The Central and Eastern Europe Fund, Inc. and The New Germany Fund, Inc. Announce Results of Each Fund’s Annual Meeting of Stockholders

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 24, 2021.

With respect to CEE, each of the three Class III Directors nominated by the Board of Directors, Mr. Christian H. Strenger, Dr. Wolfgang Leoni and Dr. Holger Hatje, was elected to serve for a term of three years and until his respective successor is elected and qualifies.

With respect to GF, each of the three Class III Directors nominated by the Board of Directors, Ambassador Richard R. Burt, Dr. Wolfgang Leoni and Ms. Hepsen Uzcan was elected to serve for a term of three years and until his or her respective 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 2021 fiscal year.

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 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.

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.

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 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.

This fund is non-diversified and can take larger positions in fewer issues, increasing its potential risk.

The Central and Eastern Europe Fund, Inc. is non-diversified and can take larger positions in fewer issues, increasing its potential risk, and also concentrates its investments in the energy sector.

Investments in funds involve risk. Additional risks of the Funds are associated with international investing, such as currency fluctuations, political and economic changes, market risks, government regulations and differences in liquidity, which may increase the volatility of your investment. Foreign security markets generally exhibit greater price volatility and are less liquid than the US market. Additionally, the Funds focus their investments in certain geographical regions, thereby increasing their vulnerability to developments in that region and potentially subjecting the Funds’ shares to greater price volatility. Some funds have more risk than others. These include funds, such as the Funds, that allow exposure to or otherwise concentrate investments in certain sectors, geographic regions, security types, market capitalization, or foreign securities (e.g., political or economic instability, which can be accentuated in emerging market countries).

The European Union, the United States and other countries have imposed sanctions on Russia in response to Russian military and other actions in recent years. These sanctions have adversely affected Russian individuals, issuers and the Russian economy. Russia, in turn, has imposed sanctions targeting Western individuals, businesses and products. The various sanctions have adversely affected, and may continue to adversely affect, not only the Russian economy, but also the economies of many countries in Europe, including countries in Central and Eastern Europe. The continuation of current sanctions or the imposition of additional sanctions may materially adversely affect the value of the Funds’ portfolios.

Past performance is no guarantee of future results.

War, terrorism, economic uncertainty, trade disputes, public health crises (including the recent pandemic spread of the novel coronavirus) and related geopolitical events could lead to increased market volatility, disruption to US and world economies and markets and may have significant adverse effects on the fund and their investments.

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.

NOT FDIC/ NCUA INSURED  *  MAY LOSE VALUE  *  NO BANK GUARANTEE

NOT A DEPOSIT * NOT INSURED BY ANY FEDERAL GOVERNMENT AGENCY

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-084045-1) (06/21)

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