Company: CIO
Filing Date: 2025-08-22
Form Type: PREM14A
Source: 0001193125-25-186443
Chunk: 273

Company: City Office REIT, Inc.
Filing Date: 2025-08-22
Form: PREM14A
Chunk 273
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ency or fair value of any party to the Merger Agreement under any state or federal laws or rules, regulations, guidelines or principles relating to
bankruptcy, insolvency or similar matters.

For purposes of rendering our opinion, we have assumed that there has not occurred any material change in the
assets, liabilities, financial condition, results of operations, business or prospects of the Company or any of its subsidiaries since the dates on which the most recent financial statements or other information, financial or otherwise, relating to
the Company or any of its subsidiaries, was made available to us that would be material to our analyses or our opinion, and that there is no information or any facts that would make any of the information reviewed by us incomplete or misleading. We
have also assumed, with your consent, that the final executed Merger Agreement will not differ in any material respect from the draft Merger Agreement reviewed by us, that the representations and warranties of each party set forth in the Merger
Agreement are true and correct, that each party to the Merger Agreement will perform all of the covenants and agreements required to be performed by it thereunder and that all conditions to the Merger set forth in the Merger Agreement will be timely
satisfied and not modified or waived and that the Merger will be consummated in accordance with the terms set forth in the Merger Agreement without modification, waiver or delay, except, in each case, as would not be material to our analyses. In
addition, we have assumed, with your consent, that any governmental, regulatory or third-party consents, approvals or agreements necessary for the consummation of the Merger will be obtained without any imposition of a delay, limitation, restriction
or condition that would, in any respect material to our analyses, have an adverse effect on the Company or the contemplated benefits of the Merger.

This
letter does not express any opinion as to the likely value of the Company Common Stock following announcement of the Merger, which may vary depending on numerous factors that generally impact the price of securities or on the financial condition of
the Company at that time. We have not been requested to, and did not, initiate or participate in any discussions or negotiations with, or solicit any indications of interest from, third parties with respect to the Merger, the securities, assets,
business or operations of the Company or any other party. Our opinion is necessarily based on financial, economic, market and other conditions as in effect on, and the information made available to