1. Exhibit 1: Department Store Industry 64% 77% 17% 19% 14% 9% Sales Market Capitalization $335 Billion$307 Billion Traditional Middle Market Discount

2. Exhibit 2: Price Comparison Study conducted in New Hampshire in May 2000

3. Exhibit 3: Target Store Density 2000

4. Exhibit 4: Target Corporation Sales Growth

5. 1902 George Dayton opens Goodfellows in Minneapolis 1946 The Dayton Company begins the tradition. 5% of profits are donated to communities 1962 The Dayton Company opens their 1 st discount store: Target 1967 Dayton Corporation has its first public offering of common stock 1971 Dayton Corporation and J.L. Hudson Company merge to form the Dayton Hudson Company 1979 1978 DHC acquires Mervyns becomes the 7 th largest retailer in the U.S. Target Stores become the top revenue producer 1990 DHC acquires Marshall Field’s 1995 Target launches store credit card and opens the 1 st SuperTarget 1997 DHC acquires Rivertown Trading Company and The Associated Merchandising Corporation 2000 DHC changes its name to Target Corporation 2001 Target launches Target Smart Chip Visa card Exhibit 5

6. Exhibit 6: Guest Demographic Profile Median Age (female) Median Income ($000) % College Graduate + % Professional/ Managerial % with Children <18 at Home TargetWal-martKmart Fred Meyer MeijerShopkoAmes Sam’s Club Costco 444647 4547 46 $51 $44 $42 $46 $48 $44 $36 $53 $62 40 38 41 32 29 34 33 36 21 38 43 3129353331213740 38 35 36 38 35 38 40

7. Exhibit 7: Target Stock Chart Compared to Wal-mart and Kmart 1992-2002

8. Exhibit 8: Wal-Mart Sales Breakdown 59% 12% 4% 20% 5% 33% 30% 18% 14% 5% 19952000 Other International Supercenters Sam’s Club Discount Stores

9. Exhibit 9: Discounters Operating Profit % To Sales

10. Exhibit 10: Target, Wal-mart, Kmart Gross Days in Inventory

11. Exhibit 11: Item Location Location City, State, Demographic Region Item Specific SKU Sales Performance of Clorox, Skokie Illinois

12. Exhibit 12: Evolution of GRM Strategy Complexity Channels Store, Web, Guest Clubs, Direct Mail, Smart Card Brand Target, Target Financial Services, Marshall Field’s, Mervyn’s SingleMulti One All