January 5, 2000 Cohen & Steers Capital Management, Inc. 757 Third Avenue New York, New York 10017 Dear Sirs: Cohen & Steers Institutional Realty Shares, Inc. (the "Fund") hereby accepts your offer to purchase 4,000 shares at a price of $25.00 per...

                Xxxxx & Steers Institutional Realty Shares, Inc.
                                000 Xxxxx Xxxxxx
                            Xxx Xxxx, Xxx Xxxx 00000

                                                     January 5, 2000

Xxxxx & Steers Capital Management, Inc.
000 Xxxxx Xxxxxx
Xxx Xxxx, Xxx Xxxx  00000

Dear Sirs:

         Xxxxx & Steers Institutional Realty Shares, Inc. (the "Fund") hereby
accepts your offer to purchase 4,000 shares at a price of $25.00 per share for
an aggregate purchase price of $100,000. This agreement is subject to the
understanding that you have no present intention of selling or redeeming the
shares so acquired.

                                           Sincerely,

                                           Xxxxx & Steers Institutional Realty
                                           Shares, Inc.

                                           By:
                                               -------------------------------

Accepted:

Xxxxx & Steers Capital Management, Inc.

By:
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