Scudder RREEF Real Estate Fund II, Inc. (SRO) Declares Monthly Dividends NEW YORK, Jan. 6 /PRNewswire-FirstCall/ -- The Board of Directors of the Scudder RREEF Real Estate Fund II, Inc., (the "Fund"), which trades on the American Stock Exchange under the ticker symbol SRO, declared 3 regular monthly dividends of $0.10 per share for the months of January, February and March. The following dates apply: Ex-Date Record Date Payable Date January 1-14-04 1-16-04 1-30-04 February 2-12-04 2-17-04 2-27-04 March 3-11-04 3-15-04 3-31-04 The current distribution rate represents an annualized yield of 7.81% based on the closing market price of $15.36 on January 5, 2004, and a 7.79% yield on a closing NAV of $15.40 as of the same date. The previous monthly dividend was $0.10 per share. The Fund's initial offering was August 27, 2003. In addition, on November 22, 2003, Scudder RREEF Real Estate Fund II, Inc. completed the issuance of a $350,000,000 leverage facility in the form of auction rate preferred stock. Each series was rated "Aaa" by Moody's and "AAA" by Fitch Ratings. In addition, SRO has to date fixed its cost on 75% of its leverage, helping manage interest rate risk and potentially optimizing the return to shareholders over the long term. After the initial public offering, the underwriters over allotment and the issuance of the preferred shares, the Funds total assets were approximately $958 million (as of 12/31/03). Scudder RREEF Real Estate Fund II, Inc.'s objective is total return through a combination of high current income and capital appreciation potential by investing primarily in real estate securities. 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 II, Inc. CONTACT: Media - Judith Inosanto, +1-212-326-6746, Investors - James Beale, 1-800-349-4281, both for Scudder RREEF Real Estate Fund II, Inc.

Copyright