GF New Germany Fund Inc

The New Germany Fund, Inc. (NYSE: GF) announced today that its Board of Directors declared an ordinary income dividend of $0.14 per share payable in cash. The record date is May 19, 2005 and the payable date is May 27, 2005. The shares will trade "ex-dividend" on May 17, 2005. The New Germany Fund, Inc. is a non-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 is non-diversified and can take larger positions in fewer companies, increasing its overall risk profile. Investments in securities of foreign issuers present greater risks including currency fluctuations and changes in political/economic conditions. Foreign securities markets generally exhibit greater price volatility and are less liquid than the US markets. 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. (05/05 35500) Not FDIC Insured/No Guarantee/May Lose Value