Appointment of new broker

15 December 2014

Target Healthcare REIT Limited

Appointment of new broker

The Board of Target Healthcare REIT Limited (the "Company") is pleased to announce the appointment of Oriel Securities Limited ("Oriel") as sole corporate broker to the company. The appointment is with immediate effect. It is expected that Oriel will also be appointed in due course to replace Winterflood Securities Limited as the Company's sole placing agent under the existing 12 month placing programme.

Malcolm Naish, Chairman of the Company, commented:

"The Board believes that the combination of Oriel's significant expertise in the healthcare and real estate sectors, both in the UK and through its parent company, Stifel Financial Corp., in the US, and its investment company experience will strengthen the support for the Company as it continues to grow. The Board and Target Advisers LLP look forward to working closely with Oriel as the Company seeks to achieve its objective of offering a high quality diversified exposure to modern purpose built care homes in the UK. There remain many attractive opportunities for the Company to grow its investment portfolio through the selective acquisition of good quality, well managed healthcare assets.

The Board would like to thank the Winterflood investment trust team, in particular Graeme Caton, for their huge contribution in helping to launch and grow the Company since 2013."

For further information please contact:

Target Advisers LLP

Kenneth MacKenzie 01786 406 581

Oriel Securities Limited

Mark Young / Roger Clarke / Neil Winward 0207 710 7600

R&H Fund Services Limited

Martin Cassels 0131 524 6140

Quill PR

Fiona Harris / Sam Emery 0207 466 5058