Company: CIO
Filing Date: 2025-09-08
Form Type: DEFM14A
Source: 0001193125-25-198418
Chunk: 279

Company: City Office REIT, Inc.
Filing Date: 2025-09-08
Form: DEFM14A
Chunk 279
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 volatility on the Company or the Merger.

Our opinion addresses only the fairness, from a financial point of view, to the holders of Company Common Stock of the Consideration to be paid in the Merger,
and we do not express any view as to the fairness or reasonableness of the Merger to, or any consideration of, the holders of any other class of securities of the Company, creditors or other constituencies of the Company or its subsidiaries or any
other term of the proposed Merger or the other matters contemplated by the Merger Agreement. We have not been asked to, nor do we, offer any opinion as to any other term or aspect of the Merger Agreement or any other agreement or instrument
contemplated by or entered into in connection with the Merger or the form or structure of the Merger Agreement or the likely timeframe in which the Merger will be consummated. Furthermore, we express no opinion with respect to the amount or nature
of any compensation to any officers, directors, managers, employees or other affiliates of any party to the Merger Agreement or any class of such persons, relative to the consideration to be received by the holders of Company Common Stock or with
respect to the fairness of any such compensation. In addition, we are not legal, accounting, regulatory or tax experts and with your consent we have relied, without independent verification, on the assessment of the Company and its advisors with
respect to such matters. We do not express any opinion as to any tax or other consequences that may result from the transactions contemplated by the Merger Agreement, nor does our opinion address any legal, tax, regulatory or accounting matters, as
to which we understand the Company has received such advice as it deems necessary from qualified professionals. We express no view or opinion as to the financing of the Merger or the terms or conditions upon which it is

B-3

obtained. Our opinion does not address the underlying business decision of the Company to engage in the proposed transaction or the relative merits of the Merger as compared to any strategic alternatives that may be available to the Company. We have acted as financial advisor to the Board in connection with, and have participated in certain of the negotiations leading to, the Merger. We will receive a fee for our services as financial advisor to the Board in connection with the Merger, a portion of which is payable upon the rendering of this opinion and the remainder of which is payable upon the successful completion of the Merger. In addition, the Company has