AMENDMENT NO. 1
TO
INVESTMENT ADVISORY AGREEMENT
XXXXX & STEERS REALTY SHARES, INC.
000 XXXXX XXXXXX
XXX XXXX, XXX XXXX 00000
March 13, 1997
XXXXX & STEERS CAPITAL MANAGEMENT, INC.
000 Xxxxx Xxxxxx
Xxx Xxxx, Xxx Xxxx 00000
Dear Sirs:
We, the undersigned Xxxxx & Steers Realty Shares, Inc., hereby amend our
agreement with you dated June 28, 1991 (the 'Agreement') as follows:
Effective April 1, 1997, the first sentence of Paragraph 5 of the
Agreement shall be stricken and replaced by the following:
'In consideration of the foregoing, we will pay you a monthly fee
at an annualized rate of .85 of 1% of our average daily nets
assets up to $2.5 billion, plus .75 of 1% of such assets in
excess of $2.5 billion.'
In all other respects, the Agreement shall remain in effect without change.
If the foregoing is in accordance with your understanding, will you kindly
so indicate by signing and returning to us the enclosed copy hereof.
Very truly yours,
XXXXX & STEERS REALTY SHARES, INC.
By: /s/ Xxxxxx X. Xxxxxx
...................................
NAME: Xxxxxx X. Xxxxxx
TITLE: Chairman
Agreed to and accepted as of
the date first set forth above
XXXXX & STEERS CAPITAL MANAGEMENT, INC.
By: /s/ Xxxxxx Xxxxx
.................................
NAME: Xxxxxx Xxxxx
TITLE: President
