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

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

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.

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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