Company: CIO
Filing Date: 2025-09-08
Form Type: DEFM14A
Source: 0001193125-25-198418
Chunk: 69

Company: City Office REIT, Inc.
Filing Date: 2025-09-08
Form: DEFM14A
Chunk 69
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 trusts (“REITs”) that JLL Securities considered to be generally relevant and comparable to the Company; |

| (vii) | reviewed third party research on the office real estate sector from Green Street Advisors and other reputable 
 sources;                                                                                                      |

| (viii) | reviewed the financial terms, to the extent publicly available, of certain transactions that JLL Securities 
 considered to be relevant;                                                                                  |

44

| (ix) | reviewed letters of intent and other definitive documentations related to transactions being contemplated that 
 were presented to JLL Securities by management;                                                                |

| (x) | reviewed Parent’s financing commitment documents furnished to JLL Securities; |

| (xi) | performed financial analyses including net asset value and discounted cash flow analyses and considered other 
 factors as JLL Securities deemed appropriate;                                                                 |

| (xii) | reviewed transaction related summary analyses provided to us; |

| (xiii) | reviewed detailed calculations on transaction costs that included, among others, change in control costs, 
 advisor fees, and transfer taxes; and                                                                     |

| (xiii) | performed such other analyses, studies and investigations, and considered such other factors, as JLL Securities 
 has deemed appropriate.                                                                                         |

At the Board’s direction, JLL Securities assumed, for the purposes of its opinion, that the disposition of the Company’s interests in the seven properties located in Phoenix, Arizona, commonly known as Block 23, Pima Center, San Tan, 5090 N 40th Street, Camelback Square, The Quad, and Papago Tech contemplated by that certain Agreement of Purchase and Sale and Joint Escrow Instructions dated as of June 18, 2025, by and among SWVP Acquisitions LLC, and CIO 5090, Limited Partnership, CIO Block 23, LLC, CIO PAPAGO Tech Holdings, LLC, CIO SAN TAN I, Limited Partnership, CIO SAN TAN II, Limited Partnership, CIO PIMA, Limited Partnership, CIO QUAD, Limited Partnership, and CIO CAMELBACK, Limited Partnership (the “Phoenix Assets Sale”), have been consummated in accordance with the terms of such agreement. JLL Securities assumed and relied upon without independent verification the accuracy and completeness of the financial, legal, regulatory, tax, accounting and other information provided to, reviewed by or discussed with JLL Securities (including information that is available from generally recognized public sources) for the purposes of this opinion. With respect to the Projections