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The Central Europe, Russia and Turkey Fund, Inc., The European Equity Fund, Inc., and The New Germany Fund, Inc. Announce Extension of Share Repurchases and Adoption of New Discount Management Programs

NEW YORK--(BUSINESS WIRE)--The Central Europe, Russia and Turkey 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 950,000, 1,550,000 and 1,010,000 shares, respectively, during the period from August 1, 2014 through July 31, 2015. 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 today that its Board adopted a new Discount Management Program whereby each Fund will initiate one contingent tender offer during the period from August 1, 2014 through July 31, 2015 for 5% of the Fund’s shares outstanding at 98% of net asset value (“NAV”). The terms of the Discount Management Program require a Fund to conduct a tender offer if its shares trade at an average discount to NAV of more than 10% during a fifteen-week measurement period that has been determined by each Fund’s Board of Directors. A press release will be issued after the end of each Fund’s measurement periods detailing the measurement period dates and results. The Boards believe it is in the best interests of all shareholders to not announce the measurement period dates until after the respective periods have ended to avoid the risk of disruptions to market dynamics that may occur when the measurement period is known.

The new Discount Management Program will provide the same liquidity potential during the period from August 1, 2014 through July 31, 2015 as the prior programs, but with the added benefit to all shareholders of providing more liquidity potential via share repurchases that are significantly more accretive to the Funds’ NAV than tender offers at close to NAV. Each Fund further announced that its Board reserves the right to authorize additional tender offers if it believes such tender offers to be in the best interests of the Fund.

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

Important Information

The Central Europe, Russia and Turkey 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 Europe, Russia and Turkey. Because the Fund is non-diversified, it can take larger positions in fewer issues, increasing its potential risk. 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 focuses in a particular segment of the market will generally be more volatile than a fund that invests more broadly.

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 companies domiciled in countries that are members of the European Union.

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.

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. There can be no assurance that the Program will be effective in reducing the Funds’ market discounts.

Investments in funds involve risk. Additional risks of the Funds 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, 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 CEE, EEA, and GF, 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).

With respect to CEE, if the United States or other nations or international organizations impose economic or other sanctions in addition to those already imposed by the United States and the European Union or take other actions affecting Russian individuals, Russian issuers or the Russian economy, such sanctions or actions may materially adversely affect the value or liquidity of the Fund’s portfolio, as may any countermeasures or retaliatory measures that may be taken by Russia.

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.





Deutsche Asset & Wealth Management represents the asset management and wealth management activities conducted by Deutsche Bank AG or any of its subsidiaries. Clients will be provided Deutsche Asset & Wealth Management products or services by one or more legal entities that will be identified to clients pursuant to the contracts, agreements, offering materials or other documentation relevant to such products or services. (R-35520-1 7/14)


For additional information:
Deutsche Bank Press Office (212) 250-5536
Shareholder Account Information (800) 294-4366
DWS Closed-End Funds (800) 349-4281 or 00-800-2287-2750 from outside the US