#1allon CITY OFFICE REIT INVESTOR PRESENTATION AUGUST 2022 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, including the impact of inflation, 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, lower than expected yields, increased interest rates and operating costs 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, 2021 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, 2022 or relate to the quarter ended June 30, 2022. 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#3COMPANY OVERVIEW CITY OFFICE REIT City Office owns a diversified portfolio of premier office properties in high-growth Sun Belt markets 5% SEATTLE, WA CURRENT MARKETS (1) Market Phoenix, AZ No. of Buildings 23 NRA (000s SF) Annualized Gross Rent Lease per SF In Place Occupancy Term Remaining 1,520 $30.29 86.3% 4.4 PORTLAND, OR 4% Raleigh, NC 2 495 $37.12 68.3% 7.9 Tampa, FL 5 1,051 $27.34 90.3% 4.5 Dallas, TX 4 587 $41.33 84.8% 3.6 DENVER, CO SAN DIEGO, CA 10% Alim Alli 5% PHOENIX, AZ 23% RALEIGH, NC An Denver, CO 6 805 $31.82 82.8% 5.1 Orlando, FL 8 716 $26.56 88.2% 4.3 18% San Diego, CA 4 281 $38.24 88.0% 3.8 DALLAS, TX ORLANDO, FL Seattle, WA 3 207 $27.17 100.0% 6.6 14% 8% 13% Portland, OR 5 331 $28.11 99.0% 2.8 TAMPA, FL Total 60 5,993 $30.92 86.9% 4.9 (1) Bloc 83, Raleigh FIRST HORIZON Wewod Bloc 83, Raleigh Note: All information as of June 30, 2022 Percentages based on management's estimate of aggregate gross asset value in each market Block 23, Phoenix 3#4(2) 22 (1) COMPANY HIGHLIGHTS CITY OFFICE REIT INVESTING IN LEADING SUN BELT MARKETS Bloc 83, Raleigh ☐ Attractive Sun Belt markets are capitalizing on labor force migration and corporate relocations Population shift to the Sun Belt has been accelerated by the pandemic ☐ 26% rent growth over the last five years with healthy future growth expected (1) HIGH-QUALITY, DIVERSIFIED PORTFOLIO Mission City, San Diego 6.0 million square feet of well-located properties across 60 buildings Majority of the portfolio is Class A, core assets with strong tenancy Entire portfolio had 99%+ rental collections throughout the pandemic MANAGEMENT TEAM WITH AN EXCELLENT TRACK RECORD Sorrento Mesa, San Diego Vical CIO's ten dispositions have generated over $570 million of gains on sale CIO's 81% total return is second highest in the office REIT sector since IPO in 2014 (2) 60% growth in Core FFO per share since the start of the pandemic OPPORTUNITIES TO CREATE VALUE The Terraces, Dallas Strategic investments in property upgrades and spec suites to optimally position the portfolio for leasing Selective capital recycling and share repurchases to enhance value Long term opportunities: acquisitions, development, redevelopment and investment participation options 26% growth in gross rental rates for the Company's top five markets (Phoenix, Raleigh, Dallas, Tampa, Denver) as reported by JLL as of January 2022 Total return includes reinvestment of dividends. Total return from April 14, 2014 to June 30, 2022 4#5INVESTING IN LEADING SUN BELT MARKETS ATTRACTIVE MARKET CHARACTERISTICS NATION-LEADING OFFICE DEMAND DRIVERS (1) US Gateway CIO Top-5 Overall Markets Markets CITY OFFICE REIT TALENT POOL Educated workforces STEM and creative sector growth • University proximity ⚫ Diversity of ages and backgrounds • Sustained population growth Phoenix Raleigh Dallas Tampa Denver 2010-present 7.4% 7.1% 18.3% 15.6% 25.1% 20.0% 14.1% 16.5% population growth 20-29 growth rate 4.7% 5.5% 15.8% 16.6% 17.4% 16.3% 10.7% 18.0% Bachelor's degree 33.1% 45.4% 38.2% 31.1% 48.0% 36.3% 31.6% 43.9% GROWTH MARKETS 5 yr rent growth (%) 19.2% 17.2% 25.5% 16.8% 32.9% 22.3% 28.0% 27.4% AFFORDABILITY • Tax advantages ⚫ Low cost of doing business • Affordable housing ⚫ Urban living experience • Transportation ease • Warmer climate QUALITY OF LIFE Under construction (% of inventory) 2.2% 2.6% 1.7% 1.2% 4.5% 1.4% 0.5% 0.8% • Amenities and culture, 2021 NET MIGRATION FAVORS SOUTH AND WEST (2) 3* * Highest growth states Balanced Inbound Outbound Indicates superior to US Overall PORTFOLIO LOCATED IN DESIRABLE SUBMARKETS ☐ Phoenix: Downtown, Scottsdale, Tempe, Camelback Corridor, Chandler ☐ Raleigh: Downtown - Glenwood South . Tampa: Downtown Tampa, Downtown St. Petersburg ☐ Dallas: Preston Center, Uptown ☐ Denver: Denver Technology Center, Northwest Corridor ☐ L ப Orlando: Downtown Orlando, Florida Research Park San Diego: Mission Valley Seattle: Eastside / Bothell ☐ Portland: Sunset Corridor (1) Source: JLL, as of January 2022. Gateway markets represent New York, NY, Boston, MA, Chicago, IL, Los Angeles, CA, San Francisco, CA and Washington, D.C. (2) Source: U.S. Census Bureau, net change in state population between July 1, 2020 and July 1, 2021. Map shows top ten states for both positive and negative net migration 5#6HIGH-QUALITY, DIVERSIFIED PORTFOLIO ㅁ CITY OFFICE REIT 6.0 million square feet of properties across nine high-growth markets predominantly in the Sun Belt ☐ ☐ High-quality urban living experiences in amenitized settings desired by tenants Recent acquisition of three properties in Raleigh, Phoenix and Dallas for $614 million enhanced and diversified portfolio ☐ Best-in-class properties: superb locations, new construction, leading amenities and modern tenant spaces Strong tenancies with long weighted average lease terms, generating long-term stable cash flow Bloc 83 Raleigh, NC Top Raleigh asset at epicenter of amenities Block 23 Phoenix, AZ Adjacent to Phoenix Suns arena The Terraces Dallas, TX Newest building in desirable Preston Center Park Tower Tampa, FL Renovated tower within heart of CBD CUAD Circle Point Denver, CO Leading campus in high growth NW Corridor Mission City San Diego, CA Adjacent to new SDSU major expansion Canyon Park Seattle, WA Seattle Genetics (~$30B market cap) campus The Quad Phoenix, AZ Newly redeveloped creative office experience 6#7(1) 175% 125% 81% MANAGEMENT TEAM WITH AN EXCELLENT TRACK RECORD $570 MILLION OF GAINS ACROSS 10 DISPOSITIONS 2021 life science portfolio sale generated $429 million gain ☐ $22 million gain from Lake Vista Pointe sale in June 2022 CITY OFFICE REIT 56% GROWTH IN GROSS RENT PER SF SINCE 2014 IPO Active leasing, strong markets, upgraded properties Annualized Gross Rent per SF Lake Vista Pointe, Dallas $15 $30 $35 $25 $19.78 $20 Q4 2014 SECTOR-LEADING RETURNS SINCE 2014 IPO Office REIT Total Return (1) 4/14/2014 to 6/30/22 60% GROWTH IN CORE FFO / SHARE SINCE PANDEMIC Core FFO per Share $0.45 75% $0.30 $0.25 25% $0.25 HPP SLG FSP PGRE ONL OPI ARE CIO DEA EQC OFC HIW KRC CUZ PDM DEI BXP -25% ||||| $0.20 * Indicates life science focus -75% Q4 2019 $0.40 $0.35 Total return includes reinvestment of dividends. Chart includes companies that began trading after April 14, 2014 from the date such company began trading. Q1 2020 Q2 2020 Q3 2020 Q4 2020 Q4 2015 Q4 2016 Q4 2017 Q4 2018 Q1 2021 Q2 2021 Q3 2021 Q4 2021 Q1 2022 Q2 2022 7 Q4 2019 Q4 2020 Q4 2021 $0.40 Q2 2022 $30.92#8OPPORTUNITIES TO CREATE VALUE CITY OFFICE REIT Continue to generate strong returns by driving property cash flow growth and enhancing NAV 2022 ACTIVE APPROACH TO CREATING VALUE ☐ Strategic property and common area enhancements to optimally position the portfolio ☐ ☐ Tenant demand highest for well-amenitized, modern spaces Invest in spec suites and vacancy conditioning to win greater leasing market share ☐ Inventory of 33,000 SF of completed spec suites, with over 100,000 additional SF under construction in 2022 17 spec suites leased year-to-date in 2022, comprised of 64,000 SF; 3 conditioned spaces leased for 38,000 SF (1) Enhance cash flow through stabilization of recent acquisitions and lease-up of portfolio vacancy ☐ Strategically recycle capital ☐ ப . Selective share repurchase program Long term: acquisitions, development, redevelopment and strategic investment participation options Tenant Lounge Rendering, Supérior Pointe (1) As of August 2, 2022 Sky Lounge, Bloc 83 Conceptual Re-Design of Atrium/Lobby, City Center 8#9ENHANCEMENT CASE STUDY - 190 OFFICE CENTER CITY OFFICE REIT Drive leasing results through thoughtful and impactful capital improvements Our goal is to be the most memorable space option for prospective tenants touring their options Re-envision properties with modern build-outs, fitness facilities and impactful collaboration and recreation space 190 Office Center improvements have elevated it to a top building in the submarket with a modest $2.1 million budget BEFORE RENOVATION AFTER RENOVATION Order Ere 9#10CIO STOCK REPURCHASE PROGRAM ☐ ㅁ CITY OFFICE REIT Highly attractive investment profile. Investing in great assets at steep discount to value Year to date, CIO has repurchased 2,302,694 shares of common stock at an average price of $13.11 per share The average repurchase price represents a significant discount to CIO's view of the value of the portfolio ☐ The repurchases translate to CIO purchasing its own portfolio at a 7.9% implied portfolio cap rate / $221 per SF ☐ Excluding the three recent acquisitions, repurchases translate to a 10.9% implied cap rate / $142 per SF on the balance of portfolio (1) As of June 30, 2022 VALUATION DISCONNECT - ILLUSTRATION At 52-Week (in millions) Share Price High $21.70 Repurchase Avg Price $13.11 Lake Vista Sale Versus CIO Balance of Portfolio Fully Diluted Shares Outstanding - June 30, 2022 Implied Equity Value 44.052 44.052 $ 955.9 $ 577.5 Net Debt $ 589.2 $ 589.2 Liquidation Value of Preferred Stock 112.0 112.0 Value of Development Land (2) (4.5) (4.5) Working Capital Adjustment (3) 36.0 36.0 (4) Estimated Minority Interest Value 14.5 14.5 Implied Enterprise Value of Portfolio 1,703.2 1,324.8 2022 Cash NOI (5) $ 105.0 $ 105.0 Implied Cap Rate - Portfolio 6.2% 7.9% Implied Cap Rate - Three Recent Acquisitions (6)(7) ㅁ 4.5% 4.5% Implied Cap Rate - Balance of Portfolio (8) 7.1% 10.9% Implied Price per SF - Portfolio $ 284 $ 221 Implied Price per SF - Three Recent Acquisitions Implied Price per SF - Balance of Portfolio (1) $ 629 $ 629 217 $ 142 Lake Vista sale in June 2022 represented one of CIO's lowest quality, suburban properties relative to its portfolio: Longer property WALT of 10 years was offset by suburban location and cheaper tilt-up construction Nonetheless, the Lake Vista sale achieved a 6.1% exit I cap rate and $268 per SF. CIO's Balance of Portfolio properties are generally superior in quality but trading | at inferior implied valuations Calculated using recent acquisitions at December 2021 cost of $613.5 million (2) Deducts the development land book value at FRP Collection, Intellicenter and Circle Point to isolate the value of the Company's office properties (1) FOTO (3) (4) (5) (6) (7) (8) Working capital adjustment - Add: Rents Receivable & Other Assets; Less: Straight Line Rent Receivable, Accounts Payable and Accrued Liabilities, Deferred Rent, Tenant Rent Deposits and Other Liabilities Estimated minority interest value in five properties as of June 30, 2022 Calculated as $112.0 million midpoint of 2022 NOI Guidance, less $3.4 million of non-recurring termination fees, less $9.9 million of non-cash GAAP adjustments, plus $6.3 million of 2022 free rent and bridge rent credits paid by the sellers of Bloc 83, Block 23 and The Terraces Recent acquisitions projected to stabilize to a blended cap rate of approximately 5.4% (shown here at 4.5% due to certain leases not having a full year of paying rent in 2022 and the timing of projected vacant space lease-up) Cap rate calculated as $27.7 million of Cash NOI (including 2022 free rent and bridge rent credits paid by the sellers at the time of acquisition) / December 2021 cost of $613.5 million Cap rate calculated as $77.3 million of Cash NOI/(Implied Enterprise Value of Portfolio less recent acquisitions at cost of $613.5 million) 10#11RECENT HIGHLIGHTS AND 2022 OUTLOOK CITY OFFICE REIT SECOND QUARTER 2022 Core FFO per share of $0.40 and AFFO per share of $0.18 Matches highest Core FFO per share in the Company's history Quarterly common dividend of $0.20 per share Executed approximately 254,000 SF of new and renewal leases During the quarter and subsequent to quarter end, completed the repurchase of 2,302,694 shares of common stock at an average gross price of $13.11 per share for an aggregate cost of approximately $30.2 million 2022 UPDATED GUIDANCE (1) Previous Updated Bloc 83, Raleigh Full Year 2022 Acquisitions Dispositions Net Operating Income Interest Expense Core FFO per Share December 31, 2022 Occupancy Same Store Cash NOI Change Low High Low High $0.0M $0.0M $0.0M $0.0M $0.0M $44.0M $43.8M $43.8M $113.0M $115.0M $111.5M $112.5M $24.0M $25.0M $26.0M $27.0M $1.56 $1.60 $1.54 $1.57 86.5% 88.5% 85.5% 87.0% (6.0%) (4.0%) (6.0%) (4.0%) Midpoint of 2022 Core FFO per Share guidance is 14% higher than actual 2021 Core FFO per Share Q2 2022 updates to guidance reflect higher interest expense projections, adjusted lease timing expectations and impact of completed share repurchases High end of guidance assumes completion of the balance of the $50 million share repurchase program (1) See the Company's Q2 2022 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) Other 3% Construction 2% Accomodation and Food 4% Government 6% Real Estate 7% Technology and Information 10% Health Care and Life Sciences 11% Professional and Technical Services 32% Finance and Insurance 25% CITY OFFICE REIT TOP TEN TENANTS OF OUR PROPERTIES (2) Tenant/Parent Credit Rating Tenant (S&P/Moody's) Since NRA (000s) % of Net Rentable Area Seattle Genetics Inc. 2019 207 3.5% WeWork 2019 177 3.0% United Healthcare Services, Inc. A+ 2008 173 2.9% HF Management Services LLC - 2012 155 2.6% H. Lee Moffitt Cancer Center A2 2008 155 2.6% Toyota Motor Credit Corporation Jackson National Life Insurance Paychex, Inc. A+ 2011 133 2.2% A2 2007 122 2.0% - 2009 120 2.0% Envestnet Asset Management GSA US Attorneys Office 2021 109 1.8% (3) AA+ 1998 108 1.8% Total 1,459 24.4% LEASE MATURITIES - STABLE, LONG-TERM TENANCY PROFILE WITH WELL-STAGGERED EXPIRATIONS (2) 30% 25% 20% 4.1% Contracted 15% 10% 6.6% 13.2% 11.8% 8.1% 8.8% 7.2% 7.3% 6.9% 4.3% 12.7% 5% 9.0% 0% Vacant & Contracted 2022 2023 2024 2025 2026 2027 2028 2029 2030 2031 & Thereafter Represents percentages of occupied net rentable area (1) (2) As of June 30, 2022 (3) Credit rating indicated is for the United States Government 12#13CONSERVATIVE STRUCTURE WITH STRONG LIQUIDITY DEBT METRICS AS OF JUNE 30, 2022 ☐ 3.7% weighted average interest rate D 5.8x Net Debt to Annualized Adjusted EBITDA (1) 75.4% fixed rate debt (2) 3.8 year weighted average debt maturity ☐ No debt maturities until September 2023 WELL-STAGGERED DEBT MATURITIES ($000s) - JUNE 30, 2022 CITY OFFICE REIT LIQUIDITY AS OF JUNE 30, 2022 ☐ $26 million of cash and cash equivalents $43 million of restricted cash at property level □ $350 million unsecured credit facility of which $50 million is a term loan and $300 million is a revolving line of credit $162 million of the $300 million revolving line of credit was drawn at June 30, 2022 $700,000 $600,000 Debt Balance: $658.6 million (3)(4) $500,000 $400,000 $300,000 $254,490 Interest Rate: 3.55% $200,000 $100,000 $104,190 Interest Rate: $42,143 Interest Rate: 3.34% 3.10% $187,532 Interest Rate: 4.10% Credit Facility $70,250 Interest Rate: 4.36% $0 2022 2023 2024 2025 2026 2027 2028 2029 2030 (1) Net debt calculated as debt principal less cash, cash equivalents and restricted cash (2) (3) (4) 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 $658.6 million represents the principal debt balance as of June 30, 2022 before deferred financing costs and unamortized fair value adjustments $6.7 million of indebtedness attributable to non-controlling interests 13#14APPENDIX: 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 $3.0 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 $4.0 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 BentallGreenOak 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 14#15APPENDIX: PROPERTY OVERVIEW Annualized Annualized Annualized Metropolitan Area Phoenix, AZ Economic NRA In Place Base Rent Gross Rent Base Rent Property Interest (000s SF) Occupancy per SF per SF1 (000s)² Block 23 100.0% 307 94.0% $29.63 $31.88 $8,552 Pima Center 100.0% 272 63.9% $28.63 $28.63 $4,976 CITY OFFICE REIT Largest Tenant by NRA Western Alliance Bank First American Title Insurance San Tan 100.0% 267 96.5% $30.10 $30.10 $7,746 Toyota Motor Credit Corporation 5090 N 40th St 100.0% 176 95.4% $31.88 $31.88 $5,335 Bar-S-Foods Co. Camelback Square 100.0% 172 69.9% $33.56 $33.56 $4,026 Digital Air Strike The Quad 100.0% 163 100.0% $31.15 $31.46 $5,078 Papago Tech 100.0% 163 86.1% $23.39 $23.39 $3,277 Tampa, FL Park Tower 94.8% 478 86.4% $27.27 $27.27 $11,253 Opendoor Labs, Inc. Regional Acceptance Corp. GSA US Attorneys Office City Center 95.0% 245 85.0% $27.84 $27.84 $5,791 Kobie Marketing, Inc. Intellicenter 100.0% 204 100.0% $25.64 $25.64 $5,219 H. Lee Moffitt Cancer Center Carillon Point 100.0% 124 100.0% $29.52 $29.52 $3,666 Paychex, Inc. Denver, CO Denver Tech 100.0% 381 93.2% $23.98 $28.08 $8,425 Jackson National Life Insurance Company Circle Point 100.0% 272 75.4% $19.42 $33.28 $3,984 Epsilon Data Management, LLC Superior Pointe 100.0% 152 91.3% $18.77 $31.77 $2,609 KeyBank National Association Orlando, FL Florida Research Park 96.5% 393 80.7% $25.37 $27.34 $7,973 Sedgwick Claims Central Fairwinds 97.0% 168 94.6% $27.26 $27.26 $4,337 Greenwood Blvd 100.0% 155 100.0% $24.25 $24.25 $3,760 Dallas, TX 190 Office Center 100.0% 303 75.5% $27.11 $27.11 $6,210 The Terraces 100.0% 173 95.9% $37.99 $57.99 $6,290 Fairwinds Credit Union HF Management Services LLC United Healthcare Services, Inc. WeWork 2525 McKinnon 100.0% 111 93.0% $27.05 $46.05 $2,801 The Retail Connection Portland, OR AmberGlen 76.0% 203 98.4% $23.55 $26.45 $4,695 Planar Systems, Inc. Cascade Station 100.0% 128 100.0% $28.77 $30.68 $3,685 Wells Fargo Bank, N.A. San Diego, CA Mission City 100.0% 281 88.0% $38.24 $38.24 $9,466 Willis Towers Watson Seattle, WA Canyon Park 100.0% 207 100.0% $23.17 $27.17 $4,791 Seattle Genetics Inc. Total / Weighted Average - Excl Acquisitions in Lease-Up³ 5,498 88.6% $27.54 $30.49 Raleigh, NC Bloc 83 Total/Weighted Average - June 30, 2022 100.0% 495 68.3% $37.03 $37.12 $133,945 $12,527 Envestnet Asset Mgmt 5,993 86.9% $28.16 $30.92 $146,472 (1) (2) 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, 2022 by (ii) 12. (3) Averages weighted based on the property's NRA, adjusted for occupancy. Including contracted leases, occupancy was 85.2% at Bloc 83 as of June 30, 2022 15#16(1) (2) APPENDIX: FINANCIAL HIGHLIGHTS (in thousands, except per share data) (unaudited) CITY OFFICE REIT Q2 2022 Q1 2022 Q4 2021 Q3 2021 Q2 2021 INCOME ITEMS Net income $ 3,063 $ 24,691 $ 433,175 $ 1,244 $ 1,852 ΝΟΙ $ 28,662 $ 28,363 $ 25,143 $ 29,709 $ 25,785 Same Store Cash NOI Change (7.1%) (4.7%) (0.5%) 1.4% 2.7% Net income/(loss) per common share - diluted $ 0.02 $ 0.51 $ 9.76 $ (0.02) $ 0.00 Core FFO/Share $ 0.40 $ 0.40 $ 0.36 $ 0.32 $ 0.35 AFFO/Share $ 0.18 $ 0.19 $ 0.17 0.19 0.22 EBIT DA (CIO share) $ 25,642 $ 25,411 $ 23,722 $ 21,830 22,958 CAPITALIZATION Common shares Unvested restricted shares 43,331 721 43,554 43,554 43,554 43,554 892 560 558 554 Total common shares - diluted 44,052 44,446 44,114 44,113 44,109 Weighted average common shares outstanding - diluted¹ 44,482 44,406 44,162 44,112 44,116 Share price at quarter end $ 12.95 $ 17.66 $ 19.72 $ 17.86 $ 12.43 Market value of common equity $ 570,474 $ 784,915 $ Total Series A preferred shares outstanding 4,480 4,480 869,929 4,480 $ 787,854 $ 548,272 4,480 4,480 Liquidation preference per preferred share $ 25.00 $ 25.00 $ 25.00 $ 25.00 $ 25.00 Aggregate liquidation preference of preferred shares $ 112,000 $ Net debt (CIO share) $ 584,224 $ Total enterprise value (including net debt) $ 1,266,698 112,000 $ 614,360 $ 1,511,275 112,000 $ 611,218 $ 1,593,147 $ 112,000 $ 112,000 $ 530,818 $ 574,088 $ 1,430,672 $ 1,234,360 DEBT STATISTICS AND RATIOS Total principal debt (CIO share) Weighted average maturity Weighted average interest rate Fixed rate debt as a percentage of total debt² $ 651,953 $ 660,317 $ 3.8 years 4.0 years 651,860 4.2 years $ 599,484 4.0 years $ 4.2 years 3.7% 3.4% 3.4% 3.6% 3.6% 75.4% 77.2% 78.4% 85.5% 84.4% 608,915 LEASING STATISTICS In-Place occupancy Weighted average remaining lease term 86.9% 85.7% 84.9% 88.7% 89.7% 4.9 years 5.0 years 4.9 years 4.4 years 4.3 years Q2 2022, Q1 2022 and Q4 2021 are calculated in accordance with ASC 260 guidance on contingently issuable shares and include approximately 49,000 additional performance stock units that had not yet been issued as of June 30, 2022, March 31, 2022 and December 31, 2021, respectively. 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. 16#17APPENDIX: FFO, CORE FFO AND AFFO (in thousands, except per share data) (unaudited) CITY OFFICE REIT Q2 2022 Q1 2022 Q4 2021 Q3 2021 Q2 2021 (-) 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 income/(loss) attributable to common stockholders (+) Depreciation and amortization $ 1,044 $ 15,701 22,665 15,815 (21,658) $ 431,194 $ (989) $ (193) 13,299 14,648 14,954 (429,250) 16,745 16,822 15,243 13,659 14,761 164 171 126 378 190 (312) (319) (282) (563) (340) $ 16,597 $ 16,674 $ 15,087 $ 13,474 $ 14,611 992 904 665 666 666 $ 17,589 $ 17,578 $ 15,752 $ 14,140 $ 15,277 (-/+) Net recurring straight-line rent/expense adjustment (+/-) Net amortization of above and below market leases (1,355) (1,210) (963) 310 114 17 62 61 (18) 194 (+) Net amortization of deferred financing costs and debt fair value (-) Net recurring tenant improvements and incentives 300 310 460 265 270 (4,866) (3,759) (4,548) (2,400) (1,702) (-) Net recurring leasing commissions (-) Net recurring capital expenditures Adjusted Funds from Operations ("AFFO") FFO per common share Core FFO per common share (2,055) (2,217) (1,222) (2,805) (2,773) (1,679) (2,513) (1,850) (958) (1,469) $ 7,951 $ 8,251 $ 7,690 $ 8,534 $ 9,911 $ 0.37 $ 0.38 $ 0.34 $ 0.31 $ 0.33 $ 0.40 $ 0.40 $ 0.36 $ 0.32 $ 0.35 $ 0.18 $ 0.19 $ 0.17 $ 0.19 $ 0.22 AFFO per common share Dividends declared per common share $ 0.20 $ 0.20 $ 0.20 $ 0.15 $ 0.15 FFO Payout Ratio 54% 53% 59% 49% 45% Core FFO Payout Ratio 51% 51% 56% 47% 43% AFFO Payout Ratio 112% 108% 115% 78% 67% Weighted average common shares outstanding - diluted 44,482 44,406 44,162 44,112 44,116 17#18APPENDIX: COMMITMENT TO ESG CITY OFFICE REIT OUR ESG GOALS 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 and human rights policy Executive pay linked with ESG performance ✓ Annual ESG report to enhance accountability and disclosure ✓ 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 2021 CIO employee satisfaction survey Outdoor tenant amenity space at The Quad, Phoenix 18#19Alm CITY OFFICERE 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