New York, November 14, 2005  -- The European Equity Fund, Inc. (formerly The Germany Fund, Inc.) (EEA) is conducting a tender offer for up to 2,957,998 of its issued and outstanding shares of common stock in exchange for cash at a price equal to 95% of the net asset value as of the close of regular trading on the business day after the day on which the offer expires.

The tender offer is being conducted as a result of the stockholder-approved change allowing the Fund to invest at least 80% of its assets in companies of countries which use the Euro currency. In seeking stockholder approval for the change, the Fund stated that if approval were obtained, the Fund would conduct a tender offer for up to 20% of its outstanding shares at a price equal to 95% of net asset value per share. The Board of Directors and management of the Fund welcome the investment opportunities that are available to the Fund as a result of the substantially enlarged investment focus. The Board also recognizes that some stockholders of the Fund may not wish to remain invested in a fund that does not invest primarily in German companies. As such, the tender offer is being conducted in order to provide these and all stockholders with an enhanced source of liquidity.

The European Equity Fund, Inc. (formerly The Germany Fund, Inc.) seeks long-term capital appreciation through investment primarily (normally at least 80% of its assets) in equity and equity-linked securities of companies domiciled in countries utilizing the Euro currency. Effective October 31, 2005, its shares trade on the NYSE under ticker symbol "EEA".

The Fund is not diversified and may focus its investments in certain geographic regions, thereby increasing its vulnerability to developments in that region. Investing in foreign securities presents certain unique risks not associated with domestic investments, such as currency fluctuation, political and economic change, and market risks. This may result in greater share price volatility.

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.