X0304 4 2012-02-14 0 0000890319 TAUBMAN CENTERS INC TCO 0001330356 Reese Robert R TAUBMAN CENTERS, INC. 200 E. LONG LAKE ROAD, SUITE 300 BLOOMFIELD HILLS MI 48304 0 1 0 0 Senior VP, Chief Admin Officer Common Stock 2012-02-14 4 M 0 20000 29.38 A 28609 D Common Stock 2012-02-14 4 M 0 15357 31.31 A 43966 D Common Stock 2012-02-14 4 S 0 35357 68.3853 D 8609 D Incentive Options (right to buy) 29.38 2012-02-14 4 M 0 20000 0 D 2015-03-04 Common Stock 20000 20000 D Incentive Options (right to buy) 31.31 2012-02-14 4 M 0 13334 0 D 2015-05-18 Common Stock 13334 6666 D Incentive Options (right to buy) 31.31 2012-02-14 4 M 0 2023 0 D 2015-05-18 Common Stock 2023 0 D This price represents the weighted average price of the multiple transactions reported on this line. The shares were sold at prices ranging from $68.00 to $68.66 per share. Upon request by the SEC staff, the issuer or any security holder of the issuer, the reporting person will provide full information regarding the number of shares sold at each separate price. Options were granted to the reporting person pursuant to The Taubman Realty Group Limited Partnership ("TRG") 1992 Incentive Option Plan, as amended (the "Plan"). The Company is the Managing General Partner of TRG. Options granted under the Plan are exercisable for units of limited partnership interest in TRG. Under the Company's continuing offer to employees covered by the 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 first two tranches of options vested on March 4, 2008 and March 4, 2010, respectively. The remaining options vest on March 4, 2012, subject to the satisfaction of certain Company performance criteria. Of this amount, 6,667 options vested on May 18, 2008 and 6,667 options vested on May 18, 2010. The remaining options vest on May 18, 2012, subject to the satisfaction of certain Company performance criteria. Options vested on May 18, 2008. /s/ Michael S. Ben, Attorney-in-Fact 2012-02-16