CBL & Associates Properties to Add Dillard's to Pemberton Square.

CHATTANOOGA, Tenn.--(BUSINESS WIRE)--Jan. 19, 1999--CBL & Associates Properties, Inc. (NYSE:CBL) today announced plans for a Dillard's department store for Pemberton Square in Vicksburg, Mississippi. The opening is scheduled for Fall 1999.

Pemberton Square, a 350,000-square-foot regional mall, is located on 55 acres at the intersection of I-20 and U.S. 61 in Vicksburg. Dillard's, which will replace Wal-Mart, joins existing anchors JCPenney and McRae's. Pemberton Plaza, an 80,000-square-foot associated center anchored by a Kroger Supermarket, adjoins the mall. Pemberton Square was opened in 1985 and completely renovated in 1996.

Charles B. Lebovitz, chairman, president and chief executive officer, stated, "Dillard's will be a tremendous addition to Pemberton Square. We have enjoyed a long relationship with Dillard's and are excited that this newest Dillard's will be the 19th in our portfolio and the third in Mississippi. This addition, as well as our recent renovation of Pemberton Square, exemplifies our continuing commitment to enhancing our malls through expansion, renovation, redevelopment and releasing."

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 141 properties in 26 states totaling 34.1 million square feet, including 2.6 million square feet of non-owned shopping centers managed for third parties. In addition, the Company has under construction six new projects totaling approximately 2.3 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.