JCPenney Honors Phoenix Store with Chairman's Award.

PLANO, Texas -- Myron E. (Mike) Ullman III, chairman and chief executive officer, honored Bill Ahern, Store Manager of JCPenney at Ahwatukee Foothills Shopping Center in Phoenix, Ariz., with the Chairman's Award, the Company's highest honor for performance excellence. The Chairman's Award was presented to JCPenney's best-performing teams, including 125 stores and four districts, at a celebratory banquet in Dallas on May 2.

"The stores receiving the Chairman's Award delivered exceptional results in an increasingly challenging environment," Ullman said. "Bill and his team rose to the top by always putting our customers first and consistently performing at a high level. We congratulate him for this outstanding achievement."

JCPenney (NYSE: JCP) presents Chairman's Awards annually to the top-performing stores, districts and other selected teams in the Company. Only the top 15 percent of stores and districts can qualify to become Chairman's Award winners, based on results.

About JCPenney

JCPenney is one of America's leading retailers, operating 1,074 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 2007 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.