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<SEC-DOCUMENT>0000891836-05-000486.txt : 20051213
<SEC-HEADER>0000891836-05-000486.hdr.sgml : 20051213
<ACCEPTANCE-DATETIME>20051213172846
ACCESSION NUMBER:		0000891836-05-000486
CONFORMED SUBMISSION TYPE:	497
PUBLIC DOCUMENT COUNT:		1
FILED AS OF DATE:		20051213
DATE AS OF CHANGE:		20051213
EFFECTIVENESS DATE:		20051213

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:	333-129644
		FILM NUMBER:		051261853

	BUSINESS ADDRESS:	
		STREET 1:		345 PARK AVENUE
		CITY:			NEW YORK
		STATE:			NY
		ZIP:			10154
		BUSINESS PHONE:		800-437-6269

	MAIL ADDRESS:	
		STREET 1:		345 PARK AVENUE
		CITY:			NEW YORK
		STATE:			NY
		ZIP:			10154

	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>sc0249a.htm
<DESCRIPTION>PRESS RELEASE
<TEXT>
<HTML>
<HEAD>
<TITLE>Form 497
</TITLE>
</HEAD>
<BODY>
<H1 ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=3>The Central Europe and
Russia Fund, Inc. </FONT></H1>
<BR>

<TABLE CELLPADDING=0 CELLSPACING=0 BORDER=0 WIDTH=100%>
<TR VALIGN=TOP>
     <TD WIDTH=70%>&nbsp;</TD>
     <TD WIDTH=30%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>345 Park Avenue<BR>
New York, NY 10154 </FONT></TD>
</TR>
</TABLE>
<BR>
<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;&nbsp;&nbsp;&nbsp;&nbsp;
<B>NEW YORK, NEW YORK, December 13, 2005 &#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;&nbsp;&nbsp;&nbsp;
&nbsp;The Fund will issue to stockholders of record as of December 22, 2005
(the&nbsp;&#147;Record Date&#148;), one transferable right for each share of
common stock held. In order to be a Record Date stockholder, investors must
purchase shares of the Fund by December 19, 2005. 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 stockholders who receive fewer than three
rights will be entitled to purchase one share. The Fund will announce at a
future date when it expects trading of rights to commence. The rights are
transferable and are expected to be admitted for trading on the New York Stock
Exchange (&#147;NYSE&#148;) under the ticker symbol &#147;<B>CEE.RT</B>&#148;.
</FONT></P>

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

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<TR VALIGN=TOP>
     <TD WIDTH=25%>&nbsp;</TD>
     <TD WIDTH=25%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
Ex-Rights Date<BR>Record Date<BR>Expiration Date</FONT></TD>
     <TD WIDTH=25%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
December 19, 2005<BR>December 22, 2005<BR>January 20, 2006</FONT></TD>
     <TD WIDTH=25%>&nbsp;</TD></TR>
</TABLE>

<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
The subscription price will not be determined until the expiration of the Offer,
January 20, 2006 (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;&nbsp;&nbsp;&nbsp;&nbsp;
Record Date stockholders 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>

<PAGE>

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

<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Stockholders who have questions regarding the offer should contact the
Information Agent for the Offer, Georgeson Shareholder Communications Inc., at
(800)&nbsp;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>Before investing in the
Fund, 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.
</FONT></P>

<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2><B>This announcement is not
an offer to sell these securities and is not soliciting an offer to buy these
securities in any state where the offer or sale is not permitted. The offer will
be made only by means of a prospectus and only after the registration statement
on file with the Securities and Exchange Commission has been declared effective.
The final terms of the offer may be different from those discussed above.</B>
</FONT></P>

<TABLE ALIGN=CENTER CELLPADDING=0 CELLSPACING=0 BORDER=2 WIDTH=70%>
<TR VALIGN=TOP>
     <TD WIDTH=100%><FONT FACE="Times New Roman, Times, Serif" SIZE=2><B>&nbsp;&nbsp;&nbsp;&nbsp;NOT FDIC/NCUA INSURED MAY LOSS VALUE</B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>NO BANK GUARANTEE</B><BR>
<B>&nbsp;&nbsp;&nbsp;&nbsp;NOT A DEPOSIT</B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>NOT INSURED BY ANY FEDERAL GOVERNMENT AGENCY</B></FONT></TD>
</TR>
</TABLE>

<P ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>For further
information please contact:<BR><BR>
<B>Georgeson Shareholder Communications Inc.<BR>
(800) 221-4215</B><BR><BR>
or </FONT></P>

<TABLE CELLPADDING=0 CELLSPACING=0 BORDER=0 WIDTH=100%>
<TR VALIGN=TOP>
     <TD ALIGN=LEFT WIDTH=20%>&nbsp;</TD>
     <TD ALIGN=LEFT WIDTH=30%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
Jonathan Diorio<BR>
Deutsche Asset Management<BR>
Investor Relations<BR>
(212) 454-2208<BR></FONT></TD>
     <TD ALIGN=LEFT WIDTH=10%>&nbsp;</TD>
     <TD ALIGN=LEFT WIDTH=40%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Rohini Pragasam<BR>
        Deutsche Asset Management<BR>
        Media Relations<BR>
        (212) 250-4516</FONT></TD>

</TR>
</TABLE>

</BODY>
</HTML>
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
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