NAREIT ANNUAL CONFERENCE NOVEMBER 2019 OVERVIEW NEW YORK CITY FOCUSED BEST-IN-CLASS LEADING OPERATING ASSETS PLATFORM UNIQUE & SCALABLE FORTRESS BALANCE PENN DISTRICT SHEET OPPORTUNITY TRACK RECORD OF VALUE CREATION 1 HEADERDEEP, TALENTED TEXT HERE & EXPERIENCED MANAGEMENT TEAM CORPORATE OFFICERS STEVEN ROTH MICHAEL J. FRANCO DAVID R. GREENBAUM JOSEPH MACNOW GLEN WEISS BARRY S. LANGER HAIM S. CHERA Chairman of the Board President Vice Chairman Executive Vice President, Executive Vice President, Executive Vice President, Executive Vice President, and Chief Executive Officer Chief Financial Officer, Office Leasing Development Head of Retail Chief Administrative Officer Co-Head of Real Estate Co-Head of Real Estate EXECUTIVE VICE PRESIDENTS MIKE DOHERTY ROBERT ENTIN EDWARD P. HOGAN, JR. FRED GRAPSTEIN MARK HUDSPETH MATTHEW IOCCO MYRON MAURER THOMAS SANELLI GASTON SILVA CRAIG STERN President & CEO of BMS Executive Vice President, Executive Vice President, Executive Vice President, Executive Vice President, Executive Vice President, Chief Operations Officer, Executive Vice President & Chief Operations Officer Executive Vice President, Chief Information Officer Retail Leasing Hotel Pennsylvania Head of Capital Markets Chief Accounting Officer theMART Chief Financial Officer, Tax & Compliance New York DAVID BELLMAN CLIFF BROSER ELANA BUTLER PAMELA CARUSO CATHERINE CRESWELL RICH FAMULARO JOSH GLICK ADAM GREEN GARY HANSEN PAUL C. HEINEN JAN LACHAPELLE Senior Vice President, Senior Vice President, Senior Vice President, Senior Vice President, Senior Vice President, Senior Vice President, Senior Vice President, Senior Vice President, Senior Vice President & Senior Vice President, Senior Vice President, SENIOR Development Design Acquisitions & Capital Markets Retail Leasing Counsel Office Leasing Counsel Investor Relations Controller Office Leasing Acquisitions & Capital Markets Controller - Alexander’s Office Leasing, theMART Acquisitions & Capital Markets & Construction VICE PRESIDENTS FRANK MAIORANO SUSAN MCCULLOUGH MARIO RAMIREZ RICHARD RECZKA ALAN RICE JESSICA ROSS STEVE SANTORA GEOFF SMITH NICK STELLO LISA VOGEL ELI ZAMEK Senior Vice President, Senior Vice President, Senior Vice President, Senior Vice President, Senior Vice President, Senior Vice President, Senior Vice President, Senior Vice President, Senior Vice President, Senior Vice President, Senior Vice President, Tax & Compliance theMART - Tradeshows Acquisitions & Capital Markets Acquisitions & Capital Markets Corporation Counsel Financial Planning & Analysis Financial Operations Development IT Infrastructure Marketing Development Design & Construction 2 NEW YORK CITY IS OUR HOME & CONTINUES TO BE A MAGNET FOR TALENT AND COMPANIES ECONOMIC GROWTH LABOR POOL • New York City has captured the greatest share • New York City has a growing population of of US (8.9%) and Global GDP (2.6%) of all cities educated individuals (net in-migration of 33K between 2010-2018 people with bachelor degrees between 2014-2017) • New York City created more jobs than peers across a diverse set of industries, while Tier 2 fast-growing cities are more heavily skewed to technology TALENT ATTRACTION INNOVATION • New York City is the leading city for talent • New York City is leading in new companies formed attraction domestically (#1 city for top U.S. college (e.g., start-up density of 154.7 new businesses per graduates) and abroad (31% H1B visa approvals) 1000 vs. 150.4 for San Francisco) • New York City has the most ultra high net worth • New York City has reached $13B of VC funding in individuals globally and is growing start-ups so far this year and captured 16% of total U.S. VC funding, second only to San Francisco Source: McKinsey & Co., PwC / CB Insights MoneyTree 3 RATIONALE FOR OWNING VORNADO STOCK • Attractive common dividend yield of 4.0%1 • Trading at a significant discount to NAV • Deep, talented, proven management team • Fortress balance sheet with substantial cash and available liquidity (~$3.36 billion today and growing) to fund Penn District and take advantage of future investment opportunities • Only significant way to invest publicly in fast growing West Side of Manhattan • Growth from Penn District redevelopment – over 9 million SF existing portfolio with significant NOI upside and value creation – 6.8 million SF of office with average in-place rents of $67 PSF; neighboring properties to the west asking rents range from $98-225 PSF2 – 5.2 million SF under development now, which is being self-financed with cash from 220 CPS • Farley Building (845,000 rentable SF) development in process • PENN 1 redevelopment in process • PENN 2 transformation (1.8 million rentable SF) to commence in 1Q20 – Hotel Pennsylvania site (2.8 million rentable SF of development) – Other development sites • Internal growth over time from highly sought-after existing assets (e.g., 770 Broadway, 555 California Street, theMART) • Largest owner of LEED certified buildings in New York City with 26 million SF • Management has consistently acted to create shareholder value 1. As of 11/7/2019 market close. 2. As of 9/30/2019. 4 FORTRESS BALANCE SHEET (Amounts in millions) SEPTEMBER 30, 2019 Secured debt $ 5,674 Unsecured debt 1,855 Pro rata share of non-consolidated debt 2,807 Less: noncontrolling interests' share of consolidated debt (484) Total debt 9,852 • Investment grade debt — Baa2/BBB Projected cash proceeds from 220 Central Park South (1,787) • $2.1 BN in revolver capacity Cash, restricted cash and marketable securities1 (995) • $1.0 BN in cash1 Net Debt $ 7,070 • Weighted average debt maturity — 3.6 years TTM EBITDA, as adjusted2 $ 1,119 • ~$9 BN of unencumbered assets Net Debt/EBITDA, as adjusted 6.3x 1. Includes $105 million 150 West 34th Street loan participation and deducts potential special dividend of approximately $390 million. 5 2. See page 30 for non-GAAP reconciliation. UPPER WEST SIDE UPPER EAST SIDE W. 70th St r E. 70th St D t s e W West End Av End West Amsterdam Av Amsterdam 6 Park Av E. 66th St W. 66th St 5th St Central Park West Tra nsverse E. 65th St Madison Av 650 MADISON 731 LEXINGTON COLUMBUS CIRCLE 150 EAST 58TH 1st Av 1st York Av York Lexington Av W. 59th St Columbus E. 59th St Columbus Av Columbus Circle 50 WEST 57TH 888 SEVENTH E. 57th St W. 57th St 595 MADISON MIDTOWN 715 LEXINGTON PLAZA W. 54th St 689 FIFTH E. 54th St 10th Av 10th DISTRICT Pl Sutton 11th Av 11th 909 THIRD 640 FIFTH 666 FIFTH 3rd Av W. 51st St E. 51st St 1290 AVE OF THE AMERICAS 655 FIFTH 350 PARK West SideWest Expwy 1601 BROADWAY EAST SIDE 8th Av 8th 7th Av 7th Broadway 280 PARK 1 HEADERCOMPONENTS TEXT HERE OF PRO-FORMA NOI AT SHARE - CASH BASIS TIMES SQUARE 608 FIFTH AVENUE GRAND CENTRAL UNITED 10th Av 10th 2nd Av 11th Av 11th 510 FIFTH 330 MADISON NATIONS 5th Av ROCKEFELLER CENTER 8th Av 8th 9th Av 9th W. 42nd St E. 42nd St 1st Av 12th Av Broadway 7th Av 7th Bryant Park TIMES SQUARE SOUTH E. 40th St Components of NOI at share - Cash Basis 3rd Av PENN 1 MURRAY Park Av Madison Av 1st Av Lexington Av HILL 2nd Av PENN DISTRICT 100 WEST 33RD Hudson Park 8th Av 8th 9th Av 9th PENN DISTRICT Av 7th 23% W. 34th St W. 34th St E. 34th St 330 WEST 34TH High Line High FARLEY BUILDING Upon completion of High Line E. 30th St E. 30th St the developments in NYC RETAIL PENN 15 W. 28th St PENN 2 E. 28th St E. 28th St Av of the Americas (6th Av) (6th Americas the of Av process, the Penn District 12th Av Line High PENN 11 5th Av FLATIRON 1st Av Madison Av Park Av South 3rd Av Lexington Av is expected to represent 260 ELEVENTH AVENUE 2nd Av Madison Square Park 8th Av 8th 9th Av 9th 7th Av 7th 10th Av 10th approximately 33% of NOI 20% Av 11th GRAMERCY High Line High W. 23rd St CHELSEA W. 23rd St E. 23rd St Broadway Gramarcy Pk N Av C 512 WEST 22ND STREET Gramarcy Park E. 20th St W. 20th St W. 20th St 85 TENTH AVENUE theMART / UNION SQUARE STUYVESANT Stuyvesant 1st Av TOWN 14% Square Union 61 NINTH AVENUE Square 555 CALIFORNIA Park USQ W 9th Av 9th 8th Av 8th Av of the Americas (6th Av) (6th Americas the of Av 10th Av 10th NYC OFFICE 66% 3rd Av W. 14th St W. 14th St Broadway E. 14th St E. 14th St 5th Av 5th Hudson St Av C AvA Av B High Line High Greenwich4 UNION Av SQUARE SOUTH E. 12th St 2nd Av Waverly Pl E. 11th St Av D GansevoortWashington St StGreenwich St W. 10th St E. 10th St 8th Av 770 BROADWAY W. 4th St 4th Av GREENWICH University Pl 5th Av 5th St. Marks Pl E. 8th St Bleecker St VILLAGE 7thAv EAST Waverly Pl Washington Sq N. Bank St E. 5th St WEST Washington VILLAGE A Square Park W. 11th St v Av D VILLAGE o f Washington Sq S. t E. 4th St E. 4th St h e 2nd Av 3rd Av AvA Av B Av C A W. 10th St m 606 BROADWAY e 7 r E. 2nd St t i h ca Christopher St Bowery 1st Av E. Houston St Bleecker St CommerceA s E. 1st St TTM 9/30/19 NOI: $1,169M Barrow St St v E. Houston St Broadway t Washington St HUDSON SQUARE W. Houston St S Chrystie St Chrystie Lafayette St a i Sulliivan St Thompson St Stanton St b m 1. For the trailing twelve months ended 9/30/19, as adjusted for (i) the April 18th Retail Transaction, (ii) the termination of the ground lease at 608 Fifth Avenue, (iii) 330 Madison Avenue W. Broadway Greenwich St W. Houston St LOWER u Hudson St l Prince St o (sold on July 11, 2019), (iv) 3040 M Street (sold on September 19, 2019), and (v) the adjustment to offset the accrual in Q4 2018 for the annual real estate tax increase at theMART.