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

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.

This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20190522005234/en/

The presentation and additional information regarding 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.