CHATTANOOGA, Tenn. -- CBL & Associates Properties Inc., one of the leading owners and managers of shopping centers in North America, and American Express Travelers Cheques and Prepaid Services today announced they have agreed to launch a new CBL Mall Gift Card. The American Express CBL Gift

CHATTANOOGA, Tenn. -- CBL & Associates Properties Inc., one of the leading owners and managers of shopping centers in North America, and American Express Travelers Cheques and Prepaid Services today announced they have agreed to launch a new

CBL Mall Gift Card. The American Express CBL Gift Card can be redeemed at retailers and restaurants that accept the American Express(R) Card located in participating CBL malls.

The new CBL Gift Card will be launched this fall in 31 locations (see attached for a list of initial mall participants) and will be available in amounts ranging from $10 to $300. The remaining malls in the CBL portfolio will roll out the program in 2005.

Consumers are increasingly buying mall Gift Cards as the perfect gift for friends and family offering both choice and versatility. Gift Cards have become the fastest growing gift item over the past five years, with sales increasing from $22 billion in 1999 to $72 billion last year in the U.S. alone. The National Retail Federation reported that this past holiday season, eight percent of the $290 billion in sales in the U.S. were on prepaid cards.

Mall owners and developers are quickly recognizing the benefits of offering Gift Cards to consumers. While providing a valuable service to mall shoppers and retailers, Gift Cards offer CBL an excellent branding tool that generates loyalty and ultimately drives sales for their retailer partners.

CBL has chosen American Express and HQ Gift Cards to manage their Gift Card program. American Express and HQ Gift Cards launched the first nationwide Mall Gift Card program in 2000.

About CBL

CBL & Associates Properties, Inc. is one of the top five owners of shopping centers in North America and the largest owner of malls and shopping centers in the Southeast, ranked by GLA owned. CBL owns, holds interest in or manages 163 properties, including 65 enclosed regional malls. The properties are located in 27 states and total 67.1 million-square-feet including 2.0 million-square-feet of non-owned shopping centers managed for third parties. CBL has seven projects under construction totaling approximately 1.9 million-square-feet including one regional mall - Imperial Valley Mall in the Imperial Valley region of California, an open-air shopping center in Southaven, MS, one community center and four expansions. In addition to its office in Chattanooga, TN, CBL has a regional office in Boston (Waltham), MA. Additional information can be found at www.cblproperties.com.

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The new CBL Gift Card will be launched this fall in 31 locations (see attached for a list of initial mall participants) and will be available in amounts ranging from $10 to $300. The remaining malls in the CBL portfolio will roll out the program in 2005.

Consumers are increasingly buying mall Gift Cards as the perfect gift for friends and family offering both choice and versatility. Gift Cards have become the fastest growing gift item over the past five years, with sales increasing from $22 billion in 1999 to $72 billion last year in the U.S. alone. The National Retail Federation reported that this past holiday season, eight percent of the $290 billion in sales in the U.S. were on prepaid cards.

Mall owners and developers are quickly recognizing the benefits of offering Gift Cards to consumers. While providing a valuable service to mall shoppers and retailers, Gift Cards offer CBL an excellent branding tool that generates loyalty and ultimately drives sales for their retailer partners.

CBL has chosen American Express and HQ Gift Cards to manage their Gift Card program. American Express and HQ Gift Cards launched the first nationwide Mall Gift Card program in 2000.

About CBL

CBL & Associates Properties, Inc. is one of the top five owners of shopping centers in North America and the largest owner of malls and shopping centers in the Southeast, ranked by GLA owned. CBL owns, holds interest in or manages 163 properties, including 65 enclosed regional malls. The properties are located in 27 states and total 67.1 million-square-feet including 2.0 million-square-feet of non-owned shopping centers managed for third parties. CBL has seven projects under construction totaling approximately 1.9 million-square-feet including one regional mall - Imperial Valley Mall in the Imperial Valley region of California, an open-air shopping center in Southaven, MS, one community center and four expansions. In addition to its office in Chattanooga, TN, CBL has a regional office in Boston (Waltham), MA. Additional information can be found at www.cblproperties.com.

About American Express

American Express Company is a diversified worldwide travel, network, and financial services provider founded in 1850. It is a leader in charge and credit cards, Travelers Cheques, travel, financial planning, investment products, insurance and international banking. For more information, visit www.americanexpress.com.

American Express is a leader in prepaid products. In addition to the 113-year old American Express Travelers Cheque - the preeminent brand welcomed worldwide - the Company also offers the TravelFunds(R) Card, Cheques for Two, Gift Cards, Gift Cheques, the Be My Guest dining card, as well as a range of corporate incentive prepaid products through American Express Incentive Services.

About HQ Gift Cards, LLC

HQ Gift Cards specializes in turnkey services for Gift Card Programs and currently oversees Gift Card operations in over 60 shopping centers throughout the U.S. Parent company, HQ Entertainment, was founded in 1992 and is solely dedicated to developing and managing ancillary businesses for the shopping center industry. Other business areas at HQ include: HQ Entertainment (Coin Operated Kiddie Rides; Vending Machines and Payphones), HQ Development, LLC (Real Estate and Development) and HQ Carousels (Owner and Operator of Carousels nationwide). Additional information can be found at www.hqentertainment.net.

CBL GIFT CARD PROGRAM MALL INITIAL LOCATIONS

1. Walnut Square - Dalton, GA

2. Arbor Place - Douglasville, GA

3. CherryVale Mall - Rockford, IL

4. St. Clair Square - Fairview Heights, IL

5. Cary Towne Center - Cary, NC

6. Hanes Mall - Winston-Salem, NC

7. Cross Creek Mall - Fayetteville, NC

8. Oak Hollow Mall - High Point, NC

9. Janesville Mall - Janesville, WI

10. Brookfield Square - Brookfield, WI

11. East Towne Mall - Madison, WI

12. West Towne Mall - Madison, WI

13. Regency Mall - Racine, WI

14. Asheville Mall - Asheville, NC

15. Fayette Mall - Lexington, KY

16. WestGate Mall - Spartanburg, SC

17. Citadel Mall - Charleston, SC

18. Northwoods Mall - North Charleston, SC

19. Georgia Square - Athens, GA

20. Hamilton Place - Chattanooga, TN

21. Cools Springs Galleria - Franklin, TN

22. Hickory Hollow - Antioch, TN

23. RiverGate Mall - Goodlettsville, TN

24. Parkdale Mall - Beaumont, TX

25. Meridian Mall - Okemos, MI

26. The Lakes Mall - Muskegon, MI

27. Fashion Square - Saginaw, MI

28. Midland Mall - Midland, MI

29. Burnsville Center - Minneapolis, MN

30. Westmoreland Mall - Greensburg, PA

31. York Galleria - York, PA