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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, 3.2 million square feet in 71 properties

• 13.9 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 2,414 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

• $4.4 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 March 31, 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

I N C R E M E N T A L C A S H R E V E N U E ( A S U R R O G A T E F O R N O I ) F R O M S I G N E D L E A S E S ( A T S H A R E )

Incremental cash rental revenue is estimated based on leases signed as of March 31, 2016, that have not commenced, or that have not fully commenced, for cash rental recognition. Because property operating expenses and real estate taxes are currently included in the comparable cash NOI column on page 9, the incremental cash revenue presented above translates almost entirely into incremental net operating income (“NOI”). It is important to note that the information presented above relates to leases executed as of March 31, 2016 and does not undertake to include the impact of future leasing activity, as well as future changes in operating expenses including property taxes, which could positively or negatively affect this information.

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C O M P O N E N T S O F N E T A S S E T V A L U E ( A T S H A R E )

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N O T E S T O C O M P O N E N T S O F N E T A S S E T V A L U E :

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1. Annualized straight-line rent adjustments and acquired below market leases non-cash income (FAS 141) , inclusive of our share of unconsolidated joint ventures; and $21 for annualized other non-cash adjustments including (i) add back of one-time straight line rent receivable write-offs from our early termination of tenant leases, offset by (ii) elimination of FAS 141 accelerated income from our early termination of tenant leases and (iii) elimination of non-cash EBITDA from 666 Fifth Avenue - Office.

2. G&A for the New York segment is reflected in New York Office (i.e., not allocated to Retail or Residential). G&A for the Washington, DC segment is reflected in Washington DC Office - excluding Skyline (i.e., not allocated to Skyline and residential). New York segment G&A expense includes $6.4 million which is the annualized effect of Q1 2016 OPP award accelerated amortization.

3. Excludes incremental NOI from the lease-up of 315 and 345 Montgomery Street. 4. Estimate of accreted mezzanine loan value plus 50% of the equity. 5. 220 Central Park South debt of $950 and Skyline debt of $696. 6. 666 Fifth Avenue – Office. 7. 220 Central Park South term loan balance of $375. 8. 1535 Broadway capital lease obligation of $240 which will be offset by the incremental value from purchasing the fee from Host Hotels & Resorts in the future.

C O M P O N E N T S O F N E T A S S E T V A L U E ( A T S H A R E )

Incremental cash rental revenue is estimated based on leases signed as of March 31, 2016, that have not commenced, or that have not fully commenced, for cash rental recognition. Because property operating expenses and real estate taxes are currently included in the comparable cash NOI column on page 9, the incremental cash revenue presented on page 8 translates almost entirely into incremental net operating income (“NOI”). It is important to note that the information presented above relates to leases executed as of March 31, 2016 and does not undertake to include the impact of future leasing activity, as well as future changes in operating expenses including property taxes, which could positively or negatively affect this information.

• 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

N E W Y O R K O F F I C E L E A S I N G 2 0 1 0 - Q 1 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%

736,550

Cash 28.2% GAAP 32.6%

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SF Leased

MTM %

$49.81

$55.37 $57.15

$60.78

$66.78

$78.55

$84.32

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 Q1 2016

Starting Rent PSF

Occupancy

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

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 Total: 6 Deals 339,373

2015 Q1 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

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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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3,662,000 SF – 97.8% Occupancy

1,189,000 SF leased since 2012:

• Motorola/Google • Conagra • 1871/Matter • Yelp • PayPal • Allstate

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 – 93.3% Occupancy

1,446,000 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

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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 17.7 million SF (at share) - excludes Skyline

Office: Excludes Skyline

13.9 million SF

Residential: Excludes The Bartlett, 699 units under development

2,414 units

Hotel: 0.3 million SF

Other: 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

$38.89

$41.92

$41.45

$42.24

$39.92

$40.96

$38.45

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70.0%

75.0%

80.0%

85.0%

90.0%

95.0%

100.0%

Occupancy - DC, excluding SkylineOccupancy - Crystal City

563,139

Cash (2.4%) GAAP (3.9%)

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 Q1 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 1 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 8 7 U N I T S P R E - L E A S E D , 2 5 + % O F T O T A L

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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A P P E N D I X - R E C O N C I L I A T I O N O F N E T ( L O S S ) I N C O M E T O E B I T D A A S A D J U S T E D F O R C O M P A R A B I L I T Y

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A P P E N D I X - N O T E S T O R E C O N C I L I A T I O N O F N E T ( L O S S ) I N C O M E T O E B I T D A A S A D J U S T E D F O R C O M P A R A B I L I T Y

a) The amounts in these captions (for this table only) exclude the results of the mark-to-market of our deferred compensation plan of $1,938 loss for the three months ended March 31, 2016.

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