Taubman Centers, Inc.

September 2018

Investor Presentation

Taubman Centers, Inc.

(NYSE: TCO)

A real estate company founded in 1950,

with 68 years in operation

First publicly traded UPREIT – IPO 1992

Total market capitalization over

$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 Millenia, Fla. 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

4

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

We Operate the Best Collection of Retail Assets

Asia

Properties

South

Korea China

Macau

19

1 9

5

2

2010

11

8

1413

722

21

16

1723

15

6

Owned Properties

1 Beverly Center

Los Angeles, Calif.

2 Cherry Creek Shopping Center

Denver, Colo.

3 CityOn.Xi’an

Xi’an, China

4 CityOn.Zhengzhou

Zhengzhou, China

5 City Creek Center

Salt Lake City, Utah

6 Country Club Plaza

Kansas City, Mo.

7 Dolphin Mall

Miami, Fla.

8 Fair Oaks

Fairfax, Va.

9 The Gardens on El Paseo

Palm Desert, Calif.

10 Great Lakes Crossing Outlets

Auburn Hills, Mich.

11 The Mall at Green Hills

Nashville, Tenn.

12 International Market Place

Waikiki, Honolulu, Hawaii

13 International Plaza

Tampa, Fla.

14 The Mall at Millenia

Orlando, Fla.

15 The Mall of San Juan

San Juan, Puerto Rico

16 The Mall at Short Hills

Short Hills, N.J.

17 Stamford Town Center

Stamford, Conn.

18 Starfield Hanam

Hanam, South Korea

19 Sunvalley Shopping Center

Concord, Calif.

20 Twelve Oaks Mall

Novi, Mich.

21 The Mall at University

Town Center

Sarasota, Fla.

22 Waterside Shops

Naples, Fla.

23 Westfarms

West Hartford, Conn.

Industry’s Premier Portfolio

3

5

18

12 26

24 The Boulevard at Studio City

Macau, China

25 Miami Worldcenter

Miami, Fla.

26 The Shops at Belmond

Charleston Place

Charleston, S.C.

Managed/Leased Centers –

No Ownership

24

25

4

Development Properties

27 Starfield Anseong

Anseong, South Korea

27

23% 20% 21% 14% 10% 7% 3%3%

Percent of Industry Value

Taubman’s portfolio of 20 assets(1) average between A+ and A quality.

Source: Green Street Advisors. (2018) 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

3758

94111

140169

11799

119 116

44

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

US Mall Distribution by Quality

AA++ quality malls, which

represent 3.4% of all malls,

account for 23% of all value

B CDB quality malls, which represent 39%

of all malls, account for 20% of value

C quality malls, which represent 30% of

all malls, account for 3% of value

D quality malls, which represent 4% of malls, account for less than 0.1% of value

6

Roughly 78% of mall asset value is held in ‘A’ malls

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.

$376

$377

$391

$485

$646

$692

$845

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

CBL

WPG

SKT

PEI

SPG

MAC

TCO

Highest Portfolio SalesPer Square Foot(1)(3)

(June 30, 2018)

$27.49

$32.64

$53.84

$58.84

$61.91

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

WPG

CBL

SPG

MAC

TCO

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

(June 30, 2018)

Industry’s Premier Portfolio

The Best Assets Are the Most Productive

7

8

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

NOIGrowth

FFOGrowth

Sales Productivity &

Rent Growth

Best Retail

Assets

Best Locations

Best 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

89%82% 80%

63% 60%

47%

25%

0%

10%

20%

30%

40%

50%

60%

70%

80%

90%

100%

TCO MAC SPG GGP PEI WPG CBL

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

Source: Green Street Advisors. U.S. Mall Outlook 2018, Mall REIT Asset Value Concentration by Market.

We Have the Best Locations

10

Productivity

U.S. Mall REIT Demographics – 15 Mile Radius

$58,452

$60,100

$67,571

$71,732

$72,633

$72,720

$79,583

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

CBL

WPG

GGP

MAC

PEI

SPG

TCO

Median Household Income

Source: Evercore ISI Research Reports dated March 13, 2018. © Copyright 2018. Evercore Group L.L.C. All rights reserved.

495,314

761,512

1,271,894

1,415,527

1,451,252

1,670,468

2,365,786

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

CBL

WPG

GGP

SPG

PEI

TCO

MAC

Population

74,991

76,992

86,725

91,941

92,299

93,663

102,637

$0 $20,000 $40,000 $60,000 $80,000$100,000$120,000

CBL

WPG

GGP

MAC

PEI

SPG

TCO

Average Household Income

25.1%

25.2%

29.7%

31.2%

32.0%

32.1%

34.6%

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

CBL

WPG

GGP

MAC

PEI

SPG

TCO

% of Household Earnings > $100K

With Industry-Leading Demographics

11

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

Complementing Our Retailer’s Omnichannel Strategy

12

Retailer’s

Omnichannel

StrategyeCommerce

Productivity

Retailer’s

omnichannel

strategyeCommerce

Physical

locations

Internet only retailers are moving into physical stores in high-

quality malls as the omnichannel strategy grows in the

modern retail landscape

Brands that have chosen a Taubman

Center as their first U.S. Mall location“Online” retailers that

are now tenants in Taubman Centers

Attracting the Premier Brands

13

Productivity

Superior Collection of Brands - Attracting Both

Customers & Retailers to our Centers

Beverly Center

Cherry Creek Shopping Center

City Creek Center

Country Club Plaza

Dolphin Mall

Fair Oaks

The Gardens on El Paseo

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

◼ New high-productivity retailers have naturally taken greater space throughout our portfolio, while formerly

prominent tenants have decreased their footprint over the last 10 years

◼ The evolution of Taubman’s tenant mix has contributed to our sales growth over the last decade

◼ The below table highlights a sample of significant changes within our tenant base over the last 10 years

Evolution of Taubman’s Retailer Mix

15

TenantChange in GLA (Sqft.)

2017 vs. 2007

+298,000

+134,000

+57,000

+56,000

+34,000

400

500

600

700

800

2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017

Tenant Sales per Square Foot(2007 through 2017)

Ten

an

t S

ale

s p

er

Sq

uare

Fo

ot

($)

TenantChange in GLA (Sqft.)

2017 vs. 2007

-165,000

-131,000

-86,000

-63,000

-48,000

3.9%

CAGR

Productivity

New Concepts Recently Added to TCO’s Portfolio

Strong Tenant Demand for Space

16

FoodEmerging Brands

Productivity

95.8%

94.1% 94.2% 93.9%94.8%

96.7%96.0% 96.1% 95.6% 95.9%

75.0%

80.0%

85.0%

90.0%

95.0%

2013 2014 2015 2016 2017

Occupancy and Leased Space Percentage Expect About

95% comparable

center occupancy

at year-end 2018

Ending Occupancy

Percentage – All Centers

Leased Percentage –

All Centers

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 WPG

15 30 35 16 107 26

9 1 12 1 28 0

5 1 1 0 6 1

4 0 2 0 12 0

3 0 2 1 10 0

3 0 3 1 9 0

39 32 55 19 172 27

49 197 125 47 358 155

79.6% 16.2% 44.0% 40.4% 48.0% 17.4%

Greatest Exposure to High Quality Specialty Department Stores

17

Total Fashion Dept.

Total Traditional

Dept. Stores

Least Exposure to “Troubled” Department Stores

TCO CBL MAC PEI SPG WPG

3 40 21 8 59 42

4 49 28 16 66 39

7 89 49 24 125 81

49 197 125 47 358 155

14.3% 45.2% 39.2% 51.1% 34.9% 52.3%

Total Troubled Dept.

Stores

Total Traditional

Dept. Stores

Source: BofA Merrill Lynch Global Research, “2Q18

Quarterly: Retail REITs remain cautious despite

beats; risks to ‘19 #’s in our view”, August 20, 2018.

Note: Analysis excludes SKT, as they operate

premium outlet centers. Analysis includes Macy’s

Men’s Store and Macy’s Furniture Gallery.

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.

Taubman’s Assets Deliver Superior Performance

$590 $585 $588 $591

$661$685

$661

$622(2)

$704

$777

$0

$100

$200

$300

$400

$500

$600

$700

$800

Total Portfolio NOI(1)

18

Num

be

r of o

wn

ed

ce

nte

rs (a

s o

f De

ce

mb

er 3

1)

$3.08 $3.06$2.86

$2.84$3.34

$3.65 $3.67

$3.42(2)

$3.58$3.70

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)

Productivity

19

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

Opened: March 2017

Development - Value Creation Opportunity

20

Growth – Development

& Taubman Asia

Opened: September 2016 Opened: March 2017

Opened: August 2016Opened: April 2016

◼ About $1.2 billion (at share) has been invested on the below ground up developments which have opened within the last

2 ½ years. We expect these assets to generate significant NOI and NAV growth as they stabilize.

◼ These four assets generated approximately $35 million of NOI (at share) in 2017.

◼ In aggregate, we expect these four assets to generate $70 million to $75 million of NOI (at share) for the full year 2020.

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

21

Growth – Taubman Asia

ANSEONG

Site of Starfield Anseong

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

22

Opening: Late 2020

Ownership: Expect to own 24.5% (currently funding 49%)

Size: 1,100,000 sqft.

Partner / Anchor: Shinsegae Group

Projected Stabilized Return: 6.25% - 6.75%

Est. Project Cost: $570M - $600M

Major 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

Lack of Retail Supply

23

Growth – Taubman Asia

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

Shopping 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

◼ Transformative opportunity for comprehensive renovation,

touching every aspect, of a key strategic asset in the

Taubman portfolio

◼ Complete re-imagination of the interiors, exteriors and

parking deck with a design by world renowned architect,

Massimiliano Fuksas

◼ Featuring a significant expansion of food offerings, including

street-level restaurants and a multi-concept gourmet food

hall on level 8

◼ Resulting in LA’s most exciting enclosed, urban shopping

and dining experience and following the renovation, we

expect it will become one of the top ten assets in the country

◼ Projected Returns(1):

3.0% to 4.0% at stabilization in 2020

10-year Unlevered IRR in excess of 10.0%,

terminal year 2025

◼ Targeted Completion Date: Holiday 2018

◼ Cost: $500 million(2)

The Mall at Green Hills – Nashville, TN

◼ Adding 170,000 sq ft of mall tenant area, including a new

Dillard’s store, to be completed in 2019

◼ Projected Return at Stabilization: 6.5% to 7.5%

◼ Cost: $200 million

Note: (1) Projected returns are calculated using the cash flow differential between two

scenarios; a full renovation (described above) and a non-renovation scenario; detail

provided in Appendix on slide 38.

(2) Approximately 20 percent of the cost relates to deferred and prospective

customary capital upgrades and improvements.

open

Beverly Center

presentation

Redevelopments – Current

24

Growth – Redevelopment

Acquired a 50% interest in the center in March 2016 for $330

million

Marquee retail and office property in Kansas City, MO

Below-market rents present growth opportunity

Significant expansion and redevelopment opportunity

Strategic partnership with The Macerich Company

Leveraging tenant relationships to increase sales to the top one-

third of our portfolio

Region’s premier tenant line-up with over 25 restaurants

In February 2018, Nordstrom announced plans to relocate their

store in Kansas City Market to the Plaza

25

Selective Acquisition – Country Club Plaza

Growth – Acquisitions

Highest Quality

Dominant Asset

Great Market

Growth Opportunity

Strategic to Existing Portfolio• Adds unique retailers to our portfolio

• Strategic Partnership

ACQUISITION STRATEGY

0

2,000

4,000

6,000

8,000

10,000

12,000

1992 1997 2002 2007 2012 2017

History of Recycling Capital for Growth(Market Capitalization since 1992 IPO)

Do

llars

in

$M

M

Total Market

Capitalization

Equity Market

Capitalization

Strategic Dispositions

Seven Asset Portfolio Sale

Price: $1.403 billion

Cap Rate: 6.6%

Date: Oct. 16, 2014

Result:

1. Improved portfolio metrics,

demographics and operating statistics

2. Balance sheet strengthened

3. Liquidity to fund development and

redevelopment pipelines, underscoring

our strategy

Dispositions

DISPOSITION STRATEGY

◼Our strategy is to recycle capital for growth, minimizing

our need to raise equity

◼Our growth has been self-funded

Following the Starwood transaction (right), we owned

18 centers, 1 less than when we went public in 1992

On a net basis, we had issued only $50(1) million of

common equity since the IPO

Nonetheless, our market capitalization has increased

approximately five times since the IPO, about 25 years

ago(1) Excludes equity compensation issuances

26

27

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

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

$ $$

$ $ $$ $

28

Conservative Balance Sheet

49%

3%

30%

9%

9%Common Stock and Operating

Partnership Equity ($5.1B)

Preferred Stock ($0.4B)

Fixed Rate Debt ($3.2B)

Floating Rate Debt

Swapped to Fixed Rate

($0.9B)

Floating Rate Debt ($0.9B)

Balance Sheet Composition(as of 06/30/2018)

0.0

1.0

2.0

3.0

4.0

5.0

2013 2014 2015 2016 2017 2018 YTD

Coverage Ratios(as of 06/30/2018)

Interest Only

Fixed Charges

Conservative Balance Sheet

Strong Balance Sheet with Flexibility

29

Source: Company Quarterly Supplementals, Taubman analysis

Recent Transactions

Refinanced Fair Oaks Mall in the

Washington D.C. area

◼ The new 5-year, $260M non-recourse

loan has a fixed interest rate of 5.32%,

with a 30-year amortization period

◼ Proceeds were used pay off the

previous $259M loan

◼ This transaction closed in April 2018

Refinanced International Market

Place in Hawaii

◼ The $250M loan has a floating rate of

LIBOR +215 bps, with an initial 3-year

term and two 1-year extension options

◼ This transaction closed in August 2018

Conservative Balance Sheet

Weig

hte

d A

vera

ge

Inte

rest R

ate

Weighted Average Debt Maturity

30

Low-Cost and Long-Term Financing

We have extremely attractive, stable, high-quality assets that allow for financing at the best

rates with extended maturities

Efficient debt pricing Cost of capital advantage

TCO

SPG

MAC

WPGPEI

CBL

3.0%

3.5%

4.0%

4.5%

5.0%

4.5 5.0 5.5 6.0 6.5 7.0

$12 $50

$573

$254

$1,272

$2,790

$0

$500

$1,000

$1,500

$2,000

$2,500

$3,000

2018 2019 2020 2021 2022 Thereafter

Dolla

rs in $

MM

Debt Maturities by Year(as of 06/30/2018, in millions at our share)1

Note:

(1) Maturities assume that all extension options have been exercised and no pay downs are required upon extension.

Source: Company Quarterly Supplementals, Taubman analysis

Low-Cost and Long-Term Debt in context of U.S. Mall REIT Sector(as of 06/30/2018)

31

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

Significant NOI Growth Combined with a

Deleveraging Plan Create an Investment Opportunity

Superior NOI Growth by

2020(1)

◼We expect to add approximately

$150M of additional NOI in 2020

above 2016 (at our share)

Development Projects(2) to add

approximately $70M to $75M of

NOI

Core Center Growth is expected

to add about $50M of NOI

Redevelopment Projects (3) are

expected to add about $20M to

$30M of NOI

32

Notes: (1) Assumptions current as of February 9, 2018, the

date of Taubman’s Q4 2017 Earnings Conference Call.

(2) Development projects for the purpose of this analysis

include International Market Place, CityOn.Xi’an, CityOn.

Zhengzhou and Starfield Hanam.

(3) Redevelopment. projects for the purpose of this

analysis include Beverly Center, The Mall at Green Hills,

the former Saks Fifth Avenue location at The Mall at

Short Hills, as well as the former Sport’s Authority

locations at Cherry Creek Shopping Center, Dolphin Mall

and Great Lakes Crossing Outlets.

NOI Growth Outlook

2016

2020

$1.66 $1.66 $1.68$1.76

$1.85$2.00

$2.16$2.26

$2.38$2.50

2008 2009 2010 2011 2012 2013 2014 2015 2016 2017

Dividend Payout Per Share(2)

Note: (1) This graph sets forth the cumulative total returns on a $100 investment in of our Common Stock, the MSCI US REIT Index, the FTSE NAREIT Equity Retail Index, the S&P 500 Index and

the S&P 400 MidCap Index for the period December 31, 2007 through December 31, 2017 (assuming in all cases, the reinvestment of dividends).

(2) 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.

(3) Peer group includes CBL, MAC, PEI, GGP, and SPG.

Source: Company SEC Filings, Taubman analysis

S&P 400 Midcap

Index

Taubman

S&P 500 Index

FTSE NAREIT

Equity REIT Index

MSCI US REIT

Index

History of Strong Shareholder Returns

Cum

ula

tive

To

tal R

etu

rn S

ince

Dec. 3

1, 2

00

6

The company has never reduced its dividend since

the IPO in 1992.

In 2009, Taubman Centers was the only mall REIT

among our peers(3) not to reduce its dividend – we

also maintained an all-cash dividend throughout the

year.

Over the 10-year period ended December 31, 2017, Taubman

Centers’ compounded annual total shareholder return was 7.4%.

Taubman Centers’ 10-year performance is comparable to the

MSCI REIT Index (7.4%) and exceeds FTSE NAREIT Equity Retail

(5.0%) index.

33

Significant Shareholder Value

0

50

100

150

200

250

300

2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017

Shareholder Returns(1)

Significant Shareholder Value

Best Performing REITs Over the Last 20 Years

Ticker Total ReturnCompounded

Annual Return

Equity Lifestyle Properties ELS 1,951% 16.3%

Essex Property Trust ESS 1,498% 14.9%

Realty Income Corporation O 1,436% 14.6%

EPR Properties EPR 1,415% 14.6%

Public Storage PSA 1,341% 14.3%

Taubman Centers TCO 1,277% 14.0%

Universal Health UHT 1,253% 13.9%

Simon Property Group SPG 1,234% 13.8%

Federal Realty Trust FRT 1,197% 13.7%

Monmouth Real Estate

Investment CorporationMNR 1,128% 13.4%

Top 10 REITs20 Year Total Return(as of December 31, 2017)

34Source: KeyBanc Capital Markets, “The Leaderboard” as of December 31, 2017, Taubman analysis

Significant Shareholder Value

Our Points of Difference

As of year-end 2017, we had grown

our total market capitalization from

$2.2 billion at our IPO to $10.7

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 $5.6

billion as of year-end 2017,

representing an increase of 4.3x

Our portfolio is large enough to

provide important economies of

scale and solidify our relationships

with the world’s best retailers

Yet not so large that we cannot

maximize the potential of every

property

Since 2008 we have developed,

renovated, or expanded over 80% of

our assets

Intensively Managed Portfolio

Number of centers owned at IPO (1992) 19

Centers developed 20

Centers acquired 11

Centers sold/exchanged (27)

Number of centers owned today 23

Number of centers leased/managed today 3

Total 26

35

0

2,000

4,000

6,000

8,000

10,000

12,000

1992 1997 2002 2007 2012 2017

Market Capitalization since 1992 IPO

Total Market

Capitalization

Equity Market

Capitalization

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

36

2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025

Assumptions

◼ Stabilized returns (see above)

Projected returns are calculated using the cash flow differential between two scenarios; a full renovation and a non-renovation scenario.

◼ Internal Rate of Return (see above)

10-year, unlevered IRR in 2015 based on an exit cap rate that is 100-150 basis points better under the full renovation scenario compared to the

non-renovation scenario.

◼ Other

Net Asset Value: Renovation will create $50 to $100 million of incremental net asset value in 2025.

Sales: Projection assumes Beverly Center only recaptures its lost market share and then increases at a market growth rate (upside possible).

Redevelopments – Beverly Center –

Financial Review

38

Net Operating Income (NOI) Comparison - ProForma

Base Case,

Non-Renovation

Scenario

Net O

pe

ratin

g In

co

me

(N

OI)

2015 NOI

Full Renovation

Scenario

Return of 3 to 4 percent at

stabilization in 2020

Unlevered IRR (10-year): In

excess of 10 percent

Appendix

Our Portfolio

Beverly Center Los Angeles, Calif. Click for

Center

Fact SheetAnchors: Bloomingdale’s, Macy’s GLA: 793,000 sq. ft.

Ownership: 100%

39

Appendix

Cherry Creek Shopping Center Denver, Colo. Click for

Center

Fact SheetAnchors: Macy’s, Neiman Marcus, Nordstrom GLA: 1,025,000 sq. ft.

Ownership: 50%

City Creek Center Salt Lake City, Utah Click for

Center

Fact SheetAnchors: Macy’s, Nordstrom GLA: 622,000 sq. ft.

Ownership: 100%

CityOn.Xi’an Xi’an, China Click for

Center

Fact SheetAnchors: Wangfujing Department Store GLA: 996,000 sq. ft.

Ownership: 50%

CityOn.Zhengzhou Zhengzhou, China Click for

Center

Fact SheetAnchors: G-Super, Wangfujing Department Store GLA: 917,000 sq. ft.

Ownership: 49%

Our Portfolio

Great Lakes Crossing Outlets Auburn Hills, Mich.Click for

Center

Fact Sheet

Anchors: Bass Pro Shops Outdoor World, AMC Theatres, Saks Off

5th, Lord & Taylor Outlet, Burlington Coat Factory, Round 1 Bowling

and Amusement, Legoland, Sea Life

GLA: 1,355,000 sq. ft.

Ownership: 100%

40

Appendix

Fair Oaks Fairfax, Va. Click for

Center

Fact SheetAnchors: Macy’s (two locations), JCPenney, Lord & Taylor, Sears GLA: 1,559,000 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: 1,429,000 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 for

Center

Fact Sheet

Mixed-Use Retail and Office GLA Retail: 781,000 sq. ft.

GLA Office: 220,000 sq. ft.

Ownership: 50%

Our Portfolio

41

Appendix

The Mall at Millenia Orlando, Fla. Click for

Center

Fact SheetAnchors: Neiman Marcus, Bloomingdale’s, Macy’s GLA: 1,122,000 sq. ft.

Ownership: 50%

International Market Place Waikiki, Honolulu, Hawaii Click for

Center

Fact SheetAnchors: Saks Fifth Avenue GLA: 343,000 sq. ft.

Ownership: 93.5%

International Plaza Tampa, Fla. Click for

Center

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

Ownership: 50%

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

Center

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

Ownership: 95%

The Mall at Green Hills Nashville, Tenn. Click for

Center

Fact SheetAnchors: Nordstrom, Macy’s, Dillard’s GLA: 851,000 sq. ft.

Ownership: 100%

Our Portfolio

42

Appendix

Stamford Town Center Stamford, Conn. Click for

Center

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

Ownership: 50%

Sunvalley Concord, Calif. Click for

Center

Fact SheetAnchors: JCPenney, Macy’s (two locations), Sears GLA: 1,320,000 sq. ft.

Ownership: 50%

Starfield Hanam Hanam, South Korea Click for

Center

Fact SheetAnchors: Shinsegae Department Store, PK Market, Traders GLA: 1,701,000 sq. ft.

Ownership: 34.3%

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

Center

Fact SheetAnchors: Neiman Marcus, Nordstrom, Bloomingdale’s, Macy’s GLA: 1,453,000 sq. ft.

Ownership: 100%

Twelve Oaks Mall Novi, Mich. Click for

Center

Fact SheetAnchors: Nordstrom, Macy’s, Lord & Taylor, JCPenney, Sears GLA: 1,518,000 sq. ft.

Ownership: 100%

Westfarms West Hartford, Conn. Click for

Center

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

Taylor, JCPenney

GLA: 1,271,000 sq. ft.

Ownership: 79%

Our Portfolio

43

Appendix

Waterside Shops Naples, Fla. Click for

Center

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

Ownership: 50%

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

Center

Fact SheetAnchors: Saks Fifth Avenue, Dillard’s, Macy’s GLA: 861,000 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: Expected 24.5%,

Currently 49%

Development Property

Symbol

Common Stock TCO

Series J Cumulative Redeemable Preferred Stock TCO PR J

Series K Cumulative Redeemable Preferred Stock TCO PR K

Appendix

Trading Information

44

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, 2018 66.39 54.97 0.655

June 30, 2018 60.81 51.87 0.655

March 31, 2017 76.17 64.08 0.625

June 30, 2017 66.64 57.77 0.625

September 30, 2017 61.90 49.14 0.625

December 31, 2017 65.71 46.30 0.625

Appendix

Analyst Coverage

45

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

Evercore ISI Steve Sakwa ssakwa@isigrp.com

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

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

Jefferies, LLC Omotayo Okusanya tokusanya@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

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.

2017 Actual 2018 Guidance(1),(4)

Earnings Per Share $0.91 $1.11 - $1.26

Adjusted FFO per share $3.70 $3.74 - $3.84

NOI Growth – Comparable Centers, at 100% 1.7%(2) 3% - 4%

0.7%(3)

Ending occupancy, including temporary tenants (comp centers) 95.7% Around 95.0%

Domestic and non-U.S. general and administrative expense,

quarterly run rate

$10 million (avg.) $9 -$10 million

Lease cancellation income, our share $12.1 million About $16 million

Interest Expense, 100% (Combined) $238.9 million $265 - $268 million

Interest Expense, at our share (Combined) $163.9 million $189 - $192 million

(1) Guidance is current as of July 30, 2018, see Taubman Centers, Inc. Issues Solid Second Quarter Results.

(2) Represents NOI growth including lease cancellation income 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, 2017. 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.

(3) Represents NOI growth excluding lease cancellation income 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, 2017. 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) See slides 47, 48 and 49 regarding reconciliations to the most comparable GAAP measures.

Appendix

2018 Guidance

Summary of Key Guidance Measures

46

Year Ended

December 31, 2017

Range for Year Ended

December 31, 2018(2)

Adjusted Funds from Operations per common share 3.70 3.74 3.84

Crystals lump sum payment for termination of leasing

agreement

Restructuring charge (0.16)

Costs associated with shareowner activism(3) (0.17) (0.10) (0.10)

Gain on SPG common stock conversion, net of tax 0.13

Fluctuation in fair value of SPG common shares

investment(3)(0.00) (0.01) (0.01)

Funds from Operations per common share 3.51 3.63 3.73

Gain on disposition, net of tax 0.02

Depreciation – TRG (2.50) (2.37) (2.33)

Distributions to participating securities of TRG (0.01) (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) 0.91 1.11 1.26

(1) All dollar amounts per common share on a diluted basis; amounts may not add due to rounding.

(2) Guidance is current as of July 30, 2018, see “Taubman Centers, Inc. Issues Solid Second Quarter Results.”

(3) Amount represents actual amounts recognized through the second quarter of 2018. Amount does not include future assumptions of amounts to be

incurred during 2018. In connection with the adoption of Accounting Standards Update No. 2016-01 on January 1, 2018, the Company now measures

its investment in SPG common shares at fair value with changes in value recorded through net income.

Appendix

Reconciliation of Net Income Attributable to Common

Shareowners to Funds from Operations1

47

Appendix

Reconciliation of Net Income to Net Operating Income(1)

48

(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.

(1) Refer to the Form 10-K for a definition of FFO and the company’s uses of these

measures. The company presents adjusted versions of FFO when used by

management to evaluate operating performance when certain significant items have

impacted results that affect comparability with prior or future periods due to the nature

or amounts of these items. The company believes the disclosure of the adjusted items

is similarly useful to investors and others to understand management’s view on

comparability of such measures between periods.

Appendix

Reconciliation of Net Income to FFO and

Adjusted FFO per Share(1)

49

(1) Refer to the Form 10-K for a definition of

FFO and the company’s uses of these

measures. The company presents adjusted

versions of FFO when used by management

to evaluate operating performance when

certain significant items have impacted results

that affect comparability with prior or future

periods due to the nature or amounts of these

items. The company believes the disclosure of

the adjusted items is similarly useful to

investors and others to understand

management’s view on comparability of such

measures between periods.

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

50