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Press release from Business Wire

Sallie Mae Announces Additional $400 Million for Share Repurchases, Declares Common Stock Dividend

<p class='bwalignc'> <i><b>Announces Preferred Stock Dividends</b></i> </p>

Tuesday, May 29, 2012

Sallie Mae Announces Additional $400 Million for Share Repurchases, Declares Common Stock Dividend16:35 EDT Tuesday, May 29, 2012 NEWARK, Del. (Business Wire) -- Sallie Mae (NASDAQ: SLM), the nation's No. 1 financial services company specializing in education, has authorized an additional $400 million to be utilized in the company's ongoing share repurchase program previously announced in January 2012. The program does not have an expiration date. In addition, the company announced a 2012 second-quarter dividend on its common stock of $0.125 per share. The dividend will be paid on June 15, 2012, to shareholders of record at the close of business on June 1, 2012. In addition, the company announced a 2012 third-quarter dividend on its Preferred Stock Series A of $0.87125 per share. The dividend on the Preferred Stock Series A will be paid on July 30, 2012, to shareholders of record at the close of business on July 20, 2012. Finally, the company announced a 2012 second-quarter dividend on its Preferred Stock Series B of $0.5554883 per share. The dividend on the Preferred Stock Series B will be paid on June 15, 2012, to shareholders of record at the close of business on June 5, 2012. On April 30, 2012, Sallie Mae had 488 million shares of common stock, 3.3 million shares of Preferred Stock Series A, and 4 million shares of Preferred Stock Series B outstanding. These shares trade on NASDAQ. Sallie Mae (NASDAQ: SLM) is the nation's No. 1 financial services company specializing in education. Whether college is a long way off or just around the corner, Sallie Mae turns education dreams into reality for its 25 million customers. With products and services that include college savings programs, scholarship search tools, education loans, tuition 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. Sallie MaeMedia:Patricia Nash Christel, 302-283-4076patricia.christel@SallieMae.comorMartha Holler, 302-283-4036martha.holler@SallieMae.comorInvestors:Joe Fisher, 302-283-4075joe.fisher@SallieMae.comorSteven McGarry, 302-283-4074steven.j.mcgarry@SallieMae.com