July 31, 2008

Dear Shareholder:

Despite what is clearly a challenging economic environment, Mack-Cali is pleased to report strong leasing activity and increased occupancies for the second quarter. (For more information on our results and accomplishments, please refer to our second quarter earnings press release, supplemental package and 10Q.)

Mack-Cali's 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. We ended the second quarter 92.3% leased—an increase of 20 basis points over last quarter—and our occupancies again exceeded the market averages in almost all of the markets in which we operate. Also, our Company's property management and development expertise was recognized with six industry awards during the quarter.

While we expect the markets to remain challenging, we will continue to focus our efforts on keeping our properties well leased. We're confident that Mack-Cali is poised to navigate through this period and to capitalize on opportunities as they begin to emerge.

Thank you for your interest in Mack-Cali.

Sincerely,