JCPenney Names Phillip Sanchez Divisional Vice President and Associate Director of Investor Relations

Business Wire, August 22, 2007

PLANO, Texas -- J. C. Penney Company, Inc. (NYSE:JCP) today announced the appointment of Phillip Sanchez as divisional vice president, associate director of Investor Relations, effective Sept. 1, 2007. He will report to Robert Johnson, vice president, director of Investor Relations.

In this new position, Sanchez, 46, will be a principal Company spokesman with the financial community. Sanchez brings over 20 years of financial management experience to his new role. He most recently served as JCPenney's divisional vice president, assistant treasurer, focused on enhancing the productivity of the Company's asset base and capital structure in support of JCPenney's growth initiatives.

In announcing this appointment, Chief Financial Officer Bob Cavanaugh said, "We are proud of the strong, trusting relationships we have built with the investment community. Consistent with our objective of achieving growth leadership in the retail industry, we are dedicated to expanding our work in this critical area. To this end, Bob Johnson and I welcome Phil, a talented and experienced financial executive, to our IR team and look forward to his contributions in communicating JCPenney's progress in executing our Long-Range Plan."

Sanchez joined JCPenney in 1995 and has held a variety of financial management positions of increasing responsibility. Previous to his career with the Company, he spent eight years working in the commercial real estate industry with experience in real estate development and syndication, financial analysis, and asset management. Sanchez has a B. A. in Economics from Princeton University and an M.B.A. in Finance from the University of Texas at Austin.

About JCPenney

JCPenney is one of America's leading retailers, operating 1,048 department stores throughout the United States and Puerto Rico, as well as one of the largest apparel and home furnishing sites on the Internet, jcp.com, and the nation's largest general merchandise catalog business. Through these integrated channels, JCPenney offers a wide array of national, private and exclusive brands which reflect the Company's commitment to providing customers with style and quality at a smart price. Traded as "JCP" on the New York Stock Exchange, the Company posted revenue of $19.9 billion in 2006 and is executing its strategic plan to be the growth leader in the retail industry. Key to this strategy is JCPenney's "Every Day Matters" brand positioning, intended to generate deeper, more emotionally driven relationships with customers by fully engaging the Company's 155,000 Associates to offer encouragement, provide ideas and inspire customers every time they shop with JCPenney.