Cohen & Steers REIT and Preferred Income Fund, Inc. Announces Pricing of $51 Million in Taxable Auction Market Preferred Shares NEW YORK, Dec. 9 /PRNewswire/ -- Cohen & Steers REIT and Preferred Income Fund, Inc.-a nondiversified, closed-end investment management company whose common shares trade on the New York Stock Exchange under the symbol RNP-priced a total of $51 million in auction market preferred shares (AMPS), for settlement on December 10, 2003. After the sale of the new shares, the fund's managed assets will total approximately $1.9 billion. Cohen & Steers REIT and Preferred Income Fund was launched in June with the primary objective of delivering high income through investment in a combination of REITs and corporate preferred securities. The fund is managed by Cohen & Steers Capital Management, Inc., a leading manager of closed-end, exchanged-traded funds. The firm serves both individual and institutional investors through a wide range of open-end and closed-end funds, as well as separate accounts. The underwriters for the AMPS are Merrill Lynch, Pierce, Fenner & Smith Incorporated; A.G. Edwards & Sons, Inc.; and UBS Securities LLC. The auction agent is The Bank of New York. The fund's AMPS are rated "Aaa" by Moody's Investors Service, Inc. and "AAA" by Standard & Poor's Ratings Services. Investors may participate in the auctions through participating broker-dealers. To request a free prospectus containing more complete information about the fund, including charges, expenses and risks, call 1-800-330-REIT or visit our Web site at cohenandsteers.com. Please read the prospectus carefully before investing. DATASOURCE: Cohen & Steers Capital Management, Inc. CONTACT: John J.McCombe, Director of Marketing, Cohen & Steers REIT and Preferred Income Fund, +1-212-832-3232 Web site: http://www.cohenandsteers.com/

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