Company: CIO
Filing Date: 2025-09-08
Form Type: DEFM14A
Source: 0001193125-25-198418
Chunk: 72

Company: City Office REIT, Inc.
Filing Date: 2025-09-08
Form: DEFM14A
Chunk 72
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 update, revise or reaffirm its opinion. The credit, financial and stock markets as well as industries in which the Company operates have experienced, and continue to experience, volatility
and JLL Securities expresses no opinion or view as to any potential effects of such volatility on the Company or the Merger.

JLL Securities’
opinion addresses only the fairness, from a financial point of view, to the holders of Common Stock of the Common Stock Merger Consideration to be paid in the Merger, and JLL Securities does not express any view as to the fairness or reasonableness
of the Merger to, or any consideration of, the holders of any other class of securities of the Company, creditors or other constituencies of the Company or its subsidiaries or any other term of the proposed Merger or the other matters contemplated
by the Merger Agreement. JLL Securities was not asked to, nor did it, offer any opinion as to any other term or aspect of the Merger Agreement or any other agreement or instrument contemplated by or entered into in connection with the Merger or the
form or structure of the Merger Agreement or the likely timeframe in which the Merger will be consummated. Furthermore, JLL Securities expressed no opinion with respect to the amount or nature of any compensation to any officers, directors,
managers, employees or other affiliates of any party to the Merger Agreement or any class of such persons, relative to the consideration to be received by the holders of Common Stock or with respect to the fairness of any such compensation. In
addition, JLL Securities is not legal, accounting, regulatory or tax experts and with the Board’s consent, JLL Securities relied, without independent verification, on the assessment of the Company and its advisors with respect to such matters.
JLL Securities did not express any opinion as to any tax or other consequences that may result from the transactions contemplated by the Merger Agreement, nor did its opinion address any legal, tax, regulatory or accounting matters, as to which JLL
Securities understood the Company received such advice as it deemed necessary from qualified professionals. JLL Securities expressed no view or opinion as to the financing of the Merger or the terms or conditions upon which it is obtained. JLL
Securities’ opinion did not address the underlying business decision of the Company to engage in the proposed transaction or the relative merits of the Merger as compared to any strategic alternatives that may be available to the Company.

46

JLL Securities’ opinion was only one of many