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Citi Global REIT CEO ConferenceHollywood Beach, FLMarch 3-5, 2013

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The information included herein contains "forward-looking statements" within the meaning ofthe Section 27A of the Securities Act of 1933, as amended, and Section 21E of the SecuritiesExchange Act of 1934. All statements, other than statements of historical facts, included orincorporated by reference in this presentation that address ongoing or projected activities,events or trends that the Company expects, believes or anticipates will or may occur in thefuture, including such matters as future capital expenditures, prospective developmentprojects, distributions and acquisitions (including the amount and nature thereof), expansionand other trends of the real estate industry, business strategies, expansion and growth of theCompany's operations and other such matters are forward-looking statements. Suchstatements are based on assumptions and expectations which may not be realized and areinherently subject to risks and uncertainties, many of which cannot be predicted withaccuracy and some of which might not even be anticipated. Prospective investors arecautioned that any such statements are not guarantees of future performance and that futureevents and actual events, financial and otherwise, may differ materially from the events andresults discussed in forward-looking statements. The reader is directed to the Company'svarious filings with the Securities and Exchange Commission, including without limitation theCompany's Annual Report on Form 10K and the "Management's Discussion and Analysis ofFinancial Condition and Results of Operations" incorporated therein, for a discussion of suchrisks and uncertainties.

The information included herein contains "forward-looking statements" within the meaning ofthe Section 27A of the Securities Act of 1933, as amended, and Section 21E of the SecuritiesExchange Act of 1934. All statements, other than statements of historical facts, included orincorporated by reference in this presentation that address ongoing or projected activities,events or trends that the Company expects, believes or anticipates will or may occur in thefuture, including such matters as future capital expenditures, prospective developmentprojects, distributions and acquisitions (including the amount and nature thereof), expansionand other trends of the real estate industry, business strategies, expansion and growth of theCompany's operations and other such matters are forward-looking statements. Suchstatements are based on assumptions and expectations which may not be realized and areinherently subject to risks and uncertainties, many of which cannot be predicted withaccuracy and some of which might not even be anticipated. Prospective investors arecautioned that any such statements are not guarantees of future performance and that futureevents and actual events, financial and otherwise, may differ materially from the events andresults discussed in forward-looking statements. The reader is directed to the Company'svarious filings with the Securities and Exchange Commission, including without limitation theCompany's Annual Report on Form 10K and the "Management's Discussion and Analysis ofFinancial Condition and Results of Operations" incorporated therein, for a discussion of suchrisks and uncertainties.

Safe Harbor Statement

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CBL History

1978 1993 2007 2009 20121988 2001 2005 20111995

Charles Lebovitz and five associates form CBL & Associates, Inc. to develop regional malls and community centers. The newly formed company developed its first shopping mall, Plaza del Sol, in Del Rio, Texas, which opened in March 1979.

CBL enters the acquisition arena with the purchase of WestGate Mall in Spartanburg, SC.

CBL becomes a Real Estate Investment Trust (REIT) named CBL & Associates Properties, Inc. and is listed on the New York Stock Exchange.

CBL achieves new record in acquisitions, investing more than $1.4 billion in two portfolios located in St. Louis, MO and Greensboro, NC.

CBL and TIAA-CREF form a $1.09 billion joint venture.

CBL opens a regional office in Boston, Massachusetts, to focus on developing properties in the New England region and throughout the Northeast.

CBL acquires 23 properties from The R.E. Jacobs Group - the largest acquisition in the company's history to date.

CBL celebrates the grand opening of its first mall on the West Coast, Imperial Valley Mall in El Centro, California.

CBL and Horizon Group Properties form a joint venture and invest in four outlet centers. The Outlet Shoppes at Oklahoma City opens fully leased with 83 stores and is the only outlet center in the state.

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Properties # Sq. Ft (M)

Total 162 91.3

Malls/Open-airCenters

82 71.7

Outlet Centers 3 1.0

Associated Centers 32 4.9

Community Centers 10 3.0

Offices 19 1.2

3rd Party/Other 16 9.8

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Diversified Portfolio in Growing Cities

CBL is Well Positioned for Growth:According to Forbes, over the past

decade, the largest migration in the US has been to cities with between 100,000

and one million residents.

Outlet centers

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The Dominant Mall Strategy

Owning the only or dominant mall / open-air center within a broad radius provides sales stability and significant barriers to entry from competition

Underserved markets provide an attractive growth opportunity for retailers:

Lower cost of occupancy contributes to retailer profitability.

Strategically positions properties to capture additional market share in a recessionary economy.

Well-positioned malls are supported by markets with a strong and diversified employment base including government, healthcare and higher education.

Operate the only or dominant mall in a strong andstable market

“The smaller market stores that we have opened to date have achieved a higher performance level than even we expected in terms of sales, customer capture and profitability, all without cannibalizing the existing fleet, confirming for us that these smaller markets can and will be a strong separate growth engine for us.”

~ David Dyer, president & CEO of Chico’s, Q4 ‘11 Conference Call

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Value Opportunity

10.1X

18.5X17.4X

20.7X

17.7X

9.8X

15.4X

CBL SPG GGP TCO MAC PEI GRT

*Stock Price and 2013 FFO Mean Consensus as of February 26, 2013

Peer Average: 15.6X

• CBL currently trades at a severe discount relative to the peer group average FFO multiple.*

• A move to only 13 times Consensus FFO (17% discount to average) yields a gain of over 29%.

• Currently offering one of the highest yields in the REIT sector with growing income stream – Q1 2013 common dividend increased 4.5%.

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Improving Metrics

2009 2010 2011 2012

Portfolio Occupancy

90.4% 92.4% 93.6% 94.6%

Sales PSF* $314 $322 $336 $346 / $353

Same Center NOI Growth

(1.3%) (1.3%) +1.4% +2.0%

Avg. Leasing Spread

(12.2%) (7.5%) 6.3% 8.4%

Total Debt $6.2B $5.8B $5.3B $5.4B

Financing Activity

$1.6B $469.7M $2.1B $2.1B

*Sales PSF for 2012 reflects Sales including and excluding the impact of reporting License Agreements

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Provide Resilient and Growing Operating Performance

95% 94% 95%92%

95%

85%

90%

95%

100%

1999

2000

2001

2002

2003

2004

2005

2006

2007

2008

2009

2010

2011

2012

Average: 93.8%

Year-End Stabilized Mall Occupancy Rate

Annual Sales PSF1

$283 $300

$341

$313

$346/$353

$250

$350

1999

2000

2001

2002

2003

2004

2005

2006

2007

2008

2009

2010

2011

2012

Data shown as reported in respective year’s10K1 1 Same-store sales per square foot for mall tenants 10,000 square feet or less for stabilized malls including reporting License Agreements. For 2012, sales are reflected including and excluding the impact of reporting License Agreements.

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Generate Stable Income Stream

Data as reported in respective period’s 10K or 8K

Total NOI ($mm) and Same Center NOI Growth (%)

Total FFO ($mm)

$0$100$200$300$400$500

2000

2001

2002

2003

2004

2005

2006

2007

2008

2009

2010

2011

2012

7.0%

1.4%2.7%

5.0%3.1%

5.8%

1.9% 1.7%

-1.8% -1.3% -1.3%

1.4% 2.0%

(3)%

0%

3%

5%

8%

-$250

$0

$250

$500

$750

2000

2001

2002

2003

2004

2005

2006

2007

2008

2009

2010

2011

2012

NOI SC NOI Growth

CAGR: 10.0%

CAGR: 9.7%

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As of December 31, 2012

Tenant Diversification

Top Tenants % of Revenue

Limited Brands 3.20%

Foot Locker, Inc. 2.38%

AE Outfitters Retail Company 2.06%

The Gap, Inc. 1.73%

Signet Group PLC 1.72%

Genesco, Inc. 1.60%

JCPenney Co. Inc. 1.58%

Abercrombie & Fitch, Co. 1.56%

Dick's Sporting Goods 1.44%

Luxottica Group, S.P.A. 1.35%

Total 18.62%

• More than 8,000 mall stores portfolio-wide with National and Regional retailers comprising approximately 81% of Occupied GLA.

• Over 72% of Total Revenues are derived from tenants that individually contribute less than 1.0% of revenues.

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Positive Retail Trends

* Avg Spread

• More than 6.0 million square feet leased in 2012.

• Positive Stabilized Mall Lease Spreads: +8.4% in 2012.

• Twelve consecutive quarterly increases in sales psf

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New Retailers to CBL in 2012

• Armani Exchange• American Girl• Altar’d State• Clarks• Crocs• Garage• J. Crew• Lego

• Love Culture• Michael Kors• Microsoft• Oakley• Pandora• Plow & Hearth• Tilly’s • Versona

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Update on Major Retailers

• 13 Best Buy Stores– 12 Box Locations, 20 – 45K sf– 55 Best Buy Mobile Locations– 1.02% of Total Annualized Revenues

• 70 Sears Locations– 50 Owned Stores– 20 Leased Stores (Avg. Occ Cost ~3%)– 0.76% of Total Annualized Revenues

• 75 JCPenney Locations– 36 Owned Stores– 39 Leased Stores– 1.58% of Total Annualized Revenues

As of December 31, 2012

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Strategic Priorities

Internal Growth

Drive Sales through Event focused Marketing

High Occupancy Levels

Aggressive Leasing

Increase Branding & Specialty Leasing

Property Renovations

External Growth

Enhance Existing Portfolio through Value-Added Redevelopment and

Expansion

Ground-up Development Including Outlet Centers

Opportunistic Acquisitions of Core Retail and Outlets

Achieve IG Rating

De-lever through Non-Core and Mature Asset

Dispositions; Natural Amortization; JV

opportunities

Increase unencumbered NOI through payoff of maturing mortgages

Create an optimal financial structure using both

secured and unsecured debt

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Acquisitions

Date Property Acquisition PriceEst. Cap

Rate

10/11Northgate Mall, Chattanooga, TN

$11.0M 20.0% +

4/12The Outlet Shoppes at El Paso (75%) and The Outlet Shoppes at Gettysburg (50%)

$108.7M (Incl.$70.5M of loans)

7.5 – 8%

5/12 Dakota Square Mall, Minot, ND$91.5M (incl. $59.0M loan)

8.1%

12/12Kirkwood Mall,Bismarck, ND*

$121.5 (incl. $40.4Mloan)

Low 7%

12/12Imperial Valley Mall,El Centro, CA

$36.5 (incl. $21M loan)

NA

*CBL acquired 49% at 12/31/12. The remaining 51% will be acquired in 2013, subject to lender approval.

• Selectively pursuing acquisitions of high quality assets with growth opportunities.

• Since 1998, CBL has invested ~$6.8 billion to acquire ~62 million sq. ft. representing interests in 114 properties.

• CBL’s strong relationships has allowed it to source off-market transactions achieving favorable pricing.

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Kirkwood Mall, Bismarck, ND

I-15

I-97

2012 Acquisition

• December 2012: In an off-market transaction, acquired 49% interest in Kirkwood Mall in Bismarck, ND.

• Anchors: JCPenney, Scheel’s All-Sports, Herberger’s, I. Keating Furniture and Target

• 40,000-sq. ft. Scheel’sexpansion underway.

• Double-digit sales growth in 2012 to over $400 psf, with low in-place occupancy cost providing significant upside potential.

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2012 AcquisitionDakota Square Mall, Minot, ND

• May 2012: Acquired Dakota Square Mall in growing market of Minot, ND.

• Double-digit sales increases in 2012 to over $500 PSF

• Anchored by Herbergers, Target, JCPenney, Sears, and Scheels All Sports

• Low single-digit occupancy cost provides significant upside potential.

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Development Strategy

• Ground-up Development

– Malls/Outlet Centers/Open-Air Centers

– Community and Power Centers

– Grocery-Anchored Centers

• Expand and Redevelop Existing Centers to strengthen franchise value and capture market share.

• Renovate properties on 10-15 year schedule.

Opening DateSquare Footage

Initial Yield

Monroeville Mall (JCPenney/Carmike) Redevelopment

Fall-12/Winter-13

465,000 7.6%

The Outlet Shoppes at Atlanta July 2013 370,000 10.0%

The Crossings at Marshalls Creek (Price Chopper, Rite Aid)

Summer 2013 105,000 9.8%

Volusia Mall (Restaurant District) Summer 2013 28,000 11.0%

Northgate Mall – Assoc. Center Redev(Michaels/Ross)

Fall 2013 70,000 TBD

Southaven Town Center – Phase II Shops Fall 2013 18,000 TBD

Southpark Mall (Dick’s Sporting Goods) Fall 2013 92,000 6.6%

Cross Creek Mall Expansion Fall 2013 46,000 TBD

Fremaux Town Center Phase I (Michaels, Kohl’s, PetSmart)

Spring 2014 295,000 TBD

Total 1,489,000

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The Outlet Shoppes at Atlanta

• Grand Opening: July 2013

• Currently 92% leased or committed

• 370,000 square feet of retail space with Sak’sOff 5th, Nike, J. Crew, Nine West, Levi’s, White House| Black Market, Coach and more.

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Continually Enhancing the CBL Portfolio through Redevelopment/Expansion

• The CBL portfolio offers ongoing, significant and low-risk opportunities to enhance franchise value through expansions and redevelopments

• 21 junior anchors and 15 restaurants added in 2012.

• 34 junior anchors and 14 restaurants added in 2011.

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Anchor Redevelopment: Monroeville Mall, Monroeville, PA

• Vacant Boscov’s location redeveloped into new JCPenneyprototype store.

• Cinemark Theatre under construction in former JCP location.

• New activity has spurred additional leasing activity with new mall shops and large space users such as Party City, H&M and the expansion of Forever 21.

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Repositioning Opportunity

• Acquired October 2011• Total GLA of 770,979 • In-line GLA of 205,675• Anchors: Belk, JCPenney, Sears, TJ Maxx• In-line tenant sales: $236 PSF

Acquisition of under

managed center

Projected Results

• Phase One: redevelopment of existing 75k square foot associated power center adding Michaels and Ross Dress for Less to existing off price tenant (T.J. Maxx)

• Phase Two: Interior renovation, addition of national junior anchor

• Blended acquisition and phase one unleveraged yield: 20%

• Tenant Sales PSF increase of 7.6% in 2012

• Belk completed a $3.0 million renovation of their store

Mall Redevelopment: Northgate Mall, Chattanooga, TN

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2013 Renovation Program

• Friendly Center, Greensboro, NC

• Greenbrier Mall, Chesapeake, VA

• Mall of Acadiana, Lafayette, LA

• Mid Rivers Mall, St. Peters, MO

• Northgate Mall, Chattanooga, TN

Total Cost Approx. $20-25 Million

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Capital Composition

$2,988 $4,048

$569

$626

$4,473

$4,466

$437

$714 $357

$265

$0

$1,000

$2,000

$3,000

$4,000

$5,000

$6,000

$7,000

$8,000

$9,000

$10,000

12/31/11 12/31/12Recourse & Construction loans Lines of Credit /Term LoansNon-Recourse Debt Preferred StockCommon stock and OP Units

(in millions)

$10,119

$8,824

• Total Market Capitalization: $10.1B

• Debt/Total Market Capitalization: 53.8%

• EBITDA/Interest Expense: 2.6X

• 12/31/12 Common Price: $21.21

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Debt/EBITDA

7.6x7.1x

6.7x 6.5x

9.6x

8.1x

9.1x

CBL TCO SPG MAC GGP GRT PEI

Source: Keybanc Research February 27, 2013

CBL Debt/ EBITDA of 7.6x below peer average of 7.8x

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Capital Strategy and Balance Sheet FlexibilitySignificant progress towards achieving an investment grade rating achieved including: • Refinancing of $1.2 billion of credit facilities in November 2012

with significant support from the existing bank group as well as new participants:

• In February, closed refinancing of $105M credit facility converting to unsecured $100M facility and $50 million term loan.

• Completed $172.5M 6.625% preferred stock offering in October 2012 and redeemed $115M of 7.75% preferred equity, decreasing coupon by over 100bps.

• Healthy Coverage:2012

Debt/ GAV 52.7%

EBITDA/Interest 2.6X

EBITDA/Fixed Charges 2.0X

New Facilities Prior Facilities

Pricing L + 155 – 210bps L + 200 – 300bps

Capacity $1.2 billion $1.045 billion

Secured / Unsecured Unsecured Secured

• Over time, further enhance our conservative capital structure through reducing leverage, providing maximum flexibility

• Target opportunistic dispositions of non-core/mature assets

• In 2012 CBL raised ~$70.3 million through the sale of four community centers and two non-core malls.

• Over time, increase our unencumbered asset pool and corresponding NOI

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(Maturities assume all extension options are exercised. includes non-controlling interests share of debt and does not reflect effect of debt premiums/discounts. Excludes loan related to Lee Summit Guarantee and Pearland liability.)

Laddered Debt Maturity ScheduleAs of 12/31/12 (in millions)

30 53 79 163

187

623

52658

99

270

228

311

$0

$200

$400

$600

$800

$1,000

2013 2014 2015 2016

Credit Facilities/Term Loans Institutional CMBS Construction Loans

$240

$801

$1,107

$479

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2013 MaturitiesMaturity Date Properties

Balance at Maturity

Current Interest Rate

Current Lender

February Statesboro Crossing, Statesboro, GA $13.5 L+100 Retired

March Westmoreland Mall, Greensburg, PA 63.6 5.05% Retired

April Friendly Center, Greensboro, NC (50%) 38.8 5.33% Institution

April Friendly Office Portfolio, Greensboro, NC (50%) 11.2 5.33% Institution

AprilRenaissance Center Phase II, Durham, NC (50%)

7.8 5.22% Institution

September Columbia Place, Columbia, SC 27.2 5.45% CMBS

NovemberHammock Landing Phase II W. Melbourne, FL (50%)

2.9 L+350 Bank

October South County Center, St. Louis, MO 72.2 4.96% CMBS

Total $237.2

(Balance at 12/31/2012. Excludes loan related to Lee Summit Guarantee )

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2014 Maturities

Maturity Date PropertiesBalance at

Maturity

Current Interest

Rate

Current Lender

March Northpark Mall, Joplin, MO $33.8 5.75% CMBS

December Mall del Norte, Laredo, TX 113.4 5.04% CMBS

September The Forum at Grandview, Madison, MS 10.2 3.21% Bank

October Coastal Grand, Myrtle Beach, SC (50%) 39.9 5.09% CMBS

November Hammock Landing Phase I, West Melbourne, FL (50%)

42.4 L+350 Bank

Total $239.7

(Balances as of 12/31/2012. )

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2015 MaturitiesMaturity Date

PropertiesBalance at Maturity

Current Interest

Rate

Current Lender

March The Pavilion at Port Orange (100%) $63.0 3.71% Bank

July Gulf Coast Town Center, Phase III (50%) 6.8 2.75% Bank

September Imperial Valley Mall 52.5 4.99% CMBS

October Cherryvale Mall 82.3 5.00% CMBS

November Brookfield Square 92.3 5.08% Institutional

November East Towne Mall 70.2 5.00% CMBS

November West Towne Mall 99.2 5.00% CMBS

December Alamance West 16.0 3.21% Bank

December Hickory Point Mall 29.6 5.85% CMBS

December Eastland Mall 59.4 5.85% CMBS

December Oak Park Mall (50%) 137.8 5.85% CMBS

December Triangle Town Center (50%) 91.6 5.74% CMBS

Total $800.7

(Balance as of 12/31/2012.)

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Credit/Term Facilities

(in millions)

Outside Maturity Date

Total Commitment

Outstanding Available % Outstanding

(12/31/12) (12/31/12)

Wells Fargo – Unsecured Term Loan

13-Apr $228.0 $228.0 $0.0 100.0%

First Tennessee – Secured * 16-June $105.0 $10.6 $94.4 10.1%

Wells Fargo –Unsecured Facility A 16-Nov $600.0 $300.3 $299.7 50.1%

Wells Fargo – Unsecured Facility B 17-Nov $600.0 $175.3 $424.7 29.2%

Total/Average $1,533.0 $714.2 $818.8 46.6%

*Facility converted to unsecured $100M line of credit and $50M term loan in February 2013.

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