Answer the following financial ratios:

Days inventory held

Days payable outstanding

Cash conversion cycle

Accounts receivable turnover

Payables turnover

Fixed asset turnover

Total asset turnover

Debt ratio

Long-term debt to total capitalization

Debt to equity

Financial leverage (FL)

Times interest earned

Cash interest coverage

Fixed charge coverage

Cash flow adequacy

Earnings per share

Price-to-earnings

Dividend payout

Dividend yield

TARGET CORPORATION CONSOLIDATED STATEMENTS OF OPERATIONS [ACTUAL CASE DATA: $ in Millions] 2007 2006 2005 Sales Credit Card Revenues Total Revenues Cost of Sales Selling, General and Administrative Expenses Credit Card Expenses Depreciation and Amortization Earnings Before Interest Expense and Income Taxes Net Interest Expense Earnings Before Income Taxes Provision for Income Taxes Net Earnings 61,471 1,896 63,367 41,895 13,704 837 1,659 5,272 647 4,625 1,776 2,849 57,878 1,612 59,490 39,399 12,819 707 1,496 5,069 572 4,497 1,710 2,787 51,271 1,349 52,620 34,927 11,185 776 1,409 4,323 463 3,860 1,452 2,408 Basic Earnings Per Share Diluted Earnings Per Share 3.37 3.35 3.23 3.21 2.73 2.71 Weighted average common shares outstanding: Basic Diluted 882 845.4 850.8 861.9 868.6 889.2 End of year stock price Dividends per share 57.05 0.54 62.03 0.46 54.17 0.38 TARGET CORPORATION CONSOLIDATED STATEMENTS OF CASH FLOWS [ACTUAL CASE DATA: $ in Millions] 2007 2006 2005 2.849 2.787 2,408 1.659 73 (70) 481 28 52 1,496 99 (201) 380 53 (35) 1,409 93 (122) 466 70 (50) (602) (525) (139) 101 111 62 (226) (431) (30) 5 435 430 100 (244) (454) (28) (24) 489 421 124 (79) 4.125 2 15 4,451 4.862 Operating Activities Net Earnings Reconciliation to Cash Flow Depreciation and amortization Share-based compensation expense Deferred income taxes Bad debt provision Loss on disposal of property and equipment, net Other non-cash items affecting earnings Changes in operating accounts related to cash: Accounts receivable originated at Target Inventory Other current assets Other noncurrent assets Accounts payable Accrued and other current liabilities Other noncurrent liabilities Other Cash flow provided by operations Investing Activities Expenditures for property, plant and equipment Proceeds from disposal of property and equipment Change in accounts receivable originated at third parties Other investements Cash flow required for investing activities Financing Activities Additions to short-term notes payable Reductions of short-term notes payable Additions to long-term debt Reductions of long-term debt Dividends paid Repurchase of stock Premiums on call options Stock option exercises and related tax benefit Other Cash flow provided/(required for) financing activities Net increase/(decrease) in cash and cash equivalents Cash and cash equivalents at beginning of year Cash and cash equivalents at end of year (4,369) 95 (1,739) (182) (6.195) (3,928) 62 (683) (144) (4,693) (3,388) 58 (819) (4,149) - 913 (527) 1,256 (1,155) (380) (901) (318) (1,197) 1.000 (500) 7.617 (1,326) (442) (2,477) (331) 210 (44) 3,707 1.637 813 2.450 181 (5) (1,004) (835) 1.648 813 231 (1) (899) (597) 2.245 1,648