The Central and Eastern Europe Fund, Inc., Announces Results of the Fund’s Annual Meeting of Stockholders and Extension of Minimum Period for Partial Advisory Fee Waiver

Rhea-AI Summary

The Central and Eastern Europe Fund (NYSE: CEE) announced the outcomes of its Annual Meeting of Stockholders held on June 27, 2024. Stockholders ratified Ernst & Young LLP as auditors for the fiscal year 2024. However, the nominees for the Board of Directors did not secure enough votes, prompting an adjournment to July 19, 2024, for additional proxy solicitation. Additionally, the Fund's investment advisor, DWS International GmbH, has agreed to extend a 50% waiver of its advisory fee until at least December 31, 2024. This voluntary fee waiver was initially set to last until June 30, 2024. The portfolio manager's presentation from the meeting is available on the Fund's website.

Important risks include the Fund's non-diversified nature, investing in volatile foreign and emerging markets, and the potential impact of geopolitical events like sanctions on Russia and the conflict in Ukraine, which have already adversely affected the Fund's portfolio value and liquidity.

Positive

• Ernst & Young LLP ratified as independent auditors for fiscal year 2024.
• Extension of a 50% advisory fee waiver by DWS International GmbH until at least December 31, 2024.

Negative

• Nominees for the Board of Directors did not receive sufficient votes, causing a delay and adjournment to July 19, 2024.
• The Fund's exposure to geopolitical risks, including sanctions and the Ukraine conflict, adversely affects portfolio value and liquidity.

NEW YORK--(BUSINESS WIRE)-- The Central and Eastern Europe Fund, Inc. (NYSE: CEE) (the “Fund”) announced today the results of its Annual Meeting of Stockholders held on June 27, 2024.

Stockholders ratified the appointment of Ernst & Young LLP as the independent auditors for the Fund for its 2024 fiscal year.

The nominees for election as directors of the Fund had not received sufficient votes to be elected. Therefore, the meeting was adjourned to July 19, 2024 at 2:00 p.m. at the offices of DWS Investment Management Americas, Inc., 875 Third Avenue, New York, NY in order to allow more time to solicit proxies.

In addition, the Fund announced today that the Fund’s investment advisor, DWS International GmbH, has voluntarily agreed to continue to waive 50% of its advisory fee until further notice but at least until December 31, 2024. Previously, such partial fee waiver was to continue until further notice but at least through June 30, 2024.

A copy of the portfolio manager’s presentation from the meeting is posted to the Fund’s website at www.dws.com.

Important Information

The Fund is non-diversified and can take larger positions in fewer issues, increasing its potential risk. Investing in foreign securities, particularly of emerging markets, 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. This fund is non-diversified and can take larger positions in fewer issues, increasing its potential risk.

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.

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.

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. Russia’s invasion of Ukraine and the sanctions imposed as a result have 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, war, terrorism, trade disputes and related geopolitical events.

Past performance is no guarantee of future results.

NOT FDIC/ NCUA INSURED • MAY LOSE VALUE • NO BANK GUARANTEE
NOT A DEPOSIT • NOT INSURED BY ANY FEDERAL GOVERNMENT AGENCY

DWS Distributors, Inc.
222 South Riverside Plaza
Chicago, IL 60606-5808
www.dws.com
Tel (800) 621-1148
© 2024DWS Group GmbH & Co. KGaA. All rights reserved

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-101700-1) (06/24)

View source version on businesswire.com: https://www.businesswire.com/news/home/20240627876417/en/

For additional information:

DWS Press Office (212) 454-4500

Shareholder Account Information (800) 294-4366

DWS Closed-End Funds (800) 349-4281

Source: DWS

FAQ

What were the results of the Central and Eastern Europe Fund's Annual Meeting of Stockholders on June 27, 2024?

Stockholders ratified Ernst & Young LLP as independent auditors for 2024, but nominees for the Board of Directors did not receive enough votes, requiring an adjournment to July 19, 2024, for further proxy solicitation.

What is the significance of the advisory fee waiver for CEE?

The advisory fee waiver means DWS International GmbH will continue to waive 50% of its advisory fee until at least December 31, 2024, extending the previous waiver period that was set to last until June 30, 2024.

How does geopolitical tension affect the Central and Eastern Europe Fund (CEE)?

Geopolitical tensions, such as sanctions on Russia and the conflict in Ukraine, have adversely impacted the value and liquidity of CEE's portfolio investments.

When and where is the adjourned meeting of the Central and Eastern Europe Fund (CEE) stockholders scheduled?

The adjourned meeting is scheduled for July 19, 2024, at 2:00 p.m. at DWS Investment Management Americas, Inc., 875 Third Avenue, New York, NY.