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IBM and Eckerd Corporation Renew Technology Partnership Agreement Through 2003


SOMERS, New York - 30 Jul 1998: -- IBM today announced that it is expanding its multi-year technology outsourcing agreement with Eckerd Corporation to include 1,100 drugstores owned by JCPenney prior to its acquisition of Eckerd. The original 10-year outsourcing contract was signed in 1993. The new 5-year agreement will run to 2003. Details of the agreement were not disclosed.

IBM Global Services will manage information technology services for nearly 2,800 drugstores. Eckerd Corporation, the Clearwater, Florida-based national retail drug chain, converted more than 1,100 former Thrift, Fay's, and Kerr stores in 1997 to the Eckerd nameplate and format.

"This agreement with IBM Global Services will continue our relationship through the critical millennial transition." said Kenneth Petersen, Vice President - Information Technology, Eckerd Corporation. "Our goal is to use technology to enable increased customer convenience and service -- two of our strengths."

"The expansion of our partnership is an endorsement of the benefits Eckerd's has realized through initiatives to implement technology in their stores," said Sean Ryan, Vice President - Distribution Industry, IBM Global Services. "We look forward to leveraging the capabilities of both firms to drive additional benefits for Eckerd."

About Eckerd Corporation

Eckerd Corporation, a wholly-owned subsidiary of JCPenney Company, Inc., is one of the nation's largest retail drug chains with 2,750 stores in 19 states and over 800 Eckerd Express One-Hour photo labs in 14 states. (For additional company information visit www.eckerd.com or the JCPenney website at www.jcpenney.com.)

About IBM Global Services

With 1997 revenues of approximately $26 billion, IBM Global Services is the world's largest information technology services provider. IBM's fastest growing business segment has an unsurpassed breadth of capabilities, and more than 110,000 professionals helping companies of all sizes solve real business problems and create new business opportunities. For more information on IBM Global Services, visit http://www.ibm.com/services.

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Contact(s) information

David Caplan
IBM Global Services
914-766-4529
caplan@us.ibm.com

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