On January 24, 2017, Land & Buildings Investment Management, LLC issued an open letter to the independent directors of the Board of Directors of Taubman Centers, Inc, which describes its continued frustrations with the Board’s independent directors and their failure to address the Company’s undervaluation, while also detailing Land and Buildings’ plan to help solve the Company’s problems. In the letter, Land and Buildings stated that if the Company does not address the serious issues highlighted in the letter, and fails to expeditiously undertake a plan similar to that proposed by Land and Buildings, it is prepared to nominate directors for election at the Company’s 2017 annual meeting of shareholders.