March 19, 2004 Cohen & Steers Capital Management, Inc. 757 Third Avenue New York, New York 10017 Dear Sirs: Cohen & Steers Utility Fund, Inc. (the "Fund") hereby accepts your offer to purchase 10 Class A shares, 10 Class B shares, 10 Class C shares...

                        Xxxxx & Steers Utility Fund, Inc.
                                000 Xxxxx Xxxxxx
                            Xxx Xxxx, Xxx Xxxx 00000

                                                                  March 19, 2004

Xxxxx & Steers Capital Management, Inc.
000 Xxxxx Xxxxxx
Xxx Xxxx, Xxx Xxxx 00000

Dear Sirs:

     Xxxxx & Steers Utility Fund, Inc. (the "Fund") hereby accepts your offer to
purchase 10 Class A shares, 10 Class B shares, 10 Class C shares and 8,720 Class
I shares, each at a price of $11.46 per share for an aggregate purchase price of
$100,275. This agreement is subject to the understanding that you have no
present intention of selling or redeeming the shares so acquired.

                                                     Sincerely,

                                                     Xxxxx & Steers
                                                     Utility Fund, Inc.


                                                     By: /s/ Xxxxxx X. Xxxxxx
                                                         -----------------------

Accepted:

Xxxxx & Steers Capital Management, Inc.


By: /s/ Xxxxxx Xxxxx
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