Cohen & Steers Premium Income Realty Fund, Inc. 757 Third Avenue New York, New York 10017 Cohen & Steers Capital Management, Inc. 757 Third Avenue New York, New York 10017 Dear Sirs: Cohen & Steers Premium Income Realty Fund, Inc. (the "Fund") hereby...

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                                          _____________, 2002

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Dear Sirs:

         ▇▇▇▇▇ & Steers Premium Income Realty Fund, Inc. (the "Fund") hereby
accepts your offer to purchase 7,000 shares at a price of $14.325 per share for
an aggregate purchase price of $100,275. This agreement is subject to the
understanding that you have no present intention of selling or redeeming the
shares so acquired.

                                         Sincerely,

                                         ▇▇▇▇▇ & Steers Premium
                                         Income Realty Fund, Inc.


                                         By:_________________________

Accepted:

▇▇▇▇▇ & Steers Capital Management, Inc.


By:________________________________