December 29, 2020 -- Taubman Centers, Inc.; NYSE: TCO) announced that, effective today, it has provided notice to redeem on January 28, 2021 (the “Redemption Date”) all of the outstanding shares of its 6.5% Series J Cumulative Redeemable Preferred Stock (the “Series J Preferred Stock”; NYSE:TCO-J; CUSIP No. 876664608) and all of the outstanding shares of its 6.25% Series K Cumulative Redeemable Preferred Stock (the “Series K Preferred Stock”; NYSE:TCO-K; CUSIP No. 876664707). There are 7,700,000 shares of Series J Preferred Stock outstanding with an aggregate liquidation preference of $192.5 million and 6,800,000 shares of Series K Preferred Stock outstanding with an aggregate liquidation preference of $170 million. The Company will pay the holders of the Series J Preferred Stock cash in the amount of $25 per share plus any accrued and unpaid dividends from January 1, 2021, up to, but not including, the Redemption Date, without interest, in an amount equal to $0.121875 per share, for a total payment of $25.121875 per share (the “Series J Redemption Price”). February 11, 2020 -- Simon Property Gorup, Inc has entered a merger agreement with Taubman Centers, Inc. If the REIT Merger is completed, holders of Taubman common stock will be entitled to receive $52.50 in cash for each share of Taubman common stock held (the “common stock merger consideration”) and holders of Taubman Series B preferred stock will be entitled to receive, for each share of Taubman Series B preferred stock held, an amount in cash equal to the common stock merger consideration, divided by 14,000 (the “Series B preferred stock merger consideration”). If the Partnership Merger is completed, holders of units of partnership interest in the Taubman operating partnership (each, a “Taubman OP unit”) who are not one of the Taubman family members (as defined below) will be entitled to receive, for each Taubman OP unit held, at their election, the common stock merger consideration or 0.3814 limited partnership units in the Simon operating partnership (each, a “Simon OP unit”), certain Taubman OP units held by the Taubman family members will remain outstanding as units of partnership interest in the Surviving Taubman operating partnership, and all other Taubman OP units held by the Taubman family members will be converted into the right to receive the common stock merger consideration. Following the Mergers and the LLC Conversion, the Simon operating partnership will own 100% of the outstanding equity of Surviving TCO, Surviving TCO will own 80% of the limited liability company interests of the Joint Venture and the Taubman family members will own the remaining 20% of the limited liability company interests of the Joint Venture (assuming, for purposes of this calculation, that Taubman OP units issuable under the Option Deferral Agreement are outstanding interests of the Joint Venture).

QUANTUMONLINE.COM SECURITY DESCRIPTION:  Taubman Centers, Inc., 6.50% Series J Cumulative Redeemable Preferred Stock, liquidation preference $25 per share, redeemable at the issuer's option on or after 8/14/2017 at $25 per share plus accrued and unpaid dividends, and with no stated maturity. Cumulative distributions of 6.50% per annum ($1.625 annum or $0.40625 per quarter) will be paid quarterly on 3/31, 6/30, 9/30 & 12/31 to holders of record on the record date that will be the 15th calendar day of the month in which the payment is due or on the record date fixed by the board, not more than 30 days or less than 10 days prior to the payment date (NOTE: the ex-dividend date is one business day prior to the record date). Upon the occurrence of a change of control resulting in the common shares of the surviving entity no longer being listed on the NYSE, the AMEX or the Nasdaq exchanges, the company will have the option within 120 days to redeem the preferred shares at $25 per share plus accrued and unpaid dividends. If the company has exercised their redemption right, the holders will NOT have the following conversion right. Upon the occurrence of a change of control, and the company has NOT provided notice that they intend to redeem the preferred shares, the holder will have the right to convert the preferred shares into common shares under certain circumstances (see the prospectus for details). Dividends paid by preferreds issued by REITs are NOT eligible for the preferential 15% to 20% tax rate on dividends and are also NOT eligible for the dividend received deduction for corporate holders. In regard to the payment of dividends and upon liquidation, the preferred shares rank junior to the company's senior debt, equally with other preferreds of the company, and senior to the common shares of the company. See the IPO prospectus for further information on the preferred stock by clicking on the ‘Link to IPO Prospectus’ provided below.

Stock Exchange	Cpn Rate Ann Amt	LiqPref CallPrice	Call Date Matur Date	Moodys/S&P Dated	Distribution Dates	15% Tax Rate
NYSE Chart	6.50% $1.63	$25.00 $25.00	Called for 1/28/2021 None	WR NF 5/25/2020	3/31, 6/30, 9/30 & 12/31 Click for MW ExDiv Date Click for Yahoo ExDiv Date	No

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Email Address

ewright@taubman.com

Address and Phone Numbers

Address:   200 East Long Lake Road, Suite 300, Blomfield Hills, MI 48304
Main Phone Number	248-258-6800
Fax Number	248-258-7697
Investor Relations   Erik Wright	248-258-7390
Toll Free Phone Number	Unknown

CEO - Robert S. Taubman

CFO - Simon J. Leopold