TAUBMAN ASIA ANNOUNCES SAMSUNG TESCO HOMEPLUS AS SECOND ANCHOR FOR KOREA'S SONGDO IBD SHOPPING CENTER

BLOOMFIELD HILLS, Mich., Sept 30, 2008 /PRNewswire-FirstCall via COMTEX/ Taubman Asia, a subsidiary of U.S. mall REIT, Taubman Centers, Inc. officially announced today that hypermarket giant, Tesco Homeplus, has signed on to be the second anchor at the shopping center at Songdo International Business District (Songdo IBD), a 1,500-acre city being constructed in Incheon, Korea. Songdo IBD is being developed by New York headquartered Gale International and Korea's POSCO E&C in a 70/30 joint venture.

The two-level enclosed shopping center, designed by globally renowned architect Daniel Libeskind with interior design by Benoy, will be the first of its kind in Korea, created as an integrated space that includes Lotte Department Store. The shopping hub of Songdo IBD will also feature Tesco Homeplus hypermarket, a multiplex cinema, a food emporium, an ice rink, and approximately 150 specialty stores.

"This is the second anchor deal to be completed for Songdo Shopping Center, following the Lotte Department Store announcement in April. We are very excited to have secured another leading retailer for the project, further adding to the momentum as we move closer to creating a world class retail and lifestyle destination that will be an international landmark for Korea," said Morgan Parker, president of Taubman Asia, the manager and developer of Songdo Shopping Center. "The two story hypermarket, which is to be built on block A1, will cover approximately 21,276sqm (230,000 sq. ft.) of gross leasable space and will add another crucial dimension to what will be a truly remarkable international shopping center," he added.

About Taubman Asia
Taubman Asia is a subsidiary of Taubman Centers - a global leader of the shopping center industry. Taubman Asia focuses on owning, managing, developing and acquiring high-quality and sustainable retail real estate projects in Asia that leverage Taubman's strong retail planning, design and operational capabilities.

Taubman Centers is a real estate investment trust engaged in the development and management of regional and super regional shopping centers. Taubman's 24 U.S. owned and/or managed properties, the most productive in the industry, serve major markets from coast to coast. Taubman Centers is headquartered in Bloomfield Hills, Michigan. For more information about Taubman, visit www.taubman.com.

About Samsung Tesco Homeplus
Tesco Homeplus launched in Korea with two stores in 1999. As of September 2008, the company has 75 stores throughout the country and has gone on to become one of Korea's most respected companies with sales of nearly US$ 6.2 billion in 2007. Homeplus leads the Korean retail industry with its innovative 'Value Store' concept, originating from the company's objective to offer the best value to customers. Homeplus provides customers with good quality merchandise at lower prices in the best shopping environment, unlike warehouse style retail outlets. As a result, Homeplus has achieved the highest sales growth among retailers in Korea, as well as the highest sales figures per square meter.

About Gale International
Gale International is a premier international real estate investment and development company with headquarters in New York and offices in Boston; Irvine, California; Seoul and Songdo, South Korea.

About Songdo International Business District
Songdo International Business District, the "Gateway to Northeast Asia," is being developed by New York headquartered Gale International in a 70/30 joint venture with POSCO E&C. Songdo International Business District (IBD) officially opens August 2009, as the first "new" city in the world designed and planned as an international business district. The U.S. $35 billion, 100 million square foot master-planned metropolis will include forty-five million square feet of office space, thirty million square feet of residential space, ten million square feet of retail, five million square feet of hotel space and ten million square feet of public space. When fully completed in 2015, Songdo IBD will be home to 65,000 people and 300,000 will work there. Songdo IBD is located within the Incheon Free Economic Zone.

Songdo IBD will offer every conceivable amenity including a world-class hospital, an international preparatory school, a 100-acre Central Park, a 1.1 million square foot premium retail mall and a championship 18-hole golf course, the Jack Nicklaus Golf Club Korea. Songdo IBD will be 40 percent green space, and is being designed and constructed to ensure long-term environmental sustainability, thus minimizing the city's carbon footprint. Songdo IBD was recently named a "green urbanism" pilot project by the U.S. Green Building Council.

This new metropolis will be connected to the Incheon International Airport, one of the world's busiest, by a 7.4 mile highway bridge, and linked by subway to Seoul and its surrounding suburbs. Day travel is easy to China and Japan's major business centers. More than one third of the world's population lives within a three and a half hour flying radius. Additional information can be found at www.songdo.com .

For ease of use, references in this press release to "Taubman Centers," "Taubman Asia" or "Taubman" mean Taubman Centers, Inc. 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.