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Corporate Actions

Effective January 1, 2011, issuers of corporate stock must begin reporting organizational actions that affect stock basis, including but not limited to mergers, stock splits, stock dividends, recapitalizations and distributions paid in excess of cumulative earnings and profits. The following information is intended to meet the requirements of public disclosure pursuant to Treasury Regulation Section 1.6045B-1(a)(3) and (b)(4) for CBL Properties.