NEW YORK, Dec. 31 /PRNewswire-FirstCall/ -- The Board of Directors of Cohen & Steers European Realty Shares, Inc. has declared a distribution payable on December 31, 2007 to shareholders of record on December 28, 2007, with an ex-dividend date of December 31, 2007.* The dividend amount payable to each class of shares is as follows: Class A Shares (NASDAQ:EURAXNASDAQ:CusipNASDAQ:No.NASDAQ:19248Q104)-$0.064 per share of ordinary income. Class C Shares (NASDAQ:EURCXNASDAQ:CusipNASDAQ:No.NASDAQ:19248Q203)-$0.029 per share of ordinary income. Class I Shares (NASDAQ:EURIXNASDAQ:CusipNASDAQ:No.NASDAQ:19248Q302)-$0.072 per share of ordinary income. * Shareholders should keep in mind that certain broker-dealers may distribute information on fund capital gain distributions based on preliminary data and subsequently distribute revised reports after the fund calculates final distribution amounts for the 2007 taxable year. You should also remember that the net asset value of a fund with a capital gain distribution will decline on the "ex-dividend" date to reflect the adjusted net asset value of the portfolio after the distribution, in addition to any effect the market's performance had on the securities within the fund's portfolio on that day. Capital gain distributions do not affect the overall performance of an investment in a fund. If you own funds in a retirement plan or any type of IRA, you will not owe any current taxes on those distributions. Income may be subject to state and local taxes as well as the alternative minimum tax. Please note that the 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 the calendar year. In addition, the fund may pay distributions in excess of the fund's net investment company taxable income and this excess will be a non-taxable return of capital distributed from the fund's assets. 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 during unfavorable market conditions. Information concerning the estimated composition of each fund distribution is available at cohenandsteers.com. DATASOURCE: Cohen & Steers European Realty Shares, Inc. CONTACT: Francis C. Poli, executive vice president and general counsel, Cohen & Steers Capital Management, Inc., +1-212-446-9112 Web site: http://www.cohenandsteers.com/

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