Taubman Centers, Inc. Investor Presentation

July 2019 , 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 Fair Oaks, Va. , Fla. , N.J. , Mo.

Beverly Center, Calif. Cherry Creek Shopping Center, Colo. City Creek Center, Utah , Fla. We Own, Operate and Develop the Best Retail Assets

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

International Plaza, Fla. The Mall at University Town Center, Fla. Waterside Shops, Fla. Westfarms, Conn. We Have the Industry's Premier Portfolio

With Five Key Success Factors that Drive Productivity

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

While Emphasizing a Strong Balance Sheet

To Create Significant Shareholder Value

4 We Operate the Best Collection of Retail Assets Industry’s Premier Portfolio

South 24 China 19 Korea 11 18 4 21 3 27 17 20 5 2 8 Asia 6 Properties 1 9 12

13 26

Owned Properties 14 15 1 10 The Gardens Mall 18 10 Los Angeles, Calif. Palm Beach Gardens, Fla. Stamford, Conn. 22 7 2 Cherry Creek Shopping Center 11 Great Lakes Crossing Outlets 19 Starfield Hanam 23 , Colo. Auburn Hills, Mich. Hanam, South Korea 25 3 CityOn.Xi’an 12 The Mall at Green Hills 20 Sunvalley Shopping Center 16 Xi’an, China Nashville, Tenn. Concord, Calif. Managed/Leased Centers – 4 CityOn.Zhengzhou 13 International Market Place 21 No Ownership Development Properties Zhengzhou, China Waikiki, Honolulu, Hawaii Novi, Mich. 5 City Creek Center 14 International Plaza 22 The Mall at University 25 Worldcenter 27 Starfield , Utah Tampa, Fla. Town Center Miami, Fla. Anseong, South Korea Sarasota, Fla. 6 Country Club Plaza 15 The Mall at Millenia 26 The Shops at Belmond Kansas City, Mo. Orlando, Fla. 23 Waterside Shops Charleston Place 7 Dolphin Mall 16 The Mall of San Juan Naples, Fla. Charleston, S.C. Miami, Fla. San Juan, Puerto Rico 24 Westfarms 8 17 The Mall at Short Hills West Hartford, Conn. Fairfax, Va. Short Hills, N.J. 9 The Gardens on El Paseo Palm Desert, Calif. 5 Industry’s Premier Portfolio

The Best Assets Have Significantly Greater Value US Mall Distribution by Quality 150 150 119 84 95 98 83 86 60 37 49

A++ A+ A A- B+ B B- C+ C C- D Taubman’s portfolio of 21 assets(1) average between A+ and A quality. 80% of mall asset value is held in ‘A’ malls

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

Percent of Industry Value

B quality malls, which represent 36% of all malls, account for 17% of value A++ quality malls, which A B CD represent 3.7% of all malls, C quality malls, which represent 32% of account for 28% of all value all malls, account for 3% of value D quality malls, which represent 5% of malls, account for less than 0.1% of value

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. 6 Industry’s Premier Portfolio

The Best Assets Are the Most Productive

Highest Portfolio Sales Highest Average Rent Per Square Foot(1)(3) Per Square Foot(2)(3) (March 31, 2019) (March 31, 2019)

TCO $919 TCO $62.16

MAC $746 MAC $60.74 SPG $660

PEI $499 SPG $54.34

WPG $399 CBL $32.45 SKT $397

WPG $28.98 CBL $377

$0 $200 $400 $600 $800 $1,000 $0 $10 $20 $30 $40 $50 $60 $70

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 Company, SPG – , Inc., PEI – Pennsylvania Real Estate Investment Trust, SKT – Tanger Factory Outlet Centers, Inc., CBL – CBL & Associates Properties, Inc., WPG –Washington Prime Group, Inc.

7 We Have the Industry's Premier Portfolio

With Five Key Success Factors that Drive Productivity

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

While Emphasizing a Strong Balance Sheet

To Create Significant Shareholder Value

8 Productivity

Five Key Success Factors

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

Omnichannel Complementary Premier In-Line Best Demographics Tenants Best Locations High Quality Anchors & Department Stores

Best Retail Assets

Sales Productivity & Rent Growth

NOI FFO Growth Growth

9 Productivity

We Have the Best Locations

Highest Concentration of Asset Value in Top U.S. 50 Markets 100%

90%

80%

70%

60%

50% 93% 40% 82% 74% 30% 61% 53% 20%

10% 23%

0% TCO MAC SPG PEI WPG CBL

Source: Green Street Advisors. U.S. Mall Outlook 2019, Mall REIT Asset Value Concentration by Market. Leading retailers and emerging concepts choose to showcase their brand in the best markets and highest quality assets

10 Productivity

With Industry-Leading Demographics

U.S. Mall REIT Demographics – 15 Mile Radius

Median Household Income Average Household Income

TCO $81,207 TCO 104,567

SPG $73,588 SPG 94,974

PEI $73,491 PEI 93,588

MAC $70,193 MAC 90,146

WPG $61,689 WPG 79,122

CBL $58,454 CBL 74,890

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

Population % of Household Earnings > $100K

MAC 2,466,756 TCO 35.0%

TCO 1,869,037 SPG 32.5%

PEI 1,634,899 PEI 32.2%

SPG 1,483,395 MAC 30.6% WPG 795,802 WPG 26.2% CBL 513,058 CBL 25.1% 0 500,000 1,000,000 1,500,000 2,000,000 2,500,000 15.0% 20.0% 25.0% 30.0% 35.0% 40.0% Source: Evercore ISI Research Reports dated March 11, 2019. © Copyright 2019. Evercore Group L.L.C. All rights reserved. 11 Productivity Complementing Our Retailer’s Omnichannel Strategy

 Successful retailers understand that a combination of both physical and digital channels best meets their customer needs Retailer’s  Physical locations are an Physical omnichannel locations eCommerce important distribution strategy 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 Digitally native retailers are moving into physical stores in strategy by positioning high-quality malls as the omnichannel strategy grows in the their brand among high- modern retail landscape end, productive retailers in the best markets

12 Productivity

Attracting Digitally Native Brands & Emerging Concepts

◼ Our high quality assets are experiencing Digitally Native Tenants with Multiple Locations in our Portfolio 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

60 57 Select Expanding Concepts in our Portfolio 50 40 40

# Leases of 30

20

10

0 2017 2018

(1) Source: Green Street Advisors LLC. (2018) Clicks to Bricks. Analysis excludes “stores within stores” and pop-ups. 13 Productivity 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       Note: Excludes Taubman Asia 14 Productivity

Best-in-Class Anchor Quality

Greatest Exposure to High Quality Specialty Department Stores TCO CBL MAC PEI SPG WPG  Anchors are a critical 15 29 31 14 105 26 factor in assessing mall 9 2 12 1 28 0 quality 5 1 1 0 7 1  Strong anchors attract 4 0 2 0 12 0 both retailers and 3 0 2 1 11 0 customers 3 0 3 1 9 0  Taubman’s portfolio is well-positioned; Total Fashion Dept. 39 32 51 17 172 27 Total Traditional containing the largest Dept. Stores 47 147 102 44 316 109 concentration of high 83.0% 21.8% 50.0% 38.6% 54.4% 24.8% quality anchors

Least Exposure to “Troubled” Department Stores TCO CBL MAC PEI SPG WPG 1 12 8 6 25 10 4 48 27 16 66 37 Total Troubled Dept. Source: BofA Merrill Lynch Global Research, “1Q19: Stores 5 60 35 22 91 47 As store closings continue, refilling vacant space remains biggest challenge”, May 17, 2019. Total Traditional Dept. Stores 47 147 102 44 316 109 Note: Analysis excludes SKT, as they operate premium outlet centers. Analysis includes Macy’s 10.6% 40.8% 34.3% 50.0% 28.8% 43.1% Men’s Store and Macy’s Furniture Gallery. 15 Productivity

Leading to Strong Operating Metrics

$63 Average Rent & Tenant Sales Per Square Foot Growth 900 Taubman’s portfolio $62 $61.75 880 has experienced $61 $61.66 $875 860 greater tenant sales $61.07 $60 840 productivity and average rent per $59 $59.41 820 $59.14 square foot growth $58 $810 800 over the last five $57 $792 $792 780 $785 years, as the highest $56 760 quality assets gain $55 740 market share 2014 2015 2016 2017 2018 (1) (1) U.S. comparable centers used for Average Rent PSF Tenant Sales Per Square Foot comparability to prior periods

Occupancy and Leased Space Percentage 96.2%  96.0% 96.1% 95.6% 95.9% Occupancy and 94.8% 94.6% 95.0% 94.1% 94.2% 93.9% leased space percentages remain 90.0% very healthy  Expect About 95% 85.0% comparable center occupancy at year- 80.0% end 2019

75.0% 2014 2015 2016 2017 2018 Ending Occupancy Percentage – All Centers Leased Percentage – All Centers 16 Productivity

Taubman’s Assets Deliver Superior Performance

(1) Adjusted AdjustedFunds from Funds Operations from Total Portfolio NOI (1) (1) $816 OperationsPer Diluted Per Share Diluted Share $800 $774 $4.00 $3.83 30 $704 $3.65 $3.67 $3.70 31) December of (as centers ownedof Number $685 $3.58 $700 $661 $661 (2) $3.50 $3.34 $3.42 (2) $622 $2.84 25 $588 $591 $3.06 $2.86 $600 $585 $3.00

$500 20 $2.50

$400 $2.00 15 Dollarsin $MM $300 $1.50 10

$200 $1.00

5 $100 $0.50

$0 $0.00 0

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

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

17 We Have the Industry's Premier Portfolio

With Five Key Success Factors that Drive Productivity

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

While Emphasizing a Strong Balance Sheet

To Create Significant Shareholder Value

18 Growth – Taubman Asia Starfield Anseong Anseong - , Greater , South Korea

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

19 Growth – Taubman Asia Starfield Anseong – Overview Anseong - Gyeonggi Province, Greater Seoul, South Korea

The project is located near four Opening: Late 2020 growing cities (, Anseong, Ownership: 49% , Jincheon) in greater Seoul. Size: 1,100,000 sqft. The site includes a well-developed Partner: Shinsegae Group highway infrastructure near the (links Seoul to Projected Stabilized Return: 6.25% - 6.75% ) as well as the Pyeongtaek- Est. Project Cost: $570M - $600M Expressway connecting to Major Tenants: Shinsegae Factory Store, E-Mart Trader’s, PK Market, Eastern Korea, creating a regional draw ElectroMart, Eatopia, Sport’s Monster, Aquafield, Toy Kingdom and an to the center. upscale cinema

20 Site of Starfield Anseong Growth – Taubman Asia Starfield Anseong – Opportunity Anseong - Gyeonggi Province, Greater Seoul, South Korea

Favorable supply and demand dynamics create an opportunity for Lack of Retail Supply development Shopping Center and Mixed Use & ◼ South Korea has much less retail real estate per capita than the United Department Store Premium Outlet Supply States GLA / Capita ◼ The primary trade area of the site SF/People does not contain a modern shopping center, with current retail 30 facilities almost exclusively limited hypermarkets and two older department stores 25 24 ◼ Further, significant development plans in the surrounding area are expected 20 to generate immense population and employment growth ◼ The combined population of 15 Anseong and Pyeongtaek was 653,000 in 2016 and is expected to reach 867,000 in 2020 10 ◼ By 2030, this population is expected to grow to 1 million people 6 5 ◼ Samsung opened the world’s largest semi-conductor plant ~6 miles from the site, eventually creating about 0 110,000 jobs Korea US ◼ The relocation of a U.S. Army base is Source: ICSC (2015) planned nearby, bringing an estimated population increase of 80,000 to 100,000 people 21 Growth – Redevelopment

Redevelopments – Beverly Center

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 open ◼ Beverly Center will be one of about 10 assets Beverly Center in the country with 20 full luxury tenants presentation ◼ Sales per square foot are approaching peak historical levels

Sales Productivity

Growth Stage Pre-Investment Post- investment

CAGR: +4.2%

CAGR: -6.3% CAGR: +9.4%

22 Growth – Redevelopment

Redevelopments – The Mall at Green Hills

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

RH Nashville Café 23 Growth – Acquisitions

Selective Acquisition – The Gardens Mall

ACQUISITION STRATEGY  In April 2019, acquired a 48.5% interest in one of the country’s best retail ✔Highest Quality 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 ✔Dominant Asset  Rated “A+” by most analysts  The dominant retail asset in an affluent and growing market with limited ✔Great Market competition  Consistent with Taubman strategy of acquiring properties with growth ✔Growth Opportunity potential  The center is near trough NOI ✔Strategic to Existing Portfolio  Accretive department store box redevelopment opportunity  Highly complementary to our portfolio, further solidifies our presence in five of ’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

24 Growth – Dispositions

Strategic Disposition – Blackstone Transaction

STRATEGIC BENEFITS ✔ Confirms Value Creation  Taubman has agreed to sell 50% of its interests in Starfield Hanam, CityOn.Xi’an and CityOn.Zhengzhou to Blackstone Recycling Capital ✔ • Recovery of nearly all equity investment  Value: $480 million ($960 million gross valuation for 100%)  Cap rate: 4.1% percent(1) Reduces debt ✔ • Expect 2019 Pro Forma Debt-to-EBITDA  Earn-Out: Taubman can earn up to an additional $50 million, based lowered by 0.5x on 2019 performance of the assets open Accretive to Earnings(2) Blackstone Transaction ✔  Confirms value creation of $325 million presentation New Strategic Partner  Transaction is expected to yield $455 million of additional liquidity ✔ • Increased deal flow • Access to Blackstone’s real estate  Targeted closing dates: Serial closings expected throughout 2019 expertise, relationships and market knowledge Starfield Hanam CityOn.Xi’an CityOn.Zhengzhou

1,000 Taubman Asia Project Value Creation 900 Total Value Value 800 ~$960M Total Investment Creation 700 ~$635 $325M 600 500 Equity Location: Greater Seoul, South Korea 400 Location: Xi’an, China Location: Zhengzhou, China ($480M) Ownership Post- Transaction: 17.15% Ownership Post-Transaction: 25% Ownership Post-Transaction: 24.5% 300 Note: Produced total sales in excess Note: One of the best mixed-use Note: Located in the new economic and 200 of $825mm in 2018, making it one of developments in Xi’an with office cultural hub and is one of the highest 100 Debt the most productive retail assets in the tower, luxury residence, shopping productivity assets in Zhengzhou ($155M) world 0 center and 5 star hotel (1) Based on 2018 NOI Project Cost (at Share) Value (at Share) (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. 25 We Have the Industry's Premier Portfolio

With Five Key Success Factors that Drive Productivity

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

While Emphasizing a Strong Balance Sheet

To Create Significant Shareholder Value

26 Conservative Balance Sheet

Taubman’s Balance Sheet Philosophy

$ $ $ Use construction financing where available and place Closely manage liquidity to nonrecourse permanent ensure significant availability Recycle capital through non- financing on new assets on our line of credit for use if core asset sales and excess upon stabilization opportunities arise refinancing proceeds

$ $ $ $ $ Opportunistically access public and private capital Carefully manage debt Minimize exposure to markets when pricing is maturities interest rate fluctuations advantageous

27 Conservative Balance Sheet

Strong Balance Sheet with Flexibility

Balance Sheet Composition Recent Transactions (as of 03/31/2019) Blackstone Agreement The agreement to sell half of the company’s interests in three Asia 12% Common Stock and Operating assets will strengthen the balance sheet Partnership Equity ($4.5B) 7% ◼ Additional $455 million of liquidity, which will be used to pay down Preferred Stock ($0.4B) 46% the Company’s $1.1 billion line of credit Fixed Rate Debt ($3.2B) ◼ $140 million of proceeds from refinancing two China assets Floating Rate Debt Swapped to Fixed Rate ◼ $315 million of net proceeds 32% ($0.7B) ◼ Improve balance sheet metrics Floating Rate Debt ($1.2B) ◼ Debt-to-EBITDA Ratio: lowered by ~0.5x, (results in low 8x 4% range) ◼ Interest Coverage Ratio: improved by ~25 bps (about 3x) ◼ Fixed Coverage Ratio: improved by ~20 bps (about 2.3x)

Debt Maturities by Year Coverage Ratios (as of 03/31/2019, in millions at our share)1 (as of 03/31/219) 5.0 $2,500 $2,176 4.0 $2,000 3.0 Interest Only $1,500 $1,253 2.0 Fixed Charges $1,000

1.0 Dollarsin $MM $618 $635 $500 0.0 $186 $146 2014 2015 2016 2017 2018 2019 YTD $0 2019 2020 2021 2022 2023 Thereafter Source: Company Quarterly Supplementals, Taubman analysis

28 We Have the Industry's Premier Portfolio

With Five Key Success Factors that Drive Productivity

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

29 Significant Shareholder Value

Our Strategic Points of Difference

Recycling Capital for Growth Market Capitalization since 1992 IPO  Our strategy has been to recycle capital 12,000 for growth, minimizing our need to raise corporate equity 10,000 Total Market Capitalization  This method of recycling capital has 8,000 resulted in significant shareholder returns 6,000 Equity Market  As of March 31, 2019, we had grown our 4,000 Capitalization total market capitalization from $2.2 billion 2,000 at our IPO to $9.9 billion, while owning 0 relatively the same number of assets and 1992 1997 2002 2007 2012 2019 YTD issuing only $50 million of common equity on a net basis

 Our equity market cap of $1.3 billion at Portfolio History – Recycling Capital IPO in 1992 has grown to $4.5 billion as Number of centers owned at IPO (1992) 19 of March 31, 2019, representing an Centers developed 20 increase of 3.3x Centers acquired 12 Centers sold/exchanged (27)  The Taubman Asia/Blackstone transaction Number of centers owned today 24 represents a recent example of growth, while reducing leverage, without issuing Number of centers leased/managed today 2 equity Total 26

30 Significant Shareholder Value

History of Strong Shareholder Returns

Shareholder Returns Dividend Payout Per Share(1) 25 Year Total Return $2.62 (as of December 31, 2018) $2.50 $2.38 $2.26 Total Compounded $2.16 Benchmark Return Annual Return $2.00 $1.85 $1.76 Taubman Centers 1, 432% 11.5% $1.66 $1.68

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% 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018

 In March 2019, the company increased the  Over the last 25 years, Taubman Centers’ compounded quarterly dividend by 3.1%, resulting in annual annual total shareholder return has been 11.5%. dividends of $2.70 per share  Taubman Centers’ 25-year performance has exceeded its  Taubman has never reduced its dividend since comparable benchmarks. 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.

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 31 We Have the Industry's Premier Portfolio

With Five Key Success Factors Drive Productivity

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

32

Appendix

Our Portfolio

Beverly Center Los Angeles, Calif. Click for Center Anchors: Bloomingdale’s, Macy’s GLA: 828,000 sq. ft. Fact Sheet Ownership: 100%

Cherry Creek Shopping Center Denver, Colo. Click for Center Anchors: Macy’s, Neiman Marcus, Nordstrom GLA: 1,031,000 sq. ft. Fact Sheet Ownership: 50%

CityOn.Xi’an Xi’an, China Click for Center Anchors: Wangfujing Department Store GLA: 998,000 sq. ft. Fact Sheet Ownership: 50%(1)

CityOn.Zhengzhou Zhengzhou, China Click for Center Anchors: G-Super, Wangfujing Department Store GLA: 919,000 sq. ft. Fact Sheet Ownership: 49%(2)

City Creek Center Salt Lake City, Utah Click for Center Anchors: Macy’s, Nordstrom GLA: 621,000 sq. ft. Fact Sheet Ownership: 100%

(1) Ownership percentage following the Blackstone transaction 25% (2) Ownership percentage following the Blackstone transaction will 24.5% 34 Appendix

Our Portfolio

Country Club Plaza Kansas City, Mo. Click for Mixed-Use Retail and Office GLA Retail: 783,000 sq. ft. Center GLA Office: 220,000 sq. ft. Fact Sheet Ownership: 50%

Dolphin Mall Miami, Fla. Click for Anchors: Neiman Marcus-Last Call, Saks Off 5th, Bass Pro Shops GLA: 1,431,000 sq. ft. Center Outdoor World, Dave & Buster’s, Burlington, Marshall’s, Cobb Ownership: 100% Fact Sheet Theatres, Bloomingdale’s Outlet, Polo Ralph Lauren Factory Store

Fair Oaks Fairfax, Va. Click for Center Anchors: Macy’s (two locations), Dave & Bister’s, JCPenney, Lord & GLA: 1,557,000 sq. ft. Fact Sheet Taylor Ownership: 50%

The Gardens on El Paseo Palm Desert, Calif. Click for Center Anchors: GLA: 236,000 sq. ft. Fact Sheet Ownership: 100%

The Gardens Mall Palm Beach Gardens, Fla. Click for Center Anchors: Bloomingdale’s, Macy’s, Nordstrom, Saks Fifth Avenue, GLA: 1,400,000 sq. ft. Fact Sheet Sears Ownership: 48.5%

35 Appendix

Our Portfolio

Great Lakes Crossing Outlets Auburn Hills, Mich. Click for Anchors: Bass Pro Shops Outdoor World, AMC Theatres, Lord & GLA: 1,355,000 sq. ft. Center Taylor Outlet, Planet Fitness, Burlington Coat Factory, Round 1 Ownership: 100% Fact Sheet Bowling and Amusement, Legoland, Sea Life

The Mall at Green Hills Nashville, Tenn. Click for Center Anchors: Nordstrom, Macy’s, Dillard’s GLA: 864,000 sq. ft. Fact Sheet Ownership: 100%

International Market Place Waikiki, Honolulu, Hawaii Click for Center Anchors: Saks Fifth Avenue GLA: 342,000 sq. ft. Fact Sheet Ownership: 93.5%

International Plaza Tampa, Fla. Click for Center Anchors: Neiman Marcus, Nordstrom, Dillard’s, Life Time Athletic GLA: 1,253,000 sq. ft. Fact Sheet Ownership: 50%

The Mall at Millenia Orlando, Fla. Click for Center Anchors: Neiman Marcus, Bloomingdale’s, Macy’s GLA: 1,114,000 sq. ft. Fact Sheet Ownership: 50%

36 Appendix

Our Portfolio

The Mall of San Juan San Juan, Puerto Rico Click for Center Anchors: Saks Fifth Avenue, Nordstrom GLA: 626,000 sq. ft. Fact Sheet Ownership: 95%

The Mall at Short Hills Short Hills, N.J. Click for Center Anchors: Neiman Marcus, Nordstrom, Bloomingdale’s, Macy’s GLA: 1,443,000 sq. ft. Fact Sheet Ownership: 100%

Stamford Town Center Stamford, Conn. Click for Center Anchors: Macy’s, Saks Off 5th GLA: 761,000 sq. ft. Fact Sheet Ownership: 50%

Starfield Hanam Hanam, South Korea Click for Center Anchors: Shinsegae Department Store, PK Market, Traders GLA: 1,701,000 sq. ft. Fact Sheet Ownership: 34.3%(1)

Sunvalley Concord, Calif. Click for Center Anchors: JCPenney, Macy’s (two locations), Sears GLA: 1,321,000 sq. ft. Fact Sheet Ownership: 50%

(1) Ownership percentage following the Blackstone transaction 17.15% 37 Appendix

Our Portfolio

Twelve Oaks Mall Novi, Mich. Click for Center Anchors: Nordstrom, Macy’s, Lord & Taylor, JCPenney GLA: 1,520,000 sq. ft. Fact Sheet Ownership: 100%

The Mall at University Town Center Sarasota, Fla. Click for Center Anchors: Saks Fifth Avenue, Dillard’s, Macy’s GLA: 860,000 sq. ft. Fact Sheet Ownership: 50%

Waterside Shops Naples, Fla. Click for Center Anchors: Saks Fifth Avenue, Nordstrom GLA: 341,000 sq. ft. Fact Sheet Ownership: 50%

Westfarms West Hartford, Conn. Click for Center Anchors: Nordstrom, Macy’s (two locations), Lord & GLA: 1,267,000 sq. ft. Fact Sheet Taylor, JCPenney Ownership: 79%

Development Property

Starfield Anseong Anseong, South Korea Anchors: Shinsegae Factory Store, E-Mart Trader’s, PK Market, GLA: 1,100,000 sq. ft. ElectroMart, Eatopia, Sport’s Monster, Aquafield, Toy Kingdom and Ownership: 49% an upscale cinema

38 Appendix

Trading Information

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

Symbol Common Stock TCO Series J Cumulative Redeemable Preferred Stock TCO PR J Series K Cumulative Redeemable Preferred Stock TCO PR K

Market Quotation per Common Share Common Stock Dividends Quarters-Ended High Low Declared and Paid 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

39 Appendix

Analyst Coverage

Company Analyst Email Address Bank of America Securities-Merrill Lynch Craig Schmidt [email protected] BMO Capital Markets Jeremy Metz [email protected] BTIG James Sullivan [email protected] Citigroup Global Markets, Inc. Christy McElroy [email protected] Deutsche Bank Securities, Inc. Derek Johnston [email protected] Evercore ISI Steve Sakwa [email protected] & Co. Caitlin Burrows [email protected] Green Street Advisors, Inc. Daniel Busch [email protected] Jefferies, LLC Jonathan Petersen [email protected] J.P. Morgan Securities Michael Mueller [email protected] Keybanc Capital Markets, Inc. Todd Thomas [email protected] Mizuho Securities USA Inc. Haendel St. Juste [email protected] Morgan Stanley Richard Hill [email protected] Raymond James Collin Mings [email protected] Sandler O'Neill & Partners, L.P. Alexander Goldfarb [email protected] Scotia Capital (USA) Inc. Greg McGinniss [email protected]

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.

40 2019 Guidance Appendix Summary of Key Guidance Measures

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 3.8%(3) Up about 2% income - growth % 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".

41 Appendix Reconciliation of Net Income Attributable to Common Shareowners to Funds from Operations(1)

Year Ended Range for Year Ended December 31, 2018 December 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.

42 Appendix

Reconciliation of Net Income to Net Operating Income(1)

(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. 43 Appendix

Forward-Looking Language and Non-GAAP Measures

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.

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