Cohen & Steers Advantage Income Realty Fund, Inc. Announces Filing of Registration Statement to Issue Additional Auction Market Preferred Shares NEW YORK, Oct. 4 /PRNewswire-FirstCall/ -- Cohen & Steers Advantage Income Realty Fund, Inc. announced today that it has filed with the Securities and Exchange Commission a registration statement to issue additional auction market preferred shares. If issued, the additional preferred shares would have the effect of setting the fund's leverage at 35% of the fund's capital after issuance, which is in accordance with the percentage approved by the Fund's Board of Directors. The proposed offering would take into account the increase that has occurred in the value of the fund's net assets. Whether the fund effects the proposed issuance in the future will depend on market conditions at that 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 leverage. 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 income will fluctuate or fall if the dividend rate on the preferred shares varies or rises. The fund is a closed-end management investment company with a primary objective of high current income through investment in real estate securities. Capital appreciation is a secondary investment objective. The fund's common shares trade on the New York Stock Exchange under the symbol "RLF." Cohen & Steers Capital Management, Inc., which serves as the fund's investment manager, is a wholly owned subsidiary of Cohen & Steers, Inc., a publicly traded company whose common stock is listed for trading on the New York Stock Exchange under the symbol "CNS." For more complete information about the fund, including charges and expenses, please call the fund at 1-800-330-7348 for a prospectus. There are special risks associated with an investment in the fund, which are similar to the risks of investing directly in real estate. 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 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 Advantage Income Realty Fund, Inc. CONTACT: John J. McCombe, executive vice president of Cohen & Steers Capital Management, Inc., +1-212-832-3232 Web site: http://www.cohenandsteers.com/

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