Company: CIO
Filing Date: 2025-08-22
Form Type: PREM14A
Source: 0001193125-25-186443
Chunk: 87

Company: City Office REIT, Inc.
Filing Date: 2025-08-22
Form: PREM14A
Chunk 87
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 business plan. The resulting range of present enterprise values was adjusted by the Company’s current capitalization and divided by fully diluted shares outstanding in 2030 of approximately 43 million based on vesting in order to arrive at a range of present values per share. Raymond James reviewed the range of per share prices derived in the discounted cash flow analysis and compared them to the price per share implied by the Common Stock Merger Consideration. The results of the discounted cash flow analysis are summarized below:

| Per Share                         |     | Equity Value/ 
 Per Share     |      |
|:----------------------------------|:----|:--------------|-----:|
| Minimum                           |     | $             | 3.47 |
| Maximum                           |     | $             | 7.35 |
| Common Stock Merger Consideration |     | $             | 7.00 |

56

Illustrative Trading Analysis.Solely for informational purposes, Raymond James noted the low of $4.47 and the high of $6.50 of the historical closing prices of the Common Shares over the prior 52 weeks and compared them to the Common Stock Merger Consideration. Solely for information purposes, Raymond James also analyzed historical prices of the Common Stock and compared them to the Merger Consideration. The results of this analysis are summarized below:

|                                                                              |     | Price     
 Per Share |      |     | Implied 
 Premium |      |   |
|:-----------------------------------------------------------------------------|:----|:----------|-----:|:----|:--------|-----:|:--|
| Common Stock Merger Consideration                                            |     | $         | 7.00 |     |         |    — |   |
| One-day prior Company closing stock price as of July 22, 2025                |     | $         | 5.49 |     |         | 27.5 | % |
| Ten-day prior volume weighted average Company stock price through July 9,    
 2025                                                                         |     | $         | 5.58 |     |         | 25.4 | % |
| Thirty-day prior volume weighted average Company stock price through June 9, 
 2025                                                                         |     | $         | 5.49 |     |         | 27.6 | % |
| One-year prior volume weighted average Company stock price through July 23,  
 2024                                                                         |     | $         | 5.32 |     |         | 31.5 | % |

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