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Cohen & Steers Select Utility Fund Announces Investment Changes And Extends Special Meeting To Approve Merger

NEW YORK, Nov. 24 /PRNewswire-FirstCall/ -- Cohen & Steers Select Utility Fund, Inc. (NYSE: UTF) announced today that the special meeting of stockholders has been adjourned until 5:00 p.m., Eastern Standard Time, on Friday, November 27, 2009 to allow additional time to solicit votes in connection with the merger with Cohen & Steers REIT and Utility Income Fund, Inc. (NYSE: RTU). At today's meeting, RTU stockholders approved the merger with and into UTF.

The Fund's board of directors has recommended that UTF stockholders vote "FOR" the merger. Voting now will help UTF conclude this process and reduce solicitation costs.

A vote for the merger will:

  • Lower operating expenses
  • Maintain similar investment objectives and policies
  • Not dilute stockholders
  • Be tax-free for federal income tax purposes

To avoid additional solicitation costs to the fund, stockholders are strongly encouraged to vote. Stockholders of record as of July 30, 2009 may vote by visiting proxyvote.com, calling toll-free 866.615.7265, returning their proxy cards or attending the special meeting via telephone by calling 800.860.2442 and requesting the Cohen & Steers Stockholder Meeting. If you are a stockholder who has already voted and do not wish to change your vote, no further action is necessary.

Stockholders who have questions regarding the proposals or who require duplicate proxy materials should dial 866.615.7265 or access the information at cohenandsteers.com.

Also at today's meeting, stockholders of UTF approved changing UTF's investment objective to facilitate a broader investment focus on global infrastructure securities. UTF will change its name to Cohen & Steers Infrastructure Fund, Inc. and its benchmark to the UBS Global 50/50 Infrastructure & Utilities Index. These changes, along with the transition of UTF's portfolio to investments in global infrastructure securities, will be effective January 1, 2010.

About Cohen & Steers

Cohen & Steers is a manager of income-oriented equity portfolios specializing in U.S. and international real estate securities, large cap value stocks, listed infrastructure and utilities, and preferred securities. The company also manages alternative investment strategies such as hedged real estate securities portfolios and private real estate multi-manager strategies for qualified investors. Headquartered in New York City, with offices in London, Brussels, Hong Kong and Seattle, Cohen & Steers serves individual and institutional investors through a broad range of investment vehicles.

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