X0306 4 2018-01-16 0000910612 CBL & ASSOCIATES PROPERTIES INC CBL 0000936808 LEBOVITZ CHARLES B 2030 HAMILTON PLACE BLVD., SUITE 500 CHATTANOOGA TN 374216000 1 1 1 Chairman of the Board Common Stock 2018-01-16 5 J 0 E 724.2493 5.695 A 21185.9995 I By Spouse Common Stock 816919.387 D Common Stock 1035105.764 I By Corporation Common Stock 17758.0174 I By Trust Common Units 2043-11-03 Common Stock 756350 756350 D Common Units 2043-11-03 Common Stock 15729378 15729378 I By Corporation Common Units 2043-11-03 Common Stock 489071 489071 I By Partnership Common Units 2043-11-23 Common Stock 17081 17081 I By Trust The shares were acquired via the Company's Dividend Reinvestment Plan. The Reporting Person disclaims beneficial ownership of the reported securities except to the extent of his pecuniary interest therein. Additionally, the Reporting Person owns, directly or indirectly, limited partnership interests in CBL & Associates Limited Partnership, a Delaware limited partnership (the Operating Partnership), that, together with the partnership interests of other limited partners in the Operating Partnership which are controlled by the Reporting Person, may be exchanged at any time for an aggregate of 16,991,880 shares of the Issuer's Common Stock (on a one-for-one basis) or cash, at the Issuer's election. The Common Units are exerciseable on a 1 to 1 ratio with no exercise price. Immediately exercisable. /s/ Jeffery V. Curry, Attorney-in-fact for Charles B. Lebovitz 2018-01-25