NEW RESTAURANT WING TO REPLACE SAKS OFF 5TH!

Released: 01/03/08

DEARBORN, MI, August 23, 2007 Taubman Centers, Inc. today announced that it will add a new restaurant wing to Dearborn's Fairlane Town Center. Three restaurants, including Wayne County's first P.F. Chang's China Bistro, will locate in the area currently occupied by Saks Off 5th.

The retailer intends to close its off-price store by December 31, 2007. Demolition of the current Saks Off 5th building is anticipated to begin early 2008 to make room for the 25,000 square foot dining and entertainment wing, which is expected to open by fall 2008.

"Closing the Saks Off 5th store creates the opportunity for us to better address the exceptionally strong demand for distinctive dining alternatives from local residents, as well as the tens of thousands of visitors, office workers and hotel guests all around us," said Fairlane Town Center General Manager Catherine O'Malley. "By clustering the new restaurants, we are creating a destination that will function much like another anchor for the center."

Fairlane's new wing will feature P.F. Chang's China Bistro along with two other casual-dining restaurants served by such amenities as a dedicated valet entrance, pedestrian plaza and outdoor seating area. The P.F. Chang's experience is a unique combination of Chinese cuisine, attentive service, wine and tempting desserts all served in a stylish, high-energy bistro.

"We're pleased that Fairlane Town Center and Taubman continue to invest in Dearborn and expand the range of products and services that will meet the consumer needs of our community," said Dearborn Mayor John B. O'Reilly, Jr. "We welcome the addition of P.F. Chang's China Bistro and support the concept of Fairlane expanding beyond a retail center to also be a center for destination dining and entertainment."

Taubman Centers, Inc., a real estate investment trust, owns and or manages 23 urban and suburban regional and super regional shopping centers in 11 states. Taubman Centers is headquartered in Bloomfield Hills, MI.