Bonds Modification Proposal

Hammerson PLC
19 June 2007


Proposals for the modification of redemption provisions of the £200,000,000
10.75 per cent. bonds due 2013 (the 'Bonds ') of which £106,180,000 in aggregate
principal amount remain outstanding issued by Hammerson plc; and Notice of
Meetings of the holders of the Bonds to be held on Thursday 12 July 2007.

A meeting of the holders of the Bonds (the 'Meeting') issued by Hammerson plc
(the 'Issuer') is being convened tomorrow for the purpose of considering and, if
thought fit, passing an extraordinary resolution (the 'Extraordinary Resolution
') relating to the price payable on the optional redemption of the Bonds, the
notice period for such redemption and the publication requirements for notices
concerning optional redemption.  The Meeting will be held at One Bunhill Row,
London EC1Y 8YY on Thursday 12 July 2007 at 10.00 a.m.

The Extraordinary Resolution will instruct the Trustee to amend the terms and
conditions of the Bonds to provide that the price payable on an optional
redemption be calculated by reference to a redemption formula, based on the
gross redemption yield of the Bonds which is equal to the aggregate of the gross
redemption yield of a reference gilt plus an agreed spread, together with all
accrued and unpaid interest to the date of redemption.


Description of the Bonds      ISIN        Common Code  Early Response  Redemption     Reference
                                                         Redemption       Price         Gilt
                                                        Price agreed  agreed spread
                                                           spread
£200,000,000 10.75%       GB0004063078      1065718        0.400%        0.425%         5.00%
Bonds due 2013                                                                      Treasury Gilt
                                                                                    due September
                                                                                        2014



The Early Response Redemption Price shall be paid only for Bonds in respect of
which a valid instruction has been submitted in accordance with the provisions
of the Trust Deed of the Bonds to vote either in favour of or against the
relevant Extraordinary Resolution prior to the Early Response Deadline (being
4.00 p.m. on Wednesday 4 July 2007, as may be extended by the Issuer in its
absolute discretion, the 'Early Response Deadline').  The Redemption Price shall
be paid only for Bonds in respect of which a valid instruction has not been
submitted in accordance with the provisions of the Trust Deed of the Bonds to
vote either in favour of or against the Extraordinary Resolution prior to the
Early Response Deadline.

Further information concerning the Extraordinary Resolution will be contained in
the circular to the holders of the Bonds to be issued 20 June 2007 (the '
Circular') copies of which will be available from the offices of the solicitors
to the Issuer at Herbert Smith LLP, Exchange House, Primrose Street, London EC2A
2HS between 9.00 a.m. and 5.00 p.m. on any weekday (public holidays excepted).

The proposals contained in the Circular have been considered by a Special
Committee of the ABI at the request of the Issuer.  The members of the Special
Committee, who hold approximately  £88.7 million in nominal value representing
83.5 per cent. of the current principal amount outstanding of the Bonds have
examined the proposals.  They have informed the Issuer that they find the
proposals acceptable, that they intend to vote in favour of the Extraordinary
Resolution in respect of their holdings and that they will be inviting other ABI
members to consider a similar course of action.  The Special Committee has
advised the Issuer that this recommendation relates only to the proposals set
out in the Circular with respect to the Bonds and not to future offers or
proposals which the Issuer may make.

The Royal Bank of Scotland plc, as Solicitation Agent, has been appointed by the
Issuer and approved by the Trustee of the Bonds to determine the Early Response
Redemption Price and the Redemption Price in accordance with the Extraordinary
Resolution on the Pricing Date

 which, provided the Extraordinary Resolution is passed, is expected to be
Thursday 12 July 2007 at  or around 3.00 p.m.

If the Meeting is quorate and the Extraordinary Resolution is passed, it is
intended that the Bonds will be redeemed in full on Tuesday 17 July 2007.

Requests for information in relation to voting and attendance at the Meeting
should be directed to:

The Bank of New York
One Canada Square
London E14 5AL
Tel: [phone]
Fax: [phone]
Attn: Amaka Onyekwelu


Solicitation Agent                                   Trustee

The Royal Bank of Scotland plc                       The Law Debenture Trust Corporation p.l.c.
135 Bishopsgate                                      Fifth Floor
London EC2M 3UR                                      100 Wood Street
                                                     London EC2V 7EX
Tel: [phone]/3781
Attn: Andrew Burton / Gianmarco Deiana               Tel: [phone]/5221
                                                     Attn: Charles Lander / Katy Le Gros
Issuer                                               Principal Paying Agent

Hammerson plc                                        Kredietbank S.A. Luxembourgeoise
10 Grosvenor Street                                  43 Boulevard Royal
London W1K 4BJ                                       L-2955 Luxembourg

Tel: [phone]
Attn: Duncan Beardsley


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