Taubman Asia and Wangfujing Celebrate CityOn.Xi’an Shopping Center Grand Opening Today

A fresh line-up of retailers and restaurants will comprise
northwest
China’s spectacular new shopping and dining destination

XI’AN, China–(BUSINESS WIRE)–Excited crowds gathered for the grand opening of the CityOn.Xi’an
shopping center today in northwest China’s Xi’an city, Shaanxi Province.
The center, jointly developed by Taubman Asia and Wangfujing Group Co.,
Ltd., marked the grand opening with a ribbon cutting ceremony featuring
Taubman Centers, Inc. Chairman, President and Chief Executive Officer
Mr. Robert Taubman, Ms. Bing Liu, former chairwoman of Wangfujing Group,
and other special guests.


At its opening today, CityOn.Xi’an is about 95 percent leased and
approximately 80 percent occupied. The center is anchored by the
legendary Wangfujing Department Store and offers everything from fast
fashion to accessible luxury through a unique collection of domestic and
international designer and lifestyle brands.

“It is a proud moment in Taubman history as CityOn.Xi’an’s opening
represents the first of our three Asia shopping centers debuting this
year,” said Mr. Taubman. “The center is a terrific asset and we are
proud of what we have accomplished with our joint venture partner
Wangfujing.”

Ms. Liu said, “CityOn.Xi’an perfectly combines Wangfujing’s extensive
experience as China’s leading retail brand and Taubman’s more than half
century legacy in shopping center development. It will be one of the
most exciting retail destinations in the Xi’an region and will
undoubtedly be embraced by the local community and tourists alike.”

Unique Collection of Shopping, Dining and Entertainment

CityOn.Xi’an’s wide variety of internationally-renowned retailers
include BJIL MODA, COACH, GAP, H&M, Zara, Zara home, Massimo Dutti,
Bershka, Oysho, Stradivarius, La Chapelle US, La Babite, Candies, Marc
Ecko, La Chapelle, Vougeek/7.Modifier/POTE, Lachapelle Kids,
J.Lindeberg, ONLY, VERO MODA, JACKJONES, SELECTED, P+ and Muji, and
well-received national brands such as I DO and UR.

Forever 21 and Monki have opened their first stores in northwest China
at CityOn.Xi’an. The project also hosts the largest stores in northwest
China for specialty apparel brands INXX and Me & City. Westlink
introduced its largest store in China through CityOn.Xi’an as well.

Stores geared toward children include Toys “R” Us, Balabala, Gymboree
and DM Kidsworld. Kidsmoment is also opening their first store at
CityOn.Xi’an.

Local, regional and international cuisine is offered through seated
restaurants and quick-service formats. Opening today were Starbucks,
Pacific Coffee, Holiland, Skyland Food Court, Cousin Café, Ma La Kuai Le
Ying, Ma Wei Yin Xiang, Musang King, Pang Ge Lia, RONG LI JI, Tan Yu,
XIHE, and Xu Ji Seafood. Food brands Open Life, Open Oven and Quan Zi
opened their first stores in northwest China at CityOn.Xi’an.

Entertainment venues include the Oscar International Cinema, Nobleman
Training Club and Cartoony World.

Unsurpassed Location and Modern Design

CityOn.Xi’an, located in the heart of the Weiyang district in Xi’an’s
new CBD and administrative center, is a modern, nearly one million
square foot, seven-level shopping center with plenty of amenities,
including 2,200 parking spaces. The center has direct linkage to Metro
Lines 2 and 4, as well as convenient access to the Airport Expressway
and High Speed Railway Station.

Home to the famed Terracotta Warriors, Xi’an is one of the most
important cultural destinations in China with over 8.5 million residents
and more than 100 million visitors per year, according to the 2015
National Economic and Societal Development Statistical Bulletin of Xi’an

published in March 2016.

For more information on CityOn.Xi’an, please visit the Taubman
Asia
website.

About Taubman Asia

Taubman Asia is a subsidiary of U.S. Mall operator Taubman Centers, Inc.
(NYSE: TCO) – a leader in the shopping center industry. Taubman Asia is
the platform for Taubman Centers’ expansion into China and South Korea
and focuses on owning, managing, and/or leasing high-quality and
sustainable retail real estate projects in Asia that leverage Taubman’s
strong retail planning design and operational capabilities. Also opening
in 2016 are Starfield Hanam (Hanam, South Korea) in September and
CityOn.Zhenzghou (Zhengzhou, China) in the fourth quarter. For more
information about Taubman Asia, visit taubmanasia.com.

About Wangfujing Group Co., Ltd.

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

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

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

For ease of use, references in this press release to “Taubman
Centers,” “company,” “Taubman” or an operating platform mean Taubman
Centers, Inc. and/or one or more of a number of separate, affiliated
entities. Business is actually conducted by an affiliated entity rather
than Taubman Centers, Inc. itself or the named operating platform.

This press release may contain forward-looking statements within the
meaning of Section 27A of the Securities Act of 1933, as amended, and
Section 21E of the Securities Exchange Act of 1934, as amended. These
statements reflect management’s current views with respect to future
events and financial performance. The forward-looking statements
included in this release are made as of the date hereof. Except as
required by law, we assume no obligation to update these forward-looking
statements, even if new information becomes available in the future.
Actual results may differ materially from those expected because of
various risks and uncertainties.
You should review the company’s
filings with the Securities and Exchange Commission, including “Risk
Factors” in its most recent Annual Report on Form 10-K and subsequent
quarterly reports, for a discussion of such risks and uncertainties.

Contacts

Margaret Xie
Taubman Asia
Public Relations & Marketing Director
+86
156 5277 7107
mxie@taubman.com
or
Carrie
Hu
Taubman Asia
Marketing Manager
+86 138 0183 2046
chu@taubman.com