NAREIT November 2012

Certain matters discussed in this presentation, including operational strategies and estimates regarding future financial results and operational metrics, are forward-looking statements within the meaning of the federal securities laws and are subject to uncertainties and risk. These include, but are not limited to, availability and terms of capital and financing; national and local economic conditions; the real estate industry in general and in specific markets; the potential for recognition of additional impairments due to continued adverse market and economic conditions or changes in Company business and financial strategy; leasing risks; potential acquisitions, new investments and/or dispositions; the failure of purchase, sale or other contracts to ultimately close; the financial condition of existing tenants; competition from other developers or investors; the risks associated with development projects; rising interest and insurance rates; the availability of sufficient development or investment opportunities; environmental matters; the financial condition and liquidity of, or disputes with, joint venture partners; any failure to comply with debt covenants under credit agreements; any failure to continue to qualify for taxation as a real estate investment trust and other risks detailed from time to time in the Company’s filings with the Securities and Exchange Commission, including those described in Part I, Item 1A of the Company’s Annual Report on Form 10-K for the year ended December 31, 2011. The words “believes,” “expects,” “anticipates,” “estimates,” ”plans,” “may,” “intend,” “will” or similar expressions are intended to identify forward-looking statements. Although the Company believes that its plans, intentions and expectations reflected in any forward-looking statement are reasonable, the Company can give no assurance that such plans, intentions or expectations will be achieved. Such forward-looking statements are based on current expectations and speak as of the date of such statements. The Company undertakes no obligation to publicly update or revise any forward-looking statement, whether as a result of future events, new information or otherwise, except as required under U.S. federal securities laws. Unless otherwise noted, all information in this presentation is as of 9/30/12.

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80 - 90% Office

PromenadeAtlanta, GACUZ Acquired 2011

Strategy

Simple Platform

Prime Locations; High Growth Markets

Trophy Assets

Through Opportunistic Investments

Additional Returns

Terminus 100Atlanta, GA

CUZ Developed 2006

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High Quality Class-A Office and Retail Properties

+ 8.2 MM square feet of office in 5 markets

• 91% Leased

+ 4.4 MM square feet of retail in 8 markets

• 88% Leased

+ Weighted Average Remaining Lease Term: 7+ years

Company Overview

Portfolio Mix (Gross Book Value)*

____________________*Gross Book Value represents the carrying value in accordance with GAAP plus accumulated depreciation as of 9/30/2012

Office$1,027 64%

Retail/MF$46431%

Land$855%

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Office66%

Retail/Multi-Family29%

Land5%

Office80-90%

Opportunistic10-20%

Trophy Office. Prime Locations. High Growth Markets

Current Future

Strategy: Simple Platform Sell Non-Core

$42

$22

$0

$5

$10

$15

$20

$25

$30

$35

$40

$45

2008 2013E

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Strategy: Simple Platform Lower Cost Structure

Significant cost reductions. Heightened focus on Core Business.

G&A Expenses

($MM)

+ Class-A

+ TX, GA, NC

+ Exceptional Urban Locations

+ Acquire Below Replacement Cost

+ Operationally/Financially Challenged

+ Competitive Advantage through Expertise and Relationships

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80-90%Office

Strategy: Trophy Assets

191 Peachtree TowerAtlanta, GA

Acquired 2006

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+ 655k SF Class-A Building in BuckheadAtlanta

+ 96% Leased

+ Developed in 2006

+ Projected 2012 NOI: ~$16 MM

Terminus 100

Strategy: Trophy Assets

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Strategy: Trophy Assets

+ 1.2MM SF Class-A Building in Downtown Atlanta

+ Originally developed by Cousins and Hines in 1990

+ In the mid-2000s, under new ownership, declined to 20% occupied

+ In 2006, Cousins acquired the distressed building for $153MM ($127/SF)

+ Over 900,000 SF of new leases executed since acquisition

+ Currently more than 87% leased with strong momentum

191 Peachtree Tower

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+ 774,000 SF Class-A Building in Midtown Atlanta

+ Acquired for $134.7 MM at year-end 2011

+ Significant Value Creation Opportunity (58% Leased)

+ Purchase price and all-in basis well-below replacement cost

+ Now over 72% leased with strong momentum

Promenade

Strategy: Trophy Assets

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+ 844,000 SF Class-A Building in Dallas Arts District

+ Acquired for $59.2 MM ($70/square foot) in August 2012 at foreclosure auction

+ Purchase price and all-in basis well-below replacement cost.

+ Going-In Yield over 8% with Significant Value Creation Opportunity (67% Leased)

+ Excellent location adjacent to leading cultural venues and the new 5.2-acre Klyde Warren Park, which now connects the Arts District to Uptown Dallas

2100 Ross Avenue

Strategy: Trophy Assets

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+ Sunbelt Markets

+ Office, Retail, Multi-Family

+ Development/Value Add

+ Competitive Advantage through Capital, Expertise and Relationships

Opportunistic

Strategy: Opportunistic Investments

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Current Pipeline Thru 2014

Current/Future Development Pipeline $400+ MM.

Strategy: Opportunistic Investments

$102

$162

$272

$402

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+ Mixed-Use Development adjacent to Emory and CDC in Atlanta

+ Phase I: $102 MM 443 Apartments, 82,000 square feet of Retail. Delivery 2012.

+ Phase II: $60 MM (estimate)240 Apartments, 40,000 square feet of Retail. Projected Start 2013.

Emory Point

Strategy: Opportunistic Investments

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+ Mixed-Use Development adjacent to UNC-Chapel Hill

+ Sourced through Emory University Relationship

+ Estimated Total Project Cost $110 MM

+ Estimated Start: 2013

University Square

University SquareChapel Hill, NC

CUZ Development

Strategy: Opportunistic Investments

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Strategy: Opportunistic Investments

3rd and Colorado

+ Proposed 360k SF Office Development in Austin, Texas

+ Prime Location in CBD. Fully Permitted. Pre-leasing in process.

+ Estimated Total Project Cost $130 MM

+ Estimated Start: 2013

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Three Keys to Outperformance

Simplification of Platform NAV DISCOUNT

$13MM Embedded NOI NAV GROWTH

$400MM Investment Pipeline NAV GROWTH

The Opportunity: NAV Driving Shareholder Value

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Simple Platform. Transparent. No Discount.

The Opportunity: Simplification

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Significant Value Creation Opportunity within Existing Portfolio

The Opportunity: Embedded NOI

Four Trophy Assets

+ 74% Occupied (Q2 2012)

+ 600k SF to reach 90% Occupancy

+ Incremental NOI: ~$13MM

NAV GROWTH

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Significant Value Creation Opportunity in Development Pipeline

The Opportunity: Execute the Pipeline

+ Target 15-25% Value Creation

$400+MM Pipeline

NAV GROWTH

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Limited Rollover. Strong Balance Sheet.

The Foundation

0%

10%20%30%

40%50%

2012 2013 2014 2015 2016 2017 2018 2019 2020

Office Lease Expiration Schedule

67%41%

0%

20%

40%

60%

80%

Q2 2009 Q3 2012

9.0x6.7x

0.0x

2.0x

4.0x

6.0x

8.0x

10.0x

2009 Q3 2012

Debt/EBITDA

% E

xpiri

ng

Debt/Market Cap

+ Average Remaining Term 7+ Years

-10%

0%

10%

20%

30%

40%

50%

60%

Nov-11 Dec-11 Jan-12 Feb-12 Mar-12 Apr-12 May-12 Jun-12 Jul-12 Aug-12 Sep-12 Oct-12

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Timeline: Transformation of Cousins

Purchase Promenadefor $137mm

Formal announcement ofnew strategy: simple platform, trophy assets, opportunistic investments

Sale of remainingIndustrial Buildings

Announce disposition ofLand/Residential assets

Purchase 2100 Rossfor $59mm

Announce sale of 3rd Party Business

Emory Pointopens

CUZ Stock Performance and Major Announcements Since Oct 2011

CUZ

RMZ