Income Opportunities REIT

2. Differentiated property portfolio Focus on undervalued sectors in high growth markets CNSREIT initial target portfolio vs. competitors Private Real Estate Sector CNREIT Initial Target Portfolio Necessity-driven shopping centers Sunbelt Office 35% Rental housing Peer A Peer B Peer C Peers D - I 2% 0% 12% 8% 25% 3% 6% 4% 9% 20% 55% 70% 43% 34% Other property type (1) 20% 10% 1% 9% 14% Industrial Misc. 0% 23% 13% 31% 26% 0% 7% 10% 1% 9% At December 31, 2022. Source: Firm Websites and SEC Filings. The CNSREIT initial portfolio is presented for illustrative purposes only based on the current outlook that CNS has on the private real estate market. There is no guarantee that CNSREIT will make investments consistent with this model. Peers include diversified non-traded REITS (NTRS) with either one year of operating history and/or $500 million in net assets. Diversification is not guaranteed to ensure a profit or protect against loss. There may be additional differences between NTRs, including different investment objectives, policies, costs and expenses, liquidity, tax, risk and performance profiles. CNSREIT private real estate sector allocations are grossed up to 100 percent. (1) Sectors include medical office, storage, data center, student housing, etc. 17 COHEN & STEERS

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