X0303 4 2011-03-01 0 0000890319 TAUBMAN CENTERS INC TCO 0001088534 PAYNE LISA A TAUBMAN CENTERS, INC. 200 E. LONG LAKE ROAD, SUITE 300 BLOOMFIELD HILLS MI 48304 1 1 0 0 Vice Chairman AND CFO Common Stock 2011-03-01 4 M 0 11975 0 A 89774 D Common Stock 2011-03-01 4 F 0 3704 55.48 D 86070 D Common Stock 2011-03-01 4 S 0 4000 55.44 D 82070 D Restricted Stock Units 0 2011-03-01 4 M 0 11975 0 D Common Stock 11975 0 D The sale was effected pursuant to a 10b5-1 trading plan initially adopted by the reporting person on February 24, 2011. The plan provides for monthly sales of 4,000 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 44,000 shares remain available for sale under the plan, which is set to expire on February 29, 2012. 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 grant date to the vesting date. The restricted stock units vested on March 1, 2011. /s/ Michael S. Ben, Attorney-in-Fact 2011-03-02