CBL & Associates Properties, Inc. (“CBL”) (NYSE: CBL), today announced the closing of its underwritten public offering of 6,900,000 depositary shares, each representing 1/10 th of a share of its newly designated 6.625% Series E Cumulative Redeemable Preferred Stock with a liquidation preference of $25.00 per depositary share, including 900,000 depositary shares sold pursuant to the underwriters’ exercise of their option to purchase additional depositary shares. The offering generated net proceeds to the Company of approximately $166.6 million, after deducting the underwriting discount and estimated offering expenses. CBL intends to use a portion of the net proceeds to redeem all of its outstanding 7.75% Series C Cumulative Redeemable Preferred Stock with an aggregate liquidation preference of $115 million. Additional net proceeds will be used to reduce outstanding balances under its lines of credit. CBL has filed an application to list the depositary shares on the New York Stock Exchange (“NYSE”) under the symbol “CBLPrE”. Trading of the depositary shares on the NYSE is expected to commence within the 30-day period from the closing of the offering. BofA Merrill Lynch, J.P. Morgan and Wells Fargo Securities acted as joint book-running managers for the offering. The offering was made only by means of a prospectus supplement and the accompanying prospectus. A copy of the final prospectus supplement and accompanying prospectus relating to this offering may be obtained from Merrill Lynch, Pierce, Fenner & Smith Incorporated, 222 Broadway, 7th Floor, New York, NY 10038, attention: Prospectus Department, or e-mail firstname.lastname@example.org. Phone: 1-800-294-1322; J. P. Morgan Securities LLC, 383 Madison Avenue, 3 rd Floor, New York, New York 10179, Attn: High Grade Syndicate Desk or by calling collect at 1-212-834-4533; or Wells Fargo Securities, LLC, 1525 West W.T. Harris Blvd., NC0675, Charlotte, NC 28262, Attention: Capital Markets Client Support, telephone (800) 326-5897 or e-mail request to email@example.com. This release shall not constitute an offer to sell or the solicitation of an offer to buy, nor shall there be any sale of the securities in any state or jurisdiction in which such offer, solicitation or sale is not permitted. A registration statement relating to these securities has been filed with the Securities and Exchange Commission and is effective.