SLM CORPORATION 15th Annual Credit Suisse Financial Services Forum

FEBRUARY 11, 2014

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Forward-Looking Statements; Non-GAAP Financial Measures

The following information is current as of February 10, 2014 (unless otherwise noted) and should be read in connection with SLM Corporation’s Annual Report on Form 10-K for the year ended December 31,

2012 (the “2012 Form 10-K”), and subsequent reports filed with the Securities and Exchange Commission (the “SEC”). Definitions for capitalized terms in this presentation not defined herein can be found in the

2012 Form 10-K (filed with the SEC on February 26, 2013).

This Presentation contains forward-looking statements and information based on management’s current expectations as of the date of this presentation. Statements that are not historical facts, including

statements about the company’s beliefs or expectations and statements that assume or are dependent upon future events, are forward-looking statements. Forward-looking statements are subject to risks,

uncertainties, assumptions and other factors that may cause actual results to be materially different from those reflected in such forward-looking statements. These factors include, among others, the risks and

uncertainties set forth in Item 1A “Risk Factors” and elsewhere in the company’s Annual Report on Form 10-K for the year ended Dec. 31, 2012 and subsequent filings with the Securities and Exchange

Commission; increases in financing costs; limits on liquidity; increases in costs associated with compliance with laws and regulations; changes in accounting standards and the impact of related changes in

significant accounting estimates; any adverse outcomes in any significant litigation to which the company is a party; credit risk associated with the company’s exposure to third parties, including counterparties to

the company’s derivative transactions; and changes in the terms of student loans and the educational credit marketplace (including changes resulting from new laws and the implementation of existing laws). The

company could also be affected by, among other things: changes in its funding costs and availability; reductions to its credit ratings or the credit ratings of the United States of America; failures of its operating

systems or infrastructure, including those of third-party vendors; damage to its reputation; failures to successfully implement cost-cutting and adverse effects of such initiatives on its business; risks associated

with restructuring initiatives, including the company’s recently announced strategic plan to separate its existing operations into two separate publicly traded companies; changes in the demand for educational

financing or in financing preferences of lenders, educational institutions, students and their families; changes in law and regulations with respect to the student lending business and financial institutions generally;

increased competition from banks and other consumer lenders; the creditworthiness of its customers; changes in the general interest rate environment, including the rate relationships among relevant money-

market instruments and those of its earning assets vs. its funding arrangements; changes in general economic conditions; and changes in the demand for debt management services. The preparation of the

company’s consolidated financial statements also requires management to make certain estimates and assumptions including estimates and assumptions about future events. These estimates or assumptions

may prove to be incorrect. All forward-looking statements contained in this release are qualified by these cautionary statements and are made only as of the date of this release. The company does not

undertake any obligation to update or revise these forward-looking statements to conform the statement to actual results or changes in its expectations

The Company reports financial results on a GAAP basis and also provides certain core earnings performance measures. The difference between the Company’s core earnings and GAAP results for the periods

presented were the unrealized, mark-to-market gains/losses on derivative contracts and the goodwill and acquired intangible asset amortization and impairment. These items are recognized in GAAP but not in

core earnings results. The Company provides core earnings measures because this is what management uses when making management decisions regarding the Company’s performance and the allocation of

corporate resources. The Company’s core earnings are not defined terms within GAAP and may not be comparable to similarly titled measures reported by other companies. For additional information, see

“Core Earnings — Definition and Limitations” in the Company’s third quarter earnings release for a further discussion and a complete reconciliation between GAAP net income and core earnings.

For additional information on our proposed separation described herein, please see our Form 8-K filed with the SEC on December 20, 2013, New Corporation’s Form 10, as amended, filed with the

SEC on February 7, 2014 and our fourth quarter earnings release filed with the SEC on Form 8-K on January 16, 2014.

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► #1 saving, planning and paying for education

company with 40-years of leadership in the

education lending market

► #1 servicer and collector of student loans in the

U.S. for Federal and Private Education Loans

► 25 million unique customers

► $142 billion student loan portfolio, 74% of which

is insured or guaranteed

► Fully independent private sector company with

scale and a broad franchise, traded on the

NASDAQ (ticker: SLM)

SLM Corporation

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► High quality loan originations of $3.8 billion

- Average winning FICO of 745 and 90% were cosigned

► Charge-off rate declined to 2.8%, lowest level since 2007

- Low risk portfolio1 declined to 1.5%

► Returned $864 million to shareholders

- $600 million through share repurchases and $264 million through dividends

► Generated “Core Earnings” of $1.3 billion2

► Strategic business separation announced May

2013 Highlights

1 Low Risk = Smart Option, Legacy Traditional Cosigned, and Law/MBA/MED/CT/Other 2 For a GAAP to “Core Earnings” reconciliation, see slide 17

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Separate Into Two Distinct Businesses

NewCo SLM BankCo

Strategic

Focus Leading education loan management

company

Leading private education loan origination

franchise – retains Sallie Mae brand

Key

Businesses

FFELP Loan Portfolio

Non-Bank Private Education Loan Portfolio

Existing Secured & Unsecured Debt

Largest Education Loan Servicer

Private Loan Servicing

Collection

Guarantor Servicing

Largest Private Education Loan Originator

Private Loan Servicing

Other Consumer Assets (Future)

Deposits

Upromise

Insurance

Student Loan

Portfolio1

$103 billion of FFELP Loans

$31 billion of Private Loans

$6.5 billion of Private Loans

1 As of December 31, 2013

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Strategic Separation of Businesses

► Provide greater visibility into the financial and operating performance of each

business

► Attract a more focused shareholder base to the specific operating and return

characteristics of each business

► Create optimal structure for complex and increasingly different regulatory

environment

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NewCo - Generates Significant Cash Flows

NewCo Net Assets Projected Life of Loan Cash Flows*

Net Assets

Secured FFELP Net Assets $4.6

Secured Private Net Assets 6.7

Net Unencumbered Assets 10.9

Total Assets Net of Secured Debt $22.2

Unsecured Debt $18.3

$ in billions, as of 12/31/13

FFELP Cash Flows

Secured

Residual $7.1

Floor 1.9

Servicing 4.2

Total Secured $13.2

Unencumbered $1.3

Total FFELP Cash Flows $14.5

Private Credit Cash Flows

Secured

Residual $12.5

Servicing 1.4

Total Secured $13.9

Unencumbered $6.9

Total Private Cash Flows $20.8

Combined Cash Flows $35.3

*Floor cash flows projected using 1/13/14 yield curve. These projections are based on internal estimates and

assumptions and are subject to ongoing review and modification. These projections may prove to be incorrect.

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NewCo - Loan Servicing and Collections

Total Market,

81%

SLM, 19%

Direct Loans Outstanding

$614 billion as of 9/30/2013

Average Quarterly $ Default Score

ED Servicing Contract-to-Date

0.50%

0.60%

0.70%

0.80%

0.90%

Sallie Mae Competitor 1 Competitor 2 Competitor 3

Inventory of Federally Defaulted Loans

$77 billion as of 9/30/2013

Source: Department of Education, U.S. Department of Education FY

2013 Agency Financial Report Source: Department of Education, Sallie Mae Estimates

► Consistently ranked #1 collector by the Department of Education

► If all agencies performed at Sallie Mae’s recovery rate over $1 billion of additional recoveries would have been

realized

► Federal loan servicing business and collection business requires little capital and generates high returns on equity

Total Market,

83%

SLM, 17%

Source: Department of Education, U.S. Department of Education, GA –

Monthly Report September 2013

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NewCo – Opportunity for Growth

► FFELP and Private Education Loan Portfolio Acquisitions

► Department of Education Contracts

► Federal Government Collections (non-Department of Education)

► FFELP Guarantor Contingency Fee Income

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SLM BankCo – Opportunity for Growth

Estimated Total Cost of Education

2012/2013 AY (in billions)

Sources: Department of Education, College Board, McKinsey &

Company, MeasureOne, National Student Clearinghouse, Company

Analysis

► Predictable long-term market growth

► Demand will continue to grow as the gap widens between total educational costs and Federal student loan limits

Enrollment at Four-Year Degree

Granting Institutions (in millions)

12.1

12.9

13.3 13.5

13.7 13.9

14.3

15.3

2008 2009 2010 2011 Est.2012

Est.2013

Est.2016

Est.2021

Source: U.S. Department of Education, National Center for Education

Statistics, Projections of Education Statistics to 2021 (NCES 2013-008,

January 2013)

Cost of College

(Based on a Four-Year Term)

Source: Trends in College Pricing.© 2013 The College Board,.

www.collegeboard.org, U.S. Department of Education 2013

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Low Risk = Smart Option, Legacy Traditional Cosigned, and Law/MBA/MED/CT/Other

Moderate Risk = Legacy Traditional Non-Cosigned

Elevated Risk = Non-Traditional

Consumer Lending Segment – High Quality Portfolio

12

SLM BankCo – Strengths

► Dominant player in education loan industry

► High quality loan originations

► Sustainable growth model with high current and expected returns

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Managing Federal Loan Payments

► Since 7/1/2006, nearly 85% of Federal Loan volume has been issued through DL or

under ECASLA

► Borrowers have multiple repayment options currently in place to manage federal loans,

including income-based repayment, graduated repayment, consolidation, deferment and

forbearance.

► In 2013, 1.9 million federal Direct Loan borrowers were in repayment plans that limit

their payments to a specified percentage of income.

► 70% of student loan borrowers have debt balances less than $25,000 and 4% have

balances above $100,000

*Excluding borrowers in grace, deferment or in school

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Average Borrower Indebtedness

Less than $25,000, 70%

$25,000 - $50,000, 18%

$50,000 -$100,000, 9%

Over $100,000, 4%

Distribution of Outstanding Education Debt Balances

Source: College Board, “Trends in Student Aid, 2013”, FRBNY Consumer Credit Panel. Equifax (www.newyorkfed.org/regional/Brown_presentation_GWU_2013Q2.pdf)

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Leader in Helping Customers Achieve Successful Repayment

► Helping customers successfully repay their loans and avoid the negative consequences of default

is our top priority.

► Counselors work with customers to build a repayment plan based on each customer’s financial

profile and goals.

► In the past academic year we assisted 2.1 million past-due customers to return their education loan

accounts to good standing, preventing $41 billion in federal and private education loan defaults.

► Helped more Direct Loan borrowers avoid default than any other servicer. If all servicers

performed at Sallie Mae’s most recent default prevention rate, 250,000 fewer borrowers would

enter default.

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► Dominant player in the education finance industry

► High quality federally guaranteed and private education loan assets

► Generating significant and predictable cash flows

► Private education loan portfolio business continues to demonstrate high quality growth

► Strategic separation to enhance shareholder value

SLM Corporation

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Differences between “Core Earnings” and GAAP

($ in millions) Quarters Ended Years Ended

December 31, 2013 December 13, 2012 December 31, 2013 December 13, 2012

"Core Earnings" adjustments to GAAP:

Net impact of derivative accounting 8$ 129$ 243$ (194)$

Net impact of goodwill and acquired intangible assets (3) (14) (13) (27)

Net tax effect (5) (24) (96) 99

Net effect from discontinued operations (5) - (6) (1)

Total "Core Earnings" adjustments to GAAP (5)$ 91$ 128$ (123)$