The Company- Roseland Residential Trust 5 4Q 2015 Roseland Residential Trust (RRT or Roseland), Mack-Cali’s multi-family platform, 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 RRT was formed on December 31, 2015 as a separate subsidiary of Mack-Cali to further facilitate disclosures, transparency and capital flexibility of the residential platform. RRT contains all of Mack-Cali’s residential holdings, including office assets with likely residential repurposing potential RRT’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 RRT’s executive leadership, a cohesive team since 2003, has an average experience of 18 years at Roseland and 27 years in the industry: Marshall Tycher President Andrew Marshall Chief Operating Officer Ivan Baron Chief Legal Counsel Bob Cappy Chief Financial Officer Gabriel Shiff Chief Investment Officer Brenda Cioce President, Roseland Residential Services

Roseland Overview- Management’s Discussion & Objectives 6 4Q 2015 RRT oversees Mack-Cali’s continued expansion into the residential sector where fundamentals and macroeconomic trends in our core geographies continue to show strength. RRT manages a growing portfolio of owned, under construction, and future development assets on the New Jersey Waterfront, Boston, Philadelphia and Washington D.C, with the remaining holdings primarily in suburban locations in high income areas in New Jersey. RRT is well positioned to benefit from the shortage of housing and demographics in these markets. Current Portfolio: Roseland’s high-barrier-to-entry portfolio is at the forefront of characteristics supportive of market-leading valuations and competitive with leading publicly traded residential REITs: (i) top in market rents (ii) young average building age (iii) geographically concentrated exclusively in the Northeast. Roseland is exploring alternatives to further expand its ownership in its existing portfolio Target Portfolio: RRT projects over 14,000 operating and in-construction apartments by year-end 2018. This growth of approximately 6,000 apartments will be achieved through development and repurposing activities from Roseland’s valuable land holdings This growth is not subject to acquisition risk as Roseland controls a sizable future development portfolio including highly accretive repurposing activities (approximately ten are active) The future development is substantially in communities where Roseland has developed before, or more specifically adjacent to existing developments. This allows RRT to have intimate knowledge on operating expenses and construction costs, and most importantly, achievable rent thresholds. This dramatically reduces our development risk Market Conditions: We are seeing continued strength in our key markets, with increasing rents and strong absorption. Our 2016 deliveries have projected opening rent schedules approximately 10% higher than pre-construction underwriting Geography: Consistent with its history, Roseland plans to develop the finest residential portfolio in the Northeast focused on transit-based / urban locations. RRT developments will be concentrated around the following principal locations: New Jersey Waterfront (Jersey City and Port Imperial), Boston Region, Suburban New York/New Jersey, Washington, DC, and Philadelphia Region

Roseland Overview- 4Q Highlights Trust Formation: On December 31, 2015 Mack-Cali formed Roseland Residential Trust, a private REIT owned by Mack-Cali dedicated to the execution of its residential growth strategy. RRT will execute Mack-Cali’s residential activities in the future including: the buildout of Roseland’s land portfolio, the repurposing of non-strategic Mack-Cali office holdings and the sourcing of new marketplace development and acquisition opportunities Acquisitions: RRT reached an agreement to acquire the remaining JV partner interest in The Chase at Overlook Ridge (closed January 5, 2016) based on a project valuation of $104 million As RRT placed acquisition financing of $72.5 million and harvested its in-place promote value of $11.5 million, it will recognize initial returns on its net $21 million cash investment of approximately 14% Construction Starts: RRT commenced construction on two developments comprised of 493 apartments, including its first repurposing development of a previous Mack-Cali office site in Morris Plains: In-Construction Activities: RRT advanced construction on six additional projects, many of which will deliver in 2016: URL® Harborside - I (763 apartments) and Marbella 2 in Jersey City, NJ (311 apartments) Quarry Place in Tuckahoe, NY (108 apartments), Marriott Hotels at Port Imperial (364 keys), Worcester - I (237 apartments) and Chase II (292 apartments) in Massachusetts. Lease Up Activities: RRT stabilized RiverParc at Port Imperial (280 apartments) Project Location Apts Ownership Projected Total Costs Projected Stabilized NOI Projected Stabilized Yield Signature Place Portside 5/6 Morris Plains, NJ East Boston, MA 197 296 100% 85% $61,300 112,601 $3,891 6,882 6.35% 6.11% Total 493 $173,901 $10,773 6.19% 7 4Q 2015

(1) Year-end 2018 projections based on execution of Roseland’s development and operating forecasts described herein. Actual Growth: Since Mack-Cali’s acquisition three years ago, Roseland has exhibited growth across key financial metrics: Operating Apartments, NAV, Cash Flow Projected Growth: Through completion and lease-up of its active construction portfolio (2,568 apartments and keys) and construction commencement of its 2016 development schedule, Roseland will continue to show significant financial growth over the next three years Roseland Overview- NAV and Cash Flow Growth 8 4Q 2015 October 2012 Year End 2015 Year End 2018 (1) Operating & Construction Apts. 3,533 8,207 14,136 Future Development Apts. 7,086 11,286 5,357 Subordinated Joint Venture Apts. 3,533 3,025 1,235 Average Operating and Construction Ownership 22.3% 56.1% 71.2% Annual Property Cash Flow ($ in millions) $0.5 $16.5 NAV ($ in millions) $115 $1,118 Projected Growth Actual Growth

Portfolio Overview- Net Asset Value (NAV) Breakdown As reflected below, primary contributors to Roseland’s approximate $1.12 billion NAV from a grossed up asset value of approximately $4.5 billion are: Ownership: Predominantly consolidated and joint venture interests (~90%) Location: Geographically concentrated on the New Jersey Waterfront and Greater Boston markets (~74%) 11 4Q 2015 Note: The Suburban NY/NJ region includes Roseland’s interest in Lincoln Harbor and repurposing candidates in that region. $ in millions Q4 2015 Apts/Keys NAV % Operating Communities Consolidated / Wholly Owned 1,301 $336,688 30% Joint Venture 1,313 98,389 9% Subtotal - Operating Communities (1) 2,614 $435,077 39% In-Construction Communities Consolidated / Wholly Owned 1,198 $211,130 19% Joint Venture 1,370 253,306 23% Subtotal - In-Construction Communities 2,568 $464,436 42% Future Development (2) Jersey City Developments 3,900 $77,260 7% Port Imperial Developments 2,325 27,164 2% Other Land / Platform 5,061 112,650 10% Subtotal - Future Development Communities 11,286 $217,074 19% Subordinate Interests (1) 3,025 $98,399 9% Equity to Complete In-Construction / Renovations (96,864) -9% Total Net Asset Value - Q4 2015 (3) 19,493 $1,118,123 100% Total Net Asset Value - Q3 2015 $1,046,640 Notes: (1) Based on average capitalization rate of 4.78%. (2) Future Development portfolio is entirely owned/controlled by Mack-Cali and RRT. (3) Unit count and NAV includes approximately 1,332 Identified Repurposing apartments. Hudson Waterfront , $456,266 , 41% Suburban NY / NJ , $145,868 , 13% Boston Region , $378,126 , 34% Washington, DC , $93,563 , 8% Other , $29,300 , 3% Platform , $15,000 , 1% Geographic Distribution

Portfolio Overview- Repurposing Candidates RRT is actively repurposing select Mack-Cali office holdings to residential use, with the first construction start in 4Q 2015 (Signature Place at Morris Plains) and two scheduled starts: Roseland is seeking approvals on multiple additional repurposing developments, including 700 planned apartments owned by RRT and 1,332 Identified Repurposing candidates We anticipate repurposing activities will provide material value creation. For example, the Short Hills value creation is: Current office book basis: $4.1 million Via the rezoning process, Roseland has received approvals for the repurposing of 233 Canoe Brook Road and portions of Mack-Cali’s 150 JFK Parkway surface parking lot, for 200 apartments (170 market-rate) and 225 hotel keys The combined features of the hotel, luxury multi-family, and 255,000 Class A Mack-Cali office will be one of the finest mixed-use developments in the region As approved, the estimated value of the Short Hills repurposing is approximately: $23.1 million (net ~$19 million) 13 Short Hills, NJ Apts: 200 Target Start: 2017 Signature Place at Morris Plains, NJ Apts: 197 Started: 4Q 2015 Bala Cynwyd, PA Apts: 206 Target Start: 2016 Total Current Apts. 1,303 NAV ($M) $53 4Q 2015

Geographic Breakdown- New Jersey Waterfront: Jersey City In addition to Mack-Cali’s dominant office presence, Roseland is one of the leading owners and developers in the Jersey City residential market. Portfolio highlights include: 14 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 $8.7 million. 723 57 Additional Interests Monaco (Operating): A 15% subordinated interest in the 523 apartment tower. San Remo (2017 Start): A 33.3% joint venture interest to develop 250 apartments adjacent to Monaco. URL® Harborside II and III (Future): Fully entitled land to develop approximately 1,500 apartments in two towers subject to the same development agreement as URL® I. Liberty Landing (Future): Development rights to build 850 apartments near the Jersey City Medical Center. Current ownership 50%. Plazas 8 and 9 (Future): Development potential of approximately 1,300 apartments on the waterfront with potential rezoning increases. Current ownership 50%. 523 250 1,500 850 1,300 10 0 51 0 26 Total 5,909 $314 4Q 2015 URL® Harborside

Geographic Breakdown- New Jersey Waterfront: Port Imperial Roseland is the master developer of Port Imperial, a 200-acre master planned community on the New Jersey waterfront directly across from midtown Manhattan in the townships of Weehawken and West New York. Roseland’s interests in Port Imperial are comprised of: 15 Project Overview Apts. NAV ($M) RiverTrace, RiversEdge, RiverParc (Operating) Subordinated interests in three stabilized communities totaling 832 apartments; RiverParc completed its lease-up in 4Q 2015 832 $15 Port Imperial Hotel (In-Construction) In 3Q 2015, Roseland commenced construction on a dual flag (Renaissance and Residence Inn) 364-key hotel. The hotels will be situated in the heart of Port Imperial, have significant capacity for food and beverage, and will be the cornerstone amenity for the Port Imperial community. Roseland’s ownership is 90%. 364 60 Port Imperial Garages (Operating) Roseland developed two garages (1,586 spaces) 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 serves as the foundation and parking for the recently started Port Imperial Hotel. n/a 35 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 1,125 fully entitled apartments and an office parcel for 290,000 square feet. The next projected start is Building 11 in 1Q 2016. Retail (Operating): Roseland has a series of ground floor retail condominium interests. 1,199 1,125 n/a 3 20 3 Total 3,520 $136 4Q 2015 Port Imperial Masterplan

Geographic Breakdown- Boston Region Roseland has significant holdings in the greater Boston marketplace highlighted by its investment in the Overlook Ridge masterplan community located off Route 1, five-miles north of Boston 16 Project Overview Apts. NAV ($M) Alterra at Overlook Ridge (Operating) A wholly owned 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 approximately $9.1 million. 722 $191 Chase I and Chase II at Overlook Ridge (Operating & In-Construction) A wholly owned interest in the stabilized 371 apartment Chase I (subsequent to year end, Roseland acquired its joint venture partner’s interest). A wholly owned interest in the 292 apartment Chase II which commenced construction in 3Q 2015. Projected combined NOI of the Chase community is approximately $10.2 million. 663 71 Portside @ East Pier (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 175 apartment Phase I (NAV of $3.9 million), recently started the 296-apartment Phase II, and has future development rights for approximately 160 apartments on the pier. 631 26 Additional Interests Andover (Operating): A wholly owned unencumbered 220 apartment community undergoing repositioning. Worcester (In-Construction & Future): A recently commenced construction (Phase I - 237 apartments) in the heart of Worcester, representing the residential revitalization of downtown. The 128 apartments of Phase II will commence construction in the future. Roseland owns 100% of the Worcester development. Overlook Ridge (Future): A wholly owned unencumbered interest to develop an additional 742 apartments and ancillary commercial uses. 220 365 742 41 19 30 Total 3,343 $378 4Q 2015 Overlook Ridge Masterplan

Geographic Breakdown- Suburban NY/NJ Roseland’s presence in these markets is comprised of current operating communities, in-construction projects, and multiple future development and Repurposing opportunities. 17 Project Overview Apts. NAV ($M) Park Square and Riverwatch (Operating) Roseland acquired these communities located in Rahway (159 apartments) and New Brunswick (200 apartments). The acquired communities have a projected combined NOI of $4.5 million. 359 $61 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 33 RiverPark at Harrison (Operating) Located on the waterfront in Harrison, NJ, the 141-apartment community recently achieved stabilization. Roseland has a 45% joint venture interest. 141 4 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 (130 apartments) and Shoppes at 40 Park, and is preparing for a construction start for the 59-apartment Lofts in 2016. 189 1 Additional Interests Roseland’s holdings in New Jersey also include a subordinated interest in Estuary on the Weehawken waterfront (582 apartments), a series of repurposing candidates, and contract rights near the Freehold Raceway Mall (400 apartments). 982 6 Total 1,779 $105 4Q 2015 Park Square Exterior

Geographic Breakdown- 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: 18 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 $9.7 million, is current leasing up with an expected stabilization date in 2Q 2016. 378 $57 Crystal House (Operating & Future) In joint venture with UBS, Roseland acquired a 25% interest in the 825 apartment Crystal House. The venture embarked on an approximate $30.5 million repositioning plan to modernize the common amenities and apartments. In joint venture with UBS, Roseland also acquired a 50% interest in the next phases of the Crystal House community including approximately 552 apartments. Predevelopment activities have commenced on the projected 2017 construction start of Crystal House III (252 apartments). 794 552 29 8 Philadelphia Interests Conshohocken: Roseland acquired a parcel for the development of 310 apartments along the Conshohocken waterfront. Other: Roseland is in negotiation to acquire a 273-apartment development in Center City. 310 273 14 n/a Total 2,307 $108 4Q 2015 Station House Lobby

Financial Highlights- RRT Balance Sheet 20 $ in thousands AS OF AS OF DEC 31, 2015 DEC 31, 2014 ASSETS Rental Property Land and leasehold interests 177,580 148,141.38 Buildings and improvements 495,243 442,623 Furniture, Fixtures and Equipment 12,737 9,786 Total Gross Rental Property 685,559 (1) 600,550 Less: Accumulated Depreciation (30,642) (20,306) Net Investment in Rental Property 654,917 580,244 Cash and cash equivalents 6,802 3,292 Investments in unconsolidated JV's 227,317 (1) 169,841 Unbilled rents receivable, net 43 283 Deferred Charges & Other Assets 31,847 15,573 Restricted Cash 2,607 1,308 Accounts receivable, net of allowance 1,815 1,932 Total Assets 925,347 772,474 LIABILITIES & EQUITY LIABILITIES Mortgages, loans payable & other oblig 116,973 144,879 Accounts pay, accrued exp and other liab 32,569 25,675 Rents recv'd in advance & security deposits 1,713 1,291 Accrued interest payable 282 335 Total Liabilities 151,537 172,179 EQUITY Partner's Capital/Stockholders' Equity 716,608 (2) 544,782 Minority interests 57,202 55,512 Total Equity 773,810 600,295 Total Liabilities & Equity 925,347 772,474 Notes: (1) As of 12/31/15, gross asset value of RRT's rental property and unconsolidated ventures was approximately $4.5 billion. (2) As reflected on the NAV Breakdown page, we estimate RRT's current NAV at $1.12 billion.

Financial Highlights- Same Store Comparison 21 $ in thousands Sequential Quarter Comparison Quarter Ended Quarter Ended % December 31, 2015 September 30, 2015 Change Number of Homes 5,021 Revenue Per Home $2,412 $2,393 0.79% Revenues $35,243 $35,039 0.58% Operating Expenses 13,930 14,337 -2.84% Net Operating Income $21,313 $20,702 2.95% Calendar Quarter Comparison Quarter Ended Quarter Ended % December 31, 2015 December 31, 2014 Change Number of Homes 3,210 Revenue Per Home $2,380 $2,313 2.90% Revenues $21,873 $21,642 1.07% Operating Expenses 9,102 8,705 4.57% Net Operating Income $12,771 $12,937 -1.29% Year-to-Date Comparison Year Ended Year Ended % December 31, 2015 December 31, 2014 Change Number of Homes 3,210 Revenue Per Home $2,321 $2,299 0.96% Revenues $86,975 $85,018 2.30% Operating Expenses 35,356 33,403 5.85% Net Operating Income $51,619 $51,615 0.01%

Equity Raise: The Company has engaged Eastdil Secured to raise $300M or more in direct equity investment in RRT. The form of this investment would be common equity with no promote or subordination of Mack-Cali’s co-investment equity. The equity raise effort commenced in February 2016. 2016 Highlights 22 4Q 2015 Portfolio: Projected construction start activities in 2016 of 1,906 apartments will produce a target operating and in-construction portfolio at year-end 2016 of 10,113 apartments: Capital Commitments: Roseland projects its net share of capital requirements for this 1,906 apartment start activity will be approximately $167 million (including land), with average target ownership of approximately 81%. As such, the Company’s total 2016 capital commitments are: Category In-Construction Portfolio – Remaining Commitment 2016 Starts* Total Amount ($M) $81 167 $248 * Approximately $77 million estimated to be spent in 2016.

Financial Highlights- Operating Communities 24 4Q 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 Q4 2015 Q3 2015 Q4 2015 Q3 2015 Q4 2015 Q3 2015 2015 Consolidated Alterra at Overlook Ridge (1) Revere, MA 100.00% 722 663,139 918 2008 96.5% 98.1% $1,839 $1,790 $2,155 $2,100 $8,124 Park Square Rahway, NJ 100.00% 159 184,957 1,163 2009 95.0% 96.9% 2,165 2,137 521 508 2,024 Riverwatch (1) New Brunswick, NJ 100.00% 200 147,852 739 1997 94.0% 95.5% 1,699 1,683 392 65 1,433 Andover Place (1) Andover, MA 100.00% 220 178,101 810 1989 99.1% 98.2% 1,418 1,413 432 372 1,568 Consolidated 100.00% 1,301 1,174,049 902 96.4% 97.6% $1,786 $1,752 $3,500 $3,045 $13,149 Joint Ventures Crystal House (1)(2) Arlington, VA 25.00% 794 738,786 930 1962 95.1% 97.3% $1,787 $1,801 $2,212 $2,363 $9,620 RiverPark at Harrison Harrison, NJ 45.00% 141 125,498 890 2014 95.9% 98.6% 2,155 2,044 484 385 797 Joint Ventures 28.02% 935 864,284 924 95.2% 97.5% $1,842 $1,838 $2,696 $2,748 $10,417 Total Residential - Stabilized 69.90% 2,236 2,038,333 912 95.9% 97.5% $1,810 $1,788 $6,196 $5,793 $23,566 Lease-up Station House Washington, DC 50.00% 378 290,348 768 2015 73.3% 56.9% NA NA $583 $60 $245 Lease-up 50.00% 378 290,348 768 73.3% 56.9% NA NA $583 $60 $245 Total Residential - Operating Communities (3) 67.02% 2,614 2,328,681 891 NA NA NA NA $6,779 $5,853 $23,811 Parking Commercial Spaces Port Imperial Garage South Weehawken, NJ 43.75% 800 320,426 2013 NA NA NA NA $569 $574 $2,062 Port Imperial Retail I Weehawken, NJ 43.75% 16,736 2013 52.2% 52.2% NA NA (7) (46) (106) Total Commercial Communities 43.75% 800 337,162 52.2% 52.2% NA NA $562 $528 $1,956 Notes: (1) Assets planned for or currently undergoing repositioning. (2) Unit count excludes 31 apartments offline until completion of all renovations; Percentage Leased excludes units undergoing renovation. (3) Excludes approximately 39,310 SF of ground floor retail. Operating Highlights

Financial Highlights- In-Construction Communities As of December 31, 2015, Roseland had: Wholly owned or joint venture interests in 2,568 in-construction apartments and hotel keys (8 projects), including two communities that commenced construction in 4Q 2015: Signature Place at Morris Plains: The initial repurposing of the existing 250 Johnson Road Mack-Cali office in a park like setting overlooking a lake in the heart of desirable Morris County Portside 5/6: A development located adjacent to the stabilized Portside 7. Upon completion, the combined 471 apartment Portside @ Pier One development will be operated as one community The in-construction portfolio is projected to produce stabilized NOI of $68.3 million; Roseland average ownership/participation is approximately 82% We envision lease-up commencements of Marbella 2 in 1Q 2016, with commencements at URL® Harborside and Quarry Place at Tuckahoe also in 2016 Roseland has a remaining capital commitment to the buildout of this portfolio of approximately $81 million: 25 4Q 2015 Portside 5/6 $31 Signature Place 17 Worcester I 12 Other Projects (each under $8 million) 21 Total $81

Financial Highlights- In-Construction Communities 26 4Q 2015 Third Projected Projected Apartment MCRC Party 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 $29,609 $14,683 Q1 2014 Q2 2016 Q1 2017 $3,448 6.90% Marriott Hotels @ Port Imperial Weehawken, NJ 90.00% 364 129,600 94,000 32,040 3,560 32,054 28,784 Q3 2015 Q1 2018 Q1 2019 13,000 10.03% The Chase II at Overlook Ridge Malden, MA 100.00% 292 74,900 48,000 26,900 0 22,118 18,901 Q3 2015 Q1 2017 Q1 2018 4,873 6.51% Worcester - I Worcester, MA 100.00% 237 59,200 41,500 17,700 0 6,057 5,889 Q3 2015 Q1 2017 Q4 2017 3,819 6.45% Signature Place at Morris Plains (1) Morris Plains, NJ 100.00% 197 61,300 42,000 19,300 0 1,948 1,948 Q4 2015 Q4 2017 Q3 2018 3,891 6.35% Portside 5/6 (1) East Boston, MA 85.00% 296 112,600 73,000 33,660 5,940 2,822 2,317 Q4 2015 Q1 2018 Q1 2019 6,882 6.11% Consolidated 92.87% 1,494 $487,550 $327,250 $150,541 $9,759 $94,608 $72,522 $35,913 7.29% Joint Ventures M2 at Marbella Jersey City, NJ 24.27% 311 $132,100 $77,400 $13,271 $41,429 $122,175 $12,012 Q3 2013 Q1 2016 Q1 2017 $8,666 6.56% URL® Harborside - I Jersey City, NJ 85.00% 763 320,305 192,000 109,059 19,246 210,221 109,059 Q4 2013 Q4 2016 Q3 2018 21,803 6.81% Joint Ventures 67.41% 1,074 $452,405 $269,400 $122,330 $60,675 $332,396 $121,071 $30,469 6.73% Total Residential Communities 82.23% 2,568 $939,955 $596,650 $272,871 $70,434 $427,004 $193,593 $66,382 7.06% Parking Commercial Spaces Port Imperial Garage North Weehawken, NJ 100.00% 786 $26,575 $0 $26,575 $0 $26,575 $24,666 Q3 2014 Q4 2015 NA $1,618 6.09% Port Imperial Retail North Weehawken, NJ 100.00% - 4,479 0 4,479 0 4,328 4,328 Q3 2014 Q3 2016 NA 318 7.10% Commercial 100.00% $31,054 $0 $31,054 $0 $30,903 $28,994 $1,936 6.23% Total In-Construction Communities 82.23% 2,568 $971,009 $596,650 $303,925 $70,434 $457,907 $222,587 $68,318 7.04% Notes: (1) Project level debt represents target commitments scheduled to close in early 2016. Development Schedule Project Capitalization - Total Capital as of 4Q-15

Financial Highlights- Subordinated Interest Communities As of December 31, 2015, Roseland had: Subordinated interests in 2,745 stabilized operating apartments and 280 lease-up apartments The subordinated stabilized portfolio had a leased percentage of 97.3%, compared to 98.0% in 3Q The lease-up portfolio had a leased percentage of 96.4% (reached stabilization), compared to 83.2% in 3Q (representing leasing achievement of 37 apartments) Roseland is actively evaluating converting its promoted interests via disposition, acquisition or ownership buy-ups across all its subordinated interest communities. Recent successes include: The Chase at Overlook Ridge - I: On January 5, 2016 Roseland acquired its JV partner’s interest. By utilizing its in-place promoted interest, the valuation approximates to a 5.75% capitalization rate investment. With the closing of acquisition financing, Roseland will recognize immediate levered returns on capital in excess of 14% Morristown Train Station: In 2Q 2015, Roseland sold its interest for $6.4 million, representing an approximate 4.5% cap rate valuation Roseland has not formed a subordinated interest JV in three-years, nor will it use this ownership structure on future developments 27 4Q 2015

Financial Highlights- Subordinated Interest Communities 28 4Q 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 Q4 2015 Q3 2015 Q4 2015 Q3 2015 Q4 2015 Q3 2015 2015 Stabilized (1) Marbella Jersey City, NJ 24.27% 412 369,515 897 2003 96.8% 96.8% $3,071 $3,058 $2,353 $2,435 $9,590 Monaco Jersey City, NJ 15.00% 523 475,742 910 2011 97.3% 98.1% 3,398 3,426 3,634 3,638 14,106 RiversEdge at Port Imperial Weehawken, NJ 50.00% 236 214,963 911 2009 98.3% 98.7% 2,903 2,957 763 951 3,912 RiverTrace at Port Imperial Weehawken, NJ 25.00% 316 295,767 936 2014 96.5% 97.5% 3,190 3,055 1,805 1,672 6,751 The Estuary Weehawken, NJ 7.50% 582 530,587 912 2014 97.4% 98.8% 2,924 2,883 3,167 3,024 11,433 Metropolitan at 40 Park Morristown, NJ 12.50% 130 124,237 956 2010 100.0% 99.2% 3,224 3,282 741 704 2,811 Portside at East Pier - 7 East Boston, MA 38.25% 175 156,091 892 2015 98.9% 98.3% 2,295 2,348 938 440 1,051 The Chase at Overlook Ridge (2) Malden, MA 50.00% 371 337,060 909 2014 96.2% 97.6% 1,967 1,891 1,381 1,346 4,911 Subtotal - Stabilized 25.06% 2,745 2,503,962 912 97.3% 98.0% $2,910 $2,890 $14,782 $14,210 $54,565 Lease-Up RiverParc at Port Imperial Weehawken, NJ 20.00% 280 255,828 914 2015 96.4% 83.2% $814 $529 $904 Subtotal - Lease-Up 20.00% 280 255,828 914 96.4% 83.2% N/A N/A $814 $529 $904 Total Residential Operating Communities (3) 24.59% 3,025 2,759,790 912 97.2% 96.7% $2,910 $2,890 $15,596 $14,739 $55,469 Commercial Comm SF Shops at 40 Park Morristown, NJ 12.50% 50,973 2010 60.4% 60.4% NA NA $206 $194 $792 Riverwalk at Port Imperial West New York, NJ 20.00% 30,745 2008 64.0% 64.0% NA NA 155 162 630 Total Commercial Communities 15.32% 81,718 61.8% 61.8% NA NA $361 $356 $1,422 Notes: (1) Ownership represents Company participation after satisfaction of Priority Capital. See Capitalization Details schedule herein. (2) On January 5, 2016 Roseland acquired JV partner interest thereby converting the asset to wholly owned. (3) Excludes approximately 34,350 SF of ground floor retail. Operating Highlights

Financial Highlights- 2016 Starts As of December 31, 2015 the Company had a future development portfolio of approximately 11,286 apartments comprised of: Predevelopment (1,906 apartments): Communities with likely starts through year-end 2016 Future Developments (9,380 apartments): Roseland owned/controlled future development sites, includes 1,332 apartments of Identified Repurposing communities 2016 starts are projected to generate approximately $164 million in value: 29 4Q 2015 Note: (1) Roseland has a signed acquisition agreement, subject to certain conditions. Value Creation Summary Projected Average Yield 6.30% Projected NOI $39,869 Gross Value @ 5.00% Cap $797,380 Less: Projected Costs (633,122) Net Value Creation @ 100% $164,258 Current Scheduled Predevelopment Communities Location Apartments Ownership Start Costs MC Capital NOI Yield PI South - Building 11 Weehawken, NJ 295 50.00% Q1 2016 $117,620 $38,145 $7,578 6.44% Lofts at 40 Park Morristown, NJ 59 25.00% Q2 2016 17,924 3,223 1,163 6.49% Conshohocken Conshohocken, PA 310 100.00% Q3 2016 85,932 17,600 5,192 6.04% 150 Monument Road (repurposing) Bala Cynwyd, PA 206 100.00% Q3 2016 53,952 18,883 3,394 6.29% Freehold (1) Freehold, NJ 400 100.00% Q4 2016 96,687 33,841 6,204 6.42% 709 Chestnut (1) Philadelphia, PA 273 75.00% Q4 2016 116,007 37,603 7,072 6.10% PI North - Building C West New York, NJ 363 20.00% Q4 2016 145,000 17,400 9,266 6.39% Predevelopment Communities 1,906 71.12% $633,122 $166,694 $39,869 6.30% Projected Projected

Financial Highlights- Future Start Communities 30 4Q 2015 Current Projected Approved / Future Developments Location Apartment Ownership Const Start Entitled Worcester - II Worcester, MA 128 100.00% 2017 fully Identified Repurposing A Northern NJ 250 100.00% 2017 none 233 Canoe Brook Road (1) (repurposing) Short Hills, NJ 200 100.00% 2017 partial San Remo (2) Jersey City, NJ 250 33.33% 2017 partial Overlook IIIC Malden, MA 252 100.00% 2017 partial Crystal House - III Arlington, VA 252 50.00% 2017 partial Liberty Landing Phase I Jersey City, NJ 265 50.00% 2017 partial PI South - Building 8/9 Weehawken, NJ 275 50.00% 2017 partial Subtotal - 2017 Starts 1,872 1633 Littleton (repurposing) Parsippany, NJ 300 100.00% Future fully Capital Office Park (repurposing) Greenbelt, MD 400 100.00% Future none Crystal House - Future Arlington, VA 300 50.00% Future partial Plaza 8 Jersey City, NJ 650 100.00% Future none Plaza 9 Jersey City, NJ 650 100.00% Future none Liberty Landing - Future Phases Jersey City, NJ 585 50.00% Future partial Overlook IIIA Malden, MA 445 100.00% Future partial Overlook IV Malden, MA 45 100.00% Future partial PI North - Building I West New York, NJ 224 20.00% Future partial PI North - Building J West New York, NJ 141 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 - Office 1/3 Weehawken, NJ N/A 50.00% Future partial PI South - Park Parcel Weehawken, NJ 224 50.00% Future partial Portside 1-4 East Boston, MA 160 85.00% Future none URL ® Harborside - II Jersey City, NJ 750 85.00% Future partial URL ® Harborside - III Jersey City, NJ 750 85.00% Future partial Identified Repurposing B Northern NJ 250 100.00% Future none Identified Repurposing C Northern NJ 160 100.00% Future none Identified Repurposing D Northern NJ 440 100.00% Future none Identified Repurposing E Westchester, NY 232 100.00% Future none RRT Future Developments 9,380 Total Predevelopment and Future Developments (3) 11,286 Notes: (1) Target approvals will likely also include approximately 225 hotel keys. (2) Ownership subject to change based on final negotiation. (3) Includes 1,332 Identified Repurposing opportunities

Capitalization Details (As of December 31, 2015) 31 4Q 2015 $ in thousands 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 794 25.00% $165,000 $165,000 4/1/2020 3.17% $28,178 $84,535 For IRR calc. purposes (2) RiverPark at Harrison 141 45.00% 30,000 30,000 8/1/2025 3.70% 1,599 2,076 approximates to JV ownership % Station House 378 50.00% 100,700 100,700 7/1/2033 4.82% 46,500 46,500 NA - heads up 50/50 venture Joint Ventures 1,313 34.35% $295,700 $295,700 $76,277 $133,111 Commercial Port Imperial Garage I 43.75% $32,600 $32,600 12/1/2029 4.78% $541 $4,653 (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 $541 $4,653 Total - Operating Communities 2,614 $359,800 $359,800 $76,818 $137,764 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 83,105 9.00% RiversEdge at Port Imperial 236 50.00% 57,500 57,500 9/1/2020 4.32% 0 44,139 9.00% RiverTrace at Port Imperial 316 25.00% 79,393 80,249 7/15/2021 6.00% 0 46,253 7.75% The Estuary 582 7.50% 210,000 210,000 3/1/2030 4.00% 0 18,546 8.50% Metropolitan at 40 Park 130 12.50% 38,410 38,410 9/1/2020 3.25% 695 21,198 9.00% (5) The Chase at Overlook Ridge (1) 371 50.00% 52,662 52,662 1/26/2016 L + 2.50% 0 25,484 6.50% (6) Portside at Pier One - 7 175 38.25% 42,500 42,500 12/4/2017 L + 2.50% 0 29,827 9.00% RiverParc at Port Imperial 280 20.00% 70,386 73,350 6/27/2016 L + 2.15% 2,403 54,640 9.00% (7) Shops at 40 Park - 12.50% 6,455 6,455 8/13/2018 3.63% 0 0 (5) Riverwalk at Port Imperial - 20.00% 0 0 0 6,074 9.00% Total - Subordinated Interests 3,025 24.59% $817,306 $821,126 $3,223 $336,833 Project Debt Capital Balance Overview Priority Capital and Preferred Balances (1)

Capitalization Details - 2 (As of December 31, 2015) 32 4Q 2015 $ in thousands 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% $10,937 $28,750 3/30/2017 L + 2.35% $16,895 $787 8.00% Marriott Hotels @ Port Imperial 364 90.00% 0 94,000 10/5/2018 L + 4.5% 29,371 3,263 8.00% The Chase II 292 100.00% 0 48,000 12/15/2018 L + 2.25% 0 0 Worcester - I 237 100.00% 0 41,500 12/10/2018 L + 2.50% 0 0 Signature Place at Morris Plains 197 100.00% 0 0 0 0 Portside 5/6 296 85.00% 0 0 0 0 Consolidated Communities 1,494 92.87% $10,937 $212,250 $16,895 $787 Joint Ventures M2 at Marbella 311 24.27% $68,046 $77,400 3/30/2017 L + 2.25% $13,563 $42,590 9.00% URL® Harborside - I 763 85.00% 63,871 192,000 8/1/2029 5.20% 0 0 Joint Ventures 1,074 67.41% $131,917 $269,400 $13,563 $42,590 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 2,568 $142,854 $481,650 $30,458 $43,377 Future Developments Lofts at 40 Park 59 25.00% $1,117 $1,117 9/30/2016 L + 2.50% $0 $1,125 - PI North - Building C 363 20.00% 0 0 508 29,509 10.00% Port Imperial North 836 20.00% 0 0 4,985 57,733 - Port Imperial South 1,125 50.00% 34,962 35,100 1/17/2016 L + 1.75% 5,405 0 Prime + 8.00% (8) Future Development 8,923 86.79% 0 0 0 0 (9) Total - Future Developments 11,306 75.72% $36,079 $36,217 $10,898 $88,367 Total Portfolio 19,514 $1,356,039 $1,701,866 $121,397 $606,341 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. (6) Subsequent to quarter end, Roseland acquired JV partner's interest and secured a $72.5 million loan for seven years fixed at 3.625%. (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. 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. (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. (9) Represents average ownership in Future Development land holdings. Project Debt (8) Debt fully amortized at maturity

Definitions 33 4Q 2015 Average Revenue Per Home: Calculated as total apartment revenue for the quarter ended December 31, 2015, divided by the average percent occupied for the quarter ended December 31, 2015, divided by the number of apartments and divided by three. Percentage Leased: The percentage of apartments that are either currently occupied or vacant apartments 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. Identified Repurposing Communities: Communities not currently owned by RRT, which have been identified for transfer from Mack-Cali to RRT for residential repurposing. Project Stabilization: Lease-Up communities that have achieved over 95 Percent Leased for six consecutive weeks. In-Construction Communities: Communities that are under construction and have not yet commenced initial leasing activities. Projected Stabilized NOI: Pro forma NOI for Lease-Up, In-Construction or Future Development communities upon achieving Project Stabilization Lease-Up Communities: Communities that have commenced initial operations but have not yet achieved Project Stabilization. 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 The Company considers 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. The Company intends 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,” “target”, “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 the Company believes that the expectations reflected in such forward-looking statements are based upon reasonable assumptions at the time made, the Company 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 the Company has 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 the Company’s business and the financial condition of the Company’s tenants and residents; -the value of the Company’s real estate assets, which may limit the Company’s 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; -The Company’s ability to lease or re-lease space at current or anticipated rents; -changes in the supply of and demand for the Company’s properties; -changes in interest rate levels and volatility in the securities markets; -The Company’s 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; -The Company’s ability to obtain adequate insurance, including coverage for terrorist acts; -The Company’s 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 the Company’s 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, 2015. 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. 34 4Q 2015