Land & Buildings Issues Presentation on Taubman Centers

– Shares of TCO likely have 60%+ upside based on the pricing of the announced ~$25B sale of high-quality mall landlord Westfield –

–December 13^th filing by TCO disclosed a severance plan that protects senior-level management in the event of termination following a change of control transaction –

– The better-than-expected Holiday shopping season is a tailwind for retailers and landlords –

– Latest photo tour demonstrates bustling activity at Taubman malls –

Land & Buildings Investment Management, LLC (together with its affiliates, "Land & Buildings") announced today that it has issued a presentation regarding the severe discount of Taubman Centers, Inc. TCO ("Taubman," "Taubman Centers" or the "Company") shares, including the implications of the recently announced acquisition of Westfield Corp. WFD ("Westfield") by Unibail-Rodamco on the value Taubman Centers. Please visit www.SaveTaubman.com for the complete presentation.

The presentation titled "Taubman Centers Too Cheap To Ignore - Value Investors Buying High-Quality Mall Real Estate," highlights the 60%+ upside opportunity in shares of Taubman based on the announced sale of Westfield and robust activity at Taubman's nine dominant malls. The presentation also highlights:

• TCO merits an even higher valuation than Westfield, in our view, given its superior quality on various metrics and significant operational upside potential
• Last week, Taubman Centers disclosed in an 8-K filing a new severance plan for certain members of senior management, protecting such executives in the event of termination following a change in control of the Company
• Strong traffic throughout the holiday seasons is evident based on a photo tour of Taubman's nine dominant malls and encouraging commentary by numerous retailers and industry participants

Jonathan Litt, founder and chief investment officer of Land & Buildings, stated, "The announced sale of high-quality mall landlord Westfield for $25 billion is just the latest data point highlighting the severe discount that Taubman trades at relative to the underlying asset value – with at least 60% upside to net asset value. Further, the strong industry data for the holiday season bodes well for the performance of the Class A mall industry looking forward."

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