Company: CIO
Filing Date: 2025-09-08
Form Type: DEFM14A
Source: 0001193125-25-198418
Chunk: 68

Company: City Office REIT, Inc.
Filing Date: 2025-09-08
Form: DEFM14A
Chunk 68
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 wholly owned subsidiary of Parent, Merger Sub or any wholly owned subsidiary of the Company immediately prior to the Effective Time) is fair, from a financial point of view, to such holders of Common Stock. JLL Securities’ opinion was directed to the Board (in its capacity as such) and only addressed the fairness, from a financial point of view, to the holders of shares of Common Stock of the Common Stock Merger Consideration to be paid in the Merger pursuant to the Merger Agreement and did not address any other aspect or implication of the Merger or any other agreement, arrangement or understanding. The summary of JLL Securities’ opinion in this proxy statement is qualified in its entirety by reference to the full text of JLL Securities’ written opinion, which is attached as Annex B to this proxy statement and describes the procedures followed, assumptions made and qualifications and limitations on the review undertaken and other matters considered by JLL Securities in connection with the preparation of its opinion. However, neither JLL Securities’ opinion nor the summary of its opinion and the related analyses set forth in this proxy statement are intended to be, and do not constitute, advice or a recommendation to the Board, any Company Stockholder or any other person as to how to act or vote with respect to any matter relating to the Merger. In connection with rendering its opinion, JLL Securities:

| (i) | reviewed documentation provided by management of the Company, including historical audited financial statements                      
 and certain internal financial statements and other operating data concerning the Company prepared by the management of the Company; |

| (ii) | analyzed certain financial forecasts prepared by the management of the Company (the “Projections”),                                                                                                                                                    
 which forecasts the Company has represented to JLL Securities are consistent with the best judgments of management of the Company as to the future financial performance of the Company and are the best currently available forecasts with respect to 
 such future financial performance of the Company, including the Company’s corporate model (as adjusted to assume the completion of the Phoenix Assets Sale (as defined below));                                                                        |

| (iii) | reviewed certain SEC filings that JLL Securities 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