FOR IMMEDIATE RELEASE


                EIS FUND POSTPONES ANNUAL SHAREHOLDERS MEETING

NEW YORK, NY, Sept. 11 - The Board of Directors of EIS Fund (NYSE:  EIS) today
announced  that it has postponed  tomorrow's  scheduled  Annual  Shareholder's
Meeting,  due to the current  emergency  situation in New York City. The Board
of Directors will reschedule the meeting as soon as events permit.

EIS Fund is the name under which Excelsior Income Shares, Inc., a closed-end
bond fund organized under the laws of New York, does business.