#1allon CITY OFFICE REIT INVESTOR PRESENTATION SEPTEMBER 2021 NYSE: CIO#2FORWARD-LOOKING STATEMENTS CITY OFFICE REIT This presentation contains certain "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995, Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Certain statements contained in this presentation, including those that express a belief, expectation or intention, as well as those that are not statements of historical fact, are forward- looking statements within the meaning of the federal securities laws and as such are based upon City Office REIT, Inc.'s ("CIO" or the "Company") current beliefs as to the outcome and timing of future events. Forward-looking statements are generally identifiable by use of forward-looking terminology such as "approximately," "anticipate," "assume," "believe," "budget," "contemplate,” “continue," "could," "estimate,” “expect,” “future," "hypothetical," "intend," "may," "outlook," "plan," "potential," "predict," "project," "seek," "should," "target," "will" or other similar words or expressions. There can be no assurance that actual forward-looking statements, including projected capital resources, projected profitability and portfolio performance, estimates or developments affecting the Company will be those anticipated by the Company. Examples of forward-looking statements include those pertaining to expectations regarding the Company's financial performance, including under metrics such as NOI and FFO, market rental rates, national or local economic growth, estimated replacement costs of the Company's properties, the Company's expectations regarding tenant occupancy, re-leasing periods, projected capital improvements, expected sources of financing, expectations as to the likelihood and timing of closing of acquisitions, dispositions, or other transactions, the expected operating performance of the Company's current properties, anticipated near-term acquisitions and descriptions relating to these expectations, including, without limitation, the anticipated net operating income yield and cap rates, and changes in local, regional, national and international economic conditions, including as a result of the ongoing COVID-19 pandemic. Forward-looking statements presented in this presentation are based on management's beliefs and assumptions made by, and information currently available to, management. The forward-looking statements contained in this presentation are based on historical performance and management's current plans, estimates and expectations in light of information currently available to the Company and are subject to uncertainty and changes in circumstances. There can be no assurance that future developments affecting the Company will be those that the Company has anticipated. Actual results may differ materially from these expectations due to the factors, risks and uncertainties described above, changes in global, regional or local political, economic, business, competitive, market, regulatory and other factors described in the Company's news releases and filings with the U.S. Securities and Exchange Commission (the "SEC"), including but not limited to those described in the Company's Annual Report on Form 10-K for the year ended December 31, 2020 under the heading "Risk Factors" and in the Company's subsequent reports filed with the SEC, many of which are beyond the Company's control. Should one or more of these risks or uncertainties materialize, or should any of the Company's assumptions prove to be incorrect, the Company's actual results may vary in material respects from what the Company may have expressed or implied by these forward-looking statements. CIO cautions that you should not place undue reliance on any of CIO's forward-looking statements. Any forward-looking statement made by the Company in this presentation speaks only as of the date of this presentation. Factors or events that could cause the Company's actual results to differ may emerge from time to time, and it is not possible for the Company or its management to predict all of them. The Company does not guarantee that the assumptions underlying such forward-looking statements contained in this presentation are free from errors. Unless otherwise stated, historical financial information and per share and other data are as of June 30, 2021 or relate to the quarter ended June 30, 2021. The Company has no obligation, and does not undertake, to publicly update any forward-looking statement, whether as a result of new information, future developments or otherwise, except as may be required by applicable securities laws. 2#3Central Fairwinds, Orlando Denver Tech, Denver SCHUNKINS Sorrento Mesa, San Diego Mission City, San Diego City Center, Tampa F CHICAGO FILE PART Cencore The Quad, Phoenix 5090 N 40th St, Phoenix THE retail co BB&T 2525 McKinnon, Dallas Tampe Munum of An Park Tower, Tampa#4COMPANY OVERVIEW CITY OFFICE REIT City Office owns high-quality office properties in 18-hour cities in the Southern and Western United States 4% SEATTLE, WA Market No. of Buildings NRA (000s SF) Annualized Gross Rent per SF In Place Occupancy Lease Term Remaining ட CURRENT MARKETS (1) Phoenix, AZ 22 1,214 $28.98 87.1% 2.6 PORTLAND, OR Tampa, FL 5 1,041 $26.98 92.7% 4.1 6% Denver, CO 6 807 $30.74 87.0% 5.2 Orlando, FL 8 720 $26.37 95.1% 45 4.5 DENVER, CO SAN DIEGO, CA 14% San Diego, CA 11 681 $38.09 80.3% 5.1 Dallas, TX 4 577 $30.86 85.9% 5.5 12% PHOENIX, AZ 22% Am DALLAS, TX ORLANDO, FL Portland, OR 5 331 $26.95 97.3% 2.8 lim (13% 10% Seattle, WA 3 207 $27.49 100.0% 7.6 TAMPA, FL Total 64 5,578 $29.35 89.7% 4.3 19% (1) Dedicated Class A & B Office Owner Targeted High Growth, 18-Hour Cities 00 Diversified Tenant Base Experienced Management Team $ Strong Balance Sheet with High Liquidity Note: All information as of June 30, 2021 Percent of portfolio net rentable area 4#5CIO TARGETS LEADING SOUTHERN AND WESTERN CITIES CITY OFFICE REIT NATION-LEADING OFFICE DEMAND DRIVERS (1) ATTRACTIVE MARKET CHARACTERISTICS ✓ "18-hour cities" with a high-quality urban living experience ✓ Low or no state taxes in most markets Diverse employment bases with national and international employers Educated workforces Low-cost centers for businesses to operate Sound transportation infrastructure with lower congestion Strong and stable demand generators such as state capitals or university proximity 2020 NET MIGRATION FAVORS SOUTH AND WEST (2) Balanced Inbound Outbound PROJECTED EMPLOYMENT GROWTH 2021 - 2026 1.9% 3.7% 7.3% PROJECTED POPULATION GROWTH 2021 - 2026 1.4% 3.1% 6.5% Gateway National Markets Avg CIO Markets Gateway National Markets Avg CIO Markets CIO INVESTS IN DESIRABLE SUBMARKETS ☐ Phoenix: Scottsdale, Tempe, Camelback Corridor, Chandler ㅁ Tampa: Downtown Tampa, Downtown St. Petersburg, I-75 Corridor, Carillon Office Park ☐ San Diego: Mission Valley, Sorrento Mesa ㅁ Denver: Denver Technology Center, Northwest Corridor ☐ Orlando: Downtown Orlando, Florida Research Park, Lake Mary . Dallas: Uptown, Lewisville, Richardson/Plano ☐ Portland: Sunset Corridor, Airport Way ☐ Seattle: Eastside / Bothell (1) Source: S&P Global, as of August 1, 2021. Gateway markets represent New York, NY, Boston, MA, Chicago, IL, Los Angeles, CA, San Francisco, CA and Washington, D.C. (2) Source: North American Van Lines, January 2021 5#6TRANSFORMATIONAL LIFE SCIENCE SALE olton CITY OFFICE REIT CIO's focus on enhancing its life science portfolio has generated a 'home-run' for shareholders CIO has entered into agreements to sell it's San Diego life science assets for $576 million (1) ☐ $395 million first closing scheduled for December 2021 ("North Disposition") (2) ☐ $181 million second closing scheduled for February 2023 ("South Disposition") (2) (3) ☐ Net proceeds, after estimated closing and transaction costs, of approximately $546 million ($12.38 per share) (3 ☐ Gain on sale of approximately $430 million ($9.75 per share) based on $116 million cost base (3)(4) ☐ Agreements include a performance guaranty from a creditworthy private equity fund and $29 million of cash deposits (5) Magnitude of sale proceeds transforms CIO's financial position Mid-$20's estimated net asset value per share of CIO common stock based on net proceeds ☐ ☐ Generates net proceeds nearly equal to CIO's entire corporate debt outstanding as of June 30, 2021 Strengthens balance sheet and leverage metrics Ability to enhance portfolio with high-quality future acquisitions to drive predictable cash flow growth ☐ Assets being sold are unencumbered by debt; all net proceeds available to reinvest / distribute to shareholders Management focus on redeploying into premier properties with high-quality cash flow ☐ Great locations, credit tenants and long/committed lease terms ☐ Pathway to significantly enhanced net asset value and earnings per share growth ☐ Transaction positions CIO for potential dividend growth and/or special distributions (1) Sale pursuant to two separate purchase and sale agreements. Closings are subject to customary closing conditions (2) (3) CIO may accelerate a closing with 45 days notice in order to accommodate an efficient redeployment of proceeds Based on 44.1 million common shares outstanding as of June 30, 2021 (4) Cost base represents book value of Sorrento Mesa assets and liabilities plus working capital as of June 30, 2021 (5) Each buyer is a joint venture with an experienced private equity investor that has over $30 billion of assets under management. A creditworthy subsidiary of the private equity investor has provided a guaranty for the payment and performance of certain of each buyer's obligations, including specific performance and damages remedies 6#7BACKGROUND ON SALE Strategic land assembly and CIO's value-add leasing created an exciting opportunity for a buyer to build immediate scale in a leading life science location ☐ ☐ 1 2 3 4 5 6 Acquired in 2017 as part of the San Diego Portfolio 1-5 are life science or R&D buildings ☐ 6 is a vacant land parcel zoned for life science development 7 8 Acquired in 2021 to strategically enhance existing holdings 7-8 are traditional office buildings located on infill development land zoned for life science development Two embedded development sites, zoned for over one million square feet of life science development potential 12.7 acres of development land, in total 2 4 1 5 NORTH DISPOSITION 3 $395 million 7 QUALCOMM HEADQUARTERS 8 SOUTH DISPOSITION $181 million 7#8REINVESTMENT PLAN AND DIVIDEND POLICY CITY OFFICE REIT Further Enhance Portfolio with Premier Properties Providing High-Quality Cash Flow ☐ CIO will target acquiring additional office properties in the most desirable locations and with excellent credit, long-term tenants and predictable cash flow ㅁ CIO's existing market footprint provides excellent exposure to high growth cities in the Southern and Western US ☐ Continue to build portfolio across CIO's existing markets as well as other markets with similar dynamics ☐ In-line or superior quality to CIO's highest quality and lowest risk assets Attractive risk/return profiles achieved through careful and disciplined underwriting ☐ ☐ Phased sale of the North Disposition and the South Disposition provides for efficient redeployment over time ☐ Potential for dividend growth and/or special distributions ☐ CIO will seek to prudently deploy capital into investment opportunities, leading to higher earnings per share. Execution of this strategy will position CIO to pay elevated future dividends ☐ In the event that CIO elects to not fully invest in replacement properties, investors may also participate in the gains through future special cash distributions CIO's strategic assembly, enhancement and disposition of the Sorrento Mesa portfolio has unlocked tremendous value for shareholders, positions the company for elevated future dividends and provides the opportunity to reinvest in premier properties across our growing markets 8#9OTHER VALUE CREATION OPPORTUNITIES olton CITY OFFICE REIT Generate strong returns by driving property cash flow growth, enhancing NAV and a focused growth strategy 2021 ACTIVE APPROACH TO CREATING VALUE Recycle capital strategically to unlock value ם Enhance portfolio through acquisition of premier properties in leading submarkets ☐ Focus on value-enhancing leasing and growing property cash flow Operate with conservative leverage Camelback Square, Phoenix INCREASE CASH FLOW FROM VACANCIES AND BELOW MARKET LEASES Pima Center, Phoenix - 67.9% quarter end occupancy Recently completed lobby renovation and upgrade; actively targeting leases for 46,000 SF block of space Camelback Square, Phoenix - 77.3% quarter end occupancy . $3 million value-add improvement plan completed, potential for significant increase in rental rates Circle Point, Denver - 81.6% quarter end occupancy ☐ Recent renovation of common areas and café, future planned improvements to expansive outdoor areas and a new fitness facility 9#10RECENT COMPANY HIGHLIGHTS CITY OFFICE REIT SECOND QUARTER 2021 Core FFO per share of $0.35 and AFFO per share of $0.22 Dividend of $0.15 per share covered by AFFO Executed approximately 249,000 SF of new and renewal leases, including a 66,000 SF new lease described below Same store cash NOI growth of 2.7% for the quarter compared to the prior year Closed the acquisition of two properties in San Diego, CA for $43.3 million STRONG YEAR-OVER-YEAR RESULTS Metric Q2 2021 Q2 2020 Core FFO per Share $0.35 AFFO per Share $0.22 $0.29 $0.14 Leasing Activity (000s) 249 SF 326 SF Same Store Cash NOI Growth 2.7% 2.3% (1) Net Debt/EBITDA 6.2x 6.7x Weighted Average Interest Rate (1) 3.6% 3.7% Occupancy 89.7% 91.9% Weighted Avg Lease Term Remaining 4.3 yrs 4.2 yrs VALUE-ENHANCING LEASING AT PARK TOWER CIO executed an eight-year, 66,000 SF lease with a fin-tech tenant that is expected to commence in May 2022 New tenant replaces a 51,000 SF tenant whose lease continued through February 2025 but who was not utilizing the space after going through a merger CIO negotiated a termination fee of $5.4 million, representing 85% of the base rent and estimated reimbursement obligation that the tenant would have paid under the remainder of its lease (1) See the Company's Q2 2021 supplemental financial information for further discussion of debt metrics. Net Debt/EBITDA represents Net Debt including Restricted Cash/Annualized Adjusted EBITDA 10#112021 OUTLOOK REVISED 2021 GUIDANCE (1) Previous Updated Full Year 2021 Low Net Operating Income High Low High $98.5M $100.5M $104.5M $106.0M December 31, 2021 Occupancy 88.5% 90.5% 87.0% 89.0% Same Store Cash NOI Growth 1.0% 2.5% 1.5% 2.5% Core FFO per Share $1.28 $1.31 $1.40 $1.43 Mission City, San Diego New Fitness Center CITY OFFICE REIT COMMENTARY (1) ☐ Life science sale not expected to have a significant impact on 2021 due to timing; first closing is scheduled for December 2021 ☐ Core FFO per share and NOI expectations increased by: Termination fee income associated with value-enhancing lease transaction at Park Tower December 31, 2021 Occupancy decreased primarily due to transitional vacancy at Park Tower associated with the value-enhancing lease transaction Mission City, San Diego 2375 (1) See the Company's Q2 2021 earnings press release for further discussion of the material assumptions underlying the Company's guidance. This outlook reflects management's current view of current and future operations and market conditions, which management cannot guarantee will occur as expected, or at all, including the impact of the COVID-19 pandemic, which is impossible to predict 11#12DIVERSE TENANT PROFILE DIVERSIFIED TENANT BASE (1)(2) Construction 1% Accommodation and Food 2% Educational Services 2% Real Estate 4% Government 7% Technology and Information 13% Other 3% Health Care and Life Science CITY OFFICE REIT TOP TEN TENANTS OF OUR PROPERTIES (2) Professional and Technical Services 28% Tenant/Parent Seattle Genetics Inc. Credit Rating Tenant (S&P / Moody's) Since NRA (000s) % of Net Rentable Area 2019 207 3.7% United Healthcare Services, Inc. A+ 2008 173 3.1% Ally Financial Inc. BBB- 2008 163 2.9% HF Management Services LLC - 2012 155 2.8% H. Lee Moffitt Cancer Center A2 2008 155 2.8% Toyota Motor Credit Corporation Kaplan, Inc. (3) A+ 2011 133 2.4% BB 2008 125 2.2% Finance and Insurance 25% Jackson National Life Insurance A 2007 122 2.2% Tanvex BioPharma USA, Inc. GSA US Attorneys Office (4) -- 2010 110 2.0% AA+ 1998 108 1.9% Total 1,451 26.0% 15% LEASE MATURITIES - STABLE, LONG-TERM TENANCY PROFILE WITH WELL-STAGGERED EXPIRATIONS (2) 30% 25% 20% 15% 1.2% Contracted 10% 5.7% 14.5% 15.1% 8.7% 9.8% 7.4% 7.7% 10.0% 6.0% 4.8% 5% 9.1% 0% Vacant & 2021 2022 2023 2024 2025 2026 2027 2028 2029 Contracted 2030 & Thereafter (1) Represents percentages of occupied net rentable area (2) As of June 30, 2021 (3) Parent entity is Graham Holding Company (4) Credit rating indicated is for the United States Government 12#13CONSERVATIVE STRUCTURE WITH STRONG LIQUIDITY DEBT METRICS AS OF JUNE 30, 2021 3.6% weighted average interest rate 84.4% fixed rate debt (1) ☐ 4.2 year weighted average debt maturity No property debt maturities until 2023 CITY OFFICE REIT LIQUIDITY AS OF JUNE 30, 2021 $13 million of cash and cash equivalents □ $23 million of restricted cash at property level □ $300 million unsecured credit facility of which $50 million is a term loan and $250 million is a revolving line of credit □ $96 million of the $250 million revolving line of credit was drawn at June 30, 2021 WELL-STAGGERED DEBT MATURITIES ($000s) - JUNE 30, 2021 $700,000 $600,000 $500,000 Debt Balance: $615.6 million (2)(3) $400,000 $300,000 $189,350 Credit Facility $200,000 $96,000 Interest Rate: 1.50% $100,000 $43,288 Interest Rate: 3.10% $122,480 Interest Rate: 3.47% $94,249 Interest Rate: 4.36% Interest Rate: 4.10% $70,250 Interest Rate: 4.36% $0 2021 2022 2023 2024 2025 2026 2027 2028 2029 (1) (2) 123 Included in fixed rate debt is $50 million of term loan debt that has been effectively fixed throughout the duration of the term loan pursuant to a swap agreement $615.6 million represents the principal debt balance as of June 30, 2021 before deferred financing costs and unamortized fair value adjustments (3) $6.7 million of indebtedness attributable to non-controlling interests 13#14LIFE SCIENCE SALE ENHANCES FINANCIAL POSITION CITY OFFICE REIT Sorrento Mesa Net Sale Proceeds Nearly Equal to CIO's Entire Corporate Debt Outstanding To illustrate the magnitude of the balance sheet enhancement from the life science sale, the chart below provides CIO's pro forma leverage ratios assuming the transaction closed June 30, 2021 and all net proceeds were initially used to reduce net debt (1) (2) (3) (4) (in millions) Assets: June 30, 2021 Sorrento Mesa Sale Pro Forma Real estate properties, net 983.3 Cash, cash equivalents and restricted cash 36.3 (109.2) $ 546.0 874.1 582.3 Combined other assets (1) 108.6 (8.8) 99.8 Total Assets $ 1,128.2 $ 1,556.2 Liabilities: Debt Combined other liabilities (2) Equity: Total Equity Total Liabilities and Equity $ 612.5 612.5 62.3 (2.3) 60.0 453.4 430.3 883.7 $ 1,128.2 $ 1,556.2 Leverage CIO share of net debt (CIO share of debt principal less cash) Annualized Adjusted EBITDA 574.1 (546.0) 28.1 92.5 (9.8) (4) 82.7 Net Debt including Restricted Cash/Annualized Adjusted EBITDA 6.2x 0.3x (3) Net Debt to Enterprise Value including Restricted Cash 46.5% Combined other assets include rents receivable, deferred leasing costs, acquired lease intangible assets and other assets Combined other liabilities include accounts payable and accrued liabilities, deferred rent, tenant rent deposits, acquired lease intangible liabilities and other liabilities Net Debt to Enterprise Value including Restricted Cash calculated based the June 30, 2021 closing stock price of $12.43 per share of common stock Annualized Adjusted EBITDA attributable to Sorrento Mesa 4.1% 14#15(1) (2) COMPANY HIGHLIGHTS CITY OFFICE REIT INVESTMENT IN LEADING CITIES IN THE SOUTH AND WEST Uptown Dallas, TX Diversified portfolio of 5.6 million SF across leading 18-hour cities in the Southern and Western US (1) Redeployment of life science sale proceeds into premier properties with high-quality cash flow Markets positioned to outperform, driven by outsized employment and population growth PROVEN VALUE CREATION APPROACH Sorrento Mesa, San Diego Vical ם CIO's nine dispositions, including the pending life science sale, have generated over $550 million of gains (2) Disposition of life science portfolio for $576 million is transformational for CIO Disciplined underwriting and active asset management to generate long-term value creation opportunities STRONG BALANCE SHEET GETS STRONGER WITH LIFE SCIENCE SALE Mission City, San Diego Conservative balance sheet operating with lower leverage Life science sale net proceeds nearly equal to CIO's entire corporate debt ☐ 4.2 year weighted average debt maturity; no near-term maturities EXPERIENCED AND COMMITTED MANAGEMENT TEAM Central Fairwinds, Orlando Average over 20 years of experience with over $2.5 billion of real estate acquisitions since 2010 Deep relationships in CIO markets and strong reputation for execution As of June 30, 2021 Assumes the closing of the life science sale, which is an estimated $430 million gain 15#16APPENDIX: EXECUTIVES AND BOARD OF DIRECTORS CITY OFFICE REIT JAMIE FARRAR, CHIEF EXECUTIVE OFFICER ☐ Over 20 years of real estate, private equity and corporate finance industry experience Completed the acquisition of over $2.5 billion of real estate since 2010 Prior experience with a family office focused on real estate and hospitality as well as the private equity group of the TD Bank GREG TYLEE, CHIEF OPERATING OFFICER & PRESIDENT Over 20 years of diverse real estate experience that includes acquisitions of income-producing properties as well as high-rise development Involved in real estate transactions, including development and management, with a combined enterprise value of over $3.0 billion ☐ Former President of Bosa Properties Inc., a prominent real estate development company with over 400 employees TONY MARETIC, CHIEF FINANCIAL OFFICER, SECRETARY & TREASURER ☐ Over 20 years of experience in senior financial and operational roles Former Chief Operating Officer and Chief Financial Officer of Earls Restaurants Ltd., a multi-national hospitality company Held financial management positions with Bentall Kennedy and a senior living real estate company BOARD OF DIRECTORS John McLernon, Chairman Jamie Farrar, CEO & Director William Flatt, Director ✓ Sabah Mirza, Director ✓ Mark Murski, Director✓ John Sweet, Director ✓ Indicates Independent Director 16#17APPENDIX: PROPERTY OVERVIEW CITY OFFICE REIT Metropolitan Area Economic NRA In Place Annualized Base Rent per Annualized Gross Rent Annualized Base Rent² Property Interest (000s SF) Occupancy SF per SF1 (000s) Pima Center 100.0% 272 67.9% $27.87 $27.87 $5,145 Largest Tenant by NRA First American Title Insurance San Tan 100.0% 267 97.5% $29.68 $29.68 $7,713 Toyota Motor Credit Corporation 5090 N 40th St 100.0% 175 90.5% $30.27 $30.27 $4,799 Bar-S-Foods Co. Phoenix, AZ Camelback Square 100.0% 174 77.3% $32.19 $32.19 $4,332 Digital Air Strike The Quad 100.0% 163 100.0% $30.37 $30.68 $4,950 Papago Tech 100.0% 163 96.3% $23.29 $23.29 $3,650 Park Tower 94.8% 470 87.4% $27.16 $27.16 $11,155 City Center 95.0% 243 93.0% $27.03 $27.03 $6,102 Tampa, FL Intellicenter 100.0% 204 100.0% $25.09 $25.09 $5,105 Opendoor Labs, Inc. Regional Acceptance Corp. GSA US Attorneys Office Kobie Marketing, Inc. H. Lee Moffitt Cancer Center Carillon Point 100.0% 124 100.0% $29.39 $29.39 $3,650 Paychex, Inc. Denver Tech³ 100.0% 383 93.8% $23.41 $27.52 $8,349 Jackson National Life Insurance Co. Denver, CO Circle Point 100.0% 272 81.6% $18.75 $32.62 $4,162 Superior Pointe 100.0% 152 94.0% $18.18 $31.18 $2,592 Epsilon Data Management, LLC KeyBank National Association Florida Research Park 96.6% 397 95.2% $23.96 $27.45 $9,026 Kaplan, Inc. Orlando, FL Central Fairwinds 97.0% 168 90.5% $26.36 $26.36 $4,012 Greenwood Blvd 100.0% 155 100.0% $23.75 $23.75 $3,682 Sorrento Mesa 100.0% 400 83.5% $33.30 $38.60 $11,112 San Diego, CA Mission City 100.0% 281 75.8% $37.28 $37.28 $7,951 190 Office Center 100.0% 303 76.1% $26.63 $26.63 $6,146 Fairwinds Credit Union HF Management Services LLC Tanvex BioPharma USA, Inc. InnovaSystems International United Healthcare Services, Inc. Dallas, TX Lake Vista Pointe 100.0% 163 100.0% $17.00 $26.00 $2,777 Ally Financial Inc. 2525 McKinnon 100.0% 111 91.6% $29.28 $48.28 $2,987 The Retail Connection AmberGlen 76.0% 203 98.4% $22.66 $25.20 $4,517 Planar Systems, Inc. Portland, OR Cascade Station 100.0% 128 95.5% $27.80 $29.81 $3,385 Wells Fargo Bank, N.A. Seattle, WA Canyon Park 100.0% 207 100.0% $22.49 $27.49 $4,650 Seattle Genetics Inc. Total / Weighted Average - June 30, 20216 5,578 89.7% $26.40 $29.35 $131,949 (1) (2) (3) Annualized gross rent per square foot includes adjustment for estimated expense reimbursements of triple net leases Annualized base rent is calculated by multiplying (i) rental payments (defined as cash rents before abatements) for the month ended June 30, 2021 by (ii) 12 Denver Tech is comprised of 7601 Tech and 7595 Tech (formerly "DTC Crossroads") (4) Florida Research Park is comprised of FRP Collection and FRP Ingenuity Drive (5) Sorrento Mesa includes 5910 Pacific Center and 9985 Pacific Heights, which were acquired during the second quarter of 2021 (6) Averages weighted based on the property's NRA, adjusted for occupancy 17#18(1) APPENDIX: FINANCIAL HIGHLIGHTS (in thousands, except per share data) (unaudited) CITY OFFICE REIT Q2 2021 Q1 2021 Q4 2020 Q3 2020 Q2 2020 INCOME ITEMS Net income $ 1,852 $ 49,009 $ 461 $ 3,039 623 ΝΟΙ $ 25,785 $ 25,398 $ 25,193 $ 26,375 $ 25,533 Same Store Cash NOI Change 2.7% 5.0% 0.4% (1.9%) 2.3% Net income/(loss) per common share - diluted $ 0.00 $ Core FFO/Share $ 0.35 $ 6969 1.07 $ (0.03) EA $ 0.02 $ (0.03) 0.33 $ 0.32 $ 0.35 $ 0.29 AFFO/Share $ 0.22 $ 0.26 $ 0.17 $ 0.22 $ 0.14 EBITDA (CIO share) $ 22,958 $ 22,817 $ 22,728 $ 24,028 $ 23,006 CAPITALIZATION Common shares 43,554 43,397 43,397 43,397 44,511 Unvested restricted shares 554 725 430 423 418 Total common shares - diluted 44,109 44,122 43,827 43,820 44,929 Weighted average common shares outstanding - diluted 44,116 44,043 43,825 44,014 48,023 Share price at quarter end $ 12.43 $ 10.62 $ 9.77 $ 7.52 $ 10.06 Market value of common equity $ 548,272 $ Total Series A preferred shares outstanding 4,480 Liquidation preference per preferred share $ Aggregate liquidation preference of preferred shares $ 468,572 4,480 25.00 $ 25.00 $ 112,000 $ 112,000 $ $ 428,190 $ 329,526 $ 451,987 4,480 4,480 4,480 25.00 112,000 $ 25.00 $ 25.00 $ 112,000 $ 112,000 Net debt (CIO share) $ 574,088 $ 537,578 $ 628,348 $ 619,593 $ 619,316 Total enterprise value (including net debt) $ 1,234,360 $ 1,118,150 $ 1,168,538 $ 1,061,119 $ 1,183,303 DEBT STATISTICS AND RATIOS Total principal debt (CIO share) Weighted average maturity Weighted average interest rate Fixed rate debt as a percentage of total debt¹ $ 608,915 $ 4.2 years 569,425 4.7 years $ 673,111 4.2 years $ 674,715 4.5 years $ 3.6% 3.7% 3.8% 3.8% 701,288 4.6 years 3.7% 84.4% 90.5% 89.0% 89.0% 85.9% LEASING STATISTICS 89.7% 90.5% 90.5% 93.1% 91.9% In-Place occupancy Weighted average remaining lease term 4.3 years 4.4 years 4.5 years 4.3 years 4.2 years The fixed rate debt percentage factors in an interest rate swap applied against the $50 million Term Loan which effectively fixes the 30 day LIBOR rate component of the Term Loan at 1.27% throughout the duration of the loan. 18#19APPENDIX: FFO, CORE FFO AND AFFO (in thousands, except per share data) (unaudited) CITY OFFICE REIT Q2 2021 Q1 2021 Q4 2020 Q3 2020 Q2 2020 (-) Net gain on sale of real estate property Non-controlling interests in properties: (+) Share of net income (-) Share of FFO Funds from Operations ("FFO") (+) Stock based compensation Core FFO (+) Net recurring straight-line rent/expense adjustment (+) Net amortization of above and below market leases Net (loss)/income attributable to common stockholders (+) Depreciation and amortization $ (193) 14,954 $ 46,962 $ 14,415 (47,400) (1,482) 15,145 $ 1,031 $ (1,411) 15,189 15,080 (1,347) 14,761 13,977 13,663 14,873 13,669 190 192 88 153 179 (340) (342) (254) (313) (342) $ 14,611 $ 13,827 $ 13,497 $ 14,713 $ 13,506 666 645 588 588 588 $ 15,277 $ 14,472 $ 14,085 $ 15,301 $ 14,094 114 (12) (827) (1,136) (77) 194 103 52 (24) (59) (+) Net amortization of deferred financing costs and debt fair value 270 327 329 325 339 (-) Net recurring tenant improvements and incentives (1,702) (734) (1,500) (1,901) (6,395) (-) Net recurring leasing commissions (-) Net recurring capital expenditures Adjusted Funds from Operations ("AFFO") FFO per common share Core FFO per common share (2,773) (2,063) (2,771) (1,639) (472) (1,469) (858) (1,834) (1,045) (836) $ 9,911 $ 11,235 $ 7,534 $ 9,881 $ 6,594 $ 0.33 $ 0.31 $ 0.31 $ 0.33 $ 0.28 $ 0.35 $ 0.33 $ 0.32 $ 0.35 $ 0.29 $ 0.22 $ 0.26 $ 0.17 $ 0.22 $ 0.14 AFFO per common share Dividends declared per common share $ 0.15 $ 0.15 $ 0.15 $ 0.15 $ 0.15 FFO Payout Ratio 45% 48% 49% 45% 53% Core FFO Payout Ratio 43% 46% 47% 43% 51% AFFO Payout Ratio 67% 59% 87% 67% 109% Weighted average common shares outstanding - diluted 44,116 44,043 43,825 44,014 48,023 19#20APPENDIX: CREATION OF SHAREHOLDER VALUE CITY OFFICE REIT Enormous Growth in Estimated Net Asset Value Per Share from Life Science Sale ☐ The following table illustrates various share prices and the implied portfolio cap rates on CIO's office assets ☐ In today's market, CIO estimates that its properties range from a ~5% cap rate for premier properties in the most desirable locations with long-term credit tenants to ~8%+ for a small number of value-add assets requiring near-term leasing ☐ A $24.00 Net Asset Value per share equates to a blended ~7.0% cap rate on CIO's office portfolio (in millions) Pro Forma Net Asset Value Per Share Range $ 22.00 24.00 $ (1) Market value of common equity using share price assumption 970.4 1,058.6 26.00 1,146.8 Liquidation preference of preferred equity 112.0 112.0 112.0 CIO share of net debt at June 30, 2021 (2) 574.1 574.1 574.1 Expected net proceeds from Sorrento Mesa sale (3) (546.0) (546.0) (546.0) Implied enterprise value 1,110.5 1,198.7 1,286.9 Book value of remaining land (4) (5) (7.3) (7.3) (7.3) Working capital adjustments 36.7 Implied asset value - office portfolio $ 1,139.9 $ 36.7 1,228.1 $ 36.7 1,316.3 2021 Cash Net Operating Income (NOI) Guidance Without Sorrento Mesa 2021 Net Operating Income guidance - midpoint Less: 2021 termination fees (non-recurring) Less: non-cash GAAP adjustments within guidance (6) (2) $ 105.3 $ 105.3 $ 105.3 (8.0) (8.0) (8.0) Less: minority interest (1.7) (1.7) (1.7) 2021 Cash NOI guidance - excluding termination fees 95.6 95.6 95.6 Elimination of Sorrento Mesa 2021 cash NOI in guidance Pro forma cash NOI - office portfolio (9.2) (9.2) (9.2) $ 86.4 $ 86.4 $ 86.4 Implied Cap Rate - office portfolio 7.6% 7.0% 6.6% (7) Implied Price Per Square Foot - office portfolio $ 220 $ 237 $ 254 (1) Based on 44.1 million common shares outstanding as of June 30, 2021 (2) (4) Please reference the Company's Q2 2021 earnings press release and financial supplement for further discussion of the material assumptions and reconciliations underlying the Company's guidance and calculations Represents aggregate gross proceeds of $576 million less $30 million of estimated closing and transaction costs, some of which may be spent prior to closing Deducts the book value of the Company's land holdings at FRP Collection, Intellicenter and Circle Point to isolate the Company's office assets (5) (6) Working capital adjustments - Add: Rents Receivable & Other Assets; Less: Straight Line Rent Receivable, Accounts Payable and Accrued Liabilities, Deferred Rent, Tenant Rent Deposits and Other Liabilities Includes net impact of straight line rent adjustment and above and below market leases 20 (7) Based on approximately 5,178,000 net rentable square feet of the office portfolio as of June 30, 2021, after the sale of Sorrento Mesa#21APPENDIX: COMMITMENT TO ESG olton OUR ESG GOALS CITY OFFICE REIT Creating sustainable, long-term results for stakeholders and the environment ✓ Foster a culture committed to strengthening ESG initiatives ✓ Increase sustainability tracking, benchmarking and reporting Invest in opportunities to reduce resource consumption, waste production and emissions ✓ Promote diversity, equality and inclusion at all levels Support the health and wellbeing of our tenants and employees Operate in a transparent, ethical and stockholder-friendly manner ✓ Promote long-term value creation through strong governance CONTINUED FOCUS & ENHANCEMENT Implemented a board diversity policy ✓ 2021 executive pay linked with ESG performance ✓ Introduced a corporate ESG report in 2020 to enhance disclosure ✓ Initiated an annual employee satisfaction survey; created various programs to promote employee satisfaction ESG HIGHLIGHTS 1,368 solar panels installed at our Mission City, San Diego property ✓ Active support for employee engagement in charity and volunteerism ✓ 100% of employees believe CIO has a positive company culture (1) Solar installation at Mission City, San Diego Electric vehicle charging stations at SanTan, Phoenix (1) Based on the 2020 CIO employee satisfaction survey Outdoor tenant amenity space at The Quad, Phoenix 21#22Alm CITY OFFICE REIT CITY OFFICE REIT, INC. E: [email protected] | T: 604 806 3366 Suite 3210 666 Burrard Street Vancouver, BC V6C 2X8 Suite 2960 500 North Akard Street Dallas, TX 75201