SLM CORPORATION

Document Sample
SLM CORPORATION Powered By Docstoc
					SLM CORPORATION
Overview of FFELP and FFELP ABS Transactions
     FORWARD-LOOKING STATEMENTS
The following information is current as of September 28, 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”), second quarter 2011 Quarterly Report on Form 10-Q and in subsequent reports filed
with the Securities and Exchange Commission (the “SEC”). Our actual results may differ materially from the forward-looking statements and
                                                               factors, including,               to,                                 10 K
information contained in this Presentation due to a variety of factors including but not limited to those described in our 2010 Form 10-K and
our second quarter Form 10-Q in “Part I – Item 1A. Risk Factors” and in subsequent reports filed with the SEC.

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 our 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
                                                                                                    forward-looking statements.
other factors that may cause actual results to be materially different from those reflected in such forward looking statements These factors
include, among others, 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 we are a party; credit risk associated with our exposure to third parties, including counterparties to our           derivative
transactions; and changes in the terms of student loans and the educational credit marketplace (including changes resulting from new laws and
                               laws).                          by,
the implementation of existing laws) We could also be affected by among other things: changes in our funding costs and availability; reductions
to our credit ratings or the credit ratings of the United States of America; failures of our operating systems or infrastructure, including those of
third-party vendors; damage to our reputation; failures to successfully implement cost-cutting and restructuring initiatives and adverse effects of
such initiatives on our business; 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 our customers; changes in the general interest rate
environment, including the rate relationships among relevant money-market instruments and those of our earning assets versus our funding
arrangements; changes in general economic conditions; and changes in the demand for debt management services. The preparation of our
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 Presentation
    q          y                y                            y                                                            y     g          p
are qualified by these cautionary statements and are made only as of the date of this Presentation. We do not undertake any obligation to update
or revise these forward-looking statements to conform the statement to actual results or changes in our expectations.



 2
    TABLE OF CONTENTS

Section 1: SLM Corporate Overview……………………………………………page 4



Section 2: FFELP Loan Overview…………………………………………………page 10



Section 3: FFELP Servicing Overview………………………………………….page 22



Section 4: FFELP ABS Market Overview……………………………………..page 28



Section 5: FFELP ABS Structure Overview………………………………….page 35




3
    SLM CORPORATE OVERVIEW




4
    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 1 and Private Credit education loans

                                                            ►   Serving 23 million unique customers, as of June 30,
                                                                2011

                                                            ►   Servicing for third parties, including 3 million loans for
                                                                the Department of Education (“ED”), as of June 30,
                                                                2011

                                                            ►   Fully independent private sector company with scale
                                                                and a broad franchise, traded on the NYSE (ticker: SLM)

                                                            ►   $178 billion student loan portfolio, 80% of which is U.S.
                                                                             guaranteed               30
                                                                government guaranteed, as of June 30, 2011

                                                            ►   96% of student loans were funded with term liabilities,
                                                                as of June 30, 2011




5    1   Federal Family Education Loan Program (“FFELP”).
    A BRIEF CORPORATE HISTORY
                                                          • Congress creates the Guaranteed Student Loan Program,
                                                           currently known as FFELP
         SLM Corporate Debt Ratings                1965
                 Moody s
                 Moody’s         S&P       Fitch
                                                          • Congress establishes, as a GSE, the Student Loan
Long-                                                      Marketing Association or “Sallie Mae”
Term
                      Ba1        BBB-     BBB-     1972

Short-                                                    • Privatization of Sallie Mae approved by Congress, SLM
               Not-Prime          A-3       F3
Term                                                       Corporation holding company created
                                                   1996
Outlook           Stable        Stable    Stable
As of August 17, 2011                                     • GSE dissolved… SLM Corporation becomes a fully
                                                           independent, private sector corporation
                                                   2004

                      Loan Portfolio                      • Challenging economy; Participation and Put program and
                                                           Straight A funding established
Loan Type                     $billions    %       2008
FFELP Loans                    $142.6     80%
                                                                                                for        d
                                                          • SLM wins 5 year contract to service f US Dept Education
Private Education               $35.8     20%      2009

Total Portfolio                $178.4     100%            • FFELP eliminated in legislative reform July 2010
                                                          • SLM acquires $25 billion FFELP portfolio from Student Loan
              ,
As of June 30, 2011                                2010    Corporation
Net of provision




6
    SLM LOCATIONS
                                                                                                     Arcade, Perry &
                                                                            Cincinnati, OH
                                                                                                     Horseheads, NY
                                                                            (GRC)
                                                                                                     • Collections
                                                                            • Collections




                                                                                                      Newton, MA.
                                                                                                      • Upromise
    Niles, IL (AFS)
    • Collections                                                                             Wilkes-Barre, PA
                                                                                              Wilkes Barre,
                                                                                              • Monetary Processing
                                                                                              • Call Center
                                                                                              • Customer Serv. Research
     Murray, UT                                                                               • Enrollment Processing
     • Sallie Mae Bank                                                                        • Customer Communications
                                                                                              • Claim Processing
           Muncie, IN                                                                         • Document Capture
           • Collections   Fishers, IN
                                                                                              Newark, DE
                           • Collections                                                     • Headquarters
                           • Information Technology                                          • Customer Resolution Services
                                      q
                           • Loan Acquisition and Conversion                                 • Credit & Collections
                           • Call Center                       Reston, VA                    • Call Center
                           • Fulfillment                       • Finance                  Washington, DC
                           • Customer Resolution Services      • Legal                    • Government Relations
                           • Information Technology            • Information Technology
                                                               • FSA Contract Administration




7
    THREE ASPECTS OF THE SLM BUSINESS MODEL
    Consumer Lending
     •   Largest originator of Private Education Loans
     •   Significant long term value
     •   Legacy portfolio quality vastly improved


    Business Services
     •                                                                       Education
         Businesses include loan servicing and collections for Department of Education, payment
         processing for colleges and universities and 529 plan servicing
     •   Attractive fee business with little capital required & high return on equity
     •   ABS servicing cash flows are super senior
     •   Opportunities exist to expand services provided, including industry consolidation
     •   Efficient cost structure and top performer



    FFELP Loan Portfolio
     •   Existing portfolios generating substantial income and cash flow
     •   Residuals stable due to minimal credit and interest rate risk
     •   Actively seeking to acquire additional FFELP loan portfolios
         •    $29.2 billion of FFELP assets acquired since January 2010



8
    SLM ASSET/FUNDING MIX
                      SLM Asset Distribution                                                               SLM Funding Distribution

            At June 30, 2011 total SLM assets were                                              At June 30, 2011 total SLM borrowings were
                         $200.4
                         $200 4 billion                                                                        $187.5
                                                                                                               $187 5 billion

         Cash and                                                                                                            Term Bank
           Cash                                                                                                               Deposits
        Equivalents               Restricted                                                                                    $3.2
                                    Cash               Other
           $4.1                                                                                                 Bank Group
                                    $6.1               $10.7                                                                                    Other*
                                                                                                                  ABCP                           $5.6
                                                                                                                   $5.3


     Investments
         $1.1



                                                                                                              Straight A
                                                                                                               Conduit
                                                                                                                $22.8


                                                                                                                                                       FFELP
                        SLM FFELP                        SLM FFELP                                                                                 Consolidation
                           Non-                         Consolidation                                   Unsecured                                    Term ABS
                       consolidation                       Loans                                          Debt                                         $81.6
                          Loans                            $89.8                                          $19.3
                          $52.8



                                                                                                            Private Term
                                                                                                                 ABS
                                                                                                                $21.8
                                  SLM Private
                                    Loans                                                                                     FFELP Non-
                                    $35.8                                                                                    Consolidation
                                                                                                                               Term ABS
                                                                                                                                 $27.9




    *Other borrowings includes FHLB-DM facility borrowings, indentured trusts, SLM acquisition funding and other “Core Earnings” borrowings as identified in the
9   second quarter 2011 Quarterly Report on Form 10Q.
     FFELP LOAN OVERVIEW




10
 FFELP TIMELINE
 KEY EVENTS IN FFELP HISTORY
                         Key Points of HERA                                            Key Points of ECASLA

        • Required floor income rebate to government                 • Increased Unsubsidized Stafford Loan limits for
                                                                       undergraduate students
        • Reduced insurance from 98% to 97%
                                                                     • Provided temporary authority to the Secretary of
        • Authorized graduate and professional students to             Education to purchase loans from FFELP lenders             2009:
          borrow PLUS Loans
                                                                                                                                  The Health Care and
                                                                     • Created the 2007-2010 Loan Participation and PUT
        • Increased loan limits                                                                                                   Education Reconciliation
                                                                       Programs
                                                                                                                                  Act of 2010, including
                                                                     • Created the 5 year Asset Backed Commercial Paper           the Student Aid and
                                                                       Conduit (Straight-A Funding)                               Fiscal Responsibility Act
                                                                                                                                  (SAFRA), which, in part,
 1965:                                               2005:                                2008:                                   terminated the authority
 The Higher Education Act of 1965 established        Higher Education
                                                      i h     d    i                      Ensuring Continued                      to make new FFELP
                                                                                                                                        k
 the U.S. government guaranteed Federal              Reconciliation Act                   Access to Student Loans                 Loans effective July 1,
 Family Education Loan Program (“FFELP”)             (HERA)                               Act (ECASLA)                            2010




                                                                          2007:                                2008:
           1993:              2000:                                       College Cost Reduction               The Higher Education
           Congress           Special Allowance                           and Access Act (CCRAA)               Opportunity Act (HEOA)
           created the        Payment
           William D. Ford    (“SAP”)index
           Federal Direct     changed from the                     Key Points of the CCRAA                                Key Points of HEOA
           Loan Program       91 day Treasury
           (“DSLP”) under     bill to the 3 month     • Reduced SAP by 0.55% for Stafford and                   • Required lenders to offer income-based
           which Stafford,    commercial paper          Consolidation loans                                       repayment option
           PLUS and           rate (financial) for
           Consolidation      FFELP Loans             • Reduced SAP by 0.85% for PLUS loans                     • Required the Guarantor to notify a
           Loans are          disbursed on or                                                                     borrower twice of options to remove a
           funded directly    after January 1,        • Increased the lender loan fees on all loan types,         loan from default
           by the U.S.        2000                      from 0.5% to 1.0%
           Department of                                                                                        • Eliminated Guarantor and ED obligations
                                                      • Reduced fixed interest rates on subsidized                for insurance and reinsurance in
           Treasury                                     Stafford Loans to undergraduates                          instances of nondisclosure




11
 FEDERAL STUDENT LOAN MARKET
             Outstanding Government Student                                              Top 10 Holders of FFELP Loans
                   Loan Market Distribution                                              FFYE 9/30/2010 ($ in millions)
              FFYE 9/30/2010 ($ in billions)

             FFELP                                                              Lender Name                               FY10
            owned by                                         Direct
               ED                                           Student
              $110                                            Loan              SLM CORPORATION                     $148,6491
                                                            Program
                                                                                NELNET                                $24,514
                                                              $221
                                                                                WELLS FARGO                           $20,722

                                                                                BRAZOS GROUP                          $12,080

                                                                                JPMORGAN CHASE BANK                   $9,616
 FFELP
 Loans                                                                          PA HIGHER ED ASST AUTH (PHEAA)        $9,575
                                                                                                                      $9 575
 $151
                                                                                COLLEGE LOAN CORP                     $8,669

                                                                                CIT2                                  $8,317

                                                                                PNC                                   $7,549

                                                                                Goal Financial                        $6,881
       FFELP
     Straight-A                                                                 Top 10 Holders                       $256,572
        $38
                                                FFELP ABS
                                                  $237




12      Sources: President’s FY 2012 Budget, US Department of Education Report 4/2011
        1 Includes $26.1 billion of FFELP Loans Purchased from the Student Loan Corporation on December 31, 2010
        2 Student Loan Xpress is a CIT company
    PRIMARY FFELP PARTICIPANTS

        Eligible Lenders                                 Servicers                                Guarantors
   Required to register with ED              May be the eligible lender or an         Typically affiliated with a region or
                                               independent third party                   state
   Banks, savings & loan associations,
    credit unions, pension funds,             Servicing responsibility from            Guarantor reimburses eligible
    insurance companies, and                   origination through final repayment       lenders by paying claims on
          i   ll   h l
    occasionally schools and guarantee
                            d       t          • Before beginning repayment,             defaulted loans
                                                                                         d f lt d l
    agencies all participated                    must track borrower’s loan
                                                 eligibility status                     ED reimburses guarantor for claims
   Eligible to originate and hold FFELP       • After beginning repayment, the          paid
    loans, receive interest subsidy              main objective is collecting, due
    payments, SAP, and default                   diligence, keeping loans from
    reimbursement                                defaulting, as well as servicing       Guarantor assumes ownership of
                                                 delinquent loans                        loan after paying claim and pursues
                                                                                         recoveries, of which they retain a
   ABS trusts often feature an Eligible                                                 percentage and reimburse ED for
    Lender Trustee and a Beneficial           Expertise is critical to ensure           the remainder
    Trustee                                    compliance with ED guidelines




13
 FFELP LENDER BENEFITS
                                                         Special Allowance                                     Interest Subsidy
     Government Guarantee
                                                          Payments (SAP)                                       Payments (ISP)
                               y
        FFELP loans are directly                        p                  y
                                                      Special Allowance Payments                                 g
                                                                                                        The U.S. government p  provides
        guaranteed by the U.S.                         (SAP) provide holders with                       Interest Subsidy Payments to
         government, through                        floating returns indexed to 90-                    pay in-school interest on certain
     guarantors, providing comfort                     day CP (financial)+ spread                          subsidized student loans
               to lenders



                                                                Borrowers


                                                                                        FFELP Loan Origination
                                       Principal and
                                                                                            and Servicing 1
                                    Interest Payments



                                                             Eligible FFELP
                                                             Lender (SLM)
                                                                      (   )
        Guarantee Principal                                                                                         Special Allowance and
       and Accrued Interest                                                                                       Interest Subsidy Payments
          (97%-100%)
                                                          Reinsurance of Principal and
                                                         Accrued Interest (75%-100%)
                                                                                                                 U.S. Department of
         Guarantors
                                                                                                                      Education



14        1H.R. 3221 - Student Aid and Fiscal Responsibility Act ended FFELP loan originations effective July 1, 2010. Sallie Mae is the
          master servicer for all SLM owned FFELP loans.
 T YPES OF FFELP LOANS
      Subsidized Stafford Loan
         •   Eligible students must meet certain needs and family income tests
         •   Interest is subsidized by government, which pays lender quarterly at the applicable rate
             while the borrower is in school, grace or other prescribed deferral periods


      Unsubsidized Stafford Loan
         •   Eligible students that have borrowing needs beyond the subsidized program or do not
                 lif f    h    b idi d
             qualify for the subsidized program
         •   Interest must be paid by the borrower or capitalized while the borrower is in school or grace
             and other prescribed deferral periods


      PLUS Loan
         •   Eligible students include graduate, professional or parents of eligible dependent students
         •   Interest must be paid by the borrower or capitalized while the borrower is in school or other
             prescribed deferral periods


      Consolidation Loan
         •   All borrowers with one or more federal student loans outstanding, in grace or repayment
             status are eligible
         •   Interest subsidies dependent on underlying loans subsidy
         •   The maximum maturity is 30 years for indebtedness of $60,000 or more


15
 COMPARISON OF FFELP LOANS
                                                                                                      Subsidized          Unsubsidized
     Parameter          Subsidized Stafford         Unsubsidized Stafford     PLUS/Grad PLUS
                                                                                                     Consolidation        Consolidation



                                                                              Parents or Graduate                           Student or
Borrower                        Student                      Student                                Student or Parents
                                                                                   Students                                  Parents



Needs Based                       Yes                          No                     No                   N/A                 N/A



Federal Guarantee
of Principal and              97 - 100%                    97 - 100%              97 - 100%            97 - 100%            97 - 100%
Accrued Interest


Interest Subsidy
                                  Yes                          No                     No                   Yes                 No
Payments



Special Allowance
                                  Yes                          Yes             If cap is reached           Yes                 Yes
Payments (SAP)



Repayment Term                120 months                   120 months            120 months         Up to 360 months     Up to 360 months



Aggregate Loan          Undergraduate: $23,000      Undergraduate1: $57,500
                                                                                     None                 None                None
Limit                     Graduate: $65,500           Graduate: $138,500




16      1Aggregate loan limit for a Dependent Undergraduate is $31,000
        Note: As of July 1, 2011
    FFELP LOAN CONSOLIDATION

    Borrowers have refinanced their various 10 year Stafford or PLUS loans into a single
     consolidation loan, with a term of up to 30 years

    Borrowers pay a fixed rate of interest on consolidation loans, which is the weighted
     average borrower rate of the initial loans at consolidation

                                                          Consolidation Example

                                                                      Stafford Loan

                                                             Outstanding:              $10,000
                                                             Term:                     10 years
              Stafford Loan                                  Rate:                     6.800%                                   PLUS Loan

      Outstanding:             $10,000                                                                                Outstanding:            $10,000
      Term:                    10 years                                                                               Term:                   10 years
      Rate:                    3.400%                                                                                 Rate:                   8.500%

                                                                Consolidation Loan         1



                                                        Amount:                   $30,000
                                                        Term:                     Up to 30 years
                                                        Fixed Rate:               6.250%




17     1Consolidation Loans retain the subsidy characteristics of the underlying subsidized loans being consolidated. Consolidation loan
       rates equals the weighted average rate of the underling loans at the time of consolidation, rounded to the nearest 1/8 of 1 percent.
 FFELP LOAN LIFECYCLE

        In School                    Grace                                             Repayment




                                                               Stafford and PLUS loans have a standard repayment term of 10 years
       When the borrower is         Generally the 6                  Consolidation loans have a repayment term up to 30 years
     enrolled at least part-time        months
        in a degree seeking            following
              program                 graduation                                                   Average usage of 27
                                                                                                   months. Cumulative
                                                                         Deferment                 usage limit up to 36
                                                                                                   months

                                                                                                   Average usage of 25
                                                                                                   months. SLM usage policy
                                                                         Forbearance               limit is up to 60 months with
                                                                                                   exceptions for special
                            Graduation                                                             circumstances


                                                                         Delinquency Timeline
               Consolidation will generally occur
                when the loan enters repayment



                                                       60 - 120 Days      270 Days        271-360 Days          >360 Days
                                                        Must request      Borrower           Must file        Guarantor must
                                                         guarantor        in default     insurance claim      pay claim within
                                                      default aversion                                            60 days
                                                         assistance


18
 FFELP LOAN STATUS DEFINITIONS
  In-School: Status before the borrower’s graduation or departure from school. No
     principal or interest payments are required during this time


  Grace: Time period between borrower’s graduation or departure from school and the
     commencement of the repayment period. This period is typically for six months and no
     principal or interest payments are required


  Repayment: The period when a borrower makes interest and principal payments on the
     loans


              After R     t has begun an eligible b
   Deferment: Aft Repayment h
  D f                          b                                   d       t
                                          li ibl borrower may suspend payments.
     Deferment may be granted for economic hardship, enrollment in school, unemployment,
     military service, etc.


                After       th b            li ibl borrower may suspend payments.
  Forbearance: Aft repayment has begun an eligible b
      b                                                               d       t
     Examples of reasons for choosing forbearance include poor health and other
     unanticipated personal problems. Borrowers can typically receive forbearance despite
     deferment ineligibility




19
 FFELP REPAYMENT OPTIONS
      Standard Repayment: Borrowers pay principal and interest amortized over a 10-year
       term for Stafford and PLUS loans (excluding in-school, grace, deferment, and forbearance
       periods). The repayment term for consolidation loan borrowers can range from 10-30
       y       p      g
       years depending on the borrower’s loan balance

      Graduated Repayment Plan: Lenders are able to establish a payment schedule whereby
       the borrower’s payment increases over time. Each payment in the plan can be no more
       than 3 times any other payment. The loan must be repaid within 10 years (excluding in-
       school, grace, deferment, and forbearance periods) or 25 years with an extended
       repayment term

      Extended Repayment: The extended repayment plan is available to FFELP borrowers
       whose loan was disbursed on or after Oct. 7, 1998, with a total loan balance exceeding
       $30,000.                          requirements
       $30 000 If borrowers meet these requirements, their term can be extended to a period
       of up to 25 years

      Income Sensitive Repayment: Monthly payments are adjusted annually, based on the
       expected total monthly gross income

      Income-Based Repayment (IBR): Permits a borrower with a “partial financial
       hardship” as determined by regulation to make payment according to income level for 25
       years after which any remaining loan balance may be forgiven by the Department of
       Education



20
    OVERVIEW OF THE GUARANTEE PAYMENT PROCESS
     FFELP loans are guaranteed between 97% - 100% by the U.S. government


                                          Guarantee Payment Process

                                                                   U.S. Government
                                    Guarantor Pays Claim             Reinsurance
                                         d             l
                                      Lender receives claim         U.S. Department of
                                     payment of 97%-100%           Education reinsures
                                                                 guarantors at 75%-100%
     Borrower Defaults                                                                        Cured Loan
     Borrower payment is                                                                   Insurance, SAP and
    at least 270 days past                                                                  ISP are reinstated
              due                                                   R j    d Cl i
                                                                    Rejected Claim
                                                                 Uninsured period where
                                      Guarantor Does Not           SAP and ISP cease
                                                                                              Permanently
                                          Pay Claim                                            Uninsured
                                                                                           A loan that cannot be
                                    Typically a rejected claim                             cured within 3 years
                                    due to a servicing-related
                                               error              Insolvent Guarantor
                                                                   U.S. Department of
                                                                 Education pays claim or
    Guarantee agencies are private non-profit corporations         reassigns guarantor
    that act as intermediaries between lenders and the U.S.
    Department of Education. They monitor compliance of
    D    t   t f Ed    ti    Th      it       li      f
    schools and lenders who participate in the FFELP program


21
     FFELP SERVICING OVERVIEW




22
 SLM SERVICING OVERVIEW
  SLM is the largest servicer of student loans with a Federal and private credit education
   portfolio totaling $234 B, as of June 30, 2011
      •   $
          $178 B of loans serviced are SLM owned
      •   $56 B of loans serviced are 3rd party owned


  SLM was one of only 4 servicers awarded a 5 year Federal Direct Lending Program (FDLP)
                              17 2009
   servicing contract on June 17, 2009, with one 5 year renewal at the option of ED


  SLM maintains relationships with various 3rd party sub-servicers
      •   Actively converting 3rd party serviced loans to SLM servicing platforms
      •   Acts as master servicer for all SLM ABS transactions


  SLM is committed to remaining a best-in-class servicer for FFELP and FDLP
      •   Ranked #1 in default aversion metrics in the 2nd year FDLP servicer scoring
      •   Ranked #2 overall in the 2nd year FDLP servicer scoring
      •   Awarded 26% of FDLP servicing volume in the current period




23
 SLM SERVICING OPERATIONS

     Customer Service Call Center                    Back Office Servicing                 Customer Resolution Services


     Customer Service Call Centers              Back Office Servicing                      Customer Resolution Services
     provide service to borrowers, co-          primarily handles all non-customer         works with customers to resolve past
     signors and schools throughout the         facing activities during the loan          due accounts. Committed to assist
     loan life cycle. Call center specialists   servicing life cycle. This includes over   and educate customers on options
     are equipped with tools and                1,200 unique tasks, mostly consisting      and programs available by utilizing
     knowledge needed to effectively and                                   payments,
                                                of processing customer payments            the most appropriate repayment plan
     efficiently resolve a wide range of        correspondence, financial and non-         or program based on their situation.
     student loan inquiries.                    financial activities, claim filing and
                                                loan portfolio conversions.

                                                      Operations Support

        Business            Operations                                                                           Office of the
                                                Business Re-          Compliance &
        Systems               Data                                                             Quality            Customer
                                                Engineering           Audit Support
        Support            Management                                                                             Advocate




                                                               Corporate

                                                 Corporate
        Human               Finance &                                                         Information         Facilities &
                                                Compliance &               Legal
       Resources            Accounting                                                        Technology         Procurement
                                                   Policy




24
    COLLECTION ACTIVITY
     SLM goes above and beyond the required FFELP collection activity

    Delinquency
                                Required Collection Activity                                   SLM’s Incremental Activity
                                                                                               SLM s
      (days)

       1-30       • Delinquency Notice Letter (Borrower)                                                       --


       31-60      • Delinquency Notice Letter (Borrower & Co-Borrower)                                         --

                     Telephone Att
                  • 2T l h             t       C t t (B           Co-Borrower)
                                Attempts or 1 Contact (Borrower & C B        )
       61-90                                                                     • Targeted Telephone Attempts (Borrower and Co-Borrower)
                  • Delinquency Notice Letter (Borrower & Co-Borrower)

                  • 2 Telephone Attempts or 1 Contact (Borrower)
      91-120                                                                     • Targeted Telephone Attempts (Borrower and Co-Borrower)
                  • Delinquency Notice Letter (Borrower)


      121-150     • 2 Telephone Attempts or 1 Contact (Borrower)                 • Targeted Telephone Attempts (Borrower and Co-Borrower)

                  • 2 Telephone Attempts or 1 Contact (Borrower)
      151-180                                                                    • Targeted Telephone Attempts (Borrower and Co-Borrower)
                  • Delinquency Notice Letter (Borrower)

      181-210     • Delinquency Notice Letter (Borrower)                         • Telephone Attempts Every 2-3 Days (Borrower & Co-Borrower)


      211-240     • Final Demand Letter at 240 Days Delinquent                   • Telephone Attempts Every 2-3 Days (Borrower & Co-Borrower)


      241-270     •   Delinquency Notice Letter (Borrower & Co-Borrower)         • Telephone Attempts Every 2-3 Days (Borrower & Co-Borrower)


      271-300     •   No Requirement                                             • Telephone Attempts Every 2-3 Days (Borrower & Co-Borrower)


      301-330
      301 330     •   No Requirement                                                                        2 3                  Co Borrower)
                                                                                 • Telephone Attempts Every 2-3 Days (Borrower & Co-Borrower)




25
     CLAIM SERVICING
             Claim Filed Type                              Default Claims are Filed:
                                                               •   Between day 320 and 330 of delinquency for
                                                                         p y
                                                                   third party serviced loans
                        2.7%       0.3%
                4.2%
                                                               •   Between day 350 and 360 of delinquency for
                                                                   Sallie Mae owned loans

                12.9%
                12 9%




                                    79.9%
                                                            Bankruptcy, Death, and Disability Claims are Filed:
                                                               •         p y               y
                                                                   Bankruptcy: Within 15 days from notification for
                                                                   adversary cases


                                                               •   Bankruptcy: Within 30 days from notification for
                                                                   all other claim file-able cases


                                                               •   Death and Disability: Filed within 60 days from
     Defaults           Bankruptcies        Disabilities           receipt of documentation
     Death              Other




26   Note: data as of 12/31/2010
     CLAIM SERVICING
                SLM FFELP Reject Rates as a % of Total Claims Filed

                             Initial Reject    Current Reject
              Year                                                    Cure Rate
                                  Rate              Rate

              2008               1.10%              0.38%               65.42%

              2007               1.68%
                                 1 68%              0.49%
                                                    0 49%               70 69%
                                                                        70.69%

              2006               0.82%              0.41%               49.69%

              2005               0.71%
                                 0 71%              0 20%
                                                    0.20%               72.54%
                                                                        72 54%

        FFELP servicers have 3 years to cure rejected default claims


        Reject rates will continue to decline during the 3 year cure period


        Cure rates will continue to rise during this same period


        SLM has consistently beat target reject rate of less than 0.5% in recent years

27
     FFELP ABS MARKET OVERVIEW




28
 STATE OF THE MARKET FOR FFELP ABS
  Despite the end of FFELP originations in 2010, securitization volume is expected to continue
          •   Refinancing of loans funded in Straight-A, legacy ABCP conduits, and auction rate securities
          •   Continuing industry consolidation provides SLM with portfolio purchase opportunities


         SLM ABS
                                                                                        YTD        Proj.      Proj.
         Issuance                 2006      2007      2008       2009       2010
                                                                                       2011*       2011      2012+
      (in $ millions)

        ff
     Stafford/PLUS
                                   $5,081    $9,082   $18,539           -   $1,982             -     $750   $20,000+
     Issuance

     Consolidation
                                  $22,875   $15,024          -    $4,863           -    $1,693       $750    $5,000+
     Issuance

     Total FFELP ABS
                              $27,956       $24,106   $18,539    $4,863     $1,982     $1,693      $1,500   $25,000+
     Issuance




  On August 5, 2011, Standard and Poor's downgraded the U.S. sovereign debt rating to AA+,
   and place FFELP ABS on negative watch. Moody’s and Fitch continue to rate U.S. sovereign
                           AAA.
   debt AAA and FFELP ABS AAA




29    * YTD as of June 30, 2011
 TOTAL ABS MARKET
 $2.1 Trillion Outstanding ABS Market                                                   Top 10 ABS Issuers
    As of 6/30/2011 ($ in billions)                                                       ($ in millions)


                                                                      Issuer Name        2010       Issuer Name           1H ’11

                                                                      Ally Bank            $8,870   Ally Bank               $6,040
                                    Student
                                     Loans
                                     $273                             Ford                  8,586   Ford                     5,568

                                                                      Sallie Mae           6,103    Santander                4,396

                                               Home Equity            Bank of America       4,881   Sallie Mae              3,080
                                                  $274
                Other                                                                               Brazos Higher
                                                                      Toyota                4,294                            2,961
               $1,211
               $1 211                                                                               Education Authority
                                               Credit Cards           Honda                 4,171   GE                       2,896
                                                  $176
                                                                      Chrysler              4,090   Discover                 2,812

                                                                      Nissan                3,702   AmeriCredit              2,750

                                                         Auto Loans   Americredit           3,082   Honda                    2,445
                                                           $100

                                              Manufacture,            Santander             2,937   Hyundai                  1,921
                                                 $16
                                                                      Top 10 Issuers     $50,715                          $33,997




30   Source: Bloomberg, BofA Merrill Lynch Research, Informa
 TOTAL STUDENT LOAN ABS MARKET
 $273 Billion Outstanding SLABS Market                                                Top 10 SLABS Issuers
            As of 6/30/2011                                                              ($ in millions)


                                                               Issuer Name             2010       Issuer Name             1H’11


                                                               Sallie Mae               $6,103    Sallie Mae                3,080
                          FFELP                                                                   Brazos Higher
                          (   )
                          (SLM)                                                p
                                                               Student Loan Corp          2,319                             $2,961
                          $110
                                                                                                  Education Authority
                                                    Private                                       Pennsylvania Higher
                                                    (SLM)
                                                               MOHELA                     2,079                              1,676
                                                                                                  Ed. Assistance Agency
                                                     $22
                                                                                                  North Carolina State
                                                               Bank of America            1,232                               961
                                                                                                  Education Authority
                                                    Private    Nelnet                     1,183   Discover                    812
                                                  (Non SLM)
                                                  (Non-SLM)
                                                     $26       Brazos Higher
                                                                                          1,120   Goal Financial              602
                                                               Education Authority
                                                               South Carolina                     Louisiana Public
                            FFELP                                                          920                                509
                          (Non-SLM)
                                                               Student Loan Corp                  Facilities Authority
                            $115                                                                  Panhandle-Plains
                                                               Access                      464                                483
                                                                                                  Hi h Ed A th
                                                                                                  Higher Ed. Auth.
                                                               Access to Loans for
                                                                                           458    Nelnet                      384
                                                               Learning
                                                               North Carolina State
                                                                                           438    Scholar Funding             268
                                                               Education Authority
                                                               Top 10 Issuers          $16,314                            $10,865




31   Source: Bloomberg, BofA Merrill Lynch Research, Informa
     FFELP ABS VS. U.S. CDS
      FFELP ABS provides incremental yield to U.S. credit of similar duration

                  4.00%

                  3.50%

                  3.00%
              r
Spread to Libor




                  2.50%

                  2.00%

                  1.50%
S




                  1.00%

                  0.50%

                  0.00%




                                                                5 Yr U.S. CDS   FFELP ABS 5 Yr WAL


32                   Source: BofA Merrill Lynch and Bloomberg
          RELATIVE VALUE CONSIDERATIONS
                            FFELP ABS provides value when compared to investments of lesser credit quality
                            Collateralized by government guaranteed FFELP assets
                            90
Spread to Libor (bps)




                            80
                            70
                            60
                            50
                            40
     d




                            30
                            20
                            10
                            0




                                                     FFELP ABS (3 yr)      Prime Credit Card ABS (3 yr)      Prime Auto ABS (3 yr)


                                     Metric                     FFELP Student Loan            Prime Credit Cards              Prime Auto Loan

          Net Loss Proxy                                                ~0.25%                        ~7%                            ~1%

          Total Triple-A Credit
                                                                         ~3%                          ~25%                           ~5%
          Enhancement
                Triple A
          Total Triple-A Credit
          Enhancement Multiple of                                        ~12                          ~3.5                           ~5
          Net Loss Proxy


33                               Source: BofA Merrill Lynch
   RECENT SLM FFELP ABS TRANSACTIONS
                           Non-Consolidation FFELP                          Consolidation FFELP                           Consolidation FFELP
Issue                       $760 M SLM Trust 2010-2                       $812 M SLM Trust 2011-1                       $821 M SLM Trust 2011-2

Pricing Date                       August 18, 2010                             February 25, 2011                                May 26, 2011

Collateral                US Govt. Guaranteed FFELP                     US Govt. Guaranteed FFELP                     US Govt. Guaranteed FFELP
                            Stafford and Plus Loans                        Consolidation Loans                           Consolidation Loans


Prepayment
P         t              6% Constant Prepayment Rate                  100% Consolidation Loan Ramp                  100% Consolidation Loan Ramp
Speed (1)

                           Moody’s Amt         AL(1) Pricing(2)          Moody’s Amt AL(1) Pricing(3)                   Moody’s Amt AL(1) Pricing(3)
                         A   Aaa   $738        4.3   L+50             A-1 Aaa    $588 3.7   L+60                     A-1 Aaa    $622 3.9   L+65
Tranching
                         B   A3     $22        8.7   L+328            A-2 Aaa    $200 10.7  L+115                    A-2 Aaa    $175 11.2  L+120
                                                                      B   A2      $24 13.6  L+385                    B   A3      $24 13.8  L+391




        (1) 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 significantly from
            estimates.
        (2) Pricing represents the discount margin to the 10% optional redemption date. The B Class Notes were originally retained and then sold
            to investors on March 17, 2011.
        (3) Pricing represents the discount margin to the 10% optional redemption date.




 34
     FFELP ABS STRUCTURE OVERVIEW




35
 STUDENT LOAN ABS
 SUMMARY OF IMPORTANT INDICATIVE TERMS FOR A FFELP ABS TRANSACTION

         Term                                                      Summary
                          Stafford and PLUS Loan Deals: generally 4-6% CPR
 Pricing Prepayment
                          Consolidation Loan Deals: 100% CLR
 Speed:
                          (ramp of 0-8% CPR over 120 months and then 8% thereafter)
 Issuance %
                          95% - 100% (assets include reserve account and capitalized interest account)
 (Assets/Liabilities):
                          Subordinate interest trigger and subordinate principal trigger shuts off interest and principal to
 Triggers:
                                                            p               p
                          the subordinate notes if there is poor collateral performance

 Subordination:           Typically 3-7% to AAA. Placed with investors or held by issuer

                          Funded at settlement to 0.25% of the monthly pool balance, subject to a floor of 0.10% of the
 Reserve Account:
                          initial pool balance. This account is intended to provide credit enhancement to the trust
 Capitalized Interest     Funded at settlement and sized to provide liquidity enhancement to the transaction while many
 Account:                 students may still be in-school, grace or deferment

 Call Feature:            10% optional clean-up call

                          Sallie Mae is the master servicer on all of its issuances. Monthly servicing fee based on the
 Servicing:
                          borrower’s current payment status or fixed

 Registration:            Both private & public transactions

 Day Count Basis:         Actual/360 for all classes

 Debt-for-Tax and ERISA
                                    debt for tax
                          Notes are debt-for-tax and ERISA eligible
 Eligibility:
 Eli ibili



36
 KEY ABS STRUCTURAL FEATURES
 Loans are sold into either trusts or special-purpose
  entities (SPEs) issuing notes                                             Typical Structural
                                                                              Components

     • “True sale” and non-consolidation legal opinions are issued with
       respect to the issuing entity to validate bankruptcy-remoteness


 Structured to withstand liquidity stresses and credit
                                                                               Class A Notes
  defaults and loans in repayment status                                          Triple-A


     • Senior/subordinate tranches


     • Initial OC, par issuance, or under parity with parity/OC build
                                                                            Class B or C Notes
                                                                            Double- or Single-A
     • Reserve account                                                      Overcollateralization

                                                                             Reserve A
                                                                             R             t
                                                                                     Account
     • Capitalized interest account structured to cover interest and fees
       that are capitalized and borrowers that are in repayment status          Capitalized
                                                                                 Interest
                                                                                 Account

     • Basis or currency swaps, if needed



37
 SLM FFELP ABS WATERFALL
 T YPICAL SLM FFELP ABS DISTRIBUTION FROM THE COLLECTION ACCOUNT

             •    Trust Collection Account


             •    Master Servicer - Primary Servicing Fee


             •    Administrator - Administration Fee


             •    Class A Noteholder Interest Distribution Amount


             •    Class B Noteholder Interest Distribution Amount


             •    Reserve Account - Maintain Reserve Account Specified Balance


             •    Class A Noteholder Principal Distribution Amount


             •    Class B Noteholder Principal Distribution Amount


             •    Indenture Trustee - Unpaid Fees and Expenses (if any)


             •    Master Servicer - Carryover Servicing Fee (if any)


             •    Excess Distribution Certificate Holder – Remaining Amounts



38
 RATING AGENCY CONSIDERATIONS
    The Rating Agencies assess student loan ABS based on the following
     information

           Transaction Information                            Loan Information


General Transaction Parameters                 Stratification of Key Collateral Parameters
  How credit support will be provided            Loan type
   (subordination excess spread etc )
   (subordination,         spread, etc.)          Loan status
  Type of securities that will be issued         Borrower interest rate
  Denomination of securities                     School type
  Expected rating levels for the various         Remaining term
   tranches                                       Guarantor
  Whether or not there will be a derivative      Geographic distribution
  List of servicers and administrators
  Timeline of anticipated events              Historical Performance
                                                  Defaults
                                                  Delinquencies
                                                   D li       i
                                                  Net losses
                                                  Borrower benefit qualification rate




39
 RATING AGENCY STRESSES
                     /
 EXAMPLES OF STAFFORD/PLUS ABS CASHFLOW STRESSES

       Stress                                                   Description

 A    t Performance
 Asset P f            •   Mi i   l   dit i k ith default       it limited to 3.0%
                          Minimal credit risk with d f lt severity li it d t 3 0%
 Risk                 •   Loan type (Stafford, Plus or Consolidation) dictates gross defaults/timing stress assumptions


                      •   Loans can lose guarantee if not originated and serviced within FFELP guidelines
 Servicer Risk
                      •   Claim reject rates are provided for the various rating levels


                      •   Loans not in active payment status (including school, grace, deferment and forbearance) will
                          not generate cash flow
 Liquidity Risk       •   Timing lags in the receipt of borrower payments, ISP and SAP are stressed
                      •   Deferment and forbearance usage assumptions as well as conservative prepayment
                          assumptions can extend the debt’s maturity within a transaction



                      •   Basis risk between the assets (3-month financial Commercial Paper) and liabilities (1-month
 Basis Risk
                          and 3-month Libor) is stressed at the various rating levels



 Borrower Benefit
                      •   Borrower benefits participation and/or utilization rates are stressed pursuant to each rating
 Qualification and
                          level
 Usage
                      •   Borrower benefits include interest rate discounts and principal rebates




40
 NET LOSS EXAMPLE
      Government guaranteed student loan ABS transactions have extremely low
       expected loss

                                                                                                        Expected               Expected
                                          Assumption                                                      Loss                   Loss
                                                                                                        (dollars)            (percentage)

 $100M   l   l      i h 0% Gross Default Rate Assumption
 $ 00 Pool Balance with 10% G      f l               i
                                                                                                          $10,000,000              10.00%
     ($100 Million Pool Balance * 10% Gross Default Rate)

 Times 0.25% Net Claim Rejection Rate Assumption                          1

                                                                                                               $25,000
                                                                                                               $ ,                  0.05%
          Million G
     ($10 Milli         Defaults 0.25% Claim Reject Rate     $25,000)
                  Gross D f lt * 0 25% Cl i R j t R t = $25 000)
     ($10 Million Gross Defaults – $25,000 Claim Rejects = $9.975 Million Claims Paid)

 Add 3% Risk Share on Claims Paid
                                                                                                             $324,250              0.32%
     (($9.975 Million Claims Paid * 3% Risk Share) + $25,000 = $324,250)




41         1   Represents typical Moody’s base case scenario. SLM’s historical trust claim rejection rates are much lower.
 TRUST CLAIM REJECTION RATES
      Rejected claim rates have been consistently low in FFELP ABS

                                              FFELP Stafford/PLUS Rejected Claims

     0.12%


     0.10%


     0.08%


     0.06%


     0.04%


     0.02%


     0.00%
     0 00%




                                 Cumulative Claims Rejected as a % of the Original Pool Balance



42    Historical Trust Performance Data for the May 2011 and June 2011 reporting periods
    FFELP PREPAYMENT METHODOLOGY
    Stafford/PLUS transactions are usually priced in a Constant Prepayment Rate
     (CPR) prepayment convention
        CPR s
       CPR’s have changed over the years
          •   In 2002, typical pricing CPR was 7%

          •   Pricing CPR has been as high as 22%

          •   Most recent transactions in 4% to 6% range



    Consolidation loans usually employ the Consolidation Loan Ramp (CLR) ramp
       Standard ramp is 0% to 8% CPR over 10 years

       Variations depending on issuer and transaction
          •   Sallie Mae – 0% to 8% over 10 years

          •   SLC – 0% to 10% ramp over 10 years

          •   Access – 2% to 10% ramp over 10 years

          •   Nelnet – 2% to 10% ramp over 10 years




43
 FFELP PREPAYMENT
           Voluntary Prepayments                                   Involuntary Prepayments
     Components of Voluntary Prepayment                        Components of Involuntary Prepayment

►    Consolidation: Prepayment in full due to              ►   Event     Defa lt          delinquency    g eate
                                                               E ent of Default: the loan delinq enc is greater
     refinancing of the loan through a Consolidation           than or equal to 270 days past due and a claim is
     loan. Lender authority to consolidate FFELP               paid by the Department of Education
     terminated July 1, 2010. FFELP borrowers may
     consolidate under the Federal Direct Lending
     Program under certain limited conditions

►    Prepayment in Full: Borrower pays off their full
     loan balance in a single payment prior to maturity

►    Partial Prepayment: Payment received differs
     from scheduled payment, but does not pay off the
     loan

        Drivers of Voluntary Prepayment                          Drivers of Involuntary Prepayment

►    Loan Seasoning (higher payoffs as loans season)       ►   Loan Seasoning
►    Economic environment, especially prevailing
     interest rates and availability of mechanisms to      ►   P           dS h lT            l        dl
                                                               Program and School Type (PLUS loans and loans
     refinance                                                 made to borrowers at 4 year schools carry the
►    Loan rate, especially for fixed rate loans                lowest risk of default)
►    Consolidation activity and other refinance activity




44
               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
                   45%
                   40%
 verage CPR*




                   35%
                   30%
                   25%
                   20%
Av




                   15%
                   10%
                   5%
                   0%
                     2003            2004             2005            2006              2007             2008           2009            2010            2011

                   45%
                   40%
                   35%
                   30%
Average CPR*




                   25%
                   20%
                   15%
                   10%
                   5%
                   0%
                         1             2                3               4                  5               6              7                8              9
                                                                                 Years Since Inception

                                      2002 Trusts      2003 Trusts     2004 Trusts        2005 Trusts     2006 Trusts    2007 Trusts      2008 Trusts


45                   * 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 Repayment loans
                       are scheduled to make payments.
                   SLM CONSOLIDATION ABS TRUSTS
                   PREPAYMENT ANALYSIS

                        CPRs for SLM Consolidation ABS Trusts have declined significantly following
                         legislation that prevented in-school and re-consolidation of borrowers’ loans

                                                                      Historical Consolidation ABS CPRs
                   15%
    Average CPR*




                   13%
                   10%
                   8%
                   5%
                   3%
                   0%
                       2004                 2005                 2006                 2007                     2008                  2009                 2010                 2011

                   15%
                   13%
          R*
Average CPR




                   10%
                    8%
                    5%
                    3%
                    0%
                         1                   2                    3                    4                           5                  6                   7                    8
                                                                                           Years Since Inception

                              2002 Trusts          2003 Trusts          2004 Trusts            2005 Trusts             2006 Trusts          2007 Trusts          2009 Trusts


                                g                p (         g
                         * Average CPR is the simple (non-weighted) average of four Q
                                                                  )      g                  y                                    y
                                                                                    Quarterly CPR calculations for each calendar year.
                           Quarterly CPR assumes School and Grace loans are not scheduled to make payments. Deferment, Forbearance and
                           Repayment loans are scheduled to make payments.



         46
      IMPACT OF DEFAULTS
        As loans season, constant default rate (CDR) increases
          •         Borrowers with higher credit and better refinancing options have already paid their loans off
          •         Borrowers outstanding for several years are more likely to be consistent payers (less likely to
                    prepay)
          •         Extensive use of deferment and forbearance for FFELP loans results in the possibility that a set of
                    financially troubled borrowers take many years to default

                                                   Stafford Loan Defaults                                                                                                                               Consolidation Loan Defaults
      16.00%
      16 00%                                                                                                                                                                                    3.50%
                                                                                                                                                                                                3 50%

      14.00%                                                                                                                                                                                    3.00%

      12.00%
                                                                                                                                                                                                2.50%

      10.00%
                                                                                                                                                                                                2.00%
                                                                                                                                                                                                2 00%
CDR




                                                                                                                                                                                          CDR
      8.00%
                                                                                                                                                                                                1.50%
      6.00%

                                                                                                                                                                                                1.00%
      4.00%

      2.00%                                                                                                                                                                                     0.50%


      0.00%                                                                                                                                                                                     0.00%
               1Q2002
                        3Q2002
                                 1Q2003
                                          3Q2003
                                                   1Q2004
                                                            3Q2004
                                                                     1Q2005
                                                                              3Q2005
                                                                                       1Q2006
                                                                                                3Q2006
                                                                                                         1Q2007
                                                                                                                  3Q2007
                                                                                                                           1Q2008
                                                                                                                                    3Q2008
                                                                                                                                             1Q2009
                                                                                                                                                      3Q2009
                                                                                                                                                               1Q2010
                                                                                                                                                                        3Q2010
                                                                                                                                                                                 1Q2011




                                              2001                               2002                               2003                                2004                                              2002    2003     2004       2005
                                              2005                               2006                               2007                                2008                                              2006    2007     2009


  47             Note: Constant Default Rates are reflective of trust loans serviced on SLM servicing platform
    Sallie Mae Investor Relations Website
                        www.salliemae.com/about/investors

         t d t loan t
     SLM student l       t data
                     trust d t
         Static pool information - Detailed portfolio stratifications by trust as of the cutoff date
         Accrued interest factors
         Quarterly distribution factors
         Historical trust performance - monthly charge-off, delinquency, loan status, CPR, etc. by trust
         Since issued CPR - monthly CPR data by trust since issuance


    SLM student loan performance by trust
         Current and historical monthly distribution reports
                      factors
          Distribution f
         Current rates
         Prospectuses for public transactions and Rule 144A transactions are available through
          underwriters


    Additional information (Webcasts and presentations)
         Archived and historical webcasts, transcripts and investor presentations




48

				
DOCUMENT INFO
Shared By:
Categories:
Tags:
Stats:
views:10
posted:3/30/2012
language:English
pages:48