Simon Nominates Takeover Sympathizers to Taubman Board

• Benjamin Civiletti, chairman of the law firm Venable LLP and former U.S.Attorney General;

• Douglas Crocker II, trustee and vice chairman of Equity Residential andformer president of the company;

• Roberta Karmel, professor of law and co-director of the Center for theStudy ofInternational Business Law at Brooklyn Law School and former commissioner ofthe U.S. Securities and Exchange Commission; and

• Michael Koeneke, retired chairman of the Mergers & Acquisitions Group atMerrill Lynch and former managing director and head of the Mergers &Acquisitions Group at the First Boston Corp.

The takeover group said that if elected, the nominees will represent theinterests of all Taubman shareholders, including the common shareholders.

"Having received overwhelming support for our $20 per share cash offer fromTCO's common shareholders, we look forward to a vote on our slate of Boardnominees, said David Simon, CEO of SPG.The $20 per share all-cash offer for TCO shares will expire on midnight, NewYork City time, on March 28, unless further extended.

Taubman officials responded Thursday."Simon and Westfield are subjecting the company to a proxy contest to electtheir nominees solely to advance their own agenda. We believe that a proxyfight will only serve to disrupt all three companies, including TaubmanCenters," said Taubman officials in a statement.

The Taubman board has made clear that it is not prepared to recommend to theshareholders the sale of the company at an inadequate price, nor does theBoard believe that maximum value will be realized by selling the company atthis time.The Michigan mall REIT is doing too well to be taken over, said Taubmanofficials.