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The Central Europe and Russia Fund, Inc. Comments on Unrealized Appreciation
Germany Funds

NEW YORK, Jun 18, 2012 (BUSINESS WIRE) -- The Central Europe and Russia Fund, Inc. CEE +1.26% today announced that with regard to the Fund's unrealized appreciation in its investment portfolio, its Board of Directors and management will continue to actively monitor and evaluate this topic through regular presentations and discussions in Board meetings. The Fund's management is aware of the view that unrealized appreciation could adversely affect a fund's trading discount and the matter will therefore continue to be discussed by management and the Board. The Fund also noted that while the realization of gains may result in taxable distributions to stockholders, the amount of such distributions would be reduced to the extent there are offsetting realized losses.

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. This fund is non-diversified and can take larger positions in fewer issues, increasing its potential risk. Investing in foreign securities 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.

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 bought and sold in the open market through a stock exchange. Shares of closed-end funds frequently trade at a discount to the 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.

Investing in foreign securities 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.

Investments in funds involve risk. Some funds have more risk than others. These include funds 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).

Past performance is no guarantee of future results.

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.


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