NEW YORK, June 30 /PRNewswire/ -- The boards of directors of Cohen & Steers Advantage Income Realty Fund, Inc. ('RLF'), Cohen & Steers Worldwide Realty Income Fund, Inc. ('RWF'), Cohen and Steers Premium Income Realty Fund, Inc. ('RPF') and Cohen & Steers Quality Income Realty Fund, Inc. ('RQI') have approved mergers, subject to approval by the relevant funds' shareholders, in which each of RLF, RWF and RPF would merge with and into RQI. Shareholders of RLF, RWF and RPF will become shareholders of RQI, and will not recognize a gain or loss for federal income tax purposes as a result of the mergers.

In approving the mergers, the directors considered, among other things, each fund's investment objectives, net asset value and stock price performance, income-generating strategy and expenses, and potential cost savings based on operational efficiencies. The mergers will permit fund shareholders to pursue substantially similar investment objectives in a larger fund that has similar investment policies and anticipated lower expenses.

RLF, RWF, RPF and RQI shareholders will be asked to vote to approve the merger of their fund at a special meeting to be held on October 22, 2009. The mergers, if approved, are expected to occur in the fourth quarter of 2009. More information will be contained in the proxy materials RLF, RWF, RPF and RQI will mail to their shareholders.

Additional Information About the Proposed Mergers and Where to Find It

This press release is not intended to, and shall not, constitute an offer to purchase or sell shares of any of the funds; nor is this press release intended to solicit a proxy from any shareholder of any of the funds. The solicitation of the purchase or sale of securities or of proxies to effect each merger may only be made by a final, effective Registration Statement, which will include a definitive Combined Proxy Statement/Prospectus, after the Registration Statement is declared effective by the Securities and Exchange Commission ('SEC').

This Registration Statement has yet to be filed with the SEC. Once it is, it may be amended or withdrawn and the Combined Proxy Statement/Prospectus will not be distributed to shareholders of the funds unless and until the Registration Statement is declared effective by the SEC.

The funds and their respective directors and officers, and Cohen & Steers, and its shareholders, officers and employees and other persons may be deemed to be participants in the solicitation of proxies with respect to these proposed mergers.