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DWS RREEF Real Estate Fund, Inc. And DWS RREEF Real Estate Fund II, Inc. Announce Cessation Date And Anticipated Redemption Of Auction Rate Preferred Shares

DWS RREEF Real Estate Fund, Inc. (NYSE AMEX:SRQ) and DWS RREEF Real Estate Fund II, Inc. (NYSE AMEX:SRO) (each, a “Fund,” and together, the “Funds”) today each announced that the “Cessation Date” for its planned liquidation is expected to occur on or about June 11, 2010. As provided in each Fund’s Plan of Liquidation and Dissolution, at the close of business on the Cessation Date, each Fund will cease its business as an investment company, except for the purpose of liquidating and winding up its affairs, and the books of each Fund will be closed and the further transfer of the Funds’ common stock on NYSE Amex will cease (except for the settlement of prior transactions). Each Fund will seek to reduce all of its holdings to cash and make a final liquidating distribution to holders of its common stock on or about June 18, 2010. In the event that illiquid securities remain in a Fund’s portfolio, such Fund may elect to make one or more additional distributions pursuant to its Plan of Liquidation and Dissolution.

In addition, the Funds announced that they currently intend to redeem all of their respective outstanding auction rate preferred shares (“ARPS”) prior to the Cessation Date. Further details regarding the timing of the proposed ARPS redemptions will be provided in a future press release.

For more information on the Funds, visit www.dws-investments.com or call (800) 349-4281.

IMPORTANT INFORMATION

Investments in the Funds involve risk. The Funds involve additional risks due to their narrow focus. There are special risks associated with investment in real estate, including credit risk, interest rate fluctuations, and the impact of varied economic conditions.

Shares of common stock of closed-end funds, unlike open-end funds, are not continuously offered. There is a one time public offering and, once issued, shares of common stock of closed-end funds are traded in the open market generally through a stock exchange. Common shares of closed-end funds frequently trade at a discount to net asset value. The price of common 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 common shares will trade at, below, or above net asset value.

This press release shall not constitute an offer to sell or a solicitation to buy, nor shall there be any sale of fund securities in any state or jurisdiction in which such offer or solicitation or sale would be unlawful prior to registration or qualification under the laws of such state or jurisdiction.

Certain statements contained in this release may be forward-looking in nature. These include all statements relating to plans, expectations, and other statements that are not historical facts and typically use words like “expect,” “anticipate,” “believe,” and similar expressions. Such statements represent management’s current beliefs, based upon information available at the time the statements are made, with regard to the matters addressed. All forward-looking statements are subject to risks and uncertainties that could cause actual results to differ materially from those expressed in, or implied by, such statements. Management does not undertake any obligation to update or revise any forward-looking statements, whether as a result of new information, future events, or otherwise.

The following factors, among others, could cause actual results to differ materially from forward-looking statements: (i) the ability of DWS Investments and the Funds to execute the Funds’ Plans of Liquidation and Dissolutions and to fully redeem the Funds’ outstanding ARPS; (ii) the need to obtain any necessary regulatory approvals; (iii) the effects of changes in market and economic conditions; (iv) other legal and regulatory developments; and (v) other additional risks and uncertainties.

DWS Investments is part of Deutsche Bank’s Asset Management division and, within the US, represents the retail asset management activities of Deutsche Bank AG, Deutsche Bank Trust Company Americas, Deutsche Investment Management Americas Inc. and DWS Trust Company. (R-16783-2 3/10)

Copyright Business Wire 2010

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