As a TM I got an IE my first year because I had been working for less than a month when the review year ended, so "not enough time to be effective". For my second year as a TM, I got an EX. For all three years as a TL, I've had an E. Different ETL each year and let me tell you, it varied WILDLY, mostly depending on how much they liked me and how full of themselves they were.
Like someone mentioned, it seems to be an order of magnitude harder to get an EX or O as a TL than as a TM. In either case, you have to walk on water, perform miracles, raise the dead, cure the blind, raise quadruplets with one hand tied behind your back, etc. The biggest factor seems to be how loud you are (i.e. way overly gregarious), and how much you schmooze, ass-kiss, have-lunch-with, and facebook-with with the ETLs. Far too much emphasis is placed on sociability and big-mouthedness and not enough on actually doing the job properly and consistently. But we all know that's the M.O. with Target right now. At least Target's requirement for being hot isn't a factor yet in my store for EX or O as either a TM or TL.