Cohen & Steers Closed-End Funds Announce Completion of Mergers

NEW YORK, Dec. 21  /PRNewswire-FirstCall/ -- After the close of business on Friday, December 18, 2009, Cohen & Steers Advantage Income Realty Fund, Inc. (NYSE:RLF) and Cohen & Steers Premium Income Realty Fund, Inc. (NYSE:RPF) merged with and into Cohen & Steers Quality Income Realty Fund, Inc. (NYSE: RQI).

In the mergers, RQI acquired substantially all of the assets and liabilities of RLF and RPF in a tax-free transaction in exchange for an equal aggregate value of newly-issued common shares of RQI. RLF and RPF distributed the common shares (and fractional shares where applicable) of RQI to their respective common stockholders in an amount equal to the aggregate net asset value of RLF and RPF common shares, respectively, as determined at the close of business on December 18, 2009. The net asset value per share of each fund as of December 18, 2009 and the exchange ratios at which common shares of each of RLF and RPF were exchanged for common shares of RQI are set forth below.

                                  NAV per
  Fund                            Share ($)        Exchange Ratio
  ----                            ---------        --------------
  Cohen & Steers Advantage        $7.3103       1.020507 common shares
  Income Realty Fund, Inc.                       per RLF common share

  Cohen & Steers Premium          $6.7089       0.936552 common shares
  Income Realty Fund, Inc.                       per RPF common share

  Cohen & Steers Quality
  Income Realty Fund, Inc.        $7.1634                N/A




Common stockholders of RLF and RPF will receive a statement showing the number of RQI shares that they own as a result of each merger. In addition, the frequency and manner in which stockholders of RLF and RPF received their dividend payments will remain the same as stockholders of RQI. More information is available at cohenandsteers.com.

About Cohen & Steers

Cohen & Steers is a manager of income-oriented equity portfolios specializing in U.S. and international real estate securities, large cap value stocks, listed infrastructure and utilities, and preferred securities. The company also manages alternative investment strategies such as hedged real estate securities portfolios and private real estate multi-manager strategies for qualified investors. Headquartered in New York City, with offices in London, Brussels, Hong Kong and Seattle, Cohen & Steers serves individual and institutional investors through a broad range of investment vehicles. 

DATASOURCE: Cohen & Steers



CONTACT:  Francis C. Poli, Executive Vice President, General Counsel,

Cohen & Steers, Inc., [phone]



Web Site:  http://www.cohenandsteers.com/ 

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