#1INVESTOR PRESENTATION FEBRUARY 2024 PARAMOUNT GROUP#20 Cautionary Note on Forward-Looking Statements This presentation contains forward-looking statements within the meaning of the federal securities laws. You can identify these statements by our use of the words "assumes,” “believes," "estimates," "expects," "guidance," "intends," "plans," "projects" and similar expressions that do not relate to historical matters. You should exercise caution in interpreting and relying on forward-looking statements because they involve known and unknown risks, uncertainties and other factors which are, in some cases, beyond our control and could materially affect actual results, performance or achievements. These factors include, without limitation, the ability to enter into new leases or renew leases on favorable terms; dependence on tenants' financial condition; the risk we may lose a major tenant or that a major tenant may be adversely impacted by market and economic conditions, including elevated inflation and interest rates; trends in the office real estate industry including telecommuting, flexible work schedules, open workplaces and teleconferencing; the uncertainties of real estate development, acquisition and disposition activity; the ability to effectively integrate acquisitions; fluctuations in interest rates and the costs and availability of financing; the ability of our joint venture partners to satisfy their obligations; the effects of local, national and international economic and market conditions and the impact of elevated inflation and interest rates on such market conditions; the effects of acquisitions, dispositions and possible impairment charges on our operating results; the negative impact of any future pandemic, endemic or outbreak of infectious disease on the U.S., regional and global economies and our tenants' financial condition and results of operations; regulatory changes, including changes to tax laws and regulations; and other risks and uncertainties detailed from time to time in our filings with the U.S. Securities and Exchange Commission. We do not undertake a duty to update or revise any forward-looking statement, whether as a result of new information, future events or otherwise. 2 The data and information herein are as of December 31, 2023, unless otherwise indicated. PARAMOUNT GROUP#3MEIN k PARAMO 6 3 3 Table of Contents 1 2 3 4 LO Introduction to Paramount Business Update Balance Sheet & Capital Structure Portfolio Composition Paramount Club 6 ESG Strategy 7 Appendix PARAMOUNT GROUP#4Paramount at a Glance Paramount prides itself on being a best-in-class owner and operator of high- quality, Class A office properties in New York and San Francisco. Ticker: PGRE NYSE-LISTED COMPANY 1978 FOUNDED IN 13.8 MM SQUARE FEET (across 18 assets) (1) ~$8.4 B (2) TOTAL AUM (across 18 assets) (1) $330 MM (3) CASH NOI (4) 87.7% LEASED (4) (1) Includes 14 REIT wholly and partially owned assets aggregating 13.0 million square feet and four assets aggregating 0.8 million square feet that are managed by Paramount. อง Calculated based on (i) Green Street's estimate of Gross Asset Value as of February 1, 2024, for REIT-owned assets, (ii) management's estimate of values for managed assets and (iii) invested and committed capital for Fund assets as of December 31, 2023. (2) (3) (4) Please see Appendix for our definition of this measure. Represents the midpoint of Cash NOI assumptions used in deriving the Full Year 2024 guidance as of December 31, 2023. 4 PARAMOUNT GROUP#5Office Centric Business with High-quality Properties, Commanding Premium Rents 95% Exposure to Trophy and Class A office rent revenues with limited retail exposure 6.3 years Average lease term for office leases New York - 7.3 years San Francisco - 3.7 years 5 $87/sqft Annualized rent T PARAMOUNT GROUP#6High Credit Quality Tenant Base PGRE's Share of Top 10 Tenants Expiration Date Square Feet Occupied % of Ann. (1) (2) Rent 1. JPMORGAN CHASE & CO. (3) Various 344,010 (3) 4.8% Industry Diversification - % of Annualized Rent (2) Other Professional (4) (4) 2. CLIFFORD CHANCE 6/2024 328,543 4.6% 3. Allianz 1 1/2031 288,823 4.4% Services 1.5% Consumer Products. 1.6% Travel & Other 8.3% Leisure 2.1% Retail 2.8% Insurance 6.1% NORTON ROSE FULBRIGHT (5) 4. 9/2034 290,875 (5) 4.3% 5. Morgan Stanley 3/2032 234,749 3.0% Legal 6. 10° warner music group 7/2029 259,428 2.8% Services 26.1% 7. SHOWTIME. 1/2026 227,879 2.6% 8. Google 4/2025 166,518 2.5% Financial Services, all 9. KASOWITZ 3/2037 (9) (6) 183,057 2.3% others 16.2% BENSON TORRES Technology and Media 10. O'Melveny 2/2040 160,708 2.0% 19.0% Financial Services - Commercial and Investment Banking 16.3% 6 Other Blue Chip Tenants VISA coinbase CRÉDIT AGRICOLE CORPORATE & INVESTMENT BANK Goldman Sachs A AUTODESK. Capital Group Companies (1) (2) 100 (4) Represents office and retail space only. See Appendix for our definition of this measure. Includes (i) 241,854 square feet that expires in June 2025, (ii) 76,999 square feet that expires in December 2029 and (iii) 25,157 square feet that expires in December 2030. Includes 105,756 square feet that has been pre-leased to Wilson Sonsini through March 2041. Includes 111,589 square feet leased that expires in March 2032. Includes 45,647 square feet leased that expires in May 2024. PARAMOUNT GROUP#7Experienced and Diverse Management Team Executive Management ALBERT BEHLER Chairman, Chief Executive Officer & President WILBUR PAES Chief Operating Officer, Chief Financial Officer & Treasurer Senior Vice Presidents MATT BAUTISTA Construction & Development Vice Presidents TODD JANUZZI Chief Information & Technology Officer PETER BRINDLEY Head of Real Estate GAGE JOHNSON General Counsel CHRISTOPHER BRANDT Asset Management CHASE CHEHADE Acquisitions DAVID EATON Leasing, San Francisco MAY LAU Human Resources ERMELINDA BERBERI Chief Accounting Officer EVIN EPSTEIN Energy & Sustainability MARIO FULGIERI Tax & Compliance BERNARD MARASCO Counsel Leasing & Property Management DOUGLAS NEYE Leasing, New York BHAVESH RAVAL SEC & Corporate Accounting RICHARD RECZKA Acquisitions & Capital Markets JOSEPH SZABO Property Management HOLLY BAGLIERI Tax & Compliance AARTI BALACHANDRAN DOUG BARNES Treasury Asset Management LAURA DOWEK Retail & Special Projects SEAN KIRK Leasing, New York AMY MONACHELLI Property Management, New York TIMOTHY DEMBO Legal Counsel MELISSA GRAFFEO Property Accounting THOMAS HENNESSY Investor Relations & Business Development NEIL MORGAN FRANK PAPANIA Property Management, Asset Management ANDREW PHELAN Finance ANDREW SGRO San Francisco 7 Construction & Development CHRISTOPHER THOMPSON Financial Planning & Analysis PARAMOUNT GROUP#8MEIN k PARAM 3 4 2 1 Introduction to Paramount Business Update Balance Sheet & Capital Structure Portfolio Composition LO 5 Paramount Club 6 ESG Strategy 6 3 7 Appendix 8 PARAMOUNT GROUP#92024 Key Guidance Assumptions LEASING ACTIVITY 650,000 900,000 square feet SAME STORE POOL Removed Non-Core Assets 111 Sutter Street Market Center SAME STORE NOI Cash (6.0%) - (4.0%) GAAP (4.5%)-(2.5%) CORE FFO COMPOSITION SAME STORE LEASED % Cash NOI $1.40 S/L & FAS 141 Adj. 0.09 2023 YE, as reported 87.7% GAAP NOI 1.49 2023 YE, as adjusted 90.1%(1) Fee, int. & other income 0.14 2024 YE Guidance 87.1% (2) Int. & debt expense (0.60) (300 bps) General &Admin. Core FFO (at midpoint) (0.27) $0.76(3) (1) Adjusted to exclude the impact of assets removed from the same store pool as of January 1, 2024. (2) Represents the midpoint of 2024 year-end Same Store Leased % guidance range of 86.1% - 88.1%, at share. (3) Represents the midpoint of 2024 Core FFO/share guidance range of $0.73 - $0.79. 9 PARAMOUNT GROUP#102024 Core FFO Bridge $0.88 $0.87 ($0.20) (1) $0.85 $0.82 $0.79 $0.76 $0.06 ($0.03) $0.73 $0.70 $0.67 $0.64 $0.61 $0.08 ($0.02) ($0.05) Consensus $0.65 ■ Adjusted I Consensus I ($0.01) $0.70 I $0.71 | $0.06 $0.76 $0.58 2023 Core FFO Significant Expirations (1) Free Rent Burn- Termination S/L Rent & FAS Off/Rent Steps, Income 141 Adjustments Interest and Fee Income, Interest Expense G&A net net 2024 FFO (Including Non-Core Adjustments for Non-Core Assets (2) 2024 Core FFO Assets) (1) Represents leases over 50,000 square feet and includes (i) the carryover impact of 2023 lease expirations/terminations such as Credit Agricole, Uber and Extreme Reach, as well as (ii) 2024 lease expirations, such as Clifford Chance. (2) Non-core assets include 111 Sutter Street and Market Center. See page 11 for details. 10 PARAMOUNT GROUP#11Impact of Non-Core Assets (in thousands, except per share amounts) 2023 2023 Assumptions (1) Core FFO Adj. for non- Core FFO 2024 Adj. for non- As Reported core assets As Adjusted FFO core assets 2024 Core FFO Cash NOI $ 369,500 $ 14,700 $ 354,800 $ 331,000 1,500 $ 329,500 S/L Rent & FAS 141 Adj. 5,100 2,000 3,100 24,000 2,500 21,500 GAAP NOI 374,600 16,700 357,900 355,000 4,000 351,000 Interest and debt expense (145,600) (15,300) (130,300) (158,000) (17,000) (141,000) General and administrative expense (62,000) (62,000) (63,500) (63,500) Fee, interest & other income, net of taxes 36,100 800 35,300 31,500 31,500 Core FFO (OP Basis) 203,100 2,200 200,900 165,000 (13,000) 178,000 Per Share $ 0.87 $ 0.01 $ 0.86 $ 0.70 $ (0.06) $ 0.76 (1) Represents the midpoint of assumptions used in our 2024 Core FFO guidance. 11 PARAMOUNT GROUP#122024 Core FFO Bridge - Alternative Presentation (Excluding Non-Core Assets (¹)) $0.88 $0.87 ($0.01) ($0.16)(2) $0.86 $0.85 $0.82 $0.79 $0.76 $0.73 $0.70 $0.67 $0.64 $0.61 $0.58 2023 Core FFO As Reported Adjustment for 2023 Core FFO Non-Core Assets As Adjusted (1) $0.08 ($0.03) $0.08 ($0.02) ($0.04) Significant Free Rent Burn- Expirations (2) Off/Rent Steps, Income Termination S/L Rent & FAS 141 Adjustments Interest and Fee Income, net net Interest Expense ($0.01) $0.76 G&A 2024 Core FFO (1) Non-core assets include 111 Sutter Street and Market Center. See page 11 for details. (2) Represents leases over 50,000 square feet and includes (i) the carryover impact of 2023 lease expirations/terminations such as Credit Agricole, Uber and Extreme Reach, as well as (ii) 2024 lease expirations, such as Clifford Chance. 12 PARAMOUNT GROUP#13Lease Expirations - Total Portfolio 5,000 4,500 4,000 3,500 3,000 2,500 2,000 1,500 PGRE's Share of Sq. Ft. of Expiring Leases - Total Portfolio 4,564ksf 58.5% 5-Year Average: 651ksf or 8.3% per annum 1,042ksf 957ksf 1,000 764ksf 500 13.3% 12.2% 9.8% 238ksf 3.0% 253ksf 3.2% 0 2024 2025 2026 2027 2028 Thereafter Note: Figures do not include 6,132 s.f. of month-to-month leases at our share and existing vacant space. 13 PARAMOUNT GROUP#14Lease Expirations - Core Portfolio PGRE's Share of Sq. Ft. of Expiring Leases - Core Portfolio (1) 5000 4500 4000 3500 3000 2500 2000 1500 5-Year Average: 588ksf or 7.9% per annum 4,524ksf 60.6% 998ksf 1000 910ksf 681ksf 500 13.4% 12.2% 9.1% 205ksf 2.7% 147ksf 2.0% 0 2024 2025 2026 2027 2028 Thereafter (1) Excludes lease expirations of Non-Core Assets (111 Sutter Street and Market Center) Note: Figures do not include 4,987 s.f. of month-to-month leases at our share and existing vacant space. 14 PARAMOUNT GROUP#154500 4000 3500 - Lease Expirations Core Portfolio (continued) PGRE's Share of Sq. Ft. of Expiring Leases - New York 3000 2500 2000 1500 5-Year Average: 358ksf or 6.1% per annum 1000 572ksf 618ksf 2.7% 500 343ksf 1.7% 9.8% 5.9% 10.6% 161ksf 98ksf 0 2024 2025 2026 2027 2028 4,055ksf 69.3% Thereafter Key Upcoming Roll 50k square feet at PGRE share) 2024 Clifford Chance (329ksf) (2) Leerink Partners (70ksf) 2025 Charter Communications (96ksf) 700 600 500 400 300 T 200 109ksf 100 0 6.7% 2024 PGRE's Share of Sq. Ft. of Expiring Leases - San Francisco (1) 655ksf 467ksf 5-Year Average: 230ksf or 14.2% per annum 40.4% 292ksf 2025 29.1% 18.0% 44ksf 2.8% 49ksf 3.0% 2026 2027 2028 Thereafter Key Upcoming Roll 50k square feet at PGRE share) 2024 none 2025 JPMorgan Chase (242ksf) Google (167ksf) KPMG (61ksf) (1) Excludes lease expirations of Non-Core Assets (111 Sutter and Market Center) (2) Includes 105,756 square feet that has been pre-leased to Wilson Sonsini through March 2041. Note: Figures do not include 2,421 s.f. in New York and 2,566 s.f. in San Francisco of month-to-month leases at our share and existing vacant space. 15 PARAMOUNT GROUP#16MEIN k PARAM 3 1 2 Introduction to Paramount Business Update Balance Sheet & Capital Structure 4 Portfolio Composition LO 5 Paramount Club 6 ESG Strategy 6 3 7 Appendix 16 PARAMOUNT GROUP#17Capital Structure Overview Capital Structure (in thousands, except per share amounts) Stock Price Common Shares Operating Partnership Units Total Shares / Units Outstanding Equity Market Capitalization At Green Street (1) NAV $7.50 217,366 19,468 236,834 $1,776,256 Liquidity ($ in Millions) (6) $1,219.1 $469.1 $750.0 Consolidated Debt: Notes & Mortgages Payable (2) 3,817,050 Less: Noncontrolling Interests' Share of Consolidated Debt (3) $3,663.9 3.90% (782,120) Add: (4) PGRE's Share of Unconsolidated JV Debt 628,938 PGRE's Share of Total Debt (5) 3,663,868 Total Market Capitalization 5,440,124 PGRE's Share of Cash & Restricted Cash (469,084) Total Enterprise Value $4,971,040 ■Revolver Availability Cash & Restr. Cash Debt Composition ($ in Millions) (2) (6) $477.9 8.01% 0 $3,186.0 3.28% Net Debt $3,194,784 Net Debt Enterprise Value 64.3% ■ Secured 100% ■ Unsecured ■ Fixed ■ Floating 0% 87.0% 13.0% (1) Represents Green Street's estimate of NAV per share as of February 1, 2024. (2) Represents contractual amounts due pursuant to the respective debt agreements. (3) Represents noncontrolling partners' share of debt of 1633 Broadway, One Market Plaza and 300 Mission Street. (4) Represents our share of 712 Fifth Avenue, Market Center, 55 Second Street, 111 Sutter Street, 60 Wall Street, 1600 Broadway and Oder-Center Germany. (5) Please see Appendix for our definition of this measure. (6) At our share. 17 PARAMOUNT GROUP#18$1,600 $1,400 $1,200 $1,000 Debt Maturity Schedule - As $800 (1) 60 Wall $28.8 111 Sutter $80.0 $586.6MM (2) $600 One Market $477.8 $400 $200 Market Center $277.3 $0 2024 2025 - As of 12/31/23 (at share) $1,514.9MM 2026 $150.0MM Weighted Average Maturity - 3.1 years $1,134.0MM $1.1MM 2027 2028 Thereafter Represents debt related to non-core assets % of Total Debt 16.0% 7.6% 41.3% Maturing Weighted Avg 4.69% 3.22% 4.44% Interest Rate The joint venture that owns 60 Wall Street is currently in negotiations with the lender to modify and extend the loan. (2) 4.1% 0.0% 31.0% 3.39% 5.57% 2.99% On February 1, 2024, we, together with our joint venture partner, modified and extended this loan. In connection with the modification, the loan balance was reduced to $850 million following a $125 million paydown by the joint venture, of which our 49.0% share was $61.25 million. The modified loan bears interest at a fixed rate of 4.08%, matures in February 2027 and has an option to extend for an additional year, subject to certain conditions. 18 PARAMOUNT GROUP#19$1,600 Debt Maturity Schedule - Pro-forma (at share) - $1,400 $1,200 $1,000 $800 $600 $400 $200 $1,514.9MM Weighted Average Maturity - 3.9 years $566.5MM (1) One Market $416.5 $1,162.8MM (2) 60 Wall $28.8 $1.1MM $0 2024 2025 2026 2027 2028 Thereafter % of Total Debt 0.0% 0.0% 51.6% 12.5% 0.0% 35.9% Maturing Weighted Avg 4.45% 3.66% 5.57% 3.11% Interest Rate (1) On February 1, 2024, we, together with our joint venture partner, modified and extended this loan. In connection with the modification, the loan balance was reduced to $850 million following a $125 million paydown by the joint venture, of which our 49.0% share was $61.25 million. The modified loan bears interest at a fixed rate of 4.08%, matures in February 2027 and has an option to extend for an additional year, subject to certain conditions. The joint venture that owns 60 Wall Street is currently in negotiations with the lender to modify and extend the loan. (2) 19 PARAMOUNT GROUP#20Debt Roll-forward (at share) (Amounts in millions) Property Level Debt (Secured) $3,663.9 New York San Francisco Other $750MM Credit Facility Non-Core Increase 12/31/2023 Assets (Decrease) Pro forma $ 2,672.8 990.0 $ $ $ 2,672.8 (357.3)(¹) (61.3) 571.4 1.1 1.1 (Unsecured) Pro rata share of total debt $ 3,663.9 (357.3) (61.3) $ 3,245.3 -$418.6MM, -11% DEBT @ 12/31/2023 $1,219.1 $1,157.8 $469.1 $3,245.3 -$61.3MM (2), -5% $407.8 PRO FORMA DEBT (1) Represents PGRE's share of debt at Market Center of $277.3MM and 111 Sutter Street of $80.0MM. (2) PGRE share of debt paydown at One Market Plaza. 20 $750.0 $750.0 LIQUIDITY @ 12/31/2023 PRO FORMA LIQUIDITY ■Revolver Availability ■Cash & Restr. Cash PARAMOUNT GROUP#21MEIN 1 Introduction to Paramount 2 Business Update 3 Balance Sheet & Capital Structure 4 Portfolio Composition LO 6 Paramount Club ESG Strategy 6 3 7 Appendix k PARAM 21 27 PARAMOUNT GROUP#22Irreplaceable Portfolio of Class A/Trophy Assets - New York 4 1 23 6 8 New York 8.7MM Square Feet 90.2% Leased (1) (3) 71% of GAV (2) 1 3 1633 Broadway 2.5 MM sq. ft. 96.4% leased 25% of GAV (2) 1301 Avenue of the Americas 1.8 MM sq. ft. 82.1% leased 19% of GAV (2) 31 West 52nd Street 0.8 MM sq. ft. 96.1% leased 11% of GAV (2) 1325 Avenue of the Americas ■ 0.8 M M " sq. ft. 95.9% (1) Leased occupancy presented at our share and as of December 31, 2023. (2) (3) Based on pro rata Gross Asset Value estimates by Green Street as of February 1, 2024. Leased occupancy excludes 60 Wall Street which is "out-of-service" for redevelopment. 222 leased ▪ 7% of GAV (2) m&m WORLD 5 6 900 Third Avenue " 0.6 MM sq. ft. 82.4% leased 4% of GAV (2) 712 Fifth Avenue " 0.6 MM sq. ft. 73.9% leased " 4% of GAV (2) 60 Wall (3) Street " 1.6 MM sq. ft. 1% of GAV (2) 7 8 1600 Broadway Retail 26 K sq. ft. 100.0% leased " 0% of GAV (2) PARAMOUNT GROUP#23Irreplaceable Portfolio of Class A/Trophy Assets - San Francisco San Francisco 4.3MM Square Feet 80.8% Leased (1) 29% of GAV (2) 5 4 1 One Market Plaza " 1.6 MM sq. ft. 94.7% leased 12% of GAV (2) 2 One Front Street " " 0.6 MM sq. ft. 87.3% leased 7% of GAV (2) 3 Market Center ■ 0.7 MM sq. ft. 55.1% leased " 6% of GAV (2) 300 Mission Street 0.7 MM sq. ft. 81.4% leased 2% of GAV (2) 5 55 Second Street 6 " 0.4 MM sq. ft. " 86.7% leased 2% of GAV (2) 111 Sutter Street " 0.3 MM sq. ft. 56.8% leased 0% of GAV (2) Leased occupancy presented at our share and as of December 31, 2023. (2) Based on pro rata Gross Asset Value estimates by Green Street as of February 1, 2024. 23 PARAMOUNT GROUP#24Fund & Managed Assets Fund & Managed Assets WINSTON 0.8MM Square Feet FARRY WINSTONE Rare Jewels the World 0.000 1 718 Fifth Avenue 19 K sq. ft. New York 2 745 Fifth Avenue ■ 535 K sq. ft. New York HARRY 700 Eighth Avenue " 26 K sq. ft. New York 24 24 4 CNBB 225 K sq. ft. Washington, D.C. PARAMOUNT GROUP#25MEIN 1 Introduction to Paramount 2 Business Update 3 Balance Sheet & Capital Structure 4 Portfolio Composition LO 5 Paramount Club 6 ESG Strategy 6 3 7 Appendix k PARAM 25 25 PARAMOUNT GROUP#26Introducing Paramount Club PARAMOUNT CLUB Welcome to a new era of business. One where the boundaries between work and inspiration blur. Where innovation is met with integrity and ambitions are ignited. Where intellectual exchange is the currency and camaraderie is the dividend.. We invite you to invest in your own extraordinary journey. TALON HAS 26 PARAMOUNT GROUP#27Paramount Club Transcends Traditional Amenities CONCENTRATE & COLLABORATE Prioritize productivity and forge meaningful connections. We have a range of flexible options to suit your individual schedule and style of work: AUDITORIUM BUSINESS LOUNGE TRAINING ROOM BOARDROOM SOCIALIZE & STRATEGIZE Blur the lines between work and play with refined experiences that perfectly blend comfort and sophistication and are executed with meticulous attention to detail. ATRIUM LOUNGE & BAR FIRESIDE LOUNGE PRIVATE DINING ROOMS THE GAME ROOM REFRESH & RECHARGE Get centered before a big day or recharge after a draining one. Our state of the art facilities have you covered. 27 27 WELLNESS CENTER LOCKER ROOMS PARAMOUNT CAFÉ PARAMOUNT GROUP#28Excellence Has an Address 10 DESTINATION- Paramount Club is a destination that brings together a dynamic community of accomplished professionals. →COMMUNITY Paramount Club is a dynamic community of accomplished professionals who pursue excellence in all dimensions. 28 PARAMOUNT GROUP#29Paramount Club in Depth Paramount Club is a dynamic community of accomplished professionals. Located in the heart of Midtown Manhattan, at 6th Ave and 52nd Street, we offer 32,000SF of expertly appointed dining, wellness, conferencing, and entertainment experiences to suit their individual schedules and styles of work. SEVENTH AVE O о Accessible via the MTA corridor: Dsubway lines on 53rd St/Seventh Ave Msubway lines on 48th St/Sixth Ave Guests may exit the club at the concourse level & access the MTA corridor Accessible via a short walking distance: subway line on 53rd St/Seventh Ave O subway line on 50th St/Broadway NRW subway lines on 49th St/ Seventh Ave 6% AVE - WALKING CORRIDOR O W 53RD ST PARAMOUNT CLUB 1301 AVENUE OF THE AMERICAS ADA Club Entrance Enter 52nd St building entrance and take F elevators down to Club MAIN CLUB ENTRANCE ON 52ND STREET CAR DROPOFF W 52ND ST O ID SIXTH AVE O O SERVICES • Paramount Club App Access (Food & Beverage Ordering, Meeting Room Bookings, Class Sign-up, Guest Check-in) •Monthly Programming & Events Booking & Privatized Events ⚫ Concierge Coat & Luggage Check • Direct MTA Access • IT Services • Auditorium OVERVIEW OF BOOKABLE SPACES 200+ attendees • Boardroom • Full-Service On & Off-Site Catering 18 people • Training Room 20 people • Atrium Lounge & Bar Game Room - 70 people 200 people • Wellness Group classes 20 people 29 PARAMOUNT GROUP#30MEIN k PARAM 6 3 30 5 1 Introduction to Paramount 2 Business Update 3 Balance Sheet & Capital Structure 4 Portfolio Composition Paramount Club 6 ESG Strategy 7 Appendix PARAMOUNT GROUP#31ESG Commitment • Paramount continues to be an industry leader in ESG initiatives. Success in this space has helped us: . Manage operating costs, • Attract and retain premium tenants, and ultimately . Enhance portfolio value. Pursuing ESG strategies has positioned us, our partners, and our investors to comply with regulatory requirements, including: NYC's Local Law 97 which will impose carbon caps on buildings. ESG is deeply integrated into our business strategy. An internal Sustainability Committee was created to oversee the implementation of ESG goals and ensure full integration into the business strategy. • "E" Environmental “E” ✓ Energy savings Emissions reductions Green building certifications Renewable energy Climate resiliency Water & waste savings Social "S" ✓ Diversity & inclusion ✓ Employee benefits ✓ Employee training Health & safety ✓ Volunteerism ✓ Philanthropy Governance "G" ✓ ESG oversight Supply chain management ✔ Risk management 31 PARAMOUNT GROUP#3232 ESG Oversight & Integration Our Board of Directors vested the Audit Committee with oversight over Environmental and Social matters. Oversight for Governance resides with the Nominating & Corporate Governance Committee. Sustainability Committee has been created to implement the Company's ESG goals and ensure they are fully integrated into the business strategy. Compensation Committee incorporates key ESG-centric goals into Executive Management variable pay awards to further align ESG into business strategy. Board of Directors PARAMOUNT Audit Committee Sustainability Committee Sustainability Team Tenants, Suppliers, Investors, Employees and Communities PARAMOUNT GROUP#33Sustainability from Coast to Coast Property ENERGY STAR LEED Fitwel Property San Francisco 100% 100% 100% 4,314,766 New York ENERGY LEED Fitwel STAR 100% 100% 100% Total square feet in San Francisco • One Market Plaza Platinum 1633 Broadway Gold 100% Market Center Gold LEED Platinum or Gold Certified . 1301 Avenue of the Americas Gold • 300 Mission Street Platinum 31 West 52nd Street Gold • One Front Street Platinum 100% ENERGY STAR Labeled 1325 Avenue of the Americas Gold 55 Second Street Platinum 100% ⚫900 Third Avenue . 111 Sutter Street Platinum Fitwell Rated ⚫712 Fifth Avenue Platinum Gold San Francisco One Front Street 111 Sutter Street Market Center 55 Second Street West Coast 300 Mission Street One Market Plaza New York 1633 Broadway 1325 Avenue of the Americas 1301 Avenue of the Americas 7,004,882 Total square feet in New York 100% LEED Platinum or Gold Certified 100% ENERGY STAR Labeled 100% Fitwel Rated 712 Fifth Ave 31 West 52nd Street 900 Third Avenue East Coast 33 PARAMOUNT GROUP#34ESG Highlights 100% 100% LEED Platinum or Gold Certified REIT Portfolio ENERGY STAR labeled REIT Portfolio 5 Stars "A" Rating Highest GRESB accolade earned Highest score on GRESB Public Disclosure assessment for the fifth consecutive year "B" Rating 2023 CDP Climate Change score, higher than the North America regional average of "C" 88th Percentile Performance in the S&P Global ESG Score Note: Slide reflects Office REIT Portfolio 34 100% Fitwel rated REIT Portfolio 100% Electricity powered by renewable purchases for REIT Portfolio 1st Decile Rank Top performance and "Prime" rating by exceeding ISS ESG requirements 70% Of new hires in 2023 identify as members of a minority group by race/ethnicity 90% Critical Tier 1 Suppliers surveyed in latest supply chain assessment ESG Pay Link Goals within compensation framework for Executive Team PARAMOUNT GROUP#35Scoring A-F Y/N 1-5 Stars No 2018 N 4 Stars Response No 2019 N 5 Stars Response ISS‣ SUSTAINABILITY ACCOUNTING SASB STANDARDS BOARD ESG Frameworks - History of Improvements Framework CDP GRI Empowering Sustainable Decisions SUSTAINABLE MSCI DEVELOPMENT SUSTAINALYTICS TCFD GOALS GRESB 0-10; lower ААА-ССС Y/N Y/N is better Negligible- Severe Y/N E=10 N/A S=10 N N N/A N G=7 E=4 BB S=1 Y N N/A N G=7 E=4 2020 C N 5 Stars BB S=2 Y N Low N G=8 E=2 2021 B- Y 5 Stars BB S=1 Y N Low N G=6 E=1 2022 B Y 5 Stars BB S=1 Y Y Negligible Y G=4 E=1 2023 B Y 5 Stars BBB S=1 Y Y Negligible Y G=4 Key Green: improvement Gold: maintenance 35 PARAMOUNT GROUP#36Corporate Reduction Goals • Paramount has set ambitious reduction targets for energy, emissions, water, and waste that we are on track to achieve by 2025. • • These targets encourage innovation, garner Executive Management and Board-level attention, and galvanize reduction efforts across the entire organization. We hold ourselves accountable to these goals and are unwavering in our commitment to minimize the portfolio's environmental footprint. ENERGY WATER 35% REDUCTION IN ENERGY CONSUMPTION BY 2025 (2015 BASELINE) 10% REDUCTION IN WATER CONSUMPTION BY 2025 (2016 BASELINE) EMISSIONS 35% REDUCTION IN GREENHOUSE GAS EMISSIONS BY 2025 (2015 BASELINE) WASTE 50% WASTE DIVERSION RATE BY 2025 36 PARAMOUNT GROUP#37Pathway to Decarbonization 1. Interim Targets Setting an interim emission reduction target to drive action 2. On-site Efficiency Improvements Lowering the on-site energy consumption of our portfolio 5. Off-site Renewable Power 100% of electricity used matched by renewable purchases 6. Carbon Pricing Pilot internal shadow carbon price 3. Electrification Replacing fossil fuel burning equipment with electric 7. Scope 3 Emissions Report Scope 3 emissions following the GHG Protocol 4. On-site Renewable Power Evaluate feasibility of on-site renewable installations 8. Net-zero Aligned with ULI Net Zero Carbon Operations Goal 37 PARAMOUNT GROUP#38Diversity, Equity & Inclusion (DE&I) Strategy We are committed to expand our DE&I initiatives, which include additional disclosures on these issues. . Oversight of DE&I aspects by two committees of the Board (Audit, NCGC) Increase the consideration of diverse candidates for Board-level positions • . • . • . Advance DE&I through company policies, recruitment and hiring, and community outreach Implement policies that prohibit discriminatory practices in the workplace Encourage hiring and promoting diverse employees Provide DE&I and unconscious bias training for employees Report quarterly DE&I metrics to Executive Management Disclose organizational diversity metrics through U.S. Equal Employment Opportunity Commission (EEOC) Publish race, gender, and age group metrics annually through the GRI Content Index Survey supply chain on DE&I practices Promote the inclusion of minority-owned businesses in the vendor selection process Gender Corporate 55% Property Management 20% 80% Organization 31% 70% of new hires in 2023 identify as members of a minority group by race/ethnicity Female 69% Male 45% 38 Minority White 47% 53% Ethnicity Corporate Property Management 57% Organization 54% 43% 46% PARAMOUNT GROUP#39MEIN k PARAMO 6 3 39 1 Introduction to Paramount 2 Business Update 3 Balance Sheet & Capital Structure 4 Portfolio Composition LO 5 Paramount Club 6 ESG Strategy 7 Appendix PARAMOUNT GROUP#40Reconciliation of Non-GAAP Measures (unaudited and in thousands, except share and per share amounts) FFO December 31, 2023 Three Months Ended December 31, 2022 September 30, 2023 Year Ended December 31, 2023 December 31, 2022 Reconciliation of net loss to FFO and Core FFO: Net loss $ (271,727) $ (39,581) $ (25,061) $ (371,303) $ (28,197) Real estate depreciation and amortization (induding our share of unconsolidated joint ventures) 76,723 70,720 69,160 286,410 271,789 Our share of non-cash real estate impairment losses related to unconsolidated joint ventures FFO (1) Less FFO attributable to noncontrolling interests in: Consolidated joint ventures 201,496 31,685 226,230 31,685 6,492 62,824 44,099 141,337 275,277 (14,774) (11,565) (14,801) (59,639) (51,433) Consolidated real estate related funds FFO attributable to Paramount Group Operating Partnership 52,383 659 20,933 109,781 3,318 44,101 51,918 50,231 191,479 227,162 Less FFO attributable to noncontrolling interests in Operating Partnership FFO attributable to common stockholders (3,620) (3,380) (3,510) (13,481) (17,063) (1) $ 40,481 $ 48,538 $ 46,721 $ 177,998 $ 210,099 Per diluted share $ 0.19 $ 0.22 $ 0.21 $ 0.82 $ 0.95 FFO Non-core items: Adjustments for realized and unrealized gains and losses on consolidated $ 6,492 $ 62,824 $ 44,099 141,337 $ 275,277 and unconsolidated real estate related fund investments, induding residential condominium units at One Steuart Lane 61,859 4,238 25,746 137,387 7,560 Adjustments to equity in earnings of unconsolidated joint ventures Other, net (2,326) 561 (1,917) (6,866) 855 492 2,716 513 1,440 3,097 (1) Core FFO Less Core FFO attributable to noncontrolling interests in: Consolidated joint ventures 66,517 70,339 68,441 273,298 286,789 (14,774) (11,565) (14,801) (59,639) (51,433) Consolidated real estate related funds Core FFO attributable to Paramount Group Operating Partnership Less Core FFO attributable to noncontrolling interests in Operating Partnership Core FFO attributable to common stockholders (¹) Per diluted share Reconciliation of weighted average shares outstanding: Weighted average shares outstanding Effect of dilutive securities Denominator for FFO and Core FFO per diluted share (1) Please see Appendix for our definition of this measure. (1,477) (625) (2,226) (10,503) (1,006) 50,266 58,149 51,414 203,156 234,350 (4,126) (3,785) (3,592) (14,354) (17,526) $ 46,140 $ 54,364 $ 47,822 $ 188,802 $ 216,824 $ 0.21 $ 0.25 $ 0.22 0.87 $ 0.98 217,071,959 218,583,895 77,069 217,149,028 59,378 218,643,273 217,043,022 32,676 217,075,698 216,922,235 20,527 216,942,762 221,309,938 31,487 221,341,425 40 PARAMOUNT GROUP#41Reconciliation of Non-GAAP Measures (unaudited and in thousands) December 31, 2023 Three Months Ended December 31, 2022 September 30, 2023 Year Ended December 31, 2023 December 31, 2022 Reconciliation of net loss to NOI and Cash NOI: Net loss $ (271,727) (39,581) $ (25,061) $ (371,303) $ (28,197) Add (subtract) adjustments to arrive at NOI and Cash NOI: Depreciation and amortization 68,866 61,211 60,263 250,644 232,517 General and administrative 15,679 13,986 15,460 61,986 59,487 Interest and debt expense 40,550 37,060 39,102 152,990 143,864 Income tax expense 302 1,706 263 1,426 3,265 Loss (income) from real estate related fund investments 59,341 2,233 (2,060) 96,375 2,233 NOI from unconsolidated joint ventures (excluding One Steuart Lane) 7,026 10,782 9,233 37,360 45,141 Loss from unconsolidated joint ventures Fee income Interest and other income, net Other, net NOI (1) Less NOI attributable to noncontrolling interests in: Consolidated joint ventures PGRE's share of NOI (¹) 207,160 37,925 28,974 270,298 53,251 (7,491) (5,327) (4,573) (21,597) (28,421) (4,830) (2,567) (4,115) (14,837) (5,174) 54 1,953 853 1,244 1,709 114,930 119,381 118,339 464,586 479,675 (22,397) (19,247) (22,275) (89,948) (82,587) $ 92,533 $ 100,134 $ 96,064 $ 374,638 $ 397,088 NOI 114,930 119,381 118,339 464,586 479,675 Add (subtract) adjustments to arrive at Cash NOI: Straight-line rent adjustments (including our share of unconsolidated joint ventures) (4,476) (5,746) (1,514) (6,166) (14,034) Amortization of above and below-market leases, net (1) (including our share of unconsolidated joint ventures) Cash NOI (1,912) (1,984) (2,110) (8,099) (5,099) 108,542 111,651 114,715 450,321 460,542 Less Cash NOI attributable to noncontrolling interests in: Consolidated joint ventures (20,737) (16,147) (20,520) (80,809) (77,341) (1) PGRE's share of Cash NOI $ 87,805 $ 95,504 $ 94,195 $ 369,512 $ 383,201 (1) Please see Appendix for our definition of this measure. 41 NOI PARAMOUNT GROUP#42Reconciliation of Non-GAAP Measures (unaudited and in thousands) SAME STORE CASH NOI (1) SAME STORE RESULTS - CASH NOI Three Months Ended December 31, 2023 Total New York San Francisco Other PGRE's share of Cash NOI for the three months ended December 31, 2023 Lease termination income 87,805 $ 61,918 $ 26,657 $ (770) Redevelopment and other, net (766) 1,969 (766) 1,075 124 770 PGRE's share of Same Store Cash NOI for the three months ended December 31, 2023 $ 89,008 $ 62,227 $ 26,781 $ Total Three Months Ended December 31, 2022 New York San Francisco Other PGRE's share of Cash NOI for the three months ended December 31, 2022 Redevelopment and other, net 95,504 1,266 $ 68,998 118 (2) 27,646 8 (1,140) 1,140 PGRE's share of Same Store Cash NOI for the three months ended December 31, 2022 $ 96,770 $ 69,116 $ 27,654 $ Decrease in PGRE's share of Same Store Cash NOI % Decrease (7,762) (8.0%) $ (6,889) (10.0%) $ (873) (3.2%) (1) Please see Appendix for our definition of this measure. (2) Includes our share of Cash NOI attributable to 60 Wall Street, which has been taken "out-of-service" for redevelopment. 42 PARAMOUNT GROUP#43Reconciliation of Non-GAAP Measures SAME STORE RESULTS - NOI (unaudited and in thousands) SAME STORE NOI (1) Total Three Months Ended December 31, 2023 New York San Francisco Other PGRE's share of NOI for the three months ended December 31, 2023 Lease termination income 92,533 (766) 64,423 (766) 28,850 (740) Non-cash write-offs of straight-line rent receivables 363 277 Redevelopment and other, net 1,939 1,075 86 124 740 PGRE's share of Same Store NOI for the three months ended December 31, 2023 $ 94,069 $ 65,009 $ 29,060 $ Total Three Months Ended December 31, 2022 New York San Francisco Other PGRE's share of NOI for the three months ended December 31, 2022 Non-cash write-offs of straight-line rent receivables $ 100,134 445 69,746 $ 31,498 445 $ (1,110) Redevelopment and other, net 829 118 (2) (399) 1,110 PGRE's share of Same Store NOI for the three months ended December 31, 2022 $ 101,408 $ 69,864 $ 31,544 $ Decrease in PGRE's share of Same Store NOI % Decrease $ (7,339) (7.2%) $ (4,855) $ (2,484) $ (6.9%) (7.9%) (1) Please see Appendix for our definition of this measure. (2) Includes our share of NOI attributable to 60 Wall Street, which has been taken "out-of-service" for redevelopment. 43 PARAMOUNT GROUP#44Appendix: Definitions Annualized Rent represents the end of period monthly base rent plus escalations in accordance with the lease terms, multiplied by 12. Funds from Operations ("FFO") is a supplemental measure of our performance. FFO is presented in accordance with the definition adopted by the National Association of Real Estate Investment Trusts ("Nareit”). Nareit defines FFO as net income or loss, calculated in accordance with GAAP, adjusted to exclude depreciation and amortization from real estate assets, impairment losses on certain real estate assets and gains or losses from the sale of certain real estate assets or from change in control of certain real estate assets, including our share of such adjustments of unconsolidated joint ventures. FFO is commonly used in the real estate industry to assist investors and analysts in comparing results of real estate companies because it excludes the effect of real estate depreciation and amortization and net gains on sales, which are based on historical costs and implicitly assume that the value of real estate diminishes predictably over time, rather than fluctuating based on existing market conditions. FFO is not intended to be a measure of cash flow or liquidity. FFO attributable to common stockholders represents the Company's share of FFO that is attributable to common stockholders and is calculated by reducing from FFO, the noncontrolling interests' share of FFO in consolidated joint ventures, real estate related funds and Operating Partnership. Core Funds from Operations ("Core FFO") is an alternative measure of our operating performance, which adjusts FFO for certain other items that we believe enhance the comparability of our FFO across periods. Core FFO, when applicable, excludes the impact of certain items, including, transaction related costs and adjustments, realized and unrealized gains or losses on real estate related fund investments, unrealized gains or losses on interest rate swaps, severance costs and gains or losses on early extinguishment of debt, in order to reflect the Core FFO of our real estate portfolio and operations. In future periods, we may also exclude other items from Core FFO that we believe may help investors compare our results. Core FFO is not intended to be a measure of cash flow or liquidity. Core FFO attributable to common stockholders represents the Company's share of Core FFO that is attributable to common stockholders and is calculated by reducing from Core FFO, the noncontrolling interests' share of Core FFO in consolidated joint ventures, real estate related funds and Operating Partnership. Leased % represents percentage of square feet that is leased, including signed leases not yet commenced. Net Operating Income ("NOI") is used to measure the operating performance of our properties. NOI consists of rental revenue (which includes property rentals, tenant reimbursements and lease termination income) and certain other property-related revenue less operating expenses (which includes property-related expenses such as cleaning, security, repairs and maintenance, utilities, property administration and real estate taxes). We also present Cash NOI which deducts from NOI, straight-line rent adjustments and the amortization of above and below-market leases, including our share of such adjustments of unconsolidated joint ventures. In addition, we present PGRE's share of NOI and Cash NOI which represents our share of NOI and Cash NOI of consolidated and unconsolidated joint ventures, based on our percentage ownership in the underlying assets. We use NOI and Cash NOI internally as performance measures and believe they provide useful information to investors regarding our financial condition and results of operations because they reflect only those income and expense items that are incurred at the property level. 44 PARAMOUNT GROUP#45Appendix: Definitions (Cont'd) PGRE's Share of Total Debt represents our share of debt of consolidated and unconsolidated joint ventures, based on our percentage ownership in the underlying assets. We believe that PGRE's share of total debt provides useful information to investors regarding our financial condition because it includes our share of debt from unconsolidated joint ventures and excludes the noncontrolling interests' share of debt from consolidated joint ventures that is attributable to our partners. Same Store NOI is used to measure the operating performance of properties in our New York and San Francisco portfolios that were owned by us in a similar manner during both the current period and prior reporting periods, and represents Same Store NOI from consolidated and unconsolidated joint ventures based on our percentage ownership in the underlying assets. Same Store NOI also excludes lease termination income, impairment of receivables arising from operating leases and certain other items that may vary from period to period. We also present Same Store Cash NOI, which excludes the effect of non-cash items such as the straight-line rent adjustments and the amortization of above and below-market leases. Same Store Leased % represents percentage of square feet that is leased, including signed leases not yet commenced, for properties that were owned by us in a similar manner during both the current period and prior reporting periods. 45 PARAMOUNT GROUP