Company: CIO
Filing Date: 2025-09-08
Form Type: DEFM14A
Source: 0001193125-25-198418
Chunk: 285

Company: City Office REIT, Inc.
Filing Date: 2025-09-08
Form: DEFM14A
Chunk 285
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 the Common Shareholders. We express no opinion with respect to any other reasons, legal, business, or otherwise, that may support the decision of the Board to approve or consummate the Merger. Furthermore, no opinion, counsel or
interpretation is intended by Raymond James on matters that require legal, accounting, regulatory, environmental or tax advice. It is assumed that such opinions, counsel or interpretations have been or will be obtained from the appropriate
professional sources. Furthermore, we have relied, with the consent of the Board, on the fact that the Company has been assisted by legal, accounting and tax advisors and we have, with the consent of the Board, relied upon and assumed the accuracy
and completeness of the assessments by the Company and its advisors as to all legal, accounting, regulatory, environmental and tax matters with respect to the Company and the Merger.

In formulating this Opinion, we have considered only what we understand to be the Merger Consideration as is described above and we did not consider and we
express no opinion on the fairness of the amount or nature of any compensation to be paid or payable to any of the Company’s officers, directors or employees, or class of such persons, whether relative to the Merger Consideration or otherwise.
We have not been requested to opine as to, and this Opinion does not express an opinion as to or otherwise address, among other things: (1) the fairness of the Merger to the holders of any class of securities, creditors, or other constituencies
of the Company, or to any other party, except and only to the extent expressly set forth in the last sentence of this Opinion or (2) the fairness of the Merger to any one class or group of the Company’s or any other party’s security
holders or other constituencies vis-à-vis any other class or group of the Company’s or such other party’s security holders or other constituents
(including, without limitation, the allocation of any consideration to be received in the Merger

C-3

Board of Directors

City Office REIT, Inc.

July 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