#1NOT FOR DISTRIBUTION TO FINANCIAL ADVISORS OR INVESTORS IN THE STATES OF OHIO OR NEW JERSEY Cohen & Steers Income Opportunities REIT (CNSREIT) A strategy for the new cycle from a pioneer in REIT investing COHEN & STEERS This sales and advertising literature does not constitute an offer to sell nor a solicitation of an offer to buy or sell securities. An offering is made only by the prospectus. This material must be read in conjunction with the Cohen & Steers Income Opportunities REIT, Inc. prospectus in order to fully understand all of the implications and risks of the offering of securities to which the prospectus relates. A copy of the prospectus must be made available to you in connection with any offering, and is available at www.cnsreit.com. Prior to making an investment, investors should read the prospectus in its entirety, including the "Risk Factors" section therein, which contain the risks and uncertainties that we believe are material to our business, operating results, prospects and financial condition. Neither the Securities and Exchange Commission ("SEC"), the Attorney General of the State of New York nor any other state securities regulator has approved or disapproved of these securities or determined if the prospectus is truthful or complete. Any representation to the contrary is a criminal offense March 2023 2661918#2Cohen & Steers Income Opportunities (CNSREIT) Material risks and limitations Important considerations: Cohen & Steers Income Opportunities REIT, Inc. ("CNSREIT") is a newly organized corporation formed to invest primarily in high quality, income-focused, stabilized assets within the United States. This investment involves a high degree of risk. You should purchase these securities only if you can afford the complete loss of your investment. You should read the prospectus {LINK TO PROSPECTUS} carefully for a description of the risks associated with an investment in CNSREIT. These risks include, but are not limited to, the following: • We have no prior operating history, and there is no assurance that we will achieve our investment objectives. • . • Because this is a "blind pool" offering, you will not have the opportunity to evaluate our future investments before we make them. Since there is no public trading market for shares of our common stock, repurchase of shares by us will likely be the only way to dispose of your shares. Our share repurchase plan will provide stockholders with the opportunity to request that we repurchase their shares on a monthly basis, but we are not obligated to repurchase any shares and may choose to repurchase only some, or even none, of the shares that have been requested to be repurchased in any particular month in our sole discretion. In addition, repurchases will be subject to available liquidity and other significant restrictions. Further, our board of directors may make exceptions to, modify or suspend our share repurchase plan if, in its reasonable judgment, it deems such action to be in our best interest and the best interest of our stockholders, such as when repurchase requests would place an undue burden on our liquidity, adversely affect our operations or risk having an adverse impact on us that would outweigh the benefit of repurchasing our shares. Our board of directors cannot terminate our share repurchase plan absent a liquidity event that results in our stockholders receiving cash or securities listed on a national securities exchange or where otherwise required by law. As a result, our shares should be considered as having only limited liquidity and at times may be illiquid. We cannot guarantee that we will make distributions, and, if we do, we may fund such distributions from sources other than cash flow from operations, including, without limitation, the sale of or repayments under our assets, borrowings, return of capital or offering proceeds (including from sales of our common stock or Operating Partnership units to the Special Limited Partner (each term as defined in the prospectus), and distributions may also be funded at least in part, indirectly, due to expenses paid on our behalf by the Advisor pursuant to the Expense Limitation and Reimbursement Agreement, which may be subject to reimbursement to the Advisor, and other temporary waivers or expense reimbursements to the Advisor or its affiliates, that may be subject to reimbursement to the Advisor or its affiliates. We have no limits on the amounts we may pay from such sources. The purchase and repurchase price for shares of our common stock are generally be based on our prior month's net asset value ("NAV") and are not based on any public trading market. While there will be independent valuations of our properties from time to time, the valuation of properties is inherently subjective and our NAV may not accurately reflect the actual price at which our properties could be liquidated on any given day. We have no employees and are dependent on the Cohen & Steers Capital Management, Inc. (the "Adviser") to conduct our operations. The Adviser will face conflicts of interest as a result of, among other things, the allocation of investment opportunities among us and other Cohen & Steers Accounts (as defined in CNSREIT's prospectus), the allocation of time of its investment professionals and the fees that we will pay to the Adviser. Principal and interest payments on any borrowings will reduce the amount of funds available for distribution or investment in additional real estate assets. 2 COHEN & STEERS#3Cohen & Steers Income Opportunities (CNSREIT) Material risks and limitations (cont'd) ⚫ There are limits on the ownership and transferability of our shares. • This is a "best efforts" offering. If we are not able to raise a substantial amount of capital in the near term, our ability to achieve our investment objectives could be adversely affected. • If we fail to qualify as a REIT and no relief provisions apply, our NAV and cash available for distribution to our stockholders could materially decrease. • . While our investment strategy is to invest in income-focused stabilized private real estate with a focus on providing current income to investors, there is no guarantee that we will achieve this strategy and an investment in us is not an investment in a fixed income instrument. The acquisition of investment properties may be financed in substantial part by borrowing, which increases our exposure to loss. The use of leverage involves a high degree of financial risk and will increase the exposure of the investments to adverse economic factors. • Investing in commercial and other private real estate assets involves certain risks, including but not limited to: tenants' inability to pay rent; increases in interest rates and lack of availability of financing; tenant turnover and vacancies; and changes in supply of or demand for similar properties in a given market. • Substantial risks are involved in investing in real estate and real estate-related securities more generally. An unstable geopolitical climate and central bank policies could have a material adverse effect on general economic conditions, market conditions and liquidity. Additionally, a serious pandemic or natural disaster could severely disrupt global, national and/or regional economies, as experienced most recently after the March 2020 outbreak of COVID-19. Renewed outbreaks or the outbreak of new epidemics could result in health or other government authorities requiring the closure of offices or other businesses, including office buildings, retail stores and other commercial venues and could also result in a general economic decline. COHEN & STEERS 3#4Cohen & Steers Income Opportunities (CNSREIT) Material risks and limitations (cont'd) Forward-Looking Statement Disclosure This material contains forward-looking statements within the meaning of the federal securities laws. These forward-looking statements can be identified by the use of forward-looking terminology such as "may," "will," "expect," "intend," "anticipate," "estimate," "believe," "continue," "identified" or other similar words or the negatives thereof. These may include our financial projections and estimates and their underlying assumptions, statements about plans, objectives and expectations with respect to future operations, statements with respect to acquisitions, statements regarding future performance and statements regarding identified but not yet closed acquisitions. Such forward-looking statements are inherently uncertain and there are or may be important factors that could cause actual outcomes or results to differ materially from those indicated in such statements. We believe these factors also include but are not limited to those described under the section entitled "Risk Factors" in the CNSREIT prospectus. These factors should not be construed as exhaustive and should be read in conjunction with the other cautionary statements that are included in this document (or CNSREIT's public filings). Except as otherwise required by federal securities laws, we undertake no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future developments or otherwise. Dealer Manager Cohen & Steers Securities, LLC ("CSS") is a broker-dealer whose purpose is to distribute Cohen & Steers managed or affiliated products. CSS provides services to affiliates, not to investors in its funds, strategies or other products. CSS will not make any recommendation regarding, and will not monitor, any investment. As such, when CSS presents an investment strategy or product to an investor or a prospective investor, CSS does not collect the information necessary to determine-and CSS does not engage in a determination regarding-whether an investment in the strategy or product is in the best interests of, or is suitable for, the investor. You should exercise your own judgment and/or consult with your own investment professional to determine whether it is advisable for you to invest in any Cohen & Steers strategy or product. CSS will not provide the kinds of financial services that you might expect from another financial intermediary, such as overseeing any brokerage or similar account. For financial advice relating to an investment in any Cohen & Steers strategy or product, contact your own financial professional. Cohen & Steers Securities, Dealer Manager, Member FINRA NOT FDIC INSURED | NO BANK GUARANTEE | MAY LOSE VALUE Copyright © 2023 Cohen & Steers, Inc. All rights reserved. COHEN & STEERS 4#5Cohen & Steers: Experts in Real Assets and Alternative Income Firm 36 years of innovation 1991 flagship open-end U.S. REIT mutual fund Dedicated to the pursuit of excellence in everything we do, Cohen & Steers is a leading global investment manager specializing in real assets and alternative income, focused on delivering attractive returns, income and diversification. Named Among "Best Places to Work in Money Management" Pensions&Investments ✶✶2022✶✶ BEST PLACES TO WORK IN MONEY MANAGEMENT MULTIYEAR WINNER 2022 2021 2020 People o Assets 350+7 5 $80.4B offices globally assets under management employees • New York • Hong Kong $56.6B $18.4B • London • Tokyo Listed Real Assets Alternative Income $5.3B Multi- Strategy • Dublin 60+ investment professionals 20+ years 10+ years average experience average tenure 70% 23% Asset Breakdown 7% At December 31, 2022. Source: Cohen & Steers and Morningstar. Strategy assets may not sum to total firm assets due to rounding. Asset breakdown varies from the firm's financial reporting as the firm's financial reporting does not break out multi-strategy portfolios as distinct strategies; the assets in these portfolios are either included in "Other" or with the underlying asset classes of the sleeves for financial reporting purposes (e.g., allocations to U.S. Real Estate in the real estate multi-strategy portfolios are included in the U.S. Real Estate asset category). Pensions & Investments partnered with Best Companies Group, a research firm specializing in identifying great places to work, to conduct a two-part survey process of employers and their employees. The first part consisted of evaluating each nominated company's workplace policies, practices, philosophy, systems and demographics. This part of the process was worth approximately 25% of the total evaluation. The second part consisted of an employee survey to measure the employee experience. This part of the process was worth approximately 75% of the total evaluation. The combined scores determined the top companies. A fee was paid to Pensions & Investments for rights to use its award logo in promotional material. In addition, a fee was paid to the survey administrator for incidental services provided related to the award. For a complete list of the 2022 Pensions & Investments' Best Places to Work in Money Management winners and write-ups, go to Best Places to Work 2022 | Pensions & Investments (pionline.com). 5 COHEN & STEERS#6Cohen & Steers' industry leading real estate platform $52B actively invested in traditional and speciality property types across 25 countries (1) Real estate pioneer Launched Cohen & Steers Realty Shares in 1991, our flagship open-end U.S. REIT mutual fund, shaping the modern REIT era Industry leadership Led initiative to recapitalize REITS in the wake of the financial crisis 36 years experience and innovation investing in real estate with 26 dedicated investment professionals (2) Firm Leadership Bob Steers Executive Chairman Joseph Harvey Chief Executive Officer & President Senior Investment Team 112 institutional clients across 17 countries in 4 continents (3) Jon Cheigh Chief Investment Officer Information advantage Integrated private and listed investment teams create unique insights Jim Corl Head of Private Real Estate Tony Corriggio Private Real Estate Portfolio Manager Strategist and Specialists Jason Yablon Head of Listed U.S. Real Estate Hamid Tabib Head of Real Estate Acquisitions Rich Hill Head of Real Estate Strategy & Research At December 31, 2022, unless otherwise noted. Source: Cohen & Steers. Data quoted represents past performance, which is no guarantee of future results Melissa lorio Head of Investor Relations John Moore Head of Private Wealth Solutions (1) Real estate equity investments only. At December 31, 2022. (2) Personnel figure includes any relevant personnel hired as of September 30, 2022. (3) Account-level count of all real estate portfolios; does not include underlying clients within commingled funds. 6 COHEN & STEERS#7Why private real estate COHEN & STEERS#8Real estate is the third largest asset class. Both income and growth oriented Fixed Income $53T total U.S. debt outstanding(1) Real Equities Estate $21T U.S. commercial real estate market(2) $51T total U.S. stock market capitalization (3) Yield-oriented Growth-oriented As of December 31, 2022. Securities Industry and Financial Markets Association (SIFMA), NAREIT. There is no guarantee that any historical trend illustrated above will be repeated in the future, and there is no way to predict precisely when such a trend might begin There is no guarantee investment objectives will be achieved. The views and opinions are as of the date of publication and are subject to change without notice. (1) Securities Industry and Financial Markets Association (SIFMA) as of December 31, 2021. (2) NAREIT as of June 30, 2021. (3) Securities Industry and Financial Markets Association (SIFMA) as of September 30, 2022. 8 COHEN & STEERS#9Allocation to private real estate Enhances returns and may reduce volatility Model index blend Trailing 20-year period as of December 31, 2022, Annualized Annualized return 10% 9% 8% 7% Private real estate 10% Private RE 35% Equities 55% Bonds 10% Private RE 55% Equities 35% Bonds 10% Private RE 75% Equities 15% Bonds 60% Equities 40% Bonds 6% 10% Private RE 15% Equities 75% Bonds 5% 20% Equities 4% 3% Bonds 80% Bonds 40% Equities 60% Bonds 80% Equities 20% Bonds Equities 2% 3% 4% 5% 6% 7% 8% 9% 10% 11% 12% Annualized volatility 13% 14% 15% 16% 17% Source: Bloomberg, NCREIF, Cohen & Steers. Data quoted represents past performance, which is no guarantee of future results. Private real estate is not traded on an exchange and will have less liquidity tan public traded securities. The information presented above does not reflect the performance of any fund or other account managed or serviced by Cohen & Steers, and there is no guarantee that investors will experience the type of performance reflected above. There is no guarantee that any historical trend illustrated above will be repeated in the future, and there is no way to predict precisely when such a trend will begin. The views and opinions above are as of the date of this publication and are subject to change without notice. Diversification is not guaranteed to ensure a profit or protect against loss. (1) Private Real Estate is represented by NCREIF Fund Index - Open End Diversified Core Equity (NFI-ODCE). The NFI-ODCE is a capitalization-weighted, gross-of-fees, time-weighted return index, reporting both historical and current results of 30 open-end commingled funds pursuing a core investment strategy. (2) Fixed Income is represented by Bloomberg US Aggregate Bond Index. The Bloomberg US Aggregate Bond Index is a broad-market measure of the US dollar-denominated investment-grade fixed-rate taxable bond market. The index includes Treasuries, government-related and corporate securities, mortgage-backed securities, asset-backed securities, and commercial mortgage-backed securities. (3) Stocks are represented by the S&P 500 Index which is an unmanaged index of 500 large-capitalization stocks that is frequently used as a general measure of U.S. stock market performance. 9 COHEN & STEERS#10Real estate is a potential hedge to inflation Real estate net operating income versus CPI(¹) December 1995 - December 2022 Index levels (1995=100) Real Estate NOI (1) CPI (2) 210 190 170 150 130 110 06 90 1995 2000 2005 2010 2015 2020 As of December 31, 2022. Source: Green Street Advisors, Bureau of Labor Statistics, Bloomberg. Data quoted represents past performance, which is no guarantee of future results. The information presented above does not reflect the performance of any fund or other account managed or serviced by Cohen & Steers, and there is no guarantee that investors will experience the type of performance reflected above. There is no guarantee that any historical trend illustrated above will be repeated in the future, and there is no way to predict precisely when such a trend will begin. An investor cannot invest directly in an index and index performance does not reflect the deduction of any fees, expenses or taxes. This chart is for illustrative purposes only and is not intended to represent the returns of any specific security. Index comparisons have limitations as volatility and other characteristics may differ from a particular investment. (1) Real Estate Income is represented by net operating income (NOI) growth, which is the average NOI growth by year across the apartment, industrial, mall, office and strip retail sectors within Green Street's universe. NOI may not be correlated and may not continue to keep pace with inflation. (2) Inflation is represented by the Consumer Price Index (CPI), which measures changes in the prices paid by urban consumers for a representative basket of goods and services. NOI may not be correlated to or continue to keep pace with inflation. 10 COHEN & STEERS#11Tax efficient income REITs and preferred securities offer tax efficiencies Average 10-year yield (1) Pre-tax Yield Tax-Equivalent Yield 7.5% 6.7% 4.8% 4.1% 4.3% 3.7% 2.4% 2.4% 2.2% 2.4% 2.2% 1.9% REIT Preferreds Private Real Estate Listed Real Estate U.S. Bonds 10-Year Treasury U.S. Equities At December 31, 2022. Source: Bloomberg, Cohen & Steers. Data quoted represents past performance, which is no guarantee of future results. The information presented above does not reflect the performance of any fund or other account managed or serviced by Cohen & Steers, and there is no guarantee that investors will experience the type of performance reflected above. There is no guarantee that any historical trend illustrated above will be repeated in the future, and there is no way to predict precisely when such a trend will begin. An investor cannot invest directly in an index and index performance does not reflect the deduction of any fees, expenses or taxes. This chart is for illustrative purposes only and is not intended to represent the returns of any specific security. Index comparisons have limitations as volatility and other characteristics may differ from a particular investment. Yield for private real estate represented by Cohen & Steers estimates based on current deal flow. U.S. Equities are represented by the S&P 500 Index and are subject to market risk. U.S. Bonds are represented by the Barclays US Aggregate Bond Index and is subject to credit risk. Listed Real Estate represented by the Nareit All Equity Index. 10-Tear Treasury Bonds are represented by the Barclays US Treasury 5-7 Yr Index and is subject to interest rate risk. Government bonds are guaranteed as to the timely payment of principal and interest. REIT Preferreds are represented by 75% ICE BofA US IG Institutional Capital Securities Index and 25% ICE BofA Core Fixed Rate Preferred TR Index. (1) Average yield calculated on a quarterly frequency for the trailing 10-year period ending December 31, 2022. After tax calculations assumes taxation at the highest marginal tax rate for each security income type. Assumes all real estate securities yield is eligible for the 20% Qualified Business Income deduction. Does not include the Medicare surcharge of 3.8% as well as state and local taxes. 11 COHEN & STEERS#12Why CNSREIT COHEN & STEERS#13CNSREIT: A strategy for the new cycle from a pioneer in REIT investing Designed to provide access to: 1. Attractive entry point in the cycle 2. Differentiated property portfolio 3. Real estate leadership and expertise Gateway at Legacy-North Dallas office At December 31, 2022. Source: Cohen & Steers. The views and opinions above are as of the date of this publication and are subject to change without notice. There is no guarantee that any forecast mentioned, or investment objective above will be realized. The selected images of certain properties above are not CNSREIT investments. The above images of properties are being provided for illustrative purposes and represent the types of properties CNSREIT may invest in. Gateway is not a CNSREIT investment, but is owned by an affiliate of CNSREIT's investment adviser. 13 COHEN & STEERS#141. Attractive entry point in the cycle Real estate market repricing Listed real estate valuations lead private real estate valuations Private Real Estate (1) -Listed Real Estate (2) 200 180 160 140 120 100 80 2016 2017 2018 2019 Applied cap rate: 3.9% (3) 163.2 135.0 Implied cap rate: 5.8% (3) 2020 2021 2022 2023 Favorable entry opportunity At December 31, 2022. Source: Morningstar, NCREIF, and Cohen & Steers. Data quoted represents past performance, which is no guarantee of future results. The information presented above does not reflect the performance of any fund or other account managed or serviced by Cohen & Steers, and there is no guarantee that investors will experience the type of performance reflected above. There is no guarantee that any historical trend illustrated above will be repeated in the future, and there is no way to predict precisely when such a trend might begin. There is no guarantee that any market forecast set forth in this presentation will be realized. (1) Private Real Estate represented by the NCREIF NFI ODCE Index. YTD performance at 9/30/22: 13.1%; preliminary data at 12/31/22: 7.5%. (2) Listed Real Estate represented by the FTSE Nareit All Equity REITS Index. The FTSE Nareit All Equity REITS Index contains all tax-qualified REITS with more than 50% of total assets in qualifying real estate assets other than mortgages secured by real property that also meet minimum size and liquidity criteria. YTD performance at 9/30/22: -27.9%; at 11/30/22: -21.0%.; at 12/31/22-24.9% (3) Capitalization rate (cap rate) is calculated by dividing a property's net operating income by the current market value. This ratio, expressed as a percentage, is an estimation of an investor's potential return on a real estate investment. Applied capitalization rate (cap rate) for a property is determined by dividing the property's net operating income by its purchase price. Generally, high cap rates indicate higher returns and greater perceived risk. Implied capitalization rate (cap rate) is calculated by dividing the (NOI) net operating income by the quantity of a REIT's equity market capitalization and the full amount of outstanding debt. 14 COHEN & STEERS#15Timing matters New real estate cycle presents an opportunity for strong returns Since inception internal rate of return (IRR) by vintage year for private real estate funds (1) 15.3% (Avg.) 2009-2012 20% 18% 16% 14% 12% 8.5% (Avg.) 2006-2008 10% 8% 6% 4% 2% سيارات 12.5% (Avg.) 2013-2015 0% 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 At December 31, 2021. Source: Preqin, Cohen & Steers. Data quoted represents past performance, which is no guarantee of future results. The information presented above does not reflect the performance of any fund or other account managed or serviced by Cohen & Steers, and there is no guarantee that investors will experience the type of performance reflected above. There is no guarantee that any historical trend illustrated above will be repeated in the future, and there is no way to predict precisely when such a trend might begin. Index comparisons have limitations as volatility and other characteristics may differ from a particular investment. Analysis based on U.S. business cycles as determined by the U.S. Conference Board Coincident Indicator. (1) Internal Rate of Return (IRR) - a measure of return on investment. Expressed as a percentage, the IRR is based upon the realized cash flows and can be expressed as gross or net of fees and carried interest. Private real estate funds are represented by core and core plus funds. Data consists of 105 funds with aggregate commitments of $31.6B launched from 2006 to 2015. 15 COHEN & STEERS#16Repricing underway Real-time market examples Property type Occupancy Texas office building Texas shopping center Florida office building 95% 95% • $194.0M 90% 000 $105.0M 7.0% cap rate -19% • • $180.0M • Original guidance 5.6% cap rate . 5.5% cap rate • % change -19% -18% New pricing $145.0M 6.9% cap rate $159.0M 6.8% cap rate $85.0M 8.0% cap rate Based on Cohen & Steers estimates. There is no guarantee that any historical trend illustrated above will be repeated in the future or any way to know in advance when such a trend might begin. There is no guarantee that properties with similar characteristics will be sourced for investment on behalf of any Cohen & Steers portfolio or account. This information is included solely to illustrate the proposed investment strategy and the types of transactions the strategy may pursue. The actual investments of the strategy may differ substantially from the property above. 16 COHEN & STEERS#172. Differentiated property portfolio Focus on undervalued sectors in high growth markets CNSREIT initial target portfolio vs. competitors Private Real Estate Sector CNREIT Initial Target Portfolio Necessity-driven shopping centers Sunbelt Office 35% Rental housing Peer A Peer B Peer C Peers D - I 2% 0% 12% 8% 25% 3% 6% 4% 9% 20% 55% 70% 43% 34% Other property type (1) 20% 10% 1% 9% 14% Industrial Misc. 0% 23% 13% 31% 26% 0% 7% 10% 1% 9% At December 31, 2022. Source: Firm Websites and SEC Filings. The CNSREIT initial portfolio is presented for illustrative purposes only based on the current outlook that CNS has on the private real estate market. There is no guarantee that CNSREIT will make investments consistent with this model. Peers include diversified non-traded REITS (NTRS) with either one year of operating history and/or $500 million in net assets. Diversification is not guaranteed to ensure a profit or protect against loss. There may be additional differences between NTRs, including different investment objectives, policies, costs and expenses, liquidity, tax, risk and performance profiles. CNSREIT private real estate sector allocations are grossed up to 100 percent. (1) Sectors include medical office, storage, data center, student housing, etc. 17 COHEN & STEERS#18Trends informing property portfolio People are making different choices in how they live, work and spend Large metropolitan cities • High density • High taxes • • High cost of living Changing housing needs . . More space Preferable schools Green space Technological innovation Increased convenience and efficiency • Hybrid shopping ⚫ Logistics Sunbelt, suburbs, mid- size markets Cost-of-living differences • Greater affordability More spending on goods and services Lower cost of commuting • More space for less Low taxes Low cost of living At December 31, 2022. Source: Cohen & Steers proprietary analysis. There is no guarantee that any historical trend illustrated above will be repeated in the future, and there is no way to predict precisely when such a trend might begin. There is no guarantee investment objectives will be achieved. 18 COHEN & STEERS#19Offices in growth cities benefit from migration Sector Highlight Non-farm employment growth from 2019 Boston: -1.5% Chicago: -1.1% New York: -3.7% San Francisco: -2.1% Denver: 1.3% Los Angeles: -2.2% Austin: 9.0% Nashville: 5.6% Raleigh-Durham: 6.9% Charlotte: 4.6% Dallas/Fort Worth: 6.4% Atlanta: 3.2% Tampa Bay St. Petersburg: 4.4% Annual growth rate of office-using employment 2015-2019 2020-Present 4.1% average growth rate (December 19-Decemeber 22) 2015-2019 2020-Present 1.1% average growth rate (December 19-Decemeber 22) 8% 6% 4% 2% 0% Austin Raleigh Dallas Nashville Atlanta Charlotte Tampa Denver Bay San Francisco Boston Chicago New York Angeles Los At December 31, 2022. Data quoted represents past performance, which is no guarantee of future results. Source: Green Street. The information presented above does not reflect the performance of any fund or other account managed or serviced by Cohen & Steers, and there is no guarantee that investors will experience the type of performance reflected above. There is no guarantee that any historical trend illustrated above will be repeated in the future, and there is no way to predict precisely when such a trend will begin. The views and opinions above are as of the date of this publication and are subject to change without notice. 19 COHEN & STEERS#20Necessity-driven shopping centers poised for growth Sector Highlight New supply of shopping centers has come to a halt, catalyst for continued rent growth Square feet (In millions) YoY change in shopping center space (1) •Rent growth (%) (RHS) 180 160 140 120 100 80 60 40 5% 4% 3% 2% 1% 0% Pandemic era -1% -2% -3% 20 -4% 0 -5% 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022" At December 31, 2022. Source: US Census, ICSC and CoStar. Data quoted represents past performance, which is no guarantee of future results. The information presented above does not reflect the performance of any fund or other account managed or serviced by Cohen & Steers, and there is no guarantee that investors will experience the type of performance reflected above. There is no guarantee that any historical trend illustrated above will be repeated in the future, and there is no way to predict precisely when such a trend will begin. The views and opinions above are as of the date of this publication and are subject to change without notice. (1) GLA defined as gross leasable area. 20 20 COHEN & STEERS#21Access to small/medium transactions Potential for better pricing and less competition from existing fund buyers Greater opportunities 2022 transaction volume (# of properties) Value advantage Average cap rates by transaction size (1) (2019-2022) 10.3K 7.6x more Small/medium market transactions in the small/medium market in 2022 1.3K Large market Small/medium market: Transactions <$75M 5.9% 5.4% 5.1% 5.1% 5.0% 4.9% 4.4% Small/medium transaction cap rates have been 77bps higher on average since 2019 3.9% 2019 2020 2021 2022 Large market: Transactions > $75M Data as of December 31, 2022. Source: Greenstreet Data quoted represents past performance, which is no guarantee of future results. The information presented above does not reflect the performance of any fund or other account managed or serviced by Cohen & Steers, and there is no guarantee that investors will experience the type of performance reflected above. There is no guarantee that any historical trend illustrated above will be repeated in the future, and there is no way to predict precisely when such a trend will begin. The views and opinions above are as of the date of this publication and are subject to change without notice. (1) Capitalization rate (cap rate) is calculated by dividing a property's net operating income by the current market value. This ratio, expressed as a percentage, is an estimation of an investor's potential unlevered return on a real estate investment. 21 COHEN & STEERS#223. Real estate expertise and leadership Cohen & Steers information advantage Private Real Estate Team • Senior team with 26 years of average industry experience $3B+ of equity committed to 120 investments • 40 specialized operating partners sourcing $1.2B in total opportunities Real Estate Strategy Group Rich Hill, Head of Real Estate Strategy & Research Teams' contributions • Public vs private strategic allocations • Market-by-market property analysis • Emerging real estate trends • Listed Real Estate Team 20+ REIT specialists managing $52B in AUM with a 36-year track record • 1,300 annual company • meetings and 100+ days of property tours Innovative proprietary data tools to inform portfolio decision Information advantage High conviction sector selection • Tactical allocation strategy informed by the economic cycle • Determine optimal real estate allocation At December 31, 2022. Source: Cohen & Steers. The views and opinions are as of the date of publication and are subject to change without notice. There is no guarantee that any forecast mentioned, or investment objective above will be realized. There is no guarantee that any historical trend illustrated above will be repeated in the future, and there is no way to predict precisely when such a trend might begin. Private Real Estate Team information reflects the team's expertise and leadership at a prior firm and not Cohen & Steers. 22 COHEN & STEERS#23Attractive value in growth markets Case study Target property profile Attractive valuation Transaction characteristics 7% cap rate vs 5-6% historically Discount to replacement cost Strong in-place cash flows Ability to increase rents Pricing at 49% discount to replacement cost High cash on cash return of 7.5% Favorable supply/demand dynamics Limited competition Current leases below market; low rent/occupancy cost relative to sales No new supply in local submarket Traditional buyers sidelined At December 31, 2022. Source: Cohen & Steers. There is no guarantee that properties with similar characteristics will be sourced for investment on behalf of any Cohen & Steers portfolio or account. This information is included solely to illustrate the proposed investment strategy and the types of transactions the strategy may pursue. The actual investments of the strategy may differ substantially from the property above. 23 COHEN & STEERS#24Active allocation to listed REITS Enhances returns and may reduce volatility Model index blend Trailing 20-year period as of December 31, 2022 10% 90% Private Real Estate 5% REITs & 5% REIT Preferreds Annualized return 8% 6% 4% 2% Private Real Estate 90% Private Real Estate 10% CMBS 0% do 980 0% 2% 4% 6% 8% 10% Annualized volatility Annualized return Annualized vol. Sharpe Max drawdown % % ratio % 9.4 21.9 0.4 -65.4 5.0 13.4 0.3 -29.5 7.7 5.6 1.2 -28.7 8.4 7.0 1.0 -37.8 8.6 6.6 1.1 -28.8 REITS REIT Preferreds 90% Private RE, 10% CMBS Private Real Estate 90% Private RE, 5% REITS & 5% REIT Preferreds At December 31, 2022. Sources: Morningstar Direct, NCREIF, Cohen & Steers. Data quoted represents past performance, which is no guarantee of future results. Private real estate is not traded on an exchange and will have less liquidity than public traded securities. The information presented above does not reflect the performance of any fund or other account managed or serviced by Cohen & Steers, and there is no guarantee that investors will experience the type of performance reflected above. Sharpe ratio compares the return of an investment with its risk. It's a mathematical expression of the insight that excess returns over a period of time may signify more volatility and risk, rather than investing skill. The ratio divides a portfolio's excess returns by a measure of its volatility to assess risk-adjusted performance. Private Real Estate: NFI - ODCE Index - Gross Total Returns. Listed REITs: FTSE Nareit All Equity REITS Index - Total Returns REIT Preferreds: FTSE Preferred Stock Index/ MSCI/ ICE BofA REIT Preferred Index - Total Returns. The index consists of Morgan Stanley REIT Preferred through 7/31/05 and the ICE BofA REIT Preferred Index through 6/30/14 and the FTSE Preferred Stock Index thereafter. The benchmark was changed to the ICE BofA benchmark as described because MSCI was charging a fee after 7/31/05 for the constituents of this index. ICE BofA's REIT Preferred Index is a comparable benchmark to MSCI's and no fee is charged for its constituents. CMBS - ICE BofA US Fixed Rate CMBS Index - Total Returns. Portfolio allocations rebalanced annually, listed investments rebalanced quarterly. Sharpe Ratio is the average return earned in excess of the risk-free rate per unit of volatility. Standard Deviation is a measure of the dispersion of a set of data from its mean, also known as historical volatility and is used by investors as a gauge for the amount of expected volatility. 24 COHEN & STEERS#25Cohen & Steers tenured team has navigated multiple cycles 10 years 5 years Years experience 35 years 30 years 25 years 20 years 15 years Private Real Estate 32 Jim Corl Head of Private Real Estate Group Listed Real Estate Preferred Securities Strategist At December 31, 2022. 28 Anthony Corriggio Portfolio Manager 17 Hamid Tabib Head of Real Estate Acquisitions, North America 23 Jason Yablon Head of U.S. Real Estate 14 Robert Kastoff, CFA Portfolio Manager 22 Rich Hill Head of Real Estate Strategy & Research 25 COHEN & STEERS#26CNSREIT Portfolio COHEN & STEERS#27CNSREIT initial target portfolio composition. Private Real Estate: at least 80% 35% Necessity-driven shopping centers Initial target portfolio composition 20% 35% ■25% Sunbelt office 20% Rental housing 20% 20% Other property types (1) 25% Real Estate-Related Securities (2): up to 20% ■50% REIT equities ■50% REIT preferred securities 50% 50% Illustrative allocation over market cycles 15% 13% Early cycle Today 10% Mid-cycle 5% Late cycle At December 31, 2022. Source: Cohen & Steers. The statements above illustrate and reflect our current initial target portfolio composition. There is no guarantee that our actual portfolio will conform to these allocations now or in the future. They are provided for illustrative purposes only. In the future, our target portfolio composition may change including due to a change in our investment strategy or to reflect other changes in the market and, as a result, our actual investments may not conform to these allocations or any future target. See "Cautionary Note Regarding Forward-Looking Statements" and "Risk Factors" in our prospectus for a discussion of risks and uncertainties that are inherent in our estimates. (1) Sectors include medical office, storage, data center, student housing, etc. (2) Target allocation may include REIT debt. Point in the market cycle reflects CNS's views and may not conform to actual performance of the market. 27 COHEN & STEERS#28CNSREIT Terms COHEN & STEERS#29CNSREIT terms summary Structure Suitability Standards Investment Strategy Investment Guidelines Sponsor/Advisor Maximum Offering(1) Offering Price (2) • Minimum Initial Investment (3) Target leverage (4) Sponsor commitment (5) Non-listed, perpetual life real estate investment trust (REIT) Available to investors with either (1) a net worth of at least $250,000 or (2) a gross annual income of at least $70,000 and a net worth of $70,000. Additional suitability standards are applicable to investors in certain states Primarily to acquire high quality, income-focused stabilized commercial real estate assets primarily within the United States At least 80% in real estate investments and up to 20% in real estate-related securities, cash and/or cash equivalents Cohen & Steers, Inc. / Cohen & Steers Capital Management, Inc. $3 billion Each class of shares is sold at the then-current transaction price, which is generally the prior month's NAV per share for such class, plus applicable upfront selling commissions and dealer manager fees NAV per share, which will generally be equal to our transaction price, will generally be available within 15 calendar days of month end • Transaction price will be available on www.cnsreit.com and in prospectus supplements • $2,500 per investor for Class F-D, F-T, F-S, D, T and S shares; $1,000,000 for Class F-I and I shares $500 minimum for subsequent investments 50-65% (may vary based on market conditions) $125 million At December 31, 2022. Source: Cohen & Steers Terms summarized herein are for informational purposes and qualified in their entirety by the more detailed information set forth in CNSREIT's prospectus. You should read the prospectus carefully prior to making an investment. There is no guarantee that any investment objective above will be realized. (1) We may register additional shares in the future. (2) We may offer shares at a price that we believe reflects the NAV per share of such stock more appropriately than the prior month's NAV per share, including by updating a previously disclosed offering price, in cases where we believe there has been a material change (positive or negative) to our NAV per share since the end of the prior month. For further information, please refer to the "Net Asset Value Calculation and Valuation Guidelines" in the prospectus, which describe our valuation process and the independent third parties who assist us. (3) Select broker-dealers may have different standards to determine the appropriateness of this investment for each investor, may not offer all share classes, and/or may offer CNSREIT at a different minimum initial investment. The minimum initial investment for Class T, Class S, Class D, Class F-T, Class F-S or Class F-D common stock is $2,500. The minimum initial investment for Class I and shares of our Class F-I common stock is $1,000,000, unless waived by the dealer manager. (4) Our leverage ratio is measured by dividing (i) consolidated property-level and entity-level debt, net of cash and loan-related restricted cash (but excluding leverage on our securities portfolio, including listed REITs), by (ii) the asset value of real estate investments (measured using the greater of fair value and purchase price). (5) Cohen & Steers has committed to invest an aggregate of $125 million through in Class P shares and Class I shares. As of December 31, 2022, Cohen & Steers has not funded any portion of this commitment, other than the initial capitalization of the Company consisting of a $200,000 investment by the Advisor in exchange for 20,000 shares of the Company's Class I shares. Cohen & Steers has agreed to hold all of the Class P shares and Class P units it owns as part of its seed investment for two years from the date of the initial commitment, after which any repurchase requests would be subject to the Company's share repurchase plan. The Company will only repurchase Class P shares, or other shares, held by Cohen & Steers after all other stockholder repurchase requests have been processed (except with respect to repurchases of shares of common stock that the Advisor has received in lieu of a management fee). 29 COHEN & STEERS#30CNSREIT terms summary (cont'd) Subscriptions NAV Frequency Distributions Share Repurchase Plan • Monthly purchases as of the first calendar day of each month; subscription requests must be received at least five business days prior to the first calendar day of the month Monthly • Monthly . • • • • • • Distributions are not guaranteed and may be funded from sources other than cash flow from operations, including the sale of or repayments under our assets, borrowings, return of capital or offering proceeds (including from sales of our common stock or Operating Partnership units to the Special Limited Partner (each term as defined in the prospectus), and distributions may also be funded at least in part, indirectly, due to expenses paid on our behalf by the Advisor pursuant to the Expense Limitation and Reimbursement Agreement, which may be subject to reimbursement to the Advisor, and other temporary waivers or expense reimbursements to the Advisor or its affiliates, that may be subject to reimbursement to the Advisor or its affiliates. We have no limits on the amounts we may pay from such sources. Temporary waivers or expense reimbursements borne by the Advisor or its affiliates, that may be subject to reimbursement to the Advisor or its affiliates, and the repayment of any amounts owed to CNSREIT's affiliates may reduce future distributions to which an investor would otherwise be entitled Monthly repurchases will be made at the transaction price, which is generally equal to our prior month's NAV Shares not held for at least one year will be repurchased at 95% of that month's transaction price Total repurchases are limited to 2% of aggregate NAV per month (measured using the aggregate NAV as of the end of the immediately preceding month) and 5% of aggregate NAV per calendar quarter (measured using the average aggregate NAV as of the end of the immediately preceding three months) Repurchase requests must be received in good order by the second to last business day of the applicable month We are not obligated to repurchase any shares and may choose to repurchase only some, or even none, of the shares that have been requested to be repurchased in any particular month in our discretion The share repurchase plan is subject to other limitations and our board may make exceptions to, modify or suspend the plan Tax Reporting Form 1099-DIV At December 31, 2022. Source: Cohen & Steers Terms summarized herein are for informational purposes and qualified in their entirety by the more detailed information set forth in CNSREIT's prospectus. You should read the prospectus carefully prior to making an investment. There is no guarantee that any investment objective above will be realized. 30 COHEN & STEERS#31CNSREIT terms summary (cont'd) Advisor Fees Management Fee (1) Performance Participation Management Fee Waiver and Expense Cap . • Founder share class: 1.00% of NAV per annum, payable monthly Common share class: 1.25% of NAV per annum, payable monthly 10% of the annual Total Return, subject to a 6% annual Hurdle Amount and a High Water Mark, with a Catch-Up (each term as defined in the prospectus) • . The Advisor has agreed to waive its management fee for 12 months following the date of effectiveness with the SEC and each applicable state securities regulator The Advisor has agreed to waive its fees or reimburse expenses of the Fund so that certain of the Fund's expenses will not exceed 0.50% of net assets (annualized) Share Class-Specific Fees Availability Class I, F-I Class D, F-D Through fee-based (wrap) programs, registered investment advisors, and other institutional and fiduciary accounts Class S, F-S Class T, F-T Through transactional/brokerage accounts Investment minimum $1,000,000 $2,500 $2,500 Upfront selling commissions None Dealer manager fees None Stockholder servicing fees None Up to 1.5% None 0.25% Up to 3.5% None 0.85% (per annum. payable monthly) (ongoing) At December 31, 2022. Source: Cohen & Steers $2,500 Up to 3.0% 0.50% 0.65% investment professional 0.20% dealer Terms summarized herein are for informational purposes and qualified in their entirety by the more detailed information set forth in CNSREIT's prospectus. You should read the prospectus carefully prior to making an investment. Select broker-dealers will have different standards to determine the appropriateness of this investment for each investor. Individual broker-dealers may not offer all share classes and/or may offer CNSREIT at a higher minimum initial investment. With respect to Class T shares, the amounts of upfront selling commissions and dealer manager fees will vary at select broker-dealers, provided that the sum will not exceed 3.5% of the transaction price. The financial advisor and dealer stockholder servicing fee for Class T shares may also vary at select broker-dealers, provided that the sum of such fees will always equal 0.85% per annum of the aggregate NAV of such shares. Broker-dealers may also charge additional fees for certain accounts, such as wrap accounts. (1) During the twenty-four-month period beginning on the date of the commencement of this offering (the "initial founder shares offering period"), the Class F-S shares, Class F-D shares Class F-T shares and Class F-I shares (collectively, the "founder shares") will be offered to all investors in this offering, subject to the minimum investment requirement for each founder shares class as described herein. Following the initial founder shares offering period, the founder shares will be offered only to investors that held, or clients of a financial intermediary that in the aggregate held, at least $150,000,000 in founder shares as of the end of initial founder shares offering period (the "minimum founder shares holding requirement"), unless such minimum founder shares holding requirement is waived by the Dealer Manager. The minimum founder shares holding requirement does not apply to purchases made by holders of founder shares under our distribution reinvestment plan. We reserve the right to extend the initial founder shares offering period in our sole discretion. 31 COHEN & STEERS#322006 LONDON We believe accessing investment opportunities around the world requires local knowledge and insight into specialized and regional markets. Cohen & Steers maintains a global presence through the following offices: Est. Est. DUBLIN 2020 Est. 1986 NEW YORK Copyright © 2023 Cohen & Steers, Inc. All rights reserved. COHEN & STEERS Est. 2011 TOKYO Est. 2005 HONG KONG For information, call us at: 800.330.7348 Visit us online at: cohenandsteers.com 32 32 COHEN & STEERS 20230310-2661918