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<SEC-DOCUMENT>0000950123-09-009352.txt : 20090522
<SEC-HEADER>0000950123-09-009352.hdr.sgml : 20090522
<ACCEPTANCE-DATETIME>20090522103204
ACCESSION NUMBER:		0000950123-09-009352
CONFORMED SUBMISSION TYPE:	DEF 14A
PUBLIC DOCUMENT COUNT:		3
CONFORMED PERIOD OF REPORT:	20090630
FILED AS OF DATE:		20090522
DATE AS OF CHANGE:		20090522
EFFECTIVENESS DATE:		20090522

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:		DEF 14A
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	811-06041
		FILM NUMBER:		09847311

	BUSINESS ADDRESS:	
		STREET 1:		345 PARK AVENUE
		CITY:			NEW YORK
		STATE:			NY
		ZIP:			10154
		BUSINESS PHONE:		212-454-6778

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

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	CENTRAL EUROPE & RUSSIA FUND INC
		DATE OF NAME CHANGE:	20030723

	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
</SEC-HEADER>
<DOCUMENT>
<TYPE>DEF 14A
<SEQUENCE>1
<FILENAME>y77307def14a.htm
<DESCRIPTION>DEFINITIVE PROXY STATEMENT
<TEXT>
<HTML>
<HEAD>
<TITLE>DEF 14A</TITLE>
</HEAD>
<BODY bgcolor="#FFFFFF">
<!-- PAGEBREAK -->
<H5 align="left" style="page-break-before:always"><A HREF="#toc">Table of Contents</A></H5><P>

<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->

<DIV align="center" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <B>SCHEDULE&#160;14A</B>
</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <B><FONT style="white-space: nowrap">(RULE&#160;14a-101)</FONT></B>
</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <B>INFORMATION REQUIRED IN PROXY STATEMENT</B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <B>SCHEDULE&#160;14A INFORMATION</B>
</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <B>Proxy Statement Pursuant to Section&#160;14(a) of the
    Securities</B>
</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <B>Exchange Act of 1934</B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Filed by the
    Registrant&#160;<FONT style="font-family: Wingdings; font-variant: normal">&#254;
    </FONT>
</DIV>

<DIV style="margin-top: 3pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Filed by a party other than the
    Registrant&#160;<FONT style="font-family: Wingdings; font-variant: normal">&#111;
    </FONT>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Check the appropriate box:
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <FONT style="font-family: Wingdings; font-variant: normal">&#111;</FONT>&#160;&#160;Preliminary
    proxy statement.
</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <FONT style="font-family: Wingdings; font-variant: normal">&#111;</FONT>&#160;&#160;<B>Confidential,
    for use of the Commission only (as permitted by
    <FONT style="white-space: nowrap">Rule&#160;14a-6(e)(2)).</FONT></B>
</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <FONT style="font-family: Wingdings; font-variant: normal">&#254;</FONT>&#160;&#160;Definitive
    proxy statement.
</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <FONT style="font-family: Wingdings; font-variant: normal">&#111;</FONT>&#160;&#160;Definitive
    additional materials.
</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <FONT style="font-family: Wingdings; font-variant: normal">&#111;</FONT>&#160;&#160;Soliciting
    material under
    <FONT style="white-space: nowrap">Rule&#160;14a-12.</FONT>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    THE CENTRAL EUROPE AND RUSSIA FUND, INC.
</DIV>

<DIV style="font-size: 1pt; margin-left: 0%; width: 100%;  align: left; border-bottom: 1pt solid #000000"></DIV><!-- callerid=999 iwidth=456 length=0 -->

<DIV align="center" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <FONT style="font-size: 8pt">(Name of Registrant as Specified in
    Its Charter)
    </FONT>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">

</DIV>

<DIV style="font-size: 1pt; margin-left: 0%; width: 100%;  align: left; border-bottom: 1pt solid #000000"></DIV><!-- callerid=999 iwidth=456 length=0 -->

<DIV align="center" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <FONT style="font-size: 8pt">(Name of Person(s) Filing Proxy
    Statement, if Other Than the Registrant)
    </FONT>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Payment of filing fee (check the appropriate box):
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="3%"></TD>
    <TD width="97%"></TD>
</TR>

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>    <FONT style="font-family: Wingdings; font-variant: normal">&#254;</FONT>&#160;&#160;
</TD>
    <TD align="left">    No fee required.
</TD>
</TR>


<TR style="line-height: 3pt; font-size: 1pt"><TD>&nbsp;</TD></TR>

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>    <FONT style="font-family: Wingdings; font-variant: normal">&#111;</FONT>&#160;&#160;
</TD>
    <TD align="left">    Fee computed on table below per Exchange Act
    <FONT style="white-space: nowrap">Rules&#160;14a-6(i)(1)</FONT>
    and 0-11.
</TD>
</TR>

</TABLE>

<DIV style="margin-top: 3pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="3%"></TD>
    <TD width="5%"></TD>
    <TD width="92%"></TD>
</TR>

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    (1)&#160;&#160;
</TD>
    <TD align="left">
    Title of each class of securities to which transaction applies:
</TD>
</TR>

</TABLE>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV style="font-size: 8pt; margin-left: 8%; width: 100%;  align: left; border-bottom: 1pt solid #000000"></DIV><!-- callerid=999 iwidth=456 length=0 -->

<DIV style="margin-top: 3pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="3%"></TD>
    <TD width="5%"></TD>
    <TD width="92%"></TD>
</TR>

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    (2)&#160;&#160;
</TD>
    <TD align="left">
    Aggregate number of securities to which transaction applies:
</TD>
</TR>

</TABLE>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV style="font-size: 8pt; margin-left: 8%; width: 100%;  align: left; border-bottom: 1pt solid #000000"></DIV><!-- callerid=999 iwidth=456 length=0 -->

<DIV style="margin-top: 3pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="3%"></TD>
    <TD width="5%"></TD>
    <TD width="92%"></TD>
</TR>

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    (3)&#160;&#160;
</TD>
    <TD align="left">
    Per unit price or other underlying value of transaction computed
    pursuant to Exchange Act
    <FONT style="white-space: nowrap">Rule&#160;0-11</FONT>
    (set forth the amount on which the filing fee is calculated and
    state how it was determined):
</TD>
</TR>

</TABLE>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV style="font-size: 8pt; margin-left: 8%; width: 100%;  align: left; border-bottom: 1pt solid #000000"></DIV><!-- callerid=999 iwidth=456 length=0 -->

<DIV style="margin-top: 3pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="3%"></TD>
    <TD width="5%"></TD>
    <TD width="92%"></TD>
</TR>

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    (4)&#160;&#160;
</TD>
    <TD align="left">
    Proposed maximum aggregate value of transaction:
</TD>
</TR>

</TABLE>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV style="font-size: 8pt; margin-left: 8%; width: 100%;  align: left; border-bottom: 1pt solid #000000"></DIV><!-- callerid=999 iwidth=456 length=0 -->

<DIV style="margin-top: 3pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="3%"></TD>
    <TD width="5%"></TD>
    <TD width="92%"></TD>
</TR>

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    (5)&#160;&#160;
</TD>
    <TD align="left">
    Total fee paid:
</TD>
</TR>

</TABLE>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV style="font-size: 8pt; margin-left: 8%; width: 100%;  align: left; border-bottom: 1pt solid #000000"></DIV><!-- callerid=999 iwidth=456 length=0 -->

<DIV style="margin-top: 3pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="3%"></TD>
    <TD width="97%"></TD>
</TR>

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>    <FONT style="font-family: Wingdings; font-variant: normal">&#111;</FONT>&#160;&#160;
</TD>
    <TD align="left">    Fee paid previously with preliminary materials.
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>    <FONT style="font-family: Wingdings; font-variant: normal">&#111;</FONT>&#160;&#160;
</TD>
    <TD align="left">    Check box if any part of the fee is offset as provided by
    Exchange Act
    <FONT style="white-space: nowrap">Rule&#160;0-11(a)(2)</FONT>
    and identify the filing for which the offsetting fee was paid
    previously. Identify the previous filing by registration
    statement number, or the form or schedule and the date of its
    filing.
</TD>
</TR>

</TABLE>

<DIV style="margin-top: 3pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="3%"></TD>
    <TD width="5%"></TD>
    <TD width="92%"></TD>
</TR>

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    (1)&#160;&#160;
</TD>
    <TD align="left">
    Amount Previously Paid:
</TD>
</TR>

</TABLE>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV style="font-size: 8pt; margin-left: 8%; width: 100%;  align: left; border-bottom: 1pt solid #000000"></DIV><!-- callerid=999 iwidth=456 length=0 -->

<DIV style="margin-top: 3pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="3%"></TD>
    <TD width="5%"></TD>
    <TD width="92%"></TD>
</TR>

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    (2)&#160;&#160;
</TD>
    <TD align="left">
    Form, Schedule or Registration Statement No.:
</TD>
</TR>

</TABLE>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV style="font-size: 8pt; margin-left: 8%; width: 100%;  align: left; border-bottom: 1pt solid #000000"></DIV><!-- callerid=999 iwidth=456 length=0 -->

<DIV style="margin-top: 3pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="3%"></TD>
    <TD width="5%"></TD>
    <TD width="92%"></TD>
</TR>

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    (3)&#160;&#160;
</TD>
    <TD align="left">
    Filing Party:
</TD>
</TR>

</TABLE>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV style="font-size: 8pt; margin-left: 8%; width: 100%;  align: left; border-bottom: 1pt solid #000000"></DIV><!-- callerid=999 iwidth=456 length=0 -->

<DIV style="margin-top: 3pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="3%"></TD>
    <TD width="5%"></TD>
    <TD width="92%"></TD>
</TR>

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    (4)&#160;&#160;
</TD>
    <TD align="left">
    Date Filed:
</TD>
</TR>

</TABLE>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV style="font-size: 8pt; margin-left: 8%; width: 100%;  align: left; border-bottom: 1pt solid #000000"></DIV><!-- callerid=999 iwidth=456 length=0 -->

<P align="left" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">

</DIV><!-- END PAGE WIDTH -->
<!-- PAGEBREAK -->
<P><HR noshade><P>

<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->

<!-- TOC -->
<A name="toc"><DIV align="CENTER" style="page-break-before:always"><U><B>TABLE OF CONTENTS</B></U></DIV></A>

<P><CENTER>
<TABLE border="0" width="90%" cellpadding="0" cellspacing="0">
<TR>
	<TD width="3%"></TD>
	<TD width="3%"></TD>
	<TD width="3%"></TD>
	<TD width="3%"></TD>
	<TD width="3%"></TD>
	<TD width="3%"></TD>
	<TD width="3%"></TD>
	<TD width="3%"></TD>
	<TD width="76%"></TD>
</TR>
<TR><TD colspan="9"><A HREF="#000">NOTICE OF ANNUAL MEETING OF STOCKHOLDERS</A></TD></TR>
<TR><TD colspan="9"><A HREF="#001">PROXY STATEMENT</A></TD></TR>
<TR><TD colspan="9"><A HREF="#002">PROPOSAL 1: ELECTION OF DIRECTORS</A></TD></TR>
<TR><TD colspan="9"><A HREF="#003">THE BOARD UNANIMOUSLY RECOMMENDS A VOTE FOR PROPOSAL 1.</A></TD></TR>
<TR><TD colspan="9"><A HREF="#004">PROPOSAL 2:  RATIFICATION OF THE APPOINTMENT OF INDEPENDENT AUDITORS</A></TD></TR>
<TR><TD colspan="9"><A HREF="#005">THE BOARD UNANIMOUSLY RECOMMENDS A VOTE FOR PROPOSAL 2.</A></TD></TR>
<TR><TD colspan="9"><A HREF="#006">SECURITY OWNERSHIP OF CERTAIN BENEFICIAL OWNERS</A></TD></TR>
<TR><TD colspan="9"><A HREF="#007">ADDRESS OF INVESTMENT ADVISER AND MANAGER</A></TD></TR>
<TR><TD colspan="9"><A HREF="#008">SECTION 16(a) BENEFICIAL OWNERSHIP REPORTING COMPLIANCE</A></TD></TR>
<TR><TD colspan="9"><A HREF="#009">OTHER MATTERS</A></TD></TR>
<TR><TD colspan="9"><A HREF="#010">STOCKHOLDER PROPOSALS</A></TD></TR>
<TR><TD colspan="9"><A HREF="#011">EXPENSES OF PROXY SOLICITATION</A></TD></TR>
<TR><TD colspan="9"><A HREF="#012">ANNUAL REPORT DELIVERY</A></TD></TR>
<TR><TD colspan="9"><A HREF="#013">PROXY THE CENTRAL EUROPE AND RUSSIA FUND, INC.</A></TD></TR>
</TABLE>
</CENTER>
<!-- /TOC -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#toc">Table of Contents</A></H5><P>

<DIV style="margin-top: 18pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 14pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">THE
    CENTRAL EUROPE AND RUSSIA FUND, INC.<BR>
    <BR>
    </FONT></B>
</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">345 Park
    Avenue<BR>
    New York, New York 10154<BR>
    <BR>

<!-- link1 "NOTICE OF ANNUAL MEETING OF STOCKHOLDERS" -->
<DIV align="left"><A NAME="000"></A></DIV>

    <FONT style="font-size: 12pt">NOTICE OF ANNUAL MEETING OF
    STOCKHOLDERS</FONT></FONT></B>
</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <B><FONT style="font-size: 12pt">June&#160;30, 2009</FONT></B>
</DIV>

<DIV style="margin-top: 16pt; font-size: 1pt">&nbsp;</DIV>

<CENTER style="font-size: 1pt; width: 18%; border-bottom: 1pt solid #000000"></CENTER><!-- callerid=999 iwidth=456 length=84 -->

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    To our Stockholders:
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Notice is hereby given that the Annual Meeting of Stockholders
    (the &#147;Meeting&#148;) of The Central Europe and Russia Fund,
    Inc., a Maryland corporation (the &#147;Fund&#148;), will be
    held at 10:00&#160;a.m., New York time, on June&#160;30, 2009 at
    the New York Marriott East Side Hotel, 525 Lexington Avenue, New
    York, New York 10017 for the following purposes:
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    1.&#160;To elect four (4)&#160;Directors, each to serve for a
    term of three years and until their successors are elected and
    qualify.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    2.&#160;To ratify the appointment by the Audit Committee and the
    Board of Directors of PricewaterhouseCoopers LLP, an independent
    registered public accounting firm, as independent auditors for
    the fiscal year ending October&#160;31, 2009.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    3.&#160;To transact such other business as may properly come
    before the Meeting or any postponement or adjournment thereof.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Only holders of record of Common Stock at the close of business
    on May&#160;8, 2009 are entitled to notice of, and to vote at,
    this Meeting or any postponement or adjournment thereof.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    If you have any questions or need additional information, please
    contact The Altman Group, Inc., at 1200 Wall Street West,
    3<SUP style="font-size: 85%; vertical-align: top">rd</SUP>&#160;Floor,

    Lyndhurst, New Jersey 07071.
</DIV>

<DIV style="margin-top: 24pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 49%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    By Order of the Board of Directors
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 49%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <IMG src="y77307y7730701.gif" alt="-s-David Goldman">
</DIV>

<DIV style="margin-top: 3pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 49%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    David Goldman
</DIV>

<DIV align="left" style="margin-left: 49%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Secretary
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Dated: May&#160;20, 2009
</DIV>

<DIV style="margin-top: 3pt; font-size: 1pt">&nbsp;</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <B>Important Notice Regarding the Availability of Proxy
    Materials for the Shareholder Meeting to be Held on
    June&#160;30, 2009: The Proxy Statement is available at
    www.shareholdermaterial.com/DF/</B>
</DIV>

<DIV style="margin-top: 20pt; font-size: 1pt">&nbsp;</DIV>

<DIV style="margin-top: 3pt; font-size: 1pt">&nbsp;</DIV>
<DIV style="width: 100%; border-top: 1px solid #000000; padding-top: 12pt; border-right: 1px solid #000000; padding-right: 12pt; border-bottom: 1px solid #000000; padding-bottom: 12pt; border-left: 1px solid #000000; padding-left: 12pt"><!-- Begin box 1 -->

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <B>Whether or not you expect to attend the Meeting, please sign
    the enclosed Proxy Card and promptly return it to the Fund. We
    ask your cooperation in mailing in your Proxy Card promptly, so
    that the Fund can avoid additional expenses of solicitation of
    proxies.</B>
</DIV>
</DIV><!-- End box 1 -->

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<P align="left" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">

</DIV><!-- END PAGE WIDTH -->
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#toc">Table of Contents</A></H5><P>

<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->

<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 14pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">THE
    CENTRAL EUROPE AND RUSSIA FUND, INC.<BR>
    <FONT style="font-size: 10pt">345 Park Avenue<BR>
    New York, New York 10154<BR>
    <BR>
    </FONT></FONT><FONT style="font-size: 12pt; font-family: 'Times New Roman', Times">Annual
    Meeting of Stockholders<BR>
    June&#160;30, 2009</FONT></B>
</DIV>

<DIV style="margin-top: 14pt; font-size: 1pt">&nbsp;</DIV>

<CENTER style="font-size: 1pt; width: 18%; border-bottom: 1pt solid #000000"></CENTER><!-- callerid=999 iwidth=456 length=84 -->

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">

<!-- link1 "PROXY STATEMENT" -->
<DIV align="left"><A NAME="001"></A></DIV>
<B><FONT style="font-size: 12pt">
    PROXY STATEMENT</FONT></B>
</DIV>

<DIV style="margin-top: 14pt; font-size: 1pt">&nbsp;</DIV>

<CENTER style="font-size: 1pt; width: 18%; border-bottom: 1pt solid #000000"></CENTER><!-- callerid=999 iwidth=456 length=84 -->

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>



<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    This Proxy Statement is furnished by the Board of Directors of
    The Central Europe and Russia Fund, Inc. (the &#147;Board of
    Directors&#148; or &#147;Board&#148;), a Maryland corporation
    (the &#147;Fund&#148;), in connection with the solicitation of
    proxies for use at the Annual Meeting of Stockholders (the
    &#147;Meeting&#148;) to be held at 10:00&#160;a.m., New York
    time, on June&#160;30, 2009 at the New York Marriott East Side
    Hotel, 525 Lexington Avenue, New York, New York 10017. The
    purpose of the Meeting and the matters to be considered are set
    forth in the accompanying Notice of Annual Meeting of
    Stockholders.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    If the accompanying Proxy Card is executed properly and
    returned, shares represented by it will be voted at the Meeting,
    and any postponement or adjournment thereof, in accordance with
    the instructions on the Proxy Card. However, if no instructions
    are specified, shares will be voted FOR the election of four
    (4)&#160;directors of the Fund (&#147;Directors&#148;) nominated
    by the Board (Proposal&#160;1)&#160;and FOR the ratification of
    the appointment by the Audit Committee and the Board of
    PricewaterhouseCoopers LLP, an independent public accounting
    firm, as independent auditors for the Fund (Proposal&#160;2). A
    proxy may be revoked at any time prior to the time it is voted
    by written notice to the Secretary of the Fund, by submitting a
    subsequently executed and dated proxy or by attending the
    Meeting and voting in person.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    If a stockholder owns shares of the Fund in violation of
    applicable law, including the Investment Company Act of 1940, as
    amended (the &#147;Investment Company Act&#148;), the Fund may
    determine that any vote attributable to such shares shall not be
    counted, or that such shares will not be counted for quorum
    purposes, or both. Under Section&#160;12(d)(1) of the Investment
    Company Act, the acquisition of more than 3% of the Fund&#146;s
    common stock by another fund (whether registered, private or
    offshore) is unlawful. There is legal uncertainty about the
    operation of Section&#160;12(d)(1) and about the Fund&#146;s
    right under federal and state law to invalidate votes cast by
    any person whose Fund shares are held in violation of law. The
    Fund is prepared, if necessary, to seek judicial resolution of
    the uncertainty in any particular case.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The close of business on May&#160;8, 2009 has been fixed as the
    record date for the determination of stockholders entitled to
    notice of, and to vote at, the Meeting. On that date, the Fund
    had 15,263,267.78&#160;shares of Common Stock outstanding and
    entitled to vote. Each share will be entitled to one vote on
    each matter that comes before the Meeting. It is expected that
    the Notice of Annual Meeting, this Proxy Statement and the form
    of Proxy Card will first be mailed to stockholders on or about
    May&#160;22, 2009.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    A quorum is necessary to hold a valid meeting. If stockholders
    entitled to cast one-third of all votes entitled to be cast at
    the Meeting are present in person or by proxy, a quorum will be
    established. The Fund intends to treat properly executed proxies
    that are marked &#147;abstain&#148; and broker non-votes
    (defined below) as present for the purposes of determining
    whether a quorum has been achieved at the Meeting. Under
    Maryland law, abstentions do not constitute a vote
    &#147;for&#148; or &#147;against&#148; a matter and will be
    disregarded in determining the &#147;votes cast&#148; on an
    issue. A &#147;broker non-vote&#148; occurs when a broker
    holding shares for a beneficial owner does not vote on a
    particular matter because the broker does not have discretionary
    voting power with respect to that matter and has not received
    instructions from the beneficial owner.
</DIV>

<P align="left" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">

</DIV><!-- END PAGE WIDTH -->
<!-- PAGEBREAK -->
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<H5 align="left" style="page-break-before:always"><A HREF="#toc">Table of Contents</A></H5><P>

<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->


<!-- link1 "PROPOSAL 1: ELECTION OF DIRECTORS" -->
<DIV align="left"><A NAME="002"></A></DIV>


<DIV style="margin-top: 18pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">PROPOSAL&#160;1:</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <B>ELECTION OF DIRECTORS</B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The Fund&#146;s charter (the &#147;Charter&#148;) provides that
    the Board of Directors be divided into three classes of
    Directors serving staggered three-year terms and until their
    successors are elected and qualify. The term of office for
    Directors in Class&#160;III expires at the 2009 Annual Meeting,
    Class&#160;I at the next succeeding annual meeting and
    Class&#160;II at the following succeeding annual meeting. Four
    Class&#160;III nominees are proposed for election in this Proxy
    Statement, Dr.&#160;Franz Wilhelm Hopp, Mr.&#160;Robert H.
    Wadsworth, Mr.&#160;Werner Walbr&#246;l and Mr.&#160;Christian
    H. Strenger. If elected, each of the four Class&#160;III
    nominees will serve a three-year term of office until the Annual
    Meeting of Stockholders in 2012 and until his respective
    successor is elected and qualifies. Dr.&#160;Frank Tr&#246;mel,
    a Director in Class&#160;III who has served on the Fund&#146;s
    Board of Directors since 2005, is retiring from the Board and,
    as a result, is not proposed in this Proxy Statement for
    election.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    As a result of Dr.&#160;Tr&#246;mel&#146;s retirement from the
    Board, each class of Directors of the Board would not be of
    approximately equal size if no further action were taken. Under
    the Fund&#146;s By-laws and the New York Stock Exchange Listed
    Company Manual Rule&#160;304 (&#147;NYSE Rule&#160;304&#148;),
    the classes of the Fund&#146;s board should be of approximately
    equal size. Accordingly, the Fund&#146;s Nominating Committee
    nominated Mr.&#160;Wadsworth, as a member of the largest class
    of Directors of the Fund (Class&#160;II), to fill the vacancy
    created by Dr.&#160;Tr&#246;mel&#146;s retirement with
    Mr.&#160;Wadsworth&#146;s resignation from Class&#160;II
    contingent upon his election to the Board as a member of
    Class&#160;III. If each nominee is elected, each class of
    Directors of the Board would be of approximately equal size and
    in compliance with the requirements of the Fund&#146;s Bylaws
    and NYSE Rule&#160;304.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Should any vacancy occur on the Board of Directors, the
    remaining Directors would be able to fill that vacancy by the
    affirmative vote of a majority of the remaining Directors in
    office, even if the remaining Directors do not constitute a
    quorum. Any Director elected by the Board to fill a vacancy
    would hold office until the remainder of the full term of the
    class of Directors in which the vacancy occurred and until a
    successor is elected and qualifies. If the size of the Board is
    increased, additional Directors will be apportioned among the
    three classes to make all classes as nearly equal as possible.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Unless authority is withheld, it is the intention of the persons
    named in the accompanying form of Proxy Card to vote each Proxy
    Card for the election of our four nominees listed above. Each
    nominee has indicated that he will continue to serve as a
    Director if elected, but if any nominee should be unable to
    serve, proxies will be voted for any other person determined by
    the persons named in the form of Proxy Card in accordance with
    their discretion. The Board of Directors has no reason to
    believe that any of the above nominees will be unable to serve
    as a Director.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times; font-variant: SMALL-CAPS">Information
    Regarding Directors and Officers</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The following tables show certain information about the nominees
    for election as Directors and about Directors whose terms will
    continue, including beneficial ownership of Common Stock of the
    Fund, and about all officers of the Fund. All current directors
    resident in the United States own Fund shares. Directors who are
    German residents would be subject to adverse German tax
    consequences if they owned shares of a fund organized outside of
    Germany, such as the Fund, that is not subject to German
    regulation or tax reporting.
</DIV>

<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <BR>
    2
</DIV><!-- END PAGE WIDTH -->
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#toc">Table of Contents</A></H5><P>

<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">Nominees
    Proposed for Election:</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<TABLE border="0" width="100%" align="center" cellpadding="0" cellspacing="0" style="font-size: 7pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
<!-- Table Width Row BEGIN -->
<TR style="font-size: 1pt" valign="bottom">
    <TD width="23%">&nbsp;</TD>	<!-- colindex=01 type=maindata -->
    <TD width="2%">&nbsp;</TD>	<!-- colindex=02 type=gutter -->
    <TD width="7%">&nbsp;</TD>	<!-- colindex=02 type=maindata -->
    <TD width="2%">&nbsp;</TD>	<!-- colindex=03 type=gutter -->
    <TD width="6%">&nbsp;</TD>	<!-- colindex=03 type=maindata -->
    <TD width="3%">&nbsp;</TD>	<!-- colindex=04 type=gutter -->
    <TD width="19%">&nbsp;</TD>	<!-- colindex=04 type=maindata -->
    <TD width="2%">&nbsp;</TD>	<!-- colindex=05 type=gutter -->
    <TD width="7%">&nbsp;</TD>	<!-- colindex=05 type=maindata -->
    <TD width="2%">&nbsp;</TD>	<!-- colindex=06 type=gutter -->
    <TD width="19%">&nbsp;</TD>	<!-- colindex=06 type=maindata -->
    <TD width="2%">&nbsp;</TD>	<!-- colindex=07 type=gutter -->
    <TD width="6%">&nbsp;</TD>	<!-- colindex=07 type=maindata -->
</TR>
<!-- Table Width Row END -->
<TR style="font-size: 6pt" valign="bottom" align="center">
<TD colspan="13" nowrap align="center" valign="bottom">
    <B>Class&#160;III Directors<BR>
    </B>
</TD>
</TR>
<TR style="font-size: 6pt" valign="bottom" align="center">
<TD colspan="13" nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>(Term will Expire in 2009; Nominees for Term Expiring in
    2012)</B>
</TD>
</TR>
<TR style="font-size: 6pt" valign="bottom" align="center">
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    <B>Shares of<BR>
    </B>
</TD>
</TR>
<TR style="font-size: 6pt" valign="bottom" align="center">
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    <B>Number of<BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    <B>Common<BR>
    </B>
</TD>
</TR>
<TR style="font-size: 6pt" valign="bottom" align="center">
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    <B>Principal<BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    <B>Portfolios in<BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    <B>Stock<BR>
    </B>
</TD>
</TR>
<TR style="font-size: 6pt" valign="bottom" align="center">
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    <B>Occupation(s)<BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    <B>Fund<BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    <B>Beneficially<BR>
    </B>
</TD>
</TR>
<TR style="font-size: 6pt" valign="bottom" align="center">
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    <B>Length of<BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    <B>During Past<BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    <B>Complex<SUP style="font-size: 85%; vertical-align: top">(2)<BR>

    </SUP></B>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    <B>Owned at<BR>
    </B>
</TD>
</TR>
<TR style="font-size: 6pt" valign="bottom" align="center">
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    <B>Position(s)<BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    <B>Time<BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    <B>Five Years<BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    <B>Overseen by<BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    <B>Other Directorships<BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    <B>March&#160;31,<BR>
    </B>
</TD>
</TR>
<TR style="font-size: 6pt" valign="bottom" align="center">
<TD nowrap align="left" valign="bottom">
<DIV style="border-bottom: 1px solid #000000; width: 1%; padding-bottom: 1px">
    <B>Name,
    Address<SUP style="font-size: 85%; vertical-align: top">(1)</SUP>

    &#038; Age</B>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
<DIV style="border-bottom: 1px solid #000000; width: 1%; padding-bottom: 1px">
    <B>with Fund</B>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>Served</B>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
<DIV style="border-bottom: 1px solid #000000; width: 1%; padding-bottom: 1px">
    <B>or Longer</B>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>Director</B>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
<DIV style="border-bottom: 1px solid #000000; width: 1%; padding-bottom: 1px">
    <B>Held by Director</B>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>2009<SUP style="font-size: 85%; vertical-align: top">(3)</SUP></B>

</TD>
</TR>
<TR style="line-height: 3pt; font-size: 1pt">
<TD>&nbsp;
</TD>
</TR>
<TR valign="bottom" style="line-height: 5pt">
<TD colspan="13">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD colspan="13" align="center" valign="top">
<DIV style="text-indent: -7pt; margin-left: 7pt">
    <B><FONT style="border-top: 1px solid #000000; padding-top: 4pt; border-right: 1px solid #000000; padding-right: 4pt; border-bottom: 1px solid #000000; padding-bottom: 4pt; border-left: 1px solid #000000; padding-left: 4pt; ">Non-Interested
    Directors</FONT></B>
</DIV>
</TD>
</TR>
<TR valign="bottom" style="line-height: 6pt">
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="top">
<DIV style="text-indent: -7pt; margin-left: 7pt">
    Dr.&#160;Franz Wilhelm Hopp, 66
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="top">
    Director
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="top">
    Since 2008
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    Member of the Board of Management of KarstadtQuelle Pension
    Trust e.V. (February 2007-present). Former Member of the Boards
    of Management of VICTORIA Holding, VICTORIA Lebensversicherung
    AG, VICTORIA Versicherung AG, VICTORIA International, VICTORIA
    Ruckversicherung AG and D.A.S. Versicherungs-AG (insurance);
    Former Member of the Boards of Management of ERGO Insurance
    Group AG, ERGO Europa Beteiligungsgesellscha ft AG, and ERGO
    International AG (insurance).
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="top">
    3
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    Director of The European Equity Fund, Inc. (since 2008) and The
    New Germany Fund, Inc. (since
    1993).<SUP style="font-size: 85%; vertical-align: top">(2)</SUP>

    Member of the Administrative Boards of Frankfurter Volksbank
    (bank) and HSBC Trinkaus &#038; Burkhardt (bank). Member of the
    Advisory boards of Dresdner Bank AG, EnBW Energie
    Baden-Wuerttemberg AG (energy). Member of the Supervisory boards
    of Ruhrland AG, Essen (car sales), Primion AG, Stetten
    (electronic products), Valovis Bank AG (mortgage bank).
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="top">
    None
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="top">
<DIV style="text-indent: -7pt; margin-left: 7pt">
    Robert H. Wadsworth, 69
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="top">
    Director<SUP style="font-size: 85%; vertical-align: top">(4)</SUP>

</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="top">
    Since 1990
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    President, Robert H. Wadsworth Associates, Inc. (consulting
    firm) (May 1983 to present).
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="top">
    132
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    Director of The European Equity Fund, Inc. (since 1986) and The
    New Germany Fund, Inc. (since
    1992),<SUP style="font-size: 85%; vertical-align: top">(2)</SUP>

    as well as other funds in the Fund Complex as
    indicated.<SUP style="font-size: 85%; vertical-align: top">(5)</SUP>

</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="top">
    4,344
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="top">
<DIV style="text-indent: -7pt; margin-left: 7pt">
    Werner Walbr&#246;l, 71
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="top">
    Director
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="top">
    Since 1990
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    Formerly, President and Chief Executive Officer, The European
    American Chamber of Commerce, Inc. (2004-2008). Formerly,
    President and Chief Executive Officer, The German American
    Chamber of Commerce, Inc. (until 2003).
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="top">
    3
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    Director of The New Germany Fund, Inc. (since 2004) and The
    European Equity Fund, Inc. (since
    1986).<SUP style="font-size: 85%; vertical-align: top">(2)</SUP>

    Director, T&#220;V Rheinland of North America, Inc. (independent
    testing and assessment services). Director, The German American
    Chamber of Commerce, Inc. President and Director,
    German-American Partnership Program (student exchange programs).
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="top">
    3,864
</TD>
</TR>
<TR valign="bottom">
<TD colspan="13" align="center" valign="top">
<DIV style="text-indent: -7pt; margin-left: 7pt">
    <B><FONT style="border-top: 1px solid #000000; padding-top: 4pt; border-right: 1px solid #000000; padding-right: 4pt; border-bottom: 1px solid #000000; padding-bottom: 4pt; border-left: 1px solid #000000; padding-left: 4pt; ">Interested
    Director<SUP style="font-size: 85%; vertical-align: top">(6)</SUP></FONT></B>

</DIV>
</TD>
</TR>
<TR valign="bottom" style="line-height: 6pt">
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="top">
<DIV style="text-indent: -7pt; margin-left: 7pt">
    Christian H. Strenger, 65
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="top">
    Director and<BR>
    Chairman
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="top">
    Since 1990
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    Member of Supervisory Board (since 1999) and formerly Managing
    Director (1991-1999) of DWS Investment GmbH (investment
    management) (since 1999), a subsidiary of Deutsche Bank AG.
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="top">
    3
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    Director of The European Equity Fund, Inc. (since 1986) and The
    New Germany Fund, Inc. (since
    1990).<SUP style="font-size: 85%; vertical-align: top">(2)</SUP>

    Member, Supervisory Board, Evonik Industries AG (chemical,
    utility and property business), Fraport AG (international
    airport business) and Hermes Equity Ownership Services Ltd.
    (governance advisory).
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="top">
    500
</TD>
</TR>
</TABLE>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">

</DIV>

<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <BR>
    3
</DIV><!-- END PAGE WIDTH -->
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#toc">Table of Contents</A></H5><P>

<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">Directors
    whose terms will continue:</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<TABLE border="0" width="100%" align="center" cellpadding="0" cellspacing="0" style="font-size: 7pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
<!-- Table Width Row BEGIN -->
<TR style="font-size: 1pt" valign="bottom">
    <TD width="25%">&nbsp;</TD>	<!-- colindex=01 type=maindata -->
    <TD width="1%">&nbsp;</TD>	<!-- colindex=02 type=gutter -->
    <TD width="5%">&nbsp;</TD>	<!-- colindex=02 type=maindata -->
    <TD width="1%">&nbsp;</TD>	<!-- colindex=03 type=gutter -->
    <TD width="6%">&nbsp;</TD>	<!-- colindex=03 type=maindata -->
    <TD width="2%">&nbsp;</TD>	<!-- colindex=04 type=gutter -->
    <TD width="22%">&nbsp;</TD>	<!-- colindex=04 type=maindata -->
    <TD width="1%">&nbsp;</TD>	<!-- colindex=05 type=gutter -->
    <TD width="7%">&nbsp;</TD>	<!-- colindex=05 type=maindata -->
    <TD width="1%">&nbsp;</TD>	<!-- colindex=06 type=gutter -->
    <TD width="22%">&nbsp;</TD>	<!-- colindex=06 type=maindata -->
    <TD width="1%">&nbsp;</TD>	<!-- colindex=07 type=gutter -->
    <TD width="6%">&nbsp;</TD>	<!-- colindex=07 type=maindata -->
</TR>
<!-- Table Width Row END -->
<TR style="font-size: 6pt" valign="bottom" align="center">
<TD colspan="13" nowrap align="center" valign="bottom">
    <B>Class I Directors<BR>
    </B>
</TD>
</TR>
<TR style="font-size: 6pt" valign="bottom" align="center">
<TD colspan="13" nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>(Term will Expire in 2010)</B>
</TD>
</TR>
<TR style="font-size: 6pt" valign="bottom" align="center">
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    <B>Shares of<BR>
    </B>
</TD>
</TR>
<TR style="font-size: 6pt" valign="bottom" align="center">
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    <B>Number of<BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    <B>Common<BR>
    </B>
</TD>
</TR>
<TR style="font-size: 6pt" valign="bottom" align="center">
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    <B>Principal<BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    <B>Portfolios in<BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    <B>Stock<BR>
    </B>
</TD>
</TR>
<TR style="font-size: 6pt" valign="bottom" align="center">
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    <B>Occupation(s)<BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    <B>Fund<BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    <B>Beneficially<BR>
    </B>
</TD>
</TR>
<TR style="font-size: 6pt" valign="bottom" align="center">
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    <B>Length of<BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    <B>During Past<BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    <B>Complex<SUP style="font-size: 85%; vertical-align: top">(2)<BR>

    </SUP></B>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    <B>Owned at<BR>
    </B>
</TD>
</TR>
<TR style="font-size: 6pt" valign="bottom" align="center">
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    <B>Position(s)<BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    <B>Time<BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    <B>Five Years<BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    <B>Overseen by<BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    <B>Other Directorships<BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    <B>March&#160;31,<BR>
    </B>
</TD>
</TR>
<TR style="font-size: 6pt" valign="bottom" align="center">
<TD nowrap align="left" valign="bottom">
<DIV style="border-bottom: 1px solid #000000; width: 1%; padding-bottom: 1px">
    <B>Name,
    Address<SUP style="font-size: 85%; vertical-align: top">(1)</SUP>

    &#038; Age</B>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>with Fund</B>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>Served</B>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
<DIV style="border-bottom: 1px solid #000000; width: 1%; padding-bottom: 1px">
    <B>or Longer</B>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>Director</B>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
<DIV style="border-bottom: 1px solid #000000; width: 1%; padding-bottom: 1px">
    <B>Held by Director</B>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>2009<SUP style="font-size: 85%; vertical-align: top">(3)</SUP></B>

</TD>
</TR>
<TR style="line-height: 3pt; font-size: 1pt">
<TD>&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD colspan="13" align="center" valign="top">
<DIV style="text-indent: -7pt; margin-left: 7pt">
    <B><FONT style="border-top: 1px solid #000000; padding-top: 4pt; border-right: 1px solid #000000; padding-right: 4pt; border-bottom: 1px solid #000000; padding-bottom: 4pt; border-left: 1px solid #000000; padding-left: 4pt; ">Non-Interested
    Directors</FONT></B>
</DIV>
</TD>
</TR>
<TR valign="bottom" style="line-height: 6pt">
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="top">
<DIV style="text-indent: -7pt; margin-left: 7pt">
    Ambassador Richard R. Burt, 62
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="top">
    Director
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="top">
    Since 2000
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    Chairman, Diligence LLC (international Information Collection
    and risk-management firm) (since 2002). Formerly, Chairman of
    the Board, Weirton Steel Corp. (1996-2004); Partner, McKinsey
    &#038; Company (consulting firm) (1991-1994); U.S. Ambassador to
    the Federal Republic of Germany (1985-1991).
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="top">
    3
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    Director of The New Germany Fund, Inc. (since 2004) and The
    European Equity Fund, Inc. (since
    2000).<SUP style="font-size: 85%; vertical-align: top">(2)</SUP>

    Board Member, IGT, Inc. (gaming technology) (since 1995).  Board
    Member, HCL technologies Inc. (information technology and
    product engineering) (since 1999).  Member, Textron Inc.
    International Advisory Council (aviation, automotive, industrial
    operations and finance) (since 1996).  Director, UBS family of
    mutual funds (since 1995).
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="top">
    5,226
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="top">
<DIV style="text-indent: -7pt; margin-left: 7pt">
    John H. Cannon, 67
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="top">
    Director
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="top">
    Since 2004
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    Consultant (since 2002). Vice President and Treasurer, Venator
    Group/Footlocker, Inc. (footwear retailer) (1982-2002).
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="top">
    3
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    Director of The European Equity Fund, Inc. (since 2004) and The
    New Germany Fund, Inc. (since
    1990).<SUP style="font-size: 85%; vertical-align: top">(2)</SUP>

</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="top">
    423
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="top">
<DIV style="text-indent: -7pt; margin-left: 7pt">
    Richard Karl Goeltz, 66
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="top">
    Director
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="top">
    Since 2008
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    Consultant. Retired Vice Chairman and Chief Financial Officer of
    American Express Co. (financial services) (1996-2000). Former
    Chief Financial Officer of National Westminster Bank Plc.
    <FONT style="white-space: nowrap">(1992-1996).</FONT>
    Former Executive Vice President&#160;&#151; Finance (1986-1991)
    and Vice President&#160;&#151; Finance (1976-1986) of The
    Seagram Company Ltd.
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="top">
    3
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    Director of The European Equity Fund, Inc. (since 2008) and The
    New Germany Fund, Inc. (since
    1990).<SUP style="font-size: 85%; vertical-align: top">(2)</SUP>

    Independent Non-Executive Director of Aviva plc (financial
    services) and The Warnaco Group, Inc. (apparel).  Member of the
    Court of Governors of the London School of Economics and
    Political Science.
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="top">
    None
</TD>
</TR>
<TR valign="bottom" style="line-height: 6pt">
<TD colspan="13">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD colspan="13" align="center" valign="top">
<DIV style="text-indent: -7pt; margin-left: 7pt">
    <B><FONT style="border-top: 1px solid #000000; padding-top: 4pt; border-right: 1px solid #000000; padding-right: 4pt; border-bottom: 1px solid #000000; padding-bottom: 4pt; border-left: 1px solid #000000; padding-left: 4pt; ">Interested
    Director<SUP style="font-size: 85%; vertical-align: top">(6)</SUP></FONT></B>

</DIV>
</TD>
</TR>
<TR valign="bottom" style="line-height: 6pt">
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="top">
<DIV style="text-indent: -7pt; margin-left: 7pt">
    Detlef Bierbaum, 66
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="top">
    Director
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="top">
    Since 1990
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    Partner of Sal. Oppenheim Jr. &#038; Cie KGaA (investment
    management) (over five years).
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="top">
    3
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    Director of The New Germany Fund, Inc. (since 2008) and The
    European Equity Fund, Inc. (since
    1986).<SUP style="font-size: 85%; vertical-align: top">(2)</SUP>

    Member of Supervisory Board, Tertia Handelsbeteiligungsgesel
    lschaft mbH (electronics retailer). Member of Supervisory Board,
    LVM Landwirtschaftlicher Versicherungsverein (insurance). Member
    of Supervisory Board, Monega KAG. Chairman of Supervisory Board,
    Oppenheim Kapitalanlagegesellschaf t mbH (investment company).
    Chairman of Administrative Board, Oppenheim Prumerica Asset
    Management (investment company). Member of the Supervisory Board
    of DWS Investment GmbH. Member of the Board of Dundee REIT,
    Toronto. Member of the Board of Cologne Re AG (Reinsurance Co.).
    Member of the Board of CA Immo AG (real estate).
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="top">
    None
</TD>
</TR>
</TABLE>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">

</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <BR>
    4
</DIV><!-- END PAGE WIDTH -->
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<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#toc">Table of Contents</A></H5><P>

<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->

<TABLE border="0" width="100%" align="center" cellpadding="0" cellspacing="0" style="font-size: 7pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
<!-- Table Width Row BEGIN -->
<TR style="font-size: 1pt" valign="bottom">
    <TD width="22%">&nbsp;</TD>	<!-- colindex=01 type=maindata -->
    <TD width="1%">&nbsp;</TD>	<!-- colindex=02 type=gutter -->
    <TD width="5%">&nbsp;</TD>	<!-- colindex=02 type=maindata -->
    <TD width="1%">&nbsp;</TD>	<!-- colindex=03 type=gutter -->
    <TD width="6%">&nbsp;</TD>	<!-- colindex=03 type=maindata -->
    <TD width="2%">&nbsp;</TD>	<!-- colindex=04 type=gutter -->
    <TD width="24%">&nbsp;</TD>	<!-- colindex=04 type=maindata -->
    <TD width="1%">&nbsp;</TD>	<!-- colindex=05 type=gutter -->
    <TD width="6%">&nbsp;</TD>	<!-- colindex=05 type=maindata -->
    <TD width="1%">&nbsp;</TD>	<!-- colindex=06 type=gutter -->
    <TD width="24%">&nbsp;</TD>	<!-- colindex=06 type=maindata -->
    <TD width="1%">&nbsp;</TD>	<!-- colindex=07 type=gutter -->
    <TD width="6%">&nbsp;</TD>	<!-- colindex=07 type=maindata -->
</TR>
<!-- Table Width Row END -->
<TR style="font-size: 6pt" valign="bottom" align="center">
<TD colspan="13" nowrap align="center" valign="bottom">
    <B>Class II Directors<BR>
    </B>
</TD>
</TR>
<TR style="font-size: 6pt" valign="bottom" align="center">
<TD colspan="13" nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>(Term will Expire in 2011)</B>
</TD>
</TR>
<TR style="font-size: 6pt" valign="bottom" align="center">
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    <B>Shares of<BR>
    </B>
</TD>
</TR>
<TR style="font-size: 6pt" valign="bottom" align="center">
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    <B>Number of<BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    <B>Common<BR>
    </B>
</TD>
</TR>
<TR style="font-size: 6pt" valign="bottom" align="center">
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    <B>Principal<BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    <B>Portfolios in<BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    <B>Stock<BR>
    </B>
</TD>
</TR>
<TR style="font-size: 6pt" valign="bottom" align="center">
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    <B>Occupation(s)<BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    <B>Fund<BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    <B>Beneficially<BR>
    </B>
</TD>
</TR>
<TR style="font-size: 6pt" valign="bottom" align="center">
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    <B>Length of<BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    <B>During Past<BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    <B>Complex<SUP style="font-size: 85%; vertical-align: top">(2)<BR>

    </SUP></B>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    <B>Owned at<BR>
    </B>
</TD>
</TR>
<TR style="font-size: 6pt" valign="bottom" align="center">
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    <B>Position(s)<BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    <B>Time<BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    <B>Five Years<BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    <B>Overseen by<BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    <B>Other Directorships<BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    <B>March&#160;31,<BR>
    </B>
</TD>
</TR>
<TR style="font-size: 6pt" valign="bottom" align="center">
<TD nowrap align="left" valign="bottom">
<DIV style="border-bottom: 1px solid #000000; width: 1%; padding-bottom: 1px">
    <B>Name,
    Address<SUP style="font-size: 85%; vertical-align: top">(1)</SUP>

    &#038; Age</B>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>with Fund</B>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>Served</B>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
<DIV style="border-bottom: 1px solid #000000; width: 1%; padding-bottom: 1px">
    <B>or Longer</B>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>Director</B>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
<DIV style="border-bottom: 1px solid #000000; width: 1%; padding-bottom: 1px">
    <B>Held by Director</B>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>2009<SUP style="font-size: 85%; vertical-align: top">(3)</SUP></B>

</TD>
</TR>
<TR style="line-height: 3pt; font-size: 1pt">
<TD>&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="top">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="top">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="top">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="top">
    <B><FONT style="border-top: 1px solid #000000; padding-top: 4pt; border-right: 1px solid #000000; padding-right: 4pt; border-bottom: 1px solid #000000; padding-bottom: 4pt; border-left: 1px solid #000000; padding-left: 4pt; ">Non-Interested
    Directors</FONT></B>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="top">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="top">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="top">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="line-height: 6pt">
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="top">
<DIV style="text-indent: -7pt; margin-left: 7pt">
    Dr.&#160;Kurt W. Bock, 50
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="top">
    Director
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="top">
    Since 2004
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    Chairman and Chief Executive Officer of BASF Corporation (since
    2007); Member of the Board of Executive Directors and CFO, BASF
    Aktiengesellschaft (since 2003; since 2008 BASF SE).
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="top">
    3
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    Director of The New Germany Fund, Inc. (since 2008) and The
    European Equity Fund, Inc. (since
    2004).<SUP style="font-size: 85%; vertical-align: top">(2)</SUP>

    Member of the Supervisory Board of Wintershall AG (since 2006).
    Member of the Advisory Board of Gebr. R&#246;chling KG (since
    2004). Member of the Board of Deutsches Rechnungslegungs
    Standards Committee (&#147;DRSC&#148;) (since 2003).
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="top">
    None
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="top">
<DIV style="text-indent: -7pt; margin-left: 7pt">
    Dr.&#160;Friedbert H. Malt, 67
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="top">
    Director
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="top">
    Since 2007
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    Vice Chairman and Member of the Executive Committee of NOL
    Neptune Orient Lines Ltd., Singapore (&#147;NOL&#148;) (since
    2002). Formerly, Member of the Executive Board of DG Bank (now
    DZ Bank), Frankfurt (2001).
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="top">
    3
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    Director of The New Germany Fund, Inc. (since 2007) and The
    European Equity Fund, Inc. (since
    2007).<SUP style="font-size: 85%; vertical-align: top">(2)</SUP>

    Director, T&#220;V Rheinland of North America, Inc. (independent
    testing and assessment services). Member of the Board of NOL
    (since 2000).
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="top">
    None
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="top">
<DIV style="text-indent: -7pt; margin-left: 7pt">
    Peter Z&#252;hlsdorff, 68
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="top">
    Director
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="top">
    Since 2008
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    Managing Director of DIH Deutsche Industrie Holding (holding
    company) (since 1997). Managing Director of DSO Duales System
    Deutschland AG (recycling) (until 2006).
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="top">
    3
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    Director of The European Equity Fund, Inc. (since 2008) and The
    New Germany Fund, Inc. (since
    1997).<SUP style="font-size: 85%; vertical-align: top">(2)</SUP>

    Chairman of the Supervisory Board, Sinn Leffers AG (retail).
    Member of the Supervisory Boards of Kaisers Tengelmann AG (food
    and specialty retailing) and YOC AG (mobile marketing). Member
    of the Advisory Board, Tengelmann Verwaltungs-und
    Beteiligungsgesellschaft GmbH (food and specialty retailing) and
    Ziegler Film (TV and film production).  President of the
    Wettbewerbs Centrale (competition center).
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="top">
    None
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="top">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="top">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="top">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="top">
    <B><FONT style="border-top: 1px solid #000000; padding-top: 4pt; border-right: 1px solid #000000; padding-right: 4pt; border-bottom: 1px solid #000000; padding-bottom: 4pt; border-left: 1px solid #000000; padding-left: 4pt; ">Interested
    Director<SUP style="font-size: 85%; vertical-align: top">(6)</SUP></FONT></B>

</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="top">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="top">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="top">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="line-height: 6pt">
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="top">
<DIV style="text-indent: -7pt; margin-left: 7pt">
    John Bult, 73
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="top">
    Director
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="top">
    Since 1990
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    Chairman, PaineWebber International (asset management) (since
    1985).
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="top">
    3
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    Director of The New Germany Fund, Inc. (since 1990) and The
    European Equity Fund, Inc. (since
    1986).<SUP style="font-size: 85%; vertical-align: top">(2)</SUP>

    Director of The Greater China Fund, Inc. (closed-end fund).
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="top">
    6,249
</TD>
</TR>
</TABLE>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">

</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    5
</DIV><!-- END PAGE WIDTH -->
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#toc">Table of Contents</A></H5><P>

<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->

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    <TD width="8%">&nbsp;</TD>	<!-- colindex=05 type=maindata -->
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<TR style="font-size: 8pt" valign="bottom" align="center">
<TD colspan="9" align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>Executive
    Officers<SUP style="font-size: 85%; vertical-align: top">(7)</SUP></B>

</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom" align="center">
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    <B>Shares of<BR>
    </B>
</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom" align="center">
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    <B>Common<BR>
    </B>
</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom" align="center">
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    <B>Stock<BR>
    </B>
</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom" align="center">
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    <B>Beneficially<BR>
    </B>
</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom" align="center">
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    <B>Length of<BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    <B>Principal<BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    <B>Owned at<BR>
    </B>
</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom" align="center">
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    <B>Position(s)<BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    <B>Time<BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    <B>Occupation(s)<BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    <B>March&#160;31,<BR>
    </B>
</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom" align="center">
<TD nowrap align="left" valign="bottom">
<DIV style="border-bottom: 1px solid #000000; width: 1%; padding-bottom: 1px">
    <B>Name,
    Address<SUP style="font-size: 85%; vertical-align: top">(1)</SUP>

    &#038; Age</B>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
<DIV style="border-bottom: 1px solid #000000; width: 1%; padding-bottom: 1px">
    <B>with Fund</B>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>Served</B>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
<DIV style="border-bottom: 1px solid #000000; width: 1%; padding-bottom: 1px">
    <B>During Past Five Years</B>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>2009<SUP style="font-size: 85%; vertical-align: top">(3)</SUP></B>

</TD>
</TR>
<TR style="line-height: 3pt; font-size: 1pt">
<TD>&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="top">
<DIV style="text-indent: -8pt; margin-left: 8pt">
    Michael G. Clark,
    43<SUP style="font-size: 85%; vertical-align: top">(8)</SUP>

</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    President and Chief Executive Officer
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="top">
    Since 2006
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    Managing Director, Deutsche Asset Management (since 2006);
    President of DWS family of funds; formerly, Director of Fund
    Board Relations (2004-2006) and Director of Product Development,
    Merrill Lynch Investment Managers (2000-2004).
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="top">
    None
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="top">
<DIV style="text-indent: -8pt; margin-left: 8pt">
    Paul H. Schubert,
    46<SUP style="font-size: 85%; vertical-align: top">(8)</SUP>

</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    Treasurer and Chief Financial Officer
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="top">
    Since 2004
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    Managing Director, Deutsche Asset Management (since 2004).
    Formerly, Executive Director, Head of Mutual Fund Services and
    Treasurer for UBS Family of Funds at UBS Global Asset Management
    (1998-2004).
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="top">
    None
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="top">
<DIV style="text-indent: -8pt; margin-left: 8pt">
    David Goldman,
    35<SUP style="font-size: 85%; vertical-align: top">(8)</SUP>

</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="top">
    Secretary
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="top">
    Since 2006
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    Director, Deutsche Asset Management (since 2008). Formerly, Vice
    President, Deutsche Asset Management (2002-2008).
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="top">
    None
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="top">
<DIV style="text-indent: -8pt; margin-left: 8pt">
    John Millette,
    46<SUP style="font-size: 85%; vertical-align: top">(8)</SUP>

</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="top">
    Assistant Secretary
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="top">
    Since 2006
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    Director, Deutsche Asset Management (since 2002).
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="top">
    None
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="top">
<DIV style="text-indent: -8pt; margin-left: 8pt">
    Rita Rubin, 38
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    Chief Legal Officer
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="top">
    Since 2008
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    Vice President and Counsel, Deutsche Asset Management (since
    2007).  Formerly, Vice President, Morgan Stanley Investment
    Management Inc. (2004-2007); Attorney, Shearman &#038; Sterling
    LLP (2004); Director and Associate General Counsel, UBS Global
    Asset Management (US) Inc. (2001-2004).
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="top">
    None
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="top">
<DIV style="text-indent: -8pt; margin-left: 8pt">
    Brett D. Rogers,
    33<SUP style="font-size: 85%; vertical-align: top">(8)</SUP>

</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    Chief Compliance Officer
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="top">
    Since 2007
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    Director, Deutsche Asset Management (since 2008). Formerly,
    Chief Compliance Officer, Deutsch Asset Management (Japan) Ltd.
    (2006), Vice President Deutsche Asset Management (2005-2008) and
    Assistant Vice President, Deutsche Asset Management (2003-2005).
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="top">
    None
</TD>
</TR>
</TABLE>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">

</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV style="font-size: 1pt; margin-left: 0%; width: 13%;  align: left; border-bottom: 1pt solid #000000"></DIV><!-- callerid=999 iwidth=456 length=60 -->

<DIV style="margin-top: 3pt; font-size: 1pt">&nbsp;</DIV>



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<TR>
    <TD width="2%"></TD>
    <TD width="1%"></TD>
    <TD width="97%"></TD>
</TR>

<TR>
    <TD align="right" valign="top">
    (1) </TD>
    <TD></TD>
    <TD valign="bottom">
    The mailing address of all directors and officers with respect
    to Fund operations is
    <FONT style="white-space: nowrap">c/o&#160;Deutsche</FONT>
    Investment Management Americas Inc., 345 Park Avenue,
    NYC20-2799, New York, New York 10154.</TD>
</TR>


<TR style="line-height: 3pt; font-size: 1pt"><TD>&nbsp;</TD></TR>

<TR>
    <TD align="right" valign="top">
    (2) </TD>
    <TD></TD>
    <TD valign="bottom">
    The Fund&#160;Complex includes The European Equity Fund, Inc.
    (formerly The Germany Fund, Inc.) and The New Germany Fund,
    Inc., which are other closed-end registered investment companies
    for which Deutsche Investment Management Americas Inc.
    (&#147;DIMA&#148;) acts as manager. It also includes 129 other
    open- and closed-end funds advised by DIMA.</TD>
</TR>


<TR style="line-height: 3pt; font-size: 1pt"><TD>&nbsp;</TD></TR>

<TR>
    <TD align="right" valign="top">
    (3) </TD>
    <TD></TD>
    <TD valign="bottom">
    As of March&#160;31, 2009, all Directors and Executive Officers
    as a group (19&#160;persons) owned 19,100&#160;shares, which
    constitutes less than 1% of the outstanding Common Stock of the
    Fund. Share numbers in this Proxy Statement have been rounded to
    the nearest whole share.</TD>
</TR>


<TR style="line-height: 3pt; font-size: 1pt"><TD>&nbsp;</TD></TR>

<TR>
    <TD align="right" valign="top">
    (4) </TD>
    <TD></TD>
    <TD valign="bottom">
    As discussed above, Mr.&#160;Wadsworth was nominated for
    election to Class&#160;III as a result of
    Dr.&#160;Tr&#246;mel&#146;s retirement from the Board.
    Mr.&#160;Wadsworth&#146;s resignation from Class&#160;II is
    contingent upon his election as a Class&#160;III Director.</TD>
</TR>


<TR style="line-height: 3pt; font-size: 1pt"><TD>&nbsp;</TD></TR>

<TR>
    <TD align="right" valign="top">
    (5) </TD>
    <TD></TD>
    <TD valign="bottom">
    Mr.&#160;Wadsworth oversees all 132 funds in the
    Fund&#160;Complex.</TD>
</TR>


<TR style="line-height: 3pt; font-size: 1pt"><TD>&nbsp;</TD></TR>

<TR>
    <TD align="right" valign="top">
    (6) </TD>
    <TD></TD>
    <TD valign="bottom">
    Indicates &#147;Interested Person&#148;, as defined in the
    Investment Company Act. Mr.&#160;Bierbaum is an
    &#147;interested&#148; Director because of his affiliation with
    Sal. Oppenheim Jr. &#038; Cie KGaA, which engages in brokerage
    transactions with the Fund and other accounts managed by the
    Fund&#146;s investment adviser and manager. </TD>
</TR>

</TABLE>

<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    6
</DIV><!-- END PAGE WIDTH -->
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<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#toc">Table of Contents</A></H5><P>

<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->

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<TR>
    <TD width="2%"></TD>
    <TD width="1%"></TD>
    <TD width="97%"></TD>
</TR>

<TR>
    <TD valign="top">
</TD>
    <TD></TD>
    <TD valign="bottom">
    Mr.&#160;Bult is an &#147;interested&#148; Director because of
    his affiliation with PaineWebber International, an affiliate of
    UBS Securities LLC, a registered broker-dealer.
    Mr.&#160;Strenger is an &#147;interested&#148; Director because
    of his affiliation with DWS-Deutsche Gesellschaft f&#252;r
    Wertpapiersparen mbH (&#147;DWS&#148;), a majority-owned
    subsidiary of Deutsche Bank AG, and because of his ownership of
    Deutsche Bank AG shares.</TD>
</TR>


<TR style="line-height: 3pt; font-size: 1pt"><TD>&nbsp;</TD></TR>

<TR>
    <TD align="right" valign="top">
    (7) </TD>
    <TD></TD>
    <TD valign="bottom">
    Each also serving as an officer of The European Equity Fund,
    Inc. (formerly The Germany Fund, Inc.) and The New Germany Fund,
    Inc. The officers of the Fund are elected annually by the Board
    of Directors at its meeting following the Annual Meeting of
    Stockholders. Each of Mr.&#160;Clark, Mr.&#160;Schubert,
    Mr.&#160;Millette, Mr.&#160;Rogers, Mr.&#160;Goldman and
    Ms.&#160;Rubin also serve as officers of the other Funds in the
    Fund&#160;Complex.</TD>
</TR>


<TR style="line-height: 3pt; font-size: 1pt"><TD>&nbsp;</TD></TR>

<TR>
    <TD align="right" valign="top">
    (8) </TD>
    <TD></TD>
    <TD valign="bottom">
    Indicates ownership of securities of Deutsche Bank AG either
    directly or through Deutsche Bank&#146;s deferred compensation
    plan.</TD>
</TR>

</TABLE>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The following table contains additional information with respect
    to the beneficial ownership of equity securities by each
    Director or Nominee in the Fund and, on an aggregated basis, in
    any registered investment companies overseen by the Director or
    Nominee within the same Family of Investment Companies as the
    Fund:
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<TABLE border="0" width="100%" align="center" cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
<!-- Table Width Row BEGIN -->
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    <TD width="61%">&nbsp;</TD>	<!-- colindex=01 type=maindata -->
    <TD width="2%">&nbsp;</TD>	<!-- colindex=02 type=gutter -->
    <TD width="17%">&nbsp;</TD>	<!-- colindex=02 type=maindata -->
    <TD width="3%">&nbsp;</TD>	<!-- colindex=03 type=gutter -->
    <TD width="17%">&nbsp;</TD>	<!-- colindex=03 type=maindata -->
</TR>
<!-- Table Width Row END -->
<TR style="font-size: 8pt" valign="bottom" align="center">
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    <B>Aggregate Dollar<BR>
    </B>
</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom" align="center">
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    <B>Range of Equity<BR>
    </B>
</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom" align="center">
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    <B>Securities in all<BR>
    </B>
</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom" align="center">
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    <B>Funds Overseen by<BR>
    </B>
</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom" align="center">
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    <B>Director or Nominee<BR>
    </B>
</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom" align="center">
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    <B>Dollar Range of<BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    <B>in Family of<BR>
    </B>
</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom" align="center">
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    <B>Equity Securities in<BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    <B>Investment<BR>
    </B>
</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom" align="center">
<TD nowrap align="left" valign="bottom">
<DIV style="border-bottom: 1px solid #000000; width: 1%; padding-bottom: 1px">
    <B>Name of Director or Nominee</B>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>the
    Fund<SUP style="font-size: 85%; vertical-align: top">(1)</SUP></B>

</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>Companies<SUP style="font-size: 85%; vertical-align: top">(1),(2)</SUP></B>

</TD>
</TR>
<TR style="line-height: 3pt; font-size: 1pt">
<TD>&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    Detlef Bierbaum
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    None
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    None
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    Dr.&#160;Kurt W. Bock
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    None
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    None
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    John Bult
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    $50,001-$100,000
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    Over $100,000
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    Ambassador Richard R. Burt
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    $50,001-$100,000
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    Over $100,000
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    John H. Cannon
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    $1-$10,000
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    $10,001-$50,000
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    Richard Karl Goeltz
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    None
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    $50,001-$100,000
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    Dr.&#160;Franz Wilhelm Hopp
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    None
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    None
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    Dr.&#160;Friedbert H. Malt
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    None
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    None
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    Christian H. Strenger
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    $1-$10,000
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    $10,001-$50,000
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    Dr.&#160;Frank Tr&#246;mel
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    None
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    None
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    Robert H. Wadsworth
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    $50,001-$100,000
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    Over $100,000
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    Werner Walbr&#246;l
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    $50,001-$100,000
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    Over $100,000
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    Peter Z&#252;hlsdorff
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    None
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    None
</TD>
</TR>
</TABLE>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">

</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV style="font-size: 1pt; margin-left: 0%; width: 13%;  align: left; border-bottom: 1pt solid #000000"></DIV><!-- callerid=999 iwidth=456 length=60 -->

<DIV style="margin-top: 3pt; font-size: 1pt">&nbsp;</DIV>



<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">

<TR>
    <TD width="2%"></TD>
    <TD width="1%"></TD>
    <TD width="97%"></TD>
</TR>

<TR>
    <TD align="right" valign="top">
    (1) </TD>
    <TD></TD>
    <TD valign="bottom">
    Valuation date is March&#160;31, 2009. Directors who are German
    residents would be subject to adverse German tax consequences if
    they owned shares of a fund organized outside of Germany, such
    as the Fund, that is not subject to German regulation or tax
    reporting.</TD>
</TR>


<TR style="line-height: 3pt; font-size: 1pt"><TD>&nbsp;</TD></TR>

<TR>
    <TD align="right" valign="top">
    (2) </TD>
    <TD></TD>
    <TD valign="bottom">
    The Family of Investment Companies consists of the Fund, The
    European Equity Fund, Inc. (formerly The Germany Fund, Inc.) and
    The New Germany Fund, Inc., which are closed-end funds that
    share the same investment adviser and manager and hold
    themselves out as related companies.</TD>
</TR>

</TABLE>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The Board of Directors presently has five standing committees
    including an audit committee (the &#147;Audit Committee&#148;),
    an advisory committee (the &#147;Advisory Committee&#148;), an
    executive committee (the &#147;Executive Committee&#148;), a
    nominating committee (the &#147;Nominating Committee&#148;) and
    a valuation committee (the &#147;Valuation Committee&#148;).
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The Audit Committee, currently comprising Messrs.&#160;Burt,
    Cannon, Wadsworth and Walbr&#246;l and Drs.&#160;Malt and
    Tr&#246;mel, operates pursuant to a written charter. The Audit
    Committee charter is not currently available on the Fund&#146;s
    website, but is attached hereto as Annex&#160;A. The Audit
    Committee&#146;s organization and responsibilities are contained
    in the Audit Committee Report, which is included in this Proxy
    Statement, and in its written charter. The members of the Audit
    Committee are &#147;independent&#148; as required by the
    independence standards of
    <FONT style="white-space: nowrap">Rule&#160;10A-3</FONT>
    under the Securities Exchange Act of 1934. The Board of
    Directors has determined that each member of the Audit Committee
    is financially literate and has determined that each of
    Messrs.&#160;Cannon and Wadsworth meets the requirements for an
    audit committee financial expert under the rules of the
    Securities and Exchange Commission (&#147;SEC&#148;). Although
    the
</DIV>

<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <BR>
    7
</DIV><!-- END PAGE WIDTH -->
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#toc">Table of Contents</A></H5><P>

<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Board has determined that these individuals meet the
    requirements for an audit committee financial expert, their
    responsibilities are the same as those of the other audit
    committee members. They are not auditors or accountants, do not
    perform &#147;field work&#148; and are not full-time employees.
    The SEC has determined that an audit committee member who is
    designated as an audit committee financial expert will not be
    deemed to be an &#147;expert&#148; for any purpose as a result
    of being identified as an audit committee financial expert. The
    Audit Committee met five times during the fiscal year ended
    October&#160;31, 2008.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The Advisory Committee, currently comprising
    Messrs.&#160;Cannon, Goeltz and Wadsworth and
    Dr.&#160;Tr&#246;mel, makes recommendations to the full Board
    with respect to the Management Agreement between the Fund and
    Deutsche Investment Management Americas Inc., and the Investment
    Advisory Agreement between the Fund and Deutsche Asset
    Management International GmbH. The Advisory Committee met one
    time during the past fiscal year, in connection with the annual
    continuance of those agreements.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The Executive Committee, currently comprising Messrs.&#160;Burt,
    Cannon, Goeltz, Strenger, Wadsworth and Walbr&#246;l, has the
    authority to act for the Board on all matters between meetings
    of the Board subject to any limitations under applicable state
    law. During the past fiscal year the Executive Committee did not
    meet.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The Valuation Committee, currently comprising
    Messrs.&#160;Cannon, Wadsworth and Walbr&#246;l and
    Dr.&#160;Tr&#246;mel, monitors the valuation of portfolio
    securities and other investments. During the past fiscal year,
    the Valuation Committee did not meet.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The Nominating Committee is currently comprised of
    Messrs.&#160;Burt, Cannon, Goeltz, Wadsworth and Walbr&#246;l
    and Dr.&#160;Tr&#246;mel. The Board has determined that each of
    the members of the Nominating Committee is not an
    &#147;interested person&#148; as the term is defined in
    Section&#160;2(a)(19) of the Investment Company Act. Generally,
    the Nominating Committee identifies, evaluates and selects and
    nominates, or recommends to the Board of Directors, candidates
    for the Board or any committee of the Board. To be eligible for
    nomination as a Director a person must, at the time of such
    person&#146;s nomination, have Relevant Experience and Country
    Knowledge and must not have any Conflict of Interest, as those
    terms are defined in the Fund&#146;s Bylaws. The relevant
    portions of the Fund&#146;s Bylaws describing these requirements
    are included as Annex&#160;C. The Nominating Committee may also
    take into account additional factors listed in the Nominating
    Committee Charter, which generally relate to the nominee&#146;s
    industry knowledge, business experience, education, ethical
    reputation, special skills, ability to work well in group
    settings and the ability to qualify as an &#147;independent
    director.&#148;
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The Nominating Committee will consider nominee candidates
    properly submitted by stockholders in accordance with applicable
    law, the Fund&#146;s Charter or Bylaws, resolutions of the Board
    and the qualifications and procedures set forth in the
    Nominating Committee Charter set forth in Annex&#160;B and this
    proxy statement. A stockholder or group of stockholders seeking
    to submit a nominee candidate (i)&#160;must have beneficially
    owned at least 5% of the Fund&#146;s common stock for at least
    two years, (ii)&#160;may submit only one nominee candidate for
    any particular meeting of stockholders, and (iii)&#160;may
    submit a nominee candidate for only an annual meeting or other
    meeting of stockholders at which directors will be elected. The
    stockholder or group of stockholders must provide notice of the
    proposed nominee pursuant to the requirements found in the
    Fund&#146;s Bylaws. Generally, this notice must be received not
    less than 90&#160;days nor more than 120&#160;days prior to the
    first anniversary of the date of mailing of the notice for the
    preceding year&#146;s annual meeting. Such notice shall include
    the specific information required by the Fund&#146;s Bylaws. The
    relevant portions describing these requirements are included as
    Annex&#160;C. The Nominating Committee will evaluate nominee
    candidates properly submitted by stockholders on the same basis
    as it considers and evaluates candidates recommended by other
    sources. The Nominating Committee met two times during the past
    fiscal year.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    All members on each of the five committees of the Board are not
    &#147;interested persons&#148; as the term is defined in the
    Investment Company Act (except that Mr.&#160;Strenger, an
    interested person, is a member of the Executive Committee).
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    During the past fiscal year, the Board of Directors had four
    regular meetings. Each incumbent Director who served as a
    Director during the past fiscal year, except Dr.&#160;Bock,
    attended at least 75% of the aggregate number of meetings of the
    Board and meetings of Board Committees on which that Director
    served. The Board has a policy that encourages Directors to
    attend the Annual Meeting of Stockholders, to the extent that
    travel to the Annual
</DIV>

<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <BR>
    8
</DIV><!-- END PAGE WIDTH -->
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#toc">Table of Contents</A></H5><P>

<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Meeting of Stockholders is reasonable for that Director. Two
    Directors attended the 2008 Annual Meeting of Stockholders.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    To communicate with the Board of Directors or an individual
    Director of the Fund, a stockholder must send a written
    communication to the Fund&#146;s principal office at 345 Park
    Avenue, NYC20-2799, New York, New York 10154
    <FONT style="white-space: nowrap">(c/o&#160;The</FONT>
    Central Europe and Russia Fund, Inc.), addressed to (i)&#160;the
    Board of Directors of the Fund or an individual Director, and
    (ii)&#160;the Secretary of the Fund. The Secretary of the Fund
    will direct the correspondence to the appropriate parties.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The Fund pays each of its Directors who is not an interested
    person of the Fund, of the investment adviser or of the manager
    an annual fee of $7,500 plus $750 for each Board and Committee
    meeting attended. Each such Director who is also a Director of
    The European Equity Fund, Inc. (formerly The Germany Fund, Inc.)
    or The New Germany Fund, Inc. also receives the same annual and
    per-meeting fees for services as a Director of each such fund.
    No Director of all three funds is paid for attending more than
    two funds&#146; board and committee meetings when meetings of
    the three funds are held concurrently, and no such Director
    receives more than the annual fee of two funds. Each of the
    Fund, The European Equity Fund, Inc. (formerly The Germany Fund,
    Inc.) and The New Germany Fund, Inc. reimburses the Directors
    (except for those employed by the Deutsche Bank Group) for
    travel expenses in connection with Board meetings. These three
    funds, together with 129 other open- and closed-end funds
    advised by wholly owned entities of the Deutsche Bank Group in
    the United States, represent the entire Fund&#160;Complex within
    the meaning of the applicable rules and regulations of the SEC.
    The following table sets forth (a)&#160;the aggregate
    compensation from the Fund for the fiscal year ended
    October&#160;31, 2008, and (b)&#160;the total compensation from
    each fund in the Fund&#160;Complex that includes the Fund, for
    the 2008 fiscal year of each such fund, (i)&#160;for each
    Director or Nominee for Director who is not an interested person
    of the Fund, and (ii)&#160;for all such Directors as a group:
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<TABLE border="0" width="100%" align="center" cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
<!-- Table Width Row BEGIN -->
<TR style="font-size: 1pt" valign="bottom">
    <TD width="68%">&nbsp;</TD>	<!-- colindex=01 type=maindata -->
    <TD width="2%">&nbsp;</TD>	<!-- colindex=02 type=gutter -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=02 type=lead -->
    <TD width="9%" align="right">&nbsp;</TD>	<!-- colindex=02 type=body -->
    <TD width="1%" align="left">&nbsp;</TD>	<!-- colindex=02 type=hang1 -->
    <TD width="3%">&nbsp;</TD>	<!-- colindex=03 type=gutter -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=03 type=lead -->
    <TD width="14%" align="right">&nbsp;</TD>	<!-- colindex=03 type=body -->
    <TD width="1%" align="left">&nbsp;</TD>	<!-- colindex=03 type=hang1 -->
</TR>
<!-- Table Width Row END -->
<TR style="font-size: 8pt" valign="bottom" align="center">
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
    <B>Aggregate<BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom" align="center">
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
    <B>Compensation<BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
    <B>Total Compensation<BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom" align="center">
<TD nowrap align="left" valign="bottom">
<DIV style="border-bottom: 1px solid #000000; width: 1%; padding-bottom: 1px">
    <B>Name of Director</B>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>from Fund</B>
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>from Fund Complex</B>
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR style="line-height: 3pt; font-size: 1pt">
<TD>&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    Dr.&#160;Kurt W. Bock
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    8,250
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    16,500
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    Ambassador Richard R. Burt
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    11,917
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    32,500
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    John H. Cannon
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    11,791
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    32,500
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    Richard Karl Goeltz
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    0
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    13,750
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    Dr.&#160;Franz Wilhelm Hopp
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    0
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    10,500
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    Dr.&#160;Friedbert H. Malt
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    7,018
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    25,018
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    Dr.&#160;Frank Tr&#246;mel
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    10,666
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    29,500
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    Robert H. Wadsworth
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    11,333
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    31,000
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    Werner Walbr&#246;l
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    12,250
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    32,500
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    Peter Z&#252;hlsdorff
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    0
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    10,500
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="font-size: 1pt">
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 20pt">
    <B>Total</B>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    <B>$</B>
</TD>
<TD nowrap align="right" valign="bottom">
    <B>73,225</B>
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    <B>$</B>
</TD>
<TD nowrap align="right" valign="bottom">
    <B>234,268</B>
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
</TABLE>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">

</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    No compensation is paid by the Fund to Directors who are
    interested persons of the Fund or of any entity of the Deutsche
    Bank Group or to officers.
</DIV>


<!-- link1 "THE BOARD UNANIMOUSLY RECOMMENDS A VOTE FOR PROPOSAL 1." -->
<DIV align="left"><A NAME="003"></A></DIV>


<DIV style="margin-top: 18pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">THE BOARD
    UNANIMOUSLY RECOMMENDS A VOTE <U>FOR</U>
    PROPOSAL&#160;1.</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <I>Required Vote.</I>&#160;&#160;Provided a quorum has been
    established, the affirmative vote of a majority of the votes
    entitled to be cast at the Meeting is required for the election
    of each Director. For purposes of the election of Directors,
    abstentions and broker non-votes will have the same effect as a
    vote against a Director.
</DIV>

<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <BR>
    9
</DIV><!-- END PAGE WIDTH -->
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#toc">Table of Contents</A></H5><P>

<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->


<!-- link1 "PROPOSAL 2:  RATIFICATION OF THE APPOINTMENT OF INDEPENDENT AUDITORS" -->
<DIV align="left"><A NAME="004"></A></DIV>


<DIV style="margin-top: 18pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">PROPOSAL&#160;2:</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <B>RATIFICATION OF THE APPOINTMENT OF INDEPENDENT AUDITORS</B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The Audit Committee has approved PricewaterhouseCoopers LLP (the
    &#147;Firm&#148; or &#147;PwC&#148;), an independent registered
    public accounting firm, as independent auditors for the Fund for
    the fiscal year ending October&#160;31, 2009. A majority of
    members of the Board of Directors, including a majority of the
    members of the Board of Directors who are not
    &#147;interested&#148; Directors (as defined in the Investment
    Company Act) of the Fund, have ratified the appointment of PwC
    as the Fund&#146;s independent auditors for that fiscal year.
    Based principally on representations from the Firm, the Fund
    knows of no direct financial or material indirect financial
    interest of such Firm in the Fund. That Firm, or a predecessor
    firm, has served as the independent auditors for the Fund since
    inception.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Neither our Charter nor Bylaws require that the stockholders
    ratify the appointment of PwC as our independent auditors. We
    are doing so because we believe it is a matter of good corporate
    practice. If the stockholders do not ratify the appointment, the
    Audit Committee and the Board of Directors will reconsider
    whether or not to retain PwC, but may retain such independent
    auditors. Even if the appointment is ratified, the Audit
    Committee and the Board of Directors in their discretion may
    change the appointment at any time during the year if they
    determine that such change would be in the best interests of the
    Fund and its stockholders. It is intended that the persons named
    in the accompanying form of proxy will vote for PwC. A
    representative of PwC will be present at the Meeting and will
    have the opportunity to make a statement and is expected to be
    available to answer appropriate questions concerning the
    Fund&#146;s financial statements.
</DIV>


<!-- link1 "THE BOARD UNANIMOUSLY RECOMMENDS A VOTE FOR PROPOSAL 2." -->
<DIV align="left"><A NAME="005"></A></DIV>


<DIV style="margin-top: 18pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">THE BOARD
    UNANIMOUSLY RECOMMENDS A VOTE <U>FOR</U>
    PROPOSAL&#160;2.</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <I>Required Vote.</I>&#160;&#160;Provided a quorum has been
    established, the affirmative vote of a majority of the votes
    cast at the Meeting is required for the ratification of the
    appointment by the Audit Committee and the Board of Directors of
    PwC as independent auditors for the Fund for the fiscal year
    ending October&#160;31, 2009. For purposes of Proposal&#160;2,
    abstentions will have no effect on the result of the vote.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times; font-variant: SMALL-CAPS">Information
    With Respect To The Fund&#146;s Independent Auditors</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The following table shows fees paid to PwC by the Fund during
    the Fund&#146;s two most recent fiscal years: (i)&#160;for audit
    and non-audit services provided to the Fund, and (ii)&#160;for
    engagements for non-audit services pre-approved by the Audit
    Committee for the Fund&#146;s manager and investment adviser and
    certain entities controlling, controlled by, or under common
    control with the manager and investment adviser that provide
    ongoing services to the Fund (collectively, the &#147;Adviser
    Entities&#148;), which engagements relate directly to the
    operations and financial reporting of the Fund. The Audit
    Committee of each board will review, at least annually, whether
    PwC&#146;s receipt of non-audit fees from the Fund, the
    Fund&#146;s manager, the Fund&#146;s investment adviser and all
    Adviser Entities is compatible with maintaining PwC&#146;s
    independence.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<TABLE border="0" width="100%" align="center" cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
<!-- Table Width Row BEGIN -->
<TR style="font-size: 1pt" valign="bottom">
    <TD width="40%">&nbsp;</TD>	<!-- colindex=01 type=maindata -->
    <TD width="2%">&nbsp;</TD>	<!-- colindex=02 type=gutter -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=02 type=lead -->
    <TD width="7%" align="right">&nbsp;</TD>	<!-- colindex=02 type=body -->
    <TD width="1%" align="left">&nbsp;</TD>	<!-- colindex=02 type=hang1 -->
    <TD width="3%">&nbsp;</TD>	<!-- colindex=03 type=gutter -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=03 type=lead -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=03 type=body -->
    <TD width="1%" align="left">&nbsp;</TD>	<!-- colindex=03 type=hang1 -->
    <TD width="3%">&nbsp;</TD>	<!-- colindex=04 type=gutter -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=04 type=lead -->
    <TD width="5%" align="right">&nbsp;</TD>	<!-- colindex=04 type=body -->
    <TD width="1%" align="left">&nbsp;</TD>	<!-- colindex=04 type=hang1 -->
    <TD width="3%">&nbsp;</TD>	<!-- colindex=05 type=gutter -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=05 type=lead -->
    <TD width="4%" align="right">&nbsp;</TD>	<!-- colindex=05 type=body -->
    <TD width="1%" align="left">&nbsp;</TD>	<!-- colindex=05 type=hang1 -->
    <TD width="3%">&nbsp;</TD>	<!-- colindex=06 type=gutter -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=06 type=lead -->
    <TD width="5%" align="right">&nbsp;</TD>	<!-- colindex=06 type=body -->
    <TD width="1%" align="left">&nbsp;</TD>	<!-- colindex=06 type=hang1 -->
    <TD width="3%">&nbsp;</TD>	<!-- colindex=07 type=gutter -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=07 type=lead -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=07 type=body -->
    <TD width="1%" align="left">&nbsp;</TD>	<!-- colindex=07 type=hang1 -->
    <TD width="3%">&nbsp;</TD>	<!-- colindex=08 type=gutter -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=08 type=lead -->
    <TD width="3%" align="right">&nbsp;</TD>	<!-- colindex=08 type=body -->
    <TD width="1%" align="left">&nbsp;</TD>	<!-- colindex=08 type=hang1 -->
</TR>
<!-- Table Width Row END -->
<TR style="font-size: 7pt" valign="bottom" align="center">
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>Audit
    Fees<SUP style="font-size: 85%; vertical-align: top">(1)</SUP></B>

</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="6" align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>Audit Related
    Fees<SUP style="font-size: 85%; vertical-align: top">(2)</SUP></B>

</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="6" align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>Tax
    Fees<SUP style="font-size: 85%; vertical-align: top">(3)</SUP></B>

</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="6" align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>All Other
    Fees<SUP style="font-size: 85%; vertical-align: top">(4)</SUP></B>

</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR style="font-size: 7pt" valign="bottom" align="center">
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
    <B>Adviser<BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
    <B>Adviser<BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
    <B>Adviser<BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR style="font-size: 7pt" valign="bottom" align="center">
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>Fund</B>
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>Fund</B>
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>Entities</B>
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>Fund</B>
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>Entities</B>
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>Fund</B>
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>Entities</B>
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR style="line-height: 3pt; font-size: 1pt">
<TD>&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    2008
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    86,500
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    0
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    0
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    9,630
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    19,000
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    0
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    0
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    2007
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    90,000
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    0
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    58,500
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    8,806
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    25,000
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    0
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    0
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
</TABLE>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">

</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV style="font-size: 1pt; margin-left: 0%; width: 13%;  align: left; border-bottom: 1pt solid #000000"></DIV><!-- callerid=999 iwidth=456 length=60 -->

<DIV style="margin-top: 3pt; font-size: 1pt">&nbsp;</DIV>



<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">

<TR>
    <TD width="2%"></TD>
    <TD width="1%"></TD>
    <TD width="97%"></TD>
</TR>

<TR>
    <TD align="right" valign="top">
    (1) </TD>
    <TD></TD>
    <TD valign="bottom">
    &#147;Audit Fees&#148; are the aggregate fees billed for
    professional services for the audit of the Fund&#146;s annual
    financial statements and services provided in connection with
    statutory and regulatory filings or engagements.</TD>
</TR>


<TR style="line-height: 3pt; font-size: 1pt"><TD>&nbsp;</TD></TR>

<TR>
    <TD align="right" valign="top">
    (2) </TD>
    <TD></TD>
    <TD valign="bottom">
    &#147;Audit Related Fees&#148; are the aggregate fees billed for
    assurance and related services reasonably related to the
    performance of the audit or review of financial statements and
    are not reported under &#147;Audit Fees.&#148;</TD>
</TR>


<TR style="line-height: 3pt; font-size: 1pt"><TD>&nbsp;</TD></TR>

<TR>
    <TD align="right" valign="top">
    (3) </TD>
    <TD></TD>
    <TD valign="bottom">
    &#147;Tax Fees&#148; are the aggregate fees billed for
    professional services for tax advice, tax compliance and tax
    planning.</TD>
</TR>


<TR style="line-height: 3pt; font-size: 1pt"><TD>&nbsp;</TD></TR>

<TR>
    <TD align="right" valign="top">
    (4) </TD>
    <TD></TD>
    <TD valign="bottom">
    &#147;All Other Fees&#148; are the aggregate fees billed for
    products and services other than &#147;Audit Fees,&#148;
    &#147;Audit Related Fees&#148; and &#147;Tax Fees.&#148;</TD>
</TR>

</TABLE>

<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <BR>
    10
</DIV><!-- END PAGE WIDTH -->
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#toc">Table of Contents</A></H5><P>

<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <I>Audit Committee Pre-Approval Policies and
    Procedures.</I>&#160;&#160;Generally, the Audit Committee must
    pre-approve (i)&#160;all services to be performed for the Fund
    by the Fund&#146;s independent auditors and (ii)&#160;all
    non-audit services to be performed by the Fund&#146;s
    independent auditors for the Fund&#146;s investment adviser or
    any Adviser Entities with respect to operations and financial
    reporting of the Fund. Any member of the Audit Committee may
    pre-approve any audit or non-audit services to be performed by
    the independent auditors, provided that any such approvals are
    presented to the Audit Committee at its next scheduled meeting.
    The auditors shall report to the Audit Committee at each of its
    regular meetings all audit or non-audit services to the Fund and
    all non-audit services to the Adviser Entities that relate
    directly to the Fund&#146;s operations and financial reporting
    initiated since the last such report was rendered, including a
    general description of the services and projected fees and the
    means by which such services were approved by the Audit
    Committee.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <I>All Non-Audit Fees.</I>&#160;&#160;The table below shows the
    aggregate non-audit fees billed by PwC for services rendered to
    the Fund and to the Adviser Entities that provide ongoing
    services to the Fund, whether or not such engagements relate
    directly to the operations and financial reporting of the Fund,
    for the two most recent fiscal years for the Fund.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<TABLE border="0" width="100%" align="center" cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
<!-- Table Width Row BEGIN -->
<TR style="font-size: 1pt" valign="bottom">
    <TD width="86%">&nbsp;</TD>	<!-- colindex=01 type=maindata -->
    <TD width="2%">&nbsp;</TD>	<!-- colindex=02 type=gutter -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=02 type=lead -->
    <TD width="10%" align="right">&nbsp;</TD>	<!-- colindex=02 type=body -->
    <TD width="1%" align="left">&nbsp;</TD>	<!-- colindex=02 type=hang1 -->
</TR>
<!-- Table Width Row END -->
<TR style="font-size: 8pt" valign="bottom" align="center">
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
    <B>Aggregate<BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom" align="center">
<TD nowrap align="left" valign="bottom">
<DIV style="border-bottom: 1px solid #000000; width: 1%; padding-bottom: 1px">
    <B>Fiscal Year</B>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>Non-Audit Fees</B>
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR style="line-height: 3pt; font-size: 1pt">
<TD>&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    2008
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    628,630
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    2007
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    33,806
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
</TABLE>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">

</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times; font-variant: SMALL-CAPS">Audit
    Committee Report</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The purposes of the Audit Committee are 1)&#160;to assist the
    Board of Directors in its oversight of (i)&#160;the integrity of
    the Fund&#146;s financial statements; (ii)&#160;the Fund&#146;s
    compliance with legal and regulatory requirements;
    (iii)&#160;the independent auditors&#146; qualifications and
    independence; and (iv)&#160;the performance of the independent
    auditors; and 2)&#160;to prepare this report. Each Member of the
    Audit Committee is &#147;independent,&#148; as required by the
    independence standards of
    <FONT style="white-space: nowrap">Rule&#160;10A-3</FONT>
    under the Securities Exchange Act of 1934. The Audit Committee
    operates pursuant to a written charter. As set forth in the
    Audit Committee Charter, management of the Fund and applicable
    service providers are responsible for the preparation,
    presentation and integrity of the Fund&#146;s financial
    statements and for the effectiveness of internal control over
    financial reporting. Management and applicable service providers
    are responsible for maintaining appropriate accounting and
    financial reporting principles and policies and internal control
    over financial reporting and other procedures that provide for
    compliance with accounting standards and applicable laws and
    regulations. The independent auditors are responsible for
    planning and carrying out a proper audit of the Fund&#146;s
    annual financial statements and expressing an opinion as to
    their conformity with generally accepted accounting principles.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    In the performance of its oversight function, the Audit
    Committee has considered and discussed the audited financial
    statements with management and the independent auditors of the
    Fund. The Audit Committee has also discussed with the
    independent auditors the matters required to be discussed by
    Statement on Auditing Standards No.&#160;61, <I>Communication
    with Audit Committees</I>, as currently in effect. The Audit
    Committee has also considered whether the provision of any
    non-audit services not pre-approved by the Audit Committee
    provided by the Fund&#146;s independent auditors to the
    Fund&#146;s investment adviser, manager or to any entity
    controlling, controlled by or under common control with the
    Fund&#146;s investment adviser or manager that provides ongoing
    services to the Fund is compatible with maintaining the
    auditors&#146; independence. Finally, the Audit Committee has
    received the written disclosures and the letter from the
    independent auditors required by Independence Standards Board
    Standard No.&#160;1, <I>Independence Discussions with Audit
    Committees</I>, as currently in effect, and has discussed with
    the auditors their independence.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The members of the Audit Committee are not full-time employees
    of the Fund and are not performing the functions of auditors or
    accountants. As such, it is not the duty or responsibility of
    the Audit Committee or its members to conduct &#147;field
    work&#148; or other types of auditing or accounting reviews or
    procedures or to set auditor independence standards. Members of
    the Audit Committee necessarily rely on the information provided
    to them by management and the independent auditors. Accordingly,
    the Audit Committee&#146;s considerations and discussions
    referred to above do not assure that the audit of the
    Fund&#146;s financial statements has been carried out in
    accordance with generally accepted auditing standards, that the
    financial statements are presented in accordance with generally
    accepted accounting principles or that the Fund&#146;s auditors
    are in fact &#147;independent.&#148;
</DIV>

<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <BR>
    11
</DIV><!-- END PAGE WIDTH -->
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#toc">Table of Contents</A></H5><P>

<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Based upon the reports and discussions described in this report,
    and subject to the limitations on the role and responsibilities
    of the Audit Committee referred to above and in the Charter, the
    Audit Committee recommended to the Board of Directors of the
    Fund that the audited financial statements of the Fund be
    included in the Fund&#146;s annual report to stockholders for
    the fiscal year ended October&#160;31, 2008.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Submitted by the Audit Committee<BR>
    of the Fund&#146;s Board of Directors
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Richard R. Burt<BR>
    John H. Cannon<BR>
    Friedbert H. Malt<BR>
    Frank Tr&#246;mel<BR>
    Robert H. Wadsworth<BR>
    Werner Walbr&#246;l
</DIV>


<!-- link1 "SECURITY OWNERSHIP OF CERTAIN BENEFICIAL OWNERS" -->
<DIV align="left"><A NAME="006"></A></DIV>


<DIV style="margin-top: 18pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">SECURITY
    OWNERSHIP OF CERTAIN BENEFICIAL OWNERS</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    As of March&#160;31, 2009, no person, to the knowledge of
    management, owned of record or beneficially more than 5% of the
    outstanding Common Stock of the Fund, other than as set forth
    below:
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<TABLE border="0" width="100%" align="center" cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
<!-- Table Width Row BEGIN -->
<TR style="font-size: 1pt" valign="bottom">
    <TD width="68%">&nbsp;</TD>	<!-- colindex=01 type=maindata -->
    <TD width="2%">&nbsp;</TD>	<!-- colindex=02 type=gutter -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=02 type=lead -->
    <TD width="14%" align="right">&nbsp;</TD>	<!-- colindex=02 type=body -->
    <TD width="1%" align="left">&nbsp;</TD>	<!-- colindex=02 type=hang1 -->
    <TD width="3%">&nbsp;</TD>	<!-- colindex=03 type=gutter -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=03 type=lead -->
    <TD width="9%" align="right">&nbsp;</TD>	<!-- colindex=03 type=body -->
    <TD width="1%" align="left">&nbsp;</TD>	<!-- colindex=03 type=hang1 -->
</TR>
<!-- Table Width Row END -->
<TR style="font-size: 8pt" valign="bottom" align="center">
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
    <B>Amount and<BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
    <B>Percent of<BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom" align="center">
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
    <B>Nature of<BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
    <B>Outstanding<BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom" align="center">
<TD nowrap align="left" valign="bottom">
<DIV style="border-bottom: 1px solid #000000; width: 1%; padding-bottom: 1px">
    <B>Name and Address of Beneficial Owner</B>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>Beneficial Ownership</B>
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>Common Stock</B>
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR style="line-height: 3pt; font-size: 1pt">
<TD>&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="top">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    City of London Investment Group PLC/City of London Investment
    Management Company
    Limited<SUP style="font-size: 85%; vertical-align: top">(1)<BR>

    </SUP>77 Gracechurch Street, London, EC3V 0AS England
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    3,833,372&#160;shares
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    24.17
</TD>
<TD nowrap align="left" valign="bottom">
    %
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="top">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    Lazard Asset Management
    LLC<SUP style="font-size: 85%; vertical-align: top">(2)<BR>

    </SUP>30 Rockefeller Plaza, New York, NY 10112
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    1,329,945&#160;shares
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    8.29
</TD>
<TD nowrap align="left" valign="bottom">
    %
</TD>
</TR>
</TABLE>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">

</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV style="font-size: 1pt; margin-left: 0%; width: 13%;  align: left; border-bottom: 1pt solid #000000"></DIV><!-- callerid=999 iwidth=456 length=60 -->

<DIV style="margin-top: 3pt; font-size: 1pt">&nbsp;</DIV>



<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">

<TR>
    <TD width="2%"></TD>
    <TD width="1%"></TD>
    <TD width="97%"></TD>
</TR>

<TR>
    <TD align="right" valign="top">
    (1) </TD>
    <TD></TD>
    <TD valign="bottom">
    This information is based exclusively on information provided by
    such entity on Schedule&#160;13D filed with respect to the Fund
    on March&#160;27, 2009.</TD>
</TR>


<TR style="line-height: 3pt; font-size: 1pt"><TD>&nbsp;</TD></TR>

<TR>
    <TD align="right" valign="top">
    (2) </TD>
    <TD></TD>
    <TD valign="bottom">
    This information is based exclusively on information provided by
    such entity on Schedule&#160;13G filed with respect to the Fund
    on February&#160;10, 2009.</TD>
</TR>

</TABLE>


<!-- link1 "ADDRESS OF INVESTMENT ADVISER AND MANAGER" -->
<DIV align="left"><A NAME="007"></A></DIV>


<DIV style="margin-top: 18pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">ADDRESS
    OF INVESTMENT ADVISER AND MANAGER</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The principal office of Deutsche Asset Management International
    GmbH, the Fund&#146;s investment adviser, is located at Mainzer
    Landstrasse
    <FONT style="white-space: nowrap">178-190,</FONT>
    D-60327 Frankfurt am Main, Federal Republic of Germany. The
    corporate office of Deutsche Investment Management Americas
    Inc., the Fund&#146;s manager, is located at 345 Park Avenue,
    New&#160;York, New York 10154.
</DIV>


<!-- link1 "SECTION 16(a) BENEFICIAL OWNERSHIP REPORTING COMPLIANCE" -->
<DIV align="left"><A NAME="008"></A></DIV>


<DIV style="margin-top: 18pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">SECTION&#160;16(a)
    BENEFICIAL OWNERSHIP<BR>
    REPORTING COMPLIANCE</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Based on a review of reports filed by the Fund&#146;s directors
    and executive officers, the investment adviser, officers and
    directors of the investment adviser, affiliated persons of the
    investment adviser and beneficial holders of 10% or more of the
    Fund&#146;s outstanding stock, and written representations by
    the Reporting Persons that no year-end reports were required for
    such persons, all filings required by Section&#160;16(a) of the
    Securities and Exchange Act of 1934 for the fiscal year ended
    October&#160;31, 2008 were timely, except that
    Messrs.&#160;Bult, Burt and Walbr&#246;l each filed a
    Form&#160;4 late. Each Director has since corrected his omission
    by making the necessary filings.
</DIV>

<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <BR>
    12
</DIV><!-- END PAGE WIDTH -->
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#toc">Table of Contents</A></H5><P>

<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->


<!-- link1 "OTHER MATTERS" -->
<DIV align="left"><A NAME="009"></A></DIV>


<DIV style="margin-top: 18pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">OTHER
    MATTERS</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    No business other than as set forth herein is expected to come
    before the Meeting, but should any other matter requiring a vote
    of stockholders properly come before the Meeting, including any
    question as to an adjournment of the Meeting, the persons named
    in the enclosed Proxy Card will vote thereon according to their
    discretion. Abstentions and broker non-votes shall have no
    effect on the outcome of a vote to adjourn the Meeting.
</DIV>


<!-- link1 "STOCKHOLDER PROPOSALS" -->
<DIV align="left"><A NAME="010"></A></DIV>


<DIV style="margin-top: 18pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">STOCKHOLDER
    PROPOSALS</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    In order for stockholder proposals otherwise satisfying the
    eligibility requirements of SEC
    <FONT style="white-space: nowrap">Rule&#160;14a-8</FONT>
    to be considered for inclusion in the Fund&#146;s proxy
    statement for the 2010 Annual Meeting, the proposals must be
    received at The Central Europe and Russia Fund, Inc.,
    <FONT style="white-space: nowrap">c/o&#160;Deutsche</FONT>
    Investment Management Americas, 345 Park Avenue, NYC20-2799, New
    York, New York 10154, Attention: Secretary, on or before
    January&#160;22, 2010.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    In addition, the Fund&#146;s Bylaws currently provide that if a
    stockholder desires to bring business (including director
    nominations) before the 2010 Annual Meeting that is or is not
    the subject of a proposal timely submitted for inclusion in the
    Fund&#146;s proxy statement, written notice of such business as
    prescribed in the Bylaws must be delivered to the Fund&#146;s
    Secretary, at the principal executive offices of the Fund,
    between January&#160;22, 2010 and February&#160;21, 2010. For
    additional requirements, the stockholder may refer to the
    Bylaws, a current copy of which may be obtained without charge
    upon request from the Fund&#146;s Secretary. If the Fund does
    not receive timely notice pursuant to the Bylaws, the proposal
    may be excluded from consideration at the meeting, regardless of
    any earlier notice provided in accordance with SEC
    <FONT style="white-space: nowrap">Rule&#160;14a-8.</FONT>
</DIV>


<!-- link1 "EXPENSES OF PROXY SOLICITATION" -->
<DIV align="left"><A NAME="011"></A></DIV>


<DIV style="margin-top: 18pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">EXPENSES
    OF PROXY SOLICITATION</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The cost of preparing, assembling and mailing material in
    connection with this solicitation will be borne by the Fund. In
    addition to the use of mails, proxies may be solicited
    personally by regular employees of the Fund or the manager or by
    telephone or telegraph. Brokerage houses, banks and other
    fiduciaries may be requested to forward proxy solicitation
    materials to their principals to obtain authorization for the
    execution of proxies, and they will be reimbursed by the Fund
    for out-of-pocket expenses incurred in this connection. The Fund
    has also made arrangements with The Altman Group, Inc. to assist
    in the solicitation of proxies, if called upon by the Fund, at
    an estimated fee of $6,225 plus reimbursement of normal expenses.
</DIV>


<!-- link1 "ANNUAL REPORT DELIVERY" -->
<DIV align="left"><A NAME="012"></A></DIV>


<DIV style="margin-top: 18pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">ANNUAL
    REPORT DELIVERY</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The Fund will furnish, without charge, a copy of its annual
    report for the fiscal year ended October&#160;31, 2008 and the
    most recent semi-annual report, if any, to any stockholder upon
    request. Such requests should be directed by mail to The Central
    Europe and Russia Fund, Inc.,
    <FONT style="white-space: nowrap">c/o&#160;Deutsche</FONT>
    Investment Management Americas, 345&#160;Park&#160;Avenue,
    NYC20-2799, New York, New York 10154 or by telephone to
    <FONT style="white-space: nowrap">1-800-437-6269.</FONT>
    Annual reports are also available on the Fund&#146;s web site:
    www.germanyfund.com.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 49%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    David Goldman
</DIV>

<DIV align="left" style="margin-left: 49%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Secretary
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Dated: May&#160;20, 2009
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <B>Stockholders who do not expect to be present at the Meeting
    and who wish to have their shares voted are requested to date
    and sign the enclosed Proxy Card and return it to the Fund as
    soon as practicable.</B>
</DIV>

<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <BR>
    13
</DIV><!-- END PAGE WIDTH -->
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<H5 align="left" style="page-break-before:always"><A HREF="#toc">Table of Contents</A></H5><P>

<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="right" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">ANNEX&#160;A</FONT></B>
</DIV>

<DIV style="margin-top: 18pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">THE
    CENTRAL EUROPE AND RUSSIA FUND, INC.<BR>
    (the &#147;Company&#148;)</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <B>AUDIT COMMITTEE CHARTER</B>
</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <B>(Amended and Restated as of October&#160;31, 2003; further
    amended on April&#160;23, 2004; and further amended on
    April&#160;25, 2008)</B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    I.&#160;Composition of the Audit Committee: The Audit Committee
    shall be comprised of at least three directors, each of whom
    shall satisfy the independence requirements of
    <FONT style="white-space: nowrap">Rule&#160;10A-3</FONT>
    under the Securities Exchange Act of
    1934.<SUP style="font-size: 85%; vertical-align: top">1</SUP>

    The Board of Directors (the &#147;Board&#148;) shall determine
    that each member is &#147;financially literate,&#148; and that
    at least one member of the Audit Committee has &#147;accounting
    or related financial management expertise,&#148; as such
    qualifications are interpreted by the Board in its business
    judgment, and whether any member of the Audit Committee is an
    &#147;audit committee financial expert,&#148; as defined by the
    Securities and Exchange Commission (the &#147;SEC&#148;). If the
    Board has determined that a member of the Audit Committee is an
    audit committee financial expert, it may presume that such
    member has accounting or related financial management expertise.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    No director may serve as a member of the Audit Committee if such
    director serves on the audit committees of more than two other
    public companies unless the Board determines that such
    simultaneous service would not impair the ability of such
    director to effectively serve on the Audit Committee. The Board
    has determined that simultaneous service on the audit committees
    of The New Germany Fund, Inc. and The European Equity Fund, Inc.
    (the &#147;Related Funds&#148;) would not impair a
    director&#146;s ability to effectively serve on the Audit
    Committee because, among other reasons, the boards of directors
    and audit committees of all three closed-end funds generally
    meet concurrently, have substantial director overlaps, have
    common service providers, and have many operating, financial
    reporting and accounting issues in common. The Board has further
    determined that service on the Audit Committee of the Company
    and the audit committees of the Related Funds should be
    considered service on a single public company audit committee
    for purposes of the three-audit committee limitation.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Members shall be appointed by the Board, and shall serve at the
    pleasure of the Board and for such term or terms as the Board
    may determine.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The Board shall designate one member of the Audit Committee as
    its chairperson.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    II.&#160;Purposes of the Audit Committee: The purposes of the
    Audit Committee are to:
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    1.&#160;assist Board oversight of (i)&#160;the integrity of the
    Company&#146;s financial statements, (ii)&#160;the
    Company&#146;s compliance with legal and regulatory
    requirements, (iii)&#160;the independent auditors&#146;
    qualifications and independence, and (iv)&#160;the performance
    of the independent auditors;&#160;and
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    2.&#160;prepare the report required to be prepared by the Audit
    Committee pursuant to the rules of the SEC for inclusion in the
    Company&#146;s annual proxy statement.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The function of the Audit Committee is oversight. The management
    of the Company, including the service providers so contractually
    obligated, is responsible for the preparation, presentation and
    integrity of the Company&#146;s financial statements and for the
    effectiveness of internal control over financial reporting.
    Management and applicable service providers are responsible for
    maintaining appropriate accounting and financial reporting
    principles and policies and internal control over financial
    reporting and other procedures that provide for compliance with
    accounting standards and applicable laws and regulations. The
    independent auditors are responsible for planning and carrying
    out a proper audit of the Company&#146;s annual financial
    statements and other procedures. In fulfilling their
    responsibilities hereunder, it is recognized that members of the
    Audit Committee are not full-time employees of the Company and
    are not, and do not represent themselves to be, performing the
</DIV>
<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV><DIV style="font-size: 1pt; margin-left: 0%; width: 13%; align: left; border-bottom: 1pt solid #000000"></DIV><DIV style="margin-top: 3pt; font-size: 1pt">&nbsp;</DIV>
<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <SUP style="font-size: 85%; vertical-align: top">1</SUP>&#160;In

    order to satisfy
    <FONT style="white-space: nowrap">Rule&#160;10A-3</FONT>
    of the 1934&#160;Act, a member of the Audit Committee may not
    (1)&#160;accept directly or indirectly any consulting, advisory
    or other compensatory fee from the Company other than
    (a)&#160;director&#146;s fees and (b)&#160;any other regular
    benefits that other directors receive, or (2)&#160;be an
    &#147;interested person&#148; of the Company as such term is
    defined in Section&#160;2(a)(19) of the Investment Company Act
    of 1940.
</DIV>

<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <BR>
    A-1
</DIV><!-- END PAGE WIDTH -->
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<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    functions of auditors or accountants. As such, it is not the
    duty or responsibility of the Audit Committee or its members to
    conduct &#147;field work&#148; or other types of auditing or
    accounting reviews or procedures or to set auditor independence
    standards, and each member of the Audit Committee shall be
    entitled to rely on (i)&#160;the integrity of those persons and
    organizations within and outside the Company from which it
    receives information, (ii)&#160;the accuracy of the financial
    and other information provided to the Audit Committee by such
    persons or organizations absent actual knowledge to the contrary
    (which shall be promptly reported to the Board of Directors),
    and (iii)&#160;representations made by management as to any
    non-audit services provided by the auditors to the Company, to
    the Company&#146;s investment manager or investment adviser or
    any entity in a control relationship with the investment manager
    or investment adviser, or to the Company&#146;s custodian
    (including sub-custodians).
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The independent auditors shall submit to the Audit Committee
    annually a formal written statement (the &#147;Auditors&#146;
    Statement&#148;) describing: the auditors&#146; internal
    quality-control procedures; any material issues raised by the
    most recent internal quality-control review or peer review of
    the auditors, or by any inquiry or investigation by governmental
    or professional authorities, within the preceding five years,
    respecting one or more independent audits carried out by the
    auditors, and any steps taken to deal with any such issues; and
    (to assess the auditors&#146; independence) all relationships
    between the independent auditors and the (a)&#160;Company,
    (b)&#160;the Company&#146;s investment manager or investment
    adviser, and (c)&#160;any entity in a control relationship with
    the investment manager or investment adviser, whether or not it
    provides services to the Company, and including at least the
    matters set forth in Independence Standards Board No.&#160;1.
    The description of relationships should include a description of
    the non-audit services, including the fees associated therewith,
    that were not pre-approved by the Company&#146;s Audit Committee.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The independent auditors shall submit to the Audit Committee
    annually a formal written statement of the fees billed in each
    of the last two fiscal years for each of the following
    categories of services rendered by the independent auditors:
    (i)&#160;the audit of the Company&#146;s annual financial
    statements or services that are normally provided by the
    independent auditors in connection with statutory and regulatory
    filings or engagements; (ii)&#160;assurance and related services
    not included in clause&#160;(i) that are reasonably related to
    the performance of the audit or review of the Company&#146;s
    financial statements, in the aggregate and by each service;
    (iii)&#160;tax compliance, tax advice and tax planning services,
    in the aggregate and by each service; and (iv)&#160;all other
    products and services rendered by the independent auditors, in
    the aggregate and by each service. The statement as to (ii),
    (iii)&#160;and (iv)&#160;should include (and separately
    disclose) fees billed in each of the last two fiscal years for
    the indicated services to (a)&#160;the Company, (b)&#160;the
    Company&#146;s investment manager and investment adviser, and
    (c)&#160;any entity in a control relationship with the
    investment manager or investment adviser that provides ongoing
    services to the Company.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    III.&#160;Meetings of the Audit Committee: The Audit Committee
    shall meet semi-annually or more frequently if circumstances
    dictate, to discuss with management and the independent auditor
    the annual audited financial statements and to address the
    matters set forth in Article&#160;IV. The Audit Committee should
    meet separately at least annually with each of management and
    the independent auditors to discuss any matters that the Audit
    Committee or any of these persons or firms believe should be
    discussed privately. The Audit Committee may request any officer
    or employee of the Company or any service provider, outside
    counsel to the Company or the independent directors or the
    Company&#146;s independent auditors to attend a meeting of the
    Audit Committee or to meet with any members of, or consultants
    to, the Audit Committee. Members of the Audit Committee may
    participate in a meeting of the Audit Committee by means of
    conference call or similar communications equipment by means of
    which all persons participating in the meeting can hear each
    other.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    IV.&#160;Duties and Powers of the Audit Committee: To carry out
    its purposes, the Audit Committee shall have the following
    duties and powers:
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    1.&#160;with respect to the independent auditors,
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    (i)&#160;to be directly responsible for the appointment,
    retention, compensation, and oversight of the work of the
    independent auditors (including the resolution of disagreements
    between management and the independent auditors regarding
    financial reporting), who shall report directly to the Audit
    Committee; provided that the auditor appointment shall be
    subject to ratification by the Board;
</DIV>

<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <BR>
    A-2
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<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    (ii)&#160;to be directly responsible for the appointment,
    retention, compensation and oversight of the work of any
    registered public accounting firm, other than the independent
    auditors, engaged for the purpose of preparing or issuing an
    audit report or to perform audit, review or attestation
    services, which firm shall report directly to the Audit
    Committee;
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    (iii)&#160;to pre-approve, or to adopt appropriate procedures to
    pre-approve, all audit and non-audit services to be provided by
    the independent auditors, including applicable non-audit
    services provided to the Company&#146;s investment manager and
    investment adviser and any entity in a control relationship with
    the investment manager or investment adviser that provides
    ongoing services to the Company;
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    (iv)&#160;to ensure that the independent auditors prepare and
    deliver annually an Auditors&#146; Statement (it being
    understood that the independent auditors are responsible for the
    accuracy and completeness of this Statement), and to discuss
    with the independent auditors any relationships or services
    disclosed in this Statement that may impact the quality of audit
    services or the objectivity and independence of the
    Company&#146;s independent auditors;
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    (v)&#160;to obtain from the independent auditors in connection
    with any audit a timely report relating to the Company&#146;s
    annual audited financial statements describing all critical
    accounting policies and practices used, all alternative
    treatments of financial information within generally accepted
    accounting principles that have been discussed with management,
    ramifications of the use of such alternative disclosures and
    treatments, and the treatment preferred by the independent
    auditors, and any material written communications between the
    independent auditors and management, such as any
    &#147;management&#148; letter or schedule of unadjusted
    differences;
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    (vi)&#160;to review and evaluate the qualifications, performance
    and independence of the independent auditors, as well as the
    lead partner of the independent auditors;
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    (vii)&#160;to discuss with management the timing and process for
    implementing the rotation of the lead audit partner, the
    concurring partner and any other active audit engagement team
    partner and consider whether there should be a regular rotation
    of the audit firm itself;&#160;and
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    (viii)&#160;to take into account the opinions of management in
    assessing the independent auditors&#146; qualifications,
    performance and independence;
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    2.&#160;with respect to financial reporting principles and
    policies and internal audit controls and procedures,
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    (i)&#160;to advise management, relevant service providers and
    the independent auditors that they are expected to provide or
    cause to be provided to the Audit Committee a timely analysis of
    significant financial reporting issues and practices;
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    (ii)&#160;to consider any reports or communications (and
    management&#146;s
    <FONT style="white-space: nowrap">and/or</FONT>
    applicable service providers&#146; responses thereto) submitted
    to the Audit Committee by the independent auditors required by
    or referred to in SAS 61 (as codified by AU Section&#160;380),
    as may be modified or supplemented, including reports and
    communications related to:
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="8%"></TD>
    <TD width="2%"></TD>
    <TD width="90%"></TD>
</TR>

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    deficiencies noted in the audit in the design or operation of
    internal controls;
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    consideration of fraud in a financial statement audit;
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    detection of illegal acts;
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    the independent auditors&#146; responsibility under generally
    accepted auditing standards;
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    any restriction on audit scope;
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    significant accounting policies;
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    significant issues discussed with the national office respecting
    auditing or accounting issues presented by the engagement;
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    management judgments and accounting estimates;
</TD>
</TR>

</TABLE>

<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <BR>
    A-3
</DIV><!-- END PAGE WIDTH -->
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<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#toc">Table of Contents</A></H5><P>

<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="8%"></TD>
    <TD width="2%"></TD>
    <TD width="90%"></TD>
</TR>

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    any accounting adjustments arising from the audit that were
    noted or proposed by the auditors but were passed (as immaterial
    or otherwise);
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    the responsibility of the independent auditor for other
    information in documents containing audited financial statements;
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    disagreements with management;
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    consultation by management with other accountants;
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    major issues discussed with management prior to retention of the
    independent auditors;
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    difficulties encountered with management in performing the audit;
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    the independent auditors&#146; judgments about the
    preferability, not just acceptability, of the Company&#146;s
    accounting principles;&#160;and
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    reviews, if any, of interim financial information conducted in
    accordance with generally accepted auditing standards by the
    independent auditors;
</TD>
</TR>

</TABLE>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    (iii)&#160;to meet with management, the independent auditors
    and, if appropriate, the relevant service providers:
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="8%"></TD>
    <TD width="2%"></TD>
    <TD width="90%"></TD>
</TR>

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    to discuss the scope of the annual audit;
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    to discuss the annual audited financial statements and any
    interim financial statements;
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    to discuss any significant matters arising from any audit,
    including any audit problems or difficulties, whether raised by
    management, relevant service providers or the independent
    auditors, relating to the Company&#146;s financial statements;
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    to discuss any difficulties the independent auditors encountered
    in the course of the audit, including any restrictions on their
    activities or access to requested information and any
    significant disagreements with management;
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    to discuss any &#147;management&#148; or &#147;internal
    control&#148; letter issued, or proposed to be issued, by the
    independent auditors to the Company;
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    to review the form of opinion the independent auditors propose
    to render to the Board and stockholders;
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    to discuss, as appropriate: (a)&#160;any major issues regarding
    accounting principles and financial statement presentations,
    including any significant changes in the Company&#146;s
    selection or application of accounting principles, and major
    issues as to the adequacy of the Company&#146;s internal
    controls and any special audit steps adopted in light of
    material control deficiencies; (b)&#160;analyses prepared by
    management
    <FONT style="white-space: nowrap">and/or</FONT> the
    independent auditors setting forth significant financial
    reporting issues and judgments made in connection with the
    preparation of the financial statements, including analyses of
    the effects of alternative GAAP methods on the financial
    statements; and (c)&#160;the effect of regulatory and accounting
    initiatives on the financial statements of the Company;
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    to discuss allocations of expenses between the Company and other
    entities;
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    to discuss the Company&#146;s compliance with Subchapter M of
    the Internal Revenue Code of 1986, as amended;
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    to discuss with management and the independent auditors their
    respective procedures to assess the representativeness of
    securities prices provided by external pricing services;&#160;and
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    to discuss with independent auditors their conclusions as to the
    reasonableness of procedures employed to determine the fair
    value of securities for which readily available market
    quotations are not available, management&#146;s adherence to
    such procedures and the adequacy of supporting documentation;
</TD>
</TR>

</TABLE>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    (iv)&#160;to inquire of the Company&#146;s chief executive
    officer and chief financial officer as to the existence of any
    significant deficiencies or material weaknesses in the design or
    operation of internal control over financial
</DIV>

<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <BR>
    A-4
</DIV><!-- END PAGE WIDTH -->
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<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#toc">Table of Contents</A></H5><P>

<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    reporting which are reasonably likely to adversely affect the
    Company&#146;s ability to record, process, summarize and report
    financial information and any fraud, whether or not material,
    that involves management or service providers that have a
    significant role in the Company&#146;s internal control over
    financial reporting;
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    (v)&#160;to discuss with management and any relevant service
    providers the semi-annual financial statements at the next Audit
    Committee meeting following their issuance;
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    (vi)&#160;to discuss guidelines and policies governing the
    process by which management of the Company and the relevant
    service providers of the Company assess and manage the
    Company&#146;s exposure to risk, and to discuss the
    Company&#146;s most significant financial risk exposures and the
    steps management has taken to monitor and control such exposures;
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    (vii)&#160;to obtain from the independent auditors assurance
    that the audit was conducted in a manner consistent with
    Section&#160;10A of the Securities Exchange Act of 1934, as
    amended, which sets forth certain procedures to be followed in
    any audit of financial statements required under the Securities
    Exchange Act of 1934;
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    (viii)&#160;to discuss with the respective counsel for the
    Company and the investment manager any significant legal,
    compliance or regulatory matters that may have a material effect
    on the financial statements or the Company&#146;s business,
    financial statements or compliance policies, including material
    notices to or inquiries received from governmental agencies;
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    (ix)&#160;to establish procedures for the receipt, retention and
    treatment of complaints received by the Company regarding
    accounting, internal accounting controls or auditing matters,
    and for the confidential, anonymous submission by employees of
    the Company, the investment manager or investment adviser, or
    employees of any other service provider that provides accounting
    related services to the Company, of concerns regarding
    questionable accounting or auditing matters;
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    (x)&#160;to consider any reports concerning material violations
    submitted to the Audit Committee by the Company&#146;s Chief
    Legal Officer, counsel for service providers or outside counsel
    pursuant to the SEC attorney professional responsibility rules,
    any service provider&#146;s attorney reporting policy (which may
    be broader than the SEC rules) or otherwise and determine what
    action or response is necessary or appropriate;&#160;and
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    (xi)&#160;to review policies of the investment manager and
    investment adviser, and any entity within the Company&#146;s
    Investment Company Complex, as such term is defined in
    <FONT style="white-space: nowrap">Rule&#160;2-01(f)(14)</FONT>
    of
    <FONT style="white-space: nowrap">Regulation&#160;S-X,</FONT>
    for hiring employees or former employees of the independent
    auditors whose responsibilities are to include an accounting
    role or financial reporting oversight role with respect to the
    Company;
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    3.&#160;with respect to reporting, recommendations and other
    matters,
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    (i)&#160;to provide advice to the Board in selecting the
    principal accounting officer of the Company;
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    (ii)&#160;to prepare any report or other disclosures, including
    any recommendation of the Audit Committee, required by the rules
    of the SEC to be included in the Company&#146;s annual proxy
    statement;
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    (iii)&#160;to review this charter at least annually and
    recommend any changes to the full Board;
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    (iv)&#160;to report its activities to the full Board on a
    regular basis and to make such recommendations with respect to
    the above and other matters as the Audit Committee may deem
    necessary or appropriate;&#160;and
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    (v)&#160;to prepare and review with the Board an annual
    performance evaluation of the Audit Committee, which evaluation
    must compare the performance of the Audit Committee with the
    requirements of this charter. The performance evaluation by the
    Audit Committee shall be conducted in such manner as the Audit
    Committee deems appropriate. The report to the Board may take
    the form of an oral report by the chairperson of the Audit
    Committee or any other member of the Audit Committee designated
    by the Audit Committee to make this report.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    4.&#160;with respect to such other matters as may be delegated
    to the Audit Committee from time to time by the Board, to
    perform the duties and exercise the powers conferred to the
    Board in connection with that delegation.
</DIV>

<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <BR>
    A-5
</DIV><!-- END PAGE WIDTH -->
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<H5 align="left" style="page-break-before:always"><A HREF="#toc">Table of Contents</A></H5><P>

<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    V.&#160;Delegation to Subcommittee: The Audit Committee may, in
    its discretion, delegate all or a portion of its duties and
    responsibilities to a subcommittee of the Audit Committee. The
    Board and the Audit Committee have authorized any member of the
    Audit Committee to pre-approve any audit or non-audit services
    to be performed by the independent auditors, provided that any
    such approvals are presented to the Audit Committee at its next
    scheduled meeting.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    VI.&#160;Resources and Authority of the Audit Committee: The
    Audit Committee shall have the resources and authority
    appropriate to discharge its duties and responsibilities,
    including the authority to select, retain, terminate, and
    approve the fees and other retention terms of special or
    independent counsel, accountants or other experts and advisers,
    as it deems necessary or appropriate, without seeking approval
    of the Board or management. The Company shall provide for
    appropriate funding, as determined by the Audit Committee, in
    its capacity as a committee of the Board, for payment of
    compensation to the independent auditors and any other public
    accounting firm engaged for the purpose of preparing or issuing
    an audit report or performing other audit, review or attest
    services for the Company.
</DIV>

<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <BR>
    A-6
</DIV><!-- END PAGE WIDTH -->
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<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->

<DIV style="margin-top: 8pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="right" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">ANNEX&#160;B</FONT></B>
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">THE
    CENTRAL EUROPE AND RUSSIA FUND, INC.<BR>
    (the &#147;Fund&#148;)</FONT></B>
</DIV>

<DIV style="margin-top: 4pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">NOMINATING
    COMMITTEE CHARTER</FONT></B>
</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <B>(Adopted as of April&#160;23, 2004)</B>
</DIV>

<DIV style="margin-top: 4pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The Board of Directors (the &#147;Board&#148;) of the Fund has
    adopted this Charter to govern the activities of the Nominating
    Committee (the &#147;Committee&#148;) of the Board.
</DIV>

<DIV style="margin-top: 8pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">Statement
    of Purposes and Responsibilities</FONT></B>
</DIV>

<DIV style="margin-top: 4pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The primary purposes and responsibilities of the Committee are:
</DIV>

<DIV style="margin-top: 4pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    (i)&#160;to identify individuals qualified to become members of
    the Board in the event that a position is vacated or created;
</DIV>

<DIV style="margin-top: 4pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    (ii)&#160;to consider all candidates proposed to become members
    of the Board, subject to applicable law, the Fund&#146;s
    Articles of Incorporation or By-laws, resolutions of the Board
    and the procedures and policies set forth in this Charter and
    the Fund&#146;s annual proxy statement;
</DIV>

<DIV style="margin-top: 4pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    (iii)&#160;to select and nominate, or recommend for nomination
    by the Board, candidates for election as Directors;
</DIV>

<DIV style="margin-top: 4pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    (iv)&#160;in the case of a director nominee to fill a Board
    vacancy created by an increase in the size of the Board, to make
    a recommendation to the Board as to the class of directors in
    which the individual should serve;
</DIV>

<DIV style="margin-top: 4pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    (v)&#160;to make recommendations to the Board from time to time
    as to any changes that the Committee believes to be desirable to
    the provisions of the Fund&#146;s By-laws regarding minimum
    standards and qualifications for service as a Director on the
    Board or to any charter of committees of the Board regarding
    minimum standards and qualifications for service as a committee
    member, and to recommend to the Board, or to set, any additional
    standards or qualifications considered necessary or desirable
    for service as a Director on the Board or as a member of a
    committee of the Board;
</DIV>

<DIV style="margin-top: 4pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    (vi)&#160;to identify Board members qualified to fill vacancies
    on any committee of the Board, taking into account any
    qualifications or other criteria set forth in the charter of
    that committee, and to recommend that the Board appoint the
    identified member or members to that committee;
</DIV>

<DIV style="margin-top: 4pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    (vii)&#160;to make recommendations to the Board from time to
    time as to changes that the Committee believes to be desirable
    to the size of the Board or any committee thereof;
</DIV>

<DIV style="margin-top: 4pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    (viii)&#160;to review with counsel, at least annually, each
    Director&#146;s affiliations and relationships for purposes of
    determining whether such Director is a person who is not an
    &#147;interested person&#148; of the Fund, as defined in
    Section&#160;2(a)(19) of the Investment Company Act of 1940, as
    amended.
</DIV>

<DIV style="margin-top: 4pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    (ix)&#160;to assist management in the preparation of the
    disclosure in the Fund&#146;s annual proxy statement regarding
    the operations of the Committee;&#160;and
</DIV>

<DIV style="margin-top: 4pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    (x)&#160;to perform any other duties or responsibilities
    expressly delegated to the Committee by the Board from time to
    time relating to the nomination of Board or committee members.
</DIV>

<DIV style="margin-top: 8pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">Organization
    and Governance</FONT></B>
</DIV>

<DIV style="margin-top: 4pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The Committee shall consist solely of three or more members of
    the Board. The Committee must consist entirely of Board members
    who are not &#147;interested persons&#148; of the Fund, as
    defined in Section&#160;2(a)(19) of the Investment Company Act
    of 1940, as amended (&#147;Independent Directors&#148;). Members
    shall serve at the pleasure of the Board and for such term or
    terms as the Board may determine.
</DIV>

<DIV style="margin-top: 4pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    One or more members of the Committee may be designated by the
    Board as the Committee&#146;s chairperson or co-chairperson, as
    the case may be.
</DIV>

<DIV style="margin-top: 4pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The Committee shall meet at least once a year at a time and
    place determined by the Committee chairperson, with further
    meetings to occur, or actions to be taken by unanimous written
    consent, when deemed necessary or
</DIV>

<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <BR>
    B-1
</DIV><!-- END PAGE WIDTH -->
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<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    desirable by the Committee or its chairperson. Members of the
    Committee may participate in a meeting of the Committee by means
    of conference call or similar communications equipment by means
    of which all persons participating in the meeting can hear each
    other. Committee meetings shall be held in accordance with the
    Fund&#146;s By-laws.
</DIV>

<DIV style="margin-top: 8pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">Criteria
    for Director Nominees</FONT></B>
</DIV>

<DIV style="margin-top: 4pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    To be eligible for nomination as a Director a person must, at
    the time of such person&#146;s nomination, have Relevant
    Experience and Country Knowledge, as defined in the Fund&#146;s
    By-laws, and must not have any Conflict of Interest, as defined
    in the Fund&#146;s By-laws. Whether a proposed nominee satisfies
    the foregoing qualifications shall be determined by the
    Committee in its sole discretion. The Committee may also take
    into account a wide variety of factors in considering Director
    candidates, including (but not limited to): (i)&#160;the
    candidate&#146;s knowledge in matters relating to the investment
    company industry; (ii)&#160;any experience possessed by the
    candidate as a director or senior officer of other public or
    private companies; (iii)&#160;the candidate&#146;s educational
    background; (iv)&#160;the candidate&#146;s reputation for high
    ethical standards and personal and professional integrity;
    (v)&#160;any specific financial, technical or other expertise
    possessed by the candidate, and the extent to which such
    expertise would complement the Board&#146;s existing mix of
    skills and qualifications; (vi)&#160;the candidate&#146;s
    perceived ability to contribute to the ongoing functions of the
    Board, including the candidate&#146;s ability and commitment to
    attend meetings regularly, work collaboratively with other
    members of the Board and carry out his or her duties in the best
    interests of the Fund; (vii)&#160;the candidate&#146;s ability
    to qualify as an Independent Director; and (viii)&#160;such
    other criteria as the Nominating Committee determines to be
    relevant in light of the existing composition of the Board and
    any anticipated vacancies or other factors.
</DIV>

<DIV style="margin-top: 8pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">Identification
    of Nominees</FONT></B>
</DIV>

<DIV style="margin-top: 4pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    In identifying potential nominees for the Board, the Committee
    may consider candidates recommended by one or more of the
    following sources: (i)&#160;the Fund&#146;s Directors,
    (ii)&#160;the Fund&#146;s officers, (ii)&#160;the Fund&#146;s
    investment manager, investment adviser or their affiliates,
    (iv)&#160;the Fund&#146;s stockholders (see below) and
    (v)&#160;any other source the Committee deems to be appropriate.
    The Committee will not consider self-nominated candidates or
    candidates nominated by members of a candidate&#146;s family,
    including such candidate&#146;s spouse, children, parents,
    siblings, uncles, aunts, grandparents, nieces and nephews. The
    Committee may, but is not required to, retain a third-party
    search firm at the Fund&#146;s expense to identify potential
    candidates.
</DIV>

<DIV style="margin-top: 8pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">Consideration
    of Candidates Recommended by Stockholders</FONT></B>
</DIV>

<DIV style="margin-top: 4pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The Committee will consider nominee candidates properly
    submitted by stockholders in accordance with applicable law, the
    Fund&#146;s Articles of Incorporation or By-laws, resolutions of
    the Board and the qualifications and procedures set forth in
    this Charter and the Fund&#146;s annual proxy statement,
    including the requirements that a stockholder or group of
    stockholders seeking to submit a nominee candidate (i)&#160;must
    have beneficially owned at least 5% of the Fund&#146;s common
    stock for at least two years, (ii)&#160;may submit only one
    nominee candidate for any particular meeting of stockholders,
    and (iii)&#160;may submit a nominee candidate for only an annual
    meeting or other meeting of stockholders at which directors will
    be elected. The Committee will evaluate nominee candidates
    properly submitted by stockholders on the same basis as it
    considers and evaluates candidates recommended by other sources.
</DIV>

<DIV style="margin-top: 8pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">Delegation
    to Subcommittee</FONT></B>
</DIV>

<DIV style="margin-top: 4pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The Committee may, in its discretion, delegate all or a portion
    of its duties and responsibilities to a subcommittee of the
    Committee.
</DIV>

<DIV style="margin-top: 8pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">Resources
    and Authority of the Committee</FONT></B>
</DIV>

<DIV style="margin-top: 4pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The Committee shall have the resources and authority appropriate
    to discharge its duties and responsibilities, including the
    authority to select, retain, terminate and approve the fees and
    other retention terms of special counsel or other experts or
    consultants, as it deems appropriate, without seeking approval
    of the Board or management. With respect to consultants or
    search firms used to identify director candidates, this
    authority shall be vested solely in the Committee.
</DIV>

<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <BR>
    B-2
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<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->

<DIV align="right" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">ANNEX&#160;C</FONT></B>
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">THE
    CENTRAL EUROPE AND RUSSIA FUND, INC.<BR>
    EXCERPTS OF BY-LAWS</FONT></B>
</DIV>

<DIV style="margin-top: 4pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <FONT style="font-family: 'Times New Roman', Times">Article&#160;II
    </FONT>
</DIV>

<DIV style="margin-top: 4pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <FONT style="font-variant: SMALL-CAPS">Section&#160;13.</FONT>&#160;&#160;<I><U>Advance
    Notice of Stockholder Nominees for Director and Other
    Stockholder Proposals</U>. (a)&#160;<U>Annual Meetings of
    Stockholders</U>.</I>&#160;&#160;(1)&#160;Nominations of persons
    for election to the Board of Directors and the proposal of
    business to be considered by the stockholders may be made at an
    annual meeting of stockholders (i)&#160;pursuant to the
    Corporation&#146;s notice of meeting, (ii)&#160;by or at the
    direction of the Board of Directors or (iii)&#160;by any
    stockholder of the Corporation who was a stockholder of record
    both at the time of giving of notice provided for in this
    Section&#160;13(a) and at the time of the annual meeting, who is
    entitled to vote at the meeting and who complied with the notice
    procedures set forth in this Section&#160;13(a).
</DIV>

<DIV style="margin-top: 4pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    (2)&#160;For nominations or other business to be properly
    brought before an annual meeting by a stockholder pursuant to
    clause&#160;(iii) of paragraph (a)(1) of this Section&#160;13,
    the stockholder must have given timely notice thereof in writing
    to the Secretary of the Corporation and such other business must
    otherwise be a proper matter for action by the stockholders. To
    be timely, a stockholder&#146;s notice shall be delivered to the
    Secretary at the principal executive offices of the Corporation
    not less than 90&#160;days nor more than 120&#160;days prior to
    the first anniversary of the date of mailing of the notice for
    the preceding year&#146;s annual meeting; provided, however,
    that in the event that the date of mailing of the notice for the
    annual meeting is advanced or delayed by more than 30&#160;days
    from the first anniversary of the date of mailing of the notice
    for the preceding year&#146;s annual meeting, notice by the
    stockholder to be timely must be so delivered not earlier than
    the 120th&#160;day prior to the date of mailing of the notice
    for such annual meeting and not later than the close of business
    on the later of the 90th&#160;day prior to the date of mailing
    of the notice for such annual meeting or the tenth day following
    the day on which disclosure of the date of mailing of the notice
    for such meeting is first made. In no event shall the public
    announcement of a postponement or adjournment of an annual
    meeting commence a new time period for the giving of a
    stockholder&#146;s notice as described above. Such
    stockholder&#146;s notice shall set forth (i)&#160;as to each
    person whom the stockholder proposes to nominate for election or
    reelection as a director, (A)&#160;the name, age, business
    address and residence address of such person, (B)&#160;the class
    and number of shares of stock of the Corporation that are
    beneficially owned by such person, (C)&#160;all other
    information relating to such person that is required to be
    disclosed in solicitations of proxies for election of directors
    in an election contest (even if an election contest is not
    involved), or is otherwise required, in each case pursuant to
    Regulation&#160;14A (or any successor provision) under the
    Exchange Act or pursuant to the Investment Company Act and the
    rules thereunder (including such person&#146;s written consent
    to being named in the proxy statement as a nominee and to
    serving as a director if elected), and (D)&#160;a statement
    specifying which of clauses (1)-(7) of the definition of
    &#147;Relevant Experience and Country Knowledge&#148; in
    Article&#160;III, Section&#160;3 of the Bylaws the person being
    nominated satisfies, information relating to such person
    sufficient to support a determination that the person satisfies
    the specified clause or clauses of the definition and a
    representation that the person does not have a &#147;Conflict of
    Interest&#148; as defined in Article&#160;III, Section&#160;3 of
    the Bylaws; (ii)&#160;as to any other business that the
    stockholder proposes to bring before the meeting, a description
    of the business desired to be brought before the meeting, the
    reasons for conducting such business at the meeting and any
    material interest in such business of such stockholder
    (including any anticipated benefit to the stockholder therefrom)
    and of each beneficial owner, if any, on whose behalf the
    proposal is made; and (iii)&#160;as to the stockholder giving
    the notice and each beneficial owner, if any, on whose behalf
    the nomination or proposal is made, (x)&#160;the name and
    address of such stockholder, as they appear on the
    Corporation&#146;s stock ledgers and a current name and address,
    if different, and of such beneficial owner, and (y)&#160;the
    class and number of shares of each class of stock of the
    Corporation which are owned beneficially and of record by such
    stockholder and owned beneficially by such beneficial owner.
</DIV>

<DIV style="margin-top: 4pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    (3)&#160;Notwithstanding anything in this subsection&#160;(a) of
    this Section&#160;13 to the contrary, in the event the Board of
    Directors increases or decreases the maximum or minimum number
    of directors in accordance with Article&#160;III, Section&#160;2
    of these Bylaws, and there is no public announcement of such
    action at least 100&#160;days prior to the first anniversary of
    the date of mailing of the preceding year&#146;s annual meeting,
    a stockholder&#146;s notice required by this Section&#160;13(a)
    shall also be considered timely, but only with respect to
    nominees for any new positions created by such increase, if it
    shall be delivered to the Secretary at the principal executive
    offices of the Corporation not later than the close of business
    on the tenth day following the day on which such public
    announcement is first made by the Corporation.
</DIV>

<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <BR>
    C-1
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<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    (b)&#160;<I><U>Special Meetings of
    Stockholders</U>.</I>&#160;&#160;Only such business shall be
    conducted at a special meeting of stockholders as shall have
    been brought before the meeting pursuant to the
    Corporation&#146;s notice of meeting. Nominations of persons for
    election to the Board of Directors may be made at a special
    meeting of stockholders at which directors are to be elected
    (i)&#160;pursuant to the Corporation&#146;s notice of meeting,
    (ii)&#160;by or at the direction of the Board of Directors or
    (iii)&#160;provided that the Board of Directors has determined
    that directors shall be elected at such special meeting, by any
    stockholder of the Corporation who is a stockholder of record
    both at the time of giving of notice provided for in this
    Section&#160;13 and at the time of the special meeting, who is
    entitled to vote at the meeting and who complied with the notice
    procedures set forth in this Section&#160;13. In the event the
    Corporation calls a special meeting of stockholders for the
    purpose of electing one or more directors to the Board of
    Directors, any such stockholder may nominate a person or persons
    (as the case may be) for election as a director as specified in
    the Corporation&#146;s notice of meeting, if the
    stockholder&#146;s notice required by paragraph (a)(2) of this
    Section&#160;13 shall be delivered to the Secretary at the
    principal executive offices of the Corporation not earlier than
    the 120th&#160;day prior to such special meeting and not later
    than the close of business on the later of the 90th&#160;day
    prior to such special meeting or the tenth day following the day
    on which public announcement is first made of the date of the
    special meeting and of the nominees proposed by the Board of
    Directors to be elected at such meeting. In no event shall the
    public announcement of a postponement or adjournment of a
    special meeting commence a new time period for the giving of a
    stockholder&#146;s notice as described above.
</DIV>

<DIV style="margin-top: 4pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    (c)&#160;<I><U>General</U>.</I>&#160;&#160;(1)&#160;Only such
    persons who are nominated in accordance with the procedures set
    forth in this Section&#160;13 and Article&#160;III,
    Section&#160;3 of these Bylaws shall be eligible to serve as
    directors and only such business shall be conducted at a meeting
    of stockholders as shall have been brought before the meeting in
    accordance with the procedures set forth in this
    Section&#160;13. The chairman of the meeting shall have the
    power and duty to determine whether a nomination or any business
    proposed to be brought before the meeting was made or proposed,
    as the case may be, in accordance with the procedures set forth
    in this Section&#160;13 and, if any proposed nomination or
    business is not in compliance with this Section&#160;13, to
    declare that such defective nomination or proposal be
    disregarded.
</DIV>

<DIV style="margin-top: 4pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    (2)&#160;For purposes of this Section&#160;13, (a)&#160;the
    &#147;date of mailing of the notice&#148; shall mean the date of
    the proxy statement for the solicitation of proxies for election
    of directors and (b)&#160;&#147;public announcement&#148; shall
    mean disclosure (i)&#160;in a press release reported by the Dow
    Jones News Service, Associated Press or comparable news service
    or (ii)&#160;in a document publicly filed by the Corporation
    with the Securities and Exchange Commission pursuant to the
    Exchange Act or the Investment Company Act.
</DIV>

<DIV style="margin-top: 4pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    (3)&#160;Notwithstanding the foregoing provisions of this
    Section&#160;13, a stockholder shall also comply with all
    applicable requirements of state law and of the Exchange Act and
    the Investment Company Act and the rules and regulations
    thereunder with respect to the matters set forth in this
    Section&#160;13. Nothing in this Section&#160;13 shall be deemed
    to affect any right of stockholders to request inclusion of
    proposals in, nor the right of the Corporation to omit a
    proposal from, the Corporation&#146;s proxy statement pursuant
    to
    <FONT style="white-space: nowrap">Rule&#160;14a-8</FONT>
    (or any successor provision) under the Exchange Act.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <FONT style="font-family: 'Times New Roman', Times">Article&#160;III
    </FONT>
</DIV>

<DIV style="margin-top: 4pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <FONT style="font-variant: SMALL-CAPS">Section&#160;3.</FONT>&#160;&#160;<I><U>Qualifications</U>.</I>&#160;&#160;
    Directors need not be stockholders. Each Director shall hold
    office until the earlier of: (a)&#160;the expiration of his term
    and his or her successor shall have been elected and qualifies,
    (b)&#160;his or her death, (c)&#160;his or her resignation, or
    (d)&#160;his or her removal. To be eligible for nomination as a
    director a person must, at the time of such person&#146;s
    nomination, (a)&#160;have Relevant Experience and Country
    Knowledge (as defined below), (b)&#160;not have any Conflict of
    Interest (as defined below) and (c)&#160;not be over
    72&#160;years of age; provided that clause&#160;(c) shall not
    apply to any person who was a Director on October&#160;15, 1999
    or to any person whom the Nominating Committee (or in the
    absence of such a Committee, the Board of Directors) determines
    to except from that clause on the basis that the person&#146;s
    prior public or government service or other broad-based
    activities in the business community make it essential that the
    Corporation continue to receive the benefit of the person&#146;s
    services as a Director. The determination described in the
    previous sentence shall be made on or before the time of
    nomination. Whether a proposed nominee satisfies the foregoing
    qualifications shall be determined by the Nominating Committee
    or, in the absence of such a Committee, by the Board of
    Directors, each in its sole discretion.
</DIV>

<DIV style="margin-top: 4pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    For purpose of the following definitions of Relevant Experience
    and Country Knowledge and Conflict of Interest, the term
    &#147;Specified Country&#148; means any one or more of the
    following countries: Czech Republic, Hungary, Germany, Poland or
    Russia.
</DIV>

<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <BR>
    C-2
</DIV><!-- END PAGE WIDTH -->
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<H5 align="left" style="page-break-before:always"><A HREF="#toc">Table of Contents</A></H5><P>

<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    &#147;Relevant Experience and Country Knowledge&#148; means
    experience in business, investment, economic or political
    matters of a Specified Country or the United States, through
    service for 10 of the past 20&#160;years (except where a shorter
    period is noted) in one or more of the following principal
    occupations:
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    (1)&#160;senior executive officer or partner of a financial or
    industrial business headquartered in a Specified Country and
    that has annual revenues of at least the equivalent of US
    $500&#160;million,
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    (2)&#160;senior executive officer or partner of a financial or
    industrial business headquartered in the United&#160;States that
    has annual revenues of at least the equivalent of US
    $500&#160;million and whose management responsibilities include
    supervision of business operations in a Specified Country or
    other European country,
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    (3)&#160;director (or the equivalent) for 5 of the past
    10&#160;years of one or more investment businesses or vehicles
    (including this Corporation) a principal focus of which is
    investment in one or more Specified Countries and that have at
    least the equivalent of US $250&#160;million in combined total
    assets of their own,
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    (4)&#160;senior executive officer or partner of an investment
    management business having at least the equivalent of US
    $500&#160;million in securities of companies in one or more
    Specified Countries or securities principally traded in one or
    more Specified Countries under discretionary management for
    others,
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    (5)&#160;senior executive officer or partner of a business
    consulting, accounting or law firm having at least 100
    professionals and whose principal responsibility involves or
    involved providing services involving matters relating to a
    Specified Country or other European country for financial or
    industrial businesses, investment businesses or vehicles or
    investment management businesses as described in (1)&#160;-
    (4)&#160;above,
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    (6)&#160;senior official (including ambassador or minister)
    (i)&#160;in the national government, a government agency or the
    central bank of a Specified Country or the United States,
    (ii)&#160;in a major supranational agency or organization of
    which a Specified Country or the United States is a member, or
    (iii)&#160;in a leading international trade organization
    relating to a Specified Country or the United States, in each
    case in the area of finance, economics, trade or foreign
    relations,&#160;or
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    (7)&#160;current director or senior officer (without regard to
    years of service) of an investment manager or adviser of the
    Corporation, or of any entity controlling or under common
    control with an investment manager or adviser of the Corporation.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    For purposes of clauses (1)&#160;- (5) of the preceding sentence
    and clauses (1)&#160;- (2) of the next paragraph, the term
    &#147;financial or industrial business&#148; includes a
    financial or industrial business unit within a larger
    enterprise; the term &#147;investment businesses or
    vehicles&#148; includes an investment business unit or
    investment vehicle within a larger enterprise; the term
    &#147;investment management business&#148; includes an
    investment management business unit within a larger enterprise;
    and the term &#147;investment vehicle&#148; includes an
    investment vehicle within a larger enterprise; but in each case
    only to the extent the unit satisfies the revenue, asset and
    other requirements specified for the business or vehicle in
    clauses (1)&#160;- (5) of the preceding sentence or clauses
    (1)&#160;- (2) of the next paragraph.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    &#147;Conflict of Interest&#148; means the presence of a
    conflict with the interests of the Corporation or its operations
    through any of the following:
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    (1)&#160;current position (a)&#160;as a director, officer,
    partner or employee of another investment vehicle a significant
    (<I>i.e.</I>, 25% or more of total assets) focus of which is
    securities of companies in one or more Specified Countries or
    securities principally traded in markets of one or more
    Specified Countries and that does not have the same investment
    adviser as the Corporation or an investment adviser affiliated
    with an investment adviser of the Corporation, and
    (b)&#160;having direct and regular responsibilities relating to
    that investment vehicle,
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    (2)&#160;current position as (a)&#160;a director, officer,
    partner or employee of the sponsor (or equivalent) of an
    investment vehicle described in the previous point and
    (b)&#160;having direct and regular responsibilities relating to
    that investment vehicle,&#160;or
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    (3)&#160;current position as an official of a governmental
    agency or self-regulatory body having responsibility for
    regulating the Corporation or the markets in which it proposes
    to invest.
</DIV>

<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <BR>
    C-3
</DIV><!-- END PAGE WIDTH -->
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<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->

<DIV style="margin-top: 3pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <IMG src="y77307y7730700.gif" alt="(Central Europe logo)">
</DIV>

<DIV style="margin-top: 3pt; font-size: 1pt">&nbsp;</DIV>

<P align="left" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">

</DIV><!-- END PAGE WIDTH -->
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<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->


<!-- link1 "PROXY THE CENTRAL EUROPE AND RUSSIA FUND, INC." -->
<DIV align="left"><A NAME="013"></A></DIV>


<DIV style="margin-top: 18pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">PROXY<BR>
    THE CENTRAL EUROPE AND RUSSIA FUND, INC.<BR>
    This proxy is solicited on behalf of the Board of
    Directors.</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The undersigned stockholder of The Central Europe and Russia
    Fund, Inc., a Maryland corporation (the &#147;Fund&#148;),
    hereby appoints John Millette, David Goldman and Rita Rubin, or
    any of them, as proxies for the undersigned, with full power of
    substitution in each of them, to attend the Annual Meeting of
    the Stockholders of the Fund to be held at 10:00&#160;a.m., New
    York time, on June&#160;30, 2009 at the New York Marriott East
    Side Hotel, 525&#160;Lexington Avenue, New York, New York 10017,
    and any adjournment or postponement thereof, to cast on behalf
    of the undersigned all votes that the undersigned is entitled to
    cast at such meeting, and otherwise to represent the undersigned
    at the meeting with all powers possessed by the undersigned if
    personally present at the meeting. The undersigned hereby
    acknowledges receipt of the Notice of the Annual Meeting of
    Stockholders and of the accompanying Proxy Statement, the terms
    of each of which are incorporated by reference herein, and
    revokes any proxy heretofore given with respect to such meeting.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <B>The votes entitled to be cast by the undersigned will be cast
    as instructed below. If this Proxy is executed but no
    instruction is given, the votes entitled to be cast by the
    undersigned will be cast &#147;For&#148; each of the nominees
    for director and &#147;For&#148; Proposal&#160;2, as described
    in the Proxy Statement and in the discretion of the Proxy holder
    on any other matter that may properly come before the meeting or
    any adjournment or postponement thereof.</B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <B>Election of Directors. The Board of Directors unanimously
    recommends a vote &#147;For&#148; the nominees</B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<TABLE border="0" width="100%" align="center" cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
<!-- Table Width Row BEGIN -->
<TR style="font-size: 1pt" valign="bottom">
    <TD width="36%">&nbsp;</TD>	<!-- colindex=01 type=maindata -->
    <TD width="2%">&nbsp;</TD>	<!-- colindex=02 type=gutter -->
    <TD width="26%">&nbsp;</TD>	<!-- colindex=02 type=maindata -->
    <TD width="3%">&nbsp;</TD>	<!-- colindex=03 type=gutter -->
    <TD width="33%">&nbsp;</TD>	<!-- colindex=03 type=maindata -->
</TR>
<!-- Table Width Row END -->
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -13pt; margin-left: 33pt">
    1.&#160;<B>FOR </B>each of the nominees<BR>
    for director listed
    below.&#160;&#160;<FONT style="font-family: Wingdings; font-variant: normal">&#111;
    </FONT>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="bottom">
    <B>WITHHOLD AUTHORITY<BR>
    </B>as to all listed
    nominees.&#160;&#160;<FONT style="font-family: Wingdings; font-variant: normal">&#111;
    </FONT>
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="bottom">
    <B>FOR </B>all nominees except as marked to the contrary
    below.&#160;&#160;<FONT style="font-family: Wingdings; font-variant: normal">&#111;
    </FONT>
</TD>
</TR>
</TABLE>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">

</DIV>



<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <FONT style="font-size: 8pt">(<B>Instructions: </B>To withhold
    authority for any individual nominee, strike a line through the
    nominee&#146;s name in the list below.)
    </FONT>
</DIV>



<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <FONT style="font-family: 'Times New Roman', Times">Dr.&#160;Franz
    Wilhelm Hopp<BR>
    Mr.&#160;Robert H. Wadsworth<BR>
    Mr.&#160;Werner Walbr&#246;l<BR>
    Mr.&#160;Christian H. Strenger
    </FONT>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">The Board
    of Directors unanimously recommends a vote &#147;For&#148;
    Proposal&#160;2</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="4%"></TD>
    <TD width="3%"></TD>
    <TD width="93%"></TD>
</TR>

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    2.&#160;
</TD>
    <TD align="left">
    To ratify the appointment by the Audit Committee and the Board
    of Directors of PricewaterhouseCoopers LLP, an independent
    public accounting firm, as independent auditors for the fiscal
    year ending October&#160;31, 2009.
</TD>
</TR>

</TABLE>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <B>
    FOR&#160;<FONT style="font-family: Wingdings; font-variant: normal">&#111;</FONT>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;AGAINST&#160;<FONT style="font-family: Wingdings; font-variant: normal">&#111;</FONT>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;ABSTAIN&#160;<FONT style="font-family: Wingdings; font-variant: normal">&#111;</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="4%"></TD>
    <TD width="3%"></TD>
    <TD width="93%"></TD>
</TR>

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    3.&#160;
</TD>
    <TD align="left">
    To vote and otherwise represent the undersigned on any other
    matter that may properly come before the meeting or any
    adjournment or postponement thereof in the discretion of the
    Proxy holder.
</TD>
</TR>

</TABLE>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 49%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Signature
</DIV>

<DIV style="font-size: 2pt; margin-left: 49%; width: 100%;  align: left; border-bottom: 1pt solid #000000"></DIV><!-- callerid=999 iwidth=456 length=0 -->

<DIV style="margin-top: 24pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 49%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Signature, if held jointly
</DIV>

<DIV style="font-size: 2pt; margin-left: 49%; width: 100%;  align: left; border-bottom: 1pt solid #000000"></DIV><!-- callerid=999 iwidth=456 length=0 -->

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Please sign exactly as name appears on the records of the Fund
    and date. If the shares are held jointly, each holder should
    sign. When signing as an attorney, executor, administrator,
    trustee, guardian, officer of a corporation or other entity or
    in another representative capacity, please give the full title
    under signature(s).
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Dated:&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;,
    2009
</DIV>

<P align="left" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">

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end
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
-----END PRIVACY-ENHANCED MESSAGE-----
