LOS ANGELES–(BUSINESS WIRE^[1])–Taubman Centers, Inc. (NYSE: TCO) today reveals the $500 million
reimagination of Beverly Center that transformed every aspect of the
iconic shopping destination that has been located in the heart of Los
Angeles for 36 years.

“Beverly Center has a special place in the history of this creative
community, and our intention with this transformation was always to
ensure the center best reflects and serves both its neighbors and those
who visit Los Angeles each year,” said Chief Operating Officer William
S. Taubman. “We sincerely thank our many partners who have joined us in
creating this true homage to fashion and food in one of the most vibrant
and exciting markets in the world.”

“The Beverly Center is so much more than a place to shop – it’s a
landmark in our city, an anchor in its community, and a destination for
Angelenos and people from everywhere,” said Los Angeles Mayor Eric
Garcetti. “The reimagining of this landmark will bring a better
experience for visitors, deliver new retail and dining to the
neighborhood, and create good jobs for workers.”

Key focus areas for the project included creating a bright, contemporary
exterior that connected the center to the neighborhood, bringing in
plenty of natural light, further elevating the retail lineup, adding a
variety of dining options and ensuring easy access and parking. Beverly
Center was open during all three phases of construction.

“We thank the community for its ongoing patronage of Beverly Center
during the reimagination, and for the three-and-a-half decades of
support that have made the center one of the nation’s premier shopping
and dining destinations,” said Taubman. “Even before the renovation was
complete, traffic and sales productivity materially improved, and the
center continues to perform above our expectations.”

Architecture & Design

Studio
Fuksas^[2] of Rome, Italy, was selected as the design architect for
the reimagination of the 886,000 sq. ft. center. Visionaries
Massimiliano and Doriana Fuksas, known globally for their distinctive
designs, masterfully incorporated stunning new features, including:

• A magnificent 25,000 sq. ft., gently curving, high-performance
  skylight ribbon of glass that triples the amount of skylight in the
  center and floods it with natural light
• New and expanded floor openings to allow sunlight to reach all floors
  and improve sight lines to other levels
• Special lighting within the floor openings and valet entrances that
  provides a stunning visual environment day and night
• A delicate, undulating white exterior featuring a modern metal mesh
  façade that allows natural light into the parking garage and is a
  glistening backdrop to a new, programmable exterior LED lighting system
• A lush streetscape with drought-resistant greenery that enhances the
  new, pedestrian-friendly environment
• A new Grand Court gathering space with plenty of comfortable furniture
  and places to charge devices or connect with others. Its new features
  include:
  • An impressive 20’ w x 35’ h vertical digital LED screen
  • The ability to hold special events, including the upcoming “In the
    Present”, a brand new holiday experience at Beverly Center

• A state-of-the-art, M4 camera-based smart parking system by Park
  Assist that dramatically improves the arrival and departure experience
  in the four-level, 3,000 space garage, including helping visitors find
  a parking space, and locate their vehicle
• An additional valet off West 3^rd Street that provides quick
  access to the restaurants and stores

Perfectly-Curated Retail

Beverly Center’s newly-elevated retail offering crosses every price
level and fashion profile, perfect for the cross-shopping practices of
modern customers. New tenant additions, relocations and/or expansions
include:

• APM
  Monaco^[3] (new July 2018, 998 sq. ft., Level 6)
• Apple^[4]
  (expanded, relocated June 2018, 8,225 sq. ft., Level 7)
• A/X
  Armani Exchange^[5] (relocated May 2018, 4,550 sq. ft.,
  Level 6)
• Balenciaga^[6]
  (new July 2018, 1,957 sq. ft., Level 7)
• Brooks
  Brothers^[7] (relocating from Rodeo Dr., opening holiday
  2018, 3,170 sq. ft., Level 6)
• House
  of Hoops by Foot Locker^[8] (relocated March 2017, 9,364
  sq. ft., Level 6)
• G-Star
  Raw^[9] (new October 2018, 2,000 sq. ft., Level 6)
• Hayden
  Girls^[10] (new March 2018, 1,154 sq. ft., Level 6)
• If
  & Co^[11] (new August 2018, 855 sq. ft., Level 6)
• Kiehl’s^[12]
  (new July 2017, 911 sq. ft., Level 6)
• Longchamp^[13]
  (new September 2018, 1,829 sq. ft., Level 7)
• MCM^[14]
  (new December 2017, 2,000 sq. ft., Level 7)
• Michael
  Kors^[15] (expanded December 2017, 4,487 sq. ft., Level 7)
• Polo
  Ralph Lauren^[16] (new May 2018, 2,340 sq. ft., Level 7)
• PRSVR^[17]
  (unique-to-LA, opening 2019, 964 sq. ft., Level 6)
• The
  Celect^[18] (new February 2018, 1,787 sq. ft., Level 7)
• Traffic
  Los Angeles^[19] (expanded, relocated July 2018, 5,698 sq. ft.,
  Level 6)
• Versace^[20]
  (relocated September 2018, 2,200 sq. ft., Level 7)
• Wolford^[21]
  (relocated September 2018, 845 sq. ft., Level 7)
• Zara^[22]
  (LA’s largest location, 28,300 sq. ft., opened May 2018, Level 6)

Designer Flagship Boutique

Coming in 2020, an 11,000 sq. ft. high-end designer flagship boutique The
Webster^[23] will prominently sit at the corner of Beverly and San
Vicente Blvds. Owner Laure Hériard-Dubreuil will edit exquisite
collections and partner with leading brands on exclusive product in this
signature LA location.

These changes complement an already-impressive collection of brands that
includes Burberry, Coach, COS, Dolce & Gabbana, Fendi, Gucci, Halston
Heritage, H&M, Jimmy Choo, L.K. Bennett, Louis Vuitton, Maje, Omega,
Politix, Prada, Saint Laurent, Salvatore Ferragamo, Sandro, Stuart
Weitzman, Superdry, Tiffany & Co., Tumi, Uniqlo and XXI Forever.

Destination Dining

Beverly Center has opened to its surrounding neighborhood by bringing
together an enviable lineup of nine full-service and fast-casual
restaurants at the street level. Each can be accessed via
entrances on La Cienega or the convenient new 3^rd Street
Valet.

Sit-Down, Full-Service – Open

• Cal
  Mare^[24] by Chef Adam Sobel in collaboration with Chef Michael
  Mina (new December 2017; 8,100 sq. ft.)
• Farmhouse
  Los Angeles^[25] by Restaurateur Laurent Halasz and Executive
  Farmer Nathan Peitso (new March 2018; 7,000 sq. ft.)
• Yardbird
  Southern Table & Bar^[26] by Restaurateur John Kunkel (new
  April 2018; 5,500 sq. ft.)

Sit-Down, Full-Service – Opening Soon

Fast-Casual – Open

Inside of the center, four new fast-casual eateries take advantage of
sweeping views of the city and the new skylight:

Fast-Casual

Art Installations

• The 35 ft. tall Grand Court digital LED screen is showcasing the
  first-ever, solo and permanent LA installation of well-known media
  artist, designer and spatial thinker Refik
  Anadol^[27]. The first chapter of his installation, “Impossible
  Materials: Fashion,” features his interpretation of fashion through
  imagined fabric and subtle poetic motion. Chapter two, “Impossible
  Materials: Architecture” focuses on the symbiotic relationship of art,
  architecture and technology.
• In partnership with Anadol and UCLA
  Design Media Arts^[28], Beverly Center is featuring selected works
  by undergraduate students. Each work, created by students in Anadol’s
  DMA 24 course, explores the fundamentals of motion and its application
  to design through timing, pace, repetition, composition, resolution
  and process.
• Curator Jenelle Porter, in association with the Hammer Museum, brings
  LA artist Amanda
  Ross-Ho^[29] to Beverly Center. Ross-Ho’s untitled timepiece
  installation, created specifically for the La Cienega escalator wall,
  recombines layered images from an ongoing series of large-scale
  paintings in which doodles, calculations, diagrams, lists,
  notes-to-self and other anxious scribblings aggregate on the surfaces
  of blank clock faces. Throughout the renovation, Porter has brought
  other prominent works, including those from Julian Hoeber, Karen
  Kimmel, Geoff McFetrdige, Dave Muller and Catherine Opie. The next
  phase of the art program will debut in January 2019.
• Known internationally for his murals, JGoldcrown’s^[30]
  “Lovewall,” a highly-grammable temporary installation, is located
  adjacent to the 3^rd Street Valet.
• Maker of joyful art Stevie
  Hannigan’s^[31] 120” h x 167 w temporary art installation, “Angel’s
  Pulse,” is located in the LaCienega valet.

Lighting Program

Beverly Center’s new exterior lighting program will show its colors to
acknowledge Awards Season, Breast Cancer Awareness Month, PRIDE and
other events, anniversaries and milestones.

New “Room Service” Membership Program

A VIP Room Service member receives onsite and virtual concierge services
powered by London-based luxury leader Quintessentially^[32],
a company known for creating bespoke experiences and offering lifestyle
services around the globe. Quintessentially will arrange for specially
curated experiences, restaurant reservations, concert tickets, car
service scheduling, assistance with finding rare or sold-out products,
book travel or gift purchases. Members will receive exclusive access to
a calendar of carefully-crafted events, including trunk shows, intimate
discussions with fashion designers and artists and special entertainment
screenings. Other amenities include free valet parking and access to a
private lounge with snacks and beverages.

Room Service is also offering a first-of-its-kind Studio Services
membership program designed to elevate the shopping experience for
costume designers and stylists working in the entertainment industry and
with private clients. Studio Services members receive complimentary
valet and self-parking, and access to the members’ lounge and onsite
concierge assistance. Members also have proprietary access to private
fitting rooms, wardrobe storage areas, conference rooms with free Wi-Fi,
delivery services and restaurant discounts.

“Beverly Center has always been like a second home for me, so I was
thrilled to be asked to provide my input on many of the aspects of Room
Service that will cater to costume designers and stylists,” said
Salvador Perez, president, Costume Designers Guild. “Having this type of
support from Beverly Center, and this great retail to draw from, is very
meaningful and helps us all do our jobs more efficiently.”

Concierge Desk

Beverly Center is extending its commitment to superior customer service
with a newly- remodeled Concierge Desk in Grand Court. The center’s
multi-lingual staff is on hand to help with everything from tourist
programs and foreign currency exchange to directions, reservations and
gift recommendations. Further, a Passport to Shopping program offers
special discounts from participating retailers to guests living more
than 50 miles away.

Grand Reveal Weekend (November 2-4)

Today, Taubman executives and Beverly Center General Manager Ralph
Barnes will mark the renovation with a celebratory toast at 7 p.m. in
the center’s Grand Court that will be followed by The Hollywood
Reporter’s “Candidly Costumes,” an event celebrating
award-winning costume designers.

The Grand Reveal Weekend also include a panel series of motivational
influencer conversations in partnership with Create & Cultivate on
Saturday, and a day of health and wellness with fitness classes by Lit
Method, Playground LA and Aura Yoga on Sunday. All
weekend long, there will be plenty of surprises, retailer activations,
pop ups and free self-parking. For more information, please visit https://www.beverlycenter.com/grand_reveal^[33].

“Beverly Center has not only been reinvigorated, our commitment to the
City of Los Angeles continues to strengthen,” said Barnes. “From opening
the center at the street and showcasing local artists to providing a
place for people to gather and make memories, we look forward to being a
great neighbor in this community for years to come.”

ABOUT BEVERLY CENTER

With LA’s largest collection of shops and restaurants under one
magnificent skylight, the new Beverly Center reflects the diverse styles
and tastes of Los Angeles and its many visitors. An unparalleled
collection of luxury, contemporary and fast-fashion brands awaits
shoppers, including Apple, Balenciaga, Coach, COS, Dolce & Gabbana,
Fendi, G-Star Raw, Gucci, H&M, If & Co., Longchamp, Louis Vuitton, Maje,
MCM, Michael Kors, Omega, Polo Ralph Lauren, Prada, Saint Laurent,
Salvatore Ferragamo, Sandro, Superdry, The Celect, Tiffany & Co.,
Traffic Los Angeles, Uniqlo, Versace, Wolford, Zara and more. An
unmatched restaurant collection includes fine-dining options Cal Mare,
Farmhouse and Yardbird Southern Table & Bar, and fast-casual eateries
Eggslut, Easy’s, Tocaya Organica, LAMILL Coffee, Maragume Udon and
Pitchoun Bakery & Cafe. More great additions, including The Webster, are
coming soon. For more information, visit beverlycenter.com^[34]
or follow @beverlycenter in social media.

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.
Taubman’s 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^[35].

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, the
company assumes 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; challenges with department stores;
changes in consumer shopping behavior; 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; competitors gaining
economies of scale through M&A and consolidation activity; 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; costs associated with response to technology breaches; the loss of
key management personnel; shareholder activism costs and related
diversion of management time; 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.