Picture with text - 0.42 Half Screen Picture - 0.10

Half Screen Picture Half Screen Picture - 0.09 Doug Scovanner - 0.09 EVP & Chief Financial Officer

Picture with text - 0.42 Picture with text - 0.42 Half Screen Picture - 0.10 Topics

 Outlook for Fall/Full Year 2011  Target

Half Screen Picture Half Screen Picture - 0.09  Roadmap to 2017 - 0.09  $100+ billion in sales  $8+ EPS

Picture with text - 0.42 Picture with text - 0.42 Half Screen Picture - 0.10 2011 Outlook

 U.S. Segment  U.S. Credit Card Segment

Half Screen Picture Half Screen Picture - 0.09  Canadian Segment - 0.09

Picture with text - 0.42 2011 Outlook Third Quarter EPS

$0.75 $0.74* $0.70 $0.59 $0.56 $0.58 $0.49 $0.68

Low High 2006 2007 2008 2009 2010 2011 Forecast *Included 6¢ of unusual income tax benefits 2011 Outlook Full Year EPS $4.15 $4.30 $4.00*

$3.21 $3.33 $3.30 $2.86 $3.86

Low High 2006 2007 2008 2009 2010 2011 Forecast *Included 14¢ of unusual income tax benefits Picture with text - 0.42 Half Screen Picture - 0.10 2011 Outlook Transaction Progress  Transaction  Sale of Receivables Half Screen Picture Half Screen Picture - 0.09 - 0.09

Picture with text - 0.42 Picture with text - 0.42 Half Screen Picture - 0.10

Half Screen Picture Half Screen Picture - 0.09 - 0.09

Picture with text - 0.42 Picture with text - 0.42 Half Screen Picture - 0.10

Half Screen Picture Half Screen Picture - 0.09 - 0.09

Picture with text - 0.42 Picture with text - 0.42 Half Screen Picture - 0.10

Half Screen Picture Half Screen Picture - 0.09 - 0.09

Picture with text - 0.42 Picture with text - 0.42 Half Screen Picture - 0.10

Half Screen Picture Half Screen Picture - 0.09 - 0.09

Picture with text - 0.42 Picture with text - 0.42 Half Screen Picture - 0.10 Target Canada Economics  Expected ROIC in line with U.S. experience 12% to 13% after-tax Half Screen Picture  Half Screen Picture - 0.09 - 0.09  Worth $4 to $5 per Target share today

Picture with text - 0.42 Target Canada Accounting

2011 2012 2013 2014 2015 Picture with text - 0.42 Half Screen Picture - 0.10 Target Canada 2017 Profile  150+ stores

Half Screen Picture  US $6+ billion in sales Half Screen Picture - 0.09 - 0.09  US $720+ million of EBITDA

Picture with text - 0.42 Picture with text - 0.42 Half Screen Picture - 0.10

Half Screen Picture Half Screen Picture - 0.09 - 0.09

Picture with text - 0.42 U.S. Sales in billions CAGR = 5.1%

$63 $63 $66 $58* $61 $51

2005 2006 2007 2008 2009 2010

*53 Weeks U.S. Sales in billions CAGR = 5.2%+ $94+

$66

2010 2017 Forecast 16 2017 Sales $6+ in billions Canada

$94+ U.S.U.S.

$100+ Target Corporation EPS CAGR = 8.1%

$4.00 $3.21 $3.33 $3.30 $2.71 $2.86

2005 2006 2007 2008 2009 2010 Target Corporation U.S. Contribution to EPS

CAGR = 8.8%+$7.20+

$4.00

2010 2017 Forecast Target Corporation U.S. Contribution to EPS CAGR Same-Store Sales 3%+ New Stores 2%+ EBITDA Margin Rate +/- EBIT Margin Rate 0.5%+ Share Repurchase 3% to 4% 8.8%+ Target Corporation Contribution to EPS Canada

$0.80+

2010 2017 Forecast Target Corporation Consolidated EPS

CAGR = 10.4%+ $8.00 $0.80 Canada

$4.00 $7.20 U.S.

2010 2017 Forecast Target Corporation Dividends Per Share

CAGR = 19% $0.92 $0.67 $0.54 $0.62 $0.38 $0.46

2005 2006 2007 2008 2009 2010 Target Corporation Dividends Per Share

CAGR = 18%+ $3.00+

$0.92

2010 2017 Forecast Value Today of $100 Invested 5 Years Ago

$156

$128 $112 $109 $105 $105 $102

$78 $76 $74 $71 $66 $54 $43 $42 $32

CVS Kohl’s Target Kroger Lowe’s Macy’s S&P 500 Wal-Mart Walgreen Best Buy JCPenneySuperValu Home Depot Sears Holdings Picture with text - 0.42 Half Screen Picture - 0.10

Half Screen Picture Half Screen Picture - 0.09 - 0.09

Picture with text - 0.42