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

[inventor1]

September 22nd 2020

CLARIFICATION

I've received some questions regarding this statement from the William Snyder Declaration filed today:

"CR3 utilized standard and generally accepted valuation methods to arrive at it's conclusion that there may be equity available to pre-petition shareholders"

The CR3 report reflects an opinion regarding the value of the Debtors enterprise, not a prediction regarding recovery. There are several factors, beyond the total enterprise value that can affect the recoveries in bankruptcy proceedings. At this time the AHEC lacks sufficient information to predict recoveries to any class. The CR3 report, however illustrates our opinion that the value of the Debtors' assets exceeds the value of the creditors claims.

The report is NOT INTENDED to indicate that certain shareholders might be entitled to a distribution while others would not.

Sincerely,

Niko Celentano

Chairman

JCP Ad Hoc Equity Committee

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