The Ex-Rights Date for the Offer will be determined by the New York Stock Exchange pursuant to its normal procedures. The Ex-Rights Date will not be December 19, 2005, as stated in the Fund's December 13 press release.

The Fund will issue a press release to notify stockholders of when the rights have been admitted for trading and of the Ex-Rights Date once these dates have been determined by the NYSE.

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. Its shares are listed on the NYSE under the symbol "CEE". Because the Fund is non-diversified it can take larger positions in fewer companies, increasing its overall risk profile. Investments in securities of foreign issuers present greater risks including currency fluctuations and changes in political/economic conditions. Foreign securities markets generally exhibit greater price volatility and are less liquid than the US markets. 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 are beyond the control of the Fund. Therefore, the Fund cannot predict the trading price of its shares in relation to net asset value.