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14 February 2025

THIS ANNOUNCEMENT MAY CONTAIN INSIDE INFORMATION FOR THE PURPOSES OF ARTICLE 7 OF THE MARKET ABUSE REGULATION (EU) 596/2014 AND SUCH REGULATION AS IT FORMS PART OF UK DOMESTIC LAW BY VIRTUE OF THE EUROPEAN UNION (WITHDRAWAL) ACT 2018, AS AMENDED BY THE MARKET ABUSE (AMENDMENT) (EU EXIT) REGULATIONS 2019 (AS FURTHER AMENDED, VARIED OR SUBSTITUTED FROM TIME TO TIME AS A MATTER OF UK LAW) ("UK MAR").

THIS NOTICE CONTAINS IMPORTANT INFORMATION OF INTEREST TO THE REGISTERED AND BENEFICIAL OWNERS OF THE NOTES (AS DEFINED BELOW).

NOTICE TO THE NOTEHOLDERS

Income Contingent Student Loans 1 (2002-2006) PLC

(Registered Number: 10596240)
1 Bartholomew Lane
London, United Kingdom, EC2N 2AX
(the " Issuer")

to the holders of the following notes of the Issuer

£810,573,000 Class A1 Asset-Backed Floating Rate Notes due 2056 (ISIN: XS1722900518), 
£697,057,000 Class A2 Asset-Backed Fixed Rate Notes due 2056 (ISIN: XS1722900864), 
£120,610,000 Class B Notes due 2056 (ISIN: XS1722900948), and 
£1,919,125,000 Class X Notes due 2056

(the " Noteholders" and the " Notes", respectively)

NOTICE IS HEREBY GIVEN that the Secretary of State for Education in its capacity as master servicer (the "Master Servicer") has informed the Issuer that a technical issue has been identified regarding the preparation of the forecast earnings and repayments presented in the model information packs "2024-07-18 Sale 1 Year 7 Note for Investors.pdf" made available in July 2024 via the internet website https://sf.citidirect.com (the "2024 Model Information Pack-"). 

The identified issue is that the entire earnings history of some borrowers who had repaid in full and accordingly whose accounts were already closed, were unexpectedly excluded from the forecast assumptions used in the preparation of the 2024 Model Information Pack. They were not excluded from the data input to the model. The below table sets out the impact of this issue, as estimated by the Master Servicer, on the estimated cashflows as compared to the cashflows presented in the 2024 Model Information Pack.

Table 1. Impact on the estimated cashflows

It should be noted that this issue only affected forecast earnings and repayments, and that there has been no impact on the actual cashflows with respect to the Notes.

The Master Servicer has now rectified this issue, through the development of a code fix, and has shared the corrected 2024 Model Information Pack via the internet website https://sf.citidirect.com. Save for such rectification, all other assumptions and inputs remain the same as in the 2024 Model Information Pack.

Noteholders with queries concerning the content of this notice are kindly requested to contact the Issuer or the Secretary of State for Education in its capacity as the Master Servicer, using the details set out below.

Contact Details:

This Notice is released by the Issuer and may contain information in relation to the Notes that qualified as inside information for the purposes of Article 7 of UK MAR, encompassing information relating to the 2024 Model Information Pack, and, for the purposes of UK MAR, is given by Helena Whitaker, per pro CSC Directors (No.3) Limited (Formerly Intertrust Directors 1 Limited) on behalf of the Issuer; and

If you are in any doubt as to the action you should take in connection with this notice, you are recommended to seek your own financial advice immediately from your stockbroker, bank manager, solicitor, accountant or other financial adviser authorised under the Financial Services and Markets Act 2000 (if you are in the United Kingdom), or from another appropriately authorised independent financial adviser and such other professional advice from your own professional advisors as you deem necessary.

Income Contingent Student Loans 1 (2002-2006) PLC
Legal Entity Identifier Number: 213800C9IUQBH8ETD208