HORIZON GROUP PROPERTIES AND CBL & ASSOCIATES PROPERTIES, INC. ACCELERATED GRAND OPENING DATE FOR THE OUTLET SHOPPES AT ATLANTA

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1 FOR IMMEDIATE RELEASE CONTACT: Gina Slechta, SCMD Vice President of Marketing PH: (402) HORIZON GROUP PROPERTIES AND CBL & ASSOCIATES PROPERTIES, INC. ACCELERATED GRAND OPENING DATE FOR THE OUTLET SHOPPES AT ATLANTA Horizon & CBL Announce Thirty New Stores Joining the Project Atlanta, GA Dec. 20, Horizon Group Properties, Inc. (OTC: HGPI.PK) and CBL & Associates Properties, Inc. (NYSE: CBL) today announced that the Grand Opening date of the new outlet center located in the North Atlanta suburb of Woodstock, GA. will be one month earlier than previously scheduled. The 370,000 square foot initial phase of the center, to be named The Outlet Shoppes at Atlanta, is now scheduled to open July 18, 2013; it was originally planned to open in August. The center will feature the best-known brands and designer outlets, including Nike, Saks Fifth Avenue OFF 5TH, Bose, Brooks Brothers, Columbia Sportswear, Cole Haan, White House Black Market, Guess, Fossil, Michael Kors, Under Armour, and Talbots. Thirty new stores were announced today including: Aéropostale Asics Berry & Berry Yogurt Bose Charley's Steakery Charlotte Russe Claire's

2 Columbia Sportswear Dress Barn Fox Gold Toe Gymboree Haggar Jos. A. Bank Journeys Kay Jewelers Kitchen Collection Love Culture Lucky Brand Maidenform Motherhood Maternity OshKosh B'Gosh P.S.From Aéropostale Sbarro Sunglass Hut Taqueria Tsunami Ultra Diamonds Waterford Wedgwood Wilsons Leather Zumiez Strong tenant demand, ongoing support from the City of Woodstock officials and the speed of the construction permit the accelerated opening date of the center, said Gary J. Skoien, Horizon s president and CEO. The development and operation of the center will generate both substantial economic activity in and tax revenue for the City of Woodstock and Cherokee County. We appreciate the efforts of the City and County officials who helped make this development a reality, The sustained demand we are receiving from retailers interested in joining in The Outlet Shoppes at Atlanta demonstrates the tremendous strength of the project, commented Michael Lebovitz, executive vice president development & administration for CBL & Associates Properties, Inc. The outstanding retail names we have already signed up will deliver a shopping experience that everyone in the family can enjoy. We are looking forward to the early opening next July.

3 The center is located north of Atlanta at the newly-constructed exit off I-575 at Ridgewalk Parkway in Woodstock. More than 112,000 cars pass the site daily. The center is convenient to travelers on Interstates 75, 85 and 20 and is expected to draw over four million visitors annually from a three-state area. Designed in a shopper-friendly configuration, the center will feature covered walkways and landscaped courtyards to maximize the comfort and convenience of shoppers. Its design blends traditional architecture with lively features including a children s play area.a center court complete with fountains and a fireplace will create a festive atmosphere for shoppers and visitors to the center. The site can accommodate an additional 30,000 square feet of outlet shops and also features seven out-lots for restaurants, service business and other retail uses. When completed, the center is projected to generate more than $130 million in annual sales and $3 million of sales and property taxes for the City of Woodstock. The development and operation of the center is expected to generate a total of $34 million in taxes for the benefit of the City of Woodstock, Cherokee County and its school district over the next ten years. The Outlet Shoppes at Atlanta is a joint venture of CBL & Associates Properties, Inc. and Horizon Group Properties, Inc. Horizon and CBL are co-developers of the project; Horizon is responsible for leasing and managing the center. About Horizon Group Properties, Inc. Based in Norton Shores, Michigan with executive offices in Rosemont, Illinois, Horizon Group Properties, Inc. is a leading owner and developer of factory outlet shopping centers in the United States and Asia and is the developer of a master

4 planned community in suburban Chicago. For more information, please visit About CBL & Associates Properties, Inc. CBL is one of the largest and most active owners and developers of malls and shopping centers in the United States. CBL owns, holds interest in or manages 162 properties, including 93 regional malls/open-air centers. The properties are located in 27 states and total 92.9 million square feet including 9.4 million square feet of non-owned shopping centers managed for third parties. Headquartered in Chattanooga, TN, CBL has regional offices in Boston (Waltham), MA, Dallas (Irving), TX, and St. Louis, MO. Additional information can be found at cblproperties.com. ### THE OUTLET SHOPPES AT ATLANTA Woodstock, GA FACT SHEET Description: Phase I of the outlet center will include 370,000 square feet of gross leasable area with expansion potential for an additional 30,000 square feet. The site contains seven outparcels. Co-Developers: Architect: Contractor: Horizon Group Properties, Inc. and CBL & Associates Properties, Inc. Adams + Associates Architecture VCC, LLC Dates to note: Construction start: May, 2012 Grand Opening: July 18, 2013

5 Amenities: Location: Retailers: Open-air racetrack design with covered walkways Food Court Courtyard Fountains Park-like atmosphere Customer Service Center Bus parking and tour group services I-575 and Ridgewalk Parkway Woodstock, GA Aéropostale Asics Berry & Berry Yogurt Bose Brooks Brothers Carters Charley's Steakery Charlotte Russe Claire's Cole Haan Columbia Sportswear Converse Dress Barn Fox Gold Toe Guess Gymboree Haggar J. Crew J&M Jos. A. Bank Journeys Kay Jewelers Kitchen Collection Le Creuset Levis Love Culture Lucky Brand Maidenform Michael Kors Motherhood Maternity Naartjie Kids New Balance Nike Factory Store OshKosh B'Gosh P.S.From Aéropostale

6 Puma Saks Fifth Avenue OFF 5TH Sbarro Sunglass Hut Talbots Taqueria Tsunami Ultra Diamonds Under Armour Vans Outlet Waterford Wedgwood White House Black Market Wilsons Leather Zumiez Additional store announcements will be made in the near future.