JCPenney Confers Chairman's Award; Top-performing Managers Earn Company's Highest Honor

Business Wire, April 28, 2004

Business Editors

PLANO, Texas--(BUSINESS WIRE)--April 28, 2004

JCPenney Chairman and CEO Allen Questrom will officially recognize and honor 248 managers from across the company with the Chairman's Award, the Company's highest honor for managerial excellence, at a celebratory banquet in Dallas on April 30.

"The hard work, commitment and exceptional results of these leaders have contributed greatly to our turnaround efforts," said Questrom. "Their efforts, vision and dedication have helped JCPenney continue to grow and provide customers with the quality, fashion, value and convenience that drive our success."

The annual award is presented to the top-performing managers from Stores, Merchandising, Catalog/Internet, and support divisions. Only the top 15 percent of all store, district, buying units, and divisional managers can qualify as Chairman's Award winners, based on results. Support area winners are nominated by senior executives for their contributions to overall company results.

A complete list of the 2003 JCPenney Chairman's Award winners follows.

J. C. Penney Corporation, Inc., the wholly-owned operating subsidiary of J. C. Penney Company, Inc., (the "Company") is one of America's largest department store, catalog, and e-commerce retailers, employing approximately 150,000 associates. As of Jan. 31, 2004, J. C. Penney Corporation, Inc. operated 1,020 JCPenney department stores throughout the United States and Puerto Rico, and 58 Renner department stores in Brazil. JCPenney Catalog, including e-commerce, is the nation's largest catalog merchant of general merchandise, and JCPenney.com is one of the largest apparel and home furnishings sites on the Internet. J. C. Penney Corporation, Inc. is a contributor to JCPenney Afterschool Fund, a charitable organization committed to providing children with high quality after school programs to help them reach their full potential.