0 Q&A With Our SVP of CR & President of the Target Foundation Introduction Environmental Social A Message From Our Chairman and CEO Q&A With Our SVP of CR Who We Are Target Forward: Our Sustainability Strategy ESG Priorities Stakeholder Engagement Progress Highlights Governance Indexes and Glossary Unveiled in June 2021, Target Forward is our vision for co-creating an equitable and regenerative future together with our guests, partners and communities. Amanda Nusz, who oversees our Target Forward strategy, offers her insights on Target Forward’s progress to date and how Target is striving to reach its bold ambitions. What’s most exciting about the Target Forward strategy a year into the rollout? I’m delighted that team members see Target Forward as a natural extension of our culture. Our teams understand that it’s integral to how we strengthen and expand our business with a clear vision for our future. Caring for people and the planet has been central to Target’s mission for decades, and Target Forward builds upon that legacy by establishing tangible, measurable goals aligned against critical ambitions . One key to the widespread enthusiasm for Target Forward is that the vision was wholeheartedly embraced and championed by Target’s leadership. They are deeply invested in this strategy and the milestones, enabling Target Forward to be fully consolidated across our enterprise. By participating in the co-creation and voicing their expectations in execution, our leaders have helped ensure our teams work arm in arm toward our shared organizational success. This approach has extended across our stakeholder ecosystem, as investors, guests and suppliers have also reacted positively to how we are bringing Target Forward to life through new and highly impactful programs. What has led to the high internal engagement? Our Target Forward strategy was created with input from team members, partners and communities, as well as insights from guests. This collective approach has made the strategy and work meaningful for all. Given the interconnected Target Forward framework and goals, it’s nearly impossible for any team to work on the strategy in isolation. Team members see how Target Forward focuses on the issues they care about and are energized by the fact that the actions we are taking today are destined to shape a more sustainable and equitable world tomorrow. What are some of the biggest accomplishments stemming from Target Forward? I’m encouraged that since its launch only a year ago, our teams have taken significant steps “forward” with Target Forward across all three of our ambitions. One example of how we are designing and elevating sustainable brands is the launch of Target Zero , an initiative to help our guests more easily find hundreds of products across our assortment that create less packaging waste. With respect to furthering diversity, equity and inclusion (DE&I), Target now offers a debt-free education assistance benefit to our more than 340,000 full-time and part-time team members. In March 2022, we completed the conversion of our Vista, California, store to become Target’s first net zero energy store – furthering our journey toward net zero greenhouse gas emissions by 2040. These are just a few of the ways we are bringing solutions to life that better serve our communities and the environment. Dozens of Target Forward initiatives are underway, and we are in the process of finalizing the roadmaps for others, an effort led by hand-selected teams of experts both within and outside of Target. As we remain dedicated to learning through this process, we expect to find the pathway to our goals continuously evolving, based on new information and as we respond to those changing dynamics. What role do external partners play in the success of Target Forward? Target Forward hinges on the input and participation from hundreds of Target vendors and suppliers, plus countless organizations we partner with in the communities we serve. To achieve aggressive goals, and to maximize the impact of our efforts at scale, Target Forward relies on a diverse set of stakeholders. It’s the only way to achieve meaningful social and environmental change. By seeking differing viewpoints and engaging experts to address challenges and opportunities, Target Forward is poised to succeed in helping tackle such critical issues as racial equity, plastic waste and climate change. This community-centric approach is especially important in achieving DE&I within our enterprise, and within the community at large. Guided by our Racial Equity Action and Change (REACH) committee, we launched the Target Scholars Program in partnership with United Negro College Fund , which is providing 1,000 first-year students at historically Black colleges and universities (HBCUs) with $5,000 scholarships, as well as mentoring and internship opportunities. I’m pleased to report we are further extending support for these students for the next three years, through graduation. Target Forward isn’t just a part of our business. It is our business. And multifaceted partnerships are the linchpins to building a better future for generations to come. Amanda Nusz Senior Vice President of Corporate Responsibility & President of the Target Foundation 2022 Target ESG Report 4