Target (TGT) Issues Statement Countering Pershing Square Comments

May 22, 2009 12:19 PM EDT

Target Corporation (NYSE: TGT) today issued the following statement in response to the press release issued by Pershing Square attacking Target's corporate governance practices:

Strong corporate governance is something that Target believes is important and has always taken pride in. We believe Target has robust and industry leading corporate governance guidelines. In fact, Institutional Investor magazine named Target America's most shareholder-friendly company in 2009.
Target believes Pershing Square has failed in its case for change and is now engaging in yet more misdirection.

We are disappointed that now that we are in the final lap of the proxy contest, Pershing Square is making attacks on Target's governance practices that are unsupported by the facts and, indeed, by the proxy advisory reports which it cites.

We believe Pershing Square is mischaracterizing the opinions of the four proxy advisory firms as supporting its dissident slate. Nothing could be further from the truth. Two of the advisory firms recommended that Target shareholders vote on Target's WHITE proxy card, including Glass Lewis & Co.
which recommended that Target shareholders support all four of Target's nominees. The other two advisory firms have each recommended only two of Pershing Square's five nominees - and only one of these two firms has recommended voting for Bill Ackman.

W e urge Target shareholders to disregard Pershing Square's attacks and to vote on the WHITE proxy card in support of a board and management team that have served their interests.[SM]

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• William Ackman
• Pershing Square Capital

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