Opérations des initiés

Disposition to the issuer of issuer equity securities pursuant to Rule 16b-3(e)

• F1 Pursuant to the Agreement and Plan of Merger, dated as of September 17, 2025 (as amended on October 8, 2025, and as may be amended from time to time, the Merger Agreement), by and among the Issuer, Paramount Group Operating Partnership LP, a Delaware limited partnership and a subsidiary of the Issuer (the Operating Partnership), Rithm Capital Corp., a Delaware corporation (Parent), Panorama REIT Merger Sub, Inc., a Maryland corporation and a wholly owned subsidiary of Parent, and Panorama Operating Merger Sub LP, a Delaware limited partnership and a wholly owned subsidiary of Parent, at the Company Merger Effective Time (as defined in the Merger Agreement), these shares of common stock were cancelled and exchanged for the Company Merger Consideration (as defined in the Merger Agreement) of $6.60 per share.

Disposition to the issuer of issuer equity securities pursuant to Rule 16b-3(e)

• F1 Pursuant to the Agreement and Plan of Merger, dated as of September 17, 2025 (as amended on October 8, 2025, and as may be amended from time to time, the Merger Agreement), by and among the Issuer, Paramount Group Operating Partnership LP, a Delaware limited partnership and a subsidiary of the Issuer (the Operating Partnership), Rithm Capital Corp., a Delaware corporation (Parent), Panorama REIT Merger Sub, Inc., a Maryland corporation and a wholly owned subsidiary of Parent, and Panorama Operating Merger Sub LP, a Delaware limited partnership and a wholly owned subsidiary of Parent, at the Company Merger Effective Time (as defined in the Merger Agreement), these shares of common stock were cancelled and exchanged for the Company Merger Consideration (as defined in the Merger Agreement) of $6.60 per share.

Disposition to the issuer of issuer equity securities pursuant to Rule 16b-3(e)

• F2 Pursuant to the Second Amended and Restated Agreement of Limited Partnership of the Operating Partnership, dated as of October 26, 2020 (the Partnership Agreement), each LTIP Unit converts automatically into one OP Unit (defined below) on the later to occur of (i) vesting and (ii) the date on which the Book-Up Target (as defined in the Partnership Agreement) for such LTIP Unit becomes zero.
• F3 Pursuant to the Merger Agreement, these securities, comprised of 109,266 LTIP Units granted on January 13, 2022 and 252,008 LTIP Units earned on January 25, 2023 upon the achievement of performance hurdles, in each case whose Book-Up Target was not zero (after giving effect to the Partnership Merger (as defined in the Merger Agreement)), were cancelled and converted into the right to receive an amount in cash equal to the Company Merger Consideration of $6.60 per share.

Exercise or conversion of derivative security exempted pursuant to Rule 16b-3

• F2 Pursuant to the Second Amended and Restated Agreement of Limited Partnership of the Operating Partnership, dated as of October 26, 2020 (the Partnership Agreement), each LTIP Unit converts automatically into one OP Unit (defined below) on the later to occur of (i) vesting and (ii) the date on which the Book-Up Target (as defined in the Partnership Agreement) for such LTIP Unit becomes zero.
• F4 At the Partnership Merger Effective Time, these securities, comprised of LTIP Units granted on January 25, 2023 that had vested or were subject to time vesting conditions and became fully vested pursuant to the applicable award agreement and whose Book-Up Target was zero after giving effect to the Partnership Merger, automatically converted into an equivalent number of OP Units in accordance with the Partnership Agreement.

Exercise or conversion of derivative security exempted pursuant to Rule 16b-3

• F2 Pursuant to the Second Amended and Restated Agreement of Limited Partnership of the Operating Partnership, dated as of October 26, 2020 (the Partnership Agreement), each LTIP Unit converts automatically into one OP Unit (defined below) on the later to occur of (i) vesting and (ii) the date on which the Book-Up Target (as defined in the Partnership Agreement) for such LTIP Unit becomes zero.
• F5 At the Partnership Merger Effective Time, these securities, comprised of LTIP Units earned on February 7, 2025 upon the achievement of performance hurdles that were subject to time vesting conditions and became fully vested pursuant to the applicable award agreement and whose Book-Up Target was zero after giving effect to the Partnership Merger, automatically converted into an equivalent number of OP Units in accordance with the Partnership Agreement.

Exercise or conversion of derivative security exempted pursuant to Rule 16b-3

• F2 Pursuant to the Second Amended and Restated Agreement of Limited Partnership of the Operating Partnership, dated as of October 26, 2020 (the Partnership Agreement), each LTIP Unit converts automatically into one OP Unit (defined below) on the later to occur of (i) vesting and (ii) the date on which the Book-Up Target (as defined in the Partnership Agreement) for such LTIP Unit becomes zero.
• F6 Pursuant to the Merger Agreement, at the Partnership Merger Effective Time, these securities, comprised of LTIP Units granted on September 8, 2023 that were subject to time-vesting and additional holding conditions, became fully vested, all restrictions lapsed, and such securities converted into an equivalent number of OP Units in accordance with the Partnership Agreement.

Exercise or conversion of derivative security exempted pursuant to Rule 16b-3

• F7 At the Partnership Merger Effective Time, each of these securities, comprised of vested AOLTIP Units granted on January 25, 2023, converted into OP Units in accordance with the Partnership Agreement based on the increase in the value of the Company Merger Consideration of $6.60 over such unit's exericse price.

Exercise or conversion of derivative security exempted pursuant to Rule 16b-3

• F8 At the Partnership Merger Effective Time, each of these securities, comprised of AOLTIP Units granted on January 25, 2023 that had vested or were subject to time vesting conditions that became fully vested pursuant to the applicable award agreement, converted into OP Units in accordance with the Partnership Agreement based on the increase in the value of the Company Merger Consideration of $6.60 over such unit's exericse price.

Exercise or conversion of derivative security exempted pursuant to Rule 16b-3

• F9 At the Partnership Merger Effective Time, each of these securities, comprised of vested AOLTIP Units granted on February 29, 2024, converted into OP Units in accordance with the Partnership Agreement based on the increase in the value of the Company Merger Consideration of $6.60 over such unit's exericse price.

Exercise or conversion of derivative security exempted pursuant to Rule 16b-3

• F10 Pursuant to the Merger Agreement, these securities, comprised of AOLTIP Units granted on September 8, 2023 that were subject to performance-vesting conditions, became fully vested (with all performance goals deemed satisfied at the maximum level of performance) at the Partnership Merger Effective Time. Each such vested AOLTIP Unit converted into OP Units in accordance with the Partnership Agreement based on the increase in value of the Company Merger Consideration of $6.60 over such unit's exercise price.

Grant, award or other acquisition pursuant to Rule 16b-3(d)

• F11 Represents common units of limited partnership interest (OP Units) in the Operating Partnership. Each OP Unit could be presented, at the election of the holder, for cash equal to the then fair market value of one share of the Issuer's common stock, except that the Issuer could, at its election, acquire each OP Unit so presented for one share of common stock. OP Units are not subject to vesting. These redemption rights did not have an expiration date.
• F12 At the Partnership Merger Effective Time, LTIP Units that were granted on January 25, 2023 and subject to performance-vesting conditions vested to the extent provided in the applicable award agreement, and such vested LTIP Units automatically converted into an equivalent number of OP Units in accordance with the Partnership Agreement.
• F13 Includes 2,628,572 LTIP Units granted on November 24, 2014, 285,714 LTIP Units granted on November 24, 2014, 171,070 LTIP Units granted on March 18, 2016, 116,003 LTIP Units granted on January 30, 2017, 116,280 LTIP Units granted on February 5, 2018, 213,279 LTIP Units granted on February 5, 2018, 176,655 LTIP Units granted on January 14, 2019, 140,702 LTIP Units granted on January 14, 2019, 190,986 LTIP Units granted on January 17, 2020, 38,212 LTIP Units granted on January 17, 2020, and 117,777 LTIP Units granted on January 11, 2021, as well as 117,674 LTIP Units that were earned on January 17, 2020, 236,012 LTIP Units that were earned on January 30, 2024 and 126,639 LTIP Units that were earned on February 7, 2025, in each case upon the achievement of performance hurdles, that were previously automatically converted into OP Units but the conversion of which was not reported on a Form 4.

Exercise or conversion of derivative security exempted pursuant to Rule 16b-3

• F11 Represents common units of limited partnership interest (OP Units) in the Operating Partnership. Each OP Unit could be presented, at the election of the holder, for cash equal to the then fair market value of one share of the Issuer's common stock, except that the Issuer could, at its election, acquire each OP Unit so presented for one share of common stock. OP Units are not subject to vesting. These redemption rights did not have an expiration date.
• F14 Represents the acquisition of OP Units from the conversion of LTIP Units and AOLTIP Units at the Partnership Merger Effective Time as discussed in Footnotes 4-10.

Disposition to the issuer of issuer equity securities pursuant to Rule 16b-3(e)

• F11 Represents common units of limited partnership interest (OP Units) in the Operating Partnership. Each OP Unit could be presented, at the election of the holder, for cash equal to the then fair market value of one share of the Issuer's common stock, except that the Issuer could, at its election, acquire each OP Unit so presented for one share of common stock. OP Units are not subject to vesting. These redemption rights did not have an expiration date.
• F15 Pursuant to the Merger Agreement, at the Partnership Merger Effective Time, each outstanding OP Unit was cancelled and exchanged for the Partnership Merger Consideration of $6.60 per unit.

Disposition to the issuer of issuer equity securities pursuant to Rule 16b-3(e)

• F11 Represents common units of limited partnership interest (OP Units) in the Operating Partnership. Each OP Unit could be presented, at the election of the holder, for cash equal to the then fair market value of one share of the Issuer's common stock, except that the Issuer could, at its election, acquire each OP Unit so presented for one share of common stock. OP Units are not subject to vesting. These redemption rights did not have an expiration date.
• F15 Pursuant to the Merger Agreement, at the Partnership Merger Effective Time, each outstanding OP Unit was cancelled and exchanged for the Partnership Merger Consideration of $6.60 per unit.

Disposition to the issuer of issuer equity securities pursuant to Rule 16b-3(e)

• F11 Represents common units of limited partnership interest (OP Units) in the Operating Partnership. Each OP Unit could be presented, at the election of the holder, for cash equal to the then fair market value of one share of the Issuer's common stock, except that the Issuer could, at its election, acquire each OP Unit so presented for one share of common stock. OP Units are not subject to vesting. These redemption rights did not have an expiration date.
• F15 Pursuant to the Merger Agreement, at the Partnership Merger Effective Time, each outstanding OP Unit was cancelled and exchanged for the Partnership Merger Consideration of $6.60 per unit.

Disposition to the issuer of issuer equity securities pursuant to Rule 16b-3(e)

• F1 Pursuant to the Second Amended and Restated Agreement of Limited Partnership of Paramount Group Operating Partnership LP, a Delaware limited partnership and a subsidiary of the Issuer (the Operating Partnership), dated as of October 26, 2020 (the Partnership Agreement), each LTIP Unit converts automatically into one OP Unit (defined below) on the later to occur of (i) vesting and (ii) the date on which the Book-Up Target (as defined in the Partnership Agreement) for such LTIP Unit becomes zero.
• F2 Pursuant to the Agreement and Plan of Merger, dated as of September 17, 2025 (as amended on October 8, 2025, and as may be amended from time to time, the Merger Agreement), by and among the Issuer, the Operating Partnership, Rithm Capital Corp., a Delaware corporation (Parent), Panorama REIT Merger Sub, Inc., a Maryland corporation and a wholly owned subsidiary of Parent, and Panorama Operating Merger Sub LP, a Delaware limited partnership and a wholly owned subsidiary of Parent, at the Partnership Merger Effective Time (as defined in the Merger Agreement), these securities, comprised of 11,731 vested LTIP Units granted on May 13, 2021 and 13,857 vested LTIP Units granted on May 12, 2022 whose Book-Up Target was not zero (after giving effect to the Partnership Merger (as defined in the Merger Agreement)), were cancelled and converted into the right to receive an amount in cash equal to the Company Merger Consideration (as defined in the Merger Agreement) of $6.60 per share.

Exercise or conversion of derivative security exempted pursuant to Rule 16b-3

• F1 Pursuant to the Second Amended and Restated Agreement of Limited Partnership of Paramount Group Operating Partnership LP, a Delaware limited partnership and a subsidiary of the Issuer (the Operating Partnership), dated as of October 26, 2020 (the Partnership Agreement), each LTIP Unit converts automatically into one OP Unit (defined below) on the later to occur of (i) vesting and (ii) the date on which the Book-Up Target (as defined in the Partnership Agreement) for such LTIP Unit becomes zero.
• F3 At the Partnership Merger Effective Time, these securities, comprised of vested LTIP Units granted on May 16, 2024 whose Book-Up Target was zero after giving effect to the Partnership Merger, automatically converted into an equivalent number of OP Units in accordance with the Partnership Agreement.

Exercise or conversion of derivative security exempted pursuant to Rule 16b-3

• F1 Pursuant to the Second Amended and Restated Agreement of Limited Partnership of Paramount Group Operating Partnership LP, a Delaware limited partnership and a subsidiary of the Issuer (the Operating Partnership), dated as of October 26, 2020 (the Partnership Agreement), each LTIP Unit converts automatically into one OP Unit (defined below) on the later to occur of (i) vesting and (ii) the date on which the Book-Up Target (as defined in the Partnership Agreement) for such LTIP Unit becomes zero.
• F4 At the Partnership Merger Effective Time, these securities, comprised of LTIP Units granted on May 15, 2025 that were subject to time-vesting conditions and became fully vested pursuant to the applicable award agreement and whose Book-Up Target was zero after giving effect to the Partnership Merger, automatically converted into an equivalent number of OP Units in accordance with the Partnership Agreement.

Exercise or conversion of derivative security exempted pursuant to Rule 16b-3

• F5 Represents common units of limited partnership interest (OP Units) in the Operating Partnership. Each OP Unit could be presented, at the election of the holder, for cash equal to the then fair market value of one share of the Issuer's common stock, except that the Issuer could, at its election, acquire each OP Unit so presented for one share of common stock. OP Units are not subject to vesting. These redemption rights did not have an expiration date.
• F6 Represents the acquisition of OP Units from the conversion of LTIP Units at the Partnership Merger Effective Time as discussed in Footnotes 3 and 4.
• F7 Includes 7,634 LTIP Units granted on May 17, 2018, 7,524 LTIP Units granted on May 16, 2019, 14,212 LTIP Units granted on May 19, 2020, and 27,650 LTIP Units granted on May 18, 2023 that were previously automatically converted into OP Units but the conversion of which was not reported on a Form 4.

Disposition to the issuer of issuer equity securities pursuant to Rule 16b-3(e)

• F5 Represents common units of limited partnership interest (OP Units) in the Operating Partnership. Each OP Unit could be presented, at the election of the holder, for cash equal to the then fair market value of one share of the Issuer's common stock, except that the Issuer could, at its election, acquire each OP Unit so presented for one share of common stock. OP Units are not subject to vesting. These redemption rights did not have an expiration date.
• F8 Pursuant to the Merger Agreement, at the Partnership Merger Effective Time, each outstanding OP Unit was cancelled and exchanged for the Partnership Merger Consideration of $6.60 per unit.

Disposition to the issuer of issuer equity securities pursuant to Rule 16b-3(e)

• F1 Pursuant to the Second Amended and Restated Agreement of Limited Partnership of Paramount Group Operating Partnership LP, a Delaware limited partnership and a subsidiary of the Issuer (the Operating Partnership), dated as of October 26, 2020 (the Partnership Agreement), each LTIP Unit converts automatically into one OP Unit (defined below) on the later to occur of (i) vesting and (ii) the date on which the Book-Up Target (as defined in the Partnership Agreement) for such LTIP Unit becomes zero.
• F2 Pursuant to the Agreement and Plan of Merger, dated as of September 17, 2025 (as amended on October 8, 2025, and as may be amended from time to time, the Merger Agreement), by and among the Issuer, the Operating Partnership, Rithm Capital Corp., a Delaware corporation (Parent), Panorama REIT Merger Sub, Inc., a Maryland corporation and a wholly owned subsidiary of Parent, and Panorama Operating Merger Sub LP, a Delaware limited partnership and a wholly owned subsidiary of Parent, at the Partnership Merger Effective Time (as defined in the Merger Agreement), these securities, comprised of 31,566 LTIP Units granted on January 13, 2022, 46,621 LTIP Units granted on January 13, 2022 and 47,043 LTIP Units earned on January 25, 2023 upon the achievement of performance hurdles, in each case whose Book-Up Target was not zero (after giving effect to the Partnership Merger (as defined in the Merger Agreement)),
• F3 (Continued from footnote 2) were cancelled and converted into the right to receive an amount in cash equal to the Company Merger Consideration (as defined in the Merger Agreement) of $6.60 per share.

Exercise or conversion of derivative security exempted pursuant to Rule 16b-3

• F1 Pursuant to the Second Amended and Restated Agreement of Limited Partnership of Paramount Group Operating Partnership LP, a Delaware limited partnership and a subsidiary of the Issuer (the Operating Partnership), dated as of October 26, 2020 (the Partnership Agreement), each LTIP Unit converts automatically into one OP Unit (defined below) on the later to occur of (i) vesting and (ii) the date on which the Book-Up Target (as defined in the Partnership Agreement) for such LTIP Unit becomes zero.
• F4 At the Partnership Merger Effective Time, these securities, comprised of LTIP Units granted on February 4, 2021 that had vested or were subject to time vesting conditions and became fully vested pursuant to the applicable award agreement and whose Book-Up Target was zero after giving effect to the Partnership Merger, automatically converted into an equivalent number of OP Units in accordance with the Partnership Agreement.

Exercise or conversion of derivative security exempted pursuant to Rule 16b-3

• F1 Pursuant to the Second Amended and Restated Agreement of Limited Partnership of Paramount Group Operating Partnership LP, a Delaware limited partnership and a subsidiary of the Issuer (the Operating Partnership), dated as of October 26, 2020 (the Partnership Agreement), each LTIP Unit converts automatically into one OP Unit (defined below) on the later to occur of (i) vesting and (ii) the date on which the Book-Up Target (as defined in the Partnership Agreement) for such LTIP Unit becomes zero.
• F5 At the Partnership Merger Effective Time, these securities, comprised of LTIP Units granted on January 25, 2023 that had vested or were subject to time vesting conditions and became fully vested pursuant to the applicable award agreement and whose Book-Up Target was zero after giving effect to the Partnership Merger, automatically converted into an equivalent number of OP Units in accordance with the Partnership Agreement.

Exercise or conversion of derivative security exempted pursuant to Rule 16b-3

• F1 Pursuant to the Second Amended and Restated Agreement of Limited Partnership of Paramount Group Operating Partnership LP, a Delaware limited partnership and a subsidiary of the Issuer (the Operating Partnership), dated as of October 26, 2020 (the Partnership Agreement), each LTIP Unit converts automatically into one OP Unit (defined below) on the later to occur of (i) vesting and (ii) the date on which the Book-Up Target (as defined in the Partnership Agreement) for such LTIP Unit becomes zero.
• F6 At the Partnership Merger Effective Time, these securities, comprised of LTIP Units granted on January 25, 2023 that had vested or were subject to time vesting conditions and became fully vested pursuant to the applicable award agreement and whose Book-Up Target was zero after giving effect to the Partnership Merger, automatically converted into an equivalent number of OP Units in accordance with the Partnership Agreement.

Exercise or conversion of derivative security exempted pursuant to Rule 16b-3

• F1 Pursuant to the Second Amended and Restated Agreement of Limited Partnership of Paramount Group Operating Partnership LP, a Delaware limited partnership and a subsidiary of the Issuer (the Operating Partnership), dated as of October 26, 2020 (the Partnership Agreement), each LTIP Unit converts automatically into one OP Unit (defined below) on the later to occur of (i) vesting and (ii) the date on which the Book-Up Target (as defined in the Partnership Agreement) for such LTIP Unit becomes zero.
• F7 At the Partnership Merger Effective Time, these securities, comprised of LTIP Units granted on February 29, 2024 that had vested or were subject to time vesting conditions and became fully vested pursuant to the applicable award agreement and whose Book-Up Target was zero after giving effect to the Partnership Merger, automatically converted into an equivalent number of OP Units in accordance with the Partnership Agreement.

Exercise or conversion of derivative security exempted pursuant to Rule 16b-3

• F1 Pursuant to the Second Amended and Restated Agreement of Limited Partnership of Paramount Group Operating Partnership LP, a Delaware limited partnership and a subsidiary of the Issuer (the Operating Partnership), dated as of October 26, 2020 (the Partnership Agreement), each LTIP Unit converts automatically into one OP Unit (defined below) on the later to occur of (i) vesting and (ii) the date on which the Book-Up Target (as defined in the Partnership Agreement) for such LTIP Unit becomes zero.
• F8 At the Partnership Merger Effective Time, these securities, comprised of LTIP Units earned on February 7, 2025 upon the achievement of performance hurdles that were subject to time vesting conditions and became fully vested pursuant to the applicable award agreement and whose Book-Up Target was zero after giving effect to the Partnership Merger, automatically converted into an equivalent number of OP Units in accordance with the Partnership Agreement.

Exercise or conversion of derivative security exempted pursuant to Rule 16b-3

• F1 Pursuant to the Second Amended and Restated Agreement of Limited Partnership of Paramount Group Operating Partnership LP, a Delaware limited partnership and a subsidiary of the Issuer (the Operating Partnership), dated as of October 26, 2020 (the Partnership Agreement), each LTIP Unit converts automatically into one OP Unit (defined below) on the later to occur of (i) vesting and (ii) the date on which the Book-Up Target (as defined in the Partnership Agreement) for such LTIP Unit becomes zero.
• F9 Pursuant to the Merger Agreement, at the Partnership Merger Effective Time, these securities, comprised of LTIP Units granted on September 8, 2023 that were subject to time-vesting and additional holding conditions, became fully vested, all restrictions lapsed, and such securities converted into an equivalent number of OP Units in accordance with the Partnership Agreement.

Exercise or conversion of derivative security exempted pursuant to Rule 16b-3

• F10 At the Partnership Merger Effective Time, each of these securities, comprised of AOLTIP Units granted on January 25, 2023 that had vested or were subject to time vesting conditions and became fully vested pursuant to the applicable award agreement converted into OP Units in accordance with the Partnership Agreement based on the increase in the value of the Company Merger Consideration of $6.60 over such unit's exercise price.

Exercise or conversion of derivative security exempted pursuant to Rule 16b-3

• F11 Pursuant to the Merger Agreement, these securities, comprised of AOLTIP Units granted on September 8, 2023 that were subject to performance-vesting conditions, became fully vested (with all performance goals deemed satisfied at the maximum level of performance) at the Partnership Merger Effective Time. Each such vested AOLTIP Unit converted into OP Units in accordance with the Partnership Agreement based on the increase in value of the Company Merger Consideration of $6.60 over such unit's exercise price.

Grant, award or other acquisition pursuant to Rule 16b-3(d)

• F12 Represents common units of limited partnership interest (OP Units) in the Operating Partnership. Each OP Unit could be presented, at the election of the holder, for cash equal to the then fair market value of one share of the Issuer's common stock, except that the Issuer could, at its election, acquire each OP Unit so presented for one share of common stock. OP Units are not subject to vesting. These redemption rights did not have an expiration date.
• F13 At the Partnership Merger Effective Time, LTIP Units that were granted on January 25, 2023 and subject to performance-vesting conditions vested to the extent provided in the applicable award agreement, and such vested LTIP Units automatically converted into an equivalent number of OP Units in accordance with the Partnership Agreement.
• F14 Includes 45,714 LTIP Units granted on November 24, 2014, 22,642 LTIP Units granted on March 18, 2016, 21,416 LTIP Units granted on January 30, 2017, 7,828 LTIP Units granted on January 30, 2017, 31,008 LTIP Units granted on February 5, 2018, 19,418 LTIP Units granted on January 14, 2019, 44,046 LTIP Units granted on January 14, 2019, 53,476 LTIP Units granted on January 17, 2020, 21,803 LTIP Units granted on January 20, 2020 and 43,970 LTIP Units granted on January 11, 2021, as well as 12,713 LTIP Units that were earned January 17, 2020, 44,058 LTIP Units that were earned on January 30, 2024 and 27,017 vested LTIP Units that were earned on February 7, 2025, in each case upon the achievement of performance hurdles, that were previously automatically converted into OP Units but the conversion of which was not reported on a Form 4.

Exercise or conversion of derivative security exempted pursuant to Rule 16b-3

• F12 Represents common units of limited partnership interest (OP Units) in the Operating Partnership. Each OP Unit could be presented, at the election of the holder, for cash equal to the then fair market value of one share of the Issuer's common stock, except that the Issuer could, at its election, acquire each OP Unit so presented for one share of common stock. OP Units are not subject to vesting. These redemption rights did not have an expiration date.
• F15 Represents the acquisition of OP Units from the conversion of LTIP Units and AOLTIP Units at the Partnership Merger Effective Time as discussed in Footnotes 4-11.

Disposition to the issuer of issuer equity securities pursuant to Rule 16b-3(e)

• F12 Represents common units of limited partnership interest (OP Units) in the Operating Partnership. Each OP Unit could be presented, at the election of the holder, for cash equal to the then fair market value of one share of the Issuer's common stock, except that the Issuer could, at its election, acquire each OP Unit so presented for one share of common stock. OP Units are not subject to vesting. These redemption rights did not have an expiration date.
• F16 Pursuant to the Merger Agreement, at the Partnership Merger Effective Time, each outstanding OP Unit was cancelled and exchanged for the Partnership Merger Consideration of $6.60 per unit.

Disposition to the issuer of issuer equity securities pursuant to Rule 16b-3(e)

• F1 Pursuant to the Second Amended and Restated Agreement of Limited Partnership of Paramount Group Operating Partnership LP, a Delaware limited partnership and a subsidiary of the Issuer (the Operating Partnership), dated as of October 26, 2020 (the Partnership Agreement), each LTIP Unit converts automatically into one OP Unit (defined below) on the later to occur of (i) vesting and (ii) the date on which the Book-Up Target (as defined in the Partnership Agreement) for such LTIP Unit becomes zero.
• F2 Pursuant to the Agreement and Plan of Merger, dated as of September 17, 2025 (as amended on October 8, 2025, and as may be amended from time to time, the Merger Agreement), by and among the Issuer, the Operating Partnership, Rithm Capital Corp., a Delaware corporation (Parent), Panorama REIT Merger Sub, Inc., a Maryland corporation and a wholly owned subsidiary of Parent, and Panorama Operating Merger Sub LP, a Delaware limited partnership and a wholly owned subsidiary of Parent, at the Partnership Merger Effective Time (as defined in the Merger Agreement), these securities, comprised of 10,199 LTIP Units granted on January 13, 2022 and 5,129 LTIP Units earned on January 25, 2023 upon the achievement of performance hurdles whose Book-Up Target was not zero (after giving effect to the Partnership Merger (as defined in the Merger Agreement)),
• F3 (Continued from footnote 2) were cancelled and converted into the right to receive an amount in cash equal to the Company Merger Consideration (as defined in the Merger Agreement) of $6.60 per share.

Exercise or conversion of derivative security exempted pursuant to Rule 16b-3

• F1 Pursuant to the Second Amended and Restated Agreement of Limited Partnership of Paramount Group Operating Partnership LP, a Delaware limited partnership and a subsidiary of the Issuer (the Operating Partnership), dated as of October 26, 2020 (the Partnership Agreement), each LTIP Unit converts automatically into one OP Unit (defined below) on the later to occur of (i) vesting and (ii) the date on which the Book-Up Target (as defined in the Partnership Agreement) for such LTIP Unit becomes zero.
• F4 At the Partnership Merger Effective Time, these securities, comprised of LTIP Units granted on January 25, 2023 that had vested or were subject to time vesting conditions and became fully vested pursuant to the applicable award agreement and whose Book-Up Target was zero after giving effect to the Partnership Merger, automatically converted into an equivalent number of OP Units in accordance with the Partnership Agreement.

Exercise or conversion of derivative security exempted pursuant to Rule 16b-3

• F1 Pursuant to the Second Amended and Restated Agreement of Limited Partnership of Paramount Group Operating Partnership LP, a Delaware limited partnership and a subsidiary of the Issuer (the Operating Partnership), dated as of October 26, 2020 (the Partnership Agreement), each LTIP Unit converts automatically into one OP Unit (defined below) on the later to occur of (i) vesting and (ii) the date on which the Book-Up Target (as defined in the Partnership Agreement) for such LTIP Unit becomes zero.
• F5 At the Partnership Merger Effective Time, these securities, comprised of LTIP Units earned on February 7, 2025 upon the achievement of performance hurdles that were subject to time vesting conditions and became fully vested pursuant to the applicable award agreement and whose Book-Up Target was zero after giving effect to the Partnership Merger, automatically converted into an equivalent number of OP Units in accordance with the Partnership Agreement.

Exercise or conversion of derivative security exempted pursuant to Rule 16b-3

• F1 Pursuant to the Second Amended and Restated Agreement of Limited Partnership of Paramount Group Operating Partnership LP, a Delaware limited partnership and a subsidiary of the Issuer (the Operating Partnership), dated as of October 26, 2020 (the Partnership Agreement), each LTIP Unit converts automatically into one OP Unit (defined below) on the later to occur of (i) vesting and (ii) the date on which the Book-Up Target (as defined in the Partnership Agreement) for such LTIP Unit becomes zero.
• F6 Pursuant to the Merger Agreement, at the Partnership Merger Effective Time, these securities, comprised of LTIP Units granted on September 8, 2023 that were subject to time-vesting and additional holding conditions, became fully vested, all restrictions lapsed, and such securities converted into an equivalent number of OP Units in accordance with the Partnership Agreement.

Exercise or conversion of derivative security exempted pursuant to Rule 16b-3

• F7 At the Partnership Merger Effective Time, each of these securities, comprised of AOLTIP Units granted on January 25, 2023 that had vested or were subject to time vesting conditions and became fully vested pursuant to the applicable award agreement, converted into OP Units in accordance with the Partnership Agreement based on the increase in the value of the Company's Merger Consideration of $6.60 over such unit's exercise price.

Grant, award or other acquisition pursuant to Rule 16b-3(d)

• F8 Represents common units of limited partnership interest (OP Units) in the Operating Partnership. Each OP Unit could be presented, at the election of the holder, for cash equal to the then fair market value of one share of the Issuer's common stock, except that the Issuer could, at its election, acquire each OP Unit so presented for one share of common stock. OP Units are not subject to vesting. These redemption rights did not have an expiration date.
• F9 At the Partnership Merger Effective Time, LTIP Units that were granted on January 25, 2023 and subject to performance-vesting conditions vested to the extent provided in the applicable award agreement, and such vested LTIP Units automatically converted into an equivalent number of OP Units in accordance with the Partnership Agreement.
• F10 Includes 15,625 LTIP Units granted on April 4, 2016, 5,949 LTIP Units granted on January 30, 2017, 12,333 LTIP Units granted on February 5, 2018, 14,846 LTIP Units granted on January 14, 2019, 5,386 LTIP Units granted on January 14, 2019, 14,706 LTIP Units granted on January 17, 2020, 6,662 LTIP Units granted on January 17, 2020, 48,544 LTIP Units granted on May 19, 2020, 24,184 LTIP Units granted on January 11, 2021 and 5,682 LTIP Units granted on January 11, 2021, as well as 3,532 LTIP Units that were earned on January 17, 2020, 4,678 LTIP Units that were earned on January 30, 2024 and 5,910 LTIP Units that were earned on February 7, 2025, in each case upon the achievement of performance hurdles, that were previously automatically converted into OP Units but the conversion of which was not reported on a Form 4.

Exercise or conversion of derivative security exempted pursuant to Rule 16b-3

• F8 Represents common units of limited partnership interest (OP Units) in the Operating Partnership. Each OP Unit could be presented, at the election of the holder, for cash equal to the then fair market value of one share of the Issuer's common stock, except that the Issuer could, at its election, acquire each OP Unit so presented for one share of common stock. OP Units are not subject to vesting. These redemption rights did not have an expiration date.
• F11 Represents the acquisition of OP Units from the conversion of LTIP Units and AOLTIP Units at the Partnership Merger Effective Time as discussed in Footnotes 4-7.

Disposition to the issuer of issuer equity securities pursuant to Rule 16b-3(e)

• F8 Represents common units of limited partnership interest (OP Units) in the Operating Partnership. Each OP Unit could be presented, at the election of the holder, for cash equal to the then fair market value of one share of the Issuer's common stock, except that the Issuer could, at its election, acquire each OP Unit so presented for one share of common stock. OP Units are not subject to vesting. These redemption rights did not have an expiration date.
• F12 Pursuant to the Merger Agreement, at the Partnership Merger Effective Time, each outstanding OP Unit was cancelled and exchanged for the Partnership Merger Consideration of $6.60 per unit.

Exercise or conversion of derivative security exempted pursuant to Rule 16b-3

• F1 Pursuant to the Second Amended and Restated Agreement of Limited Partnership of Paramount Group Operating Partnership LP, a Delaware limited partnership and a subsidiary of the Issuer (the Operating Partnership), dated as of October 26, 2020 (the Partnership Agreement), each LTIP Unit converts automatically into one OP Unit (defined below) on the later to occur of (i) vesting and (ii) the date on which the Book-Up Target (as defined in the Partnership Agreement) for such LTIP Unit becomes zero.
• F2 At the Partnership Merger Effective Time (as defined in the Merger Agreement, defined below), these securities, comprised of vested LTIP Units granted on December 15, 2023 whose Book-Up Target was zero after giving effect to the Partnership Merger (as defined in the Merger Agreement), automatically converted into an equivalent number of OP Units in accordance with the Partnership Agreement.

Exercise or conversion of derivative security exempted pursuant to Rule 16b-3

• F1 Pursuant to the Second Amended and Restated Agreement of Limited Partnership of Paramount Group Operating Partnership LP, a Delaware limited partnership and a subsidiary of the Issuer (the Operating Partnership), dated as of October 26, 2020 (the Partnership Agreement), each LTIP Unit converts automatically into one OP Unit (defined below) on the later to occur of (i) vesting and (ii) the date on which the Book-Up Target (as defined in the Partnership Agreement) for such LTIP Unit becomes zero.
• F3 At the Partnership Merger Effective Time (as defined in the Merger Agreement, defined below), these securities, comprised of vested LTIP Units granted on May 16, 2024 whose Book-Up Target was zero after giving effect to the Partnership Merger, automatically converted into an equivalent number of OP Units in accordance with the Partnership Agreement.

Exercise or conversion of derivative security exempted pursuant to Rule 16b-3

• F1 Pursuant to the Second Amended and Restated Agreement of Limited Partnership of Paramount Group Operating Partnership LP, a Delaware limited partnership and a subsidiary of the Issuer (the Operating Partnership), dated as of October 26, 2020 (the Partnership Agreement), each LTIP Unit converts automatically into one OP Unit (defined below) on the later to occur of (i) vesting and (ii) the date on which the Book-Up Target (as defined in the Partnership Agreement) for such LTIP Unit becomes zero.
• F4 At the Partnership Merger Effective Time, these securities, comprised of LTIP Units granted on May 15, 2025 that were subject to time-vesting conditions and became fully vested pursuant to the applicable award agreement and whose Book-Up Target was zero after giving effect to the Partnership Merger, automatically converted into an equivalent number of OP Units in accordance with the Partnership Agreement.

Exercise or conversion of derivative security exempted pursuant to Rule 16b-3

• F5 Represents common units of limited partnership interest (OP Units) in the Operating Partnership. Each OP Unit could be presented, at the election of the holder, for cash equal to the then fair market value of one share of the Issuer's common stock, except that the Issuer could, at its election, acquire each OP Unit so presented for one share of common stock. OP Units are not subject to vesting. These redemption rights did not have an expiration date.
• F6 Represents the acquisition of OP Units from the conversion of LTIP Units at the Partnership Merger Effective Time as discussed in Footnotes 2-4.
• F7 Includes 27,650 LTIP Units granted on May 18, 2023 that were previously automatically converted into OP Units but the conversion of which was not reported on a Form 4.

Disposition to the issuer of issuer equity securities pursuant to Rule 16b-3(e)

• F5 Represents common units of limited partnership interest (OP Units) in the Operating Partnership. Each OP Unit could be presented, at the election of the holder, for cash equal to the then fair market value of one share of the Issuer's common stock, except that the Issuer could, at its election, acquire each OP Unit so presented for one share of common stock. OP Units are not subject to vesting. These redemption rights did not have an expiration date.
• F8 Pursuant to the Agreement and Plan of Merger, dated as of September 17, 2025 (as amended on October 8, 2025, and as may be amended from time to time, the Merger Agreement), by and among the Issuer, the Operating Partnership, Rithm Capital Corp., a Delaware corporation (Parent), Panorama REIT Merger Sub, Inc., a Maryland corporation and a wholly owned subsidiary of Parent, and Panorama Operating Merger Sub LP, a Delaware limited partnership and a wholly owned subsidiary of Parent, at the Partnership Merger Effective Time, each outstanding OP Unit was cancelled and exchanged for the Partnership Merger Consideration of $6.60 per unit.

Disposition to the issuer of issuer equity securities pursuant to Rule 16b-3(e)

• F1 Pursuant to the Agreement and Plan of Merger, dated as of September 17, 2025 (as amended on October 8, 2025, and as may be amended from time to time, the Merger Agreement), by and among the Issuer, Paramount Group Operating Partnership LP, a Delaware limited partnership and a subsidiary of the Issuer (the Operating Partnership), Rithm Capital Corp., a Delaware corporation (Parent), Panorama REIT Merger Sub, Inc., a Maryland corporation and a wholly owned subsidiary of Parent, and Panorama Operating Merger Sub LP, a Delaware limited partnership and a wholly owned subsidiary of Parent, at the Company Merger Effective Time (as defined in the Merger Agreement), these shares of common stock were cancelled and exchanged for the Company Merger Consideration (as defined in the Merger Agreement) of $6.60 per share.

Disposition to the issuer of issuer equity securities pursuant to Rule 16b-3(e)

• F2 Pursuant to the Second Amended and Restated Agreement of Limited Partnership of the Operating Partnership, dated as of October 26, 2020 (the Partnership Agreement), each LTIP Unit converts automatically into one OP Unit (defined below) on the later to occur of (i) vesting and (ii) the date on which the Book-Up Target (as defined in the Partnership Agreement) for such LTIP Unit becomes zero.
• F3 Pursuant to the Merger Agreement, these securities granted on January 13, 2022 whose Book-Up Target was not zero (after giving effect to the Partnership Merger (as defined in the Merger Agreement)) were cancelled and converted into the right to receive an amount in cash equal to the Company Merger Consideration of $6.60 per share.

Exercise or conversion of derivative security exempted pursuant to Rule 16b-3

• F2 Pursuant to the Second Amended and Restated Agreement of Limited Partnership of the Operating Partnership, dated as of October 26, 2020 (the Partnership Agreement), each LTIP Unit converts automatically into one OP Unit (defined below) on the later to occur of (i) vesting and (ii) the date on which the Book-Up Target (as defined in the Partnership Agreement) for such LTIP Unit becomes zero.
• F4 At the Partnership Merger Effective Time, these securities, comprised of LTIP Units granted on January 25, 2023 that had vested or were subject to time vesting conditions and became fully vested pursuant to the applicable award agreement and whose Book-Up Target was zero after giving effect to the Partnership Merger, automatically converted into an equivalent number of OP Units in accordance with the Partnership Agreement.

Exercise or conversion of derivative security exempted pursuant to Rule 16b-3

• F2 Pursuant to the Second Amended and Restated Agreement of Limited Partnership of the Operating Partnership, dated as of October 26, 2020 (the Partnership Agreement), each LTIP Unit converts automatically into one OP Unit (defined below) on the later to occur of (i) vesting and (ii) the date on which the Book-Up Target (as defined in the Partnership Agreement) for such LTIP Unit becomes zero.
• F5 At the Partnership Merger Effective Time, these securities, comprised of LTIP Units earned on February 7, 2025 upon the achievement of performance hurdles that were subject to time vesting conditions and became fully vested pursuant to the applicable award agreement and whose Book-Up Target was zero after giving effect to the Partnership Merger, automatically converted into an equivalent number of OP Units in accordance with the Partnership Agreement.

Exercise or conversion of derivative security exempted pursuant to Rule 16b-3

• F2 Pursuant to the Second Amended and Restated Agreement of Limited Partnership of the Operating Partnership, dated as of October 26, 2020 (the Partnership Agreement), each LTIP Unit converts automatically into one OP Unit (defined below) on the later to occur of (i) vesting and (ii) the date on which the Book-Up Target (as defined in the Partnership Agreement) for such LTIP Unit becomes zero.
• F6 Pursuant to the Merger Agreement, at the Partnership Merger Effective Time, these securities, comprised of LTIP Units granted on September 8, 2023 that were subject to time-vesting and additional holding conditions, became fully vested, all restrictions lapsed, and such securities converted into an equivalent number of OP Units in accordance with the Partnership Agreement.