Taubman Centers, Inc.

July 2019

Investor Presentation

Taubman Centers, Inc. (NYSE: TCO) A real estate company founded in 1950,

with 69 years in operation

First publicly traded UPREIT – IPO 1992

Total market capitalization of about $10 billion

Joined the S&P 400 MidCap Index in January 2011

We own, operate and develop the best retail assets

Our portfolio of malls is the most productive in the U.S. publicly held mall sector

Currently own and/or operate 26 retail assets, with 1 project under development

2

Beverly Center, Calif. Cherry Creek Shopping Center, Colo. City Creek Center, Utah Dolphin Mall, Fla.

Fair Oaks, Va. The Mall at Short Hills, N.J. Country Club Plaza, Mo.

The Gardens on El Paseo, Calif. Great Lakes Crossing Outlets, Mich. Starfield Hanam, South Korea The Mall of San Juan, Puerto Rico

International Plaza, Fla. The Mall at University Town Center, Fla. Waterside Shops, Fla. Westfarms, Conn.

We Own, Operate and Develop the Best Retail Assets

The Mall at Millenia, Fla.

4

We Have the Industry's Premier Portfolio

We Strategically Enhance Our Portfolio through: Taubman Asia Developments, Redevelopment,

Acquisitions & Dispositions

While Emphasizing a Strong Balance Sheet

To Create Significant Shareholder Value

With Five Key Success Factors that Drive Productivity

We Operate the Best Collection of Retail Assets

Asia Properties

South Korea China

20

1 9

5

2

2111

12

8

1514

72322

1718

24

16

6

Owned Properties

1 Beverly Center Los Angeles, Calif.

2 Cherry Creek Shopping CenterDenver, Colo.

3 CityOn.Xi’anXi’an, China

4 CityOn.ZhengzhouZhengzhou, China

5 City Creek CenterSalt Lake City, Utah

6 Country Club PlazaKansas City, Mo.

7 Dolphin MallMiami, Fla.

8 Fair Oaks MallFairfax, Va.

9 The Gardens on El PaseoPalm Desert, Calif.

10 The Gardens MallPalm Beach Gardens, Fla.

11 Great Lakes Crossing OutletsAuburn Hills, Mich.

12 The Mall at Green HillsNashville, Tenn.

13 International Market PlaceWaikiki, Honolulu, Hawaii

14 International PlazaTampa, Fla.

15 The Mall at MilleniaOrlando, Fla.

16 The Mall of San JuanSan Juan, Puerto Rico

17 The Mall at Short HillsShort Hills, N.J.

18 Stamford Town CenterStamford, Conn.

19 Starfield HanamHanam, South Korea

20 Sunvalley Shopping CenterConcord, Calif.

21 Twelve Oaks MallNovi, Mich.

22 The Mall at University Town CenterSarasota, Fla.

23 Waterside ShopsNaples, Fla.

24 WestfarmsWest Hartford, Conn.

Industry’s Premier Portfolio

3

5

19

13 26

25 Miami WorldcenterMiami, Fla.

26 The Shops at Belmond Charleston PlaceCharleston, S.C.

Managed/Leased Centers –No Ownership

25

4

Development Properties

27 Starfield AnseongAnseong, South Korea

27

10

28% 22% 18% 12% 8% 6% 3% 3%

Percent of Industry Value

Taubman’s portfolio of 21 assets(1) average between A+ and A quality.

Source: Green Street Advisors, LLC. (2019) Annual Grade Review. Grades are based on merchandise mix, productivity, location, condition/appeal and other factors.Note: (1) Excludes Taubman Asia assets, as the Green Street only includes U.S. assets in their database.

Industry’s Premier Portfolio

The Best Assets Have Significantly Greater Value

3760

84 95119

15098 83 86

150

49

A++ A+ A A- B+ B B- C+ C C- D

US Mall Distribution by Quality

AA++ quality malls, which

represent 3.7% of all malls, account for 28% of all value

B CDB quality malls, which represent 36%of all malls, account for 17% of value

C quality malls, which represent 32% of all malls, account for 3% of value

D quality malls, which represent 5% of malls, account for less than 0.1% of value

6

80% of mall asset value is held in ‘A’ malls

$377

$397

$399

$499

$660

$746

$919

$0 $200 $400 $600 $800 $1,000

CBL

SKT

WPG

PEI

SPG

MAC

TCO

Highest Portfolio Sales Per Square Foot(1)(3)

(March 31, 2019)

$28.98

$32.45

$54.34

$60.74

$62.16

$0 $10 $20 $30 $40 $50 $60 $70

WPG

CBL

SPG

MAC

TCO

Highest Average Rent Per Square Foot(2)(3)

(March 31, 2019)

Industry’s Premier Portfolio

The Best Assets Are the Most Productive

7

Source: Company Filings and Supplementals, Company Quarterly Earnings Conference Calls, Taubman Analysis.Note: (1) Typically excludes all non-comparable centers, anchors, temporary tenants and 10,000+ sf tenants.

(2) PEI and SKT are excluded as they do not report Avg. Rent Per Square Foot on a comparable basis.(3) TCO amounts represent U.S. comparable centers only.

Ticker Identification: TCO – Taubman Centers, Inc., MAC – The Macerich Company, SPG – Simon Property Group, Inc., PEI – Pennsylvania Real Estate Investment Trust, SKT –Tanger Factory Outlet Centers, Inc., CBL – CBL & Associates Properties, Inc., WPG –Washington Prime Group, Inc.

8

We Have the Industry's Premier Portfolio

We Strategically Enhance Our Portfolio through: Taubman Asia Developments, Redevelopment,

Acquisitions & Dispositions

While Emphasizing a Strong Balance Sheet

To Create Significant Shareholder Value

With Five Key Success Factors that Drive Productivity

NOIGrowth

FFOGrowth

Sales Productivity & Rent Growth

Best Retail Assets

Best LocationsBest Demographics

High Quality Anchors & Department Stores

Premier In-Line Tenants

Omnichannel Complementary

Productivity

Five Key Success Factors

9

The best retail assets have five key success factors that drive productivity, ultimately resulting in NOI and FFO growth.

Leading retailers and emerging concepts choose to showcase their brand in the best markets and highest quality assets

93%82%

74%61%

53%

23%

0%

10%

20%

30%

40%

50%

60%

70%

80%

90%

100%

TCO MAC SPG PEI WPG CBL

Highest Concentration of Asset Value in Top U.S. 50 Markets

Source: Green Street Advisors. U.S. Mall Outlook 2019, Mall REIT Asset Value Concentration by Market.

We Have the Best Locations

10

Productivity

U.S. Mall REIT Demographics – 15 Mile Radius

$58,454

$61,689

$70,193

$73,491

$73,588

$81,207

$0 $20,000 $40,000 $60,000 $80,000 $100,000

CBL

WPG

MAC

PEI

SPG

TCO

Median Household Income

513,058

795,802

1,483,395

1,634,899

1,869,037

2,466,756

0 500,000 1,000,000 1,500,000 2,000,000 2,500,000

CBL

WPG

SPG

PEI

TCO

MAC

Population

74,890

79,122

90,146

93,588

94,974

104,567

$0 $20,000 $40,000 $60,000 $80,000 $100,000

CBL

WPG

MAC

PEI

SPG

TCO

Average Household Income

25.1%

26.2%

30.6%

32.2%

32.5%

35.0%

15.0% 20.0% 25.0% 30.0% 35.0% 40.0%

CBL

WPG

MAC

PEI

SPG

TCO

% of Household Earnings > $100K

With Industry-Leading Demographics

11

Productivity

Source: Evercore ISI Research Reports dated March 11, 2019. © Copyright 2019. Evercore Group L.L.C. All rights reserved.

Complementing Our Retailer’s Omnichannel Strategy

12

Productivity

Successful retailers understand that a combination of both physical and digital channels best meets their customer needs

Physical locations are an important distribution channel that reduce order fulfillment and customer acquisition costs, while improving website traffic and brand recognition

Taubman’s “A” quality portfolio complements retailer's omnichannel strategy by positioning their brand among high-end, productive retailers in the best markets

Retailer’s omnichannel

strategyeCommerce

Physical locations

Digitally native retailers are moving into physical stores in high-quality malls as the omnichannel strategy grows in the

modern retail landscape

Attracting Digitally Native Brands & Emerging Concepts

13

Productivity

◼ Our high quality assets are experiencing growing demand for space from digitally native retailers and emerging concepts

◼ Third party research(1) indicates that Taubman’s portfolio has the highest concentration of digitally native brands in the U.S. publicly traded mall sector

New Digitally Native & Emerging Concept Leases Signed

40

57

0

10

20

30

40

50

60

2017 2018

# of

Lea

ses

Digitally Native Tenants with Multiple Locations in our Portfolio

Select Expanding Concepts in our Portfolio

(1) Source: Green Street Advisors LLC. (2018) Clicks to Bricks. Analysis excludes “stores within stores” and pop-ups.

Superior Collection of Brands - Drawing Both Customers & Retailers to our Centers

Beverly Center

Cherry Creek Shopping Center

City Creek Center

Country Club Plaza

Dolphin Mall

Fair Oaks Mall

The Gardens on El Paseo

The Gardens Mall

Great Lakes Crossing Outlets

The Mall at Green Hills

International Market Place

International Plaza

The Mall at Millenia

The Mall of San Juan

The Mall at Short Hills

Stamford Town Center

Sunvalley

Twelve Oaks Mall

The Mall at University Town Center

Waterside Shops

Westfarms 14Note: Excludes Taubman Asia

Productivity

Anchors are a critical factor in assessing mall quality

Strong anchors attract both retailers and customers

Taubman’s portfolio is well-positioned; containing the largest concentration of high quality anchors

Best-in-Class Anchor Quality

Productivity

TCO CBL MAC PEI SPG WPG15 29 31 14 105 26

9 2 12 1 28 0

5 1 1 0 7 1

4 0 2 0 12 0

3 0 2 1 11 0

3 0 3 1 9 0

39 32 51 17 172 2747 147 102 44 316 109

83.0% 21.8% 50.0% 38.6% 54.4% 24.8%

Greatest Exposure to High Quality Specialty Department Stores

15

Total Fashion Dept.

Total Traditional Dept. Stores

Least Exposure to “Troubled” Department StoresTCO CBL MAC PEI SPG WPG

1 12 8 6 25 10

4 48 27 16 66 37

5 60 35 22 91 4747 147 102 44 316 109

10.6% 40.8% 34.3% 50.0% 28.8% 43.1%

Total Troubled Dept. Stores

Total Traditional Dept. Stores

Source: BofA Merrill Lynch Global Research, “1Q19: As store closings continue, refilling vacant space remains biggest challenge”, May 17, 2019.

Note: Analysis excludes SKT, as they operate premium outlet centers. Analysis includes Macy’s Men’s Store and Macy’s Furniture Gallery.

Leading to Strong Operating Metrics

16

Productivity

94.1% 94.2% 93.9%94.8% 94.6%

96.0% 96.1% 95.6% 95.9% 96.2%

75.0%

80.0%

85.0%

90.0%

95.0%

2014 2015 2016 2017 2018

Occupancy and Leased Space Percentage Occupancy and

leased space percentages remain very healthy

Expect About 95% comparable center occupancy at year-end 2019

Ending Occupancy Percentage – All Centers

$59.14 $59.41

$61.07$61.66

$61.75

$792$785

$792

$810

$875

740760780800820840860880900

$55$56$57$58$59$60$61$62$63

2014 2015 2016 2017 2018

Average Rent & Tenant Sales Per Square Foot Growth

Average Rent PSF Tenant Sales Per Square Foot (1) U.S. comparable centers used for comparability to prior periods

(1)

Taubman’s portfolio has experienced greater tenant sales productivity and average rent per square foot growth over the last five years, as the highest quality assets gain market share

Leased Percentage – All Centers

Taubman’s Assets Deliver Superior Performance

17

Adjusted Funds from Operations Per Diluted Share(1)

Source: Company Filings and Supplementals, Taubman SEC Filings, Taubman analysis

Note: (1) See appendix regarding reconciliations to the most comparable GAAP measures.(2) Excludes the portfolio of seven centers sold to Starwood Capital Group in October 2014.

$585 $588 $591

$661$685

$661$622(2)

$704

$774

$0

$100

$200

$300

$400

$500

$600

$700

$800

Total Portfolio NOI (1) $816

Num

ber of owned centers (as of D

ecember 31)

$3.06 $2.86$2.84

$3.34

$3.65 $3.67

$3.42(2)$3.58

$3.70$3.83

0

5

10

15

20

25

30

$0.00

$0.50

$1.00

$1.50

$2.00

$2.50

$3.00

$3.50

$4.00

Adjusted Funds from Operations Per Diluted Share (1)

ProductivityD

olla

rs in

$M

M

18

We Have the Industry's Premier Portfolio

We Strategically Enhance Our Portfolio through: Taubman Asia Developments, Redevelopment,

Acquisitions & Dispositions

While Emphasizing a Strong Balance Sheet

To Create Significant Shareholder Value

With Five Key Success Factors that Drive Productivity

Building upon the success of Starfield Hanam, Taubman is again partnering with Shinsegae Group – one of South Korea’s largest retailers – to create the first super-regional shopping center in the rapidly growing area of the southern Gyeonggi Province

Starfield AnseongAnseong - Gyeonggi Province, Greater Seoul, South Korea

19

Growth – Taubman Asia

ANSEONG

Site of Starfield Anseong

Starfield Anseong – Overview Anseong - Gyeonggi Province, Greater Seoul, South Korea

20

Opening: Late 2020

Ownership: 49%

Size: 1,100,000 sqft.

Partner: Shinsegae Group

Projected Stabilized Return: 6.25% - 6.75%

Est. Project Cost: $570M - $600MMajor Tenants: Shinsegae Factory Store, E-Mart Trader’s, PK Market, ElectroMart, Eatopia, Sport’s Monster, Aquafield, Toy Kingdom and an upscale cinema

Growth – Taubman Asia

The project is located near four growing cities (Pyeongtaek, Anseong, Asan, Jincheon) in greater Seoul.

The site includes a well-developed highway infrastructure near the Gyeongbu Expressway (links Seoul to Busan) as well as the Pyeongtaek-Jecheon Expressway connecting to Eastern Korea, creating a regional draw to the center.

Favorable supply and demand dynamics create an opportunity for development◼ South Korea has much less retail

real estate per capita than the United States

◼ The primary trade area of the site does not contain a modern shopping center, with current retail facilities almost exclusively limited hypermarkets and two older department stores

◼ Further, significant development plans in the surrounding area are expected to generate immense population and employment growth

◼ The combined population of Anseong and Pyeongtaek was 653,000 in 2016 and is expected to reach 867,000 in 2020

◼ By 2030, this population is expected to grow to 1 million people

◼ Samsung opened the world’s largest semi-conductor plant ~6 miles from the site, eventually creating about 110,000 jobs

◼ The relocation of a U.S. Army base is planned nearby, bringing an estimated population increase of 80,000 to 100,000 people

21

Growth – Taubman Asia

Starfield Anseong – OpportunityAnseong - Gyeonggi Province, Greater Seoul, South Korea

Lack of Retail SupplyShopping Center and

Department Store GLA / Capita

6

24

0

5

10

15

20

25

30

Korea US

SF/People

Mixed Use Shopping Mall & Premium Outlet Supply

Source: ICSC (2015)

Beverly Center - Los Angeles, CA◼ Completely transformed a key strategic asset

◼ Contemporized the interior and exterior◼ Dramatically upgraded the food offerings by replacing

generic restaurants with unique chef-driven concepts◼ Improved the parking and arrival experience◼ Elevated the merchandising

◼ Expanding the existing collection of luxury brands◼ Adding two new flagship tenants (The Webster

and Zara)◼ Increasing the presence of the most important

brands in center ◼ Following our investment, we believe Beverly Center has

resumed its trajectory to reestablish itself as one of the 10 best retail assets in the country

◼ Beverly Center will be one of about 10 assets in the country with 20 full luxury tenants

◼ Sales per square foot are approaching peak historical levels

openBeverly Center presentation

Redevelopments – Beverly Center

Growth – Redevelopment

Sales Productivity

Pre-Investment

CAGR: +4.2%

CAGR: -6.3%

Growth Stage Post-investment

CAGR: +9.4%

22

The Mall at Green Hills - Nashville, TN◼ Adding 170,000 sqft. of mall tenant area to the best

retail asset in the Nashville market◼ The project includes a new Dillard’s store, as well as

RH’s new 57,000 square foot design gallery flagship◼ New food additions include North, an Italian concept by

Sam Fox, and True Foods Kitchen◼ Apple and Louis Vuitton have both expanded as part of

the renovation◼ Projected Return at Stabilization: 6.5% to 7.5%◼ Cost: $200 million◼ Completion Date: June 2019◼ Leasing: Expect to be 90% leased by year-end 2019

Redevelopments – The Mall at Green Hills

23

Growth – Redevelopment

RH Nashville Café

24

Selective Acquisition – The Gardens Mall

Growth – Acquisitions

✔Highest Quality

Dominant Asset

Great Market

Growth Opportunity

Strategic to Existing Portfolio

✔

✔

✔

✔

ACQUISITION STRATEGY In April 2019, acquired a 48.5% interest in one of the country’s best retail

assets at an excellent value in an off-market, non-cash transaction Sales per square foot was above our portfolio median in 2018 Excellent department store and specialty store line-up Rated “A+” by most analysts

The dominant retail asset in an affluent and growing market with limited competition

Consistent with Taubman strategy of acquiring properties with growth potential The center is near trough NOI Accretive department store box redevelopment opportunity

Highly complementary to our portfolio, further solidifies our presence in five of Florida’s top markets

Taubman’s third operating partnership with The Forbes Company, a best-in-class owner and operator of four of the country’s top 100 assets

Taubman has agreed to sell 50% of its interests in Starfield Hanam, CityOn.Xi’an and CityOn.Zhengzhou to Blackstone

Value: $480 million ($960 million gross valuation for 100%) Cap rate: 4.1% percent(1)

Earn-Out: Taubman can earn up to an additional $50 million, based on 2019 performance of the assets

Confirms value creation of $325 million Transaction is expected to yield $455 million of additional liquidity Targeted closing dates: Serial closings expected throughout 2019

25

Strategic Disposition – Blackstone Transaction

Growth – Dispositions

✔

✔

✔

✔

✔

STRATEGIC BENEFITS

Confirms Value Creation

Recycling Capital• Recovery of nearly all equity investment

Reduces debt• Expect 2019 Pro Forma Debt-to-EBITDA

lowered by 0.5x

Accretive to Earnings(2)

New Strategic Partner• Increased deal flow• Access to Blackstone’s real estate

expertise, relationships and market knowledge

0100200300400500600700800900

1,000

Project Cost (at Share) Value (at Share)

Taubman Asia Project Value Creation

Total Investment ~$635

Total Value ~$960M

Equity($480M)

Debt ($155M)

Value Creation $325M

Starfield Hanam CityOn.Xi’an CityOn.Zhengzhou

Location: Greater Seoul, South KoreaOwnership Post- Transaction: 17.15%Note: Produced total sales in excess of $825mm in 2018, making it one of the most productive retail assets in the world

Location: Xi’an, ChinaOwnership Post-Transaction: 25%Note: One of the best mixed-use developments in Xi’an with office tower, luxury residence, shopping center and 5 star hotel

Location: Zhengzhou, ChinaOwnership Post-Transaction: 24.5%Note: Located in the new economic and cultural hub and is one of the highest productivity assets in Zhengzhou

(1) Based on 2018 NOI(2) Pro forma assuming closings and shares outstanding as of 1/1/2019. Estimated accretion is two-thirds from management fee income and one-third from lower borrowing costs.

openBlackstone Transaction

presentation

26

We Have the Industry's Premier Portfolio

We Strategically Enhance Our Portfolio through: Taubman Asia Developments, Redevelopment,

Acquisitions & Dispositions

While Emphasizing a Strong Balance Sheet

To Create Significant Shareholder Value

With Five Key Success Factors that Drive Productivity

Taubman’s Balance Sheet Philosophy

Use construction financing where available and place nonrecourse permanent financing on new assets

upon stabilization

Closely manage liquidity to ensure significant availability on our line of credit for use if

opportunities arise

Recycle capital through non-core asset sales and excess

refinancing proceeds

Carefully manage debt maturities

Minimize exposure to interest rate fluctuations

Opportunistically access public and private capital markets when pricing is

advantageous

$ $$

$ $ $$ $

27

Conservative Balance Sheet

Recent TransactionsBlackstone AgreementThe agreement to sell half of the company’s interests in three Asia assets will strengthen the balance sheet ◼ Additional $455 million of liquidity, which will be used to pay down

the Company’s $1.1 billion line of credit◼ $140 million of proceeds from refinancing two China assets◼ $315 million of net proceeds

◼ Improve balance sheet metrics◼ Debt-to-EBITDA Ratio: lowered by ~0.5x, (results in low 8x

range)◼ Interest Coverage Ratio: improved by ~25 bps (about 3x)◼ Fixed Coverage Ratio: improved by ~20 bps (about 2.3x)

46%

4%

32%

7%12% Common Stock and Operating

Partnership Equity ($4.5B)

Preferred Stock ($0.4B)

Fixed Rate Debt ($3.2B)Floating Rate Debt Swapped to Fixed Rate ($0.7B)Floating Rate Debt ($1.2B)

Balance Sheet Composition(as of 03/31/2019)

0.0

1.0

2.0

3.0

4.0

5.0

2014 2015 2016 2017 2018 2019YTD

Coverage Ratios(as of 03/31/219)

Interest OnlyFixed Charges

Conservative Balance Sheet

Strong Balance Sheet with Flexibility

28

Source: Company Quarterly Supplementals, Taubman analysis

$186 $146

$1,253

$618 $635

$2,176

$0

$500

$1,000

$1,500

$2,000

$2,500

2019 2020 2021 2022 2023 Thereafter

Debt Maturities by Year(as of 03/31/2019, in millions at our share)1

Dol

lars

in $

MM

29

We Have the Industry's Premier Portfolio

We Strategically Enhance Our Portfolio through: U.S. Development, Taubman Asia, Redevelopment,

Acquisitions & Dispositions

While Emphasizing a Strong Balance Sheet

To Create Significant Shareholder Value

With Five Key Success Factors that Drive Productivity

Significant Shareholder Value

Our Strategic Points of Difference

Recycling Capital for Growth

Our strategy has been to recycle capital for growth, minimizing our need to raise corporate equity

This method of recycling capital has resulted in significant shareholder returns

As of March 31, 2019, we had grown our total market capitalization from $2.2 billion at our IPO to $9.9 billion, while owning relatively the same number of assets and issuing only $50 million of common equity on a net basis

Our equity market cap of $1.3 billion at IPO in 1992 has grown to $4.5 billion as of March 31, 2019, representing an increase of 3.3x

The Taubman Asia/Blackstone transaction represents a recent example of growth, while reducing leverage, without issuing equity

Portfolio History – Recycling CapitalNumber of centers owned at IPO (1992) 19 Centers developed 20Centers acquired 12Centers sold/exchanged (27)Number of centers owned today 24Number of centers leased/managed today 2

Total 26

30

0

2,000

4,000

6,000

8,000

10,000

12,000

1992 1997 2002 2007 2012 2019 YTD

Market Capitalization since 1992 IPO

Total Market Capitalization

Equity Market Capitalization

$1.66 $1.68 $1.76 $1.85$2.00

$2.16 $2.26$2.38

$2.50$2.62

2009 2010 2011 2012 2013 2014 2015 2016 2017 2018

Dividend Payout Per Share(1)

Notes: (1) 2010 excludes special dividend of $0.1834 per share paid in December 2010. 2014 excludes special dividend of $4.75 per share paid in December 2014.(2) Peer group includes CBL, MAC, PEI, GGP, and SPG.

Source: Bloomberg, NAREIT Annual Index Values & Returns, Taubman analysis

History of Strong Shareholder Returns

In March 2019, the company increased the quarterly dividend by 3.1%, resulting in annual dividends of $2.70 per share

Taubman has never reduced its dividend since the IPO in 1992.

In 2009, Taubman Centers was the only mall REIT among our peers(2) not to reduce its dividend – we also maintained an all-cash dividend throughout the year.

Over the last 25 years, Taubman Centers’ compounded annual total shareholder return has been 11.5%.

Taubman Centers’ 25-year performance has exceeded its comparable benchmarks.

31

Significant Shareholder Value

BenchmarkTotal

ReturnCompounded Annual Return

Taubman Centers 1, 432% 11.5%

S&P 400 Midcap Index 1,220% 10.9%

FTSE NAREIT Equity Retail Index 932% 9.8%

S&P 500 Index 776% 9.1%

MSCI U.S. REIT Index 624% 8.2%

Shareholder Returns25 Year Total Return

(as of December 31, 2018)

We Have the Industry's Premier Portfolio

We Strategically Enhance Our Portfolio through: U.S. Development, Taubman Asia, Redevelopment,

Acquisitions & Dispositions

While Emphasizing a Strong Balance Sheet

To Create Significant Shareholder Value

With Five Key Success Factors Drive Productivity

32

Our Portfolio

Beverly Center Los Angeles, Calif. Click forCenter

Fact SheetAnchors: Bloomingdale’s, Macy’s GLA: 828,000 sq. ft.Ownership: 100%

34

Appendix

Cherry Creek Shopping Center Denver, Colo. Click forCenter

Fact SheetAnchors: Macy’s, Neiman Marcus, Nordstrom GLA: 1,031,000 sq. ft.Ownership: 50%

City Creek Center Salt Lake City, Utah Click for Center

Fact SheetAnchors: Macy’s, Nordstrom GLA: 621,000 sq. ft.Ownership: 100%

CityOn.Xi’an Xi’an, China Click forCenter

Fact SheetAnchors: Wangfujing Department Store GLA: 998,000 sq. ft.Ownership: 50%(1)

CityOn.Zhengzhou Zhengzhou, China Click forCenter

Fact SheetAnchors: G-Super, Wangfujing Department Store GLA: 919,000 sq. ft.Ownership: 49%(2)

(1) Ownership percentage following the Blackstone transaction 25%(2) Ownership percentage following the Blackstone transaction will 24.5%

Our Portfolio

35

Appendix

Fair Oaks Fairfax, Va. Click forCenter

Fact SheetAnchors: Macy’s (two locations), Dave & Bister’s, JCPenney, Lord & Taylor

GLA: 1,557,000 sq. ft.Ownership: 50%

Dolphin Mall Miami, Fla.Click for Center

Fact SheetAnchors: Neiman Marcus-Last Call, Saks Off 5th, Bass Pro Shops Outdoor World, Dave & Buster’s, Burlington, Marshall’s, Cobb Theatres, Bloomingdale’s Outlet, Polo Ralph Lauren Factory Store

GLA: 1,431,000 sq. ft.Ownership: 100%

The Gardens on El Paseo Palm Desert, Calif. Click for Center

Fact SheetAnchors: Saks Fifth Avenue GLA: 236,000 sq. ft.Ownership: 100%

Country Club Plaza Kansas City, Mo.Click forCenter

Fact SheetMixed-Use Retail and Office GLA Retail: 783,000 sq. ft.

GLA Office: 220,000 sq. ft.Ownership: 50%

The Gardens Mall Palm Beach Gardens, Fla. Click for Center

Fact SheetAnchors: Bloomingdale’s, Macy’s, Nordstrom, Saks Fifth Avenue, Sears

GLA: 1,400,000 sq. ft.Ownership: 48.5%

Our Portfolio

36

Appendix

The Mall at Millenia Orlando, Fla. Click forCenter

Fact SheetAnchors: Neiman Marcus, Bloomingdale’s, Macy’s GLA: 1,114,000 sq. ft.Ownership: 50%

International Market Place Waikiki, Honolulu, Hawaii Click forCenter

Fact SheetAnchors: Saks Fifth Avenue GLA: 342,000 sq. ft.Ownership: 93.5%

International Plaza Tampa, Fla. Click forCenter

Fact SheetAnchors: Neiman Marcus, Nordstrom, Dillard’s, Life Time Athletic GLA: 1,253,000 sq. ft.Ownership: 50%

The Mall at Green Hills Nashville, Tenn. Click for Center

Fact SheetAnchors: Nordstrom, Macy’s, Dillard’s GLA: 864,000 sq. ft.Ownership: 100%

Great Lakes Crossing Outlets Auburn Hills, Mich.Click for Center

Fact SheetAnchors: Bass Pro Shops Outdoor World, AMC Theatres, Lord & Taylor Outlet, Planet Fitness, Burlington Coat Factory, Round 1 Bowling and Amusement, Legoland, Sea Life

GLA: 1,355,000 sq. ft.Ownership: 100%

Our Portfolio

37

Appendix

Stamford Town Center Stamford, Conn. Click forCenter

Fact SheetAnchors: Macy’s, Saks Off 5th GLA: 761,000 sq. ft.Ownership: 50%

Sunvalley Concord, Calif. Click forCenter

Fact SheetAnchors: JCPenney, Macy’s (two locations), Sears GLA: 1,321,000 sq. ft.Ownership: 50%

Starfield Hanam Hanam, South Korea Click forCenter

Fact SheetAnchors: Shinsegae Department Store, PK Market, Traders GLA: 1,701,000 sq. ft.Ownership: 34.3%(1)

The Mall at Short Hills Short Hills, N.J. Click forCenter

Fact SheetAnchors: Neiman Marcus, Nordstrom, Bloomingdale’s, Macy’s GLA: 1,443,000 sq. ft.Ownership: 100%

The Mall of San Juan San Juan, Puerto Rico Click forCenter

Fact SheetAnchors: Saks Fifth Avenue, Nordstrom GLA: 626,000 sq. ft.Ownership: 95%

(1) Ownership percentage following the Blackstone transaction 17.15%

Westfarms West Hartford, Conn. Click forCenter

Fact SheetAnchors: Nordstrom, Macy’s (two locations), Lord & Taylor, JCPenney

GLA: 1,267,000 sq. ft.Ownership: 79%

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38

Appendix

Waterside Shops Naples, Fla. Click forCenter

Fact SheetAnchors: Saks Fifth Avenue, Nordstrom GLA: 341,000 sq. ft.Ownership: 50%

The Mall at University Town Center Sarasota, Fla. Click forCenter

Fact SheetAnchors: Saks Fifth Avenue, Dillard’s, Macy’s GLA: 860,000 sq. ft.Ownership: 50%

Starfield Anseong Anseong, South Korea

Anchors: Shinsegae Factory Store, E-Mart Trader’s, PK Market, ElectroMart, Eatopia, Sport’s Monster, Aquafield, Toy Kingdom and an upscale cinema

GLA: 1,100,000 sq. ft.Ownership: 49%

Development Property

Twelve Oaks Mall Novi, Mich. Click forCenter

Fact SheetAnchors: Nordstrom, Macy’s, Lord & Taylor, JCPenney GLA: 1,520,000 sq. ft.Ownership: 100%

SymbolCommon Stock TCOSeries J Cumulative Redeemable Preferred Stock TCO PR JSeries K Cumulative Redeemable Preferred Stock TCO PR K

Appendix

Trading Information

39

The Company's common stock and two issuances of preferred stock are traded on the New York Stock Exchange.

Market Quotation per Common ShareCommon Stock Dividends

Declared and PaidQuarters-Ended High Low

March 31, 2019 53.45 44.85 0.675

March 31, 2018 66.39 54.97 0.655

June 30, 2018 60.81 51.87 0.655

September 30, 2018 65.00 58.30 0.655

December 31, 2018 58.71 43.72 0.655

Appendix

Analyst Coverage

40

Company Analyst Email Address

Bank of America Securities-Merrill Lynch Craig Schmidt craig.schmidt@baml.com

BMO Capital Markets Jeremy Metz jeremy.metz@bmo.com

BTIG James Sullivan jsullivan@btig.com

Citigroup Global Markets, Inc. Christy McElroy christy.mcelroy@citi.com

Deutsche Bank Securities, Inc. Derek Johnston derek.johnston@db.com

Evercore ISI Steve Sakwa steve.sakwa@evercoreisi.com

Goldman Sachs & Co. Caitlin Burrows caitlin.burrows@gs.com

Green Street Advisors, Inc. Daniel Busch dbusch@greenstreetadvisors.com

Jefferies, LLC Jonathan Petersen jpetersen@jefferies.com

J.P. Morgan Securities Michael Mueller michael.w.mueller@jpmorgan.com

Keybanc Capital Markets, Inc. Todd Thomas tthomas@key.com

Mizuho Securities USA Inc. Haendel St. Juste haendel.st.juste@us.mizuho-sc.com

Morgan Stanley Richard Hill Richard.Hill1@morganstanley.com

Raymond James Collin Mings collin.mings@raymondjames.com

Sandler O'Neill & Partners, L.P. Alexander Goldfarb agoldfarb@sandleroneill.com

Scotia Capital (USA) Inc. Greg McGinniss greg.mcginniss@scotiabank.com

Taubman Centers, Inc. is followed by the analysts listed above. The Company believes the list to be complete, but can provide no assurances.Please note that any opinions, estimates, or forecasts regarding the Company's performance made by these analysts are independent of the Company and do not represent opinions, forecasts, or predictions of its management. The Company does not, by its reference above or distribution, imply its endorsement of or concurrence with such information, conclusions, or recommendations.

2018 Actual 2019 Guidance(1),(2)

Earnings Per Share $0.95 $0.68 - $0.92

Adjusted FFO per share $3.83 $3.62 - $3.74

NOI at 100% - comparable centers excluding lease cancellation income - growth %

3.8%(3) Up about 2%

Ending occupancy, including temporary tenants (comp centers) 94.9%(4) About 95%

Domestic and non-U.S. general and administrative expense $37.2 million $8 - $9 million per quarter

Lease cancellation income, our share $16.6 million Approximately $12 million

Interest Expense, 100% (Combined) $265.9 million $293 - $299 million

Interest Expense, at our share (Combined) $189.4 million $215 - $221 million

Impact of new lease accounting standard N/A $5 - $7 million(5)

(1) Guidance is current as of April 30, 2019, see Taubman Centers, Inc. Issues Solid First Quarter Results. On February 14, 2019, we announced agreements to sell 50 percent of our ownership interests in Starfield Hanam, CityOn.Xi’an, and CityOn.Zhengzhou to funds managed by The Blackstone Group L.P.(Blackstone). The transactions are subject to customary closing conditions and are expected to close throughout 2019. The 2019 annual guidance and related guidance assumptions exclude the impact of the Blackstone transactions. In April 2019, we acquired a 48.5% interest in The Gardens Mall. The 2019 annual guidance and related guidance assumptions now include the impact of The Gardens Mall acquisition.

(2) See slides 42 and 43 regarding reconciliations to the most comparable GAAP measures.(3) Represents NOI growth for the comparable centers that were owned and open, excluding centers impacted by significant redevelopment activity, during the entire two year period

ending December 31, 2018. In addition, The Mall of San Juan has been excluded from comparable center statistics as a result of Hurricane Maria and the expectation that the center’s performance will be impacted for the foreseeable future.

(4) The year ended December 31, 2018 statistic has been restated to include comparable centers to 2019. (5) Represents an estimate of indirect leasing costs to be expensed in 2019, which were previously being capitalized in 2018, in connection with our adoption of Accounting Standards

Codification (ASC) Topic 842, "Leases".

Appendix2019 GuidanceSummary of Key Guidance Measures

41

Year EndedDecember 31, 2018

Range for Year EndedDecember 31, 2019(2)

Adjusted Funds from Operations per common share $3.83 $3.62 $3.74

Restructuring charge (3) (0.005) (0.005) (0.005)Costs associated with shareholder activism (3) (0.145) (0.045) (0.045)

Fluctuation in fair value of equity securities (3) 0.030 0.040 0.040

Write-off of deferred financing costs (0.005)

Funds from Operations per common share $3.71 $3.60 $3.72

Depreciation – TRG (2.64) (2.78) (2.67)

Distributions to participating securities of TRG (0.02) (0.03) (0.03)

Depreciation of TCO's additional basis in TRG (0.11) (0.11) (0.11)Net income attributable to common shareowners, per common share (EPS) $0.95 $0.68 $0.92

(1) All dollar amounts per common share on a diluted basis; amounts may not add due to rounding. (2) Guidance is current as of April 30, 2019, see Taubman Centers, Inc. Issues Solid First Quarter Results. On February 14, 2019, we announced

agreements to sell 50 percent of our ownership interests in Starfield Hanam, CityOn.Xi’an, and CityOn.Zhengzhou to funds managed by The Blackstone Group L.P.(Blackstone). The transactions are subject to customary closing conditions and are expected to close throughout 2019. The 2019 annual guidance and related guidance assumptions exclude the impact of the Blackstone transactions. In April 2019, we acquired a 48.5% interest in The Gardens Mall. The 2019 annual guidance and related guidance assumptions now include the impact of The Gardens Mall acquisition. Amount represents actual amounts recognized through the first quarter of 2019.

(3) Amount does not include future assumptions of amounts to be incurred during 2019.

AppendixReconciliation of Net Income Attributable to Common Shareowners to Funds from Operations(1)

42

Appendix

Reconciliation of Net Income to Net Operating Income(1)

43

(1) The Company uses Net Operating Income (NOI) as an alternative measure to evaluate the operating performance of centers, both on individual and stabilized portfolio bases. The Company defines NOI as property-level operating revenues (includes rental income excluding straightline adjustments of minimum rent) less maintenance, taxes, utilities, promotion, ground rent (including straightline adjustments), and other property operating expenses. Since NOI excludes general and administrative expenses, pre-development charges, interest income and expense, depreciation and amortization, impairment charges, restructuring charges, and gains from land and property dispositions, it provides a performance measure that, when compared period over period, reflects the revenues and expenses most directly associated with owning and operating rental properties, as well as the impact on their operations from trends in tenant sales, occupancy and rental rates, and operating costs.

For ease of use, references in this document to “Taubman Centers,” “company,” “Taubman” or an operating platform mean Taubman Centers, Inc. and/or one or more of a number of separate, affiliated entities. Business is actually conducted by an affiliated entity rather than Taubman Centers, Inc. itself or the named operating platform.

This document may contain forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. These statements reflect management's current views with respect to future events and financial performance. Forward-looking statements can be identified by words such as “will”, “may”, “could”, “expect”, “anticipate”, “believes”, “intends”, “should”, “plans”, “estimates”, “approximate”, “guidance” and similar expressions in this press release that predict or indicate future events and trends and that do not report historical matters. The forward-looking statements included in this release are made as of the date hereof or the date otherwise specified herein. Except as required by law, the company assumes no obligation to update these forward-looking statements, even if new information becomes available in the future. Actual results may differ materially from those expected because of various risks, uncertainties and other factors.

Such factors include, but are not limited to: changes in market rental rates; unscheduled closings or bankruptcies of tenants; relationships with anchor tenants; trends in the retail industry; challenges with department stores; changes in consumer shopping behavior; the liquidity of real estate investments; the company’s ability to comply with debt covenants; the availability and terms of financings; changes in market rates of interest and foreign exchange rates for foreign currencies; changes in value of investments in foreign entities; the ability to hedge interest rate and currency risk; risks related to acquiring, developing, expanding, leasing and managing properties; competitors gaining economies of scale through M&A and consolidation activity; changes in value of investments in foreign entities; risks related to joint venture properties; insurance costs and coverage; security breaches that could impact the company’s information technology, infrastructure or personal data; costs associated with response to technology breaches; the loss of key management personnel; shareholder activism costs and related diversion of management time; labor discord, war, terrorism; maintaining the company’s status as a real estate investment trust; changes in the laws of states, localities, and foreign jurisdictions that may increase taxes on the company’s operations; changes in global, national, regional and/or local economic and geopolitical climates; changes in and/or difficulties in operating in foreign political environments; difficulties in operating with foreign vendors and joint venture and business partners; and difficulties of complying with a wide variety of foreign laws including laws affecting funding and use of cash, corporate governance, property ownership restrictions, development activities, operations, anti-corruption, taxes, and litigation; changes in and/or requirements of complying with applicable laws and regulations in the U.S. that affect foreign operations, including the U.S. Foreign Corrupt Practices Act; differing lending practices, including lower loan-to-value ratios and increased difficulty in obtaining construction loans or timing thereof; lower initial investment returns than those generally experienced in the U.S.; and differences in cultures including adapting practices and strategies that have been successful in the U.S. mall business to retail needs and expectations in new markets. You should review the company's filings with the Securities and Exchange Commission, including “Risk Factors” in its most recent Annual Report on Form 10-K and subsequent quarterly reports, for a discussion of such risks and uncertainties.

Appendix

Forward-Looking Language and Non-GAAP Measures

44