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NEW YORK--([ BUSINESS WIRE ])--The Central Europe and Russia Fund, Inc. (NYSE: CEE), The European Equity Fund, Inc. (NYSE: EEA) and The New Germany Fund, Inc. (NYSE: GF) (each a aFunda and, collectively, the aFundsa) announced that they had entered into new contracts with subsidiaries of Deutsche Bank AG, and that there were no resulting changes in the services being provided to the Funds or in total expenses of the Funds. Deutsche Asset Management International GmbH, the Fundsa investment adviser, has assumed the investment management responsibilities previously provided by Deutsche Investment Management Americas Inc. (aDIMAa). DIMA continues to provide all the non-investment advisory services to the Funds that it has historically provided pursuant to administration agreements between it and each Fund.

The New Germany Fund, Inc. also announced today that its previously announced total distribution of $0.5454 (comprised of $0.4748 long-term capital gain and $0.0706 ordinary income) was improperly characterized. The total distribution of $0.5454 has been re-characterized as ordinary income. IRS Form 1099-DIVs distributed to shareholders in connection with the distribution properly characterize the total distribution of $0.5454 as ordinary income.

The Central Europe and Russia Fund, Inc. is a non-diversified, closed-end investment company seeking long term capital appreciation through investment primarily in equity or equity-linked securities of issuers domiciled in Central Europe and Russia.

This fund is non-diversified and can take larger positions in fewer issues, increasing its potential risk. Investing in foreign securities presents certain risks, such as currency fluctuations, political and economic changes, and market risks. Any fund that focuses in a particular segment of the market will generally be more volatile than a fund that invests more broadly.

The European Equity Fund, Inc. is a diversified, closed-end investment company seeking long-term capital appreciation through investment primarily (normally at least 80% of its assets) in equity or equity-linked securities of companies domiciled in European countries utilizing the Euro currency.

The New Germany Fund, Inc. is a diversified, closed-end investment company seeking capital appreciation primarily through investment in the Mittelstanda"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.

Closed-end funds, unlike open-end funds, are not continuously offered. There is a one-time public offering and once issued, shares of closed-end funds are bought and sold in the open market through a stock exchange. Shares of closed-end funds frequently trade at a discount to the net asset value. The price of a fundas 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.

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 will generally be more volatile than a fund that invests more broadly.

Investments in funds involve risk. Some funds have more risk than others. These include 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 countries).

Past performance is no guarantee of future results.

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.

NOT FDIC/ NCUA INSURED a MAY LOSE VALUE a NO BANK GUARANTEE

NOT A DEPOSIT a NOT INSURED BY ANY FEDERAL GOVERNMENT AGENCY

DWS Investments is part of Deutsche Bankas Asset Management division and, within the US, represents the retail asset management activities of Deutsche Bank AG, Deutsche Bank Trust Company Americas, Deutsche Investment Management Americas Inc. and DWS Trust Company. (R-026651-12/12)