J. C. Penney Company, Inc. (NYSE: JCP) (the “Company”) announced today that it has commenced an underwritten public offering of 84.0 million shares of its common stock. The Company intends to use the net proceeds from the offering for general corporate purposes. The Company intends to grant the underwriters a 30-day option to purchase up to an additional 12.6 million shares of common stock. The Company’s common stock is listed on the New York Stock Exchange under the symbol “JCP.” Goldman, Sachs & Co. is serving as the sole book-running manager for the offering. The shares of common stock will be issued pursuant to an effective shelf registration statement on Form S-3 previously filed with the Securities and Exchange Commission (“SEC”). Copies of the preliminary prospectus supplement and the accompanying prospectus related to the offering may be obtained from (i) Goldman, Sachs & Co., via telephone: 1-866-471-2526, email: firstname.lastname@example.org, or standard mail at Goldman, Sachs & Co., 200 West Street, New York, NY 10282. A preliminary prospectus supplement related to the offering also will be available free of charge on the SEC’s website at http://www.sec.gov. Investors should read these documents for more complete information prior to investing. This press release shall not constitute an offer to sell or the solicitation of an offer to buy, nor shall there be any sale of these securities in any state or jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or other jurisdiction. Forward-Looking Statements This release may contain forward-looking statements, including statements about the offering, within the meaning of the Private Securities Litigation Reform Act of 1995. Such forward-looking statements, which reflect the Company’s current views of future events and financial performance, involve known and unknown risks and uncertainties that may cause the Company’s actual results to be materially different from planned or expected results. Those risks and uncertainties include, but are not limited to, general economic conditions, including inflation, recession, unemployment levels, consumer spending patterns, credit availability and debt levels, changes in store traffic trends, the cost of goods, trade restrictions, the impact of changes designed to transform our business, customer acceptance of our new strategies, the impact of cost reduction initiatives, implementation of new systems and platforms, changes in tariff, freight and shipping rates, changes in the cost of fuel and other energy and transportation costs, increases in wage and benefit costs, competition and retail industry consolidations, interest rate fluctuations, dollar and other currency valuations, the impact of weather conditions, risks associated with war, an act of terrorism or pandemic, a systems failure and/or security breach that results in the theft, transfer or unauthorized disclosure of customer, employee or Company information and legal and regulatory proceedings. Please refer to the Company’s most recent Form 10-Q and subsequent filings for a further discussion of risks and uncertainties. Investors should take such risks into account when making investment decisions. We do not undertake to update these forward-looking statements as of any future date.