Income Opportunities REIT

CNSREIT 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

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