SL GREEN REALTY CORP. CITI 2020 GLOBAL PROPERTY CEO CONFERENCE MARCH 2020 0 1) MANHATTAN’S PREMIER OFFICE COMPANY NYSE: SLG SLG OWNED ASSETS 29.0M SF ENTERPRISE VALUE1 $16.8B SLG PRIOR ASSETS 21.6M SF TOTAL SLG ASSETS 50.6M SF SLG DPE1 16.4M SF STOCK PRICE1 $78.44 SLG PRIOR DPE2 51.2M SF TOTAL SLG FOOTPRINT 118.2M SF TOTAL SF OWNED2 29.0M TOTAL SF IN DPE INTERESTS 16.4M # PROPERTIES2,3 91 COMBINED REVENUES $1.7B FUNDS FROM OPERATIONS / SHARE4 $7.30 DIVIDEND PER SHARE $3.54 1 TOTAL RETURN SINCE IPO 728% Note: Only Manhattan Properties Represented on Map and in Table 1. Includes Belmont Insurance Co. 2. Includes Green Loan Services INVESTMENT GRADE CREDIT RATING BBB Fitch 1) Data as of 2.28.2020 2) Excludes Remaining Suburban Properties Totaling 1.1M SF 3) Includes Debt and Preferred Equity Investments SL GREEN REALTY CORP. SL GREEN REALTY 4) Midpoint of Management’s 2020 FFO Guidance Range 1 2) ROBUST DEVELOPMENT PIPELINE 760 MADISON AVENUE SL GREEN REALTY CORP. SL GREEN REALTY 2 3a) THE FIVE-YEAR PORTFOLIO NOI BRIDGE DEVELOPMENT GAAP NOI CORE PORTFOLIO GAAP NOI $1,019.3 $943.7 $1,000 $897.0 $286.9 $760.4 $193.7 $232.8 $721.2 $69.5 $94.1 $500 $ IN MILLIONS $ IN $732.4 $651.7 $666.3 $703.3 $710.9 $0 CAPEX $ IN M 2020 2021 2022 2023 2024 CORE PORTFOLIO $238.9 $225.4 $219.8 $140.9 $146.6 DEV / REDEV 641.2 469.6 211.5 247.1 134.7 TOTAL $880.1 $695.0 $431.3 $388.0 $281.3 SL GREEN REALTY CORP. SL GREEN REALTY Note: Management’s Projections at SLG Share 3 3b) THE PLAN COMES TOGETHER . ~$300M OF PROJECTED NOI CREATION (AT SHARE) THROUGH 2024 . STRONG EMBEDDED GROWTH FROM CORE PORTFOLIO . SUBSTANTIAL NOI CREATION FROM FOCUSED DEVELOPMENT PIPELINE . CORE PORTFOLIO CAPITAL TO BE FUNDED OUT OF EXCESS CASH FLOW . DEVELOPMENT CAPITAL FUNDED BY FINANCING PROCEEDS FROM OVA / OMA / 185 BROADWAY / 410 TENTH AND $450M OF JV EQUITY AT OMA . EXCESS CASH FLOW AND INCREMENTAL ASSET SALES CAN BE USED FOR ADDITIONAL SHARE REPURCHASES BEYOND 2020 . REDUCING CONSOLIDATED DEBT / EBITDA BY >1.0X TO 6.00X – 6.25X (5.00X – 5.25X EXCLUDING DEVELOPMENT) . ZERO LINE BALANCE AT END OF 2024 SL GREEN REALTY CORP. SL GREEN REALTY 4 4a) LEASING METRICS CONTINUE TO SHOW STRENGTH IN MANHATTAN 40 MANHATTAN OFFICE LEASING 25 MIDTOWN OFFICE LEASING 23.7 35 35.9 34.7 20 30 32.8 19.7 20.4 15 Year 30.5 15 Year 18.9 19.0 19.5 30.1 28.2 26.3M 18.7 18.5 17.6M Average 25 27.1 Average 26.3 26.3 15 17.9 17.9 SF 25.5 25.7 SF 15.7 16.0 23.6 23.2 14.0 20 13.0 19.1 10 11.3 15 16.3 10 M) (IN FEET SQUARE SQUARE FEET (IN M) (IN FEET SQUARE 5 5 0 0 NUMBER OF LARGE BLOCK LEASES1 NUMBER OF SIGNED LEASES AT +$100 PSF1 70 100 250+K SF 59 96 60 100K – 250K SF 57 56 80 88 50 50 22 50 19 46 73 14 44 16 44 42 21 72 40 39 10 60 63 63 40 9 10 10 60 62 9 6 33 40 31 36 36 30 27 33 12 35 34 34 35 47 49 23 31 9 32 40 44 10 36 20 4 NUMBER OF LEASES 22 21 35 NUMBER OF LEASES NUMBER OF LEASES 19 20 17 21 10 17 12 0 0 SL GREEN REALTY CORP. SL GREEN REALTY Source: Cushman & Wakefield 5 1) Manhattan Office Market 4b) SLG LEASING SUPPORTS FORTRESS PORTFOLIO 2020 LEASING THROUGH 2/28/2020 LEASED OCCUPANCY SLG SAME STORE OFFICE PORTFOLIO1 NYC OFFICE PEER AVERAGE2 MTM # LEASES RSF 100% MIDTOWN MANHATTAN OFFICE3 14 173,447 96.2% NEW 95% 94.6% RENEWAL 5 66,324 90% TOTAL 12.2% 19 239,771 88.4% 85% 2012 2013 2014 2015 2016 2017 2018 2019 970K RSF PIPELINE AT 10.2% MTM4 MANHATTAN OFFICE LEASE EXPIRATIONS4 PENDING LEASES # # LEASES RSFF 1,800 NEW 27 284,525 1,600 1,485 1,529 1,308 RENEWAL 9 151,380 1,400 1,234 1,200 TOTAL 36 435,905 1,000 893 TERM SHEET NEGOTIATIONS 800 NEW 17 221,922 600 400 RENEWAL 13 311,920 ‘000s) (IN FEET SQUARE 200 TOTAL 30 533,842 0 293 2020 2021 2022 2023 2024 1) SLG Data is Inclusive of Leases Signed, but Not Yet Commenced 2) Source: Company Filings. NYC Office Peers Include BXP, ESRT, PGRE, and VNO 3) Source: Cushman & Wakefield SL GREEN REALTY CORP. SL GREEN REALTY 4) Data as of 2.28.2020 6 4c) TECH DEMAND & VENTURE CAPITAL FAANG’S BIG BITE 1 5.90 2.50 1.40 0.26 0.10 1234567 SF LEASED / OWNED (IN MILLIONS ) 2 LEADING TECH CITIES 4 0 1020304050607080 NEW YORK LONDON BOSTON LOS ANGELES STOCKHOLM BUSINESS ENVIRONMENT TECH ENVIRONMENT CITY BUZZ / WELLNESS TALENT POOL REAL ESTATE COSTS MOBILITY SL GREEN REALTY CORP. SL GREEN REALTY 1) Source: Newmark 7 2) Bloomberg, Sydney Maki, 02.04.2019, Report by Savills World Research 5a) NYC ECONOMIC STRENGTH NYC MANHATTAN LABOR FORCE GROSS CITY UNEMPLOYMENT RATE UNEMPLOYMENT RATE PARTICIPATION PRODUCT1,2 3.9% 3.3% 60.5% +2.4% PERSONAL AVG HOURLY TOURISM TOTAL JOB INCOME TAX YOY1 WAGE YOY YOY GROWTH YOY1 +6.0% +4.3% +2.8% +1.9% Source: Cushman & Wakefield, December 2019 SL GREEN REALTY CORP. SL GREEN REALTY 1) NYC Office of the Comptroller, Q3 2019 Report 2) Gross City Product in Q3 2019 on an Annualized Basis 8 5b) NYC EMPLOYMENT 2019 PRIVATE JOB GROWTH 175 ACTUAL1 DECEMBER TO DECEMBER CHANGES FORECAST2 125 134 117 109 75 93 93 88 91 92 83 80 61 73 64 69 25 45 51 -27 -29 -10 -25 -75 -87 83 -125 71 THOUSANDS OF JOBS THOUSANDS OF -156 -175 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2019 OFFICE - USING JOB GROWTH 1 80 ACTUAL DECEMBER TO DECEMBER CHANGES 60 FORECAST2 40 53 45 42 20 31 31 27 34 30 33 31 30 30 26 20 22 0 14 -21 -19 -20 -38 -40 30 30 -60 -65 1 -90 THOUSANDS OF JOBS THOUSANDS OF -80 -100 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 X 2018 1) U.S. Bureau of Labor Statistics, QCEW Data SL GREEN REALTY CORP. CORP. SL GREEN REALTY SL GREEN REALTY 2) NYC Office of Management and Budget 9 6a) INVESTMENT MARKET THEMES . NYC OFFICE ASSET PRICING REMAINS STRONG . ROBUST SALES VOLUME DESPITE WITHDRAWAL OF CHINESE INVESTORS . MARKET FUNDAMENTALS REMAIN STRONG . HISTORIC LOW INTEREST RATES KEEPING STABILIZED CAP RATES IN THE 4.5% RANGE . SUBSTANTIAL LIQUIDITY FOR HIGH QUALITY, WELL-LOCATED ASSETS . RECORD PRIVATE EQUITY FUNDRAISING FORMS PIPELINE OF BUYERS LOOKING TO DEPLOY . REAL RATES OF RETURN ON MANHATTAN OFFICE INCREASING AS INFLATION DECLINES . 10-YEAR US TREASURY SWAPS ARE SUB 1.25% VS UNDERWRITTEN RETURNS OF 6.00% UNLEVERED . LISTED PUBLIC REITS LARGELY ON THE SIDELINE . SIGNIFICANT INVESTOR DEMAND FOR NON-LISTED REITS WITH FOCUS ON OPPORTUNISTIC AND DEBT STRATEGIES SL GREEN REALTY CORP. SL GREEN REALTY 10 6b) RECENT MANHATTAN SALES HIGHLIGHT MARKET DEPTH THE OLIVIA 220 E 42ND STREET 711 FIFTH AVENUE 530-536 BROADWAY 1375 BROADWAY 111 WALL STREET SHVO, BILGILI, SHVO, BILGILI, ELIE SCHWARTZ & BROOKFIELD ASSET BUYER THE CHETRIT GROUP SAVANNA WAFRA CAPITAL MANAGEMENT DEUTSCHE FINANCE DEUTSCHE FINANCE & BVK & BVK PARTNERS PRICE $446.5M $815.0M $955.0M $400.0M $435.0M $195.0M PRICE PSF $906 $718 $2,698 $1,988 $864 $2751 GOING-IN CAP 3.9% 5.2% 2 RATE 4.6% 5.1% 4.4% N/A INTEREST SOLD 100% 100% 100% 100% 100% 100% Source: Trepp, Real Capital Analytics, JLL, Cushman & Wakefield and Eastdil Secured SL GREEN REALTY CORP. SL GREEN REALTY 1) Sale of Leasehold Interest: Price Per Square Foot Grossed Up To Include Fee Position 11 2) Property is Vacant (Citi Was Sole Tenant) 7) PORTFOLIO REPOSITIONING THROUGH DISPOSITIONS $ IN MILLIONS EXCEPT PER SQUARE FOOT SALES PRICE NET RENTABLE SF NET CASH GROSS AT SLG SHARE PSF (IN ’000S) PROCEEDS TO SLG CORE $5,956 $4,877 $904 6,587 $2,065 NON-CORE $2,041 $978 $1,073 1,902 $551 JOINT $3,315 $1,231 VENTURE $8,395 $1,313 6,395 SUBURBAN $840 $678 $216 3,896 $409 TOTAL $17,232 $9,848 $918 18,780 $4,256 Note: Represents Dispositions From 01.01.2016 - 02.28.2020 SL GREEN REALTY CORP. SL GREEN REALTY 12 8) SHARE REPURCHASES ARE OUR MOST COMPELLING INVESTMENT OPPORTUNITY LEVERAGE SOURCES USES NEUTRAL $ IN M $ IN M 2016 $549 SHARE REPURCHASES2 LIQUIDITY NAV 2017 $593 2016-2019 $2,242 NEUTRAL ACCRETIVE 2018 $1,457 2020 $141 2019 $176 DEBT REPAYMENTS $1,385 20201 $993 EARNINGS TAX QUALITY “FRIENDLY” EFFICIENT ENHANCING TOTAL SOURCES $3,768 TOTAL USES $3,768 AGGREGATE OF $2.3B SHARE REPURCHASES REPRESENTING : 25M SHARES3 24% OF OUTSTANDING SHARES4 $89M IN ANNUAL DIVIDEND SAVINGS Data as of 02.28.2020 1) Represents Asset Sales Announced Year-To-Date in 2020 2) Inclusive of Share Repurchases & OP Unit Redemptions Executed Between 8.11.2016 – 2.28.2020 3) Inclusive of OP Unit Redemptions SL GREEN REALTY CORP. SL GREEN REALTY 4) Based on Shares Repurchased Under the Current $3.0B Share Repurchase Program as a Percentage of Shares and OP Units Outstanding as of 6.30.2016, Just Prior to Approval and Announcement of the Plan 13 9) NET ASSET VALUE: IMPLIED DISCOUNT $ IN MILLIONS EXCEPT PER SHARE VALUES; ALL PRESENTED AT SLG SHARE TOTAL MARKET CAPITALIZATION BASED ON 81,898 FULLY DILUTED SHARES OUTSTANDING @ $78.44 / SH $6,424 PLUS: NET DEBT 10,366 TOTAL ENTERPRISE VALUE $16,790 LEASED FEE AND LEASEHOLD INTERESTS1 LEASED FEE @ 3.5% CAP; LEASEHOLD @ 7.0% CAP 1,802 IMPLIED HIGH STREET RETAIL PORTFOLIO 2020 CASH NOI @ 4.4% CAP 1,235 IMPLIED NAV CAP RATE VALUE RESIDENTIAL PROPERTIES2 2020 CASH NOI @ 4.1% CAP 784 PER SHARE PSF SUBURBAN ASSET VALUE ESTIMATED NET LIQUIDATION VALUE 156 OMA AND 185 BROADWAY @ COST; OVA AND 410 TENTH @ ASSIGNED 4.50% $144.30 $887 DEVELOPMENT 3,720 VALUE HELD FOR SALE / SOLD PROPERTIES 220 EAST 42ND, 1010 WASHINGTON, SUMMIT LAKE DRIVE, 360 4.75% $137.06 $840 HAMILTON, 1,148 562 FIFTH, 712 MADISON, AND FLATBUSH 5.00% $130.53 $798 DEBT & PREFERRED EQUITY PORTFOLIO 1.0X BOOK VALUE 1,858 AIR RIGHTS, PROMOTES, EMERGE, ASSET MANAGEMENT FEES, & OTHER OTHER ASSETS 205 ASSETS RESIDUAL VALUE –FEE SIMPLE MANHATTAN STABILIZED OFFICE $5,882 2020 MANHATTAN FEE STABILIZED CASH NOI AT SHARE3 $507 IMPLIED CAP RATE (ON STABILIZED CASH NOI) 8.63% IMPLIED VALUE PSF $463 Data as of 12.9.2019 Investor Conference, with the Exception of Share Count and Share Price as of 2.28.2020 1) Leasehold Interests Include Graybar, 1185 AoA, 625 Madison, 30 East 40th, and 711 Third.