Hammerson plc
(Incorporated in England and Wales)
(Company number 360632)
LSE and Euronext Dublin share code: HMSO       JSE share code: HMN
ISIN: GB00BK7YQK64
(“Hammerson” or “the Company”)

Dividend Currency Conversion Announcement

14 August 2023

On 27 July 2023, the Company announced that the Board of Directors had declared an
interim dividend of 0.72p per ordinary share ("Share") (the “Interim 2023 Dividend”).

The Interim 2023 Dividend will be treated as a Property Income Distribution (“PID”) and will
be subject to a 20% UK withholding tax unless exemptions apply.

The Company will not be offering a scrip dividend alternative but, for shareholders who wish
to receive their dividend in the form of Shares, the Dividend Reinvestment Plan (“DRIP”) will
be available. The terms and conditions of the DRIP can be found at www.signalshares.com.
Shareholders registered on the South African Branch Register should contact their CSDP or
Broker for further information.

The Interim 2023 Dividend is payable on Monday, 2 October 2023 to shareholders registered
on the UK principal register (“UK Shareholders”) and the South African branch register (“SA
Shareholders”) who have elected to receive the dividend in cash. The Record Date for both
UK Shareholders and SA Shareholders is at the close of business on Friday, 25 August 2023. The
DRIP purchases settlement date (subject to market conditions and the purchase of shares in
the open market) is Wednesday, 4 October 2023 in the UK and Monday, 16 October 2023 in
South Africa.

The Interim 2023 Dividend should be regarded as a “foreign dividend” for SA income and SA
dividend tax purposes.

Shareholders receiving the Interim 2023 Dividend in cash

The Company confirms that the South African Rand exchange rate for the Interim 2023
Dividend will be ZAR 23.9993 to GBP 1. The Interim 2023 Dividend is payable in South African
Rand to SA Shareholders. Shareholders who do not elect the DRIP will be paid as follows:



PID                                              UK Shareholders             SA Shareholders

                                                     (GBP pence)                  (ZAR cents)
Gross amount of PID                                            0.72                   17.27950

Less 20% UK withholding tax/20% SA                             0.14                     3.45590
dividends tax

Net PID dividend payable*                                      0.58                   13.82360

Less 5% SA Shareholders excess                                  n/a                    0.86398
reclaim

Net PID dividend payable**                                      n/a                   12.95962



*Net position after SA Shareholders have claimed back 5% from HMRC under the double tax
agreement between the United Kingdom and South Africa.

** Before SA shareholders have claimed back 5% from HMRC under the double tax
agreement between the United Kingdom and South Africa.

Cash PIDs

A 20% UK withholding tax will be deducted from cash PIDs. The Company will account to HM
Revenue & Customs (“HMRC”) in sterling for the total UK withholding tax deducted.

SA dividends tax, at the rate of 20%, will apply to cash PIDs payable by the Company unless
the beneficial owner of the dividend is exempt from SA dividends tax (e.g. if it is a South
African resident company). Under the double tax agreement between the UK and South
Africa (“the DTA”), the maximum tax payable in the UK is 15%. South African resident
shareholders are therefore entitled to claim the excess of 5% from HMRC. As SA Shareholders
are entitled to reclaim this excess from HMRC, the maximum rebate allowable in respect of
the UK withholding tax against the SA dividends tax is 15%, which means that the Company
will have to withhold a further 5% from the dividend in South Africa to bring the total dividends
tax to 20%. In summary, therefore, 20% will be withheld in the UK, a further 5% will be withheld
in South Africa (where appropriate), but South African resident shareholders will be entitled
to claim back 5% from HMRC, which will bring the overall total to 20%.

Shareholders electing the DRIP

Partial elections are not permitted under the DRIP.

SA Shareholders electing the DRIP should note that, in respect of fractional entitlements that
may arise, all allocations of shares will be rounded down to the nearest whole number, and
any residual amounts that are not used to reinvest in shares (as a result of rounding down) will
be paid out to these SA Shareholders in cash.

It is the Company’s understanding that the residual cash paid to SA Shareholders who have
made DRIP elections would already have been taxed prior to the calculation of the number
of shares and any residual cash owing to such SA Shareholders. Accordingly, no further tax
should be payable on the cash paid to SA Shareholders as a result of any fractional
entitlements.

The above information and the guidelines on the taxation of dividends are provided as a
general guide based on the Company’s understanding of the law and practice currently in
place. Any shareholder who is in any doubt as to their tax position should seek independent
professional advice.

 Registered Office      UK Registrars              SA Transfer Secretaries
 Marble Arch House      Link Group                 Computershare Investor
 66 Seymour Street      Central Square             Services Proprietary Limited
 London                 29 Wellington Street       (Registration number
 W1H 5BX                Leeds                      2004/003647/07)
 United Kingdom         LS1 4DL                    1st Floor, Rosebank Towers
                                                   15 Biermann Avenue,
                                                   Rosebank, 2196
                                                   South Africa
                                                   (Private Bag, X9000, Saxonwold 2132 South
                                                   Africa)

For further information contact:

Josh Warren
Director of Strategy, Commercial Finance and Investor Relations
Tel: +44 20 7887 1053
josh.warren@hammerson.com

Hammerson has its primary listing on the London Stock Exchange and secondary inward
listings on the Johannesburg Stock Exchange and Euronext Dublin.

Sponsor: Investec Bank Limited

This announcement is for information purposes only and is not intended to, and does not
constitute or form part of any offer to sell or issue, or the solicitation of an offer to purchase,
subscribe for or otherwise acquire any securities of the Company, whether pursuant to this
announcement or otherwise.