Notice to noteholders

8 December 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 2 (2007-2009) PLC

(Registered Number: 11493196)
10th Floor, 5 Churchill Place
London, United Kingdom, E14 5HU
(the " Issuer")

to the holders of the following notes of the Issuer presently outstanding

£965,755,000 Class A1 Asset-Backed Floating Rate Notes due 2058 (ISIN: XS1915118910),
£744,590,000 Class A2 Asset-Backed Fixed Rate Notes due 2058 (ISIN: XS1915119132),
£184,304,000 Class B Notes due 2058 (ISIN: XS1915119215),
£1,791,439,000 Class X Notes due 2058, and
£194,007,000 Retention Note due 2058

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

NOTICE IS HEREBY GIVEN that a technical error has been identified in the reporting of the Index Rate by the Master Servicer to the Cash Manager for the purposes of calculating the Interest Amount due in respect of the Class B Notes on the Distribution Date which fell in July 2025 (the "2025 Distribution Date"). This technical error resulted in (i) an aggregate overpayment of £2,813,072.50 in respect of the Interest Amount due on the Class B Notes and the Retention Note comprising the Retention Tranche B on the 2025 Distribution Date (the "Overpayment"); and (ii) a corresponding shortfall of £2,813,072.50 in the amount deposited in the Note A2 Cash Account on the 2025 Distribution Date, as required pursuant to the Pre-Acceleration Priority of Payments.

A revised Investor Report for the 2025 Distribution Date has been prepared which notes the amounts that should have been paid on the 2025 Distribution Date in respect of the Interest Amount due on the Class B Notes and the Retention Note comprising the Retention Tranche B, and in respect of the amount due to be credited to the Note A2 Cash Account in accordance with the Pre-Acceleration Priority of Payments if the correct Index Rate had been reported in respect of the Class B Notes. That revised Investor Report is available to be viewed at the website https://sf.citidirect.com.

In order to rectify the Overpayment, the Issuer hereby notifies Noteholders that the amount of the Overpayment (being £2,813,072.50) shall be treated as an advance payment (on a pro rata basis) of part of the Interest Amount on the Class B Notes and the Retention Note comprising the Retention Tranche B that will become due and payable on the Distribution Date falling in July 2026 (the "2026 Distribution Date"). Consequently:

-     the aggregate cash payment made in respect of the Interest Amount due on the Class B Notes and the Retention Note comprising the Retention Tranche B on the 2026 Distribution Date shall be reduced by £2,813,072.50, and that reduction shall be applied on a pro rata basis in respect of the Class B Notes and the Retention Note comprising the Retention Tranche B; and

-     as a result of the reduction in the aggregate cash payment described above, on the 2026 Distribution Date an additional amount of £2,813,072.50 would be available to be applied to fund items ranking below interest payments due in respect of Class B Notes and the Retention Note comprising the Retention Tranche B pursuant to the Pre-Acceleration Priority of Payments.

Capitalised terms used but not otherwise defined in this announcement have the meaning given to them in the master definitions and construction agreement dated 11 December 2018 between, among others, the Issuer and the Secretary of State for Education, as amended and amended and restated from time to time.

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 2025 Investor Report, and, for the purposes of UK MAR, is given by Aline Sternberg on behalf of the Issuer.

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. The Note Trustee expresses no opinion as to any action Noteholders should take in relation to the above, nor has any consent been requested from, or given by, the Note Trustee in respect of the Overpayment or the shortfall described above.

Income Contingent Student Loans 2 (2007-2009) PLC 
Legal Entity Identifier Number: 635400HMZG4DQ8ALP130]