IMPORTANT NOTICE CONCERNING YOUR RIGHTS UNDER
                    THE TAUBMAN COMPANY AND RELATED ENTITIES
                        EMPLOYEE RETIREMENT SAVINGS PLAN

                                                                  April 16, 2003

To:      All Participants

From:    The Administrative Committee of the Taubman Company
         and Related Entities Employee Retirement Savings Plan

1. You have previously received mailings from Vanguard about the pending tender
offer made by Simon Property Acquisitions, Inc. and Westfield America, Inc. (the
"Offer"), and how you may give Vanguard instructions on whether or not to tender
the Taubman Centers, Inc. common stock (the "Taubman stock") held in your
account under the Taubman Company and Related Entities Employee Retirement
Savings Plan (the "Plan"). This notice provides you with details regarding the
freeze of the Taubman stock fund under the Plan that will be necessary in order
for Vanguard to process and implement participants' tender instructions in
response to the Offer.

2. As a result of the need to process participant instructions about the Offer,
you will be temporarily unable to (1) make exchanges into or out of the Taubman
stock fund under the Plan, (2) take distributions of money invested in the
Taubman stock fund, and (3) take loans of money invested in the Taubman stock
fund. This period, during which you will be unable to exercise these rights
otherwise available under the Plan, is called a "blackout period." Whether or
not you are planning retirement in the near future, we encourage you to
carefully consider how this blackout period may affect your retirement planning,
as well as your overall financial plan.

3. The blackout period for the Plan is expected to begin at 4:00 p.m. EST on
Tuesday, May 27, and end during the week of June 2, 2003. These times may change
if the Offer, which is currently scheduled to expire on May 30, 2003, is
extended. The blackout period will also be lifted promptly if the Offer is
cancelled. You can confirm the status of the blackout period by speaking with a
Vanguard Participant Services associate between 8:30 a.m. and 9:00 p.m. EST at
1-800-523-1188.

4. During the blackout period, you will be unable to make exchanges into or out
of the Taubman stock fund, so you will not be able to direct or diversify any
Taubman stock in which your plan account may be invested. For this reason, it is
very important that you review and consider the appropriateness of your current
investments in light of your inability to direct or diversify the portion of
your account that is invested in Taubman stock during the blackout period. For
your long-term retirement security, you should give careful consideration to the
importance of a well-balanced and diversified investment portfolio, taking into
account all your assets, income and investments. You should be aware that there
is a risk to holding substantial portions of your assets in the securities of
any one company (e.g., the Taubman stock fund), as individual securities tend to
have wider price swings, up and down, in short periods of time, than investments
in diversified funds. Stocks that have wide price swings might have a large loss



during the blackout period, and you would not be able to direct the sale of such
stocks from your account during the blackout period.

5. Federal law generally requires that you be furnished notice of a blackout
period at least 30 days in advance of the last date on which you could exercise
your affected rights immediately before the commencement of any blackout period
in order to provide you with sufficient time to consider the effect of the
blackout period on your retirement and financial plans. Accordingly, we are
furnishing you this notice about the blackout period.

6. If you have any  questions  concerning  this  notice,  you may contact
Vanguard Participant Services at 1-800-523-1188.