Company: CIO
Filing Date: 2025-09-08
Form Type: DEFM14A
Source: 0001193125-25-198418
Chunk: 88

Company: City Office REIT, Inc.
Filing Date: 2025-09-08
Form: DEFM14A
Chunk 88
---
 discounted cash flow analysis are summarized below:

| Per Share                         |     | Equity Value/ 
 Per Share     |      |
|:----------------------------------|:----|:--------------|-----:|
| Minimum                           |     | $             | 3.47 |
| Maximum                           |     | $             | 7.35 |
| Common Stock Merger Consideration |     | $             | 7.00 |

56

Illustrative Trading Analysis.Solely for informational purposes, Raymond James noted the low of $4.47 and the high of $6.50 of the historical closing prices of the Common Shares over the prior 52 weeks and compared them to the Common Stock Merger Consideration. Solely for information purposes, Raymond James also analyzed historical prices of the Common Stock and compared them to the Merger Consideration. The results of this analysis are summarized below:

|                                                                              |     | Price     
 Per Share |      |     | Implied 
 Premium |      |   |
|:-----------------------------------------------------------------------------|:----|:----------|-----:|:----|:--------|-----:|:--|
| Common Stock Merger Consideration                                            |     | $         | 7.00 |     |         |    — |   |
| One-day prior Company closing stock price as of July 22, 2025                |     | $         | 5.49 |     |         | 27.5 | % |
| Ten-day prior volume weighted average Company stock price through July 9,    
 2025                                                                         |     | $         | 5.58 |     |         | 25.4 | % |
| Thirty-day prior volume weighted average Company stock price through June 9, 
 2025                                                                         |     | $         | 5.49 |     |         | 27.6 | % |
| One-year prior volume weighted average Company stock price through July 23,  
 2024                                                                         |     | $         | 5.32 |     |         | 31.5 | % |

Additional Considerations.The preparation of an opinion regarding fairness is a complex process and is not susceptible to a partial analysis or summary description. Raymond James believes that its analyses must be considered as a whole and that selecting portions of its analyses, without considering the analyses taken as a whole, would create an incomplete view of the process underlying its opinion. In addition, Raymond James considered the results of all its analyses and did not assign relative weights to any of the analyses,