The Central Europe and Russia Fund, Inc. Announces Expiration and Preliminary Results of Tender Offe

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The Central Europe and Russia Fund, Inc. Announces Expiration and Preliminary Results of Tender Offer

NEW YORK--(BUSINESS WIRE)-- The Central Europe and Russia Fund, Inc. (NYSE: CEE) (the "Fund" or "CEE") announced today the expiration and preliminary results of its tender offer for up to 654,331 of its shares of common stock, representing approximately 5% of the Fund's issued and outstanding shares. The tender offer expired at 5:00 p.m. Eastern time on Tuesday, March 12, 2013.

Based upon current information, approximately 9,529,741 shares of the Fund's common stock, or approximately 73% of its common stock outstanding, were tendered through the stated expiration date, including shares tendered pursuant to notices of guaranteed delivery. These numbers are subject to adjustment and should not be regarded as final. No more than a total of 654,331 properly tendered Fund shares will be accepted in exchange for cash, at a price equal to 98% of the Fund's net asset value ("NAV") per share as determined by the Fund today, March 13, 2013. The Fund normally calculates its NAV per share at 11:30 a.m. New York time on each day during which the New York Stock Exchange is open for trading. The final number of shares validly tendered and accepted pursuant to the Fund's tender offer and the Fund's tender offer price per share will be announced at a later date.


For more information on the Fund, including the most recent month-end performance, visit www.dws-investments.com or call (800) 349-4281.

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 and equity-linked securities of issuers domiciled in Central Europe and Russia.Because the Fund is non-diversified, it 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. There can be no assurance that the Fund's Discount Management Program will be effective in reducing the Fund's market discounts.

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 otherstatements that are not historical facts and typically use words like "expect,""anticipate," "believe," "intend," and similar expressions.Such statementsrepresent management's current beliefs, based upon information available at thetime the statements are made, with regard to the matters addressed.Allforward-looking statements are subject to risks and uncertainties that couldcause actual results to differ materially from those expressed in, or impliedby, such statements.Management does not undertake any obligation to update orrevise 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-30961-1 (3/13)



Deutsche Bank Press Office, (212) 250-6853
or
Shareholder Account Information, (800) 437-6269
or
DWS Closed-End Funds, (800) 349-4281 or 00-800-2287-2750 from outside the US

KEYWORDS:   United States  North America  New York

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