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<SEC-DOCUMENT>0000950117-06-001298.txt : 20060317
<SEC-HEADER>0000950117-06-001298.hdr.sgml : 20060317
<ACCEPTANCE-DATETIME>20060317113742
ACCESSION NUMBER:		0000950117-06-001298
CONFORMED SUBMISSION TYPE:	DEF 14A
PUBLIC DOCUMENT COUNT:		2
CONFORMED PERIOD OF REPORT:	20060427
FILED AS OF DATE:		20060317
DATE AS OF CHANGE:		20060317
EFFECTIVENESS DATE:		20060317

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			COHEN & STEERS REIT & PREFERRED INCOME FUND INC
		CENTRAL INDEX KEY:			0001224450
		IRS NUMBER:				000000000
		STATE OF INCORPORATION:			MD
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		DEF 14A
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	811-21326
		FILM NUMBER:		06694557

	BUSINESS ADDRESS:	
		STREET 1:		280 PARK AVENUE
		STREET 2:		10TH FLOOR
		CITY:			NEW YORK
		STATE:			NY
		ZIP:			10017
		BUSINESS PHONE:		2128323232

	MAIL ADDRESS:	
		STREET 1:		280 PARK AVENUE
		STREET 2:		10TH FLOOR
		CITY:			NEW YORK
		STATE:			NY
		ZIP:			10017

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	COHEN & STEERS REIT & PREFERRED BALANCED INCOME FUND INC
		DATE OF NAME CHANGE:	20030325
</SEC-HEADER>
<DOCUMENT>
<TYPE>DEF 14A
<SEQUENCE>1
<FILENAME>a41174.htm
<DESCRIPTION>COHEN & STEERS REIT AND PREFRD. INCOME FUND, INC.
<TEXT>
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<meta name="creation date" content="Thu, 16 Mar 2006 08:00:57">
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<p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><B><font SIZE=3>UNITED STATES</font></B></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><B><font SIZE=3>SECURITIES AND EXCHANGE COMMISSION</font></B></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><B><font SIZE=2>WASHINGTON, DC 20549</font></B></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=1>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><B><font SIZE=5>SCHEDULE 14A</font></B></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><b><font size=2>(Rule</font></b><font size=2>&nbsp;</font><b><font size=2>14a-101)</font></b></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><B><font SIZE=2>INFORMATION REQUIRED IN PROXY STATEMENT</font></B></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=1>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><B><font SIZE=2>SCHEDULE 14A INFORMATION</font></B></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=1>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><b><font size=2>Proxy Statement Pursuant to Section</font></b><font size=2>&nbsp;</font><b><font size=2>14(a) of the Securities</font></b></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><b><font size=2>Exchange Act of 1934</font></b></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><font size=2>&nbsp;</font></p>


<table border="0" cellspacing=0 cellpadding=0 width="99%" style='margin-left:.4pt;border-collapse:collapse'>
  <tr >
    <td  colspan="3" valign=top > <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>Filed
        by the Registrant <font face="Wingdings">&#254;</font></font></p></td>
    <td width="13%" valign=bottom > <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>&nbsp;</font></p></td>
    <td width="1%" valign=top > <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>&nbsp;</font></p></td>
    <td width="1%" valign=bottom > <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>&nbsp;</font></p></td>
    <td width="39%" valign=top > <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>&nbsp;</font></p></td>
  </tr>
  <tr >
    <td  colspan="3" valign=top > <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>Filed
        by a Party other than the Registrant <font face="Wingdings 2">&#163;</font></font></p></td>
    <td width="13%" valign=bottom > <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>&nbsp;</font></p></td>
    <td width="1%" valign=top > <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>&nbsp;</font></p></td>
    <td width="1%" valign=bottom > <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>&nbsp;</font></p></td>
    <td width="39%" valign=top > <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p></td>
  </tr>
  <tr >
    <td width="1%" valign=top > <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>&nbsp;</font></p></td>
    <td width="1%" valign=bottom > <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>&nbsp;</font></p></td>
    <td width="39%" valign=top > <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>&nbsp;</font></p></td>
    <td width="13%" valign=bottom > <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>&nbsp;</font></p></td>
    <td width="1%" valign=top > <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>&nbsp;</font></p></td>
    <td width="1%" valign=bottom > <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>&nbsp;</font></p></td>
    <td width="39%" valign=top > <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>&nbsp;</font></p></td>
  </tr>
  <tr >
    <td  colspan="3" valign=top > <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>Check
        the appropriate box:</font></p></td>
    <td width="13%" valign=bottom > <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>&nbsp;</font></p></td>
    <td width="1%" valign=top > <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>&nbsp;</font></p></td>
    <td width="1%" valign=bottom > <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>&nbsp;</font></p></td>
    <td width="39%" valign=top > <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>&nbsp;</font></p></td>
  </tr>
  <tr >
    <td width="1%" valign=top > <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>&nbsp;</font></p></td>
    <td width="1%" valign=bottom > <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>&nbsp;</font></p></td>
    <td width="39%" valign=top > <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>&nbsp;</font></p></td>
    <td width="13%" valign=bottom > <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>&nbsp;</font></p></td>
    <td width="1%" valign=top > <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>&nbsp;</font></p></td>
    <td width="1%" valign=bottom > <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>&nbsp;</font></p></td>
    <td width="39%" valign=top > <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>&nbsp;</font></p></td>
  </tr>
  <tr >
    <td width="1%" valign=top > <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2><font face="Wingdings 2">&#163;</font></font></p></td>
    <td width="1%" valign=bottom > <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>&nbsp;</font></p></td>
    <td width="39%" valign=top > <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>Preliminary
        Proxy Statement</font></p></td>
    <td width="13%" valign=bottom > <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>&nbsp;</font></p></td>
    <td width="1%" valign=top > <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2><font face="Wingdings 2">&#163;</font></font></p></td>
    <td width="1%" valign=bottom > <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>&nbsp;</font></p></td>
    <td width="39%" valign=top > <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>Confidential,
        for Use of the Commission Only</font></p></td>
  </tr>
  <tr >
    <td width="1%" valign=top > <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2><font face="Wingdings">&#254;</font></font></p></td>
    <td width="1%" valign=bottom > <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>&nbsp;</font></p></td>
    <td width="39%" valign=top > <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>Definitive
        Proxy Statement</font></p></td>
    <td width="13%" valign=bottom > <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>&nbsp;</font></p></td>
    <td width="1%" valign=top > <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>&nbsp;</font></p></td>
    <td width="1%" valign=bottom > <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>&nbsp;</font></p></td>
    <td width="39%" valign=top > <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>(as
        permitted by Rule&nbsp;14a-6(e)(2))</font></p></td>
  </tr>
  <tr >
    <td width="1%" valign=top > <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2><font face="Wingdings 2">&#163;</font></font></p></td>
    <td width="1%" valign=bottom > <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>&nbsp;</font></p></td>
    <td width="39%" valign=top > <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>Definitive
        Additional Materials</font></p></td>
    <td width="13%" valign=bottom > <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>&nbsp;</font></p></td>
    <td width="1%" valign=top > <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>&nbsp;</font></p></td>
    <td width="1%" valign=bottom > <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>&nbsp;</font></p></td>
    <td width="39%" valign=top > <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>&nbsp;</font></p></td>
  </tr>
  <tr >
    <td width="1%" valign=top > <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2><font face="Wingdings 2">&#163;</font></font></p></td>
    <td width="1%" valign=bottom > <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>&nbsp;</font></p></td>
    <td width="39%" valign=top > <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>Soliciting
        Material Pursuant to &sect; 240.14a-12</font></p></td>
    <td width="13%" valign=bottom > <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>&nbsp;</font></p></td>
    <td width="1%" valign=top > <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>&nbsp;</font></p></td>
    <td width="1%" valign=bottom > <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>&nbsp;</font></p></td>
    <td width="39%" valign=top > <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>&nbsp;</font></p></td>
  </tr>
</table>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><b><font size=6>&nbsp;</font></b></p>


<p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><b><font size=6>COHEN & STEERS REIT&nbsp;AND&nbsp;PREFERRED&nbsp;INCOME&nbsp;FUND,&nbsp;INC.</font></b></p>




<p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><font size=2>(Name of Registrant as Specified in its Charter)</font></p>




<p style=' margin-bottom:0pt; margin-top:12pt;text-align:center;'><font size=2>(Name of Person(s) Filing Proxy Statement, if other than the Registrant)</font></p>


<table width="100%" border="0" cellpadding=0 cellspacing=0 style='margin-left:.4pt;border-collapse:collapse'>
  <tr >
    <td width="4%" valign=bottom > <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>&nbsp;</font></p></td>
    <td width="1%" valign=bottom > <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>&nbsp;</font></p></td>
    <td  colspan="5" valign=bottom > <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>&nbsp;</font></p></td>
  </tr>
  <tr >
    <td  colspan="7" valign=top > <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>Payment
        of filing fee (Check the appropriate box):</font></p></td>
  </tr>
  <tr >
    <td valign=top >&nbsp;</td>
    <td valign=bottom >&nbsp;</td>
    <td  colspan="5" valign=top >&nbsp;</td>
  </tr>
  <tr >
    <td valign=top > <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2><font face="Wingdings">&#254;</font></font></p></td>
    <td valign=bottom > <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>&nbsp;</font></p></td>
    <td  colspan="5" valign=top > <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>No
        fee required.</font></p></td>
  </tr>
  <tr >
    <td valign=top >&nbsp;</td>
    <td valign=bottom >&nbsp;</td>
    <td  colspan="5" valign=top >&nbsp;</td>
  </tr>
  <tr >
    <td valign=top > <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2><font face="Wingdings 2">&#163;</font></font></p></td>
    <td valign=bottom > <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>&nbsp;</font></p></td>
    <td  colspan="5" valign=top > <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>Fee
        computed on table below per Exchange Act Rules&nbsp;14a-6(i)(1) and 0-11.</font></p></td>
  </tr>
  <tr >
    <td  colspan="3" valign=bottom > <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>&nbsp;</font></p></td>
    <td width="1%" valign=bottom > <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>&nbsp;</font></p></td>
    <td width="1%" valign=bottom > <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>&nbsp;</font></p></td>
    <td width="1%" valign=bottom > <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>&nbsp;</font></p></td>
    <td valign=bottom > <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>&nbsp;</font></p></td>
  </tr>
  <tr >
    <td  colspan="3" valign=top > <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p></td>
    <td valign=top > <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>(1</font></p></td>
    <td valign=top > <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>)</font></p></td>
    <td valign=bottom > <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>&nbsp;</font></p></td>
    <td valign=top > <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>Title
        of each class of securities to which transactions applies:</font></p></td>
  </tr>
  <tr >
    <td  colspan="3" valign=top > <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>&nbsp;</font></p></td>
    <td valign=top > <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>&nbsp;</font></p></td>
    <td valign=top > <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>&nbsp;</font></p></td>
    <td valign=bottom > <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>&nbsp;</font></p></td>
    <td valign=top > <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>&nbsp;</font></p></td>
  </tr>
  <tr >
    <td  colspan="3" valign=top > <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p></td>
    <td valign=top > <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>(2</font></p></td>
    <td valign=top > <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>)</font></p></td>
    <td valign=bottom > <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>&nbsp;</font></p></td>
    <td valign=top > <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>Aggregate
        number of securities to which transactions applies:</font></p></td>
  </tr>
  <tr >
    <td  colspan="3" valign=top > <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>&nbsp;</font></p></td>
    <td valign=top > <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>&nbsp;</font></p></td>
    <td valign=top > <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>&nbsp;</font></p></td>
    <td valign=bottom > <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>&nbsp;</font></p></td>
    <td valign=top > <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>&nbsp;</font></p></td>
  </tr>
  <tr >
    <td  colspan="3" valign=top > <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p></td>
    <td valign=top > <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>(3</font></p></td>
    <td valign=top > <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>)</font></p></td>
    <td valign=bottom > <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>&nbsp;</font></p></td>
    <td valign=top > <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>Per
        unit price or other underlying value of transaction computed pursuant
        to Exchange Act Rule&nbsp;0-11(set forth the amount on which the filing
        fee is calculated and state how it was determined):</font></p></td>
  </tr>
  <tr >
    <td  colspan="3" valign=top > <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>&nbsp;</font></p></td>
    <td valign=top > <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>&nbsp;</font></p></td>
    <td valign=top > <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>&nbsp;</font></p></td>
    <td valign=bottom > <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>&nbsp;</font></p></td>
    <td valign=top > <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>&nbsp;</font></p></td>
  </tr>
  <tr >
    <td  colspan="3" valign=top > <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p></td>
    <td valign=top > <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>(4</font></p></td>
    <td valign=top > <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>)</font></p></td>
    <td valign=bottom > <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>&nbsp;</font></p></td>
    <td valign=top > <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>Proposed
        maximum aggregate value of transaction:</font></p></td>
  </tr>
  <tr >
    <td  colspan="3" valign=top > <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>&nbsp;</font></p></td>
    <td valign=top > <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>&nbsp;</font></p></td>
    <td valign=top > <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>&nbsp;</font></p></td>
    <td valign=bottom > <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>&nbsp;</font></p></td>
    <td valign=top > <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>&nbsp;</font></p></td>
  </tr>
  <tr >
    <td  colspan="3" valign=top > <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p></td>
    <td valign=top > <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>(5</font></p></td>
    <td valign=top > <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>)</font></p></td>
    <td valign=bottom > <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>&nbsp;</font></p></td>
    <td valign=top > <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>Total
        fee paid:</font></p></td>
  </tr>
  <tr >
    <td  colspan="3" valign=top > <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>&nbsp;</font></p></td>
    <td valign=top > <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>&nbsp;</font></p></td>
    <td valign=top > <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>&nbsp;</font></p></td>
    <td valign=bottom > <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>&nbsp;</font></p></td>
    <td valign=top > <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>&nbsp;</font></p></td>
  </tr>
  <tr >
    <td valign=top > <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2><font face="Wingdings 2">&#163;</font></font></p></td>
    <td valign=top>&nbsp;</td>
    <td  colspan="5" valign=top><font size=2>Fee paid previously with preliminary
      materials.</font></td>
  </tr>
  <tr >
    <td  colspan="3" valign=top > <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>&nbsp;</font></p></td>
    <td valign=top > <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>&nbsp;</font></p></td>
    <td valign=top > <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>&nbsp;</font></p></td>
    <td valign=bottom > <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>&nbsp;</font></p></td>
    <td valign=top > <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>&nbsp;</font></p></td>
  </tr>
  <tr >
    <td valign=top > <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2><font face="Wingdings 2">&#163;</font></font></p></td>
    <td valign=top>&nbsp;</td>
    <td  colspan="5" valign=top><font size=2>Check box if any part of the fee
      is offset as provided by Exchange Act Rule&nbsp;0-11(a)(2) and identify
      the filing for which the offsetting fee was paid previously. Identify the
      previous filing by registration statement number, or the Form or Schedule
      and the date of its filing.</font></td>
  </tr>
  <tr >
    <td  colspan="3" valign=top > <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>&nbsp;</font></p></td>
    <td valign=top > <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>&nbsp;</font></p></td>
    <td valign=top > <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>&nbsp;</font></p></td>
    <td valign=bottom > <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>&nbsp;</font></p></td>
    <td valign=top > <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>&nbsp;</font></p></td>
  </tr>
  <tr >
    <td valign=top>&nbsp;</td>
    <td valign=top>&nbsp;</td>
    <td valign=top>&nbsp;</td>
    <td valign=top > <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>(1</font></p></td>
    <td valign=top > <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>)</font></p></td>
    <td valign=top>&nbsp;</td>
    <td valign=top><font size=2>Amount previously paid:</font></td>
  </tr>
  <tr >
    <td  colspan="3" valign=top > <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>&nbsp;</font></p></td>
    <td valign=top > <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>&nbsp;</font></p></td>
    <td valign=top > <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>&nbsp;</font></p></td>
    <td valign=bottom > <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>&nbsp;</font></p></td>
    <td valign=top > <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>&nbsp;</font></p></td>
  </tr>
  <tr >
    <td valign=top>&nbsp;</td>
    <td valign=top>&nbsp;</td>
    <td valign=top>&nbsp;</td>
    <td valign=top > <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>(2</font></p></td>
    <td valign=top > <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>)</font></p></td>
    <td valign=top>&nbsp;</td>
    <td valign=top><font size=2>Form, schedule or registration statement no.:</font></td>
  </tr>
  <tr >
    <td  colspan="3" valign=top > <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>&nbsp;</font></p></td>
    <td valign=top > <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>&nbsp;</font></p></td>
    <td valign=top > <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>&nbsp;</font></p></td>
    <td valign=bottom > <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>&nbsp;</font></p></td>
    <td valign=top > <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>&nbsp;</font></p></td>
  </tr>
  <tr >
    <td valign=top>&nbsp;</td>
    <td valign=top>&nbsp;</td>
    <td valign=top>&nbsp;</td>
    <td valign=top><font size=2>(3</font></td>
    <td valign=top > <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>)</font></p></td>
    <td valign=top>&nbsp;</td>
    <td valign=top><font size=2>Filing party:</font></td>
  </tr>
  <tr >
    <td  colspan="3" valign=top > <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>&nbsp;</font></p></td>
    <td valign=top > <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>&nbsp;</font></p></td>
    <td valign=top > <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>&nbsp;</font></p></td>
    <td valign=bottom > <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>&nbsp;</font></p></td>
    <td valign=top > <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>&nbsp;</font></p></td>
  </tr>
  <tr >
    <td valign=top>&nbsp;</td>
    <td valign=top>&nbsp;</td>
    <td valign=top>&nbsp;</td>
    <td valign=top><font size="2">(4</font></td>
    <td valign=top > <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>)</font></p></td>
    <td valign=top>&nbsp;</td>
    <td valign=top><font size=2>Date filed:</font></td>
  </tr>
  <tr>
    <td ></td>
    <td ></td>
    <td ></td>
    <td ></td>
    <td ></td>
    <td ></td>
    <td ></td>
  </tr>
</table>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>
<br>

<br>
<hr color=#000000 noshade>
<p style="page-break-before: always">
<PAGE>


<p align=center><b><font color=#000000>COHEN &amp; STEERS REIT AND PREFERRED<br>
INCOME FUND, INC.<br>
</font><font color=#000000>280 Park Avenue, New York, New York 10017<br>
(212) 832-3232</font></b></p>
<div align=center>
<p><b><font color=#000000><hr color=#000000 noshade align=center width=96 size=0></font></b></p>
</div>
<p align=center><b><font color=#000000>NOTICE OF ANNUAL MEETING OF STOCKHOLDERS<br>
</font><font color=#000000>April 27, 2006</font></b></p>
<div align=center>
<p><b><font color=#000000><hr color=#000000 noshade align=center width=96 size=0></font></b></p>
</div>
<p align=left><font color=#000000>To the Stockholders of<br>
</font><font color=#000000>C</font><font color=#000000><small>OHEN</small></font><font color=#000000> &amp; S</font><font color=#000000><small>TEERS</small></font><font color=#000000> REIT </font><font color=#000000><small>AND</small></font><font color=#000000> P</font><font color=#000000><small>REFERRED</small></font><font color=#000000> I</font><font color=#000000><small>NCOME</small></font><font color=#000000> F</font><font color=#000000><small>UND</small></font><font color=#000000>, I</font><font color=#000000><small>NC</small></font><font color=#000000>.:</font></p>
<p align=left>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<font color=#000000>N</font><font color=#000000><small>OTICE</small></font><font color=#000000> </font><font color=#000000><small>IS</small></font><font color=#000000> </font><font color=#000000><small>HEREBY</small></font><font color=#000000> </font><font color=#000000><small>GIVEN</small></font><font color=#000000> that the Annual Meeting of Stockholders (the &ldquo;Meeting&rdquo;) of Cohen &amp; Steers REIT and Preferred Income Fund, Inc. (the &ldquo;Fund&rdquo;) will be held at the offices of the Fund, 280 Park Avenue, 10th Floor, New York, New York 10017, on April&nbsp;27, 2006 at 10:00 a.m. New York City time, for the following purposes, all of which are more fully described in the accompanying Proxy Statement dated March&nbsp;17, 2006:</font></p>
<p align=left><table><tr>
<td>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</td>
<td>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<font color=#000000>1.&nbsp;To elect three Directors of the Fund, to hold office for a term of three years, and until their successors are duly elected and qualified; and</font></td></tr>
</table>
</p>
<p align=left><table><tr>
<td>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</td>
<td>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<font color=#000000>2.&nbsp;To transact such other business as may properly come before the Meeting or any adjournment thereof.</font></td></tr>
</table>
</p>
<p align=left>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<font color=#000000>The holders of the Fund&#39;s Taxable Auction Market Preferred Shares have equal voting rights with the holders of the Fund&#39;s common stock (</font><i><font color=#000000>i.e.</font></i><font color=#000000>, one vote per share), and will vote together with the holders of common stock as a single class on the proposal to elect George Grossman, Robert H. Steers and C.&nbsp;Edward Ward, Jr. as Directors and other business that may properly come before the Meeting (see &ldquo;Proposal One: Election of Directors&rdquo;).</font></p>
<p align=left>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<font color=#000000>The Directors have fixed the close of business on March&nbsp;9, 2006 as the record date for the determination of stockholders entitled to notice of and to vote at the Meeting or any adjournment thereof. The enclosed proxy is being solicited on behalf of the Directors.</font></p>
<table width=100% cellpadding=0 cellspacing=0 border=0><tr bgcolor=#FFFFFF>
<td align=left valign=bottom><font color=#000000>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></td>
<td align=left valign=top nowrap>&nbsp;&nbsp;&nbsp;&nbsp;</td>
<td align=left valign=top><font color=#000000>By order of the Board of Directors,</font></td></tr>
<tr bgcolor=#FFFFFF>
<td bgcolor=#FFFFFF>&nbsp;</td>
<td align=left valign=top nowrap>&nbsp;&nbsp;&nbsp;&nbsp;</td>
<td align=left valign=top><font color=#000000><img SRC=cohenstollersig.jpg></font></td></tr>
<tr bgcolor=#FFFFFF>
<td bgcolor=#FFFFFF>&nbsp;</td>
<td align=left valign=top nowrap>&nbsp;&nbsp;&nbsp;&nbsp;</td>
<td align=left valign=top><font color=#000000>L</font><font color=#000000><small>AWRENCE</small></font><font color=#000000> B. S</font><font color=#000000><small>TOLLER</small></font></td></tr>
<tr bgcolor=#FFFFFF>
<td bgcolor=#FFFFFF>&nbsp;</td>
<td align=left valign=top nowrap>&nbsp;&nbsp;&nbsp;&nbsp;</td>
<td align=left valign=top><i><font color=#000000>Secretary</font></i></td></tr>
</table>
<p align=left><font color=#000000>New York, New York<br>
March 17, 2006</font></p>
<p align=center><b><font color=#000000>YOUR VOTE IS IMPORTANT</font></b></p>
<p align=left>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<b><font color=#000000>Please indicate your voting instructions on the enclosed Proxy Card, sign and date it, and return it in the envelope provided, which needs no postage if mailed in the United States. In order to save the Fund any additional expense of further solicitation, please mail your proxy promptly.</font></b></p>
<p><hr color=#000000 noshade></p>
<p style="page-break-before: always">
<PAGE>
<p align=center><b><font color=#000000>PROXY STATEMENT<br>
</font><font color=#000000>TABLE OF CONTENTS</font></b></p>
<table width=100% cellpadding=0 cellspacing=0 border=0><tr bgcolor=#FFFFFF>
<td bgcolor=#FFFFFF>&nbsp;</td>
<td bgcolor=#FFFFFF>&nbsp;</td>
<td align=center valign=bottom colspan=3><b><font color=#000000><small>Page<br>
<hr color=#000000 noshade size=1></small></font></b></td></tr>
<tr bgcolor=#FFFFFF>
<td align=left valign=bottom><p style='margin-left:1em;text-indent:-1em;'><font color=#000000><a href='#Introduction'>Introduction</a></font></p></td>
<td align=right valign=bottom nowrap>&nbsp;&nbsp;&nbsp;&nbsp;</td>
<td bgcolor=#FFFFFF>&nbsp;</td>
<td align=right valign=bottom><font color=#000000>1</font></td>
<td bgcolor=#FFFFFF>&nbsp;</td></tr>
<tr bgcolor=#FFFFFF>
<td align=left valign=bottom><p style='margin-left:1em;text-indent:-1em;'><font color=#000000><a href='#Proposal'>Proposal One: Election of Directors</a></font></p></td>
<td align=right valign=bottom nowrap>&nbsp;&nbsp;&nbsp;&nbsp;</td>
<td bgcolor=#FFFFFF>&nbsp;</td>
<td align=right valign=bottom><font color=#000000>2</font></td>
<td bgcolor=#FFFFFF>&nbsp;</td></tr>
<tr bgcolor=#FFFFFF>
<td align=left valign=bottom><p style='margin-left:1em;text-indent:-1em;'><font color=#000000><a href='#Independent'>Independent Registered Public Accounting Firm</a></font></p></td>
<td align=right valign=bottom nowrap>&nbsp;&nbsp;&nbsp;&nbsp;</td>
<td bgcolor=#FFFFFF>&nbsp;</td>
<td align=right valign=bottom><font color=#000000>8</font></td>
<td bgcolor=#FFFFFF>&nbsp;</td></tr>
<tr bgcolor=#FFFFFF>
<td align=left valign=bottom><p style='margin-left:1em;text-indent:-1em;'><font color=#000000><a href='#Fees'>Fees Paid to PricewaterhouseCoopers LLP</a></font></p></td>
<td align=right valign=bottom nowrap>&nbsp;&nbsp;&nbsp;&nbsp;</td>
<td bgcolor=#FFFFFF>&nbsp;</td>
<td align=right valign=bottom><font color=#000000>8</font></td>
<td bgcolor=#FFFFFF>&nbsp;</td></tr>
<tr bgcolor=#FFFFFF>
<td align=left valign=bottom><p style='margin-left:1em;text-indent:-1em;'><font color=#000000><a href='#Certain'>Certain Information Regarding the Investment Manager and the Administrator</a></font></p></td>
<td align=right valign=bottom nowrap>&nbsp;&nbsp;&nbsp;&nbsp;</td>
<td bgcolor=#FFFFFF>&nbsp;</td>
<td align=right valign=bottom><font color=#000000>9</font></td>
<td bgcolor=#FFFFFF>&nbsp;</td></tr>
<tr bgcolor=#FFFFFF>
<td align=left valign=bottom><p style='margin-left:1em;text-indent:-1em;'><font color=#000000><a href='#Officers'>Officers of the Fund</a></font></p></td>
<td align=right valign=bottom nowrap>&nbsp;&nbsp;&nbsp;&nbsp;</td>
<td bgcolor=#FFFFFF>&nbsp;</td>
<td align=right valign=bottom><font color=#000000>9</font></td>
<td bgcolor=#FFFFFF>&nbsp;</td></tr>
<tr bgcolor=#FFFFFF>
<td align=left valign=bottom><p style='margin-left:1em;text-indent:-1em;'><font color=#000000><a href='#Submission'>Submission of Proposals for the Next Annual Meeting of Stockholders</a></font></p></td>
<td align=right valign=bottom nowrap>&nbsp;&nbsp;&nbsp;&nbsp;</td>
<td bgcolor=#FFFFFF>&nbsp;</td>
<td align=right valign=bottom><font color=#000000>10</font></td>
<td bgcolor=#FFFFFF>&nbsp;</td></tr>
<tr bgcolor=#FFFFFF>
<td align=left valign=bottom><p style='margin-left:1em;text-indent:-1em;'><font color=#000000><a href='#Stockholder'>Stockholder Communications</a></font></p></td>
<td align=right valign=bottom nowrap>&nbsp;&nbsp;&nbsp;&nbsp;</td>
<td bgcolor=#FFFFFF>&nbsp;</td>
<td align=right valign=bottom><font color=#000000>10</font></td>
<td bgcolor=#FFFFFF>&nbsp;</td></tr>
<tr bgcolor=#FFFFFF>
<td align=left valign=bottom><p style='margin-left:1em;text-indent:-1em;'><font color=#000000><a href='#Other'>Other Matters</a></font></p></td>
<td align=right valign=bottom nowrap>&nbsp;&nbsp;&nbsp;&nbsp;</td>
<td bgcolor=#FFFFFF>&nbsp;</td>
<td align=right valign=bottom><font color=#000000>11</font></td>
<td bgcolor=#FFFFFF>&nbsp;</td></tr>
<tr bgcolor=#FFFFFF>
<td align=left valign=bottom><p style='margin-left:1em;text-indent:-1em;'><font color=#000000><a href='#Votes'>Votes Required</a></font></p></td>
<td align=right valign=bottom nowrap>&nbsp;&nbsp;&nbsp;&nbsp;</td>
<td bgcolor=#FFFFFF>&nbsp;</td>
<td align=right valign=bottom><font color=#000000>11</font></td>
<td bgcolor=#FFFFFF>&nbsp;</td></tr>
</table>
<p align=center>i</p>
<p><hr color=#000000 noshade></p>
<p style="page-break-before: always">
<PAGE>
<p align=center><b><font color=#000000>PROXY STATEMENT<br>
</font><font color=#000000>COHEN &amp; STEERS REIT AND PREFERRED<br>
INCOME FUND, INC.<br>
</font><font color=#000000>280 Park Avenue<br>
New York, New York 10017<br>
(212) 832-3232</font></b></p>
<div align=center>
<p><b><font color=#000000><hr color=#000000 noshade align=center width=96 size=0></font></b></p>
</div>
<p align=center><b><font color=#000000>ANNUAL MEETING OF STOCKHOLDERS<br>
</font><font color=#000000>April 27, 2006</font></b></p>
<div align=center>
<p><b><font color=#000000><hr color=#000000 noshade align=center width=96 size=0></font></b></p>
</div>
<p align=center><b><font color=#000000><a name='#Introduction'>INTRODUCTION</a></font></b></p>
<p align=left>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<font color=#000000>This Proxy Statement is furnished in connection with the solicitation of proxies on behalf of the Board of Directors of Cohen &amp; Steers REIT and Preferred Income Fund, Inc., a Maryland corporation (the &ldquo;Fund&rdquo;), to be voted at the Annual Meeting of Stockholders of the Fund, to be held at the offices of the Fund, 280 Park Avenue, 10th Floor, New York, New York 10017, on April&nbsp;27, 2006 at 10:00 a.m. New York City time, and at any adjournments thereof (collectively, the &ldquo;Meeting&rdquo;). The solicitation will be by mail and the cost (including printing and mailing this Proxy Statement, meeting notice and form of proxy, as well as any necessary supplementary solicitation) will be borne by the Fund pursuant to the terms of its investment management agreement. In addition to soliciting proxies by mail,
the Fund&#39;s officers or employees of the Fund&#39;s investment manager may solicit proxies by telephone. The Notice of Meeting, Proxy Statement and Proxy are being mailed to stockholders on or about March&nbsp;17, 2006.</font></p>
<p align=left>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<font color=#000000>In accordance with the Fund&#39;s by-laws, the presence in person or by proxy of the holders of record of a majority of the shares of the Fund issued and outstanding and entitled to vote thereat shall constitute a quorum at the Meeting. If, however, a quorum shall not be present or represented at the Meeting or if fewer shares are present in person or by proxy than is the minimum required to take action with respect to any proposal presented at the Meeting, the holders of a majority of the shares of the Fund present in person or by proxy shall have the power to adjourn the Meeting from time to time, without notice other than announcement at the Meeting, until the requisite number of shares entitled to vote at the Meeting shall be present. At any adjourned Meeting, if the relevant quorum is subsequently constituted, any
business may be transacted which might have been transacted at the Meeting as originally called. For purposes of determining the presence of a quorum for transacting business at the Meeting, abstentions and broker &ldquo;non-votes&rdquo; (that is, proxies from brokers or nominees indicating that they have not received instructions from the beneficial owner or other persons entitled to vote shares on a particular matter with respect to which the brokers or nominees do not have discretionary power) will be treated as shares that are present but which have not been voted. For this reason, abstentions and broker non-votes will have no effect on obtaining the requisite approval of each proposal.</font></p>
<p align=left>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<font color=#000000>The Board of Directors has fixed the close of business on March&nbsp;9, 2006 as the record date for the determination of stockholders entitled to notice of and to vote at the Meeting. The outstanding voting shares of the Fund as of March&nbsp;9, 2006 consisted of 48,251,666 shares of common stock and 29,040 Taxable Auction Market Preferred Shares, liquidation preference $25,000 per share, each share being entitled to one vote and each fractional share being entitled to a proportional fractional share vote. All properly executed proxies received prior to the Meeting will be voted at the Meeting in accordance with</font></p>
<p align=center>1</p>
<p><hr color=#000000 noshade></p>
<p style="page-break-before: always">
<PAGE>
<p align=left><font color=#000000>the instructions marked thereon or as otherwise provided therein. Accordingly, unless instructions to the contrary are marked, proxies will be voted for the election of the Directors. Any stockholder may revoke his proxy at any time prior to exercise thereof by giving written notice to the Secretary of the Fund at its offices at 280 Park Avenue, New York, New York 10017, or by signing another proxy of a later date or by personally casting his vote at the Meeting.</font></p>
<p align=left>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<b><font color=#000000>The most recent annual report of the Fund, including financial statements, has been previously mailed to stockholders. If you have not received this report or would like to receive an additional copy free of charge, please contact Lawrence B. Stoller, Secretary of the Fund at 757 Third Avenue, New York, New York 10017, (800) 330-7348, and it will be sent promptly by first-class mail.</font></b></p>
<p align=center><b><font color=#000000><a name='#Proposal'>PROPOSAL ONE<br>
ELECTION OF DIRECTORS</a></font></b></p>
<p align=left>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<font color=#000000>At the Meeting, three Directors will be elected to serve for a term of three years and until their successors are duly elected and qualified. The nominees for Director are George Grossman, Robert H. Steers and C. Edward Ward, Jr., for terms to expire in 2009. It is the intention of the persons named in the enclosed proxy to nominate and vote in favor of the nominees. At the Meeting, the holders of the Fund&#39;s Taxable Auction Market Preferred Shares will have equal voting rights with the holders of the Fund&#39;s common stock (</font><i><font color=#000000>i.e.,</font></i><font color=#000000> one vote per share), and will vote together with the holders of the Fund&#39;s common stock as a single class on the election of Messrs. Grossman, Steers and Ward. The holders of the Fund&#39;s Taxable Auction Market Preferred Shares,
voting separately as a class, have the right to elect two Directors of the Fund. The holders of the Fund&#39;s common stock do not have the right to vote with respect to the election of these two Directors, who are Martin Cohen and Willard H. Smith Jr. Mr. Cohen and Mr.&nbsp;Smith are not standing for re-election at the meeting as their terms do not expire until 2007 and 2008, respectively. In addition to the Fund, each nominee also currently serves as Director of the sixteen other funds within the Cohen&nbsp;&amp; Steers Fund Complex.</font></p>
<p align=center><b><font color=#000000>Summary of Voting Rights on Proposal 1</font></b></p>
<table width=100% cellpadding=0 cellspacing=0 border=0><tr bgcolor=#FFFFFF>
<td bgcolor=#FFFFFF>&nbsp;</td>
<td bgcolor=#FFFFFF>&nbsp;</td>
<td align=center valign=bottom colspan=3><b><font color=#000000><small>Common<br>
Shareholders<br>
<hr color=#000000 noshade size=1></small></font></b></td>
<td bgcolor=#FFFFFF>&nbsp;</td>
<td align=center valign=bottom colspan=3><b><font color=#000000><small>Taxable<br>
Auction Market<br>
Preferred Shareholders<br>
<hr color=#000000 noshade size=1></small></font></b></td></tr>
<tr bgcolor=#ffffff>
<td align=left valign=bottom><p style='margin-left:1em;text-indent:-1em;'><font color=#000000><small>George Grossman</small></font></p></td>
<td align=right valign=bottom nowrap>&nbsp;&nbsp;&nbsp;&nbsp;</td>
<td bgcolor=#ffffff>&nbsp;</td>
<td align=right valign=bottom><font color=#000000><small>48,251,666</small></font></td>
<td bgcolor=#ffffff>&nbsp;</td>
<td align=right valign=bottom nowrap>&nbsp;&nbsp;&nbsp;&nbsp;</td>
<td bgcolor=#ffffff>&nbsp;</td>
<td align=right valign=bottom><font color=#000000><small>29,040</small></font></td>
<td bgcolor=#ffffff>&nbsp;</td></tr>
<tr bgcolor=#e5ffff>
<td align=left valign=bottom><p style='margin-left:1em;text-indent:-1em;'><font color=#000000><small>Robert H. Steers</small></font></p></td>
<td align=right valign=bottom nowrap>&nbsp;&nbsp;&nbsp;&nbsp;</td>
<td bgcolor=#e5ffff>&nbsp;</td>
<td align=right valign=bottom><font color=#000000><small>48,251,666</small></font></td>
<td bgcolor=#e5ffff>&nbsp;</td>
<td align=right valign=bottom nowrap>&nbsp;&nbsp;&nbsp;&nbsp;</td>
<td bgcolor=#e5ffff>&nbsp;</td>
<td align=right valign=bottom><font color=#000000><small>29,040</small></font></td>
<td bgcolor=#e5ffff>&nbsp;</td></tr>
<tr bgcolor=#ffffff>
<td align=left valign=bottom><p style='margin-left:1em;text-indent:-1em;'><font color=#000000><small>C. Edward Ward, Jr.&nbsp;</small></font></p></td>
<td align=right valign=bottom nowrap>&nbsp;&nbsp;&nbsp;&nbsp;</td>
<td bgcolor=#ffffff>&nbsp;</td>
<td align=right valign=bottom><font color=#000000><small>48,251,666</small></font></td>
<td bgcolor=#ffffff>&nbsp;</td>
<td align=right valign=bottom nowrap>&nbsp;&nbsp;&nbsp;&nbsp;</td>
<td bgcolor=#ffffff>&nbsp;</td>
<td align=right valign=bottom><font color=#000000><small>29,040</small></font></td>
<td bgcolor=#ffffff>&nbsp;</td></tr>
<tr bgcolor=#ffffff>
<td align=left valign=bottom><p style='margin-left:1em;text-indent:-1em;'><font color=#000000><small></small></font></p></td>
<td bgcolor=#ffffff>&nbsp;</td>
<td bgcolor=#ffffff>&nbsp;</td>
<td bgcolor=#ffffff>&nbsp;</td>
<td bgcolor=#ffffff>&nbsp;</td>
<td bgcolor=#ffffff>&nbsp;</td>
<td bgcolor=#ffffff>&nbsp;</td>
<td bgcolor=#ffffff>&nbsp;</td>
<td bgcolor=#ffffff>&nbsp;</td></tr>
</table>
<p align=left>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<font color=#000000>At the Annual Meeting of Stockholders held on April&nbsp;29, 2004, the Fund&#39;s stockholders elected the Board of Directors to staggered terms. Accordingly, the term of office of only a single class of Directors will expire in 2006. As a result of this system, only those Directors in any one class may be changed in any one year, and it would require two years or more to change a majority of the Board of Directors. This system of electing Directors, which may be regarded as an &ldquo;anti-takeover&rdquo; provision, may have the effect of maintaining the continuity of management and, thus, make it more difficult for the Fund&#39;s stockholders to change the majority of Directors.</font></p>
<p align=left>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<font color=#000000>The nominees have consented to serve as Directors. The Board of Directors of the Fund knows of no reason why a nominee would be unable to serve, but in the event of such unavailability, the proxies received will be voted for such substitute nominee as the Board of Directors may recommend.</font></p>
<p align=center>2</p>
<p><hr color=#000000 noshade></p>
<p style="page-break-before: always">
<PAGE>
<p align=left>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<font color=#000000>Certain information concerning Messrs. Grossman, Steers and Ward and the other members of the Board of Directors, as reported to the Fund, is set forth as follows:</font></p>
<table width=100% cellpadding=0 cellspacing=0 border=0><tr bgcolor=#ffffff>
<td align=center valign=bottom><b><font color=#000000><small>Name,&nbsp;Address&nbsp;and&nbsp;Age*<br>
<hr color=#000000 noshade size=1></small></font></b></td>
<td align=center valign=bottom nowrap>&nbsp;&nbsp;</td>
<td align=center valign=bottom><b><font color=#000000><small>Position&nbsp;Held<br>
with&nbsp;Fund<br>
<hr color=#000000 noshade size=1></small></font></b></td>
<td align=center valign=bottom nowrap>&nbsp;&nbsp;</td>
<td align=center valign=bottom><b><font color=#000000><small>Principal&nbsp;Occupation(s)&nbsp;During&nbsp;Past<br>
Five&nbsp;Years&nbsp;(Including&nbsp;Other<br>
Directorships&nbsp;Held)<br>
<hr color=#000000 noshade size=1></small></font></b></td>
<td align=center valign=bottom nowrap>&nbsp;&nbsp;</td>
<td align=center valign=bottom><b><font color=#000000><small>Length&nbsp;of<br>
Time&nbsp;Served<br>
<hr color=#000000 noshade size=1></small></font></b></td>
<td bgcolor=#ffffff>&nbsp;</td>
<td align=center valign=bottom colspan=3><b><font color=#000000><small>Term<br>
of&nbsp;Office<br>
<hr color=#000000 noshade size=1></small></font></b></td>
<td bgcolor=#ffffff>&nbsp;</td>
<td align=center valign=bottom colspan=3><b><font color=#000000><small>Number&nbsp;of<br>
Funds<br>
Within<br>
Fund<br>
Complex<br>
Overseen&nbsp;by<br>
Director<br>
(Including<br>
the&nbsp;Fund)<br>
<hr color=#000000 noshade size=1></small></font></b></td></tr>
<tr bgcolor=#ffffff>
<td align=left valign=top><p style='margin-left:1em;text-indent:-1em;'><font color=#000000><small></small></font><i><font color=#000000><small>Disinterested Directors </small></font></i></p></td>
<td bgcolor=#ffffff>&nbsp;</td>
<td bgcolor=#ffffff>&nbsp;</td>
<td bgcolor=#ffffff>&nbsp;</td>
<td bgcolor=#ffffff>&nbsp;</td>
<td bgcolor=#ffffff>&nbsp;</td>
<td bgcolor=#ffffff>&nbsp;</td>
<td bgcolor=#ffffff>&nbsp;</td>
<td bgcolor=#ffffff>&nbsp;</td>
<td bgcolor=#ffffff>&nbsp;</td>
<td bgcolor=#ffffff>&nbsp;</td>
<td bgcolor=#ffffff>&nbsp;</td>
<td bgcolor=#ffffff>&nbsp;</td>
<td bgcolor=#ffffff>&nbsp;</td>
<td bgcolor=#ffffff>&nbsp;</td></tr>
<tr bgcolor=#ffffff>
<td align=left valign=top><p style='margin-left:1em;text-indent:-1em;'><font color=#000000><small>Bonnie Cohen&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<br>
Age: 63</small></font></p></td>
<td align=center valign=top nowrap>&nbsp;&nbsp;</td>
<td align=center valign=top><font color=#000000><small>Director</small></font></td>
<td align=left valign=top nowrap>&nbsp;&nbsp;</td>
<td align=left valign=top><font color=#000000><small>Private Consultant. Prior thereto, Undersecretary of State, United States Department of State. Board Member of Wellsford Real Properties, Inc.</small></font></td>
<td align=center valign=top nowrap>&nbsp;&nbsp;</td>
<td align=center valign=top><font color=#000000><small>Since inception</small></font></td>
<td align=right valign=top nowrap>&nbsp;&nbsp;</td>
<td bgcolor=#ffffff>&nbsp;</td>
<td align=right valign=top><font color=#000000><small>2008</small></font></td>
<td bgcolor=#ffffff>&nbsp;</td>
<td align=right valign=top nowrap>&nbsp;&nbsp;</td>
<td bgcolor=#ffffff>&nbsp;</td>
<td align=right valign=top><font color=#000000><small>17</small></font></td>
<td bgcolor=#ffffff>&nbsp;</td></tr>
<tr bgcolor=#ffffff>
<td align=left valign=top><p style='margin-left:1em;text-indent:-1em;'><font color=#000000><small>George Grossman&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<br>
Age: 52</small></font></p></td>
<td align=center valign=top nowrap>&nbsp;&nbsp;</td>
<td align=center valign=top><font color=#000000><small>Director</small></font></td>
<td align=left valign=top nowrap>&nbsp;&nbsp;</td>
<td align=left valign=top><font color=#000000><small>Attorney-at-Law.</small></font></td>
<td align=center valign=top nowrap>&nbsp;&nbsp;</td>
<td align=center valign=top><font color=#000000><small>Since inception</small></font></td>
<td align=right valign=top nowrap>&nbsp;&nbsp;</td>
<td bgcolor=#ffffff>&nbsp;</td>
<td align=right valign=top><font color=#000000><small>2009</small></font></td>
<td align=left valign=top nowrap><font color=#000000><small>&dagger;</small></font></td>
<td align=right valign=top nowrap>&nbsp;&nbsp;</td>
<td bgcolor=#ffffff>&nbsp;</td>
<td align=right valign=top><font color=#000000><small>17</small></font></td>
<td bgcolor=#ffffff>&nbsp;</td></tr>
<tr bgcolor=#ffffff>
<td align=left valign=top><p style='margin-left:1em;text-indent:-1em;'><font color=#000000><small>Richard E. Kroon&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<br>
Age: 63</small></font></p></td>
<td align=center valign=top nowrap>&nbsp;&nbsp;</td>
<td align=center valign=top><font color=#000000><small>Director</small></font></td>
<td align=left valign=top nowrap>&nbsp;&nbsp;</td>
<td align=left valign=top><font color=#000000><small>Board member of Finlay Enterprises, Inc. (operator of department store fine jewelry leased departments), and a member of Investment Subcommittee, Monmouth University. Retired Chairman and Managing Partner of Sprout Group venture capital funds, then an affiliate of Donaldson, Lufkin and Jenrette Securities Corporation; and former chairman of the National Venture Capital Association.</small></font></td>
<td align=center valign=top nowrap>&nbsp;&nbsp;</td>
<td align=center valign=top><font color=#000000><small>Since<br>
November 2004</small></font></td>
<td align=right valign=top nowrap>&nbsp;&nbsp;</td>
<td bgcolor=#ffffff>&nbsp;</td>
<td align=right valign=top><font color=#000000><small>2008</small></font></td>
<td bgcolor=#ffffff>&nbsp;</td>
<td align=right valign=top nowrap>&nbsp;&nbsp;</td>
<td bgcolor=#ffffff>&nbsp;</td>
<td align=right valign=top><font color=#000000><small>17</small></font></td>
<td bgcolor=#ffffff>&nbsp;</td></tr>
<tr bgcolor=#ffffff>
<td align=left valign=top><p style='margin-left:1em;text-indent:-1em;'><font color=#000000><small>Richard J. Norman&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<br>
Age: 62</small></font></p></td>
<td align=center valign=top nowrap>&nbsp;&nbsp;</td>
<td align=center valign=top><font color=#000000><small>Director</small></font></td>
<td align=left valign=top nowrap>&nbsp;&nbsp;</td>
<td align=left valign=top><font color=#000000><small>Private Investor. President of the Board of Directors of Maryland Public Television. Board Member of The Salvation Army. Prior thereto, Investment Representative of Morgan Stanley Dean Witter.</small></font></td>
<td align=center valign=top nowrap>&nbsp;&nbsp;</td>
<td align=center valign=top><font color=#000000><small>Since inception</small></font></td>
<td align=right valign=top nowrap>&nbsp;&nbsp;</td>
<td bgcolor=#ffffff>&nbsp;</td>
<td align=right valign=top><font color=#000000><small>2007</small></font></td>
<td bgcolor=#ffffff>&nbsp;</td>
<td align=right valign=top nowrap>&nbsp;&nbsp;</td>
<td bgcolor=#ffffff>&nbsp;</td>
<td align=right valign=top><font color=#000000><small>17</small></font></td>
<td bgcolor=#ffffff>&nbsp;</td></tr>
<tr bgcolor=#ffffff>
<td align=left valign=top><p style='margin-left:1em;text-indent:-1em;'><font color=#000000><small>Frank K. Ross&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<br>
Age: 62</small></font></p></td>
<td align=center valign=top nowrap>&nbsp;&nbsp;</td>
<td align=center valign=top><font color=#000000><small>Director</small></font></td>
<td align=left valign=top nowrap>&nbsp;&nbsp;</td>
<td align=left valign=top><font color=#000000><small>Professor of Accounting, Howard University; board member of Pepco Holdings, Inc. (electric utility). Formerly, Midatlantic Area Managing Partner for Audit and Risk Advisory Services at KPMG LLP and Managing Partner of its Washington, DC Office.</small></font></td>
<td align=center valign=top nowrap>&nbsp;&nbsp;</td>
<td align=center valign=top><font color=#000000><small>Since March 2004</small></font></td>
<td align=right valign=top nowrap>&nbsp;&nbsp;</td>
<td bgcolor=#ffffff>&nbsp;</td>
<td align=right valign=top><font color=#000000><small>2007</small></font></td>
<td bgcolor=#ffffff>&nbsp;</td>
<td align=right valign=top nowrap>&nbsp;&nbsp;</td>
<td bgcolor=#ffffff>&nbsp;</td>
<td align=right valign=top><font color=#000000><small>17</small></font></td>
<td bgcolor=#ffffff>&nbsp;</td></tr>
<tr bgcolor=#ffffff>
<td align=left valign=top><p style='margin-left:1em;text-indent:-1em;'><font color=#000000><small>Willard H. Smith Jr.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<br>
Age: 69</small></font></p></td>
<td align=center valign=top nowrap>&nbsp;&nbsp;</td>
<td align=center valign=top><font color=#000000><small>Director</small></font></td>
<td align=left valign=top nowrap>&nbsp;&nbsp;</td>
<td align=left valign=top><font color=#000000><small>Board member of Essex Property Trust, Inc., Realty Income Corporation and Crest Net Lease, Inc. Managing Director at Merrill Lynch &amp; Co., Equity Capital Markets Division, from 1983 to 1995.</small></font></td>
<td align=center valign=top nowrap>&nbsp;&nbsp;</td>
<td align=center valign=top><font color=#000000><small>Since inception</small></font></td>
<td align=right valign=top nowrap>&nbsp;&nbsp;</td>
<td bgcolor=#ffffff>&nbsp;</td>
<td align=right valign=top><font color=#000000><small>2008</small></font></td>
<td bgcolor=#ffffff>&nbsp;</td>
<td align=right valign=top nowrap>&nbsp;&nbsp;</td>
<td bgcolor=#ffffff>&nbsp;</td>
<td align=right valign=top><font color=#000000><small>17</small></font></td>
<td bgcolor=#ffffff>&nbsp;</td></tr>
<tr bgcolor=#ffffff>
<td align=left valign=top><p style='margin-left:1em;text-indent:-1em;'><font color=#000000><small>C. Edward Ward, Jr.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<br>
Age: 59</small></font></p></td>
<td align=center valign=top nowrap>&nbsp;&nbsp;</td>
<td align=center valign=top><font color=#000000><small>Director</small></font></td>
<td align=left valign=top nowrap>&nbsp;&nbsp;</td>
<td align=left valign=top><font color=#000000><small>Member of The Board of Trustees of Manhattan College, Riverdale, New York. Formerly head of closed-end fund listing for the New York Stock Exchange.</small></font></td>
<td align=center valign=top nowrap>&nbsp;&nbsp;</td>
<td align=center valign=top><font color=#000000><small>Since November 2004</small></font></td>
<td align=right valign=top nowrap>&nbsp;&nbsp;</td>
<td bgcolor=#ffffff>&nbsp;</td>
<td align=right valign=top><font color=#000000><small>2009</small></font></td>
<td align=left valign=top nowrap><font color=#000000><small>&dagger;</small></font></td>
<td align=right valign=top nowrap>&nbsp;&nbsp;</td>
<td bgcolor=#ffffff>&nbsp;</td>
<td align=right valign=top><font color=#000000><small>17</small></font></td>
<td bgcolor=#ffffff>&nbsp;</td></tr>
</table>
<p align=right><i><font color=#000000>(table continued on next page)</font></i></p>
<p align=center>3</p>
<p><hr color=#000000 noshade></p>
<p style="page-break-before: always">
<PAGE>
<p align=left><i><font color=#000000>(table continued from previous page)</font></i></p>
<table width=100% cellpadding=0 cellspacing=0 border=0><tr bgcolor=#ffffff>
<td align=center valign=bottom><b><font color=#000000><small>Name,&nbsp;Address&nbsp;and&nbsp;Age*<br>
<hr color=#000000 noshade size=1></small></font></b></td>
<td align=center valign=bottom nowrap>&nbsp;&nbsp;</td>
<td align=center valign=bottom><b><font color=#000000><small>Position&nbsp;Held<br>
with&nbsp;Fund<br>
<hr color=#000000 noshade size=1></small></font></b></td>
<td align=center valign=bottom nowrap>&nbsp;&nbsp;</td>
<td align=center valign=bottom><b><font color=#000000><small>Principal&nbsp;Occupation(s)&nbsp;During&nbsp;Past<br>
Five&nbsp;Years&nbsp;(Including&nbsp;Other<br>
Directorships&nbsp;Held)<br>
<hr color=#000000 noshade size=1></small></font></b></td>
<td align=center valign=bottom nowrap>&nbsp;&nbsp;</td>
<td align=center valign=bottom><b><font color=#000000><small>Length&nbsp;of<br>
Time&nbsp;Served<br>
<hr color=#000000 noshade size=1></small></font></b></td>
<td bgcolor=#ffffff>&nbsp;</td>
<td align=center valign=bottom colspan=3><b><font color=#000000><small>Term<br>
of&nbsp;Office<br>
<hr color=#000000 noshade size=1></small></font></b></td>
<td bgcolor=#ffffff>&nbsp;</td>
<td align=center valign=bottom colspan=3><b><font color=#000000><small>Number&nbsp;of<br>
Funds<br>
Within<br>
Fund<br>
Complex<br>
Overseen&nbsp;by<br>
Director<br>
(Including<br>
the&nbsp;Fund)<br>
<hr color=#000000 noshade size=1></small></font></b></td></tr>
<tr bgcolor=#ffffff>
<td align=left valign=top><p style='margin-left:1em;text-indent:-1em;'><font color=#000000><small></small></font><i><font color=#000000><small>Interested Directors** </small></font></i></p></td>
<td bgcolor=#ffffff>&nbsp;</td>
<td bgcolor=#ffffff>&nbsp;</td>
<td bgcolor=#ffffff>&nbsp;</td>
<td bgcolor=#ffffff>&nbsp;</td>
<td bgcolor=#ffffff>&nbsp;</td>
<td bgcolor=#ffffff>&nbsp;</td>
<td bgcolor=#ffffff>&nbsp;</td>
<td bgcolor=#ffffff>&nbsp;</td>
<td bgcolor=#ffffff>&nbsp;</td>
<td bgcolor=#ffffff>&nbsp;</td>
<td bgcolor=#ffffff>&nbsp;</td>
<td bgcolor=#ffffff>&nbsp;</td>
<td bgcolor=#ffffff>&nbsp;</td>
<td bgcolor=#ffffff>&nbsp;</td></tr>
<tr bgcolor=#ffffff>
<td align=left valign=top><p style='margin-left:1em;text-indent:-1em;'><font color=#000000><small>Martin Cohen&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<br>
Age: 57</small></font></p></td>
<td align=center valign=top nowrap>&nbsp;&nbsp;</td>
<td align=center valign=top><font color=#000000><small>Director, Co-Chairman</small></font></td>
<td align=left valign=top nowrap>&nbsp;&nbsp;</td>
<td align=left valign=top><font color=#000000><small>Co-Chairman and Co-Chief Executive Officer of the Advisor and CNS. Prior thereto, President of the Advisor.</small></font></td>
<td align=center valign=top nowrap>&nbsp;&nbsp;</td>
<td align=center valign=top><font color=#000000><small>Since inception</small></font></td>
<td align=right valign=top nowrap>&nbsp;&nbsp;</td>
<td bgcolor=#ffffff>&nbsp;</td>
<td align=right valign=top><font color=#000000><small>2007</small></font></td>
<td bgcolor=#ffffff>&nbsp;</td>
<td align=right valign=top nowrap>&nbsp;&nbsp;</td>
<td bgcolor=#ffffff>&nbsp;</td>
<td align=right valign=top><font color=#000000><small>17</small></font></td>
<td bgcolor=#ffffff>&nbsp;</td></tr>
<tr bgcolor=#ffffff>
<td align=left valign=top><p style='margin-left:1em;text-indent:-1em;'><font color=#000000><small>Robert H. Steers&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<br>
Age: 53</small></font></p></td>
<td align=center valign=top nowrap>&nbsp;&nbsp;</td>
<td align=center valign=top><font color=#000000><small>Director, Co-Chairman</small></font></td>
<td align=left valign=top nowrap>&nbsp;&nbsp;</td>
<td align=left valign=top><font color=#000000><small>Co-Chairman and Co-Chief Executive Officer of the Advisor and CNS. Prior thereto, Chairman of the Advisor.</small></font></td>
<td align=center valign=top nowrap>&nbsp;&nbsp;</td>
<td align=center valign=top><font color=#000000><small>Since inception</small></font></td>
<td align=right valign=top nowrap>&nbsp;&nbsp;</td>
<td bgcolor=#ffffff>&nbsp;</td>
<td align=right valign=top><font color=#000000><small>2009</small></font></td>
<td align=left valign=top nowrap><font color=#000000><small>&dagger;</small></font></td>
<td align=right valign=top nowrap>&nbsp;&nbsp;</td>
<td bgcolor=#ffffff>&nbsp;</td>
<td align=right valign=top><font color=#000000><small>17</small></font></td>
<td bgcolor=#ffffff>&nbsp;</td></tr>
</table>
<div align=left>
<p><font color=#000000><hr color=#000000 noshade align=left width=48 size=0></font></p>
</div>
<table width=100% cellpadding=0 cellspacing=0 border=0><tr bgcolor=#ffffff>
<td align=right valign=top><font color=#000000>*</font></td>
<td align=left valign=top nowrap>&nbsp;&nbsp;</td>
<td align=left valign=top><font color=#000000>The address of each Director is 280 Park Avenue, New York, New York 10017.</font></td></tr>
<tr bgcolor=#ffffff>
<td align=right valign=top><font color=#000000>**</font></td>
<td align=left valign=top nowrap>&nbsp;&nbsp;</td>
<td align=left valign=top><font color=#000000>&ldquo;Interested person,&rdquo; as defined in the Investment Company Act of 1940, as amended (the &ldquo;Act&rdquo;), of the Fund (&ldquo;Interested Director&rdquo;) because of the affiliation with Cohen &amp; Steers Capital Management, Inc., the Fund&#39;s investment manager (the &ldquo;Advisor&rdquo;), and its parent company, Cohen &amp; Steers, Inc. (&ldquo;CNS&rdquo;).</font></td></tr>
<tr bgcolor=#ffffff>
<td align=right valign=top><font color=#000000>&dagger;</font></td>
<td align=left valign=top nowrap>&nbsp;&nbsp;</td>
<td align=left valign=top><font color=#000000>If elected at the Meeting.</font></td></tr>
</table>
<p align=left>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<font color=#000000>The Fund does not have a policy with regard to the Directors&#39; attendance at annual meetings and none of the Directors attended the Fund&#39;s 2005 annual meeting.</font></p>
<p align=left>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<font color=#000000>During the Fund&#39;s fiscal year ended December 31, 2005, the Board of Directors met four times. Each Director attended at least 75% of the aggregate number of meetings of the Board of Directors and the Committees for which he or she was a member. The Fund maintains four standing Board Committees: the Audit Committee, the Nominating Committee, the Contract Review Committee and the Governance Committee of the Board of Directors. The Directors serving on each Committee are not &ldquo;interested persons&rdquo; of the Fund, as defined in Section 2(a)(19) of the Act (the &ldquo;Independent Directors&rdquo;), and otherwise satisfy the applicable standards for independence of a committee member of an investment company issuer under the federal securities laws and under applicable listing standards of the New York Stock Exchange.
The members of the Nominating and Contract Review Committees are Ms. Cohen and Messrs. Kroon, Grossman, Norman, Ross, Smith and Ward. The members of the Governance Committee are Messrs. Norman, Ward and Smith. The members of the Audit Committee are Ms. Cohen and Messrs. Ross, Kroon and Grossman. The Board of Directors determined that Mr. Ross meets the requirements necessary to serve as an audit committee financial expert and that the Audit Committee members are financially literate, for purposes of the New York Stock Exchange listing standards.</font></p>
<p align=left>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<font color=#000000>The Audit Committee met five times during the fiscal year ended December&nbsp;31, 2005 and operates pursuant to a written charter adopted by the Board. A current copy of the charter was attached as Exhibit&nbsp;A to the Fund&#39;s proxy statement in 2004. The main function of the Audit Committee is to oversee the Fund&#39;s accounting and financial reporting policies and practices and its internal controls, including by assisting with the Board&#39;s oversight of the integrity of the Fund&#39;s financial statements, the Fund&#39;s compliance with legal and regulatory requirements, the selection, retention, qualifications and</font></p>
<p align=center>4</p>
<p><hr color=#000000 noshade></p>
<p style="page-break-before: always">
<PAGE>
<p align=left><font color=#000000>independence of the Fund&#39;s independent registered public accounting firm and the performance of the Fund&#39;s internal control systems and independent registered public accounting firm.</font></p>
<p align=left>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<font color=#000000>The Nominating Committee, which met once during the fiscal year ended December&nbsp;31, 2005, operates pursuant to a written charter adopted by the Board. A current copy of the charter is not available on the Fund&#39;s website, but it was attached as Exhibit&nbsp;B to the Fund&#39;s proxy statement in 2004. The main functions of the Nominating Committee are to (i)&nbsp;identify individuals qualified to become Directors in the event that a position is vacated or created, (ii)&nbsp;select the Director nominees for the next annual meeting of stockholders and (iii)&nbsp;set any necessary standards or qualifications for service on the Board. The Nominating Committee will consider Director candidates recommended by stockholders, provided that any such stockholder recommendation is submitted in writing to the Fund, to the attention
of the Secretary, at the address of the principal executive offices of the Fund and further provided that such recommendation includes all other information specified in the charter and complies with the procedures set forth in Appendix&nbsp;A thereto.</font></p>
<p align=left>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<font color=#000000>The Nominating Committee requires that Director candidates have a college degree or equivalent business experience. The Committee may take into account a wide variety of factors in considering Director candidates, including (but not limited to): (i)&nbsp;availability and commitment of a candidate to attend meetings and perform his or her responsibilities on the Board, (ii)&nbsp;relevant industry and related experience, (iii)&nbsp;educational background, (iv)&nbsp;financial and other relevant experience, (v)&nbsp;an assessment of the candidate&#39;s character, integrity, ability and judgment (vi)&nbsp;whether or not the candidate serves on boards of, or is otherwise affiliated with, competing financial service organizations or their related mutual fund complexes, (vii)&nbsp;whether or not the candidate has any relationships
that might impair his or her independence and (viii)&nbsp;overall interplay of a candidate&#39;s experience, skill and knowledge with that of other Committee members. In identifying potential nominees for the Board, the Committee may consider candidates recommended by one or more of the following sources: (i)&nbsp;the Fund&#39;s current Directors, (ii)&nbsp;the Fund&#39;s officers, (iii)&nbsp;the Advisor, (iv)&nbsp;the Fund&#39;s stockholders (see above) and (v)&nbsp;any other source the Committee deems to be appropriate. The Committee may, but is not required to, retain a third party search firm at the Fund&#39;s expense to identify potential candidates.</font></p>
<p align=left>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<font color=#000000>The Contract Review Committee met once during the fiscal year ended December&nbsp;31, 2005 and operates pursuant to a written charter adopted by the Board in September 2004. The main functions of the Contract Review Committee are to make recommendations to the Board of Directors after reviewing advisory and other contracts that the Fund has with the Advisor and to select third parties to provide evaluative reports and other information to the Board regarding the services provided by the Advisor.</font></p>
<p align=left>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<font color=#000000>The Governance Committee met once during the fiscal year ended December&nbsp;31, 2005 and operates pursuant to a written charter adopted by the Board in September 2004. The main function of the Governance Committee is to assist the Board in the oversight of appropriate and effective governance of the Fund. The Governance Committee oversees, among other things, the structure and composition of the Board committees, the size of the Board and the compensation of Independent Directors for service on the Board and any Board committee.</font></p>
<p align=left><b><font color=#000000>Audit Committee Report</font></b></p>
<p align=left><b></b></p>
<p align=left>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<font color=#000000>The Audit Committee has met with PricewaterhouseCoopers LLP, the Fund&#39;s independent registered public accounting firm, to discuss the scope of the engagement, review the Fund&#39;s financial statements, and discuss the statements and audit results with management. The Audit Committee discussed with PricewaterhouseCoopers LLP the matters required to be discussed by the Statement on</font></p>
<p align=center>5</p>
<p><hr color=#000000 noshade></p>
<p style="page-break-before: always">
<PAGE>
<p align=left><font color=#000000>Auditing Standards&nbsp;61, received the written disclosures and the letter from PricewaterhouseCoopers LLP required by the Independence Standards Board Standard No.&nbsp;1 and discussed with PricewaterhouseCoopers LLP the independent registered public accounting firm&#39;s independence. Based on these reviews and discussions, the Audit Committee recommended to the Board of Directors that the audited financial statements of the Fund be included in the Fund&#39;s annual report to stockholders for the last fiscal year for filing with the Securities and Exchange Commission.</font></p>
<p align=left><font color=#000000>March 8, 2006</font></p>
<p align=left><font color=#000000>Submitted by the Audit Committee of the Fund&#39;s
  Board of Directors<br>
  <br>
  Bonnie Cohen<br>
  George Grossman<br>
  Richard E. Kroon<br>
  Frank K. Ross</font></p>
<p align=center><font color=#000000>*&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*</font></p>
<p align=left>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<font color=#000000>As of March 9, 2006, the Directors and officers of the Fund as a group owned less than 1% of the outstanding securities of the Fund. To the knowledge of management, no person, owned of record or owned beneficially more than 5% of the Fund&#39;s common shares or Taxable Auction Market Preferred Shares outstanding as of that date, except that Cede &amp; Co., a nominee for participants in the Depository Trust Company, held of record 48,168,841 common shares, equal to approximately 99% of the Fund&#39;s outstanding common shares, and 29,040 Taxable Auction Market Preferred Shares equal to approximately 100% of the Fund&#39;s outstanding preferred shares.</font></p>
<p align=left>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<font color=#000000>On February 15, 2006 Martin Cohen and Robert H. Steers, individually and through their respective family trusts, each sold a total of 761,284 shares of CNS at a price of $20.972 per share. As of March 9, 2006, none of the other Directors nor any of their immediate family members owned any securities in the Advisor or any person directly or indirectly controlling, controlled by or under common control with the Advisor.</font></p>
<p align=left>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<font color=#000000>The following table provides information concerning the dollar range of the Fund&#39;s equity securities owned by each Director and the aggregate dollar range of securities owned in the Cohen&nbsp;&amp; Steers Fund Complex by each Director.</font></p>
<table width=100% cellpadding=0 cellspacing=0 border=0><tr bgcolor=#ffffff>
<td bgcolor=#ffffff>&nbsp;</td>
<td align=center valign=bottom nowrap>&nbsp;&nbsp;&nbsp;&nbsp;</td>
<td align=center valign=bottom><b><font color=#000000><small>Dollar Range of Equity<br>
Securities&nbsp;in&nbsp;the&nbsp;Fund&nbsp;as&nbsp;of<br>
March&nbsp;9,&nbsp;2006<br>
<hr color=#000000 noshade size=1></small></font></b></td>
<td align=center valign=bottom nowrap>&nbsp;&nbsp;&nbsp;&nbsp;</td>
<td align=center valign=bottom><b><font color=#000000><small>Aggregate&nbsp;Dollar&nbsp;Range&nbsp;of<br>
Equity&nbsp;Securities&nbsp;in&nbsp;the<br>
Cohen&nbsp;&amp;&nbsp;Steers&nbsp;Fund&nbsp;Complex<br>
as&nbsp;of&nbsp;March&nbsp;9,&nbsp;2006<br>
<hr color=#000000 noshade size=1></small></font></b></td></tr>
<tr bgcolor=#e5ffff>
<td align=left valign=bottom><p style='margin-left:1em;text-indent:-1em;'><font color=#000000>Robert H. Steers*</font></p></td>
<td align=center valign=bottom nowrap>&nbsp;&nbsp;&nbsp;&nbsp;</td>
<td align=center valign=bottom><font color=#000000>Over $100,000</font></td>
<td align=center valign=bottom nowrap>&nbsp;&nbsp;&nbsp;&nbsp;</td>
<td align=center valign=bottom><font color=#000000>Over $100,000</font></td></tr>
<tr bgcolor=#ffffff>
<td align=left valign=bottom><p style='margin-left:1em;text-indent:-1em;'><font color=#000000>Martin Cohen*</font></p></td>
<td align=center valign=bottom nowrap>&nbsp;&nbsp;&nbsp;&nbsp;</td>
<td align=center valign=bottom><font color=#000000>Over $100,000</font></td>
<td align=center valign=bottom nowrap>&nbsp;&nbsp;&nbsp;&nbsp;</td>
<td align=center valign=bottom><font color=#000000>Over $100,000</font></td></tr>
<tr bgcolor=#e5ffff>
<td align=left valign=bottom><p style='margin-left:1em;text-indent:-1em;'><font color=#000000>Bonnie Cohen</font></p></td>
<td align=center valign=bottom nowrap>&nbsp;&nbsp;&nbsp;&nbsp;</td>
<td align=center valign=bottom><font color=#000000>$50,001&ndash;$100,000</font></td>
<td align=center valign=bottom nowrap>&nbsp;&nbsp;&nbsp;&nbsp;</td>
<td align=center valign=bottom><font color=#000000>Over $100,000</font></td></tr>
<tr bgcolor=#ffffff>
<td align=left valign=bottom><p style='margin-left:1em;text-indent:-1em;'><font color=#000000>George Grossman</font></p></td>
<td align=center valign=bottom nowrap>&nbsp;&nbsp;&nbsp;&nbsp;</td>
<td align=center valign=bottom><font color=#000000>$50,001&ndash;$100,000</font></td>
<td align=center valign=bottom nowrap>&nbsp;&nbsp;&nbsp;&nbsp;</td>
<td align=center valign=bottom><font color=#000000>Over $100,000</font></td></tr>
<tr bgcolor=#e5ffff>
<td align=left valign=bottom><p style='margin-left:1em;text-indent:-1em;'><font color=#000000>Richard E. Kroon</font></p></td>
<td align=center valign=bottom nowrap>&nbsp;&nbsp;&nbsp;&nbsp;</td>
<td align=center valign=bottom><font color=#000000>$1&ndash;$10,000</font></td>
<td align=center valign=bottom nowrap>&nbsp;&nbsp;&nbsp;&nbsp;</td>
<td align=center valign=bottom><font color=#000000>$10,001&ndash;$50,000</font></td></tr>
<tr bgcolor=#ffffff>
<td align=left valign=bottom><p style='margin-left:1em;text-indent:-1em;'><font color=#000000>Richard J. Norman</font></p></td>
<td align=center valign=bottom nowrap>&nbsp;&nbsp;&nbsp;&nbsp;</td>
<td align=center valign=bottom><font color=#000000>$10,001&ndash;$50,000</font></td>
<td align=center valign=bottom nowrap>&nbsp;&nbsp;&nbsp;&nbsp;</td>
<td align=center valign=bottom><font color=#000000>Over $100,000</font></td></tr>
<tr bgcolor=#e5ffff>
<td align=left valign=bottom><p style='margin-left:1em;text-indent:-1em;'><font color=#000000>Frank K. Ross</font></p></td>
<td align=center valign=bottom nowrap>&nbsp;&nbsp;&nbsp;&nbsp;</td>
<td align=center valign=bottom><font color=#000000>$10,001&ndash;$50,000</font></td>
<td align=center valign=bottom nowrap>&nbsp;&nbsp;&nbsp;&nbsp;</td>
<td align=center valign=bottom><font color=#000000>Over $100,000</font></td></tr>
<tr bgcolor=#ffffff>
<td align=left valign=bottom><p style='margin-left:1em;text-indent:-1em;'><font color=#000000>Willard H. Smith Jr.&nbsp;</font></p></td>
<td align=center valign=bottom nowrap>&nbsp;&nbsp;&nbsp;&nbsp;</td>
<td align=center valign=bottom><font color=#000000>$50,001&ndash;$100,000</font></td>
<td align=center valign=bottom nowrap>&nbsp;&nbsp;&nbsp;&nbsp;</td>
<td align=center valign=bottom><font color=#000000>Over $100,000</font></td></tr>
<tr bgcolor=#e5ffff>
<td align=left valign=bottom><p style='margin-left:1em;text-indent:-1em;'><font color=#000000>C. Edward Ward, Jr.</font></p></td>
<td align=center valign=bottom nowrap>&nbsp;&nbsp;&nbsp;&nbsp;</td>
<td align=center valign=bottom><font color=#000000>$1&ndash;$10,000</font></td>
<td align=center valign=bottom nowrap>&nbsp;&nbsp;&nbsp;&nbsp;</td>
<td align=center valign=bottom><font color=#000000>$10,001&ndash;$50,000</font></td></tr>
<tr bgcolor=#ffffff>
<td align=left valign=bottom><p style='margin-left:1em;text-indent:-1em;'></p></td>
<td bgcolor=#ffffff>&nbsp;</td>
<td bgcolor=#ffffff>&nbsp;</td>
<td bgcolor=#ffffff>&nbsp;</td>
<td bgcolor=#ffffff>&nbsp;</td></tr>
</table>
<div align=left>
<p><font color=#000000><hr color=#000000 noshade align=left width=48 size=0></font></p>
</div>
<table width=100% cellpadding=0 cellspacing=0 border=0>
  <tr bgcolor=#ffffff>
    <td align=left valign=top><font color=#000000>*</font><font color=#000000>
      Interested Director.</font></td>
  </tr>
</table>
<p align=center>6</p>
<p><hr color=#000000 noshade></p>
<p style="page-break-before: always">
<PAGE>
<p align=left>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<b><font color=#000000>Compensation of Directors and officers. </font></b><font color=#000000>Directors of the Fund who are not interested persons of the Fund are paid by the Fund an annual retainer of $4,500 and a fee of $500 for each regular meeting attended and are reimbursed for the expenses of attendance at such meetings and, for the fiscal year ended December&nbsp;31, 2005, such fees and expenses paid by the Fund totaled $44,380.</font></p>
<p align=left>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<font color=#000000>Additionally, the Audit Committee Chairman is paid $10,000 per year in the aggregate for his service as Chairman of the Audit Committee of the Fund and of all of the other Cohen &amp; Steers funds and the lead director and Contract Review and Governance committee chairmen are paid $5,000 per year in the aggregate for their work in connection with the Fund and all of the other Cohen &amp; Steers funds. These additional amounts are not reflected in the table. In the column headed &ldquo;Total Compensation From Fund and Fund Complex Paid to Directors,&rdquo; the compensation paid to each Director represents seventeen funds that each director serves in the fund complex. The Directors do not receive any pension or retirement benefits from the fund complex.</font></p>
<p align=left>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<font color=#000000>The following table sets forth information regarding compensation of Directors by the Fund and by the Cohen &amp; Steers Fund Complex for the fiscal year ended December&nbsp;31, 2005. Officers of the Fund, other than the Chief Compliance Officer who receives less than $60,000 from the Fund, and Directors who are interested persons of the Fund do not receive any compensation from the Fund or any other fund in the Cohen &amp; Steers Fund Complex. In the column headed &ldquo;Total Compensation to Directors by Fund Complex,&rdquo; the compensation paid to each Director represents the seventeen funds that each Director served in the Cohen &amp; Steers Fund Complex during 2005. The Directors do not receive any pension or retirement benefits from the Cohen &amp; Steers Fund Complex.</font></p>
<p align=center><b><font color=#000000>Compensation Table<br>
Year Ended December 31, 2005</font></b></p>
<table width=100% cellpadding=0 cellspacing=0 border=0><tr bgcolor=#ffffff>
<td align=center valign=bottom><b><font color=#000000><small>Name of Person, Position<br>
<hr color=#000000 noshade size=1></small></font></b></td>
<td bgcolor=#ffffff>&nbsp;</td>
    <td align=center valign=bottom colspan=3><b><font color=#000000><small>Aggregate
      <br>
      Compensation<br>
from Fund<br>
      <hr color=#000000 noshade size=1>
      </small></font></b></td>
<td bgcolor=#ffffff>&nbsp;</td>
    <td align=center valign=bottom colspan=3><b><font color=#000000><small>Total
      <br>
      Compensation <br>
      Paid&nbsp;to <br>
      Directors&nbsp;by <br>
      Fund Complex<br>
      <hr color=#000000 noshade size=1>
      </small></font></b></td>
  </tr>
<tr bgcolor=#e5ffff>
<td align=left valign=bottom><p style='margin-left:1em;text-indent:-1em;'><font color=#000000>Bonnie Cohen, Director</font></p></td>
<td align=right valign=bottom nowrap>&nbsp;&nbsp;&nbsp;&nbsp;</td>
<td align=right valign=bottom nowrap><font color=#000000>$</font></td>
<td align=right valign=bottom><font color=#000000>6,647</font></td>
<td bgcolor=#e5ffff>&nbsp;</td>
<td align=right valign=bottom nowrap>&nbsp;&nbsp;&nbsp;&nbsp;</td>
<td align=right valign=bottom nowrap><font color=#000000>$</font></td>
<td align=right valign=bottom><font color=#000000>104,875</font></td>
<td bgcolor=#e5ffff>&nbsp;</td></tr>
<tr bgcolor=#ffffff>
<td align=left valign=bottom><p style='margin-left:1em;text-indent:-1em;'><font color=#000000>Martin Cohen*, Director and Co-Chairman</font></p></td>
<td align=right valign=bottom nowrap>&nbsp;&nbsp;&nbsp;&nbsp;</td>
<td align=right valign=bottom nowrap><font color=#000000>$</font></td>
<td align=right valign=bottom><font color=#000000>0</font></td>
<td bgcolor=#ffffff>&nbsp;</td>
<td align=right valign=bottom nowrap>&nbsp;&nbsp;&nbsp;&nbsp;</td>
<td align=right valign=bottom nowrap><font color=#000000>$</font></td>
<td align=right valign=bottom><font color=#000000>0</font></td>
<td bgcolor=#ffffff>&nbsp;</td></tr>
<tr bgcolor=#e5ffff>
<td align=left valign=bottom><p style='margin-left:1em;text-indent:-1em;'><font color=#000000>George Grossman, Director</font></p></td>
<td align=right valign=bottom nowrap>&nbsp;&nbsp;&nbsp;&nbsp;</td>
<td align=right valign=bottom nowrap><font color=#000000>$</font></td>
<td align=right valign=bottom><font color=#000000>6,647</font></td>
<td bgcolor=#e5ffff>&nbsp;</td>
<td align=right valign=bottom nowrap>&nbsp;&nbsp;&nbsp;&nbsp;</td>
<td align=right valign=bottom nowrap><font color=#000000>$</font></td>
<td align=right valign=bottom><font color=#000000>104,875</font></td>
<td bgcolor=#e5ffff>&nbsp;</td></tr>
<tr bgcolor=#ffffff>
<td align=left valign=bottom><p style='margin-left:1em;text-indent:-1em;'><font color=#000000>Richard E. Kroon, Director</font></p></td>
<td align=right valign=bottom nowrap>&nbsp;&nbsp;&nbsp;&nbsp;</td>
<td align=right valign=bottom nowrap><font color=#000000>$</font></td>
<td align=right valign=bottom><font color=#000000>6,500</font></td>
<td bgcolor=#ffffff>&nbsp;</td>
<td align=right valign=bottom nowrap>&nbsp;&nbsp;&nbsp;&nbsp;</td>
<td align=right valign=bottom nowrap><font color=#000000>$</font></td>
<td align=right valign=bottom><font color=#000000>102,375</font></td>
<td bgcolor=#ffffff>&nbsp;</td></tr>
<tr bgcolor=#e5ffff>
<td align=left valign=bottom><p style='margin-left:1em;text-indent:-1em;'><font color=#000000>Richard J. Norman, Director</font></p></td>
<td align=right valign=bottom nowrap>&nbsp;&nbsp;&nbsp;&nbsp;</td>
<td align=right valign=bottom nowrap><font color=#000000>$</font></td>
<td align=right valign=bottom><font color=#000000>6,647</font></td>
<td bgcolor=#e5ffff>&nbsp;</td>
<td align=right valign=bottom nowrap>&nbsp;&nbsp;&nbsp;&nbsp;</td>
<td align=right valign=bottom nowrap><font color=#000000>$</font></td>
<td align=right valign=bottom><font color=#000000>104,875</font></td>
<td bgcolor=#e5ffff>&nbsp;</td></tr>
<tr bgcolor=#ffffff>
<td align=left valign=bottom><p style='margin-left:1em;text-indent:-1em;'><font color=#000000>Frank K. Ross, Director</font></p></td>
<td align=right valign=bottom nowrap>&nbsp;&nbsp;&nbsp;&nbsp;</td>
<td align=right valign=bottom nowrap><font color=#000000>$</font></td>
<td align=right valign=bottom><font color=#000000>6,794</font></td>
<td bgcolor=#ffffff>&nbsp;</td>
<td align=right valign=bottom nowrap>&nbsp;&nbsp;&nbsp;&nbsp;</td>
<td align=right valign=bottom nowrap><font color=#000000>$</font></td>
<td align=right valign=bottom><font color=#000000>107,375</font></td>
<td bgcolor=#ffffff>&nbsp;</td></tr>
<tr bgcolor=#e5ffff>
<td align=left valign=bottom><p style='margin-left:1em;text-indent:-1em;'><font color=#000000>Willard H. Smith Jr., Director</font></p></td>
<td align=right valign=bottom nowrap>&nbsp;&nbsp;&nbsp;&nbsp;</td>
<td align=right valign=bottom nowrap><font color=#000000>$</font></td>
<td align=right valign=bottom><font color=#000000>6,500</font></td>
<td bgcolor=#e5ffff>&nbsp;</td>
<td align=right valign=bottom nowrap>&nbsp;&nbsp;&nbsp;&nbsp;</td>
<td align=right valign=bottom nowrap><font color=#000000>$</font></td>
<td align=right valign=bottom><font color=#000000>102,375</font></td>
<td bgcolor=#e5ffff>&nbsp;</td></tr>
<tr bgcolor=#ffffff>
<td align=left valign=bottom><p style='margin-left:1em;text-indent:-1em;'><font color=#000000>Robert H. Steers*, Director and Co-Chairman</font></p></td>
<td align=right valign=bottom nowrap>&nbsp;&nbsp;&nbsp;&nbsp;</td>
<td align=right valign=bottom nowrap><font color=#000000>$</font></td>
<td align=right valign=bottom><font color=#000000>0</font></td>
<td bgcolor=#ffffff>&nbsp;</td>
<td align=right valign=bottom nowrap>&nbsp;&nbsp;&nbsp;&nbsp;</td>
<td align=right valign=bottom nowrap><font color=#000000>$</font></td>
<td align=right valign=bottom><font color=#000000>0</font></td>
<td bgcolor=#ffffff>&nbsp;</td></tr>
<tr bgcolor=#e5ffff>
<td align=left valign=bottom><p style='margin-left:1em;text-indent:-1em;'><font color=#000000>C. Edward Ward, Jr., Director</font></p></td>
<td align=right valign=bottom nowrap>&nbsp;&nbsp;&nbsp;&nbsp;</td>
<td align=right valign=bottom nowrap><font color=#000000>$</font></td>
<td align=right valign=bottom><font color=#000000>6,500</font></td>
<td bgcolor=#e5ffff>&nbsp;</td>
<td align=right valign=bottom nowrap>&nbsp;&nbsp;&nbsp;&nbsp;</td>
<td align=right valign=bottom nowrap><font color=#000000>$</font></td>
<td align=right valign=bottom><font color=#000000>102,375</font></td>
<td bgcolor=#e5ffff>&nbsp;</td></tr>
<tr bgcolor=#ffffff>
<td align=left valign=bottom><p style='margin-left:1em;text-indent:-1em;'></p></td>
<td bgcolor=#ffffff>&nbsp;</td>
<td bgcolor=#ffffff>&nbsp;</td>
<td bgcolor=#ffffff>&nbsp;</td>
<td bgcolor=#ffffff>&nbsp;</td>
<td bgcolor=#ffffff>&nbsp;</td>
<td bgcolor=#ffffff>&nbsp;</td>
<td bgcolor=#ffffff>&nbsp;</td>
<td bgcolor=#ffffff>&nbsp;</td></tr>
</table>
<div align=left>
<p><font color=#000000><hr color=#000000 noshade align=left width=48 size=0></font></p>
</div>
<table width=100% cellpadding=0 cellspacing=0 border=0>
  <tr bgcolor=#ffffff>
    <td align=left valign=top><font color=#000000>*</font><font color=#000000>
      Interested Director.</font></td>
  </tr>
</table>
<p align=left>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<b><font color=#000000>Section 16(a) Beneficial Ownership Reporting Compliance. </font></b><font color=#000000>Section 16(a) of the Securities Exchange Act of 1934, as amended (the &ldquo;Exchange Act&rdquo;), and Section 30(h) of the Act, as applied to the Fund, require certain of the Fund&#39;s officers, Directors and investment adviser, affiliates of the investment adviser, and persons who beneficially own more than 10% of the Fund&#39;s outstanding securities to file reports of ownership of the Fund&#39;s securities and changes in such ownership with the Securities and Exchange Commission (the &ldquo;SEC&rdquo;). Those persons are required by SEC regulations to furnish the Fund with copies of all filings. To the Fund&#39;s knowledge, all of its officers, directors and holders of more than 10% of its stock complied with all filing requirements
under Section&nbsp;16(a) of the Exchange Act, during the fiscal year ended December&nbsp;31, 2005, except that James Corl, an officer of the</font></p>
<p align=center>7</p>
<p><hr color=#000000 noshade></p>
<p style="page-break-before: always">
<PAGE>
<p align=left><font color=#000000>Fund, purchased Taxable Auction Market Preferred Shares in three transactions that were not reported on a timely basis in Form&nbsp;4 filings. Mr. Corl&#39;s purchases were subsequently reported on the appropriate form.</font></p>
<p align=left>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<b><font color=#000000>The Board of Directors, including the Independent Directors, unanimously recommends that the stockholders of the Fund vote FOR the election of each nominee to serve as a Director of the Fund.</font></b></p>
<p align=center><b><font color=#000000><a name='#Independent'>INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM</a></font></b></p>
<p align=left>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<font color=#000000>The members of the Audit Committee, at a meeting held on March&nbsp;8, 2006, selected PricewaterhouseCoopers LLP, an independent registered public accounting firm, to audit the accounts of the Fund for the fiscal year ending December&nbsp;31, 2006. Their selection also was ratified and approved by the vote, cast in person, of a majority of the Directors of the Fund, including a majority of the Independent Directors and who are &ldquo;independent&rdquo; as defined in the New York Stock Exchange listing standards, at a meeting held on March&nbsp;8, 2006. A representative of PricewaterhouseCoopers LLP is expected to be available for the Meeting and to have the opportunity to make a statement and respond to appropriate questions from the stockholders. The Audit Committee of the Board of Directors meets at least twice each year
with representatives of PricewaterhouseCoopers LLP to discuss the scope of their engagement, and to review the financial statements of the Fund and the results of their examination thereof.</font></p>
<p align=center><b><font color=#000000><a name='#Fees'>FEES PAID TO PRICEWATERHOUSECOOPERS LLP</a></font></b></p>
<p align=left>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<font color=#000000>Aggregate fees billed to the Fund for the last two fiscal years for professional services rendered by PricewaterhouseCoopers LLP were as follows:</font></p>
<table width=100% cellpadding=0 cellspacing=0 border=0><tr bgcolor=#ffffff>
<td bgcolor=#ffffff>&nbsp;</td>
<td bgcolor=#ffffff>&nbsp;</td>
<td bgcolor=#ffffff>&nbsp;</td>
<td align=center valign=bottom colspan=3><b><font color=#000000><small>2005<br>
<hr color=#000000 noshade size=1></small></font></b></td>
<td bgcolor=#ffffff>&nbsp;</td>
<td align=center valign=bottom colspan=3><b><font color=#000000><small>2004<br>
<hr color=#000000 noshade size=1></small></font></b></td></tr>
<tr bgcolor=#e5ffff>
<td align=left valign=bottom nowrap>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</td>
<td align=left valign=bottom><p style='margin-left:1em;text-indent:-1em;'><font color=#000000>Audit Fees</font></p></td>
<td align=right valign=bottom nowrap>&nbsp;&nbsp;&nbsp;&nbsp;</td>
<td align=right valign=bottom nowrap><font color=#000000>$</font></td>
<td align=right valign=bottom><font color=#000000>54,000</font></td>
<td bgcolor=#e5ffff>&nbsp;</td>
<td align=right valign=bottom nowrap>&nbsp;&nbsp;&nbsp;&nbsp;</td>
<td align=right valign=bottom nowrap><font color=#000000>$</font></td>
<td align=right valign=bottom><font color=#000000>100,225</font></td>
<td bgcolor=#e5ffff>&nbsp;</td></tr>
<tr bgcolor=#ffffff>
<td align=left valign=bottom nowrap>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</td>
<td align=left valign=bottom><p style='margin-left:1em;text-indent:-1em;'><font color=#000000>Audit-Related Fees</font></p></td>
<td align=right valign=bottom nowrap>&nbsp;&nbsp;&nbsp;&nbsp;</td>
<td bgcolor=#ffffff>&nbsp;</td>
<td align=right valign=bottom><font color=#000000>21,500</font></td>
<td bgcolor=#ffffff>&nbsp;</td>
<td align=right valign=bottom nowrap>&nbsp;&nbsp;&nbsp;&nbsp;</td>
<td bgcolor=#ffffff>&nbsp;</td>
<td align=right valign=bottom><font color=#000000>36,000</font></td>
<td bgcolor=#ffffff>&nbsp;</td></tr>
<tr bgcolor=#e5ffff>
<td align=left valign=bottom nowrap>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</td>
<td align=left valign=bottom><p style='margin-left:1em;text-indent:-1em;'><font color=#000000>Tax Fees</font></p></td>
<td align=right valign=bottom nowrap>&nbsp;&nbsp;&nbsp;&nbsp;</td>
<td bgcolor=#e5ffff>&nbsp;</td>
<td align=right valign=bottom><font color=#000000>12,975</font></td>
<td bgcolor=#e5ffff>&nbsp;</td>
<td align=right valign=bottom nowrap>&nbsp;&nbsp;&nbsp;&nbsp;</td>
<td bgcolor=#e5ffff>&nbsp;</td>
<td align=right valign=bottom><font color=#000000>12,600</font></td>
<td bgcolor=#e5ffff>&nbsp;</td></tr>
<tr bgcolor=#ffffff>
<td align=left valign=bottom nowrap>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</td>
<td align=left valign=bottom><p style='margin-left:1em;text-indent:-1em;'><font color=#000000>All Other Fees</font></p></td>
<td align=center valign=bottom nowrap>&nbsp;&nbsp;&nbsp;&nbsp;</td>
<td bgcolor=#ffffff>&nbsp;</td>
<td align=center valign=bottom><font color=#000000>&mdash;</font></td>
<td bgcolor=#ffffff>&nbsp;</td>
<td align=center valign=bottom nowrap>&nbsp;&nbsp;&nbsp;&nbsp;</td>
<td bgcolor=#ffffff>&nbsp;</td>
<td align=center valign=bottom><font color=#000000>&mdash;</font></td>
<td bgcolor=#ffffff>&nbsp;</td></tr>
<tr bgcolor=#ffffff>
<td align=left valign=bottom nowrap>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</td>
<td align=left valign=bottom><p style='margin-left:1em;text-indent:-1em;'></p></td>
<td bgcolor=#ffffff>&nbsp;</td>
<td bgcolor=#ffffff>&nbsp;</td>
<td bgcolor=#ffffff>&nbsp;</td>
<td bgcolor=#ffffff>&nbsp;</td>
<td bgcolor=#ffffff>&nbsp;</td>
<td bgcolor=#ffffff>&nbsp;</td>
<td bgcolor=#ffffff>&nbsp;</td>
<td bgcolor=#ffffff>&nbsp;</td></tr>
</table>
<p align=left><font color=#000000>Audit-related fees were billed in connection with the preparation and issuance of certification reports to rating agencies relating to the Fund&#39;s Auction Market Preferred Shares. Tax fees were billed in connection with the preparation of tax returns, calculation and designation of dividends and other miscellaneous tax services.</font></p>
<p align=left>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<font color=#000000>Aggregate fees billed by PricewaterhouseCoopers LLP for the last two fiscal years for non-audit services provided to the Advisor and any entity controlling, controlled by, or under common control with the Advisor that provides ongoing services to the Fund (&ldquo;Service Affiliates&rdquo;), where the engagement relates directly to the operations and financial reporting of the Fund and which were pre-approved by the Audit Committee, were as follows:</font></p>
<table width=100% cellpadding=0 cellspacing=0 border=0><tr bgcolor=#ffffff>
<td bgcolor=#ffffff>&nbsp;</td>
<td bgcolor=#ffffff>&nbsp;</td>
<td bgcolor=#ffffff>&nbsp;</td>
<td align=center valign=bottom colspan=3><b><font color=#000000><small>2005<br>
<hr color=#000000 noshade size=1></small></font></b></td>
<td bgcolor=#ffffff>&nbsp;</td>
<td align=center valign=bottom colspan=3><b><font color=#000000><small>2004<br>
<hr color=#000000 noshade size=1></small></font></b></td></tr>
<tr bgcolor=#e5ffff>
<td align=left valign=bottom nowrap>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</td>
<td align=left valign=bottom><p style='margin-left:1em;text-indent:-1em;'><font color=#000000>Audit-Related Fees</font></p></td>
<td align=center valign=bottom nowrap>&nbsp;&nbsp;&nbsp;&nbsp;</td>
<td bgcolor=#e5ffff>&nbsp;</td>
<td align=center valign=bottom><font color=#000000>&mdash;</font></td>
<td bgcolor=#e5ffff>&nbsp;</td>
<td align=center valign=bottom nowrap>&nbsp;&nbsp;&nbsp;&nbsp;</td>
<td bgcolor=#e5ffff>&nbsp;</td>
<td align=center valign=bottom><font color=#000000>&mdash;</font></td>
<td bgcolor=#e5ffff>&nbsp;</td></tr>
<tr bgcolor=#ffffff>
<td align=left valign=bottom nowrap>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</td>
<td align=left valign=bottom><p style='margin-left:1em;text-indent:-1em;'><font color=#000000>Tax Fees</font></p></td>
<td align=center valign=bottom nowrap>&nbsp;&nbsp;&nbsp;&nbsp;</td>
<td bgcolor=#ffffff>&nbsp;</td>
<td align=center valign=bottom><font color=#000000>&mdash;</font></td>
<td bgcolor=#ffffff>&nbsp;</td>
<td align=center valign=bottom nowrap>&nbsp;&nbsp;&nbsp;&nbsp;</td>
<td bgcolor=#ffffff>&nbsp;</td>
<td align=center valign=bottom><font color=#000000>&mdash;</font></td>
<td bgcolor=#ffffff>&nbsp;</td></tr>
<tr bgcolor=#e5ffff>
<td align=left valign=bottom nowrap>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</td>
<td align=left valign=bottom><p style='margin-left:1em;text-indent:-1em;'><font color=#000000>All Other Fees</font></p></td>
<td align=right valign=bottom nowrap>&nbsp;&nbsp;&nbsp;&nbsp;</td>
<td align=right valign=bottom nowrap><font color=#000000>$</font></td>
<td align=right valign=bottom><font color=#000000>85,000</font></td>
<td bgcolor=#e5ffff>&nbsp;</td>
<td align=right valign=bottom nowrap>&nbsp;&nbsp;&nbsp;&nbsp;</td>
<td align=right valign=bottom nowrap><font color=#000000>$</font></td>
<td align=right valign=bottom><font color=#000000>62,500</font></td>
<td bgcolor=#e5ffff>&nbsp;</td></tr>
<tr bgcolor=#ffffff>
<td align=left valign=bottom nowrap>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</td>
<td align=left valign=bottom><p style='margin-left:1em;text-indent:-1em;'></p></td>
<td bgcolor=#ffffff>&nbsp;</td>
<td bgcolor=#ffffff>&nbsp;</td>
<td bgcolor=#ffffff>&nbsp;</td>
<td bgcolor=#ffffff>&nbsp;</td>
<td bgcolor=#ffffff>&nbsp;</td>
<td bgcolor=#ffffff>&nbsp;</td>
<td bgcolor=#ffffff>&nbsp;</td>
<td bgcolor=#ffffff>&nbsp;</td></tr>
</table>
<p align=center>8</p>
<p><hr color=#000000 noshade></p>
<p style="page-break-before: always">
<PAGE>
<p align=left>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<font color=#000000>These other fees were billed in connection with internal control reviews and AIMR performance reviews.</font></p>
<p align=left>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<font color=#000000>The Audit Committee is required to pre-approve audit and non-audit services performed for the Fund by its principal accountant. The Audit Committee also is required to pre-approve non-audit services performed by the Fund&#39;s principal accountant for the Advisor and any Service Affiliate if the engagement for services relates directly to the operations and financial reporting of the Fund.</font></p>
<p align=left>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<font color=#000000>The Audit Committee may delegate pre-approval authority to one or more of its members who are independent members of the Board of Directors of the Fund. The member or members to whom such authority is delegated shall report any pre-approval decisions to the Audit Committee at its next scheduled meeting. The Audit Committee may not delegate its responsibility to pre-approve services to be performed by the Fund&#39;s principal accountant to the Advisor.</font></p>
<p align=left>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<font color=#000000>None of the services described above were approved by the Audit Committee pursuant to paragraphs (c)(7)(i)(C) of Rule&nbsp;2-01 of Regulation&nbsp;S-X.</font></p>
<p align=left>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<font color=#000000>The aggregate fees billed by PricewaterhouseCoopers LLP for non-audit services rendered to the Fund and for non-audit services rendered to Service Affiliates for the fiscal years ended December 31, 2005 and December&nbsp;31, 2004 were $119,475 and $116,600, respectively.</font></p>
<p align=left>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<font color=#000000>The Audit Committee considered whether the provision of non-audit services that were rendered to Service Affiliates that were not required to be pre-approved pursuant to paragraph (c)(7)(ii) of Rule&nbsp;2-01 of Regulation&nbsp;S-X was compatible with maintaining the independence of PricewaterhouseCoopers LLP.</font></p>
<p align=center><b><font color=#000000><a name='#Certain'>CERTAIN INFORMATION REGARDING THE INVESTMENT MANAGER AND<br>
THE ADMINISTRATOR</a></font></b></p>
<p align=left>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<font color=#000000>The Fund has retained Cohen &amp; Steers Capital Management, Inc., a New York corporation with offices at 280 Park Avenue, New York, New York 10017, to serve as its investment manager and administrator under an investment management agreement dated June&nbsp;24, 2003 and an administration agreement, dated June&nbsp;24, 2003. Martin Cohen and Robert H. Steers are &ldquo;controlling persons&rdquo; of the Advisor on the basis of their ownership of more than 25% of the stock of the Advisor&#39;s parent company, CNS. Their address is 280 Park Avenue, New York, New York 10017. State Street Bank and Trust Company, with offices at 225 Franklin Street, Boston, Massachusetts 02110, serves as sub-administrator for the Fund.</font></p>
<p align=center><b><font color=#000000><a name='#Officers'>OFFICERS OF THE FUND</a></font></b></p>
<p align=left>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<font color=#000000>The principal officers of the Fund and their principal occupations during the past five years, as reported by them to the Fund, are set forth below. The address of each of the Fund&#39;s officers is 280 Park Avenue, New York, New York 10017.</font></p>
<p align=left>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<font color=#000000>Robert H. Steers, Co-Chairman (see Proposal One, &ldquo;Election of Directors,&rdquo; at page 4 for biographical information).</font></p>
<p align=left>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<font color=#000000>Martin Cohen, Co-Chairman (see Proposal One, &ldquo;Election of Directors,&rdquo; at page 4 for biographical information).</font></p>
<p align=left>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<font color=#000000>Adam M. Derechin, President and Chief Executive Officer, age 41, joined the Advisor in 1993 and has been the Chief Operating Officer since 2003 and prior to that was a Senior Vice President.</font></p>
<p align=center>9</p>
<p><hr color=#000000 noshade></p>
<p style="page-break-before: always">
<PAGE>
<p align=left>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<font color=#000000>Joseph M. Harvey, Vice President, age 42, joined the Advisor in 1992 and has been President of the Advisor since 2003 and prior to that was a Senior Vice President.</font></p>
<p align=left>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<font color=#000000>William F. Scapell, Vice President, age 39, joined the Advisor in 2003 as a Senior Vice President. Prior to joining the Adviser, he was the chief strategist for preferred securities at Merrill Lynch &amp; Co.</font></p>
<p align=left>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<font color=#000000>Thomas N. Bohjalian, Vice President, age 40, joined the Advisor in 2002 and has been Senior Vice President since 2006. Prior to that he was Vice President of the Advisor from 2003 through 2005. Prior to joining the Advisor, he was a Vice President at AEW Capital Management.</font></p>
<p align=left>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<font color=#000000>Lawrence B. Stoller, Secretary, age 42, joined the Advisor in 1999 and has been Executive Vice President and General Counsel of the Advisor since 2005. From 1999 to 2005 he was Senior Vice President and General Counsel of the Advisor.</font></p>
<p align=left>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<font color=#000000>James S. Corl, Vice President, age 39, joined the Advisor in 1997 and has been Executive Vice President since 2004. Prior to that he was Senior Vice President of the Advisor.</font></p>
<p align=left>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<font color=#000000>Jay J. Chen, Treasurer, age 43, joined the Advisor in 1995 and has been Senior Vice President since 2003. Prior to that he was Vice President of the Advisor.</font></p>
<p align=left>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<font color=#000000>John E. McLean, Assistant Secretary, age 35, joined the Advisor in 2003 as Vice President and Associate General Counsel and had been Chief Compliance Officer from 2004 to 2006. Prior to that, he served as Vice President, Law &amp; Regulation at J. &amp; W. Seligman &amp; Co. and as an associate at Battle Fowler LLP.</font></p>
<p align=left>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<font color=#000000>Lisa Phelan, Chief Compliance Officer, age 37, joined the Advisor in 2004 and has been Vice President since 2006. Prior to joining the Advisor she was Chief Compliance Officer of Avatar Associates and Overture Asset Managers from 2003 to 2004. Prior to that, she served as First Vice President, Risk Management, for Prudential Securities, Inc.</font></p>
<p align=center><b><font color=#000000><a name='#Submission'>SUBMISSION OF PROPOSALS FOR THE NEXT<br>
ANNUAL MEETING OF STOCKHOLDERS</a></font></b></p>
<p align=left>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<font color=#000000>All proposals by stockholders of the Fund which are intended to be presented at the Fund&#39;s next Annual Meeting of Stockholders, to be held in 2007, must be received by the Fund (addressed to Cohen &amp; Steers REIT and Preferred Income Fund, Inc., 280 Park Avenue, New York, New York 10017) for inclusion in the Fund&#39;s proxy statement and proxy relating to that meeting no later than November&nbsp;17, 2006. Any stockholder who desires to bring a proposal for consideration at the Fund&#39;s 2007 Annual Meeting of Stockholders without including such proposal in the Fund&#39;s proxy statement must deliver written notice thereof to the Secretary or Assistant Secretary of the Fund (addressed to Cohen &amp; Steers REIT and Preferred Income Fund, Inc., 280 Park Avenue, New York, New York 10017) during the 30 day period from
December&nbsp;29, 2006 to January&nbsp;29, 2007.</font></p>
<p align=center><b><font color=#000000><a name='#Stockholder'>STOCKHOLDER COMMUNICATIONS</a></font></b></p>
<p align=left>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<font color=#000000>Stockholders may send written communications to the Board to the attention of the Board of Directors, c/o Cohen &amp; Steers Funds, 280 Park Avenue, New York, NY 10017. Stockholder communications must be signed by the stockholder and identify the class and number of shares held by the stockholder. Each properly submitted stockholder communication shall be provided to the Board at its next regularly scheduled meeting or, if such communication requires more immediate attention, it will be forwarded to the Directors promptly after receipt.</font></p>
<p align=center>10</p>
<p><hr color=#000000 noshade></p>
<p style="page-break-before: always">
<PAGE>
<p align=center><b><font color=#000000><a name='#Other'>OTHER MATTERS</a></font></b></p>
<p align=left>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<font color=#000000>Management does not know of any matters to be presented at the Meeting other than those mentioned in this Proxy Statement. If any of the persons listed above is unavailable for election as a Director, an event not now anticipated, or if any other matters properly come before the Meeting, the shares represented by proxies will be voted with respect thereto in accordance with the best judgment of the person or persons voting the proxies.</font></p>
<p align=center><b><font color=#000000><a name='#Votes'>VOTES REQUIRED</a></font></b></p>
<p align=left>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<font color=#000000>The presence in person or by proxy of the holders of a majority of the outstanding shares is required to constitute a quorum at the Meeting. The election of the Directors representing the Fund&#39;s common stock, as set forth in Proposal 1, will require a vote of the holders of a plurality of the Fund&#39;s shares present at the Meeting.</font></p>
<p align=left>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<font color=#000000>If the accompanying form of proxy is executed properly and returned, shares represented by it will be voted at the Meeting in accordance with the instructions on the proxy. However, if no instructions are specified, shares will be voted for the election of the Directors and for any other proposals.</font></p>
<table width=100% cellpadding=0 cellspacing=0 border=0><tr bgcolor=#ffffff>
<td align=left valign=bottom><font color=#000000>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></td>
<td align=left valign=top nowrap>&nbsp;&nbsp;&nbsp;&nbsp;</td>
<td align=left valign=top><font color=#000000>By order of the Board of Directors,</font></td></tr>
<tr bgcolor=#ffffff>
<td bgcolor=#ffffff>&nbsp;</td>
<td align=left valign=top nowrap>&nbsp;&nbsp;&nbsp;&nbsp;</td>
<td align=left valign=top><font color=#000000><img SRC=cohenstollersig.jpg></font></td></tr>
<tr bgcolor=#ffffff>
<td bgcolor=#ffffff>&nbsp;</td>
<td align=left valign=top nowrap>&nbsp;&nbsp;&nbsp;&nbsp;</td>
<td align=left valign=top><font color=#000000>L</font><font color=#000000><small>AWRENCE</small></font><font color=#000000> B. S</font><font color=#000000><small>TOLLER</small></font></td></tr>
<tr bgcolor=#ffffff>
<td bgcolor=#ffffff>&nbsp;</td>
<td align=left valign=top nowrap>&nbsp;&nbsp;&nbsp;&nbsp;</td>
<td align=left valign=top><i><font color=#000000>Secretary</font></i></td></tr>
</table>
<p align=left><font color=#000000>March 17, 2006<br>
New York, New York</font></p>
<p align=center>11</p>

<p><hr color=#000000 noshade></p>
<p style="page-break-before: always">
<PAGE>


<p align=center><b><font color=#000000>Appendix 1</font></b></p>


<TABLE ALIGN=CENTER  BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="100%">
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<P><FONT SIZE=2><BR>
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</TR>
<TR>
<TD VALIGN=TOP STYLE="BORDER-left:1PX SOLID GRAY;BORDER-BOTTOM:1PX DASHED GRAY">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP STYLE="BORDER-BOTTOM:1PX DASHED GRAY">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD COLSPAN="3" VALIGN=TOP STYLE="BORDER-BOTTOM:1PX DASHED GRAY">
<P ALIGN=CENTER><FONT SIZE=1   FACE=ARIAL><FONT SIZE=2 FACE="WINGDINGS 3">&#130;</FONT><B> DETACH
  PROXY CARD HERE </B><FONT SIZE=2 FACE="WINGDINGS 3">&#130;</FONT></FONT></P>
</TD>
<TD VALIGN=TOP STYLE="BORDER-BOTTOM:1PX DASHED GRAY">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP STYLE="BORDER-RIGHT:1PX SOLID GRAY;BORDER-BOTTOM:1PX DASHED GRAY">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP STYLE="BORDER-left:1PX SOLID GRAY">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD COLSPAN="3" VALIGN=TOP>
<P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP  STYLE="BORDER-RIGHT:1PX SOLID GRAY">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP STYLE="BORDER-left:1PX SOLID GRAY">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD COLSPAN="3" VALIGN=TOP>
<P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP STYLE="BORDER-RIGHT:1PX SOLID GRAY">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP STYLE="BORDER-left:1PX SOLID GRAY">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD COLSPAN="3" VALIGN=TOP >
<P ALIGN=CENTER><FONT SIZE=2  FACE=ARIAL><B>COHEN &amp; STEERS REIT AND PREFERRED INCOME FUND, INC.</B></FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP STYLE="BORDER-RIGHT:1PX SOLID GRAY">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP STYLE="BORDER-left:1PX SOLID GRAY">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD COLSPAN="3" VALIGN=TOP>
<P ALIGN=CENTER><FONT SIZE=2   FACE=ARIAL><B>280 Park Avenue <BR>
  New York, New York 10017</B></FONT></P>
</TD>
<TD VALIGN=TOP STYLE="BORDER-TOP:2PX SOLID GRAY;BORDER-RIGHT:2PX SOLID GRAY">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP STYLE="BORDER-RIGHT:1PX SOLID GRAY">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>


<TR>
<TD VALIGN=TOP STYLE="BORDER-left:1PX SOLID GRAY">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD COLSPAN="3" VALIGN=TOP>
<P ALIGN=CENTER><FONT SIZE=2   FACE=ARIAL>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP STYLE="BORDER-RIGHT:1PX SOLID GRAY">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>


<TR>
<TD VALIGN=TOP STYLE="BORDER-left:1PX SOLID GRAY">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD COLSPAN="3" VALIGN=TOP>
<P ALIGN=CENTER><FONT SIZE=2   FACE=ARIAL><B>PROXY SOLICITED ON BEHALF OF THE BOARD OF
  DIRECTORS</B></FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP STYLE="BORDER-RIGHT:1PX SOLID GRAY">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP STYLE="BORDER-left:1PX SOLID GRAY">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD COLSPAN="3" VALIGN=TOP>
<P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP STYLE="BORDER-RIGHT:1PX SOLID GRAY">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP STYLE="BORDER-left:1PX SOLID GRAY">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD COLSPAN="3" VALIGN=TOP>
<P><FONT SIZE=1 FACE=ARIAL>Revoking such prior appointments,
  the undersigned appoints Lester J. Lay and Lisa R. Savitzky (or, if only one
  shall act, then that one) proxies with the power of substitution to vote all
  the common stock of Cohen &amp; Steers REIT and Preferred Income Fund, Inc. (the &#147;Fund&#148;)
  registered in the name of the undersigned at the Annual Meeting of
  Stockholders to be held at the offices of Cohen &amp; Steers Capital
  Management, Inc., 280 Park Avenue, New York, New York 10017 on April 27, 2006
  at 10:00 a.m., and at any adjournments thereof.</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP STYLE="BORDER-RIGHT:1PX SOLID GRAY">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP STYLE="BORDER-left:1PX SOLID GRAY">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD COLSPAN="3" VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP STYLE="BORDER-RIGHT:1PX SOLID GRAY">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP STYLE="BORDER-left:1PX SOLID GRAY">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD COLSPAN="3" VALIGN=TOP STYLE="BORDER:1PX SOLID GRAY;PADDING:2PX">
<P ALIGN=CENTER><FONT SIZE=1   FACE=ARIAL><B>PLEASE MARK, SIGN, DATE AND RETURN THIS PROXY CARD
  PROMPTLY IN THE ENCLOSED ENVELOPE.</B></FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP STYLE="BORDER-RIGHT:1PX SOLID GRAY">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP STYLE="BORDER-left:1PX SOLID GRAY">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD COLSPAN="3" VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP STYLE="BORDER-RIGHT:1PX SOLID GRAY">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP STYLE="BORDER-left:1PX SOLID GRAY">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD COLSPAN="3" VALIGN=TOP STYLE="BORDER:1PX SOLID GRAY;PADDING:4PX">
<P><FONT SIZE=1 FACE=ARIAL>Please sign exactly as your
  name(s) appear(s) on the books of the Fund. Joint owners should sign
  personally. Trustees and other fiduciaries should indicate the capacity in which
  they sign, and where more than one name appears, a majority must sign. If a
  corporation, this signature should be that of an authorized officer who
  should state his or her title.</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP STYLE="BORDER-RIGHT:1PX SOLID GRAY">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>

<TR>
<TD VALIGN=TOP STYLE="BORDER-left:1PX SOLID GRAY">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD COLSPAN="3" VALIGN=TOP>
<P ALIGN=CENTER><FONT SIZE=1   FACE=ARIAL><B>(Continued on the reverse)</B></FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP STYLE="BORDER-RIGHT:1PX SOLID GRAY">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP STYLE="BORDER-left:1PX SOLID GRAY">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD COLSPAN="3" VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP STYLE="BORDER-RIGHT:1PX SOLID GRAY">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP STYLE="BORDER-left:1PX SOLID GRAY">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD COLSPAN="2" VALIGN=TOP NOWRAP>
<P><FONT SIZE=1 FACE=ARIAL>COHEN &amp; STEERS REIT AND PREFERRED INCOME FUND, INC.<BR>
  P.O. BOX 11311<BR>
  NEW YORK, N.Y. 10203-0311</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP STYLE="BORDER-RIGHT:1PX SOLID GRAY">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP STYLE="BORDER-left:1PX SOLID GRAY">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP STYLE="BORDER-RIGHT:1PX SOLID GRAY">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP STYLE="BORDER-left:1PX SOLID GRAY">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P STYLE='TEXT-AUTOSPACE:NONE'><FONT   SIZE=1 FACE=ARIAL>HAS YOUR
  ADDRESS CHANGED?<BR><BR></FONT></P>
</TD>
<TD VALIGN=TOP>
<P STYLE='TEXT-AUTOSPACE:NONE'><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1 FACE=ARIAL>DO YOU HAVE ANY COMMENTS?<BR><BR></FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP STYLE="BORDER-RIGHT:1PX SOLID GRAY">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>

<TR>
<TD VALIGN=TOP STYLE="BORDER-left:1PX SOLID GRAY">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<HR SIZE=1 WIDTH="100%" NOSHADE COLOR=GRAY ALIGN=CENTER>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<HR SIZE=1 WIDTH="100%" NOSHADE COLOR=GRAY ALIGN=CENTER>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP STYLE="BORDER-RIGHT:1PX SOLID GRAY">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP STYLE="BORDER-left:1PX SOLID GRAY">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<HR SIZE=1 WIDTH="100%" NOSHADE COLOR=GRAY ALIGN=CENTER>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<HR SIZE=1 WIDTH="100%" NOSHADE COLOR=GRAY ALIGN=CENTER>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP STYLE="BORDER-RIGHT:1PX SOLID GRAY">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP STYLE="BORDER-left:1PX SOLID GRAY">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<HR SIZE=1 WIDTH="100%" NOSHADE COLOR=GRAY ALIGN=CENTER>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<HR SIZE=1 WIDTH="100%" NOSHADE COLOR=GRAY ALIGN=CENTER>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP STYLE="BORDER-RIGHT:1PX SOLID GRAY">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP STYLE="BORDER-left:1PX SOLID GRAY;BORDER-BOTTOM:1PX SOLID GRAY">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP STYLE="BORDER-BOTTOM:1PX SOLID GRAY">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP STYLE="BORDER-BOTTOM:1PX SOLID GRAY">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP STYLE="BORDER-BOTTOM:1PX SOLID GRAY">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP STYLE="BORDER-BOTTOM:1PX SOLID GRAY">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP STYLE="BORDER-BOTTOM:1PX SOLID GRAY">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP STYLE="BORDER-BOTTOM:1PX SOLID GRAY;BORDER-RIGHT:1PX SOLID GRAY">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
</TABLE>

<BR>

<HR NOSHADE COLOR="#000000"><P STYLE='PAGE-BREAK-BEFORE: ALWAYS'><PAGE>

<div style='border:1px solid gray;width:100%'>

<BR><BR><BR><BR><BR><BR><BR><BR><BR><BR><BR><BR><BR><BR><BR><BR><BR><BR><BR><BR><BR><BR><BR><BR><BR><BR>
<TABLE ALIGN=CENTER  BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="100%">
 <TR style="font-size:1px">
  <TD WIDTH="5%" VALIGN=TOP>
  <P>&nbsp;</P>
  </TD>
  <TD WIDTH="90%" VALIGN=TOP>
  <P ALIGN=CENTER>&nbsp;</P>
  </TD>
  <TD WIDTH="5%" VALIGN=TOP>
  <P ALIGN=CENTER>&nbsp;</P>
  </TD>
 </TR>
 <TR>
  <TD  VALIGN=TOP style='border-bottom:1px dashed gray'>
  <P><FONT SIZE=1 FACE=ARIAL>&nbsp;&nbsp;<FONT    SIZE=2 FACE=WINGDINGS>o</FONT></FONT></P>
  </TD>
  <TD  VALIGN=TOP style='border-bottom:1px dashed gray'>
  <P ALIGN=CENTER><FONT SIZE=2 FACE="WINGDINGS 3">&#130;</FONT>
  <FONT SIZE=1    FACE=ARIAL><b>DETACH PROXY CARD HERE </B></font><FONT SIZE=2 FACE="WINGDINGS 3">&#130;</FONT></P>
  </TD>
  <TD  VALIGN=TOP style='border-bottom:1px dashed gray'>
  <P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
 </TR>
</TABLE>

<BR>
  <div style='position:relative;float:left;margin:0%;width:52%'>
    <TABLE ALIGN=CENTER  BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="100%">
      <TR style="font-size:1px">
        <TD WIDTH="5%" VALIGN=TOP> <P>&nbsp;</P></TD>
        <TD WIDTH="50%" VALIGN=TOP> <P>&nbsp;</P></TD>
        <TD WIDTH="45%" VALIGN=BOTTOM> <P>&nbsp;</P></TD>
      </TR>
      <TR>
        <TD  VALIGN=TOP> <P>&nbsp;</P></TD>
        <TD  VALIGN=TOP> <P STYLE='MARGIN-RIGHT:4.3PT;MARGIN-LEFT:.15IN'><FONT FACE="ARIAL" SIZE="1"><B>Please
            Sign, Date and Return the Proxy Card Promptly Using the Enclosed Envelope.</B>
            </FONT></P></TD>
        <TD  VALIGN=BOTTOM> <P><font size=3 face=wingdings>&nbsp;&nbsp;&nbsp;x</font><FONT FACE="ARIAL" SIZE="1"><BR>
            <B>Votes must be indicated <BR>
            (x) in Black or Blue ink.</B> </FONT></P></TD>
      </TR>
    </TABLE>
    <BR>
    <TABLE ALIGN=CENTER  BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="100%">
      <TR style="font-size:1px">
        <TD WIDTH="5%" VALIGN=TOP> <P>&nbsp;</P></TD>
        <TD WIDTH="1%" VALIGN=TOP> <P>&nbsp;</P></TD>
        <TD WIDTH="3%" VALIGN=TOP> <P>&nbsp;</P></TD>
        <TD WIDTH="1%" VALIGN=TOP> <P>&nbsp;</P></TD>
        <TD WIDTH="20%" VALIGN=TOP> <P align=center>&nbsp;</P></TD>
        <TD WIDTH="12%" VALIGN=TOP> <P>&nbsp;</P></TD>
        <TD WIDTH="12%" COLSPAN="2" VALIGN=TOP> <P>&nbsp;</P></TD>
        <TD WIDTH="22%" VALIGN=TOP> <P align=center>&nbsp;</P></TD>
        <TD WIDTH="14%" VALIGN=TOP> <P>&nbsp;</P></TD>
      </TR>
      <TR>
        <TD  VALIGN=TOP> <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
        <TD  COLSPAN="9" VALIGN=middle style='border-bottom:1px solid gray;border-top:1px solid gray' height=20>
          <P ALIGN=center ><FONT SIZE=1    FACE=ARIAL><B>COHEN &amp; STEERS REIT
            AND PREFERRED INCOME FUND, INC. </B></FONT></P></TD>
      </TR>
      <TR>
        <TD  VALIGN=TOP> <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
        <TD  COLSPAN="9" VALIGN=TOP> <P ALIGN=CENTER><FONT SIZE=1    FACE=ARIAL><B>COMMON
            SHARES</B></FONT></P></TD>
      </TR>
      <TR>
        <TD  VALIGN=TOP> <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
        <TD  COLSPAN="9" VALIGN=TOP> <P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P></TD>
      </TR>
      <TR>
        <TD  VALIGN=TOP> <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
        <TD  COLSPAN="9" VALIGN=TOP> <P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P></TD>
      </TR>
      <TR>
        <TD  VALIGN=TOP> <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
        <TD  VALIGN=TOP> <P><FONT SIZE=1 FACE=ARIAL>1.</FONT></P></TD>
        <TD  COLSPAN="8" VALIGN=TOP> <P><FONT SIZE=1 FACE=ARIAL>Election of Directors.</FONT></P></TD>
      </TR>
      <TR>
        <TD  VALIGN=TOP> <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
        <TD  VALIGN=TOP> <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
        <TD  COLSPAN="8" VALIGN=TOP> <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
      </TR>
      <TR>
        <TD  VALIGN=TOP> <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
        <TD  VALIGN=TOP> <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
        <TD  COLSPAN="2" VALIGN=TOP> <P><FONT SIZE=1 FACE=ARIAL><B>Nominees:&nbsp;</B></FONT></P></TD>
        <TD  COLSPAN="6" VALIGN=TOP > <P><FONT SIZE=1 FACE=ARIAL>(01) George Grossman;
            (02) Robert H. Steers and</FONT></P></TD>
      </TR>
      <TR>
        <TD  VALIGN=TOP> <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
        <TD  VALIGN=TOP> <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
        <TD  COLSPAN="2" VALIGN=TOP> <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
        <TD  COLSPAN="6" VALIGN=TOP> <P><FONT SIZE=1 FACE=ARIAL> (03) C. Edward
            Ward, Jr. </FONT></P></TD>
      </TR>
      <TR>
        <TD  VALIGN=TOP> <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
        <TD  VALIGN=TOP> <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
        <TD  COLSPAN="2" VALIGN=TOP> <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
        <TD  VALIGN=TOP> <P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P></TD>
        <TD  VALIGN=TOP> <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
        <TD  COLSPAN="2" VALIGN=TOP> <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
        <TD  VALIGN=TOP> <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
        <TD  VALIGN=TOP> <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
      </TR>
      <TR>
        <TD  VALIGN=TOP> <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
        <TD  VALIGN=TOP> <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
        <TD  COLSPAN="2" VALIGN=TOP> <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
        <TD  VALIGN=TOP> <P ALIGN=CENTER><FONT SIZE=1    FACE=ARIAL><B>FOR</B></FONT></P></TD>
        <TD  ROWSPAN="3"> <P ALIGN=CENTER><FONT SIZE=2    FACE=WINGDINGS>o</FONT></P></TD>
        <TD  COLSPAN="2" ROWSPAN="3"> <P ALIGN=CENTER><FONT SIZE=2    FACE=WINGDINGS>o</FONT></P></TD>
        <TD  VALIGN=TOP> <P ALIGN=CENTER><FONT SIZE=1    FACE=ARIAL><B>WITHHELD</B></FONT></P></TD>
        <TD  VALIGN=TOP> <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
      </TR>
      <TR>
        <TD  VALIGN=TOP> <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
        <TD  VALIGN=TOP> <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
        <TD  COLSPAN="2" VALIGN=TOP> <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
        <TD  VALIGN=TOP> <P ALIGN=CENTER><FONT SIZE=1    FACE=ARIAL><B>ALL</B></FONT></P></TD>
        <TD  VALIGN=TOP> <P ALIGN=CENTER><FONT SIZE=1    FACE=ARIAL><B>FROM ALL</B></FONT></P></TD>
        <TD  VALIGN=TOP> <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
      </TR>
      <TR>
        <TD  VALIGN=TOP> <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
        <TD  VALIGN=TOP> <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
        <TD  COLSPAN="2" VALIGN=TOP> <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
        <TD  VALIGN=TOP> <P ALIGN=CENTER><FONT SIZE=1    FACE=ARIAL><B>NOMINEES</B></FONT></P></TD>
        <TD  VALIGN=TOP> <P ALIGN=CENTER><FONT SIZE=1    FACE=ARIAL><B>NOMINEES</B></FONT></P></TD>
        <TD  VALIGN=TOP> <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
      </TR>
      <TR>
        <TD  VALIGN=TOP> <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
        <TD  VALIGN=TOP> <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
        <TD  COLSPAN="2" VALIGN=TOP> <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
        <TD  VALIGN=TOP> <P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P></TD>
        <TD  VALIGN=TOP> <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
        <TD  COLSPAN="2" VALIGN=TOP> <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
        <TD  VALIGN=TOP> <P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P></TD>
        <TD  VALIGN=TOP> <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
      </TR>
      <TR>
        <TD  VALIGN=TOP> <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
        <TD  VALIGN=TOP> <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
        <TD  COLSPAN="2" VALIGN=TOP> <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
        <TD  VALIGN=TOP> <P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P></TD>
        <TD  VALIGN=TOP> <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
        <TD  COLSPAN="2" VALIGN=TOP> <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
        <TD  VALIGN=TOP> <P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P></TD>
        <TD  VALIGN=TOP> <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
      </TR>
      <TR>
        <TD  VALIGN=TOP> <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
        <TD  COLSPAN="8" VALIGN=TOP> <P><FONT SIZE=1 FACE=ARIAL><B>(Instruction:
            To withhold authority for an individual nominee, write that nominee&#146;s
            name on the line provided below.)</B></FONT></P></TD>
        <TD  VALIGN=TOP> <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
      </TR>
      <TR>
        <TD  VALIGN=TOP> <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
        <TD  COLSPAN="8" VALIGN=TOP> <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
        <TD  VALIGN=TOP> <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
      </TR>
      <TR>
        <TD  VALIGN=TOP> <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
        <TD  COLSPAN="2" VALIGN=TOP > <P><FONT SIZE=1 FACE=ARIAL>*Exceptions</FONT></P></TD>
        <TD  COLSPAN="4" VALIGN=TOP style='border-bottom:1px solid gray' > <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
        <TD  COLSPAN="2" VALIGN=TOP> <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
        <TD  VALIGN=TOP> <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
      </TR>
    </TABLE>
    <BR>
    <TABLE ALIGN=CENTER  BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="100%">
      <TR style="font-size:1px">
        <TD WIDTH="2%" VALIGN=TOP> <P>&nbsp;</P></TD>
        <TD WIDTH="10%" VALIGN=TOP> <P>&nbsp;</P></TD>
        <TD WIDTH="73%" VALIGN=TOP> <P>&nbsp;</P></TD>
        <TD WIDTH="10%" VALIGN=TOP> <P>&nbsp;</P></TD>
      </TR>
      <TR>
        <TD  VALIGN=TOP > <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
        <TD  VALIGN=TOP style='border-top:2px solid gray;border-left:2px solid gray'>
          <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
        <TD  COLSPAN="2" VALIGN=TOP > <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
      </TR>
      <TR>
        <TD  VALIGN=TOP> <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
        <TD  COLSPAN="3" VALIGN=TOP style='border-left:2px solid gray'> <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
      </TR>
      <TR>
        <TD  VALIGN=TOP> <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
        <TD  COLSPAN="3" VALIGN=TOP style='border-left:2px solid gray'> <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
      </TR>
      <TR>
        <TD  VALIGN=TOP> <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
        <TD  COLSPAN="3" VALIGN=TOP> <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
      </TR>
      <TR>
        <TD  VALIGN=TOP> <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
        <TD  COLSPAN="3" VALIGN=TOP style='border-right:2px solid gray'> <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
      </TR>
      <TR>
        <TD  VALIGN=TOP > <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
        <TD  COLSPAN="3" VALIGN=TOP style='border-right:2px solid gray'> <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
      </TR>
      <TR>
        <TD  VALIGN=TOP> <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
        <TD  COLSPAN="2" VALIGN=TOP > <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
        <TD  VALIGN=TOP style='border-bottom:2px solid gray;border-right:2px solid gray'>
          <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
      </TR>
    </TABLE>
    <BR>
  </div>
<BR>

  <div style='position:relative;float:right;margin:0%;width:47%'> <BR>
    <BR>
    <BR>
    <BR>
    <BR>
    <TABLE ALIGN=CENTER  BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="100%">
      <TR style="font-size:9px">
        <TD WIDTH="9%" VALIGN=TOP> <P>&nbsp;</P></TD>
        <TD WIDTH="3%" VALIGN=TOP> <P>&nbsp;</P></TD>
        <TD WIDTH="72%" VALIGN=TOP> <P>&nbsp;</P></TD>
        <TD WIDTH="9%" VALIGN=TOP> <P>&nbsp;</P></TD>
        <TD WIDTH="5%" VALIGN=TOP> <P>&nbsp;</P></TD>
      </TR>
      <TR>
        <TD  VALIGN=TOP> <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
        <TD  COLSPAN="3" VALIGN=TOP> <P  STYLE='MARGIN-RIGHT:.2IN'><FONT SIZE=1 face=arial>2.
            To transact such other business as may properly come before the meeting.</FONT></P></TD>
        <TD  VALIGN=TOP> <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
      </TR>
      <TR>
        <TD  VALIGN=TOP> <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
        <TD  COLSPAN="3" VALIGN=TOP> <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
        <TD  VALIGN=TOP> <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
      </TR>
      <TR>
        <TD  VALIGN=TOP> <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
        <TD  COLSPAN="3" VALIGN=TOP> <P  STYLE='MARGIN-RIGHT:.2IN'><FONT   face=arial  SIZE=1><B>The
            Shares of common stock represented by this Proxy will be voted in
            accordance with the specifications made above. If no specifications
            are made, such shares will be voted FOR the election of all the nominees
            for Director.</B></FONT></P></TD>
        <TD  VALIGN=TOP> <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
      </TR>
      <TR>
        <TD  VALIGN=TOP> <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
        <TD  COLSPAN="3" VALIGN=TOP> <P STYLE='MARGIN-RIGHT:.1IN'>&nbsp;</P></TD>
        <TD  VALIGN=TOP> <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
      </TR>
      <TR>
        <TD  VALIGN=TOP> <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
        <TD  COLSPAN="2" VALIGN=TOP> <P  STYLE='MARGIN-RIGHT:.1IN'><FONT SIZE=1  face=arial>Mark
            box at right if an address change or comment has been noted on the
            reverse side of this card.</FONT></P></TD>
        <TD> <P ALIGN=RIGHT STYLE='MARGIN-RIGHT:.2IN; '><FONT    SIZE=2 FACE=WINGDINGS>o</FONT></P></TD>
        <TD  VALIGN=TOP> <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
      </TR>
      <TR>
        <TD  VALIGN=TOP> <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
        <TD  COLSPAN="3" VALIGN=TOP> <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
        <TD  VALIGN=TOP> <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
      </TR>
      <TR>
        <TD  VALIGN=TOP > <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
        <TD  VALIGN=TOP> <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
        <TD  COLSPAN="2" VALIGN=TOP style='border-left:1px dashed gray;border-right:1px dashed gray;border-top:1px dashed gray'>
          <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
        <TD  VALIGN=TOP> <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
      </TR>
      <TR>
        <TD  VALIGN=TOP> <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
        <TD  VALIGN=TOP> <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
        <TD  COLSPAN="2" VALIGN=TOP style='border-right:1px dashed gray'> <P><FONT SIZE=2  face=arial><B>&nbsp;&nbsp;&nbsp;S
            C A N&nbsp;&nbsp;L I N E</B></FONT></P></TD>
        <TD  VALIGN=TOP> <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
      </TR>
      <TR>
        <TD  VALIGN=TOP> <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
        <TD  VALIGN=TOP> <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
        <TD  COLSPAN="2" VALIGN=TOP style='border-left:1px dashed gray;border-right:1px dashed gray;border-bottom:1px dashed gray'>
          <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
        <TD  VALIGN=TOP> <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
      </TR>
      <TR>
        <TD  VALIGN=TOP> <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
        <TD  VALIGN=TOP> <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
        <TD  COLSPAN="2" VALIGN=TOP> <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
        <TD  VALIGN=TOP> <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
      </TR>
      <TR>
        <TD  VALIGN=TOP> <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
        <TD  VALIGN=TOP> <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
        <TD  COLSPAN="2" VALIGN=TOP > <P><FONT SIZE=1  face=arial>Note: Please
            be sure to sign and date this proxy.</FONT></P></TD>
        <TD  VALIGN=TOP> <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
      </TR>
      <TR>
        <TD  VALIGN=TOP> <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
        <TD  COLSPAN="3" VALIGN=TOP> <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
        <TD  VALIGN=TOP> <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
      </TR>
    </TABLE>
    <BR>
    <BR>
    <TABLE ALIGN=CENTER  BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="100%">
      <TR style="font-size:9px">
        <TD WIDTH="48%" VALIGN=TOP> <P>&nbsp;</P></TD>
        <TD WIDTH="5%" VALIGN=TOP> <P>&nbsp;</P></TD>
        <TD WIDTH="42%" VALIGN=TOP> <P>&nbsp;</P></TD>
        <TD WIDTH="2%" VALIGN=TOP> <P>&nbsp;</P></TD>
      </TR>
      <TR>
        <TD  VALIGN=TOP style='border-top:1px solid gray' > <P><FONT SIZE=1  face=arial>&nbsp;&nbsp;Date&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Share
            Owner sign here </FONT></P></TD>
        <TD  VALIGN=TOP> <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
        <TD  VALIGN=TOP style='border-top:1px solid gray'> <P><FONT SIZE=1  face=arial>&nbsp;&nbsp;Co-Owner
            sign here</FONT></P></TD>
        <TD  VALIGN=TOP> <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
      </TR>
    </TABLE>
    <BR>
  </div>


</div>
<BR>
<HR NOSHADE COLOR="#000000"><P STYLE='PAGE-BREAK-BEFORE: ALWAYS'><PAGE>


<p align=center><font color=#000000><b>Appendix 2</b></font></p>


<TABLE ALIGN=CENTER  BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="100%">
<TR style="font-size:1px">
<TD WIDTH="4%" VALIGN=TOP style="BORDER-TOP:1PX SOLID GRAY;BORDER-LEFT:1PX SOLID GRAY">
<P>&nbsp;</P>
</TD>
<TD WIDTH="4%" VALIGN=TOP STYLE="BORDER-TOP:1PX SOLID GRAY">
<P>&nbsp;</P>
</TD>
<TD WIDTH="38%" VALIGN=TOP STYLE="BORDER-TOP:1PX SOLID GRAY">
<P>&nbsp;</P>
</TD>
<TD WIDTH="5%" VALIGN=TOP STYLE="BORDER-TOP:1PX SOLID GRAY">
<P>&nbsp;</P>
</TD>
<TD WIDTH="36%" VALIGN=TOP STYLE="BORDER-TOP:1PX SOLID GRAY">
<P>&nbsp;</P>
</TD>
<TD WIDTH="5%" VALIGN=TOP STYLE="BORDER-TOP:1PX SOLID GRAY">
<P>&nbsp;</P>
</TD>
<TD WIDTH="5%" VALIGN=TOP STYLE="BORDER-TOP:1PX SOLID GRAY;BORDER-RIGHT:1PX SOLID GRAY">
<P>&nbsp;</P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP STYLE="BORDER-left:1PX SOLID GRAY">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD COLSPAN="3" VALIGN=TOP>
<P><FONT SIZE=2><BR>
  <BR><BR><BR><BR><BR>
  <BR>
  <BR>
  <BR>
  <BR>
  <BR>
  <BR>
  <BR>
  <BR>
  <BR>
  <BR>
  <BR>
  <BR><BR><BR><BR><BR><BR><BR><BR><BR><BR><BR>
  <BR><BR></FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP STYLE="BORDER-RIGHT:1PX SOLID GRAY">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP STYLE="BORDER-left:1PX SOLID GRAY">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD COLSPAN="3" VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP STYLE="BORDER-RIGHT:1PX SOLID GRAY">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP STYLE="BORDER-left:1PX SOLID GRAY;BORDER-BOTTOM:1PX DASHED GRAY">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP STYLE="BORDER-BOTTOM:1PX DASHED GRAY">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD COLSPAN="3" VALIGN=TOP STYLE="BORDER-BOTTOM:1PX DASHED GRAY">
<P ALIGN=CENTER><FONT SIZE=1   FACE=ARIAL><FONT SIZE=2 FACE="WINGDINGS 3">&#130;</FONT><B> DETACH
  PROXY CARD HERE </B><FONT SIZE=2 FACE="WINGDINGS 3">&#130;</FONT></FONT></P>
</TD>
<TD VALIGN=TOP STYLE="BORDER-BOTTOM:1PX DASHED GRAY">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP STYLE="BORDER-RIGHT:1PX SOLID GRAY;BORDER-BOTTOM:1PX DASHED GRAY">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP STYLE="BORDER-left:1PX SOLID GRAY">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD COLSPAN="3" VALIGN=TOP>
<P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP  STYLE="BORDER-RIGHT:1PX SOLID GRAY">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP STYLE="BORDER-left:1PX SOLID GRAY">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD COLSPAN="3" VALIGN=TOP>
<P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP STYLE="BORDER-RIGHT:1PX SOLID GRAY">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP STYLE="BORDER-left:1PX SOLID GRAY">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD COLSPAN="3" VALIGN=TOP>
<P ALIGN=CENTER><FONT SIZE=2   FACE=ARIAL><B>COHEN &amp; STEERS REIT AND PREFERRED INCOME FUND, INC.</B></FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP STYLE="BORDER-RIGHT:1PX SOLID GRAY">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP STYLE="BORDER-left:1PX SOLID GRAY">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD COLSPAN="3" VALIGN=TOP>
<P ALIGN=CENTER><FONT SIZE=2   FACE=ARIAL><B>280 Park Avenue <BR>
  New York, New York 10017</B></FONT></P>
</TD>
<TD VALIGN=TOP STYLE="BORDER-TOP:2PX SOLID GRAY;BORDER-RIGHT:2PX SOLID GRAY">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP STYLE="BORDER-RIGHT:1PX SOLID GRAY">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>


<TR>
<TD VALIGN=TOP STYLE="BORDER-left:1PX SOLID GRAY">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD COLSPAN="3" VALIGN=TOP>
<P ALIGN=CENTER><FONT SIZE=2   FACE=ARIAL>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP STYLE="BORDER-RIGHT:1PX SOLID GRAY">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>


<TR>
<TD VALIGN=TOP STYLE="BORDER-left:1PX SOLID GRAY">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD COLSPAN="3" VALIGN=TOP>
<P ALIGN=CENTER><FONT SIZE=2   FACE=ARIAL><B>PROXY SOLICITED ON BEHALF OF THE BOARD OF
  DIRECTORS</B></FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP STYLE="BORDER-RIGHT:1PX SOLID GRAY">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP STYLE="BORDER-left:1PX SOLID GRAY">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD COLSPAN="3" VALIGN=TOP>
<P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP STYLE="BORDER-RIGHT:1PX SOLID GRAY">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP STYLE="BORDER-left:1PX SOLID GRAY">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD COLSPAN="3" VALIGN=TOP>
<P><FONT SIZE=1 FACE=ARIAL>Revoking such prior appointments, the undersigned appoints Lester J. Lay and Lisa R. Savitzky (or, if only one shall act, then that
one) proxies with the power of substitution to vote all the Auction Market Preferred Shares of Cohen &amp; Steers REIT and Preferred
Income Fund, Inc. (the &#147;Fund&#148;) registered in the name of the undersigned at the Annual Meeting of Stockholders to be held at the
offices of Cohen &amp; Steers Capital Management, Inc., 280 Park Avenue, New York, New York 10017 on April 27, 2006 at 10:00 a.m., and at
any adjournments thereof.</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP STYLE="BORDER-RIGHT:1PX SOLID GRAY">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP STYLE="BORDER-left:1PX SOLID GRAY">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD COLSPAN="3" VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP STYLE="BORDER-RIGHT:1PX SOLID GRAY">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP STYLE="BORDER-left:1PX SOLID GRAY">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD COLSPAN="3" VALIGN=TOP STYLE="BORDER:1PX SOLID GRAY;PADDING:2PX">
<P ALIGN=CENTER><FONT SIZE=1   FACE=ARIAL><B>PLEASE MARK, SIGN, DATE AND RETURN THIS PROXY CARD
  PROMPTLY IN THE ENCLOSED ENVELOPE.</B></FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP STYLE="BORDER-RIGHT:1PX SOLID GRAY">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP STYLE="BORDER-left:1PX SOLID GRAY">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD COLSPAN="3" VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP STYLE="BORDER-RIGHT:1PX SOLID GRAY">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP STYLE="BORDER-left:1PX SOLID GRAY">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD COLSPAN="3" VALIGN=TOP STYLE="BORDER:1PX SOLID GRAY;PADDING:4PX">
<P><FONT SIZE=1 FACE=ARIAL>Please sign exactly as your name(s) appear(s) on the books of the Fund. Joint owners should sign personally. Trustees and other
fiduciaries should indicate the capacity in which they sign, and where more than one name appears, a majority must sign. If a
corporation, this signature should be that of an authorized officer who should state his or her title.</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP STYLE="BORDER-RIGHT:1PX SOLID GRAY">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>

<TR>
<TD VALIGN=TOP STYLE="BORDER-left:1PX SOLID GRAY">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD COLSPAN="3" VALIGN=TOP>
<P ALIGN=CENTER><FONT SIZE=1   FACE=ARIAL><B>(Continued on the reverse)</B></FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP STYLE="BORDER-RIGHT:1PX SOLID GRAY">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP STYLE="BORDER-left:1PX SOLID GRAY">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD COLSPAN="3" VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP STYLE="BORDER-RIGHT:1PX SOLID GRAY">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>


<TR>
<TD VALIGN=TOP STYLE="BORDER-left:1PX SOLID GRAY">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P STYLE='TEXT-AUTOSPACE:NONE'><FONT   SIZE=1 FACE=ARIAL>HAS YOUR
  ADDRESS CHANGED?<BR><BR></FONT></P>
</TD>
<TD VALIGN=TOP>
<P STYLE='TEXT-AUTOSPACE:NONE'><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1 FACE=ARIAL>DO YOU HAVE ANY COMMENTS?<BR><BR></FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP STYLE="BORDER-RIGHT:1PX SOLID GRAY">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP STYLE="BORDER-left:1PX SOLID GRAY">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<HR SIZE=1 WIDTH="100%" NOSHADE COLOR=GRAY ALIGN=CENTER>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<HR SIZE=1 WIDTH="100%" NOSHADE COLOR=GRAY ALIGN=CENTER>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP STYLE="BORDER-RIGHT:1PX SOLID GRAY">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP STYLE="BORDER-left:1PX SOLID GRAY">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<HR SIZE=1 WIDTH="100%" NOSHADE COLOR=GRAY ALIGN=CENTER>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<HR SIZE=1 WIDTH="100%" NOSHADE COLOR=GRAY ALIGN=CENTER>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP STYLE="BORDER-RIGHT:1PX SOLID GRAY">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP STYLE="BORDER-left:1PX SOLID GRAY">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<HR SIZE=1 WIDTH="100%" NOSHADE COLOR=GRAY ALIGN=CENTER>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<HR SIZE=1 WIDTH="100%" NOSHADE COLOR=GRAY ALIGN=CENTER>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP STYLE="BORDER-RIGHT:1PX SOLID GRAY">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP STYLE="BORDER-left:1PX SOLID GRAY;BORDER-BOTTOM:1PX SOLID GRAY">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP STYLE="BORDER-BOTTOM:1PX SOLID GRAY">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP STYLE="BORDER-BOTTOM:1PX SOLID GRAY">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP STYLE="BORDER-BOTTOM:1PX SOLID GRAY">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP STYLE="BORDER-BOTTOM:1PX SOLID GRAY">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP STYLE="BORDER-BOTTOM:1PX SOLID GRAY">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP STYLE="BORDER-BOTTOM:1PX SOLID GRAY;BORDER-RIGHT:1PX SOLID GRAY">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
</TABLE>

<BR>

<HR NOSHADE COLOR="#000000"><P STYLE='PAGE-BREAK-BEFORE: ALWAYS'><PAGE>

<div style='border:1px solid gray;width:100%'>

<BR><BR><BR><BR><BR><BR><BR><BR><BR><BR><BR><BR><BR><BR><BR><BR><BR><BR><BR><BR><BR><BR><BR><BR><BR><BR>
<TABLE ALIGN=CENTER  BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="100%">
 <TR style="font-size:1px">
  <TD WIDTH="5%" VALIGN=TOP>
  <P>&nbsp;</P>
  </TD>
  <TD WIDTH="90%" VALIGN=TOP>
  <P ALIGN=CENTER>&nbsp;</P>
  </TD>
  <TD WIDTH="5%" VALIGN=TOP>
  <P ALIGN=CENTER>&nbsp;</P>
  </TD>
 </TR>
 <TR>
  <TD  VALIGN=TOP style='border-bottom:1px dashed gray'>
  <P><FONT SIZE=1 FACE=ARIAL>&nbsp;&nbsp;<FONT    SIZE=2 FACE=WINGDINGS>o</FONT></FONT></P>
  </TD>
  <TD  VALIGN=TOP style='border-bottom:1px dashed gray'>
  <P ALIGN=CENTER><FONT SIZE=2 FACE="WINGDINGS 3">&#130;</FONT>
  <FONT SIZE=1    FACE=ARIAL><b>DETACH PROXY CARD HERE </B></font><FONT SIZE=2 FACE="WINGDINGS 3">&#130;</FONT></P>
  </TD>
  <TD  VALIGN=TOP style='border-bottom:1px dashed gray'>
  <P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
 </TR>
</TABLE>

<BR>
  <div style='position:relative;float:left;margin:0%;width:52%'>
    <TABLE ALIGN=CENTER  BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="100%">
      <TR style="font-size:1px">
        <TD WIDTH="5%" VALIGN=TOP> <P>&nbsp;</P></TD>
        <TD WIDTH="50%" VALIGN=TOP> <P>&nbsp;</P></TD>
        <TD WIDTH="45%" VALIGN=BOTTOM> <P>&nbsp;</P></TD>
      </TR>
      <TR>
        <TD  VALIGN=TOP> <P>&nbsp;</P></TD>
        <TD  VALIGN=TOP> <P STYLE='MARGIN-RIGHT:4.3PT;MARGIN-LEFT:.15IN'><FONT FACE="ARIAL" SIZE="1"><B>Please
            Sign, Date and Return the Proxy Card Promptly Using the Enclosed Envelope.</B>
            </FONT></P></TD>
        <TD  VALIGN=BOTTOM> <P><font size=3 face=wingdings>&nbsp;&nbsp;&nbsp;x</font><FONT FACE="ARIAL" SIZE="1"><BR>
            <B>Votes must be indicated <BR>
            (x) in Black or Blue ink.</B> </FONT></P></TD>
      </TR>
    </TABLE>
    <BR>
    <TABLE ALIGN=CENTER  BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="100%">
      <TR style="font-size:1px">
        <TD WIDTH="5%" VALIGN=TOP> <P>&nbsp;</P></TD>
        <TD WIDTH="1%" VALIGN=TOP> <P>&nbsp;</P></TD>
        <TD WIDTH="3%" VALIGN=TOP> <P>&nbsp;</P></TD>
        <TD WIDTH="1%" VALIGN=TOP> <P>&nbsp;</P></TD>
        <TD WIDTH="20%" VALIGN=TOP> <P align=center>&nbsp;</P></TD>
        <TD WIDTH="12%" VALIGN=TOP> <P>&nbsp;</P></TD>
        <TD WIDTH="12%" COLSPAN="2" VALIGN=TOP> <P>&nbsp;</P></TD>
        <TD WIDTH="22%" VALIGN=TOP> <P align=center>&nbsp;</P></TD>
        <TD WIDTH="14%" VALIGN=TOP> <P>&nbsp;</P></TD>
      </TR>
      <TR>
        <TD  VALIGN=TOP> <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
        <TD  COLSPAN="9" VALIGN=middle style='border-bottom:1px solid gray;border-top:1px solid gray' height=20>
          <P ALIGN=center ><FONT SIZE=1    FACE=ARIAL><B>COHEN &amp; STEERS REIT
            AND PREFERRED INCOME FUND, INC. </B></FONT></P></TD>
      </TR>
      <TR>
        <TD  VALIGN=TOP> <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
        <TD  COLSPAN="9" VALIGN=TOP> <P ALIGN=CENTER><FONT SIZE=1    FACE=ARIAL><B>AUCTION
            MARKET PREFERRED SHARES</B></FONT></P></TD>
      </TR>
      <TR>
        <TD  VALIGN=TOP> <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
        <TD  COLSPAN="9" VALIGN=TOP> <P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P></TD>
      </TR>
      <TR>
        <TD  VALIGN=TOP> <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
        <TD  COLSPAN="9" VALIGN=TOP> <P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P></TD>
      </TR>
      <TR>
        <TD  VALIGN=TOP> <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
        <TD  VALIGN=TOP> <P><FONT SIZE=1 FACE=ARIAL>1.</FONT></P></TD>
        <TD  COLSPAN="8" VALIGN=TOP> <P><FONT SIZE=1 FACE=ARIAL>Election of Directors.</FONT></P></TD>
      </TR>
      <TR>
        <TD  VALIGN=TOP> <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
        <TD  VALIGN=TOP> <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
        <TD  COLSPAN="8" VALIGN=TOP> <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
      </TR>
      <TR>
        <TD  VALIGN=TOP> <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
        <TD  VALIGN=TOP> <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
        <TD  COLSPAN="2" VALIGN=TOP> <P><FONT SIZE=1 FACE=ARIAL><B>Nominees:&nbsp;</B></FONT></P></TD>
        <TD  COLSPAN="6" VALIGN=TOP > <P><FONT SIZE=1 FACE=ARIAL>(01) George Grossman;
            (02) Robert H. Steers and</FONT></P></TD>
      </TR>
      <TR>
        <TD  VALIGN=TOP> <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
        <TD  VALIGN=TOP> <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
        <TD  COLSPAN="2" VALIGN=TOP> <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
        <TD  COLSPAN="6" VALIGN=TOP> <P><FONT SIZE=1 FACE=ARIAL>(03) C. Edward
            Ward, Jr.</FONT></P></TD>
      </TR>
      <TR>
        <TD  VALIGN=TOP> <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
        <TD  VALIGN=TOP> <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
        <TD  COLSPAN="2" VALIGN=TOP> <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
        <TD  VALIGN=TOP> <P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P></TD>
        <TD  VALIGN=TOP> <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
        <TD  COLSPAN="2" VALIGN=TOP> <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
        <TD  VALIGN=TOP> <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
        <TD  VALIGN=TOP> <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
      </TR>
      <TR>
        <TD  VALIGN=TOP> <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
        <TD  VALIGN=TOP> <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
        <TD  COLSPAN="2" VALIGN=TOP> <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
        <TD  VALIGN=TOP> <P ALIGN=CENTER><FONT SIZE=1    FACE=ARIAL><B>FOR</B></FONT></P></TD>
        <TD  ROWSPAN="3"> <P ALIGN=CENTER><FONT SIZE=2    FACE=WINGDINGS>o</FONT></P></TD>
        <TD  COLSPAN="2" ROWSPAN="3"> <P ALIGN=CENTER><FONT SIZE=2    FACE=WINGDINGS>o</FONT></P></TD>
        <TD  VALIGN=TOP> <P ALIGN=CENTER><FONT SIZE=1    FACE=ARIAL><B>WITHHELD</B></FONT></P></TD>
        <TD  VALIGN=TOP> <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
      </TR>
      <TR>
        <TD  VALIGN=TOP> <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
        <TD  VALIGN=TOP> <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
        <TD  COLSPAN="2" VALIGN=TOP> <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
        <TD  VALIGN=TOP> <P ALIGN=CENTER><FONT SIZE=1    FACE=ARIAL><B>ALL</B></FONT></P></TD>
        <TD  VALIGN=TOP> <P ALIGN=CENTER><FONT SIZE=1    FACE=ARIAL><B>FROM ALL</B></FONT></P></TD>
        <TD  VALIGN=TOP> <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
      </TR>
      <TR>
        <TD  VALIGN=TOP> <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
        <TD  VALIGN=TOP> <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
        <TD  COLSPAN="2" VALIGN=TOP> <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
        <TD  VALIGN=TOP> <P ALIGN=CENTER><FONT SIZE=1    FACE=ARIAL><B>NOMINEES</B></FONT></P></TD>
        <TD  VALIGN=TOP> <P ALIGN=CENTER><FONT SIZE=1    FACE=ARIAL><B>NOMINEES</B></FONT></P></TD>
        <TD  VALIGN=TOP> <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
      </TR>
      <TR>
        <TD  VALIGN=TOP> <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
        <TD  VALIGN=TOP> <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
        <TD  COLSPAN="2" VALIGN=TOP> <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
        <TD  VALIGN=TOP> <P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P></TD>
        <TD  VALIGN=TOP> <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
        <TD  COLSPAN="2" VALIGN=TOP> <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
        <TD  VALIGN=TOP> <P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P></TD>
        <TD  VALIGN=TOP> <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
      </TR>
      <TR>
        <TD  VALIGN=TOP> <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
        <TD  VALIGN=TOP> <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
        <TD  COLSPAN="2" VALIGN=TOP> <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
        <TD  VALIGN=TOP> <P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P></TD>
        <TD  VALIGN=TOP> <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
        <TD  COLSPAN="2" VALIGN=TOP> <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
        <TD  VALIGN=TOP> <P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P></TD>
        <TD  VALIGN=TOP> <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
      </TR>
      <TR>
        <TD  VALIGN=TOP> <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
        <TD  COLSPAN="8" VALIGN=TOP> <P><FONT SIZE=1 FACE=ARIAL><B>(Instruction:
            To withhold authority for an individual nominee, write that nominee&#146;s
            name on the line provided below.)</B></FONT></P></TD>
        <TD  VALIGN=TOP> <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
      </TR>
      <TR>
        <TD  VALIGN=TOP> <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
        <TD  COLSPAN="8" VALIGN=TOP> <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
        <TD  VALIGN=TOP> <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
      </TR>
      <TR>
        <TD  VALIGN=TOP> <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
        <TD  COLSPAN="2" VALIGN=TOP > <P><FONT SIZE=1 FACE=ARIAL>*Exceptions</FONT></P></TD>
        <TD  COLSPAN="4" VALIGN=TOP style='border-bottom:1px solid gray' > <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
        <TD  COLSPAN="2" VALIGN=TOP> <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
        <TD  VALIGN=TOP> <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
      </TR>
    </TABLE>
    <BR>
    <TABLE ALIGN=CENTER  BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="100%">
      <TR style="font-size:1px">
        <TD WIDTH="2%" VALIGN=TOP> <P>&nbsp;</P></TD>
        <TD WIDTH="10%" VALIGN=TOP> <P>&nbsp;</P></TD>
        <TD WIDTH="73%" VALIGN=TOP> <P>&nbsp;</P></TD>
        <TD WIDTH="10%" VALIGN=TOP> <P>&nbsp;</P></TD>
      </TR>
      <TR>
        <TD  VALIGN=TOP > <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
        <TD  VALIGN=TOP style='border-top:2px solid gray;border-left:2px solid gray'>
          <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
        <TD  COLSPAN="2" VALIGN=TOP > <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
      </TR>
      <TR>
        <TD  VALIGN=TOP> <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
        <TD  COLSPAN="3" VALIGN=TOP style='border-left:2px solid gray'> <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
      </TR>
      <TR>
        <TD  VALIGN=TOP> <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
        <TD  COLSPAN="3" VALIGN=TOP style='border-left:2px solid gray'> <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
      </TR>
      <TR>
        <TD  VALIGN=TOP> <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
        <TD  COLSPAN="3" VALIGN=TOP> <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
      </TR>
      <TR>
        <TD  VALIGN=TOP> <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
        <TD  COLSPAN="3" VALIGN=TOP style='border-right:2px solid gray'> <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
      </TR>
      <TR>
        <TD  VALIGN=TOP > <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
        <TD  COLSPAN="3" VALIGN=TOP style='border-right:2px solid gray'> <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
      </TR>
      <TR>
        <TD  VALIGN=TOP> <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
        <TD  COLSPAN="2" VALIGN=TOP > <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
        <TD  VALIGN=TOP style='border-bottom:2px solid gray;border-right:2px solid gray'>
          <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
      </TR>
    </TABLE>
    <BR>
  </div>
<BR>

  <div style='position:relative;float:right;margin:0%;width:47%'> <BR>
    <BR>
    <BR>
    <BR>
    <BR>
    <TABLE ALIGN=CENTER  BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="100%">
      <TR style="font-size:9px">
        <TD WIDTH="9%" VALIGN=TOP> <P>&nbsp;</P></TD>
        <TD WIDTH="3%" VALIGN=TOP> <P>&nbsp;</P></TD>
        <TD WIDTH="72%" VALIGN=TOP> <P>&nbsp;</P></TD>
        <TD WIDTH="9%" VALIGN=TOP> <P>&nbsp;</P></TD>
        <TD WIDTH="5%" VALIGN=TOP> <P>&nbsp;</P></TD>
      </TR>
      <TR>
        <TD  VALIGN=TOP> <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
        <TD  COLSPAN="3" VALIGN=TOP> <P  STYLE='MARGIN-RIGHT:.2IN'><FONT SIZE=1 face=arial>2.
            To transact such other business as may properly come before the meeting.</FONT></P></TD>
        <TD  VALIGN=TOP> <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
      </TR>
      <TR>
        <TD  VALIGN=TOP> <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
        <TD  COLSPAN="3" VALIGN=TOP> <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
        <TD  VALIGN=TOP> <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
      </TR>
      <TR>
        <TD  VALIGN=TOP> <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
        <TD  COLSPAN="3" VALIGN=TOP> <P  STYLE='MARGIN-RIGHT:.2IN'><FONT   face=arial  SIZE=1><B>The
            Auction Market Preferred Shares represented by this Proxy will be
            voted in accordance with the specifications made above. If no specifications
            are made, such shares will be voted FOR the election of all the nominees
            for Director. </B></FONT></P></TD>
        <TD  VALIGN=TOP> <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
      </TR>
      <TR>
        <TD  VALIGN=TOP> <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
        <TD  COLSPAN="3" VALIGN=TOP> <P STYLE='MARGIN-RIGHT:.1IN'>&nbsp;</P></TD>
        <TD  VALIGN=TOP> <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
      </TR>
      <TR>
        <TD  VALIGN=TOP> <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
        <TD  COLSPAN="2" VALIGN=TOP> <P  STYLE='MARGIN-RIGHT:.1IN'><FONT SIZE=1  face=arial>Mark
            box at right if an address change or comment has been noted on the
            reverse side of this card.</FONT></P></TD>
        <TD> <P ALIGN=RIGHT STYLE='MARGIN-RIGHT:.2IN; '><FONT    SIZE=2 FACE=WINGDINGS>o</FONT></P></TD>
        <TD  VALIGN=TOP> <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
      </TR>
      <TR>
        <TD  VALIGN=TOP> <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
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        <TD  COLSPAN="2" VALIGN=TOP style='border-left:1px dashed gray;border-right:1px dashed gray;border-top:1px dashed gray'>
          <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
        <TD  VALIGN=TOP> <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
      </TR>
      <TR>
        <TD  VALIGN=TOP> <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
        <TD  VALIGN=TOP> <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
        <TD  COLSPAN="2" VALIGN=TOP style='border-right:1px dashed gray'> <P><FONT SIZE=2  face=arial><B>&nbsp;&nbsp;&nbsp;S
            C A N&nbsp;&nbsp;L I N E</B></FONT></P></TD>
        <TD  VALIGN=TOP> <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
      </TR>
      <TR>
        <TD  VALIGN=TOP> <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
        <TD  VALIGN=TOP> <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
        <TD  COLSPAN="2" VALIGN=TOP style='border-left:1px dashed gray;border-right:1px dashed gray;border-bottom:1px dashed gray'>
          <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
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      </TR>
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        <TD  VALIGN=TOP> <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
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        <TD  VALIGN=TOP> <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
        <TD  COLSPAN="2" VALIGN=TOP > <P><FONT SIZE=1  face=arial>Note: Please
            be sure to sign and date this proxy.</FONT></P></TD>
        <TD  VALIGN=TOP> <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
      </TR>
      <TR>
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    <TABLE ALIGN=CENTER  BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="100%">
      <TR style="font-size:10px">
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        <TD WIDTH="5%" VALIGN=TOP> <P>&nbsp;</P></TD>
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      <TR>
        <TD  VALIGN=TOP style='border-top:1px solid gray' > <P><FONT SIZE=1  face=arial>&nbsp;&nbsp;Date&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Share
            Owner sign here </FONT></P></TD>
        <TD  VALIGN=TOP> <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
        <TD  VALIGN=TOP style='border-top:1px solid gray'> <P><FONT SIZE=1  face=arial>&nbsp;&nbsp;Co-Owner
            sign here</FONT></P></TD>
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end
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
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