Market Overview

The New Germany Fund, Inc. Announces Change to the Fund's Benchmark


The New Germany Fund, Inc. (NYSE:GF) (the "Fund") announced
today that its Board of Directors approved a change of the benchmark
index for the Fund, effective September 1, 2018, from the Deutsche Börse
Midcap Market Index to a custom blend of the German Mid Cap index (the
"MDAX Index"), 80% weight, and the German Small Cap index (the "SDAX
Index"), 20% weight. The MDAX Index will be comprised of 60 mid-cap
German companies from all industries that rank directly below DAX®
equities in terms of market capitalization and exchange turnover. The
SDAX Index will be comprised of 70 German companies from all industries
that rank directly below the MDAX equities in terms of market
capitalization and exchange turnover. Both indices are weighted by
free-float market capitalization, with no stock accounting for more than
10 percent of the index.

This change is being made in light of Deutsche Börse's announcement on
June 18, 2018 that it will discontinue the Midcap Market Index effective
September 21, 2018. The Fund's adviser, Deutsche Asset Management
International GmbH, believes the custom blended benchmark is an
appropriate benchmark for the Fund, as it more accurately captures the
Fund's focus on German small and mid-cap stocks than any available
unblended alternative index.

For more information on the Funds, including their most recent month-end
performance, visit
or call (800) 349-4281 or 00-800-2287-2750 from outside the U.S.

Important Information

The New Germany Fund, Inc. Investing in foreign securities,
particularly those of emerging markets, 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 will
generally be more volatile than a fund that invests more broadly.

The shares of most closed-end funds, including the Fund, are not
continuously offered.
Once issued, shares of closed-end funds are
bought and sold in the open market through a stock exchange.
of closed-end funds frequently trade at a discount to net asset value.
The price of a fund's shares is determined by a number of factors,
several of which are beyond the control of the fund.
Therefore, a
fund cannot predict whether its shares will trade at, below, or above
net asset value.

Investments in funds involve risk. Additional risks of the Funds are
associated with international investing, such as currency fluctuations,
political and economic changes, market risks, government regulations and
differences in liquidity, which may increase the volatility of your
Foreign security markets generally exhibit greater
price volatility and are less liquid than the US market.
the Funds focus their investments in certain geographical regions,
thereby increasing their vulnerability to developments in that region
and potentially subjecting the Funds' shares to greater price volatility.

Some funds have more risk than others. These include funds,
such as the Funds, that allow exposure to or otherwise concentrate
investments in certain sectors, geographic regions, security types,
market capitalization, or foreign securities (e.g., political or
economic instability, which can be accentuated in emerging market

The European Union, the United States and other countries have
imposed sanctions on Russia in response to Russian military and other
actions in recent years.
These sanctions have adversely affected
Russian individuals, 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 countries in
Central and Eastern Europe.
The continuation of current sanctions
or the imposition of additional sanctions may materially adversely
affect the value of the Fund's portfolio.

The Midcap Market Index covers the 80 shares of the MDAX® and TecDAX®
and tracks the performance of medium-sized companies from the ‘Classic'
(traditional) and ‘Technology' sectors.

The DAX® is an equity index that measures the share performance of
the German "blue chips" – the 30 largest companies in terms of exchange
turnover and market capitalization.

This press release shall not constitute an offer to sell or a
solicitation to buy, 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.

Past performance is no guarantee of future results.

Nothing contained herein is fiduciary or impartial investment advice
that is individualized or directed to any plan, plan participant, or IRA
owner regarding the advisability of any investment transaction,
including any IRA distribution or rollover.





DWS Distributors, Inc.

222 South Riverside Plaza
Chicago, IL 60606-5808

Tel (800) 621-1148
© 2018 DWS Group GmbH & Co. KGaA. All rights reserved

The brand DWS represents DWS Group GmbH & 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. (R-059307-1) (07/18)

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