0 Introduction Environmental Social Governance Indexes and Glossary A Message From Our Chairman and CEO A Message From Our Chairman and CEO Q&A With Our SVP of CR Who We Are Target Forward: Our Sustainability Strategy ESG Priorities As I reflect on a year that was marked by tremendous growth and continued volatility, one thing never wavered: the Target team’s commitment to care. Our global team of approximately 450,000 stepped up to navigate complex challenges, each and every day, finding new ways to care for each other, our guests and our communities. In doing so, they deepened trust and connection with the millions of stakeholders we serve. And the past year has done more than reinforce Target’s ability to meet stakeholders’ evolving needs. The care I see from our team strikes me as both a differentiator in our industry and an outstanding asset in addressing the great social and environmental challenges of our time. Applying our business strengths in service to people and the planet is also making our business more innovative and resilient and positioning us for continued growth. Moving Target Forward 2021 marked another year of rapid growth on top of 2020’s record results. We kept investing in our team, who are the key to our success. Today, as we continue navigating headwinds, our team is even more closely connected through our culture — and more committed to serving families and communities than ever before. That ambition — to serve people and bring joy — has been at the heart of our business for 60 years. It is the foundation of our decades-long legacy of corporate responsibility and sustainable practices, which we built upon in 2021 with the launch of Target Forward. This latest chapter in our sustainability strategy redefined what it means to apply our size, scale, purpose and values toward benefiting the world around us. And we rigorously organized around our vision: to co-create an equitable and regenerative future for all. Target Forward influences every corner of our business, informing how we source and design products, power our operations, select partners, invest in our team and communities, and countless other decisions. And it advances progress on Target’s environmental, social and governance (ESG) priorities. A vision guided by clear priorities Today, we’re taking an even more focused and rigorous approach to ESG across our business, including this inaugural ESG report, which builds on our long history of corporate responsibility reporting. It reflects our belief that transparency, prioritization, ambitious goal-setting and continual learning are essential to holding ourselves accountable and achieving transformative change. Our ESG priorities align to our Target Forward vision, while Stakeholder Engagement Progress Highlights addressing other topics that are important to us and to our stakeholders, including cybersecurity and governance. Neither our strategy nor goals are designed to be static. As with any ambitious undertaking, we will continually listen, evaluate and adjust as we learn and respond to evolving dynamics. Results driven by a culture of care All of these priorities, including our ambition to accelerate opportunity and equity, start with supporting the well-being, health and safety of our team. In 2021, we invested in ongoing pandemic support, including frontline bonuses; an evolved staffing model meant to provide more stable hours and paychecks; and benefits designed to increase equitable opportunities, including debt-free education assistance. Fortune ranked Target second among best large companies to work for, and this year, we announced a new starting wage range of $15 to $24 per hour and expanded access to healthcare benefits to even more of our team and their families. We built on our long-standing diversity, equity and inclusion (DE&I) strategy and deepened our commitments as an anti-racist organization. We’ve long set ambitious, multi-year DE&I goals, and we met or exceeded nearly all of our latest round — increasing promotions and reducing turnover for team members of color, while making strides in more diverse representation across the team, especially in our officer ranks. And we’re on-track to meet commitments from our Racial Equity Action and Change (REACH) committee, including investing $2 billion in Black-owned businesses by 2025. We’re proud of our progress and the new connections and commitments we’re making through these efforts, but this work is never finished. As the following pages show, we also advanced on efforts to reduce environmental impact through renewable energy projects, circular design and more. For instance, as we work to become a net zero enterprise by 2040, we’re driving sustainability and emissions accountability across our supply chain, and we retrofitted our first net zero energy store. Our team is designing with more regenerative, recycled or sustainably sourced materials, including in guest- favorite owned brands such as Cat & Jack, Universal Thread and Everspring. Bringing our impact to scale Target has entered our third fiscal year since the pandemic began. In that time, we’ve grown by tens of billions of dollars and invested more than ever in our team. We’ve emerged a larger and stronger company, with even more loyal guests turning to Target as a source of joy and stability in an ever-evolving world. That growth translates to greater responsibility — and opportunity. Through our ESG and Target Forward commitments, and our perpetual focus on learning and improvement, we remain focused on bringing our impact to scale. And as we connect our bold approach to sustainability to the power of collaboration and a team that is committed to caring, growing and winning together, I am more optimistic than ever about our ability to drive positive outcomes for all. Brian Cornell Chairman and CEO 2022 Target ESG Report 3