Pershing Square Capital Management Announces Public Presentation on Target Corporation on Wednesday, October 29, 2008

Pershing Square Capital Management, L.P. announced today that it will host a public presentation on Wednesday, October 29, 2008 where it will detail a potential transaction that Pershing Square believes will build long-term value for Target Corporation and all of its stakeholders. All parties are welcome to attend the presentation, which will be of particular interest to investors and analysts focused on retail, real estate, fixed income and credit.

Pershing Square is a long-term investor in Target. Since acquiring its initial stake in April 2007, Pershing Square has beneficially acquired slightly less than 10% of the company's outstanding common stock.

Target's thoughtful and constructive approach with shareholders has been instrumental to Pershing Square's work in developing a potential transaction. Pershing Square believes that the insights gained by sharing the potential transaction in a public forum will benefit Target and all of its stakeholders.

The presentation will be based solely on publicly available information, as well as assumptions, estimates and projections of Pershing Square.

Due to limited available seating, attendees are encouraged to register in advance at www.visualwebcaster.com/pstgt, but may also do so at the event beginning at 12:30 PM.

Date: Wednesday, October 29, 2008
Time: Registration: 12:30 PM Presentation: 1:30 PM
Place: The AXA Equitable Auditorium
787 Seventh Avenue (between 51st and 52nd Streets)
New York, NY 10019

A live webcast of the presentation will be available at www.visualwebcaster.com/pstgt.

A live audio broadcast of the presentation will be available by teleconference. The teleconference can be accessed in the United States by dialing 1-866-682-9100 (internationally by dialing 201-499-0417), with the participant access code of 2629412.

Written materials describing the potential transaction will be made available at www.visualwebcaster.com/pstgt following the presentation.