NEW YORK, Dec. 14 /PRNewswire-FirstCall/ -- Feldman Mall Properties, Inc. (Pink Sheets: FMLP) announced today that Lawrence H. Feldman has resigned as Chairman and as a member of the Board of Directors of the Company effective December 11, 2009. Mr. Feldman was the founder of the Company and served as Chairman of the Board, Chief Executive Officer and President until June 30, 2008, when he relinquished the Chief Executive Officer and President posts. The Company wishes Mr. Feldman well in his future endeavors. Mr. Feldman stated: "I have confidence in the Company's future and I wish the Board well as it continues its restructuring plan for the Company." In conjunction with Mr. Feldman's resignation, the Company and Mr. Feldman modified the agreement reached on July 10, 2008. Under the amendment, the remaining $300,000 of severance payments was paid to Mr. Feldman on December 11, 2009, along with $26,119 to terminate the Company's continuing health care insurance obligation. The Company further agreed to pay Mr. Feldman $717,500 in complete and final satisfaction of any sums owing and liabilities and obligations due to him from the Company. In addition, Mr. Feldman and his affiliate, Feldman Partners, LLC, sold to the Company all 947,610 limited partner participation interests or units owned by them for $97,582 in cash, which was paid on December 11, 2009. Mr. Feldman continues to own shares of common stock in the Company. Commencing February 1, 2010, Mr. Feldman shall receive $100,000 per month as against the $717,500 obligation until paid, unless the Company sells one of its currently owned malls for gross cash proceeds in excess of $1.0 million, in which event the obligation will be accelerated and paid at the time of closing of such sale. The Company and Mr. Feldman exchanged mutual releases. Effective December 7, 2009, Thomas E. Wirth joined the Board of Directors. Mr. Wirth, who is 47 years of age, was the President and Chief Financial Officer of the Company from October 2007 to December 7, 2009, when he resigned those posts, having previously served as the Chief Financial Officer of the Company since December, 2004. Prior to that Mr. Wirth was Vice President and principal accounting officer of SL Green Realty Corp. from February 2004 to August 2005, and Chief Financial Officer of SL Green Realty Corp. from June 1999 to February 2004. Mr. Wirth received a BA degree from Gettysburg College in 1985. Mr. Wirth will fill a newly created seat on the Board. Ralph E. Lewis II joined the Board effective December 11, 2009, filling the seat left vacant by Mr. Feldman's resignation. Mr. Lewis is a member of the Bar of the States of Kansas and Missouri and principal of the Ralph E. Lewis II Law Firm located in Liberty, Missouri. Mr. Lewis is 54 years of age, having graduated from Cornell University in Ithaca, NY with a BA degree in 1978 and received a JD degree in 1981 from the University of Kansas. Effective December 11, 2009, the Company's Board of Directors created the Office of the President and named Bruce E. Moore, James W. Sight and Ralph E. Lewis, II as members, each serving at the will and pleasure of the Board on an interim basis and until the Board shall elect a new president of the Company. The members of the Office of the President shall each have the authority to execute and deliver documents and instruments on behalf of and binding on the Company in the name of the President and take all actions necessary, in connection therewith. Mr. Sight and Mr. Lewis shall each receive a fee in the amount of $10,000 per month, and each member of the Officer of the President shall be entitled to reimbursement for out of pocket costs and expenses in connection with their performance of services. About Feldman Mall Properties, Inc. The Company's shares of common stock are quoted on Pink OTC Markets, a privately-owned company formerly known as Pink Sheets, which operates Pink Quote. The Company's portfolio, including non-owned anchor tenants, consists of four regional malls aggregating approximately 3.7 million square feet. For more information on Feldman Mall Properties Inc., visit the Company website at http://www.feldmanmall.com/. DATASOURCE: Feldman Mall Properties, Inc. CONTACT: John F. Dougherty, Jr., Senior Vice President and General Counsel and Secretary of Feldman Mall Properties, Inc., +1-215-564-8084 Web Site: http://www.feldmanmall.com/

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