Legal Disclaimer Investor Presentation Fourth Quarter 2024 FORWARD-LOOKING STATEMENTS. Certain statements in this presentation may constitute forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, including without limitation, references to: potential or expected future cash flows; estimated or expected returns, sometimes referred to as initial IRR, updated IRR, expected IRR, or current-to-maturity IRR; potential discount rates; potential future investments; e ...

2024 Annual Investor Call 5 March 2025 THE INFORMATION CONTAINED HEREIN DOES NOT CONSTITUTE AN OFFER TO SELL OR A SOLICITATION OF AN OFFER TO PURCHASE ANY SECURITY OF TETRAGON. 2024 Annual Report Investor Presentation | 1 THIS INFORMATION IS CURRENT ONLY AS OF 31 DECEMBER 2024, UNLESS OTHERWISE STATED. TETRAGON UNDERTAKES NO OBLIGATION TO UPDATE ANY INFORMATION CONTAINED IN THIS PRESENTATION. PLEASE REFER TO THE ACCOMPANYING LEGAL DISCLAIMER. Contents | Key Performance Metrics | 3 | | --- | --- | | NAV Prog ...

Financial Data and Key Metrics Changes - Comparable FFO was $2.26 per share for the year, down from $20.23 due to lower NOI from known move-outs and higher net interest expense [5] - Overall results were better than anticipated earlier in the year, primarily due to accelerated leasing activity [5] Business Line Data and Key Metrics Changes - The availability in the better space market is 10.7% compared to 20.1% in the not better space market, indicating a tighter market for quality office space [4] - Rents across the entire building have been raised, reflecting a positive trend in leasing activity [9] Market Data and Key Metrics Changes - The current availability in the subset of better space is 10%, decreasing rapidly due to a shortage of space [16] - The market rents for PEN1 and PEN2 are expected to rise from $100 per foot to potentially $125 per foot or higher as the market tightens [19] Company Strategy and Development Direction - The company is focusing on the Penn District, with plans for one or two buildings under construction over the next ten years [44] - The company is optimistic about the demand for anchor space, particularly from financial, legal, and tech sectors [20] Management's Comments on Operating Environment and Future Outlook - Management expressed enthusiasm about the New York real estate market, particularly in the Penn District, and noted that the market is becoming increasingly competitive [4][104] - The company is optimistic about future NOI growth, particularly as leases roll over and the market continues to tighten [17][29] Other Important Information - The company is not currently considering a tracking stock, despite ongoing thoughts about it [25] - The cost to build a new Class A building is estimated at $1,900 per foot excluding land, with a required yield of 7% to 8% [72][73] Q&A Session Summary Question: Commentary on PEN2 timing and competitive dynamics - PEN2 is highly regarded among large tenants, with only five buildings in Manhattan offering blocks of 500,000 square feet or more [8] Question: Comments on rent increases and yield adjustments - Rents have been raised across the entire building, contributing to a yield increase of 70 basis points [9] Question: Anticipated new dispositions and focus areas - The company expects around $1 billion in new cash proceeds from various transactions, with a focus on non-core office and retail [11][12] Question: Insights on anchor space demand - Demand drivers for anchor space are primarily from financial, legal, and tech sectors [20] Question: Thoughts on Alexander's integration into Vornado - The company believes that the value of Alexander's assets exceeds the current trading price, and integration is not currently being considered [23][59] Question: Expectations for same-store NOI in the next few years - Management did not provide specific numbers but acknowledged the need for further analysis [68] Question: Commentary on capital expenditures - The company raised CapEx expectations slightly due to a strong leasing environment [70] Question: Building costs and required yields - Current building costs are around $1,900 per foot, with a required yield of 7% to 8% [72][73] Question: Competition from sublease space in Hudson Yards - PEN1 and PEN2 are competing effectively against new spaces, with pricing remaining favorable [82]