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GERMANY:
TRANSFORMATION AND GROWTH

Presented by
Mr. Hanspeter Ackermann, Chief Investment Officer
The New Germany Fund Inc.

Introduction by
Mr. Josef Nägel, Head of Neuer Markt

Monday, October 23, 6:00—7:30 p.m.
Cocktail Reception and Presentation

Pan Pacific Hotel
500 Post Street, San Francisco

September 28, 2000

Dear Investment Professional,

We are pleased to invite you to attend a luncheon and presentation on Monday, October 23th from 6:00 p.m. to 7:30 p.m. at the Pan Pacific Hotelr, 500 Post Street, San Francisco. Mr. Hanspeter Ackermann, Chief Investment Officer of The New Germany Fund and President of Deutsche Bank Investment Management, will be presenting on the growth and transformation of the German marketplace, The New Germany Fund Inc., and the Neuer Markt.

The New Germany Fund is a closed-end country fund listed on the New York Stock Exchange (GF) with $482 million in assets under management. The Investment Manager is Deutsche Bank Securities, Inc. The Fund’s objective is long-term capital appreciation through investment in small – mid-cap German companies, and it may invest 20% of total assets in other western European countries. The Fund outperformed the benchmark, the MDAX index, last year due largely to its increased weighting in the Neuer Markt. The Fund is up 14.4% year to date ending August 31 st 2000, the MDAX was up 5.0%, and presently has about 40% of its assets in the Neuer Markt—Europe’s new “NASDAQ”.

Annualized as of August 31, 2000(as per Lipper Analytical)
	1 Year Return	3 Year Return	5 Year Return
NAV*	24.14%	11.31%	12.81%
MDAX Benchmark	-.03%	1.59%	3.87%

*Since closed-end funds frequently trade at discounts, market price performance may differ for investors.

Deutsche Börse’s Neuer Markt is comprised of the fastest growing companies in Germany and across Europe with 309 listed companies. The market was launched on March 10, 1997 as a new trading segment at the Frankfurt Stock Exchange. Companies listed on the Neuer Markt are typically in industries perceived as growth-oriented, such as telecoms, biotechnology, multimedia or environmental technology and companies which offer new products or services of innovation. It is aimed at both private and institutional investors worldwide.

It is a very exciting time for Germany, and many changes are taking place. The economic recovery and transformation are in progress, with major tax reforms scheduled to take effect next year. Germany will be the market to watch in 2001! We hope that you can join us and look forward to your participation. For additional information about the funds please visit: www.germanyfund.com.

Sincerely,