May 1, 2001 Cohen & Steers Capital Management, Inc. 757 Third Avenue New York, New York 10017 Dear Sirs: Cohen & Steers Advantage Income Realty Fund, Inc. (the "Fund") hereby accepts your offer to purchase 7,000 shares at a price of $.001 per share...

                Xxxxx & Steers Advantage Income Realty Fund, Inc.
                                000 Xxxxx Xxxxxx
                            Xxx Xxxx, Xxx Xxxx 00000


                                                     May 1, 2001

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

Dear Sirs:

         Xxxxx & Steers Advantage Income Realty Fund, Inc. (the "Fund") hereby
accepts your offer to purchase 7,000 shares at a price of $.001 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 Advantage Income
                                               Realty Fund, Inc.



                                               By:____


Accepted:

Xxxxx & Steers Capital Management, Inc.



By:____