The Central Europe and Russia Fund, Inc. (NYSE: CEE) and The New Germany Fund, Inc. (NYSE: GF) each announced today that its Board of Directors declared a total distribution of $2.4860 comprised of $2.1150 long-term capital gain and $0.3710 ordinary income and a total distribution of 0.5454 comprised of $0.4748 long-term capital gain and $0.0706 ordinary income, respectively. The total distributions will be paid in stock except that any stockholder of record as of December 30, 2011 may elect to receive such distribution in cash.

The European Equity Fund, Inc. (NYSE: EEA) announced today that it will not pay a distribution as noted below.

Details are as follows:

December Yearly Dividends

Declaration - 12/20/2011 Ex-Date- 12/28/2011 Record Date- 12/30/2011 Payable Date - 1/27/2012

Fund
   

Ticker
   

Ordinary
   

Short Term
   

Long Term
The Central Europe and Russia Fund, Inc. CEE 0.3710 0.0000 2.1150
The European Equity Fund, Inc. EEA 0.0000 0.0000 0.0000
The New Germany Fund, Inc.     GF     0.0706     0.0000     0.4748

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.

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.

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.

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 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.

Past performance is no guarantee of future results.

The Central Europe and Russia Fund, Inc.

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 more broadly.

The European Equity Fund, Inc.

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.

The New Germany Fund, Inc.

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.

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).

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-025632-1 12/11)

Copyright Business Wire 2010

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