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1.COMPLETE A HORIZONTAL ANALYSIS OF TARGET FOR THE COMPARATIVE BALANCE SHEET AND INCOME STATEMENT PRESENTED IN YOUR ANNUAL REPORT.

DISCUSS ANY SIGNIFICANT INCREASES OR DECREASES THAT YOU UNCOVER (PLUS OR MINUS 10%). IF NONE EXIST SAY SO IN YOUR ANALYSIS.

2. COMPLETE A VERTICAL ANALYSIS (COMMON-SIZE FINANCIAL STATEMENTS) OF TARGET FOR THE COMPARATIVE BALANCE SHEET AND INCOME STATEMENT PRESENTED IN YOUR ANNUAL REPORT

DISCUSS

ANY SIGNIFICANT INCREASES OR DECREASES THAT YOU UNCOVER (PLUS OR MINUS 10%). IF

NONE EXIST SAY SO IN YOUR ANALYSIS.

Consolidated Statements of Operations (millions, except per share data) Sales Cost of sales Gross margin Selling, general and administrative expenses Depreciation and amortization Gain on sale Earnings from continuing operations before interest expense and income 2014 $69,495 $ 73,785 $ 72,618 51,278 21,340 14,676 2,298 2,213 2,129 2016 2015 48,872 20,623 13,356 51,997 21,788 14,665 taxes Net interest expense Earnings from continuing operations before income taxes Provision for income taxes Net earnings from continuing operations Discontinued operations, net of tax Net earnings/(loss) Basic earnings/(loss) per share 4,535 882 3,653 1,204 2,449 4,085) $ 2,737 $ 3,363 S (1,636) 4,969 1,004 3,965 1,296 2,669 68 (620) 5,530 607 4,923 1,602 3,321 42 Continuing operations $ 4.62 $ 5.29 $ 3.86 (6.44) Discontinued operations 0.12 0.07 Net earnings/(loss) per share Diluted earnings/(loss) per share Continuing operations $ 4.58 5.25 $ 3.83 0.07 Discontinued operations (6.38) Net earnings/ (loss) per share Weighted average common shares outstanding 4.70 $ 577.6 582.5 5.31 $ 2.56) 634.7 640.1 Basic 627.7 5.2 632.9 Dilutive effect of share-based awards Diluted Antidilutive shares Dividends declared per share Note: Per share amounts may not foot due to rounding. See accompanying Notes to Consolidated Financial Statements

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