The Central Europe and Russia Fund, Inc. Announces a 700K Share Repurchase Authorization Extension

The Central Europe and Russia Fund, Inc.

announced today that its Board of Directors has authorized an extension of the current repurchase program permitting the Fund to repurchase up to 700,000 shares during the twelve month period August 1, 2011 – July 31, 2012. The Board had previously authorized the repurchase of up to 1,300,000 shares during the period August 1, 2010 - July 31, 2011. Since the inception of the current program on August 1, 2010, there have been a total of 169,671 shares repurchased through June 30, 2011. Purchases will be made when it is believed that such repurchases are advantageous to the Fund.