CBL & ASSOCIATES PROPERTIES, INC. ANNOUNCES OPENING OF TWO NEW PROJECTS.

CHATTANOOGA, Tenn.--(BUSINESS WIRE)--March 15, 1995--CBL & Associates Properties, Inc. (NYSE:CBL) today announced the opening of the 267,669-square-foot Henderson Square in Henderson, North Carolina, and the opening of the expansion of the 846,720-square-foot Turtle Creek Mall in Hattiesburg, Mississippi.

Henderson Square opened 100% leased and is anchored by Belk- Leggett, Goody's and JCPenney as well as Wal-Mart, which will open in May. "We are pleased with our strong leasing results and think this center will be an excellent addition to our portfolio," commented Charles B. Lebovitz, chairman of the board, president, and chief executive officer of CBL & Associates Properties, Inc.

The first phase of the expansion to Turtle Creek Mall opened with McRae's department store. The next phases will open with JCPenney in September 1995 and Sears in October 1995, joining Dillard's, Gayfer's and Goody's, which opened in October 1994. Including new small shops opened with McRae's, total occupancy at Turtle Creek Mall is now 87%. "As the dominant retail complex in the Hattiesburg trade area, Turtle Creek Mall will play a key role in the growth of our company," stated Mr. Lebovitz.

CBL & Associates Properties, Inc. is a real estate investment trust which owns regional malls and community shopping centers, primarily in the Southeast and select markets in the northeastern United States. The Company has a portfolio of 100 properties totaling 17.2 million square feet, manages an additional 2.3 million square feet and presently has 1 million square feet of new shopping centers under construction.

CONTACT: CBL & Associates Properties, Chattanooga

John N. Foy, 615/855-0001