October 30, 2008

Dear Shareholder:

As I have stated in previous letters, we are clearly in very challenging economic times. However, I am pleased to report that Mack-Cali had another solid quarter with some significant leasing activity. (For more information on our results and accomplishments, please refer to our third quarter earnings press release, supplemental package and 10Q.)

Mack-Cali continues to assert itself as the landlord of choice among businesses in the markets in which we are located. As in the past, this quarter we out performed most markets where we operate - with leased rates exceeding market averages.

Despite the general illiquidity in the financial markets we are extremely pleased that we have secured a $240 million mortgage on one of our trophy properties on the Jersey City waterfront, a testament to the strength and stability of our Company and the quality of our assets. The proceeds from this loan will be used to pay down outstanding borrowings on Mack-Cali's unsecured revolving credit facility.

We're confident that Mack-Cali remains well positioned to navigate through this period of economic uncertainty and to capitalize on opportunities going forward.

Thank you for your interest in Mack-Cali.

Sincerely,