EXHIBIT 99.1(c)



                     ANNUAL CERTIFICATEHOLDERS' STATEMENT                  1.

                      GENERAL ELECTRIC CAPITAL CORPORATION

                     ---------------------------------------

                          JCP MASTER CREDIT CARD TRUST
                     ---------------------------------------


                         5.50% ASSET BACKED CERTIFICATES
                               SERIES E (Class A)
                               CUSIP NO. 466115AE2


         Under Section 5.2 of the Master Pooling and Servicing Agreement dated
as of September 5, 1988, as amended by Amendment No. 1 dated as of October 15,
1997 and Amendment No. 2 dated as of October 15, 1999 and as supplemented by the
Series A, Series B, Series C, Series D and Series E Supplements thereto (as so
amended and supplemented, the "Pooling and Servicing Agreement"), by and among
JCP Receivables Inc., JCPenney Company, Inc. ("JCPenney"), as Servicer and The
Fuji Bank and Trust Company (the "Trustee"), General Electric Capital
Corporation (as the successor and assign of JCPenney pursuant to the Assignment
and Assumption Agreement dated as of December 6, 1999) is required to prepare
certain information for each Series in aggregate for the year regarding current
distributions to Certificateholders of such Series and the performance of the
JCP Master Credit Card Trust (the "Trust") during the year of 1999. The
Information which is required to be prepared with respect to the performance of
the Trust during the year of 1999, January 1, 1999 through December 31, 1999, is
set forth below. Certain of the information is presented on the basis of an
original principal amount of $1,000 per Investor Certificate of Class A of this
Series (a "Certificate"). Certain other information is presented based on the
aggregate amounts for the Trust as a whole. Capitalized terms used in this
Certificate have their respective meanings set forth in the Pooling and
Servicing Agreement.

A.       Information Regarding the Aggregate Annual Distribution (Stated on the
         ----------------------------------------------------------------------
         Basis of $1,000 Original Certificate Principal Amount) for Class A of
         ---------------------------------------------------------------------
         this Series.
         ------------


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         1.       The total amount of the distribution to Certificateholders per
                  $1,000 original Certificate Principal amount.................        $        54.96

         2.       The amount of the distribution set forth in paragraph 1 above
                  allocable to Certificate Principal, per $1,000 original
                  Certificate Principal amount.................................        $         0.00

         3.       The amount of the distribution set forth in paragraph 1 above
                  allocable to Certificate Interest, per $1,000 original
                  Certificate Principal amount.................................        $        54.96


B.       Information Regarding the Performance of the Trust.
         ---------------------------------------------------

         1.       Collection of Principal Receivables
                  -----------------------------------

                  (a)      The aggregate amount of Collections of Principal
                           Receivables processed which were allocated in respect
                           of the Certificates of Class A of this Series.......        $1,419,104,984

                  (b)      The Discounted Percentage in Respect of the
                           Collections of Principal Receivables set forth in
                           paragraph 1.(a)above................................                 0.00%

                  (c)      The net amount of Collections of Principal
                           Receivables processed which were allocated in respect
                           of the Certificates of Class A of this Series.......        $1,419,104,984


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         2.       Collection of Finance Charge Receivables
                  ----------------------------------------

                  (a)      The aggregate amount of Collections of Finance Charge
                           Receivables processed which were allocated in respect
                           of the Certificates of Class A of this
                           Series..............................................        $  144,130,163

                  (b)      The aggregate amount of Discount Option Receivable
                           Collections which were allocated in respect of the
                           Certificates of Class A of this Series..............        $         0.00

                  (c)      The portion of Collections of Finance Charge
                           Receivables set forth in paragraph 2.(a) above which
                           were allocated in respect of the Certificates of
                           other Series........................................        $         0.00

                  (d)      The net amount of Collections of Finance Charge
                           Receivables which were allocated in respect of the
                           Certificates of Class A of this Series..............        $  144,130,163

         3.       Net Recoveries
                  --------------

                  The aggregate amount of Net Recoveries which were allocated in
                  respect of the Certificates of Class A of this Series........        $         0.00

         4.       Principal Receivables in the Trust
                  ----------------------------------

                  (a)      The aggregate amount of Principal Receivables in the
                           Trust as of the end of the day on the last day of
                           1999 (which reflects the Principal Receivables
                           represented by the JCPR Amount and by the Aggregate
                           Investor Amount)....................................        $1,666,653,368


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                  (b)      The amount of Principal Receivables in the Trust
                           represented by the Aggregate Investor Amount as of
                           the end of the day on the last day of 1999
                           ....................................................        $  860,754,636

                  (c)      The Aggregate Investor Amount set forth in paragraph
                           4(b) above as a percentage of the aggregate amount of
                           Principal Receivables set forth in paragraph 4(a)
                           above as of the end of the day on the last day of
                           1999................................................                51.65%

                  (d)      The Aggregate Investor Amount for Class A of this
                           Series as a percentage of the aggregate amount of
                           Principal Receivables in the Trust as set forth in
                           paragraph 4(a) above as of the end of the day on the
                           last day of 1999....................................                39.00%

         5.       Delinquent Balances
                  -------------------

                  The aggregate amount of outstanding balances in the Accounts
                  in the Trust which were delinquent as of the end of the day on
                  the last day of 1999:

                                                          Aggregate
                                                           Account
                                                           Balance
                                                           -------

                 (a) 1 month: ........................   $29,216,674
                 (b) 2 months: .......................    14,070,333
                 (c) 3 months: .......................    10,826,898
                 (d) 4 months: .......................     8,009,031
                 (e) 5 months: .......................           282
                 (f) 6 or more months: ...............             0

                                                 Total: $ 62,123,218


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         6.       Investor Default Amount
                  -----------------------

                  The aggregate amount of the Investor Default Amount which was
                  allocated in respect of the Certificates of Class A of this
                  Series for 1999..............................................        $   34,039,366

         7.       Investor Charge Offs; Reimbursement of Charge Offs
                  --------------------------------------------------

                  (a)      The aggregate amount of Investor Charge Offs which
                           was allocated in respect of the Certificates of Class
                           A of this Series for 1999...........................        $         0.00

                  (b)      The amount of the Investor Charge Offs set forth in
                           paragraph 7(a) above, per $1,000 original Certificate
                           Principal amount (which will have the effect of
                           reducing pro rata, the amount of each
                           Certificateholder's investment) allocated to Class A
                           of this Series for 1999.............................        $         0.00

                  (c)      The aggregate amount reimbursed to the Trust in 1999
                           from drawings under the Letter of Credit in respect
                           of Investor Charge Offs in the prior year...........        $         0.00

                  (d)      The amount set forth in paragraph 7(c) above, per
                           $1,000 original Certificate Principal amount (which
                           will have the effect of increasing, pro rata, the
                           amount of each Certificateholder's investment)
                           allocated to Class A of this Series.................        $         0.00


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                  8.       Investor Annual Servicing Fee
                           -----------------------------

                           The aggregate amount of the Investor Monthly
                           Servicing Fee for Class A of this Series for 1999
                           payable by the Trust to the Servicer................        $   12,999,996

                  9.       Investor Annual Facility Fee
                           ----------------------------

                           The aggregate amount of the Investor Monthly Facility
                           Fee for Class A of this Series for 1999 payable by
                           the Trust to JCPR...................................        $         0.00

                  10.      Available L/C Amount
                           --------------------

                           The Available L/C Amount as of the close of business
                           on the last day of 1999 for Class A of this Series...       $         0.00

C.       The Pool Factor.
         ---------------

                           The Pool Factor (which represents the ratio of the
                           Adjusted Investor Amount for Class A of this Series
                           as of the end of the last day of 1999 to the
                           applicable Initial Investor Amount). (The amount of a
                           Certificateholder's pro rata share of the Investor
                           Amount can be determined by multiplying the original
                           denomination of the Holder's Certificate by the Pool
                           Factor)..............................................             1.000000

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                                      GENERAL ELECTRIC CAPITAL CORPORATION,
                                      as Servicer





                                      By: /s/ Michael W. Towe
                                         --------------------------------------
                                         Title: Attorney-in-Fact


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