Market Overview

The European Equity Fund, Inc. and The New Germany Fund, Inc. Declare Distributions

Share:

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 its Board of Directors declared the distributions
set forth below. EEA's total distributions will be paid in cash. GF's
total distributions will be paid in stock except that any stockholder of
record as of May 21, 2018 may elect to receive such distribution in cash.

Details for the Funds' distributions are as follows:

Declaration- 5/09/2018      Ex-Date- 5/18/2018      Record- 5/21/2018
     Payable- 6/26/2018

Fund   Ticker   Net Investment   Short-Term   Long-Term   Total

Income

Capital Gains

Capital Gains

Distribution

       

per Share

 

per Share

 

per Share

 

per Share

                     
The European Equity Fund, Inc.   EEA   $0.0302   $0.0000   $0.0000   $0.0302
The New Germany Fund, Inc.   GF   $0.1619   $0.0755   $0.4774   $0.7148
 

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

Important Information

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.
The United States recently imposed
additional sanctions on Russia as a result of its intervention in Syria.

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 Syria, 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

DWS Distributors, Inc.
222 South Riverside Plaza
Chicago,
IL 60606-5808
www.dws.com
Tel
(800) 621-1148
Copyright © 2018 Deutsche Bank AG. All Rights
Reserved

The brand DWS represents DWS Group GmbH & Co. KGaA and any of its
subsidiaries such as DWS Distributors, Inc. which offers investment
products or Deutsche Investment Management Americas Inc. and RREEF
America L.L.C. which offer advisory services. (R-057384-1) (05/18)

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