Company: CIO
Filing Date: 2025-09-08
Form Type: DEFM14A
Source: 0001193125-25-198418
Chunk: 82

Company: City Office REIT, Inc.
Filing Date: 2025-09-08
Form: DEFM14A
Chunk 82
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 affiliates in connection with separate
asset sales for which it received aggregate fees of $591,000. JLL Securities and its affiliates may in the future provide, financial advice and services to the Company, Parent, Morning Calm, Elliott, their affiliates, or any other party that may be
involved in the Merger for which JLL Securities and its affiliates would expect to receive compensation. Certain (i) of JLL Securities and its affiliates’ directors, officers, members and employees, or family members of such persons,
(ii) of its affiliates or related investment funds and (iii) investment funds or other persons in which any of the foregoing may have financial interests or with which they may co-invest, may at any
time acquire, hold, sell or trade, in debt, equity and other securities or financial instruments (including derivatives, bank loans or other obligations) of, or investments in, the Company, Parent, Morning Calm, Elliott or any of their respective
affiliates, or any other party that may be involved in the Merger.

Opinion of Raymond James

At the July 23, 2025 meeting of the Board, representatives of Raymond James rendered Raymond James’s oral opinion, which was subsequently confirmed
by delivery of a written opinion to the Board dated July 23, 2025, as

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to the fairness, as of such date, from a financial point of view, to Common Stockholders of the Common Stock Merger Consideration to be received by such holders in the Merger pursuant to the Merger Agreement, based upon and subject to the procedures followed, assumptions made, matters considered, qualifications and limitations on the review undertaken in connection with the preparation of its opinion. The full text of the written opinion of Raymond James is attached as Annex C to this proxy statement. The summary of the opinion of Raymond James set forth in this proxy statement is qualified in its entirety by reference to the full text of such written opinion. Common Stockholders are urged to read this opinion in its entirety. Raymond James provided its opinion for the information of the Board (in its capacity as such) in connection with, and for purposes of, its consideration of the Merger and its opinion only addresses whether the Common Stock Merger Consideration to be received by Common Stockholders in the Merger pursuant to the Merger Agreement was fair, from a financial point of view, to such holders. The opinion of Raymond James does not address any other term or aspect of the Merger Agreement or the Merger contemplated