Company: CIO
Filing Date: 2025-09-08
Form Type: DEFM14A
Source: 0001193125-25-198418
Chunk: 284

Company: City Office REIT, Inc.
Filing Date: 2025-09-08
Form: DEFM14A
Chunk 284
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 (ii) all governmental, regulatory, and other consents and approvals necessary for the consummation of the Merger will be obtained and that no delay, limitations, restrictions or conditions will be imposed or amendments, modifications or waivers made that would have an effect on the Merger or the Company that would be material to this Opinion or our financial analyses related thereto. C-2

Board of Directors

City Office REIT, Inc.

July 23, 2025

Page
3

This Opinion is based upon market, economic, financial and other circumstances and conditions existing and
disclosed to us as of July 22, 2025 and any material change in such circumstances and conditions, including potential changes in U.S. trade, tax or other laws, regulations and government policies and the enforcement thereof as have been or may
be proposed or effected, and the potential effects such changes may have on the Merger or the participants in the Merger or their respective businesses, assets, liabilities, financial condition, results of operations, cash flows or prospects, would
require a reevaluation of this Opinion, which we are under no obligation to undertake. We have relied upon and assumed, without independent verification, that there has been no change in the business, assets, liabilities, financial condition,
results of operations, cash flows or prospects of the Company since the respective dates of the most recent financial statements and other information, financial or otherwise, provided to us that would be material to our analyses or this Opinion,
and that there is no information or any facts that would make any of the information reviewed by us incomplete or misleading in any material respect.

We
express no opinion as to the underlying business decision to effect the Merger, the structure or tax consequences of the Merger or the availability or advisability of any alternatives to the Merger. We provided financial advice to the Company with
respect to the proposed Merger. We did not, however, recommend any specific amount of consideration or that any specific consideration constituted the only appropriate consideration for the Merger. This Opinion is limited to the fairness, from a
financial point of view, of the Merger Consideration to be received by the Common Shareholders.

We express no opinion as to the underlying business
decision to effect the Merger, the structure or tax consequences of the Merger or the availability or advisability of any alternatives to the Merger. Our opinion is limited to the fairness, from a financial point of view, of the Merger Consideration
to be received by