Commitment to the UK Stewardship Code

Under Rule 2.2.3R of the FCA's Conduct of Business Sourcebook, Target Advisers LLP ("TALLP") is required to publish a disclosure regarding the nature of its commitment to the UK Reporting Council's Stewardship Code (the "Code") or, where it does not commit to the Code, its alternative investment strategy. The Code is a voluntary code and sets-out a number of principles relating to engagement by investors with UK equity issuers.

TALLP is a specialist advisory and property management services provider to the healthcare sector and, as such, its investment startegy does not result in it trading in single equities. Consequently, while TALLP supports the general objectives that underlie the Code, the provisions of the Code are not relevant to the type of activity currently undertaken by TALLP. If TALLP's investment strategy changes in such a manner that the provisions of the Code become relevant, TALLP will amend this disclosure accordingly.