Market Overview

The Central and Eastern Europe Fund, Inc., The New Germany Fund, Inc., and The European Equity Fund, Inc. Make Yearly Distribution Announcements

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The Central and Eastern Europe Fund, Inc. (NYSE:CEE), The New Germany
Fund, Inc. (NYSE:GF) and The European Equity Fund, Inc. (NYSE:EEA)
(each, a "Fund," and collectively, the "Funds") each announced today
that its Board of Directors declared the distributions set forth below.
CEE's and GF's total distributions will be paid in stock except that any
stockholder of record as of December 29, 2017 may elect to receive such
distribution in cash.

Details for each Fund's 2017 yearly December distributions are as
follows:

Declaration- 12/19/2017       Ex-Date- 12/28/2017       Record-
12/29/2017       Payable- 1/26/2018

           
Fund Ticker Net Investment Short-Term Long-Term Total
         

Income
per Share

 

Capital Gains
per Share

 

Capital Gains
per Share

 

Distribution
per Share

The Central and Eastern Europe Fund, Inc.   CEE     $0.5615   $0.0000   $0.0000   $0.5615
The New Germany Fund, Inc.   GF     $0.3484   $0.1732   $0.2217   $0.7433
The European Equity Fund, Inc.   EEA     $0.0351   $0.0000   $0.0000   $0.0351
 

For more information on each Fund, including the most recent month-end
performance, visit www.deutschefunds.com
or call (800) 349-4281 or 00-800-2287-2750 from outside the U.S.

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 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 focus their investments in certain geographical regions,
thereby increasing their 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, issuers and the Russian economy, and
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, including Germany.
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.

Past performance is no guarantee of future results.

Nothing contained herein is fiduciary or impartial investment advice
that is individualized or directed to any plan, plan participant, or IRA
owner regarding the advisability of any investment transaction,
including any IRA distribution or rollover.

 

NOT FDIC/ NCUA INSURED • MAY LOSE VALUE • NO BANK GUARANTEE

NOT A DEPOSIT • NOT INSURED BY ANY FEDERAL GOVERNMENT AGENCY

 
 

Deutsche AM Distributors, Inc.

222 South Riverside Plaza
Chicago, IL 60606-5808

www.deutschefunds.com

Tel (800) 621-1148
Copyright © 2017 Deutsche Bank AG. All Rights Reserved
 

Deutsche Asset Management represents the asset management activities
conducted by Deutsche Bank AG or any of its subsidiaries. Investment
products offered through Deutsche AM Distributors, Inc. Advisory
services offered through Deutsche Investment Management Americas, Inc. (R-053825-1)
(12/17)

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