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 “Fund” and, collectively, the “Funds”) announced today that in light of recent market events and in order to provide stockholders with more timely information regarding each Fund’s sector exposure, each Fund will begin to provide on a monthly basis to the Funds’ website at www.dws-investments.com its respective sector exposure compared to its benchmark. The information will be provided in addition to each Fund’s portfolio, which is provided on a monthly basis to the Funds’ website. Set forth below is each Fund’s sector exposure compared to its respective benchmark as of June 30, 2011.

The European Equity Fund, Inc. vs. MSCI EMU NDR
      Weight Port.       Weight Index       Difference
Consumer Discretionary       16.80%       12.06%       4.75%
Consumer Staples       2.37%       9.18%       -6.81%
Energy       12.00%       7.51%       4.49%
Financials       18.12%       22.26%       -4.14%
Health Care       6.56%       6.31%       0.25%
Industrials       16.25%       13.44%       2.81%
Information Technology       5.32%       4.34%       0.98%
Materials       13.18%       9.70%       3.48%
Telecommunication Services       3.69%       7.02%       -3.34%
Utilities       4.38%       8.16%       -3.79%
Cash       1.32%               1.32%

1 The MSCI-EMU Index is an unmanaged capitalization weighted index that is comprised of approximately 300 stocks of companies domiciled in the countries utilizing the euro currency. MSCI indices are calculated using closing local market prices and translate into US dollars using the London close foreign exchange rates. Index returns assume reinvested dividends and, unlike Fund returns, do not reflect any fees or expenses. It is not possibly to invest directly in an index.

The New Germany Fund, Inc. vs. Midcap Market Index 2
      Weight Port.       Weight Index       Difference
Consumer Discretionary       13.57%       19.18%       -5.61%
Consumer Staples       0.00%       1.52%       -1.52%
Financials       6.08%       5.99%       0.10%
Health Care       3.66%       10.68%       -7.03%
Industrials       40.77%       35.03%       5.74%
Information Technology       16.14%       12.57%       3.57%
Materials       18.22%       13.44%       4.79%
Telecommunication Services       0.00%       1.58%       -1.58%
Cash       1.56%               1.56%

2 The Midcap Market Performance Index is a total return index that is composed of various MDAX and TecDAX issues, reflecting the performance of the mid-caps across all sectors of the Prime Segment. MDAX is a total rate of return index of 50 mid-cap issues that rank below the DAX. DAX is the total rate of return index of 30 selected German blue chip stocks traded on the Frankfurt Stock Exchange. TecDAX is a total return index that tracks the 30 largest and most liquid issues from the various technology sectors of the Prime Segment beneath the DAX. Index returns assume reinvested dividends and, unlike Fund returns, do not reflect any fees or expenses. It is not possibly to invest directly in an index.

The Central Europe and Russia Fund, Inc. vs. MSCI Emerging Market Europe 3
      Weight Port.       Weight Index       Difference
Consumer Discretionary       2.22%       0.79%       1.43%
Consumer Staples       2.24%       3.47%       -1.22%
Energy       37.88%       41.50%       -3.62%
Financials       25.44%       26.38%       -0.95%
Health Care       0.00%       0.65%       -0.65%
Industrials       4.54%       1.28%       3.26%
Information Technology       0.00%       0.28%       -0.28%
Materials       12.41%       12.48%       -0.07%
Telecommunication Services       6.45%       6.59%       -0.14%
Utilities       2.21%       6.58%       -4.37%
Cash       6.61%               6.61%

3 The Morgan Stanley Capital International (MSCI) Emerging Europe Index is a free-float-adjusted market-capitalization-weighted index that is designed to measure the equity market performance of the emerging market countries of Europe. Index returns assume reinvestment of dividends and, unlike Fund returns, do not reflect any fees or expenses. It is not possible to invest directly into an index.

Important Information

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 and 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, particularly those of emerging markets, 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 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 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, are not continuously offered. There is a one-time public offering and once issued, shares of closed-end funds are 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 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 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.

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