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F O R W A R D L O O K I N G S T A T E M E N T S

Certain statements in this investor presentation are “forward-looking statements” as such term is defined in Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Forward-looking statements are not guarantees of performance. They represent our intentions, plans, expectations and beliefs and are subject to numerous assumptions, risks and uncertainties. Our future results, financial condition and business may differ materially from those expressed in these forward-looking statements. You can find many of these statements by looking for words such as “approximates,” “believes,” “expects,” “projects,” “anticipates,” “estimates,” “intends,” “plans,” “would,” “may” or other similar expressions in this investor presentation. We also note the following forward-looking statements: our incremental cash revenue and projected EBITDA. Many of the factors that will determine the outcome of these and our other forward-looking statements are beyond our ability to control or predict. For further discussion of factors that could materially affect the outcome of our forward-looking statements, see “Item 1A. Risk Factors” in our Annual Report on Form 10-K for the year ended December 31, 2015. For these statements, we claim the protection of the safe harbor for forward-looking statements contained in the Private Securities Litigation Reform Act of 1995. You are cautioned not to place undue reliance on our forward-looking statements, which speak only as of the date of this presentation. All subsequent written and oral forward-looking statements attributable to us or any person acting on our behalf are expressly qualified in their entirety by the cautionary statements contained or referred to in our Annual Report on Form 10-K, as amended. We do not undertake any obligation to release publicly any revisions to our forward-looking statements to reflect events or circumstances occurring after the date of this presentation.

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• Premier assets and a focused strategy of growing its dominant positions in New York City and Washington, DC office and Manhattan Street Retail

• One of the largest US REITs with total enterprise value of approximately $35 billion

• EBITDA composition: 70% New York; 20% Washington, DC; 6% Chicago (theMART); 3% California (555 California St.); 1% Other

• 23.8 million square feet of office space in Manhattan in 39 properties

• Manhattan’s largest owner of street retail, 3.3 million square feet in 71 properties

• 12.9 million square feet of office space in Washington, DC in 49 properties, including 7.2 million square feet in Crystal City; Arlington, Virginia, in 23

properties and 3,329 residential units

• Listed on NYSE for over 50 years and S&P 500 constituent since 2005

• Investment grade rated by S&P, Moody’s & Fitch

• $4.3 billion available liquidity

• Vornado trades at a significant discount to NAV

• $216 million of incremental cash revenue over the next two years, from signed leases as of March 31, 2016; $200 million from New York, theMART,

and 555 California and $16 million from Washington, DC

V O R N A D O R E A L T Y T R U S T

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D E E P A N D E X P E R I E N C E D M A N A G E M E N T T E A M

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A L E A D E R I N S U S T A I N A B I L I T Y

Nationally recognized, industry-leading sustainability program: • Energy Star Partner of the Year, Sustained Excellence Recipient 2015

• Over 30 million square feet LEED certified buildings nationwide including 13 million SF in the New York office division

• NAREIT Leader in the Light award 2015, 6th year in a row

• Global Real Estate Sustainability Benchmark (GRESB) – “Green Star” 2015

• $450 million Green Bond issued

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C O R P O R A T E G O V E R N A N C E : E N G A G E M E N T A N D O U R R E S P O N S E T O S H A R E H O L D E R S

We met with shareholders representing more than 50% of our outstanding shares during the last year. The Chair of our Corporate Governance and Nominating Committee was an active participant in these meetings and shareholder feedback was shared with and discussed among the entire Board.

Our Board’s Recent Actions in Response to Shareholder Feedback: • Adopted a Trustee resignation policy in an uncontested election • Amended the charter to provide for annual Trustee elections • Appointed Candace Beinecke to be the new Lead Trustee • Amended our Corporate Governance Guidelines to clarify and emphasize diversity as a criteria for the selection of new

Trustees, and committed to add a new Trustee • Committed to consider whether an independent chairperson is appropriate at the time of the next CEO transition • Improved the corporate governance disclosures in our proxy statement

Additional Corporate Governance and Compensation Changes in 2015: • Increased the power and authority of the Lead Trustee role • Adopted policies on clawbacks and prohibition on hedging • Increased Trustee equity ownership requirements to 5x annual retainer • Designated an additional “Audit Committee Financial Expert”

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E B I T D A B Y B U S I N E S S - S I M P L I F I C A T I O N

29%

10%

21%

14%

5%

21%

New York Office

Manhattan Street Retail

Washington, DC

Strips and Malls

theMART & 555 California

Other

45%

25%

20%

9% 1%

December 31, 2011 June 30, 2016

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W H E R E W E W E R E W H E R E W E A R E

• 81 properties totaling 24.2 million SF (at share)

Office: 18.9 million SF

Retail: 3.1 million SF

Residential: 995 units

Hotel: 1.2 million SF

N E W Y O R K D I V I S I O N

Office Retail

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Residential

Hotel

M A N H A T T A N O F F I C E L E A S I N G 2 0 1 0 - Q 2 2 0 1 6

1,364,219

Cash (4.4%) GAAP (2.1%)

3,210,798

Cash 18.0% GAAP 18.4%

1,950,001

Cash 4.6% GAAP 4.9%

2,410,467

Cash 5.6% GAAP 14.0%

3,972,951

Cash 12.7% GAAP 18.8%

2,275,916

Cash 19.1% GAAP 22.8%

995,624

Cash 22.8% GAAP 28.3%

SF Leased

MTM %

$49.81

$55.37 $57.15

$60.78

$66.78

$78.55

$83.50

70.0%

72.0%

74.0%

76.0%

78.0%

80.0%

82.0%

84.0%

86.0%

88.0%

90.0%

92.0%

94.0%

96.0%

98.0%

100.0%

$40.00

$45.00

$50.00

$55.00

$60.00

$65.00

$70.00

$75.00

$80.00

$85.00

$90.00

2010 2011 2012 2013 2014 2015 Q2 2016

Starting Rent PSF

Occupancy

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V O R N A D O L E A S I N G – $ 1 0 0 + S F D E A L S 2 0 1 4 - Q 2 2 0 1 6

1 0

280 Park Ave New Advisory LP (PJT) 42,849

280 Park Ave Harvest Partners LLC 38,885

280 Park Ave Clarksons Platou Securities, Inc. 8,941

280 Park Ave Whitebox Advisors LLC 4,745

350 Park Ave CICC US Securities Inc. 8,096

350 Park Ave Peconic Partners LLC 8,092

350 Park Ave Wafra Investment Advisory Group 6,902

350 Park Ave Aequitas Capital 5,334

350 Park Ave China Investment Corporation 4,369

350 Park Ave Liberty Hall Capital Partners LP 3,739

640 5th Ave Owl Creek Asset Management 17,588

640 5th Ave GCA Savvian Corporation 12,875

640 5th Ave HS Management Partners LLC 10,523

640 5th Ave Dune Real Estate Partners LP 10,523

640 5th Ave Engineers Gate, LP 10,293

640 5th Ave Hitchwood Capital Management 10,278

640 5th Ave Clovis Capital Management 9,458

650 Madison Ave BC Partners 12,866

650 Madison Ave Key Square Group 10,221

650 Madison Ave Coventry Development Corp 5,089

650 Madison Ave GMF Capital LLC 7,770

770 Broadway Facebook 79,998

770 Broadway AOL (Exercised Right of First) 79,211

888 7th Ave TPG Capital / Axon New York 92,564

888 7th Ave Tourbillon Capital Partners 19,500

888 7th Ave Colbeck Capital Management 9,281

888 7th Ave Welton Investment Corporation 8,250

888 7th Ave The Corcoran Group 5,814

Total: 28 Deals 544,054

731 Lexington Avenue Bloomberg LP 191,789

770 Broadway Facebook 79,735

85 Tenth Avenue Level 3 Communications 59,900

350 Park Avenue Marshall Wace North America, L.P. 4,067

650 Madison Avenue Key Square Group 2,667

350 Park Avenue Wafra 1,215

280 Park Avenue Zhong Rong Hui Xin Futures Co. 8,918

350 Park Avenue Citco Corporate Services 18,912

650 Madison Avenue Ocean Road Advisors 6,647

Total: 9 Deals 373,850

2015 Q1-Q2 2016 280 Park Ave Trian Fund Management L.P 8,664

280 Park Ave Blue Mountain Capital Mgmt 28,857

888 Seventh Ave

The McCourt-Broderick Limited

Partnership 2,841

888 Seventh Ave JS Capital Management LLC 6,076

888 Seventh Ave Colbeck Capital Management 8,809

888 Seventh Ave Corcoran Real Estate Group 19,787

888 Seventh Ave TPG Capital - New York, Inc 7,805

350 Park Ave Leeds Equity Partners 8,105

350 Park Ave Beach Point Capital Mgmt 5,375

640 Fifth Ave Greentech Capital Advisors LLC 10,523

640 Fifth Ave The Klein Group LLC 10,114

650 Madison Ave

41-45 Prop Owner

(Zeckendorf/Swig) 6,476

650 Madison Ave

Willettt Advisors LLC (Bloomberg

Foundation) 25,732

Total: 13 Deals 149,164

2014

888 SEVENTH AVENUE – 2008 885,000 SF • Texas Pacific Group • Pershing Square Capital Management • United Talent Agency • Visium Asset Management

350 PARK AVENUE – 2008 571,000 SF • M&T Trust • Citco • Marshall Wace North America, L.P.

330 MADISON AVENUE – 2012 842,000 SF • Guggenheim Partners • JLL • Point72 Asset Management • HSBC Bank • American Century Investments

1290 AVE OF THE AMERICAS – 2014 2,107,000 SF • Neuberger Berman • AXA Equitable • Cushman & Wakefield • Hachette Book Group • State Street Bank • Columbia University • Fitzpatrick, Cella, Harper & Scinto

731 LEXINGTON AVENUE – 2004 1,063,000 SF • Bloomberg LP

280 PARK AVENUE – 2015 1,243,000 SF • PJT Partners • Franklin Templeton Investments • Cohen Steers • Trian Fund Management • Viking Global Investors LP • Blue Mountain Capital

90 PARK AVENUE – 2016 956,000 SF • PricewaterhouseCoopers LLP • Foley & Lardner LLP • FactSet • Alston & Bird

640 FIFTH AVENUE – 2005 315,000 SF • Victoria’s Secret • Fidelity Investments • Dune Capital • Owl Creek Asset Management • Hitchwood Capital Management

770 BROADWAY – 1999 1,158,000 SF • Facebook • AOL • J.Crew

W E M A K E T H E B I G D E A L S S U C C E S S F U L L Y R E P O S I T I O N I N G A N D M O D E R N I Z I N G 1 0 M I L L I O N S F

330 WEST 34TH STREET – 2015 717,000 SF • Footlocker • Yodle • Deutsch • Structure Tone

7 WEST 34TH STREET – 2014 477,000 SF • Amazon

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3,663,000 SF – 97.8% Occupancy

1,189,000 SF leased since 2012:

• Motorola/Google

• ConAgra

• 1871/Matter

• Yelp

• PayPal

• Allstate

• Kellogg’s

C H I C A G O – t h e M A R T – T R A N S F O R M A T I O N T O T E C H H U B C R E A T I N G S I G N I F I C A N T E A R N I N G S G R O W T H A N D V A L U E C R E A T I O N

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S A N F R A N C I S C O – 5 5 5 C A L I F O R N I A S T R E E T

1,800,000 SF – 92.1% Occupancy

1,500,000 SF leased (at 100%) since 2010:

• Bank of America • Kirkland & Ellis • Dodge & Cox • Fenwick & West LLP • Sidley Austin • Microsoft • Jones Day • Morgan Stanley • UBS AG • Wells Fargo • Regus • Supercell • AllianceBernstein • McKinsey & Company

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C H E L S E A / M E A T P A C K I N G O W N E R S H I P

85 TENTH

AVENUE

260 ELEVENTH

AVENUE

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M A N H A T T A N S T R E E T R E T A I L

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O W N E R S H I P O F B O T H S I D E S O F T H E B O W T I E I N T I M E S S Q U A R E

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• 63 properties totaling 13.7 million SF (at share)

Office: 10.5 million SF

Residential: 2,881 units

Hotel: 0.3 million SF

W A S H I N G T O N , D C D I V I S I O N

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Office

Residential

Hotel All data excludes Skyline

$38.89

$41.92

$41.45

$42.24

$39.92

$40.96 $40.74

70.0%

75.0%

80.0%

85.0%

90.0%

95.0%

100.0%

Occupancy - DC, excluding Skyline

Occupancy - Crystal City

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851,898

Cash (2.8%) GAAP (3.2%)

1,823,267

Cash (9.7%) GAAP (8.3%)

1,524,194

Cash (8.3%) GAAP (1.9%)

1,519,613

Cash (1.0%) GAAP 3.8%

1,876,544

Cash (0.5%) GAAP 2.9%

1,549,711

Cash 6.0% GAAP 8.9%

1,469,026

Cash 3.9% GAAP 9.2%

2011 2012 2013 2014 2015 2010 Q2 2016

SF Leased

MTM %

W A S H I N G T O N , D C O F F I C E L E A S I N G 2 0 1 0 – Q 2 2 0 1 6

Starting Rent PSF

W A S H I N G T O N , D C D E V E L O P M E N T

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W E L I V E / W E W O R K C R Y S T A L C I T Y

O P E N M A Y 2 0 1 6 2 1 6 U N I T S W E L I V E

2 7 , 0 0 0 S F W E W O R K

T H E B A R T L E T T P E N T A G O N C I T Y O P E N J U N E 2 0 1 6

6 9 9 U N I T S 3 7 , 0 0 0 S F W H O L E F O O D S A T B A S E

1 7 7 0 C R Y S T A L D R I V E C R Y S T A L C I T Y

O P E N 2 0 1 8 2 7 0 , 0 0 0 S F

F U T U R E D E V E L O P M E N T O P P O R T U N I T I E S :

C R Y S T A L C I T Y

R E Z O N I N G F O R 3 . 5 M I L L I O N S F U P S I Z E D R E D E V E L O P M E N T P O T E N T I A L

Z O N I N G I N C L U D E S O F F I C E , R E S I D E N T I A L A N D

R E T A I L

P E N T A G O N C I T Y

Z O N I N G F O R 1 , 4 0 0 R E S I D E N T I A L U N I T S

1 0 - A C R E L O T W I T H Z O N I N G F O R 2 . 5 M I L L I O N S Q U A R E F E E T O F O F F I C E , R E S I D E N T I A L , H O T E L A N D R E T A I L

R O S S L Y N W A T E R F R O N T

Z O N I N G F O R 2 . 5 M I L L I O N S Q U A R E F E E T O F O F F I C E , R E S I D E N T I A L , H O T E L A N D R E T A I L

P R O J E C T S I N P R O G R E S S :

P E N N P L A Z A – T H E H E A R T O F T H E C I T Y

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P E N N P L A Z A – A N U N P R E C E D E N T E D O P P O R T U N I T Y

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T W O P E N N P L A Z A

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B J A R K E I N G E L S G R O U P

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