CBL & ASSOCIATES PROPERTIES INC — Director's Dealing 2020

May 20, 2020

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: CBL & ASSOCIATES PROPERTIES INC (CBL)
CIK: 0000910612
Period of Report: 2020-05-15

Reporting Person: LEBOVITZ MICHAEL I (President)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2020-05-15	Common Stock	S	150000	$.2011	Disposed	704350.9886	Direct

Holdings (Non-Derivative)

Security	Shares	Ownership
Common Stock	1830.099	Indirect

Footnotes

F1: These transactions were effected pursuant to a Rule 10b5-1 Trading Plan executed by the Reporting Person on March 16, 2020. The price reported in Column 4 is a weighted average price. These shares were sold in multiple transactions at prices ranging from $0.1950 to $0.2100, inclusive. The Reporting Person undertakes to provide to any security holder of the Issuer, or the staff of the Securities and Exchange Commission, upon request, full information already provided to the Issuer regarding the number of shares sold at each separate price within such range. Please submit any such request through the Issuer's Chief Legal Officer, Jeffery V. Curry.

F2: The Reporting Person disclaims beneficial ownership of the reported securities except to the extent of his pecuniary interest therein.

F3: This report deletes indirect beneficial ownership erroneously included on the Reporting Person's prior report for (i) 54,155 shares held by the Michael I. Lebovitz and Lauren B. Lebovitz Irrevocable Trust U/A dated 3/24/2003, Stephen D. Lebovitz, Trustee and (ii) 7,431 shares held by the Michael I. Lebovitz Irrevocable Trust U/A dated 1/06/1995, Stephen D. Lebovitz, Trustee. The Reporting Person established these Trusts for the sole benefit of his children, has no power to revoke either Trust, and does not serve as Trustee or otherwise exercise investment power over shares held by such Trusts.