Income Opportunities REIT

Timing matters New real estate cycle presents an opportunity for strong returns Since inception internal rate of return (IRR) by vintage year for private real estate funds (1) 15.3% (Avg.) 2009-2012 20% 18% 16% 14% 12% 8.5% (Avg.) 2006-2008 10% 8% 6% 4% 2% سيارات 12.5% (Avg.) 2013-2015 0% 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 At December 31, 2021. Source: Preqin, Cohen & Steers. 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 might begin. Index comparisons have limitations as volatility and other characteristics may differ from a particular investment. Analysis based on U.S. business cycles as determined by the U.S. Conference Board Coincident Indicator. (1) Internal Rate of Return (IRR) - a measure of return on investment. Expressed as a percentage, the IRR is based upon the realized cash flows and can be expressed as gross or net of fees and carried interest. Private real estate funds are represented by core and core plus funds. Data consists of 105 funds with aggregate commitments of $31.6B launched from 2006 to 2015. 15 COHEN & STEERS

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