DWS RREEF Real Estate Fund, Inc. and DWS RREEF Real Estate Fund II, Inc. Declared Spillback Distribution

Each of the DWS closed-end funds listed below has declared a spillback distribution per share payable from net investment income, such distributions to be paid in cash.

Details are as follows:

    
      
        
          Declaration- 5/7/2010
        
        
           
        
        
          Ex-Date- 5/13/2010
        
        
           
        
        
          Record- 5/17/2010
        
        
           
        
        
          Payable- 5/28/2010
        
      
    
    
      
        
          

Fund

Ticker

Dividend

        
      
      
        
        
        
        
        
        
        
        
        
        
        
        
        
           
        
      
      
        
          DWS RREEF Real Estate Fund, Inc.
        
        
        
        
        
        
        
        
          SRQ
        
        
        
        
          $0.060
        
      
      
        
          DWS RREEF Real Estate Fund II, Inc.
        
        
        
        
        
        
        
        
          SRO
        
        
        
        
          $0.009
        
      
    
    

For more information on the Funds visit www.dws-investments.com or call [phone].

Important Information

Each of DWS RREEF Real Estate Fund, Inc. and DWS RREEF Real Estate Fund II, Inc has a level distribution rate that may be modified by the Board of Directors from time to time. It is anticipated that a portion of the aggregate distributions made by the Funds may constitute a return of capital. In addition, it is anticipated that any realized capital gains for a Fund’s fiscal year will be paid to shareholders in a separate distribution at the end of such year. If the total distributions made in any calendar year exceed investment company taxable income, net tax-exempt income and net capital gain, such excess distributed amount would be treated as ordinary dividend income to the extent of each Fund’s current and accumulated earnings and profits. Distributions in excess of the earnings and profits would first be a tax-free return of capital to the extent of a shareholder’s adjusted tax basis in the shares. After such adjusted tax basis is reduced to zero, the distribution would constitute capital gain (assuming the shares are held as capital assets). A return of capital is not reflective of the Funds’ investment performance and should not be confused with income or yield.

Closed-end funds, unlike open-end funds, are not continuously offered. There is a one time public offering and once issued, shares of closed-end funds are sold in the open market through a stock exchange. 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, a fund cannot predict whether its shares will trade at, below or above net asset value.

Past performance is no guarantee of future results.

Investments in funds involve risk. Any fund that concentrates in a particular segment of the market will generally be more volatile than a fund that invests more broadly. There are special risks associated with an investment in real estate, including credit risk, interest rate fluctuations and the impact of varied economic conditions.

This press release shall not constitute an offer to sell or a solicitation to buy, nor shall there be any sale of these 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.

NOT FDIC/ NCUA INSURED • MAY LOSE VALUE • NO BANK GUARANTEE

NOT A DEPOSIT • NOT INSURED BY ANY FEDERAL GOVERNMENT AGENCY

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-17372-1 5/10)