JC Penney Board Responds, Says Disagrees with Ackman, Believes Ullman is Right Person to Rebuilding Co.

Thomas Engibous, Chairman of the Board of Directors of J. C. Penney Company, Inc. (NYSE: JCP ), today responded to the public disclosure of a letter to the Board of Directors from William Ackman, head of the investment firm Pershing Square Capital Management, L.P. and a J. C. Penney director. On behalf of the