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The European Equity Fund, Inc. And The New Germany Fund, Inc. Announce Next Tender Offer Measurement Period And Extension Of Share Repurchases

The European Equity Fund, Inc. (NYSE: EEA) and The New Germany Fund, Inc. (NYSE: GF) (each a “Fund”) announced today that each Fund’s next measurement period will commence on Monday, September 10, 2012 and will expire on Friday, November 30, 2012. The measurement period is being set in accordance with the terms of each Fund’s previously announced Discount Management Program that its Board of Directors approved in January 2012 (the “Program”). 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.

In addition, The Central Europe and Russia Fund, Inc. (NYSE: CEE) (also a “Fund” and collectively with EEA and GF, the “Funds”) announced today that after consideration of the votes received on a stockholder proposal presented at CEE’s Annual Meeting of Stockholders, the Board of Directors also has authorized a Program. Pursuant to the Program, the 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 NAV. CEE will conduct a tender offer if its shares trade at an average discount to NAV of more than 10% during the applicable twelve-week measurement period. The first measurement period also will commence on Monday, September 10, 2012 and will expire on Friday, November 30, 2012.

Further, each Fund announced today that its Board of Directors has approved an extension of the current repurchase authorization permitting EEA, GF and CEE to repurchase up to 550,000, 900,000 and 700,000 shares, respectively, during the period from August 1, 2012 through July 31, 2013. Repurchases will be made from time to time when they are believed to be in the best interests of a Fund.

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