May 1, 2008

Dear Shareholder:

Clearly, today's economic environment remains uncertain. Mack-Cali remains focused on delivering high quality customer care in our exceptional properties and maintaining consistently high occupancy rates. In the first quarter 2008, our occupancies remained strong, and we ended the quarter 92.1% leased. (Please refer to our earnings earnings press release, supplemental package and 10Q.)

Our core business is to provide tenants with superior work environments, and we strive to be the preferred provider of office space in the markets in which we operate. As a testament to this, the leased rates in our portfolio consistently exceed market averages in most of these markets, and our property management and development expertise continues to be recognized year after year.

Four of our New Jersey properties will soon receive the prestigious TOBY (The Office Building of the Year) award from the New Jersey chapter of the Building Owners and Managers Association (BOMA):

• 101 Hudson Street in Jersey City;
• 343 Thornall Street in Edison—our headquarters building;
• 4 Becker Farm Road in Roseland; and
• 23 Main Street in Holmdel.

In addition, our 50 Main Street building in White Plains is receiving a "Best of BOMA" award for the "Best CBD Curb Appeal" from BOMA's Westchester chapter. And next month our build-to-suit office development for tenant AAA Mid-Atlantic—at Horizon Center Business Park in Hamilton Township—will be the recipient of a New Good Neighbor Award from the New Jersey Business and Industry Association.

Mack-Cali is well positioned with a strong balance sheet and the capital to act opportunistically when opportunities in our markets arise.

Thank you for your interest in Mack-Cali.

Sincerely,