Target Healthcare REIT Limited

(Legal Entity Identifier: 2138008VQQ5Y9QXMX749)

Novation of Investment Management Agreement

Target Healthcare REIT Limited has approved the novation of its Investment Management Agreement from Target Advisers LLP to Target Fund Managers Limited. The Investment Manager's fund management business is transferring from a limited liability partnership to a newly-incorporated limited company, under substantially the same ownership, with all Target Advisers' employees transferring to Target Fund Managers Limited.

All other contractual arrangements in the Investment Management Agreement including fees, term, key persons and service provision remain unchanged.

For further information, please contact:

Enquiries:

Kenneth MacKenzie, Gordon Bland
Target Fund Managers Limited
01786 845 912

Mark Young, Neil Winward, Tom Yeadon

Stifel Nicolaus Europe Limited

020 7710 7600

Martin Cassels
Maitland Administration Services (Scotland) Limited
0131 550 3760

Fiona Harris/Sam Emery

Quill PR

020 7466 5058 / 020 7466 5056