Taubman Centers recognizes that strong governance improves corporate decision making and strengthens our company. As an Umbrella Partnership REIT (UPREIT), the foundation of our company's governance is "one share, one unit, one vote."

The Board of Directors (the "Board") of Taubman Centers, Inc. (the "Company"), has adopted certain corporate governance principles (the "Guidelines") establishing a common set of expectations to assist the Board and its committees in performing their duties in compliance with applicable requirements. In recognition of the continuing discussions about corporate governance, the Board will review and, if appropriate, revise these Guidelines from time to time.

The Board of the Company has adopted Stock Ownership Guidelines for Executive Officers and Non-Employee Directors.