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JCPenney Board of Directors Declares Quarterly Dividend
Company Holds Annual Meeting of Stockholders

PLANO, Texas--(BUSINESS WIRE)--May. 15, 2009-- J. C. Penney Company, Inc. (NYSE:JCP) announced today that its Board of Directors declared a quarterly dividend of $0.20 per share on the Company’s common stock. The dividend is payable Aug. 3, 2009, to Company stockholders of record at the close of business on July 10, 2009.

In addition, JCPenney held its Annual Meeting of Stockholders today at the Company’s Home Office in Plano, Texas. At the meeting, Company stockholders re-elected all 12 directors for a one-year term and ratified the appointment of KPMG LLP as independent auditor for the fiscal year ending Jan. 30, 2010. Stockholders also approved the Company’s 2009 Long-Term Incentive Plan and rejected a stockholder proposal regarding adoption of principles for health care reform.

About JCPenney

JCPenney is one of America's leading retailers, operating 1,101 department stores throughout the United States and Puerto Rico, as well as one of the largest apparel and home furnishing sites on the Internet,, 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 $18.5 billion in 2008 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 approximately 150,000 Associates to offer encouragement, provide ideas and inspire customers every time they shop with JCPenney.

Source: J. C. Penney Company, Inc.

J. C. Penney Company, Inc.
Investor Relations
Phil Sanchez, 972-431-5575
Kristin Hays, 972-431-1261
Media Relations
Darcie Brossart, 972-431-3400
Corporate Website

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