Cohen & Steers Total Return Realty Fund, Inc. (RFI) Notification of Distribution Sources under Section 19(a) |

NEW YORK, February 25, 2022 /PRNewswire/ — This press release provides shareholders of Cohen & Steers Total Return Realty Fund, Inc. (NYSE: RFI) (the “Fund”) with information regarding the sources of the distribution to be paid on February 282022 and cumulative distributions paid since the beginning of the year.

In December 2011, the Fund has implemented a managed distribution policy in accordance with the relief issued by the Securities and Exchange Commission. The managed distribution policy aims to deliver the long-term total return potential of the Fund through regular monthly distributions declared at a fixed rate per common share. The policy gives the Fund greater flexibility to realize long-term capital gains throughout the year and to distribute those gains on a regular monthly basis to shareholders. The Board of Directors of the Fund may modify, terminate or suspend the managed distribution policy at any time, which could have an adverse effect on the price of the shares of the Fund.

Monthly distributions from the Fund may include long-term capital gains, short-term capital gains, net investment income and/or return of capital for federal income tax purposes. Return of capital includes distributions paid by the Fund in excess of its net investment income and net realized capital gains and such excess is distributed out of the assets of the Fund. A return of capital is not taxable; rather, it reduces a shareholder’s tax base on their Fund shares. In addition, distributions from the Fund’s investments in real estate investment trusts (REITs) may subsequently qualify as capital gains and/or return of capital, depending on the nature of the dividends declared to the Fund after the end of the financial year. by the REITs held by the Fund. The amount of monthly distributions may vary depending on a number of factors, including changes in the portfolio and market conditions.

During each monthly distribution, information will be posted on cohenandsteers.com and mailed to shareholders in a concurrent notice. However, this information may change at the end of the year because the final tax characteristics of the Fund’s distributions cannot be determined with certainty until after the end of the calendar year. The final tax characteristics of all distributions from the Fund will be provided on Form 1099-DIV, which is mailed after the end of the calendar year.

The following table shows the estimated amounts of the current distribution and the cumulative distributions paid during the year to date from the sources indicated. All amounts are expressed per common share.

You should not draw any inference about the Fund’s investment performance from the amount of such distribution or the terms of the Fund’s managed distribution policy. The amounts and sources of distributions shown in this notice are estimates only, are subject to change over time and are not provided for tax reporting purposes. Actual amounts and sources of amounts for accounting and tax reporting purposes will depend on the Fund’s investment experience over the remainder of its financial year and may be subject to change based on tax regulations. The amounts and sources of year-to-date distributions may be subject to further adjustment.

*THE FUND WILL SEND YOU A FORM 1099-DIV FOR THE CALENDAR YEAR WHICH WILL INSTRUCT YOU HOW TO REPORT SUCH DISTRIBUTIONS FOR FEDERAL INCOME TAX PURPOSES.

The Fund’s cumulative cumulative total return for fiscal year 2022 (January 1, 2022 by January 31, 2022) is shown below. Shareholders should note the relationship between the cumulative total return year-to-date and the Fund’s cumulative distribution rate for 2022. In addition, the Fund’s average annual total return for the five-year period ending January 31, 2022 is set out below. Shareholders should note the relationship between the average annual total return and the Fund’s current annualized distribution rate for 2022. The performance and distribution rate information presented in the table is based on the net asset value per share (NAV) of the Funds. The net asset value of the Fund is the total market value of all securities and other assets held by the Fund less total liabilities, divided by the total number of shares outstanding. Although the performance of the net asset value may be indicative of the investment performance of the Fund, it does not measure the value of a shareholder’s individual investment in the Fund. The value of a shareholder’s investment in the Fund is determined by the market price of the Fund, which is based on the supply and demand for shares of the Fund in the open market.

Information on fund performance and distribution rates:

Investors should carefully consider the Fund’s investment objectives, risks, charges and expenses before investing. You can obtain the Fund’s most recent periodic reports, when available, and other regulatory documents by contacting your financial advisor or by visiting cohenandsteers.com. These reports and other documents are available on the Securities and Exchange Commission’s EDGAR database. You should read these reports and other documents carefully before investing.

Shareholders should not use the information provided here to prepare their tax returns. Shareholders will receive a Calendar Year Form 1099-DIV outlining how to report Fund distributions for federal income tax purposes.

Website: https://www.cohenandsteers.com/

Symbol: (NYSE: CNS)

About Cohen & Steers. Cohen & Steers is a leading global investment manager specializing in real assets and alternative income, including real estate, preferred securities, infrastructure, resource stocks, commodities, as well as multi- strategies. Founded in 1986, the company is headquartered in New York Citywith offices at London, Dublin, hong kongand Tokyo.

Forward-looking statements

This press release and other statements Cohen & Steers may make may contain forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934, which reflect current views. of the company with respect to, among other things, its operations and financial performance. You can identify these forward-looking statements by the use of words such as “outlook”, “believe”, “expect”, “potential”, “continue”, “may”, “will”, “should”, ” seeks, ” “approximately”, “predicts”, “intends”, “plans”, “estimates”, “anticipates” or negative versions of these words or other comparable words. These forward-looking statements are subject to various risks and uncertainties.

Accordingly, there are or will be important factors that could cause actual results to differ materially from those indicated in such statements. The company undertakes no obligation to publicly update or review any forward-looking statement, whether as a result of new information, future developments or otherwise.

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SOURCECohen & Steers, Inc.