Second Quarter 2018

1 Disclaimer

We make forward-looking statements in this presentation within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. You should not rely on them as predictions of future events. For these statements, we claim the protections of the safe harbor for forward-looking statements contained in such Sections.

You can identify forward-looking statements by the use of forward-looking terminology such as “believes,” “expects,” “may,” “will,” “should,” “seeks,” “approximately,” “intends,” “plans,” “estimates,” “contemplates,” “aims,” “continues,” “would” or “anticipates” or similar words or phrases in the positive or negative. For example, statements regarding potential growth in our portfolio, future results from operations, prospective acquisitions, projected leasing, and anticipated market conditions are forward-looking statements.

Forward-looking statements involve numerous risks and uncertainties, and you should not rely on them as predictions of future events. They depend on assumptions, data or methods which may be incorrect or imprecise, and we may not be able to realize them.

The following factors, among others, could cause actual results and future events to differ materially from those set forth or contemplated in the forward-looking statements: changes in our industry, the real estate markets, either nationally or in Manhattan or the greater New York metropolitan area; resolution of legal proceedings PERFORMANCEinvolving the company; reduced demand for office or retail space; decreased rental rates or increased vacancy &rates; new office or observatory development in our market; general volatility of the capital and credit markets and the market price of our Class A common stock and our publicly-traded operating partnership units; changes in our business strategy; changes in technology and market competition, which affect utilization of our broadcast or other facilities; changes in domestic or international tourism, including geopolitical events and currency exchange rates; defaults on, early terminations of, or non-renewal of leases, by tenants; insolvency of a major tenant or a significant number of smaller tenants; fluctuations in interest rates; increased operating costs; declining real estate valuations and impairment charges; termination or expiration of our ground leases; availability, terms and deployment of capital; our failure to obtain necessary outside financing; our leverage; our failure to generate sufficient cash flows to service our outstanding indebtedness; our failure to redevelop and reposition properties or to execute any planned capital project, successfully or on the anticipatedPERSPECTIVEtimeline or at the anticipated costs; difficulties in identifying properties to acquire and completing acquisitions; risks of real estate development (including our Metro Tower development site), including onstruction delays and cost overruns; inability to manage our properties and our growth effectively; inability to make distributions to our securityholders in the future; impact of changes in governmental regulations, tax law and rates and similar matters; our failure to continue to qualify as a real estate investment trust, or REIT; a future terrorist event in the U.S.; environmental uncertainties and risks related to adverse weather conditions and natural disasters; lack, or insufficient amounts, of insurance; misunderstanding of our competition; changes in real estate and zoning laws and increases in real property tax rates; inability to comply with applicable laws, rules and regulations; and damages resulting from security breaches through cyberattacks, cyber intrusions or otherwise, as well as other significant disruptions of our technology (IT) networks related systems.

While forward-looking statements reflect our good faith beliefs, they are not guarantees of future performance. You should not place undue reliance on any forward- looking statements, which are based only on information currently available to us (or to third parties making the forward-looking statements). We disclaim any obligation to publicly update or revise any forward-looking statement to reflect changes in underlying assumptions, new information, data or methods, future events or other changes after the date of this presentation, except as required by applicable law.

For a further discussion of these and other factors that could impact our future results, performance or transactions, see the section entitled “Risk Factors" in our Annual Report on Form 10-K for the year ended December 31, 2017, any subsequent reports on Forms 10-Q and 8-K and other risks described in documents we subsequently file from time to time with the Securities and Exchange Commission.

2 Investor Highlights

› Pure-play Manhattan and greater New York metropolitan area › Embedded, de-risked growth potential and market leading leasing spreads › Fully modernized assets, centrally located near mass- transit and heavily amenitized › Secure market position between trophy/class A and class B properties with both upside opportunity and downside protection › Lowest levered balance sheet among office REITs, significant cash position, and no outstanding borrowings against our credit line › Industry leader in sustainability and energy efficiency

3 Manhattan Portfolio Proposition

DOMINANT POSITION New Build Class A “Aged Trophy” Class A › New construction since 2008 › Stock constructed from 1970-2000 that needs base building renovation of approx. $100 PSF › Asking rents of $125F 1,2 › Asking rents of $94 PSF 1,2

› Well-located, redeveloped properties › New Build and Aged Trophy Class A ESRT costs more; Class B offers less › Asking rents of $65 PSF 1

Class B › Existing › Asking rents of $62 PSF 1,2

1 Weighted average asking rents are for Midtown Manhattan. Rents are for direct spaces only. 2 Source: Cushman & Wakefield custom research. 4 Portfolio Overview

PURE-PLAY MANHATTAN AND GREATER NEW YORK METROPOLITAN AREA

10.1 Million Total Rentable 9.4 Million Rentable Square Feet Square Feet of Office Space

GNYMA GNYMA Office Office 18.4% 19.8%

Retail 7.0%

Manhattan Office Manhattan Office 74.6% 80.2%

Company data and filings as of March 31, 2018.

5 Varied Tenant Base

DIVERSIFIED BY INDUSTRY

Non-Profit Other 4.6% Consumer 12.4% Goods 21.2% Media & Advertising 4.3%

Technology 8.9% Finance, Insurance, Real Estate Legal Services 17.1% 3.7% Retail 17.4% Professional Services 10.4%

Industry diversification by annualized fully escalated rent. Company data and filings as of March 31, 2018. 6 Growth from Tenant Expansions

› We have had 143 tenant expansions within our portfolio totaling over 943,000 square feet1 › Tenants expand due to the attractive proposition we provide: • Newly redeveloped buildings • Combination of location and amenities • Attractive value price point • Tenant service • Authentic relationships › We focus on tenants that have potential for growth

1 Since 2013, the year in which we went public, through March 31, 2018. 7 Manhattan Portfolio

111 West 33rd Street One Grand Central Place

1359 Broadway 1400 Broadway Office Properties Retail Properties

8 Four Drivers of Embedded De-risked Revenue Growth1

Burn-off of free rent Signed leases $22 M not commenced $21 M

Retail $97 opportunity Million4 $11 M Lease up of vacant Office mark-to- redeveloped market Manhattan opportunity3 office space2 $15 M $28 M

1 Amounts reflect management’s estimates of additional revenues from the four drivers as of March 31, 2018 to be realized over the next 5-6 years. 2 Represents the anticipated lease-up of 461,000 square feet of redeveloped Manhattan office space at an average starting rent of $60 PSF. 3 Includes the mark to market opportunity for Manhattan and Greater New York Metro office portfolios. 4 Does not include the potential loss of revenue from tenants who are intentionally vacated for redevelopment or who do not renew.

9 Free Rent Burn-Off and Signed Leases Not Commenced

Cumulative Contribution to Annualized Base Rent in the Following Years: Annualized Initial Base Total Portfolio 2018 2019 2020 2021 Cash Rent Commenced leases in $22.17 M $7.47 M $21.22 M $22.17 M $22.17 M free rent period Signed leases not 21.42 M 0.69 M 12.13 M 20.73 M 21.42 M commenced Total $43.59 M $8.16 M $33.35 M $42.90 M $43.59 M

3/31/18 Expected Cash Base Incremental New Annual Tenant SF Escalated Rent Commencement Annual Rent Annual Rent Date Revenue Hoguet Newman Regal & Kenney 12,732 $0.00 M $0.85 M Dec. 2018 $0.85 M RZO, LLC 12,635 0.00 M 0.82 M Apr. 2019 0.82 M ASCAP 87,943 0.00 M 5.25 M May 2019 5.25 M Raysearch 12,807 0.00 M 0.87 M Jun. 2019 0.87 M Nespresso 41,835 0.00 M 2.38 M Jun. 2019 2.38 M TJX Companies 18,965 0.45 M 1.90 M Jul. 2019 1.45 M William T. Grant Foundation 12,725 0.00 M 0.83 M Aug. 2019 0.83 M Fragomen, Del Rey, Bernsen & 107,680 1.87 M 5.92 M Mar. 2020 4.05 M Loewy LLP Other SLNC 84,034 0.00 M 4.92 M Jun. 2018 – May 2019 4.92 M Total 391,356 $2.32 M $23.74 M $21.42 M

Company data and filings as of March 31, 2018. 10 Superior Leasing Spreads

ILLUSTRATES MARK TO MARKET OPPORTUNITY

Manhattan office leasing spreads Strong re-leasing spreads Trailing 4 quarters Q1 2018 average3

All leases Q1 2018 New leases Q1 20181 Compared to peer group

$ 59.51 35.0% $ 57.29 32.5%

$ 51.44 30.0% $ 48.05 25.0%

20.0%

15.0% 10.2% 10.0%

5.0%

0.0% Prev. New Prev. New Escalated Starting Escalated Starting Rent Base Rent Rent Base Rent ESRT Peer Group PSF2 PSF PSF 2 PSF

Company data and filings as of March 31, 2018. 1 Based on Manhattan office portfolio. 2 Previous escalated rent PSF is adjusted for space remeasurement. 3 Reflects new and renewal leases. Peer group includes SL Green, Vornado Realty Trust and Paramount Group. Vornado Realty Trust also reported leasing spreads for Q1 2018 excluding a single lease which significantly impacted reported spreads. Using this additional disclosure, the peer group spread would have been 7.0%.

11 Manhattan Office Mark to Market

CURRENT 2018 MARKET RENT VS. CURRENT FULLY ESCALATED RENT

9 mos 12 mos 12 mos 12 mos 12 mos 3 mos 2018 2019 2020 2021 2022 2022

Current fully escalated rent $54 $52 $54 $52 $55 $57 PSF1

Leased square feet expiring2 437,807 492,440 588,352 450,664 350,266 62,343

Weighted Average Current $60 $59 $62 $60 $61 $62 Market Rent3

Embedded Mark to Market 11.1% 13.5% 14.8% 15.4% 10.9% 8.8% % Growth

1 Fully escalated rents are as of March 31, 2018, exclude SLNC and are adjusted for space re-measurement. 2 Excludes SLNC. 3 Reflects starting rates as of March 31, 2018 without ascribing any future growth. Weighted average starting rent is management’s estimate for new, renewal and below market short term rentals for cash flow purposes and includes both office and storage. The above does not give consideration for downtime to vacate, redevelop and lease. 12 Redevelopment Opportunity

EMBEDDED, DE-RISKED GROWTH

Tenant space to be redeveloped Empire State Building 240,000 SF Balance of Manhattan office portfolio 650,000 SF

Total 890,000 SF

Probable Renovations of Undeveloped Space in 2018-20221 200,000 170,000 SF

146,000 SF

100,000 100,000 SF 100,000 SF

5,000 SF (SF) 0 2Q - 4Q 2018 2019 2020 2021 2022 Occupied Retail Vacant 1 Based upon current views and assumptions, which are subject to change. The balance of the Manhattan office portfolio to be redeveloped in 2023 and beyond will be evaluated at a later date. Company data and filings as of March 31, 2018. 13 Creating Full Floor Availabilities

REDEVELOPMENT CASE STUDY

Floors 55-58 originally had 42 tenants

Adjacent tenants are grouped by lease expiration dates

Spaces are vacated as expired leases 2014are not renewed

Floors 55-58 leased to only 2 tenants

14 Superior Returns from Redevelopment

AN ILLUSTRATION OF THE RETURNS ON INVESTMENTS

White Box Pre-Built WEIGHTED AVERAGE INVESTMENT PER SQUARE FOOT

Tenant space:

Base building $64 $54 Tenant allowance / improvement $91 $133 Leasing commission $28 $18

TOTAL INVESTMENT $183 $205

TTM WEIGHTED AVERAGE RETURN ON INVESTMENT (ROI)1 9% › A vacated white-box space typically requires a full new installation upon the signing of a new lease. › Pre-built spaces typically require refreshment at the end of each lease term, and are intended to be used by one or more tenants over their lifetime.

1 Based on initial incremental rent and the trailing twelve months ended March 31, 2018. 15 Tenant Lease Expirations

WELL-LADDERED MANHATTAN OFFICE PORTFOLIO LEASE EXPIRATIONS1

56.5%

8.4% 6.6% 7.8% 4.3% 5.8% 6.0% 4.6%

Available SLNC 2018 2019 2020 2021 2022 Thereafter

1 Based on rentable square footage. Company data and filings as of March 31, 2018. 16 Vacant Office Space

Current vacancy / Redeveloped vacancy (Manhattan Office) 632,000 SF / 461,000 SF Weighted average starting rent (Manhattan Office) $60 PSF

MANHATTAN OFFICE PORTFOLIO CURRENT VACANT SPACE SQ FEET Signed Leases Not Commenced (SLNC): Manhattan Office Properties SLNC 327,000 Prebuilt 253,000 SF Broadcasting Greater New York Office Properties SLNC 3,000 40% 6,000 SF 1% Retail Properties SLNC 13,000 Redeveloped Manhattan office space 461,000 Greater New York Office Properties space 169,000 Storage PIO 33,000 SF 48,000 SF Retail Properties space 61,000 5% 8% Undeveloped Manhattan office space 60,000 Undeveloped Space held off market 72,000 Whitebox / 60,000 SF Demo 10% 160,000 SF Off Other 39,000 25% Market 72,000 SF Total portfolio vacant space 1,205,000 11%

Weighted average starting rent is management’s estimate for new leases. Vacant redeveloped space consists of the sum of the categories of Whitebox/Demo, Prebuilt and PIO. PIO represents “Prepared for Immediate Occupancy.” Developed space includes space that has been demolished and completed asbestos abatement and available for lease up or ready to be prebuilt. Company data and filings as of March 31, 2018. 17 Tenants Relocating to ESRT

ATTRACTING TENANTS FROM ALL PARTS OF NYC AND BEYOND OVER PAST 12 MONTHS

From Outside Manhattan 13 Tenants Representing 172,542 SF

From Midtown (West) (Madison/Fifth, Penn Station/ Times Square South, Rockefeller Center, West Side) 23 Tenants Representing 198,767 SF From Midtown (East) (Grand Central, Murray Hill, Park Avenue) 20 Tenants Representing 135,078 SF

From Midtown South and Downtown (Chelsea, Financial District, Madison Square, SoHo) 6 Tenants Representing 152,990 SF From Internal Expansion/Renewals 30 Tenants Representing 177,684 SF

Company data as of March 31, 2018.

18 Observatory Performance

CONSISTENT PERFORMANCE THROUGH ECONOMIC CYCLE AND NEW ATTRACTIONS

One World Observatory Observatory annual revenue (millions) Opens 2.1 Million Visitors (estimated 2017) 2001 – 2017 CAGR 9/11 Museum Opens 10.7% 3.1 Million Visitors $127.1 (estimated 2017) $124.8

$111.5 $112.2

$101.8

Financial $91.9 Crisis Hits Top of the Rock Reopens $78.9 $80.6 102nd floor 2.2 Million Visitors $72.2 $71.6 (estimated 2017) closed Q1 to $62.9 replace $56.3 elevator. 102nd floor $50.1 revenue in 1Q 2017 was 9/11 $40.0 $1.9 million. $33.4 $29.6 $25.0 $20.9 $21.2

2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 1Q 1Q 2017 2018

Company data and filings as of March 31, 2018. 19 19 Who Visits the Observatory?

80% OF VISITORS DECIDE TO VISIT BEFORE LEAVING HOME

International vs. Domestic: 64% International, 36% Domestic Domestic Age Group: 36% International 52% 18-34 years old 64% Male vs. Female: 58% Female, 42% Male

Top 6 foreign countries: England/ Scotland/ France Canada China Spain Germany Wales

Data from ESRT customer polling from February 2018 and August 2017. 20 Observatory Ticket Mix

ACTIVE MANAGEMENT OF TICKET MIX TO MAXIMIZE MARGINS

Growth in Observatory Revenue Per Capita1 Direct sales at $32.00 full price is $31.00 $30.00 Per capita 1Q 2018 largest source TTM lower; 102nd $29.00 floor closed to replace elevator. $28.00

$27.00

$26.00

$25.00

$24.00 Introduction of 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2014 2014 2015 2015 2015 2015 2016 2016 2016 2016 2017 2017 2017 2017 2018 variable pricing during peak Retail Pricing – starting at Adult2 Main Deck Only (86th Floor) $37.00 demand (key Main Deck Only (86th Floor) Express $65.00 holidays and busy Main Deck + Top Deck (86th & 102nd Floors) $57.00 calendar periods) Main Deck + Top Deck Express (86th & 102nd Floors - No Waiting) $85.00 AM/PM Experience (86th Floor) $53.00 Sunrise Experience (86th Floor) $100.00 Premium Experience – Guided Tour (86th & 102nd Floors – No Waiting) $175.00

1 Company data and filings as of March 31, 2018 on a trailing twelve months basis. 2 Pricing as of March 25, 2018. 21 Valuing The Observatory

SUM OF THE PARTS VALUES BOTH RENTAL REVENUE AND RESIDUAL PROFIT STREAMS

Observatory Results – 1Q 2018 Trailing Twelve Months In $MM Revenue $127 Less Operating Expenses 30 NOI 97 Intercompany rent expense 78 NOI after intercompany rent $19

› If ESRT did not operate the Observatory and leased it to a third party, an operator would have to pay rent. Potential rent would be at least what ESRT pays in intercompany rent and this potential rent would be valued at an appropriate cap rate for Manhattan office and retail properties. › The residual NOI would be valued as an operating business similar to a gated attraction.

Intercompany Rent Capitalized at Residual NOI Multiplied by a Gated Total Observatory a Market Cap Rate Attraction Business Multiple Implied Value

Company data and filings as of March 31, 2018. 22 Retail Opportunity

› 712,060 SF of total retail space

› 89.7% occupied / 91.4% leased

› Annualized fully escalated rent of $90.9 million

› 61,228 SF of retail space available to lease, including 22,530 SF of ground floor space, in 5 high traffic locations

• 1400 Broadway, One Grand Central Place, Empire State Building, 501 Seventh Ave and Westport

Company data and filings as of March 31, 2018. 23 Retail Mark to Market and Vacant Space

CURRENT 2018 MARKET RENT VS. CURRENT FULLY ESCALATED RENT

9 12 12 12 12 3 months months months months months months Vacant 2018 2019 2020 2021 2022 2023

Current fully escalated rent N/A $133 $147 $126 $155 $149 - PSF1

Leased square feet expiring2 61,228 6,338 26,126 28,182 31,952 59,540 -

Weighted average market $109 $103 $248 $157 $178 $158 - rent PSF3

Mark to Market % Growth N/A -22.6% 68.7% 24.6% 14.8% 6.0% -

1 Fully escalated rents are as of March 31, 2018, exclude SLNC and are adjusted for space re-measurement. 2 Excludes SLNC and includes ground floor, below grade and 2nd floor space. 3 Reflects starting rates as of March 31, 2018 without ascribing any future growth. Weighted average starting rent is management’s estimate for new, renewal and below market short term rentals for cash flow purposes. The above does not give consideration for downtime to vacate, redevelop and lease.

24 Retail Value Creation Case Study

SUCCESSFUL REPOSITIONING OF 112 WEST 34th STREET › 88,513 SF on 3 floors leased to one › New leases were signed with tenant, including 2 levels of office and Footlocker, Sephora and Target by storage, for $2.2 million in annualized March 2017 for annualized rent of fully escalated rent that expired in April $20.9 million 2016 Total $18.7 million annualized › The space was redeveloped into a multi- rent increase for 846% Mark to Market level retail space leased to 3 tenants

Company data and filings as of March 31, 2018.

25 Strong, Flexible and Liquid Balance Sheet

CAPITAL STRUCTURE STRATEGY

Low leverage with laddered debt maturities

FINANCIAL STRATEGY Significant cash on hand Access to a variety of forms of capital

26 Fortress Balance Sheet

STEADY IMPROVEMENT THROUGH PERFORMANCE

Net Debt to EBITDA1 7.0

6.0 5.7X 5.4X PEERS2 4.9X 5.0 Net Debt / 4.0 3.5x 8.0x 3.5X 3.5X EBITDA 3.1X 3.0

2.0 Net Debt / 20% 44% 1.0 Enterprise Value

0.0 Year Year Year Year Year Period Ended Ended Ended Ended Ended Ended 2013 2014 2015 2016 2017 2018

1 2013 based on fourth quarter EBITDA annualized. Subsequent periods are calculated based on trailing twelve months EBITDA. 2 Peer group includes Boston Properties, Vornado Realty Trust, Paramount Group and SL Green as of March 31, 2018 for net debt/enterprise value. Vornado Realty Trust no longer reports EBITDA and is not included in net debt/EBITDA. 27 Improved Balance Sheet Flexibility

UNENCUMBERING THE PORTFOLIO

Repaid $844 million in mortgage loans, adding approximately 8.0 million square feet to the unencumbered pool since IPO

Repaid $844 million, including mortgage loans At IPO securing: March 2018 100% 99% › Empire State Building 100% 79% › 250 W. 57 th Street 80% 60% 50% 40% › 500 Mamaroneck 21% 20% <1% th 0% › 501 7 Avenue 0% Portfolio SF › 69-97 Main Street Portfolio SF Encumbered › 1359 Broadway Encumbered Unencumbered Unencumbered › One Grand Central Place › 1400 Broadway › 1350 Broadway › 111 W. 33rd Street

28 Debt Maturity

WEIGHTED AVERAGE MATURITY INCREASED FROM 3.1 YEARS AT IPO TO 8.8 YEARS

CURRENT DEBT MATURITY PROFILE (AS OF MARCH 2018)

($ millions)

$808

$233

$319 $575 $250 $265 $194 $100 $78 $50 $125

2018 2019 2020 2021 2022 2023 2024 2025 2026 2027 2028 and thereafter Unsecured private placement Mortage Debt Exchangable Notes Revolving Credit Facility Term Loan

Company data and filings as of March 31, 2018.

29 Support for Future Growth

BALANCE SHEET STRENGTH AND FLEXIBILITY

Low Leverage Capital Structure1 › Net debt / enterprise value: 20% › Net debt / EBITDA: 3.5x Exchangeable Senior Mortgage Debt Unsecured Notes › Interest coverage: 4.4x $617 mm $250 mm Senior 9% 4% Unsecured Notes › Attractive in place debt Private Perpetual Preferred $800 mm $26 mm 11% › Weighted average interest rate of <1%

3.84% Senior Unsecured › Weighted average debt maturity of 8.8 Term Loan $265 mm years 4%

Liquidity

› $690 million cash and cash equivalents › $0 drawn on $1.1 billion unsecured credit facility with accordion feature allowing for maximum aggregate principal balance of $1.485 billion › Untapped debt capacity embedded in

unencumbered assets Equity › Well-laddered and long-dated debt maturities $5,087 mm 72%

1 Based on stock price of $16.79 as of March 31, 2018 and 303.0 million fully diluted shares outstanding. Net debt as of March 31, 2018 of $1.24 billion. 30 Creating Value Through Sustainability

EMPIRE STATE BUILDING CASE STUDIES

Replicable Process Forms Basis for ULI’s Tenant Energy Optimization and EPA’s Tenant Star Program

Utility costs represent the third largest component of tenant expenses after salaries and rent

3 ESB Tenant Energy Optimization Projects Examples Global Brands › Annual savings Coty Group LinkedIn of $4.4 M

Energy reduction 31% 12% 38% › 3.1 year payback › Energy Star 86 328% 126% 93% ROI over lease term › Quantifiable transparent IRR 44% 21% 24% results › Visit Payback period 2.7 yrs 4.6 yrs 4.1 yrs www.esbsustainability.c (with incentives) om

Visit: http://tenantenergy.uli.org/case-studies/

31 Sustainability Measures Energy Efficiency Example › 100% of portfolio has undergone whole building energy retrofit analysis › Work pioneered by ESRT led to EPA’s Energy Star for Tenants

Building Certification › 86% of portfolio has a robust or partial building management system in-place

Day to Day Green Practices › 100% of portfolio has waste recycling, green cleaning and pest control; low/no off-gassing paints and wall coverings; water conservation; and recycled paper product use

Sustainability Programs › 100% of portfolio has annual and long-term sustainability targets

Visit www.esbsustainability.com and www.empirestaterealtytrust.com/about-us/sustainability for more details 32 Greater NY Metropolitan Office Portfolio

QUALITY ASSETS AND TENANTS › Best assets located at or Highway Metro-North Railroad near major transit hubs Metro-North Train Stop 684 › Full amenities Norwalk

95 › 14.0% of 1Q 2018 NOI / Stamford 18.4% of total SF White Plains 287 › 90.8% occupied / 91.0% leased

Harrison › Notable tenants include: Legg Mason, Thomson ~30 miles to Reuters, OdysseyRe, Midtown Manhattan PartnerRe and Berkshire Hathaway 10 Bank Street 500 Mamaroneck Avenue

First Stamford Place Metro Center 383 Main Avenue Company data and filings as of March 31, 2018.

33 Tenant Lease Expirations

GREATER NY METROPOLITAN PORTFOLIO LEASE EXPIRATIONS1

41.1%

11.9% 10.9% 11.3% 9.0% 9.1% 6.5%

0.2%

Available SLNC 2018 2019 2020 2021 2022 Thereafter

1 Based on rentable square footage. Company data and filings as of March 31, 2018.

34 Greater NY Office Mark to Market

CURRENT 2018 MARKET RENT VS. CURRENT FULLY ESCALATED RENT

9 mos 12 mos 12 mos 12 mos 12 mos 3 mos 2018 2019 2020 2021 2022 2023

Current fully escalated rent $40 $37 $44 $44 $37 $31 PSF1

Leased square feet expiring2 170,655 222,824 203,761 210,934 121,876 27,391

Weighted Average Current $37 $35 $42 $41 $35 $28 Market Rent3

Embedded Mark to Market -7.5% -5.4% -4.5% -6.8% -5.4% -9.7% % Growth

VALUE OF THE EMPIRE STATE BUILDING BRAND

› 87 years of brand references and popular cultural references make ESB an iconic brand

› Branding yields millions in › Top of the Rock advertising value equivalent › One WTC VS. (AVE) annually representing › 30 Hudson Yards effectively free advertising › One Vanderbilt › ESB has a global brand recognition that would be difficult or expensive for others to recreate

FY 2017 TOTAL RESULTS 31B $65MM 92MM MEDIA IMPRESSIONS1 AD VALUE1,2 SOCIAL MEDIA IMPRESSIONS1

1 Media impressions is based on U.S. print, online, and broadcast outlets; excludes international print, online and broadcast outlets. Data for media impressions and ad value is from Cision, while data for social media impressions is from Sysomos. 2 The ad value equivalent (AVE) dollar figure does not include the value of the social media impressions.

36 Phantom of the Opera 30th Anniversary Music-to-Light Show MEDIA COVERAGE 180MM $0.5MM 919K MEDIA IMPRESSIONS AD VALUE EQUIVALENCY SOCIAL MEDIA IMPRESSIONS

625MM MEDIA IMPRESSIONS

Andrew Lloyd Weber and Cameron Mackintosh “Flip the Switch”

Data for media impressions and ad value is from Cision and data for social media impressions is from Sysomos. 37 Delivered on Promises

EXECUTED ON LEASING

Steady Cash NOI Q1 2018 Even With Fluctuating Occupancy $400,000 90.0% › 259,530 SF of leasing 89.5% › 23.8% spreads $360,000 thousand 89.0% achieved on new 88.5% Manhattan office $320,000 88.0% leases 87.5% › 11.6% CAGR on TTM $280,000 87.0% cash NOI from 3Q 86.5% 2014 through 1Q 2018 $240,000 86.0% 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2014 2014 2015 2015 2015 2015 2016 2016 2016 2016 2017 2017 2017 2017 2018

TTM Cash NOI (left axis) Total Portfolio Occupancy (right axis)

1 Company data and filings as of March 31, 2018. 2 Amounts in thousands. Company data and filings as of March 31, 2018. Cash NOI is a non-GAAP measure that is reconciled to its GAAP equivalent measure in the appendix. 3Q 2014 partially excludes the benefit of the acquisitions on July 15, 2014 of the option properties at 1400 Broadway and 111 West 33rd Street.

38 ESRT Metrics Since IPO

DAILY VOLUME, FLOAT, AND COMPARABLE PERFORMANCE Average Trading Volume in 2018YTD: 1,244,860 shares Daily Average Trading Volume in 2017: 852,657 shares Volume Average Trading Volume in 2016: 984,876 shares Average Trading Volume in 2015: 844,333 shares Average Trading Volume in 2014: 590,317 shares

Class A common shares now comprise 54% of the operating Float partnership, driven by conversion requests from OP units and Class B shares totaling 39.0 million Class A shares1 and the QIA investment in 29.6 million Class A shares

Comparable ESRT Total Return Since IPO: 43.5%2 Performance vs. RMS Total Return Since IPO: 34.8%2

1 As of March 31, 2018, the Company had conversion requests from operating partnership units and Class B common shares to Class A common shares totaling 39 million shares, or approximately $657 million at the closing share price of $16.79 on March 31, 2018. This represents a 48% increase in the number of Class A shares since our IPO. 2 Data as of IPO Date 10/2/2013 to 04/25/2018. 39 Management Team

EXPERIENCED AND COMMITTED

Anthony E. Malkin John B. Kessler Thomas P. Durels David A. Karp Thomas N. Keltner, Jr. Chairman & President & Chief Executive Vice President, Executive Vice President Executive Vice President, Chief Executive Officer Operating Officer Real Estate & Chief Financial Officer General Counsel 29 years with ESRT 3 years with ESRT 28 years with ESRT 6 years with ESRT & Secretary 29 years in industry 29 years in industry 34 years in industry 35 years in industry 40 years with ESRT A.B. from A.B. from B.S. from B.A. from University of 40 years in industry Harvard College Harvard College and Lehigh University California, Berkeley and A.B. from Harvard M.B.A. from the Wharton M.B.A. from the Booth College and J.D. from School at the School at the University of Pennsylvania Columbia Law School University of Chicago

› Senior management team with an average of approximately 33 years of experience in real estate › Since IPO, management team bench has been deepened with key additions › Extensive experience in Greater New York area real estate, through several economic and real estate cycles › Management is aligned with shareholders › Senior management team owns a significant amount of stock

40 41 Appendix

RECONCILIATION OF NON-GAAP FINANCIAL MEASURES

Three Months Ended Year Ended Year Ended Year Ended Period From 10/7/13 Reconciliation of Net Income to NOI March 31, December 31, September 30, June 30, March 31, Dec 31, Dec 31, Dec 31, through and Cash NOI 2018 2017 2017 2017 2017 2016 2015 2014 12/31/13

Net Income $ 18,058 $ 32,260 $ 35,489 $ 31,359 $ 19,145 $ 107,250 $ 79,928 $ 70,210 $ 193,431 Add: General and administrative expenses 12,628 13,749 12,899 12,579 11,088 49,078 38,073 39,037 16,379 Depreciation and amortization 39,883 40,842 38,490 40,532 40,846 155,211 171,474 145,431 27,375 Interest expense 17,591 16,364 16,890 17,477 17,742 71,147 67,492 66,456 13,147 Loss on early extinguishment of debt - - 2,157 ------Loss from derivative financial instruments - - - 42 247 - - - - Construction expenses ------3,222 38,596 5,468 Acquisition expenses ------98 193 3,382 138,140 Income tax expense (benefit) (260) 2,340 2,245 2,556 (468) 6,146 3,949 4,655 (1,125) Less: Construction revenue ------(1,981) (38,648) (5,265) Third-party management and other fees (463) (312) (345) (392) (351) (1,766) (2,133) (2,376) (550) Acquisition break-up fee ------(2,500) - -

Gain on settlement of lawsuit related to the Observatory ------(975) - Gain on consolidation of non-controlled entities ------(322,563) Net operating income 87,437 105,243 107,825 104,153 88,249 387,164 357,717 325,768 64,437

Straight-line rent (5,853) (5,963) (6,861) (7,722) (5,998) (30,147) (21,056) (39,715) (8,932) Above/below-market rent revenue amortization (1,168) (1,567) (1,607) (1,119) (1,428) (8,794) (19,353) (14,095) (1,903) Below-market ground lease amortization 1,958 1,958 1,957 1,958 1,958 7,831 7,831 4,603 398 Total cash net operating income 82,374 99,671 101,314 97,270 82,781 356,054 325,139 276,561 54,000

Company data and filings as of March 31, 2018. Amounts in thousands. 42 Appendix

RECONCILIATION OF NON-GAAP FINANCIAL MEASURES

Three Months Ended

Twelve Months March 31, December 31, September 30, June 30, March 31, Trailing Twelve Months Cash Revenue to Date 2018 2017 2017 2017 2017

Rental revenue $ 489,142 $ 122,311 $ 123,596 $ 122,391 $ 120,844 $ 117,113 Tenant expense reimbursement 75,499 17,794 19,790 20,346 17,569 15,974 Deduct: Straight-line rental revenues (26,399) (5,853) (5,963) (6,861) (7,722) (5,998) Above/below-market rent revenue amortization (5,461) (1,168) (1,567) (1,607) (1,119) (1,428) Total cash revenues $ 532,781 $ 133,084 $ 135,856 $ 134,269 $ 129,572 $ 125,661

Company data and filings as of March 31, 2018. Amounts in thousands. 43