Bow Street Baffled by Mack-Cali Chairman William Mack’s Rash Termination of Settlement Discussions

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 sent a letter to Mack-Cali Chairman William Mack
expressing Bow Street’s concern at his abrupt termination of settlement
discussions.

May 17, 2019

Dear Mr. Mack,

Over the past week, we engaged in several conversations which we
believed to be constructive and would result in a fair and
straightforward resolution of our ongoing proxy contest. As such, we
were pleased when you sent us a Settlement Agreement calling for the
establishment of a Strategic Review Committee of the Board, comprised of
two Bow Street nominees and two Mack-Cali incumbent directors, with a
mandate to review the Company’s strategic direction and explore the
value to be realized from a sale of the Company or any of its assets.

Our comments to the Settlement Agreement were entirely within the spirit
of our discussions and only clarified the Strategic Review Committee’s
ability to independently evaluate the best path forward for Mack-Cali.
We were therefore surprised that following receipt of our comments, you
called this morning to simply inform us that our changes did not work.
Before giving us a moment to speak, you abruptly hung up the phone, only
to call us back a moment later and hang up the phone again.

We believe our comments were in the best interests of shareholders. They
included:

We hope to continue settlement discussions on the good faith terms with
which we initiated them, premised on the establishment of a Strategic
Review Committee with the resources, independence, and mandate to
determine the best path forward for Mack-Cali and its shareholders.

Respectively,

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

Additional information outlining the case for change at Mack-Cali can
be found at: http://bowstreetllc.com/mack-cali/.

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