TIDM44KM

RNS Number : 3570M

BOS (Shared Appreciation Mrtg) No.2

20 January 2021

THIS NOTICE IS IMPORTANT AND REQUIRES THE IMMEDIATE ATTENTION OF NOTEHOLDERS. IF NOTEHOLDERS ARE IN ANY DOUBT AS TO THE ACTION THEY SHOULD TAKE THEY SHOULD IMMEDIATELY CONSULT THEIR OWN INDEPENDENT PROFESSIONAL ADVISERS AUTHORISED UNDER THE FINANCIAL SERVICES AND MARKETS ACT 2000, AS AMENDED (IF THEY ARE LOCATED IN THE UNITED KINGDOM) OR OTHER APPROPRIATELY AUTHORISED INDEPENDENT PROFESSIONAL ADVISERS (IF THEY ARE LOCATED OUTSIDE OF THE UNITED KINGDOM).

THIS NOTICE CONTAINS IMPORTANT INFORMATION THAT IS OF INTEREST TO THE REGISTERED AND BENEFICIAL OWNERS OF THE NOTES. IF APPLICABLE, ALL DEPOSITORIES, CUSTODIANS AND OTHER INTERMEDIARIES RECEIVING THIS NOTICE ARE REQUIRED TO EXPEDITE TRANSMISSION HEREOF TO BENEFICIAL OWNERS OF THE NOTES IN A TIMELY MANNER. IF BENEFICIAL OWNERS OF THE NOTES ARE IN ANY DOUBT AS TO THE MATTERS REFERRED TO IN THIS NOTICE, THEY SHOULD CONSULT THEIR STOCKBROKER, LAWYER, ACCOUNTANT OR OTHER PROFESSIONAL ADVISER WITHOUT DELAY.

If you have recently sold or otherwise transferred your entire holding(s) of Notes referred to below, you should immediately forward this notice to the purchaser or transferee or to the stockbroker, bank or other agent through whom the sale or transfer was effected for transmission to the purchaser or transferee.

IMPORTANT NOTICE TO THE HOLDERS OF THE

GBP27,200,000 Mortgage Backed Fixed Rate Notes due 2072

GBP105,600,000 Asset Backed Floating Rate Notes due 2072 (the "Notes")

Issued by

BOS (Shared Appreciation Mortgages) No. 1 PLC

BOS (Shared Appreciation Mortgages) No. 2 PLC as the "Issuers"

on 20 January 2021

The Issuers refer to the trust deeds dated 25 July 1997 constituting the Notes and containing the terms and conditions applicable thereto (as the same may be amended, amended and restated and/or supplemented from time to time) (the Trust Deeds). Capitalised terms used but not otherwise defined in this notice have the same meanings and constructions ascribed to them in the Trust Deeds (including by incorporation).

The Issuers have been formally served with litigation commenced in the Central London County Court by Borrowers (or their representatives) under 139 Mortgage Loans, of which 39 were originally part of the Issuers' Mortgage Pools and 20 are unredeemed and remain part of the Mortgage Pools. These legal proceedings are brought as a single action by the 139 claimants and follow pre-action correspondence with the Borrowers' representatives which recently concluded without resolution.

In the Claim Form and Particulars of Claim each of the Borrowers seek to challenge the terms of the Mortgage Loans which entitle the Issuers, on redemption, to a payment based on any increase in the value of the mortgaged property during the term of the Mortgage Loan. The claims are brought on the basis that the terms of the Mortgage Loans create an unfair relationship under the Consumer Credit Act 1974. Whilst the claims will be robustly defended, if claims in respect of any Mortgage Loans succeed, the court has the power to make a range of orders including ordering that terms be set aside and/or altered.

This notice and any non-contractual obligations arising out of or in connection with it are governed by English law and the English courts are to have exclusive jurisdiction in respect of any disputes arising from this notice.

This announcement contains inside information in relation to the Notes and is disclosed in accordance with the Market Abuse Regulation (EU) 596/2014 ("MAR") as applied in the UK. For the purposes of MAR, this announcement is made by Emma Lawrence, Director, the Issuers.

All enquiries should be directed to:

Investor Relations

Douglas Radcliffe +44 (0) 20 7356 1571

Group Investor Relations Director

Lloyds Banking Group

Email: douglas.radcliffe@lloydsbanking.com

Corporate Affairs

Matt Smith +44 (0) 20 7356 3522

Head of Media Relations

Lloyds Banking Group

Email: matt.smith@lloydsbanking.com

BOS (Shared Appreciation Mortgages) No. 1 PLC

Registered Address: Trinity Road, Halifax, HX1 2RG

BOS (Shared Appreciation Mortgages) No. 2 PLC

Registered Address: Trinity Road, Halifax, HX1 2RG

ENDS

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END

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January 20, 2021 09:45 ET (14:45 GMT)

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