CBL & Associates Properties Promotes John N. Foy to Vice Chairman and Stephen D. Lebovitz to President.

CHATTANOOGA, Tenn.--(BUSINESS WIRE)--Feb. 1, 1999--CBL & Associates Properties, Inc. (NYSE:CBL) today announced that John N. Foy has been promoted to Vice Chairman of the Board and Treasurer and Stephen D. Lebovitz has been promoted to President, effective February 1, 1999.

Mr. Foy was previously Executive Vice President-Finance. He will retain his position as Director and Chief Financial Officer and will continue to lead the Company's capital markets and investor relations efforts. Mr. Lebovitz was previously Executive Vice President- Development and Acquisitions. He will continue to lead the Company's active development and acquisition programs and will retain his position as Director. Mr. Lebovitz will also play a significant role in the Company's investor relations and capital markets activities as well as assume a broader corporate role in the leasing and management areas of the company.

Charles B. Lebovitz, Chairman and Chief Executive Officer, stated, "It gives me great pleasure to announce these promotions and recognize the tremendous contributions John and Stephen have made to this Company. John has been a key factor in our success for over 30 years. His leadership has been invaluable not only in completing our initial public offering in 1993 but also in facilitating our continued growth. Since the Company's initial public offering in 1993, our portfolio has grown by 114% in terms of gross leasable area and by 137% in Funds From Operations.

"Stephen has proven himself in every area of the Company time and again as a strong leader and motivator capable of delivering results, as evidenced by the acceleration of our new development and acquisition programs under his guidance and his push for our successful geographic expansion into the Northeast since 1988. Having spent most of his life in some form or another in the shopping center business, Stephen has the experience and standing within the industry to work together with John and me to lead CBL & Associates Properties into the next millennium."

Charles B. Lebovitz will continue to be fully involved in the management of the Company as chairman and chief executive officer. "John, Stephen and I have enjoyed a special business and personal relationship that will be further enhanced with these new positions," Mr. Lebovitz concluded.

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 139 properties in 25 states totaling 33.3 million square feet, including 1.8 million square feet of non-owned shopping centers managed for third parties. In addition, the Company has under construction six new projects totaling approximately 2.0 million square feet, including Arbor Place Mall in metropolitan Atlanta, one associated center, three community centers and one expansion. In 1998, CBL acquired eleven shopping centers totaling 6.6 million square feet, including eight regional malls.

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.