Sallie Mae Announces Executive Promotions

Business Wire, Feb 8, 2008

RESTON, Va. -- SLM Corporation (NYSE:SLM), commonly known as Sallie Mae and the nation's leading saving- and paying-for-college company, today announced the following executive promotions:

Barry Feierstein was promoted to executive vice president, sales and marketing. Feierstein joined Sallie Mae in 2004 through the acquisition of Arrow Financial Services and oversees all education lending, including product design, campus sales, direct-to-consumer sales, and corporate marketing. Prior to joining Arrow, he built and sold both a distribution company that served the retail industry and an office product company that served both federal and private sectors. In addition, he worked as a management consultant with McKinsey & Company. Feierstein holds a Bachelor of Arts degree in economics and history, summa cum laude, from Tufts University and a Master of Business Administration degree from Harvard Business School.

J. Lance Franke was promoted to executive vice president, corporate finance. Franke joined Sallie Mae in 1981 and has headed the financial planning and analysis, credit, leasing, and public finance departments. Currently, Franke manages all of the company's structured finance activity, rating agency relationships and debt investor relations. During his tenure with the company, he has overseen the issuance of more than $240 billion in asset-backed securities. Prior to joining Sallie Mae, he held positions with Macro International, Xerox Corporation and an Exxon subsidiary. Franke received a Bachelor of Science degree in economics from the University of Maryland and a Master of Business Administration degree in finance and investments from George Washington University.

Jack Lavin was promoted to executive vice president and chief executive officer, Asset Performance Group. He joined Sallie Mae in 2004 through the acquisition of Arrow Financial Services where he has served as president and CEO since 1995. Prior, Lavin led the derivative, capital markets and corporate finance units at Bankers Trust, served as head of Citibank's European treasury consulting group and established the international capital markets group at Drexel Burnham Lambert. Lavin holds a Bachelor of Business Administration degree from the University of Wisconsin and a Master of Business Administration degree from the Thunderbird School of Global Management.

Separately, the company announced one-half of the award (1 million units) received on Jan. 8, 2008, by John (Jack) Remondi, recently hired as vice chairman and chief financial officer, was an "employment inducement award" under New York Stock Exchange (NYSE) rules. The exercise price for the award was $17.30, and the award vests upon the share price reaching a closing price equal to or greater than 120% of the grant price for five days, but not earlier than Jan. 8, 2009. If the award is not vested under the price vesting target, the award vests on Jan. 8, 2013.

SLM Corporation (NYSE:SLM), commonly known as Sallie Mae, is the nation's leading provider of saving- and paying-for-college programs. The company manages nearly $164 billion in education loans and serves 10 million student and parent customers. Through its Upromise affiliates, the company also manages $19 billion in 529 college-savings plans, and is the largest private source of college funding contributions in America with 8.5 million members and $400 million in member rewards. Sallie Mae and its subsidiaries offer debt management services as well as business and technical products to a range of business clients, including higher education institutions, student loan guarantors and state and federal agencies. More information is available at www.salliemae.com. SLM Corporation and its subsidiaries are not sponsored by or agencies of the United States of America.