Founder Steps Down From Taubman Centers Board

BLOOMFIELD HILLS, MI-Following a guilty verdict for price fixing at Sotheby’s auction house, A. Alfred Taubman has stepped down from the Taubman Centers Inc. board and his position as chairman. His son, Robert Taubman, president and chief executive officer, has been appointed chairman.

“It is of course difficult for me to step away from the leadership of the company I founded,” says A. Alfred Taubman, “but I believe this is the right thing to do at this time. I have great confidence in the company’s continuing success.”

A jury in New York Wednesday found Taubman guilty of fixing commission rates charged to sellers of works of art, jewelry and furniture in his duties as chairman of Sotheby’s auction house. The jury decided Taubman had arranged to fix prices with Anthony J. Tennant, a member of the board of directors of Christie’s auction house, from 1993 to 1999 in violation of the Sherman Act.

As a result of the verdict, the developer could face up to three years in jail and a $350,000 fine at his April 2 sentencing.

Robert Taubman says his father’s insight and guidance will continue to be available to the company. A. Alfred Taubman’s current term on the board expires in May 2002 and theboard does not intend to fill his vacated seat.

The REIT owns, develops, acquires andoperates urban and suburban shopping centers nationwide.