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<SEC-DOCUMENT>0000891836-04-000097.txt : 20040217
<SEC-HEADER>0000891836-04-000097.hdr.sgml : 20040216
<ACCEPTANCE-DATETIME>20040217165457
ACCESSION NUMBER:		0000891836-04-000097
CONFORMED SUBMISSION TYPE:	497
PUBLIC DOCUMENT COUNT:		1
FILED AS OF DATE:		20040217
EFFECTIVENESS DATE:		20040217

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			CENTRAL EUROPE & RUSSIA FUND INC
		CENTRAL INDEX KEY:			0000860489
		IRS NUMBER:				133556099
		STATE OF INCORPORATION:			MD
		FISCAL YEAR END:			1031

	FILING VALUES:
		FORM TYPE:		497
		SEC ACT:		1933 Act
		SEC FILE NUMBER:	333-111828
		FILM NUMBER:		04609697

	BUSINESS ADDRESS:	
		STREET 1:		280 PARK AVENUE
		CITY:			NEW YORK
		STATE:			NY
		ZIP:			10017
		BUSINESS PHONE:		2124741694

	MAIL ADDRESS:	
		STREET 1:		280 PARK AVENUE
		CITY:			NEW YORK
		STATE:			NY
		ZIP:			10017

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	CENTRAL EUROPEAN EQUITY FUND INC /MD/
		DATE OF NAME CHANGE:	19970429

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	FUTURE GERMANY FUND INC
		DATE OF NAME CHANGE:	19920703

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	UNITED GERMANY FUND INC
		DATE OF NAME CHANGE:	19900219
</SEC-HEADER>
<DOCUMENT>
<TYPE>497
<SEQUENCE>1
<FILENAME>sc0044b.htm
<DESCRIPTION>PRESS RELEASE
<TEXT>
<HTML>
<HEAD>
<TITLE>
Press Release
</TITLE>
</HEAD>
<BODY>

<H1 ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=5>
The Central Europe and Russia Fund, Inc.</FONT></H1>

<P ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
345 Park Avenue<BR>
New York, NY 10154</FONT></P>

<P ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
THE CENTRAL EUROPE AND RUSSIA FUND, INC. ANNOUNCES<BR>
TERMS OF RIGHTS OFFERING  </FONT></P>

<H1 ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=3>FOR IMMEDIATE RELEASE </FONT></H1>

<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>
NEW YORK, NEW YORK, February 13, 2004 &#150; The Central Europe and Russia Fund, Inc.
(NYSE: CEE) </B>announced today that its Board of Directors has approved the terms of a
transferable rights offering of additional common stock of the Fund (the
&#147;Offer&#148;). The Offer will be made only by means of a prospectus. </FONT></P>

<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Fund will issue to shareholders of record as of February 24, 2004 (the &#147;Record
Date&#148;), one transferable right for each share of common stock held. In order to be a
Record Date shareholder, investors must purchase shares of the Fund by February 19, 2004 .
The rights will entitle holders to subscribe for additional shares of the Fund&#146;s
common stock at a discounted price. Holders will be able to purchase one share of common
stock for every three rights held. Record Date shareholders who receive less than three
rights will be entitled to purchase one share. The rights are transferable and will be
admitted for trading on the New York Stock Exchange (&#147;NYSE&#148;) under the ticker
symbol &#147;<B>CEE.RT</B>,&#148; and are expected to begin trading on February 18, 2004
on a when-issued basis. </FONT></P>

<P ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Important Dates: </FONT> </P>

<TABLE CELLPADDING=0 CELLSPACING=0 BORDER=0 ALIGN=Center WIDTH=400>
<TR VALIGN=Top>
     <TD WIDTH=50% ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Rights Begin Trading</FONT></TD>
     <TD WIDTH=50% ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>February 18, 2004</FONT></TD></TR>
<TR VALIGN=Top>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Ex-Rights Date</FONT></TD>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>February 20, 2004</FONT></TD></TR>
<TR VALIGN=Top>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Record Date</FONT></TD>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>February 24, 2004</FONT></TD></TR>
<TR VALIGN=Top>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Expiration Date</FONT></TD>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>March 19, 2004</FONT></TD></TR>
</TABLE>



<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
subscription price will not be determined until the expiration of the Offer, March 19,
2004 (the &#147;Expiration Date&#148;), unless extended. The subscription price (the
&#147;Subscription Price&#148;) will be calculated as 90% of the lower of (1) the average
of the closing price of a share of the Fund&#146;s common stock on the NYSE for the five
trading days ending with the Expiration Date or (2) the net asset value per share as of
the close of trading on the Expiration Date. </FONT></P>

<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Record
Date shareholders who exercise all rights issued to them will be entitled to subscribe for
additional shares at the Subscription Price pursuant to an over-subscription privilege. If
sufficient shares are not available to honor all over-subscription requests, available
shares will be allocated pro rata among those who over-subscribe based on the number of
rights issued to them by the Fund on the Record Date. </FONT></P>

<!-- *************************************************************************** -->
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<HR SIZE=5 COLOR=GRAY NOSHADE>


<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;UBS
Investment Bank has been selected by the Fund to act as Dealer Manager and Financial
Advisor for the Offer. </FONT></P>

<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shareholders
who have questions regarding the offer should contact the Information Agent for the Offer,
Georgeson Shareholder Communications Inc., at 1-800-221-4215. </FONT></P>

<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2><B>The Central Europe and Russia
Fund, Inc. </B>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 &#147;<B>CEE</B>&#148;. 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&#146;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. </FONT></P>

<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2><B>Investors should carefully
consider the investment objective, risks, and charges and expenses of the Fund. This
information can be found in the Fund&#146;s prospectus on file with the Securities and
Exchange Commission. An investor should carefully read the Fund&#146;s prospectus before
investing.</B> </FONT></P>

<P ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
For further information please contact:</FONT></P>

<P ALIGN=CENTER>
<FONT FACE="Times New Roman, Times, Serif" SIZE="2">
<B>Georgeson Shareholder Communications Inc.<BR>
(800) 221.4215</B></FONT></P>

<P ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>or</FONT></P>



<TABLE CELLPADDING=0 CELLSPACING=0 BORDER=0 ALIGN=Center WIDTH=300>
<TR VALIGN=Bottom>
     <TH></TH>
     <TH></TH></TR>
<TR VALIGN=Top>
     <TD WIDTH=60% ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>James Beale</FONT></TD>
     <TD WIDTH=40% ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Judith Inosanto</FONT></TD></TR>
<TR VALIGN=Top>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Investor Inquiries</FONT></TD>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Media Inquiries</FONT></TD></TR>
<TR VALIGN=Top>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>(212) 326.6258</FONT></TD>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>(212) 326.6746</FONT></TD></TR>
</TABLE>
<BR><BR>


<P ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE="1">
<B><I>Effective June 24, 2003, the fund&#146;s name and investment policies changed.
The fund&#146;s former name was The Central European Equity Fund, Inc.</I></B> </FONT> </P>

<P ALIGN=CENTER>
<FONT FACE="Times New Roman, Times, Serif" SIZE="1">
<B><I>Not FDIC Insured/No Guarantee/May Lose Value.</I></B> </FONT> </P>

</BODY>
</HTML>

</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
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