The Central Europe and Russia Fund, Inc. Announces Changes to Portfolio Management

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, [phone], or Judith Inosanto,

Vice President, [phone], both of Deutsche Asset Management, for The

Central Europe and Russia Fund, Inc.

Copyright