Germany Funds > Closed-End Funds

Site Map Home Funds' Overview Closed-End Funds Fund Information Net Asset Value (NAV) European Equity Fund New Germany Fund Central Europe and Russia Fund Archives/Reports How to Buy Shareholder Reports Presentations In the Press SEC Section 16 Reports Additional Links Deutsche Bank Homepage DWS Scudder Homepage DWS Scudder Closed-End Funds Contact Us Privacy Notice Proxy Voting Records

Here are some of the principal benefits that closed-end funds offer: Like mutual funds, closed-end funds are professionally managed investment companies. While often compared to open-end mutual funds, closed-end funds have some differences -- the most important being that they are not continually offering new shares for sale to the public and generally are not redeemable. Closed-end funds have a fixed number of shares outstanding, which are generally issued in an initial public offering. The number of shares will change only at the direction of management. Shares can be increased through the issuance of new shares in conjunction with an offering (rights, secondary or preferred), or through shareholder reinvestment of dividends into the fund. Shares can be reduced when they are repurchased in conjunction with a stock repurchase program or tender offer. Most closed-end funds' shares trade in the open market on a stock exchange such as the NYSE, like shares of any publicly traded company. Interestingly, the price of a closed-end fund may be above (at a premium) or below (at a discount) its net asset value (NAV). Closed-end funds provide many of the investment benefits of open-end funds, such as professional management and diversification. But they also have unique characteristics. • A closed-end fund may be able to provide investors exposure to a highly volatile, illiquid or emerging market, where an open-end fund would have investment difficulties due to redemption and liquidity considerations. • A closed-end fund may provide a return that truly reflects the inherent benefits of the underlying market, because closed-end funds do not need a cash position for redemptions. • Closed-end funds may be available at a discount to NAV or may trade at a premium to their NAV. • Because portfolio managers of closed-end funds do not have to manage to redemptions or inflows, they may be able to take advantage of long-term opportunities in their underlying market. Advantages of Closed-end Funds Presentation Top of Page (50921 8/07) © 1997 - 2008 Managed by the Deutsche Bank Group. Listed on the New York Stock Exchange. Fund shares are not FDIC-insured and are not deposits or other obligations of, or guaranteed by, any bank. Fund shares involve investment risk, including possible loss of principal. 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 net asset value. The price of the fund's shares is determined by a number of factors, several of which are beyond the control of the fund. Therefore, the fund cannot predict whether its shares will trade at, below or above net asset value. Performance is historical, assumes reinvestment of all dividend and capital gain distributions and does not guarantee future results. Investment return and principal value fluctuate with changing market conditions, so that, when sold, shares may be worth more or less that the original cost. Current performance may be lower or higher than the performance data quoted.

Latest Fact Sheets European Equity Fund (NYSE: EEA) Formerly Germany Fund, Inc. March 2008 New Germany Fund (NYSE: GF) March 2008 Central Europe and Russia Fund (NYSE: CEE) March 2008 Press Releases May 5, 2008 THE NEW GERMANY FUND, THE EUROPEAN EQUITY FUND AND THE CENTRAL EUROPE AND RUSSIA FUND ANNOUNCE ANNUAL STOCKHOLDERS MEETINGS April 25, 2008 The New Germany Fund, Inc. Announces Distribution April 25, 2008 The European Equity Fund, Inc. Announces Distribution February 6, 2008 The New Germany Fund, Inc. Announces Final Results of Tender Offer February 4, 2008 The New Germany Fund, Inc. Announces Expiration and Preliminary Results of Tender Offer January 15, 2008 The New Germany Fund, Inc. Releases Portfolio Holdings December 21, 2007 The New Germany Fund, Inc. Announces Tender Offer Commencement December 12, 2007 The New Germany Fund, Inc. Announces Year-end Distribution December 12, 2007 The European Equity Fund, Inc. Announces Year-end Distribution December 12, 2007 The Central Europe and Russia Fund, Inc. Announces Year-end Distribution October 24, 2007 The New Germany Fund, Inc. Announces Approval of Settlement Agreement July 30, 2007 The New Germany Fund, Inc. Board of Directors Approve Settlement Agreement June 26, 2007 The Central Europe and Russia Fund, Inc. announces annual meeting vote June 26, 2007 The European Equity Fund, Inc. announces annual meeting vote June 26, 2007 The New Germany Fund, Inc. announces annual meeting vote May 7, 2007 EEA / CEE Annual Shareholder meeting announcement April 30, 2007 EEA / CEE Annual Shareholder meeting announcement April 24, 2007 The New Germany Fund, INC. announces distribution April 24, 2007 The European Equity Fund, INC. announces distribution April 12, 2007 The New Germany Fund, INC. announces annual Stockholders Meeting Contact Main Address 345 Park Avenue New York, NY 10154 Tel: +1 (800) GERMANY Tel: +1 (800) 349-4281   Manager Deutsche Investment Management Americas Inc. 345 Park Ave. NY, NY 10154 Tel: +1 (800) 349-4281 Fax: +1 (212) 454-2043 [additional Contact Information...]