Taubman Asia Selected Macao Studio City Retail Partner

Taubman Asia Selected Macao Studio City Retail Partner

Executives Participate in Project Groundbreaking

HONG KONG, Jan. 10 /PRNewswire-FirstCall/ -- Taubman Asia announced that it has been selected as the preferred retail partner for Macao Studio City, Asia's first leisure resort property combining theatre, television and film production facilities, retail, gaming, entertainment and world-class hotels located on prime land on the Cotai Strip of Macao. Today, Robert S. Taubman, Taubman Centers chairman, president and chief executive officer and Morgan B. Parker, president of Taubman Asia, participated in a ground breaking ceremony for the project.

(Logo: http://www.newscom.com/cgi-bin/prnh/20051005/TAUBMANLOGO)

Macao Studio City is being developed by Cyber One Agents Limited, a joint venture between Hong Kong-based eSun Holdings (through its subsidiary, East Asia Satellite Television Holdings) and New Cotai LLC.

eSun Holdings is one of Asia's leading media and entertainment companies and an associate company of Lai Sun Development, a leading hotel and property developer. Both companies are part of Hong Kong's Lai Sun Group. Singapore's CapitaLand is a shareholder with eSun Holdings in East Asia Satellite Television Holdings owning 33.3 per cent of that venture.

New Cotai LLC is a consortium of US-based investors including David Friedman, a veteran resort and gaming developer who led Las Vegas Sands' entry into Macao, and the private US-based investment firms, Silver Point Capital, L.P., and Oaktree Capital Management, LLC.

Taubman Asia has signed a term sheet to acquire a minority position in the retail component of Macao Studio City. In addition, Taubman will provide development, leasing and management services for the retail portion of the project. This is subject to definitive agreements to be completed in the first half of 2007.

"Macao is poised to become Asia's number one tourist destination, with the region's most recognizable hotels, casinos, convention centers and entertainment venues," said Mr. Parker. "We are pleased to be working on a project of this magnitude with such esteemed partners."

"We are pleased to involve Taubman Asia in this project," said Mr. Peter Lam, co-chairman of Macao Studio City. "Taubman brings critical experience in the design, development and management of world-class retail destinations."

Located on a peninsula that is a 45 minute ferry ride from Hong Kong, Macao is a Special Administration Region (SAR) of China with its own legislative government, similar to Hong Kong. This year, Macao is expected to overtake Las Vegas and become the world's number one location for gaming revenues, which comprise 50 percent of Macao's GDP. With 100 million people living within a 3 hour drive/ferry of Macao and 1 billion people living within a 3 hour flight, Macao is poised to become Asia's number one tourist destination. Non-gaming spending in Macao is expected to increase over time as Macao evolves following the Las Vegas supply-driven model, and the critical mass of integrated resort offerings under development encourages leisure and convention/exhibition travelers to lengthen their visits.

About Taubman Asia

Taubman Asia is a subsidiary of Taubman Centers, Inc. 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 has been a pioneer of the U.S. shopping center industry for 50 years. Today, Taubman Centers (NYSE:TCO) owns and/or manages the most consistent and productive regional mall portfolio in the U.S. including 23 regional and super regional shopping centers in 11 U.S. states. Taubman Asia is headquartered in Hong Kong. Additional information about Taubman Centers can be obtained from the company's website, www.taubman.com.

This press release contains forward-looking statements within the meaning of the Securities Act of 1933 as amended. These statements reflect management's current views with respect to future events and financial performance. Actual results may differ materially from those expected because of various risks and uncertainties, including, but not limited to changes in general economic and real estate conditions, changes in the interest rate environment and availability of financing, and adverse changes in the retail industry. Other risks and uncertainties are discussed in the company's filings with the Securities and Exchange Commission including its most recent Annual Report on Form 10-K.

Photo: NewsCom: http://www.newscom.com/cgi-bin/prnh/20051005/TAUBMANLOGO
AP Archive: http://photoarchive.ap.org/
PRN Photo Desk, photodesk@prnewswire.com
Source: Taubman Asia

CONTACT: Barbara Baker, Vice President, Investor Relations,
+1-248-258-7367, or bbaker@taubman.com, or Karen MacDonald, Director,
Communications, +1-248-258-7469, or kmacdonald@taubman.com, both of The
Taubman Company; or Pamela So of Weber Shandwick, Hong Kong, +852 2533 9916,
or pso@webershandwick.com

Web site: http://www.taubman.com/

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