Income Opportunities REIT

Active 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

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