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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 (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.

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