Chase and Target Announce Credit Card Financing Agreement

Business Wire, May 5, 2008

Chase will purchase an approximate 47 percent interest in Target's credit card receivables

WILMINGTON, Del. -- JPMorgan Chase (NYSE:JPM) announced today that it will purchase an undivided interest in Target's credit card receivables for approximately $3.6 billion in cash. This interest would represent approximately 47 percent of the principal amount of Target's outstanding receivables. This transaction is expected to close before the end of May.

"Chase is pleased to partner with Target, one of the world's best brands," said Gordon Smith, CEO of Chase Card Services. "We believe this relationship will be successful over time for both organizations."

"We are excited to enter into this agreement with JPMorgan Chase, whose vast financial services experience and proven track record of innovation have produced superior credit card results over time," said Gregg Steinhafel, Chief Executive Officer of Target Corporation. "We expect that the unique relationship we have forged with this agreement will benefit both companies and their shareholders over time."

About JPMorgan Chase & Co.

JPMorgan Chase & Co. (NYSE: JPM) is a leading global financial services firm with assets of $1.6 trillion and operations in more than 60 countries. The company has more than 100 million credit cards issued. Under the JPMorgan and Chase brands, the firm serves millions of consumers in the United States and Canada and many of the world's most prominent corporate, institutional and government clients. Information about the firm is available at www.jpmorganchase.com.

About Target Corporation

Target Corporation's operations include large, general merchandise and food discount stores and a fully integrated online business through which it offers a fun and convenient shopping experience with thousands of highly differentiated and affordably priced items. The company currently operates 1,613 Target stores in 47 states. Target Corporation news releases are available at www.target.com.