The Central Europe and Russia Fund, Inc. Announces Increased Repurchase Authorization, New Benchmark, and Change in Investment Policy

The Central Europe and Russia Fund, Inc. (NYSE: CEE) (the “Fund”) announced today that since November 1, 2008 it has repurchased 863,800 shares of its common stock, and that its Board of Directors has authorized the repurchase of up to 1,500,000 additional shares during the period August 1, 2009 - July 31, 2010. Purchases will be made when it is believed that such repurchases are advantageous to the Fund. The Fund further announced that going forward it will provide monthly updates concerning its repurchase program on its website at www.dws-investments.com.

The Fund also announced a change in the Fund’s benchmark effective September 1, 2009, to the MSCI Emerging Europe Index and an increase in the Fund’s investment policy limit for investments in Russia from 60% to 662/3%. The Fund’s current benchmark is a composite of the following three emerging market country indices: 45% CECE (which includes stocks from the Czech Republic, Hungary, Poland and Slovakia), 45% RTX (Russian blue chip stocks), and 10% ISE National 30 (Turkish stocks). The Fund stated that the principal reason for the change was to improve transparency to investors. The weightings in the Fund’s current and new benchmarks as of June 30, 2009 are shown below.

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.

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 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.

Investments in funds involve risk. Additional risks 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, this 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 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.

DWS Investments is part of Deutsche Bank’s Asset 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-12714-2 7/09)