadviser.</P>

<P STYLE="font: bold 11pt/13pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0">Distribution Agreements</P>

<P STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0"><B>General Recommendation:</B>
DWS&#8217;s policy is to generally vote case-by-case on distribution agreement proposals, considering
the following factors:</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&#9632;</TD><TD>Fees charged to comparably sized funds with similar objectives;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&#9632;</TD><TD>The proposed distributor&#8217;s reputation and past performance;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&#9632;</TD><TD>The competitiveness of the fund in the industry;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&#9632;</TD><TD>The terms of the agreement.</TD></TR></TABLE>

<P STYLE="font: bold 11pt/13pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0">Master-Feeder Structure</P>

<P STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0"><B>General Recommendation:</B>
DWS&#8217;s policy is to generally vote case-by-case on the establishment of a master-feeder structure.</P>

<P STYLE="font: bold 11pt/13pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0">Mergers</P>

<P STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0"><B>General Recommendation:</B>
DWS&#8217;s policy is to generally vote case-by-case on merger proposals, considering the following factors:</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&#9632;</TD><TD>Resulting fee structure;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&#9632;</TD><TD>Performance of both funds;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&#9632;</TD><TD>Continuity of management personnel;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&#9632;</TD><TD>Changes in corporate governance and their impact on shareholder rights.</TD></TR></TABLE>

<P STYLE="font: bold 11pt/13pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0">Shareholder Proposals for
Mutual Funds</P>

<P STYLE="font: bold 11pt/13pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0">Establish Director Ownership
Requirement</P>

<P STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0"><B>General Recommendation:</B>
DWS&#8217;s policy is to generally vote case-by-case on shareholder proposals that mandate a specific
minimum amount of stock that directors must own in order to qualify as a director or to remain on the
board.</P>

<P STYLE="font: bold 11pt/13pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0">Reimburse Shareholder for
Expenses Incurred</P>

<P STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0"><B>General Recommendation:</B>
DWS&#8217;s policy is to generally vote case-by-case on shareholder proposals to reimburse proxy solicitation
expenses. When supporting the dissidents, vote for the reimbursement of the proxy solicitation expenses.</P>

<P STYLE="font: bold 11pt/13pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0">Terminate the Investment
Advisor</P>

<P STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0"><B>General Recommendation:</B>
DWS&#8217;s policy is to generally vote case-by-case on proposals to terminate the investment advisor,
considering the following factors:</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&#9632;</TD><TD>Performance of the fund&#8217;s Net Asset Value (NAV);</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&#9632;</TD><TD>The fund&#8217;s history of shareholder relations;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&#9632;</TD><TD>The performance of other funds under the advisor&#8217;s management.</TD></TR></TABLE>

<P STYLE="font: bold 11pt/13pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0">INTERNATIONAL PROXY VOTING</P>

<P STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0">The above guidelines pertain
to issuers organized in the United States. Proxies solicited by other issuers are voted in accordance
with international guidelines or the recommendation of ISS and in accordance with applicable law and regulation.</P>

<P STYLE="font: bold 11pt/13pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0">Appendix I</P>

<P STYLE="font: bold 11pt/13pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0">Classification of Directors
&#8211; U.S.</P>

<P STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0">1.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Executive
Director</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in">1.1.</TD><TD>Current employee or current officer<SUP>1</SUP> of the company or one of its affiliates<SUP>2</SUP>.</TD></TR></TABLE>

<P STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0">2.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Non-Independent
Non-Executive Director</P>

<P STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0 0.75in; text-indent: -0.25in"><U>Board
Identification</U></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in">2.1.</TD><TD>Director identified as not independent by the board.</TD></TR></TABLE>

<P STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0 0.75in; text-indent: -0.25in"><U>Controlling/Significant
Shareholder</U></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in">2.2.</TD><TD>Beneficial owner of more than 50 percent of the company's voting power (this may be aggregated if
voting power is distributed among more than one member of a group).</TD></TR></TABLE>

<P STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0 0.75in; text-indent: -0.25in"><U>Current
Employment at Company or Related Company</U></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in">2.3.</TD><TD>Non-officer employee of the firm (including employee representatives).</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in">2.4.</TD><TD>Officer<SUP>1</SUP>, former officer, or general or limited partner of a joint venture or partnership
with the company.</TD></TR></TABLE>

<P STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0 0.75in; text-indent: -0.25in"><U>Former
Employment</U></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in">2.5.</TD><TD>Former CEO of the company.<SUP>3, 4</SUP></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in">2.6.</TD><TD>Former non-CEO officer<SUP>1</SUP> of the company or an affiliate<SUP>2</SUP> within the past five
years.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in">2.7.</TD><TD>Former officer<SUP>1</SUP> of an acquired company within the past five years.<SUP>4</SUP></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in">2.8.</TD><TD>Officer<SUP>1</SUP> of a former parent or predecessor firm at the time the company was sold or split
off within the past five years.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in">2.9.</TD><TD>Former interim officer if the service was longer than 18 months. If the service was between 12 and
18 months, an assessment of the interim officer&#8217;s employment agreement will be made.<SUP>5</SUP></TD></TR></TABLE>

<P STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0 0.75in; text-indent: -0.25in"><U>Family
Members</U></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in">2.10.</TD><TD>Immediate family member<SUP>6</SUP> of a current or former officer<SUP>1</SUP> of the company or its
affiliates<SUP>2</SUP> within the last five years.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in">2.11.</TD><TD>Immediate family member<SUP>6</SUP> of a current employee of company or its affiliates<SUP>2</SUP>
where additional factors raise concern (which may include, but are not limited to, the following: a director
related to numerous employees; the company or its affiliates employ relatives of numerous board members;
or a non-Section 16 officer in a key strategic role).</TD></TR></TABLE>

<P STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0 0.75in; text-indent: -0.25in"><U>Professional,
Transactional, and Charitable Relationships</U></P>

<P STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0 0.75in; text-indent: -0.25in">Director
who (or whose immediate family member<SUP>6</SUP>) currently provides professional services<SUP>7</SUP>
in excess of the $10,000 per year to the company, an affiliate<SUP>2</SUP> or an individual officer of
the company or</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in">2.12.</TD><TD>(an affiliate; or who is (or whose immediate family member<SUP>6</SUP> is) a partner, employee or
controlling shareholder of, an organization which provides services.</TD></TR></TABLE>

<P STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0 0.75in; text-indent: -0.25in">Director
who (or whose immediate family member<SUP>6</SUP>) currently has any material transactional relationship<SUP>8</SUP>
with the company or its affiliates<SUP>2</SUP>.</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in">2.13.</TD><TD>; or who is (or whose immediate family member<SUP>6</SUP> is) a partner in, or a controlling shareholder
or an executive officer of, an organization which has the material transactional relationship<SUP>8</SUP>
(excluding investments in the company through a private placement).</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in">2.14.</TD><TD>Director who (or whose immediate family member<SUP>6</SUP>) is) a trustee, director, or employee of
a charitable or non-profit organization that receives material grants or endowments<SUP>8</SUP> from the
company or its affiliates<SUP>2</SUP>.</TD></TR></TABLE>

<P STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0 0.75in; text-indent: -0.25in"><U>Other
Relationships</U></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in">2.15.</TD><TD>Party to a voting agreement<SUP>9</SUP> to vote in line with management on proposals being brought
to shareholder vote.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in">2.16.</TD><TD>Has (or an immediate family member<SUP>6</SUP> has) an interlocking relationship as defined by the
SEC involving members of the board of directors or its Compensation Committee.<SUP>10</SUP></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in">2.17.</TD><TD>Founder<SUP>11</SUP> of the company but not currently an employee.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in">2.18.</TD><TD>Director with pay comparable to Named Executive Officers.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in">2.19.</TD><TD>Any material<SUP>12</SUP> relationship with the company.</TD></TR></TABLE>

<P STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0">3.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Independent
Director</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in">3.1.</TD><TD>No material<SUP>12</SUP> connection to the company other than a board seat.</TD></TR></TABLE>

<P STYLE="font: 8pt/10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0">Footnotes:</P>

<P STYLE="font: 8pt/10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0"><SUP>1 </SUP>The definition of
officer will generally follow that of a &#8220;Section 16 officer&#8221; (officers subject to Section
16 of the Securities and Exchange Act of 1934) and includes the chief executive, operating, financial,
legal, technology, and accounting officers of a company (including the president, treasurer, secretary,
controller, or any vice president in charge of a principal business unit, division, or policy function).
Current interim officers are included in this category. For private companies, the equivalent positions
are applicable. A non-employee director serving as an officer due to statutory requirements (e.g. corporate
secretary) will generally be classified as a Non-Independent Non-Executive Director under 2.19: &#8220;Any
material relationship with the company.&#8221; However, if the company provides explicit disclosure that
the director is not receiving additional compensation exceeding $10,000 per year for serving in that capacity,
then the director will be classified as an Independent Director.</P>

<P STYLE="font: 8pt/10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0"><SUP>2 </SUP>&#8220;Affiliate&#8221;
includes a subsidiary, sibling company, or parent company. 50 percent control ownership is used by the
parent company as the standard for applying its affiliate designation. The manager/advisor of an externally
managed issuer (EMI) is considered an affiliate.</P>

<P STYLE="font: 8pt/10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0"><SUP>3 </SUP>Includes any former
CEO of the company prior to the company&#8217;s initial public offering (IPO).</P>

<P STYLE="font: 8pt/10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0"><SUP>4 </SUP>When there is a former
CEO of a special purpose acquisition company (SPAC) serving on the board of an acquired company, DWS will
generally classify such directors as independent unless determined otherwise taking into account the following
factors: the applicable listing standards determination of such director&#8217;s independence; any operating
ties to the firm; and the existence of any other conflicting relationships or related party transactions.</P>

<P STYLE="font: 8pt/10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0"><SUP>5 </SUP>ISS will look at
the terms of the interim officer&#8217;s employment contract to determine if it contains severance pay,
long-term health and pension benefits, or other such standard provisions typically contained in contracts
of permanent, non-temporary CEOs. DWS will also consider if a formal search process was under way for
a full-time officer at the time.</P>

<P STYLE="font: 8pt/10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0"><SUP>6 </SUP>&#8220;Immediate
family member&#8221; follows the SEC&#8217;s definition of such and covers spouses, parents, children,
step-parents, step-children, siblings, in-laws, and any person (other than a tenant or employee) sharing
the household of any director, nominee for director, executive officer, or significant shareholder of
the company.</P>

<P STYLE="font: 8pt/10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0"><SUP>7 </SUP>Professional services
can be characterized as advisory in nature, generally involve access to sensitive company information
or to strategic decision-making, and typically have a commission- or fee-based payment structure. Professional
services generally include but are not limited to the following: investment banking/financial advisory
services, commercial banking (beyond deposit services), investment services, insurance services, accounting/audit
services, consulting services, marketing services, legal services, property management services, realtor
services, lobbying services, executive search services, and IT consulting services. The following would
generally be considered transactional relationships and not professional services: deposit services, IT
tech support services, educational services, and construction services. The case of participation in a
banking syndicate by a non-lead bank should be considered a transactional (and hence subject to the associated
materiality test) rather than a professional relationship. &#8220;Of Counsel&#8221; relationships are
only considered immaterial if the individual does not receive any form of compensation (in excess of $10,000
per year) from, or is a retired partner of, the firm providing the professional service. The case of a
company providing a professional service to one of its directors or to an entity with which one of its
directors is affiliated, will be considered a transactional rather than a professional relationship. Insurance
services and marketing services are assumed to be professional services unless the company explains why
such services are not advisory.</P>

<P STYLE="font: 8pt/10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0"><SUP>8 </SUP>A material transactional
relationship, including grants to non-profit organizations, exists if the company makes annual payments
to, or receives annual payments from, another entity, exceeding the greater of: $200,000 or 5 percent
of the recipient&#8217;s gross revenues, for a company that follows NASDAQ listing standards; or the greater
of $1,000,000 or 2 percent of the recipient&#8217;s gross revenues, for a company that follows NYSE listing
standards. For a company that follows neither of the preceding standards, DWS will apply the NASDAQ-based
materiality test. (The recipient is the party receiving the financial proceeds from the transaction).</P>

<P STYLE="font: 8pt/10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0"><SUP>9 </SUP>Dissident directors
who are parties to a voting agreement pursuant to a settlement or similar arrangement may be classified
as Independent Directors if an analysis of the following factors indicates that the voting agreement does
not compromise their alignment with all shareholders&#8217; interests: the terms of the agreement; the
duration of the standstill provision in the agreement; the limitations and requirements of actions that
are agreed upon; if the dissident director nominee(s) is subject to the standstill; and if there any conflicting
relationships or related party transactions.</P>

<P STYLE="font: 8pt/10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0"><SUP>10 </SUP>Interlocks include:
executive officers serving as directors on each other&#8217;s compensation or similar committees (or,
in the absence of such a committee, on the board); or executive officers sitting on each other&#8217;s
boards and at least one serves on the other&#8217;s compensation or similar committees (or, in the absence
of such a committee, on the board).</P>

<P STYLE="font: 8pt/10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0"><SUP>11 </SUP>The operating involvement
of the founder with the company will be considered; if the founder was never employed by the company,
DWS may deem him or her an Independent Director.</P>

<P STYLE="font: 8pt/10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0"><SUP>12 </SUP>For purposes of
ISS&#8217;s director independence classification, &#8220;material&#8221; will be defined as a standard
of relationship (financial, personal or otherwise) that a reasonable person might conclude could potentially
influence one&#8217;s objectivity in the boardroom in a manner that would have a meaningful impact on
an individual's ability to satisfy requisite fiduciary standards on behalf of shareholders.</P>
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    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>PORTFOLIO MANAGERS OF CLOSED-END MANAGEMENT INVESTMENT COMPANIES</B></FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD></TR>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B>Portfolio Manager Disclosure: </B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">As of the date of this report, the following
individual handles the day-to-day management of the Fund.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">Valerie Schueler, Head of Equity Strategy
Equity and Portfolio Manager of the Fund</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt 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-family: Symbol; font-size: 10pt">&middot;</FONT></TD><TD><FONT STYLE="font-size: 10pt">Portfolio Manager and Member of the Portfolio Construction Team for
European Small &amp; Mid Caps: Frankfurt</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Arial, Helvetica, Sans-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-family: Symbol; font-size: 10pt">&middot;</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Joined DWS in 2007 and the
Fund in 2017.</FONT></TD></TR></TABLE>

<UL STYLE="margin-top: 0in; list-style-type: disc">

<LI STYLE="margin: 0; font-size: 10pt">Masters Degree in Business Administration (&quot;Diplom-Kauffrau&quot;)
from both Leipzig Graduate School of Management and the University of Illinois at Urbana-Champaign.</LI>

</UL>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">Leon Cappel*, Portfolio Manager Equity
and Portfolio Manager of the Fund</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Arial, Helvetica, Sans-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-family: Symbol; font-size: 10pt">&middot;</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Joined DWS in 2019 and the
Fund in 2022.</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Arial, Helvetica, Sans-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-family: Symbol; font-size: 10pt">&middot;</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">BSc and MSc in Business
Chemistry from Heinrich Heine University Duesseldorf</FONT><FONT STYLE="font-size: 10pt">.</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">* Leon Cappel replaced Valerie Schueler
as portfolio manager of the Fund effective March 1, 2023.</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 12pt 0 3pt">Compensation of Portfolio
Managers</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">The Advisor and its affiliates are part
of DWS. The brand DWS represents DWS Group GmbH &amp; Co. KGaA (&#8220;DWS Group&#8221;) and any of its
subsidiaries such as DWS Investment Management Americas, Inc. and RREEF America L.L.C. which offer advisory
services. DWS seeks to offer its investment professionals competitive short-term and long-term compensation
based on continuous, above average, fund performance relative to the market. This includes measurement
of short and long-term performance against industry and portfolio benchmarks. As employees of DWS, portfolio
managers are paid on a total compensation basis, which includes Fixed Pay (base salary) and Variable Compensation,
as set forth below. The compensation information below is provided as of the Fund&#8217;s most recent
annual report date December 31, 2022.</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Arial, Helvetica, Sans-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-family: Symbol; font-size: 10pt">&middot;</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Fixed Pay (<B>FP</B>) is
the key and primary element of compensation for the majority of DWS employees and reflects the value of
the individual&#8217;s role and function within the organization.&nbsp; It rewards factors that an employee
brings to the organization such as skills and experience, while reflecting regional and divisional (i.e.
DWS) specifics. FP levels play a significant role in ensuring competitiveness of the Advisor and its affiliates
in the labor market, thus benchmarking provides a valuable input when determining FP levels. </FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Arial, Helvetica, Sans-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-family: Symbol; font-size: 10pt">&middot;</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Variable Compensation (<B>VC</B>)
is a discretionary compensation element that enables DWS Group to provide additional reward to employees
for their performance and behaviors, while reflecting DWS Group&#8217;s affordability and financial situation.
VC aims to: </FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Courier New, Courier, Monospace; font-size: 10pt">o</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Recognize that every employee
contributes to the DWS&#8217;s success through the franchise component of Variable Compensation (<B>Franchise
Component</B>),</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Courier New, Courier, Monospace; font-size: 10pt">o</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Reflect individual performance,
investment performance, behaviours and culture through discretionary individual VC (<B>Individual Component),
</B>and</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Courier New, Courier, Monospace; font-size: 10pt">o</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Reward outstanding contributions
at the junior levels through the discretionary <B>Recognition Award. </B></FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in">Employee seniority as well as
divisional and regional specifics determine which VC elements are applicable for a given employee and
the conditions under which they apply.&nbsp; Both Franchise and Individual Components may be awarded in
shares or other share-based instruments and other deferral arrangements.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Arial, Helvetica, Sans-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-family: Symbol; font-size: 10pt">&middot;</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">VC can be delivered via
cash, restricted equity awards, and/or restricted incentive awards or restricted compensation. Restricted
compensation may include: </FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Courier New, Courier, Monospace; font-size: 10pt">o</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">notional fund investments</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Courier New, Courier, Monospace; font-size: 10pt">o</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">restricted equity, notional
equity, </FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Courier New, Courier, Monospace; font-size: 10pt">o</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">restricted cash, </FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Courier New, Courier, Monospace; font-size: 10pt">o</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">or such other form as DWS
may decide in its sole discretion</FONT></TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Arial, Helvetica, Sans-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-family: Symbol; font-size: 10pt">&middot;</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">VC comprises a greater proportion
of total compensation as an employee&#8217;s seniority and total compensation level increase. Proportion
of VC delivered via a long-term incentive award, which is subject to performance conditions and forfeiture
provisions, will increase significantly as the amount of the VC increases.&nbsp;</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Arial, Helvetica, Sans-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-family: Symbol; font-size: 10pt">&middot;</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Additional forfeiture and
claw back provisions, including complete forfeiture and claw back of VC may apply in certain events if
an employee is an InstVV [CRD IV EU Directive4] Material Risk Taker.</FONT></TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/14pt Arial, Helvetica, Sans-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-family: Symbol; font-size: 10pt">&middot;</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">For key investment professionals,
in particular, a portion of any long-term incentives will be in the form of notional investments aligned,
where possible, to the funds they manage.</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 1in">&nbsp;</P>

<P STYLE="font: 10pt/115% Times New Roman, Times, Serif; margin: 0">In general, each of the Advisor and
its advisory affiliates seek to offer their investment professionals competitive short-term and long-term
compensation based on continuous, above average, fund performance relative to the market. This includes
measurement of short and long-term performance against industry and portfolio benchmarks. To evaluate
their investment professionals in light of and consistent with the compensation principles set forth above,
the Advisor and its affiliates review investment performance for all accounts managed in relation to the
appropriate Morningstar peer group universe with respect to a fund, iMoneyNet peer group with respect
to a money market fund or relevant benchmark index(es) set forth in the governing documents with respect
to each other account type.&nbsp; The ultimate goal of this process is to evaluate the degree to which
investment professionals deliver investment performance that meets or exceeds their clients&#8217; risk
and return objectives. When determining total compensation, the Advisor and its affiliates consider a
number of quantitative, qualitative and other factors:</P>

<P STYLE="font: 10pt/115% Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/115% Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.2in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 10pt; color: windowtext">-</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Quantitative measures (e.g.
one-, three- and five-year pre-tax returns versus the appropriate Morningstar peer group universe for
a fund, or versus the appropriate iMoneyNet peer group for a money market fund or relevant benchmark index(es)
set forth in the governing documents with respect to each other account type, taking risk targets into
account) are utilized to measure performance.</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/115% Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.2in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 10pt; color: windowtext">-</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Qualitative measures (e.g.
adherence to, as well as contributions to, the enhancement of the investment process) are included in
the performance review. </FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/115% Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.2in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 10pt; color: windowtext">-</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Other factors (e.g. non-investment
related performance, teamwork, adherence to compliance rules, risk management and &quot;living the values&quot;
of the Advisor and its affiliates) are included as part of a discretionary component of the review process,
giving management the ability to consider additional markers of performance on a subjective basis. </FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/115% Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.2in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 10pt; color: windowtext">-</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Furthermore, it is important
to note that DWS Group functions within a controlled environment based upon the risk limits established
by DWS Group&#8217;s Risk division, in conjunction with DWS Group management. Because risk consideration
is inherent in all business activities, performance assessment factors in an employee&#8217;s ability
to assess and manage risk.</FONT></TD></TR></TABLE>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 12pt 0 3pt">Fund Ownership of Portfolio
Managers</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">The following table shows the dollar range
of Fund shares owned beneficially and of record by each member of the Fund&#8217;s portfolio management
team as well as in all US registered Funds advised by DWS International GmbH as a group (the &#8220;Family
of Funds&#8221;), including investments by their immediate family members sharing the same household and
amounts invested through retirement and deferred compensation plans. This information is provided as of
the Fund&#8217;s most recent annual report dated December 31, 2022.</P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR>
    <TD STYLE="vertical-align: bottom; width: 37%; border: Black 1pt solid; padding-right: 3pt; padding-left: 3pt; font-weight: bold; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">Name of <U><BR>
</U>Portfolio Manager</FONT></TD>
    <TD STYLE="vertical-align: bottom; width: 32%; border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 3pt; padding-left: 3pt">
    <P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">Dollar Range of</P>
    <P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">Fund Shares Owned</P></TD>
    <TD STYLE="vertical-align: top; width: 31%; border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 3pt; padding-left: 3pt; font-weight: bold; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">Dollar Range of All in the Family of Funds Shares Owned</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-top: 0.55pt; padding-right: 3pt; padding-left: 3pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">Valerie Schueler</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 3pt; padding-left: 3pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">-</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 3pt; padding-left: 3pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">-</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-top: 0.55pt; padding-right: 3pt; padding-left: 3pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">Leon Cappel</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 3pt; padding-left: 3pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">-</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 3pt; padding-left: 3pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">-</FONT></TD></TR>
  </TABLE>
<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 12pt 0 3pt">Conflicts of Interest</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">In addition to managing the assets of the
Fund, the Fund&#8217;s portfolio managers may have responsibility for managing other client accounts of
the Advisor or its affiliates. The tables below show, for each portfolio manager, the number and asset
size of (1) SEC registered investment companies (or series thereof) other than the Fund, (2) pooled investment
vehicles that are not registered investment companies and (3) other accounts (e.g., accounts managed for
individuals or organizations) managed by each portfolio manager. Total assets attributed to each portfolio
manager in the tables below include total assets of each account managed by them, although the manager
may only manage a portion of such account&#8217;s assets. For Funds subadvised by subadvisors unaffiliated
with DWS International GmbH, total assets of Funds managed may only include assets allocated to the portfolio
manager and not the total assets of each Fund managed. The tables also show the number of performance-based
fee accounts, as well as the total assets of the accounts for which the advisory fee is based on the performance
of the account. This information is provided as of the Fund&#8217;s most recent annual report dated December
31, 2022.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B>Other SEC Registered Investment Companies
Managed:</B></P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 25%; border: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt"><B>Name of Portfolio Manager</B></FONT></TD>
    <TD STYLE="width: 18%; border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt"><B>Number of&nbsp;&nbsp;Registered Investment Companies </B></FONT></TD>
    <TD STYLE="width: 19%; border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt"><B>Total Assets of Registered Investment Companies</B></FONT></TD>
    <TD STYLE="width: 19%; border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt"><B>Number of Investment Company Accounts with Performance Based Fee</B></FONT></TD>
    <TD STYLE="width: 19%; border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt"><B>Total Assets of Performance- Based Fee Accounts</B></FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt">Valerie Schueler</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt">-</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt">-</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt">-</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt">-</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt">Leon Cappel</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt">-</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt">-</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt">-</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt">-</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B>Other Pooled Investment Vehicles Managed:</B></P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 25%; border: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt"><B>Name of Portfolio Manager</B></FONT></TD>
    <TD STYLE="width: 16%; border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt"><B>Number of Pooled Investment Vehicles</B></FONT></TD>
    <TD STYLE="width: 22%; border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt"><B>Total Assets of Pooled Investment Vehicles</B></FONT></TD>
    <TD STYLE="width: 19%; border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt"><B>&nbsp;Number of Pooled Investment Vehicle Accounts with Performance-Based Fee </B></FONT></TD>
    <TD STYLE="width: 18%; border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt"><B>Total Assets of Performance- Based Fee Accounts</B></FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt">Valerie Schueler</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt">-</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt">-</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt">-</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt">-</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt">Leon Cappel</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt">1</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt">$243,556,897</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt">1</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt">$243,556,897</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B>Other Accounts Managed:</B></P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 25%; border: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt"><B>Name of Portfolio Manager</B></FONT></TD>
    <TD STYLE="width: 16%; border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt"><B>Number of Other Accounts</B></FONT></TD>
    <TD STYLE="width: 22%; border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt"><B>Total Assets of Other Accounts</B></FONT></TD>
    <TD STYLE="width: 19%; border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt"><B>Number of Other Accounts with Performance- Based Fee </B></FONT></TD>
    <TD STYLE="width: 18%; border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt"><B>Total Assets of Performance- Based Fee Accounts</B></FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt">Valerie Schueler</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt">4</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt">$484,427,026</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt">-</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt">-</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt">Leon Cappel</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt">-</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt">-</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt">-</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt">-</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">In addition to the accounts above, an investment
professional may manage accounts in a personal capacity that may include holdings that are similar to,
or the same as, those of the Funds. The Advisor or Subadvisor, as applicable, has in place a Code of Ethics
that is designed to address conflicts of interest and that, among other things, imposes restrictions on
the ability of portfolio managers and other &#8220;access persons&#8221; to invest in securities that
may be recommended or traded in the Funds and other client accounts.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">Real, potential or apparent conflicts of
interest may arise when a portfolio manager has day-to-day portfolio management responsibilities with
respect to more than one fund or account, including the following:</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Arial, Helvetica, Sans-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-family: Symbol; font-size: 10pt">&middot;</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Certain investments may
be appropriate for the Fund and also for other clients advised by the Advisor and their affiliates, including
other client accounts managed by the Fund&#8217;s portfolio management team. Investment decisions for
the Fund and other clients are made with a view to achieving their respective investment objectives and
after consideration of such factors as their current holdings, availability of cash for investment and
the size of their investments generally. A particular security may be bought or sold for only one client
or in different amounts and at different times for more than one but less than all clients. Likewise,
because clients of the Advisor and their affiliates may have differing investment strategies, a particular
security may be bought for one or more clients when one or more other clients are selling the security.
The investment results achieved for the Fund may differ from the results achieved for other clients of
the Advisor and their affiliates. In addition, purchases or sales of the same security may be made for
two or more clients on the same day. In such event, such transactions will be allocated among the clients
in a manner believed by the Advisor and their affiliates to be most equitable to each client, generally
utilizing a pro rata allocation methodology. In some cases, the allocation procedure could potentially
have an adverse effect or positive effect on the price or amount of the securities purchased or sold by
the Fund. Purchase and sale orders for the Fund may be combined with those of other clients of the Advisor
and their affiliates in the interest of achieving the most favorable net results to the Fund and the other
clients.</FONT></TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Arial, Helvetica, Sans-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-family: Symbol; font-size: 10pt">&middot;</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">To the extent that a portfolio
manager has responsibilities for managing multiple client accounts, a portfolio manager will need to divide
time and attention among relevant accounts. The Advisor and their affiliates attempt to minimize these
conflicts by aligning its portfolio management teams by investment strategy and by employing similar investment
models across multiple client accounts.</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 12pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">In some cases, an apparent conflict may arise where the Advisor has an
incentive, such as a performance-based fee, in managing one account and not with respect to other accounts
it manages. The Advisor and its affiliates will not determine allocations based on whether it receives
a performance-based fee from the client. Additionally, the Advisor has in place supervisory oversight
processes to periodically monitor performance deviations for accounts with like strategies.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 12pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">The Advisor and its affiliates and the investment
team of each Fund may manage other mutual funds and separate accounts on a long only or a long-short basis.
The simultaneous management of long and short portfolios creates potential conflicts of interest including
the risk that short sale activity could adversely affect the market value of the long positions (and vice
versa), the risk arising from sequential orders in long and short positions, and the risks associated
with receiving opposing orders at the same time. The Advisor has adopted procedures that it believes are
reasonably designed to mitigate these and other potential conflicts of interest. Included in these procedures
are specific guidelines developed to provide fair and equitable treatment for all clients whose accounts
are managed by each Fund&#8217;s portfolio management team. The Advisor and the portfolio management team
have established monitoring procedures, a protocol for supervisory reviews, as well as compliance oversight
to ensure that potential conflicts of interest relating to this type of activity are properly addressed.
</FONT></TD></TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify">The Advisor
is owned by the DWS Group, a multinational global financial services firm that is a majority owned subsidiary
of Deutsche Bank AG. Therefore, the Advisor is affiliated with a variety of entities that provide, and/or
engage in commercial banking, insurance, brokerage, investment banking, financial advisory, broker-dealer
activities (including sales and trading), hedge funds, real estate and private equity investing, in addition
to the provision of investment management services to institutional and individual investors. Since Deutsche
Bank AG, its affiliates, directors, officers and employees (the &#8220;Firm&#8221;) are engaged in businesses
and have interests in addition to managing asset management accounts, such wide ranging activities involve
real, potential or apparent conflicts of interest. These interests and activities include potential advisory,
transactional and financial activities and other interests in securities and companies that may be directly
or indirectly purchased or sold by the Firm for its clients&#8217; advisory accounts. The Advisor may
take investment positions in securities in which other clients or related persons within the Firm have
different investment positions. There may be instances in which the Advisor and its affiliates are purchasing
or selling for their client accounts, or pursuing an outcome in the context of a workout or restructuring
with respect to, securities in which the Firm is undertaking the same or differing strategy in other businesses
or other client accounts. These are considerations of which advisory clients should be aware and which
will cause conflicts that could be to the disadvantage of the Advisor and its affiliate&#8217;s advisory
clients, including the Fund. The Advisor has instituted business and compliance policies, procedures and
disclosures that are designed to identify, monitor and mitigate conflicts of interest and, as appropriate,
to report them to a Fund&#8217;s Board.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 10.45pt 0 0 0.25in; text-align: justify">&nbsp;</P>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Courier New, Courier, Monospace; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 15%; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="width: 85%; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>ITEM 9.</B></FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>PURCHASES OF EQUITY SECURITIES BY CLOSED-END MANAGEMENT INVESTMENT COMPANY AND AFFILIATED PURCHASERS</B></FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"></P>

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<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; width: 32%; border-top: Black 1pt solid; border-left: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; width: 14%; border-top: Black 1pt solid; border-right: Black 1pt solid; border-left: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 12pt">(a)</FONT></TD>
    <TD STYLE="white-space: nowrap; width: 15%; border-top: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 12pt">(b)&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; width: 21%; border-top: Black 1pt solid; border-right: Black 1pt solid; border-left: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 12pt">(c)</FONT></TD>
    <TD STYLE="white-space: nowrap; width: 18%; border-top: Black 1pt solid; border-right: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 12pt">(d)&nbsp;&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; border-left: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 12pt">Period</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: Black 1pt solid; border-left: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">
    <P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">Total Number of</P>
    <P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">Shares Purchased</P></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt">
    <P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">Average Price Paid</P>
    <P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">per Share</P></TD>
    <TD STYLE="white-space: nowrap; border-right: Black 1pt solid; border-left: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">
    <P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">Total Number of</P>
    <P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">Shares Purchased as</P>
    <P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">Part of Publicly Announced</P>
    <P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">Plans or Programs</P></TD>
    <TD STYLE="white-space: nowrap; border-right: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">
    <P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">Maximum Number of</P>
    <P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">Shares that May Yet Be</P>
    <P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">Purchased Under the</P>
    <P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">Plans or Programs</P></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; border-left: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-right: Black 1pt solid; border-left: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-right: Black 1pt solid; border-left: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-right: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-left: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 12pt">January 1 through January 31</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-right: Black 1pt solid; border-left: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 12pt">1,500</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 12pt">&nbsp;$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15.07 </FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-right: Black 1pt solid; border-left: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 12pt">1,500</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-right: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 12pt">1,394,585</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-left: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 12pt">February 1 through February 29</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-right: Black 1pt solid; border-left: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 12pt">6,000</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 12pt">&nbsp;$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.50 </FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-right: Black 1pt solid; border-left: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 12pt">6,000</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-right: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 12pt">1,388,585</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-left: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 12pt">March 1 through March 31</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-right: Black 1pt solid; border-left: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 12pt">9,500</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 12pt">&nbsp;$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.56 </FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-right: Black 1pt solid; border-left: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 12pt">9,500</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-right: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 12pt">1,379,085</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-left: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 12pt">April 1 through April 30</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-right: Black 1pt solid; border-left: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 12pt">14,500</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 12pt">&nbsp;$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.60 </FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-right: Black 1pt solid; border-left: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 12pt">14,500</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-right: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 12pt">1,364,585</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-left: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 12pt">May 1 through May 31</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-right: Black 1pt solid; border-left: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 12pt">27,000</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 12pt">&nbsp;$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.93 </FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-right: Black 1pt solid; border-left: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 12pt">27,000</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-right: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 12pt">1,337,585</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-left: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 12pt">June 1 through June 30</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-right: Black 1pt solid; border-left: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 12pt">26,500</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 12pt">&nbsp;$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.40 </FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-right: Black 1pt solid; border-left: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 12pt">26,500</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-right: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 12pt">1,311,085</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; border-left: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 12pt">July 1 through July 31</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: Black 1pt solid; border-left: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 12pt">21,600</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 12pt">&nbsp;$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.15 </FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: Black 1pt solid; border-left: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 12pt">21,600</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 12pt">1,289,485</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; border-left: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 12pt">August 1 through August 31</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: Black 1pt solid; border-left: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 12pt">44,400</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 12pt">&nbsp;$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.51 </FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: Black 1pt solid; border-left: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 12pt">44,400</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 12pt">1,712,528</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; border-left: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 12pt">September 1 through September 30</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: Black 1pt solid; border-left: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 12pt">28,000</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 12pt">&nbsp;$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.80 </FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: Black 1pt solid; border-left: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 12pt">28,000</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 12pt">1,684,528</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; border-left: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 12pt">October 1 through October 31</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: Black 1pt solid; border-left: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 12pt">15,750</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 12pt">&nbsp;$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.27 </FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: Black 1pt solid; border-left: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 12pt">15,750</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 12pt">1,668,778</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; border-left: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 12pt">November 1 through November 30</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: Black 1pt solid; border-left: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 12pt">34,260</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 12pt">&nbsp;$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.96 </FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: Black 1pt solid; border-left: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 12pt">34,260</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 12pt">1,634,518</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; border-left: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 12pt">December 1 through December 31</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: Black 1pt solid; border-left: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 12pt">32,290</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 12pt">&nbsp;$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.12 </FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: Black 1pt solid; border-left: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 12pt">32,290</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 12pt">1,602,228</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 12pt">Total </FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 12pt">261,300</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 12pt">&nbsp;$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.38 </FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 12pt">261,300</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD COLSPAN="5" STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">On July 30, 2021, the Fund announced that the Board of Directors approved an extension of the current repurchase authorization permitting the Fund to repurchase up to 1,575,385 shares during the period from August 1, 2021 through July 31, 2022. Under this plan, the Fund repurchased 264,300 shares in open market transactions between August 1, 2021 and June 30, 2022.</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD COLSPAN="5" STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">On July 29, 2022, the Fund announced that the Board of Directors approved an extension of the current repurchase authorization permitting the Fund to repurchase up to 1,756,928 shares during the period from August 1, 2022 through July 31, 2023. The Fund repurchased 154,700 shares between August 1, 2022 and December 31, 2022.</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 11pt/107% Calibri, Helvetica, Sans-Serif; margin: 0 0 8pt">&nbsp;</P>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Courier New, Courier, Monospace; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>ITEM 10.</B></FONT></TD>
    <TD COLSPAN="2" STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS</B></FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">There were no material changes to the procedures by which stockholders may recommend nominees to the Fund&rsquo;s Board. The Nominating and Governance Committee will consider nominee candidates properly submitted by stockholders in accordance with applicable law, the Fund's Articles of Incorporation or By-laws, resolutions of the Board and the qualifications and procedures set forth in the Nominating and Governance Committee Charter and this proxy statement. The Nominating and Governance Committee's Charter requires that a stockholder or group of stockholders seeking to submit a nominee candidate (i) must have beneficially owned at least 5% of the Fund's common stock for at least two years, (ii) may submit only one nominee candidate for any particular meeting of stockholders, and (iii) may submit a nominee candidate for only an annual meeting or other meeting of stockholders at which directors will be elected. The stockholder or group of stockholders must provide notice of the proposed nominee pursuant to the requirements found in the Fund's By-laws. Generally, this notice must be received not less than 90 days nor more than 120 days prior to the first anniversary of the date of mailing of the notice for the preceding year's annual meeting. Such notice shall include the specific information required by the Fund's By-laws. The Nominating and Governance Committee will evaluate nominee candidates properly submitted by stockholders on the same basis as it considers and evaluates candidates recommended by other sources.</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>ITEM 11.</B></FONT></TD>
    <TD COLSPAN="2" STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>CONTROLS AND PROCEDURES</B></FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding-right: 5.4pt; padding-left: 0.5in; text-indent: -0.5in">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 15%; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="width: 7%; padding-right: 5.4pt; padding-left: 0.5in; text-indent: -0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">(a)</FONT></TD>
    <TD STYLE="width: 78%; padding-right: 5.4pt; padding-left: 0.05in"><FONT STYLE="font-family: Times New Roman, Times, Serif">The Chief Executive and Financial Officers concluded that the Registrant&rsquo;s Disclosure Controls and Procedures are effective based on the evaluation of the Disclosure Controls and Procedures as of a date within 90 days of the filing date of this report.</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding-right: 5.4pt; padding-left: 30.6pt; text-indent: -30.6pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 0.5in; text-indent: -0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">(b) </FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 4.2pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">There have been no changes in the registrant&rsquo;s internal control over financial reporting that occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant&rsquo;s internal controls over financial reporting.</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding-right: 5.4pt; padding-left: 30.6pt; text-indent: -30.6pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-family: Times New Roman, Times, Serif"><B>ITEM 12.</B></TD>
    <TD COLSPAN="2" STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-family: Times New Roman, Times, Serif"><FONT STYLE="text-transform: uppercase"><B>Disclosure of Securities Lending Activities for Closed-End Management Investment Companies</B></FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-family: Times New Roman, Times, Serif">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-family: Times New Roman, Times, Serif">&nbsp;</TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"></P>

<!-- Field: Include-Text; File: item 12 Securities Lending Activities %2D GF Dec 2022.docx; Date: 2023%2D03%2D08T15:54:17; Size: 0x00014200 -->
<P STYLE="font: 10pt/12.1pt Arial, Helvetica, Sans-Serif; margin: 0"><FONT STYLE="text-transform: uppercase"><B>Securities
Lending Activities </B></FONT></P>

<P STYLE="font: 10pt/11pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt/11pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">During The New
Germany Fund, Inc. most recent fiscal year ending December 31, 2022, Brown Brothers Harriman &amp; Co.
(&ldquo;BBH&rdquo;) served as the fund&rsquo;s securities lending agent.</P>

<P STYLE="font: 10pt/11pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt/11pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">As a securities
lending agent, BBH is responsible for the implementation and administration of a fund&rsquo;s securities
lending program. Pursuant to its respective Securities Lending Agency Agreement (&ldquo;Securities Lending
Agreement&rdquo;) with the fund, BBH, as a general matter, performs various services, including the following:</P>

<P STYLE="font: 10pt/11pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/11pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&#183;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">lend
available securities to institutions that are approved borrowers </FONT></TD></TR></TABLE>

<P STYLE="font: 10pt/11pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/11pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&#183;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">determine
whether a loan shall be made and negotiate and establish the terms and conditions of the loan with the
borrower </FONT></TD></TR></TABLE>

<P STYLE="font: 10pt/107% Arial, Helvetica, Sans-Serif; margin: 0 0 0 0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/11pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&#183;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">ensure
that all dividends and other distributions paid with respect to loaned securities are credited to the
fund&rsquo;s relevant account</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt/107% Arial, Helvetica, Sans-Serif; margin: 0 0 0 0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/11pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&#183;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">receive
and hold, on the fund&rsquo;s behalf, or transfer to a fund account, upon instruction by the fund, collateral
from borrowers to secure obligations of borrowers with respect to any loan of available securities </FONT></TD></TR></TABLE>

<P STYLE="font: 10pt/107% Arial, Helvetica, Sans-Serif; margin: 0 0 0 0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/11pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&#183;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">mark-to-market
the market value of loaned securities relative to the market value of the collateral each business day</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt/107% Arial, Helvetica, Sans-Serif; margin: 0 0 0 0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/11pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&#183;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">obtain
additional collateral, as needed, in order to maintain the value of the collateral relative to the market
value of the loaned securities at the levels required by the Securities Lending Agreement </FONT></TD></TR></TABLE>

<P STYLE="font: 10pt/107% Arial, Helvetica, Sans-Serif; margin: 0 0 0 0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/11pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&#183;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">at
the termination of a loan, return the collateral to the borrower upon the return of the loaned securities
</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt/11pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 0.25in; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/11pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&#183;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">in
accordance with the terms of the Securities Lending Agreement, invest cash collateral in permitted investments,
including investments managed by the fund&rsquo;s investment adviser </FONT></TD></TR></TABLE>

<P STYLE="font: 10pt/11pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 0.25in; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/11pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&#183;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">maintain
records relating to the fund&rsquo;s securities lending activity and provide to the fund a monthly statement
describing, among other things, the loans made during the period, the income derived from the loans (or
losses incurred) and the amounts of any fees or payments paid with respect to each loan </FONT></TD></TR></TABLE>

<P STYLE="font: 10pt/11pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt/11pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">BBH is compensated
for the above-described services from its securities lending revenue split. The tables below show the
income each fund earned and the fees and compensation it paid to service providers in connections with
its securities lending activities during its most recent fiscal year.</P>

<P STYLE="font: 10pt/11pt Arial, Helvetica, Sans-Serif; margin: 9.85pt 0 0"><B>The New Germany Fund, Inc.
</B></P>

<P STYLE="font: 10pt/11pt Arial, Helvetica, Sans-Serif; margin: 9.85pt 0 0"><B>Securities Lending Activities
- Income and Fees for Fiscal Year 2022</B></P>

<P STYLE="font: 10pt/5.4pt Calibri, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 90%; border-top: black 1pt solid; border-bottom: black 1pt solid; padding-top: 1.45pt; padding-right: 2.45pt; padding-left: 0.35pt">
    <P STYLE="font: 10pt/90% Arial, Helvetica, Sans-Serif; margin: 2.4pt 0 0 3pt"><B>Gross income from securities
    lending activities </B></P>
    <P STYLE="font: 10pt/90% Arial, Helvetica, Sans-Serif; margin: 2.4pt 0 0 3pt">(including income from cash
    collateral reinvestment)</P></TD>
    <TD STYLE="width: 10%; border-top: black 1pt solid; border-bottom: black 1pt solid; padding-top: 7.8pt; text-align: right; line-height: 90%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; line-height: 90%">&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;$68,751</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 3.65pt; padding-left: 39pt; line-height: 90%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; line-height: 90%">Fees and/or compensation for securities lending activities and related services</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 9.05pt; line-height: 107%">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 3.65pt; padding-left: 39pt; line-height: 90%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; line-height: 90%">Fees paid to securities lending agent from a revenue split</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 9.05pt; text-align: right; line-height: 90%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; line-height: 90%">&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;$5,711</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 3.65pt; padding-left: 39pt; line-height: 90%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; line-height: 90%">Fees paid for any cash collateral management service (including fees deducted from a pooled cash collateral reinvestment vehicle) that are not included in the revenue split</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 9.05pt; text-align: right; line-height: 90%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; line-height: 90%">&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;$2,796</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 3.65pt; padding-left: 39pt; line-height: 90%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; line-height: 90%">Administrative fees not included in revenue split</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 9.05pt; text-align: right; line-height: 90%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; line-height: 90%">&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;--</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 3.65pt; padding-left: 39pt; line-height: 90%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; line-height: 90%">Indemnification fee not included in revenue split</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 9.05pt; text-align: right; line-height: 90%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; line-height: 90%">&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;--</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 3.65pt; padding-left: 39pt; line-height: 90%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; line-height: 90%">Rebate (paid to borrower)</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 9.05pt; text-align: right; line-height: 90%"><FONT STYLE="font-size: 10pt; line-height: 90%">$8,920</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 3.65pt; padding-left: 39pt; line-height: 90%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; line-height: 90%">Other fees not included in revenue split </FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 9.05pt; text-align: right; line-height: 90%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; line-height: 90%">--</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 9.05pt; padding-left: 3pt; line-height: 90%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; line-height: 90%"><B>Aggregate fees/compensation for securities lending activities and related services</B></FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 9.05pt; text-align: right; line-height: 90%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; line-height: 90%">$17,427</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 9.05pt; padding-left: 3pt; line-height: 90%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; line-height: 90%"><B>Net income from securities lending activities</B></FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 9.05pt; text-align: right; line-height: 90%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; line-height: 90%">$51,324</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt/107% Calibri, Helvetica, Sans-Serif; margin: 0 0 8pt; text-align: center">&nbsp;</P>
<!-- Field: /Include-Text -->

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



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



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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Courier New, Courier, Monospace; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-family: Times New Roman, Times, Serif">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-family: Times New Roman, Times, Serif">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-family: Times New Roman, Times, Serif"><B>ITEM 13.</B></TD>
    <TD COLSPAN="2" STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-family: Times New Roman, Times, Serif"><B>EXHIBITS</B></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-family: Times New Roman, Times, Serif">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-family: Times New Roman, Times, Serif">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 15%; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="width: 7%; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Times New Roman, Times, Serif">(a)(1)</TD>
    <TD STYLE="width: 78%; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Times New Roman, Times, Serif"><A HREF="codeofethics.htm" STYLE="-sec-extract: exhibit">Code of Ethics pursuant to Item 2 of Form N-CSR is filed and attached hereto as EX-99.CODE ETH.</A></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-family: Times New Roman, Times, Serif">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-family: Times New Roman, Times, Serif">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-family: Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-family: Times New Roman, Times, Serif">(a)(2)</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-family: Times New Roman, Times, Serif"><A HREF="ex99cert.htm" STYLE="-sec-extract: exhibit">Certification pursuant to Rule 30a-2(a) under the Investment Company Act of 1940 (17 CFR 270.30a-2(a)) is filed and attached hereto as Exhibit 99.CERT.</A></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-family: Times New Roman, Times, Serif">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-family: Times New Roman, Times, Serif">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-family: Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-family: Times New Roman, Times, Serif">(b)</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-family: Times New Roman, Times, Serif"><A HREF="ex99906cert.htm" STYLE="-sec-extract: exhibit">Certification pursuant to Rule 30a-2(b) under the Investment Company Act of 1940 (17 CFR 270.30a-2(b)) is furnished and attached hereto as Exhibit 99.906CERT.</A></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left"><FONT STYLE="font-weight: normal">&nbsp;</FONT></P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">Pursuant to the requirements of the Securities
Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report
to be signed on its behalf by the undersigned, thereunto duly authorized.</P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Courier New, Courier, Monospace; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 33%; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Times New Roman, Times, Serif">Registrant:</TD>
    <TD STYLE="width: 67%; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Times New Roman, Times, Serif">The New Germany Fund, Inc.</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-family: Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-family: Times New Roman, Times, Serif">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-family: Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-family: Times New Roman, Times, Serif">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-family: Times New Roman, Times, Serif">By:</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><U>/s/Hepsen Uzcan</U></P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">Hepsen Uzcan</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">President</P></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-family: Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-family: Times New Roman, Times, Serif">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-family: Times New Roman, Times, Serif">Date:</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-family: Times New Roman, Times, Serif">2/28/2023</TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">Pursuant to the requirements of the Securities
Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the
following persons on behalf of the registrant and in the capacities and on the dates indicated.</P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse; font-size: 10pt">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 33%; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Times New Roman, Times, Serif">By:</TD>
    <TD STYLE="width: 67%; padding-right: 5.4pt; padding-left: 5.4pt">
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><U>/s/Hepsen Uzcan</U></P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">Hepsen Uzcan</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">President</P></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-family: Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-family: Times New Roman, Times, Serif">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-family: Times New Roman, Times, Serif">Date:</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-family: Times New Roman, Times, Serif">2/28/2023</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-family: Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-family: Times New Roman, Times, Serif">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-family: Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-family: Times New Roman, Times, Serif">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-family: Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-family: Times New Roman, Times, Serif">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-family: Times New Roman, Times, Serif">By:</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><U>/s/Diane Kenneally</U></P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">Diane Kenneally</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">Chief Financial Officer and Treasurer</P></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-family: Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-family: Times New Roman, Times, Serif">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-family: Times New Roman, Times, Serif">Date:</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-family: Times New Roman, Times, Serif">2/28/2023</TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>


</BODY>
</HTML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99.CODE ETH
<SEQUENCE>2
<FILENAME>codeofethics.htm
<DESCRIPTION>CODE OF ETHICS
<TEXT>
<HTML>
<HEAD>
<TITLE></TITLE>
</HEAD>
<BODY>


<P STYLE="font: 26pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: center"><B>DWS</B></P>

<P STYLE="font: 18pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: center"><B>Principal Executive
and Principal Financial Officer Code of Ethics</B></P>

<P STYLE="font: 26pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: left"><B>&nbsp;</B></P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: center"><B>For the Registered
Management Investment Companies Listed on Appendix A</B></P>

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

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

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

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

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

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

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

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

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

<P STYLE="font: italic bold 7pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 7pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: right"><B>Effective Date</B></P>

<P STYLE="font: 7pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: right"><B>January 31, 2005</B></P>

<P STYLE="font: 7pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: right"><B>&nbsp;</B></P>

<P STYLE="font: 7pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: right"><B>Date Last Reviewed</B></P>

<P STYLE="font: 7pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: right"><B>April 25, 2022</B></P>

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

<P STYLE="font: bold 12pt Arial, Helvetica, Sans-Serif; margin: 0">Table of Contents</P>



<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%">
  <TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Arial, Helvetica, Sans-Serif">
    <TD STYLE="width: 90%; text-align: left; padding-top: 6pt; padding-bottom: 6pt; padding-left: 12.25pt">I.&nbsp;&nbsp;&nbsp;Overview</TD>
    <TD STYLE="width: 10%; text-align: right; padding-top: 6pt; padding-bottom: 6pt"></TD></TR>
  <TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Arial, Helvetica, Sans-Serif">
    <TD STYLE="text-align: left; padding-top: 6pt; padding-bottom: 6pt; padding-left: 12.25pt">II.&nbsp;&nbsp;&nbsp;Purposes of the Officer Code</TD>
    <TD STYLE="text-align: right; padding-top: 6pt; padding-bottom: 6pt"></TD></TR>
  <TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Arial, Helvetica, Sans-Serif">
    <TD STYLE="text-align: left; padding-top: 6pt; padding-bottom: 6pt; padding-left: 12.25pt">III.&nbsp;&nbsp;&nbsp;Responsibilities of Covered Officers</TD>
    <TD STYLE="text-align: right; padding-top: 6pt; padding-bottom: 6pt"></TD></TR>
  <TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Arial, Helvetica, Sans-Serif">
    <TD STYLE="text-align: left; padding-top: 0in; padding-bottom: 0in; padding-left: 24pt">A.&nbsp;&nbsp;&nbsp;Honest and Ethical Conduct</TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0in"></TD></TR>
  <TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Arial, Helvetica, Sans-Serif">
    <TD STYLE="text-align: left; padding-top: 0in; padding-bottom: 0in; padding-left: 24pt">B.&nbsp;&nbsp;&nbsp;Conflicts of Interest</TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0in"></TD></TR>
  <TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Arial, Helvetica, Sans-Serif">
    <TD STYLE="text-align: left; padding-top: 0in; padding-bottom: 0in; padding-left: 24pt">C.&nbsp;&nbsp;&nbsp;Use of Personal Fund Shareholder Information</TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0in"></TD></TR>
  <TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Arial, Helvetica, Sans-Serif">
    <TD STYLE="text-align: left; padding-top: 0in; padding-bottom: 0in; padding-left: 24pt">D.&nbsp;&nbsp;&nbsp;Public Communications</TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0in"></TD></TR>
  <TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Arial, Helvetica, Sans-Serif">
    <TD STYLE="text-align: left; padding-top: 0in; padding-bottom: 0in; padding-left: 24pt">E.&nbsp;&nbsp;&nbsp;Compliance with Applicable Laws, Rules and Regulations</TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0in"></TD></TR>
  <TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Arial, Helvetica, Sans-Serif">
    <TD STYLE="text-align: left; padding-top: 6pt; padding-bottom: 6pt; padding-left: 12.25pt">IV.&nbsp;&nbsp;&nbsp;Violation Reporting</TD>
    <TD STYLE="text-align: right; padding-top: 6pt; padding-bottom: 6pt"></TD></TR>
  <TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Arial, Helvetica, Sans-Serif">
    <TD STYLE="text-align: left; padding-top: 0in; padding-bottom: 0in; padding-left: 24pt">A.&nbsp;&nbsp;&nbsp;Overview</TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0in"></TD></TR>
  <TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Arial, Helvetica, Sans-Serif">
    <TD STYLE="text-align: left; padding-top: 0in; padding-bottom: 0in; padding-left: 24pt">B.&nbsp;&nbsp;&nbsp;How to Report</TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0in"></TD></TR>
  <TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Arial, Helvetica, Sans-Serif">
    <TD STYLE="text-align: left; padding-top: 0in; padding-bottom: 0in; padding-left: 24pt">C.&nbsp;&nbsp;&nbsp;Process for Violation Reporting to the Fund Board</TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0in"></TD></TR>
  <TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Arial, Helvetica, Sans-Serif">
    <TD STYLE="text-align: left; padding-top: 0in; padding-bottom: 0in; padding-left: 24pt">D.&nbsp;&nbsp;&nbsp;Sanctions for Code Violations</TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0in"></TD></TR>
  <TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Arial, Helvetica, Sans-Serif">
    <TD STYLE="text-align: left; padding-top: 6pt; padding-bottom: 6pt; padding-left: 12.25pt">V.&nbsp;&nbsp;&nbsp;Waivers from the Officer Code</TD>
    <TD STYLE="text-align: right; padding-top: 6pt; padding-bottom: 6pt"></TD></TR>
  <TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Arial, Helvetica, Sans-Serif">
    <TD STYLE="text-align: left; padding-top: 6pt; padding-bottom: 6pt; padding-left: 12.25pt">VI.&nbsp;&nbsp;&nbsp;Amendments to the Code</TD>
    <TD STYLE="text-align: right; padding-top: 6pt; padding-bottom: 6pt"></TD></TR>
  <TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Arial, Helvetica, Sans-Serif">
    <TD STYLE="text-align: left; padding-top: 6pt; padding-bottom: 6pt; padding-left: 12.25pt">VII.&nbsp;&nbsp;&nbsp;Acknowledgement and Certification of Adherence to the Officer Code</TD>
    <TD STYLE="text-align: right; padding-top: 6pt; padding-bottom: 6pt"></TD></TR>
  <TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Arial, Helvetica, Sans-Serif">
    <TD STYLE="text-align: left; padding-top: 6pt; padding-bottom: 6pt; padding-left: 12.25pt">VIII.&nbsp;&nbsp;&nbsp;Scope of Responsibilities</TD>
    <TD STYLE="text-align: right; padding-top: 6pt; padding-bottom: 6pt"></TD></TR>
  <TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Arial, Helvetica, Sans-Serif">
    <TD STYLE="text-align: left; padding-top: 6pt; padding-bottom: 6pt; padding-left: 12.25pt">IX.&nbsp;&nbsp;&nbsp;Recordkeeping</TD>
    <TD STYLE="text-align: right; padding-top: 6pt; padding-bottom: 6pt"></TD></TR>
  <TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Arial, Helvetica, Sans-Serif">
    <TD STYLE="text-align: left; padding-top: 6pt; padding-bottom: 6pt; padding-left: 12.25pt">X.&nbsp;&nbsp;&nbsp;Confidentiality</TD>
    <TD STYLE="text-align: right; padding-top: 6pt; padding-bottom: 6pt"></TD></TR>
  <TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Arial, Helvetica, Sans-Serif">
    <TD STYLE="text-align: left; padding-top: 6pt; padding-bottom: 6pt; padding-left: 12.25pt">Appendices</TD>
    <TD STYLE="text-align: right; padding-top: 6pt; padding-bottom: 6pt"></TD></TR>
  <TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Arial, Helvetica, Sans-Serif">
    <TD STYLE="text-align: left; padding-top: 0in; padding-bottom: 0in; padding-left: 24pt">Appendix A: List of Officers Covered under the Code, by Board</TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0in"></TD></TR>
  <TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Arial, Helvetica, Sans-Serif">
    <TD STYLE="text-align: left; padding-top: 0in; padding-bottom: 0in; padding-left: 24pt">Appendix B: Acknowledgement and Certification</TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0in"></TD></TR>
  <TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Arial, Helvetica, Sans-Serif">
    <TD STYLE="text-align: left; padding-top: 0in; padding-bottom: 0in; padding-left: 24pt">Appendix C: Definitions</TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0in"></TD></TR>
</TABLE>
<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 6pt 12.25pt">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: bold 14pt Arial, Helvetica, Sans-Serif; margin: 12pt 0 3pt 1in; text-indent: -0.5in"><FONT STYLE="font-size: 12pt">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;
</FONT><FONT STYLE="font-size: 12pt">Overview</FONT></P>

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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 1in; text-align: justify">This Principal
Executive Officer and Principal Financial Officer Code of Ethics (&#8220;Officer Code&#8221;) sets forth
the policies, practices, and values expected to be exhibited in the conduct of the Principal Executive
Officers and Principal Financial Officers of the investment companies (each a &#8220;Fund&#8221; and together,
the &#8220;Funds&#8221;) they serve (&#8220;Covered Officers&#8221;). A list of Covered Officers and Funds
is included on Appendix A.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 0.5in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 1in; text-align: justify">The Boards
of the Funds listed on Appendix A have elected to implement the Officer Code, pursuant to Section 406
of the Sarbanes-Oxley Act of 2002 and the SEC&#8217;s rules thereunder, to promote and demonstrate honest
and ethical conduct in their Covered Officers.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 1in; text-align: justify">DWS represents
the asset management activities conducted by DWS Investment Management Americas, Inc., DWS International
GmbH or their affiliates that may serve as investment adviser to each Fund. All Covered Officers are also
employees of DWS. Thus, in addition to adhering to the Officer Code, these individuals must comply with
DWS policies and procedures, such as the DWS Code of Ethics governing personal trading activities, as
adopted pursuant to Rule 17j-1 under the Investment Company Act of 1940.<SUP>[1]</SUP> In addition, such
individuals also must comply with other applicable Fund policies and procedures.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 0.5in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 1in; text-align: justify">The DWS Compliance
Officer, who shall not be a Covered Officer and who shall serve as such subject to the approval of the
Fund&#8217;s Board (or committee thereof), is primarily responsible for implementing and enforcing this
Code. The DWS Compliance Officer has the authority to interpret this Officer Code and its applicability
to particular circumstances. Any questions about the Officer Code should be directed to the DWS Compliance
Officer.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 1in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 1in; text-align: justify">The DWS Compliance
Officer and his or her contact information can be found in Appendix A.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 0.5in; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 14pt Arial, Helvetica, Sans-Serif; margin-top: 12pt; margin-bottom: 3pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-size: 12pt">II.</FONT></TD><TD><FONT STYLE="font-size: 12pt">Purposes of the Officer Code</FONT></TD></TR></TABLE>

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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 1in; text-align: justify">The purposes
of the Officer Code are to deter wrongdoing and to:</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 1in; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 76.5pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">promote
honest and ethical conduct among Covered Officers, including the ethical handling of actual or apparent
conflicts of interest between personal and professional relationships;</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 1in; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 76.5pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">promote
full, fair, accurate, timely and understandable disclosures in reports and documents that the Funds file
with or submit to the SEC (and in other public communications from the Funds) and that are within the
Covered Officer&#8217;s responsibilities;</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 1in; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 76.5pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">promote
compliance with applicable laws, rules and regulations;</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 1in; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 76.5pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">encourage
the prompt internal reporting of violations of the Officer Code to the DWS Compliance Officer; and </FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 1in; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 76.5pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">establish
accountability for adherence to the Officer Code.</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 1in">Any questions about the Officer
Code should be referred to the DWS Compliance Officer.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 14pt Arial, Helvetica, Sans-Serif; margin-top: 12pt; margin-bottom: 3pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-size: 12pt">III.</FONT></TD><TD><FONT STYLE="font-size: 12pt">Responsibilities of Covered Officers</FONT></TD></TR></TABLE>

<P STYLE="font: bold 11pt Arial, Helvetica, Sans-Serif; margin: 12pt 0 3pt 1in; text-align: justify; text-indent: 0in"><FONT STYLE="font-size: 10pt">A.</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><FONT STYLE="font-size: 10pt">Honest and Ethical Conduct</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 99pt; text-align: justify">It is the
duty of every Covered Officer to encourage and demonstrate honest and ethical conduct, as well as adhere
to and require adherence to the Officer Code and any other applicable policies and procedures designed
to promote this behavior. Covered Officers must at all times conduct themselves with integrity and distinction,
putting first the interests of the Fund(s) they serve. Covered Officers must be honest and candid while
maintaining confidentiality of information where required by law, DWS policy or Fund policy.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 99pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 99pt; text-align: justify">Covered Officers
also must, at all times, act in good faith, responsibly and with due care, competence and diligence, without
misrepresenting or being misleading about material facts or allowing their independent judgment to be
subordinated. Covered Officers also should maintain skills appropriate and necessary for the performance
of their duties for the Fund(s). Covered Officers also must responsibly use and control all Fund assets
and resources entrusted to them.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 99pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 99pt; text-align: justify">Covered Officers
may not retaliate against others for, or otherwise discourage the reporting of, actual or apparent violations
of the Officer Code or applicable laws or regulations. Covered Officers should create an environment that
encourages the exchange of information, including concerns of the type that this Code is designed to address.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 99pt; text-align: justify">&nbsp;</P>

<P STYLE="font: bold 11pt Arial, Helvetica, Sans-Serif; margin: 12pt 0 3pt 1in; text-align: justify; text-indent: 0in"><FONT STYLE="font-size: 10pt">B.</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><FONT STYLE="font-size: 10pt">Conflicts of Interest</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 99pt; text-align: justify">A &#8220;conflict
of interest&#8221; occurs when a Covered Officer&#8217;s personal interests interfere with the interests
of the Fund for which he or she serves as an officer. Covered Officers may not improperly use their position
with a Fund for personal or private gain to themselves, their family, or any other person. Similarly,
Covered Officers may not use their personal influence or personal relationships to influence decisions
or other Fund business or operational matters where they would benefit personally at the Fund&#8217;s
expense or to the Fund&#8217;s detriment. Covered Officers may not cause the Fund to take action, or refrain
from taking action, for their personal benefit at the Fund&#8217;s expense or to the Fund&#8217;s detriment.
Some examples of conflicts of interest follow (this is not an all-inclusive list): being in the position
of supervising, reviewing or having any influence on the job evaluation, pay or benefit of any immediate
family member who is an employee of a Fund service provider or is otherwise associated with the Fund;
or having an ownership interest in, or having any consulting or employment relationship with, any Fund
service provider other than DWS or its affiliates.</P>

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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 99pt; text-align: justify">Certain conflicts
of interest covered by this Code arise out of the relationships between Covered Officers and the Fund
that already are subject to conflict of interest provisions in the Investment Company Act and the Investment
Advisers Act. For example, Covered Officers may not individually engage in certain transactions (such
as the purchase or sale of securities or other property) with the Fund because of their status as &#8220;affiliated
persons&#8221; of the Fund. Covered Officers must comply with applicable laws and regulations. Therefore,
any violations of existing statutory and regulatory prohibitions on individual behavior could be considered
a violation of this Code.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 0.75in"><FONT STYLE="font-weight: normal">&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 99pt; text-align: justify">As to conflicts
arising from, or as a result of the advisory relationship (or any other relationships) between the Fund
and DWS, of which the Covered Officers are also officers or employees, it is recognized by the Board that,
subject to DWS&#8217;s fiduciary duties to the Fund, the Covered Officers will in the normal course of
their duties (whether formally for the Fund or for DWS, or for both) be involved in establishing policies
and implementing decisions which will have different effects on DWS and the Fund. The Board recognizes
that the participation of the Covered Officers in such activities is inherent in the contract relationship
between the Fund and DWS, and is consistent with the expectation of the Board of the performance by the
Covered Officers of their duties as officers of the Fund.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 0.75in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 99pt; text-align: justify">Covered Officers
should avoid actual conflicts of interest, and appearances of conflicts of interest, between the Covered
Officer&#8217;s duties to the Fund and his or her personal interests beyond those contemplated or anticipated
by applicable regulatory schemes. If a Covered Officer suspects or knows of a conflict or an appearance
of one, the Covered Officer must immediately report the matter to the DWS Compliance Officer. If a Covered
Officer, in lieu of reporting such a matter to the DWS Compliance Officer, may report the matter directly
to the Fund&#8217;s Board (or committee thereof), as appropriate (e.g., if the conflict involves the DWS
Compliance Officer or the Covered Officer reasonably believes it would be futile to report the matter
to the DWS Compliance Officer).</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 0.75in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 99pt; text-align: justify">When actual,
apparent or suspected conflicts of interest arise in connection with a Covered Officer, DWS personnel
aware of the matter should promptly contact the DWS Compliance Officer. There will be no reprisal or retaliation
against the person reporting the matter.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 0.75in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 99pt; text-align: justify">Upon receipt
of a report of a possible conflict, the DWS Compliance Officer will take steps to determine whether a
conflict exists. In so doing, the DWS Compliance Officer may take any actions he or she determines to
be appropriate in his or her sole discretion and may use all reasonable resources, including retaining
or engaging legal counsel, accounting firms or other consultants, subject to applicable law.<SUP>[2]</SUP>
The costs associated with such actions may be borne by the Fund, if appropriate, after consultation with
the Fund&#8217;s Board (or committee thereof). Otherwise, such costs will be borne by DWS or other appropriate
Fund service provider.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 0.75in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 99pt; text-align: justify">After full
review of a report of a possible conflict of interest, the DWS Compliance Officer may determine that no
conflict or reasonable appearance of a conflict exists. If, however, the DWS Compliance Officer determines
that an actual conflict exists, the Compliance Officer will resolve the conflict solely in the interests
of the Fund, and will report the conflict and its resolution to the Fund&#8217;s Board (or committee thereof).
If the DWS Compliance Officer determines that the appearance of a conflict exists, the DWS Compliance
Officer will take appropriate steps to remedy such appearance. In lieu of determining whether a conflict
exists and/or resolving a conflict, the DWS Compliance Officer instead may refer the matter to the Fund&#8217;s
Board (or committee thereof), as appropriate. However, the DWS Compliance Officer must refer the matter
to the Fund&#8217;s Board (or committee thereof) if the DWS Compliance Officer is directly involved in
the conflict or under similar appropriate circumstances.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 99pt; text-align: justify">After responding
to a report of a possible conflict of interest, the DWS Compliance Officer will discuss the matter with
the person reporting it (and with the Covered Officer at issue, if different) for purposes of educating
those involved on conflicts of interests (including how to detect and avoid them, if appropriate).</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 0.75in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 99pt; text-align: justify">Appropriate
resolution of conflicts may restrict the personal activities of the Covered Officer and/or his family,
friends or other persons.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 0.75in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 99pt; text-align: justify">Solely because
a conflict is disclosed to the DWS Compliance Officer (and/or the Board or Committee thereof) and/or resolved
by the DWS Compliance Officer does not mean that the conflict or its resolution constitutes a waiver from
the Code&#8217;s requirements.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 0.75in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 99pt; text-align: justify">Any questions
about conflicts of interests, including whether a particular situation might be a conflict or an appearance
of one, should be directed to the DWS Compliance Officer.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 0.5in; text-align: justify">&nbsp;</P>

<P STYLE="font: bold 11pt Arial, Helvetica, Sans-Serif; margin: 12pt 0 3pt 1in; text-align: justify; text-indent: 0in"><FONT STYLE="font-size: 10pt">C.</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><FONT STYLE="font-size: 10pt">Use of Personal Fund Shareholder Information</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 0.5in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 99pt; text-align: justify">A Covered
Officer may not use or disclose personal information about Fund shareholders, except in the performance
of his or her duties for the Fund. Each Covered Officer also must abide by the Funds&#8217; and DWS&#8217;s
privacy policies under SEC Regulation S-P.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 0.5in; text-align: justify">&nbsp;</P>

<P STYLE="font: bold 11pt Arial, Helvetica, Sans-Serif; margin: 12pt 0 3pt 1in; text-align: justify; text-indent: 0in"><FONT STYLE="font-size: 10pt">D.</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><FONT STYLE="font-size: 10pt">Public Communications</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 99pt; text-align: justify">In connection
with his or her responsibilities for or involvement with a Fund&#8217;s public communications and disclosure
documents (e.g., shareholder reports, registration statements, press releases), each Covered Officer must
provide information to Fund service providers (within the DWS organization or otherwise) and to the Fund&#8217;s
Board (and any committees thereof), independent auditors, government regulators and self-regulatory organizations
that is fair, accurate, complete, objective, relevant, timely and understandable.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 0.5in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 99pt; text-align: justify">Further, within
the scope of their duties, Covered Officers having direct or supervisory authority over Fund disclosure
documents or other public Fund communications will, to the extent appropriate within their area of responsibility,
endeavor to ensure full, fair, timely, accurate and understandable disclosure in Fund disclosure documents.
Such Covered Officers will oversee, or appoint others to oversee, processes for the timely and accurate
creation and review of all public reports and regulatory filings. Within the scope of his or her responsibilities
as a Covered Officer, each Covered Officer also will familiarize himself or herself with the disclosure
requirements applicable to the Fund, as well as the business and financial operations of the Fund. Each
Covered Officer also will adhere to, and will promote adherence to, applicable disclosure controls, processes
and procedures, including DWS&#8217;s Disclosure Controls and Procedures, which govern the process by
which Fund disclosure documents are created and reviewed.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 0.5in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 99pt; text-align: justify">To the extent
that Covered Officers participate in the creation of a Fund&#8217;s books or records, they must do so
in a way that promotes the accuracy, fairness and timeliness of those records.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 0.5in; text-align: justify">&nbsp;</P>

<P STYLE="font: bold 11pt Arial, Helvetica, Sans-Serif; margin: 12pt 0 3pt 1in; text-align: justify; text-indent: 0in"><FONT STYLE="font-size: 10pt">E.</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><FONT STYLE="font-size: 10pt">Compliance with Applicable Laws, Rules and Regulations</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 99pt; text-align: justify">In connection
with his or her duties and within the scope of his or her responsibilities as a Covered Officer, each
Covered Officer must comply with governmental laws, rules and regulations, accounting standards, and Fund
policies/procedures that apply to his or her role, responsibilities and duties with respect to the Funds
(&#8220;Applicable Laws&#8221;). These requirements do not impose on Covered Officers any additional substantive
duties. Additionally, Covered Officers should promote compliance with Applicable Laws.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 0.5in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 99pt; text-align: justify">If a Covered
Officer knows of any material violations of Applicable Laws or suspects that such a violation may have
occurred, the Covered Officer is expected to promptly report the matter to the DWS Compliance Officer.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 0.5in; text-align: justify">&nbsp;</P>

<P STYLE="font: bold 14pt Arial, Helvetica, Sans-Serif; margin: 12pt 0 3pt 1in; text-indent: -0.5in"><FONT STYLE="font-size: 12pt">IV.</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;
</FONT><FONT STYLE="font-size: 12pt">Violation Reporting</FONT></P>

<P STYLE="font: bold 11pt Arial, Helvetica, Sans-Serif; margin: 12pt 0 3pt 1in; text-align: justify; text-indent: 0in"><FONT STYLE="font-size: 10pt">A.</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><FONT STYLE="font-size: 10pt">Overview</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 99pt; text-align: justify">Each Covered
Officer must promptly report to the DWS Compliance Officer, and promote the reporting of, any known or
suspected violations of the Officer Code. Failure to report a violation may be a violation of the Officer
Code.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 99pt; text-align: justify">Examples of
violations of the Officer Code include, but are not limited to, the following:</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 99pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD><TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Unethical or dishonest behavior
</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 99pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD><TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Obvious lack of adherence
to policies surrounding review and approval of public communications and regulatory filings</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 99pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD><TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Failure to report violations
of the Officer Code</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 99pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD><TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Known or obvious deviations
from Applicable Laws</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 99pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD><TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Failure to acknowledge and
certify adherence to the Officer Code</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 117pt; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 99pt; text-align: justify">The DWS Compliance
Officer has the authority to take any and all action he or she considers appropriate in his or her sole
discretion to investigate known or suspected Code violations, including consulting with the Fund&#8217;s
Board, the independent Board members, a Board committee, the Fund&#8217;s legal counsel and/or counsel
to the independent Board members. The Compliance Officer also has the authority to use all reasonable
resources to investigate violations, including retaining or engaging legal counsel, accounting firms or
other consultants, subject to applicable law.<SUP>[3]</SUP> The costs associated with such actions may
be borne by the Fund, if appropriate, after consultation with the Fund&#8217;s Board (or committee thereof).
Otherwise, such costs will be borne by DWS.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 0.5in; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 11pt Arial, Helvetica, Sans-Serif; margin-top: 12pt; margin-bottom: 3pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 81pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-size: 10pt">B.</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">How to Report</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 99pt; text-align: justify">Any known
or suspected violations of the Officer Code must be promptly reported to the DWS Compliance Officer.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 11pt Arial, Helvetica, Sans-Serif; margin-top: 12pt; margin-bottom: 3pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 81pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-size: 10pt">C.</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">Process for Violation Reporting to the Fund
Board</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 99pt; text-align: justify">The DWS Compliance
Officer will promptly report any violations of the Code to the Fund&#8217;s Board (or committee thereof).</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><B>&nbsp;</B></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 11pt Arial, Helvetica, Sans-Serif; margin-top: 12pt; margin-bottom: 3pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 81pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-size: 10pt">D.</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">Sanctions for Code Violations</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 99pt; text-align: justify">Violations
of the Code will be taken seriously. In response to reported or otherwise known violations, DWS and the
relevant Fund&#8217;s Board may impose sanctions within the scope of their respective authority over the
Covered Officer at issue. Sanctions imposed by DWS could include termination of employment. Sanctions
imposed by a Fund&#8217;s Board could include termination of association with the Fund.</P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 0.5in; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 14pt Arial, Helvetica, Sans-Serif; margin-top: 12pt; margin-bottom: 3pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-size: 12pt">V.</FONT></TD><TD><FONT STYLE="font-size: 12pt">Waivers from the Officer Code</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 1in; text-align: justify">A Covered Officer
may request a waiver from the Officer Code by transmitting a written request for a waiver to the DWS Compliance
Officer.<SUP>[4]</SUP> The request must include the rationale for the request and must explain how the
waiver would be in furtherance of the standards of conduct described in and underlying purposes of the
Officer Code. The DWS Compliance Officer will present this information to the Fund&#8217;s Board (or committee
thereof). The Board (or committee) will determine whether to grant the requested waiver. If the Board
(or committee) grants the requested waiver, the DWS Compliance Officer thereafter will monitor the activities
subject to the waiver, as appropriate, and will promptly report to the Fund&#8217;s Board (or committee
thereof) regarding such activities, as appropriate.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 1in; text-align: justify">The DWS Compliance
Officer will coordinate and facilitate any required public disclosures of any waivers granted or any implicit
waivers.</P>

<P STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 14pt Arial, Helvetica, Sans-Serif; margin-top: 12pt; margin-bottom: 3pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-size: 12pt">VI.</FONT></TD><TD><FONT STYLE="font-size: 12pt">Amendments to the Code</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 0.5in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 1in; text-align: justify">The DWS Compliance
Officer will review the Officer Code from time to time for its continued appropriateness and will propose
any amendments to the Fund&#8217;s Board (or committee thereof) on a timely basis. In addition, the Board
(or committee thereof) will review the Officer Code at least annually for its continued appropriateness
and may amend the Code as necessary or appropriate.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 0.5in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 1in; text-align: justify">The DWS Compliance
Officer will coordinate and facilitate any required public disclosures of Code amendments.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 0.5in; text-align: justify">&nbsp;</P>

<P STYLE="font: bold 14pt Arial, Helvetica, Sans-Serif; margin: 12pt 0 3pt 1in; text-indent: -0.5in"><FONT STYLE="font-size: 12pt">VII.</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;
</FONT><FONT STYLE="font-size: 12pt">Acknowledgement and Certification of Adherence to the Officer Code</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 1in; text-align: justify">Each Covered
Officer must sign a statement upon appointment as a Covered Officer and annually thereafter acknowledging
that he or she has received and read the Officer Code, as amended or updated, and confirming that he or
she has complied with it (see Appendix B: Acknowledgement and Certification of Obligations Under the Officer
Code).</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 1in; text-align: justify">Understanding
and complying with the Officer Code and truthfully completing the Acknowledgement and Certification Form
is each Covered Officer&#8217;s obligation.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 0.5in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 1in; text-align: justify">The DWS Compliance
Officer will maintain such Acknowledgements in the Fund&#8217;s books and records.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 14pt Arial, Helvetica, Sans-Serif; margin-top: 12pt; margin-bottom: 3pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-size: 12pt">VIII.</FONT></TD><TD><FONT STYLE="font-size: 12pt">Scope of Responsibilities</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 38.5pt">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 1in; text-align: justify">A Covered Officer&#8217;s
responsibilities under the Officer Code are limited to:</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 38.5pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 72.25pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(1)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Fund
matters over which the Officer has direct responsibility or control, matters in which the Officer routinely
participates, and matters with which the Officer is otherwise involved (<I>i.e.</I>, matters within the
scope of the Covered Officer&#8217;s responsibilities as a Fund officer); and</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 72.25pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(2)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Fund
matters of which the Officer has actual knowledge.</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 12pt Arial, Helvetica, Sans-Serif; margin-top: 12pt; margin-bottom: 3pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 13.5pt"></TD><TD STYLE="width: 22.5pt">IX.</TD><TD>Recordkeeping</TD></TR></TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 0.5in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 1in; text-align: justify">The DWS Compliance
Officer will create and maintain appropriate records regarding the implementation and operation of the
Officer Code, including records relating to conflicts of interest determinations and investigations of
possible Code violations.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 0.5in; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 12pt Arial, Helvetica, Sans-Serif; margin-top: 12pt; margin-bottom: 3pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 13.5pt"></TD><TD STYLE="width: 22.5pt">X.</TD><TD>Confidentiality</TD></TR></TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 0.5in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 1in; text-align: justify">All reports
and records prepared or maintained pursuant to this Officer Code shall be considered confidential and
shall be maintained and protected accordingly. Except as otherwise required by law or this Officer Code,
such matters shall not be disclosed to anyone other than the DWS Compliance Officer, the Fund&#8217;s
Board (or committee thereof), legal counsel, independent auditors, and any consultants engaged by the
Compliance Officer.</P>

<P STYLE="font: bold 12pt Arial, Helvetica, Sans-Serif; margin: 12pt 0 3pt 13.5pt; text-indent: 0in">Appendices</P>

<P STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 12pt 0 3pt 13.5pt; text-align: justify; text-indent: 0in">Appendix
A: List of Officers Covered under the Code, by Board</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 11pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top; background-color: white">
    <TD STYLE="width: 21%; border-top: black 2.25pt double; border-right: black 1pt solid; border-left: black 2.25pt double; border-bottom: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Fund Board</B></FONT></TD>
    <TD STYLE="width: 30%; border-top: black 2.25pt double; border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Principal Executive Officer</B></FONT></TD>
    <TD STYLE="width: 27%; border-top: black 2.25pt double; border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Principal Financial Officer</B></FONT></TD>
    <TD STYLE="width: 22%; border-top: black 2.25pt double; border-right: black 2.25pt double; border-bottom: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Treasurer</B></FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-right: black 1pt solid; border-left: black 2.25pt double; border-bottom: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">DWS Funds</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Hepsen Uzcan</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Diane Kenneally</FONT></TD>
    <TD STYLE="border-right: black 2.25pt double; border-bottom: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Diane Kenneally</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-right: black 1pt solid; border-left: black 2.25pt double; border-bottom: black 2.25pt double; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Germany Funds*</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 2.25pt double; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Hepsen Uzcan</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 2.25pt double; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Diane Kenneally</FONT></TD>
    <TD STYLE="border-right: black 2.25pt double; border-bottom: black 2.25pt double; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Diane Kenneally</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in">*</TD><TD>The Central and Eastern Europe Fund, Inc., The European Equity Fund, Inc. and</TD></TR></TABLE>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 0.25in; text-indent: -0.25in">The New
Germany Fund, Inc.</P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 0.25in; text-indent: -0.25in">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"><I>&nbsp;</I></P>

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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 13.5pt"><B>DWS Compliance Officer:</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 13.5pt">Scott Hogan</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 13.5pt">Chief Compliance Officer of the
DWS Funds/Germany Funds</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 13.5pt"><FONT STYLE="letter-spacing: 0.75pt">Phone:
(617) 295-3986</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 13.5pt">Email: scott-d.hogan@dws.com</P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 0.25in; text-indent: -0.25in">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: right"><B>As of: &#9;April 25,
2022</B></P>

<P STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 12pt 0 3pt 0.5in; text-align: justify; text-indent: 0in">Appendix
B: Acknowledgement and Certification</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: center">&nbsp;</P>

<P STYLE="font: 14pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: center">Initial Acknowledgement
and Certification</P>

<P STYLE="font: 14pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: center">of Obligations Under
the Officer Code</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<DIV STYLE="padding: 1pt 0in 0in; border-top: Black 0.5pt solid">

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">Print Name&#9;Department&#9;Location&#9;Telephone</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

</DIV>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">1.</FONT></TD><TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">I acknowledge and certify
that I am a Covered Officer under the DWS Principal Executive and Financial Officer Code of Ethics (&#8220;Officer
Code&#8221;), and therefore subject to all of its requirements and provisions.</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">2.</FONT></TD><TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">I have received and read
the Officer Code and I understand the requirements and provisions set forth in the Officer Code.</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">3.</FONT></TD><TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">I have disclosed any conflicts
of interest of which I am aware to the DWS Compliance Officer.</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">4.</FONT></TD><TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">I will act in the best interest
of the Funds for which I serve as an officer and have maintained the confidentiality of personal information
about Fund shareholders.</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">5.</FONT></TD><TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">I will report any known or
suspected violations of the Officer Code in a timely manner to the DWS Compliance Officer.</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 6pt 0.5in">&nbsp;</P>

<P STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 0.5in">______________________________&#9;____________________</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 0.5in">Signature&#9;Date<BR STYLE="clear: both">
</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: center">&nbsp;</P>

<P STYLE="font: 14pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: center">Annual Acknowledgement
and Certification</P>

<P STYLE="font: 14pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: center">of Obligations Under
the Officer Code</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<DIV STYLE="padding: 1pt 0in 0in; border-top: Black 0.5pt solid">

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">Print Name&#9;Department&#9;Location&#9;Telephone</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

</DIV>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">1.</FONT></TD><TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">I acknowledge and certify
that I am a Covered Officer under the DWS Principal Executive and Financial Officer Code of Ethics (&#8220;Officer
Code&#8221;), and therefore subject to all of its requirements and provisions.</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">2.</FONT></TD><TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">I have received and read
the Officer Code, and I understand the requirements and provisions set forth in the Officer Code.</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">3.</FONT></TD><TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">I have adhered to the Officer
Code.</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">4.</FONT></TD><TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">I have not knowingly been
a party to any conflict of interest, nor have I had actual knowledge about actual or apparent conflicts
of interest that I did not report to the DWS Compliance Officer in accordance with the Officer Code&#8217;s
requirements.</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">5.</FONT></TD><TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">I have acted in the best
interest of the Funds for which I serve as an officer and have maintained the confidentiality of personal
information about Fund shareholders.</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">6.</FONT></TD><TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">With respect to the duties
I perform for the Fund as a Fund officer, I believe that effective processes are in place to create and
file public reports and documents in accordance with applicable regulations.</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">7.</FONT></TD><TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">With respect to the duties
I perform for the Fund as a Fund officer, I have complied to the best of my knowledge with all Applicable
Laws (as that term is defined in the Officer Code) and have appropriately monitored those persons under
my supervision for compliance with Applicable Laws.</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">8.</FONT></TD><TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">I have reported any known
or suspected violations of the Officer Code in a timely manner to the DWS Compliance Officer.</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 6pt 0.5in">&nbsp;</P>

<P STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 0.5in">&nbsp;</P>

<P STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 0.5in">&nbsp;</P>

<P STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 0.5in">______________________________&#9;____________________</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 0.5in">Signature&#9;Date<BR STYLE="clear: both">
</P>

<P STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 12pt 0 3pt 0.5in; text-align: justify; text-indent: 0in">Appendix
C: Definitions</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 0.5in">Principal Executive Officer</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 0.5in">Individual holding the office
of President of the Fund or series of Funds, or a person performing a similar function.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 0.5in">Principal Financial Officer</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 0.5in">Individual holding the office
of Treasurer of the Fund or series of Funds, or a person performing a similar function.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 0.5in">Registered Investment Management
Investment Company</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 0.5in">Registered investment companies
other than a face-amount certificate company or a unit investment trust.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 0.5in">&nbsp;</P>

<P STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 0.5in">Waiver</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 0.5in">A waiver is an approval of an
exemption from a Code requirement.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 0.5in">&nbsp;</P>

<P STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 0.5in">Implicit Waiver</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 0.5in">An implicit waiver is the failure
to take action within a reasonable period of time regarding a material departure from a requirement or
provision of the Officer Code that has been made known to the DWS Compliance Officer or the Fund&#8217;s
Board (or committee thereof).</P>


<HR ALIGN="LEFT" SIZE="1" STYLE="width: 33%">

<P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0"><SUP>[1]</SUP> The obligations imposed by
the Officer Code are separate from, and in addition to, any obligations imposed under codes of ethics
adopted pursuant to Rule 17j-1 under the Investment Company Act of 1940, and any other code of conduct
applicable to Covered Officers in whatever capacity they serve. The Officer Code does not incorporate
any of those other codes and, accordingly, violations of those codes will not necessarily be considered
violations of the Officer Code and waivers granted under those codes would not necessarily require a waiver
to be granted under this Code. Sanctions imposed under those codes may be considered in determining appropriate
sanctions for any violation of this Code.</P>

<P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0"><SUP>[2]</SUP> For example, retaining a Fund&#8217;s
independent accounting firm may require pre-approval by the Fund&#8217;s audit committee.</P>

<P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0"><SUP>[3]</SUP> For example, retaining a Fund&#8217;s
independent accounting firm may require pre-approval by the Fund&#8217;s audit committee.</P>

<P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0"><SUP>[4]</SUP> Of course, it is not a waiver
of the Officer Code if the Fund&#8217;s Board (or committee thereof) determines that a matter is not a
deviation from the Officer Code&#8217;s requirements or is otherwise not covered by the Code.</P>


</BODY>
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<DOCUMENT>
<TYPE>EX-99.CERT
<SEQUENCE>3
<FILENAME>ex99cert.htm
<DESCRIPTION>CERTIFICATION
<TEXT>
<HTML>
<HEAD>
<TITLE></TITLE>
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<BODY>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B>President</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B>Form N&#45;CSR Certification under Sarbanes
Oxley Act</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 404.25pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">I, Hepsen Uzcan, certify that:</P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">1)</TD>
    <TD COLSPAN="3" STYLE="padding-right: 5.4pt; padding-left: 5.4pt">I have reviewed this report, filed on behalf of The New Germany Fund, Inc., on Form N&#45;CSR;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">2)</TD>
    <TD COLSPAN="3" STYLE="padding-right: 5.4pt; padding-left: 5.4pt">Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">3)</TD>
    <TD COLSPAN="3" STYLE="padding-right: 5.4pt; padding-left: 5.4pt">Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the periods presented in this report;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">4)</TD>
    <TD COLSPAN="3" STYLE="padding-right: 5.4pt; padding-left: 5.4pt">The registrant's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">a)</TD>
    <TD COLSPAN="2" STYLE="padding-right: 5.4pt; padding-left: 5.4pt">Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">b)</TD>
    <TD COLSPAN="2" STYLE="padding-right: 5.4pt; padding-left: 5.4pt">Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">c)</TD>
    <TD COLSPAN="2" STYLE="padding-right: 5.4pt; padding-left: 5.4pt">Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based on such evaluation; and</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">d)</TD>
    <TD COLSPAN="2" STYLE="padding-right: 5.4pt; padding-left: 5.4pt">Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">5)</TD>
    <TD COLSPAN="3" STYLE="padding-right: 5.4pt; padding-left: 5.4pt">The registrant's other certifying officer(s) and I have disclosed to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">a)</TD>
    <TD COLSPAN="2" STYLE="padding-right: 5.4pt; padding-left: 5.4pt">All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize, and report financial information; and</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">b)</TD>
    <TD COLSPAN="2" STYLE="padding-right: 5.4pt; padding-left: 5.4pt">Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting</TD></TR>
  <TR>
    <TD STYLE="width: 9%">&nbsp;</TD>
    <TD STYLE="width: 6%">&nbsp;</TD>
    <TD STYLE="width: 51%">&nbsp;</TD>
    <TD STYLE="width: 34%">&nbsp;</TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 44%; padding-right: 5.4pt; padding-left: 5.4pt">2/28/2023</TD>
    <TD STYLE="width: 56%; padding-right: 5.4pt; padding-left: 5.4pt"><U>/s/Hepsen Uzcan</U></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 3pt; padding-left: 5.4pt; font-weight: bold; font-size: 14pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">Hepsen Uzcan</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-weight: bold; font-family: Verdana, Helvetica, Sans-Serif; color: #454545; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">President</TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B>&nbsp;</B></P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B>Chief Financial Officer and Treasurer</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B>Form N&#45;CSR Certification under Sarbanes
Oxley Act</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">I, Diane Kenneally, certify that:</P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">1)</TD>
    <TD COLSPAN="3" STYLE="padding-right: 5.4pt; padding-left: 5.4pt">I have reviewed this report, filed on behalf of The New Germany Fund, Inc., on Form N&#45;CSR;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">2)</TD>
    <TD COLSPAN="3" STYLE="padding-right: 5.4pt; padding-left: 5.4pt">Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">3)</TD>
    <TD COLSPAN="3" STYLE="padding-right: 5.4pt; padding-left: 5.4pt">Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the periods presented in this report;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">4)</TD>
    <TD COLSPAN="3" STYLE="padding-right: 5.4pt; padding-left: 5.4pt">The registrant's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">a)</TD>
    <TD COLSPAN="2" STYLE="padding-right: 5.4pt; padding-left: 5.4pt">Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">b)</TD>
    <TD COLSPAN="2" STYLE="padding-right: 5.4pt; padding-left: 5.4pt">Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">c)</TD>
    <TD COLSPAN="2" STYLE="padding-right: 5.4pt; padding-left: 5.4pt">Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based on such evaluation; and</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">d)</TD>
    <TD COLSPAN="2" STYLE="padding-right: 5.4pt; padding-left: 5.4pt">Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">5)</TD>
    <TD COLSPAN="3" STYLE="padding-right: 5.4pt; padding-left: 5.4pt">The registrant's other certifying officer(s) and I have disclosed to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">a)</TD>
    <TD COLSPAN="2" STYLE="padding-right: 5.4pt; padding-left: 5.4pt">All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize, and report financial information; and</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">b)</TD>
    <TD COLSPAN="2" STYLE="padding-right: 5.4pt; padding-left: 5.4pt">Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting</TD></TR>
  <TR>
    <TD STYLE="width: 9%">&nbsp;</TD>
    <TD STYLE="width: 6%">&nbsp;</TD>
    <TD STYLE="width: 51%">&nbsp;</TD>
    <TD STYLE="width: 34%">&nbsp;</TD></TR>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 44%; padding-right: 5.4pt; padding-left: 5.4pt">2/28/2023</TD>
    <TD STYLE="width: 56%; padding-right: 5.4pt; padding-left: 5.4pt"><U>/s/Diane Kenneally</U></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 3pt; padding-left: 5.4pt; font-weight: bold; font-size: 14pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">Diane Kenneally</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-weight: bold; font-family: Verdana, Helvetica, Sans-Serif; color: #454545; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">Chief Financial Officer and Treasurer</TD></TR>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>


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<DOCUMENT>
<TYPE>EX-99.906 CERT
<SEQUENCE>4
<FILENAME>ex99906cert.htm
<DESCRIPTION>906 CERTIFICATION
<TEXT>
<HTML>
<HEAD>
<TITLE></TITLE>
</HEAD>
<BODY>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B>President</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B>Section 906 Certification under Sarbanes
Oxley Act</B></P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">I, Hepsen Uzcan, certify that:</P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 10%; padding-right: 5.4pt; padding-left: 5.4pt">1.</TD>
    <TD STYLE="width: 90%; padding-right: 5.4pt; padding-left: 5.4pt">I have reviewed this report, filed on behalf of The New Germany Fund, Inc., on Form N&#45;CSR;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">2.</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">Based on my knowledge and pursuant to 18 U.S.C. &sect; 1350, the periodic report on Form N&#45;CSR (the &ldquo;Report&rdquo;) fully complies with the requirements of &sect; 13 (a) or &sect; 15 (d), as applicable, of the Securities Exchange Act of 1934 and that the information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company.</TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 48%; padding-right: 5.4pt; padding-left: 5.4pt">2/28/2023</TD>
    <TD STYLE="width: 52%; padding-right: 5.4pt; padding-left: 5.4pt"><U>/s/Hepsen Uzcan</U></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 3pt; padding-left: 5.4pt; font-weight: bold; font-size: 14pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">Hepsen Uzcan</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-weight: bold; font-family: Verdana, Helvetica, Sans-Serif; color: #454545; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">President</TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B>Chief Financial Officer and Treasurer</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B>Section 906 Certification under Sarbanes
Oxley Act</B></P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">I, Diane Kenneally, certify that:</P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 10%; padding-right: 5.4pt; padding-left: 5.4pt">1.</TD>
    <TD STYLE="width: 90%; padding-right: 5.4pt; padding-left: 5.4pt">I have reviewed this report, filed on behalf of The New Germany Fund, Inc., on Form N&#45;CSR;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">2.</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">Based on my knowledge and pursuant to 18 U.S.C. &sect; 1350, the periodic report on Form N&#45;CSR (the &ldquo;Report&rdquo;) fully complies with the requirements of &sect; 13 (a) or &sect; 15 (d), as applicable, of the Securities Exchange Act of 1934 and that the information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company.</TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 48%; padding-right: 5.4pt; padding-left: 5.4pt">2/28/2023</TD>
    <TD STYLE="width: 52%; padding-right: 5.4pt; padding-left: 5.4pt"><U>/s/Diane Kenneally</U></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 3pt; padding-left: 5.4pt; font-weight: bold; font-size: 14pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">Diane Kenneally</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-weight: bold; font-family: Verdana, Helvetica, Sans-Serif; color: #454545; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">Chief Financial Officer and Treasurer</TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>


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end
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
