The Company- Roseland Residential Trust 5 Q2 2016 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’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 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 executive leadership, a cohesive team since 2003, has an average experience of 18 years at Roseland and 27 years in the industry: Marshall Tycher Founder & Chairman Michael DeMarco Chief Executive Officer Andrew Marshall President & Chief Operating Officer Ivan Baron Chief Legal Counsel Bob Cappy Chief Financial Officer Gabriel Shiff Chief Investment Officer Brenda Cioce President, Roseland Residential Services RRT is governed by a Board of Directors consisting of: William Mack, David Mack, Michael DeMarco, Mitchell Rudin, and Marshall Tycher

Roseland Overview- Management’s Discussion & Objectives 6 Q2 2016 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 demographics and shortage of housing in these markets. Rents in our primary sub-markets, markets that will fuel much of our future development activity, have demonstrated growth over the last year: Jersey City at 5.17% and Overlook Ridge at 4.46% 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, and trending lower, average building age (iii) geographically concentrated exclusively in the Northeast Target Portfolio: RRT targets approximately 13,750 operating and in-construction apartments by year-end 2018. This growth of approximately 5,800 apartments will be achieved primarily through development and repurposing activities from Roseland’s valuable land holdings Acquisition Risk: Portfolio growth is not subject to acquisition risk as Roseland controls its sizable future development portfolio inclusive of highly accretive repurposing opportunities (approximately ten sites are active) Development Risk: Future development is substantially in communities where Roseland has developed before, or more specifically adjacent to existing developments, thereby dramatically reducing our development risk. This allows RRT to have intimate knowledge on operating expenses and construction costs, and most importantly, achievable rent thresholds Market Conditions: We are seeing continued strength with steady lease-up absorption in our key markets. Our 2016 deliveries have projected opening rent schedules in excess of 10% higher than pre-construction underwriting (i.e. M2 at Marbella $41 rent/SF vs. $48 rent/SF) 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

Roseland Overview- Recent Highlights – Q2 Acquisitions: RRT closed on multiple acquisitions in Q2, including: Majority partner interest in Portside 7 and minority JV partner interest in Portside 7, 5/6, and 1-4 Minority JV partner’s 25% subordinated interest in RiverTrace in Port Imperial JV partner’s interest in five land parcels in Port Imperial JV partner’s interest in Port Imperial Garage and Retail South JV partner’s priority land account in Parcel 2 at Port Imperial Dispositions and Sales: RRT’s subordinate interests in RiversEdge (236 – units) and RiverParc (280 – units) for approximately $6.4 million RRT’s 100% interest in Andover Place for approximately $40.5 million ($184,000/unit) - under contract with a targeted close in August 2016 Lease-Up Commencement: In May 2016, RRT completed construction and commenced leasing activities at M2 at Marbella, a 311 – unit apartment community. As of June 30th, M2 at Marbella was 44.7% leased (139 units). Since opening, our market rent schedule has increased from $44/SF to $48/SF In-Construction Activities: RRT advanced construction on eight additional projects, including two 2016 deliveries: 7 Q2 2016 Marbella and M2 at Marbella 2016 Deliveries Future Deliveries (2017) Quarry Place at Tuckahoe (108) URL® Harborside (763) The Chase II at Overlook Ridge (292) Marriott Hotels at Port Imperial (372) Worcester – I (237) Portside 5/6 (296) Signature Place at Morris Plains (197) RiverHouse 11 at Port Imperial (295) Subtotal: 400 apartments Subtotal: 1,788 apartments; 372 keys

Roseland Overview- Recent Acquisitions Spotlight 8 Q2 2016 RRT simplified and expanded its portfolio ownership in the second quarter on operating, in-construction and future development communities in its core markets through the following key acquisitions Portside at East Pier – East Boston, MA: Roseland acquired its partner’s majority interest in the 175 apartment community (Portside 7) located on the East Boston waterfront, thereby increasing Roseland’s interest to 85%. Subsequently, Roseland acquired its heads-up partner’s interest in Portside at East Pier, as well as its interest in future East Boston development (Portside 5/6 currently in-construction and the future development rights of Portside 1-4). As such, for total combined consideration of approximately $39 million, Roseland owns 100% of all Portside communities. A stabilized 4.80% capitalization rate, before Portside 5/6 operational efficiencies recognized upon completion, was used for valuation purposes. RRT unlocked $5.2 million of promote value that was applied toward the acquisition price, effectively resulting in a 5.10% capitalization rate. As a result of our acquisition and permanent financing (closed post quarter-end), we envision an initial return on net capital investment of approximately 10% Port Imperial - Weehawken, NJ: Roseland (i) acquired its historical land partner’s interest across five waterfront development parcels, including the recently started RiverHouse 11, thereby increasing its ownership to 100% (ii) acquired its historical land partner’s interest in Port Imperial Garage and Retail South, thereby increasing its ownership to 70% (iii) transferred a sixth waterfront parcel, Parcel 2, to a new 50/50 heads-up entity by acquiring its land partner’s priority account. Total consideration for the combined acquisition was approximately $36 million View from acquired Port Imperial sites Portside at East Pier

Capital Raise: The Company is exploring select capital alternatives to facilitate the growth of the RRT portfolio. To that the end, the company has engaged Eastdil Secured to raise capital via a direct equity investment in RRT. The form of this investment would likely be common equity with co-investment equity from Mack-Cali, though the Company is considering other capital alternatives and structures as well 9 Q2 2016 Subordinate Interest Reduction: In 2016, RRT has made significant strides in reducing its subordinate interest partnerships. At year-end 2015, RRT had an interest in 3,025 subordinate operating apartments. As of June 30, 2016 RRT’s subordinate interest portfolio was reduced to 1,963 apartments (a 35% reduction). RRT will continue to focus on this objective with a target year-end 2016 goal of 1,235 apartments (representing a year over year reduction of 59%). In addition to operating conversions, we increased our ownership to 100% across five land parcels in Port Imperial and in East Boston Portfolio: Remaining 2016 construction start activity of 1,217 apartments will produce a target operating and in-construction portfolio at year-end 2016 of approximately 9,211 apartments RRT’s average ownership of 60.6% represents significant growth, to date and will continue to be a priority of the Company Capital Commitments: Roseland’s projected future capital commitments for its in-construction and remaining 2016 start portfolio is approximately $163 million, net of contributed/acquired land and costs incurred as of June 30, 2016: Category In-Construction Portfolio (Remaining Commitment) 2016 Remaining Starts Total Apts/Keys 2,560 1,217 3,777 Amount ($M) $72 91 $163 Roseland Overview- 2016 Objectives

Notes: Year-end 2018 projections based on execution of Roseland’s development/operating plan described herein and internal company projections. Includes wholly owned and joint venture apartments. Actual Growth: Roseland has exhibited growth across key financial metrics since its acquisition with forecasts of continued material growth Projected Growth: Roseland’s growth through 2018 will result from completion and lease-up of its active construction portfolio (2,560 apartments and keys) and construction starts of its remaining 2016 development schedule Roseland Overview- NAV and Cash Flow Growth 10 Q2 2016 October 2012 June 2016 Year End 2018 (1) Total Oct-2012 Variance Total Oct-2012 Variance Operating & Construction Apts.(2) 3,533 7,994 4,461 13,767 10,234 Future Development Apts. 7,086 11,648 4,562 5,875 (1,211) Subordinated Interests Apts. 3,533 1,963 (1,570) 1,235 (2,298) Average Operating and Construction Ownership 22.3% 60.6% 38.3% 73.1% 50.8% Annual Property Cash Flow ($ in millions) $0.5 $17.5 $17.0 NAV ($ in millions) $115 $1,286 $1,171 Projected Growth Actual Growth

Portfolio Overview- Net Asset Value (NAV) Breakdown As reflected below, primary contributors to Roseland’s approximate $1.29 billion NAV are: Markets: Geographically concentrated on the Hudson River Waterfront and Boston Metro markets ~78% Status: Majority in Operating and In-Construction communities ~80% Ownership: Predominantly wholly-owned and joint venture interests ~94% 12 Q2 2016 Notes: Breakdown excludes $640 million of discounts to JV Partner and Roseland value for assets currently under construction or renovation. Includes Philadelphia metro area, Central/Northern New Jersey (non-Waterfront) and Westchester County. Roseland NAV represents a valuation midpoint between $1.22 billion and $1.35 billion. Number of Units Total Per Unit Debt JV Partner Roseland RRT % of Total Hudson River Waterfront 23 9,503 $2,076 $777 $729 $570 44.3% Boston Metro 13 3,405 559 124 0 436 33.9% Washington, D.C. 4 2,124 531 266 159 106 8.2% Northeast Corridor (2) 24 4,610 339 124 55 159 12.4% Subtotal 64 19,642 $3,505 $1,291 $943 $1,271 98.8% Operating Properties - Wholly Owned 8 1,847 $633 $343 $200 $8 $425 33.1% Operating Properties - Joint Venture 4 1,624 727 448 370 235 $122 9.5% Operating Properties - Subordinate Interest 5 1,963 1,157 589 596 481 $80 6.2% Subtotal: Operating Properties 17 5,434 $2,517 $463 $1,166 $724 $627 48.8% In-Construction 8 2,560 580 226 124 49 407 31.7% Pre / Future Development 39 11,648 408 35 1 170 236 18.4% Subtotal 64 19,642 $3,505 $178 $1,291 $943 $1,271 98.8% Wholly-Owned 38 10,682 $941 $213 $35 $692 53.8% Joint Venture 19 6,997 1,405 482 426 498 38.8% Subordinated Interest 7 1,963 1,158 596 482 80 6.2% Subtotal 64 19,642 $3,505 $1,291 $943 $1,271 98.8% Fee Income Business / Platform $15 $15 1.2% Total Total $3,520 $1,291 $943 $1,286 100.0% (3) Estimated Asset Value Asset Value Breakdown (1) Markets Status Ownership Fee Business Number of Properties / Projects ($ in millions)

Portfolio Overview- In Construction Assets 14 Q2 2016 Quarry Place at Tuckahoe 108 apartments Tuckahoe, NY Initial Occupancy: Q3 2016 Marriott Hotels at Port Imperial 372 keys Weehawken, NJ Initial Occupancy: Q1 2018 Portside 5/6 296 apartments East Boston, MA Initial Occupancy: Q1 2018 Roseland has eight (8) projects representing 2,188 apartments and a 372-key hotel at Port Imperial under construction. Roseland forecasts approximately $279 million of value creation from these active developments. RiverHouse 11 at Port Imperial 295 apartments Weehawken, NJ Initial Occupancy: Q1 2018 URL® Harborside 763 apartments Jersey City, NJ Initial Occupancy: Q1 2017 Worcester - I 237 apartments Worcester, MA Initial Occupancy: Q4 2017 Value Creation Summary ($ in millions) Residential Hotel Total Projected Development Yield 6.51% 10.03% 7.01% Projected NOI (1) $52,279 $13,000 $65,279 Gross Value @ 5.00% Cap (2) $1,045,580 $185,714 $1,305,580 Less: Projected Costs (801,590) (129,600) (931,190) Net Value Creation @ 100% $243,990 $56,114 $374,390 RRT Average Ownership 93.59% 90.00% RRT Share $228,351 $50,503 $278,854 (1) Roseland's projected share of net cash flow is estimated at $38 million (2) 7.00% cap rate used for hotel

Portfolio Overview- Repurposing Success A primary synergistic component of the Mack-Cali / Roseland combination is the repurposing of select office holdings to higher valued residential use. To that end, highlights of our activities to date include: Construction Start: We commenced construction in 4Q – 2015 on Signature Place in Morris Plains, NJ a 197- unit community Pending Starts: We have pending starts at: Q3 2016 - 150 Monument Road in Bala Cynwyd, PA (206 units) Q4 2016 - 233 Canoe Brook Road in Short Hills, NJ (200 units; 240 keys) Future Starts: Roseland is seeking / finalizing approvals on additional repurposing developments and regularly evaluates the office portfolio for new opportunities. Current highlights: RRT holdings: 345 units Identified Candidates (future RRT transfers: 1,915 units) · Bergen County (925 units) · Essex County (580 units) · Westchester County (235 units) · Morris County (175 units) We anticipate repurposing activities will provide material value creation. For example: 233 Canoe Brook book basis: $4.1 million Via the rezoning process, Roseland has received approvals for the repurposing of the site for 200 apartments (170 market-rate) and 240 hotel keys The combined features of the hotel, luxury multi-family, and 255,000 square-foot Class A Mack-Cali office will create 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 value creation) 15 Short Hills, NJ Apts: 200 Target Start: 4Q 2016 Signature Place Morris Plains, NJ Apts: 197 Started: 4Q 2015 Bala Cynwyd, PA Apts: 206 Target Start: 3Q 2016 Q2 2016

Financial Highlights- RRT Balance Sheet 17 $ in thousands Q2 2016 Notes: Increase primarily resulting from Chase I and Portside 7 acquisitions ($185 million), in-construction development and repurposing expenditures ($78 million), and the transfer of URL Harborside land ($11 million) less Andover property of ($39 million) re-classed to Rental Property Held for Sale. Increase primarily resulting from Chase I and Portside 7 loan acquired ($115 million) and construction loan advances ($17 million). AS OF AS OF JUNE 30, 2016 DEC 31, 2015 ASSETS Rental Property Land and Leasehold Interests $217,598 $177,579 Buildings and Improvements 548,782 435,726 Construction in Progress 138,157 59,517 Furniture, Fixtures and Equipment 16,087 12,737 Total Gross Rental Property (1) 920,624 685,559 Less: Accumulated Depreciation (32,384) (30,642) Net Investment in Rental Property 888,240 654,917 Rental Property Held for Sale, Net (1) 37,140 - Total Property Investments 925,380 654,917 Cash and Cash Equivalents 6,239 6,802 Investments in Unconsolidated Joint Ventures 237,014 227,317 Unbilled Rents Receivable, net 25 43 Deferred Charges and Other Assets 23,036 28,589 Restricted Cash 3,605 2,607 Accounts Receivable 2,150 1,815 Total Assets $1,197,449 $922,089 LIABILITIES AND EQUITY LIABILITIES Mortgages, Loans Payable and Other Obligations (2) $208,703 113,715 Accounts Pay, Accrued Expenses and Other Liabilities 38,949 32,569 Rents Recieved in Advance and Security Deposits 2,653 1,713 Accrued Interest Payable 247 282 Total Liabilities 250,552 148,279 EQUITY Partner's Capital/Stockholders' Equity 925,983 716,608 Non Controlling Interests in Consolidated Joint Ventures 20,914 57,202 Total equity 946,897 773,810 Total Liabilities and Equity $1,197,449 $922,089

Financial Highlights- RRT Income Statement 18 $ in thousands Q2 2016 Notes: Includes net operating income after debt service from Consolidated Operating Communities of $5.6 million and $4.4 million, depreciation of $3.2 million and $3.0 million and amortization of in-place leases related to the acquisition of Chase I and Portside 7 of $2.2 million and $1.6 million in Q2 and Q1, respectively. Six Months Ended June 30, 2016 March 31, 2016 June 30, 2016 REVENUE: Base Rents $9,779 $8,203 $17,982 Escalation and Recoveries from Tenants 335 287 622 Real Estate Services 5,802 5,990 11,792 Parking Income 1,912 1,327 3,239 Other Income 203 474 677 Total Revenue $18,031 $16,281 $34,312 EXPENSES: Real Estate Taxes $2,087 $2,064 $4,151 Utilities 607 681 1,288 Operating Services 3,017 2,870 5,887 Real Estate Service Expenses 6,034 6,671 12,705 General and Administrative 2,713 3,255 5,968 Acquisition Costs 164 - 164 Depreciation and Amortization 6,607 5,733 12,340 Total Expenses 21,229 21,274 42,503 Operating Income (1) ($3,198) ($4,993) ($8,191) OTHER (EXPENSE) INCOME: Interest Expense ($1,584) ($1,441) ($3,025) Interest and other investment income - 1 1 Equity in Earnings (Loss) in Unconsolidated Joint Ventures (2,020) (1,231) (3,251) Gain on Change of Control of Interests 5,191 10,156 15,347 Gain on Sale of Investment in Unconsolidated Joint Ventures 5,670 - 5,670 Total Other (Expense) Income $7,257 $7,485 $14,742 Net Income (Loss) $4,059 $2,492 $6,551 Non-Controlling Interest in Consolidated Joint Ventures 80 681 761 Net Income Available to Common Shareholders $4,139 $3,173 $7,312 Three Months Ended

Financial Highlights- Debt Maturities 20 Q2 2016 Notes: (1) Floating rates calculated from 1-Month LIBOR rate 0.467 percent as of 06/30/2016. (2) Includes approximately $34 million of actual construction loans balances as of June 30, 2016, which have a maximum loan balance of approximately $332 million. (3) Reflects debt at effective ownership percent. Excludes debt associated with Unconsolidated Subordinate Joint Ventures. $ in thousands As of 6/30/16 Consolidated Debt Maturities Fixed Rate Floating Rate (1) Total % of Total Weighted Average on Fixed Rate Debt Weighted Average on Floating Rate Debt (1) 2017 0 63,429 63,429 29.7% N/A 2.7% 2018 0 11,775 11,775 5.5% N/A 3.3% 2019 27,500 1,638 29,138 13.7% 2.0% 2.8% 2021 4,000 0 4,000 1.9% 4.4% N/A 2023 72,500 0 72,500 34.0% 3.6% N/A Thereafter 32,600 0 32,600 15.3% 4.8% N/A Total Mortgages Payable per Balance Sheet $136,600 $76,843 $213,443 (2) 100.0% 3.6% 2.8% Total Mortgage Deferred Finance Costs (4,740) RRT Mortgages, Loans Payable and Other Obligations $136,600 $76,843 $208,703 Unconsolidated JV Debt Maturities Fixed Rate Floating Rate (1) Total % of Total Weighted Average on Fixed Rate Debt Weighted Average on Floating Rate Debt (1) 2016 0 279 279 0.1% N/A 3.0% 2017 0 17,624 17,624 7.8% N/A 2.7% 2020 41,250 0 41,250 18.4% 3.2% N/A Thereafter 165,368 0 165,368 73.7% 5.0% N/A Unconsolidated JV mortgages payable (3) $206,618 $17,903 $224,521 100.0% 4.6% 2.7%

Financial Highlights- Operating Communities 23 Q2 2016 Notes: Assets planned for or currently undergoing repositioning. Acquired JV Partner’s interest on January 5, 2016, Q2 NOI includes year-to-date below market rent adjustment of approximately $305,000. Acquired JV Partner’s interest on April 1, 2016, Q2 NOI includes below market rent adjustment of approximately $100,000. Unit count excludes 31 apartments offline until completion of all renovations; Percentage Leased excludes 78 units undergoing renovation. Excludes approximately 45,993 SF of ground floor retail. 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 Q2 2016 Q1 2016 Q2 2016 Q1 2016 Q2 2016 Q1 2016 YTD 2016 Consolidated Alterra at Overlook Ridge (1) Revere, MA 100.00% 722 663,139 918 2008 99.0% 96.0% $1,865 $1,838 $2,342 $2,305 $4,647 The Chase at Overlook Ridge (2) Malden, MA 100.00% 371 337,060 909 2014 99.2% 98.4% 2,327 1,939 1,712 1,287 2,999 Park Square Rahway, NJ 100.00% 159 184,957 1,163 2009 98.1% 96.2% 2,143 2,151 364 416 780 Riverw atch (1) New Brunswick, NJ 100.00% 200 147,852 739 1997 100.0% 97.0% 1,637 1,695 387 312 699 Portside at East Pier - 7 (3) East Boston, MA 100.00% 175 156,091 892 2015 99.4% 98.3% 2,978 2,352 1,157 901 2,058 Andover Pla ce Andover, MA 100.00% 220 178,101 810 1989 98.6% 97.7% 1,491 1,446 511 465 976 Consolidated 100.00% 1,847 1,667,200 903 99.1% 97.0% $2,018 $1,872 $6,473 $5,686 $12,159 Joint Ventures Crystal House (1)(4) Arlington, VA 25.00% 794 738,786 930 1962 95.3% 96.3% $1,823 $1,809 $2,095 $2,076 $4,171 RiverPark at Harrison Harrison, NJ 45.00% 141 125,498 890 2014 93.6% 90.1% 2,165 2,158 283 445 728 Joint Ventures 28.02% 935 864,284 924 95.0% 95.4% $1,875 $1,862 $2,378 $2,521 $4,899 Total Residential - Stabilized 75.81% 2,782 2,531,484 910 97.7% 96.5% $1,970 $1,868 $8,851 $8,207 $17,058 Lease-up Joint Ventures Station House Washington, DC 50.00% 378 290,348 768 2015 95.8% 83.3% $2,759 $2,451 $1,420 $1,257 $2,677 M2 Jersey City, NJ 24.27% 311 273,132 878 2016 44.7% NA NA NA ($199) NA ($199) Joint Ventures 38.39% 689 563,480 818 72.7% 83.3% $2,759 $2,451 $1,221 $1,257 $2,478 Total Residential - Operating Communities (5) 68.38% 3,471 3,094,964 892 92.8% 96.5% $2,064 $1,938 $10,072 $9,464 $19,536 Parking Commercial Spaces Port Imperial Garage South Weehawken, NJ 70.00% 800 320,426 2013 NA NA NA NA $534 $386 $920 Port Imperial Retail South Weehawken, NJ 70.00% 16,736 2013 53.5% 53.5% NA NA (42) (27) (69) Port Imperial Garage North Weehawken, NJ 100.00% 786 304,617 2015 NA NA NA NA 383 240 623 Port Imperial Retail North Weehawken, NJ 100.00% 8,365 2015 100.0% 100.0% NA NA 0 0 0 Total Commercial Communities 84.87% 1,586 650,144 69.00% 69.0% NA NA $875 $599 $1,474 Total Operating Communities 3,745,108 $2,064 $1,938 $10,947 $10,063 $21,010 Operating Highlights

Financial Highlights- Operating Communities 24 Q2 2016 Notes: (1) Upon a capital event, the Company receives a promoted additional 25 percent interest over a 9.00 percent IRR to heads-up capital accounts. Third Outstanding Maximum Maturity Interest MCRC Party Return Operating Communities Ownership Apartments Balance Balance Date Rate Capital Capital Rate Notes Consolidated Alterra at Overlook Ridge 100.00% 722 $0 $0 The Chase at Overlook Ridge 100.00% 371 72,500 72,500 2/1/2023 3.625% Park Square 100.00% 159 27,500 27,500 4/10/2019 L + 1.75% Riverw atch 100.00% 200 0 0 Portside at East Pier - 7 100.00% 175 42,500 42,500 12/4/2017 L + 2.15% Andover Pla ce 100.00% 220 0 0 Consolidated 100.00% 1,847 $142,500 $142,500 Joint Ventures Crystal House 25.00% 794 $165,000 $165,500 4/1/2020 3.17% $25,428 $76,284 (1) RiverPark at Harrison 45.00% 141 30,000 30,000 8/1/2025 3.70% 1,497 1,956 7.25% Joint Ventures 28.02% 935 $195,000 $195,500 $26,925 $78,240 Total Residential - Stabilized 75.81% 2,782 $337,500 $338,000 $26,925 $78,240 Lease-up Joint Ventures Station House 50.00% 378 $100,700 $100,700 7/1/2033 4.82% $46,813 $46,656 M2 24.27% 311 72,616 77,400 3/30/2017 L + 2.25% 15,023 47,159 9.00% Joint Ventures 38.39% 689 $173,316 $178,100 $61,836 $93,815 Total Residential - Operating Communities 68.38% 3,471 $510,816 $516,100 $88,761 $172,055 Parking Commercial Spaces Port Imperial Garage South 70.00% 800 $32,600 $32,600 12/1/2029 4.78% $1,123 $4,266 Port Imperial Retail South 70.00% 4,000 4,000 12/1/2021 4.41% 0 0 Port Imperial Garage North 100.00% 786 0 0 Port Imperial Retail North 100.00% 0 0 Total Commercial Communities 84.87% 1,586 $36,600 $36,600 $1,123 $4,266 Total Operating Communities 73.55% 5,057 $547,416 $552,700 $89,884 $176,321 Project Debt Capital Balance Overview

Financial Highlights- Subordinated Interest Communities As of June 30, 2016, Roseland had: Subordinated interests in 1,963 stabilized operating apartments; as compared to 2,654 apartments as of Q1 2016 The subordinated stabilized portfolio had a leased percentage of 96.1%, compared to 96.9% in Q1 2016 Roseland continues to evaluate converting its remaining 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 approximated to a 5.75% capitalization rate investment. Portside: Acquired Prudential’s majority interest in the 175-apartment Portside at East Pier, as well as minority partner’s interest in Portside at East Pier, Portside 5/6 and Portside 1-4. Roseland’s ownership across all of Portside is currently 100% RiverTrace at Port Imperial: Acquired Prudential’s subordinate interest Sold RRT’s subordinate interest in RiversEdge (236 units) and RiverParc (280 units) for approximately $6.4 million and realized a gain of $5.7 million At year-end 2016, we forecast the subordinate interest residential portfolio will include no more than three (3) residential communities (estimated NAV of $23.5 million) as compared to nine (9) communities at year-end 2015 25 Q2 2016

Financial Highlights- Subordinated Interest Communities 26 Q2 2016 Notes: Ownership represents Company participation after satisfaction of Priority Capital. See Capitalization Details schedule herein. Acquired Prudential’s subordinate interest on April 1, 2016 increasing ownership from 25%. Excludes approximately 27,666 SF of ground floor retail. Average Average Percentage Percentage Revenue Revenue Rentable Avg. Year Leased Leased Per Home Per Home NOI NOI NOI Location Ownership (1) Apartments SF Size Complete Q2 2016 Q1 2016 Q2 2016 Q1 2016 Q2 2016 Q1 2016 YTD 2016 Residential Marbella Jersey City, NJ 24.27% 412 369,515 897 2003 94.4% 96.4% $3,160 $3,092 $2,392 $2,515 $4,907 Monaco Jersey City, NJ 15.00% 523 475,742 910 2011 96.9% 96.7% 3,533 3,428 3,607 3,668 7,275 RiverTrace at Port Imperial (2) West New York, NJ 50.00% 316 295,767 936 2014 96.8% 96.5% 3,172 3,212 1,798 1,831 3,629 The Estuary Weehawken, NJ 7.50% 582 530,587 912 2014 95.7% 97.4% 3,253 3,154 3,352 3,410 6,762 Metropolitan at 40 Park Morristown, NJ 12.50% 130 124,237 956 2010 98.5% 97.7% 3,366 3,250 790 755 1,545 Total Residential Operating Communities (3) 20.19% 1,963 1,795,848 915 96.1% 96.9% $3,303 $3,230 $11,939 $12,179 $24,118 Commercial Comm SF Shops at 40 Park Morristown, NJ 12.50% 50,973 2010 60.4% 60.4% NA NA $177 $228 $405 Riverwalk at Port Imperial West New York, NJ 20.00% 30,745 2008 64.0% 64.0% NA NA 192 160 352 Total Commercial Communities 81,718 61.8% 61.8% NA NA $369 $388 $757 Total Subordinated Interest Communities 1,963 1,877,566 $12,308 $12,567 $24,875 Operating Highlights

Financial Highlights- Subordinated Interest Communities 27 Q2 2016 Notes: The MCRC Balance represents capital account held by Marbella Rosegarden, L.L.C., of which the Company owns a 48.53 percent interest. 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. Includes accrued preferred return. Third Outstanding Maximum Maturity Interest MCRC Party Return Location Ownership Apartments Balance Balance Date Rate Capital Capital Rate Notes Residential Marbella Jersey City, NJ 24.27% 412 $95,000 $95,000 5/1/2018 4.99% $125 $7,567 9.50% (1) Monaco Jersey City, NJ 15.00% 523 165,000 165,000 2/1/2021 4.19% 0 83,586 9.00% RiverTrace at Port Imperial Weehawken, NJ 50.00% 316 79,393 80,249 7/15/2021 6.00% 0 47,457 7.75% The Estuary Weehawken, NJ 7.50% 582 210,000 210,000 3/1/2030 4.00% 0 17,700 8.50% Metropolitan at 40 Park Morristown, NJ 12.50% 130 38,028 38,028 9/1/2020 3.25% 695 21,426 9.00% (2) Total Residential Operating Communities 20.19% 1,963 $587,421 $588,277 $820 $177,736 Commercial Shops at 40 Park Morristown, NJ 12.50% $6,388 $6,388 8/13/2018 3.63% 0 0 (2) Riverwalk at Port Imperial West New York, NJ 20.00% 0 0 0 5,975 9.00% Total Commercial Communities 15.32% $6,388 $6,388 $0 $5,975 Total Subordinate Interest Communities 1,963 $593,809 $594,665 $820 $183,711 Project Debt Capital Balance Overview (3)

Financial Highlights- In-Construction Communities As of June 30, 2016, Roseland had: Wholly owned or joint venture interests in 2,188 in-construction apartments and 372 hotel keys (8 projects) The in-construction portfolio is projected to produce stabilized NOI of $65.3 million; Roseland’s average ownership is approximately 93%, reflecting the increase to 100% in Q2 on Portside 5/6 and RiverHouse 11 After projected debt service of approximately $24 million, Roseland’s estimated share of net cash flow is approximately $38 million We envision lease-up commencement of Quarry Place at Tuckahoe in Q3 2016, The Chase II in Q3 2016 and URL® Harborside in Q1 2017 Roseland has a remaining equity capital commitment to the buildout of this portfolio of approximately $72 million: 28 Q2 2016 RiverHouse 11 $21 Portside 5/6 28 Signature Place 10 Worcester I 8 Other Projects 5 Total $72

Financial Highlights- In-Construction Communities 29 Q2 2016 Notes: Excludes costs incurred to date associated with Worcester II of approximately $5.7 million. Project level debt represents target commitment scheduled to close in 3Q 2016. Roseland acquired partner interest on June 10, 2016 thereby increasing its ownership from 85%. Roseland acquired partner interest on April 26, 2016 thereby increasing its ownership from 50%. Projected stabilized yield without the hotel project is 6.48%. 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 $51,811 $28,750 $22,802 $259 $43,140 $17,366 Q1 2014 Q3 2016 Q1 2017 $3,410 6.58% Marriott Hotels at Port Imperial Weehawken, NJ 90.00% 372 129,600 94,000 32,040 3,560 40,548 32,040 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 38,446 26,900 Q3 2015 Q3 2016 Q4 2017 4,794 6.40% Worcester - I (1) Worcester, MA 100.00% 237 59,963 41,500 18,463 0 12,868 10,686 Q3 2015 Q4 2017 Q4 2018 3,819 6.37% Signature Place at Morris Plains Morris Plains, NJ 100.00% 197 58,651 42,000 16,651 0 7,739 7,118 Q4 2015 Q4 2017 Q3 2018 3,894 6.64% Portside 5/6 (2) (3) East Boston, MA 100.00% 296 111,976 73,000 38,976 0 15,291 11,168 Q4 2015 Q1 2018 Q1 2019 6,866 6.13% RiverHouse 11 at Port Imperial (4) Weehawken, NJ 100.00% 295 123,984 78,000 45,984 0 28,320 24,697 Q1 2016 Q1 2018 Q1 2019 7,693 6.20% Consolidated 96.50% 1,797 $610,885 $405,250 $201,816 $3,819 $186,352 $129,975 $43,476 7.11% Joint Ventures URL® Harborside - I Jersey City, NJ 85.00% 763 320,305 192,000 109,059 19,246 265,143 109,059 Q4 2013 Q1 2017 Q4 2018 21,803 6.81% Joint Ventures 85.00% 763 $320,305 $192,000 $109,059 $19,246 $265,143 $109,059 $21,803 6.81% Total In-Construction Communities 93.07% 2,560 $931,190 $597,250 $310,875 $23,065 $451,495 $239,034 $65,279 7.01% (5) Development Schedule Project Capitalization - Total Capital as of 2Q-16

Financial Highlights- In-Construction Communities 30 Q2 2016 Notes: Project level debt represents target commitment scheduled to close in 3Q 2016. Includes accrued preferred return. Third Apartment Outstanding Maximum Maturity Interest MCRC Party Return Community Ownership Homes/Keys Balance Balance Date Rate Capital Capital Rate Consolidated Quarry Place at Tuckahoe 76.25% 108 $20,929 $28,750 3/30/2017 L + 2.35% $20,324 $819 8.00% Marriott Hotels at Port Imperial 90.00% 372 3,094 94,000 10/6/2018 L + 4.50% 33,843 3,760 8.00% The Chase II at Overlook Ridge 100.00% 292 8,680 48,000 12/15/2018 L + 2.25% 26,900 0 Worcester - I 100.00% 237 0 41,500 12/10/2018 L + 2.50% 15,297 0 Signature Place at Morris Plains 100.00% 197 0 42,000 5/20/2019 L + 2.35% 7,118 0 Portside 5/6 (1) 100.00% 296 0 73,000 11,168 0 RiverHouse 11 at Port Imperial 100.00% 295 1,638 78,000 11/24/2019 L + 2.35% 24,697 0 Consolidated 96.50% 1,797 $34,341 $405,250 $139,347 $4,579 Joint Ventures URL® Harborside - I 85.00% 763 119,433 192,000 8/1/2029 5.197% 109,059 19,246 Joint Ventures 85.00% 763 $119,433 $192,000 $109,059 $19,246 Total In-Construction Communities 93.07% 2,560 $153,774 $597,250 $248,406 $23,825 Project Debt Current Capital Balance Overview (2)

As of June 30, 2016 the Company had a future development portfolio of approximately 11,648 apartments comprised of: 2016 Starts (remaining) (1,217 apartments): Communities with likely starts through year-end 2016 with a projected value creation of $106.8 million Future Developments (10,431 apartments): Roseland owned/controlled future development sites, includes 1,915 Identified Repurposing apartments. In Q2, RRT acquired its JV land partner’s interest in four (4) future development parcels in Port Imperial. Remaining 2016 starts are projected to generate approximately $107 million in value creation for RRT: Financial Highlights- 2016 Starts 31 Q2 2016 Value Creation Summary Projected Average Yield 6.55% Projected NOI $23,408 Gross Value @ 5.00% Cap $468,157 Less: Projected Costs (357,320) Net Value Creation $110,836 RRT Share @ 96.36% $106,806 Current Scheduled 2016 Starts Location Apartments Ownership Start Costs MC Capital NOI Yield PI South - Building 11 Weehawken, NJ 295 100.00% Started $123,984 $45,984 $7,693 6.20% 2016 Starts (Started) 295 100.00% $123,984 $45,984 $7,693 6.20% Lofts at 40 Park Morristown, NJ 59 25.00% Q3 2016 17,383 1,033 1,173 6.75% 150 Monument Road (repurposing) Bala Cynwyd, PA 206 100.00% Q3 2016 53,974 18,891 3,394 6.29% Conshohocken Conshohocken, PA 310 100.00% Q3 2016 85,966 32,237 5,192 6.04% 233 Canoe Brook Road - Apts (repurposing) Short Hills, NJ 200 100.00% Q4 2016 82,642 39,172 6,326 7.65% Overlook IIIC Malden, MA 314 100.00% Q4 2016 84,816 29,588 5,259 6.20% Worcester - II Worcester, MA 128 100.00% Q4 2016 32,540 9,762 2,064 6.34% 2016 Starts (remaining) 1,217 96.36% $357,320 $130,683 $23,408 6.55% Projected Projected

Financial Highlights- Future Start Communities 32 Q2 2016 Notes: * Increased to 100% in Q2 after acquiring partner’s interest. Roseland has a signed acquisition agreement, subject to certain conditions. Ownership subject to change based on final negotiation. Approved for approximately 290,000 square feet of office space. Includes 1,915 Identified Repurposing (future RRT transfer) opportunities. Current Projected Approved / Future Developments Location Apartment Ownership Const Start Entitled 233 Canoe Brook Road - Hotel (repurposing) Short Hills, NJ 240 100.00% 2017 fully Identified Repurposing A Bergen County, NJ 300 100.00% 2017 partial PI North - Building C West New York, NJ 363 20.00% 2017 partial Freehold (1) Freehold, NJ 400 100.00% 2017 partial San Remo (2) Jersey City, NJ 250 33.33% 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 275 100.00% 2017 partial Subtotal - 2017 Starts 2,345 1633 Littleton (repurposing) Parsippany, NJ 345 100.00% Future fully Capital Office Park 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 131 100.00% Future partial PI South - Building 2 Weehawken, NJ 200 50.00% Future partial PI South - Office 1/3 (3) * Weehawken, NJ N/A 100.00% Future partial PI South - Park Parcel* Weehawken, NJ 224 100.00% Future partial Portside 1-4 East Boston, MA 160 100.00% 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 Bergen County, NJ 200 100.00% Future partial Identified Repurposing C Bergen County, NJ 225 100.00% Future none Identified Repurposing D Essex County, NJ 300 100.00% Future none Identified Repurposing E Westchester, NY 235 100.00% Future none Identified Repurposing F-I Essex County, NJ 140 100.00% Future none Identified Repurposing F-2 Essex County, NJ 140 100.00% Future none Identified Repurposing G Morris County, NJ 175 100.00% Future none Identified Repurposing H Bergen County, NJ 200 100.00% Future none RRT Future Developments 10,431 Total Predevelopment and Future Developments (4) 11,648

Definitions 33 Q2 2016 Average Revenue Per Home: Calculated as total apartment revenue for the quarter ended June 30, 2016, divided by the average percent occupied for the quarter ended June 30, 2016, 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 Percentage 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 Q2 2016