Sallie Mae 2013 Annual Report Download - page 23

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TRANSACTION STRUCTURE
(simplified for illustrative purposes)
The diagram below shows the structure of Existing
SLM before the Spin-Off:
The diagram below shows the structure of SLM
BankCo, as the publicly-traded successor to Existing
SLM, immediately after completion of the internal
corporate reorganization but before the separation
and distribution:
Preferred
Stockholders
Common
Stockholders
Bank Upromise Insurance
Business
SLM
BankCo
Merger
Sub
Private
ServiceCo
NewCo SMI SLMIC
Unsecured
Debt
SLM Corporation
(Existing SLM)
Private
ServiceCo
Preferred
Stockholders
Common
Stockholders
SLM Corporation
(SLM BankCo)
Bank Upromise Insurance
Business NewCo
Existing
SLM
SMI SLMIC
Unsecured
Debt
The diagram below shows the structure of SLM BankCo and NewCo immediately after completion of the
Spin-Off:
Common
Stockholders*
SLM Corporation
(SLM BankCo)
Bank Upromise Insurance
Business Existing SLM
SMI SLMIC
Unsecured
Debt
*Each holder of one share of Existing SLM common stock will receive one share of SLM BankCo common stock and one share of NewCo common stock.
identifies companies associated with consumer banking business
identifies companies associated with education loan management business
Private
ServiceCo
NewCo
Preferred
Stockholders
Common
Stockholders*
21