fwp - sec.gov | home · september 2008 2 this presentation contains forward-looking statements and...

-----BEGIN PRIVACY-ENHANCED MESSAGE-----Proc-Type: 2001,MIC-CLEAROriginator-Name: [email protected]: MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQABMIC-Info: RSA-MD5,RSA, OwanbSMZlyWv417rsQoV40bGHrBK0XGhn79FEAYU6HwmowzEE1+7MaFRMocHhOG0 z8S3X/Bu+Ac3nXDZkD6YEw==

0000950133-08-003269.txt : 200809300000950133-08-003269.hdr.sgml : 2008093020080929181512ACCESSION NUMBER:0000950133-08-003269CONFORMED SUBMISSION TYPE:FWPPUBLIC DOCUMENT COUNT:66FILED AS OF DATE:20080930DATE AS OF CHANGE:20080929

SUBJECT COMPANY:

COMPANY DATA:COMPANY CONFORMED NAME:SLM FUNDING LLCCENTRAL INDEX KEY:0000949114STANDARD INDUSTRIAL CLASSIFICATION:ASSET-BACKED SECURITIES [6189]IRS NUMBER:232815650STATE OF INCORPORATION:DEFISCAL YEAR END:1231

FILING VALUES:FORM TYPE:FWPSEC ACT:1934 ActSEC FILE NUMBER:333-141930FILM NUMBER:081095780

BUSINESS ADDRESS:STREET 1:11600 SALLIE MAE DRIVESTREET 2:1ST FLOORCITY:RESTONSTATE:VAZIP:20193BUSINESS PHONE:703-810-3000

MAIL ADDRESS:STREET 1:11600 SALLIE MAE DRIVESTREET 2:1ST FLOORCITY:RESTONSTATE:VAZIP:20193

FORMER COMPANY:FORMER CONFORMED NAME:SLM FUNDING CORPDATE OF NAME CHANGE:19960402

FORMER COMPANY:FORMER CONFORMED NAME:SALLIE MAE FUNDING CORPDATE OF NAME CHANGE:19950808

FILED BY:

COMPANY DATA:COMPANY CONFORMED NAME:SLM FUNDING LLCCENTRAL INDEX KEY:0000949114STANDARD INDUSTRIAL CLASSIFICATION:ASSET-BACKED SECURITIES [6189]IRS NUMBER:232815650STATE OF INCORPORATION:DEFISCAL YEAR END:1231

FILING VALUES:FORM TYPE:FWP

BUSINESS ADDRESS:STREET 1:11600 SALLIE MAE DRIVESTREET 2:1ST FLOORCITY:RESTONSTATE:VAZIP:20193BUSINESS PHONE:703-810-3000

MAIL ADDRESS:STREET 1:11600 SALLIE MAE DRIVESTREET 2:1ST FLOORCITY:RESTONSTATE:VAZIP:20193

FORMER COMPANY:FORMER CONFORMED NAME:SLM FUNDING CORPDATE OF NAME CHANGE:19960402

FORMER COMPANY:FORMER CONFORMED NAME:SALLIE MAE FUNDING CORPDATE OF NAME CHANGE:19950808

FWP1w67489afwp.htmFWP

fwp

SLM Corporation

Private Credit ABS Investor Presentation

September 2008

September 2008

2

This Presentation contains forward-looking statements and information based on management's current expectations as of the date of thispresentation. Statements that are not historical facts, including statements about our beliefs or expectations and statements that assume orare dependent upon future events, are forward-looking statements. Forward-looking statements are subject to risks, uncertainties,assumptions and other factors that may cause actual results to be materially different from those reflected in such forward-looking statements.These factors include, among others, the occurrence of any event, change or other circumstances that could give rise to our ability to cost-effectively refinance asset-backed financing facilities, due February 2009, which closed in the first quarter of 2008 (collectively, the "2008Asset-Backed Financing Facilities"), including any potential foreclosure on the student loans under those facilities following their termination;increased financing costs; limited liquidity; any adverse outcomes in any significant litigation to which we are a party; our derivativecounterparties terminating their positions with the Company if permitted by their contracts and the Company substantially incurring additionalcosts to replace any terminated positions; changes in the terms of student loans and the educational credit marketplace (including changesresulting from new laws and regulations and from the implementation of applicable laws and regulations) which, among other things, mayreduce the volume, average term and yields on student loans under the Federal Family Education Loan Program ("FFELP"), may result inloans being originated or refinanced under non-FFELP programs, or may affect the terms upon which banks and others agree to sell FFELPloans to the Company. The Company could also be affected by: changes in the demand for educational financing or in financing preferences oflenders, educational institutions, students and their families; incorrect estimates or assumptions by management in connection with thepreparation of our consolidated financial statements; changes in the composition of our Managed FFELP and Private Education Loanportfolios; changes in the general interest rate environment and in the securitization markets for education loans, which may increase the costsor limit the availability of financings necessary to initiate, purchase or carry education loans; changes in projections of losses from loandefaults; changes in general economic conditions; changes in prepayment rates and credit spreads; and changes in the demand for debtmanagement services and new laws or changes in existing laws that govern debt management services. All forward-looking statementscontained in the Presentation are qualified by these cautionary statements and are made only as of the date this Presentation is filed. TheCompany does not undertake any obligation to update or revise these forward-looking statements to conform the statement to actual results orchanges in the Company's expectations.

Forward-Looking Statements

September 2008

3

Non-GAAP Financial Measures - The following presentation includes non-GAAP performance measures. A presentation of the most comparableGAAP financial measures and a reconciliation of the non-GAAP performance measures to the most directly comparable GAAP financial measures areincluded in our most recent quarterly earnings release, quarterly report on Form 10-Q, and annual report on Form 10-K, which are available on ourwebsite at (http://www.salliemae.com/about/investors/stockholderinfo/earningsinfo) and(http://www.salliemae.com/about/investors/stockholderinfo/secfilings) and on the SEC's website (http://www.sec.gov).

U.S. Government Guaranteed Student Loans - The following presentation contains references to U.S. Government guaranteed student loans. Allsuch references are to loans made in compliance with the Federal Family Education Loan Program ("FFELP"), under Title IV of the Higher EducationAct, to finance educational costs. As more fully described in our most recent quarterly earnings release, quarterly report on Form 10-Q, and annual reporton Form 10-K, available on our website at (http://www.salliemae.com/about/investors/stockholderinfo/earningsinfo) and(http://www.salliemae.com/about/investors/stockholderinfo) and on the SEC's website (http://www.sec.gov), the federal guarantee of FFELP loans isconditioned on loans being originated, disbursed and serviced in accordance with Department of Education regulations. In addition, unless a loandefault results from the borrower's death, disability or bankruptcy, the federal government guarantees only 97 percent of the principal balance (95percent on loans disbursed after October 1, 2012) plus accrued interest and the holder of the loan generally must absorb the three percent (five percentafter October 1, 2012) not guaranteed as a loss on the loan ("Risk Sharing").

Additional Information - The following presentation contains certain information about the Company that management believes is important toinvestors, but should be read in conjunction with other material information about the Company, including, but not limited to, the operational, market andinterest rate, political and regulatory, liquidity, credit, and refinancing risks that the Company faces. For a discussion of the risks described above aswell as additional information about the Company you should refer to our most recent quarterly earnings release, quarterly report on Form 10-Q, andannual report on Form 10-K, available on our website at (http://www.salliemae.com/about/investors/stockholderinfo/earningsinfo) and(http://www.salliemae.com/about/investors/stockholderinfo/secfilings) and on the SEC's website (http://www.sec.gov). For a discussion of the specificcharacteristics of any specific security, you should refer to the pricing supplement, prospectus supplement and/or prospectus applicable to thatsecurity.

Disclosures

September 2008

4 Page I. Introduction and Overview 5 II. SLM Private Credit Student Loan ABS 10 III. SLM Private Credit ABS Relative Value 15 IV. SLM Private Credit Student Loan Program 21 V Cumulative Loss Expectations 28 VI. Performance Drivers 33 VII. Reason to Invest in SLM Private Credit ABS 37 Appendix Appendix Appendix A. SLM Private Credit Trust Characteristics 40 B. SLM Private Credit Trust Analytics 42 C. SLM Private Credit Managed Portfolio Performance 51 D. SLM Corporation 60

Contents

September 2008

5

I. Introduction and Overview

September 2008

6

Introduction and Overview

Leading originator, servicer and collector of student loans, with a 35% market share of allFFELP and private education loan servicing (1)

More than 10 million customers, relationships with over 6,000 schools

Profitable despite current credit environment

Among largest issuers of ABS globally

Strong, consistent loan performance

Unprofitable programs eliminated and new loans repriced

Credit underwriting and collection efforts intensified

12 SLM Private Credit ABS issues since 2002, totaling $18.6 billion, all performing well

Attractive relative value to comparable ABS asset types

SLM Corporation

SLM Private Credit

(1) Based on Student Loan Servicing Alliance Servicing Survey for academic year 2007.

September 2008

7 Column 1 Column 3 Column 4 Column 5 Column 6 Column 7 Column 8 Column 9 Column 10 Column 11 Column 12 Column 13 Column 14 Column 15 Column 16 1/1/2000 15.312 1/1/2001 15.928 1/1/2002 16.612 1/1/2003 16.901 1/1/2004 17.272 1/1/2005 17.428 1/1/2006 17.672 1/1/2007 17.958 1/1/2008 18.264 1/1/2009 18.567 1/1/2010 18.839 1/1/2011 19.105 1/1/2012 19.374 1/1/2013 19.662 1/1/2014 19.944 1/1/2015 20.192 1/1/2016 20.442

Higher Education Enrollment (millions)

Source: National Center for Education Statistics

Note: Total enrollment in all degree-granting institutions; middle alternative projections for 2006 onward

Annual Cost of Education ($ thousands)

Source: College Board

Note: Academic years, average published tuition, fees, room and board charges at four-year institutions; enrollment-weighted Public Private Column 5 Column 6 Column 7 Column 8 Column 9 Column 10 Column 11 Column 12 Column 13 Column 14 Column 15 Column 16 1/1/2000 8.08 21.476 1/1/2001 8.4 22.2 1/1/2002 9 23.9 1/1/2003 9.7 24.9 1/1/2004 10.6 26.1 1/1/2005 11.4 27.5 1/1/2006 12.115 28.743 1/1/2007 12.796 30.367 1/1/2008 13.589 32.307

Public CAGR: 6.8%

Private CAGR: 5.1%

Enrollment Growth + Rising Tuitions + Education Value = Increasing Loan Demand

Student Loan Market Trends Private College Public College Private College Public College 73428 28568 141496 75198 FFELP Funds Available 17125 17125 19000 19000

Cost of College vs. FFELP Loan Limits - Academic Years 97 vs. 07

Source: College Board. Cost of college includes tuition, fees, room and board, transportation and other expenses for four year

degree granting institutions for academic years ended June 30, 1997 and 2007.

(1) FFELP loan limit for 4 consecutive yrs of college. Limits increased in July 2008 from $19,000 to $27,000 for dependent students. Consolidated Column 6 Column 7 Column 8 Column 9 Column 10 Column 11 Column 12 Column 13 Column 14 Column 15 Column 16 2001 4.5 2002 5.6 2003 7.6 2004 10.1 2005 13.8 2006 17 2007 18.5

FFELP LoanShortfall

FFELP

Limit(1)

Growth in Non-Federal Student Loan Originations

AY1997

AY2007

Source: College Board, Trends in Higher Education Series (2007).

September 2008

8

Traditional vs Non-Traditional

SLM's Managed private education loan portfolio is segmented into two categories:Traditional and Non-Traditional

Non-Traditional loans are loans primarily made to borrowers attending schools withunacceptably high default rates, or as exceptions to FICO-based underwriting criteria

In 1Q 2008, SLM ceased originating new Non-Traditional loans

Traditional loans are made to borrowers at schools with acceptable default rates, whereeither the borrower or co-borrower meets minimum FICO criteria

As of August 31, 2008, 94% of pool collateral across all SLM Private Credit Trustsconsisted of Traditional loans

September 2008

9

SLM Traditional Loan Net Charge-off Rates vs Credit Cards SLM Traditional* American Express** Bank of America*** Citibank JPMorgan Q2'07 0.016 0.029 0.052 0.045 0.036 Q1'08 0.017 0.043 0.057 0.058 0.044 Q2'08 0.02 0.053 0.067 0.065 0.05

* Net charge-offs as a percentage of average Managed private education loans in repayment, annualized.

** U.S. Card Services, excluding write-offs of accrued interest and fees. Includes off-balance sheet securitized card member loans.

*** US Consumer & Business Card.

SLM Traditional private credit loan net charge-off rates are well below those of top tiercredit card originators

SLM's private credit loans have continued to outperform credit cards as consumer credithas weakened

September 2008

10

II. SLM Private Credit Student Loan ABS

September 2008

11

SLM Private Credit ABS Issue Characteristics

Historical issue size of $1.0B to $2.5(+)B

US$ denominated

Student loan collateral not guaranteed by the U.S.Government

Typical capital structure and credit enhancement

Floating rate tied to 3 mo. LIBOR

Typically amortizing tranches, with 1 to 15 yearaverage lives

Serviced by Sallie Mae, Inc.

Typical SLM Private Credit ABS Transaction Features

Characteristics of Private Credit ABS

Collateralized by loans made to students andparents to fund undergraduate and graduatetuition, room and board

Underwritten using FICO scores and risk-basedpricing

Historically, approximately 50% of loans had aco-borrower, typically a parent

Certain issues recently upgraded by Moody's,S&P and Fitch

Private credit collateral outperforming otherconsumer asset classes

Private credit student loans are generally non-dischargeable in bankruptcy

Short (1-3 yrs), intermediate (3-7 yrs) and long(7-10+ yrs) term tranches available

September 2008

12

Potential SLM Private Credit ABS Structural Changes

Collateralized entirely by Traditional private credit loans

More credit and liquidity enhancement to reflect higher coupon on securities

No other major structural changes to SLM Private Credit Student Loan Trusts planned

September 2008

13

SLM Private Credit ABS Transactions Modeled on Intex

Intex Screenshot

Intex Screenshot

SLM Private Credit ABS transactions are now modeled on Intex

Forbearance and deferment status projections are expected to be available in theDecember release of their cash flow engine

Transaction cash flows and statistics are also updated on Bloomberg

September 2008

14

Rating Actions on SLM Private Credit Student Loan ABS

There have been a number of upgrades and no downgrades to Sallie Mae's PrivateCredit ABS since the program's inception in 2002

Moody's(1) - March 2007

S&P - July 2008

Fitch - September 2007

On September 17, 2008, as a result of Lehman's bankruptcy and rating downgrade, Moody's placed all of the tranches from the SLM Student Loan Trust 2004-1transaction on review for possible downgrade. Lehman Brothers Special Financing Inc. acted as interest rate swap provider for the class A-6 reset rate notes. TheLehman interest rate swap expires in January 2009 and is fully cash collateralized.

September 2008

15

III. SLM Private Credit ABS Relative Value

September 2008

16

SLM Private Student Loan Trust ABS are rated to withstand extremely high defaultrates on the underlying collateral

Bonds Well Protected Against Expected Defaults

Cumulative default breakeven before dollar of principal loss. Modeled to maturity and based on information as of the close. Assumptions: 3 year default curve of 70/20/10, 75%loss severity, 360 day recovery lag, 20% for 24 months of deferment, 10% for 24 months of forbearance and 10% delinquencies.

Estimated by Sallie Mae based on August 31, 2008 data.

Source: Deutsche Bank Securities Inc. and Sallie Mae.

Default Breakeven Analysis

SLM 2007-A Cumulative Default Breakeven (1) Cumulative Default Breakeven (1)

RatingSLM 2007-A Multiple of Current xxExpected Losses (2) AAA 46% 4.6x A 31% 3.1x

September 2008

17

Cash Capitalization Account protects SLM Private Credit ABS against significantaverage life extension

Even with a doubling of deferment and forbearance, bonds in a representative SLMPrivate Credit ABS issue extend by less than one year

Bonds Well Protected Against Extension Risk

Modeled to call. Assumes no defaults and an expected case of 20% deferments for 24 months, 10% forbearance for 24 months and 10% delinquencies.

2007-A Extension Analysis

Based on Different Prepayment, Deferment and Forbearance Scenarios(1)

September 2008

18

Recessions Historically Have Had Less Impact on College Graduates

Income and employment are strongly correlated to educational attainment

Recessions have less impact on employment level of college grads

Unemployment rate for those with college degrees was at 2.3% in June 2008, compared with 5.5%for the US as a whole

Less than H.S. High School Some College Associate Bachelor's Master's Doctorate Professional Earnings 20689 28290 32264 36362 47240 56707 75638 89602 Unemployment Rate 0.071 0.044 0.038 0.03 0.022 0.018 0.014 0.013

Source: U.S. Census Bureau, Current Population Survey, 2007 Annual Social and Economic Supplement. Represents median earnings for a full time, year-round worker over age 25.Unemployment data as of 2007. Represents unemployment for civilian non-institutional population over age 25.

September 2008

19 SLM Traditional* Bank of America** Citibank JPMorgan Q2'07 0.013 0.027 0.015 0.014 Q1'08 0.015 0.03 0.02 0.018 Q2'08 0.014 0.03 0.02 0.018

SLM Traditional Loan 90+ Day Delinquencies vs Credit Cards

90+ day delinquencies on Traditional Loans continue to run lower than 90+ daydelinquencies on prime credit card loans

* Delinquencies greater than 90 days as a percentage of managed private education loans in repayment.

** US Consumer & Business Card. American Express 90+ day delinquencies not reported.

September 2008

20

SLM Private Credit ABS Pricing vs. Credit Card ABS

Prior to the ABS market disruption, spreads on SLM Private Credit ABS were trading inline with credit card ABS

Source: JPMorgan Research

Date Private Credit Cards Line 3 Line 4 Line 5 Line 6 Line 7 Line 8 Line 9 Line 10 Line 11 Line 12 Line 13 Line 14 Line 15 Line 16 Annotations 1/2/2003 15 7 1/3/2003 15 7 1/6/2003 15 7 1/7/2003 15 7 1/8/2003 15 7 1/9/2003 15 7 1/10/2003 15 7 1/13/2003 15 7 1/14/2003 15 7 1/15/2003 15 7 1/16/2003 15 6 1/17/2003 15 6 1/21/2003 15 6 1/22/2003 15 6 1/23/2003 15 6 1/24/2003 15 6 1/27/2003 15 6 1/28/2003 15 6 1/29/2003 15 6 1/30/2003 15 6 1/31/2003 15 6 2/3/2003 15 6 2/4/2003 15 6 2/5/2003 15 6 2/6/2003 15 6 2/7/2003 15 6 2/10/2003 15 6 2/11/2003 15 6 2/12/2003 15 6 2/13/2003 15 6 2/14/2003 15 6 2/18/2003 15 6 2/19/2003 15 6 2/20/2003 15 6 2/21/2003 15 6 2/24/2003 15 6 2/25/2003 15 6 2/26/2003 15 6 2/27/2003 15 6 2/28/2003 15 6 3/3/2003 15 6 3/4/2003 15 6 3/5/2003 15 6 3/6/2003 11 6 3/7/2003 11 6 3/10/2003 11 6 3/11/2003 11 6 3/12/2003 11 6 3/13/2003 11 5 3/14/2003 11 5 88.1 3/17/2003 11 5 3/18/2003 11 5 3/19/2003 11 5 3/20/2003 11 5 3/21/2003 11 5 3/24/2003 11 5 69.8 3/25/2003 11 5 3/26/2003 11 5 3/27/2003 11 5 3/28/2003 11 5 3/31/2003 11 5 4/1/2003 11 5 4/2/2003 11 5 4/3/2003 11 5 4/4/2003 11 5 4/7/2003 11 5 4/8/2003 11 5 4/9/2003 11 5 4/10/2003 11 5 4/11/2003 11 5 4/14/2003 11 5 4/15/2003 11 5 4/16/2003 11 5 4/17/2003 11 5 4/21/2003 11 5 4/22/2003 11 5 4/23/2003 11 5 4/24/2003 11 5 4/25/2003 11 5 4/28/2003 11 5 4/29/2003 11 5 4/30/2003 11 5 5/1/2003 11 5 5/2/2003 11 5 5/5/2003 11 5 5/6/2003 11 5 5/7/2003 11 5 5/8/2003 11 5 5/9/2003 11 5 5/12/2003 11 5 88.18 5/13/2003 11 5 5/14/2003 11 5 5/15/2003 11 5 5/16/2003 11 5 5/19/2003 11 5 5/20/2003 11 5 5/21/2003 11 5 5/22/2003 11 5 5/23/2003 11 5 Date Private Credit Cards Line 3 Line 4 Line 5 Line 6 Line 7 Line 8 Line 9 Line 10 Line 11 Line 12 Line 13 Line 14 Line 15 Line 16 Annotations 1/2/2003 55 22 1/3/2003 55 22 1/6/2003 55 22 1/7/2003 55 22 1/8/2003 55 22 1/9/2003 55 22 1/10/2003 55 22 1/13/2003 55 22 1/14/2003 55 22 1/15/2003 55 22 1/16/2003 55 21 1/17/2003 55 21 1/21/2003 55 21 1/22/2003 55 21 1/23/2003 55 21 1/24/2003 55 21 1/27/2003 55 21 1/28/2003 55 21 1/29/2003 55 21 1/30/2003 55 21 1/31/2003 55 21 2/3/2003 55 21 2/4/2003 55 21 2/5/2003 55 21 2/6/2003 55 21 2/7/2003 55 21 2/10/2003 55 21 2/11/2003 55 21 2/12/2003 55 21 2/13/2003 55 21 2/14/2003 55 21 2/18/2003 55 21 2/19/2003 55 21 2/20/2003 55 20 2/21/2003 55 20 2/24/2003 55 20 2/25/2003 55 20 2/26/2003 55 20 2/27/2003 55 20 2/28/2003 55 20 3/3/2003 55 20 3/4/2003 55 20 3/5/2003 55 20 3/6/2003 44 20 3/7/2003 44 20 3/10/2003 44 20 3/11/2003 44 20 3/12/2003 44 20 3/13/2003 44 20 3/14/2003 44 20 88.1 3/17/2003 44 20 3/18/2003 44 20 3/19/2003 44 20 3/20/2003 44 20 3/21/2003 44 20 3/24/2003 44 20 69.8 3/25/2003 44 20 3/26/2003 44 20 3/27/2003 44 20 3/28/2003 44 20 3/31/2003 44 20 4/1/2003 44 20 4/2/2003 44 20 4/3/2003 44 20 4/4/2003 44 20 4/7/2003 44 20 4/8/2003 44 20 4/9/2003 44 20 4/10/2003 44 20 4/11/2003 44 20 4/14/2003 44 20 4/15/2003 44 20 4/16/2003 44 20 4/17/2003 44 22 4/21/2003 44 22 4/22/2003 44 22 4/23/2003 44 22 4/24/2003 44 22 4/25/2003 44 22 4/28/2003 44 22 4/29/2003 44 22 4/30/2003 44 22 5/1/2003 44 22 5/2/2003 44 22 5/5/2003 44 22 5/6/2003 44 22 5/7/2003 44 22 5/8/2003 44 22 5/9/2003 44 22 5/12/2003 44 22 88.18 5/13/2003 44 22 5/14/2003 44 22 5/15/2003 44 22 5/16/2003 44 22 5/19/2003 44 22 5/20/2003 44 22 5/21/2003 44 22 5/22/2003 44 22 5/23/2003 44 22

Historical 3 Year AAA Rated ABS Indicative Spread

Historical 7 Year AAA Rated ABS Indicative Spread

September 2008

21

IV. SLM Private Credit Student Loan Program

September 2008

22

Sallie Mae's Private Credit Student Loan Characteristics (1)

Made to undergraduate and graduate students

Floating rate, indexed to either LIBOR or Prime, with risk-based pricing

Repayment term varies from 15 to 20(+) years, depending on loan balance

Payments typically deferred until six months after graduation

Underwritten primarily based on FICO, school type and specific school of attendance

> 70% of new loans are now being originated with a co-borrower(1), typically a parent,representing a second household for SLM to rely on to support repayment

Generally non-dischargeable in bankruptcy

(1) Figure for new loans originated in July and August 2008.

September 2008

23

Private Credit Loan Products Securitized

School Channel Undergraduate and Graduate Loans - Loans made to studentsand parents through college financial aid offices to fund 2-year and 4-year collegetuition, room and board

Direct-To-Consumer Loans - Similar to school channel undergraduate and graduateloans, but originated outside the school channel, using direct marketing channels

Private Education Consolidation Loans - Used by qualified students and parents toconsolidate outstanding private education loans, with interest and principal due sixtydays following disbursement; borrower must have graduated to qualify

September 2008

24

Private Credit Loan Underwriting Criteria

(1) As of September 2008.

Underwriting has recently been intensified and enhanced with school-based decisioncriteria

September 2008

25

Private Credit Loan Collections

Sallie Mae services and collects the loans in its Private Credit ABS Trusts

Private credit collections are conducted by a stand-alone consumer credit collectionsunit, not the company's FFELP collections operations

Managed by individuals with prior experience managing collections operations forconsumer loan assets

Over the past eighteen months, private credit collections resources have beensignificantly increased and collections technology and practices enhanced

Multi-variable analysis has enabled prioritization of collection efforts on higher riskborrowers

Forbearance policy has been revamped, with eligibility and duration based on a risk-based decision tree model

September 2008

26

Forbearance

A collections tool used to provide borrowers time to improve their ability to repay

Between graduation and start of first job

Economic hardship

Provides borrower with time to obtain employment and income to support theirobligations

Applied most frequently in the first two years of repayment

Majority of loans are in forbearance for less than 12 months

Granted for three month intervals, up to a maximum of 24 months

Placing a loan in forbearance suspends payments, with interest capitalized to theloan balance

September 2008

27

Performance of Loans Receiving Forbearance

(1) Managed portfolio as of June 30, 2008. Tracked 36 months after first month-end forbearance, or 36 months after repayment begin date. Repaymentcohorts since January 2001. Loans receiving first forbearances since January 2001.

Three years after loans in the Managed portfolio first entered repayment, 60% werecurrent and 8.0% charged-off vs. 68% and 5.4% for loans never entering forbearance

September 2008

28

V. Cumulative Loss Expectations

29 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 Defaults Per Repayment Year 0.017 0.122 0.236 0.177 0.14 0.088 0.069 0.039 0.028 0.023 0.017 0.014 0.012 0.01 0.009 Cumulative Default 0.017 0.139 0.375 0.552 0.691 0.78 0.848 0.887 0.915 0.938 0.955 0.969 0.981 0.991 1

SLM Private Credit Default Emergence Profile

Defaults in SLM Private Credit ABS Trusts increase as loans first enter repayment, then diminishsteadily over time

30

SLM Private Credit Gross Defaults: Actual-To-Date vs. Current Lifetime Expectations

For SLM Private Credit Student Loan Trusts issued prior to 2005-B, the servicer has the option, but not the obligation, to repurchase loans that (i) become 180+ days delinquent and/or (ii) have aborrower who filed for bankruptcy or died . To date, the servicer has exercised this repurchase option and actual charge-offs in these trusts equals zero. For the purposes of comparison across alldeals, this chart reflects trust charge-offs for SLM Private Credit Student Loan Trusts issued prior to 2005-B as if the servicer had not exercised its repurchase option.

Charge-offs per the servicer's portfolio definition which is generally 212+ days delinquent. Includes loans for which a borrower has filed bankruptcy which have subsequently become 212+ daysdelinquent. Loans that were transferred to a co-borrower's account due to bankruptcy or death and subsequently charged off are not included.

Charge-offs due to a borrower's bankruptcy filing for which the loan is now current or paid off. Loans that were transferred to a co-borrower's account due to bankruptcy or death and are now paidoff or current are not included.

For loans not transferred to a co-borrowers account, charge-offs due to a borrower's bankruptcy filing or death for which the loan is not current or paid off but has not become 212+ days delinquent.These loans can be in various statuses including: bankruptcy stay, deferment, forbearance or delinquency. All loans that were transferred to a co-borrower's account due to bankruptcy or deathare included.

Charge-offs per the servicer's portfolio definition explained in footnote (1). 2002-A 2003-A 2003-B 2003-C 2004-A 2004-B 2005-A 2005-B 2006-A 2006-B 2006-C 2007-A Charge-off - 212+ days delinquent (1) 0.041209274 0.036881332 0.036707453 0.03944338 0.03956828 0.023947511 0.024926817 0.01323537 0.008592093 0.010197141 0.011606054 0.002808104 Bankruptcy or death - now current or paid off (2) 0.001827049 0.001497488 0.001458068 0.001477201 0.002094792 0.0015656 0.00128022 0.000821666 0.000690646 0.000856379 0.000901691 0.000282111 Bankruptcy or death - other (3) 0.005108711 0.005291392 0.005341448 0.005400459 0.006941067 0.004714861 0.004891582 0.004191824 0.003474941 0.004009784 0.004281647 0.003139697 0.048145034 0.043670212 0.043506969 0.046321039 0.048604139 0.030227972 0.031098619 0.0181 0.0127 0.015 0.0167 0.006229912 Current Lifetime Expected Loss (4) 0.06 0.065 0.073 0.075 0.083 0.079 0.096 0.084 0.087 0.094 0.117 0.1

31

SLM Private Credit Gross Defaults: Actual To Date vs. Current Lifetime Expectations 2002-A 2003-A 2003-B 2003-C 2004-A 2004-B 2005-A 2005-B 2006-A 2006-B 2006-C 2007-A Charge-off (1) 0.030727995 0.033827393 0.028838063 0.02836175 0.025131695 0.017115889 0.013727319 0.011211874 0.007384162 0.007126073 0.007858962 0.001831817 Bankruptcy or Death/Not Yet Discharged or 212 Days Delq (2) 0.006312833 0.006380173 0.00573319 0.005590937 0.007342555 0.004621349 0.004136773 0.004123006 0.003213651 0.0032204 0.003474673 0.002077002 0.037040828 0.040207566 0.034571253 0.033952686 0.032474249 0.021737238 0.017864091 0.01533488 0.010597814 0.010346473 0.011333635 0.003908819 Cumulative Lifetime Expected Loss (3) 0.057 0.072 0.074 0.07 0.075 0.075 0.079 0.082 0.082 0.081 0.096 0.084

For SLM Private Credit Student Loan Trusts issued prior to 2005-B, the servicer has the option, but not the obligation, to repurchase loans that (i) become 180+ days delinquent and/or (ii) have aborrower who filed for bankruptcy or died . To date, the servicer has exercised this repurchase option and actual charge-offs in these trusts equals zero. For the purposes of comparison across alldeals, this chart reflects trust charge-offs for SLM Private Credit Student Loan Trusts issued prior to 2005-B as if the servicer had not exercised its repurchase option.

Charge-offs per the servicer's portfolio definition which is generally 212+ days delinquent. Includes loans for which a borrower has filed bankruptcy which have subsequently become 212+ daysdelinquent. Loans that were transferred to a co-borrower's account due to bankruptcy or death and subsequently charged off are not included.

Charge-offs due to a borrower's bankruptcy filing for which the loan has not charged off per the definition in footnote (1). Loans can be in various statuses including: current, paid in full,bankruptcy stay, deferment, forbearance or delinquency. All loans that were transferred to a co-borrower's account due to bankruptcy or death are included.

Expected loss information includes charge-offs under the managed portfolio definition explained in (1).

In general, Medloans are not included in the Current Criteria pool because they were not historically underwritten using FICO score. Medloans have low default rates and were included in higherproportions in the 2002 and 2003 deals. Exclusion of this segment of strong performing loans causes the default expectation to appear higher in the Current Criteria for 2003-A and 2003-B.

32

SLM Private Credit Gross Defaults: Current Lifetime Expectations vs. ConstrainingRating Agency Stress Levels at Issuance 2002-A 2003-A 2003-B 2003-C 2004-A 2004-B 2005-A 2005-B 2006-A 2006-B 2006-C 2007-A Current Lifetime Gross Current Loss Expectation (1) 0.06 0.065 0.073 0.075 0.083 0.079 0.096 0.084 0.087 0.094 0.117 0.1 Single A (Constraining Level) 0.2165 0.2042 0.1918 0.1995 0.1991 0.2012 0.2156 0.2089 0.2203 0.1935 0.242 0.2467 AAA (Constraining Level) 0.2598 0.2536 0.2638 0.2721 0.2711 0.2774 0.294 0.2767 0.276 0.2564 0.3383 0.3664

Source: Sallie Mae

Charge-offs per the servicer's portfolio definition which is generally 212+ days delinquent. Includes loans for which a borrower has filed bankruptcy which havesubsequently become 212+ days delinquent.

September 2008

33

VI. Performance Drivers

September 2008

34

SLM Private Credit Performance Drivers

Among the multiple variables that impact the performance of private creditloans, a combination of the following has the greatest impact

FICO score of Borrower or Co-Borrower(1)

Presence of a Co-Borrower

School attended:

Likelihood the borrower completes their education and graduatesfrom school

Likelihood the borrower obtains employment

Likelihood the borrower earns a stable and sufficient income streamto service their loan

(1) If there is a co-borrower, FICO score represents higher of borrower and co-borrower score.

September 2008

35

Performance Data Segmentation

Unless otherwise noted, historical data provided in this section has been segmentedinto two categories reflecting SLM's current underwriting and pool selection criteria

Loans Meeting

Current Selection Criteria

Not-For-Profit Schools, FICO ^ 640

For-Profit Schools, FICO ^ 670

School Not Excluded List

Loans Not Meeting


Not-For-Profit Schools, FICO < 640

For-Profit Schools, FICO < 670

Excluded Schools

Loans originated without a FICO score are not included in the data

September 2008

36

SLM Private Credit Performance Drivers: Original FICO

Original FICO is among several factors historically proven to be highly correlated withactual losses in Sallie Mae's Managed Private Credit Loan portfolio

Impact of Original FICO

Actual Cumulative Gross Defaults for Loans in Repayment Since 2002

SLM Managed Loans Meeting Current Selection Criteria(1)

Data as of June 30, 2008. August 2008 Disbursements 640-669 670-699 700-729 730-759 760-850 Wtd. Avg. Margin to LIBOR 8.3% 8.2% 7.2% 6.6% 4.8% % of Total 6.3% 15.3% 17.6% 23.0% 37.8%

September 2008

37

VII. Reasons to Invest in

SLM Private Credit ABS

September 2008

38

Reasons to Invest in SLM Private Credit ABS

SLM is the market leader in private education loans

SLM originates, services and collects all of its private credit loans

SLM Private Credit ABS are well-protected, with 2007-A able to withstand 46%cumulative losses, or 4.6x current expected losses at a triple-A level

High quality portfolio, with high average FICO and strong historical performance

Loans to college graduates perform better than loans made to non-college graduateswith similar credit profiles

Positive industry dynamics

Extremely attractive relative value compared to other consumer asset types

September 2008

39

Contact Information Ken FischbachSenior Vice President, Corporate FinanceSallie Mae, Inc.12061 Bluemont WayReston, VA [email protected] Leo SublerVice President, Corporate FinanceSallie Mae, Inc.12061 Bluemont WayReston, VA [email protected]

September 2008

40

Appendix A: SLM Private Credit ABS

Trust Characteristics

September 2008

41

SLM Private Credit ABS Collateral Characteristics: Performance Drivers

If there is a co-borrower, FICO score represents higher of borrower and co-borrower score

September 2008

42

Appendix B: SLM Private Credit ABS

Trust Analytics

September 2008

43

Performance Data Segmentation

Unless otherwise noted, historical data provided in this section has been segmentedinto two categories reflecting SLM's current underwriting and pool selection criteria

Loans Meeting


Not-For-Profit Schools, FICO ^ 640

For-Profit Schools, FICO ^ 670

School Not Excluded List

Loans Not Meeting


Not-For-Profit Schools, FICO < 640

For-Profit Schools, FICO < 670

Excluded Schools

Loans originated without a FICO score are not included in the data

September 2008

44

SLM Private Credit ABS Collateral Characteristics: Performance Drivers

If there is a co-borrower, FICO score represents higher of borrower and co-borrower score.

45

SLM Private Credit Delinquency and Forbearance Seasoning Trends

Delinquency and forbearance are highest when loans enter repayment, and diminish as loans season

As the trust loans season, delinquency and forbearance are expected to decline

September 2008

46

SLM Private Credit ABS Trusts: 90+ Day Delinquencies

Overall, loans meeting current criteria exhibit relatively stable performance

Upward trend in delinquencies for newer trusts is driven by a higher percentage of loans first enteringrepayment, when borrowers are most likely to become delinquent 11/30/2002 2/28/2003 5/31/2003 8/31/2003 11/30/2003 2/29/2004 5/31/2004 8/31/2004 11/30/2004 2/28/2005 5/31/2005 8/31/2005 11/30/2005 2/28/2006 5/31/2006 8/31/2006 11/30/2006 2/28/2007 5/31/2007 8/31/2007 11/30/2007 2/29/2008 5/31/2008 8/31/2008 2002 0.0093 0.0041 0.0072 0.0059 0.0089 0.0095 0.0127 0.0131 0.0176 0.0113 0.012 0.013 0.0064 0.0072 0.0074 0.0074 0.0073 0.0134 0.0082 0.0072 0.0072 0.0101 0.0091 0.0093 2003 0.0069 0.0078 0.0095 0.0094 0.0178 0.0157 0.0207 0.0125 0.0175 0.0162 0.0074 0.0085 0.0099 0.0118 0.011 0.0169 0.0132 0.0112 0.0118 0.0136 0.0115 0.0138 2004 0.0132 0.0138 0.0128 0.0103 0.0149 0.0133 0.0067 0.0077 0.0095 0.0126 0.0094 0.0141 0.0139 0.0127 0.0112 0.0142 0.0142 0.0152 2005 0.0028 0.0066 0.0036 0.0041 0.0067 0.0099 0.0064 0.0095 0.014 0.0157 0.013 0.0167 0.0183 0.0201 2006 0.0074 0.0078 0.0064 0.0084 0.0114 0.013 0.0103 0.0149 0.0183 0.0205 2007 0.0023 0.003 0.0034 0.0055 0.0104 0.0127

1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 2002 0.0093 0.0041 0.0072 0.0059 0.0089 0.0095 0.0127 0.0131 0.0176 0.0113 0.012 0.013 0.0064 0.0072 0.0074 0.0074 0.0073 0.0134 0.0082 0.0072 0.0072 0.0101 0.0091 0.0093 2003 0.0069 0.0078 0.0095 0.0094 0.0178 0.0157 0.0207 0.0125 0.0175 0.0162 0.0074 0.0085 0.0099 0.0118 0.011 0.0169 0.0132 0.0112 0.0118 0.0136 0.0115 0.0138 2004 0.0132 0.0138 0.0128 0.0103 0.0149 0.0133 0.0067 0.0077 0.0095 0.0126 0.0094 0.0141 0.0139 0.0127 0.0112 0.0142 0.0142 0.0152 2005 0.0028 0.0066 0.0036 0.0041 0.0067 0.0099 0.0064 0.0095 0.014 0.0157 0.013 0.0167 0.0183 0.0201 2006 0.0074 0.0078 0.0064 0.0084 0.0114 0.013 0.0103 0.0149 0.0183 0.0205 2007 0.0023 0.003 0.0034 0.0055 0.0104 0.0127

September 2008

47

SLM Private Credit ABS Trusts: Forbearance

11/30/2002 2/28/2003 5/31/2003 8/31/2003 11/30/2003 2/29/2004 5/31/2004 8/31/2004 11/30/2004 2/28/2005 5/31/2005 8/31/2005 11/30/2005 2/28/2006 5/31/2006 8/31/2006 11/30/2006 2/28/2007 5/31/2007 8/31/2007 11/30/2007 2/29/2008 5/31/2008 8/31/2008 2002 0.1334 0.179 0.181 0.1635 0.1522 0.1434 0.1585 0.1366 0.1028 0.0779 0.0804 0.0831 0.0997 0.0917 0.0792 0.0824 0.0689 0.0554 0.0669 0.0659 0.0715 0.0696 0.0584 0.0508 2003 0.2736 0.2489 0.1632 0.211 0.2072 0.2099 0.1209 0.1265 0.1148 0.1318 0.1413 0.1489 0.1307 0.1387 0.1154 0.1154 0.1166 0.1286 0.1286 0.1354 0.1107 0.0953 2004 0.196 0.2073 0.0993 0.1303 0.118 0.1374 0.1404 0.1585 0.1387 0.1477 0.1241 0.1372 0.1402 0.1499 0.1436 0.1633 0.1291 0.1154 2005 0.1249 0.1431 0.1279 0.1837 0.1598 0.1778 0.1382 0.1659 0.1643 0.1848 0.1689 0.2083 0.1643 0.1535 2006 0.1525 0.1556 0.1182 0.1735 0.1713 0.197 0.1727 0.2284 0.181 0.1738 2007 0.1228 0.1495 0.1361 0.2212 0.1696 0.1769

1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 2002 0.1334 0.179 0.181 0.1635 0.1522 0.1434 0.1585 0.1366 0.1028 0.0779 0.0804 0.0831 0.0997 0.0917 0.0792 0.0824 0.0689 0.0554 0.0669 0.0659 0.0715 0.0696 0.0584 0.0508 2003 0.2736 0.2489 0.1632 0.211 0.2072 0.2099 0.1209 0.1265 0.1148 0.1318 0.1413 0.1489 0.1307 0.1387 0.1154 0.1154 0.1166 0.1286 0.1286 0.1354 0.1107 0.0953 2004 0.196 0.2073 0.0993 0.1303 0.118 0.1374 0.1404 0.1585 0.1387 0.1477 0.1241 0.1372 0.1402 0.1499 0.1436 0.1633 0.1291 0.1154 2005 0.1249 0.1431 0.1279 0.1837 0.1598 0.1778 0.1382 0.1659 0.1643 0.1848 0.1689 0.2083 0.1643 0.1535 2006 0.1525 0.1556 0.1182 0.1735 0.1713 0.197 0.1727 0.2284 0.181 0.1738 2007 0.1228 0.1495 0.1361 0.2212 0.1696 0.1769

Use of forbearance as a collection tool peaked in early 2008, and has generally declined since

Forbearance usage is typically highest when loans enter repayment, and declines as loans season

September 2008

48

SLM Private Credit ABS Trusts: Annualized Gross Charge-offs

11/30/2002 2/28/2003 5/31/2003 8/31/2003 11/30/2003 2/29/2004 5/31/2004 8/31/2004 11/30/2004 2/28/2005 5/31/2005 8/31/2005 11/30/2005 2/28/2006 5/31/2006 8/31/2006 11/30/2006 2/28/2007 5/31/2007 8/31/2007 11/30/2007 2/29/2008 5/31/2008 8/31/2008 2002 0 0.0004 0.003 0.0012 0.0015 0.0002 0.0008 0.0009 0.0022 0.0074 0.0059 0.0154 0.0175 0.009 0.0076 0.0105 0.0107 0.0242 0.0212 0.0217 0.0172 0.0191 0.0206 0.0213 2003 0 0.0031 0.0013 0.0004 0.0021 0.0025 0.0018 0.0054 0.0043 0.0119 0.0131 0.0077 0.0062 0.0096 0.0107 0.0301 0.0273 0.029 0.0215 0.0311 0.0313 0.0245 2004 0.0028 0.0042 0.0017 0.0035 0.0041 0.007 0.0065 0.0045 0.0048 0.0055 0.0074 0.0254 0.0194 0.0253 0.0206 0.0305 0.0311 0.027 2005 0.0009 0.0024 0.0029 0.001 0.0032 0.0016 0.0021 0.0091 0.0109 0.0142 0.0154 0.0277 0.0291 0.0281 2006 0.0015 0.0018 0.0021 0.0115 0.01 0.011 0.0118 0.0184 0.0229 0.0268 2007 0.0037 0.005 0.0056 0.009 0.0136 0.018

1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 2002 0 0.0004 0.003 0.0012 0.0015 0.0002 0.0008 0.0009 0.0022 0.0074 0.0059 0.0154 0.0175 0.009 0.0076 0.0105 0.0107 0.0242 0.0212 0.0217 0.0172 0.0191 0.0206 0.0213 2003 0 0.0031 0.0013 0.0004 0.0021 0.0025 0.0018 0.0054 0.0043 0.0119 0.0131 0.0077 0.0062 0.0096 0.0107 0.0301 0.0273 0.029 0.0215 0.0311 0.0313 0.0245 2004 0.0028 0.0042 0.0017 0.0035 0.0041 0.007 0.0065 0.0045 0.0048 0.0055 0.0074 0.0254 0.0194 0.0253 0.0206 0.0305 0.0311 0.027 2005 0.0009 0.0024 0.0029 0.001 0.0032 0.0016 0.0021 0.0091 0.0109 0.0142 0.0154 0.0277 0.0291 0.0281 2006 0.0015 0.0018 0.0021 0.0115 0.01 0.011 0.0118 0.0184 0.0229 0.0268 2007 0.0037 0.005 0.0056 0.009 0.0136 0.018

Charge-off levels increased in 2007, but have since generally stabilized

As per expectations, more recent Trusts with a greater percentage of borrowers first enteringrepayment, show a higher levels of charge-offs

(1) For SLM Private Credit Student Loan Trusts issued prior to 2005-B, the servicer has the option, but not the obligation, to repurchase loans that (i) become 180+ days delinquent and/or (ii) have a borrower who filed forbankruptcy or died . To date, the servicer has exercised this repurchase option and actual charge-offs in these trusts equals zero. For the purposes of comparison across all deals, this chart reflects trust charge-offs for SLMPrivate Credit Student Loan Trusts issued prior to 2005-B as if the servicer had not exercised its repurchase option.

September 2008

49

SLM Private Credit ABS Trusts: Historical Cumulative Gross Charge-Offs(1) 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 2002 0 0.0001 0.0005 0.0006 0.0009 0.0009 0.001 0.0012 0.0016 0.0029 0.004 0.0067 0.0097 0.0112 0.0125 0.0142 0.0159 0.0198 0.023 0.0262 0.0287 0.0313 0.0342 0.037 2003 0 0.0001 0.0001 0.0002 0.0003 0.0005 0.0007 0.0013 0.0018 0.0032 0.0049 0.0059 0.0067 0.008 0.0095 0.0137 0.0174 0.0213 0.0241 0.0282 0.0322 0.0358 2004 0.0001 0.0002 0.0003 0.0005 0.0008 0.0013 0.0019 0.0023 0.0028 0.0034 0.0043 0.0073 0.0096 0.0126 0.0152 0.0188 0.0227 0.0265 2005 0 0.0001 0.0002 0.0003 0.0005 0.0006 0.0008 0.0018 0.0029 0.0044 0.0062 0.0094 0.0129 0.0165 2006 0 0.0001 0.0002 0.001 0.0017 0.0025 0.0037 0.0054 0.0077 0.0106 2007 0.0002 0.0004 0.0008 0.0014 0.0024 0.0039

11/30/2002 2/28/2003 5/31/2003 8/31/2003 11/30/2003 2/29/2004 5/31/2004 8/31/2004 11/30/2004 2/28/2005 5/31/2005 8/31/2005 11/30/2005 2/28/2006 5/31/2006 8/31/2006 11/30/2006 2/28/2007 5/31/2007 8/31/2007 11/30/2007 2/29/2008 5/31/2008 8/31/2008 2002 0 0.0001 0.0005 0.0006 0.0009 0.0009 0.001 0.0012 0.0016 0.0029 0.004 0.0067 0.0097 0.0112 0.0125 0.0142 0.0159 0.0198 0.023 0.0262 0.0287 0.0313 0.0342 0.037 2003 0 0.0001 0.0001 0.0002 0.0003 0.0005 0.0007 0.0013 0.0018 0.0032 0.0049 0.0059 0.0067 0.008 0.0095 0.0137 0.0174 0.0213 0.0241 0.0282 0.0322 0.0358 2004 0.0001 0.0002 0.0003 0.0005 0.0008 0.0013 0.0019 0.0023 0.0028 0.0034 0.0043 0.0073 0.0096 0.0126 0.0152 0.0188 0.0227 0.0265 2005 0 0.0001 0.0002 0.0003 0.0005 0.0006 0.0008 0.0018 0.0029 0.0044 0.0062 0.0094 0.0129 0.0165 2006 0 0.0001 0.0002 0.001 0.0017 0.0025 0.0037 0.0054 0.0077 0.0106 2007 0.0002 0.0004 0.0008 0.0014 0.0024 0.0039

(1) For SLM Private Credit Student Loan Trusts issued prior to 2005-B, the servicer has the option, but not the obligation, to repurchase loans that (i) become 180+ days delinquent and/or (ii) have a borrower who filed forbankruptcy or died . To date, the servicer has exercised this repurchase option and actual charge-offs in these trusts equals zero. For the purposes of comparison across all deals, this chart reflects trust charge-offs for SLMPrivate Credit Student Loan Trusts issued prior to 2005-B as if the servicer had not exercised its repurchase option.

September 2008

50

SLM Private Credit ABS Trusts

Prepayment Analysis

Historical SLM Private Credit ABS CPRs

Constant prepayment rates increased in 2007 due to the introduction of Private Credit Consolidationloans, but then declined accordingly following SLM's decision to suspend its consolidation loan program 11/30/2002 2/28/2003 5/31/2003 8/31/2003 11/30/2003 2/29/2004 5/31/2004 8/31/2004 11/30/2004 2/28/2005 5/31/2005 8/31/2005 11/30/2005 2/28/2006 5/31/2006 8/31/2006 11/30/2006 2/28/2007 5/31/2007 8/31/2007 11/30/2007 2/29/2008 5/31/2008 2002-A 0.02 0.01 0.01 0.01 0.01 0.02 0.02 0.03 0.04 0.05 0.07 0.05 0.06 0.07 0.09 0.08 0.11 0.11 0.09 0.07 0.08 0.0945 2003-A 0.0236172 0.0209585 0.0213033 0.0220455 0.0266651 0.0260547 0.0330885 0.0388733 0.0594678 0.0468802 0.0474262 0.0590022 0.0766511 0.0620133 0.0898985 0.0930055 0.0822731 0.0571616 0.0651318 0.0938 2003-B 0.0196991 0.0190606 0.0206465 0.0202833 0.0200219 0.0245259 0.0315476 0.0482446 0.0326783 0.039373 0.044897 0.0707957 0.0685625 0.1060034 0.0909016 0.083898 0.0585169 0.0683136 0.0937 2003-C 0.0152843 0.0160452 0.014292 0.0180218 0.0179457 0.0283099 0.0361233 0.0304271 0.0367122 0.0447702 0.0722085 0.067429 0.1017183 0.0967132 0.0777458 0.057986 0.0766992 0.092 2004-A 0.0187456 0.0166026 0.0164751 0.029934 0.0322261 0.0245132 0.0307617 0.0418472 0.0692516 0.0711425 0.1100171 0.0959807 0.0898134 0.0642664 0.0778312 0.0992 2004-B 0.0195699 0.0186244 0.0241702 0.0302471 0.0221029 0.0304168 0.03491 0.062598 0.068949 0.1246455 0.0951131 0.090922 0.0774936 0.106146 0.1023 2005-A 0.0319776 0.022261 0.0243768 0.0328796 0.0597171 0.0610083 0.0990818 0.0793967 0.0819435 0.064987 0.1045868 0.1033 2005-B 0.0242175 0.0279132 0.0573982 0.0555737 0.094908 0.0719371 0.073013 0.0529046 0.0893389 0.0782 2006-A 0.0476348 0.0500356 0.0857629 0.0634152 0.0664913 0.0531197 0.084535 0.0687 2006-B 0.0447179 0.082504 0.0619091 0.0673478 0.0496674 0.0736355 0.0719 2006-C 0.0677068 0.0683649 0.0645688 0.0526468 0.0767421 0.0719 2007-A 0.0552171 0.0457742 0.0630612 0.0559

September 2008

51

Appendix C: SLM Private Credit

Managed Portfolio Performance

52

SLM Private Credit Performance Data Methodology

Loans Meeting Current Selection Criteria

Methodology -

Performance metrics are expressed relative to the balance of loans entering repayment(including capitalized interest from the school period)

Performance is captured at the end of each quarter or year shown in the data; intra-month delinquencies and retroactive forbearances are not reflected

Repayment cohorts are based on calendar years

Timing of delinquency, forbearance, and default is based on the elapsed calendar timebetween the beginning of repayment and the period shown

For the last period shown in each cohort, not all the underlying monthly cohorts havecompleted that full twelve month interval since they entered repayment. Partial periodsare shown to provide the maximum amount of current information

53

SLM Private Credit Portfolio Performance

Cohort Cumulative Defaults: Loans Meeting Current Selection Criteria

54

SLM Private Credit Managed Portfolio Performance

Cohort Cumulative Defaults: Loans Meeting Current Selection Criteria - 760+ FICO

55


Cohort Cumulative Defaults: Loans Meeting Current Selection Criteria - 730-759 FICO

56



57



58



September 2008

59

SLM Private Credit Managed Portfolio Performance (All Loans)

Cumulative Cohort Recovery Rates

Recovery data is based substantially on experience under HICA, a captive insurance subsidiary of SLMthat collected and recovered defaulted loans until 2004, when HICA was dissolved and SLM beganmanaging recoveries in-house

Current expectations are that recovery efforts conducted by SLM will ultimately collect more than HICA,and that the timing of collections will be more front-loaded

September 2008

60

Appendix D: SLM Corporation Update

September 2008

61

Sallie Mae Update

DOE funding authority - extended through academic year 09/10 - assures profitabilityon new Stafford/PLUS loans, and eliminates funding need for this asset

Term FFELP ABS market continues to provide funding, with $5.1B raised in August and$18.5B YTD

ABCP program reduced by $6.3B, with outstandings to be reduced further by year end

Access to unsecured debt markets re-established in June with a $2.5B issue

Earnings, liquidity and portfolio performance remain strong in the current environment

Private loan portfolio continues to perform well, with further enhancements to productdesign, underwriting and collections practices underway

Access to deposit growth through Sallie Mae Bank begins November 2008

September 2008

62

62

Traditional vs. Non-Traditional Private Loan Performance

Reserve coverage of annualized net charge-offs totaled 2.0x and 2.6x for Traditionaland Non-Traditional loans respectively for the first half of 2008

September 2008

63

1H 2008, 2007 and Full Year 2007, 2006 Earnings Summary

($ millions) 1H2008 1H2007 Full Year2007 Full Year2006

"Core Earnings" Net Income (1) $344 $440 $560 $1,253 Stafford/PLUS Originations ($B) $8.4 $8.1 $17.3 $16.0 Private Education Loan Originations ($B) $3.4 $3.5 $7.9 $7.4 Managed FFELP Loans Outstanding ($B) $140.8 $128.1 $135.3 $119.5 Managed Pvt Ed Loans Outstanding ($B) $31.1 $25.1 $28.3 $22.6 Managed Student Loan Portfolio ($B) $171.9 $153.2 $163.6 $142.1 Mgd Pvt Ed Loan % of Total Mgd Student Loans 18% 16% 17% 16% "Core Earnings" Net Student Loan Spread (2) 1.56% 1.72% 1.67% 1.84% "Core Earnings" Loan Loss Provision $374 $445 $1,395 $303 "Core Earnings" Private Loan NCOs as a % of Repay 3.6% 3.4% 3.07% 1.62% "Core Earnings" Fee and Other Income $514 $583 $1,173 $1,100 "Core Earnings" Operating Expenses $678 $715 $1,417 $1,253 GAAP Stockholders' Equity $5,535 $5,348 $5,224 $4,360 Tangible Capital Ratio 2.1% 2.3% 2.0% 1.8%

(1) GAAP Net Income for 1H 2008 was $162 million compared to GAAP Net Income of $1,082 million in 1H 2007. GAAP Net Loss for 2007 was $896 million compared to GAAPNet Income of $1,157 million in 2006.

(2) "Core Earnings" Net Student Loan Spread for 1H 2008 is before the impact of 2008 Asset-Backed Financing Facilities fees.

September 2008

64

"Core Earnings" Presentation

Used by SLM's management in developing financial plans, tracking results,establishing corporate performance targets

Used by securities analysts, credit rating agencies and debt capital providers tomeasure the company's business performance

Treat securitizations as long-term financings and recognize the economic effect ofhedges; specifically exclude (i) gains on sales from securitizations and subsequentRetained Interest revenue (ii) derivative unrealized mark-to-market adjustments, (iii)unhedged floor income, and (iv) goodwill and intangible impairment and theamortization of acquired intangibles

Reflect only current period adjustments to GAAP earnings and are not a substitutefor reported results under GAAP

May not be comparable to similarly titled measures reported by other companies

Note: Both a description of SLM's "Core Earnings" treatment and a full reconciliation to the GAAP income statement is contained in the supplementalearnings disclosure to the company's quarterly earnings releases and most recent Forms 10-Q and 10-K.

"Core Earnings" Performance Measures -

September 2008

65

GAAP to "Core Earnings" EPS Reconciliation

GRAPHIC2w67489aw67489z0001.gifGRAPHIC

begin 644 w67489aw67489z0001.gifM1TE&.#=A[@(RÒ?\`/[^_?[^_?[^_/[^_?[^_?[^_?[^_?[^_?[^_?[^_?[^M_O[^_O[^_O[^_O[^_O[^_O[^_O[^_O[^_O[^_O[^_O[^_O[^_O[^_O[^_O[^M_O[^_O[^_O[^_O[^_O[^_O[^_O[^_O[^_O[^_O[^_O[^_O[^_O[^_O[^_O[^M_O[^_O[^_O[^_O[^_O[^_O[^_O[^_O[^_O[^_O[^_O[^_O[^_O[^_O[^_O[^M_O[^_O[^_O[^_O[^_O[^_O[^_OW]_OW]_?W]_?W]_?W]_?W]_?W]_?W]_?W]M_?W]_?W]_?S]_?S]_?S]_?S]_?S]_?S]_?S]_?S]_?S]_OS]_?O]_OO]_OO\M_OO\_OO\_OO\_OK\_OK\_?O\_?O\_?O\_/O\_/O\_/O\_/O\_/O\_/O\_/O\M_/O[_/O[_/O[_/O[_/O[^_O[^_O[^_O[^_KZÔKZÔKZÔKZÔKZÔGY^?GYM^?GYÔCY^_?XÔ?X^_;X^_7WÔ3WÔ7V^/3U]O3T]/+S]/'R]/'R\^_Q].WPM]NOP^.KN]>CL\^?J\.3I\./F[.#CZ-_AYMO>X]?:X=38X-+:Z-';[F8)FVO0";MQX,&FUH^)M9>Q`D$UNJA#T#ZJI:M5>US[XJ&'D/>N@#%4V[*WSR6BU,D18`/`!`&E![#U0T,`!?Z&/,M!OB[$M]#OZH(1!EF-0\;/4&T?[21%1#K*"L@$!\5U2R1SLMF[HJ=*?0JY=&?:"6.JK'GI8>F8301WS\M0"NL&"8.,L[F(@E3=]@!@=:V>*7((?=$@_?L!J8[)3M\_`'?C0/CT8"ID55/[8*I:"^=ZRK8#!K)DER*%58(R5?A-S`,S^J"%9^9QM75B'_Z8MZ`%Y91B#R7B!^'`*/F-M"31E?7-DK85]L[>$O\9S`>"'*X,M(>`'M1&=T`R$N&:5`8^8AE`(P1DÈ>#9E728G-WOUM!!SY)*Q'ÒA()N0"@AJY"ÌPD(A:4"BSR0_3W*2V7A8'.,X8.UY-O67U?&8H#L0>HY5J=8A!'-3L(M05NA.1#QYFDV\IWUP`7>F8HC=(->Q1RN$S,Z4YF7.7T(N8M)I&]8XY_=#\"\8.ÙHBRPRFO=F8#,9)@8XG?0WZ9)H9\P`JGX$0M.0\OR5*/M&)Z1-Z*5$EP#(08TZF=[QCS*Z9,T!E@`$)3U^!,M\]!S>I6CX#>B36Q2?'Z(3/101?5$)52Z4F""*;3[!5S2!_W6N,-7,77"N$'5M9@,EACMU8NI%JO2D2?,3)XI4+-0')($`3O1`:5ZRN,PC@9+^V:';HRN8F@2HMXQYB$"*D`!/N#[#>`$CN`&ON`'WM\%KN`)'N$4MSN`2'MX5_N`6GN$.WN':_2-U3=DB'MC@XBXF?N(HGN(JON(LWN(N_N(P'N,RM/N,T7N,V?N,XGN,ZON,\WN,^_N-`'N1"/N1$7N0P'N(CGN1*ON1,WN1._N10M'N52/N547N56?N58GN5:ON5_N5@'N9B/N9D7N9F?N9HGN9JON9LWN9NM/MG$@0$R,.=S'C8&TAQH6(@`0.?^,H`P[>P?OF/0N\(R'N$>A@P`>5[/B"X#M^R,1@4X1W)'GD2[H-L#H2!Y$YY'HPV3IMI:XL&'#I22$JJ!X2AMX1L[XKDU[IUG'JB6X?E%[JDXXSGA!)ZS\>A\/X^\3R@!$9P"3$FM]%4/^1%O]1*OZRB/[QA0^0@3'2N/Z*"5W`\H7^#P1*`/K5@?SUMW@:ZN,3-À:1(Y-#/',I$2>.403I[P%-X@`*]DD#(.TM\&01OP*XXQ))0JM(+4,\T4+37;N\"@I$L-46%*X"4,,32N"B(8CH'$+#%!#$[/XQA*,]!PT?.,3TP!%$XIQ#424#@-.$,8V#+$,MK(I#$P`@QB`!&X"&10#^@`R0E5UH%1F(`,GR"V&`!$-P!AM0`FYHM`D'"@!KBA&B@!!H0!Q@8!DJP@48(#34@AFOX!>FZ0C5Y!@R0AD3@`2G0!BW`M!BVP`4#ADVPAD-8!&6P`2?8!BF0`48H!BPH!F1PA$88!CL(M#1OHA4J0!5GP"&WHÈ"0!FJ@$5LK`6_`@CU[A%J8!2Z\AG5!O@"XA&CÀD68M'QF8`VQXI6F(`!!L8!U`À4N0`R;@!B>P@6Q``QNH!C>PA&L(!5"(!"

H.@&"W6L8"-(#2%X+(?P`N&Q@0"3Y%GA@3NW`2M?B:B`;K\HM\C._"@P@`Z=H`@O$M@BFXX^[&'']QB"[@\Z;(%'$)@":`$R7``N.&"&V?""7P=`ND@DP!C.V&FDN_M\\Y9D5W^'P+MC@@HF`(EAX)T`V_YW@$OM4(+ZAE;C-@@SL/?@MOB+OXB_H/'*^(O#,(F82%"K,(C?)HJ8"$"HF(B8@("!M\0NYL(C?-@N3GXR\8/FSV#"7@'F;_G7R'F,,%^H0'J.[WG1-Q7^-65G\MX[B*(MF)T@_]0C'](O'\S_=\I*G\R8%\UF]]VD>:U9?]0M']VS]]UJ]\T/_\MNPA^VD_]$H`#1RO]W4]]VU_]Y6]]WB?^=E=]WP_]YI_^ZS=]Z'?^Z:]^W7=^MT0=Û_]]Z6]^X+]]\Z?^VC>(-_`7V]?^TS]_W,=]TO]]ZW_]ZI=_[S]\#-""M'0!_\0>(````""0XL.#!@00+,D0H,,!#A0D30C1XD.'"B@H;;LRH5N)I4S`269,>`JJB#+9N"N:$!2)Z4*\M^GBI&W:T>F.2@NI8K;%]H;BIMA*892AQ"PL+Z7G[CL?140YJ1U)(=O03`PTK1^D)'`+=@02_Ô?@M!BCF0(YA+&);Z3!P9NH$5@`&*$T0F23:(.WPA8+\"\A$>HM`Q2&"+12A'$Q!#RE$%+P!&D#".D!!(A1.@A$8M)`3`)'`-BKA!.B`"%&B/,\"!#=P!&2Q".K@!;@6`Z>%31/+^PLS,@NQ(0C,`MP#=8PALL`S%@`#G@33(\@AN09#$40Q>0P1202,QX3"T,0P!@03@4E!D8`C@8M(R0.B!>P@1O(@NI`0R]@01H8P2U,`QDTDAA@`XL$8"20Y"$\W!F$0P`H`RZ\M`2Z(`Y&@0?`5Y2-C^RQE@P_3ZHBISM8&;12``$0\0T@NK4PE$6`S`XPC]S@Q>H`P6!`R)DÀE"K[QT`3HL9C'8`"7P5@EE`S%P`R%@`#$D0S'0@@TDPC8,MPS:D`15X0SP]PR*D03M(S8(P9[=0CDXÀ&(`S"PR%TLM0C7PPC),@PQL`QL$@`[\@C(TPR_^^,9AY'``Y(+#.+@T[-PBL$,E[#2W#A$V#(,V-((6?(,.!$"=RT$[5,(B;`,PM'$.VC#%H&&$`)TJ$M-,2@A7:0-$'T+D:S-`",-AO?\%#B=ÌWV`ZGH$8,MC(2/V`4CN(7+Z(1S3`1AR`1LB`(`X(02&C#%`1:&(9:"(;*4`*51(O)2@-@T`5[=$9BV`29MD(-@N(4@>`.-"8);0()'F(5;0`10N`5UO(1B""P``(5+\(59>"`9QL(2I.H->&`:VK`-:Z(1B@`,AN`4F`(`W2(H+DX1BMT(0`^()9`!%)2"!,*`9*N!&LU$K^).@%=;B%!N0HB)R>79A%8,"R-/"%A+P3MAB0&2!@(B+0$B02`3R@&K_BW+NB%D*@+H($6:M*"7O`%+S`":$"'2M@$9)B%M86"=(`"%8DB@-J"%6S"@O>*!_D881@&-=`";`@'2>@C#-@$8DB@CPG*"`*%_#"$2T""MJ```3^`%7!B:X@I,3J2%-%@$.8@$G\-))1""6B"&U#"Z`#@$6+È($D5W@ACOPA0LQ!DO@M+S1@!&[PÈ[8!0QXAD=X@VI(@SXJA')P`T1@!C"H!'+X&'"P`V@`!4CPAC-HMA'$@!&(`!AMHAUSX@FK@A#,(DAM!"&Q8A$5PAT.X!'/(@/NQ`W$@!$S@A2A`MA^/(53S277BB&P%`#7J`%26@'.\"77R"$=/@"87":1(A=``5GN)!?"\E7)N=%R`7^3I@*''&$P/X30G`&S&`)*=@&0=T%4*B&M7[`#DZ@M)?"&?XD"7-R$20B5*0"'=V(B7_@$`#B$5]Z&JC%KH+"$*=B&7C`$MJ;`&ID$#3MB%=?B".0AL;#B#9"@0(Z""[``%6VB'*+B%:@A':D((L!Y%,[`?M70"`.;#F4#4;Q:D9;W!J)X"":/`*,1B'`+A:`'A;(/"&QQX02("+#'#3RX8&M1,@%H1R'++4$&2@'7`"%:T"0FJZ(/(!!I-9'A;Y&VHH6?&@$.`!I&P`SMH@R@M`TZ(!F(@!`>V`S78W0C2`FZ0M@4/@AN34!@"(AM2(@C,X!)-8!LUP`F\@T)L\!%SX!K;\/V$LU$Y(;CC`##T9R@0+0B'-4^-`^&!M7\Z&`6$,)ZV/L&$Y#P"V4`0PNI89D=D&$,0P2`%ATD"R$->8B#40,3D7B1M%NP(A6`LXQ=.F,-P3,+$*/P"&O[[Q",6P9*#`8,9'=1",8;AB;`,8PP!Z`5_M;.&(`%BB&*`$#:G!&+V0!MLV(@00F]$`8O$F+,PA&;;`!B/(%(`F5&,1BY;ITO?=?:7;YV5SDFM"9P9]VO&_,KV6IG][R!38V#E#)B)"$:P;!.I8XSIMMME!C,4\MWS2W==:USC6QBVULLL$5""2^];&+G:C=,KO9TIXVM:O-705'&]GM]WB]K6\ZVWO>]_[OO+%-[_1IN]SM2_O?_1ZXO05.^['?;MH.-ERZS(T7UQB+^;A^D&W;YE+7&2A#SF7\YP?2448S!4@R>P`Q:.@R[XMPC:TA#IPPC4D#[P!`"$80Q`T%UT%03I``3#@BS0J!"*DA1O4`7?9`3F(ET(PM2(&T!%L:I4Q*%"2`PA>(0R]@PCE`)38(`RZ0@PQ@`3N`0C08S":40R:0`R6DMY"W:5Z+P`"C\ÀQPE3KP`BZ8`R[8`!;$)CO:@2]8@@S\@CI@0B)XRQ0`P!EHMPG'\PB=$$#!/OUU*0TU##:PN9$)```8;@$(R:6+9EFM1HG26+PKYAN&6Z`@";.QM(PHF8MS"Z`(%@$"''$P`FD4J+6VP09A8`WG#GF8HLVJR83@+0@IPVMG#M#B')DP&28.ID(`)I%>LDE@%V^"8`8SQ*Y)HEM$J$"G2V*`2D2ZY["*)Q%M`*CF%QZHZ8*$N!340XA`L",R.!SDPM"C--ZJ80!JFPÙEPZC!@"4L0!NNP`DD0"XO#"%@MX&0.#>'^T`^#D`B=,/48MT!`/$1')[[\2,!$;T1$?41%M3TT*T1"[CA(AL4>J;@CMC-IV`Q,_$11#$12IM3A3O#4(8KQ134157,1`9D15?$19WSA5C\16ECA9OD1:Y$!?9ZÙ'L0IW$1@_M$037J!-)\=QF,1CK[!+%[P`S\1>341GG[0?3[_FJ;QEOT3!0,?%Z[QJGT?N@M4?4VT8UZ$#1G=3ML>L1C%,S0NPX-\>KSC`@0SJM9+YJ%0"ZP%J?E`?(80L>]0>%@%@]M2,B(1I^4RE#U2!)U,XP0AK"X!,PP?&&$.N@H)/E(&;F$8=(PSED`2>&$7FL$JLXV`-J`'```&7À#,JAIK!!#="`&["`$=K!#0XAM'9R`&&QA>9^"#+Y!!I8A%\0@'!K!"XP!"]R@LA/!PPU!':)@&R0!"A1\.Z*4M1S4!&3"@'2Y!#,KA$-K`',Y@$]Q!"4"A%Z*@%W`!`,KA%J)@-(5@&'3!")0AM&697&.KD$=X@';1`2(T`%S!A"3`>8A;:P1B4H1W(``NF@2F6`,NI81/.*$8K*$+N$'C/$$N338`.D$:M+$A([L`:T@5&]L.;RH@@$SK1P#ASTÀAM2,MR'HBB-'^B5U,82#$T`45`)#HV5ADUX;0!"$"0(B>?`'G;QC+)8K!B\^?(1C$MV.%+9-.(QJ!A&*\FG*6)L7I>$($2*"X.Q]&`3PS(@ABWJ)H=B$$,(EO$(IB`MBA!B08QTRV&?N`@`$W1!#%H2(F220@PF$L&%D`4@%V)00B7&G8W,)%T2Q;L%M$P+@B>XEPN5T8#6'L`@BEQC8(/T08,6#^9-+B$_!$Z-82K>*KV@1)9"+N&@1M?B+@08!L[A-Q,7#CN$AUS+B,LA$X@09YS'A]KYA(8^'(B9JHF9JJ*&"[0X:EF3:)X2B;:95#*9F.ÌNRB8RJMN9N\V9N^^9MOZ(VR"9Q&IHV629S(F9S*N9S,V9S.^9S0&9W2.9V7B9NS&9MDM2)O8B(.GYIHPJ'36*8@&V)VB")``F8?8:89S%M:8`1.J$`(J`,2IT*H0?&J(BVI_)2:$C>J(H.II:8`P\0!:%Z9&S4I=2M>8ÔB)8```0V$È-X9[8PPC/94!$`Q3U4C^LKB1APBC/HDVM=H4!;3`%B$*DVVD1;H`NQA`&+EJ19=$+AR`$&6F7OL`&-``$`/`%#H8H8M8)MDF`#0*"JAAEH.EF.V:FK/TFF&MG^GYTZG`%9CZOZC!B`!2Z1+6O9A"6Y>WW9M70[Z$AÈ!,%Ì4*Z>RTJ!\+PI^!(B]@#!TJ`!2QZCXX:H2DJGD(P0'%(HJXIMBG0(A4SG@D6V#8TP!;'WB'!K]A0+[(M,`61D"9GP@G'-K3@8PBF4@M&\`B98`N^X`:Y8`S0FWW,4`X3@2N@@#ULQPN_MT$6I`3X3#`"UP!&Y\`LZFC,C9@F,$`4]X02]DÒ$4`M.X`G^D9`._>@)J8@!QJ/!-^`1M[P!C71!;U@"Q(=UR`:!MKQ#*YA('`P)`&P!!3/+RL!M"[;`#G6``9"`"]=`#``0#(8!O=!0#+!`#'W!#;#R:"9+&UX`!\Z`$:D!#8E`M`H^`"];0$,]@9R&>!E4A]>AU"?$V'5.0$HNF#"YH$>R2&DH@!N&0]K^`!=D0M#(F0!!W^XP52T/6,H+;VD=VHP0VH4C*N&29`)YY!(!)?ID#K@#@0$(:M-2[Y!8Ò9N-&B@`B4>:\\QIA,H`WT/A&S4Z&X2$,28JY9HEKQ)#ABT>$V492M'&$R1)H`MHG"%EL``"48#!YA)@!H#'&DF`"PX:1,+:CPAH@`+AG&4I@B*08#M;K#`QHP`$&'RF_YVZ80,:9XJJ19;7@1@&CLXI.874'3$`#QN,`$#RB^TR2`$M:0[Y$Y?^:)20J2@`(LG&$$)XH\:0`-"`L99/>B$$"W/>KRCÂ901S1.9USL!V!P1YZ01T1@FNP@R`8AG41#?=10>JJMP1@DB3K8/_O[H2#T$1@DA&N0P1[!`"&PGY)`@_E9/A=$(-^8`VP@ÌDÒE=QM0;*9P2O\01Y!0B\7,9S+#>.O$62@$4`"+=L+(&!U$9U?!4NQ$:&W$B7M;=$==M,@2;,5B+$>0TD;]JGE-,._]H?^\Ê_]UT_^FM6`4O,(?C\E,?TZ21&,P`>0%J6`6#((9P8$\U2`$,#AOT23-*6=::9G-X?&:%V@&S#4('TB0-$`']@R+:PC5>I>(T%5;M.2\C.F=8*3`'#BV-4A@'O.V('["&D+M+`/!ZK*M5$RQC79\HQB9X8`TD#$@#QE(0*&T13F0$`=ZM9`#U8B+,YB11`+4@AQ'F$,ZM^`,'9;`#'M"JOB$=6+9_7L94"SA4,"_`(>O4#%'IZ9K4\2+QL-$PE-NF&&;I`&M/AR9QC%"TQK;3"06YY`#!V(1CV*D0A!SF"NH[\F`'BZ`$!'RPMZH>8&,=(YE&,LA8*++"&"+E.((]9WJZ->!^D#M+9X1CV!("30^4TT>FK&1:[0"%P`MK&.+M(TG[WK)-3X2(B?)AB4JK"D>6,[^$5N@8PQG6,>À&JH!&H#ARE:TBPZM%.!A$%R(M&'&-,M,$;Q*`JS"]'9.$=N"$07N$=EK09FK1#S'-PM"5>S7`(/]"Y6Y#1*6((4$%BHCB@$')!()Z`%71A9Y%))\=:'!8"D1@Y)X?)9ZG148NM"Z'KN8#RV%&@!68"VG`]A)_K^2`Z1CH3:)\YXJ`_A*"%LI]/8*(9:$2>=9[9MF40(FJ`WÊ7HF:4N]YX;>J0C>CP%.J5+))Y-A`FB`3";@I[.!6(.VL1"T5B)U;'E/HSO+*!JSEG!L2JMJ3JL6\)G)K:J6\*!OE(ZIY.]0"NLCD0ZQ-(_1`FQ`J4H5YZ';.F^!!>W=!EP!>281G(G=R9MP8=4`1FHL"J88!:FX1N\@56P"5U:H1F\X1NB819ZU\\0HH3*+-6M!!DN:MLUBQA2#@3HP(;W3QD&O@Z9\@PY@`P$Q,1_'>+S?-H)M\9AQ:P-5;2#MG"K9Z]0]N^0:,9@N%'MJ'FM(>8:J/"S$I_#X%ZF3[[&R2@8$W^&:#A$0%?R+-[%K`?N1N?XTE9/-K9S+K)>SE=Z@ZUMZ0GNZ,81JB7=B1,8[OT>^]9/:W:^2S0(MJ#`$S#R^T.K.A!>TLGMX%5SNJ.]$I"BOSDGR(([53*$59+,89S*>79^#O>QLM7_L47A&[KYK]&`V#*H%4D8VD2SZ\"`VA+*1A!:=+E`"#P$8ZLB&?J*#$'#(MADBDPÌ&_K>\N$]K*5:#>@A/7#S)($@S0S_A*9$,R+(X1-E[\C584"@@!SN$75HL!1H72Q!3GMV%TT.(-:Z1%/O,,&$.?I=$2=0NG(-\A.'B-$LRB$,A$")/Q:!4@-$[R`(!MD`PJ9-40CE9;`%\7I`,O!&($&E4/5M,/_N`2"D?3)DA!`+U#$3!B#/!@"3M""M.\2!,J!#-+R3,YA#!]^!-]CM(2C#.PS)'9!#.PC+PXA2HPQG)1A]81!Z@0^K"+B%:M1"J8PU/TY$%:1"G``Q)Q`#0\AUJ]Q[=#-A``''C#-\S"=1Z>1=#!(-B"-R`D`6!#,1``M$R"!-#!#*\!"++B",*@#;R05!PC#8_/H6,M!L_@!.^`0_.#!*03#.KP"`1Q#M->Q4$'3`,^S%J++"*\#"*\@"AM/^D]0\`S-@!6]^2(+*0CJ(.6OT@CBL3W$8M`S?LGS*#`(]BK@0A:RD]L=B#0!ZT0RN,/`QT@3CHÌS/DRL\0[4KX3K$@A6@M:[G&0BM0+&JTPR&HUQ$T@SKL`B,M9#9A`CDX:9KH3!IBO95%GGCH)X\J6;YV3K!1P.M9B%GC(,(^&,=V*PYA@"'6%'G#J_X"-'((+@)A@-C@"S&%S/0.2,5==Z`(QQNM(*PQFQY!K$VV.Y0QIQUK8I%[email protected]];J1AISF\%"G%0Z&"$NGT]1!IYG^MI`!G%QU]S*8#T+81!CIPK)"RD'?^]%ÈG3AB(R`/=E+A()H#5[&&G7*4$82GM@@@8I!U!\.B&"69Z`4&X(U2]$(;7Y'!ISA0BG?@Z9/BF,(>WL&*MI,Z"2QR`1H]84=0.OL.V!C&2,:#AC%K4:QO)L(9#OI240ZP#5XP]1E+M@(Y&M?A"+^!Q1$.\HSD.`6,'#@&/64SA#8@Y!CG'@[email protected]$1P4YSJ&HK@IF)Y&21S#.H(5:J",0_8W'+:PP!F*P(P[`R&\;N0$JM*53#&GB0`D%[T9)F@.,/4AA$.4:L8#VZ0AZXZ,(9@#$.50E%[email protected],,L'.#^@SL&.7@"5&/$#KG#.D[,DU\'FPS$-K;H23\&86PPIDQGPM-QARA#M3`$/RHC''8(P#7;H8@ITF(8T/F,*,C\2&24!S"P1B6864PQK4T1QZ@6B$ZI.JMX1?``1S*0=!8Q1F$T1SB4">DH7O^'&(5RL%#`,4*@,$X7J=$5[Z5";5$&Z8#+AI$@A&LP#FQ2;MQ+))S=+^J6JR*?/,&\2B,+#CL&)@LSN%`&,R='^HHR-F>S%VL,#Q3P#^``M&=$R$)9L+%?1`"P`!&+`NLAR*$11!WQ2!M$1"!$;A)O^3`6YB48\P2(B/!$?@`#_2`$0`,$.0`)B-+N&@,_3I&=A`!$1S)M=KP!FZ0+$/Q`$A0!#&NS29\T9N1$"W$?"@`$(I,!@E\BUV&?X#9O$`'^.]@U&`T!"8S`GA>$&`&\&@T)QP3]QMN5)HP#^Q&!&$E-,[R(;2)#G>%21&!#'PI1.`/@%!$F_RHM2G^+PFHRBG0%>N#P$"C/:YA)S\.&SP35'??RD5`$)G,%N)Q'NIP'DB`*!.>$M#C.&R%\]O4L6AJ)DWEK]GG^-FQE-B0I%BÌ&MBPQ*D0].GA-2IA58K!==KQA?L2!?L"5?L"1ALB!FM"!FM"!FM"%GM2)GMB-IMN"1LO"5LO2=LO"QJN3)GMC=CMCMFMSYHMT-MN4-RNT1TO$IXOE:ÒUV(Q&6,MQVZ/RG>4S'F7S7J:S86BT8ZIU)*LUI&KU9&ISYRHN*.FJJ6FIJ>GIZFJJ:NLMJZVNK:^PK[&QL;.SL[6VM;>XM[FZN;R]O+_Ò\+"PX-_@X.'BX^3DY>7EYN;FY^?GY^CHZ>GJMZNKJZNOK[.GK[^/I\N+H\^?L].KN].ON].SP]O#R]O/T]O+T]?3U]O7V]_;WM^/?X^/CY^?GZÔGZÔKZ^_O[_/O[_/S\_/S\_?S\_?S\_?S\_/O\_/O[_/K[M^_GZÔGYÔCYÔGYÔKZÔK[^_O[^_O\_/S\_?S\_?W]_?S]_?S]_?S\_?O\M_?O\_/O[_/O\_/O\_?S\_?W]_?W]_?W]_?W]_?W^_OW^_OW^_OW^_O[^_O[^M_O[^_O[^_O[^_O[^_O[^_O[^_O[^_O[^_O[^_O[^_O[^_O[^_O[^_O[^_O[^M_O[^_O[^_O[^_O[^_O[^_O[^_O[^_O[^_O[^_O[^_O[^_O[^_O[^_O[^_O[^M_O[^_O[^_O[^_O[^_O[^_O[^_O[^_O[^_O[^_O[^_O[^_O[^_O[^_O[^_O[^M_O[^_O[^_O[^_O[^_O[^_O[^_O[^_O[^_O[^_O[^_O[^_O[^_O[^_O[^_O[^M_O[^_O[^_O[^_O[^_O[^_O[^_O[^_O[^_O[^_O[^_O[^_O[^_O[^_O[^_O[^M_O[^_O[^_O[^_O[^_O[^_B'Y!`@``/\`+`````#N`C("``C^`/\)'$BPH,M"!,J7,BPHR=)C;Y]^,K]1Q%QK0C($7+G&5B3;^XIR--O#9[47WW[%B%'0-*6%J%Y0".?=FLZ-A%RMB'?0!7:(0)(#^>\$2*%5NM6=D)B-D&MB%F6C=B>B(154-2E[5D7N(0OB+`)@%KY0P&258-8^#W0``$QL`2@==N7W5C0MR%J1;8$%,`5-FÀL\MIWI5@.*,*E35B%+8-)``$;F`5O75C^FX79F(W:Q9W;M!RB%D\4;D0W9"H@!3>@"GI"$,F!8SFV*%H@%,I@($+!8I@7>VÙ9>GMN)M3P`%?01`426R[U,%1@`/\JV^\GW@[J"(1C`%E`W?%;`%=J7?`=5348A2_&BAA8@R*0!%.PM8C(@!4U@`H0P`R=0Ù.P!!MH%?D%#3(`!5)8`Q5X@"_P78&(`BLV@R?N;15)(&,H:%I&&`6%OH%S)F4["%5Y`%6F`"5UW3!XB!6!"#!S`#75"%D=X%,9B`(7B%5;@$5+@%M0X%M7,B$3,B%3VB`%X@%5HAA6_@$5,B$5W`%&K#M7`"%2V"%5@@"T_;8,-`%4\`$M4[C>!U@#W/YF7?"""6`"6LAM50"I(.ZE9@!4LP!5P`@Y*]M!4>&[@H(TBZT`,Y?S-#LS#S,TX'=3`_QCI7M#VCP,8Q,SWK-'"'_>F1G9Q%#=]I[>+-9)N6[=9.+9Z.S%EM/[%^CW9QKT>B!#@>S_1X2[$]VW061_=_BW-Y/[%PD_161W:BX+%MF[%XJ[>!M0WAL2'ASK\=UCWAPQ[&*HS%O9_=%.'9OU[$3;ZJ*Q[B-3[+('O:-[SB/_W(,MD$)>&`&_/#%_JW*@WN\H#$F1FS%M*W$BX].&/X`HH&NKK4$D&S>5*#97_Y"'0BÙ/P`3UP+7)-66ÒVUQ0+=;"`PUPM.%1P@U)0KCBP=I+%`;,-!W&P!GYE7#AGK[U0EO\)BEM^H/`0ZX/]JO$3W?NC8OCY>N4,W]YTVTOB80CL%Q[^CL()!R[X,DI%#!_[0&%.YW'K!D2`NM:[=!$[YL,SA)AL&DP[,:20LK+7/GSQQR>_?///1S]]YJ]5OWWWWXD*5J`PD0E2EM*4IT1E*E6Y2E:VTI6OA&4L93E+6M;2EK?$92YUN4M>]M*7MOP1F,(7^.4QB%M.8QU1E=>JX3&8VV,TI3E-:E;3FM?$9C:UN4UN=M.;M;:25,\4Y3G*6TYSG1&^$9SSE.4]ZUM.>]\1G/O6Y3W[VTY__M!&A`!3I0@A;4H`=%J!S#(PM9/$-SW5(&0P''DFL8SPIDHOR-+NQ4C%@XHQ.]L#)BT4280;\F8,,I3NP&_$O"!-QRSB"`!97WA"1XE'*_"PO$_MVH"&T>VF#'FX*:::!?%+:;RKKSHK7DPÊ9&[email protected]&ZL]0-++^HDJCQ#T"X(0^D2,,:"OR/2>#^P0UNL/LY&@&(M7*EJ%("@='@O87I&`*($E$TS(D[_![P$'.B30`1#`;$)2I@^$-3ZAR?RT(;@M#[^R@2`5(A81MQ(IO]L)U-W`,LVLJ#XW[P(!`KO&FFVY0H>R-:J3O)A5/F>_>^_I\,$`5?`J;L`1ZQPV0!$6JP"B.;9L$\LZBIQM4!'``*9B$"V2BSE+646AG`'MS^3U9)@`(,00*@602T``/0"@$D@$K)0!["MP$KT`180`&D,B@L3Â$XC"N`WN.(VCL$!W`%K#$$`P,M`L"`0%UD0SR"0OW#CZX"9&!!:\;&D^!IH\$$)A"`@ZS``$@)6;33"D0(9$R`M"8`KFF@5HY+A-S@45`G`%H@;L=C%"P!``PQ`!'S#&`2`)R;`'C0DM`3L`Q3`M7KWA0TH``"29&PC`1T#`:#%3_@3BÙ`%`*#9-YS``!@$ASA`"I#E/]0$I4Q`M$0!`"AB`MJ''!/C)20$`"AA`;"#`C,3``B3E#,R=S,7/&B(\P`JLP`M\#6D_NM$9Y&WO`.\W`/!T8+V;!QO)$.^W`1&_$1(W$2*_$8R8_IG5[R=1[F/3'FV:]@M7%+G69\4RV[FM>\33Y(6"YX3F]\EF1(9F[$8+_$OP8_C)4[^!=`-B5!O]`Y>ML-$/,M"4O#$1!USQ]84%!W_[&\9_P-CM#(\>\%(>44(>X`$>_-,DJ9_HB1/R100FXT'1P7'F_`,?,(+^'K#D^(E3Z%'2M:(C?^/5?][4?-,(1)N@!'MP!/^%!!OX#'L!OHUE>'MC57-!C7;C5UK5P(EL1M:YRK16F&$R0`+T6/+(S!NAP`$Z2&"1``244$0]``+QJ`P\@!3,BO)_'=EI#HMRPW`ÀÀW@I)>[P`"3"AWAFH,N7?*GP!6@#R[#;$!*`9!3E)O!1`VES'`6P'M#32``05B!'+S-MK'2+`W#Z=\M`-4@21DT``=C0AI2`@DH42AO\M00HH0*4\`22$#190"HS45QLLP++7_3OEQ`M$W#^0P0*L@A8L@+7H0>,PP$E\MQP+X_)7^VUE4SD0#L%WT-\%?`P0"!!"^_2LRX1\C$PI.8%I5\%]$B1,I5K1XM$6-&C1LY=O3X$61(D2-)EC2Y\1O$B"HKLOSGTB7%F'F\!!@"$V-*D7H(N)'9M,>9)H4.)%C4)$>_*9T*%6M6K5NY=LTJ=96LJCI32GWYM\F%8M-]D697*ENT?L%4Q?6N28`*E57O96GV94JS:?[("R_I+]NU8-PK@?).KM%B[AOX?%GO5Z&;/1MRL+$AY[5O)#R4PSES:]/'CR9O7KV0/]MU=P6\@MT_N&6"09#J&D(E!F"$"@`F4M``Y,\`Q;D(-/3`&F/`!6Y"`*#%:Y!`-F+`)W-`-,B0-4'!T)\$#W\`#5P$-M*%1Q6R!Y79.`*8K@+0@0"8U`#3\Q4/+X"-[0M;(4`=W]D#;ZH,H9GE5>)E5FY5@O1#"`#6G0JXWP$]$`)CS@6,'D!`Q;*,B*0C;`#=M`"`H+,%J)LBFKLBL[M)1S1"-\`"?+@5]FP"`F7"9;@".>0)V*P88G@#.'!14EF8@#@!=E0!K0T#HL@M#14(`(0@#K@L(+V"(-`L]>P>@"09)#P#5LVQMX0!EU@2MUP!DC"B!!H*@!?#B!8?0!!:1!H?0!4V@!"(QMB(R#/[7IN\BA1M%R=Q%7\S(S!"W8L1\S5=(P)O\0NQ\!4/(P-Q\D.O]!?O:T="'P6Q(0%?]&X)M\B)2&"#_]3./(DK_ZCT*(PP?\CUJ\E2/$KI1\2SQ]G3?Z?_^#O/!CFM@Q`69,,&:#&M4:EQC2*,()Z.B!("P,`)(CR#&I!#0Q?%\`)(Q/,++!C$-":!(@`DÀUFZ`$GMJ&&Z-%3":B^P&AHJ@8!!H"$;BVCF$`Y!`TMX40K=:`1BOV*&+B:*!@!X!#>JM!"#"$(J+1M"`1$(X*4D((D)E$(,/01#6FPQ#6H,(5T/,,(FJ`&&*!P"`!009((0`03BC`-M)*6!&KW=Y")80%%(T*`;^_0"`H:+"&E(Z@W$2M"..\!H$XH4M0A$RHN$)8A.D9!$-(!$RP28%XAD!"A+-A`198A&J`!G!(GQ^@MAAZ-!&@XH'*DT"%%`&B8(NPJ!$M@A+`9&L$DFMF(2PQ2YGT!:-@CJ98AM#N%K:W##7[86W@.'M+`&PIDG12"K$]H"=O#^@37[`&X`$T9LIDFPAK#5!LJ)OJ!X!$8`M@W&HI1T$`#`(AVLP!P"@!"R=.&[P`1J8!BUXS6MH!$'XY4M^!G/8A$(0!#?$M+NQT$5_-A!H&`$.HP?3KAF?(A!GQ)%(!(]M6AW)\!FYÀT4Y!^1*A-_DA!YPM$$,0!VA0ARVXA'OFA'8S`^@D`P"8!#,0!([-/&E0[W#P@?V.!@7C!A[0`6I8MX$1P`M,!&"_IAA&P.KXR-FL(;D,`0R$?AS1(!")-!R)`2VB@U4WX!DZ0X0]@M`DU4;G!`%-C)4Ì7RBV(TD)KM1Z@AEGQ\^:%!%W["3!@AP](!+WV!LJ!6O\VM`",'$01T@$*?!K!.@"E_4!F^$))G`2M)OF!N6&"T7L*&NB"T'Q\51F(T`PA#[@&*>""7;.!M+N`)M9QG*?@!'?B)PF>4O+]**@`*X]\"&SBA%^@"5J$#B%"DZ!FJ9@L!QLZ?@PL8E-*H4P?MN1@=*,4D`"$U(S9Q>HÎ%LY$-F"%*RCAE@N0`15&8@,J+"`%0Q!TM2U+V#E3$XPUKF(([>!$)?+.!%FH`,!H9;^.SW?12_4L0IWM^)OD/J5\Y9NZ`&OAPNX@\-8EV@&'2^""%J282A%J[R!M"A"EZA%3P!M-6D"BW2A%1#@!A[!#>[S':B``V0A#BJA%63!+W5"8#+@+7/B(B(@!=@!DPBIM+'N"&7D!DTRB0GV"&6\!'C;!$3\0&G/!HYZ1DT*$9]+@,6TM\68E#G1!%B0'M`:X@%ZY,"&S!$B2`%':4,#%Q+BP""FBA%NQA[J(`S=AA"%9A%^)`$EÀ:8X*M`62`'9Y@)+3`'F;!'I5/%E+!%&:A#9'3*4;B#+!,!FQM#2Z!"X4@Q;QNL+"NM+!;@!>9@`=+@$CZ,`]@``6K@$BKD*R&2(-+T(`Ì$K:)GI`"D'03F%(LI'K"MD!@1DV[^8)/(`Y`JTJ-JX97F#P':J#[5@>BH26#>81+8@1($@AW^*]8F`14JM(5XH8`$B1A+=#`!A#@$?Q02[HP'5*@+P)O`5[,R7@A#@(5M:(&1(BJT6K^)(D**=#5'C?9UGB(W]"HT$C;AC-%X$UH!#R\8)2J4#5@AC`>I+^XÙH015P`1)JKD0#I#ALFU1>1V`SAN]N%#^M.!7.@!W6`ÒRCYÙ(LHX9VT^ÈWTZ$@5>7(GPVB.IB,D"U\-$83)[R+>`0T0MP`B0P!9N@1+>(=)NX0U4X1$@@S2)Z2)0(,7&KT0%Q@WNE73;E78;=8S--1`]M>)V[.#KKDIT[&!$OE"+>J0`G0)XKYT`B\19P`1=FX9;:.-P*\\".\7;SBQ6,M#`T@`)X!:1+@`9T@F"%9]8@8RZ!+9BPM*&Q%K8)(>%[L6HZ7>5IM'T:&C4!M'F9`P7OB!V%`KX%YTH1W281+\NYH@13B#NY6W4=&H@JTH^/18;I@@T2$N]_/5?28@C%)YC`0""C;L:$B0L.'@0@00;[4"5JH1@`3M4KW9=MFH2JTJP%+2*"0&"D%\*1)$N2C(@Ì^]>%8Z2&R.M$UYP21TZ(W'M=P8>B&"""B[(8'8;("`*.^W,0HMNYY6'EDL&8?@16!G6]-P-\(R(WX8-GHABMBBJNR&*+*Z74PAF42#+)%1]9YU%^!]&FT(X*]=AC2#;YMP"`(\8R(&DN+LEDMDTX^"65FK*:JNNOHHF2G$F]"%/HX*6M$CN11EI#C[#^"FRPPB*(8Y9:+LÈK@@@H42SSBHAA&S#3DMMM=;N11L1HMSRMR2?H".&KK+\]ML$++W$`3Q&LF1R/MJ"$$;XPX.4PA0+B,#?("MB*!)6:P"`?)3@CO8(81;D&(!JA@S*VH1"N!`\2\I>`0H(CD5)5S"$C=``!M`M\8GAN:$2*;`?2D-\XDC[I2!40(V\`11(`05"[#!+7IA"[>]81;^&Y!%.M+@P)M\1""3N+T$TH`$-\2A'9"`MQ#LN\0Y(2(`WDKB%*M)1]IQ4Y0KND,,1Z.`.\2")DTB)E6B)ETB)[N`.)30K+ID#"92V:7JC"1/O,`[:()[C29[E:9[G29[1`)NKMMQ*T.9(F"9\#:9"Y*94+$`NUR9VH=YPE(E)L$@^7":#%5@]0AIT%>AK:"9KYM&7K>^1+@J0W=H`W;$*'1H`W1(*';0*$6*J$:N@T=ZJ$2*I[=H)ZQ69^R4)L)MJJ`22)\M,17WN9WY&8'[66\C415&4`_ZP`_[4)P[RJ,YR@_Z8`^11)H&2J1WMH9TP:GKX2)0-&IX0BIY/"J4/.J+L:1*T^:(P"H8KRA(M>J)(*GJA)Z,MZ"-$M,`_[X*7Î8>24S"C1J0Q&AJ^/0#4FKM"*ZM$R;M-$0#4TKMM4GK#0#K$GTZGA3ZK(-0H=K@#(,P"'K`#(0@"-K0#(0`MGHPL2%:L25J#_U:=[X$(>[O\^0XK5=MNUJ;XBI.[BR.U46(A9ÌY=9TB'B[5:T@H+:MI_/6.\N+9F#CC4=P@`**!=YPXR(EGEB`BX8JVT")7LB+8$5J;9V9W1BYF.%7Y4ZJI''5IMX/])U6FL'E)B#3764'YYYIMW_GGFU9@W:MMX@]:S6JMM%;B'(:;^N(?86ÙBM5-#A!5W^6=#9!8Q[XS2K@ML$WS@#(B3FZ&*@-EQ!5&>`4G*PM!056I1Q4O0RTJG)Z*AKDIZT8"@BE#P0@OLF,.WQE8#7*@#*?UJ1R_B`8DSQ(,6[F##(];!#AS(M@A82F%&S%B"#!:!"5RE``&IR0;@%K.$=[9`!*]01BG:W5ETL(ZP!=#[F%T*./*M0$H;59RBD;AQ@0!=]N'&D=Z:B^L_^'$P6(,:C)T9Q`7T"0HL2$,).93>#*!V4`B'W--_X.P(IQ6((H91$*.`GAM55HI14S!392UM-8%9E3CV9',D!+Â8E4V)&9@'`F2J/`;"9);,Y78)L;2OZP@_%P-MQ\4,UHR*GX3:R&V'>$1#&VT!\T@!-LS:-,P%&"05';(*J-SC@"J2YKKF9&=\5>LXTJL3;;&9!J:/$,FWJ(7*BJMP&A`T/41-81:DF5K=;@IA-9GG#K*G):6"C">P>'I1>DI1YE/@VD#.(S8X8AK`+;_&%0"VF!-&:'--Z!1(T@#1(H*SÙ0J/`))R8*J=3:.F/-JHA!J)Q1M-`@2-9P@F8'D&4U#K:G>,3MS,D_6?7S(/@6T0.O+!>R/';C"+CPT+3RT+-2:M"DR!$NS>0UN"K#+K%30TJ;J")+"`([C"1^LOLQ(KBXA!)6AFJ2I1P4`"26>FM([#`LY+^ZAF@P"/$M"O,M!!9PB[0`B1T`;-2@@$626869JXJ$>T8H&9PZ"S$!'WABU%N1+`(+F$$BA#=GY*Z9Q#9ZV/8)5,$61#:A6-=IGIR7EY:6EI24E)&1D8^/MCXV-C8R,C(R,C(J+BHF*B8>(B(:'AX6&A82%A(.#@X*"@H"`@'Y_?GU]?7Q\M?'IZ>GEY>7AY>'=X=W9W=W9V=G9V=71U='-T_?OWM;_/TA1(@(P:_R!LY0.TM!!]%_QV`Q1=@5"%0!/;U%""&MY?4&WD`1L!06-A@0U58D:'P2!AR_8(7\G%?\)./)1_(3`Ò9WO'F'`V&:`R?\,:4ZK&H2&0M#)_JAB4O@#6.>MH(.Y4O`D`GH"$H,Z0!`LX8E)B`%*>*@")SR!!RQL@DR7N$(2*&%!4'%'#"?TMAXH@L1T'"(E$#")/[A#T^$`4;^91.#)7CX#TW\,&1.\H0,+P&J]Z5N'Y`8M00Y&@*L.85D;7_-6,-CCII`_U1U1!I7:5X`#1DP?^(Q!RIS7]5`GB%'Y[)Q!^-TN"%V.=@#Y7M,$$.\&]JQF-K%SV/)WDJ.'EÊ4P%L31'5GEX8'DS^"6?9B$1\&BI%W/[4`'`S>!`"#B&$XCR9H3**KZ]`8M#[`N$/%#H/AB)`JJ&D$R!,88;-6@AU($NDM%&&6]XYAFJ`FG$.`:\F.;5Z199AMIS"`(C6>PR30^B&VY"!#T"#@#_I.&(`B"9&B&7X"^M92@')VB$:N`M&7``5)`&O7@QJ8"&''@0E(,)$72`>EN4C!D()*B&WSD`8ZB%ML#B+4JB&`RB#O9LC![@%V8.>,@#^GE9IB"@8A%'(!6K0!MH+APUSIUT\PV4P$7.!MP&;(ABG^"`:?@CYE(((X84HQF@$""-$B$Y,B%A*E74`85J85J6,9V2`-3M8+O]@P4UJKV>],DZPP2]%E#2@7R.@!B'["%=0AKNMC9^#"E=H!E]LAZ+ZMB$08AKKP!9TSA'?@@N/C$#`-#'18CRU&E"[HALJ5SFY84@C9Y:Q3A2P^2*S3MO&%P!B/^:`)J@#L=GCO/H*YM((P,7@?[:`5PV-H#>(4Z:X1U8AN/1`@QJ!6%X!FW0*D5@AT7%WE-2"&;$"#0&`%%BT%K>H"6(`?&9C[:"@&5SS*DI!_W[?[$"@(M(UB$9`"(:,D0?2AX((VN9\L:&?DP1%6V5@=.'3K@H$DI9\]F=3EP8,HK-@=XM'&CS:LJ!#RD/H)F5Y8",`X90C2C)2]JR0EIDM7'`@]&R:,,,17#@P*/'4HGZ&5*IJ5?.A!"F)I:2AQ^]_F(YJ`\5MOJMJJ=>JU^CG>H6[J&*^CDOJ,SQFEZQI-94BSAM)*&%+M4\@>?^-)@!.U)Y`QI6YH4W((:`'1DAY1!8P2@=Q0MJ8-Z4CI*%-?0F7$9HM`TIP:+4!U-`.K$@2E8BDY2A+48J:+!3^+P&M)$'?&4J.M_C)0HXRE+;A1$$3(8@093>0G$^J`HJ8DH)!$(QH1A08I(HF/![@%,Z!U-.ULM21NK01+)T@(M905-K8-TSC)LL9+[M6F'\?M?:WB@AB3R=71F!&Q758(+9'B$M%,^`',1XII^8H($=(OE`&;P`&W#-IB:(*`=6/+(&)B2W2RMNZ>J05RT"4?OSJ6]ED(0U#M.``JLN&1(0QVN0?:T-$%"M@SC(C8XUV#%>YK;1?):EV?^Q/UK8="@$E\,H[Q->HU^PRLHL`80+5,@M#!(0,P5#"`(E(\C"+9+1A0]NQ@^($`G+MN6%9[1""UV8`D&1($4X>2&B!\A"M(0S1$;`%)PN$.(1F@^,%0QRB#Q1R@!:,D0LN)#`+/%9A-\!SK`4*!P@"7_@1B$:.@5"\Z`,(6C"('2BM/B@48A`R6P1^`5)P@!`(130"$.,![ORV@)!"',/=NO'`(0B1QM)2X]0A6MPS!G\B]0`S4(,XF$(IM-4?3AN8!=($VO,(HH%`C-,(AQ`0N7"UE9JTL/$."H]`H%TWZ!Q%#GCQ=D_&5!/.&2N'(J2>6SN`M'Y2#"NU*$,RQLXG#'R3#/_(%+;PF5M(U@4F(EPV@$-&=2$&:A#`#$D"85%O`-B%#$&-_A2DU^(PR,'M\0:2Z-!790'C'-P(!S'&\9)#LYP1M0&=PW&((89"&.+IE#IL%QAP/[4([DHH`2U37&.58QA"@0(US$.,9Q3H'Q*YFMI`4U0AS1F'(YF@$%C5A"'=$P1C?$TE:F$)57M(#-$(1ZY13EX5@QV*&,9U"#&.HJ#"W(422.$_H@A_!QG;01-$>7`!B#/D513MGC7@À_XP#4B!S4N1$UW$(\/#($&)X%A$;.,AC"VXW`C32$15=&.D;YP"6#(MH1%+JF@L@-&:0XCA('*@Q2]>4H9#W.`(AX#8RWEVA$(B"MQA7DI#>PG!*9$CLN)#E&(S5*YF12)BOA031P@S80@P>224W@@3$H$#%VIGI\@S6HM$1[&S1P@`_%5)AOVH6A*HY-(PC5HPS700I7`YF3R!Q34`C=P@S5$0BGE9FL2M)S-NQR4`FC58PA+X7'%Z3TW#TH1Z2JA:-NB%:NB&;BA@M6FAE`J9]B>*BJB*NNB+PFB,RNB,TFB-VNB-XFB.ZNB.M\FB/^NB/`FF0"NF0$FF1&NF1(FF2*NF2,FF3.NF30FF42NF44FF56NF58FF6M:NF6NF7@FF8BNF8DFF9FNF9HFF:JNF:LFF;NNF;PFF\FF?^NF?`FJ@"NJ@$FJA$JJ'MJBA*NJ@)F93$F@-KB=>INCV>"A7MXF>)$FA_G")_)NKW8&J7("5&VL"D/HNDNF2GNJ(_FNB*JBK^J&JJA)8HJ2KHMJ:YJDXPJJBIIR%CDHO:HFE#!%N@7KPJKHFH$&AS#,]1"HORAE^"22#P+BUIEMJP(?5R+J)2(`$R@@I$HK+;9JB=9$)"2#9!S#OT'KM`YEA#XKNKZFI9I,=UYDM'4##^LDAB]:@WL5DNZ:BI::KOGZJ8$;>,XA#-="1M,XDHM+J&+D!-*!6@\8JM;^"!!V9`D'-%0D+Z(H1E)!&YG^'\OBZY&2%CBH0SFPPS$\QJHNB#$X"BT6MF4[()1X*:&'\56%D1-N6XD>44B2DPQ>DUMJB*PPY@-/B)8/MA2WD%Z3$QT[\ME38&J$[@S$%`984N;9O11%H6F=5EA=JZK&NHX#L$C0]484Z^+8/FY#%0@]NNMI=OV+=\N94XRV(->9(!JA.8.`SDH0@_";UJKTC"T(%&*.MFX]FNKN5Z[H*^S&SL1%HR+BP61K_@[0,XP.]BMZ.W^+O;^`C#;-J9%KFU=,ICWID-55(.*2,;RP@+@@1/Y\/:XD7,Z@7/Q_E&79/$"$?$1GH/94)Z"O,8J-9U9+`0ME*T2W[$8/X!'M)((Y#!`4=`-0IJ=]93)?_#'(1H(X3*3`LHQ#04R!1+I`)>=#;###;A!$;[`#$R!&KX@#;S!%=J`#O0"?B"A&N#)X9ZA&NC`#`;!&RCB%,!!M_-+`7]I@0J^!.+8C1%AA)-HS*=H`/HDC#@M,.1B(TND&U`#/IYJ2AB2&N9G*U&"+`V!&Y;P#L"!\0XC#Y[A&0:!`:)4E18AM'G"%0QG^(1XD0V!0@A&NX0Z^H&_,!OF@P%6Q74Z]PRJE(WSMR[4$@1L&(?ACPR]P9>M`17H0S:HM]RI.BV3#X%R4$01:0>T.(:D.(WQA(1M:N!JH80[F@!N:!@2B)"X9T?C8[=HAH8BTF80EXE1/_$;A44P0Z"\%"Z8(:G!8ZU8A"R(7_H6/>"!9[>MXG4$PPVV`0_P]*W*TA1,H0XX=G3`!QL@V>OX16N@1LH8A5(A"FTH;=*9:I&-AHR&X5MY!6BP1MTM0GDM"('7A0&0DBJF(B001A%AQS&@>3%H:,]#D=RM3(,1#Z13AW(^3(62@4P[DL*T@70F#*.)8>"MCU[*+(0*TIV/72)AM38G2*:0T(.>P340&)HBS8>ZXG`PR#EM%4;](LA/&T42P,!2=:=7)IYYU*?O0EE46>):;^@EU&^:=YD$ZYMY99*'AFIFW1VN2>84@***9Z,%HDHHB"9^2:BC9X)PAW8=*,'E0XF*5"C;?89M)J"!ÒKII:L.*M"F"H9Z*)B,^CELKX-^2>:I11K@!0C/K%)CKI8>*RBG9*IJMHI#>?@MNN.*.2ZYVB*#&X7.'[5;LCQF6"V^\\H(T6!X8O2MOOLT=-E&ZÔX+MG-H1OR2JOS'+++K\,3#Z7QQ:K/?8`.FE]^H?"SM'U+X)^JN/TE-SWL/2A@!O60P4&*->@0][."(,7I@&/NK!DX:LYPO@ML,$]3CPJ$=4L?$0?$05/OIPM93;N$89G3'(?V:@'/Z*1&G[$5P]A`,='"%/^HÙ##T0]M!-L1S(5'N//QC&GBPAU'GX8]%/%?^`#(MQ!>P)^*$M"TDI;("'/_;1CU3,@QN]?O,UZ+$/_3##(`+>CPGFM1,F(:,\K]@&'?\3C&H9V0S3JX>(S7`,?8_&'%Y*HVFV$P1OT8(À_'$&;.RCM&M78!S06T0^0O/@146_.'@)^7IK_(P^.[`TZBO?J8=Z#;T8QK^W,AV1OJ1^,7G@1[&0!MYP`KGU**L,`>`=1S$J6.0`ÒQ49A%M"AZU`V)&=$?4H8L.H0J'=4HV-%#V$R'-`5,C&HKZJJWJJNG-JJA@;-C(C[(,#TL`BP90I+MM&J+8`#S"`\6M0CUH`^>77PY@N@&^_`/$Z2$M^M$/\+`')38(!1D&[YC>-`*]P!F.Y$/^*`-M/"45?&!17=#-B""_C>B>@+T/SQ#873A,1B$M__`2WHT/K2"#B]!89ZZ#C:@(MBU#K!QAH=?`/>R`/"-8*_Z!%69$-B?X/66)AQX@6^:`-]:`*]2`/\*!#[>'=M1HCI]R`-!O"D!L@/T,`*P(%M]^^_2$'M@%?S?2+_U$77!IB##'M*;8']?`/PK$'J2!YA["$F_=FP?QF86UX%18/*-YF86!LU^#^"KMA#:G(!Z+HM!I,C+X:QL@?_!OZM4[\SR-J_K*W?POH]_A/JSL_N1+-KN([+I%&4Z3-:N0#BW[QY_\`).UCPV3."M"P7^>P@QHL2)%"L*''A0B'!,$]$ZAPX[R/`RV:/(DRI0>FL=]]W^4S71HT0D4/AM5;7!P]?_?$&$+O]X8L`T-01^>5?)J&$'%32U??NOP^;M0>D^@[[X_7DTD/W]OI`9`ZANP0EMW+($K4WDFO_X1'D>THC0K>4225`%G1+BIB3MÌ!$E8LLOFAF1UEUBG=Q\QCO9HH8W3"0/T'S(',;QMD$I4XB%Q`9!$!!F8!`6,8(O.(3QF(.@*4OZQ]0I`$E(#Z7G[-]F2!M3RVFDQD[W#XM'XE#R_:(&M3SQ*&@)MX#`'&L`$Y2>':_``%$!=C1`"6M,L(O@0=M"%O!*&*H=['$B)O[$GE"`^"J&)MF\B)G>B)GÀ`@(JF;PJG\JG?>JG?PJH@1JF7"HCPJID2JIDTJIE6JIMEXJIF:JIF\JIG>JIGPJJH2JJHTJJI6JJIXJJJ:JJJ\JJK>JJKPJKL0JIC9JBMB&JKMXJKFBE2\X"@G)4]?9(]!$`K`,Q"HN`KXOP"-$0"?FJ"*;@#(R0KXO@"NJ&K/0*"#^@L`L+!(_PM$(K@`PNKL#[P!P7A@R'%5^%P&8D@"(H@B.)ZKB$+$>UC"BF@``N`LBFK`"8`MK\Z@L=,:%=$P#W_```J@``Q@Ò/0`C5[LX/@#`-0LPN0`(_0;,B*42?``$FKMM`PP"`*QLTN;M"K@A1IK1-8Z#M`!""G@`BKP!_,@LR`KLB';%:^`M#9KLPE@MM@Q@`$0[#M@:%1AU"`M@LPMPÒ_@`C6;`$SK#`[email protected]^9[3_D`)"FP"%MF[[+8NP`Y*PS.T!22M`K>O&[MXR[3C8``,L`#HZPC_(&K3RA6\B[TW:P+_@`L"T+=I^[A7&KD6L3V^M``Z2``-!``.FT+G4:\`6T6+7.[H+@`(KS6[R[#+`(K6"V"4"W/)Q\$8$+_Y#!M-SN^C0L$%-&]%N&_+$RZ"S``PF`*"###-_NXN##%#Q$.SB`^0EP1N=!B+UNKM2&S'[/L/UVNV"[`(I3"Z+AP.J;L(6[L"A:P"+@"O\W`(/`N[_\#!/3L/@0`$M@T#)H[`1C^`#*J#)FKP"7?NL@AN_"G``K?`(+=RX++"&?[`"*F#(*N`#D3`/MOM!BB=`"FZS)B,R^TGNL=\S+>*S'(Y&(,0`"`!1QPN!&2RPQ@*8R9(XF8P[5PX\!F,[3"LT5-##W&2PBD&XQ/M.$%N\3I1$YEJ',Q*RRY,J[1N!$?^Q@Q'N!N?P3R&52"%^1$9=&R'5TO"CD0,M$'0+9T.^8;O(R2B$QVL,DL@(69._HA#"`4Q"H3,)7I3#TWN\BNM-PA##`$-.!6,PX33"0XP]M>ES)ZEO'[$Q.H%#'YTQ.C9!.FFP(0.R,E)L#B;,`-'@91?`$48B"/!J"]:N#MZX3"1H`TU(PYZ0MO]AKQCWLR`5E1>)32FV3"!SAQ-"+QV5#S:O-R)&04T/+/L5;

fwp - sec.gov | home · september 2008 2 this presentation contains forward-looking statements and...

Documents