Income Opportunities REIT

1. 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

View entire presentation