CBL & Associates Properties Launches New Corporate Web Site.

CHATTANOOGA, Tenn.--(BUSINESS WIRE)--Dec. 13, 1999--

CBL & Associates Properties, Inc., (NYSE:CBL) has launched a revised corporate web site -- www.cblproperties.com. The updated site offers development, leasing, investor relations and property information about the Real Estate Investment Trust (REIT).

"We have enhanced the site to be compatible with our corporate-wide marketing plan. Now shoppers are presented with a consistent look, both online and at our 142 properties," stated Stephen D. Lebovitz, president of CBL.

As CBL continues to move forward to incorporate e-commerce with its 30 malls nationwide, its customers can expect to receive e-mail from the malls featuring current news, sale activities, special events and new store openings. In addition, CBL's mall web sites now offer new services such as redeemable online coupons and mall gift certificates. "By marketing through the Internet, we are targeting both existing and new customers with the most current news at our properties," Mr. Lebovitz added.

"We see tremendous opportunities of integrating the Internet into our retail properties and expect to capitalize on this technology in order to increase sales, traffic and revenues at all of our properties. We continue to explore a wide range of options in this area and will be announcing additional initiatives in the future," concluded 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 Northeast and Midwest. The Company has a portfolio of 142 properties in 25 states totaling 36.1 million square feet, including 1.8 million square feet of non-owned shopping centers managed for third parties. The Company has under construction seven new projects totaling approximately 1.9 million square feet, including one mall, one associated center, three community centers, and two expansions. In 1999, CBL has added 2.8 million square feet of shopping center space to the portfolio, including the opening in October of the 1.2 million-square-foot Arbor Place Mall in metropolitan Atlanta. For additional information, please see our web site at www.cblproperties.com

Information included herein contains "forward-looking statements" within the meaning of the federal securities laws. Such statements are inherently subject to risks and uncertainties, many of which cannot be predicted with accuracy and some of which might not even be anticipated. Future events and actual events, financial and otherwise, may differ materially from the events and results discussed in the forward-looking statements. The reader is directed to the Company's various filings with the Securities and Exchange Commission, including without limitation the Company's Annual Report on Form 10-K and the "Management's Discussion and Analysis of Financial Condition and Results of Operations" incorporated by reference therein, for a discussion of such risks and uncertainties.