First Quarter 2019 Earnings Press Release & Supplemental Information

Q119 Supplemental

TABLE OF CONTENTS

PAGE

Earnings Press Release ER 1-4

OverviewCompany Information & Analyst Coverage 1Trading Information 2

Summary Financial Information 3

Operational Statistics 4-5

Summary of Key Guidance Measures 6

Income Statement 7

Changes in Funds from Operations and Earnings per Common Share 8

Balance Sheet InformationBalance Sheets 9Debt Summary 10-11Capital Spending & Certain Balance Sheet Information 12

Property InformationOwned Centers 13Redevelopment, New Development, & Acquisition 14Anchors & Major Tenants in Owned Portfolio 15

OtherComponents of Rental Revenues 16Components of Other Income, Other Operating Expense, and Nonoperating Income (Expense) 17Use of Non-GAAP Financial Measures and Reconciliations to GAAP Measures 18-22Glossary 23

This supplemental contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21Eof the Securities Exchange Act of 1934, as amended. These statements reflect management's current views with respect to future events and financialperformance. 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 supplemental that predict or indicate future events and trends and thatdo not report historical matters. The forward-looking statements included in this supplemental 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 differmaterially from those expected because of various risks and uncertainties, including that the conditions to one or more transaction closings may not besatisfied, the potential impact on us due to the announcement of the disposition of ownership interests, the occurrence of any event, change or othercircumstances that could give rise to the termination of the transactions, general economic conditions, and other factors. Such factors include, but arenot limited to: changes in market rental rates; unscheduled closings or bankruptcies of tenants; relationships with anchor tenants; trends in the retailindustry; challenges with department stores; changes in consumer shopping behavior; the liquidity of real estate investments; our ability to comply withdebt covenants; the availability and terms of financings; changes in market rates of interest and foreign exchange rates for foreign currencies; changes invalue of investments in foreign entities; the ability to hedge interest rate and currency risk; risks related to acquiring, developing, expanding, leasing andmanaging 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 our information technology, infrastructure orpersonal data; costs associated with response to technology breaches; the loss of key management personnel; shareholder activism costs and relateddiversion of management time; terrorist activities; maintaining our status as a real estate investment trust; changes in the laws of states, localities, andforeign jurisdictions that may increase taxes on our operations; and changes in global, national, regional and/or local economic and geopolitical climates.You should review our filings with the Securities and Exchange Commission, including “Risk Factors” in our most recent Annual Report on Form 10-K andsubsequent quarterly reports, for a discussion of such risks and uncertainties.

Q119 Supplemental

ER1

EARNINGS PRESS RELEASE

TAUBMAN CENTERS, INC. ISSUES SOLID FIRST QUARTER RESULTS

– Net Income Down 18.8 Percent, Primarily Due to Higher Depreciation Expense– Comparable Center Net Operating Income (NOI), Excluding Lease Cancellation Income, Up 2.3 Percent– Beneficial Interest in Total Portfolio NOI, Excluding Lease Cancellation Income Up 5.7 Percent– Sales per Square Foot, Occupancy, Leased Space and Average Rents All Up in Comparable Centers– Acquired 48.5 Percent Interest in The Gardens Mall, Palm Beach Gardens, Florida

BLOOMFIELD HILLS, Mich., April 30, 2019 - - Taubman Centers, Inc. (NYSE: TCO) today reported financial results for the first quarter of2019.

“Our portfolio of high-quality assets achieved solid NOI growth again this quarter, driven by better rents and lower expenses. AdjustedFFO was in line with our expectations, but year-over-year was impacted by significant lease termination income received in the firstquarter of last year,” said Robert S. Taubman, chairman, president and chief executive officer of Taubman Centers.

“We were delighted to strengthen our portfolio by completing the acquisition of a 48.5 percent interest in The Gardens Mall at anexcellent value in an off-market, non-cash transaction.”

Operating Statistics

For the quarter, comparable center NOI, excluding lease cancellation income, was up 2.3 percent. “Our comparable centers grew asexpected in the U.S. We also produced very strong growth in Asia, despite unfavorable foreign currency rates,” said Mr. Taubman.Comparable center NOI growth, excluding lease cancellation income, would have been 3 percent without the negative currency impact.

Total portfolio NOI growth at our beneficial interest was up 5.7 percent for the quarter, excluding lease cancellation income.

“This is our first quarter reporting our share of NOI growth. The combination of better post-hurricane operations at The Mall of SanJuan and outsized growth from our best assets, many of which are wholly-owned, were the primary factors,” said Simon J. Leopold,executive vice president and chief financial officer.

Comparable center tenant sales per square foot increased 18.6 percent from the first quarter of 2018. This brings the company's 12-month trailing sales per square foot to $832, an increase of 10.3 percent over the 12-months ended March 31, 2018.

Tenant sales per square foot in U.S. comparable centers were up 21.7 percent in the quarter, bringing 12-month trailing U.S. sales persquare foot to $919, an increase of 10.9 percent over the 12-months ended March 31, 2018.

“There were several factors that impacted the significant sales increases this quarter. First, deliveries of Tesla’s Model 3 substantiallybenefitted the quarter’s results. Offsetting, was a late Easter, unfavorable exchange rates and a very tough comp, as sales were up over12 percent a year ago.” said Mr. Taubman. “Many of our most important categories including apparel, shoes and electronics were upthis quarter.”

March 31, 2019Three Months Ended

March 31, 2018Three Months Ended

Net income attributable to common shareowners, diluted (in thousands)Growth rate

$15,118(18.8)%

$18,618

Net income attributable to common shareowners (EPS) per diluted common shareGrowth rate

$0.25(16.7)%

$0.30

Funds from Operations (FFO) per diluted common shareGrowth rate

$0.935.7%

$0.88

Adjusted FFO per diluted common shareGrowth rate

$0.95 (1)

(8.7)%$1.04 (2)

(1) Adjusted FFO for the three months ended March 31, 2019 excludes a restructuring charge, costs associated with shareholderactivism and the fluctuation in the fair value of equity securities. (2) Adjusted FFO for the three months ended March 31, 2018 excludes a reduction of a previously expensed restructuring charge,costs associated with shareholder activism, the fluctuation in the fair value of equity securities, and a charge recognized in connectionwith the write-off of deferred financing costs related to the early payoff of our $475 million unsecured term loan.

Q119 Supplemental

ER2

EARNINGS PRESS RELEASE (continued)

Average rent per square foot for the quarter was $56.15, up 1.3 percent from $55.42 in the comparable period last year.

Trailing 12-month releasing spread per square foot for the period ended March 31, 2019 was 7.1 percent. 

Ending occupancy in comparable centers was 93.5 percent on March 31, 2019, up 0.3 percent from March 31, 2018. Leased space incomparable centers was 95.9 percent on March 31, 2019, up 0.7 percent from March 31, 2018.

“Notwithstanding the continued significant volatility in the retail landscape, demand for space in our centers remains solid,” said Mr.Taubman.

The Gardens Mall Acquisition

In April, Taubman acquired a 48.5 percent interest in The Gardens Mall (Palm Beach Gardens, Fla.) from members of the Cohen Family,who together with members of the Forbes family have jointly owned the center since its opening in 1988.

“The Gardens Mall is the premier retail asset in the affluent and growing Palm Beach market. We believe the quality of the center isabove the median of our portfolio. Opportunities to acquire assets like this, one of the very best in the country, are extremely rare.”said Mr. Taubman. “This acquisition is consistent with our strategy of owning superior assets in the strongest markets.”

The 48.5 percent interest was acquired in an off-market, non-cash transaction for 1.5 million Taubman Realty Group Limited Partnership(TRG) units and the assumption of its pro rata share of debt. This transaction is expected to be neutral to slightly accretive to FFO andAdjusted FFO in 2019.

This represents Taubman’s third investment in partnership with The Forbes Company, following The Mall of Millennia in Orlando andWaterside Shops in Naples. “Forbes is a valuable partner and a best-in-class retail operator. They will continue to lease and manage thecenter. Forbes was instrumental in presenting this opportunity to us and we look forward to another productive partnership,” said Mr.Taubman.

Financing Activity

In March, we completed a 1.2 billion Chinese Yuan Renminbi (RMB) (approximately $179 million using the March 31, 2019 exchangerate) 10-year, fully-amortizing, non-recourse financing at our CityOn.Xi’an (Xi’an, China) joint venture. The loan bears interest at an all-infixed rate of 6 percent. As of March 31, 2019, about $49 million had been drawn.

Dividend Increased

In March, we declared a regular quarterly dividend of $0.675 per share of common stock, an increase of 3.1 percent. Since going publicin 1992, Taubman has never reduced its dividend and has increased its dividend 22 times. See Taubman Centers Increases QuarterlyCommon Dividend 3.1 Percent to $0.675 Per Share - March 4, 2019.

2019 Guidance

Taubman is updating certain guidance measures for 2019. Our guidance now includes the impact of The Gardens Mall acquisition thatclosed in April.

2019 EPS is now expected to be in the range of $0.68 to $0.92 per diluted share, revised from the previous range of $0.84 to $1.08.

2019 FFO is now expected to be in the range of $3.60 to $3.72 per diluted common share, revised from the previous range of $3.62 to$3.74. This change represents the $0.02 net impact of the first quarter restructuring charge, costs associated with shareholder activismand fluctuation in the fair value of equity securities.

2019 Adjusted FFO, which excludes $0.02 per diluted common share of first quarter adjustments, remains unchanged and is expectedto be in the range of $3.62 to $3.74 per diluted common share.

We continue to expect comparable center NOI growth of about 2 percent for the year.

This guidance range includes the adoption of the new lease accounting standard, resulting in an additional $5 to $7 million of operatingexpenses. This guidance does not include the impact of the agreement to sell 50 percent of Taubman Asia’s interests in three Asia-based shopping centers to Blackstone or assumptions for future costs associated with shareowner activism.

Q119 Supplemental

ER3

EARNINGS PRESS RELEASE (continued)

Supplemental Investor Information Available

Taubman provides supplemental investor information along with its earnings announcements, available online at www.taubman.comunder “Investors.” This includes the following:

• Earnings Press Release• Company Overview• Operational Statistics• Summary of Key Guidance Measures• Income Statements• Changes in Funds from Operations and Earnings Per Common Share• Balance Sheets• Debt Summary• Capital Spending and Balance Sheet Information • Owned Centers• Redevelopment, New Development, & Acquisition• Anchors & Major Tenants in Owned Portfolio• Components of Rental Revenues• Components of Other Income, Other Operating Expense, and Nonoperating Income (Expense)• Earnings Reconciliations• Operating Statistics Glossary

Investor Conference Call

Taubman will host a conference call at 10:00 a.m. EDT on Wednesday May 1, 2019 to discuss these results, business conditions and theoutlook for the remainder of 2019. The conference call will be simulcast at www.taubman.com. An online replay will follow shortlyafter the call and continue for approximately 90 days.

About The Gardens Mall

The Gardens Mall was originally developed by Forbes-Cohen Properties and opened in 1988. It is considered the top regional mall inNorthern Palm Beach County and is home to more than 150 tenants, many of which are among the world’s most iconic brands includingApple, Chanel, Louis Vuitton, David Yurman, Jimmy Choo, Tiffany & Co., lululemon athletica, Salvatore Ferragamo and many others. The1,400,000 square foot property is anchored by Bloomingdale’s, Macy’s, Nordstrom, Saks and Sears and features 460,000 square feet ofmall tenant space. About Taubman

Taubman Centers is an S&P MidCap 400 Real Estate Investment Trust engaged in the ownership, management and/or leasing of 27regional, super-regional and outlet shopping centers in the U.S. and Asia. Taubman’s U.S.-owned properties are the most productive inthe 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 The Forbes Company

Based in Southfield, Michigan, The Forbes Company is a nationally recognized owner, developer and manager of iconic regionalshopping centers, recognized throughout their respective markets for their retail innovation, fashion leadership, distinctive architectureand luxury appointments. In addition to The Gardens Mall, these properties include: The Mall at Millenia in Orlando, Florida; SomersetCollection in Troy, Michigan; and Waterside Shops in Naples, Florida. www.theforbescompany.com

Q119 Supplemental

ER4

EARNINGS PRESS RELEASE (continued)

For ease of use, references in this press release to “Taubman Centers,”, “we”, “us”, “our”, “company,” “Taubman” or an operatingplatform mean Taubman Centers, Inc. and/or one or more of a number of separate, affiliated entities. Business is actually conducted byan 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, asamended, and Section 21E of the Securities Exchange Act of 1934, as amended. These statements reflect management's current viewswith 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 inthis press release that predict or indicate future events and trends and that do not report historical matters.The forward-lookingstatements included in this release are made as of the date hereof. Except as required by law, the company assumes no obligation toupdate these forward-looking statements, even if new information becomes available in the future. Actual results may differ materiallyfrom those expected because of various risks and uncertainties, including that the conditions to one or more transaction closings maynot be satisfied, the potential impact on the company due to the announcement of the disposition of ownership interests, the occurrenceof any event, change or other circumstances that could give rise to the termination of the transactions, general economic conditions,and other factors. Such factors include, but are not limited to: changes in market rental rates; unscheduled closings or bankruptcies oftenants; relationships with anchor tenants; trends in the retail industry; challenges with department stores; changes in consumershopping behavior; the liquidity of real estate investments; the company’s ability to comply with debt covenants; the availability andterms of financings; changes in market rates of interest and foreign exchange rates for foreign currencies; changes in value ofinvestments 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 ofinvestments in foreign entities; risks related to joint venture properties; insurance costs and coverage; security breaches that couldimpact 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 jurisdictionsthat may increase taxes on the company’s operations; and changes in global, national, regional and/or local economic and geopoliticalclimates.

You should review the company's filings with the Securities and Exchange Commission, including “Risk Factors” in its most recent AnnualReport on Form 10-K and subsequent quarterly reports, for a discussion of such risks and uncertainties.

CONTACTS:Erik Wright, Taubman, Manager, Investor Relations, 248-258-7390ewright@taubman.com

Maria Mainville, Taubman, Director, Strategic Communications, 248-258-7469mmainville@taubman.com

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Q119 Supplemental

1

OVERVIEW

Company Information

Taubman Centers, Inc. (TCO) is a Michigan corporation that operates as a self-administered and self-managed real estate investment trust(REIT). The Taubman Realty Group Limited Partnership (TRG) is a majority-owned partnership subsidiary of TCO that owns direct or indirectinterests in all of our real estate properties. In this report, the terms "we", "us", and "our" refer to TCO, TRG, and/or TRG's subsidiaries asthe context may require. We engage in the ownership, management, leasing, acquisition, disposition, development, and expansion of retailshopping centers and interests therein. Our owned portfolio as of March 31, 2019 included 23 urban and suburban shopping centers in11 U.S. states, Puerto Rico, South Korea, and China.

This package was prepared to provide supplemental operating, financing, and development information of TCO and TRG for the first quarterof 2019. The information herein contains terms, captions, and other content for which definitions and additional background can be foundin our regular filings with the Securities and Exchange Commission, including our most recent Annual Report on Form 10-K and QuarterlyReport on Form 10-Q. Refer to www.taubman.com for the latest available version of this package, which will incorporate any revisions tothe information.

If you have any questions, comments, or suggestions regarding the information contained in this package or would like additional informationabout TCO, please contact:

Ryan Hurren Erik WrightVice President, Investor Relations, Interim Chief Accounting Officer Manager, Investor Relations200 East Long Lake Road, Suite 300 200 East Long Lake Road, Suite 300Bloomfield Hills, Michigan 48304-2324 Bloomfield Hills, Michigan 48304-2324Telephone: (248) 258-7232 Telephone: (248) 258-7390Email: rhurren@taubman.com Email: ewright@taubman.com

We maintain self-service investor alerts that can be found on our website, www.taubman.com, Investors - Investor Resources - Email Alertstab.

Analyst Coverage

TCO is followed by the analysts listed above. We believe the list to be complete, but can provide no assurances. Please note that anyopinions, estimates, or forecasts made by these analysts regarding our performance are independent of TCO and do not represent opinions,forecasts, or predictions of our management. TCO does not, by our reference above or distribution, imply our endorsement of or concurrencewith such information, conclusions, or recommendations.

Company Analyst Email Address

Bank of America Securities-Merrill Lynch Craig Schmidt craig.schmidt@baml.com

BMO Capital Markets Jeremy Metz jeremy.metz@bmo.com

BTIG James Sullivan jsullivan@btig.com

Citigroup Global Markets, Inc. Christy McElroy christy.mcelroy@citi.com

Deutsche Bank Securities, Inc. Derek Johnston derek.johnston@db.com

Evercore ISI Steve Sakwa steve.sakwa@evercoreisi.com

Goldman Sachs & Co. Caitlin Burrows caitlin.burrows@gs.com

Green Street Advisors, Inc. Daniel Busch dbusch@greenstreetadvisors.com

Jefferies, LLC Omotayo Okusanya tokusanya@jefferies.com

J.P. Morgan Securities Michael Mueller michael.w.mueller@jpmorgan.com

Keybanc Capital Markets, Inc. Todd Thomas tthomas@key.com

Mizuho Securities USA Inc. Haendel St. Juste haendel.st.juste@us.mizuho-sc.com

Morgan Stanley Richard Hill Richard.Hill1@morganstanley.com

Raymond James Collin Mings collin.mings@raymondjames.com

Sandler O'Neill & Partners, L.P. Alexander Goldfarb agoldfarb@sandleroneill.com

Scotia Capital (USA) Inc. Greg McGinniss greg.mcginniss@scotiabank.com

Q119 Supplemental

2

OVERVIEW

Trading Information

TCO's common stock and two issuances of preferred stock are traded on the New York Stock Exchange.

Ticker SymbolCommon Stock TCO6.5% Series J Cumulative Redeemable Preferred Stock TCO PR J6.25% Series K Cumulative Redeemable Preferred Stock TCO PR K

Common Stock

Market Quotation per Common Share Common StockDividends

Declared and PaidQuarters-Ended High Low

March 31, 2019 53.45 44.85 0.675

March 31, 2018 66.39 54.97 0.655June 30, 2018 60.81 51.87 0.655September 30, 2018 65.00 58.30 0.655December 31, 2018 58.71 43.72 0.655

Preferred Equity(in millions of dollars)

Face Value Book ValueNumber of Shares

OutstandingOptional

Redemption Date6.5% Series J Cumulative Redeemable Preferred Stock 192.5 186.2 7,700,000 August 14, 20176.25% Series K Cumulative Redeemable Preferred Stock 170.0 164.4 6,800,000 March 15, 2018

362.5 350.6

Q119 Supplemental

3

Summary Financial InformationFor the Periods Ended March 31, 2019 and 2018

(in thousands of dollars, except as noted)

Three Months Ended2019 2018

Funds from Operations (1):FFO:

TRG 81,293 76,560TCO 57,779 54,308

FFO per common share:Basic 0.95 0.89Diluted 0.93 0.88Growth rate-diluted 5.7 %

Adjusted FFO:TRG 82,572 90,358TCO 58,688 64,100

Adjusted FFO per common share:Basic 0.96 1.05Diluted 0.95 1.04Growth rate-diluted (8.7)%

Earnings attributable to common shareholders:Net income attributable to common shareholders:

Basic 15,097 18,590Diluted 15,118 18,618Per common share - basic 0.25 0.31Per common share - diluted 0.25 0.30

Dividends:Dividends paid per common share 0.675 0.655Payout ratio of Adjusted FFO per diluted common share 71 % 63%

Coverage (2):Interest only 2.8 3.2Fixed charges 2.2 2.6

Market Capitalization:Closing stock price at end of period 52.88 56.91Market equity value of share equivalents 4,549,372 4,891,022Preferred equity (at face value) 362,500 362,500Net beneficial interest in debt 5,013,500 4,803,200Total market capitalization 9,925,372 10,056,722Debt to total market capitalization 50.5 % 47.8%

Ownership:TCO common shares outstanding:

End of period 61,161,539 60,991,114Weighted average - basic 61,124,016 60,917,235Weighted average - diluted 61,399,108 61,206,377

TRG units of partnership interest:End of period 86,031,993 85,943,095Weighted average - basic 85,999,580 85,871,893Weighted average - diluted 87,145,934 87,032,297

TCO ownership of TRG:End of period 71.1 % 71.0%Weighted average - basic 71.1 % 70.9%Weighted average - diluted 70.1 % 70.0%

(1) FFO for the three months ended March 31, 2019 includes, and Adjusted FFO excludes, a restructuring charge, costs incurred associated with shareholder activism, and the fluctuation inthe fair value of equity securities. FFO for the three months ended March 31, 2018 includes, and Adjusted FFO excludes, a reduction of a previously expensed restructuring charge, costsincurred associated with shareholder activism, the fluctuation in the fair value of equity securities, and a charge recognized in connection with the write-off of deferred financing costsrelated to the early payoff of our $475 million unsecured term loan.

(2) Interest coverage ratio is calculated by dividing beneficial interest in EBITDA or adjusted beneficial interest in EBITDA by beneficial interest expense. Fixed charges coverage ratio is calculatedby dividing beneficial interest in EBITDA or adjusted beneficial interest in EBITDA by beneficial interest expense and the sum of preferred dividends, distributions, and debt payments. Forthe three months ended March 31, 2019, EBITDA was adjusted to exclude a restructuring charge, costs incurred associated with shareholder activism, and the fluctuation in the fair valueof equity securities. For the three months ended March 31, 2018, EBITDA was adjusted to exclude a reduction of a previously expensed restructuring charge, costs incurred associatedwith shareholder activism, and the fluctuation in the fair value equity securities.

Q119 Supplemental

4

Operational StatisticsFor the Periods Ended March 31, 2019 and 2018

Three Months Ended2019 2018

Occupancy and Leased Space (1):Ending occupancy - all centers 93.2% 92.2%Ending occupancy - comparable (2) 93.5% 93.2%Leased space - all centers 95.5% 94.5%Leased space - comparable (2) 95.9% 95.2%

Average Base Rents (2)(3):Average rent per square foot - all comparable centers: Consolidated Businesses 71.13 71.65 Unconsolidated Joint Ventures 47.22 46.52 Combined 56.15 55.42Average rent per square foot growth - all comparable centers 1.3%

Average rent per square foot - U.S. comparable centers: Consolidated Businesses 71.13 71.65 Unconsolidated Joint Ventures 53.92 53.72 Combined 62.16 61.91Average rent per square foot growth - U.S. comparable centers 0.4%

12-Months Trailing2019 2018

Opening/Closing Rents (2)(3):Opening base rent per square foot: Consolidated Businesses 66.21 77.87 Unconsolidated Joint Ventures 47.37 46.43 Combined 57.35 62.10Square feet of GLA opened: Consolidated Businesses 590,038 468,006 Unconsolidated Joint Ventures 524,493 470,763 Combined 1,114,531 938,769Closing base rent per square foot: Consolidated Businesses 61.17 67.45 Unconsolidated Joint Ventures 46.73 45.12 Combined 53.53 55.70Square feet of GLA closed: Consolidated Businesses 513,404 442,328 Unconsolidated Joint Ventures 577,134 490,984 Combined 1,090,538 933,312Releasing spread per square foot: Consolidated Businesses 5.04 10.42 Unconsolidated Joint Ventures 0.64 1.31 Combined 3.82 6.40Releasing spread per square foot growth: Consolidated Businesses 8.2 % 15.4% Unconsolidated Joint Ventures 1.4 % 2.9% Combined 7.1 % 11.5%

(1) Occupancy statistics include TILs and anchor spaces at value and outlet centers (Dolphin Mall, Great Lakes Crossing Outlets, and Taubman Prestige Outlets of Chesterfield). Taubman PrestigeOutlets Chesterfield has been excluded from "comparable centers" statistics, and is included in all centers statistics only through the Redevelopment Agreement closing date of May 1, 2018.

(2) Statistics exclude non-comparable centers for all periods presented. Comparable centers are generally defined as centers that were owned and open for the entire current and preceding periodpresented, excluding centers impacted by significant redevelopment activity. In addition, due to the impacts of Hurricane Maria on The Mall of San Juan, this center has also been excluded fromcomparable center statistics. The three months ended March 31, 2018 statistics have been restated to include comparable centers to 2019.

(3) Opening and closing statistics exclude spaces greater than or equal to 10,000 square feet.

Q119 Supplemental

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Operational Statistics (continued)For the Periods Ended March 31, 2019 and 2018

Three Months Ended 12-Months Trailing2019 2018 2019 2018

Mall Tenant Sales (in thousands of dollars) (1):Mall tenant sales - all centers 1,819,695 1,582,682 7,069,537 6,521,792Mall tenant sales - comparable (2) 1,730,158 1,497,488 6,681,906 6,171,467Sales per square foot - all comparable centers (2) 832 754Sales per square foot growth - all comparable centers (2) 18.6 % 10.3 %Sales per square foot - U.S. comparable centers (2) 919 829Sales per square foot growth - U.S. comparable centers (2) 21.7 % 10.9 %

Occupancy Costs as a Percentage of Sales (1):All centers: Consolidated Businesses 13.8 % 15.1 % Unconsolidated Joint Ventures 12.7 % 13.3 % Combined 13.2 % 14.2 %Comparable centers (2): Consolidated Businesses 13.3 % 14.5 % Unconsolidated Joint Ventures 12.7 % 13.3 % Combined 13.0 % 13.8 %

Tenant Bankruptcy Filings as a Percentage of Total Tenants 1.6 % 1.1 %

Growth in Net Operating Income at 100% (2)(3):Including all lease cancellation income (3.5)% 9.2 %Excluding all lease cancellation income 2.3 % 4.7 %

Number of Owned Properties at End of Period 23 24

(1) Based on reports of sales furnished by mall tenants. Sales per square foot exclude spaces greater than or equal to 10,000 square feet.

(2) Statistics exclude non-comparable centers for all periods presented. Comparable centers are generally defined as centers that were owned and open for the entire current and preceding periodpresented, excluding centers impacted by significant redevelopment activity. In addition, due to the impacts of Hurricane Maria on The Mall of San Juan, this center has also been excludedfrom comparable center statistics. The three months ended March 31, 2018 statistics have been restated to include comparable centers to 2019.

(3) The Net Operating Income of our centers in China and South Korea have been translated using their respective average exchange rates for the periods presented. Using constant currencyexchange rates, the growth in Net Operating Income at 100%, excluding all lease cancellation income, presented would have been 3.0% for the three months ended March 31, 2019.

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2019 Annual Guidance(all dollar amounts per common share on a diluted basis; amounts may not add due to rounding)

Range for the Year EndedDecember 31, 2019 (1)

Adjusted Funds from Operations per common share $3.62 $3.74

Restructuring charge (2) (0.005) (0.005)

Costs associated with shareholder activism (2) (0.045) (0.045)

Fluctuation in fair value of equity securities (2) 0.040 0.040

Funds from Operations per common share $3.60 $3.72

Real estate depreciation - TRG (2.78) (2.67)

Distributions to participating securities of TRG (0.03) (0.03)

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

Net income attributable to common shareholders, per common share (EPS) $0.68 $0.92

Summary of Key Guidance Assumptions - 2019

Year Ended Year EndedDecember 31, 2019 December 31, 2018

Guidance (1) Actual

NOI at 100% - comparable centers excluding lease cancellation income - growth % Up about 2% 3.8% (3)

Domestic and non-U.S. general and administrative expense $8 - $9 million per quarter $37.2 million

Beneficial share of lease cancellation income Approximately $12 million $16.6 million

Ending occupancy - comparable centers About 95% 94.9% (4)

Consolidated interest expense, at 100% $154 - $157 million $133.2 million

Unconsolidated interest expense, at 100% $139 - $142 million $132.7 million

Consolidated and Unconsolidated interest expense, at 100% $293 - $299 million $265.9 million

Consolidated interest expense, at beneficial share $144 - $147 million $121.2 million

Unconsolidated interest expense, at beneficial share $71 - $74 million $68.2 million

Consolidated and Unconsolidated interest expense, at beneficial share $215 - $221 million $189.4 million

Impact of new lease accounting standard $5 - $7 million (5) N/A

(1) Guidance is current as of April 30, 2019, see "Taubman Centers, Inc. Issues Solid First Quarter Results." On February 14, 2019, we announced agreements to sell 50 percent of our ownershipinterests in Starfield Hanam, CityOn.Xi’an, and CityOn.Zhengzhou to funds managed by The Blackstone Group L.P.(Blackstone). The transactions are subject to customary closing conditions and areexpected to close throughout 2019. The 2019 annual guidance and related guidance assumptions exclude the impact of the Blackstone transactions. In April 2019, we acquired a 48.5% interest inThe Gardens Mall. The 2019 annual guidance and related guidance assumptions now include the impact of The Gardens Mall acquisition.

(2) Amount represents actual amounts recognized through the first quarter of 2019. Amount does not include future assumptions of amounts to be incurred during 2019.

(3) Represents NOI growth for the comparable centers that were owned and open, excluding centers impacted by significant redevelopment activity, during the entire two year period ending December31, 2018. In addition, The Mall of San Juan has been excluded from comparable center statistics as a result of Hurricane Maria and the expectation that the center’s performance will be impactedfor the foreseeable future.

(4) The year ended December 31, 2018 statistic has been restated to include comparable centers to 2019.

(5)  Represents an estimate of indirect leasing costs to be expensed in 2019, which were previously being capitalized in 2018, in connection with our adoption of Accounting Standards Codification(ASC) Topic 842, "Leases".

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7

Income StatementFor the Three Months Ended March 31, 2019 and 2018(in thousands of dollars)

2019 2018

CONSOLIDATEDBUSINESSES

UNCONSOLIDATEDJOINT

VENTURES (1)CONSOLIDATED

BUSINESSES

UNCONSOLIDATEDJOINT

VENTURES (1)REVENUES:

Rental revenues (2) 144,289 129,556

Minimum rents (2) 86,825 92,041

Overage rents 3,141 6,379 2,625 5,881

Expense recoveries (2) 51,528 45,870

Management, leasing, and development services 1,216 794

Other (2) 11,562 6,706 19,720 11,496

Total revenues 160,208 142,641 161,492 155,288

EXPENSES:

Maintenance, taxes, utilities, and promotion 38,538 40,960 37,637 40,378

Other operating (2) 19,225 5,521 23,866 9,986

Management, leasing, and development services 531 302

General and administrative 8,576 8,493

Restructuring charge 625 (346)

Costs associated with shareholder activism 4,000 3,500

Interest expense 36,885 32,498 30,823 32,467

Depreciation and amortization 44,956 33,690 35,022 33,469

Total expenses 153,336 112,669 139,297 116,300

Nonoperating income (expense) 8,733 401 (7,143) 347

15,605 30,373 15,052 39,335

Income tax expense (539) (1,908) (184) (1,737)

28,465 37,598

Equity in income of Unconsolidated Joint Ventures 14,672 19,728

Net income 29,738 34,596

Net income attributable to noncontrolling interests:

Noncontrolling share of income of consolidated joint ventures (1,429) (1,344)

Noncontrolling share of income of TRG (6,801) (8,279)

Distributions to participating securities of TRG (627) (599)

Preferred stock dividends (5,784) (5,784)

Net income attributable to Taubman Centers, Inc. common shareholders 15,097 18,590

SUPPLEMENTAL INFORMATION:

EBITDA - 100% 97,446 96,561 80,897 105,271

EBITDA - outside partners' share (6,739) (47,144) (6,257) (51,027)

Beneficial interest in EBITDA 90,707 49,417 74,640 54,244

Beneficial interest expense (33,860) (16,776) (27,812) (16,751)

Beneficial income tax expense - TRG and TCO (489) (777) (134) (710)

Beneficial income tax expense - TCO 3

Non-real estate depreciation (1,145) (1,136)

Preferred dividends and distributions (5,784) (5,784)

Funds from Operations attributable to partnership unitholders andparticipating securities of TRG 49,429 31,864 39,777 36,783

STRAIGHTLINE AND PURCHASE ACCOUNTING ADJUSTMENTS:

Net straight-line adjustments to rental revenues, recoveries, and groundrent expense at TRG% 1,798 166 656 711

Country Club Plaza purchase accounting adjustments - rental revenuesincrease at TRG% 112 1,487

The Mall at Green Hills purchase accounting adjustments - rental revenuesincrease 35 31

(1) With the exception of the Supplemental Information, amounts include 100% of the Unconsolidated Joint Ventures. Amounts are net of intercompany transactions. The Unconsolidated Joint Venturesare presented at 100% in order to allow for measurement of their performance as a whole, without regard to our ownership interest.(2) Upon adoption of ASC Topic 842, minimum rents and expense recoveries are now presented within a single revenue line item, Rental Revenues; the presentation of lease cancellation income haschanged from Other income to Rental Revenues; the presentation of uncollectible tenant revenues has changed from Other Operating expense to Rental Revenues as a contra-revenue; and OtherOperating expense includes certain indirect leasing costs, which were capitalizable under the previous lease accounting standard. As a result of the accounting change, an additional $1.4 million ofleasing costs were expensed during the three months ended March 31, 2019. Comparative periods presented were not adjusted to reflect the change in accounting. See Page 16 of this Supplementalfor further details for Components of Rental Revenues for comparative purposes period over period.

Q119 Supplemental

8

Changes in Funds from Operations and Earnings per Common ShareFor the Three Months Ended March 31, 2019(all per share amounts on a diluted basis unless otherwise noted; rounded to nearest half penny; amounts may not add due to rounding)

2018 First Quarter Funds from Operations per Common Share $ 0.88

Costs associated with shareholder activism 0.040

Fluctuation in fair value of equity securities 0.120

2018 First Quarter Funds from Operations per Common Share - Adjusted $ 1.04

Changes - 2019 vs. 2018

Minimum rents 0.015

Lease cancellation income (0.125)

Interest expense (0.075)

Non-comparable centers 0.100

Other (0.005)

2019 First Quarter Funds from Operations per Common Share - Adjusted $ 0.95

Restructuring charge (0.005)

Costs associated with shareholder activism (0.045)

Fluctuation in fair value of equity securities 0.040

2019 First Quarter Funds from Operations per Common Share $ 0.93

2018 First Quarter Earnings per Common Share $ 0.30

Changes - 2019 vs. 2018

Change in FFO per common share 0.050

Depreciation and other (0.100)

2019 First Quarter Earnings per Common Share $ 0.25

Q119 Supplemental

9

Balance Sheet(in thousands of dollars)

As ofConsolidated Balance Sheet of Taubman Centers, Inc.: March 31, 2019 December 31, 2018Assets:

Properties 4,732,683 4,717,569Accumulated depreciation and amortization (1,445,644) (1,404,692)

3,287,039 3,312,877Investment in Unconsolidated Joint Ventures (1) 691,221 673,616Cash and cash equivalents 38,151 48,372Restricted cash 97,294 94,557Accounts and notes receivable (1) 80,246 77,730Accounts receivable from related parties 733 1,818Operating lease right-of-use assets (1) 167,287Deferred charges and other assets 89,423 135,136

4,451,394 4,344,106

Liabilities:Notes payable, net 3,846,501 3,830,195Accounts payable and accrued liabilities 220,701 336,208Operating lease liabilities (1) 232,702Distributions in excess of investments in and net income of Unconsolidated Joint Ventures (1) 483,343 477,800

4,783,247 4,644,203

Redeemable noncontrolling interests 7,800 7,800

Equity (Deficit):Taubman Centers, Inc. Shareholders' Equity:

Series B Non-Participating Convertible Preferred Stock 25 25Series J Cumulative Redeemable Preferred StockSeries K Cumulative Redeemable Preferred StockCommon Stock 612 611Additional paid-in capital 677,755 676,097Accumulated other comprehensive income (loss) (27,501) (25,376)Dividends in excess of net income (1) (767,622) (744,230)

(116,731) (92,873)Noncontrolling interests:

Noncontrolling interests in consolidated joint ventures (1) (155,120) (156,470)Noncontrolling interests in partnership equity of TRG (1) (67,802) (58,554)

(222,922) (215,024)(339,653) (307,897)

4,451,394 4,344,106

Combined Balance Sheet of Unconsolidated Joint Ventures (2):Assets:

Properties 3,729,197 3,728,846Accumulated depreciation and amortization (880,591) (869,375)

2,848,606 2,859,471Cash and cash equivalents 193,326 161,311Accounts and notes receivable (1) 133,234 131,767Operating lease right-of-use assets (1) 11,517Deferred charges and other assets 133,459 140,444

3,320,142 3,292,993

Liabilities:Notes payable, net 2,856,140 2,815,617Accounts payable and other liabilities 413,169 426,358Operating lease liabilities (1) 13,271

3,282,580 3,241,975Accumulated deficiency in assets:

Accumulated deficiency in assets - TRG (1) (48,209) (35,585)Accumulated deficiency in assets - Joint Venture Partners (1) 119,125 119,764Accumulated other comprehensive loss - TRG (13,328) (13,880)Accumulated other comprehensive loss - Joint Venture Partners (20,026) (19,281)

37,562 51,0183,320,142 3,292,993

(1) Upon adoption of ASC Topic 842 on January 1, 2019, we valued our operating lease obligations and recorded operating lease liabilities and related right-of-use assets.These lease liabilities and related right-of-use assets will amortize over the remaining life of the respective leases. The difference between lease liability and related right-of-use assets relates to straight-line ground rent payables that were previously included in accounts payable and accrued liabilities. In addition, we recorded a cumulativeeffect adjustment to retained earnings for the adjustment in the calculation of uncollectible tenant revenues.

(2) Unconsolidated Joint Venture amounts exclude the balances of Starfield Anseong as of March 31, 2019 and December 31, 2018.

Q119 Supplemental

10

Debt SummaryAs of March 31, 2019(in millions of dollars, amounts may not add due to rounding)

Ownership % Amortizing (A)/ Maturity 100% Beneficial Interest Effective Rate LIBOR RateConsolidated Fixed Rate Debt: (if not 100%) Interest Only (I) Date 3/31/2019 3/31/2019 (a) 3/31/2019 (b) SpreadCherry Creek Shopping Center 50.00% I 6/1/2028 550.0 275.0 3.85%City Creek Center A 8/1/2023 76.6 76.6 4.37%Great Lakes Crossing Outlets A 1/6/2023 197.3 197.3 3.60%The Mall at Short Hills I 10/1/2027 1,000.0 1,000.0 3.48%Twelve Oaks Mall A 3/6/2028 295.7 295.7 4.85%

2,119.6 1,844.63.81% 3.80%

Consolidated Floating Rate Debt:The Mall at Green Hills I 12/1/2019 (c) 150.0 150.0 4.09% (c) 1.60%International Market Place 93.50% I 8/9/2021 (d) 250.0 233.8 4.64% 2.15% (d)TRG $65M Revolving Credit Facility I 4/27/2019 13.2 (e) 13.2 3.89% (e) 1.40%TRG $1.1B Revolving Credit Facility I 2/1/2021 (f) 765.0 765.0 3.94% (f) 1.45% (f)

1,178.2 1,161.94.11% 4.10%

Consolidated Floating Rate Debt Swapped to Fixed:TRG $300M Term Loan I 2/1/2022 300.0 300.0 3.74% (g) 1.60% (g)TRG $250M Term Loan I 3/31/2023 250.0 250.0 4.62% (h) 1.60% (h)U.S. Headquarters I 3/1/2024 12.0 12.0 3.49% (i)

562.0 562.04.12% 4.12%

Total Consolidated Deferred Financing Costs, Net (13.3) (12.7)

Total Consolidated 3,846.5 3,555.9Weighted Rate (excluding deferred financing costs) 3.95% 3.95%

Joint Ventures Fixed Rate Debt:CityOn.Xi'an 50.00% (j) A 3/14/2029 49.3 (k) 24.6 6.00%Country Club Plaza 50.00% I - until

5/1/20194/1/2026 320.0 160.0 3.85%

Fair Oaks Mall 50.00% A 5/10/2023 257.2 128.6 5.32%International Plaza 50.10% A 12/1/2021 302.3 151.5 4.85%The Mall at Millenia 50.00% I 10/15/2024 350.0 175.0 4.00%The Mall at Millenia 50.00% I 10/15/2024 100.0 50.0 3.75%Starfield Hanam 34.30% (j) I 11/25/2020 277.1 (l) 95.0 2.58% (l)Sunvalley 50.00% A 9/1/2022 168.0 84.0 4.44%Taubman Land Associates 50.00% A 11/1/2022 21.0 10.5 3.84%The Mall at University Town Center 50.00% I - until

12/1/202211/1/2026 280.0 140.0 3.40%

Waterside Shops 50.00% I (m) 4/15/2026 165.0 82.5 3.86%Westfarms 78.94% A 7/1/2022 280.8 221.6 4.50%

2,570.6 1,323.44.10% 4.17%

Joint Ventures Floating Rate Debt:CityOn.Zhengzhou 49.00% (j) A 12/1/2026 80.5 (n) 39.4 6.37% (n)

80.5 39.46.37% 6.37%

Joint Venture Floating Rate Debt Swapped to Fixed:International Plaza 50.10% A 12/1/2021 161.3 80.8 3.58% (o)Starfield Hanam 34.30% (j) I 11/8/2020 52.1 (p) 17.9 3.12% (p)

213.4 98.73.47% 3.50%

Total Joint Venture Deferred Financing Costs, Net (8.4) (3.9)

Total Joint Venture 2,856.1 1,457.6Weighted Rate (excluding deferred financing costs) 4.11% 4.19%

TRG Beneficial Interest Totals:Fixed Rate Debt 4,690.3 3,168.0

3.97% 3.96%Floating Rate Debt 1,258.7 1,201.3

4.25% 4.17%Floating Rate Debt Swapped to Fixed 775.4 660.7

3.94% 4.03%

Total Deferred Financing Costs, Net (21.7) (16.5)

Total 6,702.6 5,013.5Weighted Rate (excluding deferred financing costs) 4.02% 4.02%

Weighted Average Maturity Fixed Debt 6.4

Weighted Average Maturity Total Debt 5.0

Q119 Supplemental

11

Debt Summary (continued)As of March 31, 2019

(in millions of dollars, amounts may not add due to rounding)

Beneficial Share of Principal Amortization and Debt Maturities

YearFixed Rate

DebtWeighted

RateFloating Rate

DebtWeighted

Rate

FloatingSwapped to

Fixed (q)Weighted Rate (q)

Total DeferredFinancingCosts, Net Total Debt

Weighted Rate

2019 20.1 4.43% 167.2 4.13% 1.4 3.58% (2.9) 185.7 4.16%

2020 123.5 3.01% 6.5 6.37% 19.7 3.16% (3.4) 146.4 3.18%

2021 172.8 4.78% 1,005.3 4.12% 77.6 3.58% (2.8) 1,252.8 4.18%

2022 313.5 4.46% 6.5 6.37% 300.0 3.74% (1.9) 618.1 4.13%

2023 381.4 4.32% 5.4 6.37% 250.0 4.62% (1.4) 635.4 4.45%

2024 239.6 3.98% 5.4 6.37% 12.0 3.49% (1.2) 255.8 4.01%

2025 15.8 4.59% 3.3 6.37% (1.1) 18.0 4.89%

2026 362.2 3.73% 1.6 6.37% (1.0) 362.8 3.74%

2027 1,010.8 3.50% (0.7) 1,010.1 3.50%

2028 526.3 4.34% — 526.3 4.34%

2029 2.0 6.00% — 2.0 6.00%

3,168.0 3.96% 1,201.3 4.17% 660.7 4.03% (16.5) 5,013.5 4.02%

Unencumbered Assets

Center Location Ownership %

Consolidated Businesses:

Beverly Center Los Angeles, CA 100%

Dolphin Mall Miami, FL 100%

The Gardens on El Paseo Palm Desert, CA 100%

The Mall of San Juan San Juan, PR 95%

Unconsolidated Joint Ventures:

Stamford Town Center Stamford, CT 50%

(a) All debt is secured and non-recourse to TRG unless otherwise indicated.

(b) Includes the impact of interest rate swaps that qualify for hedge accounting, if any, but does not include effect of amortization of debt issuance costs, losses on settlement of derivativesused to hedge the refinancing of certain fixed rate debt or interest rate cap premiums, if any.

(c) A one-year extension option is available. The LIBOR rate is capped at 4.25% until maturity, resulting in a maximum interest rate of 5.85%.

(d) The $250 million loan bears interest at LIBOR + 2.15% and decreases to LIBOR + 1.85% upon achieving certain performance measures. Two, one-year extension options are available.TRG has provided an unconditional guarantee of 100% of the principal balance and all accrued but unpaid interest during the term of the loan.

(e) Rate floats daily at LIBOR plus spread. Letters of credit totaling $4.6 million are also outstanding on facility. The facility is recourse to TRG and secured by an indirect interest in 40%of The Mall at Short Hills.

(f) The unsecured facility bears interest at a range of LIBOR + 1.15% to 1.70% with a facility fee ranging from 0.20% to 0.25% based on our total leverage ratio. Two, six-month extensionoptions are available.

(g) The $300 million unsecured term loan bears interest at a range of LIBOR + 1.25% to 1.90% based on our total leverage ratio. Through the term of the loan, the LIBOR rate is swappedto a fixed rate of 2.14%, which results in an effective interest rate in the range of 3.39% to 4.04%.

(h) The $250 million unsecured term loan bears interest at a range of LIBOR + 1.25% to 1.90% based on our total leverage ratio. Through the term of the loan, the LIBOR rate is swappedto a fixed rate of 3.02%, which results in an effective interest rate in the range of 4.27% to 4.92%.

(i) Debt is swapped to an effective rate of 3.49% until maturity.

(j) On February 14, 2019, we announced agreements to sell 50% of our ownership interests in Starfield Hanam, CityOn.Xi'an, and CityOn.Zhengzhou to funds managed by Blackstone.Upon closing, we will retain ownership interests of 17.15% in Starfield Hanam, 25% in CityOn.Xi'an, and 24.5% in CityOn.Zhengzhou.

(k) 1.2 billion Renminbi (RMB) ($179.3 million USD equivalent at March 31, 2019) non-recourse facility.

(l) 520 billion Korean Won (KRW) ($460.2 million USD equivalent at March 31, 2019) non-recourse construction facility which bears interest at the Korea Development Bank Five-YearBond Yield plus 1.06% and is fixed upon each draw. A letter of credit totaling $53.2 million USD is outstanding on this facility as security for the Starfield Hanam USD loan. No drawswere allowed after December 31, 2016.

(m) The Waterside Shops loan is interest-only for the term of the loan. However, if net operating income available for debt service as defined in the loan agreement is less than a certainamount for calendar year 2020, the lender may require the loan to amortize based on a 30-year amortization period beginning May 2021.

(n) 834.2 million Renminbi (RMB) ($124.6 million USD equivalent at March 31, 2019) non-recourse construction facility which bears interest at 130% of the RMB People's Bank of Chinabase lending rate for a loan term greater than five years. Rate resets in January each year. No draws were allowed after December 31, 2017.

(o) Debt is swapped to an effective rate of 3.58% until maturity. TRG has provided a several guarantee of 50.1% of the swap obligations.

(p) $52.1 million USD construction loan which bears interest at three-month LIBOR + 1.60%. The joint venture has entered into a cross-currency interest rate swap to hedge the foreignexchange and interest rate risk associated with this debt since the entity's functional currency is KRW and the loan is in USD. The LIBOR rate plus spread have been swapped untiltwo months prior to maturity to a fixed rate of 3.12%. The foreign exchange rate for the initial exchange, periodic interest payments and final exchange of proceeds has been fixed at1162 USD-KRW. The loan is secured by a $53.2 million standby letter of credit drawn off the Starfield Hanam KRW construction facility (see footnote (l) above).

(q) Represents principal amortization of floating rate debt swapped to fixed rate debt as of March 31, 2019. Note that not all of this debt may be swapped at these rates through maturity.See footnote (g) and (h) above.

Q119 Supplemental

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Capital Spending(in thousands of dollars) Three Months Ended March 31, 2019

ConsolidatedBusinesses

at 100%

ConsolidatedBusinesses

at TRG%

UnconsolidatedJoint Ventures

at 100%

UnconsolidatedJoint Ventures

at TRG%Total at TRG%

Capital Additions to Properties (1):

New development projects:

Asia (2) (3) 14,301

Existing Centers:

Projects with incremental GLA or anchor replacement (4) 5,131 5,131 941 471

Projects with no incremental GLA and other (5) 6,372 6,235 2,190 1,083

Mall tenant allowances 4,837 3,978 9,099 5,562

Asset replacement costs recoverable from tenants 545 515 535 297

Corporate office improvements, technology, equipment and other 431 431

17,316 16,290 12,765 21,714

Capitalized Leasing and Tenant Coordination Costs (1) 1,652 1,554 1,027 525 2,079

Construction Work in Process (6) 162,047 159,928 126,044 118,819 278,747

Capitalized Interest - Capital Additions Classification (Balance Sheet) 1,057 1,053 1,033 (7) 1,018 (7) 2,071

Capitalized Interest - Expense Reduction (Income Statement) (8) 2,057 2,053 33 18 2,071

(1) Costs are net of intercompany profits and are computed on an accrual basis.

(2) Asia balance excludes net fluctuations of total project costs due to changes in exchange rates during the period.

(3) Asia spending for Starfield Anseong is only included at our beneficial interest in the Unconsolidated Joint Ventures at TRG% column until development is completed.

(4) Includes costs related to The Mall at Green Hills redevelopment.

(5) Includes costs related to the Beverly Center redevelopment related to certain costs to be incurred to the project's completion, including construction on certain tenant spaces.

(6) Interest is being capitalized on $236 million of construction work in process.

(7) We capitalize interest costs incurred in funding our equity contributions to development projects accounted for as Unconsolidated Joint Ventures. The capitalized interest cost is included in our basis in our investment in UnconsolidatedJoint Ventures.

(8) Interest costs incurred by our Consolidated Businesses in funding equity contributions to Unconsolidated Joint Venture development projects reduce consolidated interest expense in our Statement of Operations and ComprehensiveIncome (Loss).

Certain Balance Sheet InformationConsolidated Amounts as of March 31, 2019 (in millions of dollars)

Properties:

Peripheral land 17.0 (1)

Accounts and notes receivable, net:

Straight-line rents and recoveries 47.9

Deferred charges and other assets:

Prepaids and deposits 12.1

Accounts payable and accrued liabilities

Community Development District obligation 43.8 (2)

(1) Valued at historical cost. Peripheral land excludes land associated with construction in process.

(2) The expense portion of the related payments, which are generally recoverable from tenants, are included in the line item maintenance, taxes, utilities, and promotion in our Consolidated Statement of Operations and ComprehensiveIncome (Loss).

Q119 Supplemental

13

Owned CentersAs of March 31, 2019

Sq. Ft. of GLA/ Year Opened/ YearCenter Anchors Mall GLA Expanded Acquired Ownership %Consolidated Businesses: Beverly Center Bloomingdale's, Macy's 828,000 1982 100% Los Angeles, CA 504,000 Cherry Creek Shopping Center Macy's, Neiman Marcus, Nordstrom 1,031,000 1990/1998/ 50% Denver, CO 628,000 2015 City Creek Center Macy's, Nordstrom 621,000 2012 100% Salt Lake City, UT 340,000 Dolphin Mall Bass Pro Shops Outdoor World, Bloomingdale's Outlet, Burlington 1,431,000 2001/2007/ 100% Miami, FL Coat Factory, Cobb Theatres, Dave & Buster's, Marshalls, Neiman 702,000 2015

Marcus-Last Call, Polo Ralph Lauren Factory Store. Saks Off 5th The Gardens on El Paseo Saks Fifth Avenue 236,000 1998/2010 2011 100% Palm Desert, CA 186,000 Great Lakes Crossing Outlets AMC Theatres, Bass Pro Shops Outdoor World, Burlington Coat Factory, 1,355,000 1998 100% Auburn Hills, MI Legoland, Lord & Taylor Outlet, Planet Fitness, Round 1 Bowling and 533,000 (Detroit Metropolitan Area) Amusement, Sea Life The Mall at Green Hills Dillard's, Macy's, Nordstrom 864,000 (1) 1955/2011 2011 100% Nashville, TN 359,000 International Market Place Saks Fifth Avenue 342,000 2016 93.5% Waikiki, Honolulu, HI 262,000 The Mall of San Juan Nordstrom, Saks Fifth Avenue (2) 626,000 2015 95% San Juan, PR 388,000 The Mall at Short Hills Bloomingdale's, Macy's, 1,443,000 (3) 1980/1994/ 100% Short Hills, NJ Neiman Marcus, Nordstrom 607,000 1995 /2011 Twelve Oaks Mall JCPenney, Lord & Taylor, Macy's, 1,520,000 (4) 1977/1978/ 100% Novi, MI Nordstrom 551,000 2007/2008 (Detroit Metropolitan Area)

Total GLA 10,297,000 Total Mall GLA 5,060,000 TRG % of Total GLA 9,728,000 TRG % of Total Mall GLA 4,710,000

Unconsolidated Joint Ventures: CityOn.Xi'an Wangfujing 998,000 2016 50% (5)

Xi'an, China 696,000 CityOn.Zhengzhou G-Super, Wangfujing 919,000 2017 49% (5)

Zhengzhou, China 621,000 Country Club Plaza (6) 1,003,000 (7) 1922/1977/ 2016 50% Kansas City, MO 784,000 2000/2015 Fair Oaks Mall Dave & Buster's, JCPenney, Lord & Taylor, 1,557,000 (8) 1980/1987/ 50% Fairfax, VA Macy's (two locations) 561,000 1988/2000 (Washington, DC Metropolitan Area)

International Plaza Dillard's, Life Time Athletic, Neiman Marcus, Nordstrom 1,253,000 2001/2015 50.1% Tampa, FL 617,000 The Mall at Millenia Bloomingdale’s, Macy's, Neiman Marcus 1,114,000 2002 50% Orlando, FL 514,000 Stamford Town Center Macy's, Saks Off 5th 761,000 1982/2007 50% Stamford, CT 438,000 Starfield Hanam PK Market, Shinsegae, Traders 1,701,000 2016 34.3% (5)

Hanam, South Korea 971,000 Sunvalley JCPenney, Macy's (two locations), Sears 1,321,000 1967/1981 2002 50% Concord, CA 481,000 (San Francisco Metropolitan Area)

The Mall at University Town Center Dillard's, Macy's, Saks Fifth Avenue 860,000 2014 50% Sarasota, FL 438,000 Waterside Shops Nordstrom, Saks Fifth Avenue 341,000 1992/2006/ 2003 50% Naples, FL 201,000 2008 Westfarms JCPenney, Lord & Taylor, Macy's (two locations), Nordstrom 1,267,000 1974/1983/ 79% West Hartford, CT 497,000 1997 Total GLA 13,095,000 Total Mall GLA 6,819,000 TRG % of Total GLA 6,640,000 TRG % of Total Mall GLA 3,396,000 Grand Total GLA 23,392,000 Grand Total Mall GLA 11,879,000 TRG % of Total GLA 16,368,000 TRG % of Total Mall GLA 8,106,000

(1) GLA does not reflect the total incremental GLA to be added in connection with the redevelopment project currently ongoing at the center.

(2) In September 2017, Saks Fifth Avenue closed as a result of significant damage experienced during Hurricane Maria. There is currently no timeline for reopening. Refer to our most recent filings with theSecurities and Exchange Commission on Form 10-K and Form 10-Q for a discussion of an ongoing legal matter related to the closing.

(3) GLA includes the former Saks Fifth Avenue store, which closed in September 2016. A portion of this space opened as Mall GLA in 2018, while the remaining 31,000 square feet of GLA of the space is currentlyunder redevelopment as coworking office space.

(4) GLA includes approximately 228,000 square feet of GLA related to the former Sears space, which closed in March 2019.

(5) On February 14, 2019, we announced agreements to sell 50% of our ownership interests in Starfield Hanam, CityOn.Xi’an, and CityOn.Zhengzhou to funds managed by Blackstone. Upon closing, we will retaina 17.15%, 25%, and 24.5% ownership interest in Starfield Hanam, CityOn.Xi'an, and CityOn.Zhengzhou, respectively. The transactions are subject to customary closing conditions and are expected to closethroughout 2019.

(6) In 2018, Nordstrom announced plans to relocate a store to the center. The new, approximately 116,000-square-foot store is expected to open in 2021.

(7) GLA includes 220,000 square feet of office property.

(8) GLA includes approximately 210,000 square feet of GLA related to the former Sears space, which closed in November 2018. Dave & Buster's currently occupies 39,000 square feet of this space.

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RedevelopmentAs of March 31, 2019

Center NameIncremental

GLA (1)Completion

Date (1)Anticipated

Investment (1)Capitalized

Cost-To-Date

ExpectedAfter-TaxReturn at

Stabilization(1)

Project with Incremental GLA

The Mall at Green Hills - Nashville, TN 170,000 sq. ft. 2019 $200 million $149.9 million 6.5%-7.5%

Renovation and expansion

(1) Anticipated completion date, incremental GLA, anticipated investment, and stabilized returns for redevelopments are subject to adjustment as a result of factors inherentin the redevelopment process, some of which may not be under our direct control. Refer to our filings with the Securities and Exchange Commission on Form 10-K and Form10-Q for other risk factors.

New DevelopmentAs of March 31, 2019

Asia New Center DevelopmentsStarfield Anseong -

Anseong, South Korea

Partner Shinsegae Group

Size (1) 1.1 million sq. ft.

Opening (1) Late 2020

Total Project Cost (1) $570 - $600 million

Ownership % (2) 49%

Project Cost at TRG% (1) (3) $280 - $300 million

Capitalized Balance on TCO Balance Sheet (4)

Capitalized Costs-To-Date $110.3 million

Expected After-tax Return at Stabilization (1) 6.25% - 6.75% (2)

(1) Anticipated opening date, size, estimated project costs, and stabilized returns for centers under development are subject to adjustment as a result of factors inherent inthe development process, some of which may not be under our direct control. Refer to our filings with the Securities and Exchange Commission on Form 10-K and Form10-Q for other risk factors.

(2) We no longer expect to admit an additional capital partner during the development period. We have been and will continue to fund 49% of the project.

(3) Expected project costs and after tax returns for centers under development exclude the potential impact of foreign currency fluctuations.

(4) The center is owned by an Unconsolidated Joint Venture. "Capitalized Costs-To-Date" generally approximates our investment in the Unconsolidated Joint Venture as ofMarch 31, 2019.

Acquisition

Center Name SizePurchase

ConsiderationOwnership %

Acquired Closing Date

The Gardens Mall - Palm Beach Gardens, FL 1.4 million sq. ft.Total GLA /

0.5 million sq. ft.Mall GLA

(1) 1.5 million TRGpartnership units

(2) 48.5% (3) April 1, 2019

(1) The 1,400,000 square foot property is anchored by Bloomingdale’s, Macy’s, Nordstrom, Saks Fifth Avenue, and Sears.

(2) To acquire the 48.5% interest, TRG issued 1.5 million TRG partnership units and assumed our beneficial share of $195 million of property-level debt. The debt assumed willalso include our beneficial share of $27.6 million of purchase accounting adjustments, which will reduce the stated rate on the debt of 6.8% to an average effective rate of4.2% over the remaining term of the loan.

(3) Our ownership interest in the center will be accounted for as an Unconsolidated Joint Venture under the equity method.

Q119 Supplemental

15

Anchors in Owned PortfolioAs of March 31, 2019

(Excludes Value and Outlet Centers; GLA in thousands of square feet)

Number

Name of Stores GLA % of GLA

Macy's

Bloomingdale's (1) 3 641

Macy's 12 2,539

Macy's Men's Store/Furniture Gallery 3 489

18 3,669 17.8%

Nordstrom 9 1,302 6.3%

Hudson's Bay Company

Lord & Taylor (2) 3 392

Saks Fifth Avenue (3) 5 375

Saks Off 5th (4) 1 78

9 845 4.1%

JCPenney 4 745 3.6%

Dillard's 3 600 2.9%

Wangfujing 2 565 2.7%

Shinsegae

PK Market 1 63

Shinsegae 1 484

2 547 2.7%

Neiman Marcus (5) 4 402 2.0%

Sears 1 241 1.2%

Traders 1 183 0.9%

Life Time Athletic 1 56 0.3%

Dave & Buster's (6) 1 39 0.2%

G-Super 1 36 0.2%

Total 56 9,230 44.8% (6)

Major Tenants in Owned PortfolioAs of March 31, 2019

TenantNumberof Stores

SquareFootage

% MallGLA

Forever 21 (Forever 21, XXI Forever) 15 470,378 4.0%

H&M 20 424,079 3.6%

The Gap (Gap, Gap Kids, Baby Gap, Banana Republic, Old Navy, Athleta, and others) 47 399,419 3.4%

Limited Brands (Bath & Body Works/White Barn Candle, Pink, Victoria's Secret, and others) 36 265,582 2.2%

Inditex (Zara, Zara Home, Massimo Dutti, Bershka, and others) 20 235,063 2.0%

Urban Outfitters (Anthropologie, Free People, Urban Outfitters) 28 219,985 1.9%

Williams-Sonoma (Williams-Sonoma, Pottery Barn, Pottery Barn Kids, and others) 27 217,493 1.8%

Ascena Retail Group (Ann Taylor, Ann Taylor Loft, Justice, and others) 39 196,211 1.7%

Restoration Hardware 5 180,227 1.5%

Foot Locker (Foot Locker, Lady Foot Locker, Champs Sports, Foot Action USA, and others) 33 169,456 1.4%

(1) Excludes one Bloomingdale's Outlet store at a value center.

(2) Excludes one Lord & Taylor Outlet store at an outlet center.

(3) Includes Saks Fifth Avenue at The Mall of San Juan, which in September 2017 closed as a result of significant damage experienced during Hurricane Maria. There is currently no timelinefor reopening. Refer to our most recent filings with the Securities and Exchange Commission on Form 10-K and Form 10-Q for a discussion of an ongoing legal matter related to the closing.

(4) Excludes one Saks Off 5th store at a value center.

(5) Excludes one Neiman Marcus-Last Call store at a value center.

(6) Dave & Buster's is operating in GLA related to the former Sear's space.

(7) Percentages may not add due to rounding.

Q119 Supplemental

16

Components of Rental RevenuesFor the Three Months Ended March 31, 2019 and 2018(in thousands of dollars)

Upon adoption of ASC Topic 842 on January 1, 2019, minimum rents and expense recoveries are now presented within a single revenue line item, RentalRevenues on the Consolidated Statement of Operations and Comprehensive Income (Loss). Also, upon adoption of ASC Topic 842, lease cancellation paymentsfrom our tenants are now considered a modification of a lease and presented within Rental Revenues on the Consolidated Statement of Operations andComprehensive Income (Loss). Lease cancellation income was previously presented within Other income. Further, the presentation of uncollectible tenantrevenues has changed from Other Operating expense to Rental Revenues as a contra-revenue. We elected the optional transition method to apply theprovisions of ASC Topic 842 as of the adoption date, rather than the earliest period presented. As such, the requirements of ASC Topic 842 were not appliedin the comparative periods presented in our financial statements. Refer to the tables below for detail related to the components of Rental Revenues.

Three Months Ended March 31, 2019 Three Months Ended March 31, 2018

ConsolidatedBusinesses

at 100%

UnconsolidatedJoint Ventures

at 100%

ConsolidatedBusinesses

at 100%

UnconsolidatedJoint Ventures

at 100%

Minimum rents 91,526 86,928 86,825 92,041

Billed and accrued recoveries 55,031 43,762 51,528 45,870

Lease cancellation income 404 165 8,900 4,885

Uncollectible tenant revenues (2,672) (1,299) (3,913) (1,633)

Total Rental Revenues 144,289 129,556

Three Months Ended March 31, 2019 Three Months Ended March 31, 2018

ConsolidatedBusinesses

at TRG%

UnconsolidatedJoint Ventures

at TRG%

ConsolidatedBusinesses

at TRG%

UnconsolidatedJoint Ventures

at TRG%

Lease cancellation income 387 94 8,770 2,448

Uncollectible tenant revenues (2,599) (736) (3,748) (832)

Q119 Supplemental

17

Components of Other Income, Other Operating Expense, and Nonoperating Income (Expense)For the Three Months Ended March 31, 2019 and 2018(in thousands of dollars)

Three Months Ended March 31, 2019 Three Months Ended March 31, 2018

ConsolidatedBusinesses

at 100%

UnconsolidatedJoint Ventures

at 100%

ConsolidatedBusinesses

at 100%

UnconsolidatedJoint Ventures

at 100%

Other Income

Shopping center and other operational revenues 11,562 6,706 10,820 6,611

Lease cancellation income (1) 8,900 4,885

11,562 6,706 19,720 11,496

Other Operating Expense

Shopping center and other operational expenses (2) 14,947 5,257 15,089 8,182

Provision for tenant bad debts (3) 3,913 1,633

Domestic and non-U.S. pre-development costs 637 1,160

Ground rent 3,641 264 3,704 171

19,225 5,521 23,866 9,986

Nonoperating Income (Expense)

Insurance recoveries - The Mall of San Juan 4,046 670

Fluctuation in fair value of equity securities 3,346 (10,262)

Dividend income 1,151

Interest income 1,341 401 1,273 347

Other nonoperating income 25

8,733 401 (7,143) 347

Three Months Ended March 31, 2019 Three Months Ended March 31, 2018

ConsolidatedBusinesses

at TRG%

UnconsolidatedJoint Ventures

at TRG%

ConsolidatedBusinesses

at TRG%

UnconsolidatedJoint Ventures

at TRG%

Other Income

Shopping center and other operational revenues 8,444 2,978 7,745 2,899

Lease cancellation income (1) 8,770 2,448

8,444 2,978 16,515 5,347

Other Operating Expense

Shopping center and other operational expenses (2) 12,073 2,639 11,783 3,731

Provision for tenant bad debts (3) 3,748 832

Domestic and non-U.S. pre-development costs 637 1,160

Ground rent 3,319 132 3,354 86

16,029 2,771 20,045 4,649

Nonoperating Income (Expense)

Insurance recoveries - The Mall of San Juan 3,843 637

Fluctuation in fair value of equity securities 3,346 (10,262)

Dividend income 1,151

Interest income 1,300 173 1,242 154

Other nonoperating income 24

8,489 173 (7,208) 154

(1) Upon adoption of ASC Topic 842, the presentation of lease cancellation income has changed from Other income to Rental Revenues. Comparative periods presented werenot adjusted to reflect the change in accounting. See Page 16 of this Supplemental for further details for Components of Rental Revenues for comparative purposes period overperiod.

(2) Upon adoption of ASC Topic 842, Other operating expense includes certain indirect leasing costs, which were capitalizable under the previous lease accounting standard. Asa result of the accounting change, an additional $1.4 million of leasing costs were expensed during the three months ended March 31, 2019. Comparative periods presentedwere not adjusted to reflect the change in accounting.

(3) Upon adoption of ASC Topic 842, the presentation for uncollectible tenant revenues has changed from Other Operating expense to Rental Revenues as a contra-revenue.Comparative periods presented were not adjusted to reflect the change in accounting. See Page 16 of this Supplemental for further details for Components of Rental Revenuesfor comparative purposes period over period.

Q119 Supplemental

18

Use of Non-GAAP Financial Measures

Within this supplemental information package, we use certain non-GAAP operating measures, including EBITDA, beneficial interest in EBITDA, EBITDAfor real estate (EBITDAre), Net Operating Income, and Funds from Operations. These measures are reconciled to the most comparable GAAP measures.Additional information as to the use of these measures are as follows.

EBITDA represents earnings before interest, income taxes, and depreciation and amortization of our consolidated and unconsolidated businesses. Beneficialinterest in EBITDA represents our share of the earnings before interest, income taxes, and depreciation and amortization of our consolidated andunconsolidated businesses. The National Association of Real Estate Investment Trusts (NAREIT) defines EBITDAre as earnings before interest, incometaxes, depreciation and amortization, plus or minus losses and gains on disposition of depreciated property, including losses/gains on change of control,plus impairment write-downs of depreciated property and of investments in unconsolidated affiliates caused by a decrease in value of depreciatedproperty in the affiliate, of our consolidated businesses plus our share of our unconsolidated businesses. We believe EBITDA, beneficial interest in EBITDA,and EBITDAre provide useful indicators of operating performance, as it is customary in the real estate and shopping center business to evaluate theperformance of properties on a basis unaffected by capital structure.

We use Net Operating Income (NOI) as an alternative measure to evaluate the operating performance of centers, both on individual and stabilized portfoliobases, and in formulating corporate goals and compensation. We define NOI as property-level operating revenues (includes rental income excludingstraight-line adjustments of minimum rent) less maintenance, property taxes, utilities, promotion, ground rent (including straight-line adjustments), andother property operating expenses. Beneficial interest in NOI represents our share of NOI (as previously defined) of our consolidated and unconsolidatedbusinesses. Since NOI excludes general and administrative expenses, pre-development charges, interest income and expense, depreciation andamortization, impairment charges, restructuring charges, and gains from peripheral land and property dispositions, it provides a performance measurethat, when compared period over period, reflects the revenues and expenses most directly associated with owning and operating rental properties, aswell as the impact on their operations from trends in tenant sales, occupancy and rental rates, and operating costs. We also use NOI excluding leasecancellation income as an alternative measure because this income may vary significantly from period to period, which can affect comparability and trendanalysis. We generally provide separate projections for expected comparable center NOI growth and lease cancellation income. Comparable centers aregenerally defined as centers that were owned and open for the entire current and preceding period presented, excluding centers impacted by significantredevelopment activity. In addition, The Mall of San Juan has been excluded from comparable center statistics as a result of Hurricane Maria and theexpectation that the center’s performance will be materially impacted for the foreseeable future.

NAREIT defines Funds from Operations (FFO) as net income (calculated in accordance with Generally Accepted Accounting Principles (GAAP)), excludingdepreciation and amortization related to real estate, gains and losses from the sale of certain real estate assets, gains and losses from change in control,and impairment write-downs of certain real estate assets and investments in entities when the impairment is directly attributable to decreases in thevalue of depreciable real estate held by the entity. We believe that FFO is a useful supplemental measure of operating performance for REITs. Historicalcost accounting for real estate assets implicitly assumes that the value of real estate assets diminishes predictably over time. Since real estate valuesinstead have historically risen or fallen with market conditions, we and most industry investors and analysts have considered presentations of operatingresults that exclude historical cost depreciation to be useful in evaluating the operating performance of REITs. We primarily use FFO in measuringperformance and in formulating corporate goals and compensation.

We may also present adjusted versions of NOI, beneficial interest in EBITDA, and FFO when used by management to evaluate operating performancewhen certain significant items have impacted results that affect comparability with prior or future periods due to the nature or amounts of these items.We believe the disclosure of the adjusted items is similarly useful to investors and others to understand management's view on comparability of suchmeasures between periods. For the three months ended March 31, 2019 FFO and EBITDA were adjusted to exclude a restructuring charge, costs incurredassociated with shareholder activism, and the fluctuation in the fair value of equity securities. For the three months ended March 31, 2018, FFO andEBITDA were adjusted to exclude a reduction of a previously expensed restructuring charge, costs incurred associated with shareholder activism, and thefluctuation in the fair value of equity securities. For the three months ended March 31, 2018, FFO was also adjusted for a charge recognized in connectionwith the write-off of deferred financing costs related to the early payoff of our $475 million unsecured term loan.

These non-GAAP measures as presented by us are not necessarily comparable to similarly titled measures used by other REITs due to the fact that notall REITs use the same definitions. These measures should not be considered alternatives to net income or as an indicator of our operating performance.Additionally, these measures do not represent cash flows from operating, investing, or financing activities as defined by GAAP.

Also within this supplemental information package, we provide our beneficial interest in certain financial information of our Unconsolidated Joint Ventures.This beneficial information is derived as our ownership interest in the investee multiplied by the specific financial statement item being presented. Investorsare cautioned that deriving our beneficial interest in this manner may not accurately depict the legal and economic implications of holding a noncontrollinginterest in the investee.

Q119 Supplemental

19

Reconciliation of Net Income Attributable to Taubman Centers, Inc. Common Shareholders to Funds From Operationsand Adjusted Funds From OperationsFor the Three Months Ended March 31, 2019 and 2018

(in thousands of dollars except as noted; may not add or recalculate due to rounding)

2019 2018

DollarsShares/Units

Per Share/Unit Dollars

Shares/Units

Per Share/Unit

Net income attributable to TCO common shareholders - basic 15,097 61,124,016 0.25 18,590 60,917,235 0.31

Add impact of share-based compensation 21 275,092 28 289,142

Net income attributable to TCO common shareholders - diluted 15,118 61,399,108 0.25 18,618 61,206,377 0.30

Add depreciation of TCO's additional basis 1,617 0.03 1,617 0.03

Add TCO's additional income tax expense 3 0.00

Net income attributable to TCO common shareholders, excluding step-up depreciation and additional income tax expense 16,735 61,399,108 0.27 20,238 61,206,377 0.33

Add noncontrolling share of income of TRG 6,801 24,875,564 8,279 24,954,658

Add distributions to participating securities of TRG 627 871,262 599 871,262

Net income attributable to partnership unitholders and participating securities of TRG 24,163 87,145,934 0.28 29,116 87,032,297 0.33

Add (less) depreciation and amortization:

Consolidated businesses at 100% 44,956 0.52 35,022 0.40

Depreciation of TCO's additional basis (1,617) (0.02) (1,617) (0.02)

Noncontrolling partners in consolidated joint ventures (2,235) (0.03) (1,852) (0.02)

Share of Unconsolidated Joint Ventures 17,192 0.20 17,055 0.20

Non-real estate depreciation (1,145) (0.01) (1,136) (0.01)

Less impact of share-based compensation (21) (0.00) (28) (0.00)

Funds from Operations attributable to partnership unitholders and participating securities of TRG 81,293 87,145,934 0.93 76,560 87,032,297 0.88

TCO's average ownership percentage of TRG - basic (1) 71.1% 70.9%

Funds from Operations attributable to TCO's common shareholders, excluding additional income tax expense (1) 57,779 0.93 54,311 0.88

Less TCO's additional income tax expense (3) (0.00)

Funds from Operations attributable to TCO's common shareholders (1) 57,779 0.93 54,308 0.88

Funds from Operations attributable to partnership unitholders and participating securities of TRG 81,293 87,145,934 0.93 76,560 87,032,297 0.88

Restructuring charge 625 0.01 (346) (0.00)

Costs associated with shareholder activism 4,000 0.05 3,500 0.04

Fluctuation in fair value of equity securities (3,346) (0.04) 10,262 0.12

Write-off of deferred financing costs 382 0.00

Adjusted Funds from Operations attributable to partnership unitholders and participating securities of TRG 82,572 87,145,934 0.95 90,358 87,032,297 1.04

TCO's average ownership percentage of TRG - basic (2) 71.1% 70.9%

Adjusted Funds from Operations attributable to TCO's common shareholders (2) 58,688 0.95 64,100 1.04

(1) For the three months ended March 31, 2019, Funds from Operations attributable to TCO's common shareholders was $57,019 using TCO's diluted average ownershippercentage of TRG of 70.1%. For the three months ended March 31, 2018, Funds from Operations attributable to TCO's common shareholders was $53,585 using TCO's dilutedaverage ownership percentage of TRG of 70.0%.

(2) For the three months ended March 31, 2019, Adjusted Funds from Operations attributable to TCO's common shareholders was $57,916 using TCO's diluted average ownershippercentage of TRG of 70.1%. For the three months ended March 31, 2018, Adjusted Funds from Operations attributable to TCO's common shareholders was $63,245 using TCO'sdiluted average ownership percentage of TRG of 70.0%.

Q119 Supplemental

20

Reconciliation of Net Income to Beneficial Interest in EBITDA and Adjusted Beneficial Interest in EBITDAFor the Periods Ended March 31, 2019 and 2018(in thousands of dollars; amounts attributable to TCO may not recalculate due to rounding)

Three Months Ended

2019 2018

Net income 29,738 34,596

Add (less) depreciation and amortization:

Consolidated businesses at 100% 44,956 35,022

Noncontrolling partners in consolidated joint ventures (2,235) (1,852)

Share of Unconsolidated Joint Ventures 17,192 17,055

Add (less) interest expense and income tax expense:

Interest expense:

Consolidated businesses at 100% 36,885 30,823

Noncontrolling partners in consolidated joint ventures (3,025) (3,011)

Share of Unconsolidated Joint Ventures 16,776 16,751

Income tax expense:

Consolidated businesses at 100% 539 184

Noncontrolling partners in consolidated joint ventures (50) (50)

Share of Unconsolidated Joint Ventures 777 710

Less noncontrolling share of income of consolidated joint ventures (1,429) (1,344)

Beneficial interest in EBITDA 140,124 128,884

TCO's average ownership percentage of TRG - basic 71.1% 70.9%

Beneficial interest in EBITDA attributable to TCO 99,593 91,430

Beneficial interest in EBITDA 140,124 128,884

Add (less):

Restructuring charge 625 (346)

Costs associated with shareholder activism 4,000 3,500

Fluctuation in fair value of equity securities (3,346) 10,262

Adjusted Beneficial interest in EBITDA 141,403 142,300

TCO's average ownership percentage of TRG - basic 71.1% 70.9%

Adjusted Beneficial interest in EBITDA attributable to TCO 100,502 100,947

Q119 Supplemental

21

Reconciliation of Net Income to Net Operating Income (NOI)For the Three Months Ended March 31, 2019, 2018, and 2017

(in thousands of dollars)

Three Months Ended Three Months Ended

2019 2018 2018 2017

Net income 29,738 34,596 34,596 32,759

Add (less) depreciation and amortization:

Consolidated businesses at 100% 44,956 35,022 35,022 37,711

Noncontrolling partners in consolidated joint ventures (2,235) (1,852) (1,852) (1,796)

Share of Unconsolidated Joint Ventures 17,192 17,055 17,055 15,652

Add (less) interest expense and income tax expense:

Interest expense:

Consolidated businesses at 100% 36,885 30,823 30,823 25,546

Noncontrolling partners in consolidated joint ventures (3,025) (3,011) (3,011) (2,975)

Share of Unconsolidated Joint Ventures 16,776 16,751 16,751 15,781

Income tax expense:

Consolidated businesses at 100% 539 184 184 208

Noncontrolling partners in consolidated joint ventures (50) (50) (50) (31)

Share of Unconsolidated Joint Ventures 777 710 710 1,633

Share of income tax expense on disposition 731

Less noncontrolling share of income of consolidated joint ventures (1,429) (1,344) (1,344) (1,444)

Add EBITDA attributable to noncontrolling partners in consolidated joint ventures 6,739 6,257 6,257 6,246

Less beneficial share of gain on disposition (2,814)

EBITDAre 146,863 135,141 135,141 127,207

Add EBITDA attributable to outside partners in Unconsolidated Joint Ventures 47,144 51,027 51,027 47,863

Add beneficial share of gain on disposition 2,814

EBITDA at 100% 194,007 186,168 186,168 177,884

Add (less) items excluded from shopping center NOI:

General and administrative expenses 8,576 8,493 8,493 10,751

Management, leasing, and development services, net (685) (492) (492) (338)

Restructuring charge 625 (346) (346) 1,896

Costs associated with shareholder activism 4,000 3,500 3,500 3,500

Straight-line of rents (2,907) (5,487) (5,487) (1,855)

Fluctuation in fair value of equity securities (3,346) 10,262 10,262

Insurance recoveries - The Mall of San Juan (4,046) (670) (670)

Gain on disposition (4,445)

Gain on sale of peripheral land (1,668)

Dividend income (1,151) (1,151) (1,033)

Interest income (1,742) (1,620) (1,620) (2,032)

Other nonoperating expense (income) (25) (25) 103

Unallocated operating expenses and other (1) 7,740 8,121 8,121 7,322

NOI at 100% - total portfolio 202,222 206,753 206,753 190,085

Less NOI of non-comparable centers (11,738) (2) (9,261) (2) (12,800) (3) (12,411) (3)

NOI at 100% - comparable centers 190,484 197,492 193,953 177,674

NOI @ 100% - comparable centers growth % (3.5)% 9.2%

NOI at 100% - comparable centers 190,484 197,492 193,953 177,674

Less lease cancellation income - comparable centers (489) (11,687) (11,687) (3,608)

NOI at 100% - comparable centers excluding lease cancellation income 189,995 185,805 182,266 174,066

NOI at 100% - comparable centers excluding lease cancellation income growth % 2.3 % (4) 4.7%

NOI at 100% - total portfolio 202,222 206,753 206,753 190,085

Less lease cancellation income - total portfolio (569) (13,785) (13,785) (3,706)

Less NOI attributable to noncontrolling partners in consolidated joint ventures and outside partners inUnconsolidated Joint Ventures excluding lease cancellation income - total portfolio

(54,573) (53,877) (53,877) (51,230)

Beneficial interest in NOI - total portfolio excluding lease cancellation income 147,080 139,091 139,091 135,149

Beneficial interest in NOI - total portfolio excluding lease cancellation income growth % 5.7 % 2.9%

(1) Upon adoption of ASC Topic 842, Other Operating expense includes certain indirect leasing costs, which were capitalizable under the previous lease accounting standard. As a resultof the accounting change, an additional $1.4 million of leasing costs were expensed during the three months ended March 31, 2019. Comparative periods presented were not adjustedto reflect the change in accounting.

(2) Includes Beverly Center, The Mall of San Juan, and Taubman Prestige Outlets Chesterfield.

(3) Includes Beverly Center, CityOn.Zhengzhou, The Mall of San Juan, and Taubman Prestige Outlets Chesterfield.

(4) The NOI of our centers in China and South Korea have been translated using their respective average exchange rates for the periods presented. Using constant currency exchangerates, the growth in NOI at 100%, excluding lease cancellation income, presented would have been 3.0% for the three months ended March 31, 2019.

Q119 Supplemental

22

Reconciliation of Net Income to Net Operating Income (NOI)For the Year Ended December 31, 2018 and 2017

(in thousands of dollars)

Year Ended

2018 2017

Net income 115,742 112,757

Add (less) depreciation and amortization:

Consolidated businesses at 100% 179,275 167,806

Noncontrolling partners in consolidated joint ventures (7,600) (7,464)

Share of Unconsolidated Joint Ventures 68,894 66,933

Add (less) interest expense and income tax expense (benefit):

Interest expense:

Consolidated businesses at 100% 133,197 108,572

Noncontrolling partners in consolidated joint ventures (12,031) (11,942)

Share of Unconsolidated Joint Ventures 68,225 67,283

Income tax expense (benefit):

Consolidated businesses at 100% (231) 105

Noncontrolling partners in consolidated joint ventures (192) (134)

Share of Unconsolidated Joint Ventures 3,220 2,825

Share of income tax expense on disposition 731

Less noncontrolling share of income of consolidated joint ventures (6,268) (6,775)

Add EBITDA attributable to noncontrolling partners in consolidated joint ventures 26,091 26,315

EBITDAre 568,322 527,012

Add EBITDA attributable to outside partners in Unconsolidated Joint Ventures 194,382 184,539

EBITDA at 100% 762,704 711,551

Add (less) items excluded from shopping center NOI:

General and administrative expenses 37,174 39,018

Management, leasing, and development services, net (1,801) (2,226)

Restructuring charge 596 13,848

Costs associated with shareholder activism 12,500 14,500

Straight-line of rents (12,428) (10,718)

Fluctuation in fair value of equity securities (2,801)

Gain on SPG common stock conversion (11,613)

Insurance recoveries - The Mall of San Juan (1,234) (1,101)

Gain on disposition (4,445)

Gain on sales of peripheral land (1,034) (2,613)

Dividend income (4,062) (4,219)

Interest income (7,797) (7,251)

Other nonoperating expense (income) 291 (41)

Unallocated operating expenses and other 33,463 39,256

NOI at 100% - total portfolio 815,571 773,946

Less NOI of non-comparable centers (57,786) (1) (47,878) (1)

NOI at 100% - comparable centers 757,785 726,068

NOI at 100% - comparable centers growth % 4.4%

NOI at 100% - comparable centers 757,785 726,068

Lease cancellation income - comparable centers (17,122) (12,838)

NOI at 100% - comparable centers excluding lease cancellation income 740,663 713,230

NOI at 100% - comparable centers excluding lease cancellation income growth % 3.8% (2)

NOI at 100% - total portfolio 815,571 773,946

Less lease cancellation income - total portfolio (20,066) (15,601)

Less NOI attributable to noncontrolling partners in consolidated joint ventures and outside partners in UnconsolidatedJoint Ventures excluding lease cancellation income - total portfolio (219,228) (207,968)

Beneficial interest in NOI - total portfolio excluding lease cancellation income 576,277 550,377

Beneficial interest in NOI - total portfolio excluding lease cancellation income growth % 4.7%

(1) Includes Beverly Center, CityOn.Zhengzhou, The Mall of San Juan, and Taubman Prestige Outlets Chesterfield.

(2) The NOI of our centers in China and South Korea have been translated using their respective average exchange rates for the periods presented. Using constantcurrency exchange rates, the growth in NOI at 100%, excluding lease cancellation income, presented would have been 3.5% for the year ended December 31, 2018.

Q119 Supplemental

23

Operating Statistics GlossaryAs of March 31, 2019

Statistics are presented at 100% in order to allow for measurement of their performance as a whole, without regard to our ownership interest. Peripheraltenants are excluded from all statistics unless otherwise noted.

Terms:

Gross Leasable Area (GLA) - total gross retail space.

Gross Leasable Occupied Area (GLOA) - total gross occupied retail space.

Net Operating Income (NOI) - property level operating revenues (rental income excluding straight-line adjustments of minimum rent) less maintenance,taxes, utilities, ground rent (including straight-line adjustments), and other property operating expenses for comparable centers.

Rental Revenues - the sum of minimum rents, expense recoveries, and lease cancellation income, partially offset by uncollectible tenant revenues.

Retail Merchandising Units (RMUs) - special purpose retail sales units located in common areas leased on a temporary basis by tenants and owned byus.

Temporary In-Line Tenants (TILs) - tenants leasing mall retail space for a period of less than or equal to one year.

Value and Outlet Center Anchors - tenants greater than 20,000 square feet at value and outlet centers.

Statistic Description Includes Excludes

Ending Occupancy GLOA of all centers as of the last day of thereporting period divided by GLA of all centers asof the last day of the reporting period

Value and Outlet CenterAnchors, theaters, and TILs

Regional mall anchors

Leased Space Total percentage of leased GLA of all centers withexecuted leases as of the last day of the reportingperiod

Value and Outlet CenterAnchors, theaters, and TILs

Regional mall anchors

Average Rent psf Annualized minimum rents for the periodassociated with the mall tenants divided by theaverage GLOA for the period associated with themall tenants

All anchors (value and outlet center andregional mall), TILs and RMUs

Opening Rent psf Weighted average of the annual rents psf forspaces opening in the period (12-months trailing)

Tenant renewals, relocations,expansions/downsizings

All anchors (value and outlet center andregional mall),TILs and spaces greaterthan or equal to 10,000 sf

Sq Ft of GLAOpened

Total sq ft of centers’ spaces opening in thereporting period (12-months trailing)

Tenant renewals, relocations,expansions/downsizings

All anchors (value and outlet center andregional mall),TILs and spaces greaterthan or equal to 10,000 sf

Closing Rent psf Weighted average of the annual rents psf forspaces closing in the period (12-months trailing)

Tenant renewals, relocations,expansions/downsizings

All anchors (value and outlet center andregional mall),TILs and spaces greaterthan or equal to 10,000 sf

Sq Ft of GLAClosed

Total sq ft of centers’ spaces closing in thereporting period (12-months trailing)

Tenant renewals, relocations,expansions/downsizings

All anchors (value and outlet center andregional mall),TILs and spaces greaterthan or equal to 10,000 sf

Releasing Spreadpsf

Opening rent psf less closing rent psf (12-monthstrailing)

Tenant renewals, relocations,expansions/downsizings

All anchors (value and outlet center andregional mall),TILs and spaces greaterthan or equal to 10,000 sf

Mall Tenant Sales Total sales of centers in the reporting period TILs and RMUs All anchors (value and outlet center andregional mall)

Sales psf Total sales of centers in the reporting perioddivided by the associated GLOA

RMUs All anchors (value and outlet center andregional mall),TILs, non-comparablecenters and spaces greater than or equalto 10,000 sf

Occupancy Costsas a % of Sales

The sum of minimum rents, overage rents, CAMrecovery and tax recovery for the period dividedby the reported sales for the same tenant spaces

All anchors (value and outlet center andregional mall) and most peripheraltenants

Growth in NOI Percentage change in Net Operating Income(NOI) for the period over the same period fromthe prior year

ComparableCenters

Centers that were owned and open for the entirecurrent and preceding period presented,excluding centers impacted by significantredevelopment activity. In addition, The Mall ofSan Juan has been excluded from comparablecenter statistics as a result of Hurricane Mariaand the expectation that the center’sperformance will be impacted for theforeseeable future. Certain statistics are alsopresented representing all comparable centersas well as U.S. only comparable centers.