New York, June 30, 2005--The Central Europe and Russia Fund, Inc. (NYSE: CEE) announced today that its April 30, 2005 semi-annual report is now available online at www.ceefund.com.

The Central Europe and Russia Fund, Inc. is a non-diversified, closed-end investment company seeking long-term capital appreciation through investment primarily in equity and equity-linked securities of issuers domiciled in Central Europe and Russia. Its shares are listed on the New York Stock Exchange under the symbol "CEE".

The Fund is not diversified and may focus its investments in certain geographic regions, thereby increasing its vulnerability to developments in that region. Investing in foreign securities presents certain unique risks not associated with domestic investments, such as currency fluctuation, political and economic change, and market risks. This may result in greater share price volatility.

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.
 

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