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CALLING ALL HOLDERS OF SHARED APPRECIATION MORTGAGES - 27th August 2008

SAFE and SAMAG have taken advice from Leading Counsel about challenging the amounts payable to the Banks as 'Appreciation' on redemption of Shared Appreciation Mortgages (SAMs).

Leading Counsel has advised that current holders of SAMs have a case which must be fought - BUT THAT THEY ARE RUNNING OUT OF TIME

Leading Counsel has also advised that current holders of SAMs should NOT redeem their SAMs at present - REDEMPTION WILL PREVENT THEM BENEFITING FROM PROCEEDINGS AGAINST THE BANKS

(For reasons of confidentiality, it is not possible to disclose other details of Leading Counsel's advice)

SAFE and SAMAG need to contact all holders of SAMs to co-ordinate

forthcoming group action

In particular, SAFE and SAMAG urgently need to contact all holders of SAMs provided by BOS (Shared Appreciation Mortgages) No. 1 plc or BOS (Shared Appreciation Mortgages) No. 2 plc, who must take action before the end of 2008.

Holders of SAMs provided by BOS (Shared Appreciation Mortgages) No. 3, No. 4, No. 5 or No. 6 plc, or Barclays SAMS Ltd., are also urged to contact SAFE and SAMAG now.

Holders of SAMs who do not take action in time will lose, once and for all, their rights under current legislation to challenge the amounts payable to the Banks as 'Appreciation'.

We have set up four dedicated numbers and email addresses' for the SAM holders to contact urgently they are as follows,

HBOS SAMS 1 & 2:Telephone: 0118 9766 387
Email: bossam1and2@rwp-solicitors.co.uk