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

04/28/2016

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.

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The seven-level, nearly one million square foot CityOn.Xi'an shopping center celebrated its grand op ...

The seven-level, nearly one million square foot CityOn.Xi'an shopping center celebrated its grand opening on April 28, 2016, in northwest China's Xi'an city, Shaanxi Province. The project was jointly developed by Taubman Asia and Wangfujing Group Co., Ltd. (Photo: Business Wire)

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.

Source: Taubman Centers, Inc.

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

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