Pricing for Bond Repurchase

Hammerson PLC
26 May 2006



                        Offer to Repurchase for Cash by

                                 Hammerson plc

                       For any or all of its outstanding
                  £200,000,000 10.75 per cent. Bonds due 2013



Following the pricing of the Offer today, the price payable on the Settlement
Date for each Bond of £10,000 in principal amount accepted for repurchase will
be £13,300.20 (rounded to the nearest £0.01) (based on the Offer Side Benchmark
Security Rate of 4.583 per cent., Repurchase Spread of 65 bps, Repurchase Yield
of 5.233 per cent. and Repurchase Price of 133.002 per cent.).  An Accrued
Interest payment of £519.58 (rounded to the nearest £0.01) will also be paid on
the Settlement Date in respect of each such Bond.  The Early Tender Premium
payable to eligible Bondholders will be £75.60 (rounded to the nearest £0.01)
for each Bond of £10,000 in principal amount.  Capitalised terms used in this
paragraph have the meaning given in the Tender Offer Memorandum dated 3 May
2006.


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