Company: CIO
Filing Date: 2025-08-22
Form Type: PREM14A
Source: 0001193125-25-186443
Chunk: 77

Company: City Office REIT, Inc.
Filing Date: 2025-08-22
Form: PREM14A
Chunk 77
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 target companies’ NAV (as determined by publicly available information). The overall observed low and high unaffected premium or discount to NAV in all transactions reviewed were a discount of (20%) and premium of 21%, respectively. JLL Securities then applied selected ranges, incorporating certain adjustments and assumptions, of premium to the Company’s unaffected share price as of July 21, 2025 and applied ranges of premium to estimated NAV per share (based on publicly available information), which was adjusted for estimated transaction-related expenses and costs. This analysis indicated the following implied per share equity value reference range for a share of the Common Stock, as compared to the per share consideration:

|                                          |     | Premium Paid 
 Range        |             |     | Implied Per Share 
 Equity Value      
 Reference Range   |                |     | Per Share     
 Consideration |      |
|:-----------------------------------------|:----|:-------------|:------------|:----|:------------------|:---------------|:----|:--------------|-----:|
| Unaffected Stock Price                   |     |              | 5% to 45%   |     | $                 | 5.77 to $7.96  |     | $             | 7.00 |
| Consensus NAV, less transaction expenses |     |              | (20%) to 0% |     | $                 | 8.71 to $11.12 |     | $             | 7.00 |

No transaction, company or business used in this analysis is identical or directly comparable to the Company. Accordingly, an evaluation of the results of this analysis is not entirely mathematical. Rather, this analysis involves complex considerations and judgments concerning differences in financial and operating characteristics and other factors that could affect the public trading or other values of the companies or businesses to which the Company was compared. 50

Other factors JLL Securities also noted for the Board certain additional factors that were not considered part of JLL Securities’ financial analysis with respect to its opinion but were referenced for informational purposes, including, among other things, the premiums paid to the 30-dayand 90-dayvolume weight average (or VWAP) of target companies’ trading price prior to the announcement of the transaction for office REIT transactions, take-private deals and all REIT M&A deals since January 1, 2010, which informed JLL Securities’ view of the range of premiums paid and the following implied per share equity value reference range for a share of the Company Common Stock, as compared to the per share consideration