Company: CIO
Filing Date: 2025-09-08
Form Type: DEFM14A
Source: 0001193125-25-198418
Chunk: 83

Company: City Office REIT, Inc.
Filing Date: 2025-09-08
Form: DEFM14A
Chunk 83
---
 thereby. The Raymond James opinion does not constitute a recommendation to the Board or to any Common Stockholder as to how the Board, such shareholder or any other person should vote or act or make any election with respect to the Merger, whether to enter into a support agreement or any other matter. In connection with its review of the proposed Merger and the preparation of its opinion, Raymond James, among other things:

| • |     | reviewed certain information related to the historical, current and future operation, condition and prospects of                                                                                                             
 the Company, as made available to Raymond James by or on behalf of the Company, including, but not limited to, financial projections prepared and approved for our use by the management of the Company (the “Projections”); |

| • |     | reviewed the Company’s recent public filings and certain other publicly available information regarding the 
 Company;                                                                                                    |

| • |     | reviewed the financial and operating performance of the Company and those of other public companies that Raymond 
 James deemed to be relevant;                                                                                     |

| • |     | reviewed the current and historical market prices and trading volume for the Common Shares, and the current          
 market prices of the publicly traded securities of certain other companies that Raymond James deemed to be relevant; |

| • |     | conducted such other financial studies, analyses and inquiries and considered such other information and factors 
 as Raymond James deemed appropriate;                                                                             |

| • |     | received a certificate addressed to Raymond James from members of senior management of the Company regarding,                                                                            
 among other things, the accuracy of the information, data and other materials (financial or otherwise) provided to, or discussed with, Raymond James by or on behalf of the Company; and |

| • |     | discussed with members of the senior management of the Company certain information relating to the aforementioned                                                                                                                                     
 and any other matters which Raymond James deemed to be relevant to its inquiry including, but not limited to, the past and current business operations of the Company and the financial condition and future prospects and operations of the Company. |

Raymond James did not perform a precedent transaction analysis because it was unable to find precedent transactions with publicly available financial information that Raymond James deemed to be sufficiently 53

comparable to the Merger. With the Company’s consent, Raymond James assumed and relied upon the accuracy and completeness of all information supplied by or on behalf of the Company, or
otherwise reviewed by or discussed with Raymond James, and Raymond James did not undertake any duty or responsibility to, nor did Raymond James, independently