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Sallie Mae Extends Deadline for Securities Tendered to March 25, Announces Early Results of its $1.2 Billion Cash Tender Offers

  Sallie Mae Extends Deadline for Securities Tendered to March 25, Announces
  Early Results of its $1.2 Billion Cash Tender Offers

Business Wire

NEWARK, Del. -- March 12, 2013

Sallie Mae (NASDAQ: SLM), the nation’s No. 1 financial services company
specializing in education, today announced that it has elected to extend the
deadline, which was previously set at 5 p.m. New York City Time on March 11,
2013 (the “Early Tender Deadline”), for which Holders of Any and All
Securities are eligible to receive the applicable total consideration, which
includes an early tender payment of $30.00 per $1,000 principal amount of
securities accepted for purchase (the “Any and All Total Consideration”).
Holders of Any and All Securities who validly tender their securities after
the Early Tender Deadline but on or prior to 11:59 p.m. New York City Time on
March 25, 2013 (the “Expiration Date”), are now entitled to receive the Any
and All Total Consideration.

Sallie Mae today also announced that it has elected to extend the deadline,
which was previously set at the Early Tender Deadline, for which Holders of
Waterfall Securities are eligible to receive the applicable total
consideration, which includes an early tender payment of $30.00 per $1,000
principal amount of securities accepted for purchase (the “Waterfall Total
Consideration”). Holders of Waterfall Securities who validly tender their
securities after the Early Tender Deadline but on or prior to the Expiration
Date, are now eligible to receive the Waterfall Total Consideration.

Holders who validly tendered and did not withdraw their securities on or prior
to the Early Tender Deadline, and whose securities are accepted for purchase
in the Any and All Offer, will be entitled to receive the Any and All Total
Consideration, which includes an early tender payment of $30.00 per $1,000
principal amount of securities accepted for purchase, on the Early Tender
Settlement Date, expected to be March 13, 2013.

Holders who validly tender their Any and All Securities after the Early Tender
Deadline but on or prior to the Expiration Date, and whose securities are
accepted for purchase in the Any and All Offer, will be paid the Any and All
Total Consideration on the Final Settlement Date, which is expected to be
March 27, 2013 (the “Final Settlement Date”). Holders who validly tender their
Waterfall Securities prior to the Expiration Date, and whose securities are
accepted for purchase in the Waterfall Offer, will be paid the Waterfall Total
Consideration on the Final Settlement Date.

As of 5 p.m. New York City Time on March 11, 2013, Sallie Mae received tenders
of securities subject to the Any and All Offer totaling $202,422,000 and
tenders of securities subject to the Waterfall Offer totaling $550,217,000.

The results are set out in the table below:

                                                                Principal
                                             Outstanding        Amount           Total

Title of    CUSIP No.   ISIN           Principal        Tendered by    Consideration
Security                                                        the Early
                                             Amount                              ^(1)(2)
                                                                Tender
                                                                Deadline
Any and
All Offer
Floating
Rate MTN,
Series A      78442FBH0     US78442FBH01     $132,505,000       $39,170,000      $1,020.00
Due
November
1, 2013
Floating
Rate MTN,
Series A      78442FBJ6     US78442FBJ66     $74,701,000        $16,276,000      $1,020.00
Due
November
21, 2013
Floating
Rate MTN,
Series A      78442FBM9     US78442FBM95     $50,254,000        $12,238,000      $1,021.25
Due
January
1, 2014
Floating
Rate MTN,
Series A      78442FBS6     US78442FBS65     $132,390,000       $42,410,000      $1,021.25
Due
January
31, 2014
Floating
Rate MTN,
Series A      78442FBP2     US78442FBP27     $33,792,000        $2,534,000       $1,021.25
Due
February
1, 2014
Floating
Rate MTN,
Series A      78442FBQ0     US78442FBQ00     $24,914,000        $4,596,000       $1,020.00
Due
February
1, 2014
Floating
Rate MTN,
Series A      78442FBV9     US78442FBV94     $34,368,000        $6,188,000       $1,020.00
Due March
1, 2014
Floating
Rate MTN,
Series A      78442FBY3     US78442FBY34     $39,239,000        $6,391,000       $1,018.75
Due April
1, 2014
Floating
Rate MTN,
Series A      78442FCB2     US78442FCB22     $29,789,000        $6,117,000       $1,017.50
Due April
1, 2014
Floating
Rate MTN,
Series A      78442FCE6     US78442FCE60     $25,000,000        $5,387,000       $1,017.50
Due April
1, 2014
Floating
Rate MTN,
Series A      78442FCC0     US78442FCC05     $14,239,000        $2,271,000       $990.00
Due April
25, 2014
Floating
Rate MTN,
Series A      78442FCF3     US78442FCF36     $26,200,000        $3,830,000       $1,018.75
Due May
1, 2014
Floating
Rate MTN,
Series A      78442FCK2     US78442FCK21     $12,825,000        $2,792,000       $1,028.75
Due June
2, 2014
Floating
Rate MTN,
Series A      78442FCL0     US78442FCL04     $30,000,000        $1,245,000       $980.00
Due June
16, 2014
Floating
Rate MTN,
Series A      78442FCN6     US78442FCN69     $20,767,000        $6,493,000       $1,020.00
Due June
23, 2014
Floating
Rate MTN,
Series A      78442FCS5     US78442FCS56     $30,648,000        $9,540,000       $1,020.00
Due July
1, 2014
Floating
Rate MTN,
Series A      78442FCT3     US78442FCT30     $127,548,000       $16,593,000      $1,027.50
Due July
25, 2014
Floating
Rate MTN,
Series A      78442FCV8     US78442FCV85     $15,442,000        $2,150,000       $1,030.00
Due
August
11, 2014
Floating
Rate MTN,
Series A      78442FCW6     US78442FCW68     $13,776,000        $2,015,000       $992.50
Due
September
15, 2014
Floating
Rate MTN,
Series A      78442FCY2     US78442FCY25     $70,979,000        $11,614,000      $1,010.00
Due
October
1, 2014
Floating
Rate MTN,
Series B      78490FRE1     US78490FRE15     $11,211,000        $2,572,000       $1,027.50
Due
December
15, 2014
Waterfall
Offer
5.00%
MTN,
Series A      78442FBG2     US78442FBG28     $1,196,530,000     $199,561,000     $1,021.25
Due
October
1, 2013
Floating
Rate MTN,
Series A      78442FEF1     US78442FEF18     $749,326,000       $72,931,000      $993.75
Due
January
27, 2014
5.375%
MTN,
Series A      78442FCJ5     US78442FCJ57     $701,135,000       $187,528,000     $1,047.50
Due May
15, 2014
5.05%
MTN,
Series A      78442FAE8     US78442FAE88     $466,883,000       $90,197,000      $1,055.00
Due
November
14, 2014

    ________________________________
        (1) Per $1,000 principal amount of securities accepted for purchase.
        (2) Includes the Early Tender Payment.
                                                                             

As set forth in the Offer to Purchase, withdrawal rights for both the Any and
All Offer and the Waterfall Offer expired at 5 p.m. New York City Time on
March 11, 2013. Securities tendered pursuant to the Offers may no longer be
withdrawn.

Sallie Mae has retained BofA Merrill Lynch and Barclays to serve as the Dealer
Managers for the Offers.Sallie Mae has also retained D.F. King & Co., Inc. to
serve as the Tender Agent and Information Agent. Copies of the Offer to
Purchase and Letter of Transmittal can be obtained by contacting the
Information Agent at 800-207-3158. Questions regarding the Offers should be
directed to BofA Merrill Lynch at 888-292-0070 (toll free) or 980-683-3215
(collect) and Barclays at 800-438-3242 (toll-free) or 212-528-7581 (collect).
You may also contact your broker, dealer, commercial bank or trust company or
other nominee for assistance concerning the Offers.

This press release is not a tender offer to purchase or a solicitation of
acceptance of Offers, which may be made only pursuant to the terms of the
Offer to Purchase and the Letter of Transmittal. In any jurisdiction where the
laws require the tender offers to be made by a licensed broker or dealer, the
Offers will be deemed made on behalf of Sallie Mae by BofA Merrill Lynch and
Barclays or one or more registered brokers or dealers under the laws of such
jurisdiction. The Offers are not being made in any jurisdiction in which the
making or acceptance thereof would not be in compliance with the laws of such
jurisdiction.

Sallie Mae (NASDAQ: SLM) is the nation’s No. 1 financial services company
specializing in education. Celebrating 40 years of making a difference, Sallie
Mae continues to turn education dreams into reality for American families,
today serving 25 million customers. With products and services that include
529 college savings plans, Upromise rewards, scholarship search and planning
tools, education loans, insurance, and online banking, Sallie Mae offers
solutions that help families save, plan, and pay for college. Sallie Mae also
provides financial services to hundreds of college campuses as well as to
federal and state governments. Learn more at SallieMae.com. Commonly known as
Sallie Mae, SLM Corporation and its subsidiaries are not sponsored by or
agencies of the United States of America.

Contact:

Sallie Mae
Media:
Patricia Nash Christel, 302-283-4076, patricia.christel@SallieMae.com
or
Investors:
Joe Fisher, 302-283-4075, joe.fisher@SallieMae.com
Steven McGarry, 302-283-4074, steven.j.mcgarry@SallieMae.com
 
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