. Mack-Cali Realty Corporation Investor Presentation NAREIT 2018

This Operating and Financial Data should be read in connection with our Quarterly Report on Form 10-Q for the quarter ended March 31, 2018. Statements made in this presentation may be forward-looking statements within the meaning of Section 21E of the Securities Exchange Act of 1934, as amended. 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, and involve factors that may cause actual results to differ materially from those projected or suggested. Readers are cautioned not to place undue reliance on these forward-looking statements and are advised to consider the factors listed above together with the additional factors under the heading “Disclosure Regarding Forward-Looking Statements” and “Risk Factors” in our annual reports on Form 10-K, as may be supplemented or amended by our quarterly reports on Form 10-Q, which are incorporated herein by reference. We assume no obligation to update or supplement forward-looking statements that become untrue because of subsequent events, new information or otherwise. Investor Presentation 2

Mack-Cali Jersey City Portfolio Overview Mack-Cali has a leading residential and office presence in Jersey City’s premier market. Y Mack-Cali has a leading residential and office presence on the Jersey City Hudson Waterfront Investor Presentation 3

$4.5 billion Market Capitalization 1Q 2018 Key Statistics $3.6 billion Net Asset Value (estimate) 15.4 million Square Feet Office Space 85.2% % Leased (Excl. Non-Core) 10.7% GAAP Rental Rate Roll-Up (Excl. Non-Core) 5.1% Cash Rental Rate Roll-Up (Excl. Non-Core) 5,826 Operating Residential Units 97.3% % Leased Residential Units 1,944 In-Construction Residential Units/Keys 7.0% In-Construction Avg Development Yield Pictured: Harborside Financial Center Investor Presentation 4

Pictured: Jersey City Waterfront Assets The New Mack-Cali: Transformation 1Q18 40 (65% Reduction) Office buildings (excluding flex) 2Q15 115 Office Buildings (excluding flex) 3,800 Operating/In Construction Units (WO/JV) 7,228 (90% Increase) Operating/In Construction Units (WO/JV) 542 (82% Reduction) Operating/In Construction Units (Subordinate) $44.4 million (210% Increase) Consolidated Residential NOI (annualized) $4.5 billion (15% Increase) Total Market Cap 3.71% (35% Reduction) Weighted Average Interest Rate 3.7 (51% Increase) Interest Coverage Ratio $50.7 million (9% Increase) Core FFO (Qtr.) $36.3 million (48% Increase) AFFO (Qtr.) 3,026 Operating/In Construction Units (Subordinate) $14.3 million Consolidated Residential NOI (annualized) $3.9 billion Total Market Cap 5.67% Weighted Average Interest Rate 2.7 Interest Coverage Ratio $46.5 million Core FFO (Qtr.) $24.5 million AFFO (Qtr.) Investor Presentation 5

$ in millions NOI Evolution Mack-Cali has transformed its business from a suburban office company to a residential and geographically focused office concentration 2Q 2015 NOI Composition (annualized) Total Portfolio NOI: $357M 37% of NOI from Preferred Business Segments 1Q 2018 NOI Composition (annualized) Total Portfolio NOI: $342M 69% of NOI from Preferred Business Segments NOI Composition W/ CIP Stabilized (annualized) Total Portfolio NOI: $382M 71% of NOI from Preferred Business Segments • • • • • • Residential 8% Residential 24% Waterfront 23% Waterfront 29% Flex 15% Waterfront 32% Residential 31% Class A Suburban 7% Flex 11% Suburban 48% Class A Suburban Class A Suburban 13% 10% Suburban 20% Suburban Market Waterfront Office Residential Class A Suburban Office Subtotal NOI $82 28 23 $133 % 23% 8% 6% 37% Market Waterfront Residential Class A Suburban Subtotal NOI $111 119 43 $273 % 29% 31% 11% 71% Market Waterfront Residential Class A Suburban Subtotal NOI $111 80 43 $233 % 32% 24% 13% 69% Suburban Office Flex Total 170 54 $357 48% 15% 100% Suburban Flex Total 70 39 $382 19% 10% 100% Suburban Flex Total 70 39 $342 20% 11% 100% Investor Presentation 6

Residential – Market Leading Portfolio • • As of 1Q 2018, Roseland had a portfolio-wide percentage leased of 97.3% Roseland’s low volatility portfolio has leased within a 200 bps range over last three years, which management believes is supportive of higher loan-to-value debt Roseland’s portfolio will maintain an average age of under 9 years – an industry leader • Historical Percentage Leased Avg Building Age Projection (years) 12 100.00% 9.7 10 98.00% 8 7.2 6 96.00% 4 94.00% 2 0 92.00% 2017 2018 2019 2020 1Q15 3Q151Q16 3Q16 1Q17 3Q17 1Q18 % Leased Average NAV by Market Gross Portfolio Value New York Metro 1.6% Washington, D.C. 6.0% NJ Corridor 9.2% Philadelphia Metro 0.8% Stabilized Gross Asset Value Less: Discount for CIP Discounted Gross Asset Value Less: Existing Debt Less: 3rd Party Interests Roseland Net Asset Value MCRC Share Rockpoint Share $4,301 (66) $4,235 (1,814) (699) $1,722 $1,549 $173 Boston Metro 22.0% Hudson River Waterfront 60.4% Investor Presentation 7 7.88.2

Residential - Portfolio Evolution Roseland has nearly eliminated its subordinated interests as it has continued to grow the size and ownership of its operating portfolio Y/E 2019 Operating and In-Construction Units Portfolio Avg. Ownership: 85.39% Units 12,000 Y/E 2014 10,000 8,000 3,063 7,410 7,410 1,839 6,000 1,721 5,826 5,639 5,614 4,940 4,000 1,498 3,319 2,079 2,000 0 YE 2012 YE 2013 YE 2014 YE 2015 YE 2016 YE 2017 YE 2018 YE 2019 Operating Units In-Construction Units Subordinated Interests Investor Presentation 8 3,146 1,717 2,5681,944 Y/E 2017 Portfolio Avg. Ownership: 46.40%Portfolio Avg. Ownership: 71.64%

Residential – Value Creation Roseland’s In-Construction portfolio is forecasted to create approximately $259 million of value through 2020 (Roseland share: $219.7M) Estimated Value Creation from In-Construction Projects Current Development Pipeline Projected NOI Market Value of Projected NOI Less: Cost of Development Value Creation $51.2M 992.4M - 733.0M 145 Front Street at City Square (365 Units) 1Q 2018 Delivery Portside 5/6 (296 Units) 2Q 2018 Delivery $259.4M Roseland Share $219.7M RiverHouse 11 at Port Imperial (295 Units) 2Q 2018 Delivery Signature Place at Morris Plains (197 Units) 2Q 2018 Delivery Riverwalk C at Port Imperial (360 Units) 4Q 2020 Delivery Marriott Hotels at Port Imperial (372 Keys) 3Q 2018 Delivery Investor Presentation 9

Pictured: Monaco Jersey City Residential - Development Delivery and FFO Creation The growth reflected below is solely from Roseland’s current Operating and In-Construction portfolio $70 $60 $50 $40 $30 $20 $10 $0 Notes (1)2020 incremental FFO creation excludes proceeds from the late 2020 delivery of Riverwalk C. Investor Presentation 10 2020E 1: $38.2 M 2019E: $28.7 M Economic Stabilizations Marriott Hotels at Port Imperial – 372 Keys ($9.5M) 2018E: $13.7 M Economic Stabilizations Signature Place at Morris Plains – 197 Units ($2.2M) Lofts at 40 Park – 59 Units ($0.3M) 145 Front Street at City Square – 365 Units ($3.6M) RiverHouse 11 at Port Imperial – 295 Units ($4.7M) Portside 5/6 – 296 Units ($4.2M) Economic Stabilizations Quarry Place at Tuckahoe – 108 Units ($1.1M) Chase II – 292 Units ($2.7M) Urby at Harborside – 762 Units ($9.9M)

Residential – Equity Requirements $ in thousands As summarized in the table below, Mack-Cali is planning on and expects to have excess capital sources available to achieve the following key objectives: Complete Roseland’s in-construction portfolio of 1,944 units Complete Roseland’s funding requirement for 2018/2019 Probable Starts comprising 2,786 units Comment i. ii. USE: In-Construction Portfolio Repres ents rema ining requirements for the in cons truction portfolio a s s umma rized on Pa ge 40 Repres ents third pa rty ca pita l commitments (Riverwa lk C) Cons truction Completion 1,944 $249,795 $208,800 $40,995 (16,535) Les s : Exis ting JV Pa rtner Commitments Remaining Roseland Capital (to be funded by Company cash) USE: Probable 2018/2019 Starts Repres ents five Proba ble 2018 a nd 2019 s ta rts in our core geogra phies in clos e proximity to exis ting opera tions Repres ents the Compa ny's exis ting la nd equity in Proba ble Sta rts (~$55,000/unit) Repres ents third pa rty ca pita l commitments (Urby II) Proba ble 2018/2019 Sta rts 2,786 $1,380,676 $832,009 $549,000 Les s : La nd Equity to Da te (156,000) (23,000) $370,000 Les s : Exis ting JV Pa rtner Commitments Roseland Capital Obligation Potential Capital Sources Repres ents the ba la nce on Rockpoint's $300M commitment Repres ents exces s refina ncing proceeds upon ta keout fina ncing on a ctive in cons truction portfolio (ma x 65% LTV, excluding Riverwa lk C) Repres ents s elect dis pos itions for redeployment of ca pita l into Ros ela nd's core geogra phies $140,000 Rockpoint Ca pita l Cons truction Refina ncings 100,000 Dis pos itions 166,000 $406,000 Total Roseland Capital Sources 2018/2019 Start Excess Capital Source (1) Pote ntia l JV Sce na rio Repres ents 50/50 joint ventures on s elect Ros ela nd Proba ble Sta rts (ca pita l s ource identified) New Project-level Joint Ventures 139,000 $545,000 Total Roseland Capital Sources - JV Scenario 2018/2019 Start Excess Capital Source Potential (1) Notes: (1) Represents capital sources prior to reinvestment of Roseland cash flow generation. Investor Presentation 11 $175,000 $36,000 $24,460 Construction Capital Units Total Cost Debt Requirement

Office – Rent Growth by Property Type The Company achieved GAAP roll-ups of 10.7% across its core portfolio and 4.2% at Waterfront assets Waterfront rents continue to climb as the Company focuses on its trophy assets As Waterfront rents continue to climb, management believes re-leasing previously discounted prime office space presents a sizeable mark to market opportunity Portfolio Re-Leasing Spreads (GAAP) $50.00 FY 2017 1Q 2018 2018 Escalations $45.00 $40.00 $40.00 $35.00 $35.00 $30.00 $30.00 $25.00 $25.00 $20.00 $20.00 $15.00 $15.00 Prev. Escalated Rent PSF New Starting Base Rent PSF Prev. Escalated Rent PSF New Starting Base Rent PSF Prev. Escalated Rent PSF New Starting Base Rent PSF FY 2015 FY 2016 FY 2017 Waterfront Class A Suburban Suburban Average Waterfront Re-Leasing Spreads (GAAP) 1Q 2018 FY 2017 2018 Escalations Waterfront % Class A Suburban % Suburban % Key Markets (avg) % $34.36 $40.45 17.7% 32.71 11.2% 27.50 17.7% $48.88 20.8% 34.29 4.8% 27.53 0.1% $55.00 $50.00 $45.00 $40.00 $35.00 $30.00 $25.00 $20.00 29.42 23.37 $25.72 $34.54 34.3% $38.72 12.1% Prev. Escalated Rent PSF New Starting Base Rent PSF Prev. Escalated Rent PSF New Starting Base Rent PSF Prev. Escalated Rent PSF New Starting Base Rent PSF Investor Presentation 12 $48.88 $49.38 $48.91 $47.38 $42.88 $40.97 FY 2015FY 2016FY 2017 $39.76 $34.15 $28.35 $24.63 $23.58 $20.60

Office - Disposition Strategy & Statistics We have made significant progress in our portfolio transformation via dispositions of non-core and JV assets and expect to finish our program in 2018. The average rent profile of our remaining office portfolio is 35.3% higher than the disposition portfolio . Dispositions (2015 - 1Q 2018) Under Contract/Negotiations Active Dialogue/Future Dispositions Total Dispositions $1,403.5 165.5 23.8 $1,592.7 88.1% 10.4% 1.5% 100% 140 10 3 153 15,689,528 1,325,529 439,345 17,453,899 $25.15 25.13 19.93 $25.07 Total Remaining Portfolio Remaining Flex Parks Remaining Office Portfolio 101 61 40 14,565,262 3,526,612 11,038,650 $30.17 18.46 $33.92 The remaining office portfolio avg. rent is 35.3% higher than the portfolio dispositions $165.5M Under Contract/Negotiations $1,403.5M 2015-1Q 2018 Dispositions $23.8M Remaining to reach target $1,592.7M Disposition Target 88% 2% Investor Presentation 13 10% ($ in millions)Percent of GoalBuildingsBuilding SFAvg. Base Rent

Office – Post Disposition Portfolio Waterfront Suburban Avg. Base Rent + Escalations (2 ) Avg. Base Rent + Escalations (2 ) Building Location Total SF Leased SF % Leased Building Location Total SF Leased SF % Leased 101 Huds on Ha rbors ide 1 Ha rbors ide 2 & 3 Ha rbors ide 4a Ha rbors ide 5 111 River Street Total Waterfront Jers ey City, NJ Jers ey City, NJ Jers ey City, NJ Jers ey City, NJ Jers ey City, NJ Hoboken, NJ 1,246,283 399,578 1,487,222 207,670 977,225 566,215 4,884,193 1,244,550 197,276 1,126,402 198,644 679,492 500,123 3,946,487 99.9% 49.4% 75.7% 95.7% 69.5% 88.3% 80.8% $35.66 47.46 37.79 35.89 40.96 38.41 $38.13 * * * * * * 1 Gira lda Fa rms 7 Gira lda Fa rms 4 Ga teha ll Drive 9 Ca mpus Drive 325 Columbia Turnpike 100 Schultz Drive 200 Schultz Drive 201 Littleton Roa d 3600 Route 66 4 Ca mpus Drive 6 Ca mpus Drive 1 Sylva n Wa y 5 Sylva n Wa y 7 Sylva n Wa y 7 Ca mpus Drive 2 Hilton Court 8 Ca mpus Drive 2 Dryden Wa y 600 Horizon Drive (3) 100 Overlook Center 5 Va ughn Drive One River Center 1 One River Center 2 One River Center 3 & 4 23 Ma in Street (3) 5 Wood Hollow Roa d Total Suburban Total Core Office Portfolio Flex Pa rk Portfolio Total Core Portfolio (1) Ma dis on, NJ Ma dis on, NJ Pa rs ippa ny, NJ Pa rs ippa ny, NJ Florha m Pa rk, NJ Red Ba nk, NJ Red Ba nk, NJ Morris Pla ins , NJ Neptune, NJ Pa rs ippa ny, NJ Pa rs ippa ny, NJ Pa rs ippa ny, NJ Pa rs ippa ny, NJ Pa rs ippa ny, NJ Pa rs ippa ny, NJ Pa rs ippa ny, NJ Pa rs ippa ny, NJ Pa rs ippa ny, NJ Ha milton, NJ Princeton, NJ Princeton, NJ Middletown, NJ Middletown, NJ Middletown, NJ Holmdel, NJ Pa rs ippa ny, NJ 154,417 236,674 248,480 156,495 168,144 100,000 102,018 88,369 180,000 147,475 148,291 150,557 151,383 145,983 154,395 181,592 215,265 6,216 95,000 149,600 98,500 122,594 120,360 214,518 350,000 317,040 4,203,366 11,038,650 3,526,612 14,565,262 154,417 148,180 195,480 131,701 167,044 57,364 66,728 38,572 180,000 120,745 120,317 122,938 142,588 103,289 128,796 181,592 163,020 6,216 95,000 75,226 44,055 116,982 120,360 119,621 350,000 317,040 3,467,271 9,172,208 3,232,761 12,404,969 100.0% 62.6% 78.7% 84.2% 99.3% 57.4% 65.4% 43.6% 100.0% 81.9% 81.1% 81.7% 94.2% 70.8% 83.4% 100.0% 75.7% 100.0% 100.0% 50.3% 44.7% 95.4% 100.0% 55.8% 100.0% 100.0% 82.5% 83.1% 91.7% 85.2% $39.99 35.91 27.07 20.90 26.52 28.73 26.85 20.39 24.92 24.59 26.39 32.48 29.61 28.70 25.97 40.71 30.59 17.84 24.23 32.35 29.86 27.91 26.38 28.15 17.51 25.69 $27.68 $33.93 $18.46 $29.90 * * * * * * * * * * * * * * Class A Suburban Avg. Base Rent + Escalations (2 ) Building Location Total SF Leased SF % Leased 1 Bridge Pla za 2115 Linwood Avenue 101 Wood Avenue S 581 Ma in Street 333 Thorna ll Street 343 Thorna ll Street 150 JFK Pa rkwa y 51 JFK Pa rkwa y 101 JFK Pa rkwa y 103 JFK Pa rkwa y Total Class A Suburban Fort Lee, NJ Fort Lee, NJ Is elin, NJ Woodbridge, NJ Edis on, NJ Edis on, NJ Short Hills , NJ Short Hills , NJ Short Hills , NJ Short Hills , NJ 200,000 68,000 262,841 200,000 196,128 195,709 247,476 260,741 197,196 123,000 1,951,091 171,442 59,410 262,841 99,052 192,461 190,790 209,848 255,495 194,111 123,000 1,758,450 85.7% 87.4% 100.0% 49.5% 98.1% 97.5% 84.8% 98.0% 98.4% 100.0% 90.1% $28.93 25.04 32.34 28.69 34.92 33.46 35.46 51.88 40.80 42.46 $36.81 * * * * * * * * * * * * * * * * * Denotes assets that have recently been renovated (1)Excludes non-core holdings targeted for sale at 842,086 SF; excludes consolidated repositionings taken offline totaling 513,101 SF. Total consolidated office portfolio of 15,920,449 SF. (2)Includes annualized base rental revenue plus escalations for square footage leased to commercial and retail tenants only. Excludes leases for amenity, parking and month-to-month tenants. Annualized base rental revenue plus escalations is based on actual March 2018 billings times 12. For leases whose rent commences after April 1, 2018 annualized base rental revenue is based on the first full month’s billing times 12. As annualized base rental revenue is not derived from historical GAAP results, historical results may differ from those set forth above. (3)Average base rents + escalations reflect rental values on a triple net basis. Investor Presentation 4Q 2017 14

Office – Waterfront Leasing Prospects Building(1) • • • • Lobby Renovation Elevator Upgrades New Retail Amenities Tenant Lounge/Conference Center • • FIRE Professional Svcs 101 Hudson 2,000 – 200,000 0 4 13 4Q18 • • • • • • • • • TAMI FIRE Professional Svcs TAMI FIRE Professional Svcs TAMI FIRE Professional Svcs • Harborside 5 5,000 - 200,000 1 5 7 4Q18 Restaurants • Atrium, elevator, and retail renovations all under way Harborside 2&3 6,000 - 400,000 2 5 10 3Q18 - 4Q18 • • Lobby Modifications Restaurant 111 River Street 3,000 - 45,000 0 4 8 2Q18 - 3Q18 Note: (1) Does not include Harborside 1 due to on-going building renovation. Harborside 4a is fully leased through 2020. Investor Presentation 4Q 2017 15 Proposed Building Upgrades Timing QTD Tours 1Q 2018 Tours 4Q 2017 Tours Tenant Size (SF) Type/Industry

$ in millions (except per share amounts) Valuation - Reported NAV The company’s NAV estimate of $3.6B is further supposed using alternative valuation methodologies on page 8 High Low Rentable SF/ Projected Cap Rate Gross Asset Gross Per SF / Property Third Party Discounting Net Asset 117 117 Les s : Rockpoint Interes t (173) (182) (164) Total Residential NAV 18,727 $1,549 $1,692 $1,413 Note: See appendix for additional information Investor Presentation 16 Total Mack-Cali NAV $3,603 $4,118 $3,164 Approximate NAV / Share (100.6MM shares) (1 5 ) $35.82 $40.93 $31.45 Apt Units NOI (1) Office Portfolio MSF Huds on Wa terfront (Jers ey City) 4.884 $79.4 4.4% Cla s s A Suburba n (Metropa rk, Short Hills ) 1.951 42.3 6.8% Suburba n 4.203 55.9 8.6% Flex Pa rks 3.527 36.4 6.6% Subtotal (4 ) 14.565 $213.9 Non-Core (5 ) 0.842 Hotel a nd Other JV Interes ts (6 ) Ha rbors ide Pla za 4 Wegma n's & Reta il (7 ) La nd (8 ) Repos itioning Properties (9 ) Office - Asset Value 15.407 Les s : Office Uns ecured Debt Les s : Ma rket Ma na gement Fee (1 0 ) Les s : Office Preferred Equity/LP Interes ts Value Unit(10) (A) 0 $1,820 $373 623 319 648 154 549 156 $3,640 $250 76 0 212 0 90 0 56 0 39 0 117 0 $4,075 0 Debt Interests (1 3 ) (B) (C) (D) ($250) $0 $0 (125) 0 0 0 0 0 0 0 0 ($375) $0 $0 0 0 0 (129) (41) 0 0 0 0 0 0 0 0 0 0 0 0 0 ($504) ($41) $0 Value (A-B-C-D) $1,570 498 648 549 $3,265 76 42 90 56 39 117 $3,684 (1,441) (136) (53) $1,807$1,384 548 455 688 613 594 510 $3,636$2,962 76 76 42 42 90 90 56 56 39 39 $4,056$3,381 (1,441) (1,441) (136) (136) (53) (53) Total Office NAV 15.407 $2,054 $2,426 $1,751 Residential Units Opera ting Properties - Wholly Owned 2,551 $48.8 4.9% Opera ting Properties - JVs (1 1 ) 2,733 64.4 4.8% Opera ting Properties - Subordina te JVs 542 15.9 5.1% In-Cons truction Properties (1 2 ) 1,944 52.6 5.3% Future Development Properties (8 ) 10,957 Fee Income Bus ines s & Ta x Credit Residential - Asset Value (1 4 ) 18,727 $1,009 $396 1,364 499 320 590 992 510 576 53 40 $4,301 ($527) $0 ($1) (680) (351) (3) (138) (148) 0 (469) (100) (62) 0 (100) 0 0 0 0 ($1,814) ($699) ($66) $481 330 34 361 476 40 $1,722 $536 $431 366 297 38 31 394 326 500 452 40 40 $1,874 $1,577 Net Value Range (3 ) NAV Calculation (2 )

Valuation - Implied Stock Price As reflected in the sum of parts NAV calculation, a stock price of $35.82 is further validated by a cash flow multiple approach: • Office Portfolio Value Mack-Cali Stock Price(1) 1Q 2018 CLI Share of Roseland Net Asset Value Per Share $19.77 15.40 • Price-to-FFO Multiple Sensitivity • 2018 Office Portfolio FFO(3): $1.51/share Office FFO Multiple Office Company Value Roseland Value Implied Stock Value Per Share Per Share 11.00x 12.00x 13.00x 14.00x 15.00x $16.61 18.12 19.63 21.14 22.65 $15.40 15.40 15.40 15.40 15.40 $32.01 33.52 35.03 36.54 38.05 Note: (1) (2) (3) As of May 31, 2018. The office standalone net debt/EBITDA is 7.5x See Appendix for additional guidance detail Investor Presentation 17 Implied Office Company Value Per Share(2)$4.37 Implied Office Company FFO Multiple2.89x

Geographic Breakdown Mack-Cali’s residential and core office assets are concentrated in targeted urban markets and transit based locations, with approximately 72% of NAV along the Hudson Waterfront. Hudson Waterfront Office (Jersey City) NAV ($) $1,570M NAV (%) 44% Residential (Jersey City / Port Imperial) Total 1,016M 28% $2,586M 72% Port Imperial Waterfront Jersey City Waterfront Investor Presentation 18

Regional Spotlight - Jersey City Mack-Cali and Roseland have a market leading residential & office portfolio along the Jersey City waterfront. Residential Marbella Monaco M2 Urby Total Remaining Land 412 523 311 762 2,008 4,807 96.8% 96.7% 96.1% 97.8% 97.0% $40.32 44.75 45.84 55.81 $48.21 Operating Office Portfolio 4.884 MSF 81% $38.13 2018/2019 Jersey City Starts 25 Christopher Columbus Drive: Projected to start later this year, 25 Christopher Columbus Drive is a 718-unit mixed use development, including a school and significant retail space. Urby II: The follow-up to the neighborhood-defining joint venture between Mack-Cali and Ironstate, Urby II is scheduled to begin construction in early 2019. Harborside Plaza 8: The Company plans to begin construction on Harborside Plaza 8 early next year. The project – a 679-unit prime development with unparalleled views of downtown Manhattan, will be the pinnacle of the Roseland Jersey City portfolio. Investor Presentation 19 Harborside Plaza 8 25 Christopher Columbus % LeasedRent PSF Units(3/31/18)(3/31/18) Monaco Marbella and M2 Urby at Harborside

Jersey City: The New Scene 1st Most Livable City in the US Smartasset (2016) 1st Fastest-Growing Metro Area in NJ Forbes & CareerBliss 2nd Happiest City to Work in the US Forbes & CareerBliss 5th Best Public Transportation in the US Business Insider Top 5 US Cities for Millennials Niche & Forbes 10th US Cities Where Millennials Make Over $350,000 Zillow 10th Most Artistic City in the US Atlantic Magazine Top 5 Hippest Blocks in NYC Forbes & CareerBliss Investor Presentation 20

Regional Spotlight - Port Imperial The Port Imperial submarket provides unrivaled access to Midtown West and Hudson Yards ($17Bn Investment) via the NY Waterway Ferry. Port Imperial will further become a prime residential destination as companies migrate to Hudson Yards Operating In-Development 2018 Start Future Start Current: Y/E 2018: 316 Units 983 Units/Keys 1,027 Units/Keys 673 Units 1,704 Units 1,391 Units Investor Presentation 21 OperatingIn-ConstructionLand

Regional Spotlight - Overlook Ridge Roseland has developed the 92 acre Overlook Ridge community, located 5 miles from the center of Boston and directly off of Route 1. Operating Properties Alterra at Overlook Ridge The Chase at Overlook Ridge Total 2018 Target Start (Cantera) Remaining Land 722 664 1,386 326 490 97.0% 97.4% 97.2% $23.64 26.52 $25.02 2018 Overlook Ridge Starts Cantera at Overlook Ridge: The phase three culmination of the Overlook Ridge Master Plan, Cantera at Overlook Ridge, a 326-unit residential development is projected to begin construction later this year. With direct access to Boston via Route 1, Cantera offers luxury apartments to anyone seeking the comforts of a suburban community with the city at their doorstep. Investor Presentation 22 % Leased Rent PSF Units(3/31/18)(3/31/18)

Repositioning - Harborside Cultural District The Company continues to invest in our Jersey City assets as part of a complete transformation project to create a cultural district at Harborside. New Retail, Dining and Event Space Harborside Tower (JV with SJP Properties) Lutze Biergarten Re-Skin of Harborside Complex European-Style Food Hall Revitalized Pedestrian Walkways and New Ferry Investor Presentation 23

NJ Grows: Mack-Cali is well positioned to benefit from this business incentive program These are credits per employee offered by the State of NJ (NJS) to be applied against NJS Corporate Taxes Urban Transit Hub Municipality $5,000 Transit-oriented development $2,000 Large numbers of new full-time jobs are elegible $500 – $1,500 251 to 400 $500 +$2.50 401 to 600 $750 +$3.75 601 to 800 $1,000 +$5.00 801 to 1,000 $1,250 +$6.25 1,001+ $1,500 +$7.50 $750 (if 105% over) Investor Presentation 24 Business in a targeted industry: Defense, Energy,$500/employee p.a+$2.50 Finance, Health, Life Sciences, Logistics, Manufacturing, Technology and Transportation Average salary > county’s existing average (currently$250 (if 35% over), $50,006):$500 (if $70% over),+ $1.25 – $3.75 Total Potential Benefit Range (Per Employee per$7,000 – $9,750+ $35.00 – $48.75 Annum) Gross Annual Benefit/EmployeeGross Annual Benefit/SF

Appendix

Global Definitions Average Revenue Per Home: Calculated as total apartment revenue for the quarter ended Operating Communities: Communities that have achieved Project Stabilization. December 31, divided by the average percent occupied for the quarter ended December 31, 2017, divided by the number of apartments and divided by three. Class A Suburban: Long-term hold office properties in targeted submarkets; formerly Predevelopment Communities: Communities where the Company has commenced defined as Urban Core. predevelopment activities that have a near-term projected project start. Consolidated Operating Communities: Wholly owned communities and communities Project Completion: As evidenced by a certificate of completion by a certified architect or whereby the Company has a controlling interest. Flex Parks: Primarily office/flex properties, including any office buildings located within issuance of a final or temporary certificate of occupancy. Project Stabilization: Lease-Up communities that have achieved over 95 Percentage the respective park. Leased for six consecutive weeks. Future Development: Represents land inventory currently owned or controlled by the Projected Stabilized NOI: Pro forma NOI for Lease-Up, In-Construction or Future Company. Development communities upon achieving Project Stabilization. Identified Repurposing Communities: Communities not currently owned by RRT, which Projected Stabilized Yield: Represents Projected Stabilized NOI divided by Total Costs. have been identified for transfer from Mack-Cali to RRT for residential repurposing. In-Construction Communities: Communities that are under construction and have not yet Repurposing Communities: Commercial holdings of the Company which have been commenced initial leasing activities. targeted for rezoning from their existing office to new multi-family use and have a likelihood of achieving desired rezoning and project approvals. Lease-Up Communities: Communities that have commenced initial operations but have Subordinated Joint Ventures: Joint Venture communities where the Company's not yet achieved Project Stabilization. ownership distributions are subordinate to payment of priority capital preferred returns. MCRC Capital: Represents cash equity that the Company has contributed or has a future Suburban: Long-term hold office properties (excluding Class A Suburban and Waterfront locations); formerly defined as Suburban Core obligation to contribute to a project. Net Asset Value (NAV): The metric represents the net projected value of the Company’s Third Party Capital: Capital invested by third parties and not Mack-Cali. interest after accounting for all priority debt and equity payments. The metric includes capital invested by the Company. Net Operating Income (NOI): Total property revenues less real estate taxes, utilities and Total Costs: Represents full project budget, including land and developer fees, and operating expenses Non-Core: Properties designated for eventual sale/disposition or repositioning/redevelopment. interest expense through Project Completion. Waterfront: Office assets located on NJ Hudson River waterfront. Investor Presentation 26

$ in thousands Income Statement – Annual REVENUES Ba s e rents Es ca la tion a nd recoveries from tena nts Rea l es ta te s ervices Pa rking income Other income Total revenues EXPENSES Rea l es ta te ta xes Utilities Opera ting s ervices Rea l es ta te s ervice expens es Operating Expenses NOI Genera l a nd a dminis tra tive Acquis ition-rela ted cos ts Deprecia tion a nd a mortiza tion Total expenses Operating Income OTHER (EXPENSE) INCOME Interes t expens e Interes t a nd other inves tment income (los s ) Comparison $112,902 12,791 4,661 5,327 3,286 $121,255 15,119 6,465 4,229 2,819 $138,967 $149,887 $18,361 12,504 25,618 4,936 $21,092 11,414 27,091 6,270 $61,419 $65,867 $77,548 16,085 - 41,297 $84,020 11,592 - 47,631 $118,801 $125,090 $20,166 $24,797 ($20,075) 1,128 1,572 ($20,321) 474 (51) Equity in ea rnings (los s ) of uncons olida ted joint ventures Ga in on cha nge of control of interes ts Rea lized ga ins (los s es ) a nd unrea lized los s es on dis pos ition Ga in on s a le of inves tment in uncons olida ted joint venture Ga in (los s ) from ea rly extinguis hment of debt, net Total other income (expense) Net income (loss) Noncontrolling interes t in cons olida ted joint ventures Noncontrolling interes t in Opera ting Pa rtners hip Redeema ble noncontrolling interes t Net income (loss) available to common shareholders Basic earnings per common share: Net income (los s ) a va ila ble to common s ha reholders Diluted earnings per common share: Net income (los s ) a va ila ble to common s ha reholders Ba s ic weighted a vera ge s ha res outs ta nding Diluted weighted a vera ge s ha res outs ta nding 58,186 - (10,289) 5,506 12,563 (239) $30,522 ($2,068) $50,688 $30 (4,883) (2,799) $22,729 $237 (2,295) (792) $43,036 $19,879 $0.45 $0.11 $0.45 90,263 100,604 $0.11 89,955 100,637 Investor Presentation 4Q 2017 27 1Q 2018 1Q 2017

Development Activity and Cash Flow Growth $ in millions (unaudited) 2017 Lease-Ups Urby Ha rbors ide Cha s e II a t Overlook Ridge Qua rry Pla ce a t Tucka hoe Total 2017 Lease-Ups 85.00% 100.00% 100.00% 90.16% 97.8% 96.4% 99.1% 97.6% Q1 2017 Q4 2016 Q4 2016 762 292 108 1,162 6.72% 6.52% 6.61% 6.66% $18.5 5.2 2.8 $26.5 $9.9 2.7 1.1 $13.7 In-Construction Portfolio Q1 2018 Deliveries Signa ture Pla ce a t Morris Pla ins 145 Front Street a t City Squa re (2) Total Q1 2018 Deliveries 100.00% 100.00% 100.00% 27.4% 18.4% 21.6% Q1 2018 Q1 2018 197 365 562 6.68% 6.29% 6.43% $3.9 5.9 $9.8 $2.2 3.6 $5.8 Q2 2018 Deliveries Lofts a t 40 Pa rk Ports ide 5/6 RiverHous e 11 a t Port Imperia l Total Q2 2018 Deliveries 25.00% 100.00% 100.00% 93.19% 22.0% 31.4% 0.0% 16.3% Q2 2018 Q2 2018 Q2 2018 59 296 295 650 6.72% 6.40% 6.31% 6.39% $1.2 7.1 7.7 $16.0 $0.3 4.2 4.7 $9.2 Q3 2018 Deliveries Ma rriott Hotels a t Port Imperia l Total Q3 2018 Deliveries 90.00% 90.00% Q3 2018 372 372 10.03% 10.03% $14.3 $14.3 $9.5 $9.5 Q4 2020 Deliveries PI North – Riverwa lk C Total Q4 2020 Deliveries 40.00% 40.00% Q4 2020 360 360 5.98% 5.98% $11.2 $11.2 $2.6 $2.6 (1 ) Total In-Construction 84.70% 1,944 7.02% $51.3 $27.1 Note: (1) Projected stabilized yield without the Marriott Hotels at Port Imperial is 6.30 percent. Investor Presentation 4Q 2017 28 Total 86.74% 3,106 6.89% $77.8 $40.8 Projected RRT RRT Nominal % Leased As of: Actual/Projected Projected Total Share of Stabilized Ownership As of 4/30/2018 Initial Leasing Units Yield NOI NOI After Debt Service

Notes: Net Asset Value (Unaudited) (1) (2) Based on projected 2018 cash net operating income with management fees added back for office portfolio. NAV is generally arrived at by calculating the estimated gross asset values for each of the Company’s real estate properties, investments and other significant assets and interests, and then deducting from such amounts the corresponding net debt and third parties’ interests in the assets. Gross asset values for stabilized operating multi-family real estate properties are calculated using the direct capitalization method by dividing projected net operating income for the next one year period by an estimated market capitalization rate for each property. Gross asset values for operating office properties are presented by dividing projected net operating income for the next one year period by an estimated year one imputed capitalization rate for each property. See Footnote 4 for a more detailed description of the methodology used by management to estimate gross asset values for its operating office properties. Management projects net operating income that it expects to receive for future periods from a combination of in-place lease contracts, prospective renewals of expiring leases and prospective lease-up of vacant space. Market capitalization rates are estimated for each property based on its asset class and geographic location and are based on information from recent property sale transactions as well as from publicly available information regarding unrelated third party property transactions. The value range is determined by adding or subtracting 0.50% to the year 1 cap rate for office properties and 0.25% to the year 1 cap rate for residential properties. Property cash flows have been reduced by credit loss reserves and leasing and base building capital expenditures, including targeted Harborside renovations, estimated at approximately $75 million. (3) (4) Office Huds on Wa terfront Cla s s A Suburba n Suburba n Flex Pa rks Subtotal 4.884 1.951 4.203 3.527 14.565 $79.40 $42.25 $55.91 $36.35 $213.92 4.36% 6.78% 8.63% 6.62% $38.13 36.81 27.68 18.46 $30.17 $45.05 38.90 27.77 19.67 $33.09 92.00% 92.50% 88.00% 94.00% 6.00% 6.50% 8.00% 7.00% 7.00% 8.00% 9.00% 8.00% $1,820 623 648 549 $3,640 $373 319 154 156 $250 The year one cap rate, applied to the projected 2018 cash net operating income, is derived from the present value of periodic cash flows over five years and a terminal value based on stabilized income and a market cap rate, all discounted at an unlevered internal rate of return. The Company calculates estimated gross asset values for each of its operating office assets by taking the sum of (i) the present value of periodic cash flows over five years and (ii) a terminal value based on estimated stabilized income and a market capitalization rate at stabilization, all discounted at an unlevered internal rate of return. This value, divided by the projected net operating income for a one year period yields the year one imputed capitalization rate. Management projects the periodic cash flows over five years and the stabilized income from a combination of in-place lease contracts, prospective renewals of expiring leases and prospective lease-up of vacant space. Factors considered by management in projecting releasing and lease-up of vacant space and estimating the applicable market rental rates include: identification of leases currently being negotiated by management; historical annual leasing volumes for such property types; and comparable leases that have been executed for properties within the Company’s portfolio and for competitor buildings in similar locations. (5) Valuations for non-core assets, which are those assets being considered for sale or disposal, or in the active marketing process, are generally based on recent contract prices for similar properties in the process of being sold, letters of intent and ongoing negotiations for properties. Includes the Company's ownership interests in the Hyatt Regency Jersey City and three office joint venture properties. Wegman’s $36 million asset value calculated using $1.6 million NOI capped at 4.5%. 24 Hour Fitness $20 million asset value calculated using $1 million NOI capped at 5%. The value of land is based on a combination of recent or pending transactions for land parcels within our relevant markets and unrelated third parties, and sometimes may utilize land appraisals for certain markets, if available for other purposes, such as for transaction financing. Further, we consider what a land parcel’s value would need to be when combined with all other development costs to yield what we believe to be an appropriate target rate of return for a development project. The per apartment unit or per square foot office space values are derived by dividing the aggregate land value by the number of potential apartment units or square feet of office space the land can accommodate. The number of potential units or square feet of office space a land parcel can accommodate is most commonly governed by either in-place governmental approvals or density regulations set forth by existing zoning guidelines. (6) (7) (8) Investor Presentation 29 Rentable Market Stabilized Area Projected Year 1 Cap In-Place Rent Occupancy Stabilized Unlevered (MSF) 2018 NOI Rate Rent PSF PSF Rate Cap Rate IRR Value $ PSF

Notes: Net Asset Value (Unaudited) (9) Valuations for properties planned for or undergoing a repositioning or repurposing utilize a projected stabilized net operating income for the asset upon completion of the repositioning/repurposing activities. After applying an estimated capitalization rate to a projected stabilized net operating income, the capitalized value is next discounted back based on the projected number of periods to re-stabilize the asset. The discount rate applied is determined based on a risk assessment of the repositioning/repurposing activities and comparable target returns in the marketplace, and further validated by outside market sources, when available for that market. Additionally, adjustments are made to the estimated value by deducting any estimated future costs necessary to complete the planned activities, as well as adding back the discounted projected interim operating cash flows expected to be generated by the property until re-stabilization has been achieved. Represents an estimate of management fee cost based on 3.0% of revenues, as the NOI presented is before cost for managing the portfolio. Residential NOI calculations already account for management fee. Joint venture investments are generally valued by: applying a capitalization rate to projected net operating income for the joint venture’s asset (which is similar to the process for valuing those assets wholly owned by the Company, as described above and previously), and deducting any joint venture level debt and any value allocable to joint venture partners’ interests. The valuation approach for assets in-construction or lease-up are similar to that applied to assets undergoing repositioning/repurposing, as described above. After applying an estimated capitalization rate, currently ranging from 4.5% to 5.25%, to a projected stabilized net operating income, estimated to total approximately $51.3 million upon completion of the construction or lease-up activities, the Company deducts any estimated future costs totaling $62.0 million required to complete construction of the asset to arrive at an estimated value attributable to the asset. The Company then discounts the capitalized value back based on the projected number of periods to reach stabilization. The discount rate applied, currently ranging from 7% to 9.75%, is determined based on a risk assessment of the development activities and comparable target returns in the marketplace. The Company then adds back the discounted projected interim cash flows expected to be generated during the projected lease-up period to reach stabilization. Represents discounted NOI for assets not yet stabilized and required capital to complete assets. The residential valuation analysis totals to a Roseland NAV of $1,722,000,000, with the company’s share of this NAV of $1,549,000,000 (“MCRC Share”). This latter amount represents the company's share of Roseland NAV, net of the $173,000,000 attributable to Rockpoint's noncontrolling interest. The decrease in the approximate NAV per share of $1.92 from December 31, 2017 to March 31, 2018 is due primarily to slower lease up projections in the Waterfront office market, which more than offsets NOI growth within the portfolio of operating residential properties as well as the commencement of construction on Riverwalk C at Port Imperial. (10) (11) (12) (13) (14) (15) Information About Net Asset Value (NAV) Overall, NAV is arrived at by calculating the estimated gross asset values for each of their real estate properties, investments and other significant assets and interests, and then deducting from such amounts the corresponding net debt and third parties’ interests in the assets. Gross asset values for the operating real estate properties are calculated using the direct capitalization method by dividing projected net operating income for a one year period by an estimated current capitalization rate for each property. For each operating property, management projects net operating income that it expects to receive for future periods from a combination of in-place lease contracts, prospective renewals of expiring leases and prospective lease-up of vacant space. Factors considered by management in projecting releasing and lease-up of vacant space and estimating the applicable market rental rates include: identification of leases currently being negotiated by management; historical annual leasing volumes for such property types; and comparable leases that have been executed for properties within the Registrants’ portfolio and for competitor buildings in similar locations. A capitalization rate is estimated for each property based on its asset class and geographic location. Estimates of capitalization rates are based on information from recent property sale transactions as well as from publicly available information regarding unrelated third party property transactions. The use of NAV as a measure of value is subject to certain inherent limitations. The assessment of the estimated NAV of a particular property is subjective in that it involves estimates and assumptions and can be calculated using various acceptable methods. The Company’s methods of determining NAV may differ from the methods used by other companies. Accordingly, the Company’s estimated NAV may not be comparable to measures used by other companies. As with any valuation methodology, the methodologies utilized by the Company in estimating NAV are based upon a number of estimates, assumptions, judgments or opinions that may or may not prove to be correct. Capitalization rates obtained from publicly available sources also are critical to the NAV calculation and are subject to the sources selected and variability of market conditions at the time. Investors in the Company are cautioned that NAV does not represent (i) the amount at which the Company’s securities would trade at a national securities exchange, (ii) the amount that a security holder would obtain if he or she tried to sell his or her securities, (iii) the amount that a security holder would receive if the Company liquidated its assets and distributed the proceeds after paying all of their expenses and liabilities or (iv) the book value of the Company’s real estate, which is generally based on the amortized cost of the property, subject to certain adjustments. Investor Presentation 30