To Our Shareholders,

The past twelve months brought the most significant professional and personal disruption any of us have experienced, with the COVID-19 pandemic forcing a re-evaluation of the most fundamental aspects of how we live and work.

Positioning Mack-Cali within our communities as we work through the ongoing recovery has, and will continue to, require thoughtful planning and solutions, teamwork and resilience. Every aspect of our industry has felt the impact of this crisis, and we have been laser-focused on ensuring that we take the steps required to respond not only to this moment, but also to establish the foundations of the Company for future value creation.

To that end, we have been navigating the pandemic while beginning to advance our transformation of the Company. Mack-Cali has undergone a significant reorganization with a newly constituted Board of Directors (“Board”) and changes to corporate leadership, creating a renewed focus on maximizing value for shareholders through the following key initiatives: i) continued disposal of non-core assets, ii) repositioning our Harborside campus, and iii) maximizing the value of our multifamily platform by unlocking its growth potential. These initiatives are intended to strengthen our balance sheet, streamline our portfolio, and ensure we operate efficiently and with clear focus.

Non-core asset sales. The market for suburban assets has been active and robust. We are pleased to share that Mack-Cali has made significant progress on its non-core asset sales initiative despite the general disruption to the real estate investment sales market. The renewed interest in suburban office, driven by the trend to de-densify and create de-centralized office solutions for large corporations has strengthened the demand for well-located and well-amenitized assets. With holdings ideally concentrated near transportation nodes, we saw strong bids and execution in line with our Suburban Net Asset Value expectations and have been using the net proceeds to retire debt.

Repositioning our Harborside commercial campus. We have a terrific, timely asset at Harborside that we believe is aligned with what corporate executives are likely to seek in the new and evolving post-pandemic work environment.

A year of working from home has caused companies to re-assess their long-term office needs in a way that prioritizes accessibility, controlled environments, open space and flexibility. We believe that places that have those elements along with commuting convenience are going to be successful. Our campus checks all these boxes. As an added benefit, Harborside is easily reachable throughout the region with multiple transportation modes offering a one-seat ride, providing convenience without the extreme density of Manhattan. Even before the pandemic, there was growing demand for business districts outside of Manhattan, and our expectation is that this trend will continue, particularly when considering the cost saving which can be up to almost 50% relative to comparable space in Manhattan. We believe the introduction of the new Emerge incentive program in New Jersey in early 2021 will only reinforce the relative value of Harborside to Manhattan.

To bring this value proposition to light, we have taken active steps to ensure the Harborside campus is well positioned to capture future leasing demand. These include a number of value enhancing initiatives, such as the comprehensive refurbishment of Harborside 1 and the formation of best-in-class internal and external leasing teams that have substantial experience as well as demonstrated ties to tenants well suited to relocate to Harborside. We have also established a robust pre-built program for small-to-medium-sized users who favor plug-and-play arrangements and are also exploring a life-sciences offering to take advantage of New Jersey’s dominance in this space, and the lack of viable waterfront options for this vital growing sector. We believe these efforts will be strategic, impactful, and timely value-drivers for our business.

Maximizing the embedded value in our multifamily platform. While the impact of the pandemic has been disruptive to Roseland in the short-term, it has not diminished the long-term value of this portfolio, and our team is diligently working to improve the portfolio’s performance, including current occupancy. Our construction in progress is a clear value driver that will deliver $55 million of net operating income as these fully funded projects are stabilized. The value of the platform is further enhanced by the untapped future development opportunities.

Once the assets under construction are stabilized, we anticipate residential assets will represent a majority of our portfolio – a meaningful difference in asset class concentration from the time when Roseland was initially purchased in 2012 and reflecting the success of the three-pronged approach we have been pursuing so aggressively this year. We have a superior product and believe in Roseland’s ability to exhibit revenue and NOI growth once again and have seen meaningful sequential improvement in our key operating metrics.

In addition to making progress across the portfolio in 2020, Mack-Cali renewed its focus on environmental, social and corporate governance matters. We formally endorsed key global sustainability initiatives, including the Ten Principles of the United Nations Global Compact and the UN Women Empowerment Principles, and more recently, vocalized our support for the Task Force on Climate-related Financial Disclosures. These efforts underscore our ongoing commitment to enhancing the sustainability of our portfolio and reducing our carbon footprint. As part of this initiative, this will mark the last print version of the annual report, as we will be fully digital going forward.

Over the past year, we have honed our strategy and see a clear path to delivering value. While we recognize our journey in this transformation has been lengthy, and likely further extended due to the pandemic, we are confident that the simplification of our platform, coupled with changes to the Company’s leadership, will allow for the value embedded in Mack-Cali to be fully realized over time. We remain fully devoted to ensuring this is the case.

Looking ahead, we have a clear mandate and are excited to execute on a strategy that continues to provide our residents, tenants, and partners with the highest quality service, enables us to operate more efficiently, and maximizes the value of our shareholders’ investments.

Thank you for your patience and support during what has no doubt been a challenging year, and thank you to our entire team for their dedication to Mack-Cali and their relentless efforts to ensure our business did not miss a beat in 2020.