The Central and Eastern Europe Fund, Inc. (NYSE: CEE) and The New Germany Fund, Inc. (NYSE: GF) (each, a “Fund,” and, collectively, the “Funds”) announced today the results of their Joint Annual Meetings of Stockholders held on June 23, 2022.

With respect to CEE, each of the three Class I Directors nominated by the Board of Directors, Dr. Christopher Pleister, Ms. Hepsen Uzcan and Mr. Christian M. Zügel, was elected to serve for a term of three years and until his or her respective successor is elected and qualifies; and two Class II Directors nominated by the Board of Directors, Ms. Fiona Flannery and Mr. Bernhard Koepp, were elected to serve a term of one year and until his or her successor is elected and qualifies.

With respect to GF, each of the three Class I Directors nominated by the Board of Directors, Mr. Walter C. Dostmann, Dr. Holger Hatje and Mr. Christian H. Strenger, was elected to serve for a term of three years and until his respective successor is elected and qualifies; one Class II Director nominated by the Board of Directors, Mr. Bernhard Koepp, was elected to serve a term of one year and until his successor is elected and qualifies; and one Class III Director, Ms. Fiona Flannery, was elected to serve a term of two years and until her successor is elected and qualifies.

Stockholders also ratified the appointment of Ernst & Young LLP as the independent auditors for GF and CEE for each Fund’s respective 2022 fiscal year.

Stockholders of CEE also approved the proposed change to the Fund’s fundamental investment policy relating to concentration to provide that “the Fund may not invest more than 25% or more of its total assets in the securities of issuers in any one industry”. The change to the Fund’s fundamental investment policy will be implemented effective July 1, 2022.

For more information on the Funds, including their most recent month-end performance, visit dws.com or call (800) 349-4281.

Important Information

Closed-end funds, unlike open-end funds, are not continuously offered. There is a one-time public offering and once issued, shares of closed-end funds are sold in the open market through a stock exchange. Shares of closed-end funds frequently trade at a discount to net asset value. The price of the fund’s shares is determined by a number of factors, several of which are beyond the control of the fund. Therefore, the fund cannot predict whether its shares will trade at, below or above net asset value.

The Central and Eastern Europe Fund, Inc. is non-diversified and can take larger positions in fewer issues, increasing its potential risk, and until July 1, 2022 will continue to concentrate its investments in the energy sector. Investing in foreign securities presents certain risks, such as currency fluctuations, political and economic changes, and market risks. Emerging markets tend to be more volatile and less liquid than the markets of more mature economies, and generally have less diverse and less mature economic structures and less stable political systems than those of developed countries. Any fund that focuses in a particular segment of the market or region of the world will generally be more volatile than a fund that invests more broadly.

The New Germany Fund, Inc. is diversified and primarily focuses its investments in equity securities of issuers domiciled in Europe, thereby increasing its vulnerability to developments in that region. Investing in foreign securities, particularly of emerging markets, presents certain risks, such as currency fluctuations, political and economic changes, and market risks. Any fund that concentrates in a particular segment of the market or a particular geographical region will generally be more volatile than a fund that invests more broadly.

The shares of most closed-end funds, including the Funds, are not continuously offered. Once issued, shares of closed-end funds are bought and sold in the open market through a stock exchange. Shares of closed-end funds frequently trade at a discount to net asset value. The price of a fund’s shares is determined by a number of factors, several of which are beyond the control of the fund. Therefore, a fund cannot predict whether its shares will trade at, below, or above net asset value.

War, terrorism, sanctions, economic uncertainty, trade disputes, public health crises and related geopolitical events have led, and, in the future, may lead to significant disruptions in US and world economies and markets, which may lead to increased market volatility and may have significant adverse effects on the Funds and their investments. In the case of The Central and Eastern Europe Fund, Inc., Russia’s invasion of Ukraine has materially adversely affected, and may continue to materially adversely affect, the value and liquidity of the Fund’s portfolio.

This press release shall not constitute an offer to sell or a solicitation to buy, nor shall there be any sale of these securities in any state or jurisdiction in which such offer or solicitation or sale would be unlawful prior to registration or qualification under the laws of such state or jurisdiction.

Certain statements contained in this release may be forward-looking in nature. These include all statements relating to plans, expectations, and other statements that are not historical facts and typically use words like “expect,” “anticipate,” “believe,” “intend,” and similar expressions. Such statements represent management’s current beliefs, based upon information available at the time the statements are made, with regard to the matters addressed. All forward-looking statements are subject to risks and uncertainties that could cause actual results to differ materially from those expressed in, or implied by, such statements. Management does not undertake any obligation to update or revise any forward-looking statements, whether as a result of new information, future events, or otherwise. The following factors, among others, could cause actual results to differ materially from forward-looking statements: (i) the effects of adverse changes in market and economic conditions; (ii) legal and regulatory developments; and (iii) other additional risks and uncertainties, including public health crises (including the recent pandemic spread of the novel coronavirus), war, terrorism, trade disputes and related geopolitical events.

Past performance is no guarantee of future results.

The brand DWS represents DWS Group GmbH & Co. KGaA and any of its subsidiaries such as DWS Distributors, Inc. which offers investment products or DWS Investment Management Americas, Inc. and RREEF America L.L.C. which offer advisory services. (R-090643-1) (06/22)

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