Ackman's Resignation from JCPenney (JCP) Came from Disagreements with Board

Effective on August 12, 2013, William Ackman resigned from the Board of Directors of J. C. Penney Company, Inc. (NYSE: JCP). Mr. Ackman was the Chair of the Finance and Planning Committee and a member of the Human Resources and Compensation Committee and the Committee of the Whole. Mr. Ackman’s resignation was the result of a disagreement with decisions made by the Board of Directors related to the timing and process surrounding the CEO search. Effective on August 12, 2013, the Board of Directors of the Company elected Ronald Tysoe as a member of the Board of Directors. There are no arrangements or understandings between Mr. Tysoe and any other person pursuant to which he was elected as a director. Mr. Tysoe was also appointed to the Committee of the Whole, the Finance and Planning Committee and the Human Resources and Compensation Committee of the Board of Directors. In connection with his election to the Board, and pursuant to the terms of the Company’s 2012 Long-Term Incentive Plan, Mr. Tysoe will be granted an award of restricted stock units having a market value of $120,405 on August 15, 2013. This award represents a pro-rata amount of the current annual equity award to non-associate directors based on the effective date of Mr. Tysoe’s election.

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