The Company- Roseland Residential Trust 5 Q3 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 Q3 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 new class A 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 3.13% and Overlook Ridge at 6.72% Market Conditions: We are seeing continued strength with steady lease-up absorption in our key markets. Our 2016 deliveries have current opening rent schedules in excess of pre-construction underwriting (i.e. M2 at Marbella $49 rent/SF vs. $41 rent/SF) Current Portfolio: Roseland’s high-barrier-to-entry class A portfolio is at the forefront of characteristics supportive of market-leading valuations and competitive/superior to leading publicly traded residential REITs: (i) top in market rents: Average revenue per unit of $2,572 (ii) young, and trending lower, average building age: Average age of twelve years (iii) geographically concentrated in northeast gateway markets: Approximately 87.9% of the assets are in a gateway market with average occupancy of 97% Target Portfolio: RRT targets approximately 13,547 operating and in-construction apartments by year-end 2018. This growth of approximately 5,500 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

Acquisition Activity (generating greater ownership) Results Majority JV partner’s interest in The Chase at Overlook Ridge (1Q 2016) 100% ownership in The Chase at Overlook Ridge Majority partner’s interest in Portside at East Pier; Minority partner’s interest in Portside at East Pier, 5/6 and 1-4 (2Q 2016) 100% ownership in Portside at East Pier 100% ownership in Portside 5/6 and 1-4 Minority JV partner’s 25% subordinated interest in RiverTrace (1Q 2016) 50% subordinated interest in RiverTrace in Port Imperial. Subsequently, we converted this interest to a 22.8% heads-up ownership and refinanced the property Land partner’s interest in five land parcels in Port Imperial (2Q 2016) 100% ownership in Parcels 11 (in construction), 8-9, 16, 1-3 Office, and Park Parcel (~1,000 units) JV partner’s interest in Port Imperial South Garage and Retail (2Q 2016) 70% ownership in Port Imperial Garage and Retail South up from 44% Land partner’s interest in Overlook Ridge (2014) 100% ownership in the Chase II (in-construction) and remaining land parcels Roseland has spent net capital of $52.5mm* ($105mm acquisitions ; $53mm dispositions) to increase portfolio cash flow and ownership, while concurrently reducing subordinate interests. * Net of $37mm of refinancing proceeds. Additional Highlights: Disposition: Andover Place (220 units) in August 2016 for approximately $40.4mm Disposition: Subordinate interest in RiverParc and RiversEdge for approximately $6.7mm Material ownership gains of strategic land holdings (East Boston, Overlook Ridge, and Port Imperial) Immediate annual cash flow increase of approximately $5.8mm Roseland Overview- 2016 Achievements – Acquisition Activity 8 Q3 2016

Capital Raise: The Company is exploring select capital alternatives to facilitate the growth of the RRT portfolio. The Company is considering direct common equity, with co-investment from Mack-Cali, and alternative capital structures as well Capital Commitments: Roseland’s projected future capital commitments for its in-construction and remaining 2016 start portfolio is approximately $119 million, net of contributed/acquired land and costs incurred as of September 30, 2016: 10 Q3 2016 Subordinate Interest Reduction: In 2016, RRT has made significant strides in reducing its subordinate interest partnerships. At year-end 2015, RRT had an interest in 3,025 subordinate operating apartments. As of September 30, 2016 RRT’s subordinate interest portfolio was reduced to 1,963 apartments (a 35% reduction). RRT will continue to focus on this objective with a target year-end 2016 goal of 1,235 apartments (representing a year over year reduction of 59%). In addition to operating conversions, we increased our ownership to 100% across five parcels in Port Imperial and in East Boston Portfolio: Remaining 2016 construction start activity of 406 apartments will produce a target operating and in-construction portfolio at year-end 2016 of approximately 8,677 apartments. RRT’s average ownership of 68% represents significant growth, to date and will continue to be a priority of the Company Category In-Construction Portfolio (Remaining Commitment) 2016 Remaining Starts Total Apts/Keys 3,057 406 3,463 Amount ($M) $64 55 $119 Roseland Overview- 2016 Objectives

Portfolio Overview- Net Asset Value (NAV) Summary As reflected below, primary contributors to Roseland’s approximate $1.3 billion NAV are: Markets: Geographically concentrated on the Hudson River Waterfront and Boston Metro markets ~77% Status: Majority in Operating and In-Construction communities ~81% Ownership: Predominantly wholly-owned and joint venture interests ~92% 13 Q3 2016 Notes: Breakdown excludes $656 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 $1.24 billion and $1.37 billion. Number of Units Total Per Unit Debt JV Partner Roseland RRT % of Total Hudson River Waterfront 23 9,503 $2,137 $788 $766 $584 44.8% Boston Metro 12 3,185 574 124 32 419 32.1% Washington, D.C. 5 2,124 535 266 162 107 8.2% Northeast Corridor (2) 23 4,610 360 126 59 175 13.4% Subtotal 63 19,422 $3,606 $1,303 $1,020 $1,284 98.5% Operating Properties - Wholly Owned 6 1,627 $484 $298 $143 $17 $325 24.9% Operating Properties - Joint Venture 4 1,624 783 482 405 249 130 9.9% Operating Properties - Subordinate Interest 5 1,963 1,170 596 595 491 83 6.4% Subtotal: Operating Properties 15 5,214 $2,438 $468 $1,143 $756 $538 41.3% In-Construction 11 3,057 776 254 160 95 522 40.0% Pre / Future Development 37 11,151 392 35 0 169 224 17.2% Subtotal 63 19,422 $3,606 $186 $1,303 $1,020 $1,284 98.5% Wholly-Owned 37 10,462 $821 $154 $40 $627 48.1% Joint Venture 19 6,997 1,614 553 488 573 44.0% Subordinated Interest 7 1,963 1,171 595 492 83 6.4% Subtotal 63 19,422 $3,606 $1,303 $1,020 $1,284 98.5% Fee Income Business / Platform $20 $20 1.5% Total Total $3,626 $1,303 $1,020 $1,304 100.0% (3) Status Ownership Fee Business Number of Properties / Projects ($ in millions) Estimated Asset Value Asset Value Breakdown (1) Markets

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. Year-end 2020 cash flow projection is $89mm. Actual Growth: Roseland has exhibited growth across key financial metrics since its acquisition with forecasts of continued material growth Projected Growth: Roseland’s growth through 2018 will result from completion and lease-up of its active construction portfolio (2,825 apartments and keys) and construction starts of its remaining 2016 development schedule Roseland Overview- Financial Metric Growth 15 Q3 2016 October 2012 September 2016 Year End 2018 (2)(3) Total Oct-2012 Delta Total Oct-2012 Delta Operating & Construction Apts.(1) 3,533 8,271 4,738 13,547 10,014 Future Development Apts. 7,086 11,151 4,065 5,875 (1,211) Subordinated Interests Apts. 3,533 1,963 (1,570) 1,235 (2,298) Average Operating and Construction Ownership 22.3% 58% 35.7% 72.7% 50.4% Annual Property Cash Flow ($ in millions) $0.5 $18.9 $18.4 $56.0 $55.5 NAV ($ in millions) $115 $1,304 $1,189 $1,883 $1,768 Projected Growth Actual Growth

Portfolio Overview- In Construction Assets 16 Q3 2016 Quarry Place at Tuckahoe 108 apartments Tuckahoe, NY Initial Occupancy: Q4 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 eleven (11) projects representing 2,685 apartments and a 372-key hotel at Port Imperial under construction. Roseland forecasts approximately $311 million of value creation from these active developments. RiverHouse 11 at Port Imperial 295 apartments Weehawken, NJ Initial Occupancy: Q1 2018 URL® Harborside 763 apartments Jersey City, NJ Initial Occupancy: Q1 2017 Worcester – I and II 365 apartments Worcester, MA Initial Occupancy: Q4 2017 Value Creation Summary ($ in millions) Residential Hotel Total Projected Development Yield 6.47% 10.03% 6.92% Projected NOI $60,820 $13,000 $73,820 Gross Value @ 5.00% Cap (1) $1,216,400 $185,714 $1,476,400 Less: Projected Costs (936,946) (129,600) (1,066,546) Net Value Creation @ 100% $279,454 $56,114 $409,854 RRT Average Ownership 93.13% 90.00% RRT Share $260,256 $50,503 $310,759

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 on: 4Q – 2015 on Signature Place in Morris Plains, NJ (197 units) Pending Starts: We have pending starts at: Q4 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. 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: As approved, the estimated value of the Short Hills repurposing value creation is approximately: $23.1 million (net ~$19 million value creation) 17 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: 4Q 2016 Q3 2016

Financial Highlights- RRT Balance Sheet 19 $ in thousands Q3 2016 Notes: Increase primarily resulting from Chase I and Portside 7 acquisitions ($175 million), in-construction development and repurposing expenditures ($139 million), and the transfer of URL Harborside land ($11 million) less Andover sale of property of ($39 million). Increase primarily resulting from Chase I and Portside 7 loans acquired and refinanced ($130 million), construction loan advances ($52 million) and repayment of land loans ($40 million). AS OF AS OF SEP 30, 2016 DEC 31, 2015 ASSETS Rental Property Land and Leasehold Interests $205,061 $177,579 Buildings and Improvements 550,208 435,726 Construction in Progress 200,156 59,517 Furniture, Fixtures and Equipment 17,071 12,737 Total Gross Rental Property (1) 972,496 685,559 Less: Accumulated Depreciation (36,740) (30,642) Net Investment in Rental Property 935,756 654,917 Rental Property Held for Sale, Net (1) 291 - Total Property Investments 936,047 654,917 Cash and Cash Equivalents 10,189 6,802 Investments in Unconsolidated Joint Ventures 239,071 227,317 Unbilled Rents Receivable, net 85 43 Deferred Charges and Other Assets 29,948 28,589 Restricted Cash 3,568 2,607 Accounts Receivable 2,919 1,814 Total Assets $1,221,827 $922,089 LIABILITIES AND EQUITY LIABILITIES Mortgages, Loans Payable and Other Obligations (2) $254,342 $113,715 Accounts Pay, Accrued Expenses and Other Liabilities 39,355 32,569 Rents Recieved in Advance and Security Deposits 2,488 1,713 Accrued Interest Payable 345 282 Total Liabilities 296,530 148,279 EQUITY Partner's Capital/Stockholders' Equity 904,443 716,608 Non Controlling Interests in Consolidated Joint Ventures 20,854 57,202 Total equity 925,297 773,810 Total Liabilities and Equity $1,221,827 $922,089

Financial Highlights- RRT Income Statement 20 $ in thousands Q3 2016 Notes: Includes net operating income after debt service from Consolidated Operating Communities of $4.8 million and $14.7 million, depreciation of $3.4 million and $9.7 million and amortization of in-place leases related to the acquisition of Chase I and Portside 7 of $2.8 million and $6.6 million for the three and nine months ended September 30,2016, respectively. Includes realized gain on sale of Andover Place ($2.7 million) and unrealized loss of Capital Office Park land ($3.87 million). Three Months Ended Nine Months Ended September 30, 2016 September 30, 2016 REVENUE: Base Rents $9,739 $27,721 Escalation and Recoveries from Tenants 357 980 Real Estate Services 5,956 17,748 Parking Income 1,792 5,031 Other Income 50 726 Total Revenue $17,894 $52,206 EXPENSES: Real Estate Taxes $1,929 $6,080 Utilities 770 2,057 Operating Services 2,827 8,714 Real Estate Service Expenses 6,195 18,901 General and Administrative 2,273 8,242 Acquisition Costs - 164 Depreciation and Amortization 7,314 19,653 Total Expenses $21,308 $63,811 Operating Income (1) ($3,414) ($11,605) OTHER (EXPENSE) INCOME: Interest Expense ($1,982) ($5,008) Interest and other investment income - 1 Equity in Earnings (Loss) in Unconsolidated Joint Ventures (697) (3,947) Gain on Change of Control of Interests - 15,347 Gain on Sale of Investment in Unconsolidated Joint Ventures - 5,670 Total Other (Expense) Income ($2,679) $12,063 Discontinued Operations (Net) Realized Gain/(Loss) and Unrealized (Loss) on Asset Dispositions (2) (472) (472) Net Income (Loss) ($6,565) ($14) Non-Controlling Interest in Consolidated Joint Ventures 60 822 Net Income Available to Common Shareholders ($6,505) $808

Financial Highlights- Debt Maturities 22 Q3 2016 Notes: (1) Floating rates calculated from 1-Month LIBOR rate 0.53111 percent as of September 30, 2016. (2) Includes approximately $64 million of actual construction loans balances as of September 30, 2016, which have a maximum loan balance of approximately $405 million. (3) Reflects debt at effective ownership percent. Excludes debt associated with Unconsolidated Subordinate Joint Ventures. $ in thousands As of 9/30/16 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 $25,159 $25,159 9.7% N/A 2.9% 2018 0 31,910 31,910 12.3% N/A 3.4% 2019 27,500 7,136 34,636 13.3% 2.9% 2.9% 2021 4,000 0 4,000 1.5% 4.4% N/A 2023 131,498 0 131,498 50.6% 3.5% N/A Thereafter 32,600 0 32,600 12.5% 4.8% N/A Total Mortgages Payable per Balance Sheet $195,598 $64,206 $259,804 (2) 100.0% 3.7% 3.1% Total Mortgage Deferred Finance Costs (5,462) Total Mortgages Payable and Misc Obligations $195,598 $64,206 $254,342 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 $0 $0 0.0% N/A 3.0% 2017 0 17,706 17,706 7.3% N/A 2.8% 2020 41,250 0 41,250 16.9% 3.2% N/A Thereafter 185,185 0 185,185 75.9% 5.0% N/A Total Unconsolidated JV mortgages payable (3) $226,435 $17,706 $244,141 100.0% 4.7% 2.8%

Financial Highlights- Operating Communities 25 Q3 2016 Notes: Excludes Andover Place, which was sold in August 2016. Assets planned for or currently undergoing repositioning. Unit count excludes 31 apartments offline until completion of all renovations; Percentage Leased excludes 94 units undergoing renovation. Excludes approximately 45,993 SF of ground floor retail. $ in thousands 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 2016 Q2 2016 Q3 2016 Q2 2016 Q3 2016 Q2 2016 YTD 2016 Consolidated (1) Alterra at Overlook Ridge (2) Revere, MA 100.00% 722 663,139 918 2008 98.2% 99.0% $1,903 $1,865 $2,098 $2,342 $6,745 The Chase at Overlook Ridge Malden, MA 100.00% 371 337,060 909 2014 98.9% 99.2% 2,244 2,327 1,592 1,712 6,811 Park Square Rahway, NJ 100.00% 159 184,957 1,163 2009 97.5% 98.1% 2,150 2,143 360 364 1,140 Riverw atch (2) New Brunswick, NJ 100.00% 200 147,852 739 1997 98.5% 100.0% 1,688 1,637 314 387 1,014 Portside at East Pier - 7 East Boston, MA 100.00% 175 156,091 892 2015 99.4% 99.4% 2,907 2,978 1,040 1,157 3,098 Consolidated 100.00% 1,627 1,489,099 915 98.5% 99.1% $2,086 $2,089 $5,404 $5,962 $18,808 Joint Ventures Crystal House (2)(3) Arlington, VA 25.00% 794 738,786 930 1962 97.8% 95.3% $1,829 $1,823 $2,012 $2,095 $6,183 RiverPark at Harrison Harrison, NJ 45.00% 141 125,498 890 2014 95.0% 93.6% 2,198 2,165 410 283 1,138 Station House Washington, DC 50.00% 378 290,348 768 2015 95.5% 95.8% 2,748 2,759 $1,818 $1,420 $4,495 Joint Ventures 34.35% 1,313 1,154,632 879 96.9% 95.3% $2,133 $2,129 $4,240 $3,798 $11,816 Total Residential - Stabilized 70.68% 2,940 2,643,731 899 97.7% 97.4% $2,107 $2,107 $9,644 $9,760 $30,624 Lease-up Joint Ventures M2 Jersey City, NJ 24.27% 311 273,132 878 2016 78.5% 44.7% 3,064 NA $1,216 ($199) $1,017 Joint Ventures 24.27% 311 273,132 878 78.5% 44.7% $3,064 NA $1,216 ($199) $1,017 Total Residential - Operating Communities (3) 66.24% 3,251 2,916,863 897 95.9% 92.4% $2,199 $2,107 $10,860 $9,561 $31,641 Parking Commercial Spaces Port Imperial Garage South Weehawken, NJ 70.00% 800 320,426 2013 NA NA NA NA $513 $534 $1,433 Port Imperial Retail South Weehawken, NJ 70.00% 16,736 2013 53.5% 53.5% NA NA (4) (42) (74) Port Imperial Garage North Weehawken, NJ 100.00% 786 304,617 2015 NA NA NA NA 464 383 1,087 Port Imperial Retail North Weehawken, NJ 100.00% 8,365 2015 100.0% 100.0% NA NA 42 0 42 Total Commercial Communities 84.87% 1,586 650,144 69.00% 69.0% NA NA $1,015 $875 $2,488 Total Operating Communities 3,567,007 $2,199 $2,107 $11,875 $10,436 $34,129 Operating Highlights

Financial Highlights- Operating Communities 26 Q3 2016 Notes: Upon a capital event, the Company receives a promoted additional 25 percent interest over a 9.00 percent IRR to heads-up capital accounts. Capital balance applies to both Port Imperial Garage South and Port Imperial Retail South. $ in thousands 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 58,998 58,998 8/1/2023 3.44% Consolidated 100.00% 1,627 $158,998 $158,998 Joint Ventures Crystal House 25.00% 794 $165,000 $165,000 4/1/2020 3.17% $26,006 $78,910 (1) RiverPark at Harrison 45.00% 141 30,000 30,000 8/1/2025 3.70% 1,457 1,909 7.25% Station House 50.00% 378 100,700 100,700 7/1/2033 4.82% 46,408 46,251 Joint Ventures 34.35% 1,313 $295,700 $295,700 $73,871 $127,070 Total Residential - Stabilized 70.68% 2,940 $454,698 $454,698 $73,871 $127,070 Lease-up Joint Ventures M2 24.27% 311 72,955 77,400 3/30/2017 L + 2.25% 15,645 49,104 9.00% Joint Ventures 24.27% 311 $72,955 $77,400 $15,645 $49,104 Total Residential - Operating Communities 66.24% 3,251 $527,653 $532,098 $89,516 $176,174 Parking Commercial Spaces Port Imperial Garage South 70.00% 800 $32,600 $32,600 12/1/2029 4.78% $1,143 $4,344 (2) Port Imperial Retail South 70.00% 4,000 4,000 12/1/2021 4.41% 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 $1,143 $4,344 Total Operating Communities 72.35% 4,837 $564,253 $568,698 $90,659 $180,518 Project Debt Capital Balance Overview

Financial Highlights- Subordinated Interest Communities As of September 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 98.0%, compared to 96.1% in Q2 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 minority subordinate interest. Subsequent to quarter-end, Roseland converted its 50% subordinate interest position to a 22.8% heads-up ownership position and refinanced the mortgage to a ten year, fixed rate interest only loan at 3.21% (as compared to previous rate of 6.00%) 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 are targeting a subordinate interest residential portfolio of no more than three (3) residential communities (estimated NAV of $24.1 million) as compared to nine (9) communities at year-end 2015 27 Q3 2016

Financial Highlights- Subordinated Interest Communities 28 Q3 2016 Notes: Ownership represents Company participation after satisfaction of Priority Capital. See Capitalization Details schedule herein. Subsequent to quarter-end Roseland, converted it’s ownership to a heads-up joint venture at 78.2% (UBS) and 22.8% (RRT). Excludes approximately 27,666 SF of ground floor retail. $ in thousands 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 Q3 2016 Q2 2016 Q3 2016 Q2 2016 Q3 2016 Q2 2016 YTD 2016 Residential Marbella Jersey City, NJ 24.27% 412 369,515 897 2003 97.8% 94.4% $3,156 $3,160 $2,481 $2,392 $7,388 Monaco Jersey City, NJ 15.00% 523 475,742 910 2011 98.3% 96.9% 3,523 3,533 3,803 3,607 11,078 RiverTrace at Port Imperial (2) West New York, NJ 50.00% 316 295,767 936 2014 98.1% 96.8% 3,170 3,172 1,781 1,798 5,410 The Estuary Weehawken, NJ 7.50% 582 530,587 912 2014 97.9% 95.7% 3,258 3,253 3,343 3,352 10,105 Metropolitan at 40 Park Morristown, NJ 12.50% 130 124,237 956 2010 97.7% 98.5% 3,357 3,366 825 790 2,370 Total Residential Operating Communities (3) 20.19% 1,963 1,795,848 915 98.0% 96.1% $3,300 $3,303 $12,233 $11,939 $36,351 Commercial Comm SF Shops at 40 Park Morristown, NJ 12.50% 50,973 2010 65.5% 60.4% NA NA $204 $177 $609 Riverwalk at Port Imperial West New York, NJ 20.00% 30,745 2008 64.0% 64.0% NA NA 171 192 523 Total Commercial Communities 81,718 64.9% 61.8% NA NA $375 $369 $1,132 Total Subordinated Interest Communities 1,963 1,877,566 $12,608 $12,308 $37,483 Operating Highlights

Financial Highlights- Subordinated Interest Communities 29 Q3 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. $ in thousands 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 83,663 9.00% RiverTrace at Port Imperial Weehawken, NJ 50.00% 316 79,067 80,249 7/15/2021 6.00% 0 47,844 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 37,836 37,836 9/1/2020 3.25% 695 21,531 9.00% (2) Total Residential Operating Communities 20.19% 1,963 $586,903 $588,085 $820 $178,305 Commercial Shops at 40 Park Morristown, NJ 12.50% $6,354 $6,354 8/13/2018 3.63% $0 $0 (2) Riverwalk at Port Imperial West New York, NJ 20.00% 0 0 0 5,871 9.00% Total Commercial Communities 15.32% $6,354 $6,354 $0 $5,871 Total Subordinate Interest Communities 1,963 $593,257 $594,439 $820 $184,176 Project Debt Capital Balance Overview (3)

Financial Highlights- In-Construction Communities 31 Q3 2016 Notes: Worcester – I and Worcester – II are being built using an incremental loan. Current project capitalization represents an anticipated increase of $16.5mm in conjunction with the buildout of Worcester – II. Projected stabilized yield without the hotel project is 6.42%. $ in thousands 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 $53,100 $28,750 $24,091 $259 $49,398 $20,136 Q1 2014 Q4 2016 Q3 2017 $3,457 6.51% 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 74,732 48,000 26,900 0 52,275 26,900 Q3 2015 Q4 2016 Q1 2018 4,794 6.41% Worcester - I (1) Worcester, MA 100.00% 237 57,868 41,500 16,368 0 16,178 16,116 Q3 2015 Q4 2017 Q4 2018 3,748 6.48% Signature Place at Morris Plains Morris Plains, NJ 100.00% 197 58,651 42,000 16,651 0 13,733 13,589 Q4 2015 Q4 2017 Q3 2018 3,894 6.64% Portside 5/6 East Boston, MA 100.00% 296 111,388 73,000 38,388 0 27,716 25,956 Q4 2015 Q1 2018 Q1 2019 6,882 6.18% RiverHouse 11 at Port Imperial Weehawken, NJ 100.00% 295 123,984 78,000 45,984 0 28,320 24,698 Q1 2016 Q1 2018 Q1 2019 7,693 6.20% Worcester - II (1) Worcester, MA 100.00% 128 32,599 16,500 16,099 0 6,200 6,200 Q3 2016 Q3 2018 Q3 2019 2,194 6.73% 51 Washington Street Conshohocken, PA 100.00% 310 86,119 54,000 32,119 0 19,523 19,222 Q3 2016 Q4 2018 Q4 2019 5,182 6.02% Consolidated 97.19% 2,235 $728,041 $475,750 $248,640 $3,819 $253,891 $184,857 $50,844 6.95% Joint Ventures URL® Harborside - I Jersey City, NJ 85.00% 763 320,305 192,000 109,059 19,246 286,294 109,059 Q4 2013 Q1 2017 Q4 2018 21,803 6.81% Lofts at 40 Park Morristown, NJ 25.00% 59 18,200 13,950 2,125 2,125 2,905 1,475 Q3 2016 Q1 2018 Q1 2019 1,173 6.45% Joint Ventures 80.69% 822 $338,505 $205,950 $111,184 $21,371 $289,199 $110,534 $22,976 6.79% Total In-Construction Communities 92.75% 3,057 $1,066,546 $681,700 $359,824 $25,190 $543,090 $295,391 $73,820 6.92% (2) Development Schedule Project Capitalization - Total Capital as of 3Q-16

Financial Highlights- In-Construction Communities 32 Q3 2016 Notes: Includes accrued preferred return. We forecast construction loan commitments of approximately $85mm. $ in thousands 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 $25,159 $28,750 3/30/2017 L + 2.35% $23,542 $835 8.00% Marriott Hotels at Port Imperial 90.00% 372 8,311 94,000 10/6/2018 L + 4.50% 34,529 3,836 8.00% The Chase II at Overlook Ridge 100.00% 292 23,599 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% 16,116 0 Signature Place at Morris Plains 100.00% 197 0 42,000 5/20/2019 L + 2.35% 13,589 0 Portside 5/6 100.00% 296 0 73,000 9/19/2019 L + 2.50% 25,956 0 RiverHouse 11 at Port Imperial 100.00% 295 7,136 78,000 11/24/2019 L + 2.35% 24,698 0 Worcester - I I 100.00% 128 0 0 (2) 6,200 0 51 Washington Street 100.00% 310 0 0 (2) 19,222 0 Consolidated 97.19% 2,235 $64,205 $405,250 $190,752 $4,671 Joint Ventures URL® Harborside - I 85.00% 763 $142,747 $192,000 8/1/2029 5.2% $109,059 $19,246 Lofts at 40 Park 25.00% 59 0 0 (2) 1,475 1,475 Joint Ventures 80.69% 822 $142,747 $192,000 $110,534 $20,721 Total In-Construction Communities 92.75% 3,057 $206,952 $597,250 $301,286 $25,392 Project Debt Current Capital Balance Overview (1)

As of September 30, 2016 the Company had a future development portfolio of approximately 11,151 apartments comprised of: 2016 Starts (remaining) (406 apartments): Communities with likely starts through year-end 2016 with a projected value creation of $55.9 million Future Developments (10,745 apartments): Roseland owned/controlled future development sites, includes 1,915 Identified Repurposing apartments. Remaining 2016 starts are projected to generate approximately $55.9 million in value creation for RRT: Financial Highlights- 2016 Starts 33 Q3 2016 $ in thousands 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% 51 Washington Street Conshohocken, PA 310 100.00% Started 86,119 32,119 5,182 6.02% Worcester - II Worcester, MA 128 100.00% Started 32,568 16,099 2,064 6.34% Lofts at 40 Park Morristown, NJ 59 25.00% Started 18,200 2,125 1,173 6.45% 2016 Starts (Started) 792 94.41% $260,871 $96,327 $16,112 6.18% 233 Canoe Brook Road - Apts (repurposing) Short Hills, NJ 200 100.00% Q4 2016 $82,642 $39,172 $6,326 7.65% 150 Monument Road (repurposing) Bala Cynwyd, PA 206 100.00% Q4 2016 56,425 19,749 3,424 6.07% 2016 Starts (remaining) 406 100.00% $139,067 $58,921 $9,750 7.01% Projected Projected Value Creation Summary Projected Average Yield 7.01% Projected NOI $9,750 Gross Value @ 5.00% Cap $195,000 Less: Projected Costs (139,067) Net Value Creation $55,933

Financial Highlights- Future Start Communities 34 Q3 2016 Notes: Ownership subject to change based on final negotiation. Approved for approximately 290,000 square feet of office space. Current Projected Approved / Future Developments Location Apartment Ownership Const Start Entitled PI North - Building C West New York, NJ 363 20.00% Q1 2017 partial PI South - Building 8/9 Weehawken, NJ 275 100.00% Q2 2017 partial Liberty Landing Phase I Jersey City, NJ 265 50.00% Q4 2017 partial San Remo (1) Jersey City, NJ 250 33.33% Q4 2017 partial Plaza 8 Jersey City, NJ 650 50.00% Future none Plaza 9 Jersey City, NJ 650 50.00% Future none Liberty Landing - Future Phases Jersey City, NJ 585 50.00% 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 (2) Weehawken, NJ N/A 100.00% Future partial PI South - Park Parcel Weehawken, NJ 224 100.00% Future partial URL ® Harborside - II Jersey City, NJ 750 85.00% Future partial URL ® Harborside - III Jersey City, NJ 750 85.00% Future partial Subtotal - Hudson River Waterfront 5,929 Overlook IIIC Malden, MA 314 100.00% Q1 2017 partial Overlook IIIA Malden, MA 445 100.00% Future partial Overlook IV Malden, MA 45 100.00% Future partial Portside 1-4 East Boston, MA 160 100.00% Future none Subtotal - Boston Metro 964

Financial Highlights- Future Start Communities (cont.) 35 Q3 2016 Notes: Roseland has a signed acquisition agreement, subject to certain conditions. 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% Q3 2017 fully Identified Repurposing A Bergen County, NJ 300 100.00% Q3 2017 partial Freehold (1) Freehold, NJ 400 100.00% Q3 2017 partial 1633 Littleton (repurposing) Parsippany, NJ 345 100.00% Future fully 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 Subtotal - Northeast Corridor 2,900 Crystal House - III Arlington, VA 252 50.00% Q3 2017 partial Capital Office Park Greenbelt, MD 400 100.00% Held for Sale none Crystal House - Future Arlington, VA 300 50.00% Future partial Subtotal - Washington, DC 952 Total Predevelopment and Future Developments (2) 11,151

Definitions 36 Q3 2016 Average Revenue Per Home: Calculated as total apartment revenue for the quarter ended September 30, 2016, divided by the average percent occupied for the quarter ended September 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. 37 Q3 2016