Fourth-Quarter GAAP Net Loss Attributable to Common Stock of $81 Million, $0.33 Loss Per Share; Full-Year 2022 GAAP Net Income Attributable to Common Stock of $460 Million, $1.76 Per Diluted Share

Impacting Earnings Per Share for the Fourth-Quarter and Full-Year 2022 Were the Fourth-Quarter Provision for Credit Losses of $297 Million and the Write Down of $60 Million of the Value of an Investment in Non-Marketable Equity Securities

Repurchased 40 Million Shares of Common Stock in Full-Year 2022; 14% Reduction in Total Common Stock Outstanding Since January 1, 2022

Full-Year Net Interest Margin of 5.31%, Up 10% From Year-Ago Period

Full-Year 2022 Private Education Loan Originations of $6.0 Billion, Up 10% From Year-Ago Period

Sallie Mae (Nasdaq: SLM), formally SLM Corporation, today released fourth-quarter and full-year 2022 financial results. Highlights of those results are included in the attached supplement. Complete financial results are available at www.SallieMae.com/investors.

This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20230201006006/en/

Sallie Mae will host an earnings conference call tomorrow, Feb. 2, 2023, at 8 a.m. ET. Executives will be on hand to discuss various highlights of the quarter and to answer questions related to Sallie Mae’s performance. A live audio webcast of the conference call and presentation slides may be accessed at www.SallieMae.com/investors and the hosting website at: https://edge.media-server.com/mmc/p/hsm8g7qs.

Participants may also register for the earnings conference call at: https://register.vevent.com/register/BIca989e7e50294634aadee18aa7b44a65. Once registration is completed, participants will be provided a dial-in number with a personalized conference code to access the call. Please dial in 15 minutes prior to the start time.

A replay of the webcast will be available via the company’s investor website approximately two hours after the call’s conclusion.

Sallie Mae (Nasdaq: SLM) believes education and life-long learning, in all forms, help people achieve great things. As the leader in private student lending, we provide financing and know-how to support access to college and offer products and resources to help customers make new goals and experiences, beyond college, happen. 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.

Category: Corporate and Financial

Media Rick Castellano 302-451-2541 rick.castellano@SallieMae.com

Investors Melissa Bronaugh 571-526-2455 melissa.bronaugh@SallieMae.com

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