Notice of Exempt Solicitation Pursuant to Rule
14a-6(g)
Name of the Registrant: Target Corporation
Name of person relying on exemption: Trillium Asset Management, LLC
Address of person relying on exemption: One Congress Street, Suite
3101, Boston, MA 02114
Written materials required to be submitted pursuant to Rule 14a-6(g)(1):
Letter to company shareholders sent on May 11, 2026 in support of item # 6.
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asking for authority to vote your proxy and no proxy cards will be accepted. Please vote your proxy according to the instructions in Target’s
proxy statement.
Target Corporation
Item #6 Regarding Disclosure of Pesticide Measurement
and Reduction
We urge shareholders to vote FOR Item 6 at Target
Corporation’s (“Target’s” or the “Company’s”) Annual Shareholder Meeting on June 10, 2026. The
Shareholder Proposal was filed by Trillium Asset Management, Adrian Dominican Sisters Portfolio Advisory Board, Bon Secours Mercy Health,
CommonSpirit Health, Congregation of St. Joseph, Daughters of Charity Province of St. Louise, and Mercy Investment Services.
Proposal’s resolved clause:
Shareholders of Target Corporation (“Target”)
request that the board of directors issue a report on the presence of pesticides in Target’s private label brands and any efforts
to quantify and curtail them, at reasonable cost, focusing on material issues, and omitting proprietary information.
Rationale for a YES vote:
| 1. | Measuring and disclosing pesticide risk in agricultural supply chains is necessary to assess progress
in mitigating regulatory, reputational, legal, and financial risks associated with pesticide use. |
| 2. | Target does not collect, analyze, or disclose quantitative information on pesticide use in its agricultural
supply chains to assess these risks. |
| 3. | Target lags its peers in assessing pesticide risk and implementing pesticide reduction practices in its
supply chains. |
Summary:
This Proposal seeks to assist shareholders in
understanding the risks to Target associated with pesticide use throughout the Company’s supply chain. A healthy soil ecosystem
is alive, with thriving microorganisms that retain nutrients and water, prevent topsoil loss, and assist plants in making use of available
nutrients. Healthy soils also increase farm resiliency in the face of climate-related droughts and floods and increase soil’s ability
to sequester carbon.1
Pesticide use is increasingly found to reduce
soil health and farm resilience, and exposure to pesticides and agrichemicals is associated with serious health effects in humans.2
The base of a successful regenerative agriculture system is healthy soils and without addressing and reducing pesticide use, such systems
are unable to effectively achieve regenerative outcomes.
While we welcome Target’s Pollinator Protection
Policy and Nature & Biodiversity Strategy, the Company does not disclose information enabling investors to evaluate whether these
commitments and programs are effective in mitigating risks from pesticide use and biodiversity loss. Currently, Target fails to report
on pesticide use or reduction measures, including quantitative data related to pesticide use in its agricultural supply chains.
_____________________________
1 https://www.sciencedaily.com/releases/2023/02/230208125121.htm
2 https://www.annualreviews.org/doi/full/10.1146/annurev.publhealth.25.101802.123020#_i34
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proxy statement.
Target lags peers, including Kroger and Walmart,
who have set timebound measurable pesticide commitments to have 100% of their produce and live plant suppliers adopt and implement integrated
pest management (IPM) practices as confirmed by vetted third-party certification programs.
Tracking progress is necessary for investors,
and the Company, to effectively manage risk associated with pesticide use. Target’s lack of disclosure on pesticide use and reduction
efforts leaves our Company vulnerable to claims of greenwashing, growing reputational risks, increasing regulation, and decreased supply
chain resiliency.
Discussion:
| 1. | Measuring and disclosing pesticide risk in agricultural supply chains is necessary to assess progress
in mitigating regulatory, reputational, legal, and financial risks associated with pesticide use. |
A. Systemic and portfolio risk
The continued widespread use of pesticides creates
a range of risks for food companies, including grocery retailers like Target. Pesticide use can impair the dynamic microbial ecosystems
that retain soil in place, sustain healthy plant production, sequester carbon, and reduce harm to critical pollinators, such as bees,
butterflies, and other beneficial insects. The financial stakes of inaction on pesticide risk are substantial at a systemic level. The
World Bank estimates that the collapse of select ecosystem services provided by nature, including wild pollination and carbon sequestration,
could result in a loss to the global economy of $2.7 trillion by 2030.3
In addition, a December 2025 report, Invisible Ingredients: Tackling Toxic Chemicals in the Food System, funded in part by the Grantham
Foundation and produced by Systemiq, found that pesticides and related chemicals in the global food system generate an estimated $2.2
trillion annually in health costs and an additional $640 billion in environmental costs, including crop losses and management of pesticide-resistant
pests. The report further found that existing policies and technologies could reduce these combined harms by approximately 70% —
delivering up to $1.9 trillion in annual global savings — demonstrating that the costs of action are modest relative to the damage
avoided.4 Ultimately, given that the growth
and stability of the economy is a key driver of long-term portfolio returns for diversified investors, biodiversity is an important consideration
for such investors, separate and apart from its impact on individual company performance.
_____________________________
3 https://www.worldbank.org/en/topic/natural-capital
4 https://www.systemiq.earth/reports/invisible-ingredients/
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B. Supply chain resiliency risk
Industrial agricultural practices, including monocropping,
soil tillage practices, and the annual application of nearly four million metric tons of chemical pesticides,5
increases erosion and soil loss while reducing farm resiliency. Widespread pesticide use makes farms vulnerable to floods and other natural
disasters that are worsening as a result of climate change. The loss of topsoil from flooding is already causing significant alarm about
the productivity of impacted farmland.6
The Food and Agriculture Organization reports that floods, droughts, and other climate events cause nearly $123 billion in lost food production
annually.7 Additionally, the continued
loss of pollinators poses significant financial risks for the entire food industry as an estimated $235 billion to $577 billion worth
of global annual food production relies on contributions by pollinators.8
These losses are passed on to food producers, including those in Target’s private-label food portfolio.
C. Regulatory and legal risk
Regulatory risks continue to grow for the food
industry and their agricultural supply chains. In 2023 alone, 11 U.S. states enacted 20 pieces of pesticide reform legislation9
and as of the start of 2026, 27 U.S. states are considering or have enacted 94 pieces of legislation regulating pesticide use.10
For example, Arizona has introduced legislation that could set new rules and restrictions on the sale and use of pesticides that pose
harm to public health and the environment.11
Additionally, the Texas Attorney General is investigating major grocery retailers for spraying pesticides on organic produce in stores
without notifying customers.12
Furthermore, the financial consequences of unmanaged
pesticide litigation risk are not hypothetical. The Roundup litigation saga transformed Bayer’s glyphosate portfolio. Bayer has
reserved over $5.9 billion for glyphosate-related litigation as of year-end 2024,13
with class settlement payments continuing into 2026.14
This precedent illustrates how pesticide-related risks, once unacknowledged and unmanaged, can metastasize into material financial liabilities,
including for retailers whose supply chains depend on such products. Proactive disclosure and risk assessment is the mechanism by which
companies may be able to avoid this trajectory.
D. Reputational risk
Target faces growing reputational risk from pesticide
use in its supply chains as public awareness and concern about toxic chemicals intensifies, particularly in products marketed to families
and children.
_____________________________
5 https://www.statista.com/statistics/1263077/global-pesticide-agricultural-use/
6 https://www.sciencedirect.com/science/article/abs/pii/S0169772223000517#:~:text=Water%20induced%20erosion%20comprises%2056,to%20introduce%20effective%20management
%20practices
7 https://openknowledge.fao.org/items/cd76116f-0269-43e4-8146-d912329f411c
8 https://foe.org/wp-content/uploads/2021/09/Economic-risks-of-pesticide-use-and-pollinator-declines.pdf
9 https://www.ncelenviro.org/app/uploads/2024/02/Cons.-Pesticides-Briefing-Book.pdf
10 https://www.ncelenviro.org/bill-tracking/?bill-type[]=707&pagination-num=1
11 https://capitolpulse.ai/legislation/az/hb2472
12 https://www.texasattorneygeneral.gov/news/releases/attorney-general-ken-paxton-investigates-major-grocery-chains-spraying-organic-produce-pesticides
13 https://www.bayer.com/sites/default/files/2025-03/bayer-ag-financial-statements-2024.pdf
14 https://www.bayer.com/media/en-us/bayer-delivers-upgraded-2025-ambition-projects-solid-2026-focused-on-strategic-priorities/
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proxy statement.
The scientific basis for these concerns is well-established
and growing. A 2025 report by Deep Science Ventures (DSV) and the Grantham Foundation for the Protection of the Environment, “Toxicity:
The Invisible Tsunami,” drew on a review of peer-reviewed studies and more than 50 interviews with global experts and concluded
that chemical toxicity is a significantly underestimated risk to society. Among its key findings: the impact of pesticide use on cancer
incidence may rival that of smoking, with links to leukemia, non-Hodgkin’s lymphoma, bladder, colon, and liver cancer; and prenatal
pesticide exposure increases the odds of childhood leukemia and lymphoma by over 50%.15
As public awareness of these findings reaches mainstream consumers, food retailers marketing to families and children may face heightened
scrutiny and reputational exposure that extends beyond any single product category.
A February 2026 Pew Research Center survey found
that a large majority of Americans are concerned about harmful chemicals in food, water, and everyday consumer products, underscoring
heightened expectations for retailers to proactively address chemical and pesticide risks.16
The survey found consumer concern is bipartisan, with “5 in 6 adults want[ing] government [and] business to do more to ensure chemical
safety.”17
These concerns are already materializing for Target:
testing by Friends of the Earth has repeatedly identified dozens of pesticide residues—including chemicals classified as highly
hazardous to human health and the environment and banned in the European Union—in Target’s private-label baby food products.18
Continued associations with harmful pesticides, especially in sensitive categories like infant and toddler foods, risk eroding consumer
trust in Target’s owned brands and sustainability commitments, weakening brand equity at a time when reputation, transparency, and
perceived product safety materially influence purchasing decisions and long-term shareholder value.
E. Pesticide risks may be material
These collective risks from pesticide use may
be material given Target’s merchandise composition and exposure throughout its supply chains. In 2025, Target’s net sales
from apparel and accessories, food and beverage, and home furnishings and decor - the categories most exposed to pesticide use via agricultural
supply chains - totaled over $55 billion, representing about 53% of net sales that year.19
_____________________________
15 https://www.deepscienceventures.com/toxicity
16 https://www.pew.org/en/research-and-analysis/articles/2026/02/26/americans-are-concerned-about-harmful-chemicals-in-food-water-and-everyday-products
17 https://www.pew.org/en/research-and-analysis/articles/2026/02/26/americans-are-concerned-about-harmful-chemicals-in-food-water-and-everyday-products
18 https://foe.org/toxic-pesticides-found-in-target-baby-food/
19 https://app.quotemedia.com/data/downloadFiling?webmasterId=101533&ref=319861639&type=PDF&symbol=TGT&cdn=54f50b8faf437e93d3ae0d0d37649677&companyName=Target
+Corporation&formType=10-K&dateFiled=2026-03-11
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Additionally, Target’s Annual Report identifies
several relevant risk factors including anticipating and responding to changing consumer preferences, the impacts of a changing climate
and potential supply chain disruptions, and the ability to address product safety and sourcing concerns.20
In particular, the Company notes, “negative guest perceptions regarding the safety and sourcing of the products we sell could harm
our reputation and adversely affect our results of operations.” As Target’s executive vice president and chief merchandising
officer recently noted, the Company is evolving its offerings to meet consumers’ increasing prioritization of healthier lifestyles,
including by voluntarily phasing out synthetic colors from its owned-brand cereal assortment.21
While pesticide residue levels in Target’s fresh produce and owned-brand food products may be within regulatory safety limits, there
is potentially significant reputational risk as consumers are increasingly concerned about the impacts of chemicals in their food.
Shareholders require pesticide reduction or avoidance
data to assess our Company’s progress toward reducing pesticide-related risks and vulnerabilities, including environmental and human
health harms, soil and biodiversity loss, regulatory pressures, and potential lost market share related to consumer demand for clean food
and reduced adverse environmental and health impacts.
| 2. | Target does not collect, analyze, or disclose quantitative information on pesticide use in its agricultural
supply chains to assess these risks. |
Target fails to collect or report pesticide-related
metrics to demonstrate that it is assessing and mitigating the significant range of risks from pesticide use. Investors are concerned
that if Target does not collect, assess, and report on pesticide risk across its relevant supply chains, and identify opportunities for
improvement as its competitors are doing, critical strategic and investment decisions will not fully reflect its material risk nor identify
the benefits of managing and reducing such risk across its full supply chain.
Target’s commitment to responsibly sourcing
and minimizing its environmental impacts is established in the Company’s enterprise-wide sustainability strategy Target Forward,
which includes the vision to “co-create an equitable and regenerative future.”22
Additionally, the Company’s Pollinator Protection Policy includes a goal to leverage soil health practices to improve at least 1
million acres of land by 2025 and to encourage suppliers “to limit non-essential use of pesticides and employ integrated pest management
(IPM) strategies whenever possible.”23
_____________________________
20 Ibid.
21 https://www.supermarketnews.com/grocery-operations/is-target-taking-a-specialized-approach-to-grocery-
22 https://corporate.target.com/sustainability-governance
23 https://corporate.target.com/sustainability-governance/responsible-resource-use/chemicals
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Despite these commitments, Target’s current
disclosures do not provide sufficient information for investors to evaluate how its goals concerning pollinator protection are implemented
in practice throughout the Company’s supply chains and operations. Target’s 2025 Sustainability and Governance Report, its
latest sustainability disclosure, included no discussion of the Company’s efforts to protect pollinators and biodiversity or engage
with suppliers to limit non-essential use of pesticides and transition to IPM strategies as noted in its Pollinator Protection Policy.24
While Target discloses progress against its 1 million acre goal, the Company does not disclose the metrics used to evaluate how soil health
has been improved on those acres, leaving the Company vulnerable to possible greenwashing claims.
General regenerative agriculture statements and
goals, without measurement and reporting of pesticide use, do not provide an adequate means of assessing risk and progress. Collecting
and reporting quantitative data enables companies to demonstrate actual progress toward nature-related goals. Stating that our Company
supports and invests in regenerative agriculture, without disclosing metrics to measure progress, is only a first and insufficient step.
| 3. | Target lags its peers in assessing pesticide risk and implementing pesticide reduction practices in
its supply chains. |
| A. | Absence of sales restrictions on harmful pesticides |
Target does not restrict the sale of harmful pesticides
in its stores, placing it behind peers that have taken concrete action to reduce consumer exposure and downstream environmental harm.
By contrast:
| ● | Costco no longer sells weed and insect control products containing glyphosate, neonicotinoids, or chlorpyrifos.25 |
| ● | Kroger has committed to no longer selling live plants treated with neonicotinoids.26 |
| ● | Dollar Tree no longer sells neonicotinoid- or glyphosate-based products for outdoor use and required the
elimination of nitroguanidine neonicotinoids and glyphosate in its flower supply chain by 2024.27 |
Target’s lack of comparable retail-level
controls exposes the company to heightened reputational and regulatory risk as public scrutiny of consumer pesticide products continues
to increase.
_____________________________
24 https://corporate.target.com/getmedia/391e0902-54da-4a88-9325-4fa0098c2665/2025-Sustainability-and-Governance-Report.pdf
25 https://www.costco.com/f/-/pollinator-health
26 https://www.thekrogerco.com/wp-content/uploads/2019/06/The-Kroger-Co_Pollinator-Protection-Statement_2019-June.pdf
27 https://corporate.dollartree.com/_assets/_fb32319dfcd95a9a40fe598e744195d6/dollartreeinfo/db/867/7789/file/Pollinator_Protector_Policy.pdf,
https://www.dollartree.com/file/general/Pollinator_Protector_Policy.pdf
We are not
asking for authority to vote your proxy and no proxy cards will be accepted. Please vote your proxy according to the instructions in Target’s
proxy statement.
| B. | No time-bound or measurable pesticide reduction goals |
Target does not have clearly defined pesticide reduction goals. While
the Company has a goal to increase soil health on 1 million acres by 2025 as verified through the Better Cotton Initiative and the US
Cotton Trust, pesticide reductions or integrated pest management appear to be voluntary as per those certifications.
By comparison:
| ● | Walmart28 and Whole Foods29
have set a goal to source 100% of fresh produce and floral products from suppliers using third-party-verified integrated pest management
(IPM) practices by 2025. |
| ● | Kroger has committed to 100% of fresh produce suppliers implementing third-party-certified IPM practices by 2028 or 2030, depending
on grower size.30 |
| ● | Walmart and the Walmart Foundation have committed to restoring 50 million acres of land by 2030.31 |
| ● | Giant Eagle’s Pollinator Protection Policy required produce suppliers to eliminate use of nitroguanidine neonicotinoids by 2025
and encourages them to reduce or eliminate use of organophosphates. It also asks growers to avoid replacing one hazardous chemical for
another and links to a list of regrettable substitutes.32 |
Without time-bound targets, prioritized chemical benchmarks, or outcome-based
metrics, Target’s commitments remain largely aspirational and difficult to evaluate.
| C. | Limited risk assessment and weak supplier engagement. |
Target does not appear to meaningfully assess pesticide risks at scale
or actively engage suppliers through structured data collection, performance tracking, or verification mechanisms. While the company encourages
suppliers to limit pesticide use, it does not require routine pesticide disclosure, third-party verification, or standardized reporting.
Unlike peer Kroger, which conducted a baseline assessment of 40% of its suppliers,33
Target only requires that such information be “available upon request,” and does not publicly disclose whether or how suppliers
are evaluated.34
This absence of baseline assessments and ongoing monitoring limits
Target’s ability to identify high-risk chemicals, measure progress, or respond proactively to emerging regulatory, environmental,
or reputational risks.
_____________________________
28 https://corporate.walmart.com/policies,
“Walmart U.S. Pollinator Health Position.”
29 https://www.wholefoodsmarket.com/mission-in-action/environmental-stewardship/pollinator-health
30 https://www.thekrogerco.com/wp-content/uploads/2025/06/Kroger-Goal-to-Protect-Pollinators-and-Biodiversity_Jan-2024_Final.pdf
31 https://corporate.walmart.com/news/2020/09/21/walmart-sets-goal-to-become-a-regenerative-company
32 https://www.gianteagle.com/about-us/policies,
“Commitment to Protect Pollinators.”
33
34https://corporate.target.com/sustainability-governance/responsible-resource-use/chemicals/chemical-policy
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asking for authority to vote your proxy and no proxy cards will be accepted. Please vote your proxy according to the instructions in Target’s
proxy statement.
Response to Target’s Board of Directors’
Statement in Opposition
In the statement in opposition to the Proposal,
the Board states:
| 1. | “Target has robust controls to confirm compliance with all applicable safety regulations and requirements,
with oversight from the Board.” |
The Proposal is not addressing Target’s
compliance with applicable food and product safety regulations and other requirements, which we expect our Company to adhere to as a minimum
operational practice. The Proposal is seeking information on the overall use of pesticides in Target’s operations and supply chains
and any efforts to quantify and reduce use. On other sustainability issues, such as chemical management in consumer products, Target has
demonstrated that it is capable of going beyond regulatory compliance and taking a proactive approach in “reducing and eliminating
substances in our products, supply chain and operations that demonstrate a potential risk to our guests or team members.”35
Additionally, growing litigation and state regulations
concerning chemicals of concern, including pesticides, demonstrates that a compliance-only approach is not always sufficient to avoid
and mitigate risk. Recent analyses of approved and legacy pesticide active ingredients indicate that over the last 40 years, the Environmental
Protection Agency (EPA) has approved 200 active ingredients that are ‘likely’ or ‘possible’ human carcinogens.36
| 2. | In its statement of opposition, Target noted disagreement with the findings of a 2025 study suggesting
the presence of pesticide residues in Target’s owned-brand baby food. |
Target’s assertion that the study only identified
trace levels of pesticide metabolites fails to recognize important facts from the study. The 2025 study37
contains the results of two different tests on Target’s owned-brand baby food products. The first test screened for the metabolites
of organophosphate pesticides, or dialkyl phosphates (DAPs) and while DAPs can occur naturally in the environment, the levels found in
the study - especially the 1,490 parts per billion on average detected in the Good & Gather Pear Puree for Babies - strongly suggest
that organophosphates are being used in Target’s supply chain. Organophosphates are a class of insecticides that are known to be
highly toxic to children’s developing brains and scientists have called for a full ban.38
The second test conducted on the Company’s
owned-brand baby food products was a pesticide multiresidue (PMR) screening which screens for pesticide residues, not metabolites. In
the 2025 study, the PMR screening revealed the presence of 29 pesticides in the samples of Target’s owned-brand baby food and included
16 pesticide chemicals that are classified as highly hazardous, 10 that are banned in the European Union, 8 that are linked to hormone
disruption, 6 that are linked to cancer, and one that is banned in the U.S.
_____________________________
35
https://corporate.target.com/sustainability-governance/responsible-resource-use/chemicals/chemical-policy
36
https://biologicaldiversity.org/w/news/press-releases/new-analyses-epa-consistently-fails-to-warn-public-of-pesticide-cancer-risks-2026-03-30/
37
https://foe.org/toxic-pesticides-found-in-target-baby-food/
38
https://pubmed.ncbi.nlm.nih.gov/30356230/
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Though all the pesticides detected by the PMR
screening were found at levels below the limits set by the EPA, there is still cause for concern. For instance, the pesticide chlorothalonil
was detected in one sample of the Good & Gather Pear Puree for Babies at 98 parts per billion which exceeds the Maximum Residue Limit
set by the European Union. Children consume more pesticides per pound of body weight and are less efficient at detoxifying pesticides,
meaning even very small exposures can negatively impact children’s health. Additionally, some of the Target owned-brand baby food
samples tested contained more than ten different pesticides which raises concerns about cumulative exposure in children.
This concern is reinforced by landmark peer-reviewed
research. A January 2025 article in the New England Journal of Medicine, authored by 25 researchers from 17 leading institutions, found
that noncommunicable diseases in children are on the rise and that multiple such diseases are linked to manufactured synthetic chemicals,
including pesticides.39 The authors noted
that fewer than 20% of synthetic chemicals in commerce have been tested for toxicity, and that children are far more sensitive than adults
to toxic chemicals in the environment. The authors called for a fundamental revamping of U.S. chemical law to prioritize children’s
health, underscoring that a compliance-only approach, as Target’s Board suggests is sufficient, is increasingly out of step with
the scientific consensus, especially for companies with meaningful pesticide and chemical exposure in infant and toddler food categories.
Given the sustainability commitments outlined
in its Target Forward Strategy, including to promote pollinator and soil health and to drive “positive impact for both people and
planet”40, we believe it would be
prudent for the Company to understand which pesticides are being used to produce its owned-brand products and the potential hazards those
pesticides pose to human and environmental health, so that the Company may take appropriate actions to mitigate any risks.
| 3. | Target will continue to focus its resources on its existing initiatives, which have been developed to
align with its business strategy and are subject to Board oversight. |
In its opposition statement, the Company notes
that “Target’s shareholders are best served by continued focus on integrating environmental and human health risk management
into the company’s core sourcing and governance processes.” While we support this integration into Target’s sourcing
program, the Company’s current disclosures on its responsible sourcing program41,
including its Standards of Vendor Engagement42,
do not indicate if pesticide-related risks are incorporated into these processes, and if so, how they are being addressed.
_____________________________
39
https://www.nejm.org/doi/full/10.1056/NEJMms2409092
40
https://corporate.target.com/sustainability-governance/strategy-target-forward
41
https://corporate.target.com/sustainability-governance/responsible-supply-chains/sourcing-manufacturing-practices
42
https://corporate.target.com/sustainability-governance/responsible-supply-chains/suppliers/standards-of-vendor-engagement
We are not
asking for authority to vote your proxy and no proxy cards will be accepted. Please vote your proxy according to the instructions in Target’s
proxy statement.
Current disclosure available to shareholders about
Target’s regenerative agriculture initiatives only includes the number of acres engaged, a metric which provides little real information
on the outcomes of these initiatives on those acres. As mentioned above, some of Target’s competitors have identified that pesticide
use poses various risks to their companies and have established integrated pest management goals to help mitigate such risks and are reporting
on their progress. Without disclosing pesticide reductions achieved through its regenerative agriculture initiatives, shareholders are
unable to assess these programs’ progress and success. Disclosure of pesticide use reduction can assure shareholders that Target
is taking action to enhance benefits to soil health, biodiversity, soil carbon sequestration, water quality, human and ecosystem health,
farm resiliency, and crop production.
Conclusion
Excessive pesticide use adversely impacts soil
health, farm resilience, and human health, increasing reputational, regulatory, and financial risks associated with pesticide use. Assessing
and reporting pesticide-related risks in Target’s operations and supply chain can help the Company strategize and implement effective
risk mitigation measures, as its competitors currently do, and assist shareholders in understanding the Company’s progress.
For these reasons, we urge Target’s shareholders
to vote FOR item 6 regarding disclosure of pesticide measurement and reduction.
Any questions regarding this exempt solicitation
or item 6 should be directed to Kate Monahan, Director of Shareholder Advocacy, Trillium Asset Management at KMonahan@trilliuminvest.com.
IMPORTANT
NOTICE: The views expressed are those of the authors as of the date referenced and are subject to change at any time based on market
or other conditions. These views are not intended to be a forecast of future events or a guarantee of future results. These views may
not be relied upon as investment advice. The information provided in this material should not be considered a recommendation to buy or
sell any of the securities mentioned. It should not be assumed that investments in such securities have been or will be profitable. To
the extent specific securities are mentioned, they have been selected by the authors on an objective basis to illustrate views expressed
in the commentary and do not represent all of the securities purchased, sold or recommended for advisory clients. The information contained
herein has been prepared from sources believed reliable but is not guaranteed by us as to its timeliness or accuracy, and is not a complete
summary or statement of all available data. This piece is for informational purposes and should not be construed as a research report.
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asking for authority to vote your proxy and no proxy cards will be accepted. Please vote your proxy according to the instructions in
Target’s proxy statement.
