NYSE Calendar

Zale Corporation is a specialty retailer of fine jewelry in North America. At July 31, 2007, the Company operated 1,471 specialty retail jewelry stores and 793 kiosks located mainly in shopping malls throughout the United States, Canada and Puerto Rico. Zale Corporation operates under three business segments: Fine Jewelry, Kiosk Jewelry and All Other. The Fine Jewelry segment comprises six brands, each of which specializes in fine jewelry and watches, with merchandise and marketing emphasis focused on diamond products. The Kiosk Jewelry segment operates primarily under the brand names Piercing Pagoda, Plumb Gold, Silver and Gold Connection through mall-based kiosks. In All Other, it provides insurance and reinsurance facilities for various types of insurance coverage through Zale Indemnity Company, Zale Life Insurance Company and Jewel Re-Insurance Ltd. During the fiscal year ended July 31, 2007, the Fine Jewelry segment generated approximately 89% of the Company's net revenues.