Alternatively, Try Mr. Ackman At His Apartment, Vacation House, Makeshift Office Set Up Outside The Target In Cherry Hill, Or On The Pager He Bought Specially For This Crusade. Any Time, Day Or Night.

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Obviously we love ourselves some Bill Ackman but at what point does one draw the line here? The vote isn't taking place for nearly three weeks and already he's inviting shareholders to call him directly. Not Pershing investors, but plain old TGT fractional owners. Unwashed masses, really, who he's apparently going to rub up against if it'll mean finally getting his way. What's going to be put on the table once we're down to the wire? I'm just saying some personal principles need to be established ahead of time so that when it comes to it, and the situation presents itself, one knows whether or not he's willing to sit in the dunk tank in the name of shareholder activism.

Dear Target Shareholder:
Pershing Square Capital Management, L.P. hosted a Town Hall Meeting today in connection with the Target Corporation proxy contest. Replays of the meeting can be found atwww.TGTtownhall.com.
For your convenience, please find the attached presentation -- "The Nominees for Shareholder Choice'" -- which was delivered at the Town Hall Meeting. These materials are also available on the SEC's website www.sec.gov.
Bill Ackman is available to answer questions and address any matters of interest. Feel free to call him directly at [redacted].

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