Target Stock Fund Purchase Cap in the TGT 401(k)

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1 Target Stock Fund Purchase Cap in the TGT 401(k) When it comes to investing, you have likely been cautioned against putting all your eggs in one basket. Most financial planners and the U.S. Department of Labor recommend limiting the amount of your retirement savings invested in any one company or industry. Along with simply saving enough money, a big factor in determining whether you are on track for a secure financial future is whether your investments are properly diversified to handle the ups and downs of the financial markets. To help TGT 401(k) participants maintain a properly diversified portfolio, a Purchase Cap on the Target Stock Fund ( the Fund ) within the TGT 401(k) will go into effect on June 25, How Does the Purchase Cap Work? Future Contributions: Each pay period, you may allocate up to 20 percent of your contributions to the Fund within your TGT 401(k). If you currently allocate more than 20 percent of your contributions to the Fund, on June 25 this will be reduced to 20 percent and the remainder will be allocated to the appropriate LifePath Fund based on your age. Current Balances: Any amounts you have already invested in the Fund can remain in the Fund indefinitely. However, you may only transfer money into the Fund if the overall portion of your account invested in the Fund would be equal to or less than 20 percent of your total account balance after the transfer (based on opening day prices). The legal notices associated with this change are attached. These notices are for your information only. No action is required Next Steps This is a great time to visit and review your TGT 401(k) account. On this web site you can: Questions? Use Financial Engines to review your current investments and get investment advice (on the Home page click on the Get Advice tile to get started) Access the Fund Fact Sheets to read about all of your investment options in the TGT 401(k), including the Target Stock Fund and LifePath Funds Read an article with additional details on the Purchase Cap (available the first week of June) If you have additional questions in the meantime, you may contact the Target Benefits Center at Hablamos Español: Puede obtener mayor información llamando a la linea telefónica del Centro de beneficios de Target ( ). TGT-H /15

2 April 2015 NO ACTION IS REQUIRED Target 401(k): Information About Your Options, Fees, and Other Expenses As required by federal regulations, each year Target sends this notice with information about your investment options, fees, and other expenses in the Target 401(k). This notice is for your information only. No action is required. The Target 401(k) is a great way to build savings for your future: Enjoy convenient automatic savings through payroll deductions. You can choose to make contributions on a before-tax, Roth, regular after-tax basis, or any combination of the three. Select from the flexible, comprehensive investment lineup. Take full advantage of the Target 401(k) by choosing a savings rate and investments that meet your long-term saving needs. Learn More What s Inside 1. About Fees and Expenses 2. The Plan s Options 3. -Related Information 4. Terms You Should Know Review this notice to learn more about Target 401(k) fees and expenses, investment options, and where to go for more information. Also, visit targetpayandbenefits.com: For tools to help you explore how your saving and investing decisions impact your long-term savings goals To review the Summary Plan Description, which includes additional details about the Target 401(k) Visit targetpayandbenefits.com for more information. 1

3 1. About Fees and Expenses As with other investments, many fees and expenses for the Target 401(k) are paid by investors, in this case, participants in the plan. There are several types of fees: Some fees are asset-based fees that you won t see directly because they are paid as a percent of plan assets (also called an expense ratio) and come out of your investment earnings. The asset-based fees are shown in Section 3 of this document. Asset-based fees are used to pay for investment management fees and services, such as recordkeeping and participant services, trustee, accounting, and other expenses, relating to the maintenance of the plan or plan funds. You may also have individual fees charged to your account that are based on activity you have requested (see the box on the right to learn about individual fees that may apply to your account). Note: There are no upfront charges when you decide to invest in any of the funds in the Target 401(k). Fees and expenses are important because they can substantially reduce the growth of your account. (You can find an example that illustrates this concept on the Department of Labor s website: publications/401k_employee.html.) Fees and expenses are only one of several factors to consider when making investment decisions. You also should carefully consider asset class, investment risk, investment objectives, principal investment strategies, and historical performance when selecting investment options. Learn more about the funds at targetpayandbenefits.com. Individual Fees in the Target 401(k) advice fees: If you choose to receive professional management services from Financial Engines, your account will be charged as follows: Portion of Account Annual Rate Annual Cost Up to 75, % 6.00 per 1,000 75,000 to 150, % 4.50 per 1,000 Over 150, % 3.00 per 1,000 Other investment management fees are paid through the assetbased fees that come out of your investment earnings. Loan fees: You will pay a 75 fee whenever you take a loan from the Target 401(k). This fee is paid by a reduction in your loan proceeds. As you pay back your loan, you will pay interest at a rate of prime plus 1%. Withdrawal fee: You will pay a 20 fee for each non-hardship withdrawal you make while you are an active team member. Domestic relations order fees: You will pay a 600 fee when a domestic relations order is processed on your account. (This happens when a court awards a portion of your account to another person due to a divorce settlement.) The fee is deducted before the order is applied. 2. The Plan s Options As a participant in the Target 401(k), you re responsible for investing your account in one or any combination of the plan s investment options. Within the plan, you will find several options: Core Funds, Specialty Funds, and Target Date Funds (sometimes called LifePath Funds) provide you with investments that have returns that can change as markets go up and down. More information on these funds is found in Section 3. Target has designated Financial Engines, an independent Registered Advisor, to provide fiduciary investment advice and professional management services to plan participants. 2 Visit targetpayandbenefits.com for more information.

4 You may change your investment elections as often as you like. However, keep in mind that some funds are subject to trading restrictions. If trading restrictions apply, they will be listed in Section 3. Ultimately, how you invest should depend on your age, lifestyle, accumulated wealth, years to retirement, and comfort level around risk. This notice only provides some information about your investment choices like fees, expenses, and historical returns. Your decisions should be based on the full picture, taking into account your individual situation, not just the information in this notice. Target Date (LifePath ) Funds Target Date Funds (also called LifePath Funds) provide you with a well-diversified blend of stocks, bonds, and other investments that is automatically adjusted to lower risk level as you near retirement. To best use the funds, simply select the one fund closest to your retirement date. You do not need to take any further action; the fund s manager will gradually adjust the asset mix of the fund to include more bonds and fewer stocks. The funds reach their most conservative investment mix on their target retirement date. After that date, the investment mix will stay about the same. The funds do not guarantee that you will have sufficient retirement income at the target retirement date. You can lose money in the funds, both before and after the applicable target retirement date. Visit targetpayandbenefits.com for more information. 3

5 Learn More About the Plan s Options Learn more about the investment options and fees that apply to these funds at targetpayandbenefits.com. Click 401(k) Tile > View Plan Information. You can find fund facts, fund performance and other fund information. You can also receive more information about the funds, including paper copies of any information that is provided online, by calling the Target Benefits Center at Representatives are available from 9 a.m. to 7 p.m. CST, Monday through Friday. To Enroll or Make Changes to Your s You can enroll in the Target 401(k) or make changes to your investments at any time by logging in to targetpayandbenefits.com. Once you have logged in, you can: Enroll simply click the 401(k) Tile > Contributions > Change Contributions. Change your current investment mix or your investment elections for future contributions click the 401(k) Tile > Manage s > Change s. Follow the instructions on the website. Voting and Tender Rights As a participant in the Target 401(k), you can direct the manner in which the Trustee will vote the Target Common Stock shares credited to your Target Common Stock Fund account. The Trustee votes your shares in accordance with the voting instructions received from you. If you fail to vote your shares, those not voted shares are voted in proportion to the shares voted by all voting plan participants. In the event of a tender or exchange offer for 5% or more of the outstanding Target Common Stock, you may direct the Trustee whether to tender or exchange shares allocated to your account. If you fail to provide instructions, the Trustee will not tender the shares allocated to your accounts. If you are unable to log in to the website, you may also enroll or change investment options by calling the Target Benefits Center at Benefits Center representatives are available from 9 a.m. to 7 p.m. CST, Monday through Friday. 4 Visit targetpayandbenefits.com for more information.

6 3. -Related Information The following table shows the plan s investment options, including: 1. General information about the type of investment 2. Fee information, including asset-based fees 1 (often called the expense ratio), plus other shareholder-type fees or investment restrictions 2 3. Historical fund performance and an appropriate benchmark for the same period of time 3 Keep in mind, however, that past performance does not guarantee how the investment option will perform in the future. Your investment in these options could lose money. Information about an option s principal risks is available on targetpayandbenefits.com > 401(k) Tile > View Plan Information > Fund Fact Sheets. General Information Fee Information Historical Performance Fund Name/ Benchmark Manager Asset Class Total Asset-Based Fees 1 Annual Cost per 1,000 of Shareholder-Type Fees and Restrictions 2 Average Annual Total Return as of 12/31/2014 (Fund and Benchmark) 3 Target Date Funds 1 yr. 5 yr. 10 yr. LifePath Retirement Fund Benchmark: Barclays Aggregate Index Benchmark: Custom 4 LifePath 2020 Fund Benchmark: Russell 1000 BlackRock Premixed 0.20% 2.00 N/A Benchmark: Custom 4 BlackRock Premixed 0.20% 2.00 N/A LifePath 2025 Fund Benchmark: Russell 1000 Benchmark: Custom 4 BlackRock Premixed 0.20% 2.00 N/A Since Inception 4.99% 6.83% 5.35% 5.44% 5.97% 4.45% 4.71% 4.83% 5.20% 6.96% 5.55% 5.64% 5.32% 7.89% 5.46% 5.51% 13.24% 15.64% 7.96% 8.02% 5.53% 8.04% 5.66% 5.71% 5.55% 8.48% 5.66% 5.51% 13.24% 15.64% 7.96% 8.30% 5.78% 8.63% 5.86% 5.71% Fund Inception Date 8/1/2005 8/1/2005 7/5/ Total asset-based fees are investment management company fees plus any other plan administrative costs charged to participants provided by the investment management company to cover plan administrative and other costs. Administrative costs make up approximately 0.09% of the total asset-based fee for each fund. 2 Shareholder-type fees and investment restrictions outline any fees paid directly from your investment in this option and any restrictions on trading that might exist for a specific investment option. 3 In general, 1-year, 5-year, 10-year, and since inception performance is shown. If a full history is not available, simulated returns are shown. Each fund s returns have been reduced by that fund s total asset-based fees. The benchmarks returns have not been reduced by fees. 4 The custom benchmark is calculated using blended returns of third-party indices that reflect the weightings of the fund s asset classes. Visit targetpayandbenefits.com for more information. 5

7 General Information Fee Information Historical Performance Fund Name/Benchmark Manager Asset Class Total Asset-Based Fees 1 Annual Cost per 1,000 of Shareholder-Type Fees and Restrictions 2 Average Annual Total Return as of 12/31/2014 (Fund and Benchmark) 3 Target Date Funds (cont.) 1 yr. 5 yr. 10 yr. LifePath 2030 Fund Benchmark: Russell 1000 Benchmark: Custom 4 BlackRock Premixed 0.20% 2.00 N/A LifePath 2035 Fund Benchmark: Russell 1000 Benchmark: Custom 4 BlackRock Premixed 0.20% 2.00 N/A LifePath 2040 Fund Benchmark: Russell 1000 Benchmark: Custom 4 BlackRock Premixed 0.20% 2.00 N/A LifePath 2045 Fund Benchmark: Russell 1000 BlackRock Premixed 0.20% 2.00 N/A Benchmark: Custom 4 LifePath 2050 Fund Benchmark: Russell 1000 Benchmark: Custom 4 BlackRock Premixed 0.20% 2.00 N/A LifePath 2055 Fund Benchmark: Russell 1000 BlackRock Premixed 0.21% 2.10 N/A Benchmark: Custom 4 Core Funds Intermediate-term Bond Fund 5 Benchmark: Barclays Intermediate Gov/Credit Index Money Market Option Benchmark: Merrill Lynch 3-month T-bill Index Multiple Bond 0.23% 2.30 State Street Global Advisors Money Market See footnote 7 on the following page 0.19% 1.90 N/A Since Inception 5.73% 9.01% 5.71% 5.77% 13.24% 15.64% 7.96% 8.02% 5.98% 9.13% 5.91% 5.97% 5.90% 9.45% 5.86% 5.59% 13.24% 15.64% 7.96% 8.30% 6.16% 9.57% 6.06% 5.79% 6.03% 9.84% 5.84% 5.87% 13.24% 15.64% 7.96% 8.02% 6.33% 9.96% 6.04% 6.07% 6.15% 10.24% 5.97% 5.56% 13.24% 15.64% 7.96% 8.30% 6.45% 10.32% 6.17% 5.76% 6.28% 10.68% 6.33% 3.76% 13.24% 15.64% 7.96% 6.73% 6.63% 10.69% 6.53% 3.96% 6.36% 10.81% 6.35% 12.00% 13.24% 15.64% 7.96% 16.79% 6.70% 12.13% 6.56% 12.21% 2.83% 2.24% 3.35% 1.44% 3.13% 3.54% 4.10% 1.57% 0.06% 0.10% N/A 0.07% 0.04% 0.09% 1.55% 0.09% Fund Inception Date 8/1/2005 7/5/2006 8/1/2005 7/5/2006 9/30/2007 1/29/2010 6/5/ /1/ Although the Intermediate-term Bond Fund (and certain investments of the Target Corporation Pension Plan) invests in futures, they are not designed as vehicles for trading in the futures, commodity options, or swaps markets. Target has claimed an exclusion from the definition of commodity pool operator under the Commodity Exchange Act and the rules of the Commodity Futures Trading Commission (CFTC). That means it s not subject to CFTC registration or regulation as a commodity pool operator. 6 Visit targetpayandbenefits.com for more information.

8 General Information Fee Information Historical Performance Fund Name/ Benchmark Manager Asset Class Total Asset-Based Fees 1 Annual Cost per 1,000 of Shareholder-Type Fees and Restrictions 2 Average Annual Total Return as of 12/31/2014 (Fund and Benchmark) 3 Core Funds (cont.) 1 yr. 5 yr. 10 yr. Inflation Protected Bond Index Fund Benchmark: Barclays US TIPS Index U.S. Large Company Stock Index Fund Benchmark: S&P 500 U.S. Small Company Stock Index Fund Benchmark: Russell Small Cap Completeness Index International Developed Markets Stock Index Fund Benchmark: MSCI EAFE State Street Global Advisors State Street Global Advisors State Street Global Advisors BlackRock Bond 0.16% 1.60 N/A U.S. Large-Cap Stock U.S. Small-Cap Stock International Developed Markets Stock 0.12% 1.20 N/A 0.14% 1.40 N/A 0.16% 1.60 N/A Since Inception 3.44% 3.88% 4.11% 5.94% 3.64% 4.11% 4.37% 6.21% 13.54% 15.31% 7.51% 7.22% 13.69% 15.45% 7.67% 7.45% 7.31% 15.89% 7.84% 7.74% 7.40% 16.40% 9.02% 8.54% -5.53% 5.20% 4.28% 10.15% -4.90% 5.33% 4.43% 10.26% Fund Inception Date 8/1/2000 5/1/1997 7/1/ /1/2008 Specialty Funds Target Corporation Common Stock Fund Benchmark: Target Stock Total Return State Street Global Advisors Common Stock 0.098% 0.98 See footnote 6 below 23.33% 11.61% 5.30% 12.47% 23.82% 11.97% 5.61% 12.92% 1/1/1990 U.S. Real Estate Stock Index Fund Benchmark: Dow Jones U.S. Select REIT Index State Street Global Advisors U.S. Real Estate Stock 0.19% 1.90 See footnote 7 below 31.60% 16.72% 7.89% 11.32% 32.00% 17.00% 8.13% 11.57% 5/1/2001 International Emerging Markets Stock Index Fund Benchmark: MSCI Emerging Markets Index BlackRock International Emerging Markets Stock 0.21% 2.10 See footnote 7 below -2.95% 1.11% 7.59% 10.34% -2.91% 1.78% 8.43% 11.26% 10/1/ A purchase cap applies to this fund effective June 25, This means that you may only allocate up to 20% of your future paycheck contributions to the Target Stock Fund, and you may only transfer funds into the Target Stock Fund if the overall portion of your account invested in the Target Stock Fund would be equal to or less than 20% of your account balance after the transfer. 7 A purchase block applies to this fund. This means that if you sell 5,000 or more in this fund on a single day, you will not be able to make any purchases for 30 calendar days in this fund. Purchases that are a result of regular salary deferrals, automatic rebalancing, or that are directed by Financial Engines will not be blocked. Visit targetpayandbenefits.com for more information. 7

9 4. Terms You Should Know Here are some key terms and concepts that will help you understand the information described in this notice. Asset-based fees: Fees that are charged as a percent of holdings in an investment to cover investment management fees plus any assetbased administrative service fees. (See chart at right for an example of how asset-based fees work.) Asset class: A specific category of assets or investments (such as stocks, bonds, premixed, or money market), as well as certain types of stocks (such as international stocks and large-cap stocks). Assets within the same class generally exhibit similar characteristics. Benchmark: A benchmark is typically a market index that tracks general market performance of similar types of investments. For example, the S&P 500 index is commonly used as a benchmark for large-cap stocks. Core funds: Each of these funds represents a single asset class. A combination of core funds is needed to have a diversified portfolio that will provide the most optimal long-term investment experience. Individual fees: These fees apply to your account and are generally dependent on your transactions, like taking a loan from the plan. Other individual fees may be charged to each participant to pay for services available to all participants, such as investment advice. management fees: Fees paid to the investment manager for selecting and managing the investments in an investment option. These fees may also include costs such as advertising and promotion, administration, and other services. risk: This is the chance that a fund will lose value. While all investments have some risk, the level of risk can vary greatly across types of investments. Recordkeeping and participant services fees: Costs for activities like keeping data on participants and participant accounts, communication materials, Internet services, and assisting participants with transactions. Revenue sharing: Fees paid by some investment funds to plan service providers (including affiliates of the investment manager) or directly to the plan for administrative, recordkeeping, and other services. For this plan, any revenue sharing is used to reduce plan costs before they are charged to participants. How Asset-Based Fees Work Let s say your current account balance is 30,000 and you ve invested in three funds as shown below. Here s an estimate of what you might pay annually in total expenses. Balance Asset-Based Fees Target date funds: These funds, which are sometimes called LifePath Funds, are premixed, diversified investment strategies that are designed to be a single investment solution. They have a mix of underlying investments that are generally appropriate for a given retirement date. Trustee fees: Fees paid to the trustee who manages some of the operations of the plan, including trading and holding plan assets. As % of Assets Inflation Protected Bond Index Fund 10, % U.S. Large Company Stock Index Fund International Developed Markets Stock Index Fund 17, % , % 4.80 Total 30, % Dollar Amount Because asset-based fee expenses are accumulated daily, your actual cost will vary as your account value changes. To see more definitions related to investments, go to the plan s website. You will find additional definitions in 401(k) Tile > View Plan Information > Fund Fact Sheets. Visit targetpayandbenefits.com or call Plan Administrator Address: Vice President, Pay & Benefits Target Corporation 33 South 6th Street, CC-1712 Minneapolis, MN Turnover ratio: A measure of how frequently investments are bought and sold within an investment fund during a year, which is usually expressed as a percentage of the total value of the fund. TGT-H /15 8 Visit targetpayandbenefits.com for more information.

10 SUMMARY OF MATERIAL MODIFICATIONS TARGET CORPORATION 401(k) PLAN This notice updates the Target Corporation 401(k) Plan summary plan description for recent amendments. You should keep this notice with your summary plan description for future reference. PURCHASE BLOCK ON TARGET COMMON STOCK FUND On page 9 of the summary plan description, the following paragraph replaces the first paragraph under the heading, Choices. You can choose to invest your account in any combination of 18 different investment funds, subject to any purchase blocks that may apply to you (see Page 16). Each of the funds has a specific investment goal and risk level. On page 9 of the summary plan description, the LifePath 2015 Fund bullet under the heading BLENDED GROUP is deleted without replacement. On page 13, the following new sentence is inserted as the second sentence under the heading Specialty Group. Purchase blocks apply to the funds in this group. See page 16 for additional information about these purchase blocks. On page 16, the first paragraph under the heading Transferring out of the Target Corporation Common Stock Fund is deleted and replaced with the following. You can transfer from the Target Corporation Common Stock Fund to another fund at any time, but be aware that a purchase block may prevent you from later transferring back into the Target Corporation Common Stock Fund. Beginning June 25, 2015, you may only transfer funds into the Target Stock Fund if the overall portion of your account invested in the Target Stock Fund would be equal to or less than 20% of your account balance after the transfer. On page 16, the following new heading and new paragraph are inserted at the beginning of the second column. PURCHASE BLOCKS A purchase block applies to the Target Corporation Common Stock Fund. Beginning June 25, 2015, you may only allocate up to 20% of your future contributions to the Target Corporation Common Stock Fund. In addition, you may only transfer funds into the Target Stock Fund if the overall portion of your account invested in the Target Stock Fund would be equal to or less than 20% of your account balance after the transfer. 1 TGT- H /14

11 TENDER On page 15, the last paragraph in the first column is deleted and replaced with the following. Any investment you make in Target common stock gives you voting rights at the annual meeting of shareholders and the right to direct the sale of the common stock in the event of a public tender or exchange offer for 5% or more of the outstanding Target common stock. See Securities Act Matters on pages 24 and 25. On page 25, the paragraph following the heading Tender or Exchange Offers is deleted and replaced with the following In the event of a tender or exchange offer for 5% or more of the outstanding Target common stock, you may direct the trustee whether to tender or exchange shares allocated to your accounts. If you fail to provide instruction, the trustee will not tender either the shares allocated to your accounts or an equivalent percentage of unallocated shares held by the Plan. INDEPENDENT FIDUCIARY FOR TARGET STOCK FUND On page 26, the following new sentence is added as the last sentence of the last paragraph under the heading Day-to-day administration. However, State Street serves as the independent fiduciary of the Target Corporation Common Stock Fund. FOR MORE INFORMATION If you have any questions about these changes, please call the Target Benefits Center toll free at Outside the United States, call Target Customer Service Representatives are available between 9 a.m. and 7 p.m. Central time, Monday through Friday. April TGT- H /14

12 State Street Global Advisors State Street Global Advisors, a division of State Street Bank and Trust Company, recently began serving as the independent fiduciary for the Target Stock Fund within the Target Corporation 401(k) Plan and the Target Corporation Ventures 401(k) Plan (the plan). As independent fiduciary, State Street monitors the Target Stock Fund within the plan to determine whether offering the fund as an investment option is in the best interests of plan participants. Plan participants still have the right to purchase and sell Target stock within their plan accounts, subject to plan rules and limits, and Target s Securities Trading Policy. However in the unlikely event State Street determines that continued investment in Target stock is not in participants best interests, State Street could suspend trading in Target stock in the plan or sell Target stock held in the plan. This independent fiduciary arrangement helps avoid conflicts of interest and ensure Target is satisfying its legal obligations. Target selected State Street in part because State Street is an industry leader in providing independent fiduciary and investment management services to retirement plans. It has more than 28.2 trillion in assets under custody and over 2.45 trillion in assets under management. State Street is also the largest fiduciary for company stock assets, with over 63 billion of employer securities managed for qualified retirement plans. If you have questions about this notice, you may contact the Target Benefits Center at Puede obtener mayor información llamando a la linea telefónica del Centro de beneficios de Target ( ). LIBB/ TGT- H /14

13 SAVE SMARTER with TARGET CREDIT UNION Make a BIG DIFFERENCE with a few smart financial decisions Target CU is a full-service financial institution. Because of our not-for-profit status, we are able to offer better deposit rates and lower loan rates than banks. At Target CU, membership means having access to several easy and rewarding ways to get ahead regardless of your financial position or where you live. Our accounts and services are designed to benefit YOU, so let us help you start saving more now! 10,000 SAVINGS GROWTH POTENTIAL WITH RAINY DAY SAVINGS 9,155 NATIONAL AVERAGE SAVINGS ACCOUNT RATE 9,000 8,000 7,000 6,000 5,000 5, % APY 1 BANKS & CREDIT UNIONS vs 1.25 % APY 2 TARGET CU RAINY DAY SAVINGS DOUBLES TO 2.50 % APY 2 AFTER 12 MONTHS 4,000 3,726 YEAR 3 YEAR 2 YEAR 1 3,000 2,000 1,000 0 Savings based on an initial deposit of 100 into a Rainy Day Savings Account. Amounts depicted represent the growth of the monthly deposit and interest accumulated over time. Assuming all monthly account requirements are met. THE POWER OF SAVING WITH POWERPLUS CHECKING Annual ATM Surcharge Reimbursement 5,6 1, /month 100/month 250/month SAVINGS PER MONTH BANKS 0 vs 2,451 1,207 TARGET CU 120 Annual Interest Earned ,6 Common Out-of-network 2.50 ATM Fee FEE NO 7 2,865 ATM Members save an average of 3,221 FUEL YOUR SAVINGS WITH AUTO LOANS OFF MSRP 3 when they buy through the Target CU Auto Buying Service. Potential savings 367 over the life of the loan when members refinance with Target CU 4 Based on a balance of 2,500 in a PowerPlus Checking account with Target CU. TargetCU.org/SaveMore Learn how we can help you make all the smartest banking decisions.

14 APY=Annual Percentage Yield 1 Source: NCUA Comparison of Average Savings and Loan Rates at Credit Unions (CUs) and Banks from December 26, Rainy Day Savings is a tiered, interest-bearing account based on qualifying activity and balance. You must make an opening deposit of at least 25, and not to exceed 1,000, and additional monthly deposit must be made of at least 25, and not to exceed 500, otherwise regular savings rate will be paid. Rates subject to change without notice. Rainy Day Savings is limited to one account per member. Rates valid as of 4/15/2015 and are subject to change. Other restrictions apply. 3 Average estimated MSRP savings using a TrueCar Certified Dealer based on users who configured virtual vehicles and subsequently purchased a new vehicle of the same make and model listed on the certificate from Certified Dealers, was 3,221, including any manufacturer incentives. Your actual savings may vary. Your actual purchase price is negotiated between you and the dealer. 4 Savings based on the average interest paid on a 3.09% APR 60 month loan of 16,500, and refinanced with Target CU at 1.74% APR. 5 Savings based on an average daily balance of 2,500 over 12 months, where member meets criteria. Assumes 0 in ATM fee reimbursement and 0.10% APY for an interest bearing checking account. 6 Savings based on an average daily balance of 2,500 over 12 months when member meets requirements: Monthly direct deposit of at least 500 into your PowerPlus Checking account, enrollment in online statements with a valid address, and at least 15 monthly posted transactions using your Target CU Debit/Credit Card, online bill pay or ACH payment. The dividend rate and annual percentage yield (APY) may change at any time. Balances up to 25,000 will earn the stated higher rate and the portion of the balance over 25,000 will earn the stated lower rate. Target CU reimburses up to 10 in other banks ATM surcharge fees each month. See rate sheet or website for current rates and your account agreement or ask Target CU for additional information. 7 Average out-of-network ATM fee for banks is Source: Bankrate 2015 Credit Union Checking Survey. Target CU does not charge ATM fees in the United States or Puerto Rico. A fee may be charged by non-target CU ATM-owner institution. FEDERALLY INSURED BY NCUA