Old Copper Co. Inc. (f/k/a CPPRQ/JCPNQ JC Penney)

[Large Green]

JCPNQ EQUITY "IN-THE-MONEY" WITHOUT DOUBT – EQUITY PRICE SOON TO BE DOLLARS

54. Using the Debtors’ own publicly-filed, current financial reports and projections, then, the estimated going concern value of the Debtors’ business exceeds $10B and an orderly liquidation of the assets should result in approximately $8.4B in value. Under either scenario, significant value is available for equity.

55. Further, contrary to early representations, the Debtors have demonstrated an ability to generate sufficient cash flow under extreme circumstances far beyond that projected by the Debtors’ advisors. In fact, the Debtors exceeded initial Net Cash Flow projections by 229.4% and have accumulated $721 million more in short-term investment funds than expected.