Citi Global REIT CEO Conference Hollywood Beach, FL March 3-5, 2013

1 Safe Harbor Statement

The information included herein contains "forward-looking statements" within the meaning of the Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934. All statements, other than statements of historical facts, included or incorporated 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 the future, including such matters as future capital expenditures, prospective development projects, distributions and acquisitions (including the amount and nature thereof), expansion and other trends of the real estate industry, business strategies, expansion and growth of the Company's operations and other such matters are forward-looking statements. Such statements are based on assumptions and expectations which may not be realized and are inherently subject to risks and uncertainties, many of which cannot be predicted with accuracy and some of which might not even be anticipated. Prospective investors are cautioned that any such statements are not guarantees of future performance and that future events and actual events, financial and otherwise, may differ materially from the events and results discussed in 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 10K and the "Management's Discussion and Analysis of Financial Condition and Results of Operations" incorporated therein, for a discussion of such risks and uncertainties.

2 CBL History

CBL and Horizon Group Properties form a joint venture CBL opens a regional office in CBL acquires 23 properties CBL celebrates the grand and invest in four outlet centers. Boston, , to focus from The R.E. Jacobs Group opening of its first mall on the The Outlet Shoppes at Oklahoma on developing properties in the - the largest acquisition in the West Coast, Imperial Valley City opens fully leased with 83 New England region and company's history to date. Mall in El Centro, . stores and is the only outlet throughout the Northeast. center in the state.

Charles Lebovitz and five CBL becomes a Real Estate associates form CBL & Investment Trust (REIT) Associates, Inc. to develop named CBL & Associates CBL achieves new regional malls and community Properties, Inc. and is listed on record in acquisitions, centers. The newly formed the Stock Exchange. investing more than company developed its first $1.4 billion in two , Plaza del Sol, portfolios located in in Del Rio, , which St. Louis, MO and opened in March 1979. Greensboro, NC.

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

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

19781988 1993 1995 2001 20052007 2009 2011 2012

3 Properties # Sq. Ft (M)

Total 162 91.3 Malls/Open-air 82 71.7 Centers

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

4 Diversified Portfolio in Growing Cities

Outlet centers 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.

5 The Dominant Mall Strategy

Operate the only or dominant mall in a strong and stable market

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:

“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

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.

6 Value Opportunity

• CBL currently trades at a severe discount relative to the peer group average FFO 20.7X multiple.* 18.5X 17.4X 17.7X • A move to only 13 times Peer Average: 15.6X 15.4X Consensus FFO (17% discount to average) yields a gain of over 10.1X 29%. 9.8X

• Currently offering one of the highest yields in the REIT sector with growing income stream – Q1 2013 common dividend increased CBL SPG GGP TCO MAC PEI GRT 4.5%.

*Stock Price and 2013 FFO Mean Consensus as of February 26, 2013 7 Improving Metrics

2009 2010 2011 2012

Portfolio 90.4% 92.4% 93.6% 94.6% Occupancy

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

Same Center (1.3%) (1.3%) +1.4% +2.0% NOI Growth Avg. Leasing (12.2%) (7.5%) 6.3% 8.4% Spread

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

Financing $1.6B $469.7M $2.1B $2.1B Activity

*Sales PSF for 2012 reflects Sales including and excluding the impact of reporting License Agreements 8 Provide Resilient and Growing Operating Performance

Year-End Stabilized Mall Occupancy Rate

Average: 93.8% 100% 95% 95% 94% 95% 95% 92% 90%

85% 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012

Annual Sales PSF 1

$350 $341 $346/$353

$283 $300 $313 $250 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012

Data shown as reported in respective year’s10K 1 1 Same-store sales per square foot for mall tenants 10,000 square feet or less for stabilized malls including reporting License Agreements.9 For 2012, sales are reflected including and excluding the impact of reporting License Agreements. Generate Stable Income Stream

Total FFO ($mm) CAGR: 10.0% $500 $400 $300 $200 $100 $0 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012

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

CAGR: 9.7% 7.0% NOI SC NOI Growth $750 5.0% 5.8% 8% $500 2.7% 3.1% 5% 1.4% 1.9% 1.7% 1.4% 2.0% $250 3% $0 -1.8% -1.3% -1.3% 0% -$250 (3)% 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012

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

• More than 8,000 mall stores portfolio-wide with National and Top Tenants % of Revenue Regional retailers comprising Limited Brands 3.20% approximately 81% of Foot Locker, Inc. 2.38% Occupied GLA. AE Outfitters Retail Company 2.06% The Gap, Inc. 1.73% Signet Group PLC 1.72% • Over 72% of Total Genesco, Inc. 1.60% Revenues are derived JCPenney Co. Inc. 1.58% from tenants that individually contribute Abercrombie & Fitch, Co. 1.56% less than 1.0% of Dick's Sporting Goods 1.44% revenues. Luxottica Group, S.P.A. 1.35% Total 18.62%

As of December 31, 2012 11 Positive Retail Trends

• 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

* Avg Spread

12 New Retailers to CBL in 2012

• Armani Exchange • Love Culture • American Girl • Michael Kors • Altar’d State • Microsoft • Clarks • Oakley • Crocs • Pandora • Garage • Plow & Hearth • J. Crew • Tilly’s • Lego • Versona

13 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 14 Strategic Priorities

Internal External Achieve IG Growth Growth Rating

De-lever through Non-Core Drive Sales through Event Enhance Existing Portfolio and Mature Asset focused Marketing through Value-Added Dispositions; Natural Redevelopment and Amortization; JV Expansion opportunities High Occupancy Levels

Increase unencumbered Ground-up Development Aggressive Leasing NOI through payoff of Including Outlet Centers maturing mortgages

Increase Branding & Specialty Leasing Create an optimal financial Opportunistic Acquisitions of structure using both Core Retail and Outlets secured and unsecured Property Renovations debt

15 Acquisitions

• 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 Est. Cap interests in 114 Date Property Acquisition Price properties. Rate Northgate Mall, Chattanooga, 10/11 $11.0M 20.0% + • CBL’s strong TN relationships has The Outlet Shoppes at El Paso $108.7M (Incl. allowed it to source off- 4/12 (75%) and The Outlet Shoppes 7.5 – 8% $70.5M of loans) market transactions at Gettysburg (50%) achieving favorable $91.5M (incl. 5/12 , Minot, ND 8.1% pricing. $59.0M loan) , $121.5 (incl. $40.4M 12/12 Low 7% Bismarck, ND* loan) , $36.5 (incl. $21M 12/12 NA El Centro, CA loan)

*CBL acquired 49% at 12/31/12. The remaining 51% will be acquired in 2013, subject to lender approval. 16 2012 Acquisition Kirkwood Mall, Bismarck, ND • 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’s expansion underway. I-97

• Double-digit sales growth in 2012 to over $400 psf, with low in-place occupancy cost providing significant upside potential. I-15

17 2012 Acquisition Dakota 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

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

18 Development Strategy

Square Opening Date Initial Yield • Ground-up Footage Development (JCPenney/Carmike) Fall- 465,000 7.6% – Malls/Outlet Redevelopment 12/Winter-13 Centers/Open- Air Centers The Outlet Shoppes at Atlanta July 2013 370,000 10.0% – Community and The Crossings at Marshalls Creek (Price Summer 2013 105,000 9.8% Power Centers Chopper, Rite Aid) – Grocery- Anchored (Restaurant District) Summer 2013 28,000 11.0% Centers Northgate Mall – Assoc. Center Redev • Expand and Fall 2013 70,000 TBD Redevelop Existing (Michaels/Ross) Centers to strengthen franchise value and Southaven Town Center – Phase II Shops Fall 2013 18,000 TBD capture market share. Southpark Mall (Dick’s Sporting Goods) Fall 2013 92,000 6.6% • Renovate properties on 10-15 year Expansion Fall 2013 46,000 TBD schedule. Fremaux Town Center Phase I (Michaels, Spring 2014 295,000 TBD Kohl’s, PetSmart)

Total 1,489,000

19 The Outlet Shoppes at Atlanta

• Grand Opening: July 2013

• Currently 92% leased or committed

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

20 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.

21 Anchor Redevelopment: Monroeville Mall, Monroeville, PA

• Vacant Boscov’s location redeveloped into new JCPenney prototype 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.

22 Mall Redevelopment: Northgate Mall, Chattanooga, TN

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

• Phase One: redevelopment of existing 75k square foot associated power center Repositioning adding Michaels and Ross Dress for Less Opportunity 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% Projected • Tenant Sales PSF increase of 7.6% in Results 2012 • Belk completed a $3.0 million renovation of their store

23 2013 Renovation Program

• , Greensboro, NC

• , Chesapeake, VA

• Mall of Acadiana, Lafayette, LA

• , St. Peters, MO

• Northgate Mall, Chattanooga, TN

Total Cost Approx. $20-25 Million

24 Capital Composition

• Total Market $10,119 Capitalization: $10.1B $8,824 $265 $10,000 $714 • Debt/Total Market $9,000 $357 Capitalization: 53.8% $8,000 $437 $7,000 $4,466 $6,000 $4,473 • EBITDA/Interest $5,000 $626 Expense: 2.6X $4,000 $3,000 $569 $2,000 $4,048 • 12/31/12 Common $2,988 Price: $21.21 $1,000 $0 12/31/11 12/31/12 Recourse & Construction loans Lines of Credit /Term Loans Non-Recourse Debt Preferred Stock Common stock and OP Units

(in millions) 25 Debt/EBITDA

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

9.6x 9.1x 8.1x 7.6x 7.1x 6.7x 6.5x

CBL TCO SPG MAC GGP GRT PEI

Source: Keybanc Research February 27, 2013 26 Capital Strategy and Balance Sheet Flexibility Significant progress towards achieving an investment grade rating achieved including: • Over time, further • Refinancing of $1.2 billion of credit facilities in November 2012 enhance our with significant support from the existing bank group as well as conservative capital structure through new participants: reducing leverage, New Facilities Prior Facilities providing maximum flexibility Pricing L + 155 – 210bps L + 200 – 300bps • Target opportunistic Capacity $1.2 billion $1.045 billion dispositions of non- Secured / Unsecured Unsecured Secured core/mature assets • In February, closed refinancing of $105M credit facility converting • In 2012 CBL raised ~$70.3 million to unsecured $100M facility and $50 million term loan. through the sale of • Completed $172.5M 6.625% preferred stock offering in October four community centers and two non- 2012 and redeemed $115M of 7.75% preferred equity, core malls. decreasing coupon by over 100bps. • Over time, increase our unencumbered 2012 asset pool and • Healthy Coverage: corresponding NOI Debt/ GAV 52.7% EBITDA/Interest 2.6X

EBITDA/Fixed Charges 2.0X

27 Laddered Debt Maturity Schedule As of 12/31/12 (in millions)

$1,107

$1,000 311 $801 $800 99 270 $600 $479

$400 228 623 $240 526 $200 58 187 163 79 $0 30 53 2013 2014 2015 2016 Credit Facilities/Term Loans Institutional CMBS Construction Loans

(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.) 28 2013 Maturities

Balance at Current Current Maturity Date Properties Maturity Interest Rate Lender

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

March , 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

Renaissance Center Phase II, Durham, NC April 7.8 5.22% Institution (50%)

September Columbia Place, Columbia, SC 27.2 5.45% CMBS

Hammock Landing Phase II W. Melbourne, FL November 2.9 L+350 Bank (50%)

October , St. Louis, MO 72.2 4.96% CMBS

Total $237.2

(Balance at 12/31/2012. Excludes loan related to Lee Summit Guarantee ) 29 2014 Maturities

Current Balance at Current Maturity Date Properties Interest Maturity Lender Rate

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

December , 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

Hammock Landing Phase I, West November 42.4 L+350 Bank Melbourne, FL (50%)

Total $239.7

(Balances as of 12/31/2012. ) 30 2015 Maturities Current Maturity Balance at Current Properties Interest Date Maturity Lender Rate

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

July , Phase III (50%) 6.8 2.75% Bank

September Imperial Valley Mall 52.5 4.99% CMBS

October 82.3 5.00% CMBS

November 92.3 5.08% Institutional

November 70.2 5.00% CMBS

November 99.2 5.00% CMBS

December Alamance West 16.0 3.21% Bank

December 29.6 5.85% CMBS

December Eastland Mall 59.4 5.85% CMBS

December (50%) 137.8 5.85% CMBS

December (50%) 91.6 5.74% CMBS

Total $800.7

(Balance as of 12/31/2012.) 31 Credit/Term Facilities

Outside Total Outstanding Available % Outstanding Maturity Date Commitment (in millions) (12/31/12) (12/31/12)

Wells Fargo – Unsecured Term 13-Apr $228.0 $228.0 $0.0 100.0% Loan

First – 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. 32 NYSE:CBL cblproperties.com

33