In light of current events in Ukraine, The Central and Eastern Europe Fund, Inc. (NYSE: CEE) (the “Fund”) is providing the following update.

Russia’s recent military interventions in Ukraine have led to new sanctions being imposed by the United States, the European Union, the United Kingdom and other countries against Russia and certain Russian companies, and management believes that the ongoing military intervention by Russia in Ukraine may lead to further sanctions. Recent events, including the announcements of sanctions, have negatively affected the value of many of the Fund’s portfolio investments, particularly its Russian investments (some of which are in companies affected by the sanctions), and may continue to do so. As of January 31, 2022, approximately 71.2% of the Fund’s assets were invested in Russian securities. The Fund has not invested in securities of companies in Ukraine in recent years. The Fund intends to comply with all applicable sanctions. None of the sanctions that have been announced to date affect the Fund’s ability to buy or sell securities of companies currently owned by the Fund in the secondary market, but that could change in the future.

The newly imposed sanctions and any potential additional sanctions may adversely affect Russian individuals, issuers, and the Russian economy. Such sanctions may adversely affect not only the Russian economy, but also the economies of many countries in Europe, including Central and Eastern Europe. Russia’s military incursions and the resulting sanctions could also adversely affect global energy, financial, agricultural, metals and other markets and thus could affect the value of the Fund’s investments, even beyond any direct exposure the Fund may have to Russian issuers or the adjoining geographic regions. In short, the continuation of current sanctions on Russia or the imposition of additional sanctions may continue to materially adversely affect the value and liquidity of the Fund’s portfolio and may make it more difficult for the Fund to value some of its portfolio securities. It is possible that sanctions or retaliatory measures may result in the freeze of all, or a portion of the Russian assets held by the Fund. The severity and duration of Russia’s military actions, resulting sanctions and resulting market disruptions are impossible to predict, but they could be substantial.

In light of recent events, the Fund has provided its portfolio holdings as of January 31, 2022 and as of the close of business on February 24, 2022 at www.dwsfunds.com. For more information on the Fund, visit www.dwsfunds.com or call (800) 349-4281.

IMPORTANT INFORMATION

Investing in foreign securities, particularly those 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 will generally be more volatile than a fund that invests more broadly.

The shares of most closed-end funds, including the Fund, 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.

Investments in funds involve risk. Additional risks of the Fund 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 Fund focuses its investments in certain geographical regions, thereby increasing its vulnerability to developments in that region and potentially subjecting the Fund’s shares to greater price volatility. Some funds have more risk than others. These include funds, such as the Fund, 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).

War (including Russia’s invasion of Ukraine, as discussed above), 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 Funds 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.

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.

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

© 2022 DWS 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-088428) (02-2022)

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