Cohen & Steers Select Utility Income Fund Announces 17.6% Increase in Regular Monthly Distribution and Adoption of Level-Rate Distribution Policy; Declares Dividends for April, May and June NEW YORK, March 8 /PRNewswire-FirstCall/ -- The board of directors of Cohen & Steers Select Utility Income Fund (NYSE:UTF) announced an increase of $0.015 per common share in the fund's regular monthly distribution, raising the monthly distribution to $0.10 per common share. The new monthly distribution rate represents a 17.6% increase compared to the prior monthly distribution rate. In connection with this increase, the fund's board of directors announced the adoption of a level rate distribution policy. Under this policy, subject to market conditions at the time of declaration, the board of directors has determined that the fund will pay monthly distributions on each share of common stock at a rate of $0.10 per share, which equals $1.20 per share on an annual basis. These distributions would represent an annualized rate of 5.98% based on the fund's closing market price of $20.08 on March 8, 2005. If, for any monthly distribution, the fund's net investment company taxable income is less than the amount of the distribution, the difference generally will be a tax-free return of capital distributed from the fund's assets.* The distribution rate of $0.10 per share reflects both the increased investment income that the fund's investment manager believes the fund will earn and the decision of the board of directors to augment investment income with the fund's capital, which has increased significantly since the fund's initial public offering due to unrealized appreciation in the fund's portfolio investments. As of March 4, 2005, the fund had unrealized appreciation in its portfolio investments equivalent to $4.27 per common share. Reflecting the new distribution rate, the board of directors of the fund declared three monthly dividends of $0.10 per common share for April, May and June of 2005. Details are as follows: The April 2005 dividend is payable on April 29, 2005 to shareholders of record on April 15, 2005. The ex-dividend date is April 13, 2005. The May 2005 dividend is payable on May 31, 2005 to shareholders of record on May 13, 2005. The ex-dividend date is May 11, 2005. The June 2005 dividend is payable on June 30, 2005 to shareholders of record on June 15, 2005. The ex-dividend date is June 13, 2005. Cohen & Steers Capital Management, Inc., the investment manager of the fund, is a wholly owned subsidiary of Cohen & Steers, Inc., a publicly traded company whose common stock is listed on the New York Stock Exchange under the symbol "CNS." * Please note that distributions paid by the fund to shareholders are subject to recharacterization for tax purposes. The final tax treatment of these distributions is reported to shareholders on their 1099-DIV forms, which are mailed to shareholders after the close of each fiscal year. Shareholders should note that distributions of capital decrease the fund's total assets and, therefore, could have the effect of increasing the fund's expense ratio. In addition, in order to make these distributions, the fund may have to sell portfolio securities at a less than opportune time. DATASOURCE: Cohen & Steers Select Utility Income Fund CONTACT: John J. McCombe, executive vice president, Cohen & Steers Capital Management, Inc., +1-212-832-3232 Web site: http://www.cohenandsteers.com/

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