Bond Redemption Pricing

Hammerson PLC
12 July 2007

Hammerson Plc
12 July 2007

                          STOCK EXCHANGE ANNOUNCEMENT

                                 HAMMERSON PLC

     Notice of intention to redeem those of the £200,000,000 10.75 per cent. 
   Bonds due 2013 (ISIN: GB0004063078) issued by Hammerson Plc (the 'Issuer') 
                    and presently outstanding (the 'Bonds')


Pursuant to the terms and conditions of the Bonds, constituted by a trust deed
dated 7 March 1989 (as supplemented on 13 May 1992 and as further supplemented
by virtue of an extraordinary resolution passed on 12 July 2007 (the '
Extraordinary Resolution')) (the 'Trust Deed'), the Issuer may, on giving not
more than 4 nor less than 1 days' notice to The Law Debenture Trustee
Corporation Plc (the 'Trustee'), and the holders of the Bonds, redeem on any day
some or all of the outstanding Bonds at an amount calculated by reference to a
modified spens formula contained in the Trust Deed, together with all accrued
and unpaid interest thereon to the date fixed for redemption.

The Issuer is today giving notice to the holders of all the Bonds pursuant to
the terms and conditions of the Bonds that it intends to redeem all Bonds in
issue on 17 July 2007 together with all accrued and unpaid interest thereon.

Those holders of the Bonds which submitted instructions in respect of the
Extraordinary Resolution by 4 p.m. on 4 July 2007 shall be entitled to the Early
Response Redemption Price agreed spread, as set out below, and those holders of
the Bonds who submitted instructions in respect of the Extraordinary Resolution
after 4 p.m. on 4 July 2007 shall be entitled to the Redemption Price agreed
spread, as set out below:



 Early Response Redemption      Redemption Price          Reference Gilt
     Price agreed spread          agreed spread

           0.400%                    0.425%         5.00% UK Treasury Gilt due 
                                                          September 2014



On that basis, at 3.00 p.m. today The Royal Bank of Scotland plc, as consent
solicitation agent in relation to the Bonds, calculated the Early Response
Redemption Price as £124.093 per £100 nominal of Bonds, and calculated the
Redemption Price as £123.939 per £100 nominal of Bonds.



Issuer                                   Trustee
Hammerson Plc                            The Law Debenture Trust Corporation Plc
10 Grosvenor Street                      Fifth Floor
London W1K 4BJ                           100 Wood Street
                                         London EC2V 7EX
Tel: [phone]
Attn: Duncan Beardsley                   Tel: [phone]
                                         Attn: Katy LeGros

Consent Solicitation Agent               Principal Paying Agent
The Royal Bank of Scotland               Kredietbank Luxembourg
135 Bishopsgate                          43, Boulevard Royal
London EC2M 3UR                          L-2955 Luxembourg

Tel: [phone]                Tel: [phone]
Attn: Gianmarco Deiana                   Attn: Marie-Jeanne Siebenborn

Transaction Co-ordinator
The Bank of New York
One Canada Square
London E14 5AL

Tel: [phone]
Attn: Amaka Onyekwelu





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