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Investor PresentationJune 2020 Update
Investor PresentationJune 2020 UpdateCautionary Note on Forward-Looking StatementsThispresentationcontainsforward-lookingstatementswithinthemeaningofthefederalsecuritieslaws.Youcanidentifythesestatementsbyouruseofthewords“assumes,”“believes,”“estimates,”“expects,”“guidance,”“intends,”“plans,”“projects”andsimilarexpressionsthatdonotrelatetohistoricalmatters.Youshouldexercisecautionininterpretingandrelyingonforward-lookingstatementsbecausetheyinvolveknownandunknownrisks,uncertaintiesandotherfactorswhichare,insomecases,beyondourcontrolandcouldmateriallyaffectactualresults,performanceorachievements.Thesefactorsinclude,withoutlimitation,thenegativeimpactofthecoronavirus(COVI

D-19)globalpandemicontheU.S.
D-19)globalpandemicontheU.S.,regionalandglobaleconomiesandourtenants’financialconditionandresultsofoperations,theabilitytoenterintonewleasesorrenewleasesonfavorableterms,dependenceontenants’financialcondition,theuncertaintiesofrealestatedevelopment,acquisitionanddispositionactivity,theabilitytoeffectivelyintegrateacquisitions,thecostsandavailabilityoffinancing,theabilityofourjointventurepartnerstosatisfytheirobligations,theeffectsoflocal,nationalandinternationaleconomicandmarketconditions,theeffectsofacquisitions,dispositionsandpossibleimpairmentchargesonouroperatingresults,regulatorychanges,includingchangestotaxlawsandregulations,andotherrisksanduncertaintiesdetailedfromtimetotimei

nourfilingswiththeU.S.Securitie
nourfilingswiththeU.S.SecuritiesandExchangeCommission.Wedonotundertakeadutytoupdateorreviseanyforward-lookingstatement,whetherasaresultofnewinformation,futureeventsorotherwise.ThedataandinformationhereinareasofMarch31,2020unlessotherwiseindicated.2Paramount Group at a GlanceTicker: PGRENYSE-LISTED COMPANY1978FOUNDED IN2014INITIAL PUBLIC OFFERING14 (1)REIT ASSETS14 MM (1)SQUARE FEET$6 B (3)TOTAL MARKET CAPITALIZATION$394 MM (4)ANNUALIZED CASH NOI~$14 B (2)TOTAL AUMParamount prides itself on being a best-in-class owner and operator of high-quality, Class A office properties in New York and San FranciscoNote:PleaserefertotheAppendixforallNon-GAAPreconciliationsandlistofdefinedterms.Allfiguresasof

March31,2020.(1)Includes14REIT-
March31,2020.(1)Includes14REIT-ownedassetsaggregating13.1millionsquarefeetandfiveotherbuildingsthataremanagedbyParamountaggregating1.0millionsquarefeet.(2)Calculatedbasedon(i)GreenStreetAdvisors’estimateofGrossAssetValueasofApril21,2020forREIT-ownedassets,(ii)management’sestimateofvaluesformanagedassetsand(iii)committedcapitalforFundassetsasofMarch31,2020.(3)BasedonPGREclosingpriceof$8.80onMarch31,2020.(4)BasedonPGRE’sshareofCashNOIof$98.5millionforthethreemonthsendedMarch31.2020.(5)AtPGRE’sshare.Excluding1899PennsylvaniaAvenue,whichisundercontractforsale,theleasedpercentagewouldhavebeen96.0%.95.9% (5)LEASED3Executive ManagementSenior Vice Presi

dentsAlbert BehlerChairman, Chief Exec
dentsAlbert BehlerChairman, Chief Executive Officer & PresidentWilbur PaesChief Financial Officer & TreasurerDavid ZobelAcquisitionsErmelinda BerberiChief Accounting OfficerDavid EatonLeasing, San FranciscoBen GoodsirAsset ManagementMichael JackowitzCapital MarketsTodd JanuzziChief Information & Technology OfficerGage Johnson General CounselBernard MarascoCounsel –Leasing & Property ManagementMichael NathanAcquisitionsDouglas NeyeLeasing, New YorkPeter BrindleyLeasingChristopher BrandtAsset ManagementMatt BautistaDevelopment & ConstructionDeep & Experienced Management Team4Mario FulgieriTax5COVID-19 &BusinessUpdate•Leased over 200,000 square feet in the first quarter.•Given social distancing measures and “Stay Home/PAUSE” orders in our two mark

ets, physical touring activity has tempo
ets, physical touring activity has temporarily paused. •Currently working to arrange virtual tours for prospective tenants while adhering to guidelines.•As of March 31, had over $1.2 billion of liquidity, with approximately $400.0 million of cash on balance sheet and additional $800.0 million of revolver capacity. •Completed the previously announced sale of a 10.0% JV interest in 1633 Broadway, which generated pre-tax net proceeds of $112.0 million, resulting in additional cash/liquidity to balance sheet.•Additional~$100.0 million of cash to be generated from the sale of 1899 Pennsylvania Avenue, which is expected to close in 4Q 2020.Operating Highlights & Business UpdateNote:PleaserefertotheAppendixforallNon-GAAPreconciliationsandlistofdefinedterms.(1

)BasedonGreenStreetAdvisors’esti
)BasedonGreenStreetAdvisors’estimateforNAVpershareof$18.25asofApril21,2020.•Highest priority continues to be ensuring health and safety of tenants and employees and complying with government guidelines.•Due to the unprecedented degree of economic uncertainty, original 2020 guidance was previously withdrawn.•Rent collections for April amounted to ~96.0% of total billings.•Rent collections for May amounted to just under 96.0% of total billings.Leasing ActivityCapital Allocation& Balance Sheet8.6 MM square feet –95.5% Leased (1)New York Portfolio900 Third Avenue712 Fifth Avenue1301 Avenue of the AmericasMidtownManhattan1325 Avenue of the Americas31 West 52ndStreet1633 Broadway98.4% Leased91.8% Leased99.0% Leased98.3% Leased75.2% Lease

d82.4% Leased60 Wall Street100.0% Lea
d82.4% Leased60 Wall Street100.0% Leased6(1)Leased occupancy expressed at PGRE’s share.San Francisco Portfolio4.3 MM square feet –97.4% Leased (1)(1)Leased occupancy expressed at PGRE’s share.7One Front Street98.2% Leased100.0% LeasedOne Market Plaza99.1%Leased300 Mission Street111 Sutter Street86.3%Leased95.7%Leased55 Second StreetMarket Center95.6%LeasedTransition to New York & San Francisco Focused REITNumberofREIT-Owned PropertiesTotalSquare Feet(At 100%)Annualized Rent (At PGRE’s Share) (1)1Q 20151Q 20208Washington, D.C.5 Properties42%New York6 Properties50%San Francisco1 Property8%Washington, D.C.$76.3MM14%New York$423.0MM78%San Francisco$41.1MM8%New York7.2MM Sq. Ft.69%San Francisco1.6MM Sq. Ft.16%Washington, D.C.1.

6MM Sq. Ft.15%New York7 Properties50
6MM Sq. Ft.15%New York7 Properties50%San Francisco6 Properties43%Washington, D.C.1 Property7%New York$498.5MM71%San Francisco$187.4MM27%Washington, D.C.$15.1MM2%San Francisco4.3MM Sq. Ft.33%New York8.6MM Sq. Ft.66%Washington, D.C.191,000 Sq. Ft.1%Note:1899PennsylvaniaAvenueiscurrentlyundercontractforsaleandexpectedtoclosein4Q2020.(1)Pleaseseepage19forourdefinitionofthismeasure.Diverse and High Credit Quality Tenant BaseIndustry Diversification –% of Annualized RentTenancy HighlightsHigh percentage of PGRE’s share of annualized rent derived from investment grade / nationally recognized officetenants.Weighted average remaining lease term of approximately 7 years on office leases.Retail, theatre and garage tenants accoun

t for less than 5.0% of PGRE’s share
t for less than 5.0% of PGRE’s share of annualized rent.Other Blue Chip Tenants(1)Pleaseseepage19forourdefinitionofthismeasure.(2)116,462ofthesquarefeetleasedexpireonMarch31,2032.(3)76,999and10,952ofthesquarefeetleasedexpireonDecember31,2029andDecember31,2030,respectively.9(2)(3)(1)(1)(2)(3)Lease Expiration ScheduleNote:Figuresdonotinclude18,075sfofmonth-to-monthleasesor389,655sfofvacantspaceatPGRE’sshare.101.2%11.2%5-Year Average: 671,250 sf or 7.5% per annum (~6.3% per annum excl. Barclays in 2021)Capital Structure OverviewNote:PleaserefertotheAppendixforallNon-GAAPreconciliationsandlistofdefinedterms.(1)RepresentsGreenStreetAdvisors’estimateofNAVpershareasofApril

21,2020.(2)AtPGRE’sshare.(3)
21,2020.(2)AtPGRE’sshare.(3)Representscontractualamountsduepursuanttotherespectivedebtagreements.(4)Includes$200.0millionoutstandingundertherevolvingcreditfacility,theproceedsofwhichareheldascashonthebalancesheetatMarch31,2020.(5)RepresentsadjustmentsforOneMarketPlazaand300MissionStreet.(6)RepresentsPGRE’sshareof712FifthAvenue,MarketCenter,55SecondStreet,111SutterStreet,60WallStreetandOder-CenterGermany.Secured vs. Unsecured (2) (3) (4)Fixed vs. Floating (2) (3) (4)11$3,755,792 95%$200,000 5%SecuredUnsecured$3,305,450 84%$650,342 16%Fixed Rate DebtFloating Rate DebtWell-Laddered Debt Maturity ProfileDebt Maturity Schedue (1) (2)Note:PleaserefertotheAppendixforallNon-GAAPreconcil

iationsandlistofdefinedterms.(1)
iationsandlistofdefinedterms.(1)AtPGRE’sshare.(2)ExcludesPGRE’sShareofOder-CenterGermanydebtand$200.0millionoutstandingontherevolvingcreditfacilityatMarch31,2020.12Wtd. Avg. Maturity:5.6 yearsWtd. Avg. Interest Rate:3.28%Schedule of Free Rent Burn OffAs of March 31, 2020, we have $45.0 million of annualized initial cash rents that are yet to contribute to Cash NOI:•$28.5 million from commenced leases in free rent periods, and•$16.5 million from signed leases not yet commenced. These leases become cash paying over the next three years as detailed below:13AppendixReconciliation of Non-GAAP Measures(1)Pleaseseepage19forourdefinitionofthismeasure.15Reconciliation of Non-GAAP Measures(1)Pleaseseepage19forourdefinition

ofthismeasure.16Reconciliation of
ofthismeasure.16Reconciliation of Non-GAAP Measures(1)Pleaseseepage19forourdefinitionofthismeasure.(2)RepresentsourshareofCashNOIattributabletoacquiredproperties(MarketCenter,55SecondStreetand111SutterStreetinSanFrancisco)forthemonthsinwhichtheywerenotownedbyusinbothreportingperiods.(3)RepresentsCashNOIfromdiscontinuedoperations(1899PennsylvaniaAvenuein2020and1899PennsylvaniaAvenueandLibertyPlacein2019).17Reconciliation of Non-GAAP Measures(1)Pleaseseepage19forourdefinitionofthismeasure.(2)RepresentsourshareofNOIattributabletoacquiredproperties(MarketCenter,55SecondStreetand111SutterStreetinSanFrancisco)forthemonthsinwhichtheywerenotownedbyusinbothreportingperi

ods.(3)RepresentsNOIfromdisconti
ods.(3)RepresentsNOIfromdiscontinuedoperations(1899PennsylvaniaAvenuein2020and1899PennsylvaniaAvenueandLibertyPlacein2019).18DefinitionsAnnualizedRentrepresentstheend-of-periodmonthlybaserentplusescalationsinaccordancewiththeleaseterms,multipliedby12.FundsfromOperations("FFO")isasupplementalmeasureofourperformance.FFOispresentedinaccordancewiththedefinitionadoptedbytheNationalAssociationofRealEstateInvestmentTrusts(“Nareit”).NareitdefinesFFOasnetincomeorloss,calculatedinaccordancewithGAAP,adjustedtoexcludedepreciationandamortizationfromrealestateassets,impairmentlossesoncertainrealestateassetsandgainsorlossesfromthesaleofcertainrealestateassetsorfromchangeincontrolofcer

tainrealestateassets,includingours
tainrealestateassets,includingourshareofsuchadjustmentsofunconsolidatedjointventures.FFOiscommonlyusedintherealestateindustrytoassistinvestorsandanalystsincomparingresultsofrealestatecompaniesbecauseitexcludestheeffectofrealestatedepreciationandamortizationandnetgainsonsales,whicharebasedonhistoricalcostsandimplicitlyassumethatthevalueofrealestatediminishespredictablyovertime,ratherthanfluctuatingbasedonexistingmarketconditions.FFOisnotintendedtobeameasureofcashfloworliquidity.FFOattributabletocommonstockholdersrepresentstheCompany'sshareofFFOthatisattributabletocommonstockholdersandiscalculatedbyreducingfromFFO,thenoncontrollinginterests'shareofFFOinconsolidatedjointventures,re

alestatefundsandOperatingPartnershi
alestatefundsandOperatingPartnership.CoreFundsfromOperations("CoreFFO")isanalternativemeasureofouroperatingperformance,whichadjustsFFOforcertainotheritemsthatwebelieveenhancethecomparabilityofourFFOacrossperiods.CoreFFO,whenapplicable,excludestheimpactofcertainitems,including,transactionrelatedcosts,realizedandunrealizedgainsorlossesonrealestatefundinvestments,unrealizedgainsorlossesoninterestrateswaps,severancecostsandgainsorlossesonearlyextinguishmentofdebt,inordertoreflecttheCoreFFOofourrealestateportfolioandoperations.Infutureperiods,wemayalsoexcludeotheritemsfromCoreFFOthatwebelievemayhelpinvestorscompareourresults.CoreFFOisnotintendedtobeameasureofcashfloworliquidity

.CoreFFOattributabletocommonstock
.CoreFFOattributabletocommonstockholdersrepresentstheCompany'sshareofCoreFFOthatisattributabletocommonstockholdersandiscalculatedbyreducingfromCoreFFO,thenoncontrollinginterests'shareofCoreFFOinconsolidatedjointventures,realestatefundsandOperatingPartnership.NetOperatingIncome(“NOI”)isusedtomeasuretheoperatingperformanceofourproperties.NOIconsistsofrentalrevenue(whichincludespropertyrentals,tenantreimbursementsandleaseterminationincome)andcertainotherproperty-relatedrevenuelessoperatingexpenses(whichincludesproperty-relatedexpensessuchascleaning,security,repairsandmaintenance,utilities,propertyadministrationandrealestatetaxes).WealsopresentCashNOIwhichdeductsfromNOI,straight-lineren

tadjustmentsandtheamortizationofab
tadjustmentsandtheamortizationofaboveandbelow-marketleases,includingourshareofsuchadjustmentsofunconsolidatedjointventures.Inaddition,wepresentPGRE'sshareofNOIandCashNOIwhichrepresentsourshareofNOIandCashNOIofconsolidatedandunconsolidatedjointventures,basedonourpercentageownershipintheunderlyingassets.WeuseNOIandCashNOIinternallyasperformancemeasuresandbelievetheyprovideusefulinformationtoinvestorsregardingourfinancialconditionandresultsofoperationsbecausetheyreflectonlythoseincomeandexpenseitemsthatareincurredatpropertylevel.SameStoreNOIisusedtomeasuretheoperatingperformanceofpropertiesinourNewYorkandSanFranciscoportfoliosthatwereownedbyusinasimilarmannerduringboththecurre

ntperiodandpriorreportingperiods,a
ntperiodandpriorreportingperiods,andrepresentsSameStoreNOIfromconsolidatedandunconsolidatedjointventuresbasedonourpercentageownershipintheunderlyingassets.SameStoreNOIalsoexcludesleaseterminationincome,impairmentofreceivablesarisingfromoperatingleasesandcertainotheritemsthatmayvaryfromperiodtoperiod.WealsopresentSameStoreCashNOI,whichexcludestheeffectofnon-cashitemssuchasthestraight-linerentadjustmentsandtheamortizationofaboveandbelow-marketleases.SameStoreLeased%representspercentageofsquarefeetthatisleased,includingsignedleasesnotyetcommenced,forpropertiesthatwereownedbyusinasimilarmannerduringboththecurrentperiodandpriorreportingperiodsandnotclassifiedasdiscontinuedoperat