2002 Target Term Trust Inc. Reports Earnings.

Business Editors

NEW YORK--(BUSINESS WIRE)--Oct. 15, 2002

2002 Target Term Trust Inc. ("Trust") (NYSE: TTR), a closed-end management investment company investing in high quality fixed-income and adjustable-rate securities, today announced its performance for the third quarter and fiscal year-to-date at August 31, 2002.

For the third quarter ended August 31, 2002, the Trust's earnings from net investment income were $909,418, equal to $0.12 per share. Total net realized and unrealized losses from investment transactions were $(398,317), equal to $(0.05) per share, for the same period. This compares to earnings from net investment income of $1,526,434, equal to $0.20 per share; and total net realized and unrealized gains from investment transactions of $180,200, equal to $0.02 per share, for the quarter ended August 31, 2001.

For the nine months ended August 31, 2002, the Trust's earnings from net investment income were $3,585,489, equal to $0.47 per share. Total net realized and unrealized losses from investment transactions were $(776,008), equal to $(0.10) per share, for the same period. This compares to earnings from net investment income of $4,794,257, equal to $0.63 per share; and total net realized and unrealized gains from investment transactions of $1,628,267, equal to $0.21 per share, for the nine months ended August 31, 2001.

On August 31, 2002, total net assets of the Trust were $112,798,095. The net asset value per share was $14.74, based on 7,650,667 shares outstanding, which represents an increase of 1.45% from the net asset value per share of $14.53 ($111,180,754 attributable to 7,650,667 shares outstanding) on August 31, 2001.