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 Canada 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. Retail 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 Zellers 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 Target Corporation 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 Costco Target Kroger Lowe’s Macy’s S&P 500 Safeway 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.