Taubman Centers : Asia and Wangfujing Group Co., Ltd Announce an Unprecedented Retail Lineup for CityOn.Zhengzhou Shopping Center

CityOn.Zhengzhou to bring a fresh, contemporary shopping experienceto Central China

Zhengzhou - November 2, 2016 - Taubman Asia, a subsidiary of Taubman Centers, Inc. (NYSE: TCO) and Wangfujing Group Co., Ltd (Shanghai Stock Exchange: 600859), today announced a strong collection of contemporary retailers set to open at CityOn.Zhengzhou in Henan province, Central China.

When it opens in March 16, 2017, CityOn.Zhengzhou will be 100 percent leased and 90 percent occupied with nearly 200 stores and restaurants. Located in the heart of Zhengdong New District, the six-level, 94,000 square meter (approximately one million square feet) shopping and dining destination will offer a curated mix of domestic, international and lifestyle brands from fast fashion to accessible luxury anchored by a four-level Wangfujing department store.

'We are thrilled to see our second China project coming to life in Zhengzhou,' said René Tremblay, president of Taubman Asia. 'This project will contribute value to all Taubman shareholders as the Company realizes the value of its investment in Asia over the past several years. We ar e proud to unveil this unprecedented lineup of stores and restaurants.'

Food lovers will be delighted by the variety of local, regional and international cuisine at all price points and in both seated restaurants and quick serve formats. The center will also include several family-friendly experiential, educational and entertainment offerings.

'CityOn.Zhengzhou will offer a stellar collection of the world's most in-demand brands, many making their Central China debut at our center,' said Paul Wright, group vice president, leasing for Taubman Asia. 'We are committed to creating an exceptional shopping, dining and entertainment experience for our shoppers in China and at all of our properties.'

'We are glad to be working with Taubman to bring to the local community a modern and contemporary shopping experience at the iconic CityOn.Zhengzhou. Meanwhile, we are bringing a significant investment, job opportunities, economic activities and a neighborhood-friendly project to Zhengdong New District,' said Yi Liu, chairman of Wangfujing Group Co., Ltd.

CityOn.Zhengzhou stores and restaurants include:

Retail

F&B/Entertainment/Kids/Lifestyle/Electronics

Final list of tenants subject to change and final confirmation.

For more information about CityOn.Zhengzhou, visit www.cityoncenter.com.

About CityOn.Zhengzhou

From fast fashion to accessible luxury, complimented by a unique collection of domestic and international designer and lifestyle brands, the retail line-up at CityOn.Zhengzhou is destined to meet the diverse needs of consumers in the region. CityOn.Zhengzhou will also delight food lovers by offering a wide selection of local, regional and international cuisine, across all price-points and in both seated restaurants and quick service formats. CityOn.Zhengzhou will offer families a number of kid-friendly experiential, educational and entertainment offerings.

About Taubman Asia

Taubman Asia is a subsidiary of U.S. Mall operator Taubman Centers - a leader in the shopping center industry. Taubman Asia is the platform for Taubman Centers' expansion into China and South Korea and focuses on owning, managing, and/or leasing high-quality and sustainable retail real estate projects in Asia that leverage Taubman's strong retail planning design and operational capabilities. For more information about Taubman Asia, visit www.taubmanasia.com.

About Taubman

Taubman Centers is an S&P MidCap 400 Real Estate Investment Trust engaged in the ownership, management and/or leasing of 26 regional, super-regional and outlet shopping centers in the U.S. and Asia. Taubmanal U.S.-owned properties are the most productive in the publicly held U.S. regional mall industry. Founded in 1950, Taubman is headquartered in Bloomfield Hills, Mich. Taubman Asia, founded in 2005, is headquartered in Hong Kong. www.taubman.com.

About Wangfujing Group Co., Ltd

Founded in 1955 at China's busiest commercial street in Beijing, Wangfujing Group Co., Ltd has enjoyed a history of over 60 years.

Over the last 60 years as China transformed to a market-oriented economy, Wangfujing Group Co., Ltd has enjoyed a reputation at home and abroad as evolving from the first store of new China to the top department store in China, leading the retail industry development. Never having deviated from its original mission, the group continues to be recognized as the industry leader, committed to transforming its traditional department store business into a modern retail group.

The group's current sales network spans seven major economic zones in China, operating 46 large-scale retail stores in 28 cities, covering various retail formats including department stores, shopping malls and outlets business formats. The group offers an operating area of approximately 2 million square meters.

For ease of use, references in this press release 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 press release 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. 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, 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; 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; 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; the loss of key management personnel; terrorist activities; 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; and changes in global, national, regional and/or local economic and geopolitical climates. 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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