The Central Europe and Russia Fund, Inc. to Seek Stockholder Approval of Change to the Fund’s Investment Objective and Related Fundamental Policy

NEW YORK--(BUSINESS WIRE)--The Central Europe and Russia Fund, Inc. (NYSE: CEE) (the “Fund” or “CEE”) announced that the Fund’s Board of Directors approved, and recommended to stockholders for their approval at a special meeting of stockholders to be held on April 19, 2013, a change to the Fund’s investment objective from “seeking long-term capital appreciation primarily through investment in equity and equity-linked securities of issuers domiciled in Central Europe and Russia” to “seeking long-term capital appreciation primarily through investment in equity or equity-linked securities of issuers domiciled in Central Europe, Russia and Turkey”, and a change in the Fund’s corresponding fundamental investment policy to provide that, “under normal circumstances, the Fund will invest at least 80% of the Fund’s net assets (plus borrowings used for investment purposes) in securities of issuers domiciled in Central Europe, Russia and Turkey.” If the changes are approved by stockholders, the Fund’s name will be changed to “The Central Europe, Russia and Turkey Fund, Inc.” and the Fund will be able to invest in securities of issuers domiciled in Turkey to a greater extent than currently.

“seeking long-term capital appreciation primarily through investment in equity and equity-linked securities of issuers domiciled in Central Europe and Russia”

The Special Meeting of Stockholders for the Fund will be held at 11:00 a.m., Eastern time, on April 19, 2013 at the offices of Deutsche Bank, 60 Wall Street, New York, NY 10005. Holders of shares of common stock of record of the Fund at the close of business on February 19, 2013 are entitled to vote at the meeting and any postponements or adjournments thereof. Details of the proposal will be set forth in a proxy statement expected to be mailed to stockholders on or about March 8, 2013.

For more information on the Fund, including the most recent month-end performance and presentations, visit www.dws-investments.com or call [phone] or 00-800-2287-2750 from outside the US.

The Central Europe and Russia Fund, Inc. is a non-diversified, closed-end investment company seeking long term capital appreciation through investment primarily in equity or equity-linked securities of issuers domiciled in Central Europe and Russia. The Fund is non-diversified and can take larger positions in fewer issues, increasing its potential risk. 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 focuses 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 secondary market. Shares of closed-end funds frequently trade at a discount to NAV. 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 NAV. Investments in funds involve risk. Additional risks of the Fund are associated with international investing, such as 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 CEE, 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).

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.

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

DWS Investments is part of Deutsche Bank’s Asset & Wealth Management division and, within the US, represents the retail asset management activities of Deutsche Bank AG, Deutsche Bank Trust Company Americas, Deutsche Investment Management Americas Inc. and DWS Trust Company. R-30437-1 (1/13)