Company: CIO
Filing Date: 2025-08-22
Form Type: PREM14A
Source: 0001193125-25-186443
Chunk: 277

Company: City Office REIT, Inc.
Filing Date: 2025-08-22
Form: PREM14A
Chunk 277
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 $7.00 per share in cash (the “Merger Consideration”), (ii) each issued and outstanding share of 6.625% Series A Cumulative Redeemable Preferred Stock of the Company, par value $0.01 per share (a “Preferred Share”), shall be redeemed by the Company for an amount in cash equal to $25.00 per Preferred Share, plus all accrued and unpaid distributions (whether or not declared), and (iii) each Common Share or Preferred Share owned, directly or indirectly, by the Parent Parties or any subsidiary of the Company (collectively, “Excluded Shares”) shall automatically be cancelled and shall cease to exist, and no consideration shall be delivered in exchange therefor. We also understand that, prior to the consummation of the Merger, certain wholly owned subsidiaries of the Company will sell seven of the Company’s twenty-five properties to SWVP Acquisitions LLC pursuant to that certain Agreement of Purchase and Sale and Joint Escrow Instructions dated as of June 18, 2025, as it may be amended (the “Sale”). The Board of Directors of the Company (the “Board”) has requested that Raymond James & Associates, Inc. (“Raymond James”) provide an opinion (this “Opinion”) to the Board as to whether, as of the date hereof, the Merger Consideration to be received by the holders of the Common Shares (the “Common Shareholders”) in the Merger pursuant to the Agreement is fair from a financial point of view to the Common Shareholders. In connection with our review of the proposed Merger and the preparation of this Opinion, we have, among other things:

| 2. | reviewed certain information related to the historical condition and prospects of the Company, as made                                                                                                  
 available to Raymond James by or on behalf of the Company, including, but not limited to, financial projections prepared and approved for our use by the management of the Company (the “Projections”); |

| 4. | reviewed the Company’s recent public filings and certain other publicly available information regarding 
 the Company;                                                                                            |

| 5. | reviewed the financial and operating performance of the Company and those of other public companies that we 
 deemed to be relevant;                                                                                      |

C-1

Board of Directors City Office REIT, Inc. July 23, 2025 Page 2

| 6. | reviewed the current and historical market prices and trading volume for the Common Shares, and the current 
 market prices of the