1 EXHIBIT 1 [CONFORMED COPY] J. C. PENNEY COMPANY, INC. UNDERWRITING AGREEMENT February 20, 1997 CREDIT SUISSE FIRST BOSTON CORPORATION MERRILL LYNCH, PIERCE, FENNER & SMITH INCORPORATED J.P. MORGAN SECURITIES INC. MORGAN STANLEY & CO. INCORPORATED...Underwriting Agreement • February 25th, 1997 • Penney J C Co Inc • Retail-department stores • New York
