X0303 4 2008-12-31 0000027419 TARGET CORP TGT 0001201725 MULCAHY ANNE M 1000 NICOLLET MALL MINNEAPOLIS MN 55403 1 Common Stock 11163 D Deferred Compensation Units 0 2008-12-31 4 A 0 390.9644 34.53 A Common Stock 390.9644 1506.388 D Includes dividend equivalents paid on restricted stock units since the date of the reporting person's last filing that have been reinvested in additional restricted stock units. Deferred Compensation units are held under the Director Deferred Compensation Plan (the "Plan"). Under the terms of the Plan, participants' deferred compensation balances are indexed to various crediting rate alternatives, as chosen by them. The units reported relate to the Target common stock crediting rate alternative and each unit is the economic equivalent of one share of Target common stock. The value of such units increases or decreases daily in accordance with an equivalent investment in the Target Stock Fund in the corporation's 401(k) Plan. Participants are generally free to transfer plan balances into other crediting rate alternatives at any time. The Plan balances represent unsecured general obligations of Target Corporation and are payable solely in cash. Acquisition from the issuer in a transaction exempt under Rule 16b-3(d). Includes units acquired as a result of reinvested dividends since the reporting person's last filing that reported this derivative security. David L. Donlin, Attorney-In-Fact 2009-01-05