3Q 2019 Investor Presentation 55 Second Street November 2019 San - PowerPoint PPT Presentation

3Q 2019 Investor Presentation 55 Second Street November 2019 San Francisco

Cautionary Note on Forward-Looking Statements This presentation contains forward-looking statements within the meaning of the federal securities laws. You can identify these statements by our use of the words “assumes,” “believes,” “estimates,” “expects,” “guidance,” “intends,” “plans,” “projects” and similar expressions that do not relate to historical matters. You should exercise caution in interpreting and relying on forward-looking statements because they involve known and unknown risks, uncertainties and other factors which are, in some cases, beyond our control and could materially affect actual results, performance or achievements. These factors include, without limitation, the ability to enter into new leases or renew leases on favorable terms, dependence on tenants’ financial condition, the uncertainties of real estate development, acquisition and disposition activity, the ability to effectively integrate acquisitions, the costs and availability of financing, the ability of our joint venture partners to satisfy their obligations, the effects of local, national and international economic and market conditions, the effects of acquisitions, dispositions and possible impairment charges on our operating results, regulatory changes, including changes to tax laws and regulations, and other risks and uncertainties detailed from time to time in our filings with the U.S. Securities and Exchange Commission. We do not undertake a duty to update or revise any forward- looking statement, whether as a result of new information, future events or otherwise. The data and information herein are as of September 30, 2019 unless otherwise indicated. The Core FFO guidance set forth in this presentation represents the guidance provided in our Supplemental Operating and Financial Data issued on November 6, 2019, which was subject to the assumptions and qualifications set forth therein. 2

Paramount Group at a Glance Paramount prides itself on being a best-in-class owner and operator of high-quality, Class A office properties in New York, San Francisco and Washington, D.C. Ticker: PGRE 1978 2014 NYSE-LISTED COMPANY FOUNDED IN INITIAL PUBLIC OFFERING 13 MM (1) ~$14 B (2) 18 (1) SQUARE FEET ASSETS TOTAL AUM 96.5% (5) $7 B (3) $372 MM (4) (5) LEASED TOTAL MARKET CAPITALIZATION CASH NOI Note: Please refer to the Appendix for all Non-GAAP reconciliations and list of defined terms. All figures as of September 30, 2019. (1) Includes 13 REIT-owned assets aggregating 12.4 million square feet and five other office buildings that are managed by Paramount aggregating 1.0 million square feet. (2) Calculated based on (i) Green Street Advisors’ estimate of Gross Asset Value as of October 28, 2019 for 12 REIT-owned assets excluding 55 Second Street, (ii) the August 2019 purchase price of $402.0 million for 55 Second Street, (iii) management’s estimate of values for managed assets and (iv) committed capital for Fund assets as of September 30, 2019. (3) Based on PGRE closing price of $13.35 on September 30, 2019. (4) Represents the midpoint of Cash NOI assumptions used in Full Year 2019 guidance. 3 (5) At PGRE’s share.

Deep & Experienced Management Team Executive Management Peter Brindley Leasing Albert Behler Wilbur Paes Peter Brindley David Zobel Chairman, Chief Executive Officer & Chief Financial Officer Leasing Acquisitions President & Treasurer Senior Vice Presidents Matt Bautista Ermelinda Berberi Christopher Brandt David Eaton Ben Goodsir Development & Construction Asset Management Chief Accounting Officer Leasing, San Francisco Asset Management Todd Januzzi Bernard Marasco Douglas Neye Michael Jackowitz Gage Johnson Michael Nathan Counsel – Leasing & Property Leasing, New York Capital Markets Chief Information & Technology General Counsel Acquisitions Management Officer 4

3Q 2019 & YTD Highlights • Leased over 200,000 square feet in the quarter. • Leased over 1,250,000 square feet YTD. On Track for Record • Increased 2019 Guidance for Leasing Activity to a range of 1,425,000 to Year of Leasing 1,525,000 square feet. • Prior record as a public company was ~1,400,000 square feet in 2015. • 3Q 2019 leasing activity reduced total square feet of expiring leases in 2020 by an additional 18% versus the prior quarter. Proactively Managing • YTD leasing activity has reduced total square feet of expiring leases in 2020 by Future Expirations roughly 60% (1) versus year end 2018. • Continued recycling capital by selling stabilized assets in Washington, D.C. and redeploying proceeds into higher-growth assets in San Francisco. Continuing Strategic • Sold Liberty Place in Washington, D.C. to fund the acquisition of Market Capital Recycling Center in San Francisco. • Opportunistically executed on $200 million share repurchase program by repurchasing 14.7 million common shares (~6% (2) of outstanding shares) at a Smart Capital weighted average price of $13.59 per share, a ~38% discount to NAV (3) . Allocation Note: Please refer to the Appendix for all Non-GAAP reconciliations and list of defined terms. (1) Represents New York and San Francisco portfolios on a same store basis excluding 111 Sutter Street and 55 Second Street. (2) Based on common shares outstanding at June 30, 2018, before share repurchases commenced. 5 (3) Represents Green Street Advisors’ estimate of NAV per share as of October 28, 2019.

Paramount Outperforming NYC-Focused Peers (1) YTD Total Return (2) 25.0% SNL U.S. Office: +21.9% 20.0% 15.0% 10.0% PGRE: +7.9% 5.0% NYC Avg.: +5.4% - -5.0% 12/31/2018 1/31/2019 2/28/2019 3/31/2019 4/30/2019 5/31/2019 6/30/2019 7/31/2019 8/31/2019 9/30/2019 PGRE NYC Avg. SNL U.S. Office REIT Index YTD Total Return 1-Year Total Return 3-Year Total Return PGRE vs. NYC Peers: PGRE vs. NYC Peers: PGRE vs. NYC Peers: +250bp +110bp +340bp (1) NYC-focused peers defined as SLG, VNO, ESRT. 6 (2) Total return data sourced from SNL.com as of October 29, 2019.

2019 Guidance: Core FFO Bridge +6.7% increase YTD from original Guidance +5.5% increase from original Guidance $0.97 $0.02 $0.96 $0.96 $0.95 $0.01 $0.95 $0.94 Core FFO per Share $0.93 $0.92 $0.91 $0.90 $0.90 $0.89 $0.88 (1) Midpoint of Midpoint of Sale of Higher Fee Income / Midpoint of Original 2019 Core FFO Prior 2019 Core FFO Liberty Place Lower Interest Current 2019 Core FFO Guidance (Feb. '19) Guidance (July '19) Expense Guidance (Nov. '19) 7 (1) Resulting from the sale of Liberty Place which closed on September 26, 2019.

Schedule of Free Rent Burn Off As of September 30, 2019, we have $41.3 million of annualized initial cash rents that are yet to contribute to Cash NOI: • $35.2 million from commenced leases in free rent periods, and • $6.1 million from signed leases not yet commenced. These leases become cash paying over the next three years as detailed below: (In thousands) Annualized Initial Cash Rent Amount Contributing to: As of September 30, 2019 100% Amount PGRE Share 2019 2020 2021 New York: Commenced Leases in Free Rent Period $26,735 $25,762 $648 $14,164 $25,762 Signed Leases Not Yet Commenced 3,837 2,003 – 452 1,433 Subtotal $30,572 $27,765 $648 $14,616 $27,195 San Francisco: Commenced Leases in Free Rent Period $12,423 $9,477 $146 $8,738 $9,477 Signed Leases Not Yet Commenced 8,637 4,113 337 3,987 4,079 Subtotal $21,060 $13,590 $483 $12,725 $13,556 Total Commenced Leases in Free Rent Period $39,158 $35,239 $794 $22,902 $35,239 Total Signed Leases Not Yet Commenced 12,474 6,116 337 4,439 5,512 Grand Total $51,632 $41,355 $1,131 $27,341 $40,751 8

New York Portfolio 8.6 MM square feet – 96.1% Leased (1) 1633 Broadway 900 Third Avenue Midtown Manhattan 98.4% Leased 92.7% Leased 1325 Avenue 1301 Avenue 31 West 52 nd 60 Wall Street of the Americas of the Americas Street 712 Fifth Avenue 100.0% Leased 91.1% Leased 99.4% Leased 97.5% Leased 70.8% Leased 9 (1) At PGRE’s share.

San Francisco Portfolio 3.6 MM square feet – 98.2% Leased (1) One Front Street One Market Plaza 99.6% Leased 100.0% Leased 111 Sutter Street (2) 300 Mission Street (4) 55 Second Street (3) 84.6% Leased 94.8% Leased 99.7% Leased (1) At PGRE’s share. (2) Acquired in February 2019. (3) Acquired in August 2019. (4) Formerly 50 Beale Street. 10

Washington, D.C. Portfolio 191,000 square feet – 90.4% Leased (1) Capitol St NW Dupont Circle Logan Circle Georgetown Downtown Foggy George 9 th St NW Bottom Washington University Arlington National Mall & Memorial Parks NY007VUG / 540917_1.WOR 1899 Pennsylvania Avenue 90.4% Leased 11 (1) At PGRE’s share.

Change in Portfolio Composition 1Q 2015 3Q 2019 San Francisco New York New York San Francisco 1 Property 6 Properties 7 Properties 5 Properties 8% 50% 54% 38% Number of REIT-Owned Properties Washington, D.C. Washington, D.C. 5 Properties 1 Property 42% 8% New York San Francisco San Francisco New York 7.2MM Sq. Ft. 1.6MM Sq. Ft. 3.6MM Sq. Ft. 8.6MM Sq. Ft. 69% 16% 29% 70% Total Square Feet (At 100%) Washington, D.C. Washington, D.C. 1.6MM Sq. Ft. 191,000 Sq. Ft. 15% 1% New York San Francisco San Francisco New York $502.9MM $145.2MM $41.1MM $423.0MM 76% 22% 8% 78% Annualized Rent (At PGRE’s Share) (1) Washington, D.C. Washington, D.C. $76.3MM $15.0MM 14% 2% 12 (1) Please see page 26 for our definition of this measure.