Pershing Square Announces Offering of Its 39.075M Shares of J.C. Penney Company Common Stock

Pershing Square Capital Management, L.P., on behalf of its investment funds (the "Selling Stockholders"), announced today the underwritten offering of 39,075,771 shares of J.C. Penney Company

common stock owned by them. J.C. Penney will not receive any proceeds from the sale of the shares by the Selling Stockholders in this offering. The offering will be made under J.C. Penney's registration statement on Form S-3 filed with the Securities and Exchange Commission. Citigroup is acting as sole bookrunning manager and underwriter for the offering. This press release does not constitute an offer to sell or a solicitation of an offer to buy these securities, nor does it constitute an offer, solicitation or sale of these securities in any jurisdiction in which such offer, solicitation or sale is unlawful. The offering may be made only by means of a prospectus and a related prospectus supplement, copies of which may be obtained from Citigroup, c/o Broadridge Financial Solutions, 1155 Long Island Avenue, Edgewood, NY 11717 (tel: 800-831-9146), Attention: Prospectus Department. About Pershing Square Capital Management, L.P. Pershing Square Capital Management, L.P., based in New York City, is an SEC registered investment advisor to private investment funds. Pershing Square manages funds that are in the business of trading - buying and selling - securities and other financial instruments. Funds managed by Pershing Square have long positions in stock and other financial instruments tied to the performance of J.C. Penney's stock. Cautionary Statement Regarding Forward-Looking Statements This press release contains forward-looking statements. All statements contained in this press release that are not clearly historical in nature or that necessarily depend on future events are forward-looking, and the words "anticipate," "believe," "expect," "estimate," "plan," and similar expressions are generally intended to identify forward-looking statements. These statements are based on current expectations of Pershing Square, and currently available information. They are not guarantees of future performance, involve certain risks and uncertainties that are difficult to predict and are based upon assumptions as to future events that may not prove to be accurate. Pershing Square does not assume any obligation to update any forward-looking statements contained in this press release. SOURCE Pershing Square Capital Management, L.P.