Parkway Properties Overview

February 2014 Forward-Looking Statements

Certain statements contained in this presentation, including those that express a belief, expectation or intention, as well as those that are not statements of historical fact, are forward-looking statements within the meaning of the federal securities laws and as such are based upon the Company’s current beliefs as to the outcome and timing of future events. There can be no assurance that actual future developments affecting the Company will be those anticipated by the Company. Examples of forward-looking statements include projected capital resources, projected profitability and portfolio performance, estimates of market rental rates, projected capital improvements, expected sources of financing, expectations as to the timing of closing of acquisitions, dispositions, or other transactions, the expected operating performance of anticipated near-term acquisitions and descriptions relating to these expectations, including without limitation, the anticipated net operating income yield. We caution investors that any forward-looking statements presented in this presentation are based on management’s beliefs and assumptions made by, and information currently available to, management. When used, the words “anticipate,” “believe,” “expect,” “intend,” “may,” “might,” “plan,” “estimate,” “project,” “should,” “will,” “result” and similar expressions that do not relate solely to historical matters are intended to identify forward-looking statements. You can also identify forward-looking statements by discussions of strategy, plans or intentions. Forward-looking statements involve risks and uncertainties (some of which are beyond the Company’s control) and are subject to change based upon various factors, including but not limited to the following risks and uncertainties: changes in the real estate industry and in performance of the financial markets; competition in the leasing market; the demand for and market acceptance of our properties for rental purposes; the amount and growth of our expenses; tenant financial difficulties and general economic conditions, including interest rates, as well as economic conditions in our geographic markets; defaults or non-renewal of leases; risks associated with joint venture partners; the risks associated with the ownership and development of real property, including risks related to natural disasters; risks associated with property acquisitions, including the recent acquisition of Thomas Properties Group, Inc.; the failure to acquire or sell properties as and when anticipated; termination or non-renewal of property management contracts; the bankruptcy or insolvency of companies for which Parkway provides property management services or the sale of these properties; the outcome of claims and litigation involving or affecting the Company; the ability to satisfy conditions necessary to close pending transactions; our failure to maintain our status as real estate investment trust, or REIT; and other risks and uncertainties detailed from time to time in the Company’s SEC filings. Should one or more of these risks or uncertainties occur, or should underlying assumptions prove incorrect, the Company’s business, financial condition, liquidity, cash flows and results could differ materially from those expressed in any forward-looking statement. While forward-looking statements reflect our good faith beliefs, they are not guarantees of future performance. Any forward-looking statements speak only as of the date on which it is made. New risks and uncertainties arise over time, and it is not possible for us to predict the occurrence of those matters or the manner in which they may affect us. We disclaim any obligation to publicly update or revise any forward-looking statement to reflect changes in underlying assumptions or factors, of new information, data or methods, future events or other changes. Accordingly, investors should use caution in relying on past forward-looking statements, which were based on results and trends at the time they were made, to anticipate future results or trends. 2 Disclaimer

This presentation (the "Presentation") is provided for informational purposes and reference only. By acceptance hereof, you agree that (i) the information contained herein may not be used, reproduced or distributed to others, in whole or in part, for any other purpose without the prior written consent of Parkway Properties, Inc. (“Parkway”) and (ii) you will keep confidential all information contained herein not already in the public domain.

No representation or warranty is given in respect of the information contained herein and Parkway is under no obligation to (and expressly disclaims any obligation to) update any of the information provided in this Presentation. Market and industry information throughout the Presentation have been provided by sources other than Parkway that are believed to be reliable. However, this information has not been independently verified and no assurances can be given by Parkway regarding the accuracy or completeness of this information.

This Presentation does not constitute an offer to sell or a solicitation of an offer to buy any securities and may not be used or relied upon in evaluating the merit of investing in Parkway.

Deerwood North 3 Parkway Strategic Objectives

Since the new management team was put in place in the fourth quarter of 2011, Parkway has executed on its strategic plan

Strategic Objective Tactics

Create long-term value for shareholders as the leading • New asset level ownership plans given new investment strategy owner of high-quality assets in higher growth submarkets • Customized leasing strategies by submarket in the Sunbelt • More judicious prioritization of capital expenditures • Focus on high-quality, differentiated assets

Realize leasing and operational efficiencies and gain local • Achieve critical mass in target submarkets advantage • Maintain highly experienced local leadership

Increase cash flow and unlock embedded value within • Efficiently exit non-core markets existing portfolio • Reinvest funds over time in quality assets in higher-growth submarkets • Pursue primarily wholly owned investments and select joint ventures when appropriate

Maintain a conservative balance sheet with sufficient • Maintain between 5.5x to 6.5x net debt to EBITDA over long term flexibility for growth • Focus on debt composition and maintain quality unencumbered pool • Use credit facility as short-term financing source

4 Track Record of Solid Achievements

Management • Management team with proven value creation expertise and strong regional management platform Team / TPG Sponsorship • TPG, a leading global private investment firm, holds an approximately 22.5% ownership interest in PKY

• Portfolio repositioning substantially completed and acquisition pipeline remains healthy Strategy & • Exited majority of non-core assets and completed sale of Fund I portfolio Portfolio Transformation • Purchased or under contract to purchase $3.0 billion of high quality assets since January 2012 • Strategic acquisition of TPGI: ability to execute complex transaction with significant strategic benefits

• Substantial operational improvement throughout 2012 and 2013 – Occupancy increased 540 basis points to 89.3%1 from January 1, 2012 to January 1, 2014 Enhanced – Weighted average gross rents per NRSF increased 23% from $22.25 (January 1, 2012) to $27.65 Operational (January 1, 2014) Results – FAD / FFO ratio significantly improved – Strong leasing activity, with 2.4 million sq. ft. of leases signed during 2013, representing 17% of the average portfolio size during the year

• Parkway has maintained a strong and conservative balance sheet as it has continued to grow • Improved liquidity and access to capital - Parkway has raised $1.0 billion of capital: Fortified Balance – Raised $776 million in private and public equity in 2012, 2013, and 2014 Sheet and Improved Cash – Closed $125 million and $120 million unsecured term loans Flow • Amended its credit facility to extend term, increase the size of the accordion and lower fees • Reduced overall cost of capital by redeeming 8.0% preferred equity • Improved operating cash flow performance, which resulted in a 150% increase in dividend 5 1. Excludes recently acquired 7000 Central Park in Atlanta, Georgia and the Houston and Austin assets acquired in the merger with Thomas Properties Group, Inc. Management Team / TPG Sponsorship

Parkway has an experienced management team and access to additional capital / expertise through its relationship with TPG

• TPG sponsorship provides access to extensive relationships, deep analytical real estate expertise and other sources of capital • Relationship with TPG also enhances platform to source attractive investments in core markets

Executive Management Team Regional Management Team

Industry Experience Industry / Market Executive Position Market Leader Market (Yrs.) Experience (Yrs.)

President, CEO & James R. Heistand 30 Shipley Hall Orlando 11/11 Director

David R. O’Reilly EVP, CFO & CIO 14 Mike Fransen Houston 7 / 7

M. Jayson Lipsey EVP & COO 11 John Barton Atlanta 18 / 6

EVP & General Bryan Howell Charlotte 24 / 16 Jeremy Dorsett 2 Counsel EVP – Third Party Matt Mooney Phoenix 8 / 8 Henry Pratt 33 Services Victor Hughes Jacksonville 15 / 7

Kyle Burd Tampa 26 / 26 6 Completed Acquisition of Thomas Properties Group, Inc.

• Parkway Properties, Inc. (“PKY”) successfully completed its merger with Thomas Properties Group, Inc. (“TPGI”) • Announced on September 5, 2013. Completed on December 19, 2013 Transaction • 100% stock-for-stock merger Summary • Each former share of TPGI converted into 0.3822 of a newly issued share of PKY • Transaction valued at approximately $1.2 billion at announcement • Corresponds to an implied cap rate on retained office assets of approximately 6.0% 1 at announcement • Expected to be accretive to 2014 estimated FFO per Share

• ~75% continuing PKY stockholders 2 Ownership • ~25% former TPGI stockholders 2

• PKY's current executive officers continue as the executive officers of the combined company Management and • PKY’s Board of Directors expanded from 9 to 10 members Board • James A. Thomas has been named Chairman of the Board of Directors of the combined company • Interests in two office properties (Commerce Square) in Philadelphia, PA sold to Brandywine Realty Trust for a gross property value of $331.8 million Concurrent • Property in Austin, TX (Four Points Centre) and contiguous land parcel sold to Brandywine Realty Trust Asset Sales for a gross sale price of $47.3 million • Net proceeds to PKY of approximately $93.5 million 7 1. Please refer to the Definitions page of this investor presentation for definition of implied cap rate. 2. Based on outstanding shares of common stock and common units.

Acquired TPGI Properties (Cont’d)

High Quality Office Properties in Desirable Markets

Frost Bank Tower One Congress Plaza San Jacinto Center Austin, TX Austin, TX Austin, TX Austin, TX

300 West 6th Street San Felipe Plaza CityWestPlace 8 Austin, TX Houston, TX Houston, TX “ Sized” Value Creation

Parkway’s recent Texas acquisitions are well positioned to make a meaningful impact on Parkway’s long-term value creation:

PKY Texas Portfolio Annualized Rental Revenue 1 Other Houston Portfolio, 16% Austin JV, 41%

San Felipe Plaza, 14%

Phoenix Tower, 8% CityWestPlace, 21% PKY Core Texas Portfolio1

San Felipe Plaza CityWestPlace Phoenix Tower Austin Joint Venture

Square Footage 980,000 1,473,000 629,000 2,422,000

2 Purchase Price per Square Foot $246 $250 $199 $313

% Occupied 86% 97% 88% Tempe86% Gateway

3 In-Place Gross Rents Above / (Below) Market Rate (13%) (35%) (21%) (11%)

1. Based upon 100% ownership 2. Represents purchase price at merger close on DecemberTempe Gateway19, 2013. 9 3. Based upon PKY market assessment and quoted rates as of December 31, 2013..

Significant Portfolio Repositioning

Parkway implemented a meaningful capital recycling plan in 2011, which improved its portfolio quality and strengthened its balance sheet and financial flexibility • Exited majority of non-core assets and completed sale of Fund I portfolio • Purchased or under contract to purchase over $3.0 billion of high-quality assets in targeted Sunbelt markets and submarkets since January 2011

Property Acquisitions and Dispositions (1)

$1,321

$586

$383 $378 $326 $354 $242 $162 $101 $50 $75 $0 $3 $28

1H'11 2H'11 1H'12 2H'12 1H'13 2H'13 1H'14

Acquisitions Dispositions

Note: $ in millions. 10 1. Represents the gross purchase / sales price only and does not include closing costs or improvements made subsequent to purcha se. All acquisitions and dispositions shown at 100% share. Therefore, 1H ‘2013 and 2H’ 2013 exclude the purchases of the remaining 70% interest in four existing Fund II assets. Includes year-to-date acquisitions and dispositions that have been previously disclosed. Geographic Transformation

PKY As of January 1, 2011 PKY As of Today 1

New Orleans, Hampton Columbia, 4% 0.0% Road, 2% Other, 3% Ft. Richmond, 5% Lauderdale, Phoenix, 1% 8% Jacksonville, 10%

Houston, 18% Jackson, 9% Orlando, 4% Orlando, 4% Jacksonville, Houston, 26% 3% Ft. Lauderdale, Memphis, 10% Tampa, 5% 2% Miami, 1% Charlotte, 1% Atlanta, 11% Atlanta, 13% Austin, 14% Chicago, 23%

Charlotte, Phoenix, 4% 10% Nashville, 4% Philadelphia, 5%

Note: Based on sq. ft. 11 1. Includes announced year-to-date asset purchases and dispositions Portfolio Quality Transformation

Select Recent Acquisitions

Phoenix Tower Bank of America Center Hearst Tower 525 North Tryon 3344 Peachtree Houston, TX Orlando, FL Charlotte, NC Charlotte, NC Atlanta, GA 626,000 SF 421,000 SF 973,000 SF 405,000 SF 485,000 SF

NASCAR Plaza Tower Place 200 Hayden Ferry Lakeside I Hayden Ferry Lakeside II 12 Charlotte, NC Atlanta, GA Tempe, AZ Tempe, AZ 394,000 SF 258,000 SF 203,000 SF 300,000 SF Invest In Great Office Real Estate

Investment strategy focuses on driving long-term value creation, which is achieved with assets that are:

• Strategically differentiated – Invest in irreplaceable buildings in irreplaceable locations

• CBD and urban infill locations – These submarkets have consistently outperformed suburban submarkets

• Newer construction – New assets typically provide more functionally relevant floor plates, lower capital expenditure requirements, and better energy efficiency

• Value-add opportunities as a complement – Focus on finding some value-add assets to complement the balance of the core portfolio

Tempe Gateway CityWestPlace

13 Tempe Gateway Achieve Critical Mass in Select Submarkets

Parkway seeks to achieve scale in select submarkets, enabling the Company to:

• Leverage pricing power in lease and vendor negotiations

• Hire and retain superior market leadership and maintain the best leasing teams

• Enhance ability to identify and capitalize on emerging investment opportunities and identify challenges

• Create flexibility to meet changing tenant demands

Hayden Ferry

14 Hayden Ferry Lakeside Development

Hayden Ferry III is expected to be a 261,000 sq foot Class A+ office tower that will represent the final phase of Parkway’s 780,000 sq foot master planned office community

June 2013: US US Airways is Airways acquired at currently 100.0% 100.00% 100.0% occupancy occupied HF II is currently February 2012: HF II 89.5% occupied 90.00% acquired at 92.0% and 100% leased occupancy

HF I is currently 80.00% 94.9% occupied

December 2012: Tempe Gateway is 70.00% Tempe Gateway currently 93.0% acquired at 77.0% occupied occupancy

60.00% June 2011: HF I HF R2 is currently acquired at 50.9% 90.5% occupied occupancy August 2012: HF R2* 50.00% acquired at 38.1% occupancy

40.00%

Hayden Ferry I Hayden Ferry II Hayden Ferry R2 Tempe Gateway US Airways 15 *Hayden Ferry R2 includes a 21K sq ft retail complex and a 2,500 space structured parking garage Hayden Ferry Lakeside Development

Since Parkway’s initial investment into the Tempe submarket in June of 2011, Class A office fundamentals have witnessed a healthy recovery from post recessions lows

Tempe Class A Office - Historical Occupancy vs Rental Rates

100.0% $35.00

96.2% 90.0% $32.50 79.7% 90.8% 80.0% $30.00 $30.68

70.0% $27.50 $28.16 $27.49 60.0% $25.00

50.0% $22.50

40.0% $20.00

% Occupancy AVERAGE RENTAL RATE ($) 16 Source: CBRE, Q4 2013 Enhancing Property Operations: Selected Recent Acquisitions

% Change in Est. Date % Occupied at: % Leased at: Market Rent Market Acquired Acquisition 12/31/2013 Change 12/31/2013 Change 1 per NRSF 2

NASCAR Plaza Charlotte 12/31/12 87.5% 88.0% +44bps 88.0% +44bps +0.0%

Deerwood South Jacksonville 3/7/13 94.0% 92.5% (153bps ) 94.9% +87bps +0.0%

Deerwood North Jacksonville 3/7/13 93.3% 95.7% +236bps 95.7% +236bps +2.6%

Westshore Corporate Center Tampa 11/15/12 77.7% 80.3% +263bps 80.3% +263bps +5.0%

Phoenix Tower Houston 12/20/12 83.6% 87.5% +389bps 87.5% +389bps +11.1%

Tower Place 200 Atlanta 1/17/13 82.7% 89.6% +690bps 91.9% +920bps +7.7%

Tempe Gateway Phoenix 12/21/12 77.0% 93.0% +1604bps 93.0% +1604bps +5.5%

Average 85.1% 89.5% +439bps 90.2% +506bps +4.5%

Deerwood NASCAR Plaza Phoenix Tower Tempe Gateway Tower Place 200 Westshore Jacksonville, FL Charlotte, NC Houston, TX Phoenix, AZ Atlanta, GA Corporate Center Tampa, FL

17 1. Change based on percent leased at December 31, 2013 versus percent occupied at acquisition. 2. Based on Company estimates of weighted average market rent for net rentable square feet (NRSF) from time of acquisition to De cember 31, 2013. Operational Performance

Objective: Increase cash flow and unlock embedded value within the portfolio

Portfolio Leased 1 Customer Retention2

84.7% 91.1% 78.2% 90.4% 90.6% 90.2% 76.0% 76.7% 89.4% 89.3% 89.7% 68.9% 87.6% 63.2%

85.7% 47.1% 46.8% 59.4%

4Q11 1Q12 2Q12 3Q12 4Q12 1Q13 2Q13 3Q13 4Q13 4Q11 1Q12 2Q12 3Q12 4Q12 1Q13 2Q13 3Q13 4Q13 Average In-Place Rents NOI Margin (Total Portfolio)

$27.65 62.2% 61.5% 61.4% 61.3% 60.8% 60.9% $24.38 60.5% $23.81 $24.15 60.0%

$23.96 $24.13 $22.94 $24.05 59.0% $22.25

4Q11 1Q12 2Q12 3Q12 4Q12 1Q13 2Q13 3Q13 4Q13 4Q11 1Q12 2Q12 3Q12 4Q12 1Q13 2Q13 3Q13 4Q13

1. 4Q’13 occupancy includes recently acquired 7000 Central Park in Atlanta, Georgia and the Houston and Austin assets acquired in the merger with Thomas Properties Group, Inc. Excluding those assets, the portfolio leased percentage at year-end was 90.9%. 2. 3Q’13 retention was impacted by management’s decision to grant early termination to two major tenants, representing approximately 1% of the portfolio. Excluding the two move-outs, 3Q’13 customer 18 retention was 75.2%. Committed to Conservative Balance Sheet Strategy

Objective: Maintain a conservative balance sheet with sufficient flexibility for growth Net Debt / Adjusted EBITDA1 Fixed Charge Coverage 6.6x 6.6x 3.2x 6.2x 6.2x 3.1x 2.8x 5.3x 2.5x 2.3x 2.2x 4.7x 4.8x 4.6x 4.5x 2.0x 2.0x 1.8x

4Q11 1Q12 2Q12 3Q12 4Q12 1Q13 2Q13 3Q13 4Q13 4Q11 1Q12 2Q12 3Q12 4Q12 1Q13 2Q13 3Q13 4Q13 Debt Maturity Schedule

$500 $447 Total Debt (At Share): $400 $1,315mm $209 $272 $300 $257 $18 $245 $12 $26 $200 $120 $125 $245 $79 $245 $100 $58 $134 $25 $14 $54 $0 $31 2014 2015 2016 2017 2018 2019 Thereafter Secured (Wholly-Owned) Revolving Credit Facility Term Loan Secured (JV) Unconsolidated (JV) 1. 4Q 2013 Adjusted EBITDA reflects the implied annualized impact of any acquisition or disposition activity for the period, the annualized impact of the loan to TPGI, and realignment expenses associated with 19 closing the Jackson, MS office. 2. Figure in $ millions, based on balloon payment schedule at PKY share

Highlights

• Unique, sizeable and scalable platform • High quality properties in CBD, urban in-fill and targeted suburban markets in the Sunbelt region • Significant presence in markets (e.g. Houston, Charlotte, Atlanta, Jacksonville and Tampa) with strong employment bases, above average job growth, talented and educated workforce and increasing populations • Ability to capitalize on unique acquisition opportunities • $1.2 billion strategic acquisition of Thomas Properties Group • Closed on $581 million of additional property acquisitions in 2013 1 • Demonstrated track record • Ability to transform portfolio and create value through active recycling of assets • Demonstrated enhancement to portfolio operations through active management • Ability to increase cash flow and unlock embedded value within existing portfolio • Demonstrated ability to acquire under-leased assets at attractive purchase prices and increase occupancy over time • Sector-leading total returns in 2013 • Conservative balance sheet strategy • Focus on maintaining conservative leverage levels and a flexible balance sheet 20 1. Based off of 100% of gross value for the acquisitions and includes purchases of the remaining 70% interest in four existing Fund II assets.