Roseland Overview- The Company Roseland, Mack-Cali’s platform for its expansion into the Residential sector, is a premier full-service residential and mixed-use developer in the Northeast with an industry-leading reputation for successful conception, execution, and management of Class A residential developments Roseland’s scalable and integrated business platform oversees the Company’s operating and in-construction assets, geographically desirable land portfolio, sourcing of new development and acquisition opportunities, and repurposing activities of Mack-Cali’s office holdings Roseland’s portfolio is at the forefront of characteristics supportive of market-leading valuations: (i) top in market rents (ii) young average building age (iii) geographically concentrated exclusively in the Northeast Roseland executive leadership, a cohesive unit since 2003, has an average experience of 17 years at Roseland and 26 years in the industry: Marshall Tycher President Andrew Marshall Chief Operating Officer, EVP Ivan Baron Chief Legal Counsel, SVP Bob Cappy Chief Financial Officer, SVP Gabriel Shiff Chief Investment Officer, SVP Brenda Cioce President, Roseland Residential Services 5 3Q 2015

Roseland Overview- 3Q Highlights Initiated the formation of Roseland Residential Trust (RRT), a private REIT owned by Mack-Cali dedicated to execution of the Residential growth strategy. REIT formation is scheduled for completion in November Commenced construction on three developments comprised of 893 apartments/keys: Stabilized the 176 apartment Portside at Pier One in East Boston Construction activities included: Topping-off the 763 apartment URL® Harborside in Jersey City, NJ Completing the second of the Port Imperial parking garages with 775 spaces (opened October 2015) Continued construction on Quarry Place in Tuckahoe, NY (108 apartments) and Marbella 2 in Jersey City, NJ (311 apartments) Reached an agreement to acquire partner interest in The Chase at Overlook Ridge – I. Based on project valuation of $104 million, the acquisition price for the partner’s interest is approximately $40 million Through placement of acquisition financing and harvesting of in-place promote value, Roseland will recognize initial returns on its levered $20 million investment of approximately 14% (closing scheduled for November 2015) Project Location Apts/ Keys Ownership Total Costs Projected Stabilized NOI Projected Stabilized Yield Port Imperial Hotel Worcester – I Chase II at Overlook Ridge Weehawken, NJ Worcester, MA Malden, MA 364 237 292 90% 100% 100% $129,600 59,290 74,360 $13,000 3,736 4,795 10.03% 6.30% 6.45% Total 893 $263,250 $21,531 8.18% Note: Includes event subsequent to quarter-end. 6 3Q 2015

Roseland Overview- Strategic Objectives Consistent with past practices and our reputation, we plan to construct the finest residential portfolio in the Northeast focused on transit-based locations – maintaining the highest quality performance as compared to publically-traded comparables Our future development is substantially (over 70%) in communities where we have developed before, or more specifically adjacent to existing developments. This allows us to have intimate knowledge on operating expenses and construction costs, and most importantly, achievable rent thresholds. We believe this dramatically reduces our construction risk Our market knowledge, coupled with our low land costs and well-positioned holdings, will provide above average returns Our portfolio growth will be focused around the following principal locations: Hudson Waterfront: Jersey City and Port Imperial Boston Region Suburban New York/New Jersey Washington, DC Philadelphia Region Our portfolio growth will include the highly accretive repurposing of non-strategic Mack-Cali office holdings (approximately 10 are active) to residential use (see Repurposing Candidates herein) 7 3Q 2015

Portfolio Overview- Hudson Waterfront (Jersey City) In addition to Mack-Cali’s dominant office presence, Roseland is one of the leading owners and developers in the growing Jersey City market. Portfolio highlights include: 10 Project Overview Apts. NAV ($M) URL® Harborside I (In Construction) An 85% controlling interest in the 763 apartments, 69-story tower, URL development that topped-off in 3Q 2015 and will deliver units in 4Q 2016. We expect to produce NOI, including the sale of our tax credits, in excess of $21 million. 763 $170 Marbella 1 and 2 (In Construction & Operating) A 24.27% subordinated interest in the stabilized 412 apartment Marbella, with a sizable NAV of approximately $27 million. A 24.27% joint venture interest in the 311 apartment Marbella 2, a 38-story tower that will deliver initial apartments in 1Q 2016. Projected NOI of approximately $8.5 million. 723 54 Additional Interests Monaco (Operating): A 15% subordinated interest in the 523 apartment tower. San Remo (Future): A 33.3% joint venture interest to develop 250 apartments adjacent to Monaco. Harborside URL II and III (Future): Fully entitled land to develop approximately 1,500 apartments in two towers subject to the same development agreement as Harborside I. Liberty Landing (Future): Development rights to build 850 apartments near the Jersey City Medical Center. Current ownership 50%. Harborside Plazas 8 and 9 (Future): Development potential of approximately 1,600 units on the waterfront. Current ownership 50%. 523 250 1,500 850 1,600 10 1 64 0 40 Total 6,209 $339 3Q 2015 URL® Harborside

Portfolio Overview- Hudson Waterfront (Port Imperial) Roseland is the master developer of Port Imperial, a 200-acre master planned community on the Hudson River directly across from midtown Manhattan in the townships of Weehawken and West New York. Roseland’s interests in Port Imperial are comprised of: 11 Project Overview Apts. NAV ($M) RiverTrace, RiversEdge, RiverParc (Operating) Subordinated interests in these three communities totaling 832 apartments. The communities were completed from 2009 (RiversEdge) to RiverParc which is finalizing its lease-up – currently at 83.2%. 832 $17 Port Imperial Hotel (In-Construction) In 3Q 2015, Roseland commenced construction on a dual flag (Renaissance and Residence Inn) 364-key hotel. The hotel will be situated in the heart of Port Imperial, will have significant capacity for food and beverage, and will be a cornerstone amenity for the Port Imperial community. Roseland’s ownership is 90%. 364 63 Port Imperial Garages (Operating) Roseland developed two garages at Port Imperial to unlock the development potential of the previous surface parking lots. The primary demand driver for these garages is commuter parking, though the 4/5 garage will also serve as the foundation and parking for the recently started Port Imperial Hotel. n/a 32 Additional Interests Port Imperial North (Future): In joint venture with Prudential, Roseland has four planned residential developments representing approximately 1,200 fully entitled apartments. Port Imperial South (Future): In joint venture with the Imperatore Family, Roseland has five planned residential developments representing 1,126 fully entitled apartments and an office parcel for 290,000 square feet. The next projected start is Building 11 in 4Q 2015. Retail (Operating): Roseland has a series of ground floor retail condominium interests. 1,199 1,126 n/a 6 22 5 Total 3,521 $145 3Q 2015 Port Imperial Masterplan

Portfolio Overview- Boston Region Roseland has significant investments in the greater Boston marketplace highlighted by its investment in the Overlook Ridge masterplan community located off Route 1, 5-miles north of Boston. 12 Project Overview Apts. NAV ($M) Alterra at Overlook Ridge (Operating) A 100% interest in 722 stabilized apartments currently undergoing repositioning. The unencumbered communities were acquired for $149.2 million and have a projected post-renovation NOI of $8.9 million. 722 $167 Chase I and Chase II at Overlook Ridge (Operating & In-Construction) A 50% subordinated interest in the stabilized 371 apartments Chase I (subsequent to quarter end, Roseland reached an agreement to acquire joint venture partner’s interest). A 100% interest in the 292 apartment Chase II which commenced construction in 3Q 2015. Projected combined NOI of $10.2 million. 663 58 Portside at Pier One (Operating & In-Construction) A development site directly across from downtown on the East Boston waterfront. To date, Roseland has a subordinated interest in the recently stabilized 176 apartment Phase I (NAV of $4 million), is preparing construction for the 296-unit Phase II, and has future development rights for 160 units on the pier. 632 4 Additional Interests Andover (Operating): A wholly-owned unencumbered 220 apartment community undergoing repositioning. Worcester (In Construction & Future): A recently commenced development (Phase I - 237 apartments) in the heart of Worcester, representing the residential revitalization of downtown. The 128 units of Phase II will commence construction in the future. Roseland owns 100% of Worcester. Overlook Ridge (Future): A wholly-owned unencumbered interest to develop an additional 742 apartments and ancillary commercial uses. 220 365 742 44 28 29 Total 3,344 $330 3Q 2015 Overlook Ridge Masterplan

Portfolio Overview- Suburban NY/NJ Roseland’s presence in these markets is comprised of owned communities, in- construction projects, and multiple future development opportunities. 13 Project Overview Apts. NAV ($M) Park Square and Riverwatch (Operating) Roseland acquired these communities located in Rahway (159 apartments) and New Brunswick (200 apartments), and are executing a repositioning on Riverwatch. The acquired communities have a projected post-renovation combined NOI of $4.5 million. 359 $66 Quarry Place at Tuckahoe (In-Construction) Roseland is in construction on this 108 apartment community located in Tuckahoe in the high-barrier-to-entry lower Westchester County. We own a 76.25% consolidated interest and anticipate initial deliveries in Q2 2016. 108 36 RiverPark at Harrison (Operating) Located on the waterfront in Harrison, NJ, the 141 apartments community recently achieved stabilization. Roseland has a 45% joint venture interest. 141 6 Epstein's Redevelopment (Operating & Future) Roseland, the master developer of the Epstein site on the Green in Morristown, has a subordinated interest in the Metropolitan and Shoppes at 40 Park, and is preparing for a construction start for the 59 apartment Lofts in 2016. 189 2 Additional Interests Roseland’s holdings in New Jersey also include a subordinated interest in Estuary on the Weehawken waterfront (582 units), a series of repurposing candidates, and contract rights near the Freehold Raceway Mall (400 units). 982 6 Total 1,779 $116 3Q 2015 Epstein’s Redevelopment

Portfolio Overview- Washington, DC and Philadelphia Roseland has two major investments inside the Beltway of Washington, DC, Station House, and Crystal House, and other valuable holdings within the region: 14 Project Overview Apts. NAV ($M) Station House (Operating) Roseland acquired a 50% interest in Station House for $46.5 million. The development, with a projected stabilized NOI of $11.3 million, is current leasing up with an expected stabilization date within six months. 378 $70 Crystal House (Operating & Future) In joint venture with UBS, Roseland acquired a 25% interest in the 828 apartment Crystal House. The venture embarked on a $30 million repositioning plan to modernize the common amenities and units. To date, $15.8 million has been spent on renovation and capital expenditures. In joint venture with UBS, Roseland also acquired a 50% interest in the next phases of the Crystal House community including approximately 550 apartments. Predevelopment activities have commenced on the projected 2016 construction start of 252 apartments. 828 550 27 8 Philadelphia Interests Conshohocken: Roseland acquired a parcel for the development of 294 apartments along the Conshohocken waterfront. Other: Roseland is in negotiation to acquire a 275 apartment development in Center City and is finalizing approvals for a repurposing development in Bala Cynwyd (see Repurposing Candidates) 294 n/a 14 n/a Total 2,050 $119 3Q 2015 Station House Lobby

Portfolio Overview- Repurposing Candidates Roseland has been actively repurposing select Mack-Cali office holdings, with the first anticipated construction start in 4Q 2015 and two starts in 2016. Roseland is actively seeking approvals on multiple additional potential developments We anticipate material value creation through our repurposing exercises. For example, the value creation in Short Hills is: Current office value book basis: $4.1 million Via the rezoning process, Roseland has received approvals for the repurposing of 233 Canoe Brook Road and portions of 150 JFK Parkway surface parking, for: 200 apartments (170 market-rate) and 225 hotel keys The development will require the construction of a garage for displaced surface parking at an approximate cost of $7 million – combined effective basis: $11 million As approved, the estimated value of the land is now: $26 million (net ~$15 million) The combined features of the hotel, luxury multifamily, and 255,000 Class A office will be one of the finest mixed-use developments in the region 15 Short Hills, NJ Apts: 200 Target Start: 2016 Morris Plains, NJ Apts: 188 Target Start: 2015 Bala Cynwyd, PA Apts: 207 Target Start: 2016 Total Units 595* NAV ($M) $27 Note: Excludes 225 approved hotel keys. 3Q 2015

Portfolio Overview NAV Breakdown As reflected below, primary contributors to Roseland’s approximate $1+ billion NAV are: Ownership Structure: Predominantly consolidated and joint venture interests Location: Geographically concentrated in Hudson Waterfront and Greater Boston markets 16 3Q 2015 Note: The Suburban NY/NJ region includes Roseland’s interest in Lincoln Harbor and repurposing candidates in that region. Apts/Keys NAV % Operating Communities Consolidated / Wholly Owned 1,301 $280,619 27% Joint Venture 1,317 102,973 10% Subordinate Interests 3,026 79,490 8% Subtotal - Operating Communities (1) 5,644 $463,082 44% In-Construction Communities Consolidated / Wholly Owned 1,001 $203,409 19% Joint Venture 1,074 196,533 19% Subtotal - In-Construction Communities 2,075 $399,942 38% Future Development Jersey City Developments 4,200 $104,010 10% Port Imperial Developments 2,172 37,644 4% Other Land / Platform 4,529 100,060 10% Subtotal - Future Development 10,901 $241,714 23% Equity to Complete In-Construction / Renovations (58,098) -6% Total Net Asset Value 18,620 $1,046,640 100% (1) Based on average capitalization rate of 4.77%.

Financial Highlights- Operating Communities 19 3Q 2015 Average Average Percentage Percentage Revenue Revenue Rentable Avg. Year Leased Leased Per Home Per Home NOI NOI NOI Operating Communities Location Ownership Apartments SF Size Complete Q3 2015 Q2 2015 Q3 2015 Q2 2015 Q3 2015 Q2 2015 YTD Consolidated Alterra at Overlook Ridge (1) Revere, MA 100.00% 722 663,139 918 2008 98.1% 97.1% $1,790 $1,709 $2,100 $1,937 $5,967 Park Square Rahway, NJ 100.00% 159 184,957 1,163 2009 96.9% 98.1% 2,137 2,130 508 510 1,503 Riverwatch (1) (4) New Brunswick, NJ 100.00% 200 147,852 739 1997 95.5% 99.2% 1,683 1,640 65 502 1,041 Andover Place (1) Andover, MA 100.00% 220 178,101 810 1989 98.2% 98.6% 1,413 1,373 372 387 1,136 Consolidated 100.00% 1,301 1,174,049 902 97.6% 97.8% $1,752 $1,694 $3,045 $3,336 $9,647 Joint Ventures Crystal House (1)(2) Arlington, VA 25.00% 798 740,941 928 1962 91.6% 94.0% $1,801 $1,781 $2,363 $2,578 $7,409 RiverPark at Harrison Harrison, NJ 45.00% 141 125,498 890 2014 98.6% 99.3% $2,044 NA $385 $37 $313 Joint Ventures 28.00% 939 866,439 923 92.7% 94.8% $1,801 $1,781 $2,066 $2,196 $6,343 Total Residential - Stabilized 69.82% 2,240 2,040,488 911 1997 95.5% 96.5% $1,773 $1,730 $5,111 $5,532 $15,990 Lease-up Station House Washington, DC 50.00% 378 290,348 768 2015 56.9% 40.5% $60 ($298) ($338) Lease-up 50.00% 378 290,348 768 56.9% 40.5% NA NA $60 ($298) ($338) Total Residential - Operating Communities (3) 66.96% 2,618 2,330,836 890 1999 NA NA NA NA $5,171 $5,234 $15,652 Parking Commercial Spaces Port Imperial Garage I Weehawken, NJ 43.75% 800 320,426 2013 NA NA $574 $506 $1,493 Port Imperial Retail I Weehawken, NJ 43.75% 16,736 2013 52.2% 52.2% (46) (26) (98) Total Commercial Communities 43.75% 800 337,162 52.2% 52.2% NA NA $528 $480 $1,395 Notes: (1) Assets targeted for or currently undergoing repositioning. (2) Unit count excludes 30 apartments offline until completion of all renovations. (3) Excludes approximately 39,310 SF of ground floor retail. (4) NOI was impacted in Q3 by a significant tax increase which we are actively appealing. Operating Highlights

Financial Highlights- Subordinated Interest Communities As of September 30, 2015, Roseland had: Subordinated interests in 2,570 stabilized operating apartments and 456 lease-up apartments The stabilized portfolio had a leased percentage of 98.0%, compared to 98.5% in 2Q The lease-up portfolio had a leased percentage of 89.0%, compared to 69.3% in 2Q (representing leasing achievement of 90 apartments) Roseland is strategically evaluating converting its promoted interests via disposition, acquisition or ownership buy-ups. Examples include: Morristown Train Station: In 2Q 2015, Roseland sold its interest for $6.4 million, representing an approximate 4.5% cap rate valuation The Chase at Overlook Ridge - I: Subsequent to quarter-end, Roseland reached an agreement to acquire its JV partner’s interest. By utilizing our in-place promoted interest, the valuation approximates to a 5.75% capitalization rate. With the placesment of acquisition financing, Roseland will recognize immediate levered returns on capital in excess of 14% Roseland has not formed a subordinated interest JV in nearly three-years, nor will it use this ownership structure on future developments 20 3Q 2015

Financial Highlights- Subordinated Interest Communities 21 3Q 2015 Average Average Percentage Percentage Revenue Revenue Rentable Avg. Year Leased Leased Per Home Per Home NOI NOI NOI Location Ownership Apartments SF Size Complete Q3 2015 Q2 2015 Q3 2015 Q2 2015 Q3 2015 Q2 2015 YTD Residential - Stabilized (1) Marbella Jersey City, NJ 24.27% 412 369,515 897 2003 96.8% 99.5% $3,058 $2,965 $2,435 $2,382 $7,190 Monaco Jersey City, NJ 15.00% 523 475,742 910 2011 98.1% 98.3% 3,426 3,305 3,638 3,453 10,472 RiversEdge at Port Imperial Weehawken, NJ 50.00% 236 214,963 911 2009 98.7% 97.0% 2,957 3,017 951 1,025 3,149 RiverTrace at Port Imperial Weehawken, NJ 25.00% 316 295,767 936 2014 97.5% 98.7% 3,055 2,924 1,672 1,575 4,946 The Estuary Weehawken, NJ 7.50% 582 530,587 912 2014 98.8% 98.6% 2,883 2,907 3,024 2,989 8,265 Metropolitan at 40 Park Morristown, NJ 12.50% 130 124,237 956 2010 99.2% 97.7% 3,282 3,262 704 687 2,070 The Chase at Overlook Ridge Malden, MA 50.00% 371 337,060 909 2014 97.6% 98.9% 1,891 1,825 1,346 1,152 3,530 Subtotal - Stabilized 24.16% 2,570 2,347,871 914 98.0% 98.5% $2,926 $2,871 $13,770 $13,263 $39,622 Residential - Lease-Up Portside at Pier One - 7 East Boston, MA 38.25% 176 156,693 890 2015 98.3% 93.9% 440 (24) 114 RiverParc at Port Imperial Weehawken, NJ 20.00% 280 255,828 914 2015 83.2% 53.9% 529 (439) 90 Subtotal - Lease-Up 27.04% 456 412,521 905 89.0% 69.3% N/A N/A $969 ($463) $204 Total Operating Communities (2) 24.59% 3,026 2,760,392 912 2012 96.7% 94.1% $2,926 $2,871 $14,739 $12,800 $39,826 Commercial Comm SF Shops at 40 Park Morristown, NJ 12.50% 50,973 2010 60.4% 60.4% 194 205 585 Riverwalk at Port Imperial West New York, NJ 20.00% 30,745 2008 64.0% 64.0% 162 156 475 Total Commercial Communities 15.32% 81,718 2009 61.8% 61.8% NA NA $356 $361 $1,060 Notes: (1) Ownership represents Company participation after satisfaction of Priority Capital. See Capitalization Details schedule herein. (2) Excludes approximately 34,350 SF of ground floor retail. Operating Highlights

Financial Highlights- In-Construction Communities As of September 30, 2015, Roseland had: Wholly owned or joint venture interest in 2,075 in-construction apartments and hotel keys (8 projects), including three communities that commenced construction in 3Q 2015: Port Imperial Hotel: A 364-key dual flag hotel (Renaissance and Residence Inn) will be the cornerstone amenity of Port Imperial and represents Marriott’s sole presence along the NJ Waterfront Chase II at Overlook Ridge: A development located adjacent to the stabilized Chase I. Upon completion, the combined 663 apartment Chase development will be operated as one community Worcester I: The first phase of this combined 365 apartment community represents the residential component of the revitalization plan for downtown Worcester The in-construction portfolio is projected to produce stabilized NOI of $56.7 million; Roseland average ownership/participation will be approximately 80% We envision lease-up commencements from Marbella 2 in 1Q 2016, with commencements of URL® Harborside and Quarry Place at Tuckahoe in 2016 Roseland has a remaining capital commitment to the buildout of this portfolio of approximately $50 million 22 3Q 2015

Financial Highlights- In-Construction Communities 23 3Q 2015 Third Projected Projected Apartment Total MCRC Party Total MCRC Initial Project Stabilized Stabilized Community Location Ownership Homes/Keys Costs Debt Capital Capital Costs Capital Start Occupancy Stabilization NOI Yield Consolidated Quarry Place at Tuckahoe Eastchester, NY 76.25% 108 $49,950 $28,750 $20,941 $259 $22,692 $13,500 Q1 2014 Q2 2016 Q1 2017 $3,448 6.90% Marriott Hotels @ Port Imperial (2) Weehawken, NJ 90.00% 364 129,600 94,000 32,040 $3,560 30,300 27,270 Q3 2015 Q4 2017 Q2 2018 13,000 10.03% The Chase II at Overlook Ridge (1) Malden, MA 100.00% 292 74,360 48,000 26,360 $0 11,234 11,234 Q3 2015 Q1 2017 Q1 2018 4,795 6.45% Worcester - I (1) Worcester, MA 100.00% 237 59,290 41,500 17,790 $0 3,707 3,236 Q3 2015 Q2 2017 Q2 2018 3,736 6.30% Consolidated 93.80% 1,001 $313,200 $212,250 $97,131 $3,819 $67,933 $55,240 $24,979 7.77% Joint Ventures Marbella 2 Jersey City, NJ 24.27% 311 $132,100 $77,400 $13,271 $41,429 $115,102 $11,417 Q3 2013 Q1 2016 Q4 2016 $8,470 6.41% URL ® Harborside - I Jersey City, NJ 85.00% 763 320,305 192,000 109,059 $19,246 174,391 109,059 Q4 2013 Q4 2016 Q3 2018 21,279 6.64% Joint Ventures 67.41% 1,074 $452,405 $269,400 $122,330 $60,675 $289,493 $120,476 $29,749 6.58% Total Residential Communities 78.21% 2,075 $765,605 $481,650 $219,461 $64,494 $357,426 $175,716 $54,728 7.15% Commercial Port Imperial Garage II Weehawken, NJ 100.00% - $25,321 $0 $25,321 $0 $23,170 $20,490 Q3 2014 Q4 2015 NA $1,618 6.39% Port Imperial Retail II Weehawken, NJ 100.00% - 4,479 0 4,479 0 3,962 3,496 Q3 2014 Q2 2016 NA 318 7.10% Commercial 100.00% $29,800 $0 $29,800 $0 $27,132 $23,986 $1,936 6.50% Total In-Construction Communities 79.03% 2,075 $795,405 $481,650 $249,261 $64,494 $384,558 $199,702 $56,664 7.12% Notes: (1) The loan commitments for these respective developments are scheduled to close in 4Q 2015. (2) Mack-Cali capital funding and loan closing occurred subsequent to quarter end. Development Schedule Project Capitalization - Total Capital as of 3Q-15

Financial Highlights- Predevelopment and Future Communities As of September 30, 2015 the company had a future development portfolio of approximately 10,900 apartments comprised of: Predevelopment (2,555 apartments): communities with likely starts through year-end 2016, including 595 apartments of repurposed developments Future Developments (5,600 apartments): Roseland owned/controlled future development sites Repurposing Candidates (2,750 apartments): upon formation of RRT, office holding transfers included residential development potential for 2,750 apartments 24 3Q 2015 Current Construction Projected Predevelopment Communities Location Apartments Ownership Start Costs PI South - Building 11 Weehawken, NJ 296 50.00% Q4 2015 $109,230 250 Johnson Road (repurposing) Morris Plains, NJ 188 100.00% Q4 2015 58,862 Freehold (1) Freehold, NJ 400 100.00% Q1 2016 95,041 Portside 5/6 (2) East Boston, MA 296 85.00% Q1 2016 113,586 Conshohocken Conshohocken, PA 294 100.00% Q2 2016 70,314 233 Canoe Brook Road (3) (repurposing) Short Hills, NJ 200 100.00% Q2 2016 63,000 Lofts at 40 Park Morristown, NJ 59 25.00% Q2 2016 16,845 PI North - Building C West New York, NJ 363 20.00% Q3 2016 152,000 Crystal House - III Arlington, VA 252 50.00% Q3 2016 79,565 150 Monument Road (repurposing) Bala Cynwyd, PA 207 100.00% Q3 2016 48,993 Predevelopment Communities 2,555 $807,436 Notes: (1) The Company has a signed agreement to acquire this land, subject to certain conditions. (2) Prudential has an option to participate in East Boston Parcels 5 and 6, under similar terms as Parcel 7. (3) Target approvals will likely also include approximately 225 hotel keys.

Financial Highlights- Predevelopment and Future Communities The build-out of Predevelopment Communities is projected to generate approximately $220 million in project value: At year-end 2016, Roseland will have a remaining land portfolio including sites to be transferred upon formation of RRT of 8,346 apartments: 25 3Q 2015 Value Creation Summary Projected Average Yield 6.37% Projected NOI $51,395 Gross Value @ 5.00% Cap $1,027,900 Less: Projected Costs (807,436) Net Value Creation @ 100% $220,464 Current Projected Approved / Future Developments Location Apartment Ownership Const Start Entitled Liberty Landing Phase I Jersey City, NJ 265 50.00% 2017 partial Worcester - II Worcester, MA 128 100.00% 2017 fully San Remo Jersey City, NJ 250 33.00% 2017 partial Portside 1-4 East Boston, MA 160 85.00% 2017 none Overlook IIIC Malden, MA 252 100.00% 2017 partial PI South - Building 8/9 Weehawken, NJ 275 50.00% 2017 partial URL ® Harborside - Future Jersey City, NJ 1,500 85.00% 2017 partial Repurposing Pursuits (1-3) New Jersey 750 100.00% Future partial PI North - Building J West New York, NJ 141 20.00% Future partial PI North - Building I West New York, NJ 224 20.00% Future partial PI North - Riverbend 6 West New York, NJ 471 20.00% Future partial PI South - Building 16 Weehawken, NJ 131 50.00% Future partial PI South - Building 2 Weehawken, NJ 200 50.00% Future partial PI South - Park Parcel Weehawken, NJ 224 50.00% Future partial PI South - Office 1/3 Weehawken, NJ N/A 50.00% Future partial Overlook IIIA Malden, MA 445 100.00% Future partial Overlook IV Malden, MA 45 100.00% Future partial Crystal House - Future Arlington, VA 300 50.00% Future partial Liberty Landing - Future Jersey City, NJ 585 50.00% Future partial Office Holding Transfers Northeast 2,000 Future Future Developments 8,346

Capitalization Details (As of September 30, 2015) 26 3Q 2015 Third Outstanding Maximum Maturity Interest MCRC Party Return Apartments Ownership Balance Balance Date Rate Capital Capital Rate Notes / Comments Operating Communities Consolidated Communities Alterra at Overlook Ridge 722 100.00% $0 $0 $0 $0 Park Square 159 100.00% 27,500 27,500 4/10/2019 L + 1.75% 0 0 Riverwatch 200 100.00% 0 0 0 0 Andover Place 220 100.00% 0 0 0 0 Consolidated Communities 1,301 100.00% $27,500 $27,500 $0 $0 Joint Ventures Crystal House 798 25.00% $165,000 $165,000 4/1/2020 3.17% $25,870 $77,611 For IRR calc. purposes (2) RiverPark at Harrison 141 45.00% 30,000 30,000 8/1/2025 3.70% 1,615 2,093 approximates to JV ownership % Station House 378 50.00% 94,671 100,700 7/1/2033 4.82% 0 0 NA - heads up 50/50 venture Joint Ventures 1,317 34.32% $289,671 $295,700 $27,485 $79,704 Commercial Port Imperial Garage I 43.75% $32,600 $32,600 12/1/2029 4.78% $531 $4,563 (3) Port Imperial Retail I 43.75% 4,000 4,000 12/1/2021 4.41% 0 0 (3) Commercial 43.75% $36,600 $36,600 $531 $4,563 Total - Operating Communities 2,618 $353,771 $359,800 $28,016 $84,267 Subordinate Interests * Marbella 412 24.27% $95,000 $95,000 5/1/2018 4.99% $125 $7,567 9.50% (4) Monaco 523 15.00% 165,000 165,000 2/1/2021 4.19% 0 82,736 9.00% RiversEdge at Port Imperial 236 50.00% 57,500 57,500 9/1/2020 4.32% 0 43,153 9.00% RiverTrace at Port Imperial 316 25.00% 79,380 80,249 7/15/2021 6.00% 0 45,932 7.75% The Estuary 582 7.50% 210,000 210,000 3/1/2030 4.00% 0 19,175 8.50% Metropolitan at 40 Park 130 12.50% 38,600 38,600 9/1/2020 3.25% 695 21,050 9.00% (5) The Chase at Overlook Ridge 371 50.00% 52,662 55,500 12/26/2015 L + 2.50% 0 26,181 6.50% (6) Portside at Pier One - 7 176 38.25% 42,336 42,500 12/4/2015 L + 2.50% 0 29,160 9.00% RiverParc at Port Imperial 280 20.00% 69,916 73,350 6/27/2016 L + 2.15% 2,349 53,803 9.00% (7) Shops at 40 Park 12.50% 6,489 6,500 8/13/2018 3.63% 0 0 (5) Riverwalk at Port Imperial - 20.00% 0 0 0 6,236 9.00% Total - Subordinate Interests 3,026 24.59% $816,883 $824,199 $3,169 $334,993 Capital Balance Overview Priority Capital and Preferred Balances (1) Project Debt

Capitalization Details - 2 (As of September 30, 2015 27 3Q 2015 Third Outstanding Maximum Maturity Interest MCRC Party Return Apartments Ownership Balance Balance Date Rate Capital Capital Rate In-Construction Communities Consolidated Quarry Place at Tuckahoe 108 76.25% $6,568 $28,750 3/30/2017 L + 2.35% $15,384 $771 8.00% Port Imperial Hotels 364 90.00% 0 94,000 10/5/2018 L + 4.5% 0 0 The Chase II 292 100.00% 0 0 0 0 Worcester - I 237 100.00% 0 0 0 0 Consolidated Communities 1,001 93.80% $6,568 $122,750 $15,384 $771 Joint Ventures Marbella 2 311 24.27% $63,627 $77,400 3/30/2017 L + 2.25% $12,671 $39,802 9.00% URL ® Harborside - I 763 85.00% 22,916 192,000 8/1/2029 5.20% 0 0 Joint Ventures 1,074 67.41% $86,543 $269,400 $12,671 $39,802 Commercial Port Imperial Garage II - 100.00% $0 $0 $0 $0 Port Imperial Retail II - 100.00% 0 0 0 0 Commercial 100.00% $0 $0 $0 $0 Total - In-Construction Communities 2,075 $93,111 $392,150 $28,055 $40,573 Future Developments Lofts at 40 Park 59 25.00% $1,117 $1,117 9/30/2016 L + 2.50% $0 $1,105 - PI North - Building C 363 20.00% 0 0 456 28,618 10.00% Port Imperial North 836 20.00% 0 0 4,985 57,733 - Port Imperial South 1,126 50.00% 44,771 45,100 11/18/2015 L + 1.75% 14,582 0 Prime + 8.00% (8) Future Development 8,517 76.96% 0 0 0 0 (9) Total - Future Developments 10,901 67.63% $45,888 $46,217 $20,023 $87,456 Total Portfolio 18,620 $1,309,653 $1,622,366 $79,263 $547,289 Notes: (3) Excludes non interest bearing land capital accounts to Port Imperial South, L.L.C. in the amount of $6 million. Roseland's participation is approximately $2.7 million. (5) Equity Capital balances apply to Metropolitan at 40 Park and Shops at 40 Park. The MCRC balance represents capital account held by Rosewood Epsteins, L.L.C., of which the Company owns a 50 percent interest. (6) Overlook Apartments Investors entered into an interest rate swap agreement with a commercial bank. The swap agreement fixes the all-in rate to 3.0875 percent per annum thru November 2, 2015. Project Debt (9) Represents average ownership in Future Development land holdings. (7) PruRose 13 entered into an interest rate swap agreement with a commercial bank. The swap agreement fixes the all-in rate to 2.79 percent per annum for the period thru January 1, 2016. (8) Represents Member Loan Balance and accrued unpaid interest. Subsequent to quarter-end, upon the closing of the Hotel Loan, the loan balance was amortized to approximately $3.8 million. Capital Balance Overview * Ownership represents Company participation after satisfaction of Priority Capital. (1) Includes outstanding preferred returns, where applicable. (2) Upon a capital event, the Company receives a promoted additional 25 percent interest over a 9.00 percent IRR to heads-up capital accounts. (4) The MCRC Balance represents capital account held by Marbella Rosegarden, L.L.C., of which the Company owns a 48.53 percent interest.

2016 Highlights 28 3Q 2015 Portfolio: Construction start activities in Q4 2015 and 2016 of approximately 2,600 apartments will produce a target operating and in-construction portfolio at year-end 2016 of 10,274 apartments: Capital: The company projects total capital requirements for this 2,600 apartment portfolio growth will be approximately $807 million. Roseland’s share of capital, after accounting for construction financing and committed joint venture equity, will be approximately $151 million* with projected average ownership of approximately 62.5%. As such, the Company’s total 2016 capital commitments are: Category In Construction Portfolio – Remaining Commitment 4Q 2015 and 2016 Starts* Less: Land / Other Receivables Total Amount ($M) $49 151 (25) $175 * Approximately $30 million to be spent in 2017.

Definitions 29 3Q 2015 Average Revenue Per Home: Calculated as total apartment revenue for the quarter ended June 30, 2015, divided by the average percent occupied for the quarter ended June 30, 2015, divided by the number of units and divided by 3 Percentage Leased: The percentage of units that are either currently occupied or vacant units leased for future occupancy. Consolidated Operating Communities: Wholly owned communities and communities whereby the Company has a controlling interest. Predevelopment Communities: Communities where the Company has commenced predevelopment activities that have a near-term projected project start. Future Development: Represents land inventory currently owned or controlled by the Company. Project Completion: As evidenced by a certificate of completion by a certified architect or issuance of a final or temporary certificate of occupancy. In-Construction Communities: Communities that are under construction and have not yet commenced initial leasing activities. Project Stabilization: Lease-Up communities that have achieved over 95 Percent Leased for six consecutive weeks. Lease-Up Communities: Communities that have commenced initial operations but have not yet achieved Project Stabilization. Projected Stabilized NOI: Pro forma NOI for Lease-Up, In-Construction or Future Development communities upon achieving Project Stabilization. Joint Ventures: Joint ventures in which the Company invests capital alongside Joint Venture partners with contributions made in proportion to each member's ownership percentage. Projected Stabilized Yield: Represents Projected Stabilized NOI divided by Total Costs. MCRC Capital: Represents cash equity that the Company has contributed or has a future obligation to contribute to a project. Repurposing Communities: Commercial holdings of the Company which have been targeted for rezoning from their existing office to new multi-family use and have a likelihood of achieving desired rezoning and project approvals. Net Asset Value (NAV): We consider NAV to be a useful metric for investors to estimate the fair value of the Roseland platform. The metric represents the net projected value of the Company’s interest after accounting for all priority debt and equity payments. The metric includes capital invested by the Company. Subordinated Joint Ventures: Joint Venture communities where the Company's ownership distributions are subordinate to payment of priority capital preferred returns Net Operating Income (NOI): Total property revenues less real estate taxes, utilities and operating expenses. Third Party Capital: Capital invested other than MCRC Capital. Operating Communities: Communities that have achieved Project Stabilization. Total Costs: Represents full project budget, including land and developer fees, and interest expense through Project Completion.

DISCLOSURE REGARDING FORWARD-LOOKING STATEMENTS We consider portions of this information, including the documents incorporated by reference, to be forward-looking statements within the meaning of Section 21E of the Securities Exchange Act of 1934, as amended. We intend such forward-looking statements to be covered by the safe harbor provisions for forward-looking statements contained in Section 21E of such act. Such forward-looking statements relate to, without limitation, our future economic performance, plans and objectives for future operations and projections of revenue and other financial items. Forward-looking statements can be identified by the use of words such as “may,” “will,” “plan,” “potential,” “projected,” “should,” “expect,” “anticipate,” “estimate,” “continue” or comparable terminology. Forward-looking statements are inherently subject to risks and uncertainties, many of which we cannot predict with accuracy and some of which we might not even anticipate. Although we believe that the expectations reflected in such forward-looking statements are based upon reasonable assumptions at the time made, we can give no assurance that such expectations will be achieved. Future events and actual results, financial and otherwise, may differ materially from the results discussed in the forward-looking statements. Readers are cautioned not to place undue reliance on these forward-looking statements. Among the factors about which we have made assumptions are: -risks and uncertainties affecting the general economic climate and conditions, which in turn may have a negative effect on the fundamentals of our business and the financial condition of our tenants and residents; -the value of our real estate assets, which may limit our ability to dispose of assets at attractive prices or obtain or maintain debt financing secured by our properties or on an unsecured basis; -the extent of any tenant bankruptcies or of any early lease terminations; -our ability to lease or re-lease space at current or anticipated rents; -changes in the supply of and demand for our properties; -changes in interest rate levels and volatility in the securities markets; -our ability to complete construction and development activities on time and within budget, including without limitation obtaining regulatory permits and the availability and cost of materials, labor and equipment; -forward-looking financial and operational information, including information relating to future development projects, potential acquisitions or dispositions, and projected revenue and income; -changes in operating costs; -our ability to obtain adequate insurance, including coverage for terrorist acts; -our credit worthiness and the availability of financing on attractive terms or at all, which may adversely impact our ability to pursue acquisition and development opportunities and refinance existing debt and our future interest expense; -changes in governmental regulation, tax rates and similar matters; and -other risks associated with the development and acquisition of properties, including risks that the development may not be completed on schedule, that the tenants or residents will not take occupancy or pay rent, or that development or operating costs may be greater than anticipated. For further information on factors which could impact us and the statements contained herein, see Item 1A: Risk Factors in MCRC’s Annual Report on Form 10-K for the year ended December 31, 2014. We assume no obligation to update and supplement forward-looking statements that become untrue because of subsequent events, new information or otherwise. This Supplemental Operating and Financial Data is not an offer to sell or solicitation to buy any securities of the Mack-Cali Reality Corporation (“MCRC”). Any offers to sell or solicitations of the MCRC shall be made by means of a prospectus. The information in this Supplemental Package must be read in conjunction with, and is modified in its entirety by, the Quarterly on Form 10-Q (the “10-Q”) filed by the MCRC for the same period with the Securities and Exchange Commission (the “SEC”) and all of the MCRC’s other public filings with the SEC (the “Public Filings”). In particular, the financial information contained herein is subject to and qualified by reference to the financial statements contained in the 10-Q, the footnotes thereto and the limitations set forth therein. Investors may not rely on the Supplemental Package without reference to the 10-Q and the Public Filings. Any investors’ receipt of, or access to, the information contained herein is subject to this qualification. 30 3Q 2015