Company: CIO
Filing Date: 2025-08-22
Form Type: PREM14A
Source: 0001193125-25-186443
Chunk: 72

Company: City Office REIT, Inc.
Filing Date: 2025-08-22
Form: PREM14A
Chunk 72
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 fully understand the financial analyses performed by JLL
Securities, the tables must be read together with the text of each summary. The tables alone do not give a complete description of the financial analyses performed by JLL Securities. Considering the data set forth in the tables below without
considering the full narrative description of the financial analyses, including the methodologies and assumptions underlying the analyses, could create a misleading or incomplete view of the financial analyses performed by JLL Securities.

Net Asset Value Analysis

JLL Securities performed a net
asset value analysis of the Company by calculating a range of gross real estate asset values of its properties based on its professional judgment and expertise and on property-level net operating income and cash flows as provided by Company
management, adjusted to reflect the Phoenix Asset Sale. An implied per share equity value reference range for the Company was then calculated based on the Company’s total implied gross real estate value at share at three different levels (a
low point of $745 million and a high point of $823 million), plus the Company’s cash and cash equivalents totaling approximately $35 million, less the Company’s outstanding liabilities totaling approximately $509 million,
including secured mortgage debt, the balance on an unsecured credit facility and term loan, the liquidation preference of Preferred Stock outstanding, the negative equity value of certain assets, marked-to-market debt adjustments, net tangible liabilities, minority interest and transaction related expenses and costs, divided by the total number of fully diluted shares of common stock outstanding equal
to approximately 42 million, as provided by Company management. Gross real estate values were derived by regionally-based JLL teams using detailed property level data and projections provided by the Company and applying valuation techniques
such as direct capitalization approach, discounted cash flow approach and precedent transactions to determine the value of the properties.

Balances for
cash and cash equivalents and secured mortgages were as of June 30, 2025, as provided by Company management. and were adjusted to reflect the repayment of indebtedness with proceeds of the Phoenix

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Asset Sale per Company management’s guidance. The balance for the Company’s term loan that matures in January 2026 was provided by Company management. The liquidation preference of Preferred Stock outstanding was based on information from the Company’s Form 10-Kfor the fiscal year ended December 31, 2024. Balances for the other net tangible liabilities and transaction-related expenses and costs reflect Company management guidance provided to JLL Securities, after adjustment for the Phoenix Asset Sale. The marked-to-marketdebt adjustments were calculated by