Target Reports Pricing of Pending Maximum Tender Offers

Target Corporation (“Target”)

announced today the consideration payable in connection with its previously announced tender offers (the “Maximum Tender Offers”), which commenced on March 13, 2013 to purchase up to $1,114,268,003 (the “Maximum Payment Amount”) of the outstanding debt securities (the “Notes” and each a “series” of Notes) listed in the table below. The Maximum Tender Offers will expire at 11:59 p.m., New York City time, on April 10, 2013 unless extended (such date and time, as the same may be extended, the “Maximum Tender Expiration Date”). The Maximum Tender Offers are being made solely pursuant to the offer to purchase and related letter of transmittal, each dated March 13, 2013 (as they may be amended or supplemented, the “Tender Offer Documents”). The table below sets forth the Total Consideration for each series of Notes. Up to the Maximum Payment Amount of the Outstanding Notes Listed Below Fixed Principal Acceptance U.S. Treasury Spread CUSIP Amount Priority Reference Reference (Basis Total Title of Security Number Outstanding Level Security Yield Points) Consideration (1) 7.000% Notes due 2038 87612EAU0 $2,250,000,000 1 2.750% due November 15, 2042 3.119% +90 bps $1,464.73 6.35% Debentures due 2032 87612EAK2 $550,000,000 2 2.750% due November 15, 2042 3.119% +80 bps $1,329.88 6.500% Notes due 2037 87612EAR7 $1,250,000,000 3 2.750% due November 15, 2042 3.119% +95 bps $1,374.85 9 7/8% Debentures due 2020 239753BC9 $38,650,000 4 2.000% due February 15, 2023 1.850% +55 bps $1,492.89 8 7/8% Debentures due 2022 239753BL9 $21,628,000 5 2.000% due February 15, 2023 1.850% +80 bps $1,494.18 9.70% Debentures due 2021 239753BG0 $27,715,000 6 2.000% due February 15, 2023 1.850% +65 bps $1,529.47 8.80% Debentures due 2022 239753BM7 $40,830,000 7 2.000% due February 15, 2023 1.850% +80 bps $1,494.08 9% Debentures due 2021 239753BJ4 $16,652,000 8 2.000% due February 15, 2023 1.850% +70 bps $1,488.66 (1) Per $1,000 principal amount of Notes. Only Holders of Notes who validly tendered and did not validly withdraw their Notes at or prior to 5:00 p.m., New York City time, on March 27, 2013 (such date and time, the “Early Tender Date”) are eligible to receive the “Total Consideration” listed in the table above for Notes accepted for purchase. Withdrawal rights for the Maximum Tender Offers expired at the Early Tender Date. Holders of Notes who validly tender their Notes after the Early Tender Date but at or prior to the Maximum Tender Expiration Date will be eligible only to receive an amount equal to the “Late Tender Offer Consideration” for any such Notes accepted for purchase. The “Late Tender Offer Consideration” for each series of Notes is equal to the Total Consideration for such series less $30 per $1,000 principal amount of such Notes. Holders will also receive accrued and unpaid interest on Notes validly tendered and accepted for purchase from the last interest payment date up to, but not including, the date Target makes payment in same-day funds for such Notes, which date is anticipated to be April 11, 2013.