1Q 2020 Investor Presentation April 2020 Cautionary Note on - PowerPoint PPT Presentation

1Q 2020 Investor Presentation April 2020

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 negative impact of the coronavirus (COVID-19) global pandemic on the U.S., regional and global economies and our tenants’ financial condition and results of operations, 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 March 31, 2020 unless otherwise indicated. 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 and San Francisco Ticker: PGRE 1978 2014 NYSE-LISTED COMPANY FOUNDED IN INITIAL PUBLIC OFFERING 14 MM (1) ~$14 B (2) 14 (1) SQUARE FEET REIT ASSETS TOTAL AUM 95.9% (5) $6 B (3) $394 MM (4) LEASED TOTAL MARKET CAPITALIZATION ANNUALIZED CASH NOI Note: Please refer to the Appendix for all Non-GAAP reconciliations and list of defined terms. All figures as of March 31, 2020. (1) Includes 14 REIT-owned assets aggregating 13.1 million square feet and five other 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 April 21, 2020 for REIT-owned assets, (ii) management’s estimate of values for managed assets and (iii) committed capital for Fund assets as of March 31, 2020. (3) Based on PGRE closing price of $8.80 on March 31, 2020. (4) Based on PGRE’s share of Cash NOI of $98.5 million for the three months ended March 31. 2020. 3 (5) At PGRE’s share. Excluding 1899 Pennsylvania Avenue, which is under contract for sale, the leased percentage would have been 96.0%.

Deep & Experienced Management Team Executive Management 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 Mario Fulgieri Ben Goodsir Development & Construction Asset Management Chief Accounting Officer Leasing, San Francisco Tax 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

1Q 2020 Highlights & Business Update • Highest priority is ensuring health and safety of tenants and employees, COVID-19 & supporting CDC guidelines and complying with government directives. • Business Due to the unprecedented degree of economic uncertainty, we are withdrawing 2020 guidance. Update • Rent collections for April amounted to ~94% of total billings. • Leased over 200,000 square feet in the first quarter. • Given social distancing measures and “Stay Home/PAUSE” orders in our two markets, physical touring activity has temporarily paused. Leasing Activity • Currently working to arrange virtual tours for prospective tenants while adhering to guidelines. • Opportunistically repurchased 10.9 million common shares in the first quarter for $100.0 million, or a weighted average price of $9.21 per share, a ~50.0% discount to NAV (1) . Capital Allocation • Over $1.2 billion of liquidity, with approximately $400.0 million of cash on & Balance Sheet balance sheet and additional $800.0 million of revolver capacity. • Additional ~$215.0 million of cash to be generated from asset sales that are currently under contract. Note: Please refer to the Appendix for all Non-GAAP reconciliations and list of defined terms. (1) Based on Green Street Advisors’ estimate for NAV per share of $18.25 as of April 21, 2020. 5

New York Portfolio 8.6 MM square feet – 95.5% Leased (1) 1633 Broadway 900 Third Avenue Midtown Manhattan 98.4% Leased 82.4% 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 91.8% Leased 99.0% Leased 98.3% Leased 75.2% Leased (1) Leased occupancy expressed at PGRE’s share. 6

San Francisco Portfolio 4.3 MM square feet – 97.4% Leased (1) One Front Street One Market Plaza 98.2% Leased 100.0% Leased 111 Sutter Street 300 Mission Street 55 Second Street Market Center 86.3 % Leased 95.7% Leased 95.6% Leased 99.1% Leased (1) Leased occupancy expressed at PGRE’s share. 7

Transition to New York & San Francisco Focused REIT 1Q 2015 1Q 2020 San Francisco New York New York San Francisco 1 Property 6 Properties 7 Properties 6 Properties 8% 50% 50% 43% Number of REIT-Owned Properties Washington, D.C. Washington, D.C. 5 Properties 1 Property 42% 7% New York San Francisco San Francisco New York 7.2MM Sq. Ft. 1.6MM Sq. Ft. 4.3MM Sq. Ft. 8.6MM Sq. Ft. 69% 16% 33% 66% 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 $498.5MM $187.4MM $41.1MM $423.0MM 71% 27% 8% 78% Annualized Rent (At PGRE’s Share) (1) Washington, D.C. Washington, D.C. $76.3MM $15.1MM 14% 2% Note: 1899 Pennsylvania Avenue is currently under contract for sale and expected to close in 4Q 2020. 8 (1) Please see page 19 for our definition of this measure.

Diverse and High Credit Quality Tenant Base (1) PGRE's Share of Industry Diversification – % of Annualized Rent Square Feet % of Ann. (1) Top 10 Tenants Expiration Date Occupied Rent 1. 12/2020 497,418 4.7% 2. 1/2031 320,911 4.2% 3. 6/2024 328,992 4.2% 4. 2/2023 312,679 3.9% (2) (2) 5. 9/2034 320,325 3.9% (3) (3) 6. 6/2025 338,602 3.8% 7. 3/2032 260,829 2.8% 8. 7/2029 296,344 2.8% 9. 1/2026 261,196 2.4% Tenancy Highlights 10. 3/2037 203,394 2.1%  High percentage of PGRE’s share of annualized rent Other Blue Chip Tenants derived from investment grade / nationally recognized office tenants.  Weighted average remaining lease term of approximately 7 years on office leases.  Retail, theatre and garage tenants account for less than 5.0% of PGRE’s share of annualized rent. (1) Please see page 19 for our definition of this measure. (2) 116,462 of the square feet leased expire on March 31, 2032. 9 (3) 76,999 and 10,952 of the square feet leased expire on December 31, 2029 and December 31, 2030, respectively.

Lease Expiration Schedule 5-Year Average: 671,250 sf or 7.5% per annum (~6.3% per annum excl. Barclays in 2021) 11.2% 1.2% 10 Note: Figures do not include 18,075 sf of month-to-month leases or 389,655 sf of vacant space at PGRE’s share.