Cohen & Steers REIT and Preferred Income Fund, Inc. Announces Filing of Registration Statement to Issue Additional Auction Rate Preferred Shares NEW YORK, Feb. 24 /PRNewswire-FirstCall/ -- Cohen & Steers REIT and Preferred Income Fund, Inc. announced today that it has filed with the Securities and Exchange Commission a registration statement to issue additional auction rate preferred shares. The proposed offering would take into account the material increase in the fund's net assets that has occurred since the fund's initial public offering, but would not increase the fund's total leverage from its target of 35% of the fund's capital after issuance. Whether the fund effects the proposed issuance in the future will depend on market conditions atthat time. The objective of issuing additional preferred shares would be to create the opportunity to increase the net income available to common shareholders, which could occur as long as the rate of return, net of applicable fund expenses, on the fund's portfolio investments exceeds the dividend rate, as reset periodically, on the preferred shares and/or the payment rate set by any interest rate swap or cap transaction the fund enters into in connection with this additional preferred issuance. The proposed issuance of the additional preferred shares could increase the likelihood of greater volatility of net asset value and market price of the fund's common shares. It also could increase the possibility that common share net income will fluctuate or fall if the dividend rate on the preferred shares varies or rises. In addition, while it is expected that the fund would enter into interest rate swap or cap transactions in an effort to fix some or all the variable cost of the additional preferred shares, an increase in interest rates could harm the overall performance of the fund's common shares. The fund is a closed-end management investment company with a primary objective of high current income through investment primarily in a portfolio of common stocks issued by real estate companies, such as real estate investment trusts, and preferred securities. Capital appreciation is a secondary investment objective. Cohen & Steers Capital Management, Inc. serves as the fund's investment manager. The fund's common shares trade on the New York Stock Exchange under the symbol "RNP". For more complete information about the fund, including charges and expenses, please call 1-800-330-7348 for a prospectus. There are special risks associated withan investment in the fund, which are similar to the risks of investing directly in real estate and preferred securities. These risks are described in the prospectus, which you should read carefully before you invest or send money. A registration statement relating to these securities has been filed with the Securities and Exchange Commission, but has not yet become effective. The information in the registration statement and in this document is not complete and may be changed. These securities may not be sold nor may offers to buy be accepted prior to the time the registration statement becomes effective. This communication shall not constitute an offer to sell or the solicitation of any offer to buy, nor shall there be any sale of these securities in any state in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any state. DATASOURCE: Cohen & Steers REIT; Preferred Income Fund, Inc. CONTACT: John McCombe, Executive Vice President and Director of Marketing for Cohen & Steers Capital Management, Inc., +1-212-832-3232 Web site: http://www.cohenandsteers.com/

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