-----BEGIN PRIVACY-ENHANCED MESSAGE-----
Proc-Type: 2001,MIC-CLEAR
Originator-Name: webmaster@www.sec.gov
Originator-Key-Asymmetric:
 MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen
 TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB
MIC-Info: RSA-MD5,RSA,
 PYKj+C/rLlCux0r6qhKABDMIJQFu7njXNkCGc8iphNvmYOIBFjmu4i+6DSCmVJxI
 HcrRgsGUHA35PCGI7mAkgg==

<SEC-DOCUMENT>0000950123-10-051860.txt : 20100521
<SEC-HEADER>0000950123-10-051860.hdr.sgml : 20100521
<ACCEPTANCE-DATETIME>20100521131909
ACCESSION NUMBER:		0000950123-10-051860
CONFORMED SUBMISSION TYPE:	DEF 14A
PUBLIC DOCUMENT COUNT:		2
CONFORMED PERIOD OF REPORT:	20100628
FILED AS OF DATE:		20100521
DATE AS OF CHANGE:		20100521
EFFECTIVENESS DATE:		20100521

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			EUROPEAN EQUITY FUND, INC / MD
		CENTRAL INDEX KEY:			0000791718
		IRS NUMBER:				133354384
		STATE OF INCORPORATION:			MD
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		DEF 14A
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	811-04632
		FILM NUMBER:		10850379

	BUSINESS ADDRESS:	
		STREET 1:		345 PARK AVENUE
		CITY:			NEW YORK
		STATE:			NY
		ZIP:			10154-0004
		BUSINESS PHONE:		212-454-6778

	MAIL ADDRESS:	
		STREET 1:		345 PARK AVENUE
		CITY:			NEW YORK
		STATE:			NY
		ZIP:			10154-0004

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	GERMANY FUND INC
		DATE OF NAME CHANGE:	19920703
</SEC-HEADER>
<DOCUMENT>
<TYPE>DEF 14A
<SEQUENCE>1
<FILENAME>y84659def14a.htm
<DESCRIPTION>DEF 14A
<TEXT>
<HTML>
<HEAD>
<TITLE>def14a</TITLE>
</HEAD>
<BODY bgcolor="#FFFFFF">
<!-- PAGEBREAK -->
<H5 align="left" style="page-break-before:always"><A HREF="#toc">Table of Contents</A></H5><P>


<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV align="center" style="font-size: 18pt; margin-top: 12pt"><B>SCHEDULE 14A</B>
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 12pt"><b>(RULE 14a-101)</b></DIV>


<DIV align="center" style="font-size: 12pt; margin-top: 12pt"><B>INFORMATION REQUIRED IN PROXY STATEMENT<BR>
SCHEDULE 14A INFORMATION</B>
</DIV>


<DIV align="center" style="font-size: 12pt; margin-top: 12pt"><B>Proxy Statement Pursuant to Section&nbsp;14(a) of the Securities<BR>
Exchange Act of 1934</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Filed by the Registrant <FONT style="font-family: Wingdings">&#254;</FONT><BR>
Filed by a party other than the Registrant <FONT style="font-family: Wingdings">&#111;</FONT>

</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Check the appropriate box:

</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left"><FONT style="font-family: Wingdings">&#111;</FONT></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Preliminary proxy statement.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left"><FONT style="font-family: Wingdings">&#111;</FONT></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>Confidential, for use of the Commission only (as permitted by Rule&nbsp;14a-</B><B>6(e)(2)</B><B>).</B></TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left"><FONT style="font-family: Wingdings">&#254;</FONT></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Definitive proxy statement.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left"><FONT style="font-family: Wingdings">&#111;</FONT></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Definitive additional materials.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left"><FONT style="font-family: Wingdings">&#111;</FONT></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Soliciting material under Rule&nbsp;14a-12.</TD>
</TR>

</TABLE>
</DIV>
<DIV align="center" style="font-size: 24pt; margin-top: 12pt"><B>THE EUROPEAN EQUITY FUND, INC.<BR>
<DIV style="width: 100%; border-bottom: 1px solid #000000; FONT-size: 1px">&nbsp;</DIV></B>
</DIV>

<DIV align="center" style="font-size: 10pt">(Name of Registrant as Specified in Its Charter)</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 12pt"><DIV style="width: 100%; border-bottom: 1px solid #000000; FONT-size: 1px">&nbsp;</DIV></DIV>

<DIV align="center" style="font-size: 10pt">(Name of Person(s) Filing Proxy Statement, if Other Than the Registrant)</DIV>



<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Payment of filing fee (check the appropriate box):

</DIV>

<DIV style="margin-top: 10pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left"><FONT style="font-family: Wingdings">&#254;</FONT></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>No fee required.</TD>
</TR>

<TR>
    <TD style="font-size: 10pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left"><FONT style="font-family: Wingdings">&#111;</FONT></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Fee computed on table below per Exchange Act Rules&nbsp;14a-6(i)(1) and 0-11.</TD>
</TR>

<TR>
    <TD style="font-size: 10pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">(1)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Title of each class of securities to which transaction applies:</TD>
</TR>

<TR>
    <TD style="font-size: 10pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">(2)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Aggregate number of securities to which transaction applies:</TD>
</TR>

<TR>
    <TD style="font-size: 10pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">(3)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Per unit price or other underlying value of transaction computed pursuant to Exchange Act
Rule&nbsp;0-11 (set forth the amount on which the filing fee is calculated and state how it was
determined):</TD>
</TR>

<TR>
    <TD style="font-size: 10pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">(4)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Proposed maximum aggregate value of transaction:</TD>
</TR>

<TR>
    <TD style="font-size: 10pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">(5)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Total fee paid:</TD>
</TR>

<TR>
    <TD style="font-size: 10pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left"><FONT style="font-family: Wingdings">&#111;</FONT></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Fee paid previously with preliminary materials.</TD>
</TR>

<TR>
    <TD style="font-size: 10pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left"><FONT style="font-family: Wingdings">&#111;</FONT></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Check box if any part of the fee is offset as provided by Exchange Act Rule&nbsp;0-11(a)(2) and
identify the filing for which the offsetting fee was paid previously. Identify the previous filing
by registration statement number, or the form or schedule and the date of its filing.</TD>
</TR>

<TR>
    <TD style="font-size: 10pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">(1)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Amount Previously Paid:</TD>
</TR>

<TR>
    <TD style="font-size: 10pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">(2)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Form, Schedule or Registration Statement No.:</TD>
</TR>

<TR>
    <TD style="font-size: 10pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">(3)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Filing Party:</TD>
</TR>

<TR>
    <TD style="font-size: 10pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">(4)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Date Filed:</TD>
</TR>

</TABLE>
</DIV>
<P align="center" style="font-size: 10pt"><!-- Folio -->&nbsp;<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>

<DIV style="width: 82%; margin-left: 9%"><!-- BEGIN PAGE WIDTH -->
<!-- XBRL Pagebreak End -->

<!-- TOC -->
<A name="toc"><DIV align="CENTER" style="page-break-before:always"><U><B>TABLE OF CONTENTS</B></U></DIV></A>

<P><CENTER>
<TABLE border="0" width="90%" cellpadding="0" cellspacing="0">
<TR>
	<TD width="3%"></TD>
	<TD width="3%"></TD>
	<TD width="3%"></TD>
	<TD width="3%"></TD>
	<TD width="3%"></TD>
	<TD width="3%"></TD>
	<TD width="3%"></TD>
	<TD width="3%"></TD>
	<TD width="76%"></TD>
</TR>
<TR><TD colspan="9"><A HREF="#000">NOTICE OF ANNUAL MEETING OF STOCKHOLDERS</A></TD></TR>
<TR><TD colspan="9"><A HREF="#001">PROXY STATEMENT</A></TD></TR>
<TR><TD colspan="9"><A HREF="#002">PROPOSAL 1: ELECTION OF DIRECTORS</A></TD></TR>
<TR><TD colspan="9"><A HREF="#003">THE BOARD UNANIMOUSLY RECOMMENDS A VOTE FOR PROPOSAL 1.</A></TD></TR>
<TR><TD colspan="9"><A HREF="#004">PROPOSAL 2: RATIFICATION OF THE APPOINTMENT OF INDEPENDENT AUDITORS</A></TD></TR>
<TR><TD colspan="9"><A HREF="#005">THE BOARD UNANIMOUSLY RECOMMENDS A VOTE FOR PROPOSAL 2.</A></TD></TR>
<TR><TD colspan="9"><A HREF="#006">PROPOSAL 3: STOCKHOLDER PROPOSAL REGARDING CONVERSION OF THE FUND TO AN INTERVAL FUND</A></TD></TR>
<TR><TD colspan="9"><A HREF="#007">END OF PROPOSAL AND SUPPORTING STATEMENT</A></TD></TR>
<TR><TD colspan="9"><A HREF="#008">SECURITY OWNERSHIP OF CERTAIN BENEFICIAL OWNERS</A></TD></TR>
<TR><TD colspan="9"><A HREF="#009">ADDRESS OF INVESTMENT ADVISER AND MANAGER</A></TD></TR>
<TR><TD colspan="9"><A HREF="#010">SECTION 16(a) BENEFICIAL OWNERSHIP REPORTING COMPLIANCE</A></TD></TR>
<TR><TD colspan="9"><A HREF="#011">OTHER MATTERS</A></TD></TR>
<TR><TD colspan="9"><A HREF="#012">STOCKHOLDER PROPOSALS</A></TD></TR>
<TR><TD colspan="9"><A HREF="#013">EXPENSES OF PROXY SOLICITATION</A></TD></TR>
<TR><TD colspan="9"><A HREF="#014">ANNUAL REPORT DELIVERY</A></TD></TR>
<TR><TD colspan="9"><A HREF="#015">ANNEX A</A></TD></TR>
<TR><TD colspan="9"><A HREF="#016">Article II</A></TD></TR>
<TR><TD colspan="9"><A HREF="#017">Article III</A></TD></TR>
</TABLE>
</CENTER>
<!-- /TOC -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#toc">Table of Contents</A></H5><P>

<DIV style="margin-top: 18pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 14pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">THE
    EUROPEAN EQUITY FUND, INC.<BR>
    <FONT style="font-size: 10pt">345 Park Avenue<BR>
    New York, New York 10154</FONT></FONT></B>
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">

<!-- link1 "NOTICE OF ANNUAL MEETING OF STOCKHOLDERS" -->
<DIV align="left"><A NAME="000"></A></DIV>
<B><FONT style="font-size: 12pt">
    NOTICE OF ANNUAL MEETING OF STOCKHOLDERS</FONT></B>
</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <B><FONT style="font-size: 12pt">June&#160;28, 2010</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<CENTER style="font-size: 1pt; width: 21%; border-bottom: 1pt solid #000000"></CENTER>

<DIV style="margin-top: 3pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    To our Stockholders:
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 5%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Notice is hereby given that the Annual Meeting of Stockholders
    (the &#147;Meeting&#148;) of The European Equity Fund, Inc. , a
    Maryland corporation (the &#147;Fund&#148;), will be held at
    3:30&#160;p.m., New&#160;York time, on June&#160;28, 2010 at the
    New York Marriott East Side Hotel, 525 Lexington Avenue, New
    York, New York 10017 for the following purposes:
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 5%; margin-right: 0%; text-indent: 5%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    1.&#160;To elect four (4)&#160;Directors, each to serve for a
    term of three years and until their successors are elected and
    qualify.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 5%; margin-right: 0%; text-indent: 5%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    2.&#160;To ratify the appointment by the Audit Committee and the
    Board of Directors of PricewaterhouseCoopers LLP, an independent
    registered public accounting firm, as independent auditors for
    the fiscal year ending December&#160;31, 2010.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 5%; margin-right: 0%; text-indent: 5%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    3.&#160;To transact such other business as may properly come
    before the Meeting or any postponement or adjournment thereof
    including acting upon one stockholder proposal presented in the
    Proxy Statement accompanying this Notice, if the proposal is
    brought before the meeting by the proponent or his
    representative that is qualified under state law to present the
    proposal on his behalf.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 5%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Only holders of record of Common Stock at the close of business
    on May&#160;14, 2010 are entitled to notice of, and to vote at,
    this Meeting or any postponement or adjournment thereof.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 5%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    If you have any questions or need additional information, please
    contact The Altman Group, Inc. at 1200 Wall Street West, 3rd
    Floor, Lyndhurst, New Jersey 07071.
</DIV>

<DIV style="margin-top: 24pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 49%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    By Order of the Board of Directors
</DIV>

<DIV style="margin-top: 48pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 49%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    David Goldman
</DIV>

<DIV align="left" style="margin-left: 49%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Secretary
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Dated: May&#160;21, 2010
</DIV>

<DIV style="margin-top: 3pt; font-size: 1pt">&nbsp;</DIV>

<DIV style="margin-top: 3pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">


</DIV>
<DIV style="width: 100%; border-top: 1px solid #000000; padding-top: 12pt; border-right: 1px solid #000000; padding-right: 12pt; border-bottom: 1px solid #000000; padding-bottom: 12pt; border-left: 1px solid #000000; padding-left: 12pt"><!-- Begin box 1 -->

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <B>Whether or not you expect to attend the Meeting, please sign
    the enclosed Proxy Card and promptly return it to the Fund. We
    ask your cooperation in mailing in your Proxy Card promptly, so
    that the Fund can avoid additional expenses of solicitation of
    proxies.</B>
</DIV>
</DIV><!-- End box 1 -->

<DIV style="margin-top: 13pt; font-size: 1pt">&nbsp;</DIV>
<!-- XBRL Pagebreak Begin -->

<P align="left" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">

</DIV><!-- END PAGE WIDTH -->
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#toc">Table of Contents</A></H5><P>

<DIV style="width: 82%; margin-left: 9%"><!-- BEGIN PAGE WIDTH -->
<!-- XBRL Pagebreak End -->

<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 14pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">THE
    EUROPEAN EQUITY FUND, INC.<BR>
    <FONT style="font-size: 10pt">345 Park Avenue<BR>
    New York, New York 10154</FONT></FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">Annual
    Meeting of Stockholders<BR>
    June&#160;28, 2010</FONT></B>
</DIV>

<DIV style="margin-top: 14pt; font-size: 1pt">&nbsp;</DIV>

<CENTER style="font-size: 1pt; width: 21%; border-bottom: 1pt solid #000000"></CENTER>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">

<!-- link1 "PROXY STATEMENT" -->
<DIV align="left"><A NAME="001"></A></DIV>
<B><FONT style="font-size: 12pt">
    PROXY STATEMENT</FONT></B>
</DIV>

<DIV style="margin-top: 14pt; font-size: 1pt">&nbsp;</DIV>

<CENTER style="font-size: 1pt; width: 21%; border-bottom: 1pt solid #000000"></CENTER>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>



<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 5%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    This Proxy Statement is furnished by the Board of Directors of
    The European Equity Fund, Inc. (the &#147;Board of
    Directors&#148; or &#147;Board&#148;), a Maryland corporation
    (the &#147;Fund&#148;), in connection with the solicitation of
    proxies for use at the Annual Meeting of Stockholders (the
    &#147;Meeting&#148;) to be held at 3:30&#160;p.m., New York
    time, on June&#160;28, 2010 at the New York Marriott East Side
    Hotel, 525&#160;Lexington Avenue, New York, New York 10017. The
    purpose of the Meeting and the matters to be considered are set
    forth in the accompanying Notice of Annual Meeting of
    Stockholders.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 5%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    If the accompanying Proxy Card is executed properly and
    returned, shares represented by it will be voted at the Meeting,
    and any postponement or adjournment thereof, in accordance with
    the instructions on the Proxy Card. However, if no instructions
    are specified, shares will be voted FOR the election of four
    (4)&#160;directors of the Fund (&#147;Directors&#148;) nominated
    by the Board (Proposal&#160;1), FOR the ratification of the
    appointment by the Audit Committee and the Board of
    PricewaterhouseCoopers LLP, an independent public accounting
    firm, as independent auditors for the Fund (Proposal&#160;2),
    and AGAINST the conversion of the Fund to an interval fund
    (Proposal&#160;3). A proxy may be revoked at any time prior to
    the time it is voted by written notice to the Secretary of the
    Fund, by submitting a subsequently executed and dated proxy or
    by attending the Meeting and voting in person.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 5%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    If a stockholder owns shares of the Fund in violation of
    applicable law, including the Investment Company Act of 1940, as
    amended (the &#147;Investment Company Act&#148;), the Fund may
    determine that any vote attributable to such shares shall not be
    counted, or that such shares will not be counted for quorum
    purposes, or both. Under Section&#160;12(d)(1) of the Investment
    Company Act, the acquisition of more than 3% of the Fund&#146;s
    common stock by another fund (whether registered, private or
    offshore) is unlawful. There is legal uncertainty about the
    operation of Section&#160;12(d)(1) and about the Fund&#146;s
    right under federal and state law to invalidate votes cast by
    any person whose Fund shares are held in violation of law. The
    Fund is prepared, if necessary, to seek judicial resolution of
    the uncertainty in any particular case.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 5%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The close of business on May&#160;14, 2010 has been fixed as the
    record date for the determination of stockholders entitled to
    notice of, and to vote at, the Meeting. On that date, the Fund
    had 11,824,726.46&#160;shares of Common Stock outstanding and
    entitled to vote. Each share will be entitled to one vote on
    each matter that comes before the Meeting. It is expected that
    the Notice of Annual Meeting, this Proxy Statement and the form
    of Proxy Card will first be mailed to stockholders on or about
    May 24, 2010.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 5%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    A quorum is necessary to hold a valid meeting. If stockholders
    entitled to cast one-third of all votes entitled to be cast at
    the Meeting are present in person or by proxy, a quorum will be
    established. The Fund intends to treat properly executed proxies
    that are marked &#147;abstain&#148; and broker non-votes
    (defined below) as present for the purposes of determining
    whether a quorum has
</DIV>
<!-- XBRL Paragraph Pagebreak -->
<!-- XBRL Pagebreak Begin -->

<P align="left" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">

</DIV><!-- END PAGE WIDTH -->
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#toc">Table of Contents</A></H5><P>

<DIV style="width: 82%; margin-left: 9%"><!-- BEGIN PAGE WIDTH -->
<!-- XBRL Pagebreak End -->

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    been achieved at the Meeting. Under Maryland law, abstentions do
    not constitute a vote &#147;for&#148; or &#147;against&#148; a
    matter and will be disregarded in determining the &#147;votes
    cast&#148; on an issue. A &#147;broker non-vote&#148; occurs
    when a broker holding shares for a beneficial owner does not
    vote on a particular matter because the broker does not have
    discretionary voting power with respect to that matter and has
    not received instructions from the beneficial owner.
</DIV>


<!-- link1 "PROPOSAL 1: ELECTION OF DIRECTORS" -->
<DIV align="left"><A NAME="002"></A></DIV>


<DIV style="margin-top: 18pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">PROPOSAL&#160;1:</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <B>ELECTION OF DIRECTORS</B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 5%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The Fund&#146;s charter (the &#147;Charter&#148;) provides that
    the Board of Directors be divided into three classes of
    Directors serving staggered three-year terms and until their
    successors are elected and qualify. The term of office for
    Directors in Class&#160;II expires at the 2010 Annual Meeting,
    Class&#160;III at the next succeeding annual meeting and
    Class&#160;I at the following succeeding annual meeting. Four
    Class&#160;II nominees, John A. Bult, Richard R. Burt,
    Dr.&#160;Friedbert Malt and Joachim Wagner are proposed in this
    proxy statement for election. If elected, each of the four
    Class&#160;II nominees will serve a three-year term of office
    until the Annual Meeting of Stockholders in 2013 and until his
    respective successor is elected and qualifies.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 5%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Should any vacancy occur on the Board of Directors, the
    remaining Directors would be able to fill that vacancy by the
    affirmative vote of a majority of the remaining Directors in
    office, even if the remaining Directors do not constitute a
    quorum. Any Director elected by the Board to fill a vacancy
    would hold office until the remainder of the full term of the
    class of Directors in which the vacancy occurred and until a
    successor is elected and qualifies. If the size of the Board is
    increased, additional Directors will be apportioned among the
    three classes to make all classes as nearly equal as possible.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 5%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Unless authority is withheld, it is the intention of the persons
    named in the accompanying form of Proxy Card to vote each Proxy
    Card for the election of our four nominees listed above. Each
    nominee has indicated that he will continue to serve as a
    Director if elected, but if any nominee should be unable to
    serve, proxies will be voted for any other person determined by
    the persons named in the form of Proxy Card in accordance with
    their discretion. The Board of Directors has no reason to
    believe that any of the above nominees will be unable to serve
    as a Director.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times; font-variant: SMALL-CAPS">Board
    of Directors Information</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 5%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The management of the business and affairs of the Fund is
    overseen by the Board of Directors. Directors who are not
    &#147;interested persons&#148; of the Fund as defined in the
    1940 Act, are referred to as &#147;Independent Directors&#148;,
    and Directors who are &#147;interested persons&#148; of the Fund
    are referred to as &#147;Interested Directors&#148;. Certain
    information concerning the Fund&#146;s governance structure and
    each Director is set forth below.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 5%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <I><U>Experience, Skills, Attributes, and Qualifications of the
    Fund&#146;s Directors</U>.</I>&#160;&#160;The Nominating and
    Governance Committee of the Fund&#146;s Board, which is composed
    entirely of Independent Directors, reviews the experience,
    qualifications, attributes and skills of potential candidates
    for nomination or election by the Board, and conducts a similar
    review in connection with the proposed nomination of current
    Directors for re-election by stockholders. When assessing a
    candidate for nomination it is the policy of the Nominating and
    Governance Committee to consider whether the individual&#146;s
    background, skills, and experience will complement the
    background, skills and experience of other nominees and will
    contribute to the diversity of the Board. The Nominating and
    Governance Committee assesses the effectiveness of this policy
    as part of its annual self assessment.
</DIV>
<!-- XBRL Paragraph Pagebreak -->
<!-- XBRL Pagebreak Begin -->

<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <BR>
    2
</DIV><!-- END PAGE WIDTH -->
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#toc">Table of Contents</A></H5><P>

<DIV style="width: 82%; margin-left: 9%"><!-- BEGIN PAGE WIDTH -->
<!-- XBRL Pagebreak End -->

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Additional information concerning the Nominating and Governance
    Committee&#146;s consideration of nominees appears in the
    description of the Committee following the table below.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 5%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The Board has concluded that, based on each Director&#146;s
    experience, qualifications, attributes or skills on an
    individual basis and in combination with those of the other
    Directors, that each Director is qualified and should continue
    to serve as a such. In determining that a particular Director
    was and continues to be qualified to serve as a Director, the
    Board has considered a variety of criteria, none of which, in
    isolation, was controlling. In addition, the Board has taken
    into account the actual service and commitment of each Director
    during his tenure (including the Director&#146;s participation
    in Board and committee meetings, as well as his current and
    prior leadership of standing and ad hoc committees) in
    concluding that each should continue to serve. Information about
    the specific experience, skills, attributes and qualifications
    of each Director, which in each case led to the Board&#146;s
    conclusion that the Director should serve (or continue to serve)
    as a director of the Fund, is provided in the table following
    the &#147;Risk Oversight&#148; section below.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 5%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The Board believes that, collectively, the Directors have
    balanced and diverse experience, qualifications, attributes, and
    skills, which allow the Board to operate effectively in
    governing the Fund and protecting the interests of shareholders.
    Among other attributes common to all Directors are their
    willingness and ability to commit the necessary time and
    attention to their duties as Directors, their ability to review
    critically, evaluate, question and discuss information provided
    to them (including information requested by the Directors), to
    interact effectively with each other and with Deutsche
    Investment Management Americas Inc., the fund&#146;s investment
    manager (the &#147;Investment Manager&#148;), Deutsche Asset
    Management International GmbH (the &#147;Investment
    Adviser&#148;) and other service providers, counsel and the
    Fund&#146;s independent registered public accounting firm, to
    exercise effective business judgment in the performance of their
    duties as Directors. References to the qualifications,
    attributes and skills of Directors are pursuant to requirements
    of the Securities and Exchange Commission, do not constitute
    holding out of the Board or any Director as having special
    expertise or experience and shall not be deemed to impose any
    greater responsibility or liability on any Director or on the
    Board by reason thereof.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 5%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <I><U>Board Structure and Oversight
    Function</U>.</I>&#160;&#160;The Board is responsible for
    oversight of the Fund. The Fund has engaged the Investment
    Manager and the Investment Adviser to manage the Fund on a
    <FONT style="white-space: nowrap">day-to-day</FONT>
    basis. The Board is responsible for overseeing the Investment
    Manager and the Investment Adviser and the Fund&#146;s other
    service providers in the operations of each Fund in accordance
    with the Fund&#146;s investment objective and policies and
    otherwise in accordance with the requirements of the 1940 Act
    and other applicable Federal, state and other securities and
    other laws, and the Fund&#146;s charter and bylaws. The Board
    meets in person at regularly scheduled meetings four times
    throughout the year. In addition, the Directors may meet in
    person or by telephone at special meetings or on an informal
    basis at other times. The Directors also regularly meet outside
    the presence of any representatives of the Investment Manager
    and the Investment Adviser. As described below, the Board has
    established five standing committees&#160;&#151; the Audit,
    Nominating and Governance, Advisory, Valuation and Executive
    Committees&#160;&#151; and may establish ad hoc committees or
    working groups from time to time, to assist the Board in
    fulfilling its oversight responsibilities. Each committee other
    than the Executive Committee is composed exclusively of
    Independent Directors. Each year the Directors evaluate the
    performance of the Board and its committees. The
    responsibilities of each committee, including its oversight
    responsibilities, are described further below. The Independent
    Directors have also engaged independent legal counsel, and may
    from time to time engage consultants and other advisors, to
    assist them in performing their oversight responsibilities.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 5%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The Chairman&#146;s duties include setting the agenda for each
    Board meeting in consultation with management, presiding at each
    Board meeting, meeting with management between Board meetings,
</DIV>
<!-- XBRL Paragraph Pagebreak -->
<!-- XBRL Pagebreak Begin -->

<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <BR>
    3
</DIV><!-- END PAGE WIDTH -->
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#toc">Table of Contents</A></H5><P>

<DIV style="width: 82%; margin-left: 9%"><!-- BEGIN PAGE WIDTH -->
<!-- XBRL Pagebreak End -->

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    and facilitating communication and coordination between the
    Directors and management. Christian Strenger, the Chairman of
    the Fund&#146;s Board of Directors is an Interested Director as
    defined in the 1940 Act because he is a member of the
    Supervisory Board of a company that is affiliated with the
    Investment Manager and the Investment Adviser and because of his
    ownership of shares of the ultimate parent of the Investment
    Manager and the Investment Adviser. The Directors believe that
    it is appropriate for Mr.&#160;Strenger to serve as Chairman and
    that his service benefits shareholders because of his extensive
    knowledge of the investment management industry, the Deutsche
    Bank organization and the Funds. In addition, the Directors note
    that, although Mr.&#160;Strenger is an Interested Director as
    defined in the 1940 Act, he is not involved in the management of
    the Fund and is not an officer or director of the Investment
    Manager or the Investment Adviser. The Independent Directors are
    satisfied that they can act independently and effectively
    without having an Independent Director serve as Chairman and
    note that a key structural component for ensuring that they are
    in a position to do so is for the Independent Directors to
    constitute a substantial majority of the Board. Richard Karl
    Goeltz, an Independent Director and Chairman of the Nominating
    and Governance Committee, serves as Lead Independent Director
    for the Fund and as such is available to act as liaison between
    the Independent Directors and management and to consult with the
    Chairman to the extent deemed appropriate.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 5%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <I><U>Risk Oversight</U>.</I>&#160;&#160;The Fund is subject to
    a number of risks, including investment, compliance and
    operational risks.
    <FONT style="white-space: nowrap">Day-to-day</FONT>
    risk management with respect to the Fund resides with the
    Investment Manager and the Investment Adviser or other service
    providers (depending on the nature of the risk), subject to
    supervision by the Investment Manager. The Board has charged the
    Adviser and its affiliates with (i)&#160;identifying events or
    circumstances the occurrence of which could have demonstrable
    and material adverse effects on the Fund; (ii)&#160;to the
    extent appropriate, reasonable or practicable, implementing
    processes and controls reasonably designed to lessen the
    possibility that such events or circumstances occur or to
    mitigate the effects of such events or circumstances if they do
    occur; and (iii)&#160;creating and maintaining a system designed
    to evaluate continuously, and to revise as appropriate, the
    processes and controls described in (i)&#160;and (ii)&#160;above.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 5%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Risk oversight forms part of the Board&#146;s general oversight
    of each Fund&#146;s investment program and operations and is
    addressed as part of various regular Board and committee
    activities. Each of the Investment Manager, the Investment
    Adviser, and the Fund&#146;s other principal service providers
    has an independent interest in risk management but the policies
    and the methods by which one or more risk management functions
    are carried out may differ from the Fund&#146;s and each
    other&#146;s in the setting of priorities, the resources
    available or the effectiveness of relevant controls. Oversight
    of risk management is provided by the Board and the Audit
    Committee. The Directors regularly receive reports from, among
    others, management, the Fund&#146;s Chief Compliance Officer,
    its independent registered public accounting firm, counsel, and
    internal auditors for the Investment Manager, as appropriate,
    regarding risks faced by the Fund and the Investment
    Manager&#146;s risk management programs.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 5%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Not all risks that may affect the Fund can be identified, nor
    can controls be developed to eliminate or mitigate their
    occurrence or effects. The processes and controls employed to
    address certain risks may be limited in their effectiveness, and
    some risks are simply beyond the reasonable control of the Fund
    or the Investment Manager, its affiliates or other service
    providers. Moreover, it is necessary to bear certain risks (such
    as investment-related risks) to achieve the Fund&#146;s goals.
</DIV>
<!-- XBRL Pagebreak Begin -->

<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <BR>
    4
</DIV><!-- END PAGE WIDTH -->
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#toc">Table of Contents</A></H5><P>

<DIV style="width: 82%; margin-left: 9%"><!-- BEGIN PAGE WIDTH -->
<!-- XBRL Pagebreak End -->

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times; font-variant: SMALL-CAPS">Information
    Regarding Directors and Officers</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 5%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The following tables show certain information about the nominees
    for election as Directors and about Directors whose terms will
    continue, including beneficial ownership of Common Stock of the
    Fund, and about all officers of the Fund. Most current Directors
    resident in the United States own Fund shares. Directors who are
    German residents would be subject to adverse German tax
    consequences if they owned shares of a fund organized outside of
    Germany, such as the Fund, that is not subject to German
    regulation or tax reporting.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">Nominees
    Proposed for Election:</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<TABLE border="0" width="100%" align="center" cellpadding="0" cellspacing="0" style="font-size: 7pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
<!-- Table Width Row BEGIN -->
<TR style="font-size: 1pt" valign="bottom">
    <TD width="29%">&nbsp;</TD>	<!-- colindex=01 type=maindata -->
    <TD width="1%">&nbsp;</TD>	<!-- colindex=02 type=gutter -->
    <TD width="6%">&nbsp;</TD>	<!-- colindex=02 type=maindata -->
    <TD width="1%">&nbsp;</TD>	<!-- colindex=03 type=gutter -->
    <TD width="6%">&nbsp;</TD>	<!-- colindex=03 type=maindata -->
    <TD width="1%">&nbsp;</TD>	<!-- colindex=04 type=gutter -->
    <TD width="19%">&nbsp;</TD>	<!-- colindex=04 type=maindata -->
    <TD width="1%">&nbsp;</TD>	<!-- colindex=05 type=gutter -->
    <TD width="8%">&nbsp;</TD>	<!-- colindex=05 type=maindata -->
    <TD width="1%">&nbsp;</TD>	<!-- colindex=06 type=gutter -->
    <TD width="19%">&nbsp;</TD>	<!-- colindex=06 type=maindata -->
    <TD width="1%">&nbsp;</TD>	<!-- colindex=07 type=gutter -->
    <TD width="7%">&nbsp;</TD>	<!-- colindex=07 type=maindata -->
</TR>
<!-- Table Width Row END -->
<!-- TableOutputHead -->
<TR style="font-size: 6pt" valign="bottom" align="center">
<TD colspan="13" nowrap align="center" valign="bottom">
    <B>Class&#160;II Directors<BR>
    </B>
</TD>
</TR>
<TR style="font-size: 6pt" valign="bottom" align="center">
<TD colspan="13" nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>(Term will Expire in 2010; Nominees for Term Expiring in
    2013)</B>
</TD>
</TR>
<TR style="font-size: 6pt" valign="bottom" align="center">
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    <B>Shares of<BR>
    </B>
</TD>
</TR>
<TR style="font-size: 6pt" valign="bottom" align="center">
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    <B>Principal<BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    <B>Number of<BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    <B>Common<BR>
    </B>
</TD>
</TR>
<TR style="font-size: 6pt" valign="bottom" align="center">
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    <B>Occupation(s)<BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    <B>Portfolios in<BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    <B>Stock<BR>
    </B>
</TD>
</TR>
<TR style="font-size: 6pt" valign="bottom" align="center">
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    <B>During Past Five<BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    <B>Fund<BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    <B>Beneficially<BR>
    </B>
</TD>
</TR>
<TR style="font-size: 6pt" valign="bottom" align="center">
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    <B>Length of<BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    <B>Years or Longer<BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    <B>Complex<SUP style="font-size: 85%; vertical-align: top">(2)<BR>

    </SUP></B>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    <B>Other Directorships<BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    <B>Owned at<BR>
    </B>
</TD>
</TR>
<TR style="font-size: 6pt" valign="bottom" align="center">
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    <B>Position(s)<BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    <B>Time<BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    <B>and Other<BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    <B>Overseen by<BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    <B>Held by Director<BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    <B>March&#160;31,<BR>
    </B>
</TD>
</TR>
<TR style="font-size: 6pt" valign="bottom" align="center">
<TD nowrap align="left" valign="bottom">
<DIV style="border-bottom: 1px solid #000000; width: 1%; padding-bottom: 1px">
    <B>Name,
    Address<SUP style="font-size: 85%; vertical-align: top">(1)</SUP>

    &#038; Age</B>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
<DIV style="border-bottom: 1px solid #000000; width: 1%; padding-bottom: 1px">
    <B>with Fund</B>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
<DIV style="border-bottom: 1px solid #000000; width: 1%; padding-bottom: 1px">
    <B>Served</B>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
<DIV style="border-bottom: 1px solid #000000; width: 1%; padding-bottom: 1px">
    <B>Relevant Qualifications*</B>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
<DIV style="border-bottom: 1px solid #000000; width: 1%; padding-bottom: 1px">
    <B>Director</B>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
<DIV style="border-bottom: 1px solid #000000; width: 1%; padding-bottom: 1px">
    <B>During Past Five
    Years<SUP style="font-size: 85%; vertical-align: top">(3)</SUP></B>

</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
<DIV style="border-bottom: 1px solid #000000; width: 1%; padding-bottom: 1px">
    <B>2010<SUP style="font-size: 85%; vertical-align: top">(4)</SUP></B>

</DIV>
</TD>
</TR>
<TR style="font-size: 6pt" valign="bottom" align="center">
<TD colspan="13" nowrap align="center" valign="bottom">
    <B>Non-Interested Directors</B>
</TD>
</TR>
<TR style="line-height: 3pt; font-size: 1pt">
<TD>&nbsp;
</TD>
</TR>
<!-- TableOutputBody -->
<TR valign="bottom">
<TD align="left" valign="top">
<DIV style="text-indent: -7pt; margin-left: 7pt">
    Ambassador Richard R. Burt, 63
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="top">
    Director
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="top">
    Since<BR>
    2000
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    Managing Director, McLarty Associates (international strategic
    advisory). Formerly, Chairman, Diligence, Inc. (international
    information and risk management firm) (2002-2007); Chairman of
    the Board, Weirton Steel Corp.
    <FONT style="white-space: nowrap">(1996-2004);</FONT>
    Partner, McKinsey &#038; Company (consulting firm)
    <FONT style="white-space: nowrap">(1991-1994);</FONT>
    State Department Chief Negotiator in charge of negotiating the
    Arms Treaty with Russia
    <FONT style="white-space: nowrap">(1989-1991);</FONT>
    U.S. Ambassador to the Federal Republic of Germany (1985-1989).
    Mr. Burt is also Director, IGT, Inc. (gaming technology) (since
    1995), and HCL Technologies Inc. (information technology and
    product engineering) (since 1999) and member, Textron Inc.
    International Advisory Council (aviation, automotive, industrial
    operations and finance) (since 1996).
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="top">
    3
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    Director of The New Germany Fund, Inc. (since 2004) and The
    Central Europe and Russia Fund, Inc. (since
    2000).<SUP style="font-size: 85%; vertical-align: top">(2)</SUP>

    Director, UBS family of mutual funds (since 1995).
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="top">
    10,583
</TD>
</TR>
</TABLE>
<!-- XBRL Pagebreak Begin -->

<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <BR>
    5
</DIV><!-- END PAGE WIDTH -->
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#toc">Table of Contents</A></H5><P>

<DIV style="width: 82%; margin-left: 9%"><!-- BEGIN PAGE WIDTH -->
<!-- XBRL Pagebreak End -->
<!-- XBRL Table Pagebreak -->

<TABLE border="0" width="100%" align="center" cellpadding="0" cellspacing="0" style="font-size: 7pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
<!-- Table Width Row BEGIN -->
<TR style="font-size: 1pt" valign="bottom">
    <TD width="29%">&nbsp;</TD>	<!-- colindex=01 type=maindata -->
    <TD width="1%">&nbsp;</TD>	<!-- colindex=02 type=gutter -->
    <TD width="6%">&nbsp;</TD>	<!-- colindex=02 type=maindata -->
    <TD width="1%">&nbsp;</TD>	<!-- colindex=03 type=gutter -->
    <TD width="6%">&nbsp;</TD>	<!-- colindex=03 type=maindata -->
    <TD width="1%">&nbsp;</TD>	<!-- colindex=04 type=gutter -->
    <TD width="19%">&nbsp;</TD>	<!-- colindex=04 type=maindata -->
    <TD width="1%">&nbsp;</TD>	<!-- colindex=05 type=gutter -->
    <TD width="8%">&nbsp;</TD>	<!-- colindex=05 type=maindata -->
    <TD width="1%">&nbsp;</TD>	<!-- colindex=06 type=gutter -->
    <TD width="19%">&nbsp;</TD>	<!-- colindex=06 type=maindata -->
    <TD width="1%">&nbsp;</TD>	<!-- colindex=07 type=gutter -->
    <TD width="7%">&nbsp;</TD>	<!-- colindex=07 type=maindata -->
</TR>
<!-- Table Width Row END -->
<!-- TableOutputHead -->
<TR style="font-size: 6pt" valign="bottom" align="center">
<TD colspan="13" nowrap align="center" valign="bottom">
    <B>Class&#160;II Directors<BR>
    </B>
</TD>
</TR>
<TR style="font-size: 6pt" valign="bottom" align="center">
<TD colspan="13" nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>(Term will Expire in 2010; Nominees for Term Expiring in
    2013)</B>
</TD>
</TR>
<TR style="font-size: 6pt" valign="bottom" align="center">
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    <B>Shares of<BR>
    </B>
</TD>
</TR>
<TR style="font-size: 6pt" valign="bottom" align="center">
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    <B>Principal<BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    <B>Number of<BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    <B>Common<BR>
    </B>
</TD>
</TR>
<TR style="font-size: 6pt" valign="bottom" align="center">
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    <B>Occupation(s)<BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    <B>Portfolios in<BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    <B>Stock<BR>
    </B>
</TD>
</TR>
<TR style="font-size: 6pt" valign="bottom" align="center">
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    <B>During Past Five<BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    <B>Fund<BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    <B>Beneficially<BR>
    </B>
</TD>
</TR>
<TR style="font-size: 6pt" valign="bottom" align="center">
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    <B>Length of<BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    <B>Years or Longer<BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    <B>Complex<SUP style="font-size: 85%; vertical-align: top">(2)<BR>

    </SUP></B>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    <B>Other Directorships<BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    <B>Owned at<BR>
    </B>
</TD>
</TR>
<TR style="font-size: 6pt" valign="bottom" align="center">
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    <B>Position(s)<BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    <B>Time<BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    <B>and Other<BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    <B>Overseen by<BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    <B>Held by Director<BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    <B>March&#160;31,<BR>
    </B>
</TD>
</TR>
<TR style="font-size: 6pt" valign="bottom" align="center">
<TD nowrap align="left" valign="bottom">
<DIV style="border-bottom: 1px solid #000000; width: 1%; padding-bottom: 1px">
    <B>Name,
    Address<SUP style="font-size: 85%; vertical-align: top">(1)</SUP>

    &#038; Age</B>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
<DIV style="border-bottom: 1px solid #000000; width: 1%; padding-bottom: 1px">
    <B>with Fund</B>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
<DIV style="border-bottom: 1px solid #000000; width: 1%; padding-bottom: 1px">
    <B>Served</B>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
<DIV style="border-bottom: 1px solid #000000; width: 1%; padding-bottom: 1px">
    <B>Relevant Qualifications*</B>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
<DIV style="border-bottom: 1px solid #000000; width: 1%; padding-bottom: 1px">
    <B>Director</B>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
<DIV style="border-bottom: 1px solid #000000; width: 1%; padding-bottom: 1px">
    <B>During Past Five
    Years<SUP style="font-size: 85%; vertical-align: top">(3)</SUP></B>

</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
<DIV style="border-bottom: 1px solid #000000; width: 1%; padding-bottom: 1px">
    <B>2010<SUP style="font-size: 85%; vertical-align: top">(4)</SUP></B>

</DIV>
</TD>
</TR>
<TR style="font-size: 6pt" valign="bottom" align="center">
<TD colspan="13" nowrap align="center" valign="bottom">
    <B>Non-Interested Directors</B>
</TD>
</TR>
<TR style="line-height: 3pt; font-size: 1pt">
<TD>&nbsp;
</TD>
</TR>
<!-- TableOutputBody -->
<TR valign="bottom">
<TD align="left" valign="top">
<DIV style="text-indent: -7pt; margin-left: 7pt">
    Dr.&#160;Friedbert H. Malt, 68
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="top">
    Director
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="top">
    Since<BR>
    2007
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    Vice Chairman and Member of the Executive Committee of NOL
    Neptune Orient Lines Ltd., Singapore (&#147;NOL&#148;) (since
    2002). He currently is also a Director of NOL (since 2000) and
    T&#220;V Rheinland of North America, Inc., a company offering
    independent testing and assessment services. Formerly,
    Dr.&#160;Malt was a Member of the Executive Board of DG Bank
    (now DZ Bank), Frankfurt (until 2001).
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="top">
    3
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    Director of The New Germany Fund, Inc. (since 2007) and The
    Central Europe and Russia Fund, Inc. (since
    2007).<SUP style="font-size: 85%; vertical-align: top">(2)</SUP>

</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="top">
    None
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="top">
<DIV style="text-indent: -7pt; margin-left: 7pt">
    Joachim Wagner, 63
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="top">
    Director
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="top">
    Since<BR>
    2009
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    Chief Financial Officer, RAG Beteiligungs AG/Evonik Industries
    AG, Germany (mining holding company) (2006-2009). Formerly,
    Chief Financial Officer, Degussa AG, Germany (chemical
    manufacturer) (2001-2006). Mr.&#160;Wagner is also a member of
    the Supervisory Board of a German retail bank and a member of
    the advisory board of a private German bank, and Treasurer of a
    Frankfurt-based scientific and technical society.
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="top">
    2
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    Director of The New Germany Fund, Inc. (since
    2009).<SUP style="font-size: 85%; vertical-align: top">(2)</SUP>

</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="top">
    None
</TD>
</TR>
<TR valign="bottom">
<TD colspan="13" align="center" valign="top">
<DIV style="text-indent: -7pt; margin-left: 7pt">
    <B>Interested
    Director<SUP style="font-size: 85%; vertical-align: top">(4)</SUP></B>

</DIV>
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="top">
<DIV style="text-indent: -7pt; margin-left: 7pt">
    John Bult, 74
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="top">
    Director
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="top">
    Since<BR>
    1986
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    Chairman, PaineWebber International (financial services holding
    company) (since 1985). Mr. Bult has many years of experience in
    the securities industry.
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="top">
    3
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    Director of The New Germany Fund, Inc. (since 1990) and The
    Central Europe and Russia Fund, Inc. (since
    1990).<SUP style="font-size: 85%; vertical-align: top">(2)</SUP>

    Director of The Greater China Fund, Inc. (closed-end fund)
    (since 1992).
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="top">
    3,784
</TD>
</TR>
</TABLE>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">

</DIV>
<!-- XBRL Pagebreak Begin -->

<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    6
</DIV><!-- END PAGE WIDTH -->
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#toc">Table of Contents</A></H5><P>

<DIV style="width: 82%; margin-left: 9%"><!-- BEGIN PAGE WIDTH -->
<!-- XBRL Pagebreak End -->

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">Directors
    whose terms will continue:</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<TABLE border="0" width="100%" align="center" cellpadding="0" cellspacing="0" style="font-size: 7pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
<!-- Table Width Row BEGIN -->
<TR style="font-size: 1pt" valign="bottom">
    <TD width="25%">&nbsp;</TD>	<!-- colindex=01 type=maindata -->
    <TD width="1%">&nbsp;</TD>	<!-- colindex=02 type=gutter -->
    <TD width="7%">&nbsp;</TD>	<!-- colindex=02 type=maindata -->
    <TD width="1%">&nbsp;</TD>	<!-- colindex=03 type=gutter -->
    <TD width="7%">&nbsp;</TD>	<!-- colindex=03 type=maindata -->
    <TD width="1%">&nbsp;</TD>	<!-- colindex=04 type=gutter -->
    <TD width="19%">&nbsp;</TD>	<!-- colindex=04 type=maindata -->
    <TD width="1%">&nbsp;</TD>	<!-- colindex=05 type=gutter -->
    <TD width="9%">&nbsp;</TD>	<!-- colindex=05 type=maindata -->
    <TD width="1%">&nbsp;</TD>	<!-- colindex=06 type=gutter -->
    <TD width="19%">&nbsp;</TD>	<!-- colindex=06 type=maindata -->
    <TD width="1%">&nbsp;</TD>	<!-- colindex=07 type=gutter -->
    <TD width="8%">&nbsp;</TD>	<!-- colindex=07 type=maindata -->
</TR>
<!-- Table Width Row END -->
<!-- TableOutputHead -->
<TR style="font-size: 7pt" valign="bottom" align="center">
<TD colspan="13" nowrap align="center" valign="bottom">
    <B>Class I Directors<BR>
    </B>
</TD>
</TR>
<TR style="font-size: 7pt" valign="bottom" align="center">
<TD colspan="13" nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>(Term will Expire in 2012)</B>
</TD>
</TR>
<TR style="font-size: 7pt" valign="bottom" align="center">
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    <B>Shares of<BR>
    </B>
</TD>
</TR>
<TR style="font-size: 7pt" valign="bottom" align="center">
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    <B>Principal<BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    <B>Number of<BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    <B>Common<BR>
    </B>
</TD>
</TR>
<TR style="font-size: 7pt" valign="bottom" align="center">
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    <B>Occupation(s)<BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    <B>Portfolios in<BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    <B>Stock<BR>
    </B>
</TD>
</TR>
<TR style="font-size: 7pt" valign="bottom" align="center">
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    <B>During Past Five<BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    <B>Fund<BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    <B>Beneficially<BR>
    </B>
</TD>
</TR>
<TR style="font-size: 7pt" valign="bottom" align="center">
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    <B>Length of<BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    <B>Years or Longer<BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    <B>Complex<SUP style="font-size: 85%; vertical-align: top">(2)<BR>

    </SUP></B>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    <B>Other Directorships<BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    <B>Owned at<BR>
    </B>
</TD>
</TR>
<TR style="font-size: 7pt" valign="bottom" align="center">
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    <B>Position(s)<BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    <B>Time<BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    <B>and Other<BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    <B>Overseen by<BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    <B>Held by Director <BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    <B>March&#160;31,<BR>
    </B>
</TD>
</TR>
<TR style="font-size: 7pt" valign="bottom" align="center">
<TD nowrap align="left" valign="bottom">
<DIV style="border-bottom: 1px solid #000000; width: 1%; padding-bottom: 1px">
    <B>Name,
    Address<SUP style="font-size: 85%; vertical-align: top">(1)</SUP>

    &#038; Age</B>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
<DIV style="border-bottom: 1px solid #000000; width: 1%; padding-bottom: 1px">
    <B>with Fund</B>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
<DIV style="border-bottom: 1px solid #000000; width: 1%; padding-bottom: 1px">
    <B>Served</B>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
<DIV style="border-bottom: 1px solid #000000; width: 1%; padding-bottom: 1px">
    <B>Relevant Qualifications*</B>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
<DIV style="border-bottom: 1px solid #000000; width: 1%; padding-bottom: 1px">
    <B>Director</B>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
<DIV style="border-bottom: 1px solid #000000; width: 1%; padding-bottom: 1px">
    <B>During Past Five
    Years<SUP style="font-size: 85%; vertical-align: top">(3)</SUP></B>

</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
<DIV style="border-bottom: 1px solid #000000; width: 1%; padding-bottom: 1px">
    <B>2010<SUP style="font-size: 85%; vertical-align: top">(4)</SUP></B>

</DIV>
</TD>
</TR>
<TR style="font-size: 7pt" valign="bottom" align="center">
<TD colspan="13" nowrap align="center" valign="bottom">
    <B>Non-Interested Directors</B>
</TD>
</TR>
<TR style="line-height: 3pt; font-size: 1pt">
<TD>&nbsp;
</TD>
</TR>
<!-- TableOutputBody -->
<TR valign="bottom">
<TD align="left" valign="top">
<DIV style="text-indent: -7pt; margin-left: 7pt">
    Detlef Bierbaum, 67
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="top">
    Director
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="top">
    Since<BR>
    1986
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    Vice Chairman of the Supervisory Board of Oppenheim KAG GmbH
    (asset management) and a member of the Supervisory Board of Bank
    Sal. Oppenheim Jr. &#038; Cie. (&#246;sterreich) AG (private
    bank) for more than five years. Mr. Bierbaum also serves as a
    member of the Board or Supervisory Board of a number of non-U.S.
    investment companies and of companies in diverse businesses
    including insurance, reinsurance, real estate, and retailing. He
    is a former member of the Supervisory Board of Sal. Oppenheim
    Jr. &#038; Cie KGaA (private bank) (2008 to March 2010) and was
    formerly a partner of that firm. He is also a former member of
    the Supervisory Board of DWS Investment GmbH (asset management)
    (2005-2008).
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="top">
    3
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    Director of The New Germany Fund, Inc. (since 2008) and The
    Central Europe and Russia Fund, Inc. (since
    1990).<SUP style="font-size: 85%; vertical-align: top">(2)</SUP>

</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="top">
    None
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="top">
<DIV style="text-indent: -7pt; margin-left: 7pt">
    John H. Cannon, 68
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="top">
    Director
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="top">
    Since<BR>
    2004
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    Consultant (since 2002). Formerly, Vice President and Treasurer,
    Venator Group/Footlocker, Inc. (footwear retailer) (1982-2002).
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="top">
    3
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    Director of The Central Europe and Russia Fund, Inc. (since
    2004) and The New Germany Fund, Inc. (since
    1990).<SUP style="font-size: 85%; vertical-align: top">(2)</SUP>

</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="top">
    1,372
</TD>
</TR>
</TABLE>
<!-- XBRL Pagebreak Begin -->

<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <BR>
    7
</DIV><!-- END PAGE WIDTH -->
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#toc">Table of Contents</A></H5><P>

<DIV style="width: 82%; margin-left: 9%"><!-- BEGIN PAGE WIDTH -->
<!-- XBRL Pagebreak End -->
<!-- XBRL Table Pagebreak -->

<TABLE border="0" width="100%" align="center" cellpadding="0" cellspacing="0" style="font-size: 7pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
<!-- Table Width Row BEGIN -->
<TR style="font-size: 1pt" valign="bottom">
    <TD width="25%">&nbsp;</TD>	<!-- colindex=01 type=maindata -->
    <TD width="1%">&nbsp;</TD>	<!-- colindex=02 type=gutter -->
    <TD width="7%">&nbsp;</TD>	<!-- colindex=02 type=maindata -->
    <TD width="1%">&nbsp;</TD>	<!-- colindex=03 type=gutter -->
    <TD width="7%">&nbsp;</TD>	<!-- colindex=03 type=maindata -->
    <TD width="1%">&nbsp;</TD>	<!-- colindex=04 type=gutter -->
    <TD width="19%">&nbsp;</TD>	<!-- colindex=04 type=maindata -->
    <TD width="1%">&nbsp;</TD>	<!-- colindex=05 type=gutter -->
    <TD width="9%">&nbsp;</TD>	<!-- colindex=05 type=maindata -->
    <TD width="1%">&nbsp;</TD>	<!-- colindex=06 type=gutter -->
    <TD width="19%">&nbsp;</TD>	<!-- colindex=06 type=maindata -->
    <TD width="1%">&nbsp;</TD>	<!-- colindex=07 type=gutter -->
    <TD width="8%">&nbsp;</TD>	<!-- colindex=07 type=maindata -->
</TR>
<!-- Table Width Row END -->
<!-- TableOutputHead -->
<TR style="font-size: 7pt" valign="bottom" align="center">
<TD colspan="13" nowrap align="center" valign="bottom">
    <B>Class I Directors<BR>
    </B>
</TD>
</TR>
<TR style="font-size: 7pt" valign="bottom" align="center">
<TD colspan="13" nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>(Term will Expire in 2012)</B>
</TD>
</TR>
<TR style="font-size: 7pt" valign="bottom" align="center">
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    <B>Shares of<BR>
    </B>
</TD>
</TR>
<TR style="font-size: 7pt" valign="bottom" align="center">
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    <B>Principal<BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    <B>Number of<BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    <B>Common<BR>
    </B>
</TD>
</TR>
<TR style="font-size: 7pt" valign="bottom" align="center">
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    <B>Occupation(s)<BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    <B>Portfolios in<BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    <B>Stock<BR>
    </B>
</TD>
</TR>
<TR style="font-size: 7pt" valign="bottom" align="center">
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    <B>During Past Five<BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    <B>Fund<BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    <B>Beneficially<BR>
    </B>
</TD>
</TR>
<TR style="font-size: 7pt" valign="bottom" align="center">
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    <B>Length of<BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    <B>Years or Longer<BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    <B>Complex<SUP style="font-size: 85%; vertical-align: top">(2)<BR>

    </SUP></B>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    <B>Other Directorships<BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    <B>Owned at<BR>
    </B>
</TD>
</TR>
<TR style="font-size: 7pt" valign="bottom" align="center">
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    <B>Position(s)<BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    <B>Time<BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    <B>and Other<BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    <B>Overseen by<BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    <B>Held by Director <BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    <B>March&#160;31,<BR>
    </B>
</TD>
</TR>
<TR style="font-size: 7pt" valign="bottom" align="center">
<TD nowrap align="left" valign="bottom">
<DIV style="border-bottom: 1px solid #000000; width: 1%; padding-bottom: 1px">
    <B>Name,
    Address<SUP style="font-size: 85%; vertical-align: top">(1)</SUP>

    &#038; Age</B>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
<DIV style="border-bottom: 1px solid #000000; width: 1%; padding-bottom: 1px">
    <B>with Fund</B>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
<DIV style="border-bottom: 1px solid #000000; width: 1%; padding-bottom: 1px">
    <B>Served</B>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
<DIV style="border-bottom: 1px solid #000000; width: 1%; padding-bottom: 1px">
    <B>Relevant Qualifications*</B>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
<DIV style="border-bottom: 1px solid #000000; width: 1%; padding-bottom: 1px">
    <B>Director</B>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
<DIV style="border-bottom: 1px solid #000000; width: 1%; padding-bottom: 1px">
    <B>During Past Five
    Years<SUP style="font-size: 85%; vertical-align: top">(3)</SUP></B>

</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
<DIV style="border-bottom: 1px solid #000000; width: 1%; padding-bottom: 1px">
    <B>2010<SUP style="font-size: 85%; vertical-align: top">(4)</SUP></B>

</DIV>
</TD>
</TR>
<TR style="font-size: 7pt" valign="bottom" align="center">
<TD colspan="13" nowrap align="center" valign="bottom">
    <B>Non-Interested Directors</B>
</TD>
</TR>
<TR style="line-height: 3pt; font-size: 1pt">
<TD>&nbsp;
</TD>
</TR>
<!-- TableOutputBody -->
<TR valign="bottom">
<TD align="left" valign="top">
<DIV style="text-indent: -7pt; margin-left: 7pt">
    Richard Karl Goeltz, 67
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="top">
    Director
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="top">
    Since<BR>
    2008
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    Retired. Formerly, Vice Chairman and Chief Financial Officer of
    American Express Co. (financial services) (1996-2000) and
    previously served as chief financial officer of two other major
    multi-national corporations. Mr. Goeltz is also a member of the
    Court of Governors of the London School of Economics and
    Political Science, Trustee of the American Academy in Berlin and
    of other charitable organizations.
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="top">
    3
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    Director of The Central Europe and Russia Fund, Inc. (since
    2008) and The New Germany Fund, Inc. (since
    1990).<SUP style="font-size: 85%; vertical-align: top">(2)</SUP>

    Independent Non-Executive Director of Aviva plc (financial
    services) and The Warnaco Group, Inc. (apparel). Formerly
    director of Federal Home Loan Mortgage Corporation and Delta Air
    Lines, Inc. (air transport).
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="top">
    None
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="top">
<DIV style="text-indent: -7pt; margin-left: 7pt">
    Robert H. Wadsworth, 70
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="top">
    Director
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="top">
    Since<BR>
    1986
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    President, Robert H. Wadsworth Associates, Inc. (consulting
    firm) (1983 to present). Mr. Wadsworth also has experience as an
    owner and chief executive officer of various businesses serving
    the mutual fund industry, including a registered broker-dealer
    and a registered transfer agent, and has served as a senior
    executive officer of several mutual funds.
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="top">
    129<SUP style="font-size: 85%; vertical-align: top">(5)</SUP>

</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    Director of The Central Europe and Russia Fund, Inc. (since
    1990) and The New Germany Fund, Inc. (since
    1992),<SUP style="font-size: 85%; vertical-align: top">(2)</SUP>

    as well as other funds in the Fund Complex as
    indicated.<SUP style="font-size: 85%; vertical-align: top">(5)</SUP>

</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="top">
    5,204
</TD>
</TR>
</TABLE>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">

</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>
<!-- XBRL Pagebreak Begin -->

<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    8
</DIV><!-- END PAGE WIDTH -->
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#toc">Table of Contents</A></H5><P>

<DIV style="width: 82%; margin-left: 9%"><!-- BEGIN PAGE WIDTH -->
<!-- XBRL Pagebreak End -->

<TABLE border="0" width="100%" align="center" cellpadding="0" cellspacing="0" style="font-size: 7pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
<!-- Table Width Row BEGIN -->
<TR style="font-size: 1pt" valign="bottom">
    <TD width="24%">&nbsp;</TD>	<!-- colindex=01 type=maindata -->
    <TD width="1%">&nbsp;</TD>	<!-- colindex=02 type=gutter -->
    <TD width="10%">&nbsp;</TD>	<!-- colindex=02 type=maindata -->
    <TD width="1%">&nbsp;</TD>	<!-- colindex=03 type=gutter -->
    <TD width="7%">&nbsp;</TD>	<!-- colindex=03 type=maindata -->
    <TD width="1%">&nbsp;</TD>	<!-- colindex=04 type=gutter -->
    <TD width="18%">&nbsp;</TD>	<!-- colindex=04 type=maindata -->
    <TD width="1%">&nbsp;</TD>	<!-- colindex=05 type=gutter -->
    <TD width="9%">&nbsp;</TD>	<!-- colindex=05 type=maindata -->
    <TD width="1%">&nbsp;</TD>	<!-- colindex=06 type=gutter -->
    <TD width="18%">&nbsp;</TD>	<!-- colindex=06 type=maindata -->
    <TD width="1%">&nbsp;</TD>	<!-- colindex=07 type=gutter -->
    <TD width="8%">&nbsp;</TD>	<!-- colindex=07 type=maindata -->
</TR>
<!-- Table Width Row END -->
<!-- TableOutputHead -->
<TR style="font-size: 7pt" valign="bottom" align="center">
<TD colspan="13" nowrap align="center" valign="bottom">
    <B>Class III Directors<BR>
    </B>
</TD>
</TR>
<TR style="font-size: 7pt" valign="bottom" align="center">
<TD colspan="13" nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>(Term will Expire in 2011)</B>
</TD>
</TR>
<TR style="font-size: 7pt" valign="bottom" align="center">
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    <B>Shares of<BR>
    </B>
</TD>
</TR>
<TR style="font-size: 7pt" valign="bottom" align="center">
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    <B>Number of<BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    <B>Common<BR>
    </B>
</TD>
</TR>
<TR style="font-size: 7pt" valign="bottom" align="center">
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    <B>Principal Occupation(s)<BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    <B>Portfolios in<BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    <B>Stock<BR>
    </B>
</TD>
</TR>
<TR style="font-size: 7pt" valign="bottom" align="center">
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    <B>During Past<BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    <B>Fund<BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    <B>Beneficially<BR>
    </B>
</TD>
</TR>
<TR style="font-size: 7pt" valign="bottom" align="center">
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    <B>Length of<BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    <B>Five Years or Longer<BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    <B>Complex<SUP style="font-size: 85%; vertical-align: top">(2)<BR>

    </SUP></B>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    <B>Other Directorships<BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    <B>Owned at<BR>
    </B>
</TD>
</TR>
<TR style="font-size: 7pt" valign="bottom" align="center">
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    <B>Position(s)<BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    <B>Time<BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    <B>and Other<BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    <B>Overseen by<BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    <B>Held by Director<BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    <B>March&#160;31,<BR>
    </B>
</TD>
</TR>
<TR style="font-size: 7pt" valign="bottom" align="center">
<TD nowrap align="left" valign="bottom">
<DIV style="border-bottom: 1px solid #000000; width: 1%; padding-bottom: 1px">
    <B>Name,
    Address<SUP style="font-size: 85%; vertical-align: top">(1)</SUP>

    &#038; Age</B>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
<DIV style="border-bottom: 1px solid #000000; width: 1%; padding-bottom: 1px">
    <B>with Fund</B>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
<DIV style="border-bottom: 1px solid #000000; width: 1%; padding-bottom: 1px">
    <B>Served</B>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
<DIV style="border-bottom: 1px solid #000000; width: 1%; padding-bottom: 1px">
    <B>Relevant Qualifications*</B>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
<DIV style="border-bottom: 1px solid #000000; width: 1%; padding-bottom: 1px">
    <B>Director</B>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
<DIV style="border-bottom: 1px solid #000000; width: 1%; padding-bottom: 1px">
    <B>During Past Five
    Years<SUP style="font-size: 85%; vertical-align: top">(3)</SUP></B>

</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
<DIV style="border-bottom: 1px solid #000000; width: 1%; padding-bottom: 1px">
    <B>2010<SUP style="font-size: 85%; vertical-align: top">(4)</SUP></B>

</DIV>
</TD>
</TR>
<TR style="font-size: 7pt" valign="bottom" align="center">
<TD colspan="13" nowrap align="center" valign="bottom">
    <B>Non-Interested Directors</B>
</TD>
</TR>
<TR style="line-height: 3pt; font-size: 1pt">
<TD>&nbsp;
</TD>
</TR>
<!-- TableOutputBody -->
<TR valign="bottom">
<TD align="left" valign="top">
<DIV style="text-indent: -7pt; margin-left: 7pt">
    Dr.&#160;Franz Wilhelm Hopp, 67
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="top">
    Director
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="top">
    Since 2008
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    Member of the Board of Management of KarstadtQuelle Pension
    Trust e.V. (February 2007-September 2009). Former Member of the
    Boards of Management of ERGO Insurance Group AG, ERGO Europa
    Beteiligungsgesellschaft AG, and ERGO International AG
    (insurance) (over five years until 2004). Former Member of the
    Boards of Management of VICTORIA Holding, VICTORIA
    Lebensversicherung AG (life insurance), VICTORIA Versicherung AG
    (insurance), VICTORIA International, VICTORIA
    R&#252;ckversicherung AG (reinsurance) and D.A.S.
    Versicherungs-AG. (insurance).
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="top">
    3
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    Director of The New&#160;Germany Fund, Inc. (since 1993) and The
    Central Europe and Russia Fund, Inc. (since
    2008).<SUP style="font-size: 85%; vertical-align: top">(2)</SUP>

</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="top">
    None
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="top">
<DIV style="text-indent: -7pt; margin-left: 7pt">
    Werner Walbr&#246;l, 72
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="top">
    Director
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="top">
    Since 1986
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    Delegate for North American Humboltt Universitat (Berlin).
    Formerly, President and Chief Executive Officer, The European
    American Chamber of Commerce, Inc. (2004-2008); President and
    Chief Executive Officer, The German American Chamber of
    Commerce, Inc. (until 2003). Mr. Walbr&#246;l is also a Director
    of The German American Chamber of Commerce, Inc. President and
    Director, German-American Partnership Program (student exchange
    programs), and a Director of an independent testing and
    assessment company.
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="top">
    3
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    Director of The New&#160;Germany Fund, Inc. (since 1990) and The
    Central Europe and Russia Fund, Inc. (since
    1990).<SUP style="font-size: 85%; vertical-align: top">(2)</SUP>

</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="top">
    5,863
</TD>
</TR>
</TABLE>
<!-- XBRL Pagebreak Begin -->

<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    9
</DIV><!-- END PAGE WIDTH -->
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#toc">Table of Contents</A></H5><P>

<DIV style="width: 82%; margin-left: 9%"><!-- BEGIN PAGE WIDTH -->
<!-- XBRL Pagebreak End -->
<!-- XBRL Table Pagebreak -->

<TABLE border="0" width="100%" align="center" cellpadding="0" cellspacing="0" style="font-size: 7pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
<!-- Table Width Row BEGIN -->
<TR style="font-size: 1pt" valign="bottom">
    <TD width="24%">&nbsp;</TD>	<!-- colindex=01 type=maindata -->
    <TD width="1%">&nbsp;</TD>	<!-- colindex=02 type=gutter -->
    <TD width="10%">&nbsp;</TD>	<!-- colindex=02 type=maindata -->
    <TD width="1%">&nbsp;</TD>	<!-- colindex=03 type=gutter -->
    <TD width="7%">&nbsp;</TD>	<!-- colindex=03 type=maindata -->
    <TD width="1%">&nbsp;</TD>	<!-- colindex=04 type=gutter -->
    <TD width="18%">&nbsp;</TD>	<!-- colindex=04 type=maindata -->
    <TD width="1%">&nbsp;</TD>	<!-- colindex=05 type=gutter -->
    <TD width="9%">&nbsp;</TD>	<!-- colindex=05 type=maindata -->
    <TD width="1%">&nbsp;</TD>	<!-- colindex=06 type=gutter -->
    <TD width="18%">&nbsp;</TD>	<!-- colindex=06 type=maindata -->
    <TD width="1%">&nbsp;</TD>	<!-- colindex=07 type=gutter -->
    <TD width="8%">&nbsp;</TD>	<!-- colindex=07 type=maindata -->
</TR>
<!-- Table Width Row END -->
<!-- TableOutputHead -->
<TR style="font-size: 7pt" valign="bottom" align="center">
<TD colspan="13" nowrap align="center" valign="bottom">
    <B>Class III Directors<BR>
    </B>
</TD>
</TR>
<TR style="font-size: 7pt" valign="bottom" align="center">
<TD colspan="13" nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>(Term will Expire in 2011)</B>
</TD>
</TR>
<TR style="font-size: 7pt" valign="bottom" align="center">
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    <B>Shares of<BR>
    </B>
</TD>
</TR>
<TR style="font-size: 7pt" valign="bottom" align="center">
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    <B>Number of<BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    <B>Common<BR>
    </B>
</TD>
</TR>
<TR style="font-size: 7pt" valign="bottom" align="center">
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    <B>Principal Occupation(s)<BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    <B>Portfolios in<BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    <B>Stock<BR>
    </B>
</TD>
</TR>
<TR style="font-size: 7pt" valign="bottom" align="center">
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    <B>During Past<BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    <B>Fund<BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    <B>Beneficially<BR>
    </B>
</TD>
</TR>
<TR style="font-size: 7pt" valign="bottom" align="center">
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    <B>Length of<BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    <B>Five Years or Longer<BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    <B>Complex<SUP style="font-size: 85%; vertical-align: top">(2)<BR>

    </SUP></B>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    <B>Other Directorships<BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    <B>Owned at<BR>
    </B>
</TD>
</TR>
<TR style="font-size: 7pt" valign="bottom" align="center">
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    <B>Position(s)<BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    <B>Time<BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    <B>and Other<BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    <B>Overseen by<BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    <B>Held by Director<BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    <B>March&#160;31,<BR>
    </B>
</TD>
</TR>
<TR style="font-size: 7pt" valign="bottom" align="center">
<TD nowrap align="left" valign="bottom">
<DIV style="border-bottom: 1px solid #000000; width: 1%; padding-bottom: 1px">
    <B>Name,
    Address<SUP style="font-size: 85%; vertical-align: top">(1)</SUP>

    &#038; Age</B>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
<DIV style="border-bottom: 1px solid #000000; width: 1%; padding-bottom: 1px">
    <B>with Fund</B>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
<DIV style="border-bottom: 1px solid #000000; width: 1%; padding-bottom: 1px">
    <B>Served</B>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
<DIV style="border-bottom: 1px solid #000000; width: 1%; padding-bottom: 1px">
    <B>Relevant Qualifications*</B>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
<DIV style="border-bottom: 1px solid #000000; width: 1%; padding-bottom: 1px">
    <B>Director</B>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
<DIV style="border-bottom: 1px solid #000000; width: 1%; padding-bottom: 1px">
    <B>During Past Five
    Years<SUP style="font-size: 85%; vertical-align: top">(3)</SUP></B>

</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
<DIV style="border-bottom: 1px solid #000000; width: 1%; padding-bottom: 1px">
    <B>2010<SUP style="font-size: 85%; vertical-align: top">(4)</SUP></B>

</DIV>
</TD>
</TR>
<TR style="line-height: 3pt; font-size: 1pt">
<TD>&nbsp;
</TD>
</TR>
<!-- TableOutputBody -->
<TR valign="bottom">
<TD colspan="13" align="center" valign="top">
<DIV style="text-indent: -7pt; margin-left: 7pt">
    <B>Interested
    Director</B><SUP style="font-size: 85%; vertical-align: top">(4)</SUP>

</DIV>
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="top">
<DIV style="text-indent: -7pt; margin-left: 7pt">
    Christian H. Strenger, 66
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="top">
    Director<BR>
    and Chairman
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="top">
    Since 1986
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    Member of Supervisory Board (since 1999) and formerly Managing
    Director (1991-1999) of DWS Investment GmbH (investment
    management), a subsidiary of Deutsche Bank AG. Mr. Strenger is
    also Member, Supervisory Board, Evonik Industries AG (chemical,
    utility and property business), Fraport AG (international
    airport business) and Hermes Equity Ownership Services Ltd.
    (governance advisory).
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="top">
    3
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    Director of The Central Europe and Russia Fund, Inc. (since
    1990) and The New Germany Fund, Inc. (since
    1990).<SUP style="font-size: 85%; vertical-align: top">(2)</SUP>

</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="top">
    None
</TD>
</TR>
</TABLE>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">

</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV style="font-size: 1pt; margin-left: 0%; width: 15%;  align: left; border-bottom: 1pt solid #000000"></DIV>

<DIV style="margin-top: 3pt; font-size: 1pt">&nbsp;</DIV>



<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">

<TR>
    <TD width="1%"></TD>
    <TD width="1%"></TD>
    <TD width="98%"></TD>
</TR>

<TR>
    <TD valign="top">
    * </TD>
    <TD></TD>
    <TD valign="bottom">
    The information above includes each Director&#146;s principal
    occupation during the last five years and other information
    relating to the experience, attributes and skills relevant to
    each Director&#146;s qualifications to serve as a Director,
    which led (together with the Director&#146;s current and prior
    experience as a Director of other SEC reporting companies, if
    any, as indicated elsewhere in the table) to the conclusion that
    each Director should serve as a Director for the Fund.</TD>
</TR>

</TABLE>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>
<!-- XBRL Pagebreak Begin -->

<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    10
</DIV><!-- END PAGE WIDTH -->
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#toc">Table of Contents</A></H5><P>

<DIV style="width: 82%; margin-left: 9%"><!-- BEGIN PAGE WIDTH -->
<!-- XBRL Pagebreak End -->

<TABLE border="0" width="100%" align="center" cellpadding="0" cellspacing="0" style="font-size: 8pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
<!-- Table Width Row BEGIN -->
<TR style="font-size: 1pt" valign="bottom">
    <TD width="23%">&nbsp;</TD>	<!-- colindex=01 type=maindata -->
    <TD width="2%">&nbsp;</TD>	<!-- colindex=02 type=gutter -->
    <TD width="16%">&nbsp;</TD>	<!-- colindex=02 type=maindata -->
    <TD width="3%">&nbsp;</TD>	<!-- colindex=03 type=gutter -->
    <TD width="9%">&nbsp;</TD>	<!-- colindex=03 type=maindata -->
    <TD width="3%">&nbsp;</TD>	<!-- colindex=04 type=gutter -->
    <TD width="31%">&nbsp;</TD>	<!-- colindex=04 type=maindata -->
    <TD width="3%">&nbsp;</TD>	<!-- colindex=05 type=gutter -->
    <TD width="10%">&nbsp;</TD>	<!-- colindex=05 type=maindata -->
</TR>
<!-- Table Width Row END -->
<!-- TableOutputHead -->
<TR style="font-size: 8pt" valign="bottom" align="center">
<TD colspan="9" align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>Executive
    Officers<SUP style="font-size: 85%; vertical-align: top">(6)</SUP></B>

</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom" align="center">
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    <B>Shares of<BR>
    </B>
</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom" align="center">
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    <B>Common<BR>
    </B>
</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom" align="center">
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    <B>Stock<BR>
    </B>
</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom" align="center">
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    <B>Beneficially<BR>
    </B>
</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom" align="center">
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    <B>Length of<BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    <B>Principal Occupation(s)<BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    <B>Owned at<BR>
    </B>
</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom" align="center">
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    <B>Position(s)<BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    <B>Time<BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    <B>During Past<BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    <B>March&#160;31,<BR>
    </B>
</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom" align="center">
<TD nowrap align="left" valign="bottom">
<DIV style="border-bottom: 1px solid #000000; width: 1%; padding-bottom: 1px">
    <B>Name,
    Address<SUP style="font-size: 85%; vertical-align: top">(1)</SUP>

    &#038; Age</B>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
<DIV style="border-bottom: 1px solid #000000; width: 1%; padding-bottom: 1px">
    <B>with Fund</B>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
<DIV style="border-bottom: 1px solid #000000; width: 1%; padding-bottom: 1px">
    <B>Served</B>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
<DIV style="border-bottom: 1px solid #000000; width: 1%; padding-bottom: 1px">
    <B>Five Years or Longer</B>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
<DIV style="border-bottom: 1px solid #000000; width: 1%; padding-bottom: 1px">
    <B>2010<SUP style="font-size: 85%; vertical-align: top">(4)</SUP></B>

</DIV>
</TD>
</TR>
<TR style="line-height: 3pt; font-size: 1pt">
<TD>&nbsp;
</TD>
</TR>
<!-- TableOutputBody -->
<TR valign="bottom">
<TD align="left" valign="top">
<DIV style="text-indent: -8pt; margin-left: 8pt">
    Michael G. Clark,
    44<SUP style="font-size: 85%; vertical-align: top">(7)</SUP>

</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    President and<BR>
    Chief Executive<BR>
    Officer
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="top">
    Since 2006
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    Managing Director, Deutsche Asset Management (since 2006);
    President of DWS family of funds; formerly, Director of Fund
    Board Relations (2004-2006) and Director of Product Development,
    Merrill Lynch Investment Managers
    <FONT style="white-space: nowrap">(2000-2004).</FONT>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="top">
    None
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="top">
<DIV style="text-indent: -8pt; margin-left: 8pt">
    Paul H. Schubert,
    47<SUP style="font-size: 85%; vertical-align: top">(7)</SUP>

</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    Treasurer and<BR>
    Chief Financial<BR>
    Officer
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="top">
    Since 2004
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    Managing Director, Deutsche Asset Management (since 2004).
    Formerly, Executive Director, Head of Mutual Fund Services and
    Treasurer for UBS Family of Funds at UBS Global Asset Management
    <FONT style="white-space: nowrap">(1998-2004).</FONT>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="top">
    None
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="top">
<DIV style="text-indent: -8pt; margin-left: 8pt">
    David Goldman,
    36<SUP style="font-size: 85%; vertical-align: top">(7)</SUP>

</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="top">
    Secretary
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="top">
    Since 2006
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    Director, Deutsche Asset Management (since 2008). Formerly, Vice
    President, Deutsche Asset Management (2002&#150;2008).
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="top">
    None
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="top">
<DIV style="text-indent: -8pt; margin-left: 8pt">
    John Millette,
    47<SUP style="font-size: 85%; vertical-align: top">(7)</SUP>

</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="top">
    Assistant<BR>
    Secretary
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="top">
    Since 2006
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    Director, Deutsche Asset Management (since 2002).
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="top">
    None
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="top">
<DIV style="text-indent: -8pt; margin-left: 8pt">
    Rita Rubin, 39
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="top">
    Chief Legal<BR>
    Officer
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="top">
    Since 2008
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    Vice President and Counsel, Deutsche Asset Management (since
    2007). Formerly, Vice President, Morgan Stanley Investment
    Management Inc.
    <FONT style="white-space: nowrap">(2004-2007).</FONT>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="top">
    None
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="top">
<DIV style="text-indent: -8pt; margin-left: 8pt">
    Alexis Kuchinsky, 34
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    Chief Compliance <BR>
    Officer
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="top">
    Since 2009
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    Vice President, Deutsche Asset Management (since 2002); Head of
    Compliance Program Oversight of Deutsche Asset Management.
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="top">
    None
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="top">
<DIV style="text-indent: -8pt; margin-left: 8pt">
    John Caruso, 45
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    Anti-Money <BR>
    Laundering <BR>
    Compliance Officer
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="top">
    Since 2010
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    Managing Director, Deutsche Asset Management.
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="top">
    None
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="top">
<DIV style="text-indent: -8pt; margin-left: 8pt">
    Rainer Vermehren, 42
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="top">
    Vice President
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="top">
    Since 2010
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    Director, DWS Investment GmbH (since 2007). Fund Manager, DWS
    Investment GmbH (since 1997).
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="top">
    None
</TD>
</TR>
</TABLE>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">

</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV style="font-size: 1pt; margin-left: 0%; width: 15%;  align: left; border-bottom: 1pt solid #000000"></DIV>

<DIV style="margin-top: 3pt; font-size: 1pt">&nbsp;</DIV>



<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">

<TR>
    <TD width="2%"></TD>
    <TD width="1%"></TD>
    <TD width="97%"></TD>
</TR>

<TR>
    <TD align="right" valign="top">
    (1) </TD>
    <TD></TD>
    <TD valign="bottom">
    The mailing address of all directors and officers with respect
    to Fund operations is
    <FONT style="white-space: nowrap">c/o&#160;Deutsche</FONT>
    Investment Management Americas Inc., 345 Park Avenue,
    NYC20-2799, New York, New York 10154.</TD>
</TR>


<TR style="line-height: 3pt; font-size: 1pt"><TD>&nbsp;</TD></TR>

<TR>
    <TD align="right" valign="top">
    (2) </TD>
    <TD></TD>
    <TD valign="bottom">
    The Fund&#160;Complex includes The Central Europe and Russia
    Fund, Inc. and The New Germany Fund, Inc., which are other
    closed-end registered investment companies for which Deutsche
    Investment Management Americas Inc. acts as manager. It also
    includes 126 other open- and closed-end funds advised by
    wholly-owned entities of the Deutsche Bank Group in the
    United&#160;States.</TD>
</TR>


<TR style="line-height: 3pt; font-size: 1pt"><TD>&nbsp;</TD></TR>

<TR>
    <TD align="right" valign="top">
    (3) </TD>
    <TD></TD>
    <TD valign="bottom">
    Directorships are only for companies that file reports with the
    SEC.</TD>
</TR>


<TR style="line-height: 3pt; font-size: 1pt"><TD>&nbsp;</TD></TR>

<TR>
    <TD align="right" valign="top">
    (4) </TD>
    <TD></TD>
    <TD valign="bottom">
    As of March&#160;31, 2010, all Directors, Nominees for election
    and Executive Officers as a group (19&#160;persons) owned
    28,806&#160;shares, which constitutes less than 1% of the
    outstanding Common Stock of the Fund. Share numbers in this
    Proxy Statement have been rounded to the nearest whole share.</TD>
</TR>

</TABLE>
<!-- XBRL Pagebreak Begin -->

<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    11
</DIV><!-- END PAGE WIDTH -->
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#toc">Table of Contents</A></H5><P>

<DIV style="width: 82%; margin-left: 9%"><!-- BEGIN PAGE WIDTH -->
<!-- XBRL Pagebreak End -->

<DIV style="margin-top: 3pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">

<TR>
    <TD width="2%"></TD>
    <TD width="1%"></TD>
    <TD width="97%"></TD>
</TR>

<TR>
    <TD align="right" valign="top">
    (5) </TD>
    <TD></TD>
    <TD valign="bottom">
    Indicates &#147;Interested Person&#148;, as defined in the
    Investment Company Act. Mr.&#160;Bult is an
    &#147;interested&#148; Director because of his affiliation with
    PaineWebber International, an affiliate of UBS Securities LLC, a
    registered broker-dealer and Mr.&#160;Strenger is an
    &#147;interested&#148; Director because of his affiliation with
    DWS-Deutsche Gesellschaft f&#252;r Wertpapiersparen mbH
    (&#147;DWS&#148;), a majority-owned subsidiary of Deutsche Bank
    AG, and because of his ownership of Deutsche Bank AG shares.
    Prior to April 2010, Mr.&#160;Bierbaum was
    &#147;interested&#148; because of his prior relationships with
    Sal. Oppenheim Jr. &#038; Cie KGaA, which executed portfolio
    securities transactions for the Fund and certain affiliated
    persons, and because of his former ownership of Deutsche Bank AG
    shares.</TD>
</TR>


<TR style="line-height: 3pt; font-size: 1pt"><TD>&nbsp;</TD></TR>

<TR>
    <TD align="right" valign="top">
    (5) </TD>
    <TD></TD>
    <TD valign="bottom">
    Mr.&#160;Wadsworth oversees all 129 funds in the
    Fund&#160;Complex.</TD>
</TR>


<TR style="line-height: 3pt; font-size: 1pt"><TD>&nbsp;</TD></TR>

<TR>
    <TD align="right" valign="top">
    (6) </TD>
    <TD></TD>
    <TD valign="bottom">
    Each also serving as an officer of The New Germany Fund, Inc.
    and The Central Europe and Russia Fund, Inc. The officers of the
    Fund are elected annually by the Board of Directors at its
    meeting following the Annual Meeting of Stockholders. Each of
    Mr.&#160;Clark, Mr.&#160;Schubert, Mr.&#160;Millette,
    Mr.&#160;Caruso and Ms.&#160;Rubin also serve as officers of the
    other Funds in the Fund Complex.</TD>
</TR>


<TR style="line-height: 3pt; font-size: 1pt"><TD>&nbsp;</TD></TR>

<TR>
    <TD align="right" valign="top">
    (7) </TD>
    <TD></TD>
    <TD valign="bottom">
    Indicates ownership of securities of Deutsche Bank AG either
    directly or through Deutsche Bank&#146;s deferred compensation
    plan.</TD>
</TR>

</TABLE>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 5%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The following table contains additional information with respect
    to the beneficial ownership of equity securities by each
    Director in the Fund and, on an aggregated basis, in any
    registered investment companies overseen by the Director within
    the same Family of Investment Companies as the Fund:
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<TABLE border="0" width="100%" align="center" cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
<!-- Table Width Row BEGIN -->
<TR style="font-size: 1pt" valign="bottom">
    <TD width="54%">&nbsp;</TD>	<!-- colindex=01 type=maindata -->
    <TD width="2%">&nbsp;</TD>	<!-- colindex=02 type=gutter -->
    <TD width="20%">&nbsp;</TD>	<!-- colindex=02 type=maindata -->
    <TD width="4%">&nbsp;</TD>	<!-- colindex=03 type=gutter -->
    <TD width="20%">&nbsp;</TD>	<!-- colindex=03 type=maindata -->
</TR>
<!-- Table Width Row END -->
<!-- TableOutputHead -->
<TR style="font-size: 8pt" valign="bottom" align="center">
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    <B>Aggregate Dollar<BR>
    </B>
</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom" align="center">
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    <B>Range of Equity<BR>
    </B>
</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom" align="center">
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    <B>Securities in All<BR>
    </B>
</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom" align="center">
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    <B>Funds Overseen by<BR>
    </B>
</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom" align="center">
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    <B>Dollar Range of<BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    <B>Director in Family of<BR>
    </B>
</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom" align="center">
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    <B>Equity Securities<BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    <B>Investment<BR>
    </B>
</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom" align="center">
<TD nowrap align="left" valign="bottom">
<DIV style="border-bottom: 1px solid #000000; width: 1%; padding-bottom: 1px">
    <B>Name of Director</B>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>in the
    Fund<SUP style="font-size: 85%; vertical-align: top">(1)</SUP></B>

</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>Companies<SUP style="font-size: 85%; vertical-align: top">(1),(2)</SUP></B>

</TD>
</TR>
<TR style="line-height: 3pt; font-size: 1pt">
<TD>&nbsp;
</TD>
</TR>
<!-- TableOutputBody -->
<TR valign="bottom" style="background: #CCEEFF">
<TD nowrap align="left" valign="top">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    Detlef Bierbaum
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="top">
    None
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="top">
    None
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="top">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    John Bult
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="top">
    $10,001-$50,000
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="top">
    Over $100,000
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD align="left" valign="top">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    Ambassador Richard R. Burt
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="top">
    $50,001-$100,000
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="top">
    Over $100,000
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="top">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    John H. Cannon
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="top">
    $1-$10,000
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="top">
    $50,001-$100,000
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD align="left" valign="top">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    Richard Karl Goeltz
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="top">
    None
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="top">
    Over $100,000
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="top">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    Dr.&#160;Franz Wilhelm Hopp
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="top">
    None
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="top">
    None
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD align="left" valign="top">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    Dr.&#160;Friedbert H. Malt
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="top">
    None
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="top">
    None
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="top">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    Christian H. Strenger
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="top">
    None
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="top">
    $10,001-$50,000
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD align="left" valign="top">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    Robert H. Wadsworth
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="top">
    $10,001-$50,000
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="top">
    Over $100,000
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="top">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    Joachim Wagner
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="top">
    None
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="top">
    None
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD nowrap align="left" valign="top">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    Werner Walbr&#246;l
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="top">
    10,001-$50,000
</TD>
<TD>
&nbsp;
</TD>
<TD align="center" valign="top">
    Over $100,000
</TD>
</TR>
</TABLE>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">

</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV style="font-size: 1pt; margin-left: 0%; width: 15%;  align: left; border-bottom: 1pt solid #000000"></DIV>

<DIV style="margin-top: 3pt; font-size: 1pt">&nbsp;</DIV>



<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">

<TR>
    <TD width="2%"></TD>
    <TD width="1%"></TD>
    <TD width="97%"></TD>
</TR>

<TR>
    <TD align="right" valign="top">
    (1) </TD>
    <TD></TD>
    <TD valign="bottom">
    Valuation date is March&#160;31, 2010. Directors who are German
    residents would be subject to adverse German tax consequences if
    they owned shares of a fund organized outside of Germany, such
    as the Fund, that is not subject to German regulation or tax
    reporting.</TD>
</TR>


<TR style="line-height: 3pt; font-size: 1pt"><TD>&nbsp;</TD></TR>

<TR>
    <TD align="right" valign="top">
    (2) </TD>
    <TD></TD>
    <TD valign="bottom">
    The Family of Investment Companies consists of the Fund, The New
    Germany Fund, Inc. and The Central Europe and Russia Fund, Inc.,
    which are closed-end funds that share the same investment
    adviser and manager and hold themselves out as related companies.</TD>
</TR>

</TABLE>
<!-- XBRL Pagebreak Begin -->

<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <BR>
    12
</DIV><!-- END PAGE WIDTH -->
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#toc">Table of Contents</A></H5><P>

<DIV style="width: 82%; margin-left: 9%"><!-- BEGIN PAGE WIDTH -->
<!-- XBRL Pagebreak End -->

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 5%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The Board of Directors presently has five standing committees
    including an audit committee (the &#147;Audit Committee&#148;),
    an advisory committee (the &#147;Advisory Committee&#148;), an
    executive committee (the &#147;Executive Committee&#148;), a
    nominating and governance committee (the &#147;Nominating and
    Governance Committee&#148;) and a valuation committee (the
    &#147;Valuation Committee&#148;).
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 5%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The Audit Committee, currently comprising Messrs.&#160;Burt,
    Cannon (Chair), Goeltz, Wadsworth, Wagner, Walbr&#246;l and
    Dr.&#160;Malt, operates pursuant to a written charter. The Audit
    Committee charter is currently available on the Fund&#146;s
    website, www.dws-investments.com. The Audit Committee&#146;s
    organization and responsibilities are contained in the Audit
    Committee Report, which is included in this Proxy Statement, and
    in its written charter. The members of the Audit Committee are
    &#147;independent&#148; as required by the independence
    standards of
    <FONT style="white-space: nowrap">Rule&#160;10A-3</FONT>
    under the Securities Exchange Act of 1934. The Board of
    Directors has determined that each member of the Audit Committee
    is financially literate and has determined that each of
    Messrs.&#160;Cannon, Goeltz, Wadsworth and Wagner meet the
    requirements for an audit committee financial expert under the
    rules of the Securities and Exchange Commission
    (&#147;SEC&#148;). Although the Board has determined that all
    four meet the requirements for an audit committee financial
    expert, their responsibilities are the same as those of the
    other audit committee members. Messrs.&#160;Cannon, Goeltz,
    Wadsworth and Wagner are not auditors or accountants, do not
    perform &#147;field work&#148; and are not full-time employees.
    The SEC has determined that an audit committee member who is
    designated as an audit committee financial expert will not be
    deemed to be an &#147;expert&#148; for any purpose as a result
    of being identified as an audit committee financial expert. The
    Audit Committee met four times during the fiscal year ended
    December&#160;31, 2009.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 5%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The Advisory Committee, currently comprising
    Messrs.&#160;Cannon, Goeltz and Wadsworth (Chair), makes
    recommendations to the full Board with respect to the Management
    Agreement between the Fund and Deutsche Investment Management
    Americas Inc., and the Investment Advisory Agreement between the
    Fund and Deutsche Asset Management International GmbH. The
    Advisory Committee met twice during the past fiscal year, in
    connection with the annual continuance of those agreements.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 5%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The Executive Committee, currently comprising Messrs.&#160;Burt,
    Cannon, Goeltz, Strenger, Wadsworth and Walbr&#246;l, has the
    authority to act for the Board on all matters between meetings
    of the Board subject to any limitations under applicable state
    law. During the past fiscal year the Executive Committee did not
    meet.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 5%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The Valuation Committee, currently comprising
    Messrs.&#160;Cannon, Wadsworth (Chair) and Walbr&#246;l, reviews
    the Fund&#146;s valuation procedures and makes recommendations
    with respect thereto and, to the extent required by such
    procedures, determines the fair value of the Fund&#146;s
    securities or other assets. During the past fiscal year, the
    Valuation Committee met once.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 5%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The Nominating and Governance Committee is currently comprised
    of Messrs.&#160;Burt, Cannon, Goeltz (Chair), Wadsworth and
    Walbr&#246;l. The Board has determined that each of the members
    of the Nominating and Governance Committee is not an
    &#147;interested person&#148; as the term is defined in
    Section&#160;2(a)(19) of the Investment Company Act. Generally,
    the Nominating and Governance Committee identifies, evaluates
    and selects and nominates, or recommends to the Board of
    Directors, candidates for the Board or any committee of the
    Board, and also advises the Board regarding governance matters
    generally and confirms that the Board and Audit Committee
    undertake annual self-evaluations. To be eligible for nomination
    as a Director a person must, at the time of such person&#146;s
    nomination, have Relevant Experience and Country Knowledge and
    must not have any Conflict of Interest, as those terms are
    defined in the Fund&#146;s Bylaws. The relevant portions of the
    Fund&#146;s Bylaws describing these requirements are included as
    Annex&#160;A. The Nominating and
</DIV>
<!-- XBRL Paragraph Pagebreak -->
<!-- XBRL Pagebreak Begin -->

<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <BR>
    13
</DIV><!-- END PAGE WIDTH -->
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#toc">Table of Contents</A></H5><P>

<DIV style="width: 82%; margin-left: 9%"><!-- BEGIN PAGE WIDTH -->
<!-- XBRL Pagebreak End -->

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Governance Committee may also take into account additional
    factors listed in the Nominating and Governance Committee
    Charter, which generally relate to the nominee&#146;s industry
    knowledge, business experience, education, ethical reputation,
    special skills, ability to work well in group settings and the
    ability to qualify as an &#147;independent director&#148;. When
    assessing a candidate for nomination, the Nominating and
    Governance Committee considers whether the individual&#146;s
    background, skills and experience will complement the
    background, skills and experience of other nominees and will
    contribute to the diversity of the Board.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 5%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The Nominating and Governance Committee will consider nominee
    candidates properly submitted by stockholders in accordance with
    applicable law, the Fund&#146;s Charter or Bylaws, resolutions
    of the Board and the qualifications and procedures set forth in
    the Nominating and Governance Committee Charter, which is
    currently available on the Fund&#146;s website,
    <FONT style="white-space: nowrap">www-dws-investments.com.</FONT>
    A stockholder or group of stockholders seeking to submit a
    nominee candidate (i)&#160;must have beneficially owned at least
    5% of the Fund&#146;s common stock for at least two years,
    (ii)&#160;may submit only one nominee candidate for any
    particular meeting of stockholders, and (iii)&#160;may submit a
    nominee candidate for only an annual meeting or other meeting of
    stockholders at which directors will be elected. The stockholder
    or group of stockholders must provide notice of the proposed
    nominee pursuant to the requirements found in the Fund&#146;s
    Bylaws. Generally, this notice must be received not less than
    90&#160;days nor more than 120&#160;days prior to the first
    anniversary of the date of mailing of the notice for the
    preceding year&#146;s annual meeting. Such notice shall include
    the specific information required by the Fund&#146;s Bylaws. The
    relevant portions describing these requirements are included as
    Annex&#160;C. The Nominating and Governance Committee will
    evaluate nominee candidates properly submitted by stockholders
    on the same basis as it considers and evaluates candidates
    recommended by other sources. The Nominating and Governance
    Committee met four times during the past fiscal year.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 5%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    All members on each of the five committees of the Board are not
    &#147;interested persons&#148; as the term is defined in the
    Investment Company Act, with the exception of Mr.&#160;Strenger,
    who is a member of the Executive Committee.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 5%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    During the past fiscal year, the Board of Directors had four
    regular meetings. Each incumbent Director who served as a
    Director during the past fiscal year attended at least 75% of
    the aggregate number of meetings of the Board and meetings of
    Board Committees on which that Director served. The Board has a
    policy that encourages Directors to attend the Annual Meeting of
    Stockholders, to the extent that travel to the Annual Meeting of
    Stockholders is reasonable for that Director. Two Directors
    attended the 2009 Annual Meeting of Stockholders.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 5%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    To communicate with the Board of Directors or an individual
    Director of the Fund, a stockholder must send a written
    communication to the Fund&#146;s principal office at 345 Park
    Avenue, NYC20-2799, New York, New York 10154
    <FONT style="white-space: nowrap">(c/o&#160;The</FONT>
    European Equity Fund, Inc.), addressed to (i)&#160;the Board of
    Directors of the Fund or an individual Director, and
    (ii)&#160;the Secretary of the Fund. The Secretary of the Fund
    will direct the correspondence to the appropriate parties.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 5%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The Fund pays each of its Directors who is not an interested
    person of the Fund, of the investment adviser or of the manager
    an annual fee of $6,000 plus $750 for each Board and Committee
    meeting attended. Each such Director who is also a Director of
    The New Germany Fund, Inc. or The Central Europe and Russia
    Fund, Inc. also receives the same annual and per-meeting fees
    for services as a Director of each such fund. These compensation
    arrangements were effective as of January&#160;1, 2010. Each of
    the Fund, The Central Europe and Russia Fund, Inc. and The New
    Germany Fund, Inc. reimburses the Directors (except for those
    employed by the Deutsche Bank Group) for travel expenses in
    connection with Board meetings. These three funds, together with
    126 other open-
</DIV>
<!-- XBRL Paragraph Pagebreak -->
<!-- XBRL Pagebreak Begin -->

<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <BR>
    14
</DIV><!-- END PAGE WIDTH -->
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#toc">Table of Contents</A></H5><P>

<DIV style="width: 82%; margin-left: 9%"><!-- BEGIN PAGE WIDTH -->
<!-- XBRL Pagebreak End -->

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    and closed-end funds advised by wholly-owned entities of the
    Deutsche Bank Group in the United&#160;States, represent the
    entire Fund&#160;Complex within the meaning of the applicable
    rules and regulations of the SEC. The following table sets forth
    (a)&#160;the aggregate compensation from the Fund for the fiscal
    year ended December&#160;31, 2009, and (b)&#160;the total
    compensation from each fund in the Fund&#160;Complex that
    includes the Fund, for the 2009 fiscal year of each such fund,
    (i)&#160;for each Director who is not an interested person of
    the Fund, and (ii)&#160;for all such Directors as a group:
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<TABLE border="0" width="100%" align="center" cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
<!-- Table Width Row BEGIN -->
<TR style="font-size: 1pt" valign="bottom">
    <TD width="62%">&nbsp;</TD>	<!-- colindex=01 type=maindata -->
    <TD width="2%">&nbsp;</TD>	<!-- colindex=02 type=gutter -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=02 type=lead -->
    <TD width="11%" align="right">&nbsp;</TD>	<!-- colindex=02 type=body -->
    <TD width="1%" align="left">&nbsp;</TD>	<!-- colindex=02 type=hang1 -->
    <TD width="4%">&nbsp;</TD>	<!-- colindex=03 type=gutter -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=03 type=lead -->
    <TD width="17%" align="right">&nbsp;</TD>	<!-- colindex=03 type=body -->
    <TD width="1%" align="left">&nbsp;</TD>	<!-- colindex=03 type=hang1 -->
</TR>
<!-- Table Width Row END -->
<!-- TableOutputHead -->
<TR style="font-size: 8pt" valign="bottom" align="center">
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
    <B>Aggregate<BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom" align="center">
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
    <B>Compensation<BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
    <B>Total Compensation<BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom" align="center">
<TD nowrap align="left" valign="bottom">
<DIV style="border-bottom: 1px solid #000000; width: 1%; padding-bottom: 1px">
    <B>Name of Director</B>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>from Fund</B>
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>from Fund Complex</B>
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR style="line-height: 3pt; font-size: 1pt">
<TD>&nbsp;
</TD>
</TR>
<!-- TableOutputBody -->
<TR valign="bottom" style="background: #CCEEFF">
<TD nowrap align="left" valign="top">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    Detlef Bierbaum
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    0
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    0
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="top">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    Ambassador Richard R. Burt
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    10,333
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    32,500
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD align="left" valign="top">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    John H. Cannon
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    11,751
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    36,000
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="top">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    Richard Karl Goeltz
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    0
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    14,250
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD align="left" valign="top">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    Dr.&#160;Franz Wilhelm Hopp
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    0
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    10,500
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="top">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    Dr.&#160;Friedbert H. Malt
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    9,000
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    28,500
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD align="left" valign="top">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    Robert H. Wadsworth
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    10,500
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    33,000
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="top">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    Joachim Wagner
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    2,189
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    4,378
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD nowrap align="left" valign="top">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    Werner Walbr&#246;l
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    10,833
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    24,000
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="top">
<DIV style="text-indent: -10pt; margin-left: 20pt">
    <B>Total</B>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    <B>$</B>
</TD>
<TD nowrap align="right" valign="bottom">
    <B>54,606</B>
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    <B>$</B>
</TD>
<TD nowrap align="right" valign="bottom">
    <B>193,128 </B>
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
</TABLE>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">

</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 5%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    No compensation is paid by the Fund to Directors who are
    interested persons of the Fund or of any entity of the Deutsche
    Bank Group or to officers. Mr.&#160;Bierbaum was an interested
    person of the Fund during the fiscal year ended
    December&#160;31, 2009 and, as such, received no compensation
    from the Fund&#160;Complex.
</DIV>


<!-- link1 "THE BOARD UNANIMOUSLY RECOMMENDS A VOTE FOR PROPOSAL 1." -->
<DIV align="left"><A NAME="003"></A></DIV>


<DIV style="margin-top: 18pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">THE BOARD
    UNANIMOUSLY RECOMMENDS A VOTE <U>FOR</U>
    PROPOSAL&#160;1.</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 5%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <I>Required Vote.</I>&#160;&#160;Provided a quorum has been
    established, the affirmative vote of a majority of the votes
    entitled to be cast at the Meeting is required for the election
    of each Director. For purposes of the election of Directors,
    abstentions and broker non-votes will have the same effect as a
    vote against a Director.
</DIV>


<!-- link1 "PROPOSAL 2: RATIFICATION OF THE APPOINTMENT OF INDEPENDENT AUDITORS" -->
<DIV align="left"><A NAME="004"></A></DIV>


<DIV style="margin-top: 18pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">PROPOSAL&#160;2:<BR>
    </FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">RATIFICATION
    OF THE APPOINTMENT OF INDEPENDENT AUDITORS</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 5%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The Audit Committee has approved PricewaterhouseCoopers LLP (the
    &#147;Firm&#148; or &#147;PwC&#148;), an independent registered
    public accounting firm, as independent auditors for the Fund for
    the fiscal year ending December&#160;31, 2010. A majority of
    members of the Board of Directors, including a majority of the
    members of the Board of Directors who are not
    &#147;interested&#148; Directors (as defined in the Investment
    Company Act) of the Fund, have ratified the appointment of PwC
    as the Fund&#146;s independent auditors for that fiscal year.
    Based principally on representations from the Firm, the Fund
    knows of no direct financial or material indirect financial
    interest of such Firm in the Fund. That Firm, or a predecessor
    firm, has served as the independent auditors for the Fund since
    inception.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 5%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Neither our Charter nor Bylaws require that the stockholders
    ratify the appointment of PwC as our independent auditors. We
    are doing so because we believe it is a matter of good corporate
    practice. If the stockholders do not ratify the appointment, the
    Audit Committee and the Board of Directors will reconsider
    whether or not to retain PwC, but may retain such independent
    auditors.
</DIV>
<!-- XBRL Paragraph Pagebreak -->
<!-- XBRL Pagebreak Begin -->

<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <BR>
    15
</DIV><!-- END PAGE WIDTH -->
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#toc">Table of Contents</A></H5><P>

<DIV style="width: 82%; margin-left: 9%"><!-- BEGIN PAGE WIDTH -->
<!-- XBRL Pagebreak End -->

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Even if the appointment is ratified, the Audit Committee and the
    Board of Directors in their discretion may change the
    appointment at any time during the year if they determine that
    such change would be in the best interests of the Fund and its
    stockholders. It is intended that the persons named in the
    accompanying form of proxy will vote for PwC. A representative
    of PwC will be present at the Meeting and will have the
    opportunity to make a statement and is expected to be available
    to answer appropriate questions concerning the Fund&#146;s
    financial statements.
</DIV>


<!-- link1 "THE BOARD UNANIMOUSLY RECOMMENDS A VOTE FOR PROPOSAL 2." -->
<DIV align="left"><A NAME="005"></A></DIV>


<DIV style="margin-top: 18pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">THE BOARD
    UNANIMOUSLY RECOMMENDS A VOTE <U>FOR</U>
    PROPOSAL&#160;2.</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 5%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <I>Required Vote.</I>&#160;&#160;Provided a quorum has been
    established, the affirmative vote of a majority of the votes
    cast at the Meeting is required for the ratification of the
    appointment by the Audit Committee and the Board of Directors of
    PwC as independent auditors for the Fund for the fiscal year
    ending December&#160;31, 2010. For purposes of Proposal&#160;2,
    abstentions will have no effect on the result of the vote.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times; font-variant: SMALL-CAPS">Information
    With Respect To The Fund&#146;s Independent Auditors</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 5%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The following table shows fees paid to PwC by the Fund during
    the Fund&#146;s two most recent fiscal years: (i)&#160;for audit
    and non-audit services provided to the Fund, and (ii)&#160;for
    engagements for non-audit services pre-approved by the Audit
    Committee for the Fund&#146;s manager and investment adviser and
    certain entities controlling, controlled by, or under common
    control with the manager and investment adviser that provide
    ongoing services to the Fund (collectively, the &#147;Adviser
    Entities&#148;), which engagements relate directly to the
    operations and financial reporting of the Fund. The Audit
    Committee of each board will review, at least annually, whether
    PwC&#146;s receipt of non-audit fees from the Fund, the
    Fund&#146;s manager, the Fund&#146;s investment adviser and all
    Adviser Entities is compatible with maintaining PwC&#146;s
    independence.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<TABLE border="0" width="100%" align="center" cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
<!-- Table Width Row BEGIN -->
<TR style="font-size: 1pt" valign="bottom">
    <TD width="22%">&nbsp;</TD>	<!-- colindex=01 type=maindata -->
    <TD width="2%">&nbsp;</TD>	<!-- colindex=02 type=gutter -->
    <TD width="5%" align="right">&nbsp;</TD>	<!-- colindex=02 type=lead -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=02 type=body -->
    <TD width="5%" align="left">&nbsp;</TD>	<!-- colindex=02 type=hang1 -->
    <TD width="4%">&nbsp;</TD>	<!-- colindex=03 type=gutter -->
    <TD width="2%" align="right">&nbsp;</TD>	<!-- colindex=03 type=lead -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=03 type=body -->
    <TD width="2%" align="left">&nbsp;</TD>	<!-- colindex=03 type=hang1 -->
    <TD width="7%">&nbsp;</TD>	<!-- colindex=04 type=gutter -->
    <TD width="3%" align="right">&nbsp;</TD>	<!-- colindex=04 type=lead -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=04 type=body -->
    <TD width="3%" align="left">&nbsp;</TD>	<!-- colindex=04 type=hang1 -->
    <TD width="4%">&nbsp;</TD>	<!-- colindex=05 type=gutter -->
    <TD width="2%" align="right">&nbsp;</TD>	<!-- colindex=05 type=lead -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=05 type=body -->
    <TD width="2%" align="left">&nbsp;</TD>	<!-- colindex=05 type=hang1 -->
    <TD width="4%">&nbsp;</TD>	<!-- colindex=06 type=gutter -->
    <TD width="4%" align="right">&nbsp;</TD>	<!-- colindex=06 type=lead -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=06 type=body -->
    <TD width="4%" align="left">&nbsp;</TD>	<!-- colindex=06 type=hang1 -->
    <TD width="4%">&nbsp;</TD>	<!-- colindex=07 type=gutter -->
    <TD width="2%" align="right">&nbsp;</TD>	<!-- colindex=07 type=lead -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=07 type=body -->
    <TD width="2%" align="left">&nbsp;</TD>	<!-- colindex=07 type=hang1 -->
    <TD width="4%">&nbsp;</TD>	<!-- colindex=08 type=gutter -->
    <TD width="3%" align="right">&nbsp;</TD>	<!-- colindex=08 type=lead -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=08 type=body -->
    <TD width="3%" align="left">&nbsp;</TD>	<!-- colindex=08 type=hang1 -->
</TR>
<!-- Table Width Row END -->
<!-- TableOutputHead -->
<TR style="font-size: 8pt" valign="bottom" align="center">
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="3" nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>Audit
    Fees<SUP style="font-size: 85%; vertical-align: top">(1)</SUP></B>

</TD>
<TD>
&nbsp;
</TD>
<TD colspan="7" align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>Audit Related
    Fees<SUP style="font-size: 85%; vertical-align: top">(2)</SUP></B>

</TD>
<TD>
&nbsp;
</TD>
<TD colspan="7" align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>Tax
    Fees<SUP style="font-size: 85%; vertical-align: top">(3)</SUP></B>

</TD>
<TD>
&nbsp;
</TD>
<TD colspan="7" align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>All Other
    Fees<SUP style="font-size: 85%; vertical-align: top">(4)</SUP></B>

</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom" align="center">
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="3" nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="3" nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="3" nowrap align="center" valign="bottom">
    <B>Adviser<BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="3" nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="3" nowrap align="center" valign="bottom">
    <B>Adviser<BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="3" nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="3" nowrap align="center" valign="bottom">
    <B>Adviser<BR>
    </B>
</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom" align="center">
<TD nowrap align="left" valign="bottom">
<DIV style="border-bottom: 1px solid #000000; width: 1%; padding-bottom: 1px">
    <B>Fiscal Year</B>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="3" nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>Fund</B>
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="3" nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>Fund</B>
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="3" nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>Entities</B>
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="3" nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>Fund</B>
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="3" nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>Entities</B>
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="3" nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>Fund</B>
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="3" nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>Entities</B>
</TD>
</TR>
<TR style="line-height: 3pt; font-size: 1pt">
<TD>&nbsp;
</TD>
</TR>
<!-- TableOutputBody -->
<TR valign="bottom">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    2009
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    57,000
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    0
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    2,000
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    0
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    0
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    0
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    0
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    2008
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    64,000
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    0
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    0
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    0
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    19,000
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    0
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    0
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
</TABLE>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">

</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV style="font-size: 1pt; margin-left: 0%; width: 15%;  align: left; border-bottom: 1pt solid #000000"></DIV>

<DIV style="margin-top: 3pt; font-size: 1pt">&nbsp;</DIV>



<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">

<TR>
    <TD width="2%"></TD>
    <TD width="1%"></TD>
    <TD width="97%"></TD>
</TR>

<TR>
    <TD align="right" valign="top">
    (1) </TD>
    <TD></TD>
    <TD valign="bottom">
    &#147;Audit Fees&#148; are the aggregate fees billed for
    professional services for the audit of the Fund&#146;s annual
    financial statements and services provided in connection with
    statutory and regulatory filings or engagements.</TD>
</TR>


<TR style="line-height: 3pt; font-size: 1pt"><TD>&nbsp;</TD></TR>

<TR>
    <TD align="right" valign="top">
    (2) </TD>
    <TD></TD>
    <TD valign="bottom">
    &#147;Audit Related Fees&#148; are the aggregate fees billed for
    assurance and related services reasonably related to the
    performance of the audit or review of financial statements and
    are not reported under &#147;Audit Fees&#148;.</TD>
</TR>


<TR style="line-height: 3pt; font-size: 1pt"><TD>&nbsp;</TD></TR>

<TR>
    <TD align="right" valign="top">
    (3) </TD>
    <TD></TD>
    <TD valign="bottom">
    &#147;Tax Fees&#148; are the aggregate fees billed for
    professional services for tax compliance and tax planning.</TD>
</TR>


<TR style="line-height: 3pt; font-size: 1pt"><TD>&nbsp;</TD></TR>

<TR>
    <TD align="right" valign="top">
    (4) </TD>
    <TD></TD>
    <TD valign="bottom">
    &#147;All Other Fees&#148; are the aggregate fees billed for
    products and services other than &#147;Audit Fees&#148;,
    &#147;Audit Related Fees&#148; and &#147;Tax Fees&#148;.</TD>
</TR>

</TABLE>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 5%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <I>Audit Committee Pre-Approval Policies and
    Procedures.</I>&#160;&#160;Generally, the Audit Committee must
    pre-approve (i)&#160;all services to be performed for the Fund
    by the Fund&#146;s independent auditors and (ii)&#160;all
    non-audit services to be performed by the Fund&#146;s
    independent auditors for the Fund&#146;s investment adviser or
    any Adviser Entities with respect to operations and financial
    reporting of the Fund. Any member of the Audit Committee may
    pre-approve any audit or non-audit services to be performed by
    the independent auditors, provided that any such approvals are
    presented to the Audit
</DIV>
<!-- XBRL Paragraph Pagebreak -->
<!-- XBRL Pagebreak Begin -->

<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <BR>
    16
</DIV><!-- END PAGE WIDTH -->
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#toc">Table of Contents</A></H5><P>

<DIV style="width: 82%; margin-left: 9%"><!-- BEGIN PAGE WIDTH -->
<!-- XBRL Pagebreak End -->

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Committee at its next scheduled meeting. The auditors shall
    report to the Audit Committee at each of its regular meetings
    all audit or non-audit services to the Fund and all non-audit
    services to the Adviser Entities that relate directly to the
    Fund&#146;s operations and financial reporting initiated since
    the last such report was rendered, including a general
    description of the services and projected fees and the means by
    which such services were approved by the Audit Committee.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 5%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <I>All Non-Audit Fees.</I>&#160;&#160;The table below shows the
    aggregate non-audit fees billed by PwC for services rendered to
    the Fund and to the Adviser Entities that provide ongoing
    services to the Fund, whether or not such engagements relate
    directly to the operations and financial reporting of the Fund,
    for the two most recent fiscal years for the Fund.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<TABLE border="0" width="100%" align="center" cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
<!-- Table Width Row BEGIN -->
<TR style="font-size: 1pt" valign="bottom">
    <TD width="85%">&nbsp;</TD>	<!-- colindex=01 type=maindata -->
    <TD width="2%">&nbsp;</TD>	<!-- colindex=02 type=gutter -->
    <TD width="6%" align="right">&nbsp;</TD>	<!-- colindex=02 type=lead -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=02 type=body -->
    <TD width="6%" align="left">&nbsp;</TD>	<!-- colindex=02 type=hang1 -->
</TR>
<!-- Table Width Row END -->
<!-- TableOutputHead -->
<TR style="font-size: 8pt" valign="bottom" align="center">
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="3" nowrap align="center" valign="bottom">
    <B>Aggregate<BR>
    </B>
</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom" align="center">
<TD nowrap align="left" valign="bottom">
<DIV style="border-bottom: 1px solid #000000; width: 1%; padding-bottom: 1px">
    <B>Fiscal Year</B>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="3" nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>Non-Audit Fees</B>
</TD>
</TR>
<TR style="line-height: 3pt; font-size: 1pt">
<TD>&nbsp;
</TD>
</TR>
<!-- TableOutputBody -->
<TR valign="bottom">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    2009
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    100,000
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    2008
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    19,000
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
</TABLE>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">

</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times; font-variant: SMALL-CAPS">Audit
    Committee Report</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 5%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The purposes of the Audit Committee are 1)&#160;to assist the
    Board of Directors in its oversight of (i)&#160;the integrity of
    the Fund&#146;s financial statements; (ii)&#160;the Fund&#146;s
    compliance with legal and regulatory requirements;
    (iii)&#160;the independent auditors&#146; qualifications and
    independence; and (iv)&#160;the performance of the independent
    auditors; and 2)&#160;to prepare this report. Each Member of the
    Audit Committee is &#147;independent,&#148; as required by the
    independence standards of
    <FONT style="white-space: nowrap">Rule&#160;10A-3</FONT>
    under the Securities Exchange Act of 1934. The Audit Committee
    operates pursuant to a written charter. As set forth in the
    Audit Committee Charter, management of the Fund and applicable
    service providers are responsible for the preparation,
    presentation and integrity of the Fund&#146;s financial
    statements and for the effectiveness of internal control over
    financial reporting. Management and applicable service providers
    are responsible for maintaining appropriate accounting and
    financial reporting principles and policies and internal control
    over financial reporting and other procedures that provide for
    compliance with accounting standards and applicable laws and
    regulations. The independent auditors are responsible for
    planning and carrying out a proper audit of the Fund&#146;s
    annual financial statements and expressing an opinion as to
    their conformity with generally accepted accounting principles.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 5%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    In the performance of its oversight function, the Audit
    Committee has considered and discussed the audited financial
    statements with management and the independent auditors of the
    Fund. The Audit Committee has also discussed with the
    independent auditors the matters required to be discussed by
    Statement on Auditing Standards No.&#160;61, <I>Communication
    with Audit Committees</I>, as currently in effect. The Audit
    Committee has also considered whether the provision of any
    non-audit services not pre-approved by the Audit Committee
    provided by the Fund&#146;s independent auditors to the
    Fund&#146;s investment adviser, manager or to any entity
    controlling, controlled by or under common control with the
    Fund&#146;s investment adviser or manager that provides ongoing
    services to the Fund is compatible with maintaining the
    auditors&#146; independence. Finally, the Audit Committee has
    received the written disclosures and the letter from the
    independent auditors required by Independence Standards Board
    Standard No.&#160;1, <I>Independence Discussions with Audit
    Committees</I>, as currently in effect, and has discussed with
    the auditors their independence.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 5%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The members of the Audit Committee are not full-time employees
    of the Fund and are not performing the functions of auditors or
    accountants. As such, it is not the duty or responsibility of
    the Audit Committee or its members to conduct &#147;field
    work&#148; or other types of auditing or accounting reviews or
    procedures or to set auditor independence standards. Members of
    the Audit Committee necessarily rely on the information provided
    to them by management and the independent auditors.
</DIV>
<!-- XBRL Paragraph Pagebreak -->
<!-- XBRL Pagebreak Begin -->

<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <BR>
    17
</DIV><!-- END PAGE WIDTH -->
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#toc">Table of Contents</A></H5><P>

<DIV style="width: 82%; margin-left: 9%"><!-- BEGIN PAGE WIDTH -->
<!-- XBRL Pagebreak End -->

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Accordingly, the Audit Committee&#146;s considerations and
    discussions referred to above do not assure that the audit of
    the Fund&#146;s financial statements has been carried out in
    accordance with generally accepted auditing standards, that the
    financial statements are presented in accordance with generally
    accepted accounting principles or that the Fund&#146;s auditors
    are in fact &#147;independent&#148;.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 5%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Based upon the reports and discussions described in this report,
    and subject to the limitations on the role and responsibilities
    of the Audit Committee referred to above and in the Charter, the
    Audit Committee recommended to the Board of Directors of the
    Fund that the audited financial statements of the Fund be
    included in the Fund&#146;s annual report to stockholders for
    the fiscal year ended December&#160;31, 2009.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 5%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Submitted by the Audit Committee
</DIV>

<DIV align="left" style="margin-left: 5%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    of the Fund&#146;s Board of Directors
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 5%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    John H. Cannon, Chair
</DIV>

<DIV align="left" style="margin-left: 5%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Richard R. Burt
</DIV>

<DIV align="left" style="margin-left: 5%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Richard Karl Goeltz
</DIV>

<DIV align="left" style="margin-left: 5%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Dr.&#160;Friedbert Malt
</DIV>

<DIV align="left" style="margin-left: 5%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Robert H. Wadsworth
</DIV>

<DIV align="left" style="margin-left: 5%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Joachim Wagner
</DIV>

<DIV align="left" style="margin-left: 5%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Werner Walbr&#246;l
</DIV>

<DIV style="margin-top: 9pt; font-size: 1pt">&nbsp;</DIV>


<!-- link1 "PROPOSAL 3: STOCKHOLDER PROPOSAL REGARDING CONVERSION OF THE FUND TO AN INTERVAL FUND" -->
<DIV align="left"><A NAME="006"></A></DIV>


<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">PROPOSAL&#160;3:<BR>
    </FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">STOCKHOLDER
    PROPOSAL&#160;REGARDING CONVERSION OF THE FUND TO AN INTERVAL
    FUND</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 5%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The Fund has received one proposal from a stockholder for
    inclusion in this year&#146;s proxy materials, which is set
    forth below. The Fund will provide the name and address of such
    stockholder and the number of shares of the Fund&#146;s common
    stock owned by such stockholder upon oral or written request.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 5%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    In accordance with rules of the Securities and Exchange
    Commission (&#147;SEC&#148;), the text of the stockholder&#146;s
    resolution and supporting statement is printed verbatim from his
    submission letter. The Fund, the Board, the Investment Manager
    and the Investment Adviser are not responsible for the contents
    of the stockholder&#146;s proposal or supporting statement.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 5%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <I>RESOLVED:</I>&#160;&#160;The shareholders of The European
    Equity Fund, Inc. (&#147;Fund&#148;) ask the Board of Directors
    to take the steps necessary to adopt an interval fund structure,
    whereby the Fund will conduct periodic tender offers at least
    semiannually for at least 10% of currently outstanding common
    shares at a price of at least 98% of net asset value (NAV).
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 5%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <I>SUPPORTING STATEMENT:</I>&#160;&#160;Shares of our Fund have
    traded at a double-digit discount from NAV for a long time,
    which keeps shareholders from realizing the full asset value of
    their holdings. The discount has averaged more than 12% over the
    past three years. One proven way to reduce the discount is to
    adopt an interval fund structure, in which the Fund conducts
    periodic tender offers for its shares at a price at or near NAV.
    This approach has been successfully implemented by other
    closed-end funds, such as The Asia Tigers Fund and The India
    Fund, whose discounts under interval fund structures have
    averaged below 6% for more than five years.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 5%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    What has worked for The Asia Tigers Fund and The India Fund
    will, in my opinion, also work for our Fund to reduce the
    discount and substantially increase shareholder value.
</DIV>
<!-- XBRL Pagebreak Begin -->

<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <BR>
    18
</DIV><!-- END PAGE WIDTH -->
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#toc">Table of Contents</A></H5><P>

<DIV style="width: 82%; margin-left: 9%"><!-- BEGIN PAGE WIDTH -->
<!-- XBRL Pagebreak End -->


<!-- link1 "END OF PROPOSAL AND SUPPORTING STATEMENT" -->
<DIV align="left"><A NAME="007"></A></DIV>


<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">END OF
    PROPOSAL&#160;AND SUPPORTING STATEMENT</FONT></B>
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times; font-variant: SMALL-CAPS">Response
    of the Board of Directors</FONT></B>
</DIV>

<DIV style="margin-top: 18pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">THE BOARD
    UNANIMOUSLY RECOMMENDS THAT YOU VOTE<BR>
    AGAINST THIS PROPOSAL.</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 5%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The Board believes that the Fund can best pursue its investment
    objective using the closed-end structure. A closed-end fund can
    keep all of its assets invested toward meeting its goals.
    Because an interval fund is required to periodically buy back
    shares from its stockholders, it must keep on hand cash or
    securities that can be readily sold to raise cash to pay
    stockholders tendering their shares for repurchase. Periodic
    repurchases at the level contemplated by the above proposal (10%
    semi-annually) would require frequent sales of the Fund&#146;s
    portfolio securities, potentially at disadvantageous times and
    with adverse portfolio management, expense, tax, trading or
    other consequences as discussed in more detail below.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 5%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Although the SEC rule permitting interval funds was approved
    17&#160;years ago, only a small handful of listed closed-end
    funds are currently relying on the rule, and none of them is
    similar to the Fund. The data available, moreover, do not appear
    to support the proponent&#146;s suggestion that conversion to
    interval status is a &#147;proven way to reduce the
    discount&#148;. For example, the average discount of The India
    Fund (cited in the supporting statement above) was 1.82% from
    December&#160;31, 2004 through December&#160;31, 2009, while the
    Morgan Stanley India Fund&#146;s average discount for the same
    period was 0.30%. The India Fund was an interval fund throughout
    that period, while the Morgan Stanley India Fund was not. The
    Board notes that the stockholders of the Morgan Stanley India
    Fund rejected a stockholder proposal recommending that the fund
    become an interval fund in 2003, and that since Asia Tigers Fund
    became an interval fund in late 2003, its shares outstanding
    have declined by 56% while its expense ratio increased by 42%.
    The Board further notes that several interval funds have traded
    at materially larger average discounts than their competitors
    that are not interval funds. The Board acknowledges that the two
    funds cited in the supporting statement for the above proposal
    have traded, on average, at lower discounts than the Fund over
    the last five years. However, they differ significantly from the
    Fund in important respects and therefore do not offer useful
    comparisons. For example, they each invest in markets that have
    been relatively popular with investors in recent years, which
    favorably affects demand for shares of funds that invest in such
    regions. The Board is also very concerned about the significant
    negative features of interval funds, which are discussed below.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 5%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The Board continues to believe that the best way for the Fund to
    pursue its investment objective of long-term capital
    appreciation is to identify investments on a
    <FONT style="white-space: nowrap">company-by-company</FONT>
    basis and to hold these investments for a sufficiently long
    period of time to allow them to appreciate in value. This
    long-term investment philosophy was an important reason for the
    original decision to organize the Fund as a closed-end fund. The
    Board and management believe that the closed-end fund structure
    remains the best structure for the Fund and recommends that you
    vote AGAINST the proposal.
</DIV>

<DIV style="margin-top: 18pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">HOW DOES
    AN INTERVAL FUND&#160;OPERATE?</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 5%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    An interval fund must operate according to applicable SEC rules.
    These rules require an interval fund to commit to buy back its
    shares from investors at net asset value (&#147;NAV&#148;) at
    periodic intervals of three, six or twelve months. The periodic
    repurchase offers must be made pursuant to a fundamental policy
    approved by the fund&#146;s stockholders. Once a fund adopts a
    fundamental policy, it cannot be changed again without
    stockholder approval. Periodic repurchase offers must be made to
    all stockholders. The directors of an interval fund decide the
    actual percentage of shares to be
</DIV>
<!-- XBRL Paragraph Pagebreak -->
<!-- XBRL Pagebreak Begin -->

<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <BR>
    19
</DIV><!-- END PAGE WIDTH -->
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#toc">Table of Contents</A></H5><P>

<DIV style="width: 82%; margin-left: 9%"><!-- BEGIN PAGE WIDTH -->
<!-- XBRL Pagebreak End -->

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    repurchased, between a minimum of 5% and a maximum of 25% of the
    shares outstanding. The proposal contemplates repurchase offers
    to be made at least semi-annually, each for at least 10% of the
    Fund&#146;s outstanding shares of common stock. An interval fund
    must hold cash or liquid securities, in an amount at least equal
    to the value of the shares to be repurchased, from the notice
    date of the offer until the date the fund determines the price
    at which the shares will be purchased.
</DIV>

<DIV style="margin-top: 18pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">WHY DOES
    THE BOARD UNANIMOUSLY RECOMMEND A VOTE <BR>
    AGAINST THIS PROPOSAL?</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 5%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The Board recommends a vote AGAINST adopting the stockholder
    proposal for the following reasons, which are discussed in more
    detail below: (1)&#160;Changing the Fund&#146;s structure would
    require a change in investment strategy that is not in the best
    interests of the Fund and its stockholders; (2)&#160;Converting
    to an interval fund would interfere with and seriously limit the
    Fund&#146;s investment flexibility and potentially require the
    sale of securities at &#147;fire sale&#148; prices,
    (3)&#160;Significant tax consequences may result if the Fund is
    converted to an interval fund; (4)&#160;The Fund&#146;s expense
    ratio is likely to increase significantly if the Fund is
    converted to an interval fund; (5)&#160;The significant
    reduction in the Fund&#146;s total outstanding shares that is
    the likely outcome of conversion to an interval fund structure
    may result in a thinner trading market for the Fund&#146;s
    shares (since the Fund&#146;s &#147;float&#148; will be
    substantially reduced); (6)&#160;The Fund may have to borrow
    money to raise the funds necessary to buy back Fund shares,
    increasing the risk of an investment in the Fund and increasing
    costs to the Fund as a result of such borrowings, and
    (7)&#160;The Board believes that open-market purchases are a
    much more flexible and satisfactory way to deploy the
    Fund&#146;s capital with a view to possible discount mitigation
    than periodic purchases at close to net asset value. In
    addition, as discussed above, the very limited available data do
    not support the proponent&#146;s contention that the interval
    fund structure is a &#147;proven&#148; way to reduce discounts,
    whereas the fact that the market has generally not embraced the
    rigid interval fund structure supports the Board&#146;s
    recommendation that stockholders vote AGAINST the proposal.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 5%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    1.&#160;CONVERSION TO AN INTERVAL FUND&#160;REQUIRES CHANGES TO
    THE FUND&#146;S PORTFOLIO STRUCTURE AND INVESTMENT STRATEGY THAT
    ARE NOT IN THE BEST INTERESTS OF THE FUND&#160;AND ITS
    STOCKHOLDERS.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 5%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The Fund was originally established as a closed-end fund because
    it was believed that the closed-end fund structure was best
    suited to pursue the Fund&#146;s objective of long-term capital
    appreciation. The Board believes that most stockholders have
    invested in Fund shares because of its investment program.
    Converting the Fund to an interval fund would require the Fund
    to focus on short-term considerations to facilitate periodic
    repurchase offers. Using the Fund&#146;s assets to buy back
    shares reduces the asset base which can be deployed to realize
    the Fund&#146;s goals. This short-term focus would be disruptive
    to the Fund&#146;s investment program which involves buying
    securities with a view to holding them until the market realizes
    their value, and therefore is not in the best interests of the
    Fund and its stockholders.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 5%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    2.&#160;CONVERTING TO AN INTERVAL STRUCTURE WOULD INTERFERE WITH
    AND LIMIT THE FUND&#146;S INVESTMENT FLEXIBILITY.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 5%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The closed-end structure allows the Fund to invest its assets
    solely in accordance with the Fund&#146;s investment objective.
    As a closed-end fund, the Fund can keep all of its assets
    working toward its investment goals. If the Fund is converted to
    an interval fund, however, it could be required to sell
    portfolio securities before their full potential has been
    reached in order to raise cash needed to fund periodic
    repurchases. The Fund would have to focus more on the timing of
    relative allocations and less on identifying significant
    investment opportunities and may have to forego certain
</DIV>
<!-- XBRL Paragraph Pagebreak -->
<!-- XBRL Pagebreak Begin -->

<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <BR>
    20
</DIV><!-- END PAGE WIDTH -->
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#toc">Table of Contents</A></H5><P>

<DIV style="width: 82%; margin-left: 9%"><!-- BEGIN PAGE WIDTH -->
<!-- XBRL Pagebreak End -->

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    opportunities because of the requirement to hold cash and liquid
    securities to meet periodic buybacks. Finally, the Fund&#146;s
    liquidity and its ability to sell securities at advantageous
    prices may decrease in times of declining market prices or
    seriously disrupted markets, such as those that existed during
    the recent financial crisis. In a declining or disrupted market,
    the Fund could be forced to accept a lower price for securities
    than might otherwise be the case. As a closed-end fund, the Fund
    is protected from the necessity of selling its investments at a
    time when market prices are temporarily depressed, because it
    does not have to sell off investments to meet mandatory
    repurchase offers. While the Fund needs to raise cash to fund
    market repurchases, such purchases may be made at the
    Fund&#146;s discretion and may be suspended when they could only
    be funded by the proceeds of sales into a distressed or
    disrupted market.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 5%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    3.&#160;SIGNIFICANT TAX CONSEQUENCES MAY RESULT IF THE
    FUND&#160;IS CONVERTED TO AN INTERVAL FUND.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 5%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    As an interval fund, the Fund may be required to sell securities
    to meet periodic repurchase requests. Selling appreciated
    securities would result in the Fund realizing and distributing
    to remaining stockholders additional capital gains (unless it
    has sufficient realized capital losses to offset the gains),
    while selling depreciated securities, potentially at &#147;fire
    sale&#148; prices in disrupted financial markets, would result
    in losses that could hurt the Fund&#146;s performance. Moreover,
    repurchase payments may be characterized as dividends for tax
    purposes, with the result that a stockholder would not be able
    to use its basis in the repurchased shares at the time of the
    redemption and would instead be taxed on the full amount of the
    payments. To the extent repurchase payments are treated as
    dividends to stockholders whose shares are repurchased by the
    Funds, the Internal Revenue Service could contend that even a
    stockholder who does not sell its shares should be treated as
    having received a dividend (even though such stockholder has
    received no cash or Fund stock) because such stockholder has
    increased its proportionate interest in the earnings and profits
    of the Fund.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 5%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    4.&#160;THE FUND&#146;S EXPENSE RATIO IS LIKELY TO INCREASE
    SIGNIFICANTLY IF THE FUND&#160;IS CONVERTED TO AN INTERVAL FUND.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 5%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Because an interval fund must periodically repurchase its
    shares, the size of an interval fund decreases as more shares
    are bought back. Although interval funds may continually offer
    and sell new shares, unless the Fund&#146;s principal
    underwriter or &#147;distributor&#148; is able to sell enough
    new shares to offset the buybacks, the Fund would shrink in
    size, potentially in a short period of time given the size of
    the semi-annual tender offers contemplated by the above
    proposal. The Board does not believe that it would be
    practicable for the Fund to sell additional shares of its common
    stock to offset shares that it would likely be required to
    repurchase after conversion to an interval fund structure.
    Furthermore, proceeds from any offering of new shares may need
    to be invested in accordance with the Fund&#146;s policy at
    inopportune times in the market.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 5%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Because certain of the Fund&#146;s operating expenses are fixed,
    shrinking in size would increase the ratio of the Fund&#146;s
    operating expenses to its income and net assets. For example,
    the Fund estimates that if it sustains a 50% reduction in size
    after several years of making the semiannual repurchase offers
    contemplated by the proposal, its expense ratio would increase
    by 39% based on its current level of fixed expenses (i.e.,
    without giving effect to the burdensome expenses of making the
    annual offer and other expenses that may be incurred as a result
    of the conversion as discussed herein&#160;&#151; the actual
    expense ratio impact could be much more severe) and the adverse
    effect would likely increase over time. As noted above, the
    number of outstanding shares of the Asia Tigers Fund, which is
    cited in the proponent&#146;s supporting statement, declined by
    56%, while its expense ratio increased by 42%, after it became
    an interval fund. There are also ongoing costs of operating as
    an interval fund that
</DIV>
<!-- XBRL Paragraph Pagebreak -->
<!-- XBRL Pagebreak Begin -->

<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <BR>
    21
</DIV><!-- END PAGE WIDTH -->
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#toc">Table of Contents</A></H5><P>

<DIV style="width: 82%; margin-left: 9%"><!-- BEGIN PAGE WIDTH -->
<!-- XBRL Pagebreak End -->

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    would adversely affect the Fund&#146;s expense ratio. The annual
    costs would include possible distribution costs, the costs of
    notifying stockholders about repurchase offers, the costs of
    maintaining a current prospectus (if the Fund were to seek to
    offset buybacks with sales of shares) and the costs of preparing
    and filing the requisite documents with the SEC. Further, as an
    interval fund, the Fund could subject stockholders seeking to
    take advantage of share repurchases to additional expenses.
    Under SEC rules, the Fund may deduct from the repurchase offer a
    fee, not to exceed 2% of the buyback amount, to compensate the
    Fund for expenses and costs related to the repurchase. Although
    the Board has not concluded that a fee would be necessary, a fee
    may be imposed if the conversion occurs. Finally, there would be
    costs associated with seeking stockholder approval of conversion
    to interval fund status, which would require a vote of a
    &#147;majority of the outstanding voting securities&#148; of the
    Fund, as defined in the Investment Company Act.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 5%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    5.&#160;THE SIGNIFICANT REDUCTION IN THE FUND&#146;S TOTAL
    OUTSTANDING SHARES&#160;THAT IS THE LIKELY OUTCOME OF CONVERSION
    TO AN INTERVAL FUND&#160;STRUCTURE MAY RESULT IN A THINNER
    TRADING MARKET FOR THE FUND&#146;S SHARES.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 5%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Conversion to an interval fund structure would likely result in
    a significant reduction in the total number of the Fund&#146;s
    outstanding shares over a relatively short period of time. For
    example, assuming no issuances of new shares by the Fund,
    conducting 10% repurchase offers semi-annually for two years
    would result in approximately a 35% reduction in the number of
    the Fund&#146;s outstanding shares. A much lower float would
    likely result in a thinner trading market for the Fund&#146;s
    shares, with lighter volumes and large bid-ask spreads, to the
    detriment of the Fund and its stockholders, a problem that would
    get worse with every repurchase offer. Eventually, the number of
    outstanding shares may become so small that the Fund may no
    longer satisfy the minimum listing requirements of the New York
    Stock Exchange and be delisted, to the great detriment of the
    remaining stockholders.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 5%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    6.&#160;THE FUND&#160;MAY HAVE TO BORROW TO RAISE THE MONEY
    NECESSARY TO REPURCHASE FUND SHARES.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 5%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    As an interval fund, the Fund may determine that it would be
    appropriate to borrow money to raise the cash necessary to
    repurchase Fund shares. For example, in cases where the Fund
    wishes to avoid selling securities at inopportune times, the
    Fund could borrow money to pay for all or a portion of the
    shares to be repurchased the buybacks. Borrowing under these
    circumstances could create additional investment risks for
    stockholders that include: (i)&#160;the cost of borrowing may
    exceed the income generated from securities held by the Fund;
    (ii)&#160;unless certain financial tests contained in the debt
    documents are met, the Fund would be prohibited from making
    distributions to stockholders; (iii)&#160;a failure to make
    distributions could result in the Fund ceasing to qualify for
    the advantageous treatment as a regulated investment company
    under the Internal Revenue Code; and (iv)&#160;if assets of the
    Fund are used as security for the borrowing and the Fund is
    unable to meet its obligations, those assets may be forfeited.
    All the costs associated with borrowing to repurchase shares
    would be borne by the Fund, and thus ultimately by its
    stockholders.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 5%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    7.&#160;THE BOARD BELIEVES THAT OPEN-MARKET REPURCHASES ARE
    SUPERIOR TO PERIODIC REPURCHASE OFFERS.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 5%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The Board reviews the Fund&#146;s discount to NAV at each of its
    regularly scheduled meetings. The Board has authorized
    substantial share repurchase programs for a number of years
    (most recently authorizing the repurchase of up to
    500,000&#160;shares in the twelve-month period ending
    October&#160;31, 2010). Such purchases are made in such amounts,
    and at such times, as is believed to be in the best interests of
    the Fund. The Board notes that repurchases of the Fund&#146;s
    shares in the open market at a
</DIV>
<!-- XBRL Paragraph Pagebreak -->
<!-- XBRL Pagebreak Begin -->

<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <BR>
    22
</DIV><!-- END PAGE WIDTH -->
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#toc">Table of Contents</A></H5><P>

<DIV style="width: 82%; margin-left: 9%"><!-- BEGIN PAGE WIDTH -->
<!-- XBRL Pagebreak End -->

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    discount have an anti-dilutive effect which benefits all of the
    Fund&#146;s remaining stockholders. Such purchases can be made
    from time to time at prices, and in amounts, that are deemed in
    the best interests of the Fund. By contrast, periodic repurchase
    offers at no discount or at a very small discount are completely
    inflexible (potentially requiring sales of portfolio securities
    at extremely disadvantageous times to fund required repurchase
    offers), are subject to being &#147;gamed&#148; by arbitrageurs,
    are likely to result in pro-rating of repurchases and have a
    minimal (or no) anti-dilutive benefit to the remaining
    stockholders.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 5%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The Board acknowledges that the repurchase of shares in the open
    market reduces the size of the Fund and that this may adversely
    affect the Fund&#146;s expense ratio over time. However, the
    Fund&#146;s control over the timing and amount of such
    repurchases provides it with valuable flexibility to make them
    only to the extent they are believed to be in the best interests
    of the Fund, and avoids most of the disadvantages associated
    with the inflexible interval fund structure discussed above.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 5%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The Board notes that the fact that closed-end fund shares may
    trade at a discount is well known in the marketplace and that
    the possibility of such discounts is an inherent feature of
    closed-end funds. Market discounts reflect primarily supply and
    demand for the Fund&#146;s shares and may be affected by market
    sentiment and other factors and tend to vary substantially over
    time. The Board believes that although periodic repurchase
    offers at close to NAV may offer attractive opportunities to
    short-term traders, they are inconsistent with the best
    interests of the Fund and of its long-term investors, as well as
    with the achievement of the Fund&#146;s investment objective.
</DIV>

<DIV style="margin-top: 18pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">WHAT
    ADDITIONAL MEASURES WOULD NEED TO BE TAKEN IN CONNECTION<BR>
    WITH CONVERSION TO INTERVAL FUND&#160;STATUS?</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 5%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    If the stockholder proposal is approved, the Board will consider
    the proposal to convert the Fund from a closed-end fund to an
    interval fund in light of its fiduciary obligations to
    stockholders and the stockholder votes cast. The adoption of a
    policy to convert the Fund to an interval fund would require
    approval by the Fund&#146;s stockholders. Accordingly, if the
    Board concludes that conversion of the Fund to an interval fund
    is consistent with the best interests of the Fund and its
    stockholders, the Board will submit the proposal to stockholders
    for consideration at a future meeting of stockholders. If,
    however, the Board determines that conversion would not be
    consistent with the best interests of the Fund and its
    stockholders, no further action would be taken. In the event
    that the Board decides to submit the proposal to stockholders,
    the Board may also conclude that conversion to an interval fund
    would require other changes to the Fund&#146;s investment
    objectives and policies, which may or may not require
    stockholder approval. Finally, the Board may need to approve
    other changes in the Fund&#146;s administration and structure to
    facilitate operation as an interval fund.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 5%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <B>THE BOARD BELIEVES THAT THE CONTINUED OPERATION OF THE
    FUND&#160;AS A CLOSED-END FUND&#160;IS IN YOUR BEST LONG-TERM
    INTEREST, AND UNANIMOUSLY RECOMMENDS A VOTE <U>AGAINST</U> THIS
    PROPOSAL.</B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 5%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <I>Required Vote.&#160;&#160;</I>Provided a quorum has been
    established, the affirmative vote of a majority of the votes
    cast at the Meeting is required for approval of the Proposal.
    For purposes of Proposal&#160;3, abstentions will have no effect
    on the result of the vote.
</DIV>
<!-- XBRL Pagebreak Begin -->

<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <BR>
    23
</DIV><!-- END PAGE WIDTH -->
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#toc">Table of Contents</A></H5><P>

<DIV style="width: 82%; margin-left: 9%"><!-- BEGIN PAGE WIDTH -->
<!-- XBRL Pagebreak End -->


<!-- link1 "SECURITY OWNERSHIP OF CERTAIN BENEFICIAL OWNERS" -->
<DIV align="left"><A NAME="008"></A></DIV>


<DIV style="margin-top: 18pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">SECURITY
    OWNERSHIP OF CERTAIN BENEFICIAL OWNERS</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 5%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    As of May&#160;14, 2010, no person, to the knowledge of
    management, owned of record or beneficially more than 5% of the
    outstanding Common Stock of the Fund, other than as set forth
    below:
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<TABLE border="0" width="100%" align="center" cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
<!-- Table Width Row BEGIN -->
<TR style="font-size: 1pt" valign="bottom">
    <TD width="62%">&nbsp;</TD>	<!-- colindex=01 type=maindata -->
    <TD width="2%">&nbsp;</TD>	<!-- colindex=02 type=gutter -->
    <TD width="9%" align="right">&nbsp;</TD>	<!-- colindex=02 type=lead -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=02 type=body -->
    <TD width="9%" align="left">&nbsp;</TD>	<!-- colindex=02 type=hang1 -->
    <TD width="4%">&nbsp;</TD>	<!-- colindex=03 type=gutter -->
    <TD width="6%" align="right">&nbsp;</TD>	<!-- colindex=03 type=lead -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=03 type=body -->
    <TD width="6%" align="left">&nbsp;</TD>	<!-- colindex=03 type=hang1 -->
</TR>
<!-- Table Width Row END -->
<!-- TableOutputHead -->
<TR style="font-size: 8pt" valign="bottom" align="center">
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="3" nowrap align="center" valign="bottom">
    <B>Amount and <BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="3" nowrap align="center" valign="bottom">
    <B>Percent of<BR>
    </B>
</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom" align="center">
<TD nowrap align="left" valign="bottom">
    <B>Name and Address of <BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="3" nowrap align="center" valign="bottom">
    <B>Nature of<BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="3" nowrap align="center" valign="bottom">
    <B>Outstanding <BR>
    </B>
</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom" align="center">
<TD nowrap align="left" valign="bottom">
<DIV style="border-bottom: 1px solid #000000; width: 1%; padding-bottom: 1px">
    <B>Beneficial Owner</B>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="3" nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>Beneficial Ownership</B>
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="3" nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>Common Stock</B>
</TD>
</TR>
<TR style="line-height: 3pt; font-size: 1pt">
<TD>&nbsp;
</TD>
</TR>
<!-- TableOutputBody -->
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    1607 Capital Partners,
    LLC<SUP style="font-size: 85%; vertical-align: top">(1)</SUP>

</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    1,555,366&#160;shares
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    12.76
</TD>
<TD nowrap align="left" valign="bottom">
    %
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    4991 Lake Brook Dr., Suite&#160;125, Glen Allen,<BR>
    VA 23060
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
</TABLE>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">

</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV style="font-size: 1pt; margin-left: 0%; width: 15%;  align: left; border-bottom: 1pt solid #000000"></DIV>

<DIV style="margin-top: 3pt; font-size: 1pt">&nbsp;</DIV>



<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">

<TR>
    <TD width="2%"></TD>
    <TD width="1%"></TD>
    <TD width="97%"></TD>
</TR>

<TR>
    <TD align="right" valign="top">
    (1) </TD>
    <TD></TD>
    <TD valign="bottom">
    This information is based exclusively on information provided by
    such entity on
    <FONT style="white-space: nowrap">Schedule&#160;13G/A</FONT>
    filed with respect to the Fund on February&#160;16, 2010.</TD>
</TR>

</TABLE>


<!-- link1 "ADDRESS OF INVESTMENT ADVISER AND MANAGER" -->
<DIV align="left"><A NAME="009"></A></DIV>


<DIV style="margin-top: 18pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">ADDRESS
    OF INVESTMENT ADVISER AND MANAGER</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 5%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The principal office of Deutsche Asset Management International
    GmbH, the Fund&#146;s investment adviser, is located at Mainzer
    Landstrasse
    <FONT style="white-space: nowrap">178-190,</FONT>
    D-60327 Frankfurt am Main, Federal Republic of Germany. The
    corporate office of Deutsche Investment Management Americas
    Inc., the Fund&#146;s manager, is located at 345 Park Avenue,
    New&#160;York, New York 10154.
</DIV>

<DIV style="margin-top: 9pt; font-size: 1pt">&nbsp;</DIV>


<!-- link1 "SECTION 16(a) BENEFICIAL OWNERSHIP REPORTING COMPLIANCE" -->
<DIV align="left"><A NAME="010"></A></DIV>


<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">SECTION&#160;16(a)
    BENEFICIAL OWNERSHIP<BR>
    REPORTING COMPLIANCE</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 5%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Based on a review of reports filed by the Fund&#146;s directors
    and executive officers, the investment adviser, officers and
    directors of the investment adviser, affiliated persons of the
    investment adviser and beneficial holders of 10% or more of the
    Fund&#146;s outstanding stock, and written representations by
    the Reporting Persons that no year-end reports were required for
    such persons, all filings required by Section&#160;16(a) of the
    Securities and Exchange Act of 1934 for the fiscal year ended
    December&#160;31, 2009 were timely, except that a late
    Form&#160;3 was filed on behalf of each of Petra Pflaum,
    Martin&#160;Rother and Georg Schuh, officers of the Fund.
</DIV>

<DIV style="margin-top: 9pt; font-size: 1pt">&nbsp;</DIV>


<!-- link1 "OTHER MATTERS" -->
<DIV align="left"><A NAME="011"></A></DIV>


<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">OTHER
    MATTERS</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 5%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    No business other than as set forth herein is expected to come
    before the Meeting, but should any other matter requiring a vote
    of stockholders properly come before the Meeting, including any
    question as to an adjournment of the Meeting, the persons named
    in the enclosed Proxy Card will vote thereon according to their
    discretion. Abstentions and broker non-votes shall have no
    effect on the outcome of a vote to adjourn the Meeting.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>


<!-- link1 "STOCKHOLDER PROPOSALS" -->
<DIV align="left"><A NAME="012"></A></DIV>


<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">STOCKHOLDER
    PROPOSALS</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 5%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    In order for stockholder proposals otherwise satisfying the
    eligibility requirements of SEC
    <FONT style="white-space: nowrap">Rule&#160;14a-8</FONT>
    to be considered for inclusion in the Fund&#146;s proxy
    statement for the 2010 Annual Meeting, the proposals must be
    received at The European Equity Fund, Inc.,
    <FONT style="white-space: nowrap">c/o&#160;Deutsche</FONT>
    Investment Management Americas, 345 Park Avenue,
    <FONT style="white-space: nowrap">NYC20-2799,</FONT>
    New York, New York 10154, Attention: Secretary, on or before
    January&#160;24, 2011.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 5%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    In addition, the Fund&#146;s Bylaws currently provide that if a
    stockholder desires to bring business (including director
    nominations) before the 2011 Annual Meeting that is or is not
    the subject of a proposal timely submitted for inclusion in the
    Fund&#146;s proxy statement, written notice of such
</DIV>
<!-- XBRL Paragraph Pagebreak -->
<!-- XBRL Pagebreak Begin -->

<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <BR>
    24
</DIV><!-- END PAGE WIDTH -->
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#toc">Table of Contents</A></H5><P>

<DIV style="width: 82%; margin-left: 9%"><!-- BEGIN PAGE WIDTH -->
<!-- XBRL Pagebreak End -->

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    business as prescribed in the Bylaws must be delivered to the
    Fund&#146;s Secretary, at the principal executive offices of the
    Fund, between January&#160;24, 2011 and February&#160;23, 2011.
    For additional requirements, the stockholder may refer to the
    Bylaws, a current copy of which may be obtained without charge
    upon request from the Fund&#146;s Secretary. If the Fund does
    not receive timely notice pursuant to the Bylaws, the proposal
    may be excluded from consideration at the meeting, regardless of
    any earlier notice provided in accordance with SEC
    <FONT style="white-space: nowrap">Rule&#160;14a-8.</FONT>
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>


<!-- link1 "EXPENSES OF PROXY SOLICITATION" -->
<DIV align="left"><A NAME="013"></A></DIV>


<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">EXPENSES
    OF PROXY SOLICITATION</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 5%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The cost of preparing, assembling and mailing material in
    connection with this solicitation will be borne by the Fund. In
    addition to the use of mails, proxies may be solicited
    personally by regular employees of the Fund or the manager or by
    telephone or telegraph. Brokerage houses, banks and other
    fiduciaries may be requested to forward proxy solicitation
    materials to their principals to obtain authorization for the
    execution of proxies, and they will be reimbursed by the Fund
    for
    <FONT style="white-space: nowrap">out-of-pocket</FONT>
    expenses incurred in this connection. The Fund has also made
    arrangements with The Altman Group, Inc. to assist in the
    solicitation of proxies, if called upon by the Fund, at an
    estimated fee of $15,000 plus reimbursement of normal expenses.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>


<!-- link1 "ANNUAL REPORT DELIVERY" -->
<DIV align="left"><A NAME="014"></A></DIV>


<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">ANNUAL
    REPORT DELIVERY</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 5%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The Fund will furnish, without charge, a copy of its annual
    report for the fiscal year ended December&#160;31, 2009 and the
    most recent semi-annual report, if any, to any stockholder upon
    request. Such requests should be directed by mail to The
    European Equity Fund, Inc.,
    <FONT style="white-space: nowrap">c/o&#160;Deutsche</FONT>
    Investment Management Americas, 345 Park Avenue, NYC20-2799, New
    York, New York 10154 or by telephone to
    <FONT style="white-space: nowrap">1-800-437-6269.</FONT>
    Annual reports are also available on the Fund&#146;s
    web&#160;site:&#160;www.germanyfund.com.
</DIV>

<DIV style="margin-top: 18pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 49%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
     David Goldman
</DIV>

<DIV align="left" style="margin-left: 49%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Secretary
</DIV>

<DIV style="margin-top: 8pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Dated: May&#160;21, 2010
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <B>Stockholders who do not expect to be present at the Meeting
    and who wish to have their shares voted are requested to date
    and sign the enclosed Proxy Card and return it to the Fund as
    soon as practicable.</B>
</DIV>
<!-- XBRL Pagebreak Begin -->

<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <BR>
    25
</DIV><!-- END PAGE WIDTH -->
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#toc">Table of Contents</A></H5><P>

<DIV style="width: 82%; margin-left: 9%"><!-- BEGIN PAGE WIDTH -->
<!-- XBRL Pagebreak End -->


<!-- link1 "ANNEX A" -->
<DIV align="left"><A NAME="015"></A></DIV>


<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="right" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">ANNEX&#160;A</FONT></B>
</DIV>

<DIV style="margin-top: 18pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">THE
    EUROPEAN EQUITY FUND<BR>
    EXCERPTS OF BY-LAWS</FONT></B>
</DIV>


<!-- link1 "Article II" -->
<DIV align="left"><A NAME="016"></A></DIV>


<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <FONT style="font-family: 'Times New Roman', Times">Article&#160;II
    </FONT>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 5%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <FONT style="font-variant: SMALL-CAPS">Section&#160;</FONT>13.&#160;&#160;<I><U>Advance
    Notice of Stockholder Nominees for Director and Other
    Stockholder Proposals</U>. (a)&#160;<U>Annual Meetings of
    Stockholders</U>.</I>&#160;&#160;(1)&#160;Nominations of persons
    for election to the Board of Directors and the proposal of
    business to be considered by the stockholders may be made at an
    annual meeting of stockholders (i)&#160;pursuant to the
    Corporation&#146;s notice of meeting, (ii)&#160;by or at the
    direction of the Board of Directors or (iii)&#160;by any
    stockholder of the Corporation who was a stockholder of record
    both at the time of giving of notice provided for in this
    Section&#160;13(a) and at the time of the annual meeting, who is
    entitled to vote at the meeting and who complied with the notice
    procedures set forth in this Section&#160;13(a).
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 5%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    (2)&#160;For nominations or other business to be properly
    brought before an annual meeting by a stockholder pursuant to
    clause&#160;(iii) of paragraph (a)(1) of this Section&#160;13,
    the stockholder must have given timely notice thereof in writing
    to the Secretary of the Corporation and such other business must
    otherwise be a proper matter for action by the stockholders. To
    be timely, a stockholder&#146;s notice shall be delivered to the
    Secretary at the principal executive offices of the Corporation
    not less than 90&#160;days nor more than 120&#160;days prior to
    the first anniversary of the date of mailing of the notice for
    the preceding year&#146;s annual meeting; provided, however,
    that in the event that the date of mailing of the notice for the
    annual meeting is advanced or delayed by more than 30&#160;days
    from the first anniversary of the date of mailing of the notice
    for the preceding year&#146;s annual meeting, notice by the
    stockholder to be timely must be so delivered not earlier than
    the 120th&#160;day prior to the date of mailing of the notice
    for such annual meeting and not later than the close of business
    on the later of the 90th&#160;day prior to the date of mailing
    of the notice for such annual meeting or the tenth day following
    the day on which disclosure of the date of mailing of the notice
    for such meeting is first made. In no event shall the public
    announcement of a postponement or adjournment of an annual
    meeting commence a new time period for the giving of a
    stockholder&#146;s notice as described above. Such
    stockholder&#146;s notice shall set forth (i)&#160;as to each
    person whom the stockholder proposes to nominate for election or
    reelection as a director, (A)&#160;the name, age, business
    address and residence address of such person, (B)&#160;the class
    and number of shares of stock of the Corporation that are
    beneficially owned by such person, (C)&#160;all other
    information relating to such person that is required to be
    disclosed in solicitations of proxies for election of directors
    in an election contest (even if an election contest is not
    involved), or is otherwise required, in each case pursuant to
    Regulation&#160;14A (or any successor provision) under the
    Exchange Act or pursuant to the Investment Company Act and the
    rules thereunder (including such person&#146;s written consent
    to being named in the proxy statement as a nominee and to
    serving as a director if elected), and (D)&#160;a statement
    specifying which of clauses (1)-(7) of the definition of
    &#147;Relevant Experience and Country Knowledge&#148; in
    Article&#160;III, Section&#160;3 of the Bylaws the person being
    nominated satisfies, information relating to such person
    sufficient to support a determination that the person satisfies
    the specified clause or clauses of the definition and a
    representation that the person does not have a &#147;Conflict of
    Interest&#148; as defined in Article&#160;III, Section&#160;3 of
    the Bylaws; (ii)&#160;as to any other business that the
    stockholder proposes to bring before the meeting, a description
    of the business desired to be brought before the meeting, the
    reasons for conducting such business at the meeting and any
    material interest in such business of such stockholder
    (including any anticipated benefit to the stockholder therefrom)
    and of each beneficial owner, if any, on whose behalf the
    proposal is made; and (iii)&#160;as to the stockholder giving
    the notice and each beneficial owner, if any, on whose behalf
    the nomination or proposal is made,
</DIV>
<!-- XBRL Paragraph Pagebreak -->
<!-- XBRL Pagebreak Begin -->

<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <BR>
    A-1
</DIV><!-- END PAGE WIDTH -->
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#toc">Table of Contents</A></H5><P>

<DIV style="width: 82%; margin-left: 9%"><!-- BEGIN PAGE WIDTH -->
<!-- XBRL Pagebreak End -->

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    (x)&#160;the name and address of such stockholder, as they
    appear on the Corporation&#146;s stock ledgers and a current
    name and address, if different, and of such beneficial owner,
    and (y)&#160;the class and number of shares of each class of
    stock of the Corporation which are owned beneficially and of
    record by such stockholder and owned beneficially by such
    beneficial owner.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 5%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    (3)&#160;Notwithstanding anything in this subsection&#160;(a) of
    this Section&#160;13 to the contrary, in the event the Board of
    Directors increases or decreases the maximum or minimum number
    of directors in accordance with Article&#160;III, Section&#160;2
    of these Bylaws, and there is no public announcement of such
    action at least 100&#160;days prior to the first anniversary of
    the date of mailing of the preceding year&#146;s annual meeting,
    a stockholder&#146;s notice required by this Section&#160;13(a)
    shall also be considered timely, but only with respect to
    nominees for any new positions created by such increase, if it
    shall be delivered to the Secretary at the principal executive
    offices of the Corporation not later than the close of business
    on the tenth day following the day on which such public
    announcement is first made by the Corporation.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 5%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    (b)&#160;<I><U>Special Meetings of
    Stockholders</U>.</I>&#160;&#160;Only such business shall be
    conducted at a special meeting of stockholders as shall have
    been brought before the meeting pursuant to the
    Corporation&#146;s notice of meeting. Nominations of persons for
    election to the Board of Directors may be made at a special
    meeting of stockholders at which directors are to be elected
    (i)&#160;pursuant to the Corporation&#146;s notice of meeting,
    (ii)&#160;by or at the direction of the Board of Directors or
    (iii)&#160;provided that the Board of Directors has determined
    that directors shall be elected at such special meeting, by any
    stockholder of the Corporation who is a stockholder of record
    both at the time of giving of notice provided for in this
    Section&#160;13 and at the time of the special meeting, who is
    entitled to vote at the meeting and who complied with the notice
    procedures set forth in this Section&#160;13. In the event the
    Corporation calls a special meeting of stockholders for the
    purpose of electing one or more directors to the Board of
    Directors, any such stockholder may nominate a person or persons
    (as the case may be) for election as a director as specified in
    the Corporation&#146;s notice of meeting, if the
    stockholder&#146;s notice required by paragraph (a)(2) of this
    Section&#160;13 shall be delivered to the Secretary at the
    principal executive offices of the Corporation not earlier than
    the 120th&#160;day prior to such special meeting and not later
    than the close of business on the later of the 90th&#160;day
    prior to such special meeting or the tenth day following the day
    on which public announcement is first made of the date of the
    special meeting and of the nominees proposed by the Board of
    Directors to be elected at such meeting. In no event shall the
    public announcement of a postponement or adjournment of a
    special meeting commence a new time period for the giving of a
    stockholder&#146;s notice as described above.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 5%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    (c)&#160;<I><U>General</U>.</I>&#160;&#160;(1)&#160;Only such
    persons who are nominated in accordance with the procedures set
    forth in this Section&#160;13 and Article&#160;III,
    Section&#160;3 of these Bylaws shall be eligible to serve as
    directors and only such business shall be conducted at a meeting
    of stockholders as shall have been brought before the meeting in
    accordance with the procedures set forth in this
    Section&#160;13. The chairman of the meeting shall have the
    power and duty to determine whether a nomination or any business
    proposed to be brought before the meeting was made or proposed,
    as the case may be, in accordance with the procedures set forth
    in this Section&#160;13 and, if any proposed nomination or
    business is not in compliance with this Section&#160;13, to
    declare that such defective nomination or proposal be
    disregarded.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 5%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    (2)&#160;For purposes of this Section&#160;13, (a)&#160;the
    &#147;date of mailing of the notice&#148; shall mean the date of
    the proxy statement for the solicitation of proxies for election
    of directors and (b)&#160;&#147;public announcement&#148; shall
    mean disclosure (i)&#160;in a press release reported by the Dow
    Jones News Service, Associated Press or comparable news service
    or (ii)&#160;in a document publicly filed by the Corporation
    with the Securities and Exchange Commission pursuant to the
    Exchange Act or the Investment Company Act.
</DIV>
<!-- XBRL Pagebreak Begin -->

<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <BR>
    A-2
</DIV><!-- END PAGE WIDTH -->
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#toc">Table of Contents</A></H5><P>

<DIV style="width: 82%; margin-left: 9%"><!-- BEGIN PAGE WIDTH -->
<!-- XBRL Pagebreak End -->

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 5%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    (3)&#160;Notwithstanding the foregoing provisions of this
    Section&#160;13, a stockholder shall also comply with all
    applicable requirements of state law and of the Exchange Act and
    the Investment Company Act and the rules and regulations
    thereunder with respect to the matters set forth in this
    Section&#160;13. Nothing in this Section&#160;13 shall be deemed
    to affect any right of stockholders to request inclusion of
    proposals in, nor the right of the Corporation to omit a
    proposal from, the Corporation&#146;s proxy statement pursuant
    to
    <FONT style="white-space: nowrap">Rule&#160;14a-8</FONT>
    (or any successor provision) under the Exchange Act.
</DIV>


<!-- link1 "Article III" -->
<DIV align="left"><A NAME="017"></A></DIV>


<DIV style="margin-top: 18pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <FONT style="font-family: 'Times New Roman', Times">Article&#160;III
    </FONT>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 5%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <FONT style="font-variant: SMALL-CAPS">Section&#160;</FONT>3.&#160;&#160;<I><U>Qualifications</U>.</I>&#160;&#160;Directors
    need not be stockholders. Each Director shall hold office until
    the earlier of: (a)&#160;the expiration of his term and his or
    her successor shall have been elected and qualifies,
    (b)&#160;his or her death, (c)&#160;his or her resignation, or
    (d)&#160;his or her removal. To be eligible for nomination as a
    director a person must, at the time of such person&#146;s
    nomination, (a)&#160;have Relevant Experience and Country
    Knowledge (as defined below), (b)&#160;not have any Conflict of
    Interest (as defined below) and (c)&#160;not be over
    72&#160;years of age; provided that clause&#160;(c) shall not
    apply to any person who was a Director on October&#160;15, 1999
    or to any person whom the Nominating Committee (or in the
    absence of such a Committee, the Board of Directors) determines
    to except from that clause on the basis that the person&#146;s
    prior public or government service or other broad-based
    activities in the business community make it essential that the
    Corporation continue to receive the benefit of the person&#146;s
    services as a Director. The determination described in the
    previous sentence shall be made on or before the time of
    nomination. Whether a proposed nominee satisfies the foregoing
    qualifications shall be determined by the Nominating Committee
    or, in the absence of such a Committee, by the Board of
    Directors, each in its sole discretion.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 5%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    For purposes of the following definitions of Relevant Experience
    and Country Knowledge and Conflict of Interest, the term
    &#147;Specified Country&#148; means any one or more of the
    following countries: the Austrian Republic, the Kingdom of
    Belgium, the Republic of Finland, the French Republic, the
    Federal Republic of Germany, the Hellenic Republic
    (&#147;Greece&#148;), the Republic of Ireland, the Italian
    Republic, the Grand Duchy of Luxembourg, the Kingdom of the
    Netherlands, the Portuguese Republic and the Kingdom of Spain,
    and any other country in Europe that has adopted the Euro as its
    currency.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 5%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    &#147;Relevant Experience and Country Knowledge&#148; means
    experience in business, investment, economic or political
    matters of a Specified Country or the United States, through
    service for 10 of the past 20&#160;years (except where a shorter
    period is noted) in one or more of the following principal
    occupations:
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 5%; margin-right: 0%; text-indent: 5%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    (1)&#160;senior executive officer or partner of a financial or
    industrial business headquartered in a Specified Country and
    that has annual revenues of at least the equivalent of US
    $500&#160;million,
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 5%; margin-right: 0%; text-indent: 5%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    (2)&#160;senior executive officer or partner of a financial or
    industrial business headquartered in the United&#160;States that
    has annual revenues of at least the equivalent of US
    $500&#160;million and whose management responsibilities include
    supervision of business operations in a Specified Country or
    other European country,
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 5%; margin-right: 0%; text-indent: 5%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    (3)&#160;director (or the equivalent) for 5 of the past
    10&#160;years of one or more investment businesses or vehicles
    (including this Corporation) a principal focus of which is
    investment in one or more Specified Countries and that have at
    least the equivalent of US $250&#160;million in combined total
    assets of their own,
</DIV>
<!-- XBRL Pagebreak Begin -->

<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <BR>
    A-3
</DIV><!-- END PAGE WIDTH -->
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#toc">Table of Contents</A></H5><P>

<DIV style="width: 82%; margin-left: 9%"><!-- BEGIN PAGE WIDTH -->
<!-- XBRL Pagebreak End -->

<DIV align="left" style="margin-left: 5%; margin-right: 0%; text-indent: 5%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    (4)&#160;senior executive officer or partner of an investment
    management business having at least the equivalent of US
    $500&#160;million in securities of companies in one or more
    Specified Countries or securities principally traded in one or
    more Specified Countries under discretionary management for
    others,
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 5%; margin-right: 0%; text-indent: 5%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    (5)&#160;senior executive officer or partner of a business
    consulting, accounting or law firm having at least
    100&#160;professionals and whose principal responsibility
    involves or involved providing services involving matters
    relating to a Specified Country or other European country for
    financial or industrial businesses, investment businesses or
    vehicles or investment management businesses as described in
    (1)&#160;- (4)&#160;above,
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 5%; margin-right: 0%; text-indent: 5%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    (6)&#160;senior official (including ambassador or minister)
    (i)&#160;in the national government, a government agency or the
    central bank of a Specified Country or the United States,
    (ii)&#160;in a major supranational agency or organization of
    which a Specified Country or the United States is a member, or
    (iii)&#160;in a leading international trade organization
    relating to a Specified Country or the United States, in each
    case in the area of finance, economics, trade or foreign
    relations,&#160;or
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 5%; margin-right: 0%; text-indent: 5%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    (7)&#160;current director or senior officer (without regard to
    years of service) of an investment manager or adviser of the
    Corporation, or of any entity controlling or under common
    control with an investment manager or adviser of the Corporation.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 5%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    For purposes of clauses (1) - (5) of the preceding sentence and
    clauses (1) - (2) of the next paragraph, the term
    &#147;financial or industrial business&#148; includes a
    financial or industrial business unit within a larger
    enterprise; the term &#147;investment businesses or
    vehicles&#148; includes an investment business unit or
    investment vehicle within a larger enterprise; the term
    &#147;investment management business&#148; includes an
    investment management business unit within a larger enterprise;
    and the term &#147;investment vehicle&#148; includes an
    investment vehicle within a larger enterprise; but in each case
    only to the extent the unit satisfies the revenue, asset and
    other requirements specified for the business or vehicle in
    clauses (1) - (5) of the preceding sentence or clauses (1) - (2)
    of the next paragraph.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 5%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    &#147;Conflict of Interest&#148; means the presence of a
    conflict with the interests of the Corporation or its operations
    through any of the following:
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 5%; margin-right: 0%; text-indent: 5%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    (1)&#160;current position (a)&#160;as a director, officer,
    partner or employee of another investment vehicle a significant
    (i.e., 25% or more of total assets) focus of which is securities
    of companies in one or more Specified Countries or securities
    principally traded in markets of one or more Specified Countries
    and that does not have the same investment adviser as the
    Corporation or an investment adviser affiliated with an
    investment adviser of the Corporation, and (b)&#160;having
    direct and regular responsibilities relating to that investment
    vehicle,
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 5%; margin-right: 0%; text-indent: 5%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    (2)&#160;current position as (a)&#160;a director, officer,
    partner or employee of the sponsor (or equivalent) of an
    investment vehicle described in the previous point and
    (b)&#160;having direct and regular responsibilities relating to
    that investment vehicle,&#160;or
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 5%; margin-right: 0%; text-indent: 5%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    (3)&#160;current position as an official of a governmental
    agency or self-regulatory body having responsibility for
    regulating the Corporation or the markets in which it proposes
    to invest.
</DIV>
<!-- XBRL Pagebreak Begin -->

<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <BR>
    A-4
</DIV><!-- END PAGE WIDTH -->
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#toc">Table of Contents</A></H5><P>

<DIV style="width: 82%; margin-left: 9%"><!-- BEGIN PAGE WIDTH -->
<!-- XBRL Pagebreak End -->

<DIV align="center" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <IMG src="y84659y8465901.gif" alt="(European Equity logo)">
</DIV>

<DIV style="margin-top: 3pt; font-size: 1pt">&nbsp;</DIV>
<!-- XBRL Pagebreak Begin -->

<P align="left" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">

</DIV><!-- END PAGE WIDTH -->
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#toc">Table of Contents</A></H5><P>


<DIV style="font-family: 'Times New Roman',Times,serif">


<DIV style="margin-top: 6pt"><TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

</TABLE>
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>PROXY<BR>
THE EUROPEAN EQUITY FUND<BR>
This proxy is solicited on behalf of the Board of Directors.</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The undersigned stockholder of The European Equity Fund, Inc., a Maryland corporation (the
&#147;Fund&#148;), hereby appoints John Millette, David Goldman and Rita Rubin, or any of them, as proxies
for the undersigned, with full power of substitution in each of them, to attend the Annual Meeting
of the Stockholders of the Fund to be held at 3:30 p.m., New York time, on June&nbsp;28, 2010 at the New
York Marriott East Side Hotel, 525 Lexington Avenue, New York, New York 10017, and any adjournment
or postponement thereof, to cast on behalf of the undersigned all votes that the undersigned is
entitled to cast at such meeting, and otherwise to represent the undersigned at the meeting with
all powers possessed by the undersigned if personally present at the meeting. The undersigned
hereby acknowledges receipt of the Notice of the Annual Meeting of Stockholders and of the
accompanying Proxy Statement, the terms of each of which are incorporated by reference herein, and
revokes any proxy heretofore given with respect to such meeting.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>The votes entitled to be cast by the undersigned will be cast as instructed below. If this
Proxy is executed but no instruction is given, the votes entitled to be cast by the undersigned
will be cast &#147;For&#148; each of the nominees for director, &#147;For&#148; Proposal 2, and &#147;Against&#148; Proposal 3,
as described in the Proxy Statement and in the discretion of the Proxy holder on any other matter
that may properly come before the meeting or any adjournment or postponement thereof.</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>Election of Directors. The Board of Directors unanimously recommends a vote &#147;For&#148; the nominees</B>
</DIV>

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="32%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="32%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="32%">&nbsp;</TD>
</TR>
<TR></TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">1.
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><B>FOR </B>each of the nominees
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><B>WITHHOLD AUTHORITY</B>
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><B>FOR </B>all nominees except as</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">for director listed below. <FONT style="font-family: Wingdings">&#111;</FONT>
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">as to all listed nominees. <FONT style="font-family: Wingdings">&#111;</FONT>
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">marked to the contrary below. <FONT style="font-family: Wingdings">&#111;</FONT></TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>

<DIV align="center" style="font-size: 8pt">(<B>Instructions: </B>To withhold authority for any individual nominee, strike a line through the nominee&#146;s name in the list below.)</DIV>


<DIV align="center" style="font-size: 10pt">Mr.&nbsp;John A. Bult</DIV>


<DIV align="center" style="font-size: 10pt">Mr.&nbsp;Richard R. Burt</DIV>


<DIV align="center" style="font-size: 10pt">Dr.&nbsp;Friedbert Malt</DIV>


<DIV align="center" style="font-size: 10pt">Mr.&nbsp;Joachim Wagner</DIV>



<DIV align="Center" style="font-size: 10pt; margin-top: 12pt"><B>The Board of Directors unanimously recommends a vote &#147;For&#148; Proposal 2</B>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">2.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>To ratify the appointment by the Audit Committee and the Board of Directors of
PricewaterhouseCoopers LLP, an independent public accounting firm, as independent
auditors for the fiscal year ending December&nbsp;31, 2010</TD>
</TR>

</TABLE>
</DIV>

<DIV align="center" style="margin-top: 10pt; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <B>
    FOR&#160;&#160;<FONT style="font-family: Wingdings; font-variant: normal">&#111;</FONT>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;AGAINST&#160;&#160;<FONT style="font-family: Wingdings; font-variant: normal">&#111;</FONT>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;ABSTAIN&#160;&#160;<FONT style="font-family: Wingdings; font-variant: normal">&#111;</FONT></B>
</DIV>



<DIV align="Center" style="font-size: 10pt; margin-top: 12pt"><B>The Board of Directors unanimously recommends a vote &#147;Against&#148; Proposal 3</B>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">3.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>If properly presented at the Meeting, to consider and vote on a stockholder
proposal to ask the Board of Directors to take the steps necessary to adopt an
interval fund structure, whereby the Fund would conduct periodic tender offers at
least semiannually for at least 10% of currently outstanding common shares at a
price of at least 98% of net asset value.</TD>
</TR>

</TABLE>
</DIV>
<DIV align="center" style="margin-top: 10pt; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <B>
    FOR&#160;&#160;<FONT style="font-family: Wingdings; font-variant: normal">&#111;</FONT>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;AGAINST&#160;&#160;<FONT style="font-family: Wingdings; font-variant: normal">&#111;</FONT>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;ABSTAIN&#160;&#160;<FONT style="font-family: Wingdings; font-variant: normal">&#111;</FONT></B>
</DIV>





<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">4.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>To vote and otherwise represent the undersigned on any other matter that
 may
properly come before the meeting or any adjournment or postponement thereof in
the discretion of the Proxy holder.</TD>
</TR>

</TABLE>
</DIV>
<P align="center" style="font-size: 10pt"><!-- Folio -->&nbsp;<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#toc">Table of Contents</A></H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">


<DIV style="margin-top: 6pt"><TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">



</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Dated: <U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U>, 2010

</DIV>
<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="42%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="57%">&nbsp;</TD>
</TR>
<TR style="font-size: 18pt">
<TD>&nbsp;</TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR style="font-size: 1px">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top" style="border-top: 1px solid #000000">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">Signature</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR style="font-size: 20pt">
<TD>&nbsp;</TD>
</TR>

<TR style="font-size: 1px">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top" style="border-top: 1px solid #000000">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">Signature, if held jointly</TD>
</TR>
<TR valign="bottom" style="font-size: 12pt"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Please sign exactly as name appears on the records of
the Fund and date. If the shares are held jointly,
each holder should sign. When signing as an
attorney, executor, administrator, trustee, guardian,
officer of a corporation or other entity or in
another representative capacity, please give the full
title under signature(s).</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>



<P align="center" style="font-size: 10pt"><!-- Folio -->&nbsp;<!-- /Folio -->
</DIV>



</BODY>
</HTML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>GRAPHIC
<SEQUENCE>2
<FILENAME>y84659y8465901.gif
<DESCRIPTION>GRAPHIC
<TEXT>
begin 644 y84659y8465901.gif
M1TE&.#EAI@"D`.8``-C8V$)"0NCHZ$!`0-;6ULC(R-+2TNOKZ][>WLK*RL_/
MSX"`@#X^/B0D)-34U,+"PMO;V]#0T,7%Q2TM+924E+BXN,;&QAD9&5Y>7CP\
M/(.#@V)B8K*RLEI:6IZ>GIB8F%A86&9F9G!P<)&1D;:VMIJ:FH:&AF!@8)"0
MD#HZ.GIZ>C@X.&AH:')R<KJZNL#`P(R,C'Y^?HF)B5Q<7*:FIHB(B*ZNKK"P
ML(Z.CI:6EMS<W*FIJ7AX>"DI*71T=&MK:VYN;FQL;)R<G'Q\?*NKJ[V]O61D
M9**BHC8V-J"@H+2TM*2DI(2$A#0T-+Z^OG9V=JRLK#`P,#(R,E-34U)24OS\
M_%%1455554]/3U!04$Y.3DQ,3$M+2TU-34I*2D5%14E)24A(2$='1T9&1D1$
M1%965E=75^?GY_GY^?CX^/O[^_/S\_KZ^LS,S.[N[O7U]?#P\.#@X/?W]^_O
M[^'AX>3DY.+BXN/CX\W-S>SL[.7EY?;V]E145/W]_?[^_O___R'Y!```````
M+`````"F`*0```?_@'^"@X2%AH>(B'U^?WZ+B9"#CG^/A2`$A9-^C)6"DY";
MH:*1I*6FIZB2BXZKJ9E]C8R%#45RGJ%5CYNJL)!]JZ*=KL/$Q;>-OZW$HKN"
M>P@7(SJWK+K,S8BLU\+&W=ZEN-RIU;)_;D4-(A*$?FJQE->1P-?EW_;WA,#(
MO:[8A#H^I'C9$8F>O"I5<+W#Q_">/E;+Z@U2,"!#BA(%?XWRE=!@PX\1F<62
MV,V-"R1D,L`X`TKC)G[97(H$21.5QDS^4*U!(,%"@00)VG!`$<#+F!90\``M
M8.$!A`/47E8AY6?JNYPULR)">.B3*P,++EQH,&$"D@Q%L6P9,V!%E`D-_\2V
ML.&I3T>[P\1IW3OHER`;#]9\:\>#09,!8[9@L3)EBI6U;5=P.<"&'2>2A_)P
M2"B(,]^:NQQYQ/$!T[%0DK"RZ^-"0YD48A0SIF*ERQ@&7H+0>&/U-&9J?^*8
M`/!&T#QZOS^?TI5KYA\6&PC6I213="D"'S:`Z8*%"A_:7;YT6%#A5.A0CPQX
M\<!RY$OT+Y4/]O@'!!(>AORB1Z5F#1@M64SQ719<!%#!'#;!<M,@%EP0`@`X
M-5=5<O*AHMI?5$2Q`202)I?3"F-T8<6(6(21@0(V_78&#1/T4$`VC.Q785ZH
M(0)$&"ET8`$<BN@3TR!K&)`"&6%P$<:19*1PA/\=YOW6Q@)(2+$#`EW%N.",
MXUPH2!A?!&!%#73`:!V,@^A10@H#!$`&#!V0P4`*(CSP#0<=5&1">:!HB:4Q
M0\:&@6DQ44@(!"*LD$(&`Q@@0@"&=B%=-TD$$$8`0`A!%4Q[@L/(&@[,$!=9
M49P5QA9:;&%B$V5]N@$:RIB2P%LG4##("S_`A0*F7<%"!PE44-'!!B%`-\47
M7'1!1A<M0(>!&59T0`0:(V4ZSB)5K$&`$#/T@`0#DG:11198:"%&`!E(,<$"
M4```C%Z&G''$!3`44,<@<^#QP0`M&$`5(W((\``8*3`P1K%=B(@%%UM8,6G`
M&%1P`"PU2MOD('1PL`#_6E]TT6NOCW7YQ0<&Y&&9H((`<(0*!`A&R#-)Y(!G
MGH+T=P008*P0P':,69&%%F`,D$(9&MP`%7`29\G(,R),4>P55#26Q199G+!`
M-SI8T-XA:43PPJ78O*#!%<1FT;1C!X>Q@0?36%9T/_[(@($7O3HM1@LO2RQ:
M/7F0,*K8?/!AA19A8&!`;VL/4Y6/@GC0`ABD9O$W&</EBF7$?]PQ0@<:]ZI6
M`!&H7/@R\Q"R`!]A@`$&%UQX088(=;NG)TB(`\#"P5IHT<467@1`Q-"?&^[<
M'">@%$`',V010`!4R)#:NB0WY",:%F#L!1^F=MD"!+V'=.4#93210A,>>/"#
M_Z%18)`:/&/*YY<@`A`11<!>M'"%FPP@T4;V-.;$P@I-F,';'YHI0Q2X@*=1
MI.\SPBA"",K"`A<(@@(GB$(/CJ`'_!E-(CVXP@((P!DVY.%)\8O*W2KD#R&D
M8`5)((`;!%&'`L"@!W&RH(6$(0<[A(`&]RL$&MHP@A#<XCC2@@,%^.`!.Q".
M4S+8`!%DN)Q<$`(.%G#!"A$!@1;<@C,'G%$=/C`U1`B`!1Y@(@FO),;/?0(U
MR<!&,ABR$3:B!U<?T,`1[-$<0Z#F)8AC&U[BHXT[KJ^,KOM$'^"@@`I<P0HT
M2$WS#K&@.YXG&>PJQ2K4H!!DX)$3D>Q==60A`*]M0/\*6'!`5(IQ'(F@1T+$
MJ`3EK'-&7%E0/_'Y@Q)F(`6WG$"1BTQ$&U=C%:^XPBX4$J0KQ2B,(W0I`#Q(
MI#WLXD1"B`![=9E*)C-B#4$4`)J!S*6TG"-$;@WO"218YAH)(087"."'^TAE
M,'K!A!W88B2K&&;VQCF(,]0`"0$8`!<P@(+.R&$.[J#1']L!KW4<@Q*$NV`Y
MS*`"*D4+&8"DCB'6@((F,&H(=!'$&^+P``01HYDQ@T,#0F"IZ4"T&%4A1`*Z
M8`9EQB*>$7U',]F0@R8@`09,$H02*O"`$=SA'G;`@4U9\!%_C&!<70QD3&?2
M!P5H8`(.^``,+!4"9-XA#??_($`'4H`$##@4I8+"0`!2\`-*EM$@\1@$`630
M@#UP8`3X@8$9?'"^5RPD$@HX'@,ZT+I?"HH!;PI!&N19N%+"`Q$)4$$#@E,$
MNBI@!#"H:SZF\CI!*"`#X^I`&,=1%RW)@0X9^,(70""$J[TR1G>3YB\Z(HL#
M%($%"'BG'?W!G(VX2RP-Z,$$HF`S,#P-#(Q"50_BD@+EZ1(^C#`)$*Y@!@P`
M*P0A&%BQ?A6"#6``!%G`@*P*!Q_FI94-$FC"!RI8)49400WQ!.(?T'"&!P0O
M"AE@`!F\H#%PV:8M;_$!!\*4",,&B0(=>,L*$/4%+6`!"UV85`:0T*(9D,>,
M?#R/_V35\(`>=.`(+]#7']@`!SO(%J$0NQOE6..:%*2E5WR8PL&.UX$/)&"*
MB:#L3.#`@1^(0;YAR!QMM,`%,J0I!"Z(@R;[F$4=/J`)*^@`#^AB!P6X(`D6
MJ`-6IX.<NV)G`P?+PG=2S#,K@-$4YNUE/2R'3S!,86S@"<`7?&C!YF!14`8`
M+@,V$($_P``$`8B"&"@P+Y.V4L:$8(,;6@`U`>G,"@&H`8K`/$I#(``(]&W,
MF;%`AB=L38:=4$T%5%`"/7P`)5WP@ACHIV:V6`$&]=#%0["R@(-106Q_8\"B
MP5QE0KCA"5W@PL;^%@`9?+6R\JE1,PA0A!R`C`,J`$(%3/_`@/_<#@QC&`,8
MO."%+X0A!$K(QW%"K$8VM&`,82C5[;S``!KT^:ZY0FZ(C<.#U!DX7%L(``IX
M!VSE])$2;/`##5H0!?%^X`<!&,(/PH`%Q^GLP(Y[VO'8;)PU$MDK>X#`">3[
MA0UD(0PI$<&E3^H+!96C&7((00I$+88PB&%<+,@HNHL&249XL`\4V,"V@B!6
M:2-L8Y(^,Q4.*88QF*\O'R>'5^P``R\<"@D<8($7+!*`.>(#!UL8<``HL(`M
M9`!15I083"TI$7?]P01FF+H(0*"8Q0BH;VCO6V,4MH$$%&*:@C``%[PG@BDC
MX*D]D`&/[I&%%2!A"PFP`P)<((+_`4S@!+U,J%;L(I-2]F(/!2B#`5C0)0JH
M``/=D73?KL#YSJ<X"]-+ZD,A0>$&7*$$$.B%'!#P@0!@@`/V4`,<>J`%(.S`
MK'-X@0F\A0>3?D;HD'2/-56P@@6400Q?\,#8N\/YS7.^#)[_CJF\L!J2Z2'I
M-/CJ(!!PA!B,X*#$2,,=+@`$EPZB#2)(?J98F1"N&$((_&,`@,1`@PUP9^=7
MZ%L9])]VSFLA`!-0"""5"`:P`U*$"&FP`R8`?L-@.4X`8X7`!HK"@'NQ"\W$
M+F[P`D80`-Y'`<S"&$SC'?O7?_GW>6/0!'`04(?57YAQ(?6&@'?@!I7!2&L`
M32]H#Z$!_TN$@``/$`%T4`$P@`,#8`)L`BZ,D6)GAW8EB'8J)@8K(`#0T@@#
MF!_"QFT10SD64@_GT8+:-!]MI!D?8`,C(`(J(`,M<`(\(`(4``,$QQAG=V9I
M-X)(2`58(`8I4`%35&0C$PS9Q(>^$P\>$4N_1SEOT`8=T%5X%C`!(`99\`$?
M8`)@@`5)>`5PJ(1(>&9/<QLMD#8KAQ/OD8-6*",A$72G%$U%`P$T$`5SQ@/?
M%@9>D#H+L``^P!U)R`=74`;[UWR7:`5<,`9DL`4-\"+&02&UU0Q<<8,%05LQ
M\F:BF"EXX`'-M@4;H`'UMP4(4P8C`'56T#3\YQUI1S:FXC,L@/\&)6!:X-`+
M7L%47>B)H\1*SI%*O9!)%5``5_,&=:``+P`#0'`L6M`!+!`#(K`!?$!?-5`#
M7+"-`M)\4U"":]<%8)`2&\`$FX$'*H,<N-(,V"!B;X12\T!8XH1'D#`$&N`"
M*G,'),`$(A!O!VD%!\8'0[``02`&'6`""P`&"&F+*8:3C4$%6N`=(+`!1X!-
M?9%>FP!H&;$-'MD2U(&,$>$9B?`!5!`#=?8'";``*S``_^&&?[,%U%@"8^`!
M5&=F8Z-Y?;,Q7``$-7`#,?8;[D<*^C"%TQ(5<-</KD1TU<4"'9""UM0!AH($
M*R!?7+`8.)=_6=`%)]`"(A`#,!`#7-#_DRFV,=XQ-@H#`QJVAW_03*CAE,<E
M"\R0E,<E0NMX*4!D$F7``%VR9!*`!RX@5J(E!EY`*MZH<RC6'1V``3BP!!0@
M!EJPC=YQ=CN'A)'H`1XEA4B93EL7$ZQU21%A&7/)-O%P`%"`!4V`*+FA`K%X
M!5Y0.P:G>90H:8?D.'P`!`O`!`O0`5/@.&](!?O7&%PP`#$P:R/D.BV'A6^G
M$970G(Q$$OCYAX,05%$76L<D*8&9<U.P?TV3B]#WF"QI9JP3`E?@.+_9*^M)
M!<8"!-F6C&X&$1W7&>@8FHKT=AZJE%SAE&_@`5\06J\9+F/S'4F(8KA(B9`Y
M:;43`C"@`4;`_Z)G]J)\L&):P&?G"$\;NDM@Q9EIU!"?^%!5<`85T`(9,#"2
MN#%SJ'8"4@8)N9.0^3=6X`,^8`3?LI"-D7^,@070U@44`"@(8`"`<C[-.%N7
M29^N,(#OB`]W03ES\``AP`4%QITP2H),J':]R9)<D(8@8';?N)`\>6,;8&Z+
MX`$Q,`0T``42<&X8&4SO,0@Z<$[$$`<"D%#^(&'=T!%U=%`V\`-4X`7;:(O-
MYXV;AZIPR'D[]VK9I0(L<'_>V2LE6)A;T`$Q@$,*<`)<99,J\#*^E)'-D$;E
M0`-%X#G$"@DYP`&>TQE:Z'$T@0T5(`-?,"*UJ(1+2()-HS-:\`$SX/\MW@*9
M4/H=5Q`")A`"5Y<F1/(%([>`BE`.X_1'@Q`$,5"9Z;@^;;0!/^!`GM`;AU.4
M68$-/M`E6G!V<NA\?""'N,BBAP0X%#`#KUD[!3<BV#HB7=`!-=`!J0,UW_(W
M7X`$('`&T()'W#:,DT"O@G`%7(`1(`J:G)`&&&`%'Z`*\`22H%$.,=`%`^"8
MJ)IV2BAIZ[F34X`!2\8#+/`#/X"7KTBQ?],!S64"F&-@O%D;7/(#4O92UH!6
M]?`&`&`%#"!Z![5+7LL'2)!U(Y-.3-DDLE`"`)<PC8&30.NG`A*W*M8!0/`!
M-+``/*`"?NL#-&<$&(`!,X`!+!`"06`",V#_=M[(B]?F`5`(=)\8GX=@)EP@
M!490'-EP");#!5%P2Y^Y@A^Q(``0G6/0D]D*M-#G&&59F$#@`TKWBKC3`3M@
M!S;``26``AKP`8UJ`FZSC4P#IKFS6?4)3,*'"`00=BN``1"""@:`!5\P`!T0
M3C"#$)[I#8(6``>9D`GZLV6`8BGV-UH@`R%@!HH!:WA*`2Z`**7V!=-&7^.J
M.:&6`5>@<KNP=7@127A@8F1P!9&%"'"@`W1P!V<@`'F@!R2`&%^0!4^P!GD@
M`&=P!G$``4)6:PPA#&L0`0RPO7/+A.F9!2#``QJPN`=6<#LS!D`P`AI``>09
MBS`0!-3VB@@S!OF$_R8T\%.G89_7``<%L',@X%PA\`,;,%^OR`>'*[CFB0'?
MEP<:$`,Q0(0X``,\4!1;L`54\`$H``,TR0,XX`1]6%1X0P*X$2`=7);>08DL
MJ5T:``3V=[`=0'93T`%!D`,RX`-`(`(B8`(:X`/EVS/R%0(^L``>@``SV%FL
MD)R,\`80L`!A@"IG@1AEEV`5X18-X`4J$$YN@`0-0!9(9IJ-69@^QE51$!=:
MH$QHI+(@(0!+T&QD#+2I"H)D`Y0:L,?T]9,;X`48("`C@&6GXP4L@`,>H`$A
MX`5($`5C@`,WT`:LD@D2@A!'RCXM\`6J2`:,4[58H#IMT0,JX':#0`,B,/\!
M&4`&7!`@.8>G`X`$`_``>W`^^TF7@R``.Z"]K5S&CSD@)_`!7Q"+1<(#6FP$
M%$`!-9`#C;D8A<D%8C``%```@E9>(Y8<9";/,1IO17%5A2``!$`"B!)N=FL%
M/5-Q"C`'`(M:*.N'FB*Z"P%Y6A`B1]C!^8?&X5NT>Z8X3/`#(:`"-]`",U";
M']LTU\PH"=T'A;R'G9H<XG<#1J`8W'AF8("N!C!8AB!['A`"A1DWARH",-!7
M#+T1NP#,E:DVR\H^)-`$7C#/JXJJ.U>)=,@S)H`#(2`"YKD!;-(%!D8;W;H%
M7U`_"Y!##9$'*C#5.XD%`5`"PG@5V"!75CPB"K?_!%V=)S.A``50`&W0`PP@
M`P80!W/P!E,6KX.0`&=BQ=G:TOD7FVJW,UTP!$.`,`9F.Q4KFU-0,,W"`B.`
M!R'=B:ZP`%K@!25<*@S``3GE'IU@`E/@!2I6P@RP`\U+"LU<#H9G%@$`6%E@
M`B\``.;(K%65>?2,BPGI-SMF!B.``@#"FW%3H!M#(!A@`D4@"&BPSM/1SH<0
M`@+SD*[I!0.P`"K7B>I*!F/P!6.`?`S``C5K"N(P!&*0`033BP/P)DB0`AS`
M.XD0`BL@!MRHL`M;QAN#!3MP`J:J!0/RF-YA!I1H/$F@?76Q6B$Z*U<P8"LP
M!"+`!0P06D\`?L,V`XKH_[<8<'5<H`)L6PA',`6XX:T&3<,'[@,4L`,)0+*'
M4``SL,$1'GUR*)M4C04U$)#?'2X0&N%T&``F,&OPM`AD-`P4$`9(T`5W4@$>
MZ)<A8`L&)`L4`#!=``0/\``>F`(3T`$0>)3E4`0S,`#3XQC@LC,&S0`#D`4+
ML`,/X``(8.2"T&H!((EG5X(M/8<C$MYT^`-I&)@(LP5B\,F0B04#\`1RPL[Q
M6.)_4)K/C0#K7`<4T`518`4:)HB"(`910`8U,`AP\`!(T`-<X*]@U@D[S@!(
MK7,(^3=&\29-,`4+<`17`SA@L**J>XF/6:!6>GE4`&UZK@57*0;>\M<#0)E:
M<?\!8[!$A;`#`QX#I]$9:W`!/C#8SA0&'2!)]"0((J`!*@"_@KDQ8'I@@$/#
M#&`SXX$8'`RT?UTJU-:8D?XW8B`""V`"4C`$W`P#79`"_Z$Y\I:F]]L+<'D*
MJBP#_&4(!^`$5E#N?U#K1$``>U<($$`"/R!)\#$(&1`"(FP"0V!_];YE9\:2
MH<8E8P`T\N,M.YUS/#DI#!!=W.*:<MV>PU,"0%``>V<'$D`!3OHM:U8WS,!:
MQ8`&`D`':!XQ:.`&K9Y2&@4`,I@(;H#55-A&$X`%&"`"B*D"//`=X"NEF'A@
M"<,"=PP$&"#7!B8VM)$%$!X"'U`!'K``+&`&7>)C84#_C0;04810B$#P!5!C
M!=EYR6>0V:O0$?<@I*LQNE@H!8O(.&8``T=@GMR8L'`OOAK[PI=.*B3R?Q@`
M`]"R!PE``0"7`EQ%!8M-")ZF3]WQ?V,0!!0Y"*`:4Z4P@)P"&UTP!3R&R]D1
MX:Z\A`M9&V7``R7@B$R`.E4L!G]R"`BP>\:5"$&"6<>_,V$P`$V0UU0H_"Q8
M#W&@`=7^+5L0`C$P^,Q?UC@IZ5/PD\X5`Q)0G@<-""9T?X2%?WMQ!H.&C']5
M:U$!7E945EIB`UL[A7Z=G8V@H:*CI*6CGH5I!5AC75FO(D\_?%144WRXN&6Y
MNU.^4Y5665U8&R5,(AL=)7J&_Y^-SZ!\9`%:M5E;8ADH;H2HT:;AXN.DJ(0(
M'BE<E%D=-2U:6)2WN7Q7N?=\OI54?,):6[C\:"$BA(<SG/ST,>?)#Z$\!/"L
M*>1A"@,Q\JQ@X<)`!9Z$?Q:2&TER9!61A'9H"8"EDA8>03I8JS6ES*YZ.(%1
MN7)OBI6?5L*0&=#D0S-O#1TZJE*E$`D,*SX6$C$@`Q<M5GQ^P5`"FM*28,.6
M<H,BPR1A6#YLR$)3%R]</.W=VU7K"I4L`,&0R=`D"H&)A!8J_,KHP((+%R0P
M$D!CQ9<NE+@,,$."$3BQF#/_X?`CP!:T749@8&L++KY\/./:`S9%BY<Q`1AD
MZ+#@P_\!-$@;)E2ZQD2#"0D8K3&``4P8+,.^;'EB`/"?RYJCDQL>XDL8+5G,
M=*`]@U)IG/;PY=H)C)65#AB,A"@!@1'*YTF_HH@R@P"H(QW&@.FBA0N9%#(4
M$,<9$.PAW8$D&8#%`%\@IX4(,<#P`PC?J>86>+CXDH47&?!`@P'A]-$'4^"4
M0$42"($BPX)A;*%%%V!D\`,31XC0'H)@O2>B(_$E50@$%$3"!7)=J*#"%EN0
MME,^;UU1!FI7^,3%&`PL@`!8T"'5R`Y@-)%!`&)T\5H`2!@%RC."]9$;*N^=
MA*5":WHBHB=,J4D(`"-,X-DK6ACI14MRU9/::1E6PD4`8X#_@(`<;Q9BP`XN
M=-/)>W\(4,`.%`"QQ1@!@1$`'R,\<-1N(@K68T-S*F0G2:K"]U5\I2J51Q$_
MB)F%)4PPX<H4@_H2*'C`6%(-"S=HA@<)&F#``@"[?87&&0!4L,`*^GGA'P8^
MU/`!``:Z>JHS<LZY(Y9-F0.N4M$(L$,'8MS:!0HH_-1//L!@F`LPV,P&0W1"
M!$'&!,"=VP@<)$S`(!A8>+%7$TUPT,V9YI[K1Q4*-?5F-!14P,F(\!G"AAL_
MC-'2#RQLT%(M*--S$Z$^;4'&LM)!T$$32/10`,2,J#''!QV$<=V4#$C10`\=
MV#<*'!*H0=AN6)I:2`@:7.DJ?!;__W&&!R"($<\/(OP`J#Y1JFSAO59L"L`;
MTKVQP0HI(-&&Q'-RHH8>*(3`@,\!=,"!$RA@@,$:55.*P`(/S+'FU"5]@M(9
M5IR@L9;/K0I`"%Q<U\4)"ZAPJWB$XA1E%F$P@&,(*P20!8A,GZ0;(04<$8++
M7JC@1AH`T"""#0>`Y"@8,-@19Y8F*>5"Y2ALW`@;!0P0P'$@;!"#YEGIX\O8
MGK=&AA1O5`V\.')L@,07(3#;;*KFK($`$1N0L4PA<[R`@^^@I/%"#V88_;MT
M&HS11`BD'&##!`P@`Q\6H`$S>"$+OF(-]>!RC[(%0`H00%M@EC82!,R@"0'`
M@/BTM+K+Y/\@#$%P`B/0L"I&G($&$VC`S8S7L>@P@`$IT*`$02$!%7BA+P%H
MP9<P8H6XK*P>*_,%%L3`@!4<I!"4(DD%MM"#%(0/B4N;6!()@8$H;&!1IGA`
M"]KF`=218W6C4`,<&!"``>@M=Z&@0Q&68(((<4`#6AC`.C+4$U\Q<!]9`(,8
MEJ&`-2B.@N3``Q>^H`+<><LAGY#BJY2BPR_$0&JDX$`'9&."QWT1C&)4@`0L
M4(`$M*$`%1B`&,0P!154H`T)2$`!))"`.#`B#@"(@QP`,`00?`&!]=*)+7X1
M)4MX80!7&$&S`#F.`_C`!&U@@YI@12=3F<-$$Y!"<`HAASQ$P`'_!`"`-B&`
M@@!\@0P;D`$$M`D``AC```(HH5<ZH89"("T`B.G!!)JP@@%XH0M;"$,`4M`$
M@#7@`A/0P"CNP`$&8&5Z;=%)L+J`B28L0`>,4!UFX#!#^#@-)?%Q5`M6X`.(
M%H(.'"##%69P@@VPH`4S(`,7#K4%$90,`QVX%0UP(PIT5:T01-C"!%+P!3!,
MPAY42-@7@C8`#L!O%`F80)BPH`6`;*$+_,&"5+4PAL>$8`&*D<[V<A..(P1A
M`:!8@P-2$`4O>?-/MN@"%[P0@`Q$(0ID*``;R@'&0AQ``B-``IBZT`^=;"$`
M`=B``@[`*`X2A@!F8-`7RIB"QJ8`L`&@_\889*```"``#N`*"3%+,:EA^J@4
M:-A`"#A@F8FM`0\J`$/IKL(6GR0L`"OH``4B``=U0@Q.X'@#`$HP`S#,I!96
M`,,)9&!)KII+!SZ@V15\X`,4?.`#%%C`!JY@A0S$H`#:<PCY-LO9;_0H%7.X
M0W,X`0<$%.$!(4#!(G3WAP)0@`5?X`)I7.NI0MY('!-K(2-XP`7(>`<+7UB`
M`KS"PC_$P00]Z`$+=F#(1SR`"4'80`J4\#!OJ(E$4QP)I2+VAS7$H74"0"(=
M7J`"',2@"*6`0`G"(%_6X$4H+W!..)@R05"T0#FO$$87`N"!==II1(2Q`01D
MW%US93@<</(6Q_]&9#$::.$"#6!`%K#@SRT$9\/E(LP9CH`!^0)WQWI(PSB6
M^<?!I((%#!A#&$89!C`,P`<OB*AWP7&`/=R4KDEIRI%+0;[M.K-2%5#!"I!`
MQB+*"+-HHA,X`+"!+8`!20$)PP".B-_(.3,:#P!!/0.@`DU5A0K%0\JEY41,
MW"YRU)W=ZBGZ?"JEN*$-'F"!&.H90V&V$%6==40"E!<`,(`@#(L=@`;9.XI2
M95@%9/J""![``1Y@(0,I",)<;SV8'5$,.AR+AJK"I=5K1ZZS&2;!`F:0A288
MX0.0^[8W+)8'&T2!6B>`@0^F\`5^/D#,B`L+`]Z]@4+<801?H%^%.6O_VR3C
M"$&T&T$/+D"%<4C`!P#;@`T(`0,01*$'1SA*Q<*2ACM<P`>D980>%I`!%9A$
M)'L^N&8X8(,XB^,#49@`#5)$B#,DH0$8**Y8X/``'I!@@X58PPM@$(-TXVS;
M^5:Y9IY13DB6`@X4L`(%QAMT!:@``YLP^DC<4($ST!046[9PL5%M<*5G!AQU
M#86Z*$`Q4,2!"2'GL-+S*PHFNRKE9C^[W!N!AG:.PDV.L.V;KNU=L9M"U7DO
MR13-/`Y3KU/QA&GU,Q`/.;PG'K\4]/8IE!*KI'L>\^,:S'?37MHH<O?RF`=7
MW.K.)HQJVVF)H_%S"(\JS9;]\:A'$-HGQ=UK_]MV7.O.M8;GK!L="3X4-JA`
M'7*/H&%_,4T;$PGI,9_(C&I;NXC\+B%&H(&0%T*BT%_UW5$2_LB90D>Z8<,!
M5,C>C:_S^M6G_(&DK_T_B(`/^Q(U_56];=&C:[O3=SB'Y!!P4``70`3+IV2I
M)G_,!PK.=&F$,`=FT`0MX%FVMU43TRJYT6=JLF?^)WJK4@<4T``F@&)*9B>J
M<GP-B&38UP@/P`<3<`)GLBJ,%PHU^#N3HF>;]8&@8`!9(`4;D`/%=GHK^'>"
M(0H^L`6S40$#EUGXM2/QUP@>>'IMT`1$T6\U)7Q%*`ZP!PIF(&E6T#LV2(02
M$W_9%X#>$@IS0`(I\/\?&T!S[[>%(]$)CT``!<!)J=0&>)!F8N`%'7`#J*1*
M$E``!M"%8SA,QI,JA^<''?<`@]A);5`!,B`)>;,#J%0`=R@!`/`P#"B'4+0&
M!(`!"_<;994"^X$%+L-/,?=/#6`%),0QXF=X8TB&A'`'.(`80S-/&:!2&T%$
M2'!Q_W0!&.`"6N>)?/85$B`"$U`Z+8)`0<54DC9H,&""@M%V-45[@8$&:;`J
MY+>#)70`+#!H`S`&K.4/+P9;2.`%#U!1=&>,B^A.!D`#7_(8OZ`16[!86B`!
M<<")O%=W:8(2![`W%991LZ@4;```'B!A\85`N$`%73`&&0`"*&``<Y!=M&C_
MC*M'"&@@`!X0`E;`!;_@$UY@!CRP`R3D#*:21/UG<!``!()@@1UC+N`0!V]T
M!0>T$[0`(RJP`_93?>XX8QD&`\71%E0`!C]`!#,8&-8(DX2@``%@!$#W1S5V
M@XVP!@H0`F#P"G3Q(BY@."#1B9Y(>AX@`EH3#\@18`.F)8`W@#&91`70`^RW
M,?\GBTAD6T$0`)"!'*@8%65X>S_I@*BR*BU`!F203VVF%[+UE:%'AXQYAH9@
M`![P5CL08EQE47,6>(0!!Q:``;VF1SX%!BE@`Y3Y@);WD^&"$A9DA0,`!"+0
M`0/PFB(P3&3F$+XW"DN@0RE@`FD9"M`7-[5Y#AJP_P5DQ`4P8`;4L`(U@#I(
M!Y9A63'/8`-:T`0,L`%0P`$P4`8#$`4=,'"D=H1.(P<'0`=UH`=G(``"<`":
M0PW4>0#F>09G4`=TL`9S-2D+$2MTX@T1\!\#4`8J$`<P$`(!T`084!F!L7]_
M27`Z2`@JL&]D$&9_D`=*`(-;0(R&D":YUBIT8`,R0`$EX`%'0`,WT`%X65\<
M0`-'<`1"0`&4E0?GT@=*`PT6,#0@<`2%```G`#!":#P:>*"SV`@7@']5^0%@
M,`/N$7DC\A[)>`$]$`6$UFMY.26QL0(7UP,ED")R@HAW`@,-D`-.EQ(I\`.[
M^0FRQZ,%*1+JUP%"D%6&@/\&;3`"_,.6WP9[=D`")N`%2%`Z8K`%6,`'>,$%
M8@!;*1"&$G$XW_('"E`",%``3?@'#C`"(V""#4$B9&J#U>@0<D`'-X!&H%`'
M.9H4_X@NJ/`(HJ%/>KH3E?!:7+`>1(8F4&@.!.`$=J9?A.`&">!RJ+*6DUJD
M9V>?)40I#^`##+`%MF`%_O"0*;``TZ2KC2"I!+9Y5YJK?[EEQV&JKK$!'*"I
MT)JM>1<'^:.G\J`%86`&%)"`LJJMYMHHA.``4P`F83`&8@`&/;4!&\2<YUJO
M[)54O/9"U"`;87J1]OJOD(,`)<"D8^`#<P`'+-`V43!S`-NPET0(+_`#/;`!
M)*`S`VJ@!G@"!CW@`Q;@L!Y+#DLP!4#`A(9``!X0!&5``Q^[LJ9@`SR@IH:`
+-#PP<2QK"($``#L_
`
end
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
-----END PRIVACY-ENHANCED MESSAGE-----
