The European Equity Fund, Inc. Announces Results of Annual Meeting of Stockholders

NEW YORK–(BUSINESS WIRE)–The European Equity Fund, Inc. (NYSE:EEA) (the “Fund”) announced
today the results of its Joint Annual Meeting of Stockholders, which was
initially called to order and adjourned on June 27, 2017 and reconvened
on June 30, 2017.

Stockholders approved the proposed change to the Fund’s investment
objective from seeking “long-term capital appreciation through
investment primarily in equity or equity-linked securities of issuers
domiciled in countries that are members of the European Union” to
seeking “long-term capital appreciation through investment primarily in
equity or equity-linked securities of issuers domiciled in countries in
Europe;” and a change in the Fund’s corresponding fundamental investment
policy to provide that, “[u]nder normal circumstances, at least 80% of
the Fund’s net assets (plus any assets funded with leverage) will be
invested in equity or equity-linked securities of issuers domiciled in
countries in Europe.” The Fund previously announced that, prior to the
adjournment of the meeting on June 27, 2017, stockholders elected four
Directors and approved the appointment of independent auditors.

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 countries in Europe.

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 or a particular
region will generally be more volatile than a fund that invests more
broadly.

The shares of most closed-end funds, including the Fund, 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 Fund 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 Fund focuses its investments in certain geographical regions,
thereby increasing their vulnerability to developments in those regions
and potentially subjecting the Fund’s shares to greater price volatility.

Some funds have more risk than others. These include funds,
such as the Fund, 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, Russian issuers and the Russian economy.
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.
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 Fund’s
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.

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.

NOT FDIC/ NCUA INSURED • MAY LOSE VALUE • NO BANK GUARANTEE
NOT
A DEPOSIT • NOT INSURED BY ANY FEDERAL GOVERNMENT AGENCY

Deutsche Asset Management represents the asset management activities
conducted by Deutsche Bank AG or any of its subsidiaries. (R-051417-1)
(06/17)

Contacts

Deutsche Bank Press Office (212) 250-7171
Shareholder
Account Information (800) 294-4366

Deutsche Closed-End Funds
(800) 349-4281 or

00-800-2287-2750 from outside the US