Cohen & Steers Dividend Majors Fund, Inc. Declares Initial Dividends NEW YORK, March 8 /PRNewswire-FirstCall/ -- Cohen & Steers Dividend Majors Fund, Inc. today declared its first four monthly dividends of $0.10 per share for the months of March, April, May, and June 2005. Martin Cohen, co-chairman and co-chief executive officer of Cohen & Steers, noted that the dividends provide an annualized distribution rate of approximately 6.00% based on the fund's initial offering price of $20.00 per share. Robert Steers, co-chairman and co-chief executive officer, added that Cohen & Steers has made substantial progress in investing the proceeds of the fund's offering. As stated in the prospectus, dated January 26, 2005, relating to the initial public offering of the fund's common stock, the fund has adopted a level rate distribution policy pursuant to which the fund will pay monthly distributions on each share of common stock at a fixed rate based on the projected performance of the fund. The fund's board of directors has initially determined to pay monthly distributions at an annual rate of 6.00% of the fund's initial public offering price of $20 per common share. Under this policy, subject to market conditions at the time of declaration, 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. 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 March 2005 dividend is payable on March 31, 2005 to shareholders of record on March 15, 2005. The ex-dividend date is March 11, 2005. 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. Subject to market conditions at the time of declaration, the fund anticipates that it will distribute subsequent regular monthly dividends of $0.10 per share. Cohen & Steers Dividend Majors Fund, Inc. is a closed-end management investment company that seeks high total return consisting of dividend income and capital appreciation. The fund's common shares began trading on the New York Stock Exchange under the symbol DVM on January 27, 2005. Cohen & Steers Capital Management, Inc. serves as the fund's investment manager. * 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 Dividend Majors Fund, Inc. 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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