Commentary & Deal Flow

Guidance: 7yr: G+110a +/- 3bp WPIR - Books in excess of £1.1bn

IPTs: 7yr: G+125/130bp

• Issuer: Hammerson PLC (Ticker: "HMSOLN", Country: GB)
• Issuer LEI: 213800G1C9KKVVDN1A60
• Issuer Ratings: Baa1 (stable) / A- (stable) (Moody's / Fitch)
• Expected Note Ratings: Baa1 / A- (Moody's / Fitch)
• Format: Reg S, Bearer, Cat 2, TEFRA D, NGN
• Ranking: Senior, Unsecured
• Settlement: 08-Sep-26 (T+5)
• Maturity: 08-Jun-33 (Short 7-year)
• Size: £250m
• Call Options: 3-month par call, MWC
• Put Options: Change of Control Put (Restructuring Event) at Par applicable, as per the Programme
• Covenants: Consolidated Net Borrowings ≤ 1.75x Adjusted Capital and ReservesSecured Borrowings ≤ 0.5x Adjusted Capital and Reserves (subject to certain deductions and exceptions)Both as more fully described in the Programme
• Denominations: £100k+£1k
• Reference Benchmark: UKT 4.125% due 07-Mar-33
• ISIN: XS3489989866
• Coupon: Fixed, Annual, Short First, ACT/ACT (ICMA)
• Documentation: Under the Issuer's £5,000,000,000 EMTN Programme dated 24-Apr-26, as supplemented
• Selling Restrictions: Yes (US: RegS, Cat 2, TEFRA D; UK; EEA)
• Use of Proceeds: General Corporate Purposes, including the potential repayment of existing indebtedness
• Target Market: MiFID II and UK MiFIR professionals & ECPs-only. Manufacturer target market (MiFID II product governance and UK MiFIR product governance rules) is eligible counterparties and professional investors only (all distribution channels). No EU PRIIPs Regulation key information document or DISC/CCI Regulations disclosure document has been prepared as the Notes are not available to retail investors in the EEA or the UK
• Active Bookrunners: Barclays, ICBC, Lloyds, MUFG
• B&D: Barclays
• Clearing: Euroclear / Clearstream, Luxembourg
• Stabilisation: ICMA Standard
• Marketing: URL: https://dealroadshow.finsight.comEntry Code: HMSOLN26Direct Link: https://dealroadshow.finsight.com/e/HMSOLN26
• Advertisement: The Base Prospectus, along with the Final Terms, once published, will be available at: https://data.fca.org.uk/#/nsm/nationalstoragemechanism
• Books Subject: 12.55 UKT
• Timing: Books open, Today's business