Bow Street Releases Investor Presentation to Mack-Cali Shareholders Detailing the Case for Change at Mack-Cali

Highlights Decades-Long Underperformance, Mismanagement and Poor
Corporate Governance; Meaningful Structural Change Overseen by
Independent Directors is Required for Value Creation

Bow Street’s Nominees Bring Diverse, Highly Relevant Backgrounds
to Board in Need of Independent Oversight and Willingness to Evaluate ALL
Opportunities to Maximize Shareholder Value

Urges Mack-Cali Shareholders to Vote the GOLD
Proxy Card FOR Bow Street’s Four
Highly-Qualified, Independent Director Nominees

NEW YORK–(BUSINESS WIRE)–Bow Street LLC (“Bow Street”), a New York-based investment firm that
beneficially owns approximately 4.5% of the outstanding shares of common
stock of Mack-Cali Realty Corporation (“Mack-Cali” or the “Company”)
(NYSE: CLI), today released an in-depth investor presentation to
Mack-Cali shareholders detailing the case for long-overdue change at
Mack-Cali.

The presentation and additional information regarding the THE
CASE FOR CHANGE AT MACK-CALI is available at: http://bowstreetllc.com/mack-cali/.

Highlights of the presentation include:

• Why new board leadership and structural change are immediately
  required at Mack-Cali to maximize value for all shareholders;
• Mack-Cali’s current intractable state – over-levered, under-occupied,
  structurally impaired, and lacking a credible path to sustainable
  shareholder value creation;
• The decades-long, massive value destruction overseen by Mack-Cali’s
  deeply entrenched Board during a period of unprecedented value
  creation in the real estate sector;
• Mack-Cali’s poor corporate governance, overseen by directors who lack
  oversight and accountability, are loyal to Chairman William Mack, and
  the majority of whom have served on the Board for over 15 years;
• How the Board has failed shareholders by overpromising and
  underdelivering on strategies that have eroded shareholder value;
• Why a robust, transparent exploration of strategic alternatives is
  needed to unlock shareholder value;
• The blatant fallacies Mack-Cali has fed shareholders to mask its
  decades of underperformance, mismanagement and missed opportunities;
• The diverse, highly relevant backgrounds of Bow Street’s four
  independent director nominees who bring the oversight required to
  reverse the status quo; and
• The best path forward for Mack-Cali, which includes a reconstituted
  Board mandated to create value for all shareholders by focusing on
  meaningful solutions that address Mack-Cali’s structural issues.

Akiva Katz and Howard Shainker, Managing Partners of Bow Street, said,
“Over the last two decades, the Mack-Cali Board has failed shareholders.
During a period of unprecedented prosperity in the real estate sector,
Mack-Cali has not only drastically underperformed all relevant office
and apartment REIT indices, but has also consistently been the worst
performing stock among its self-selected peers. To make matters worse,
the Board responsible for this decades-long, abysmal performance,
largely remains in place today. Mismanagement by this deeply entrenched
Board has left the Company trapped – massively underperforming,
structurally challenged, over-levered, under-occupied, and lacking any
credible path to sustainable shareholder value creation. It is clear to
us that absent immediate structural change overseen by independent
directors, value erosion at Mack-Cali will continue to persist.

“It is time for a new day at Mack-Cali. Bow Street’s four highly capable
director nominees bring independence and skillsets to a Board in need of
rigorous oversight and a willingness to evaluate all opportunities to
fix Mack-Cali’s broken structure and create meaningful value for
shareholders.”

Bow Street urges shareholders to protect their investment and vote the GOLD
proxy card FOR its four
highly-qualified, independent director nominees who bring diverse,
relevant backgrounds to a Board in need of fresh perspectives and
independent oversight. If elected, Bow Street’s nominees will take a new
approach to value creation and pledge to work alongside the incumbent
directors to explore ALL
opportunities to maximize shareholder value.

About Bow Street LLC

Founded in 2011, Bow Street is a New York-based investment manager that
partners with institutional investors and family offices globally to
invest opportunistically across public and private securities.

Important Information

Bow Street LLC (“Bow Street”), A. Akiva Katz, Howard Shainker, Alan R.
Batkin, Frederic Cumenal, MaryAnne Gilmartin, and Nori Gerardo Lietz
(collectively, the “Participants”) have filed with the Securities and
Exchange Commission (the “SEC”) a definitive proxy statement and
accompanying form of proxy to be used in connection with the
solicitation of proxies from shareholders of Mack-Cali Realty
Corporation (the “Company”). All shareholders of the Company are advised
to read the definitive proxy statement and other documents related to
the solicitation of proxies by the Participants, as they contain
important information, including additional information related to the
Participants. The definitive proxy statement and an accompanying proxy
card is being furnished to some or all of the Company’s shareholders and
is, along with other relevant documents, available at no charge on the
SEC website at http://www.sec.gov/
or from the Participants’ proxy solicitor, Innisfree M&A Incorporated.

Information about the Participants and a description of their direct or
indirect interests by security holdings is contained in the definitive
proxy statement on Schedule 14A filed by Bow Street with the SEC on May
1, 2019. This document is available free of charge from the sources
indicated above.

Disclaimer

This material does not constitute an offer to sell or a solicitation of
an offer to buy any of the securities described herein in any state to
any person. In addition, the discussions and opinions in this press
release are for general information only, and are not intended to
provide investment advice. All statements contained in this press
release that are not clearly historical in nature or that necessarily
depend on future events are “forward-looking statements,” which are not
guarantees of future performance or results, and the words “anticipate,”
“believe,” “expect,” “potential,” “could,” “opportunity,” “estimate,”
and similar expressions are generally intended to identify
forward-looking statements. The projected results and statements
contained in this press release that are not historical facts are based
on current expectations, speak only as of the date of this press release
and involve risks that may cause the actual results to be materially
different. Certain information included in this material is based on
data obtained from sources considered to be reliable. No representation
is made with respect to the accuracy or completeness of such data, and
any analyses provided to assist the recipient of this presentation in
evaluating the matters described herein may be based on subjective
assessments and assumptions and may use one among alternative
methodologies that produce different results. Accordingly, any analyses
should also not be viewed as factual and also should not be relied upon
as an accurate prediction of future results. All figures are unaudited
estimates and subject to revision without notice. Bow Street disclaims
any obligation to update the information herein and reserves the right
to change any of its opinions expressed herein at any time as it deems
appropriate. Past performance is not indicative of future results.

Contacts

Media
Gasthalter & Co.
Jonathan Gasthalter/Amanda
Klein
(212) 257 4170

Investors
Innisfree M&A Incorporated
Scott
Winter/Gabrielle Wolf
(212) 750 5833