Scudder RREEF Real Estate Fund, Inc. (SRQ) Declares Special Year End Dividend NEW YORK, Dec. 19 /PRNewswire-FirstCall/ -- The Board of Directors of the Scudder RREEF Real Estate Fund, Inc., (the "Fund"), which trades on the American Stock Exchange under the ticker symbol SRQ, declared a special year end distribution of $0.30 per share from short term capital gains, payable on January 13, 2004 to shareholders of record at the close of business on December 31, 2003. The ex-date is December 29, 2003. The Fund's initial offering was October 28, 2002. Scudder RREEF Real Estate Fund, Inc.'s objective is total return through a combination of high current income and capital appreciation potential by investing in real estate securities. Scudder Investments and RREEF America LLC, are subsidiaries of Deutsche Bank AG. Scudder Investments is the retail distribution arm of the U.S. asset management operations. Scudder Investments has significant expertise marketing and servicing investment products, including a dedicated closed-end fund team that oversees approximately $4 billion in assets as 9/30/03. The Fund's Investment Advisor, RREEF America LLC, is the U.S. arm of DB Real Estate, the largest advisor of combined real property and real estate equity securities globally, with approximately $56 billion in assets under management as of 10/31/03. For more information on SRQ please contact a representative at (800) 349.4281 or visit us on the web at CEF.Scudder.Com (do not use www) for updated information on the Fund. Scudder Investments is the US retail brand for Deutsche Asset Management. With over US$685 billion in assets under management (as of 9/30/03), Deutsche Asset Management (DeAM) is one of the world's leading investment management organizations, not just in size, but in quality and breadth of investment products, research, performance and client service. DeAM is a global investment management company geographically divided into three regions -- the Americas, Europe and Asia Pacific, providing the full range of investment management products, research, performance, and global client services across the risk/return spectrum. This is a non-diversified fund. This presents greater risk of loss of principal as the financial conditions or market assessments of such securities change. REIT Investments can be affected by interest rate moves, economic cycles, and tax and regulatory requirements. Past performance is no guarantee of future results. Not FDIC Insured. Not Guaranteed. May Lose Value. No assurance that objectives will be met. Scudder Investments is part of Deutsche Asset Management which is the marketing name in the US for the asset management activities of Deutsche Bank AG, Deutsche Bank Trust Company Americas, Deutsche Asset Management Inc., Deutsche Asset Management Investment Services Ltd., Deutsche Investment Management Americas Inc. and Scudder Trust Company. DATASOURCE: Scudder RREEF Real Estate Fund, Inc. CONTACT: Judith Inosanto, +1-212-326-6947 (Media), or James Beale, 1-800-349-4281 (Investors), both for Scudder RREEF Real Estate Fund, Inc. Web site: http://cef.scudder.com/

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