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Despite these costly mistakes, the Company also embarked on an expensive foray into Asia that has apparently failed to serve as anything but a distraction to management and Taubman expects to start yet another new development in Asia by the end of this year or next.

Taubman’s horrible 5-year capital allocation record is littered with value-destroying developments that, in our view, illustrate an alarming lack of proper Board oversight.

Market capitalization and per share underperformance based on estimated figures at the beginning of the trailing 5-year period compared to if Taubman would have generated returns consistent with Mall Peers.3 Estimated loss represents Land and Buildings’ estimates of the difference between the Company’s share of the disclosed cost for each project and estimated market value of each asset based on estimated yields and cap rates.

Percent loss represents Land and Buildings’ estimates of the percentage difference between the Company’s share of development cost and estimated market value.

Importantly, our nominees will bring the fresh perspective and objectivity that we believe is currently lacking on the Board that has served as an obstacle to shareholder value creation.

As detailed above, we believe the Board lacks the stewardship necessary to create long-term shareholder value.

We are seeking your support to elect two independent, highly-qualified individuals – Charles Elson and Jonathan Litt – to the Board of Directors of Taubman Centers (the “Board”) at the Company’s upcoming Annual Meeting of Shareholders (the “Annual Meeting”).

We believe that these candidates have the right experience and expertise to help correct the course of Taubman and drive strong shareholder value creation. We are seeking to replace two incumbent directors, CEO, President and Chairman Robert S. Ullman, III, who we believe have failed to represent the best interests of shareholders.

Ullman in his newly created role as Lead Director, we are deeply disappointed by the Board’s apparent failure to adequately address the issues we have identified and now believe a greater sense of urgency for creating shareholder value is required at the Board level to best position the Company and its owners for long-term success.

It is time for shareholders’ voices to be heard and to elect two new highly-qualified and independent directors who will work alongside their fellow Board members to improve accountability and seek ways to maximize value for all Taubman shareholders and not just the Taubman Family. Elson and Litt has the right experience and expertise to help correct the course of Taubman.

Despite these costly mistakes, the Company also embarked on an expensive foray into Asia that has apparently failed to serve as anything but a distraction to management and Taubman expects to start yet another new development in Asia by the end of this year or next." data-reactid="27"The Board, led by Chairman Bobby Taubman, has overseen repeated horrible capital allocation decisions during the past five years, resulting in significant cost overruns, delays and woefully inadequate returns on new investments.

Impairments totaling

We believe that these candidates have the right experience and expertise to help correct the course of Taubman and drive strong shareholder value creation. We are seeking to replace two incumbent directors, CEO, President and Chairman Robert S. Ullman, III, who we believe have failed to represent the best interests of shareholders.Ullman in his newly created role as Lead Director, we are deeply disappointed by the Board’s apparent failure to adequately address the issues we have identified and now believe a greater sense of urgency for creating shareholder value is required at the Board level to best position the Company and its owners for long-term success.It is time for shareholders’ voices to be heard and to elect two new highly-qualified and independent directors who will work alongside their fellow Board members to improve accountability and seek ways to maximize value for all Taubman shareholders and not just the Taubman Family. Elson and Litt has the right experience and expertise to help correct the course of Taubman.Despite these costly mistakes, the Company also embarked on an expensive foray into Asia that has apparently failed to serve as anything but a distraction to management and Taubman expects to start yet another new development in Asia by the end of this year or next." data-reactid="27"The Board, led by Chairman Bobby Taubman, has overseen repeated horrible capital allocation decisions during the past five years, resulting in significant cost overruns, delays and woefully inadequate returns on new investments.Impairments totaling $1 billion are likely necessary on four ill-advised developments in the past five years alone.Taubman’s broken culture and poor leadership have, in our view, caused massive operational underperformance, as evidenced by the chart below.

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We believe that these candidates have the right experience and expertise to help correct the course of Taubman and drive strong shareholder value creation. We are seeking to replace two incumbent directors, CEO, President and Chairman Robert S. Ullman, III, who we believe have failed to represent the best interests of shareholders.

Ullman in his newly created role as Lead Director, we are deeply disappointed by the Board’s apparent failure to adequately address the issues we have identified and now believe a greater sense of urgency for creating shareholder value is required at the Board level to best position the Company and its owners for long-term success.

It is time for shareholders’ voices to be heard and to elect two new highly-qualified and independent directors who will work alongside their fellow Board members to improve accountability and seek ways to maximize value for all Taubman shareholders and not just the Taubman Family. Elson and Litt has the right experience and expertise to help correct the course of Taubman.

Despite these costly mistakes, the Company also embarked on an expensive foray into Asia that has apparently failed to serve as anything but a distraction to management and Taubman expects to start yet another new development in Asia by the end of this year or next." data-reactid="27"The Board, led by Chairman Bobby Taubman, has overseen repeated horrible capital allocation decisions during the past five years, resulting in significant cost overruns, delays and woefully inadequate returns on new investments.

Impairments totaling $1 billion are likely necessary on four ill-advised developments in the past five years alone.

Taubman’s broken culture and poor leadership have, in our view, caused massive operational underperformance, as evidenced by the chart below.

||

We believe that these candidates have the right experience and expertise to help correct the course of Taubman and drive strong shareholder value creation. We are seeking to replace two incumbent directors, CEO, President and Chairman Robert S. Ullman, III, who we believe have failed to represent the best interests of shareholders.

Ullman in his newly created role as Lead Director, we are deeply disappointed by the Board’s apparent failure to adequately address the issues we have identified and now believe a greater sense of urgency for creating shareholder value is required at the Board level to best position the Company and its owners for long-term success.

It is time for shareholders’ voices to be heard and to elect two new highly-qualified and independent directors who will work alongside their fellow Board members to improve accountability and seek ways to maximize value for all Taubman shareholders and not just the Taubman Family. Elson and Litt has the right experience and expertise to help correct the course of Taubman.

Despite these costly mistakes, the Company also embarked on an expensive foray into Asia that has apparently failed to serve as anything but a distraction to management and Taubman expects to start yet another new development in Asia by the end of this year or next." data-reactid="27"The Board, led by Chairman Bobby Taubman, has overseen repeated horrible capital allocation decisions during the past five years, resulting in significant cost overruns, delays and woefully inadequate returns on new investments.

billion are likely necessary on four ill-advised developments in the past five years alone.

Taubman’s broken culture and poor leadership have, in our view, caused massive operational underperformance, as evidenced by the chart below.

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