Company: CIO
Filing Date: 2025-09-08
Form Type: DEFM14A
Source: 0001193125-25-198418
Chunk: 90

Company: City Office REIT, Inc.
Filing Date: 2025-09-08
Form: DEFM14A
Chunk 90
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 independent verification, that there had been no change in the business, assets, liabilities, financial condition, results of operations, cash flows or prospects of the Company since the respective dates of the most 57

recent financial statements and other information, financial or otherwise, provided to Raymond James that would be material to its analyses or its opinion, and that there was no information or
any facts that would make any of the information reviewed by Raymond James incomplete or misleading in any material respect.

During the two years
preceding the date of Raymond James’s written opinion, Raymond James provided certain investment banking services to Parent for which Raymond James received fees and Raymond James is a lender to the Company, but has not provided any investment
banking, financial advisory or lending services to Elliott in the last two years for which it has been paid any fees. In addition, Raymond James was then-currently engaged by the Company in connection with an at-the-market offering and by Parent in connection with sourcing debt capital in connection with a real estate project for which Raymond James received approximately $435,000 in compensation. In addition, a
senior member of the Raymond James deal team representing the Company in connection with the Merger has invested approximately $600,000 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. 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.

Raymond James is actively involved in the investment banking business and
regularly undertakes the valuation of investment securities in connection with public offerings, private placements, business combinations and similar transactions. In the ordinary course of business, Raymond James may trade in the securities of the
Company for its own account and for the accounts of its customers and, accordingly, may at any time hold a long or short position in such securities. Raymond James may provide investment banking, financial advisory and other financial services to
the Company, Elliott and/or Parent or other participants in the Merger in the future, for which Raymond James may receive compensation.

Raymond James was
engaged as financial advisor to the Company in connection with a potential strategic transaction involving the Company. Under the terms of its engagement, Raymond James provided the Company with financial advisory services and the Board with an
opinion, described under the section entitled “—Opinion of Raymond James” and attached as Annex C, in