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...

                        ▇▇▇▇▇ & Steers Utility Fund, Inc.
                                ▇▇▇ ▇▇▇▇▇ ▇▇▇▇▇▇
                            ▇▇▇ ▇▇▇▇, ▇▇▇ ▇▇▇▇ ▇▇▇▇▇

                                                                  March 19, 2004

▇▇▇▇▇ & Steers Capital Management, Inc.
▇▇▇ ▇▇▇▇▇ ▇▇▇▇▇▇
▇▇▇ ▇▇▇▇, ▇▇▇ ▇▇▇▇ ▇▇▇▇▇

Dear Sirs:

     ▇▇▇▇▇ & 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,

                                                     ▇▇▇▇▇ & Steers
                                                     Utility Fund, Inc.


                                                     By: /s/ ▇▇▇▇▇▇ ▇. ▇▇▇▇▇▇
                                                         -----------------------

Accepted:

▇▇▇▇▇ & Steers Capital Management, Inc.


By: /s/ ▇▇▇▇▇▇ ▇▇▇▇▇
    ------------------------