J. C. Penney Company, Inc. : J. C. PENNEY ANNOUNCES CHANGES TO BOARD OF DIRECTORS

   J. C. Penney Company, Inc. : J. C. PENNEY ANNOUNCES CHANGES TO BOARD OF
                                  DIRECTORS

Board Reaffirms its Support for CEO Myron Ullman and Chairman Thomas Engibous

Plano, Texas(August 13, 2013)-J. C. Penney Company, Inc. (NYSE:  JCP)("the 
Company") today  announced  a  series  of actions  related  to  its  Board  of 
Directors. First, William A. Ackman of Pershing Square Capital Management  has 
resigned from the Board effective Aug. 12, 2013.

The Company also  announced that Ronald  W. Tysoe, a  highly respected  retail 
industry executive who spent 16 years as Vice Chairman at Federated Department
Stores Inc. (now Macy's, Inc.), has  been elected to the Board also  effective 
Aug. 12, 2013. In  addition, the Board  said that it  intends to name  another 
highly qualified new director in the near future.

Thomas Engibous, Chairman  of the Board  of Directors, said,  "The Company  is 
extremely fortunate to have the benefit of Ron Tysoe's judgment and experience
at this important  time. His  deep knowledge of  the retail  industry and  his 
financial expertise will be invaluable to us as we continue the work  underway 
to return J. C. Penney to profitability and growth. I would like to thank Bill
Ackman for his service on the Board over the past two years."

Mr. Ackman said, "During  my time on  the J. C. Penney  Board of Directors,  I 
have always advocated for what  I believe to be in  the best interests of  the 
Company - its stockholders, employees and others. At this time, I believe that
the addition of two new directors and  my stepping down from the Board is  the 
most constructive  way  forward  for  J.  C.  Penney  and  all  other  parties 
involved." 

Mr. Tysoe said, "J. C.  Penney is one of America's  great companies, and I  am 
very happy to be  joining the Board  of Directors. I  look forward to  working 
collaboratively with  the rest  of the  Board and  management to  advance  the 
turnaround currently underway."

The Board today also reaffirmed  its overwhelming support for Chief  Executive 
Officer Myron E. (Mike) Ullman, III and for Chairman Thomas Engibous, both  of 
whom have been working tirelessly to position the Company for future  success. 
This important  work has  included stabilizing  the Company's  operations  and 
financial position, restoring  confidence among vendors,  and taking steps  to 
get customers back into stores.

The Board expresses  its deep appreciation  for the efforts  of the  Company's 
116,000 associates,  who continue  to  provide outstanding  service to  J.  C. 
Penney's customers during the  back-to-school season. It  is also grateful  to 
the many vendors  and other business  partners, as well  as stockholders,  who 
have taken the opportunity during the past week to express their confidence in
the Company's leadership and its current path. 

Ronald W.  Tysoe  has  over  20  years of  retail,  finance  and  real  estate 
investment industry  experience.  He  served  as a  member  of  the  Board  of 
Directors of  Federated Department  Stores Inc.  from 1988  to 2005,  as  Vice 
Chairman for Finance and Real Estate from 1990 to 2006, and as Chief Financial
Officer from 1990 to 1997.

Mr. Tysoe currently  serves on  the boards of  the Canadian  Imperial Bank  of 
Commerce  (NYSE:  CM),  Scripps  Networks  Interactive  (NYSE:  SNI),   Cintas 
Corporation (NASDAQ: CTAS), and Taubman Centers, Inc. (NYSE: TCO). He received
his Bachelor of Commerce  and Bachelor of Law  degrees from the University  of 
British Columbia.

For further information, contact:

Investor Relations: (972) 431.5500
jcpinvestorrelations@jcpenney.com

Media Relations: (972) 431.3400
jcpnews@jcp.com

Corporate Website
ir.jcpenney.com

About jcpenney:
J. C. Penney Company,  Inc. (NYSE: JCP), one  of the nation's largest  apparel 
and home furnishing  retailers, is dedicated  to becoming America's  preferred 
retail destination for unmatched style, quality and value. Across 1,100 stores
and at jcp.com, customers will discover an inspiring shopping environment that
features the most sought after  collection of private, national and  exclusive 
brands and attractions. For more information, please visit jcp.com.

This release may contain forward-looking statements 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-K  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.
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Source: J. C. Penney Company, Inc. via Thomson Reuters ONE
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