Hammerson PLC — Proxy Solicitation & Information Statement 2016

Mar 7, 2016

Hammerson

GUIDE TO THE HAMMERSON SCRIP DIVIDEND SCHEME

TERMS AND CONDITIONS

7 March 2016

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THIS GUIDE AND ACCOMPANYING DOCUMENTS ARE IMPORTANT AND REQUIRE YOUR IMMEDIATE ATTENTION.

If you are in any doubt as to the action you should take, you are recommended to seek your own personal financial advice immediately from your stockbroker, bank manager, solicitor, accountant, fund manager or other appropriate independent financial adviser, who is authorised under the Financial Services and Markets Act 2000 if you are in the United Kingdom, or, if not, from another appropriately authorised independent financial adviser.

If you have sold or otherwise transferred all your Ordinary Shares, please contact your stockbroker or agent without delay for advice on how you should proceed.

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Guide to the Hammerson Scrip Dividend Scheme

Important Information

Section 1 of this Guide, on pages 3 to 13, contains the terms and conditions of the Hammerson Scrip Dividend Scheme. A summary of how UK Shareholders are likely to be treated for tax purposes if they elect to receive New Shares instead of a cash dividend is set out in Section 2 on pages 14 to 17. Definitions of terms used in this Guide can be found in the Glossary on pages 18 to 19.

If you are an Overseas Shareholder, your attention is drawn to Question 3 ("Who can join the Scheme?") on page 4 and Question 15 ("Can Overseas Shareholders join the Scheme?") on page 10, which set out the availability of the Scheme to Overseas Shareholders.

The Hammerson Scrip Dividend Scheme will apply to any interim and final dividends in respect of which the Directors offer a Scrip Dividend Alternative. An expected timetable of events in relation to the application of the Scrip Dividend Scheme to a particular Scheme Dividend will be made available on the Company's website at, or around, the same time that dividend is announced by the Company.

The Hammerson Scrip Dividend Scheme enables the Directors of Hammerson plc (the "Company") to offer Shareholders New Shares instead of cash in respect of a dividend. There is, however, no guarantee that the Directors will apply the Scheme to any particular future interim or final dividend. The Directors also have the power to amend, suspend or withdraw the Scheme at any time and to decide if any Scheme Dividend shall be paid as a Property Income Distribution ("PID") or normal dividend ("Non-PID"). The applicability of the Hammerson Scrip Dividend Scheme for any dividend is also conditional on the Directors having the authority from Shareholders to offer Scrip Dividend Alternatives. At the Company's Annual General Meeting on 25 April 2016, the Directors will be seeking such authority for a period of three years.

Applications will be made for the New Shares to be admitted to listing on the Official List of the UK Listing Authority and to trading on the London Stock Exchange's Main Market for listed securities.

Shareholders who do not wish to participate in the Hammerson Scrip Dividend Scheme will receive dividends in cash and do not need to take any further action. Similarly, where the Scheme does not apply to a particular dividend, all Shareholders will instead receive a cash dividend in the usual way (save for any Shareholders opting to participate in any DRIP which may be offered). The payment of cash dividends may be subject to withholding tax when such distributions are paid as PIDs.

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Guide to the Hammerson Scrip Dividend Scheme

SECTION 1

TERMS AND CONDITIONS OF THE HAMMERSON SCRIP DIVIDEND SCHEME

The following explains how the Scheme operates and sets out further details and terms of the Scheme.

1. What is the Hammerson Scrip Dividend Scheme?

The Hammerson Scrip Dividend Scheme is an optional scheme which enables eligible Shareholders to elect to receive new fully paid Ordinary Shares in the Company ("New Shares") instead of cash dividends to which the Directors elect that the Scheme shall apply (a "Scheme Dividend").

Scrip dividends enable Shareholders to increase their holding in the Company in a simple manner, without incurring any dealing costs or stamp duty. Scrip dividends also enable the Company to retain more cash for reinvestment into its business which would otherwise be paid as cash dividends (less any amounts in withholding tax, if any, payable to HMRC). The Scheme will be established by the Directors in accordance with the Company's Articles of Association and pursuant to the authority which will be sought by the Directors at the Company's Annual General Meeting on 25 April 2016.

Participating Shareholders will receive New Shares instead of cash for any future Scheme Dividends, except for Shareholders holding in CREST who will need to elect to receive New Shares for each dividend for which a Scrip Dividend Alternative is offered (please see the response to Question 9 below for details). Shareholders who do not wish to participate in the Hammerson Scrip Dividend Scheme will receive dividends in cash and do not need to take any further action. Similarly, where the Scheme does not apply to a particular dividend, all Shareholders will receive cash for that dividend (save for any Shareholders opting to participate in any DRIP which may be offered). Shareholders can join and may leave the Scheme at any time by cancelling their Mandate instructions and reverting to receiving dividends in the form of cash.

Each Shareholder's decision to join the Hammerson Scrip Dividend Scheme depends on their individual circumstances and Shareholders should consider the rest of this Guide and in particular the taxation summary set out in Section 2 on pages 14 to 17.

The Scheme is subject always to the Directors' decision to make an offer of shares in respect of any particular dividend and may be modified, suspended or cancelled at the Directors' discretion without notice to Shareholders.

2. Which dividends will the Hammerson Scrip Dividend Scheme apply to?

The Scrip Dividend Scheme will apply to any dividend for which the Directors elect to offer a Scrip Dividend Alternative.

Shareholders should note that whilst the introduction of the Hammerson Scrip Dividend Scheme enables the Directors to offer Shareholders a Scrip Dividend Alternative there is no guarantee that the Directors will elect to apply the Scheme to any particular future interim or final dividend.

The Directors also have the power to amend, suspend or withdraw the Scheme at any time. The applicability of the Hammerson Scrip Dividend Scheme for any dividend is also conditional on the Directors having the authority from Shareholders to offer Scrip Dividend Alternatives. At the Company's Annual General Meeting on 25 April 2016, the Directors will seek such authority for a period of three years.

When dividends are announced, the Company will advise whether the Scrip Dividend Scheme applies.

Due to its status as a REIT, the Company is obliged to pay a certain level of distributions as PIDs. Confirmation of whether PID or Non-PID treatment will apply to any Scrip Dividend Alternative will be confirmed when dividends are announced.

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3. Who can join the Scheme?

All UK Shareholders can join the Hammerson Scrip Dividend Scheme, although certain restrictions apply to Overseas Shareholders. For further details see the response to Question 15 below.

4. How do I join the Scheme?

Shareholders holding share certificates

Shareholders holding their shares in certificated form can join the Scheme by completing and returning a Mandate Form. The Mandate Form may be amended from time to time and so Shareholders should obtain the latest version of the Mandate Form from Capita Asset Services (whose contact details are included in the response to Question 22 below) or from www.hammerson.com/investors.

Shareholders who wish to join the Scheme should complete and sign the Mandate Form in accordance with the instructions thereon and return it in the envelope provided. Please note that no acknowledgement of receipt of Mandate Forms will be issued.

Alternatively certificated shareholders may elect to join the Scheme online via www.capitashareportal.com.

The expected timetable of events in relation to the application of the Scheme to a particular Scheme Dividend will be made available on the Company's website at, or around, the same time that dividend is announced by the Company. Unless otherwise directed by the Company, duly signed and completed Mandate Forms and/or online elections must be received by Capita Asset Services at least 15 business days before the relevant Dividend Payment Date to be eligible for the Scrip Dividend Alternative for that dividend. Valid Mandate Forms and/or online elections received after the relevant election deadline will be applied to the next dividend to which the Scheme applies.

Upon the execution of a Mandate Form and/or online election, either personally or on behalf of the relevant Shareholder, that Shareholder is deemed (in respect of themselves, their heirs, successors and assigns): (a) to agree to participate in the Hammerson Scrip Dividend Scheme pursuant to its terms (as may be amended from time to time by the Directors); and (b) to authorise the Company or its agent to send to the Shareholder, at the Shareholder's registered address and at the Shareholder's risk, any definitive share certificate in respect of New Shares allotted.

A Shareholder's Mandate will remain in force in respect of their entire holding of Ordinary Shares for all future Scheme Dividends until cancelled by them in writing. For further details of how to cancel a Mandate see the response to Question 18 below.

Shareholders holding Ordinary Shares electronically through CREST

Shareholders who hold their Ordinary Shares in CREST can only elect to receive Scrip Dividend Alternatives in the form of New Shares by use of the CREST Dividend Election Input Message (any Mandate Forms or other forms of instruction received from CREST holders will not be accepted and will be ignored). For further details see the response to Question 5 below.

5. I hold my Ordinary Shares in CREST, how do I join the Scheme?

If a Shareholder's holding is in uncertificated form in CREST (and was in uncertificated form as at the relevant Record Date), that Shareholder can only elect to receive their dividend in the form of New Shares by means of the CREST procedure to effect such an election. No other method of election will be permitted under the Scheme and will be rejected. If a Shareholder is a CREST sponsored member, they should consult their CREST sponsor, who will be able to take appropriate action on their behalf.

All elections made via the CREST system should be submitted using the CREST Dividend Election Input Message in accordance with the procedures as stated in the CREST Reference Manual. CREST Personal Members and other CREST Sponsored Members are recommended to consult their CREST sponsor who will be able to take the appropriate action on their behalf. The CREST Dividend Election Input Message submitted must contain the number of Ordinary Shares on which the election is being

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made. If the relevant field is left blank or completed with zero the election will be rejected. If the Shareholder enters a number of Ordinary Shares greater than the holding in CREST on the relevant Record Date, the election will be applied to his total holding held as at the relevant Record Date for the dividend. "Evergreen" elections by Shareholders holding in CREST will not be permitted in respect of the Scrip Dividend Scheme. If such Shareholders wish to receive New Shares instead of cash in respect of future Scheme Dividends, they must complete a CREST Dividend Election Input Message on each occasion otherwise they will receive the dividend in cash.

The expected timetable of events in relation to the application of the Scheme to a particular Scheme Dividend will be made available on the Company's website at, or around, the same time that dividend is announced by the Company. Unless otherwise directed by the Company, elections via CREST should be received by CREST no later than 17:00 on such date that is at least 15 business days before the Dividend Payment Date for the relevant dividend in respect of which an election is wished to be made. CREST Dividend Election Input Messages received after the relevant election deadline will be applied to the next dividend to which the Scheme applies.

Once an election is made using the CREST Dividend Election Input Message it cannot be amended. Therefore, if a Shareholder holding their Ordinary Shares in CREST wishes to change their election, the election would have to be cancelled and re-submitted accordingly.

Upon the submission of the CREST Dividend Election Input Message, either personally or on behalf of the relevant Shareholder, that Shareholder is deemed (in respect of themselves, their heirs, successors and assigns): (a) to agree to participate in the Hammerson Scrip Dividend Scheme pursuant to its terms (as may be amended from time to time by the Directors); and (b) to authorise the Company or its agent to credit the New Shares allotted to the participant's CREST account on the date that dealings in the New Shares commence.

If a Shareholder holds Ordinary Shares partly in certificated form and partly in uncertificated form, such shareholdings will be treated as if they were separate holdings. As set out in the response to Question 4 above, a Mandate Form will be required for the Ordinary Shares held in certificated form and a CREST Dividend Election Input Message will be required for the Ordinary Shares held in uncertificated form.

Shareholders holding their Ordinary Shares in CREST who have made an "evergreen" CREST Dividend Election Input Message in respect of the DRIP are referred to the response to Question 20 below which contains further details of how they can elect to join the Scrip Dividend Scheme.

6. How many New Shares will I receive?

In accordance with the Company's Articles of Association, a Shareholder's entitlement to New Shares for Scheme Dividends will be calculated by taking the amount of cash dividend to which they are entitled (i.e. the number of Ordinary Shares held by that Shareholder at the Record Date multiplied by the cash value in pounds sterling of the Scheme Dividend per share) and dividing it by the Scrip Reference Share Price. Where the Scheme Dividend is a PID, the number of New Shares received will be reduced if withholding tax applies, as described in the example below.

The Scrip Reference Share Price shall be the average of the middle market quotations for the Ordinary Shares on the London Stock Exchange as derived from the Daily Official List, for the day on which the Ordinary Shares are first quoted "ex" the relevant dividend and the four subsequent dealing days. The results of this calculation will be announced by the Company shortly after the last dealing day and will be available on the Company's website: www.hammerson.com/investors.

Fractions of Ordinary Shares will not be allotted and any resulting Cash Balances in respect of Shareholders who hold their Ordinary Shares in certificated form will be carried forward, without interest, and included in the calculation of the next Scheme Dividend payment of the same type. For further detail in relation to the treatment of Cash Balances, see the response to Question 7 below.

If the amount of cash dividend to which a Participating Shareholder is entitled in respect of any Scheme Dividend together with any Cash Balance held on behalf of that Shareholder (in respect of the same type of dividend), are not sufficient for that Shareholder to be allotted at least one New Share pursuant to the Scheme, that Shareholder will not be issued with any New Shares for that Scheme

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Dividend. Instead, in respect of Shareholders who hold their Ordinary Shares in certificated form, that Shareholder's cash dividend entitlement will be added to their Cash Balance and carried forward to the next Scheme Dividend of the same type. In that situation, that Shareholder will, however, still receive a Scheme Statement showing that no New Shares have been issued in respect of the Scheme Dividend and noting the amount of Cash Balance held by the Company in respect of that Shareholder. See the response to Question 8 below for further information on Scheme Statements.

Example 1 – Non-PID Scheme Dividend (no withholding tax applies)

The formula which will be used is set out below:

$$
\frac{\text{(Number of Ordinary Shares held at the Scheme Dividend Record Date} \times \text{Cash value of the Scheme Dividend per share)} + \text{any Cash Balance from previous Non-PID Scheme Dividend}}{\text{Scrip Reference Share Price}}
$$

Assuming the following:

• a Scheme Dividend with a cash value of 12.8p per Ordinary Share;
• a Participating Shareholder who holds 1,000 Ordinary Shares;
• a Cash Balance of 350p (i.e. residual cash left over from previous applications of the Scheme to Non-PID dividends. See the response to Question 7 below for further information on Cash Balances); and
• a Scrip Reference Share Price of 544.5p.

The Participating Shareholder would be entitled to a total amount of cash dividend of £128.00 (i.e. 1,000 Ordinary Shares multiplied by the 12.8p cash value of the Scheme Dividend). Together with the existing Cash Balance, the total cash value to be applied towards New Shares for that Participating Shareholder would be £131.50.

The number of New Shares that the Shareholder would receive pursuant to the Scheme would be calculated as follows:

$$
\frac{(1,000 \times 12.8p) + 350p}{544.5p} = 24.15
$$

The Shareholder would be entitled to 24 New Shares (i.e. 24.15 rounded down to the nearest whole number). A residual Cash Balance of 82p, being the total value of the 24 New Shares at the Scrip Reference Share Price subtracted from the £131.50 total cash value available, would then either be carried forward and applied to the next Non-PID Scheme Dividend in respect of Shareholders who hold their Ordinary Shares in certificated form, or paid in cash in respect of Shareholders holding in CREST.

Example 2 – PID Scheme Dividend (withholding tax applies)

Withholding tax mechanics

Subject to certain exceptions, the Company is required to withhold tax at source (at the current rate of 20 per cent.) from its PIDs, whether paid in cash or in the form of New Shares pursuant to a Scheme Dividend (see Section 2 of this Guide for further details about the withholding tax). The Company will satisfy its obligation to withhold tax at source on PIDs that are paid in the form of New Shares by not issuing an appropriate number of New Shares to which a Shareholder would otherwise be entitled.

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Number of New Shares received

Where withholding tax applies, the formula used in calculating a Shareholder's entitlement to New Shares in respect of future Scheme Dividends that are PIDs is therefore modified so that the number of New Shares issued is calculated by reference to 80 per cent. of the aggregate value of cash dividend foregone (instead of the whole amount) together with any Cash Balance arising from a previous PID Scheme Dividend. (If the withholding tax rate changes from 20 per cent., the 80 per cent. figure will be adjusted accordingly.)

The formula which will be used is set out below:

$$
\frac{\text{(Number of Ordinary Shares held at the Scheme Dividend Record Date} \times 80 \text{ per cent of the cash value of the Scheme Dividend per share)}}{\text{any Cash Balance from previous PID Scheme Dividend}}
$$

Scrip Reference Share Price

Assuming the following:

• a Scheme Dividend with a cash value of 12.8p per Ordinary Share;
• a Participating Shareholder who holds 1,000 Ordinary Shares;
• withholding tax at a rate of 20%;
• a Cash Balance of 350p (i.e., residual cash left over from previous applications of the Scheme to a PID dividend. See the response to Question 7 below for further information on Cash Balances); and
• a Scrip Reference Share Price of 544.5p.

The Participating Shareholder would be entitled to a total amount of cash dividend of £102.40 (i.e. 1,000 Ordinary Shares multiplied by the 12.8p cash value of the Scheme Dividend minus 20 per cent. withholding tax). Together with the existing Cash Balance, the total cash value to be applied towards New Shares for that Participating Shareholder would therefore be £105.90.

The number of New Shares that the Shareholder would receive pursuant to the Scheme would be calculated as follows:

$$
\frac{(1,000 \times 12.8p \times 80\%) + 350p}{544.5p} = 19.45
$$

The Shareholder would be entitled to 19 New Shares (i.e. 19.45 rounded down to the nearest whole number). A residual Cash Balance of £2.44, being the total value of the 19 New Shares at the Scrip Reference Share Price, subtracted from the £105.90 total cash value available, would then either be carried forward and applied to the next PID Scheme Dividend in respect of Shareholders who hold their Ordinary Shares in certificated form, or paid in cash in respect of Shareholders holding in CREST.

7. How are fractional entitlements to be dealt with and what will happen with any Cash Balance?

For Shareholders holding share certificates

As a Shareholder's entitlement to New Shares may not give an exact number of New Shares, it will be rounded down to the nearest whole New Share and the cash value of these fractions (i.e. the Cash Balance) will be retained by the Company (without interest) for the benefit of that Shareholder. This residual Cash Balance will be carried forward to be included in the calculation of the next Scheme Dividend. Where the Cash Balance arises in relation to a Non-PID, it will be included in the calculation for the next Non-PID Scheme Dividend. If the Cash Balance arises in relation to a PID, it will be

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included in the calculation for the next PID Scheme Dividend. The calculation of a Shareholder's entitlement to New Shares will be subject to rounding to ensure that it is, as nearly as possible, equal to but not greater than the cash amount of the cash dividend, less any applicable withholding tax.

Residual Cash Balances arising from a Scheme Dividend can only be applied to future Scheme Dividends and cannot be applied to the acquisition of Ordinary Shares pursuant to any DRIP which may be offered (see the response to Question 20 below for information on the application of the DRIP).

If:
(i) the Mandate of a Shareholder ceases to remain in force;
(ii) a Shareholder disposes of their entire holding of Ordinary Shares;
(iii) the Company terminates the Scheme; or
(iv) a Shareholder dies, becomes bankrupt, goes into liquidation or suffers from mental incapacity,

any Cash Balance held by the Company on behalf of that Shareholder will be paid (without interest) to the Shareholder or their estate or trustee entitled thereto as applicable. Such Cash Balances will be paid in the same way as the cash dividends were paid at the last Scheme Dividend before the occurrence of the relevant exit event listed above, whether as a PID or a Non-PID and will be taxed accordingly (please see the taxation summary for cash dividends set out on in Section 2 of this Guide). For example, if cash dividends paid in respect of the last Scheme Dividend before the occurrence of the relevant exit event were paid as a PID, any Cash Balance to be paid out on the exit event will also be paid out as a PID.

Shareholders holding electronically in CREST

As "evergreen" elections by Shareholders holding in CREST are not permitted under the Scheme, Cash Balances will not be retained by the Company for such Shareholders. Accordingly, any Cash Balance arising for any such Shareholder will be paid to that Shareholder in cash on the applicable Dividend Payment Date. Such Cash Balances will be paid in the same way as the cash dividends are paid for that Scheme Dividend, whether as a PID or a Non-PID and will be taxed accordingly (please see the taxation summary for cash dividends set out on in Section 2 of this Guide). For example, if cash dividends paid in respect of a particular Scheme Dividend are paid as a PID, Cash Balances paid to Shareholders holding in CREST will also be paid as a PID for that Scheme Dividend.

8. How will I know how many New Shares I have received pursuant to the Scheme?

Once New Shares are allotted in respect of a Scheme Dividend, Participating Shareholders will each receive a Scheme Statement in respect of that Scheme Dividend showing the number of Ordinary Shares registered in that Shareholder's name as at the applicable Record Date; the number of Ordinary Shares for which a valid Mandate was given; the number of Ordinary Shares for which no valid Mandate was given; the number of New Shares allotted to that Shareholder pursuant to the Scheme; the applicable Scrip Reference Share Price; the amount of any Cash Balance carried forward to the next Scheme Dividend of the same type for that Shareholder; the total cash equivalent of the New Shares allotted to that Shareholder; and details of any applicable withholding tax (which Shareholders may need for tax purposes).

9. Will I have to apply again for the Scrip Dividend Alternative for the next Scheme Dividend?

A valid Mandate given by Shareholders who hold their Ordinary Shares in certificated form will apply for all future Scheme Dividends unless the Mandate is revoked. Accordingly such Shareholders will not need to re-apply for the Scrip Dividend Alternative on each Scheme Dividend. Please see the response to Question 4 above for details of how to join the Scheme through the completion of a Mandate Form and the response to Question 18 below for details of how to cancel a Mandate.

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Shareholders holding their Ordinary Shares in CREST will, however, need to elect to take the Scrip Dividend Alternative for each Scheme Dividend via a CREST Dividend Election Input Message and will receive a cash dividend if they do not make such election for any Scheme Dividend. Please see the response to Question 5 above for details of how Shareholders holding in CREST can join the Scheme.

All elections are subject to the Directors' decision to offer a scrip alternative in respect of any future dividend.

10. Would my New Shares be included in the next dividend?

Yes, all New Shares issued as scrip dividends will automatically increase a Shareholder's shareholding on which the next entitlement to a dividend (whether a Scrip Dividend or otherwise) will be calculated.

11. Would my New Shares under the Scheme have the same voting rights as my existing Ordinary Shares?

Yes, the New Shares will carry the same voting rights as existing Ordinary Shares. The New Shares will be issued subject to the Articles of Association of the Company and will rank equally with the existing Ordinary Shares in all respects.

12. When will I receive my New Shares?

Application will be made for the New Shares to be admitted to the Official List of the UK Listing Authority and to trading on the London Stock Exchange's Main Market for listed securities. Subject to both admissions, the New Shares will be issued and new share certificates and Scheme Statements will be posted to Shareholders, at their registered addresses and at each Shareholder's risk, on or about the same date as dividend warrants are posted to Shareholders who are taking the dividends in cash. The expected date in respect of each Scheme Dividend will be made available on the Company's website, www.hammerson.com/investors. The expected timetable of events in relation to the application of the Scheme to a particular Scheme Dividend will be made available on the Company's website at, or around, the same time that dividend is announced by the Company. Dealings in the New Shares on the London Stock Exchange are expected to begin on the relevant Dividend Payment Date.

Participating Shareholders who hold their Ordinary Shares in CREST will have their CREST accounts credited directly with the New Shares, in accordance with their entitlement and the terms and conditions of the Scheme, and will be notified via CREST on the Dividend Payment Date. If the Company or Capita Asset Services is unable to do this under the provisions of any applicable law or regulation (in particular the Uncertificated Securities Regulations 2001) or the facilities and requirements of CREST, the New Shares will be issued as certificated shares and share certificates will be posted to the Shareholder as above.

In the unlikely event that the New Shares are not admitted to listing on the Official List, the listing does not become effective, or the New Shares are not admitted to trading on the London Stock Exchange, that Scheme Dividend will instead be paid to Participating Shareholders in cash on or as soon as reasonably practicable after the relevant Dividend Payment Date in the same manner as the cash equivalent (i.e. PID/Non-PID).

13. Does the Scheme apply to Ordinary Shares held in joint names?

Yes, the Scheme applies to Ordinary Shares held in joint names. In the case of Shareholders who hold their Ordinary Shares in certificated form, all joint Shareholders will need to sign the Mandate Form to exercise their right to receive New Shares instead of cash. In the case of Shareholders who hold their Ordinary Shares in CREST, all joint Shareholders will need to submit their elections using the CREST Dividend Election Input Message in accordance with the procedures as stated in the CREST Reference Manual.

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14. Can I complete a Mandate for part of my Ordinary Shares?

In respect of Ordinary Shares held in certificated form, Mandates will only be accepted in relation to an entire holding of Ordinary Shares. A Mandate Form submitted for less than the number of Ordinary Shares in a Shareholder's holding will be rejected.

However:

(i) as set out in the response to Question 5 above, if a Shareholder holds Ordinary Shares partly in certificated form and partly in uncertificated form, such holdings will be treated as if they were separate holdings and a Shareholder could therefore make different elections in relation to those Ordinary Shares held in certificated form from those held in CREST;

(ii) the Company may, at its discretion, permit a Shareholder to grant a Mandate for a particular dividend in respect of a lesser number than their full holding where that Shareholder is acting as a nominee Shareholder holding its Ordinary Shares on behalf of more than one beneficial owner. Any such election in respect of part of a holding, where permitted by the Company, will apply only to that particular dividend and a cash dividend will be paid automatically on Ordinary Shares not specified in the Mandate; and

(iii) if a Shareholder's Ordinary Shares are registered in more than one holding (i.e. that Shareholder is treated as having separate holdings of Ordinary Shares) and they want to receive the Scrip Dividend Alternative in respect of each holding, they will need to complete a separate Mandate Form and/or make a separate CREST Dividend Election Input Message for each holding. The Shareholder may request that its holdings are combined, although a sole shareholding cannot be combined with a joint shareholding.

Shareholders whose holdings are in uncertificated form in CREST may make elections in respect of part of their holdings. Please see the response to Question 5 above for details of how Shareholders holding in CREST can join the Scheme.

15. Can Overseas Shareholders join the Scheme?

Generally, Overseas Shareholders may treat this as an invitation to elect to receive New Shares unless such an invitation could not lawfully be made to them without any further obligation on the part of the Company or in compliance with any registration or other legal requirements. Consequently, Overseas Shareholders in any jurisdiction where such an offer for New Shares would require compliance by the Company with any governmental or regulatory procedures or similar formalities may not join the Scheme and may not treat this Guide as offering a right to receive New Shares.

It is the responsibility of any Overseas Shareholder wishing to elect to receive New Shares to be satisfied as to the full observance of the laws of the relevant territory without any further obligation on the part of the Company, including obtaining any government or other consents which may be required, observing any other formalities in such territories and any resale restrictions which may apply to the New Shares.

By completing and returning a Mandate Form, online election or by submitting a CREST Dividend Election Input Message each Shareholder shall be deemed to confirm that he is not resident in any jurisdiction that would require the Company to comply with any governmental or regulatory procedure or requirements or any similar formalities arising from his election nor holding any Ordinary Shares as nominee(s) or transferee(s) for any beneficial resident who is so resident.

An Overseas Shareholder or any nominee for such a Shareholder is advised to seek legal advice before completing and returning a Mandate Form, making an online election or submitting a CREST Dividend Election Input Message.

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16. What happens if I sell some of my Ordinary Shares or buy additional Ordinary Shares after I complete a Mandate Form and/or submit a CREST Dividend Election Input Message?

Selling Ordinary Shares

If a Participating Shareholder disposes of some of their Ordinary Shares before the Record Date for a Scheme Dividend and such disposal has been registered prior to or on the Record Date, the Scheme will not apply to those sold Ordinary Shares, though will apply for the remainder of their Ordinary Shares.

If a Participating Shareholder disposes of any of their Ordinary Shares prior to the first day that such shares are quoted "ex-dividend" for any particular Scheme Dividend, that Shareholder may not be entitled to the dividend on those shares and is advised to contact the stockbroker or agent through whom the sale was effected as soon as possible as the purchaser may have a claim for the cash amount of the dividend.

Buying Additional Ordinary Shares

If a Participating Shareholder buys or otherwise receives any additional Ordinary Shares prior to the first day such shares are quoted as "ex-dividend" for any particular dividend, the Shareholder may be entitled to a dividend on those shares and is advised to contact the stockbroker or agent through whom the purchase was made as soon as possible so as to ensure the shares are registered promptly in their name.

Any additional Ordinary Shares which a Participating Shareholder buys or otherwise receives which are registered in their name prior to the Record Date for a Scheme Dividend, will automatically be included within that Shareholder's Mandate and that Shareholder's entitlements to New Shares in accordance with the Scheme will be based on their entire shareholding, including the additional Ordinary Shares.

If a Shareholder buys or otherwise receives any additional Ordinary Shares after a Record Date for a Scheme Dividend, the additional Ordinary Shares will not be eligible to receive the cash or scrip dividend, but will be eligible for future dividends and, in the case of a Shareholder who holds Ordinary Shares in certificated form, without the need to complete a new Mandate Form.

17. What are the tax consequences of the Scheme for Participating Shareholders?

The tax consequences of electing to receive New Shares pursuant to the Scheme in place of a cash dividend will depend on each Shareholder's individual circumstances. If a Shareholder is not sure how they will be affected from a tax perspective, they should consult their solicitor, accountant or other professional adviser before taking any action. UK resident trustees, corporates, pension funds and other Shareholders, including Overseas Shareholders, are advised to contact their professional advisers regarding their own tax circumstances in relation to the Scheme.

A summary of how UK Shareholders are likely to be treated for tax purposes if they elect to receive New Shares instead of a cash dividend is set out on in Section 2 of this Guide on pages 14 to 17.

18. Can I cancel my instructions?

Yes, Shareholders may cancel their Mandate at any time; however, written notice of cancellation stating the Shareholder's name as it appears on their share certificate must be given in writing to Capita Asset Services. Shareholders holding through the CREST system can only cancel their Mandate via the CREST system. Any such cancellation notice must be received at least 15 business days before the relevant Dividend Payment Date for it to be effective for that Scheme Dividend.

Where a Mandate is duly cancelled, Shareholders will receive cash for that dividend and subsequent dividends. A notice of cancellation will take effect once received and processed by Capita Asset Services in respect of all dividends payable after the date of receipt of such notice.

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A Shareholder's Mandate will be deemed to be cancelled if they sell or otherwise transfer any Ordinary Shares to another person but only with effect from the registration of the relevant transfer and only in respect of the Ordinary Shares that they have sold or otherwise transferred. A Shareholder's Mandate will also terminate immediately on receipt of notice of their death. If a joint Shareholder dies, the Mandate will continue in favour of the surviving joint Shareholders (unless and until cancelled by the surviving joint Shareholders).

Once an election is made using the CREST Dividend Election Input Message it cannot be amended. Therefore, if a Shareholder holding their Ordinary Shares in CREST wishes to change their election, the election would have to be cancelled and re-submitted accordingly.

19. Can the Company change or cancel the Scheme?

Yes, the Scheme may be modified, suspended, terminated or cancelled at any time at the discretion of the Directors without notice to Shareholders individually. The Directors may also determine whether any Scheme Dividend will be in PID or Non-PID form including whether it should be treated as a Non-PID in circumstances where the cash dividend is a PID, and vice versa.

Any revised terms and conditions will be made available from the Company's website, www.hammerson.com/investors. In the case of any modification, existing Mandates (unless otherwise specified by the Directors) will be deemed to remain valid under the modified arrangements unless and until Capita Asset Services receive a cancellation in writing from Shareholders. The operation of the Scheme is always subject to the Directors' decision to offer a Scrip Dividend Alternative in respect of any particular dividend. The Directors also have the power, after such an election is made, to revoke the election generally at any time prior to the allotment of the New Shares under the Scheme. This may, in particular, be exercised if 20 business days prior to the relevant Dividend Payment Date, the price of an Ordinary Share has fallen 15% or more below the Scrip Reference Share Price used to calculate Shareholders' entitlements. However, it remains at the Directors' discretion as to whether or not to exercise such a right and there is no obligation on the Directors to do so even where such a fall in share price has occurred. If the Directors revoke an offer, Shareholders will receive their dividends in cash as with other non-Scheme Dividends on or as soon as possible after the relevant Dividend Payment Date.

The Scheme also requires Shareholder approval, which must be regularly renewed if the Directors wish to continue the Scheme.

20. I am a participant in the DRIP scheme – will I automatically receive New Shares pursuant to the Scheme?

Participants in the DRIP will not be automatically deemed to have joined the Scrip Dividend Scheme and so, as with all other Shareholders, where a participant in the DRIP wishes to join the Scrip Dividend Scheme they will need to return a Mandate Form, online election or CREST Dividend Election Input Message, as applicable, as detailed in the response to Questions 4 and 5 above. Accordingly, participants in the DRIP will receive cash dividends in respect of any Scheme Dividend unless they return a Mandate Form, online election or CREST Dividend Election Input Message as applicable.

Shareholders holding Ordinary Shares in CREST who have submitted an "evergreen" CREST Dividend Election Input Message in respect of the DRIP will need to cancel such election before they are able to input a CREST Dividend Election Input Message in respect of the Scrip Dividend Scheme. Shareholders should take care when submitting CREST Dividend Election Input Messages. If a Shareholder incorrectly inputs a CREST Dividend Election Input Message electing for the DRIP when intending to input a CREST Dividend Election Input Message electing for the Scrip Dividend Scheme, that Shareholder will not receive a Scrip Dividend Alternative for that dividend and will instead receive a cash dividend. Once an election is made using the CREST Dividend Election Input Message it cannot be amended. Therefore if Shareholders holding their Ordinary Shares in CREST wish to change their election, the election would have to be cancelled and re-submitted accordingly.

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Following the introduction of the Hammerson Scrip Dividend Scheme, the Directors have decided to suspend the Company's Dividend Reinvestment Plan. The DRIP may, however, be reinstated for future dividends.

Any residual cash balance held by the Company or Capita Asset Services in accordance with the DRIP on behalf of a participant in the DRIP will be handled in accordance with the DRIP terms and conditions.

21. Governing law and jurisdiction

The Hammerson Scrip Dividend Scheme is subject to the Company's Articles of Association and is governed by and its terms are to be construed in accordance with English law. By electing to receive New Shares pursuant to the Scheme, Participating Shareholders agree to submit to the exclusive jurisdiction of the English courts in relation to the Scheme.

22. What do I do if I have any questions?

If you have any questions about the procedure for election or about how to complete the Mandate Form, please call Capita Asset Services on +44 371 664 0321. Calls are charged at the standard geographic rate and will vary by provider. Calls outside the United Kingdom will be charged at the applicable international rate. The helpline is open between 9.00 am – 5.30 pm (GMT), Monday to Friday excluding public holidays in England and Wales. Please note that Capita Asset Services cannot provide any financial, legal or tax advice and calls may be recorded and monitored for security and training purposes. Address: Capita Asset Services, Corporate Actions, The Registry, 34 Beckenham Road, Beckenham, Kent BR3 4TU

Further information on the Scheme is also available from the Company's website, www.hammerson.com/investors.

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SECTION 2

UNITED KINGDOM TAXATION GUIDELINES

A) GENERAL

The following paragraphs are intended as a general guide and are based on current law and HM Revenue and Customs practice. They are not comprehensive and, in particular, do not consider the laws or practices of countries other than the United Kingdom. They summarise the UK tax position of Shareholders who hold their Ordinary Shares as an investment. They do not consider the position of certain types of Shareholder, such as dealers in securities, persons acquiring (or deemed to acquire) their New Shares in connection with an office or employment, insurance companies and collective investment schemes, who may be taxed differently. Nor do they consider the position of corporate Shareholders who are beneficially entitled, directly or indirectly, to 10% or more of the dividends paid by the Company or the Company's share capital, or which control, directly or indirectly, 10% or more of the voting rights in the Company. Any such Shareholder should inform the Company of their existence immediately.

The effect on a Shareholder's tax position of electing to receive New Shares instead of a cash dividend will depend upon the personal circumstances of that Shareholder. If you are in any doubt as to your tax position or you are subject to tax in a jurisdiction outside the UK, you should consult an appropriate professional adviser before taking any action.

B) INTRODUCTION

As a Real Estate Investment Trust (a "REIT"), provided that certain conditions are satisfied, UK resident REIT group members and non-UK resident REIT group members with a qualifying UK property rental business do not pay UK direct taxes on income and capital gains from their qualifying property rental business (the "Tax Exempt Business"). Instead, as discussed further below, dividends paid by the Company which relate to profits or gains of the Tax Exempt Business are treated for UK tax purposes as the profits of a UK property business in the hands of Shareholders. Such dividends are referred to in this Guide as PIDs (Property Income Distributions).

However, UK corporation tax will still be payable by the group in the normal way in respect of income and capital gains relating to that part of the group's business which is not included in the Tax Exempt Business. Dividends relating to this part of the business are treated for UK tax purposes as normal dividends and referred to in this Guide as Non-PIDs. Dividends may be paid as PIDs, Non-PIDs, or a mixture of both. As described below, Scheme Dividends will be subject to different tax treatment depending on whether they are paid as PIDs or Non-PIDs.

C) PID SCRIP DIVIDEND

i) United Kingdom Resident Individual Shareholders

An individual Shareholder who is UK resident and chooses to take New Shares instead of the cash dividend will be treated as receiving gross income of an amount which is equal to the "cash equivalent" of the New Shares. The cash equivalent will generally be the amount of the cash dividend which he would have received had he not elected to take New Shares, subject to withholding tax as described below.

The market value of the New Shares on the first day of dealing on the London Stock Exchange will, at the discretion of the Directors, be substituted as the cash equivalent if that market value differs by 15% or more from the amount of the cash dividend.

Subject to certain exceptions summarised below, the Company is required to withhold tax at source, currently at the rate of 20%, from its PIDs. The Company will provide Shareholders with a certificate setting out the gross amount of the PID, the amount of tax withheld, and the amount of the PID, along with relevant information in respect of the number of Shares that the Shareholder will receive.

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Income Tax

PIDs will generally be treated in the hands of individual Shareholders as the profits of a UK property business (a separate business from any other UK property business carried on by that Shareholder).

Individual Shareholders who are liable to income tax at the basic rate will have no further income tax to pay if withholding is applied to the PID as the tax withheld will fully discharge their liability to income tax. If they receive the PID gross, income tax at 20% will apply.

Individuals who are subject to higher or additional rate income tax will be liable to pay further tax on the gross income they are treated as receiving; the rate of income tax applying to the PID is 40% for higher rate taxpayers and 45% for additional rate taxpayers, with credit for the 20% tax withheld at source in each case (unless one of the exemptions from withholding applies and tax has not been withheld).

Where tax has been withheld at source, individual Shareholders who are not liable to tax, including those who hold their Ordinary Shares in an Individual Savings Account ("ISA"), may be entitled to claim repayment of some or all of the tax withheld on their PID.

Capital Gains Tax

An individual Shareholder should not be charged capital gains tax on receipt of New Shares.

For the purpose of computing capital gains tax liability on a future disposal of New Shares, an individual will be treated as acquiring the New Shares on the day that they were issued for a consideration equal to the cash dividend forgone (or market value if substituted as above). The current rate of capital gains tax is 18% or 28%, depending on the individual Shareholder's taxable income and taxable gains.

ii) United Kingdom Resident Corporate Shareholders

A PID will generally be treated in the hands of Shareholders who are within the charge to corporation tax as profits of a UK property business (a separate business from any other UK property business carried on by the relevant Shareholder).

Corporate Shareholders will be generally liable to pay corporation tax on their PID. If income tax is withheld at source, the tax withheld can be set against the Shareholder's liability to corporation tax. Corporate Shareholders may receive a PID without withholding tax (see "Exceptions to requirement to withhold Income Tax" below).

iii) Withholding Tax

Subject to certain exceptions summarised below, the Company is required to withhold tax at source currently at the rate of 20% from its PIDs. The Company will provide Shareholders with a certificate setting out the gross amount of the PID, the amount of tax withheld, and the amount of the PID along with relevant information in respect of the Shares that the Shareholder will receive.

Exceptions to requirement to withhold Income Tax

Shareholders should note that in certain circumstances the Company must not withhold income tax at source from a PID. These include where the Company reasonably believes that the person beneficially entitled to the PID is a:

(i) company resident for tax purposes in the UK;
(ii) charity; or
(iii) company resident for tax purposes outside the UK which is trading through a permanent establishment in the UK and is required to bring the PID into account in computing its UK taxable profits.

They also include where the Company reasonably believes that the PID is paid to the scheme administrator of a registered pension scheme, the sub-scheme administrator of certain pension sub-schemes, the account manager of an Individual Savings Account (ISA), or the account provider for a child trust fund, in each case, provided the Company reasonably believes that the PID will be applied for the purposes of the relevant fund, scheme or account.

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In order to pay a PID without withholding tax the Company will need to be satisfied that the Shareholder concerned is entitled to that treatment. For that purpose the Company will require such Shareholders to submit either a completed “Beneficial Owner Declaration of Eligibility for Gross PID Payments from Hammerson plc” form or a completed “Intermediary Declaration of Eligibility for Gross PID Payments from Hammerson plc” form (copies of which may be obtained from the Company’s website. www.hammerson.com/investors). Shareholders should note that the Company may seek recovery from Shareholders if the statements made in their claim form are incorrect and the Company suffers tax as a result. The Company will, in some circumstances, suffer tax if its reasonable belief as to the status of the Shareholder turns out to have been mistaken.

iv) Stamp Duty/Stamp Duty Reserve Tax

No stamp duty or stamp duty reserve tax will be payable on the receipt of the PID.

D) NON-PID SCRIP DIVIDEND

i) United Kingdom Resident Individual Shareholders

An individual Shareholder who is UK resident and chooses to take New Shares instead of the cash dividend will be treated as receiving gross income of an amount which is equal to the “cash equivalent” of the New Shares. The cash equivalent will generally be the amount of the cash dividend which he would have received had he not elected to take New Shares.

The market value of the New Shares on the first day of dealing on the London Stock Exchange will, at the discretion of the Directors, be substituted as the cash equivalent if that market value differs by 15% or more from the amount of the cash dividend.

Income Tax

In accordance with new rules on the taxation of dividends, which are expected to receive full confirmation in due course, individuals will have a tax-free £5,000 allowance in respect of dividend income. Dividend income in excess of this tax-free allowance will be taxed at a rate of 7.5% for basic rate taxpayers, 32.5% for higher rate taxpayers and 38.1% for additional rate taxpayers.

Capital Gains Tax

An individual Shareholder should not be charged to capital gains tax on receipt of New Shares.

For the purpose of computing capital gains tax liability on a future disposal of new shares, an individual will be treated as acquiring the new shares on the day that they were issued for a consideration equal to the cash dividend forgone (or market value if substituted as above). The current rate of capital gains tax is 18% or 28%, depending on the individual Shareholder’s taxable income and taxable gains.

ii) United Kingdom Resident Corporate Shareholders

A company which is subject to UK corporation tax will not be charged to corporation tax on receipt of the New Shares.

For the purposes of corporation tax on chargeable gains, the New Shares will be added to a corporate Shareholder’s existing holding of Ordinary Shares and no consideration will be treated as having been given for the New Shares. As a result, a corporate Shareholder will not obtain any additional base cost in its (enlarged) holding of Ordinary Shares, and the base cost in its original holding will effectively be ‘spread’ across the enlarged holding. Corporate Shareholders may be subject to corporation tax on chargeable gains on a gain arising on a subsequent disposal of New Shares.

iii) Withholding Tax

The Company is not required to withhold tax at source from the Scrip Dividend Alternative where it is not a PID.

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iv) Stamp Duty/Stamp Duty Reserve Tax

No stamp duty or stamp duty reserve tax will normally be payable on the issue, registration or receipt of New Shares pursuant to the Scrip Dividend Alternative, although a charge of 1.5% of the issue price may arise if the New Shares will be held through clearance services or depositary receipt arrangements located outside the European Union.

E) PID CASH DIVIDEND

Where the relevant Scheme Dividend is to be paid as a PID, if you do not elect to receive New Shares, you will instead receive the cash dividend as a PID. The consequences of this are as follows:

v) United Kingdom Resident Individual Shareholders

The income tax position should be similar to that described above for receipt of the scrip dividend described in section C) "PID SCRIP DIVIDEND" above. No capital gains tax should arise on receipt of a Non-PID cash dividend.

vi) United Kingdom Resident Corporate Shareholders

The tax position should be similar to that described above for receipt of the scrip dividend described in section C) "PID SCRIP DIVIDEND" above.

vii) Withholding Tax

The position on withholding should be similar to that described above for receipt of the scrip dividend described in section C) "PID SCRIP DIVIDEND" above.

F) NON-PID CASH DIVIDEND

Where the relevant Scheme Dividend is paid as a normal (Non-PID) dividend, if you do not elect to receive New Shares, you will instead receive the cash dividend as a normal (Non-PID) dividend. The tax treatment of UK Shareholders receiving such Non-PID cash dividends is expected to be as follows:

viii) United Kingdom Resident Individual Shareholders

The income tax position should be similar to that described above for receipt of the scrip dividend described in section D) "NON-PID SCRIP DIVIDEND" above. No capital gains tax should arise on receipt of a Non-PID cash dividend.

ix) United Kingdom Resident Corporate Shareholders

The blanket exemption from corporation tax on dividends received by one UK resident company from another which previously existed no longer applies. However, in the case of recipients that are small companies, Non-PID cash dividends paid by the Company should normally be exempt from corporation tax. For other (non-small) companies, exemptions from corporation tax will generally be available for (i) dividends in respect of ordinary shares and (ii) dividends paid to persons holding less than 10% of the issued shares in the company, either or both of which should apply to Non-PID cash dividends paid by the Company on its Ordinary Shares.

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GLOSSARY

business day	a day, other than a Saturday, Sunday or public holiday, in which banks are open for general business in London
Capita Asset Services	a trading name of Capita Registrars Limited of The Registry, 34 Beckenham Road, Beckenham, Kent BR3 4TU
Cash Balance	any residual cash balance held by the Company or Capita Asset Services on behalf of a Shareholder being the cash value of any fractions of New Shares which were not issued to that Shareholder pursuant to the Scheme
Company	Hammerson plc
CREST	the relevant system (as defined in the Uncertificated Securities Regulations 2001 (SI/3755)) in respect of which Euroclear UK & Ireland Limited is the operator
CREST Dividend Election Input Message	the procedure, as stated in the CREST Reference Manual, by which Shareholders who hold their Ordinary Shares in CREST can elect to take a Scrip Dividend Alternative for a Scheme Dividend
Directors	the directors of the Company from time to time
Dividend Payment Date	the date on which a dividend is expected to be paid as announced by the Company
DRIP	any Company Dividend Reinvestment Plan from time to time
Hammerson Scrip Dividend Scheme or the Scrip Dividend Scheme or the Scheme	the Company's scrip dividend scheme as comprised under and subject to the terms and conditions contained in this Guide as amended from time to time
London Stock Exchange	the London Stock Exchange plc
Mandate	the authorisation and instructions of a Shareholder to the Company to allot New Shares under the terms of the Hammerson Scrip Dividend Scheme instead of cash in respect of any Scheme Dividend (whether by way of a Mandate Form, online election or a CREST Dividend Election Input Message, as applicable)
Mandate Form	the form, provided by Capita Asset Services, by which a Shareholder holding Ordinary Shares in certificated form can give a Mandate to the Company to join the Hammerson Scrip Dividend Scheme
New Shares	the new Ordinary Shares issued pursuant to the Scheme
Non-PID	any dividend paid by the Company or a Scheme Dividend which is not a PID i.e. a normal dividend
Ordinary Shares	ordinary shares of 25 pence each in the capital of the Company
Overseas Shareholder	any Shareholder not resident the United Kingdom

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Participating Shareholder	a Shareholder that is participating in the Hammerson Scrip Dividend Scheme in respect of a Scheme Dividend, being a Shareholder eligible for the Scheme that has returned a duly completed Mandate Form (where such Shareholder holds its Ordinary Shares in certificated form) or has submitted a Dividend Election Input Message in respect of that Scheme Dividend (where such Shareholder holds its Ordinary Shares in CREST)
PID or Property Income Distribution	a distribution, generally subject to withholding tax, paid by the Company in respect of profits of the Tax Exempt Business of the Company
Record Date	the date on which Ordinary Shares must be held in order for a Shareholder to be eligible to receive a declared dividend
REIT or Real Estate Investment Trust	a listed property company which qualifies for and has elected Investment Trust into a tax regime, which exempts qualifying UK property rental income and gains on investment property disposals from corporation tax
Scheme Dividend	a dividend, whether interim or final, in respect of which the Directors have elected that the Hammerson Scrip Dividend Scheme shall apply
Scheme Statement	a statement to be sent to each Participating Shareholder in respect of each Scheme Dividend setting out details of the New Shares issued to that Shareholder pursuant to the Scheme and any resulting Cash Balance held by the Company on behalf of that Shareholder
Scrip Dividend Alternative	a right for Shareholders to receive New Shares instead of cash in respect of a Scheme Dividend
Scrip Reference Share Price	the average of the middle market quotations for the Ordinary Shares on the London Stock Exchange as derived from the Daily Official List, for the day on which the ordinary shares are first quoted “ex” the relevant dividend and the four subsequent dealing days, used to calculate the number of Ordinary Shares that a Participating Shareholder will receive for each Scheme Dividend
Shareholder	a holder of Ordinary Shares in the Company from time to time as shown on the Company’s register of members
Tax Exempt Business	a REIT’s qualifying property rental business in respect of which it does not pay UK direct taxes on income and capital gains
UK or United Kingdom	the United Kingdom of Great Britain and Northern Ireland and its dependent territories
UK Shareholder	a Shareholder resident in the United Kingdom

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