Strategic Changes Proposed for Dividend Capital Closed-End Funds

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Dividend Capital Investments, the investment advisor to the Dividend Capital Realty Income Allocation Fund (NYSE: DCA) and Dividend Capital Global Realty Exposure Fund (NYSE: DCW), announced today that it has proposed a series of strategic changes for the two closed-end funds.

Dividend Capital Investments, the investment advisor to the Dividend Capital Realty Income Allocation Fund (NYSE: DCA) and Dividend Capital Global Realty Exposure Fund (NYSE: DCW), announced today that it has proposed a series of strategic changes for the two closed-end funds. The Boards of Trustees for both Funds have approved the proposed changes and recommend shareholders approve Calamos Advisors LLC to serve as the Funds' sub-advisor for the non-real estate portion of the Funds' assets. An upcoming proxy statement will provide greater details on the changes and matters to be voted upon by shareholders.

Both the Dividend Capital Realty Income Allocation Fund and Dividend Capital Global Realty Exposure Fund intend to change their investment objective to total return from a primary objective of high current income and secondary objective of capital appreciation. In addition, the Funds will no longer be required to invest at least 80% of their managed assets in real estate securities or have any specific limitation on investment in U.S. or non-U.S. companies, thereby permitting investment in a broader universe of securities and industries. As part of this new focus, Dividend Capital Realty Income Allocation Fund will change its name to DCA Total Return Fund, while retaining its NYSE ticker symbol of DCA. Dividend Capital Global Realty Exposure Fund will change its name to DCW Total Return Fund, while retaining its NYSE ticker symbol of DCW. Finally, both funds will move from a monthly to a quarterly dividend distribution schedule. For the first quarter of 2009, DCA is declaring a quarterly distribution of $0.095 per share, and DCW is declaring a quarterly distribution of $0.12 per share. The dividends are payable on April 15, 2009 to shareholders of record on March 27, 2009.

Dividend Capital Investments also announced that it will be hosting a public conference call at 4:15 EST on January 13, 2009 to discuss the proposed strategic changes. The conference call may be accessed by dialing 888.217.4032 and referencing ID # 80649658. Additional information about the Funds can be found at http://www.dividendcapital.com.

Dividend Capital Investments is a registered investment advisor specializing in the management of real estate securities portfolios for individual and institutional investors.

Forward Looking Statements
This press release may include statements that constitute "forward-looking statements" under the United States securities laws. Forward-looking statements include information concerning possible or assumed future performance, asset levels, earnings, liquidity, cash flow, industry or market conditions, regulatory developments, market interest in the fund and other aspects of the fund's operations or general economic conditions. In addition, when used in this press release, words such as "believes," "expects," "anticipates," "intends," "plans," "estimates," "projects" and future or conditional verbs such as "may," "could," "should" and "would," or any other statement that necessarily depends on future events, are intended to identify forward-looking statements.
Forward looking statements are not guarantees of performance. They involve risks, uncertainties and assumptions. Although the fund and Dividend Capital Investments make such statements based on assumptions believed to be reasonable, there can be no assurance that actual results or actions will not differ materially from expectations. Investors must not rely unduly on any forward-looking statements. The fund and Dividend Capital Investments do not intend, and undertake no duty, to update this information to reflect future events or circumstances.

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