Company: CIO
Filing Date: 2025-08-22
Form Type: PREM14A
Source: 0001193125-25-186443
Chunk: 281

Company: City Office REIT, Inc.
Filing Date: 2025-08-22
Form: PREM14A
Chunk 281
---
 23, 2025

Page
4

amongst or within such classes or groups of security holders or other constituencies). We are not expressing any opinion as to the impact of the Merger on the solvency or viability of the Company
or Parent or the ability of the Company or Parent to pay their respective obligations when they come due.

The delivery of this Opinion was approved by an
opinion committee of Raymond James.

Raymond James has been engaged to render financial advisory services to the Company in connection with the proposed
Merger and will receive a fee for such services, a substantial portion of which is contingent upon consummation of the Merger. Raymond James will also receive a fee upon the delivery of this Opinion, which is not contingent upon the successful
completion of the Merger or on the conclusion reached herein. In addition, the Company has agreed to reimburse certain of our expenses and to indemnify us against certain liabilities arising out of our engagement.

In the ordinary course of our business, Raymond James may trade in the securities of the Company for our own account or for the accounts of our customers and,
accordingly, may at any time hold a long or short position in such securities. Raymond James has provided certain investment banking services to Morning Calm Management, LLC (collectively with its affiliates, affiliated funds and their respective
portfolio companies, “MCM”) in the previous two years and is a lender to the Company, for which it has been paid fees. In addition, Raymond James is currently engaged by the Company in connection with an at-the-market offering and by MCM in connection with sourcing debt capital in connection with a real estate project. In addition, a senior member of the Raymond James deal team representing the Company in
connection with the Merger has invested in funds affiliated with Parent and another senior member of the Raymond James deal team is a co-investor in a building managed by funds affiliated with Parent.
Furthermore, Raymond James may provide investment banking, financial advisory and other financial services to the Company and/or Parent or other participants in the Merger in the future, for which Raymond James may receive compensation.

It is understood that this letter is for the information of the Board (in its capacity as such) in evaluating the proposed Merger and does not constitute a
recommendation to the Board or any shareholder of the Company regarding how said person should act or vote or make any election with respect to the proposed Merger, whether to enter into a support agreement or any other matter. This Opinion may not