JCPNQ SOLVENT ASSETS $8,568,659,386.00 DEBT $4,918,000,000.00 SHAREHOLDER EQUITY $3,650,659,386.00 ***Page 14 of 16*** https://img1.wsimg.com/blobby/go/e52e137b-92af-4273-a367-58417f136f9d/downloads/Shareholders_Objection_Petition_Docket_Final.pdf?ver=1591920095315 1) Total residual shareholders assets = $4.46B 2) Total unsecured obligation = $1.318B (Docket 25, page 38) 3) Value of NOLs @ 30% tax rate on $2.2B = $0.66B 4) Thus net residual shareholder equity in the current JC Penney holding = $3.802B i.e. $11.85 / share. *