The Central Europe and Russia Fund, The European Equity Fund, and The New Germany Fund, Announced Results of Each Fund’s Annual Meeting of Stockholders

The Boards of Directors of The Central Europe and Russia 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”) announced the results of each Fund’s Annual Meeting of Stockholders held on June 30, 2009.

The four directors nominated by the Board of Directors of the Central Europe and Russia Fund, Inc., Dr. Franz W. Hopp, Christian H. Strenger, Robert H. Wadsworth, and Werner Walbrol were elected to serve until the expiration of the applicable term.

The four directors nominated by the Board of Directors of The European Equity Fund, Inc., Detlef Bierbaum, John H. Cannon, Richard K. Goeltz, and Robert H. Wadsworth were elected to serve until the expiration of the applicable term.

The four directors nominated by the Board of Directors of The New Germany Fund, Inc, Dr. Kurt W. Bock, Dr. Franz W. Hopp, Dr. Friedbert H. Malt, and Dr. Frank Tromel were elected to serve until the expiration of the applicable term.

Stockholders also ratified PricewaterhouseCoopers LLP as the independent auditor for each Fund. A copy of the portfolio manager’s presentation from the meeting is posted to the fund’s website at www.dws-investments.com.

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

The European Equity Fund, Inc. is a diversified, closed-end investment company seeking long-term capital appreciation through investment primarily (normally at least 80% of its assets) in equity and equity-linked securities of companies domiciled in European countries utilizing the Euro currency.

The New Germany Fund, Inc. is a diversified, closed-end investment company seeking capital appreciation primarily through investment in the Mittelstand – an important group 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 other Western European companies.

Closed-end funds, unlike open-end funds, are not continuously offered. There is a one-time public offering and once issued, shares of closed-end funds are sold in the open market through a stock exchange. Shares of closed-end funds frequently trade at a discount to the 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 are associated with international investing, such as 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, this fund focuses its investments in certain geographical regions, thereby increasing its vulnerability to developments in that region and potentially subjecting the fund’s shares to greater price volatility. Some funds have more risk than others. These include 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).

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.

DWS Investments is part of Deutsche Bank’s Asset Management division and, within the US, represents the retail asset management activities of Deutsche Bank AG, Deutsche Bank Trust Company Americas, Deutsche Investment Management Americas Inc. and DWS Trust Company.

R-12389-1 (6/09)