The European Equity Fund, Inc. (NYSE: EEA)and The New Germany Fund, Inc.(NYSE: GF) (each a “Fund,” and collectively, the “Funds”) announced the commencement of self tender offers on the terms and subject to the conditions set forth in each Fund’s Offer to Repurchase and the related Letter of Transmittal, which are being mailed to stockholders commencing today. Each Fund is offering to purchase up to 5% of its issued and outstanding shares of common stock at a price equal to 98% of the Fund’s net asset value (“NAV”) per share as determined by the Fund on the next business day after the date on which the offer expires. Each Fund normally calculates its NAV per share at 11:30 a.m. New York time on each day that the New York Stock Exchange is open for trading. Each tender offer will terminate at 5:00 p.m. Eastern Time on August 22, 2012, unless extended. If more than 5% of a Fund’s issued and outstanding shares are tendered in the offer and the Fund purchases shares in accordance with the terms of the offer, it will purchase shares from tendering stockholders on a pro rata basis. Each Fund’s offer is being made in accordance with the Discount Management Program (the “Program”) approved by the Fund’s Board of Directors in July 2010. The Program provides for up to four, consecutive, semi-annual tender offers, each of which will be conducted by a Fund if its shares trade at an average discount to NAV of more than 10% during the applicable twelve-week measurement period. Each tender offer referred to in this announcement will be made only by the Offer to Repurchase and the related Letter of Transmittal. Stockholders should read these documents carefully when they become available to investors free of charge at the website of the Securities and Exchange Commission ( www.sec.gov). Neither the Offer to Repurchase will be made to, nor will tenders pursuant to the Offer to Repurchase be accepted from or on behalf of, holders of shares in any jurisdiction in which making or accepting the Offer to Repurchase would violate that jurisdiction’s laws. For more information on the tender offer, please contact the Fund’s information agent, AST Fund Solutions, Inc. at (800) 884-4725.