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The Central Europe, Russia and Turkey Fund Reports Commencement of Tender Offer

February 20, 2014

The Central Europe, Russia and Turkey Fund, Inc. announced the commencement of a self-tender offer on the terms and subject to the conditions set forth in the Fund's Offer to Repurchase and the related Letter of Transmittal, which are being mailed to stockholders.

According to a release, the Fund is offering to purchase up to 5 percent of its issued and outstanding shares of common stock at a price equal to 98 percent of the Fund's net asset value ("NAV") per share as determined by the Fund on the next business day after the date on which the offer expires. The Fund normally calculates its NAV per share at 11:30 a.m.New York time on each day that the New York Stock Exchange is open for trading. The tender offer will terminate at 5 p.m. Eastern Time on March 17, unless extended. If more than 5 percent of the Fund's issued and outstanding shares are tendered in the offer and the Fund purchases shares in accordance with the terms of the offer, it will purchase shares from tendering stockholders on a pro rata basis.

The Fund's offer is being made in accordance with its Discount Management Program (the "Program"). The Program provides for up to four, consecutive, semi-annual tender offers, each of which will be conducted by the Fund if its shares trade at an average discount to NAV of more than 10 percent during the applicable twelve-week measurement period, as the Fund's shares did in the most recent measurement period, which commenced on September 16, 2013 and ended on December 6, 2013.

Deutsche Asset & Wealth Management represents the asset management and wealth management activities conducted by Deutsche Bank AG or any of its subsidiaries.

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