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JCPenney reviews strategic growth initiatives

May '06
J. C. Penney Company Inc's Annual Meeting of Stockholders held here, Chairman and Chief Executive Officer Myron E. (Mike) Ullman, III, reviewed the Company's strategic growth initiatives and financial performance expectations, all reflecting the ongoing execution of JCPenney's five-year, Long-Range Plan.

Stockholder Voting Results
During the meeting, Company stockholders re-elected four directors for a three-year term and ratified the appointment of KPMG LLP as independent auditor for the fiscal year ending Feb. 3, 2007. In other Company business, stockholders approved management's proposal to amend the Company's Restated Certificate of Incorporation and Bylaws to declassify the Board of Directors.

Current directors, including those re-elected to three-year terms at today's Meeting, will continue to serve the remainder of their elected terms; and starting with the 2007 Annual Meeting of Stockholders, directors will be elected annually so that by the 2009 Annual Meeting of Stockholders, all directors will be elected annually.

Additionally, stockholders rejected a stockholder's proposal requesting that the Board of Directors' Executive Compensation Committee establish a pay-for-performance standard in the Company's executive compensation plan for senior executives.

Dividend Declaration
JCPenney's Board of Directors declared a quarterly dividend of $0.18 per share on the Company's common stock. The dividend is payable Aug. 1, 2006, tothe Company's stockholders of record at the close of business on July 10, 2006.

JCPenney is the nation's largest catalog merchant of general merchandise, and jcp.com is one of the largest apparel and home furnishings sites on the Internet. JCPenney refers to the Internet/catalog business as Direct.

J. C. Penney Company Inc

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