X0202 4 2007-03-07 0 0000890319 TAUBMAN CENTERS INC TCO 0001088534 PAYNE LISA A TAUBMAN CENTERS, INC. 200 EAST LONG LAKE ROAD, SUITE 300 BLOOMFIELD HILLS MI 48304 1 1 0 0 CFO Common Stock 2007-03-07 4 S 0 2000 57.15 D 158002 D Incentive Options (Right to Buy) 55.90 2007-03-07 4 A 0 34213 0 A 2017-03-07 Common Stock 34213 34213 D Restricted Stock Units 2007-03-07 4 A 0 10470 0 A Common Stock 10470 10470 D The sale was effected pursuant to a 10b5-1 trading plan adopted by the reporting person on March 2, 2007. The plan provides for monthly sales of 2,000 shares of common stock if the specified minimum trading price is satisfied. Shares that are not sold in a particular month will be available for sale in subsequent months under the plan. A maximum of 22,000 shares remain available for sale under the plan, which is set to expire on February 29, 2008. Options were granted to the reporting person pursuant to The Taubman Realty Group Limited Partnership ("TRG") 1992 Incentive Option Plan, as amended (the "1992 Plan"). The Company is the Managing General Partner of TRG. Options granted under the 1992 Plan are exercisable for units of limited partnership interest in TRG. Under the Company's continuing offer to employees covered by the 1992 Plan and certain other partners in TRG, each unit of limited partnership interest in TRG held by an offeree is exchangeable for one share of the Company's common stock. The option vests in three equal installments on March 1, 2008, 2009 and 2010, respectively. Restricted stock units were granted to the reporting person pursuant to The Taubman Company 2005 Long-Term Incentive Plan. Each restricted stock unit represents a contingent right to receive upon vesting one share of the Company's common stock, plus a cash payment equal to the aggregate cash dividends that would have been paid on such share of the Company's common stock if the share had been outstanding from the date of the grant of the award to the vesting date. The restricted stock units vest on March 1, 2010. /s/ Donald J. Kunz, Attorney-in-Fact 2007-03-09