INVESTOR PRESE NTATIO N

M A R C H 2 0 1 9

NYSE : CIO FORWARD-LOOKING STATEMENTS

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. (“CIO” or the “Company”) and its current beliefs as to the outcome and timing of future events. 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 our financial and operating performance, including under metrics such as market rental rates, national or local economic growth, estimated replacement costs of our properties, projected capital improvements, expected sources of financing, expectations as to the timing of closing of acquisitions, dispositions, or other transactions, the expected operating performance of anticipated near-term or recent acquisitions and dispositions and descriptions relating to these expectations, including, without limitation, anticipated net operating income yield, cap rates and the Company’s projections for its performance in future periods. Forward-looking statements presented in this presentation are based on management’s beliefs and assumptions made by, and information currently available to, management. Forward-looking statements are generally identifiable by use of forward-looking terminology such as “may,” “will,” “should,” “potential,” “intend,” “expect,” “seek,” “anticipate,” “estimate,” “believe,” “could,” “project,” “predict,” “hypothetical,” “continue,” “future” or other similar words or expressions. All forward-looking statements included in this presentation are based upon information available to the Company on the date hereof and the Company is under no duty to update any of the forward-looking statements after the date of this presentation to conform these statements to actual results. The forward-looking statements involve a number of significant risks and uncertainties. Factors that could have a material adverse effect on the Company’s operations and future prospects are set forth in the Company’s Annual Report on Form 10-K for the fiscal year ended December 31, 2018 and subsequent filings with the SEC, including the sections entitled “Risk Factors” contained therein. The factors set forth in the Risk Factors section and otherwise described in the Company’s filings with SEC could cause the Company’s actual results to differ significantly from those contained in any forward-looking statement contained in this presentation. The Company does not guarantee that the assumptions underlying such forward-looking statements are free from errors. Unless otherwise stated, historical financial information and per share and other data is as of December 31, 2018. Should one or more of these risks or uncertainties occur, or should underlying assumptions prove incorrect, the Company’s business, financial condition, liquidity, cash flows and results could differ materially from those expressed in any forward-looking statement. While forward-looking statements reflect our good faith beliefs, they are not guarantees of future performance. Any forward-looking statement speaks only as of the date on which it is made. New risks and uncertainties arise over time, and it is not possible for us to predict the occurrence of those matters or the manner in which they may affect us. We disclaim any obligation to publicly update or revise any forward-looking statement to reflect changes in underlying assumptions or factors, of new information, data or methods, future events or other changes. Use caution in relying on past forward-looking statements, which were based on results and trends at the time they were made, to anticipate future results or trends.

2 EXECUTIVES AND BOARD OF DIRECTORS

JAMIE FARRAR, CHIEF EXECUTIVE OFFICER

❑ Over 20 years of real estate, private equity and corporate finance industry experience

❑ Completed the acquisition of over $2.0 billion of real estate since 2011

❑ Prior experience with a family office focused on real estate and hospitality and 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, incl. development and management, with a combined enterprise value of over $2.5 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, including over 15 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 ✓

Mark Murski, Director ✓ Stephen Shraiberg, Director ✓ John Sweet, Director ✓

✓ Indicates Independent Director 3 Central Fairwinds, Orlando DTC Crossroads, Denver 5090 N 40th St, Phoenix

2525 McKinnon, Dallas

Mission City, San Diego Circle Point, Denver

City Center, Tampa Park Tower, Tampa

Pima Center, Phoenix COMPANY OVERVIEW

City Office invests in high-quality office properties in 18-hour cities with strong economic fundamentals, primarily in the Southern and Western United States

Annualized Lease No. of NRA Gross Rent In Place Term 4% SEATTLE, WA Market Buildings (000s SF) per SF Occupancy Remaining CURRENT MARKETS (1) Phoenix, AZ 22 1,213 $26.85 96.0% 3.5 PORTLAND, OR Tampa, FL 5 1,040 $24.75 94.7% 5.1 4% Denver, CO 9 1,039 $24.39 86.9% 6.3

San Diego, CA 10 671 $32.37 83.1% 3.8 DENVER, CO Orlando, FL 8 720 $25.74 91.5% 4.6 SAN DIEGO, CA 18% Dallas, TX 4 577 $27.92 92.8% 4.0

12% PHOENIX, AZ ORLANDO, FL Seattle, WA 3 207 $21.20 100.0% 10.0 DALLAS, TX 21% 13% 10% Portland, OR 3 201 $22.55 96.9% 4.9 TAMPA, FL Total 64 5,668 $26.20 91.9% 4.8 18%

Dedicated Targeted Flexible Experienced Attractive Class A & B Office High Growth, Balance Sheet Management Team 8.1% Owner 18-Hour Cities Positioned For and Dividend Growth Board of Directors Yield (2)

Note: All information as of December 31, 2018 adjusted for the acquisition of Canyon Park in February 2019 and the disposition of Plaza 25 in February 2019 (1) Percentage of portfolio NRA (2) Based on common share price of $11.56 as of January 31, 2019 5 CIO TARGETS LEADING “18-HOUR CITIES”

NATION-LEADING OFFICE DEMAND DRIVERS (1) NEW SUPPLY BELOW HISTORICAL AVERAGES (2)

% PROJECTED EMPLOYMENT % PROJECTED POPULATION CONSTRUCTION DELIVERIES IN CIO CURRENT MARKETS 1978 - 2018 GROWTH 2019 - 2024 GROWTH 2019 - 2024 50 6.9% 45 7.7% 40 35 30 3.7% 4.4% 25 3.4% 2.8% 20 AVG

15 Square Feet (in Millions)Square(inFeet 10 5 - Gateway National CIO Gateway National CIO Markets Avg Markets Markets Avg Markets

ATTRACTIVE 18-HOUR CITY CHARACTERISTICS OUTSIZED RETURN & GROWTH POTENTIAL

ANNOUNCED POST-IPO PROJECTED ACQUISITION CAP RATES (3) ✓ High-quality urban living experience in amenitized setting 8.3% ✓ Live, work, play environments; attractive to millennials 7.5% 7.6% 7.2% 7.1% 7.3% 6.8% ✓ 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 2014 2015 2016 2017 2018 2019 Avg. YTD

(1) Source: SNL Financial, as of February 1, 2019. Gateway markets represent New York, NY, Boston, MA, Chicago, IL, Los Angeles, CA, San Francisco, CA and Washington, D.C. (2) Source: CoStar Property. Construction deliveries represent Class A&B office building deliveries over 50,000 SF in CIO current markets (including February 2019 acquisition market of Seattle) (3) Includes all acquisitions since IPO; represents the weighted average cap rate for each year of announced, projected year one cap rates at the time of acquisition 6 TRENDS FAVORING CIO 18-HOUR CITIES

TOP 2019 “MARKETS TO WATCH” BY ULI AND PWC DOMESTIC NET MIGRATION TO 18-HOUR CITIES

Top 10 markets for overall real estate prospects include nine 18-hour cities (1) Annual Net People Metropolitan Area Migration (2) Per Day 1. Dallas/Fort Worth, TX Dallas 146,238 401 2. Brooklyn, NY 3. Raleigh/Durham, NC Phoenix 88,772 243 4. Orlando, FL Seattle 64,386 176 5. Nashville, TN BLUE represents Orlando 56,498 155 6. Austin, TX CIO market Tampa 54,874 150 7. Boston, MA Denver 36,379 100 8. Denver, CO 9. Charlotte, NC Portland 30,066 82 10. Tampa/St. Petersburg, FL San Diego 20,485 56 Total 497,698 1,364

Scottsdale, AZ Uptown Dallas, TX

(1) Emerging Trends in Real Estate 2019 published by Urban Land Institute and PricewaterhouseCoopers (2) Based on population change from July 2016 to July 2017 as measured by the US Census Bureau 7 GROWTH AND VALUE CREATION STRATEGY

CIO’s strategy is to produce attractive returns through a focused acquisition strategy in high growth markets and an active approach to increasing property cash flows

INVEST WHERE WE HAVE AN ADVANTAGE Circle Point, Denver

❑ Focus on properties valued between $25 million and $100 million

❑ Average acquisition size of $49.0 million post-IPO (1)

❑ Less competition from larger institutional investors

❑ Leverage existing infrastructure and deep relationships in our current markets to source acquisitions and operate efficiently

DISCIPLINED REAL ESTATE UNDERWRITING

❑ Target high credit tenancy, below market in-place rents and

acquisition prices below replacement cost The Quad, Phoenix

❑ Detailed underwriting process and due diligence; confront adverse findings during acquisition diligence

ACTIVE APPROACH TO CREATING VALUE

❑ Active in-house asset management with local market presence

❑ Selectively implement value-add initiatives to increase cash flows

❑ Long-term hold mentality but will selectively harvest value when capital can be redeployed accretively

(1) As of December 31, 2018 adjusted for the acquisition of Canyon Park in February 2019 8 SUCCESSFULLY EXECUTING GROWTH STRATEGY

OVER $1B IN TOTAL REAL ESTATE ACQUIRED (1) GAINING ECONOMIES OF SCALE IN ALL MARKETS

NET RENTABLE AREA 5.7M SF $1,500 $1.4B 6

Canyon Canyon Park / $1,200 Park Plaza 25 4 $900

$600 1.9M SF 2 $307M $300

$0 - ($M) IPO (4/14) 2014 2015 2016 2017 2018 (M SF) IPO (4/14) 2014 2015 2016 2017 2018

GROWTH AND DIVERSIFICATION IN REVENUES (2) EXPANSION INTO LEADING SUBMARKETS

$129M $120 ❑ Phoenix: Scottsdale, Tempe, Camelback Corridor, Chandler

❑ Denver: Cherry Creek / Glendale, Downtown Denver, Denver $90 Technology Center, Northwest Corridor

❑ Tampa: Downtown Tampa, Downtown St. Petersburg, I-75 $60 Corridor, Carillon Office Park

$33M ❑ Orlando: Downtown Orlando, Florida Research Park, Lake Mary $30 ❑ Dallas: Uptown, Lewisville, Richardson/Plano

❑ Seattle: Eastside/Bothell $0 ($M) IPO (4/14) 2014 2015 2016 2017 2018 ❑ Portland: Sunset Corridor

(1) Represents implied asset value at IPO plus acquisitions at cost, and does not include impact of dispositions (2) IPO represents total revenue on a pro forma basis for the City Office Predecessor for the year ended December 31, 2013 9 VALUE-ADD PROGRAM: PARK TOWER CASE STUDY

BUSINESS PLAN EXECUTION

AFTER ❑ Prominent downtown Tampa, FL skyline building BEFORE

❑ Acquired November 2016 for $78 million / 471,000 SF (1)

❑ $11 million transformative renovation completed, including building exterior, lobby, amenities, spec suite buildouts

❑ 23 new leases signed (74,000 SF) since acquisition

❑ ~$1 million in incremental annualized cash NOI (2)

SIGNIFICANT INCREASES TO IN-PLACE RENT PER SF

RECENT LEASES SIGNED AT $26.50 STARTING RATE

Q4 ‘18 14% $24.20 $24.27 $24.12 $24.03 $23.90 $23.61 $23.66 $23.31 Q1 ‘17

ACHIEVING OCCUPANCY GAINS AND STABILIZATION

92.1% OCCUPANCY INCLUDING SIGNED BUT NOT YET OCCUPIED LEASES

Q4 ‘18

Q1 ‘17 90% 12% 89% 87% 86% 85% 83% Known Vacate at 81% Acquisition 80%

(1) $78 million represents purchase price after release of escrowed $2 million to CIO when certain renewal leasing thresholds were not achieved in the first year of ownership (2) Annualized cash NOI for November 2016 as compared to annualized cash NOI for December 2018; November 2018 adjusted to remove revenue from tenant move-out expected at acquisition 10 SELECTIVELY HARVESTING VALUE

Prudent capital recycling: CIO’s four dispositions have generated over $70 million of gains

WASHINGTON GROUP PLAZA – BOISE, ID A LL P RIOR A SSET S ALES

❑ Sold in Q1 2018 for $86.5 million ❑ Combined IRR of approximately 18% across four dispositions (3)

(1) ❑ 22% IRR and $47.0 million gain ❑ The four dispositions have generated $70 million in gains

(2) ❑ ~5.8% disposition cap rate ❑ Corporate Parkway Allentown, PA June 2016

❑ Renovations to common areas and mechanical systems ❑ AmberGlen Portland, OR May 2017

❑ Implemented significant operating expense savings ❑ WGP Boise, ID March 2018

❑ Increased NRA by 23,000 SF through re-measurement ❑ Plaza 25 Denver, CO February 2019

❑ Completed significant leasing transactions, including 148,000 SF, 10-year lease to St. Luke’s Hospital

❑ Two largest tenants competed to acquire property

(1) IRR calculated using allocated equity value at IPO (2) Based on forward net operating income at the time the property was placed under contract for sale (3) IRR calculated using allocated equity value at IPO or acquisition equity investment, as applicable 11 RECENT ACQUISITIONS

❑ Closed five acquisitions in 2018 for an aggregate purchase price of $260 million (1)

❑ Closed $63 million Seattle, WA acquisition in February 2019; under contract to acquire a $33 million property in Portland, OR

❑ Focus on ~7.0% + cap rates; potential upside through below market rental rates and elevating the property’s market position

GREENWOOD BLVD – DEC 2018 CANYON PARK – FEB 2019

Conference and Amenity Center

❑ Class A building located in premium Orlando, FL submarket of ❑ Three-building, class A office campus located in Eastside/ Lake Mary Bothell submarket of Seattle, WA

❑ $34.5 million / 155,048 SF ❑ $63.0 million / 206,770 SF

❑ 7.4% cap rate on year 1 expected cash NOI ❑ 7.1% cap rate on year 1 expected cash NOI

❑ 100% leased to a leading biotechnology company ❑ 100% occupied by a strong and growing healthcare management services provider ❑ Tenant investing significantly in the campus

❑ Excellent cash flow profile with lease expiration in 2028 ❑ Excellent cash flow profile with lease expiration in 2028

(1) Includes acquisition of land parcel at Circle Point in Denver, CO in December 2018 12 VALUE-ADD ACQUISITION: CAMELBACK SQUARE

SCOTTSDALE, AZ – ACQUIRED DEC 2018

❑ $53.2 million / 173,206 SF / $307 per SF

❑ 5.1% year 1 cash NOI cap rate / stabilizing to 7%+ yield (1)

❑ 81.1% leased at December 31, 2018 CAMELBACK MOUNTAIN

❑ Estimated replacement cost of ~$400 per SF PARADISE VALLEY SCOTTSDALE “AAA” LOCATION AT PRIME INTERSECTION FASHION SQUARE ARCADIA

❑ Located in Oldtown Scottsdale, a dense, mixed-use pocket with a radius of approximately one mile that features world- class amenities in a walkable environment CAMELBACK SQUARE ❑ Directly across from Scottsdale Fashion Square

❑ 1,000+ feet of frontage at a premier intersection

❑ One of state’s top restaurants is located at the property

CIO TO IMPLEMENT VALUE-ADD PROGRAM

❑ Planning over $3 million of up-front capital improvements

❑ In-place rents 20%+ below anticipated post-reno rental rates

❑ 81% occupancy is below anticipated stabilized occupancy

❑ Opportunity to add amenities and activate common areas

❑ Convert traditional tenant spaces to creative suites

❑ Improve curb appeal and signage at high-traffic intersection

(1) Cap rate and yield include renovation budget; 7%+ yield represents stabilized yield to cost after renovation and lease-up period 13 RECENT COMPANY HIGHLIGHTS

FOURTH QUARTER 2018

❑ Core FFO of $0.26 per share and AFFO of $0.19 per share

❑ Executed approximately 152,000 SF of new and renewal leases

❑ Occupancy of 91.9% (1)

❑ Returned to positive same store cash NOI growth in both Q3 and Q4 2018

SIGNIFICANT OCCUPANCY GAINS IN 2018

❑ Increased portfolio occupancy from 87.7% on December 31, 2017 to 91.9% on December 31, 2018 (1)

❑ Backfilled 44,000 SF vacancy at FRP Collection, Orlando with three leases

❑ Executed 74,000 SF of new leases at Park Tower, Florida since November 2016 acquisition bringing occupancy above 90%

❑ Sale of Washington Group Plaza and Plaza 25; lower occupancy assets, generated combined gain of over $40 million

❑ Expecting positive impact to same store cash NOI growth for 2019

FRP Collection, Orlando, FL Mission City, San Diego, CA Spec Suite

(1) As of December 31, 2018 adjusted for the acquisition of Canyon Park in February 2019 and the disposition of Plaza 25 in February 2019 14 2019 GUIDANCE & EMBEDDED OPPORTUNITIES

FULL YEAR 2019 GUIDANCE (1) MATERIAL ASSUMPTIONS UNDERLYING GUIDANCE

Low High ❑ Includes $63 million Seattle acquisition, completed Feb 2019 Net Property Acquisitions (2) $78M $90M ❑ Includes $33 million Portland acquisition, under contract Core FFO per Diluted Share $1.15 $1.20 ❑ Includes $18 million sale of Plaza 25 in Denver, completed Feb 2019

Same Store Cash NOI Growth 2.0% 4.0% ❑ No incremental capital raising activities assumed

December 31, 2019 Occupancy 91.0% 94.0% ❑ High end of Core FFO range achievable through further occupancy gains, recycling of assets or incremental acquisitions

POTENTIAL OPPORTUNITIES ACCRETIVE TO GUIDANCE ESTIMATES

❑ Lease-up of attractive, larger blocks of vacant space

❑ Opportunity to monetize land holdings or participate in development

❑ 49 acres of prime, developable land

❑ Located in Denver, Orlando, San Diego and Tampa

❑ Future cash flow increases related to the successful completion of value-add programs, such as Camelback Square in Scottsdale, AZ

❑ Capital recycling opportunities if accretive to portfolio cash flow

New Tenant Amenity Center DTC Crossroads, Denver, CO

(1) See our Q4 2018 earnings press release for further discussion of the material assumptions underlying the Company’s guidance. This outlook reflects management’s view of current and future acquisitions and market conditions which management cannot guarantee will occur as expected, or at all (2) Total property acquisitions less total property dispositions 15 DIVERSE TENANT PROFILE

(1)(2) DIVERSIFIED TENANT BASE TOP TEN TENANTS OF OUR PROPERTIES (2)

Other Finance and Insurance Credit Rating Tenant NRA % of Net 4% 22% Construction Tenant / Parent (S&P / Moody's) Since (000s) Rentable Area 2% State of Colorado Dept. of Health AA+ 1993 319 5.6% Accommodation and Food 2% Seattle Genetics, Inc. -- 2019 207 3.7% Educational Services United Healthcare Services, Inc. A+ 2008 198 3.5% 3% Ally Financial Inc. BB+ 2008 163 2.9% Real Estate Professional and 4% Technical Services HF Management Services LLC -- 2012 155 2.7% 20% H. Lee Moffitt Cancer Center A3 2008 155 2.7%

Health Care and Toyota Motor Credit Corporation AA- 2011 133 2.3% Life Sciences Kaplan, Inc. (3) BB+ 2008 125 2.2% 14% GSA – US Attorneys Office (4) AA+ 1998 108 1.9%

Paychex, Inc. -- 2009 98 1.7% Technology and Government Information Total 1,661 29.2% 14% 15%

LEASE MATURITIES - STABLE, LONG-TERM TENANCY PROFILE WITH WELL-STAGGERED EXPIRATIONS (2)

30%

25%

20% 14.4% 15% 1.4% 12.7% 12.0% 12.9% Contracted 9.3% 9.7% 10% 7.3% 6.2% 4.7% 2.7% 5% 6.7% 0% Vacant & 2019 2020 2021 2022 2023 2024 2025 2026 2027 2028 & Contracted Thereafter

(1) Percentage of portfolio NRA; derived from the North American Industry Classification System (NAICS) (2) As of December 31, 2018 adjusted for the acquisition of Canyon Park in February 2019 and the disposition of Plaza 25 in February 2019 (3) Lease is to Kaplan, Inc. which is a subsidiary of Graham Holdings Company 16 (4) The credit rating indicated is for the United States Government CONSERVATIVE STRUCTURE WITH LOCKED IN RATES

SUMMARY AS OF DECEMBER 31, 2018 PREDOMINANTLY FIXED RATE DEBT

❑ 48.2% leverage (1)

❑ 7.9x Net Debt / Annualized Adjusted EBITDA 23% Line of ❑ 4.1% weighted average interest rate Credit

❑ 77% fixed rate debt

❑ 5.8 year weighted average debt maturity 77% ❑ $250 million unsecured credit facility with an additional $250 Fixed Rate million accordion feature

WELL STAGGERED DEBT MATURITIES ($000S) – DECEMBER 31, 2018

$700,000 Debt Balance: $651.4 million (2)(3) $600,000

$500,000

$400,000

$300,000 Credit Facility $147,500 $150,682 $86,973 Interest Rate: Interest Rate: Interest Rate: $97,156 $200,000 3.77% $52,927 4.05% $70,250 4.34% $45,918 Interest Rate: Interest Rate: Interest Rate: 4.70% Interest Rate: $100,000 3.73% 4.24% 4.36%

$0 2019 2020 2021 2022 2023 2024 2025 2026 2027 2028

(1) Calculated as net debt as of December 31, 2018 divided by net debt plus liquidation value of preferred stock plus value of common equity, using consensus analyst estimate of NAV on December 31, 2018 (2) $8.0 million of indebtedness attributable to non-controlling interests (3) $651.4 million represents the principal debt balance as of December 31, 2018 before deferred financing costs 17 COMPANY HIGHLIGHTS

FOCUSED 18-HOUR CITY INVESTMENT STRATEGY

Denver, CO ❑ Diversified portfolio of 5.7 million SF across leading 18-hour cities in the Southern and Western US (1)

❑ Markets positioned to outperform, driven by outsized employment and population growth

❑ Focused on well-located office properties in vibrant, amenity-rich and transit-oriented submarkets

PROVEN GROWTH AND VALUE CREATION APPROACH

Sorrento Mesa, San Diego ❑ Disciplined underwriting and active asset management to generate long-term value creation opportunities

❑ Built in rental rate growth enhanced through value-add programs, asset recycling and strategic land holdings

❑ CIO’s four dispositions have generated over $70 million of gains and combined IRR of approximately 18% (2)

WELL-POSITIONED, LONG TERM BALANCE SHEET

Mission City, San Diego ❑ Primarily fixed rate debt with a weighted average interest rate of 4.1%

❑ 5.8 year weighted average debt maturity; no near-term maturities

❑ Consistent access to capital and flexibility to grow with $250 million unsecured credit facility

EXPERIENCED AND COMMITTED MANAGEMENT TEAM

Central Fairwinds, Orlando ❑ Average over 20 years of experience with over $2.0 billion of real estate acquisitions since 2011

❑ Deep relationships in CIO markets and strong reputation for execution

(1) As of December 31, 2018 adjusted for the acquisition of Canyon Park in February 2019 and the disposition of Plaza 25 in February 2019 (2) Corporate Parkway was sold in June 2016, two buildings at AmberGlen were sold in May 2017, Washington Group Plaza was sold in March 2018 and Plaza 25 was sold in February 2019 18 APPENDIX: PROPERTY OVERVIEW

As of December 31, 2018 adjusted for the acquisition of Canyon Park and disposition of Plaza 25 in February 2019

Annualized Annualized Annualized Metropolitan Economic NRA In Place Base Rent per Gross Rent per Base Rent (2) Area Property Interest (000s SF) Occupancy SF SF (1) (000s) Largest Tenant by NRA Pima Center 100.0% 272 99.4% $26.91 $26.91 $7,272 First American Title Insurance SanTan 100.0% 267 98.6% $27.49 $27.49 $7,223 Toyota Motor Credit 5090 N 40th St 100.0% 175 94.0% $28.94 $28.94 $4,752 Bar-S-Foods Co. Phoenix, AZ Camelback 100.0% 173 81.1% $28.47 $28.47 $3,999 Digital Air Strike The Quad 100.0% 163 100.0% $27.49 $27.74 $4,481 Opendoor Labs, Inc. Papago Tech 100.0% 163 100.0% $21.28 $21.28 $3,463 Regional Acceptance Corp. Park Tower 94.8% 471 90.4% $24.27 $24.27 $10,326 GSA US Attorneys Office City Center 95.0% 241 95.8% $25.31 $25.31 $5,853 Kobie Marketing, Inc. Tampa, FL Intellicenter 100.0% 204 100.0% $23.44 $23.44 $4,771 H. Lee Moffitt Cancer Center Carillon Point 100.0% 124 100.0% $27.52 $27.52 $3,418 Paychex, Inc. Cherry Creek 100.0% 356 100.0% $18.53 $18.53 $6,591 State of Colorado Department of Health Circle Point 100.0% 272 93.4% $17.31 $30.21 $4,397 Epsilon Data Management, LLC Denver, CO DTC Crossroads 100.0% 189 53.7% $26.07 $26.07 $2,648 ProBuild Holdings, Inc. Superior Pointe 100.0% 151 92.8% $16.97 $28.97 $2,379 KeyBank National Association Logan Tower 100.0% 71 73.0% $20.49 $20.49 $1,057 State of Colorado Governor's Energy FRP Collection 95.0% 272 80.0% $25.00 $26.82 $5,436 GSA - PEO STRI (US Dept of Defence) Central Fairwinds 97.0% 168 95.8% $24.72 $24.72 $3,985 Fairwinds Credit Union Orlando, FL Greenwood Blvd 100.0% 155 100.0% $22.25 $22.25 $3,450 HF Management Services LLC FRP Ingenuity Drive 100.0% 125 100.0% $21.50 $29.50 $2,677 Kaplan, Inc. Sorrento Mesa 100.0% 385 76.2% $24.18 $30.18 $7,082 VICAL, Inc. San Diego, CA Mission City 100.0% 286 92.5% $34.81 $34.81 $9,201 InnovaSystems International 190 Office Center 100.0% 303 88.9% $24.67 $24.67 $6,653 United Healthcare Services, Inc. Dallas, TX Lake Vista Pointe 100.0% 163 100.0% $15.50 $23.50 $2,532 Ally Financial Inc. 2525 McKinnon 100.0% 111 93.0% $27.12 $43.39 $2,807 The Retail Connection Seattle, WA Canyon Park 100.0% 207 100.0% $21.20 $21.20 $4,384 Seattle Genetics Inc. Portland, OR AmberGlen 76.0% 201 96.9% $19.95 $22.55 $3,889 Planar Systems, Inc. Total / Weighted Average (3) 5,668 91.9% $23.97 $26.20 $124,726

(1) For Superior Pointe, FRP Ingenuity Drive, Lake Vista Pointe, and Sorrento Mesa the annualized base rent per square foot on a triple net basis was increased by $12, $8, $8, and $6 respectively, to estimate a gross equivalent base rent. AmberGlen has a net lease for one tenant which has been grossed-up by $7 on a pro rata basis. FRP Collection has net leases for four tenants which have been grossed up by $9 on a pro-rata basis. 2525 McKinnon has net leases for nine tenants which have been grossed up by $17 on a pro-rata basis. Circle Point has net leases for fourteen tenants which have been grossed up by $13 on a pro-rata basis. The Quad has one tenant with a net lease, which has been grossed up by $8 on a pro-rata basis. (2) Annualized base rent is calculated by multiplying (i) rental payments (defined as cash rents before abatements) for the month ended December 31, 2018 by (ii) 12. (3) Averages weighted based on the property’s NRA, adjusted for occupancy 19 APPENDIX: JLL CAP RATE SURVEY

Weighted Average of JLL H1 2018 Suburban Class A Cap Rate Survey for CIO Markets is 6.6% (1)

Statistics below are for suburban cap rates. Approximately 1/3 of our portfolio is located in the CBD or the city’s highest rent, premium submarkets which typically command a lower cap rate

(1) Weighted based on the NRA of CIO properties in each market as of December 31, 2018 adjusted for the acquisition of Canyon Park in Seattle in February 2019 and sale of Plaza 25 in Denver in February 2019 20 APPENDIX: FINANCIAL HIGHLIGHTS

Q4 2018 Q3 2018 Q2 2018 Q1 2018 Q4 2017 INCOME ITEMS Net (loss)/income $ (6,684) $ (1,161) $ (684) $ 47,198 $ (987) NOI $ 20,921 $ 20,294 $ 18,488 $ 19,909 $ 19,273 Same Store Cash NOI Growth 0.7% 0.8% (3.1%) (1.4%) (3.6%) Net (loss)/income per share- fully diluted $ (0.22) $ (0.08) $ (0.07) $ 1.24 $ (0.09) Core FFO / Share $ 0.26 $ 0.28 $ 0.26 $ 0.28 $ 0.31 AFFO / Share $ 0.19 $ 0.20 $ 0.19 $ 0.18 $ 0.21 EBITDA (CIO share) $ 18,590 $ 18,442 $ 16,503 $ 17,886 $ 17,603

CAPITALIZATION Common shares 39,544 39,544 36,133 36,132 36,012 Unvested restricted shares 354 347 341 335 307 Total shares 39,898 39,891 36,474 36,467 36,319 Weighted average shares outstanding 39,896 37,839 36,473 36,432 31,193 Share price at quarter end $ 10.25 $ 12.62 $ 12.83 $ 11.56 $ 13.01 Market value of common equity $ 408,959 $ 503,428 $ 467,965 $ 421,564 $ 472,511 Total Series A preferred shares outstanding 4,480 4,480 4,480 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 $ 112,000 $ 112,000 $ 112,000 $ 112,000 Net debt - CIO share $ 627,986 $ 531,043 $ 462,519 $ 401,078 $ 473,550 Total enterprise value (including net debt ) $ 1,148,945 $ 1,146,471 $ 1,042,484 $ 934,642 $ 1,058,061

DEBT STATISTICS AND RATIOS Total principal debt (CIO share) $ 643,419 $ 544,171 $ 476,382 $ 418,850 $ 485,465 Weighted average maturity 5.8 years 6.5 years 6.2 years 6.8 years 6.2 years Weighted average interest rate 4.1% 4.2% 4.1% 4.2% 4.2% Fixed rate debt as percentage of total debt 77.4% 90.4% 88.0% 100.0% 93.2%

LEASING STATISTICS In-Place occupancy 90.4% 90.1% 89.6% 88.3% 87.7% Weighted average remaining lease term 4.6 years 4.5 years 4.5 years 4.7 years 4.7 years

21 APPENDIX: FFO, CORE FFO AND AFFO

Q4 2018 Q3 2018 Q2 2018 Q1 2018 Q4 2017

Net (loss)/income attributable to common stockholders $ (8,656) $ (3,151) $ (2,653) $ 45,208 $ (2,920) (+) Depreciation and amortization 15,308 13,379 11,771 11,893 12,499 (-) Net gain on sale of real estate property - - - (46,980) - (+) Impairment of real estate 3,497 - - - - 10,149 10,228 9,118 10,121 9,579 Non-controlling interests in properties: (+) Share of net income 117 135 114 135 78 (-) Share of FFO (263) (278) (283) (302) (261) Funds from Operations ("FFO") $ 10,003 $ 10,085 $ 8,949 $ 9,954 $ 9,396 (+) Stock based compensation 356 356 356 350 241 Core FFO $ 10,359 $ 10,441 $ 9,305 $ 10,304 $ 9,637 (+) Net recurring straight line rent adjustment (553) (735) (738) (763) (255) (+) Net amortization of above and below market leases (41) (5) 58 (202) (213) (+) Net amortization of deferred financing costs 320 308 348 626 419 (-) Net recurring tenant improvements and incentives (1,242) (761) (807) (1,509) (1,125) (-) Net recurring leasing commissions (447) (1,313) (589) (760) (1,442) (-) Net recurring capital expenditures (962) (396) (514) (985) (457) Adjusted Funds from Operations ("AFFO") $ 7,434 $ 7,539 $ 7,063 $ 6,711 $ 6,564

Core FFO per common share $ 0.26 $ 0.28 $ 0.26 $ 0.28 $ 0.31 AFFO per common share $ 0.19 $ 0.20 $ 0.19 $ 0.18 $ 0.21

Dividends per common share $ 0.235 $ 0.235 $ 0.235 $ 0.235 $ 0.235 Core FFO Payout Ratio 91% 85% 92% 83% 76% AFFO Payout Ratio 126% 118% 121% 128% 112%

Weighted average common shares outstanding 39,896 37,839 36,473 36,432 31,193

22 CIT Y OFFIC E REI T, INC . E: [email protected] | T: 604 806 3366

Suite 3210 Suite 2990 666 Burrard Street 500 North Akard Street Vancouver, BC V6C 2X8 Dallas, TX 75201