Income Opportunities REIT

CNSREIT initial target portfolio composition. Private Real Estate: at least 80% 35% Necessity-driven shopping centers Initial target portfolio composition 20% 35% ■25% Sunbelt office 20% Rental housing 20% 20% Other property types (1) 25% Real Estate-Related Securities (2): up to 20% ■50% REIT equities ■50% REIT preferred securities 50% 50% Illustrative allocation over market cycles 15% 13% Early cycle Today 10% Mid-cycle 5% Late cycle At December 31, 2022. Source: Cohen & Steers. The statements above illustrate and reflect our current initial target portfolio composition. There is no guarantee that our actual portfolio will conform to these allocations now or in the future. They are provided for illustrative purposes only. In the future, our target portfolio composition may change including due to a change in our investment strategy or to reflect other changes in the market and, as a result, our actual investments may not conform to these allocations or any future target. See "Cautionary Note Regarding Forward-Looking Statements" and "Risk Factors" in our prospectus for a discussion of risks and uncertainties that are inherent in our estimates. (1) Sectors include medical office, storage, data center, student housing, etc. (2) Target allocation may include REIT debt. Point in the market cycle reflects CNS's views and may not conform to actual performance of the market. 27 COHEN & STEERS

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