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The European Equity Fund, Inc. And The New Germany Fund, Inc. Announce Discount Management Program Details

The European Equity Fund, Inc. (NYSE: EEA) and The New Germany Fund, Inc. (NYSE: GF) (each a "Fund" and, collectively, the "Funds") announced today that in accordance with the terms of each Fund’s previously announced Discount Management Program (the “Program”), the third measurement period will commence on August 29, 2011 and will expire on November 18, 2011. Pursuant to the Program, each Fund’s Board of Directors approved a series of up to four, consecutive, semi-annual tender offers each for up to 5% of the Fund’s outstanding shares of common stock at a price equal to 98% of net asset value (“NAV”) if the Fund’s shares trade at an average discount to NAV of more than 10% during the applicable twelve-week measurement period.

Also in accordance with the Program, each Fund announced that its Board of Directors has approved an extension of the current repurchase authorization permitting EEA and GF to repurchase up to 600,000 and 900,000 shares, respectively, during the period August 1, 2011 - July 31, 2012. Under the terms of the previous repurchase authorization, EEA and GF repurchased 367,013 and 593,877 shares, respectively, from August 1, 2010 through June 30, 2011 out of an authorized amount of 600,000 and 950,000 shares. Repurchases will be made from time to time when they are believed to be in the best interests of a Fund. Each Fund provides monthly updates concerning its repurchase program on its website at www.dws-investments.com.

Important Information

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 and equity-linked securities of companies domiciled in European countries utilizing the Euro currency. 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 broadly.

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. 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.

Closed-end funds, unlike open-end funds, do not continuously offer and redeem their shares. There is a one-time public offering and once issued, shares of closed-end funds are bought and sold in the open market. Shares of closed-end funds frequently trade at a discount to the net asset value. The price of a fund’s shares is determined by a number of factors, many 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. There can be no assurance that the Program will be effective in reducing the Funds’ market discounts.

Investments in funds involve risk. Additional risks are associated with international investing, such as government regulations and differences in liquidity which may increase the volatility of your investment. Foreign security markets generally exhibit greater price volatility and are less liquid than the US market. Additionally, this fund focuses its investments in certain geographical regions, thereby increasing its vulnerability to developments in that region and potentially subjecting the fund’s shares to greater price volatility. 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).

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 • MAY LOSE VALUE • NO BANK GUARANTEE NOT A DEPOSIT • NOT INSURED BY ANY FEDERAL GOVERNMENT AGENCY

DWS Investments is part of Deutsche Bank’s 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-18308-4 (7/11)

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