The New Germany Fund, Inc. Announces Final Results of Tender Offer

NEW YORK--(Business Wire)--
The New Germany Fund, Inc. (the "Fund") (NYSE: GF) today announced
that, in accordance with its in-kind tender offer for up to 4,960,940
of its shares of common stock, representing approximately 20% of its
issued and outstanding shares, which expired on, Friday, February 1,
2008, the Fund has accepted 4,960,940 properly tendered shares at a
price per share equal to 96% of the net asset value per share as of
the close of the regular trading session of the New York Stock
Exchange on February 4, 2008. Approximately 9,708,691 shares of common
stock, or approximately 39% of the Fund's common stock outstanding,
were tendered through the stated expiration date. In accordance with
the terms of the tender offer, the Fund is purchasing shares on a pro
rata basis from all tendering shareholders. Accordingly, on a pro rata
basis, 51.0979% of shares for each shareholder who properly tendered
shares have been accepted for payment.

The Fund released today the updated composition of the proceeds
that shareholders who chose to participate in the Fund's in-kind
tender offer will receive. The market value and percentage of the
Fund's net assets represented by each of the portfolio securities
listed below may decrease or increase before the actual receipt of the
portfolio securities distributed as proceeds.

The Fund conducted the offer in connection with the previously
announced settlement of the civil class action Daniels vs. The New
Germany Fund, Inc.

The tender offer referred to in this announcement was made only by
the Offer to Repurchase and the related Letter of Transmittal.
Shareholders should read these documents carefully. The documents are
available to investors free of charge at the website of the Securities
and Exchange Commission (www.sec.gov). Neither the Offer to Repurchase
shares was made to, nor will tenders pursuant to the Offer to
Repurchase be accepted from or on behalf of, holders of shares in any
jurisdiction in which making or accepting the Offer to Repurchase
would violate that jurisdiction's laws.

The New Germany Fund, Inc. is a diversified, closed-end investment
company seeking capital appreciation primarily through investment in
the Mittelstand - an important group of small and mid-cap German
companies. The Fund may invest up to 35% of its assets in large cap
German companies, and up to 20% in other Western European companies.
Its shares are listed on the New York Stock Exchange under the symbol
"GF". The Fund may focus its investments in certain geographic
regions, thereby increasing its vulnerability to developments in that
region. Investing in foreign securities presents certain unique risks
not associated with domestic investments, such as currency
fluctuation, political and economic change, and market risks. This may
result in greater share price volatility. Shares of closed-end funds
frequently trade at a discount to net asset value. The price of the
Fund'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.

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NOT FDIC/ NCUA INSURED MAY LOSE VALUE NO BANK GUARANTEE
NOT A DEPOSIT NOT INSURED BY ANY FEDERAL GOVERNMENT AGENCY
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This press release shall not constitute an offer to sell or a
solicitation to buy, nor or a prospectus, circular or representation
intended for use in the purchase or sale of Fund shares, nor shall
there be any sale of these securities in any state or jurisdiction in
which such offer or solicitation or sale would be unlawful prior to
registration or qualification under the laws of such state or
jurisdiction.

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%
Total
Net
ISIN Security Name Quantities Market Value Assets
----------------------------------------------------------------------
EURO 4,144,399.67 6,140,342.55 1.41%
US DOLLARS 3,501.54 3,501.54 0.00%
FR0000078958 BUSINESS & DECISION
/EUR/ 40,000.00 1,078,604.80 0.25%
DE000A0F6MD5 PRAKTIKER BAU-UND HEIM
/EUR/ 120,000.00 2,940,679.68 0.67%
DE0005408116 AAREAL BANK AG /EUR/ 120,000.00 4,073,214.72 0.93%
DE0008400029 AMB GENERALI HLDG /EUR/ 42,000.00 6,097,643.33 1.40%
DE0005168108 BAUER AG /EUR/ 92,000.00 5,936,178.56 1.36%
DE0005200000 BEIERSDORF
/BEARER//EUR/ 99,483.00 7,546,573.46 1.73%
DE0005909006 BILFINGER BERGER AG
/EUR/ 177,200.00 11,887,789.47 2.72%
DE0005245500 HUGO BOSS AG ORD /EUR/ 139,000.00 7,722,840.00 1.77%
DE000CLS1001 CELESIO AG NAMENS
AKTIEN /EUR/ 111,000.00 6,642,442.46 1.52%
DE0007480204 DEUTSCHE EUROSHOP AG
/EUR/ 120,000.00 4,423,464.96 1.01%
DE0006053952 KONTRON AG /EUR/ 322,720.00 5,742,484.84 1.32%
DE0006099005 DOUGLAS HOLDINGS AG
/EUR/ 80,000.00 4,124,774.40 0.94%
DE0007856023 ELRINGKLINGER AG /EUR/ 55,000.00 5,682,973.12 1.30%
DE0005785638 FRESENIUS SE PFD /EUR/ 326,062.00 25,555,643.99 5.85%
DE0006602006 GEA GROUP AG /EUR/ 505,000.00 16,281,006.08 3.73%
DE000A0LD6E6 GERRESHEIMER AG 35,000.00 1,785,920.64 0.41%
DE0008402215 HANNOVER RUECKVERSICH
/EUR/ 100,000.00 4,511,472.00 1.03%
DE000A0S8488 HMBRGR HAFEN UND
LOGOSTIK /EUR 25,610.00 1,974,594.10 0.45%
DE0006070006 HOCHTIEF /EUR/ 70,000.00 7,716,172.80 1.77%
DE0005121701 INTERHYP AG /EUR/ 36,000.00 2,400,192.00 0.55%
DE0006205701 IVG IMMOBILIEN AG /EUR/ 420,000.00 14,274,919.68 3.27%
DE0007162000 K & S AG 125,200.00 33,157,467.20 7.60%
DE000KC01000 KLOECKNER & CO /EUR/ 40,000.00 1,761,918.72 0.40%
DE0006335003 KRONES AG /EUR/ 114,000.00 8,862,308.93 2.03%
DE0005408884 LEONI AG /EUR/ 30,000.00 1,294,325.76 0.30%
DE0005470405 LANXESS AG /EUR/ 220,000.00 8,054,273.92 1.85%
DE0006494107 LOEWE AG /EUR/ 110,000.00 1,924,746.56 0.44%
DE0006580905 MAX AUTOMATION AG /EUR/ 370,000.00 2,433,972.48 0.56%
DE0005187603 MPC MUENCHMEYER
PETERSEN /EUR/ 55,000.00 3,817,712.80 0.87%
DE000A0D9PT0 MTU AERO ENGINES
HOLDING /EUR/ 135,000.00 7,212,576.96 1.65%
DE000A0D6554 NORDEX AG /EUR/ 145,000.00 6,174,271.68 1.41%
DE0006916604 PFEIFFER
VACUUMTECHNOLOGY/EUR/ 65,234.00 5,393,108.75 1.24%
DE0007771172 PROSIEBENSAT1 MEDIA
/EUR/ PRF 333,400.00 7,083,464.41 1.62%
DE0006969603 PUMA AG /EUR/ 30,500.00 11,165,248.70 2.56%
DE0005558662 Q-CELLS AG /EUR/ 180,000.00 17,468,064.00 4.00%
DE0005117204 RCM BETEILIGUNGS AG
/EUR/ 400,000.00 1,570,496.00 0.36%
DE0007030009 RHEINMETALL AG /EUR/ 151,709.00 11,171,171.10 2.56%
DE0007042301 RHOEN KLINIKUM /EUR/ 232,000.00 6,493,082.37 1.49%
DE0007165631 SARTORIUS AG NON-VTG
PFD /EUR/ 115,789.00 4,451,799.89 1.02%
DE0007235301 SGL CARBON AG /BEARER/
/EUR/ 335,000.00 17,962,399.84 4.11%
DE0003304002 SOFTWARE AG DARMSTADT
/EUR/ 195,000.00 16,077,952.80 3.68%
DE0005108401 SOLARWORLD AG /EUR/ 219,000.00 10,152,678.82 2.33%
DE0007251803 STADA ARZNEIMITTEL
/EUR/ 195,000.00 12,405,881.28 2.84%
DE0006202005 SALZGITTER AG /EUR/ 80,000.00 13,550,120.96 3.10%
DE0007226706 SUESS MICROTEC AG /EUR/ 371,600.00 2,400,452.76 0.55%
DE000A0EAMM0 FREENET AG NPV /EUR/ 205,000.00 4,003,135.04 0.92%
DE000A0N4P43 TOGNUM AG /EUR/ 377,220.00 9,652,015.66 2.21%
DE0005089031 UNITED INTERNET AG
/EUR/REG SH 620,000.00 12,465,293.44 2.86%
DE000WCH8881 WACKER-CHEMIE AG /EUR/ 45,000.00 9,860,122.08 2.26%
DE000A0CAYB2 WINCOR NIXDORF AG /EUR/ 90,000.00 7,164,573.12 1.64%
NL0000235190 EUROPEAN AERO DEFENSE
/EUR/ 705,000.00 18,352,356.96 4.20%
NL0000240000 QIAGEN NV /EUR/ 360,000.00 7,477,931.52 1.71%

Holdings as of Feburary 4, 2008

DWS Scudder is part of Deutsche Asset Management, which is the
marketing name in the US for the asset management activities of
Deutsche Bank AG, Deutsche Bank Trust Company Americas, Deutsche
Investment Management Americas Inc. and DWS Trust Company. Copy
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The New Germany Fund, Inc.
Media:
Deutsche Bank Press Office
212-250-7171
or
Investors:
Christopher Ferreira, 800-349-4281

Copyright Business Wire 2008