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While our guests appreciate our fast service, they also value the fun and friendly Target shopping experienceGLYPH<209>our knowledgeable, responsive team members, our pleasant, inviting stores and the energy, excitement and enter- tainment produced by our merchandising and marketing efforts. Fast, Fun and Friendly is how we strive to serve our guests at Target everyday; itGLYPH<213>s also how we live the Target brand. 

## Looking Good 

The appearance and atmosphere within Target stores are as integral to the Target brand as our differentiated merchandising, our distinctive marketing and our fast, fun and friendly guest service. We are uncompromising in our standards of housekeeping, unwavering in our commit- ment to maintain superior in-stock levels and attractive merchandise presentations, and we annually invest about $400 million to remodel, expand and update our existing stores. In 2003, our guest research indicated that focusing 

SuperTarget SuperTarget complements the tremendous growth provided by our traditional discount stores and promotes our brand experience in each store. Like Target, SuperTarget offers a unique, differentiated general merchandise offering, yet also provides our guests the added convenience of a high-quality, full-line grocery assortment. Both stores are focused on delivering fashion and value. Given the acceptance of this concept by our guests and its financial contribution to Target, we expect SuperTarget to continue to be an important element of our growth for many years to come. 

on these details is paying off with our guests, as our guest survey scores for these attributes were among the highest in our history. 

In 2004, we will unveil the newest Target prototype, which more effectively conveys category dominance and value, provides more guest-friendly merchandise adja- cencies, and offers assortments in key categories that have been expanded or edited to reflect our guestsGLYPH<213> preferences. In our new Consumables World, additional space is devoted to high-frequency goods such as pets, paper products, health and beauty aids and food. Entertainment World brings electronics, entertainment, toys and sporting goods together in one fun destination for families and kids of all ages. And Target Baby, our Mom and Baby World combines essentials like diapers and formula with apparel, infant and toddler accessories and furniture. 

Our guests have come to expect great looking Target stores, and we intend to consistently deliver. 

## SEE. SPOT. SAVE. 

Value Our commitment to our Expect More. Pay Less. strategy remains as strong as ever. The strength of our brand reflects our keen focus on delighting our guests by successfully balancing our offering of fashion newness and differentiation with outstanding value. 

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Speed Because we under- stand the importance of time in our guestsGLYPH<213> hectic lives, we deliberately invest millions of dollars in systems, team member training and elements of store design that offer our guests greater speed and convenience when they shop in our stores. 

