Company: CIO
Filing Date: 2025-08-22
Form Type: PREM14A
Source: 0001193125-25-186443
Chunk: 271

Company: City Office REIT, Inc.
Filing Date: 2025-08-22
Form: PREM14A
Chunk 271
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iii) | reviewed certain SEC filings that we considered to be relevant; |

| (iv) | reviewed rent rolls and Argus files of the Company’s properties; |

| (v) | discussed the past and current operations, capitalization and financial condition and the prospects of the 
 Company with senior executives of the Company;                                                             |

| (vi) | reviewed the financial terms, to the extent publicly available, of certain publicly-traded office real estate 
 investment trusts (“REITs”) that we considered to be generally relevant and comparable to the Company;        |

B-1

| (vii) | reviewed third-party research on the office real estate sector from Green Street Advisors and other reputable 
 sources;                                                                                                      |

| (viii) | reviewed the financial terms, to the extent publicly available, of certain transactions that we considered to 
 be relevant;                                                                                                  |

| (ix) | reviewed letters of intents and other definitive documentations related to transactions being contemplated that 
 were presented to us by management;                                                                             |

| (x) | reviewed Parent’s financing commitments documents furnished to us; |

| (xi) | performed financial analyses including net asset value and discounted cash flow analyses and considered other 
 factors as we deemed appropriate;                                                                             |

| (xii) | reviewed transaction related summary analysis provided to us; |

| (xiii) | reviewed detailed calculation on transaction costs that included, among others, change in control costs, 
 advisor fees, and transfer taxes; and                                                                    |

| (xiv) | performed such other analyses, studies and investigations, and considered such other factors, as we have deemed 
 appropriate.                                                                                                    |

At your direction, we have assumed, for the purposes of our opinion, that the disposition of the Company’s interests in the seven properties located in Phoenix, Arizona, commonly known as Block 23, Pima Center, San Tan, 5090 N 40th Street, Camelback Square, The Quad, and Papago Tech (collectively, the “PHX Assets”) contemplated by that certain Agreement of Purchase and Sale and Joint Escrow Instructions dated as of June 18, 2025, by and among SWVP Acquisitions LLC, and CIO 5090, Limited Partnership, CIO Block 23, LLC, CIO PAPAGO Tech Holdings, LLC, CIO SAN TAN I, Limited Partnership, CIO SAN TAN II, Limited Partnership, CIO PIMA, Limited Partnership, CIO QUAD, Limited Partnership, and CIO C