Market Overview

The Central and Eastern Europe Fund, Inc., The European Equity Fund, Inc., and The New Germany Fund, Inc. Announce Extension of Share Repurchases

Share:

The Central and Eastern Europe 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") each 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 404,000,
796,000 and 736,000 shares, respectively (representing approximately 5%
of each of EEA's and GF's current shares outstanding and 10% of CEE's
current shares outstanding), for the twelve month period from August 1,
2017 through July 31, 2018. Repurchases will be made from time to time
when they are believed to be in the best interests of a Fund.

In addition, each Fund announced that its Board continues to reserve its
discretion to determine if it would be appropriate to initiate a tender
offer during the twelve month period from August 1, 2017 through July
31, 2018. Each Board intends to continue to consider this matter on a
regular basis.

Important Information

The Central and Eastern Europe Fund, Inc. is a non-diversified,
closed-end investment company seeking long term capital appreciation
through investment primarily in equity or equity-linked securities of
issuers domiciled in Central and Eastern Europe.
The Fund is
non-diversified and can take larger positions in fewer issues than a
diversified fund, increasing its potential risk.
In addition, the
Fund invests at least 25% of its total assets in the energy sector, and
is therefore more exposed to factors affecting such sector (such as the
price of oil or natural gas) than a fund that does not concentrate its
investments for a particular sector.

The European Equity Fund, Inc. is a diversified, closed-end
investment company seeking long-term capital appreciation through
investment primarily in equity or equity-linked securities of issuers
domiciled in Europe.

The New Germany Fund, Inc. is a diversified, closed-end investment
company seeking capital appreciation primarily through investment in
equity or equity-linked securities 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 non-German companies (with no more than 15%
in any single country).

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 or geographical
region will generally be more volatile than a fund that invests more
broadly.

The shares of most closed-end funds, including the Funds, are not
continuously offered.
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 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 of the Funds are
associated with international investing, such as currency fluctuations,
political and economic changes, market risks, 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,
the Funds focuses their investments in certain geographical regions,
thereby increasing its vulnerability to developments in that region and
potentially subjecting the Funds' shares to greater price volatility.

Some funds have more risk than others. These include funds,
such as the 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).

The European Union, the United States and other countries have
imposed sanctions on Russia as a result of the Russian military
intervention in the Ukraine.
These sanctions have adversely
affected Russian individuals, Russian issuers and the Russian economy.

Russia, in turn, has imposed sanctions targeting Western individuals,
businesses and products, including food products.
The various
sanctions have adversely affected, and may continue to adversely affect,
not only the Russian economy, but also the economies of many countries
in Europe.
Potential developments in the Ukraine, and the
continuation of current sanctions or the imposition of additional
sanctions may materially adversely affect the value of the Funds'
portfolios.

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."

Certain statements contained in this release may be forward-looking
in nature.
These include all statements relating to plans,
expectations, and other statements that are not historical facts and
typically use words like "expect," "anticipate," "believe," "intend,"
and similar expressions.
Such statements represent management's
current beliefs, based upon information available at the time the
statements are made, with regard to the matters addressed.
All
forward-looking statements are subject to risks and uncertainties that
could cause actual results to differ materially from those expressed in,
or implied by, such statements.
Management does not undertake any
obligation to update or revise any forward-looking statements, whether
as a result of new information, future events, or otherwise."

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

Deutsche Asset Management represents the asset management activities
conducted by Deutsche Bank AG or any of its subsidiaries. (R-051831-1)
(07/17)

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