Income Opportunities REIT

Real estate is a potential hedge to inflation Real estate net operating income versus CPI(¹) December 1995 - December 2022 Index levels (1995=100) Real Estate NOI (1) CPI (2) 210 190 170 150 130 110 06 90 1995 2000 2005 2010 2015 2020 As of December 31, 2022. Source: Green Street Advisors, Bureau of Labor Statistics, Bloomberg. 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 will begin. An investor cannot invest directly in an index and index performance does not reflect the deduction of any fees, expenses or taxes. This chart is for illustrative purposes only and is not intended to represent the returns of any specific security. Index comparisons have limitations as volatility and other characteristics may differ from a particular investment. (1) Real Estate Income is represented by net operating income (NOI) growth, which is the average NOI growth by year across the apartment, industrial, mall, office and strip retail sectors within Green Street's universe. NOI may not be correlated and may not continue to keep pace with inflation. (2) Inflation is represented by the Consumer Price Index (CPI), which measures changes in the prices paid by urban consumers for a representative basket of goods and services. NOI may not be correlated to or continue to keep pace with inflation. 10 COHEN & STEERS

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