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...

                 Xxxxx & Steers Premium Income Realty Fund, Inc.
                                000 Xxxxx Xxxxxx
                            Xxx Xxxx, Xxx Xxxx 00000


                                          _____________, 2002

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

Dear Sirs:

         Xxxxx & 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,

                                         Xxxxx & Steers Premium
                                         Income Realty Fund, Inc.


                                         By:_________________________

Accepted:

Xxxxx & Steers Capital Management, Inc.


By:________________________________