SLM CORPORATION Bank of America Merrill Lynch Banking & Financial

Services Conference

NOVEMBER 12, 2013

2

Forward-Looking Statements; Non-GAAP Financial Measures

The following information is current as of November 12, 2013 (unless otherwise noted) and should be read in connection with SLM Corporation’s Annual Report on Form 10-K for the year ended December 31,

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

3

► #1 saving, planning and paying for education

company with 40-years of leadership in the

education lending market

► #1 servicer and collector of student loans in the

U.S. for Federal and Private Education Loans

► 25 million unique customers

► $144 billion student loan portfolio, 74% of which

is insured or guaranteed

► Fully independent private sector company with

scale and a broad franchise, traded on the

NASDAQ (ticker: SLM)

SLM Corporation

4

2013 Year to Date1 Highlights

1 As of September 30, 2013. For a GAAP to “Core Earnings” reconciliation, see slide 17

► Generated “Core Earnings” of $1 billion

► High quality loan originations increased 16%

► Private Education Loan charge-off rates at lowest levels in five years

► Returned nearly $600 million to shareholders through common share repurchases and dividends

► Strategic business separation announced May

5

Leader in Helping Customers Achieve Successful Repayment

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

is our top priority.

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

profile and goals.

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

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

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

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

enter default next year.

6

Separate Into Two Distinct Businesses

NewCo Sallie Mae Bank

Strategic

Focus Leading education loan management

company

Leading private education loan origination

franchise – retains Sallie Mae brand

Key

Businesses

FFELP Loan Portfolio

Non-Bank Private Education Loan Portfolio

Existing Secured & Unsecured Debt

Largest Education Loan Servicer

Private Loan Servicing

Collection

Guarantor Servicing

Largest Private Education Loan Originator

Private Loan Servicing

Other Consumer Assets (Future)

Deposits

Upromise

Insurance

Leadership Jack Remondi

► Currently Chief Executive Officer

Joseph DePaulo

► Currently Executive Vice President,

Banking and Finance

7

Strategic Separation of Businesses

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

business

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

characteristics of each business

► Create optimal structure for complex and increasingly different regulatory

environment

8

NewCo Profile

► Expand leading education loan portfolio

manager, servicer, and collection business

► Maintain stable dividend and actively

manage capital structure

► Diversify fee revenue through expansion

and growth of federal and other service

contracts

► Efficiently manage expense base

► Leading market share and infrastructure

well-positioned for evolving market place

► Substantial product knowledge and

expertise – producing superior loan

performance

► Strong cash flow generation with ample

debt service coverage

► Substantial economies of scale

Strategy Strengths

9

NewCo Generates Significant Cash Flows

NewCo Net Assets Projected Life of Loan Cash Flows*

Net Assets

Secured FFELP Net Assets $5.6

Secured Private Net Assets 6.6

Net Unencumbered Assets 10.3

Total Assets Net of Secured Debt $22.5

Unsecured Debt $18.7

$ in billions, as of 9/30/13

FFELP Cash Flows

Secured

Residual $8.1

Floor 1.6

Servicing 4.3

Total Secured $14.0

Unencumbered $0.8

Total FFELP Cash Flows $14.8

Private Credit Cash Flows

Secured

Residual $12.7

Servicing 1.4

Total Secured $14.1

Unencumbered $6.8

Total Private Cash Flows $20.9

Combined Cash Flows $35.7

*Floor cash flows projected using 11/1/13 yield curve. These projections are based on internal estimates and

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

10

Loan Servicing and Collections

► Currently servicing over $300 billion of student loans making us the largest servicer of student loans

in the U.S.

► Servicing 5.7 million accounts for the Department of Education, ranked first in cumulative default

prevention success since 2009.

► Ranked #1 by the U.S. Department of the Treasury Bureau of the Fiscal Service in the most recent

quarter on its contract to recover past-due obligations owed to government agencies

► Consistently ranked #1 collector by the Department of Education

► Third-party loan servicing and contingency collections generated over $400 million of revenues YTD

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

returns on equity

11

Sallie Mae Bank Profile

► Help families save and pay for college

through responsible loan, insurance, and

savings products

► Continue to grow market leading Private

Education Loan Origination franchise

► Leverage Sallie Mae Brand to develop

other consumer products

► Diversify and grow funding-base

► The most-recognized brands in the

education loan industry

► Leading market share in private loan

originations

► Sustainable growth model with high current

and expected returns

► Simple, low cost delivery system

► Stable, deposit funded balance sheet

Strategy Strengths

12

► Private Education Loans fill the gap between the total cost of education and other available sources

► Private Education loan volume has continued to grow as total enrollment and federal loan originations have declined

Role of Private Education Loans

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

U.S. Department of Education 2013

Cost of College (Based on a Four-Year Term) Estimated Total Cost of Education (in billions)

2012/2013 Academic Year

$103

$116

$191

$7

$21

Federal

Family Contributions

Grants

Private Education

Loans

Ed. Tax Benefit / Work Study

Sources: Department of Education, College Board, McKinsey & Company, MeasureOne, National

Student Clearinghouse, Company Analysis

$17,125 $17,125 $27,000 $27,000

$82,343

$21,563

$130,788

$44,268

Full-TimePrivate School

Full-TimePublic School

Full-TimePrivate School

Full-TimePublic School

ED Lending Limit Cost of attendance gap

Cost of

attendance

gap

Cost of

attendance

gap

AY 2002-2003 AY 2012-2013

$99,468

$38,688

$157,788

$71,268

13

$0

$500

$1,000

$1,500

$2,000

$2,500

$3,000

$3,500

$4,000

2010 2011 2012 Projected 2013

$in

Millio

ns

Private Education Loan Originations

Private Education Loans – High Quality Originations

► Originations of $2.3 bn in 2010 had an average winning FICO of 739 and 89% were cosigned.

► Originations of $2.7 bn in 2011 had an average winning FICO of 748 and 91% were cosigned.

► Originations of $3.3 bn in 2012 had an average winning FICO of 748 and 90% were cosigned

► YTD 2013 originations of $3.3 bn have an average winning FICO of 746 and 90% are cosigned

14

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

Moderate Risk = Legacy Traditional Non-Cosigned

Elevated Risk = Non-Traditional

Consumer Lending Segment – High Quality Portfolio

15

► Issued $3.1 billion of Private ABS

► Issued $6.5 billion of FFELP ABS

► Issued $2.8 billion of long-term unsecured debt

► Repurchased $800 million of outstanding unsecured debt through tender offers

► Sold residual interests in five FFELP securitization trusts totaling $12.5 billion of assets

► Closed on a $6.8 billion FFELP ABCP facility and a $1.1 billion Private asset-backed

borrowing facility

► Returned nearly $600 million to shareholders through common share repurchases and

dividends

2013 Capital Markets Summary

16

► Dominant player in the education finance industry

► High quality federally guaranteed and private education loan assets

► Generating significant and predictable cash flows

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

► Strategic separation to enhance shareholder value

SLM Corporation

17

($ in millions, except per share amounts) Quarters Ended

September 30, 2013 June 30, 2013 September 30, 2012

Dollars Diluted EPS Dollars Diluted EPS Dollars Diluted EPS

GAAP net income 260$ $0.57 543$ $1.20 188$ $0.39

Adjustment from GAAP to "Core Earnings"

Net impact of derivative accounting 19 (143) 140

Net impact of goodwill and acquired intangible assets 4 3 5

Total "Core Earnings" Adjustments before net tax effect 23 (140) 145

Net tax effect (12) 58 (56)

Net effect from discontinued operations - 1 -

Total "Core Earnings" Adjustments 11 (81) 89

"Core Earnings" $271 $0.60 $462 $1.02 $277 $0.58

GAAP to “Core Earnings” Reconciliation