A Word From The Chairman

Taubman (NYSE: TCO) has been in the business of We love what we do and our results show it. On creating extraordinary shopping environments in a sales-per-square-foot basis – the most important the for more than 6 decades. Since our measure of retail success – ours has been the most founding, the name Taubman has become synonymous productive public portfolio of retail properties in the with retail prvoductivity and planning excellence. United States for decades.

Every decision we make in the development and operation But as proud as we are of past accomplishments, of our properties is guided by our commitment to we’re even more excited about the global opportunities break down a force we call ‘threshold resistance’ – the ahead. Since we established Taubman , we’ve been Asia instinctive and physical barriers that keep a customer building strong new relationships in China, 1 from entering a store and a retailer making a sale. and . As a region, Asia is experiencing We approach our business with the mindset and tremendous economic growth and rapidly evolving passion of a retailer. consumerism. It is a place where we are more confident than ever that our proven expertise will Taubman Operating in this manner, we’ve developed exceptional produce exceptional rewards for consumers, retailers, relationships with the world’s great retailers. Such communities and investors. world-class merchants as Dolce & Gabbana, Diesel, , J. Lindeberg, MAX & Co., Ben Sherman We hope we will be a part of your future. and MAC have built their first mall stores with us, or debuted new concepts in our space. In addition, leading international retailers – including Louis Vuitton, Burberry, Chanel, Gucci, Armani, and Cartier – are exceptionally well represented in Taubman properties.

But what distinguishes us most are our people. We’re a fully integrated organization of talented development, Robert S. Taubman leasing, marketing, operation, and finance professionals – Chairman of the Board representing the core competencies necessary to create, President and Chief Executive Officer manage and enhance outstanding retail properties. , Inc. Starfield Hanam Taubman Asia

From the U.S. to Asia

Guided by our 66 years of experience, Taubman creates extraordinary retail environments for shoppers, retailers, communities and investors. Our portfolio of United States regional and super-regional malls, located in major markets from coast to coast, is the most productive in the nation. Taubman Asia has assembled a talented team of leasing, Taubman Asia is the platform for Taubman Centers’ expansion into China, Macau and South Korea. We focus on owning, acquiring, marketing, operations and finance professionals to leverage developing, managing and/or leasing high-quality and sustainable retail real estate projects in Asia that leverage Taubman’s strong retail planning design and operation capabilities and leverage our terrific the historic strengths of the Taubman organization here in Asia retailer relationships.

We have found that the fundamentals of great retail real estate development are transferable across continents and cultures. Taubman Asia has assembled a talented team of leasing, development, Asia management and financial professionals to leverage the historic Asia 2 strengths of the Taubman organization here. 3

Asia is an important place to grow for Taubman. Our expert team has built an outstanding platform from which to grow throughout the Taubman region and we are bringing world-class projects to the market and Taubman establishing partnerships with best-in-class companies. The success of our malls, combined with our continually evolving experience and use of the latest technology will ensure we are the customer’s first choice to shop! It is an exciting time to be part of Taubman, and the retail real estate development industry, as we drive operational excellence, traffic and sales for our retailers and service providers.

Peter Sharp President, Taubman Asia

What Sets Taubman Apart Beverly Center Starfield Hanam

We have significant resources.

We merchandise our properties to reflect the demographics of the market and characteristics of the project.

We produce consistently higher retail sales productivity and operational efficiencies due to our superior planning and programming.

We pioneer innovations in shopping center planning that become Asia Asia standard in shopping centers around the world. 4 5 City Creek Center We manage our centers with passion.

Taubman We have exceptional relationships with the world’s great retailers. Taubman China Projects

China is experiencing unprecedented market growth. Along with the continuing urbanization of the population there has been a huge increase in consumerism, backed by government initiatives to serve the nation’s long-term goal of achieving an economy geared more toward consumption than saving. These decisions have had profound effects on the local commercial real estate market, allowing for the development of new retail opportunities across the country. 1 2 As part of its strategic entry into China, Taubman Asia has focused Asia Asia its attention on opportunities in leading cities with established 6 retail markets, where it can deliver unique, high quality and 7 dominant assets appropriate to the market and its growth strategy. Taubman Taubman

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1 CityOn.Xi’an 2 CityOn.Zhengzhou 3 Studio City, Macau Strategically located Xi’an alongside 9,200 corporations, CityOn The first of Taubman Asia’s projects in Mainland China is the result of a joint venture partnership with one of China’s largest chain department store groups – Wangfujing Group Co. Ltd boasts an impressive (SSE: 6600859).

Asia instant shopping Asia Wangfujing Group is the largest domestic retailing group 8 focused on retail development. The group’s current sales 9 network spans seven major economic zones in China, catchment operating 46 large-scale retail stores in 28 cities, covering

Taubman various retail formats including department stores, shopping Taubman malls and outlets business formats. The group offers an operating area of approximately 2 million square meters.

The partnership with Wangfujing provides Taubman Asia with Development Name Gross Leasable Area access to intimate market and consumer knowledge and allows CityOn.Xi’an Approx. 975,000 sqf / 91,000 sqm the company to leverage its proven track record and expertise in retailing across China. Location Number of Levels No.170 Weiyang Road, Weiyang 6+1 Opened in April 2016, the seven level, 90,000 square meter District, Xi’an (approx. 1 million square feet) shopping center, anchored by Parking Wangfujing Department Store, is located in the heart of Xi’an’s Major Tenants Approx. 2,200 spaces new central business district and administrative center. CityOn. Wangfujing Department Store, Xi’an reflects a unique mix of domestic and international designer a broad spectrum of over 200 Retail Partners and lifestyle brands from to accessible luxury, international and domestic brands Taubman Asia creating a shopping center experience sure to satisfy the diverse featuring a mix of fast fashion, F&B, Wangfujing Group Co., Ltd taste of people across the region. CityOn.Xi’an will also delight entertainment & lifestyle and kids & food lovers by offering a wide selection of local, regional and family offerings international cuisine, across all price-points and in both seated and quick service formats. CityOn.Xi’an offers families a number of kid-friendly experiential, educational and entertainment offerings. A one million Zhengzhou square foot in Another exciting collaboration between Taubman Asia and Wangfujing, CityOn.Zhengzhou promises a best-in-class retail destination. the heart of the

CityOn’s one million square feet shopping mall, anchored Asia new economic Asia by Wangfujing Department Store, is in the heart of the new 10 economic and cultural center of the city – Zhengdong New 11 District – and is designed to meet the discerning tastes of the and cultural center exclusive residential communities nearby. Taubman Taubman With the recent opening of the largest railway station in Asia, at the crossroads of China’s high speed rail network, and the ongoing development of the Zhengzhou Experimental Airport Zone, the city has cemented its position as a key rail and Development Name Gross Leasable Area transport hub. CityOn.Zhengzhou Approx. 1,010,000 sqf / 94,000 sqm

Acclaimed as the economic powerhouse of the region, it is Location Number of Levels evolving into one of Central China’s next high growth areas No.15 Nongye East Road, 5+1 and most important economies. It has a population of 9 million Zhengdong New District, Zhengzhou people and with retail sales growing at around 16% annually Parking since 2006, is one of the fastest growing and exciting retail Major Tenants Approx. 1,725 spaces markets in China. Wangfujing Department Store, a broad spectrum of over 180 Retail Partners international and domestic brands Taubman Asia featuring a mix of fast fashion, F&B, Wangfujing Group Co., Ltd entertainment & lifestyle, and kids & family offerings Studio City, Macau Studio City Macau will emerge as Located in the heart of the booming Pearl River Delta on the southern coast of China, Macau has fast become Asia’s premier gaming, leisure, retail and integrated resort destination. One of Asia’s premier the most progressive global tourism economies in recent years, Macau recorded more than 30.7 million visitor arrivals in 2015, Asia entertainment capital Asia and now boasts gaming revenues more than seven times that of 12 the Las Vegas Strip. 13

Macau is strategically situated with more than 60 million people

Taubman living within a three hour land or ferry trip and over 3 billion Taubman people within a five hour flight.

The most exciting transformation in Macau has taken place on Cotai, a piece of reclaimed land between the islands of Taipa and Development Name Gross Floor Area Coloane where billions of U.S. dollars has been, and continues to Studio City Macau Approx. 300,000 sqf / 28,000 sqm be, invested in world-class resorts and supporting infrastructure. Location Developer Melco Crown Entertainment, a leading developer, owner and Estrada do Istmo, Cotai, Macau Melco Crown Entertainment Limited operator of integrated resorts in Asia added to this exciting offer when they opened Asia’s new entertainment capital: Studio City Anchors Retail Partner Macau - a cinematically-themed gaming, entertainment, leisure Featuring the flagships of a mix of luxury Taubman Asia and retail destination. fashion, watches, jewelry and lifestyle brands such as Balmain, Tom Ford, Merchandised and managed by Taubman Asia, the retail Belstaff, Tiffany & Co., and Vacheron component of Studio City is set against an elegant backdrop of Constantin, alongside world-class Art Deco-inspired architecture and features a sophisticated and restaurants, themed experiences and glamorous mix of the hottest labels in the world, handpicked for entertainment attractions the most discerning and fashion-conscious shoppers. Korea Projects

The South Korean economy continues to go from strength to strength, to its now enviable position as the 15th largest economy in the world. Its population of nearly 50 million people - nearly half of those in Greater Seoul alone - has an almost unsurpassed degree of sophistication and appreciation for quality and brands that make this country an ideal destination for Taubman’s world- 1 class retail offerings. Asia Asia

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1 Starfield Hanam This super Starfield Hanam regional mall

Proving Taubman Asia is committed to being a key player in the is among the Korean retail industry, and that it firmly believes in the country’s growth potential, the company has partnered with the renowned Department Store to create a world-class retail destination largest in in this dynamic epicenter of style. Asia the country Asia 16 This super regional mall is among the largest in the country, 17 anchored by the popular Shinsegae Department Store. Its kind is first-to-market in Korea, with a design, service, and attention to

Taubman detail offering second to none. Taubman

With cultural, leisure and entertainment facilities, the mall delights shoppers from different age groups, with distinct areas for families, teenagers, and Korea’s most discerning shoppers. Development Name Gross Leasable Area Starfield Hanam Approx. 1,700,000 sqf / 152,000 sqm Set in an idyllic location, beside an expansive lake, with a sweeping mountainous backdrop, Starfield Hanam is directly connected to Location Number of Levels Seoul’s major freeway system, and the country’s nearby tourist 228 Sinjang-dong, Hanam-si, 3+3 hot-spots; guaranteeing an impressive influx of visitors. Gyeonggi-do, South Korea Parking Major Tenants Approx. 6,000 spaces Shinsegae Department Store Retail Partners A broad spectrum of up to 300 Taubman Asia international and local brands Shinsegae Co., Ltd. A hypermarket, restaurants, a cinema, a spa and entertainment facilities Taubman Showcase

For over 65 years Taubman has been creating compelling retail destinations where customers choose to shop, dine and be entertained, and where retailers can thrive.

This showcase represents a cross-section of Taubman’s most 9 popular malls in the Mixed-Use, City Center Luxury, Suburban 19 Regional Mall and Open-Air categories across the United States. 4 16 22 15

Asia 3 Asia 17 5 1 Beverly Center (CB) 18 18 8 2 The Shops at Belmond Charleston Place (LC) 19 3 Cherry Creek Shopping Center (CB) 4 City Creek Center (CB) 5 (UJV) Taubman 10 Taubman 7 6 (CB) 1 7 The Gardens on El Paseo and El Paseo Village (CB) 2 8 9 Great Lakes Crossing Outlets (CB) 10 The Mall at Green Hills (CB) 11 International Market Place, Hawaii (DV) 12 International Plaza (UJV) 12 14 13 The Mall of San Juan, (DV) 14 (UJV) 20 15 The Mall at Short Hills (CB) 13 11 21 16 (UJV) 6 17 Sunvalley Shopping Center 18 Taubman Prestige Outlets Chesterfield (CB) 19 (CB) 20 The Mall at University Town Center (UJV) 21 Waterside Shops (UJV) 22 Westfarms (UJV) CB - Consolidated Businesses (10) UJV - Unconsolidated Joint Ventures (9) LC - Leased Center - No Ownership (1) DV - Development - Projects under construction or expected to begin construction (2) Mixed-Use Projects 1 2 Open-air Centers

City Creek Center 1 Waterside Shops at Pelican Bay 2 , Utah Naples, Featuring Nordstrom, Macy’s, Apple and Michael Kors Featuring , Nordstrom, MAC, Banana Republic, Burberry, Gap, Gucci, Kate Spade New York and Ralph Lauren Asia Asia 1 2 20 21 1 3 Taubman Taubman

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2 City Center Luxury Malls 1 2 Suburban Regional Malls

Beverly Center 1 The Mall at Millenia 2 , Orlando, Florida Featuring Bloomingdale’s, Macy’s, Salvatore Ferragamo, Featuring Neiman Marcus, Bloomingdale’s, Macy’s, Prada, Gucci, Fendi, and Burberry Diesel, Emporio Armani and Sephora

The Mall at Short Hills 3 Short Hills, New Jersey Featuring Neiman Marcus, Nordstrom, Saks Fifth Avenue, Asia Asia 1 2 Bloomingdale’s, Macy’s, Max Mara, Saint Laurent, Giorgio 22 Armani, Hermès and Cartier 23 1 3 Taubman Taubman

3 Taubman Corporate Headquarters JAN 2017 200 East Long Lake Road Bloomfield Hills, 48303-0200 United States of America T: +1 (248) 258-6800 www.taubman.com

Taubman Asia Suite 6311, 63/F One Island East, Taikoo Place, Taubman Asia creates extraordinary 18 Westlands Road, Quarry Bay, Hong Kong Main line: +852 3607-1333 retail environments for shoppers, Seoul 12/F Ferrum Tower, 19 Eulji-ro 5-gil, Jung-gu, Seoul 04539, South Korea retailers and communities T: +822 6353-8600

Beijing Suite 806, Oriental Plaza, 1 Dong Chang An Street, Dongcheng District, Beijing, 100738, China Asia T: +86 (10) 8522-1998 24 Shanghai Suite 3703,37/F, Park Place, 1601 Nanjing West Road JingAn District, Shanghai, 200040, China Taubman T: +86 (21) 6288-1662

Zhengzhou 4/F, CityOn.Zhengzhou Shopping Centre Management Office 15 Nongye East Road, Zhengdong New District, Zhengzhou, Henan Province, China T: +86 (371) 8600-2628

Xi’an 6/F, CityOn.Xi’an Shopping Centre Management Office 170 Wei Yang Economic and Technological Development Zone, Xi’an, Shaanxi Province, China T: +86 (29) 8653-3666

Macau Mall Management Office The Boulevard at Studio City Estrada do Istmo Lotes 9300, 9310e, 9400 Studio City, Shop 2019, Cotai, Macau SAR T: +853 6504-5566

www.taubmanasia.com