Company: CIO
Filing Date: 2025-09-08
Form Type: DEFM14A
Source: 0001193125-25-198418
Chunk: 80

Company: City Office REIT, Inc.
Filing Date: 2025-09-08
Form: DEFM14A
Chunk 80
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 such analysis was given greater weight than any other analysis referred to in the summary. In performing its analyses, JLL Securities considered industry performance, general business and economic conditions and other matters, many of which are beyond the control of the Company. The estimates of the future performance of the Company in or underlying JLL Securities’ analyses are not necessarily indicative of actual values or actual future results, which may be significantly more or less favorable than those estimates or those suggested by JLL Securities’ analyses. These analyses were prepared solely as part of JLL Securities’ analysis of the fairness, from a financial point of view, of the proposed Common Stock Merger Consideration payable to the Company’s common stockholders in the Merger and were provided to the Board in connection with its evaluation of the Merger. The analyses do not purport to be appraisals or to reflect the prices at which a company might actually be sold or acquired or the prices at which any securities have traded or may trade at any time in the future. Accordingly, the estimates used in, and the ranges of valuations resulting from, any particular analysis described above are inherently subject to substantial uncertainty and should not be taken to be JLL Securities’ view of the actual value of the Company. The type and amount of consideration payable in the Merger was determined through negotiations between the Board and Parent, rather than by any financial advisor, and were approved by the Board. The decision to enter into the Merger Agreement was solely that of the Board. As described above, JLL Securities’ opinion and 51

analyses were only one of many factors considered by the Board in its evaluation of the Merger and should not be viewed as determinative of the views of the Board, management or any other party
with respect to the Merger or the Common Stock Merger Consideration.

JLL Securities was engaged as financial advisor to the Company in connection with a
potential strategic transaction involving the Company. Under the terms of its engagement, JLL Securities provided the Company with financial advisory services and the Board with an opinion, described under the section entitled “
—Opinion of JLL Securities” and attached as Annex B, in connection with the Merger, and the Company paid JLL Securities a fee of $750,000 upon delivery of its opinion. The Company has also agreed to pay JLL Securities a fee of
approximately $1.3 million contingent upon the closing of the sale of the Company’s seven Phoenix Assets, the first six of which closed on August 15,