{ "docId": "019dd923-622c-750b-8b9b-3606a0ca899b", "docSlug": "c0c1d47eef3b", "documentTitle": "Target Corporation (TGT)", "authorId": "01_Pershing_Square", "authorName": "William Ackman", "documentKindSlug": "activist-deck", "documentKindLabel": "Activist deck", "sourceTypeSlug": "activist_investor", "sourceTypeLabel": "Activist investor", "presentationDate": "2008-10-29 00:00:00", "orientation": "portrait", "aspectRatio": 0.77272725, "pageNumber": 2, "pageCount": 164, "prevPage": 1, "nextPage": 3, "slideType": "disclaimer", "function": "other", "density": "overcrowded", "nDataPoints": 0, "notes": null, "elementsJson": [ "paragraph" ], "metadataConfidence": 1, "imagePath": null, "slideHref": "/slides/019dd923-622c-750b-8b9b-3606a0ca899b/2", "deckHref": "/decks/019dd923-622c-750b-8b9b-3606a0ca899b", "deckJsonHref": "/decks/019dd923-622c-750b-8b9b-3606a0ca899b.json", "deckAnchorHref": "/decks/019dd923-622c-750b-8b9b-3606a0ca899b#slide-2", "components": [ { "bbox": { "h": 0.035, "w": 0.914, "x": 0.043, "y": 0.795 }, "kind": "disclaimer", "text": "The preparation and distribution of this presentation should not be taken as any form of commitment on the part of Pershing to take any action in connection with the Transaction.", "attrs": null, "subkind": null, "toolName": null, "toolSlug": null, "confidence": null, "componentId": "02551a92-0ca9-4d4b-ab2e-b867978caa58", "frameworkName": null, "frameworkSlug": null }, { "bbox": { "h": 0.235, "w": 0.914, "x": 0.043, "y": 0.345 }, "kind": "disclaimer", "text": "Neither Pershing nor any of its representatives makes any representation or warranty, express or implied, as to the accuracy or completeness of the Information or any other written or oral communication made in connection with this presentation or the Transaction. The Information includes certain forward-looking statements, estimates and projections with respect to the anticipated future financial, operating and stock market performance of Target in the absence of the Transaction and the two public companies that may result if the Transaction is completed. Such statements, estimates and projections may prove to be substantially inaccurate, reflect significant assumptions and judgments that may prove to be substantially inaccurate, and are subject to significant uncertainties and contingencies beyond Pershing’s control, including those described under the caption “Risk Factors” in Target’s filings with the Securities and Exchange Commission as well as general economic, credit, capital and stock market conditions, competitive pressures, geopolitical conditions, inflation, interest rate fluctuations, regulatory and tax matters and other factors.", "attrs": null, "subkind": null, "toolName": null, "toolSlug": null, "confidence": null, "componentId": "0545f28c-8730-4ee9-b9c6-e893fc6ccc38", "frameworkName": null, "frameworkSlug": null }, { "bbox": { "h": 0.165, "w": 0.914, "x": 0.043, "y": 0.165 }, "kind": "disclaimer", "text": "The information contained in this presentation (the “Information”) is based on publicly available information about Target Corporation (“Target”). None of Pershing Square Capital Management, L.P., its affiliates and any of their respective officers, directors and employees (collectively, “Pershing”), nor any representative of Pershing, has independently verified any of the Information. Pershing recognizes that there may be confidential or otherwise non-public information in Target’s possession that could lead others to disagree with Pershing’s conclusions. The sole purpose of presenting the Information is to inform analysts and shareholders about the transaction described in this presentation (the “Transaction”). This presentation does not constitute an offer or a solicitation of any kind.", "attrs": null, "subkind": null, "toolName": null, "toolSlug": null, "confidence": null, "componentId": "2e10d0f5-fbe5-49f0-afa9-3456018e3108", "frameworkName": null, "frameworkSlug": null }, { "bbox": { "h": 0.075, "w": 0.914, "x": 0.043, "y": 0.705 }, "kind": "disclaimer", "text": "The Information is not intended to provide the basis for fully evaluating, and should not be considered a recommendation with respect to, the Transaction, Target, the securities of Target or any other matter. Except where otherwise indicated, the Information speaks as of the date hereof. Neither Pershing nor any of its representatives undertakes any obligation to correct, update or revise the Information or to otherwise provide any additional materials.", "attrs": null, "subkind": null, "toolName": null, "toolSlug": null, "confidence": null, "componentId": "392711ae-d913-4150-bafd-c5a3b6b06623", "frameworkName": null, "frameworkSlug": null }, { "bbox": { "h": 0.065, "w": 0.914, "x": 0.043, "y": 0.895 }, "kind": "disclaimer", "text": "IRS Circular 230 Disclosure: To ensure compliance with requirements imposed by the IRS, we inform you that (i) any discussion of U.S. tax matters contained in this communication (including any attachments) is not intended or written to be used, and cannot be used, for the purpose of avoiding penalties under the Internal Revenue Code; (ii) any such discussion of tax matters is written in connection with the promotion or marketing of the matters addressed; and (iii) you should seek advice from an independent advisor.", "attrs": null, "subkind": null, "toolName": null, "toolSlug": null, "confidence": null, "componentId": "b9e18cd5-b4a2-46aa-901b-daf89ff74562", "frameworkName": null, "frameworkSlug": null }, { "bbox": { "h": 0.035, "w": 0.914, "x": 0.043, "y": 0.845 }, "kind": "disclaimer", "text": "Pershing is in the business of buying and selling securities. It has, and may in the future, buy, sell or change the form of its position in Target for any or no reason.", "attrs": null, "subkind": null, "toolName": null, "toolSlug": null, "confidence": null, "componentId": "ca0b8136-6ae9-4a53-a0df-fd12f41385d3", "frameworkName": null, "frameworkSlug": null }, { "bbox": { "h": 0.095, "w": 0.914, "x": 0.043, "y": 0.595 }, "kind": "disclaimer", "text": "Pershing and its representatives expressly disclaim any and all liability relating to or resulting from the use of the Information or any errors therein or omissions therefrom, including under applicable securities laws. The Information does not purport to include all information that may be material with respect to the Transaction or Target. Thus, shareholders and others should conduct their own independent investigation and analysis of Target, the Transaction and the Information.", "attrs": null, "subkind": null, "toolName": null, "toolSlug": null, "confidence": null, "componentId": "fcc1bea6-a916-487d-b963-c9705a3142e2", "frameworkName": null, "frameworkSlug": null }, { "bbox": { "h": 0.045, "w": 0.238, "x": 0.043, "y": 0.095 }, "kind": "title", "text": "Disclaimer", "attrs": null, "subkind": "headline", "toolName": null, "toolSlug": null, "confidence": null, "componentId": "3deae75b-ffcb-427d-a1d6-34267a533196", "frameworkName": null, "frameworkSlug": null } ], "metrics": [], "tools": [], "frameworks": [], "arcBeats": [], "loops": [], "imagePathAlt": null, "thumbSrc": null, "thumbSrcAlt": null, "locked": true }