Income Opportunities REIT

Tax 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

View entire presentation