Cohen & Steers, Inc. Acquires Interest in Houlihan Rovers SA NEW YORK, Dec. 14 /PRNewswire-FirstCall/ -- Cohen & Steers, Inc. (NYSE: CNS), a leading manager of income-oriented equity portfolios and the largest U.S. REIT manager, announced today that it has closed on the acquisition of 50% of the capital stock of Houlihan Rovers SA, a Belgium-based global real estate securities asset manager. Houlihan Rovers had approximately $500 million in assets under management as of October 31, 2004. Martin Cohen and Robert Steers have become members of the board of Houlihan Rovers. "In our view, the benefits of REIT investing are being recognized around the world," remarked Martin Cohen, co-chairman and co-chief executive officer of Cohen & Steers. "We believe having a worldwide presence in real estate securities markets provides our company a new avenue for growth." Mr. Cohen noted that Cohen & Steers expects to launch several new global and non-U.S. real estate securities initiatives in 2005. Robert Steers, co-chairman and co-chief executive officer, added, "Our investment in Houlihan Rovers will allow us to bring a broader spectrum of investment opportunities to our clients, offering them more choices as REIT- like vehicles are adopted around the world." Joseph Houlihan, managing director of Houlihan Rovers, said, "Cohen & Steers pioneered the field of REIT investing and we are excited to join forces with a clear market leader. We believe that Europe and certain Asia-Pacific markets today are very similar to what the U.S. REIT market was like in the 1980s, when Marty Cohen and Bob Steers launched the first REIT mutual fund in United States. We believe our knowledge of global real estate securities markets combined with the depth and breadth of Cohen & Steers resources will create a strong platform for expansion." Cohen & Steers, a New York-based investment manager, specializes in the common and preferred stocks of REITs and utilities, as well as other preferred securities. DATASOURCE: Cohen & Steers, Inc. CONTACT: Salvatore Rappa, Vice President and Associate General Counsel, Cohen & Steers, Inc., +1-212-832-3232, cohenandsteers.com Web site: http://www.cohenandsteers.com/

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