Income Opportunities REIT

CNSREIT 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

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