Slide 1: Q2 2012 Investor Presentation
Exhibit 99.1 SallieMae SLM Q2 AUGUST 2012 CORPORATION Investor 6, SM2012Presentation
Slide 2: Forward-Looking Statements
Forward-Looking SallieMae —2011 This our other Factors compliance credit resulting the initiatives law general and assumptions as The were amortization decisions reported 2GAAP ofUnited opinions, and changes following Company Presentation the factors risk net interest and Form regulations by date un
Slide 3: Agenda
SallieMae The Credit Servicing: Funding Risk-Adjusted FFELP Private 3SLM U.S. Appendix Corporation Quality ABS Education Diversity Student SM A Appendix Competitive Page Capitalization Page Loan Loan Overview and 19 73Liquidity Page Market ABS Advantage 46 Page Appendix Page Page Page 44311 Page 32P
Slide 4: SLM Corporation Overview
SLM Corporation 4SallieMae SM Overview
Slide 5: SLM Corporation Overview
SLM SallieMae company education #1 U.S. Serving 30, Servicing loans of Fully scale NASDAQ $169 51is insured June saving, servicer 2012 for and billion Corporation for independent 30, 25 FFELP Federal the with afor or lending SM planning (ticker: million broad and 2012 student guaranteed, Department
Slide 6: Brief History and Ratings
SallieMae A Moody’s Long- Short- Outlook Term Loan Private Total As 1965 Congress 1972 Privatization 1996 GSE 2004 Challenging 2008 SLM 2009 FFELP 62010 Brief ofdissolved… as —Sallie company sector education Smart SLM Type Portfolio Corporate wins June Ba1 Not-Prime Education Loans eliminated Corpor
Slide 7: Q2 2012 Highlights
SallieMae Q2 ($ EPS Net Loan Fee Debt Operating Tangible Average Credit Strong Purchased 7*(1)millions, The 12 Income Interest and (Reported) Repurchase Loss —Core performance loan —Tangible Other For Student Capital Expenses SM FFELP Provision except growth $243 Income a GAAP Income—Excluding * $0.
Slide 8: Consumer Lending Segment Earnings Detail
SallieMae Consumer ($ Private Average Operating OpEx Net 8(1)millions) Includes Interest Income Annualized Originations Private Expenses SM Lending Income Margin—Private $85 Q2 non-GAAP 12 Education $84 as Q1 Segment after $64 $321 $49 a 12 %adjustments $69 of Provision—Private Q2 $1,160 Loans Avera
Slide 9: FFELP Loans Segment Earnings Detail
FFELP SallieMae ($ Average Operating OpEx Net (1)As loan 9(2)Includes millions) Interest Income spread aAnnualized Loan result FFELP Expenses SMnon-GAAP was Income Margin—FFELP(2) $44 Q2 Segment of12 reduced Loans $80 the as Q1 after recently $181 $108 a 12 Earnings % $134,893 adjustments by of Prov
Slide 10: Three Businesses
Threeservicing SallieMae Largest Consumer High Growing Businesses Education, plan Business ABS equity Opportunities Efficient consolidation Existing FFELP Actively 10 servicing quality Aspects Loan originator portfolios seeking cost net Services SM Lending payment include income loan Portfolio struc
Slide 11: The U.S. Student Loan Market
The U.S. Student SallieMae 11 SM Loan Market
Slide 12: Favorable Higher Education Trends
Favorable SallieMae Higher 22.8 through Federal 124.3 147.8 2007 64.4 75.8 94.5 104.3 116.1 Annual Public $32.3 $38.6 $26.1 10.5 17.1 2004 Note: Relationship enrollment-weighted 100,000 90,000 80,000 12% 70,000 30,000 40,000 6% 50,000 8% 060,000 10,000 2% 20,000 Less Source: Represents IV 120% 2011
Slide 13: College Grads Experience Lower Unemployment
College SallieMae Total 0.0% 2.0% 4.0% 6.0% 8.0% 10.0% 12.0% Source: 13 Unemployment U.S. Grads SMDepartment Experience RateofLower Unemployment Labor,Levels BureauofRate of Unemployment Labor withStatistics a Bachelor’s as ofDegree 06/30/2012 or Higher
Slide 14: Private Education Loan Originations Growth
SallieMae SLM $1,400 millions 10% $1,000 30% $1,200 $in $0 $200 -30% $400 1Q10 Originations 14-10% $600 -50% Private 2Q10 50% $800 SM3Q10 Year Education over 4Q10Year Loan 1Q11Growth Originations 2Q11 3Q11 4Q11 1Q12 2Q12
Slide 15: SLM's Private Education Loan Portfolio Characteristics
SallieMae SLM’s Private $36 22% Approximately Loans scores Higher Integrated As 15 ofbillion ofJune originated above Private education Education SLM’s underwriting, SM 30, portfolio 740 2012 total 63% since loans Loan student of 2009 portfolio typically Portfolio servicing loan are approximately has
Slide 16: Smart Option Student Loan
SallieMae SLM’s Smart balance Interest Fixed Deferred Variable Repayment Full All more 16 loans communication collection than Repayment—Requires Option Private Only—Requires their and Repayment are the SMterm Fixed certified goals Student cost activities is of and Interest driven with Allows attenda
Slide 17: Role of Private Education Loans
SallieMae Role Estimates Loans Total AY Cost $112,240 $147,960 attendance gap $42,600 $31,000 $25,475 $17,125 Full-Time ED $7 Education Private $113 $200 Contributions Family Source: Grants $116 17 Loans 2000-2001 Lending $95,115 of Federal Cost and Education School College Cost Private U.S. $33,600
Slide 18: Private Education Loan Market Originations
SallieMae 2010-11 $7.1 $9.4 $10.3 $13.0 $16.0 $19.0 $21.1 (billions) $4.8 $6.0 $6.8 03-04 SLM Private underwriting Source: year 18 basis. $7.7 $4.8 Total vs. 04-05 Credit Education Trends academic Industry $7.7 $3.8 SM Market 05-06 standards. Industry $2.3 in Originations Student Loan year 06-07 $2.
Slide 19: Credit Quality
Credit Quality SallieMae 19 SM
Slide 20: U.S. Student Loan Charge-Offs
Loan SallieMae U.S. Charge-Offs Private Total = Student All total Percentages 200.07% 2.45% 0.58% data charge-offs Government Charge-Offs Losses Education Loan asSM ofof (1) June Portfolio(2) total asGuaranteed Loans(2) (1) 30, astudent percentage 2012.22% loan Annualized Loans(2) of portfolio avera
Slide 21: Private Education Loan Credit Performance
Private SallieMae The 75% 61% Total Months Historical 100% 69% of 50% Percent #0% Defaults As 21Payments Total 8% ofprobability 80% 38% 76% 21% June 85% 81% 8% Credit 12 Since 11% 51% 58% Per Defaults 13% SM 16% 24 30, 88% 85% Made Months Payments 7% 58% 36 Repayment Default 2012 13% of 90% 88% 5% 4
Slide 22: Private Education Loan Performance
SallieMae Private Q212 Charge-offs—Traditional Charge-offs—Non-Traditional Charge-offs—Total 90+ Forb Allowance (1) 22 Day as Q112 Education aCharge-offs Delinq %SM as Q411 ofaForb %asQ311 Loan ofaPortfolio &as % Loans Repay—Traditional Repay—Non-Traditional Repay—Total aof Portfolio Q211 percentage
Slide 23: Private Education Loan Delinquency and Forbearance
Private SallieMae Traditional Non-Traditional Outstanding 90+ Forbearance Charge-Offs (1) 23 Delinquency Education Charge-offs SM Loans Balance as aLoans %as with without Loan of aas as% Repayment awithout with aPortfolio aof Cosigner percentage % aRepayment Cosigner aofCosigner Total a Cosigner Per
Slide 24: Significant Legacy Volume Improvement
Significant SallieMae $Legacy Billions 2008 Actual 2009 2010 2011 Projected 2012 2013 Originations YTD (1) 24Volume (2) Note: $3.5 $7.4 $6.6 $5.2 $1.8 $0.5 Q2’12originations Loans Traditional Excludes (2) in 10% 15% 13% 11% 9% 7% SM Projected Volume Improvement %of 65% 70% Entering of 59% 62% $3.2 $
Slide 25: Private Education Loan Repayment Status, June 2012
Loan SallieMae June N T M Lo Not Loans Total Charge-offs (Dollars 25orad ooan tYet n- nt 3al Loans Seasoning itSt in T0hly io in in ,rad at Forbearance Repayment- 2nal SM Repayment Sched millions) us 0in as it12 Po 0-12 io Repayment a% rt nal uled payments fofoPo Current Delinq 717 121 838 loans Pay
Slide 26: Private Education Loan Repayment Status, March 2012
Loan N T M Lo Not Loans Total Charge-offs (Dollars SallieMae 26orad oo arch an tYet n- nt al Loans Seasoning itSt in Thly 3io in in rad at Forbearance Repayment- 1,nal SM Repayment Sched millions) us 2in as it0Po 0-12 io Repayment a12% rt nal uled payments fofoPo Current Delinq 758 134 892 loans Pay
Slide 27: Private Education Loan Repayment Status, June 2011
Loan June N T M Lo Not Loans Total Charge-offs (Dollars SallieMae 27orad ooan tYet n- nt 3al Loans Seasoning itSt in T0hly io in in ,rad at Forbearance Repayment- 2nal SM Repayment Sched millions) us 0in as it11 Po 0-12 io Repayment a% rt nal uled payments fofoPo Current Delinq 842 148 990 loans Pay
Slide 28: Servicing: A Competitive Advantage
SallieMae SM Servicing: 28 A Competitive Advantage
Slide 29: Business Services Revenue Growth
SallieMae Business Revenue Approximately ED Growth Plan 29 servicing to leverage inof Services SM 529 $660 and account 76% campus million collections Segment of asset revenue relationships in —”Core the servicing businesses first generated half Eaenings” and andwill ofby servicing transaction 2012 g
Slide 30: Business Services Segment Earnings Detail
Business SallieMae ($ Intercompany Third-party Guarantor Contingency Other Net 30 millions) Income servicing Business Services servicing SMloan $138 Q2 revenue loan Services 12 $21 servicing $137 Segment Q1 servicing $27 $11 $87 12 $140 $11 $22 revenue Q1 $90 $26 Earnings $15 $172 11$86 $22 $8$176 $
Slide 31: Operations Locations
Operations SallieMae Cincinnati, (GRC) Newton, Wilkes-Barre, Development Business Moorestown, Murray, Sallie Kansas Upromise Campus Fishers, Fraud Collections Information Servicing Fulfillment Call Sales 31 Center Corporate Mae Arcade, City, IN UT Solutions MA Legal Customer SM Bank locations OH Mun
Slide 32: Funding Diversity and Liquidity
Funding Diversity SallieMae 32 SM and Liquidity
Slide 33: Expanded Capital Markets Funding in 2012
2012of SallieMae Expanded Issued Paid Repurchased 1As 33 quarterly Capital $5.6 $3.2 $1.85 June and SM billion 30, billion Markets 40.5 dividend extended 2012 million ofofPrivate FFELP Summary long of our shares $0.125 term FFELP ABSat unsecured per an ABCP common average facility debt price share t
Slide 34: Recent FFELP ABS Transactions
Recent SallieMae Non-Consolidation Issue Collateral Date Stafford Prepayment Speed Moody’sAmt Tranching A-2 A-3 B Estimated http://www2.salliemae.com/investors/debtasset/slmsltrusts/. Pricing SLM 34Aa3Aaa $1,252M Retained (1) $37 SLM July represents and $360 $575 Rate US based A-1 SM 9.0 6% 10, Plus
Slide 35: Recent Private Education Loan ABS Transactions
Recent SallieMae Private Issue Pricing Collateral Date Speed Prepayment Moody’sAmt Tranching A-2 Total Estimated http://www2.salliemae.com/investors/debtasset/slmsltrusts/. Yield 35 Aaa $640 $891 $640M on (1) SLM Education July $190 fixed 4% Private based A-1 SM 2.5 2.9 23, Private SLM WAL 4% 4.3 ra
Slide 36: Highly Diversified Funding
High SallieMae $169* as Fixed Liabilities Average years, ABCP FHLB, Straight $15 Private $19 Consolidation ABS, Conservative Gross 36 of, June Percentage 9% 11% $27 Spread loans, $23 Billion Conduit $8 Term ALife ,30, Conduit, FFELP SM with , 16% 5% 14% Numbers ABS, of long-term FFELP 2012 Student T
Slide 37: Unsecured Debt Maturities
Unsecured SallieMae As (par $5 $10 $3.0 $2.3 $1.5 $0.7 Note: $0 37 $4.3 ofvalue, $2.8 $2.3 $1.3 $0.2 June DoesSM$Debt 30, not in2012 billions) include Maturities Sallie Mae Bank or Subsidiary funding
Slide 38: Unencumbered Assets
SallieMae Unencumbered ($ FFELP Private Available Retained Other Unsecured Net Facilities Off-Balance On-Balance Total On Amounts of 38 ASC in1/1/10, Assets billions) Unencumbered $ Assets Loans 12.8 Education Stafford Consolidation 815. Interests* 6/30/12 include Cash SM in Debt upon Sheet $Sheet 0
Slide 39: Secured Financings and Residual Cash Flows
Secured $SallieMae Servicing Residual Average FFELP Private Term Other Total Note: Net 39in residual Residual* Cash Millions Private FFELP Securitized PC Totals Secured Credit Cash Principal (Excess $Flow (Cash SM 24,068 represents may Credit YTD $Flow and (Excess FFELP Financings 1,007 131,547 105,
Slide 40: Projected FFELP Servicing and Excess Spread Cash Flows
SallieMae ($ as 2020 2028 Projected Total No *Assumptions 40 These in ofFloor Millions) 6/30/12 2021 2029 Cash projections Income, Total Cash FFELP Excess Servicing SM 2022 2030 Flows 2012 Flows Revenue 2023 2031 Spread Average from CPR/CDR 2013 are Revenue From 2024 2032 Projected based 2014 $779 $
Slide 41: Sallie Mae Bank
Salliebillion SallieMae Bank Utah Charter Current OriginatesPrivate Funded 18.4% Dividend Deposit Strong Deposits $2.2 Brokered Total 41 based deposits charter Mae Total cash granted through bank taking totaled Deposit of SM Bank ILC Direct position $220 Risk-based activity decreased activities Octo
Slide 42: Sallie Mae Bank Deposits and Capital
Sallie SallieMae Bank Jun Brokered Retail Other *Primarily Regulatory Ratio Tier Total 42 12 1Risk Deposits Jun Deposits* Mae Leverage Risk Deposits MarCDs Other 12 SM Based affiliate Bank Capital Based 12Mar $2,352 $5,159 Dec ($ 1,676 685 13.8% 446 Capital 18.4% millions) 12 17.3% Ratios deposit 11
Slide 43: Risk-Adjusted Capitalization
Risk-Adjusted SallieMae 43 SM Capitalization
Slide 44: Strong Risk-Adjusted Capital Position
Strong SallieMae ($ GAAP Goodwill Derivative Unamortized Available Risk Private Other Total Capital Tangible 44 in Assets Billions) Risk Risk Capital Loan Credit toEconomic & Risk Risk SM Assets Mark-to-Market Assets (Before Intangibles Loss Premiums $38.6 Q2 Position $4.9 Capital* Assets: $39.7 12
Slide 45: SLM Capital Allocation
SallieMae SLM Loan Guaranteed Government Private Education Loans 19% Assets Capital Allocation Based *Other 45 of Assets allocates Other on Assets 70% Assets Cash, Allocation 12% 11% Risk Investments, SM 0.50% of Assets of 0%—15%* includes capital internally a small amount based on of the goodwill r
Slide 46: FFELP ABS Appendix
FFELP ABS SallieMae 46 SM Appendix
Slide 47: Federal FFELP Loans Outstanding and Top Holders
Federal SallieMae Outstanding FFELP FDLP, Source: 1receivables 47 Lender SLM NELNET WELLS BRAZOS $256 JPMORGAN PA PNC College CIT1 Goal Top owned Student HIGHER 10 Department Student SM inFFELP Government Financial $7,732 purchase CORPORATION $7,396 Holders Name Loan FARGO $25,169 GROUP EDby Loan Lo
Slide 48: Typical SLM FFELP ABS Issue Characteristics
SLM size SallieMae Typical Issue AAA Amortizing Insurance Formerly Offer Short Principal 48 Education. FFELP rated significantly (1-3 SLM and aof or SM yrs), senior 20% tranches $0.5B guarantee ABS FFELP accrued intermediate risk-weighted tranches Issue higher towith ABS $1.5B interest ofCharacteris
Slide 49: Historical SLM Stafford/PLUS Trusts Prepayment CPRs
SLM SallieMae Prepayment Annualized Historical 30% 15% 10% CPR* 35% 40% 45% 50% Stafford/PLUS Average 20% 125% 0% 5% 35% 30%20% SLM 3SM 215% YearsTrusts 2002 Forbearance 49 Since CPRCPRs Analysis 5 6Stafford/PLUS 4and 2003 7for Inception is the ABS 9SLM 8simple Repayment Trusts 10 Trusts Stafford/PL
Slide 50: Historical SLM Consolidation Trusts Prepayment CPRs
SLM Trusts SallieMae Prepayment CPRs Historical 15% 2004 8% CPR* 18% 20% 10% 113% 0% 3% 5% 50 Years 2002 2005 Consolidation Averagefor 18% 15% 2CPR 10% 8% Forbearance SinceSLM Consolidation 3SM 2006 Analysis 4and 5Consolidation 2003 6the 2007 7 8simple Inception is ABS 92008 Repayment Trusts ABS Tru
Slide 51: Private Education Loan ABS Appendix
Private Education SallieMae 51 SM Loan ABS Appendix
Slide 52: SLM Private Education Loan ABS Issuance Profile
SLM billion Sallie with Prior Education In loan Executed 52 2011, ABS expected to Private Mae inthe Sallie Private 43Loan is has transactions financial Loan among originations Mae been ABS and ABS reestablished the largest crisis, FFELP YTD in market Issuance 2011 of Sallie issuers ABS at 2012 leade
Slide 53: Recent Issue Characteristics
SallieMae Recent Issue Triple-A 20-30% Multiple Fixed Full-turbo Collateral Collateralized Underwritten 70(+)% 53 size rate SLM with overcollateralization rated tranches of Characteristics or SM structure $500M Private co-borrowers, floating using by senior loans with FICO, to Education Loan notes r
Slide 54: SLM Private Education Loan ABS Trusts Summary
SallieMae SLM Summary 09-B Bond Initial Signature/Law/MBA/Med Smart Consolidation Direct Career Total Loan School, Repayment(1 Forbearance % WA Wtd (1) grace, (2) 54 Loans Smart FICO Avg 09-C 100% Program Status Private Amount AAA Option or to Training Grace, Assumes deferment Consumer with Term FIC
Slide 55: Constraining Balance of Original Pool
Constraining SallieMae 60.0% 70.0% 54.8% 52.6% 49.8% Balance 50.0% 40.0% Original of Percent 25.6% 06-A 0.0% 10.0% Source: 55 30.0% 06-B 56.8% 54.4% 52.7% 48.2% 36.3% 20.0% Sallie 44.4% 33.9% 27.6% SM 06-C rating 59.4% 55.7% 50.1% Mae, 07-A agency Moody’s, 58.0% 49.3% 09-AAAA/Aaa 09-B 50.9%09-C 48.2
Slide 56: SLM Forbearance by Year of Issuance
SLM SallieMae Forbearance SLM’sforbearance Loans 5.0% Rpmt+Forb 20.0% 25.0% of Percent Quarters 0.0% 2002 56 10.0% 2003 Private in5.0% 0.0% Since Forbearance SM 2004 15.0% usage Education Inception 2005 strategy is typically as 2006 Loan a Percent 2007 ABS highest 2009 of Forbearance Loans when 2010
Slide 57: 90+ Day Delinquencies by Year of Issuance
SLM SallieMae As more 90+ All 6.0% 4.0% 1.0% Balance 7.0% 8.0% Rpmt 5.0% of Percent 2.0% Quarters 0.0% 2002 57 2.0% 3.0% expected, Loans Day 2003 borrowers Private 3.0% 4.0% 0.0% 1.0% 5.0% 6.0% Since Delinquencies in SM 2004 SLM Education later Inception remain 2005 stage Trusts 2006 in Loan as deli
Slide 58: Sallie Mae Trust Performance: Delinquent Borrowers
SallieMae Sallie >90 default Last Payment 25% 30% Recent Made 7/31/2008/10/31/20081/31/2009/4/30/2009/7/31/2009 0% Default Trust Defaulted 60% Principal 40% Delinquent 0of % Dlq Dflt Payments 58 %10% 5%in Day as Month Loans 10% Mae Jun-10 of Private 15% Rate Delinquent 20% 30% Jun-11 Made 50% SM is
Slide 59: Annualized Gross Charge-Offs by Year of Issuance
SLM SallieMae Charge-offs Annualized All 8.0% Rpmt 12.0% 14.0% 0.0% of Percent 2.0% 4.0% Quarters 2002 (1) filed from if 59 the 6.0% For Loans for the 2003 Private servicer 10.0% SLM 2.0% 0.0% bankruptcy trust Since in SM 2004 Gross have SLM 8.0% Private Education loans had Inception 2005 declined n
Slide 60: Actual-to-Date Cumulative Gross Defaults
SLM SallieMae Actual-to-Date 16.43% 18.0% 20.0% 16.0% 13.73% Balance 11.91% Pool 11.67% 10.0% Original of Percent 6.47% 4.0% 3.91% 2.0% 4.48% 2.07% 0.0% Bankruptcy -2.0% 0.00% As For bankruptcy trust had (1) days (2) 60 (3)8.0% of SLM never loans delinquent. 12.0% Private 5.01% 2.78% 0.76% May 15.31
Slide 61: Recoveries
SallieMae Recoveries While Loans The Recovery In remains 61 2005, Q32005 2011, student that in Sallie cohort experience SM defaulted place are Sallie loans Mae typically had Mae changed are in afor recovery 1998-2003 provided generally realized moreitsrecent recovery rate over additional non-dischar
Slide 62: Historical Prepayment Rate
SLM SallieMae Historical Prepayment 10 Rate 12 2614 Private Constant 0002-A 2005-B 2010-A Nov-02 Nov-09 62 prepayment 4SLM SM(CPR) 2003-A 2006-A 2010-B Feb-03 Feb-10Education Private 8 rates may-03 may-10 2003-B 2006-B 2010-C Education Loan increased aug-03 aug-10 2003-C 2006-C 2011-AABS Loan Trusts
Slide 63: Cohort Default Triangles
Cohort SallieMae SLM (including Program FICO DTC Private Excludes The Undergraduate/Graduate Direct-to-Consumer Career 63 following cohort loans: Corporation scores Training Default Consolidation types loans SM those default 670 are cohort include Triangles made loans: loans criteria based and trian
Slide 64: Cohort Default Triangles: Terms
Cohort SallieMae The Terms Repayment Disbursed Years Periodic Defaulted Because Total 64 cohort The in and Default Repayment the Defaults sum principal SM Principal calculations default Year numerator of Triangles The Periodic Defaulted triangles includes is Entering Measured calendar not includes u
Slide 65: Cohort Default Triangles: Undergraduate/Graduate
Cohort SallieMae Note: Undergraduate/Graduate(1) (2) 65 (3) Data Default Periodic SM as of Numerator isTriangles 6/30/12. Defaults the (1) amountforof Undergraduate/Graduate the most recent principal twocohort in each calendar loans thatYears marketed in Repayment defaulted under in eachthe are Sign
Slide 66: Cohort Default Triangles: With and Without Co-signer
Cohort SallieMae Undergraduate/Graduate(1) Note: (2) 66 (3) Data Default Periodic SM as of Numerator isTriangles 6/30/12. Defaults the (1) amountfor With Without Undergraduate/Graduate the of Co-signer most Co-signer recent principal twocohort in each calendar loans thatYears marketed in Repayment d
Slide 67: Cohort Default Triangles: Non-Profit and For-Profit
Cohort SallieMae Undergraduate/Graduate(1) Note: (2) 67 (3) Data Default Periodic SM as of Numerator isTriangles 6/30/12. Defaults the (1) amountfor Non-Profit For-Profit Undergraduate/Graduate the of most recent principal twocohort in each calendar loans thatYears marketed in Repayment defaulted un
Slide 68: Cohort Default Triangles: FICO 700-850
Cohort SallieMae Undergraduate/Graduate(1) Note: (2) (4) 68 FICO Numerator Data Default scores SM as of isTriangles are 6/30/12. thebased amount (1) onLoans, of Undergraduate/Graduate theprincipal greater FICOofin 740-850(2) 700-739(2) the eachborrower cohortloans that anddefaulted marketed co-borro
Slide 69: Cohort Default Triangles: FICO 640-699
Cohort SallieMae Undergraduate/Graduate(1) Note: (2) (4) 69 FICO Numerator Data Default scores SM as of isTriangles are 6/30/12. thebased amount (1) onLoans, of Undergraduate/Graduate theprincipal greater FICOofin 670-699(2) 640-669(2) the eachborrower cohortloans that anddefaulted marketed co-borro
Slide 70: Cohort Default Triangles: Consolidation Loans
Cohort SallieMae Private Note: (2) 70 Numerator Data Default Consolidation SM as of isTriangles 6/30/12. the amount Loans (1) Without With of Periodic principal Co-signer Co-signer Defaults in eachfor cohort the most that recent defaulted twoincalendar each Year Years in Repayment. in Repayment Deno
Slide 71: Cohort Default Triangles: DTC
Cohort SallieMae DTC Note: Repayment (3) 71 Numerator With Without Data Default SM Co-signer, as areof Co-signer, isTriangles for 6/30/12. thea partial amount FICO>670(1) (1)year. >of FICO 670(1) principal scoresinare each based cohort on the thatgreater defaulted of the in each borrower Year and in
Slide 72: Cohort Default Triangles: Career Training
Cohort SallieMae Career Note: (2) 72 (3) Data Training Default Periodic SM as of Numerator isTriangles Loans, 6/30/12. Defaults the 670+ (1) amountforof FICO FICO(1) the most scores recent principal inare two based each calendar on the cohort thatgreater Years inofRepayment defaulted the borrower in
Slide 73: SLM Appendix
SLM Appendix SallieMae 73 SM
Slide 74: Core Earnings to GAAP Reconciliation
SallieMae ($ June Dollars GAAP Adjustments Net Total “Core 74 intax impact 30, millions, “Core Earnings” to net effect Diluted 2012 —”Core SM income of Earnings” from 28 derivative goodwill March except EPS $243 (97) GAAP (loss) Earnings” Dollars 31, per (154) Adjustments $0.49 and accounting $2012
Slide 75: Investor Relations Website and Trust Information
Salliestudent SallieMae www.salliemae.com/investors Static Accrued Quarterly Historical Since SLM Distribution Current Prospectus Additional Archived 75 issued Mae pool and rates interest and distribution trust SM information Investor for historical factors CPR loan historical public performance fac