Target Corporation Employee Benefit Trust

Effective February 1, 2005, The Target Corporation comprehensive Medical Plan, The Target Corporation HMO Plan, The Target Corporation Group Life Insurance Plan, The Target Corporation Dental Plan, The Target Corporation Long-Term Disability Plan - Exempt, and the Target Corporation Long-Term Disability Plan - Non-Exempt were merged to create The Target Corporation Employee Umbrella Trusteed Benefit Plan (The Plan). The Plan generally covers eligible employees and retirees of Target Corporation (the Plan Sponsor) and its wholly owned subsidiaries (the Companies).The Plan provides medical, dental, life and long-term disability benefits to eligible employees and eligible retired employees of the Companies. Eligibility is determined on the basis of position and/or hours worked or scheduled per week, depending on the operating company, after a specified length of service. Specific plan designs vary somewhat among companies. Benefits provided under the Plan are provided through both self-insured and fully insured benefit arrangements. The Plan is subject to the provisions of the Employee Retirement Income Security Act of 1974 (ERISA), as amended.Employees, retirees and the Companies share in the cost of the Plan. Employee contributions are based on rates determined in advance of the plan year in accordance with the historical claims experience and expected future claims experience. The Plan's excess of benefit obligations over net assets available for benefits at January 31, 2014, is expected to be funded by the Companies' and participants' contributions under the plan agreement.There are 192,225 participants in the plan.