Slide 1: SLM Corporation Q1 2011 Investor Presentation
SLM Corporation Q1 2011 Investor Presentation
Slide 2: Forward-Looking Statements
Forward-Looking Statements The following information is current as of May 9, 2011 (unless otherwise noted) and should be read in connection with SLM Corporation's 2010 Annual Report on Form 10-K (the "2010 Form 10-K"), first quarter 2011 Quarterly Report on Form 10-Q and in subsequent reports filed
Slide 3: SLM Corporation agenda
SLM Corporation 3 SLM Corporation Overview Page 4 The U.S. Student Loan Market Page 15 Credit Quality Page 24 Servicing: A Competitive Advantage Page 38 Funding Diversity and Liquidity Page 44 Risk-Adjusted Capitalization Page 58 FFELP Appendix Page 61 Private Credit Appendix Page 65 SLM Appendix Pa
Slide 4: SLM Corporation Overview
SLM Corporation Overview
Slide 5: SLM Corporation
SLM Corporation #1 saving and paying for college company with 40-years of leadership in the education lending market #1 servicer and collector of student loans in the U.S. servicing FFELP and Private Credit education loans and servicing for third parties, including 3.2 million for the Department of
Slide 6: Life stage Customer Strategy
Life stage Customer Strategy Sallie Mae offers an unmatched, integrated suite of Saving, Planning, and Paying for College SM products and services 6
Slide 7: SLM Corporation Update
SLM Corporation Update Student loans outstanding increased to $182 billion at March 31, 2011 "Core Earnings" for Q1 2011 of $260 million, including restructuring charges and debt repurchasing gains* Declared a quarterly dividend of $0.10 per share on the company's common stock Authorized the repurch
Slide 8: A Brief Corporate History
A Brief Corporate History 1 Currently known as the Federal Family Education Loan Program (FFELP). SLM Corporate Debt Ratings SLM Corporate Debt Ratings SLM Corporate Debt Ratings SLM Corporate Debt Ratings Moody's S & P Fitch Long-Term Ba1 BBB- BBB- Short-Term Not-Prime A-3 F3 Outlook Neg. Stable St
Slide 9: Q1 "Core Earnings" Summary
Q1 11 "Core Earnings" Summary 9
Slide 10: FFELP Loan Segment Earnings Detail
FFELP Loan Segment Earnings Detail 10
Slide 11: Consumer Lending Segment Earnings Detail
Consumer Lending Segment Earnings Detail 11
Slide 12: Three Distinct Aspects of the Business Model
SLM Corporation Three Distinct Aspects of the Business Model FFELP Loan Portfolio Existing portfolios generating substantial income and cash flow Residuals stable due to minimal credit and interest rate risk Consumer Lending Largest originator of Private Education Loans Significant long term value L
Slide 13: Federal Student Loan Market Outstanding
Federal Student Loan Market Outstanding Government Student Loan Market Distribution FFYE 9/30/2010 FFYE 9/30/2010 FFYE 9/30/2010 FFYE 9/30/2010 Top 10 Holders of FFELP Loans FFYE 9/30/2010 ($ in millions) FFYE 9/30/2010 ($ in millions) FFYE 9/30/2010 ($ in millions) Sources: US Department of Educati
Slide 14: Office of the Chief Executive Officer
Office of the Chief Executive Officer 14 Al Lord, Chief Executive Officer Jack Remondi, President & Chief Operating Officer Jonathan Clark, EVP & Chief Financial Officer Laurent Lutz, EVP & General Counsel Jim Truitt, SVP & Chief Compliance Officer April Stercula, SVP Administration Steve Hauber, SV
Slide 15: The U.S. Student Loan Market
The U.S. Student Loan Market
Slide 16: Favorable Student Loan Market Trends
Favorable Student Loan Market Trends Source: College Board Note: Academic years, average published tuition, fees, room and board charges at four-year institutions; enrollment-weighted (CHART) Higher Education Enrollment (millions) Source: National Center for Education Statistics Note: Total enrollme
Slide 17: College Grads Experience Lower Levels of Unemployment
College Grads Experience Lower Levels of Unemployment Source: U.S. Department of Labor, Bureau of Labor Statistics as of 3/31/2011 17 (CHART)
Slide 18: SLM Private Education Loan Originations
SLM Private Education Loan Originations (CHART) 18
Slide 19: SLM's Private Education Loan Portfolio
SLM's Private Education Loan Portfolio Private Education Loan Portfolio Characteristics $36 billion portfolio 20% of SLM's total student loan portfolio Loans are based on floating interest rates, with loan margins determined by the credit quality of the borrower and/or cosigner Approximately 60% of
Slide 20: SLM's New Private Education Loan Product
SLM's New Private Education Loan Product Smart Option Student Loan product offers three repayment choices designed to help borrowers balance their goals and budget while in school Interest Only - Requires interest only payment during in-school period Fixed Repayment - Requires $25 payments during in
Slide 21: Private Education Loan Market Opportunity
Private Education Loan Market Opportunity Private education loans help bridge the gap between funding available through ED programs and the increasing cost of education Supplement U.S. Government guaranteed student loans, but not guaranteed by the U.S. Government Cost of College AY 2009-2010 Based o
Slide 22: Private Education Loan Market Opportunity
Private Education Loan Market Opportunity The total cost of education for Students and Parents is estimated at $410 billion (1) Grants include federal, state, institutional, private/employer, education tax benefits and work study Source: College Board, U.S. Department of Education & Company analysis
Slide 23: Private Credit Industry Originations
Private Credit Industry Originations 2009-10 academic year market share approximately 33% Source: College Board, Trends in Higher Education Series (2010). 2009-2010 industry data is preliminary. Data reported by academic year, SLM quarterly data converted to academic year basis. 23 (CHART) Private E
Slide 24: Credit Quality
Credit Quality
Slide 25: Loan Losses
Loan Losses Loan Losses Loan Losses (CHART) + = Private Education Loans(2) 20% U.S. Government Guaranteed Loans(2) 80% Charge-Offs (1) = 0.06% Charge-Offs (1) = 2.99% Total Charge-Offs (1) = 0.65% FFELP charge-offs as a percentage of average FFELP loans. Private Education Loan charge-offs as a perce
Slide 26: Private Education Loan Performance Drivers
Among the multiple variables that impact the performance of Sallie Mae's private education loans, a combination of the following has the greatest impact: (1) If there is a co-borrower, FICO score represents higher of borrower and co-borrower score. (2) For SLM Traditional Private Education Loans 201
Slide 27: SLM Private Credit Default Emergence Profile
SLM Private Credit Default Emergence Profile Payments Due(1) - Traditional vs. Non-Traditional (CHART) 27 (1) Payments due includes all periods of active repayment, whether the borrower was delinquent or current. Also included are periods spent in deferment, although payments are typically not due d
Slide 28: Private Credit Default Performance by Months in Repayment
Private Credit Default Performance Default Rates By Months In Repayment 28 (CHART)
Slide 29: Private Credit Default Performance by Payments Made
Private Credit Default Performance Default Rates By Payments Made 29 (CHART)
Slide 30: Charge-offs driven by Non-Traditional loans
Charge-offs driven by Non-Traditional loans Non-Traditional loans represent approximately 10% of the Private Education Loan portfolio but nearly a third of charge-offs Charge-off Trends Mix of Traditional vs. Non-Traditional 30 (CHART) (CHART) $ Charge-offs Charge-off rate as a % of repayment balanc
Slide 31: Core Earnings Private Education Loan Portfolio Performance
"Core Earnings" Private Education Loan Portfolio Performance (1) Charge-offs as a percentage of average loans in repayment annualized for the quarters presented Traditional Loans with a Cosigner Q111 Q410 Q310 Q210 Q110 Outstanding Balance as a % of Total 57% 56% 56% 55% 55% 90+ Delinquency as a % o
Slide 32: Core Earnings Private Education Loan Portfolio Performance
(1) Charge-offs as a percentage of average loans in repayment annualized for the quarters presented "Core Earnings" Private Education Loan Portfolio Performance 32
Slide 33: Significant Improvement in Portfolio Quality
Significant Improvement in Portfolio Quality 33 $ Volume in Billions % of Non Traditional % of Cosigned % of For Profit Average Winning FICO Actual 2008 $7.3 15% 54% 33% 708 2009 $6.6 13% 56% 28% 711 2010 $5.2 11% 59% 21% 713 Projected 2011 $2.8 10% 62% 18% 716 2012 $1.4 8% 67% 13% 719 2013 $0.6 7%
Slide 34: Private Loan Repayment Cycle
Private Loan Repayment Cycle Major Repayment Wave occurs in the fourth quarter Early stage delinquencies follow in Q1 and decline in Q2 and Q3 Mid stage delinquencies follow in Q2 Charge offs peak in Q3, concentrated in July (CHART) 34 Note: Excludes Smart Option loans.
Slide 35: Loan Seasoning
LOAN SEASONING Ppesde si beege & geeks F i hughes #2 levede
Slide 36: Loan Seasoning
LOAN SEASONING i pesee
Slide 37: Loan Seasoning
LOAN SEASONING i keali i kasks
Slide 38: Servicing: A Competitive Advantage
Servicing: A Competitive Advantage
Slide 39: SLM's Competitive Advantage
SLM's Competitive Advantage SLM has a distinct competitive advantage in all facets of the education loan market. Best in Class Vertically Integrated Origination/ Servicing/Collections Strongest National Brand in Education with Consumers and Schools State-of-the-Art Loan Delivery Platform Largest & M
Slide 40: Operations locations
Operations locations 40 Fishers, IN Collections Information Technology Servicing Fulfillment Call Center Sales Reston, VA Finance Legal Information Technology New York State Arcade, Perry, Horseheads Collections Cincinnati, OH (GRC) Collections Niles, IL (AFS) Collections Murray, UT Sallie Mae Bank
Slide 41: SLM Private Education Loan Collections
SLM PRIVATE EDUCATION LOAN COLLECTIONS Sallie Mae services and collects the vast majority of loans in its Private Education Loan portfolio Private Education Loan collections are conducted by a stand-alone consumer credit collections unit, not the company's FFELP collections operations Private Educat
Slide 42: Business Services Segment
Business Services Segment 42 "Core Earnings" Revenue of $334 million in Q1 2011 More than 77% of revenue generated by FFELP servicing and contingent collections ED servicing and collections businesses will grow organically with federal Direct Lending, added focus on increasing market share through p
Slide 43: Business Services Segment Revenue
Business Services Segment Revenue 43 (CHART) Total "Core Earnings" Business Services Revenue of $334 million For the quarter ended March 31, 2011
Slide 44: Funding Diversity and Liquidity
Funding Diversity and Liquidity
Slide 45: 2011 1st Quarter Capital Markets Summary
2011 1st Quarter Capital Markets Summary Realized gains of $64 million on debt repurchases. Issued $812 million of FFELP ABS. Issued a $2 billion unsecured bond. Expanded and extended our ABCP facility. ABCP borrowings reduced to $5.0 billion. Retired all 70 million shares of common stock held in SL
Slide 46: Liquidity Position Detail
Liquidity Position Detail (1) At March 31, 2011, December 31, 2010, and March 31, 2010 includes $1.1 bn, $2.0 bn, and $3.0 bn, respectively, of cash and liquid investments at Sallie Mae Bank. (2) On November 24, 2010, our remaining bank line of credit was retired. (3) Borrowing capacity is subject t
Slide 47: Recent ABS Transactions
Recent ABS Transactions Recent ABS Transactions Estimated based on a variety of assumptions concerning loan repayment behavior, as more fully described in the related prospectus, which may be obtained at http://www2.salliemae.com/investors/debtasset/slmsltrusts/. Actual average life may vary signifi
Slide 48: Employ conservative long-term funding model
Employ conservative long-term funding model * Funded to Term includes 13% or $23.2 billion of student loans funded under the Straight A Funding Facility as of March 31, 2011, and 17% or $30.6 billion of student loans funded under the ED Purchase and Participation Program and Straight A Funding Facil
Slide 49: Funding Distribution
Funding Distribution At March 31, 2011 total "Core Earnings" borrowings were $190.7 billion 49 (CHART) *Other includes FHLB-DM facility borrowings, on-balance sheet indentured trusts, SLM acquisition funding and other "Core Earnings" borrowings as identified in the Q1 2011 Supplemental Earnings Disc
Slide 50: SLM Asset-Backed Funding
SLM Asset-Backed Funding SLM ABS Term Issuance Volume Reported at quarter closing dates, net of paydowns. Balances inclusive of FFELP and legacy private ABCP, legacy UBS Phoenix facility, FHLB Des Moines and seller financing for the SLC acquisition. 50 SLM Secured Funding ABS Issuance ($ in billions
Slide 51: SLM Corporate Debt Activity
SLM Corporate Debt Activity SLM Corporate Debt Issuance Volume SLM Corporate Debt Repurchases Note: Total may not foot due to rounding. (1)US$ equivalent at the time of issuance (2)Face value amounts repurchased 51
Slide 52: Unsecured Debt Maturities
Note: Does not include Sallie Mae Bank or Subsidiary funding Repurchased $825 million of debt in Q1 11 Repurchased $4.9 billion of debt in 2010 Unsecured Debt Maturities 2011 2012 2013 2014 2015 2016 2017 2018 Thereafter Change from Prior Year ($1.8) ($0.4) ($0.4) ($1.9) - $2.0 - - - Change from Q41
Slide 53: Unencumbered Assets & Unsecured Debt
Unencumbered Assets & Unsecured Debt 53 * On 1/1/10, upon adopting ASC 810, the Retained Interests were removed from the consolidated balance sheet and the assets and liabilities of off-balance sheet ABS were consolidated onto the balance sheet. ** Amounts include loans, cash, and accrued interest r
Slide 54: Secured Cash Flow
Secured Cash Flow 54 Note: Totals may not add due to rounding * Net residual represents excess distribution, net of payments on floor contracts and receipts from basis swaps All APBs are an average of 4 quarterly 2-point averages Interest to be capitalized not available for On-Balance Sheet Indentur
Slide 55: Projected Cash Flows From FFELP Portfolio
Projected Cash Flows From FFELP Portfolio Assumptions CP/LIBOR = 10 basis points No Floor Income CPR/CDR = Stafford & Plus (7.0%), Consolidation (3.0%) 55 ($ in Millions) Total Cash Flows from Projected Excess Spread = $9.1 Billion Total Cash Flows from Projected Servicing Revenues = $5.8 Billion
Slide 56: Sallie Mae Bank
Sallie Mae Bank Bank charter Utah based ILC regulated by FDIC and Utah Department of Financial Institutions (UDFI) Charter granted October 2005 Current bank activity Originates Sallie Mae's private education loans Funded through affiliate and brokered deposits and a direct retail deposit program lau
Slide 57: Sallie Mae Bank - Capital & Deposits
Sallie Mae Bank - Capital & Deposits *Primarily affiliate deposit accounts with no stated maturities 57 Bank Deposits ($ millions) Bank Deposits ($ millions) Bank Deposits ($ millions) Bank Deposits ($ millions) Bank Deposits ($ millions) Bank Deposits ($ millions) Bank Deposits ($ millions) Mar 11
Slide 58: Risk-Adjusted Capitalization
Risk-Adjusted Capitalization
Slide 59: Capitalization
Capitalization SLM Corporation GAAP tangible stockholders' equity as a percentage of total "Core Earnings" assets. Average GAAP tangible equity including preferred stock to charge-offs. SLM charge-offs based on total "Core Earnings" loans, annualized. 59 1Q11 2010 2009 2008 Tangible Equity/"Core Ear
Slide 60: Capital Allocation
Capital Allocation 0.50% *10% - 12% SLM allocates capital internally based on the risk of the assets it supports SLM Corp Assets Capital Allocation 0% - 25%* Cash, Investments, Other Assets 10% of "Core Earnings" Assets Private Education Loans 18% of "Core Earnings" Assets Government Guaranteed Loan
Slide 61: FFELP Appendix
FFELP Appendix
Slide 62: SLM FFELP ABS Issue Characteristics
SLM FFELP ABS Issue Characteristics Issue size of $0.5B to $1.0B Tranches or pass-through denominated in US$ AAA rated senior tranches make up to 97% of issue structure Floating rate tied to 1 mo. LIBOR Amortizing tranches, with 1 to 15(+) year average lives Masterservicer is Sallie Mae, Inc. Explic
Slide 63: SLM Stafford/PLUS ABS Trusts Prepayment Analysis
SLM Stafford/PLUS ABS Trusts Prepayment Analysis Annualized CPRs for SLM Stafford/PLUS ABS Trusts have decreased significantly as incentives for borrowers to consolidate have declined Historical SLM Stafford/PLUS ABS CPRs * Average CPR is the simple (non-weighted) average of four Quarterly CPR calcu
Slide 64: SLM Consolidation ABS Trusts Prepayment Analysis
SLM Consolidation ABS Trusts Prepayment Analysis Historical Consolidation ABS CPRs * Average CPR is the simple (non-weighted) average of four Quarterly CPR calculations for each calendar year. Quarterly CPR assumes School and Grace loans are not scheduled to make payments. Deferment, Forbearance and
Slide 65: Private Credit Appendix
Private Credit Appendix
Slide 66: Recent SLM Private Education Loan ABS Characteristics
Recent SLM Private Education Loan ABS Characteristics Issue size of $500M to $1.0B US$ denominated Triple-A rated senior notes only; no subordinate tranches 20-30(+)% overcollateralization Pass-thru with 3-5(+) yr average lives, or multiple tranches with 1-10(+) yr average lives Floating rate tied t
Slide 67: SLM Private Education Loan Gross Defaults
SLM Private Education Loan Gross Defaults SLM Private Education Loan Gross Defaults For SLM Private Education Loan Trusts issued prior to 2005-B, the servicer has the option, but not the obligation, to repurchase loans that (i) become 180+ days delinquent and/or (ii) have a borrower who filed for ba
Slide 68: SLM Private Credit Gross Defaults
SLM Private Credit Gross Defaults Constraining Rating Agency Stress Levels at Issuance As of March 31, 2011 2011-A default rates are expressed as a proportion of repayment balance. (CHART) 68
Slide 69: Sallie Mae Investor Relations Website
Sallie Mae Investor Relations Website SLM student loan trust data (Debt/asset backed securities - SLM Student Loan Trusts) Static pool information - Detailed portfolio stratifications by trust as of the cutoff date Accrued interest factors Quarterly distribution factors Historical trust performance
Slide 70: Private Credit ABS Trusts Forbearance
Private Credit ABS Trusts Forbearance Forbearance usage is typically highest when loans enter repayment, and declines as loans season Use of forbearance as a collection tool peaked in early 2008; forbearance has since declined as a result of changes in SLM's forbearance strategy 70 11/30/2002 2/28/2
Slide 71: Private Credit ABS Trusts 31-60 Day Delinquencies
Private Credit ABS Trusts 31-60 Day Delinquencies 71 11/30/2002 2/28/2003 5/31/2003 8/31/2003 11/30/2003 2/29/2004 5/31/2004 8/31/2004 11/30/2004 2/28/2005 5/31/2005 8/31/2005 11/30/2005 2/28/2006 5/31/2006 8/31/2006 11/30/2006 2/28/2007 5/31/2007 8/31/2007 11/30/2007 2/29/2008 5/31/2008 8/31/2008 1
Slide 72: Private Credit ABS Trusts 61-90 Day Delinquencies
Private Credit ABS Trusts 61-90 Day Delinquencies 72 11/30/2002 2/28/2003 5/31/2003 8/31/2003 11/30/2003 2/29/2004 5/31/2004 8/31/2004 11/30/2004 2/28/2005 5/31/2005 8/31/2005 11/30/2005 2/28/2006 5/31/2006 8/31/2006 11/30/2006 2/28/2007 5/31/2007 8/31/2007 11/30/2007 2/29/2008 5/31/2008 8/31/2008 1
Slide 73: Private Credit ABS Trusts 90+ Day Delinquencies
Private Credit ABS Trusts 90+ Day Delinquencies As expected, later stage delinquency has remained elevated in recent periods due to tightening of forbearance and the current economic environment Increased emphasis on cash payment during delinquency means more borrowers remain in delinquency instead
Slide 74: Private Credit ABS Trusts Annualized Gross Charge-offs
Private Credit ABS Trusts Annualized Gross Charge-offs (1) For SLM Private Credit Student Loan Trusts issued prior to 2005-B, the servicer has the option, but not the obligation, to repurchase loans that (i) become 180+ days delinquent and/or (ii) have a borrower who filed for bankruptcy or died . P
Slide 75: Private Credit ABS Trusts Historical Cumulative Gross Charge-Offs
Private Credit ABS Trusts Historical Cumulative Gross Charge-Offs(1) (1) For SLM Private Credit Student Loan Trusts issued prior to 2005-B, the servicer has the option, but not the obligation, to repurchase loans that (i) become 180+ days delinquent and/or (ii) have a borrower who filed for bankrupt
Slide 76: SLM Private Credit ABS Trusts Prepayment Analysis
SLM Private Credit ABS Trusts Prepayment Analysis Historical SLM Private Credit ABS CPRs Constant prepayment rates increased in 2007 due to the introduction of Private Credit Consolidation loans, but then declined accordingly following SLM's decision to suspend its consolidation loan program 11/30/2
Slide 77: Cohort default triangles: securitization criteria
The following cohort default triangles provide loan performance information for certain private education loans of SLM Corporation and its consolidated subsidiaries that meet such subsidiaries' current securitization criteria (including those criteria listed below): Program types include Undergradua
Slide 78: Cohort default triangle terms and calculations
The cohort default triangles featured on subsequent slides are segmented by loan program type, FICO score, co-borrower status, and school type Terms and calculations used in the cohort default triangles are defined below: Repayment Year - The calendar year loans entered repayment Disbursed Principal
Slide 79: Cohort Default Triangles
COHORT DEFAULT TRIANGLES Note: Data as of 3/31/11. Cohort default data not representative of Sallie Mae's entire managed portfolio. Please refer to section preamble on pages 77 and 78 for details. Undergraduate/Graduate loans marketed under the Signature Student Loan brand. Periodic Defaults for the
Slide 80: Cohort Default Triangles
Undergraduate/Graduate(1) Without Co-signer Undergraduate/Graduate(1) With Co-signer COHORT DEFAULT TRIANGLES Note: Data as of 3/31/11. Cohort default data not representative of Sallie Mae's entire managed portfolio. Please refer to section preamble on pages 77 and 78 for details. Undergraduate/Grad
Slide 81: Cohort Default Triangles
COHORT DEFAULT TRIANGLES Note: Data as of 3/31/11. Cohort default data not representative of Sallie Mae's entire managed portfolio. Please refer to section preamble on pages 77 and 78 for details. Undergraduate/Graduate loans marketed under the Signature Student Loan brand. Periodic Defaults for the
Slide 82: Cohort Default Triangles
Undergraduate/Graduate(1) Loans, FICO 740-850(2) Undergraduate/Graduate(1) Loans, FICO 700-739(2) COHORT DEFAULT TRIANGLES Note: Data as of 3/31/11. Cohort default data not representative of Sallie Mae's entire managed portfolio. Please refer to section preamble on pages 77 and 78 for details. Under
Slide 83: Cohort Default Triangles
COHORT DEFAULT TRIANGLES Note: Data as of 3/31/11. Cohort default data not representative of Sallie Mae's entire managed portfolio. Please refer to section preamble on pages 77 and 78 for details. Undergraduate/Graduate loans marketed under the Signature Student Loan brand. FICO scores are based on
Slide 84: Cohort Default Triangles
COHORT DEFAULT TRIANGLES Note: Data as of 3/31/11. Cohort default data not representative of Sallie Mae's entire managed portfolio. Please refer to section preamble on pages 77 and 78 for details. FICO scores are based on the greater of the borrower and co-borrower scores as of a date near the loan
Slide 85: Cohort Default Triangles
COHORT DEFAULT TRIANGLES Note: Data as of 3/31/11. Cohort default data not representative of Sallie Mae's entire managed portfolio. Please refer to section preamble on pages 77 and 78 for details. FICO scores are based on the greater of the borrower and co-borrower scores as of a date near the loan
Slide 86: Recent Private Loan ABS Trust Performance
RECENT PRIVATE LOAN ABS TRUST PERFORMANCE Sallie Mae is currently collecting payments from a much higher percentage of delinquent borrowers than in the past Delinquent borrowers who have made at least one payment during delinquency are far less likely to default 86
Slide 87: Recoveries
Recoveries As of year end 2010, Sallie Mae expects to collect 27 percent of a defaulted loan's balance, on average, across its private education loan portfolio Recoveries are typically realized over many years as a result of the prevalent use of long-term payment plans While student loans are non-di
Slide 88: SLM Appendix
SLM Appendix
Slide 89: GAAP to Core Earnings Reconciliation
GAAP to Core Earnings Reconciliation 89
Slide 90: Additional Information Available at www.salliemae.com
90 Additional Information Available at www.salliemae.com