CEE Overview

Funds' Share Repurchase Authorization: The Central and Eastern Europe Fund, European Equity Fund, and New Germany Fund have extended their share repurchase authorization for an additional twelve months, allowing them to buy back shares when trading at a discount to net asset value from August 1, 2025, to July 31, 2026.

Investment Advisory Fee Waiver: The Central and Eastern Europe Fund's investment advisor has agreed to waive 50% of its advisory fee until at least December 31, 2025, extending the previous waiver period.

Annual Meeting Results: The Central and Eastern Europe Fund elected Ms. Hepsen Uzcan as Class I Director for a three-year term and ratified Ernst & Young LLP as independent auditors for the 2025 fiscal year.

Advisory Fee Waiver: DWS International GmbH will continue to waive 50% of its advisory fee until at least September 30, 2025, amidst ongoing risks associated with investing in emerging markets and geopolitical events affecting the fund's portfolio.

Russia's Legal Framework for Foreign Companies: Russia is developing a legal framework to facilitate the return of foreign companies, contingent on the lifting of Western sanctions and a permanent peace deal. Companies are cautious about returning due to past experiences and are conducting due diligence.

Recent Developments in Foreign Operations: Some companies, like Ariston and LG Electronics, have resumed operations in Russia, while others such as Hyundai and Samsung are evaluating their potential re-entry into the market amidst ongoing geopolitical tensions.

Distribution Announcements: The Central and Eastern Europe Fund, The New Germany Fund, and The European Equity Fund have declared their 2024 distributions, with CEE and EEA offering stock payments while GF will distribute cash to shareholders of record as of December 30, 2024.

Market Risks and Volatility: The funds face significant risks due to geopolitical events, including sanctions on Russia, which may adversely affect their portfolios and lead to increased market volatility, particularly for those focused on emerging markets.

Annual Meeting Announcement: The Central and Eastern Europe Fund, Inc. and The New Germany Fund, Inc. will hold their Annual Meeting of Stockholders on June 30, 2025, where stockholders will vote on the election of Directors and approval of auditors.

Investment Risks: Both funds face various risks associated with investing in foreign securities, particularly in emerging markets, including volatility, currency fluctuations, and geopolitical events that may impact market stability.