The Central Europe and Russia Fund, Inc. Announces Changes to Portfolio Management NEW YORK, March 19 /PRNewswire-FirstCall/ -- The Central Europe and Russia Fund, Inc. (CEE) announced today that Hanspeter Ackermann, a member of the team responsiblefor managing the Fund's portfolio, has tendered his resignation. The day-to-day management of the Fund's portfolio is handled by a team of investment professionals at the Fund's Investment Adviser, Deutsche Asset Management International GmbH, including Steffen Gruschka, Robert Kalin and Sylwia Szczepek. That team, based in Frankfurt, will remain in place. The Fund's portfolio is managed by Deutsche Bank Securities Inc. (Investment Manager). Mr. Ackermann has been employed by the Fund's InvestmentManager in New York and has acted as the Fund's Chief Investment Officer since 1996. His duties will be assumed by senior officer of the Investment Manager. The Central Europe and Russia Fund, Inc. is a non-diversified, closed-end investment company seeking capital appreciation primarily through investment in Central European and Russian equities. Its shares are listed on the New York Stock Exchange under the symbol "CEE". Effective June 24, 2003, the Fund's name and investment policies changed. The Fund's former name was The Central European Equity Fund, Inc. The Fund is non-diversified and can take larger positions in fewer companies, increasing its overall risk profile. Investments in securities of foreign issuers present greater risks including currency fluctuations and changes in political/economic conditions. Foreign securities markets generally exhibit greater price volatility and are less liquid than the US markets. Please read this fund's prospectus for specific details regarding its risk profile. Shares of closed-end funds frequently trade at a discount to net asset value. The price of the Fund's shares is determined by a number of factors, several of which are beyond the control of the Fund. Therefore, the Fund cannot predict whether its shares will trade at, below or above net asset value. Not FDIC Insured/No Guarantee/May Lose Value. DATASOURCE: The Central Europe and Russia Fund, Inc. CONTACT: Patricia Rosch, Director, +1-212-336-4812, or Judith Inosanto, Vice President, +1-212-326-6746, both of Deutsche Asset Management, for The Central Europe and Russia Fund, Inc.

Copyright