Sallie Mae 2013 Annual Report Download - page 22
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trusts. SLMIC is currently a subsidiary of Existing SLM and after the internal corporate reorganization
will remain a subsidiary of Existing SLM and be an indirect subsidiary of NewCo.
• “Unsecured Debt” refers to Existing SLM’s unsecured public indebtedness of $18.3 billion outstanding as
of December 31, 2013, consisting of the senior notes and medium term notes. After the internal corporate
reorganization, the Unsecured Debt will remain the obligation of Existing SLM, which will be a
subsidiary of NewCo.
• “Preferred Stockholders” refers to the holders of Existing SLM’s outstanding shares of the Series A
Preferred Stock and the Series B Preferred Stock. As part of the internal corporate reorganization and
pursuant to the SLM Merger, all of the outstanding shares of Existing SLM Series A Preferred Stock and
Series B Preferred Stock will be converted, on a 1-to-1 basis, into substantially identical shares of SLM
BankCo preferred stock without any action being required by these holders.
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