Taubman Centers, Inc. Investor Presentation

August 2014 Who We Are – Over 60 Years in Business!

• We were founded by Alfred Taubman in 1950 and have developed over 80 million square feet of retail and mixed- use properties

• We have developed urban and suburban malls that have redefined the shopping experience for both customers and retailers

• Studying the great marketplaces of the world, we incorporated timeless design features and innovations that have become the industry standard, including - Earliest two-level centers - First food courts and multiplex theatres - First ring road traffic systems The Mall at Millenia (Orlando, Fla.) - First column-free store design

• We have always believed in the power of planning – every decision we make in the development and operation of our properties is guided by our commitment to break down threshold resistance

• We have always approached our business with the mindset and passion of a retailer

• We have developed exceptional relationships with the world’s great retailers – many select our centers for their first locations

• Taubman (NYSE: TCO) became the first publicly traded UPREIT in 1992, laying the groundwork for real estate companies in all sectors to access the public equity markets

• We were proud to be added to the prestigious S&P MidCap Index in January 2011

2 Our Mission and Values

The Taubman Mission

Our mission is to own, manage, develop and acquire Beverly Center (Los Angeles, Calif.) retail properties that deliver superior financial performance to our shareholders.

We distinguish ourselves by creating extraordinary retail properties where customers choose to shop, dine and be entertained; where retailers can thrive.

We foster a rewarding and empowering work environment, where we strive for excellence, encourage innovation and demonstrate teamwork.

Our Values

 We Take The High Road

 We Play For The Team

 We Respect Everyone

 We Push The Envelope

 We Pursue Excellence

 We Honor Tomorrow Today

 We Are Accountable For Our Results

 We Love What We Do

3 Our Points of Difference

• Retailing is in our DNA • We intensively manage every center - Our approach is with a deep respect for and - We continually reinvest in our assets – since knowledge of our customers – both shoppers 2008 we have renovated, expanded or built and retailers from scratch over half of our centers • We have an experienced, cycle-tested - Rising rent from new tenants and lease management team rollovers is the most significant element of - Members of the Operating Committee have our organic growth been with Taubman for, on average, 17 years - Income is further bolstered by “non- traditional” and innovative sources such as • We strive for quality rather than sheer size corporate sponsorships, kiosks and - Our portfolio is large enough to give us temporary tenants important economies of scale and solidify our relationships with the world’s best retailers Intensively Managed Portfolio - Yet not so large that we can’t maximize the Number of centers owned at IPO (1992) 19 potential of every property – every asset receives the attention of senior management Centers developed 14 Centers acquired 10 • We sweat every detail of the plan Centers sold/exchanged (19) - While cultures vary from place to place, there are universal elements to the way people Number of centers owned today 24 shop, move through and experience retail Number of centers managed today 1 environments Number of centers leased today 2 - Getting the development planning right to Centers held for sale1 (7) maximize productivity is one of Taubman’s Total (post-sale)1 20 most valuable and exportable strengths

Note: (1) In June, the company announced an agreement to sell seven malls to Starwood Capital Group. The transaction is expected to close in the fourth quarter 2014, see page 5. 4 Transformative Opportunity - Agreement to Sell Seven Shopping Malls to Starwood Capital Group

The Sale Portfolio • Taubman has agreed to sell seven shopping malls to Starwood Capital Group - Price: $1.405 billion, Cap Rate: 6.6% - Targeted Closing Date: Fourth quarter 2014 • Remaining portfolio is expected to be significantly more productive - Higher sales productivity ($100+ per square foot) - Faster NOI growth by about 50 basis points - Resulting portfolio consists of highly productive assets - Opportunity for management to focus where the greatest NAV is created – on strategic assets, redevelopments and the development pipeline • Improved portfolio metrics, demographics and History of Recycling Capital for Growth operating statistics (Market Capitalization since 1992 IPO) • Balance sheet strengthened 12,000 • History of recycling capital for growth Total Market - Our strategy is to recycle capital for growth, 10,000 Capitalization minimizing our need to raise equity - Our growth has been self-funded 8,000 Equity Market o Following this transaction, we will own 17 6,000 Capitalization centers, 2 less than when we went public in 1992 4,000 o On a net basis, we have issued only $300

Dollars in in $MM Dollars million of common equity since the IPO 2,000 o Nonetheless, our market capitalization has increased almost five times since the IPO, 0 nearly 22 years ago 1992 1997 2002 2007 2012 6/30/14

5 International Footprint Despite Smaller Size

United States Great Lakes Crossing Outlets Twelve Oaks Mall The Mall at Partridge Creek

Westfarms

The Mall at Stamford Town Short Hills Center City Creek Center Fairlane Sunvalley Town Center Cherry Creek Fair Oaks Shopping Center Stony Point Fashion Park Taubman Prestige Outlets MacArthur Center Chesterfield The Shops at Crystals

The Mall at Green Hills Northlake Mall Beverly Center The Gardens on El Paseo and El Paseo Village Charleston Place

The Shops at Willow Bend International Market Place (Waikiki, Honolulu, Hawaii) The Mall at Millenia

International Plaza The Mall at The Mall at University Town Center Wellington Green Asia Waterside Shops IFC Mall (Seoul, Dolphin Mall South Korea) The Mall of San Juan (San Juan, Puerto Rico) Hanam Union Square (Hanam, Ownership Type (20 Centers) South Korea) Consolidated Businesses (10) CityOn.Xi’an CityOn.Zhengzhou Unconsolidated Joint Ventures (7) (Xi’an, China) (Zhengzhou, China) Managed Center - No Ownership (1) Leased Center - No Ownership (2) Development – Projects under construction or expected to begin construction (6) Assets Held for Sale (7)

6 Highest Quality Portfolio in the Mall Industry

Highest Quality Centers Highest Portfolio Sales Per Square Foot1 Located in the Best Markets

Taubman's Post-Sale Bank of America Merrill Lynch $806 Portfolio 2 Mall Industry Assessment (May 13, 2014) and SunTrust Robinson Humphrey Taubman $707 Retail Sector Initiation (July 11, 2013)

Simon $608 Taubman vs. Peers • Highest degree of educated population in a seven Macerich $567 mile radius surrounding our centers versus U.S. mall peers General Growth $563 • Highest major market penetration – ranked by exposure to top 50 national markets (91% of our centers are located in the fifty largest markets in Glimcher $473 the United States) • Highest anchor quality determined by exposure to Penn REIT $378 superior-drawing fashion anchors (69% of our anchor locations are occupied by Macy’s, Bloomingdale’s, Nordstrom, Saks Fifth Avenue, CBL $354 Neiman Marcus, and/or Lord & Taylor) • Highest competitive moat, which indicates our $0 $200 $400 $600 $800 $1,000 centers have the best locations within their Reported Sales Per Square Foot (June 30, 2014)1 respective MSA (metropolitan statistical area)

Note: (1) Typically excludes all anchors, temporary tenants and 10,000+ sf tenants (2) In June, the company announced an agreement to sell seven malls to Starwood Capital Group. The transaction is expected to close in the fourth quarter 2014, see page 5. Source: Company Supplementals, Bank of America, Macquarie Equities Research, Taubman analysis 7 We are a Developer, Not a Consolidator

Taubman Developments (2001-2013) • Our U.S. developments since 2001 have 5,000 delivered robust returns1 4,500 - Approximately $2.8 billion of net value has been 4,000 created on a total capital investment of about $2.1 Net Value billion 3,500 Created ≈ $2.8 B - The 50% leveraged IRR is approximately 21% 3,000 based on a terminal cap rate of 5% 2,500 - On an unlevered basis, the IRR would have been 2,000 approximately 16% 1,500 - On average, these centers are at least equal in Development 1,000 ≈ $2.1 B quality to our portfolio average

500 • Solid development returns on the six assets sold Investment in $MM Through 2013 in $MM ThroughInvestment 0 to Starwood that we developed over the last 15 2001 2002 2003 2005 2007 2008 2012 2013 Total years Opening Year - At the sale price, the leveraged IRR was 13% - On an unlevered basis, the IRR was 10% Opening Investment in $MM Project Year Through 2013 Dolphin Mall 2001 320 • We have fostered close relationships with the The Shops at Willow Bend 2001 276 upscale fashion department stores, becoming International Plaza 2001 342 their developer of choice when they pursue The Mall at Wellington Green 2001 215 expansion The Mall at Millenia 2002 200 - Most of our centers are anchored by at least one Stony Point Fashion Park 2003 116 of these department store concepts – nearly half Northlake Mall 2005 176 have two or more The Mall at Partridge Creek 2007 148 - Since 2001, Taubman has developed almost 40% Oyster Bay and Sarasota2 2008 126 of all ground up projects in the U.S. anchored by a City Creek Center 2012 76 full-line upscale fashion department store Chesterfield 2013 125

Note: (1) Development Returns Analysis Notes: Includes all pre-development expenses including costs related to Sarasota and Oyster Bay; terminal values based on 2014 budgeted NOI for all centers. (2) Represents the impairment charges recognized in 2008 on Oyster Bay and Sarasota. Source: Literature Research, Taubman analysis, Company Filings 8 Why we Develop – Value Creation of a hypothetical $400M U.S. project yielding 8% Development Project Example

$1,000 ….creates $460 million of new value Assumptions $900

$800 • Construction financing $460M at 65% of project $700 incremental costs value over $430 project cost • Long term financing at $600 created by 10x NOI Yr 12 $240 $500 $400 million • 3% annualized NOI project…. growth

$ in millions in $ $400 Project Cost

$300 $260 Market Value Equity $320 $160 $430 $200 Debt

$100 Project Equity $140 $140 $100 $80 $0 Year -2 Year -1 Opening Year 2 Year 12

Project Debt is refinanced. Development stabilizes Growth in NOI allows phase…costs paid and all $140M of initial using TRG line and permanent equity + an additional construction financing financing is $30M of net excess done proceeds to be recycled by Yr 12

9 Industry’s Premier Leasing Team

Industry Leading Economics (June 30, 2014) Unique-to-Market Tenants Examples of Tenants Whose First U.S. Mall Average Rent Per Square Foot1 Location Was at a Taubman Center

Taubman's Post-Sale $60.88 Portfolio2

Taubman $51.46

Macerich $49.14

Simon $45.83

Glimcher $34.80

CBL $30.46

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

Est. Portfolio Avg. Rent Per Square Foot

Note: (1) General Growth and Penn REIT excluded as they do not report Avg. Rent Per Square Foot on a comparable basis. (2) In June, the company announced an agreement to sell seven malls to Starwood Capital Group. The transaction is expected to close in the fourth quarter 2014, see page 5. Source: Company Filings and Supplementals, Company Quarterly Earnings Conference Call, Taubman analysis 10 Fiscally Disciplined Property Management With the Industry’s Highest Standards

The Mall at Short Hills (Short Hills, N.J.)

• Since 2005, an increased number of our tenants are paying a fixed Common Area Maintenance (CAM) charge rather than the traditional net lease structure. This allows the retailer greater predictability of their costs. Our analysis shows premiums will balance our additional risk.

• Our centralized management structure yields economies of scale Westfarms (West Hartford, Conn.) in purchasing, which often result in significant cost savings that fall to the bottom line in a fixed CAM system. At June 30, 2014, approximately 78% of our tenants (including those with gross leases or paying a percentage of their sales) effectively pay a fixed charge for CAM.

11 Judicious Monetization of Common Areas – Specialty Leasing and Sponsorship – 11% of NOI

Illustrative Examples of Innovative Sponsorship Programs

Ice Palace Destination Holiday Experience – e.g., Customer Service Programs – e.g., MasterCard, Twentieth Century Fox, Walden Media, and Microsoft Ticketmaster, AmEx Gift Cards

Sponsored Play Areas – e.g., Warner Bros. & Turnkey Attractions – e.g., Wicked The Musical Rocky Mountain Hospital for Children

12 Superior Operating Results1

Core NOI Growth Adjusted Funds from Operations Per Diluted Share

8% $3.65 $3.34 6% $3.08 $3.06 $2.88 $2.86 $2.84 4% $2.65

Taubman 5-Yr. Avg. = 2.7%2 $2.36 $2.16 2% Peer 5-Yr. Avg. = 1.5%3

-2%

-4% 2009 2010 2011 2012 2013 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 Taubman Peer Average Note: (1) See page 36 regarding reconciliations to the most comparable GAAP measures. (2) Excludes lease termination income and non-comparable centers. (3) Simple average calculated using NOI’s of Taubman Peers (Simon, Penn REIT, Macerich, Glimcher, General Growth, and CBL). Source: Company Filings and Supplementals, Taubman SEC Filings, Taubman analysis

13 Operational Excellence Complemented by Prudent Financial Management

• Completed $219 million common equity offering in August Debt Maturities by Year 2012, enhancing our liquidity for future investments (As of 6/30/14, In Millions)1 • Completed $170 million 6.25% preferred stock offering in $2,000 $1,840 March 2013 $1,500 • Healthy coverage ratios, 2014 YTD - Interest coverage ratio: 3.6 $1,000 $775 - Fixed charge coverage ratio: 2.8 $552 • Refinanced primary line of credit Feb. 2013: $500 $214 $10 $25 - The primary line of credit ($1.1 billion) matures in March 2017 $0 - Availability under primary and secondary lines: $1.1 billion of $1.165 billion (at June 30, 2014) • Property-specific secured debt carries lower risk compared to peers - Use of moderate leverage historically mitigates future re- Coverage Ratios financing risk - Typically non-recourse loans to the parent (As of 6/30/14) - No cross collateralization 4.0 • Successfully completed financings of Great Lakes Crossing 3.0 Outlets, City Creek Center, Beverly Center and Green Hills in 2013 and Stony Point in 2014 2.0 • Completed construction financing of University Town Center in October 2013, the first construction loan for a regional 1.0 shopping center since the recession 0.0 • Completed construction financing of The Mall of San Juan in 2009 2010 2011 2012 2013 2014 April 2014 YTD • Announced a $200 million share repurchase program in Interest only Fixed charges August 2013 - At current trading levels, we can repurchase shares on a basis Note: (1) Maturities assume that all extension options have been exercised and no pay that is accretive to our earnings and our net asset value while downs are required upon extension; includes debt of assets held for sale; at TRG share. maintaining our strong balance sheet and pursuing our internal Source: Company Quarterly Supplementals, Taubman analysis and external growth initiatives

14 Strong Balance Sheet with Significant Flexibility

Balance Sheet Composition Current development pipeline is fully funded (As of 6/30/14) (2Q14 through end of 2016) $3,000 4% Common Stock and 6% Operating Partnership Equity Total ≈ $2.7B

Preferred Stock $2,500 22% Fixed Rate Debt Line of Credit Availability Floating Rate Debt $2,000 $1,100 64% Swapped to Fixed 3% Rate

Floating Rate Debt

$1,500 Cash $130 1 Starwood Sale Total remaining Debt to EBITDA Ratio Proceeds project costs $270 (As of 6/30/14) millions in $ ≈ $1.1B Redevelopment 10.0 Projects $1,000 Excess $265M less $30M 9.0 Refinancing spent to date Proceeds 8.0 Target $650 Range Total 7.0 Development 6.0 $500 Spending of Construction $1.465B less 5.0 Loans $630M $585M spent to date 4.0 less $115M drawn to date2 2008 2009 2010 2011 2012 2013 6/30/14 T-12 $0 Funding Sources Funding Uses Debt to EBITDA Ratio Note: (1) Represents Beneficial Interest in Debt to Adjusted Beneficial Interest in EBITDA. Adjusted Beneficial Interest in EBITDA excludes certain significant items that have impacted results that affect comparability with prior or future periods; the company believes the exclusion of these items is similarly useful to investors and others to understand management’s view on comparability between periods. (2) Assumes no construction loans on our Asia development projects. Source: Company Quarterly Supplementals, Taubman analysis 15 History of Delivering Superlative Performance for Shareholders

Shareholder Returns Dividend Payout Per Share1

600

$2.16 500 $2.00 $1.85 Taubman $1.76 $1.66 $1.66 $1.68 400 $1.54

$1.29 S&P 400 300 Midcap Index $1.16 MSCI US REIT Index FTSE NAREIT 200 All REIT Index, Property Sector: Retail S&P 500

Cumulative Total Return Since Dec. 31, 2003 Dec. 31, Since Cumulative Return Total 100

0 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 • We have never reduced our dividend since our IPO in 1992 • In 2009, we were the only mall REIT among our Note: (1) 2010 excludes special dividend of $0.1834 per share paid in December, 2010. 2014 2 represents annualized amount of the 2014 second quarter, regular dividend. peers not to reduce our dividend – we also (2) Peer group includes CBL, Glimcher, Macerich, Penn REIT and Simon maintained an all-cash dividend throughout the year Source: Company SEC Filings, Taubman analysis

16 Future Growth

Client Name | Lorem Ipsum | Month 12, 2010 Future Growth – Brick-and-Mortar Stores are the Foundation of Omnichannel Retailing

Total U.S. Retail Sales • Physical stores remain the foundation of retailing (2013) - 95% of all retail sales are captured by retailers with a brick-and-mortar presence 5% • The store plays a crucial role in online purchases 5% - Two-thirds of consumers who purchase online use Physical store sales the store before or after the transaction • Physical stores help retailers drive online sales 95% store- Pure-play online sales - Retailers with a brick-and-mortar presence related collectively sell more on their websites than pure online players Multichannel online sales • Physical stores are customers’ preferred shopping channel 90% - Regardless of age, stores are generally preferred across the shopping journey (i.e., discovery, trial, purchase, pickup, return) Channel Preference - Teens’ overall preference for physical stores is one of the highest, and even greater than that of (All Shoppers) millennials and generation Xers 80% 70% • The presence of stores increases value to e- 60% commerce sales and vice versa 47% - 70% of online consumers live within a physical 40% store’s trade area - 23% of consumers purchase more items when 17% 20% 15% picking up an online order from stores - 20% of consumers who return an online purchase in 0% store make an additional purchase Physical store Web Mobile/Smart Catalog/Mail - Physical stores are a place where the most Phone Order significant consumer and retailer value continues, and will continue, to be created Source: ATKearney On Solid Ground: Brick-and-Mortar Is the Foundation of Omnichannel Retailing, Verde Group, Baker Retailing Center 18 Future Growth – Physical Stores Supplemented by Digital Capabilities

“Online” Retailers Opening Physical Locations • Retailers are seeing value in physical stores and are rapidly expanding their physical footprint # of Retail Locations – 2009 # of Retail Locations – 2013 - The store count for just five click-to-brick retailers (Apple, Microsoft, Athleta, Warby Parker, and 217 254 Bonobos) has grown by more than 172 locations over the past five years, a 79% increase 2 51 - Top retailers with multiple channels are spending 76% of their capex on store experience and 0 65 offerings • It’s not physical or digital, it’s physical with digital; 0 13 having multiple channels is good for business - 55% of consumers prefer to use both stores and 0 8 online throughout the entire shopping journey - One-third of consumers use more than one channel simultaneously at any given stage in the journey - Clearly, a strategy based on leveraging the appeal Top Retailers % of Capital Expenditures of the physical store supported by digital is the best Spent on Physical Stores formula for capturing the maximum number of sales, building sustainable customer loyalty, and 76% creating opportunities to cross-sell • Successful retailing has always been – and will 71% continue to be – based on providing the greatest number of consumer options possible and 68% creating the most value on the customers’ terms - In the future, creating customer value will require physical stores supplemented by digital capabilities

2011 2012 2013

Source: ATKearney On Solid Ground: Brick-and-Mortar Is the Foundation of Omnichannel Retailing, Taubman analysis, Company Filings 19 Internal Growth – Poised for Sustained Growth with Sales at New Highs and Occupancy Costs Near Historic Lows

Taubman’s Occupancy Costs and Record Sales Luxury Sales Projected to Continue Growth 15% 20.0% 13% 800 $806 11% 10% 750 18.0% 10% 9%

$721 Y Growth)

$708 $707 -

o -

700 7% Occupancy(%) Costs 4-6% 5% 650 $641 16.0% 2% 600 0% $564 $555 14.0% 0%

550 $533 month Sales Per Square Foot ($) Foot Square Per Sales month - $502 500 12.0% -5%

450

Trailing Trailing 12 Bain & Co.’s Luxury (YMarketForecast Luxury Co.’s & Bain -8% 400 10.0% -10% 2006 2007 2008 2009 2010 2011 2012 2013 2014

Sales Post-Sale1 Occupancy Cost Actual May 2014 Estimate • Taubman’s sales per square foot of $707 at June 30, 2014 is highest in the publicly held U.S. regional mall industry

Note (1): In June, the company announced an agreement to sell seven malls to Starwood Capital Group. The transaction is expected to close in the fourth quarter 2014, see page 5. Source: Bain & Company Worldwide Luxury Markets Monitor (Spring 2014 Update), as reported in Company Filings, Taubman analysis 20 Internal Growth – NOI Growth Levers

Positive Releasing Rent Spreads1 Other NOI Growth Levers

$60 • Increase in percentage rent

$55 • Increase in sponsorship Trailing 3-

) revenue

2 Yr. $50 Weighted Avg. Spread • Increase in occupancy 16.1% $45 • Reduction in CAM expenses

(Trailing (Trailing ThreeYears $40 Avg. Rent Per Square Foot Per Square Rent Avg.

$35

$30 2010 2011 2012 2013 2014 YTD Opening Rent Per Square Foot Closing Rent Per Square Foot

Note: (1) Excludes non-comparable centers. (2) Trailing three years metrics are used to smooth year-to-year volatility in the quality and quantity of the opening and closing space; data is a weighted average of the consolidated and unconsolidated properties. Source: Company Filings, Taubman analysis

21 Internal Growth – Renovations, Expansions, and Redevelopments

Cherry Creek Current Renovations, Expansions, and Redevelopments

• Expected completion dates: 2014 - 2018

• Total cost: $265 million

• Projected return: 7.5%-8% (weighted average) on our share of the projects

• The Mall at Green Hills: - Relocation of the current Dillard's store and the addition of 170,000 sq ft of mall tenant area (expected completion: 2018)

• Cherry Creek Shopping Center: - A 53,000 sq ft Restoration Hardware will occupy the former Saks Fifth Avenue site; the project will also include 38,000 sq ft of new mall tenant area (expected completion: 2015) Beverly Center • Dolphin Mall: - Expansion will include nearly 32,000 sq ft of new restaurant space; utilizing a vacant parcel on the property for the expansion (expected completion: 2015)

• Beverly Center: - Renovation of the 8th level that will add a net 12,000 sq ft and include the addition of a new Uniqlo 30,000 sq ft mini-anchor and a new, contemporary dining court (expected completion: 2014-2015)

• Sunvalley: - Converting existing space to a new food court (expected completion: 2015)

22 External Growth – Areas of External Growth

U.S. Traditional Development • We are currently under construction on three centers opening between 2014 and 2016, and have announced plans for another with a targeted opening in 2016. We expect to continue to have sufficient opportunities to build projects at a pace, on average, of about one center every other year. Outlet Centers • We believe that outlet centers are a natural extension of our existing capabilities. We will continue to selectively look at outlet sites. We will target projects in markets with high barriers to entry and require significant preleasing before we begin construction. Asia • We are pursuing opportunities in Asia, with our efforts currently focused on South Korea and China. We have generated fees from our involvement in projects in Macao, Seoul and New Songdo, South Korea. Acquisitions • With respect to U.S. acquisitions, the mall sector is extremely consolidated, especially the better assets we find attractive. We’re always watching and have capital available for selective opportunities. We’re also open to acquisition opportunities in Asia and think the markets there may provide more for us to consider. 23 External Growth – U.S. Traditional Development – The Mall at University Town Center

Exterior rendering The Mall at University Town Center Sarasota, Florida

• Opening: October 16, 2014

• Project cost: $315 million

• Projected return and ownership: 8%-8.5% on our 50% share of the project

• Size/Mall GLA (Sq. Ft.): 880,000 / 460,000

• Anchors: Dillard’s, Macy’s, Saks Fifth Avenue

• We will be responsible for development, management and leasing of the center

• Will include more than 100 specialty stores and Construction Progress restaurants; all of the restaurants and over half the stores will be unique to the market

• Center will feature a premier collection of restaurants, all new to the Sarasota market: BRIO Tuscan Grille, The Capital Grille, The Cheesecake Factory, Kona Grill, and Seasons 52

• Leasing progress: Will be over 90% leased at opening

• Tremendously under-served market: Sarasota has about 1.2 million people and nearly 5 million tourists a year, with limited upscale shopping opportunities

• Expected to generate sales productivity that will place the center in the top half of our portfolio

24 External Growth – U.S. Traditional Development –The Mall of San Juan

Exterior rendering

The Mall of San Juan San Juan, Puerto Rico

• Opening: March 26, 2015

• Project cost: $475 million

• Projected return and ownership: 7.75%-8% on our 80% share of the project

• Size/Mall GLA (Sq. Ft.): 650,000 / 412,000

• Anchors: Nordstrom, Saks Fifth Avenue

• The landowner is developing a 225 room hotel and a casino that will connect to the center

Construction Progress • Represents the first luxury shopping destination in the Caribbean

• Will include approximately 100 stores and restaurants, approximately 60% of which are expected to be new to the island

• Expected to generate sales productivity that will place the center in the top half of our portfolio

25 External Growth – U.S. Traditional Development – International Market Place

Exterior rendering International Market Place Waikiki, Honolulu, Hawaii

• Opening: Spring 2016

• Project cost: $400 million

• Projected return and ownership: 8%-8.5% on our 93.5% share of the project

• Size/Mall GLA (Sq. Ft.): 360,000 / 280,000

• Anchor: Saks Fifth Avenue

• Revitalization of iconic location creates a new gathering place in the center of Waikiki

• Luxury-focused merchandising with the only full-line Third Level Grand Lanai Saks Fifth Avenue store in Hawaii

• Third-level “Grand Lanai” featuring 6-7 unique-to- market restaurants, which acts as a second anchor

• Huge tourism market, attracting affluent visitors; arrivals and spending are reaching new highs

• On the “50-yard line” of Kalakaua Avenue in the heart of Waikiki tourist district

• Expected to generate sales productivity near the top of our portfolio

26 External Growth – Acquisitions

The Mall at Green Hills

Acquisitions

• In December 2012, Taubman acquired an additional 49.9 percent interest in International Plaza1 for $437 million and an additional 25 percent interest in Waterside Shops for $77.5 million, solidifying our exposure to high performing assets.

• In December 2011, Taubman acquired The Mall at Green Hills and The Gardens on El Paseo/El Paseo Village from Davis Street Properties for $560 million. The centers are high quality assets The Gardens on El Paseo/ Waterside Shops that are dominant in their respective marketplaces. El Paseo Village - The Mall at Green Hills is undergoing a 170,000 sq ft expansion which includes the relocation of the current Dillard’s store. Construction on the parking deck as a first phase of the expansion began in May; the project is expected to be completed in 2018.

Note: (1) In January 2014, the company sold a 49.9 percent interest in International Plaza for $499 million.

27 External Growth – Asia – Xi’an, China

Exterior rendering CityOn.Xi’an Xi’an, China

• Opening: Late 2015

• Project cost: $385 million

• Project return and ownership: 6%-6.5% on our 30% share of the project

• Joint venture partnership with Wangfujing, one of China’s largest and most respected department stores; the joint venture will own a controlling interest in and manage the shopping center

• Part of the 5.9 million sf large-scale mixed-use development, Xi’an Saigao City Plaza - Retail component of the development includes approximately 1 million sf of retail and restaurant space, anchored by a 273,000 sf Wangfujing department store (including a supermarket) Construction Progress - Other uses include an international five star hotel, a Holiday Inn Express, a SOHO residential tower, two towers of serviced apartments and an office building - Features up to 300 international and local, moderate to high-end brands, with restaurants and a movie cinema • Xi’an is an important cultural, industrial and educational center of the central-northwest region of China, with facilities for research and development, national security and China's space exploration program

• Xi’an is now one of the most populous metropolitan areas in regional China with more than 8 million inhabitants

• Xi’an’s economy has been performing strongly achieving GDP and per capita GDP growth of +20% annually since 2007, the 4th highest economic growth in China

28 External Growth – Asia – Zhengzhou, China

CityOn.Zhengzhou Exterior rendering Zhengzhou, China

• Opening: Late 2015

• Project cost: $355 million

• Project return and ownership: 6%-6.5% on our 32% share of the project

• Size/Mall GLA (Sq. Ft.): Approximately 1 million square feet

• Joint venture partnership with Wangfujing, one of China’s largest and most respected department stores; the joint venture will own a majority interest in and manage the shopping center

• The six-level shopping center is expected to have approximately 200 stores and will feature a mix of middle to Construction Progress high-end brands together with a movie cinema and a mix of restaurants

• Project is strategically located in the heart of the Zhengdong New District, which is forecast to achieve high population and financial growth targets and is of significant importance to the municipal, provincial and central governments

• Zhengzhou’s population is nearly 9 million and is expected to reach 10 million by 2020; there are over one million residents in a 5km radius of the project, with the total trade area population expected to reach 2.8 million by 2015

• Zhengzhou is a home to the automobile, infrastructure, food production, coal, electricity, aluminum, textiles, data and other major industries

29 External Growth – Asia – Hanam, South Korea

Aerial rendering

Hanam Union Square Hanam, South Korea

• Opening: Late 2016

• Project cost: $1.1 billion

• Project return and ownership: 7%-7.5% on our 30% share of the project

• Size/Mall GLA (Sq. Ft.): 1,700,000 / 1,175,000

• Anchors: Shinsegae, South Korea’s largest retailer

• Joint venture with Shinsegae Group, South Korea’s largest retailer; the joint venture will build, lease, and manage the center Aerial rendering • Will be the largest true western style mall in Korea

• Planned merchandising to include a unique collection of luxury flagships, international fashion retailers, leisure and entertainment facilities • Demonstrated our skills and ability to add value at IFC Mall in Seoul, South Korea, the 430,000 sf retail component of the 5.4 million sf mixed use IFC Center that opened in August 2012, 100% leased; we are the leasing agents and on-going managers of the center

30 External Growth – U.S. Traditional Development versus Asia Development

• For many years the Asian economies have been growing at a much faster pace than in the U.S.

• In many Asian markets there is a shortage of well-designed and well-managed retail space

• We believe there is a very attractive opportunity for our core competencies in design, leasing and management, which are value-added points of difference for us U.S. China South Korea Development Development Development Lease structure1 Minimum rent Significant amount of % Significant amount of % rent marks leases to rent marks leases to market market Lease term1 10 year initial roll 3-5 year initial roll 5-7 year initial roll CAM/Service Charge1 Fixed with tax & Fixed service charge Fixed service charge insurance pass through Anchor Rent/CAM1 Rare Standard Standard Targeted Occupancy Cost1 17% Slightly less than U.S. Slightly higher than U.S.

Sales Growth1 Historically 3% - 4% In excess of 10% 6% - 8% Unleveraged after-tax return1 Initial stabilized 7.75% - 8.5% 6% - 6.5% 7% - 7.5% Reaches 10% 10th – 11th year 7th – 8th year 9th – 10th year By 10th year 9% - 10% 13% - 14% 10% - 11% Taxes (income & repatriation) No Yes Yes

(1) Anticipated lease structure and terms, sales growth, and after-tax returns for centers under development exclude the impact of foreign currency fluctuations and are subject to adjustment as a result of factors inherent in the development process, some of which may not be under the direct control of the company. Refer to the company’s filings with the Securities and Exchange Commission on Form 10-K and Form 10-Q for other risk factors. 31 External Growth – U.S. Traditional Development versus Asia Development

Comparison of Development Returns (Example) While initial yields of China and 14 China South Korea developments are 12 lower…

1 South Korea 10

U.S.

Tax Tax -

Cash Return Cash -

- Unlevered After Unlevered

Cash 4 With higher growth, returns in Asia are greater 2 over time

0 1 2 3 4 5 6 7 8 9 10 Year From Opening

U.S. Development China Development South Korea Development

Summary of key guidance measures 2013 Actual 2014 Guidance Earnings Per Share1 $1.71 $7.33 - $7.48 Adjusted FFO per share1 $3.65 $3.72 - $3.82 Core NOI Growth (100%), excluding lease cancellation income 3.4% Up about 3%4 Ending occupancy 91.7% Down 100 – 150 basis points Rent PSF (Combined) $48.52 Up about 4% Revenue from management, leasing, and development, net $10.8 million $5 - $6 million Domestic and non-U.S. pre-development expense $10.6 million $5 - $6 million General and administrative expense, quarterly run rate $12.5 million (avg.) $12-$13 million Lease cancellation income, our share $5.0 million About $5 million

(1) Guidance measures provided exclude the expected impact of the planned sale of centers to Starwood Capital Group, including (but not limited to) the loss of operations of the centers, debt extinguishment costs, and disposition and other transaction costs as well as the impact from the use of sale proceeds. (2) Guidance is current as of July 30, 2014, see Taubman Centers Issues Strong Second Quarter Results – July 30, 2014. (3) See pages 36 and 37 regarding reconciliations to the most comparable GAAP measures. (4) If sales persist at their current pace, percentage rent will be impacted, and our original projection of 3% could be challenged; this negative impact could be as much as 50 basis points. 33 Investment Summary

• Highest Quality Portfolio

• Superior Operating Results: Accelerating NOI

• Developer, Not a Consolidator

• Strong Balance Sheet: Prudent Financial Management

• History of Dividend Growth: Maintained Cash Payout During Recession

• Strong Historical Shareholder Returns

34 Forward Looking Language

For ease of use, references in this presentation 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 presentation 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. The forward-looking statements included in this presentation are made as of the date hereof. Except as required by law, we assume 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 and uncertainties, including that the conditions to one or more transaction closings may not be satisfied, the occurrence of any event, change or other circumstances that could give rise to the termination of the sale agreements with respect to any or all of the seven centers, and general economic conditions. 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.

35 Reconciliation of Net Income (Loss) to Net Operating Income1

36 Reconciliation of Net Income attributable to common shareowners to Funds from Operations1

Year Ended Range for Year Ended December 31, 2013 December 31, 2014

Adjust Funds from Operations per common share (2) 3.65 3.72 3.82

Discontinuation of hedge accounting – MacArthur and disposition costs related to the pending Starwood Sale (3) (0.06) (0.06)

Funds from Operations per common share (2) 3.65 3.66 3.76

Gain on dispositions, net of tax (4) 5.30 5.30

Real estate depreciation – TRG (5) (1.81) (1.50) (1.45)

Distributions on participating securities of TRG (0.02) (0.02) (0.02)

Depreciation of TCO's additional basis in TRG (0.11) (0.11) (0.11)

Net income attributable to common shareowners, per common share (EPS) 1.71 7.33 7.48

(1) All dollar amounts per common share on a diluted basis; amounts may not add due to rounding. Guidance is current as of July 30, 2014, see Taubman Centers Issues Strong Second Quarter Results – July 30, 2014. (2) The range excludes the expected impact of the planned sale of centers to Starwood Capital Group, including (but not limited to) the loss of operations of the centers, debt extinguishment costs, and disposition and other transaction costs as well as the impact from the use of sale proceeds. (3) Costs only include amounts incurred in the second quarter of 2014. (4) During the six months ended June 30, 2014, the Company recognized a gain (net of tax) of $476.9 million from dispositions of interests in International Plaza, Arizona Mills, and land in Syosset, New York related to the former Oyster Bay project. Excludes gain expected to be recognized upon closing of the sale of centers to Starwood. (5) As a result of the expected sale of centers in the fourth quarter of 2014 to Starwood Capital Group, the company is no longer recognizing depreciation on the property balances that are classified as held for sale. This resulted in a reduction of approximately $0.25 of real estate depreciation per share expected to be recognized in 2014.