Edward R' Schmidt

1

• Edward R. Schmidt
• Partner
• Krieg DeVault LLP

2
Antitrust Analysis (2000)

• Loan Origination
• No horizontal overlap minor participation of
  consolidation loans
• FDSLP 30 - 35 of student loan funds
• Sallie Mae 8 /- share
• 4,200 banks nationwide
• Guarantor Activities
• Sallie Mae is not a guarantor no horizontal
  overlap

3
Antitrust Analysis (2000)

• Guarantor Servicing
• Sallie Mae is not a participant no horizontal
  overlap
• 15 states utilize in-house systems
• 20 states utilize USAGroup, including designated
  states
• Secondary Market
• Minor participation of USA Group
• Loan Servicing
• Significant number of participants
• USA Group, Sallie Mae, AFSA, Great Lakes, PHEAA,
  Citicorp

4
Asset Transaction
USA Group, Inc. USA Group Foundation Lumina
Foundation for Education, Inc,
Member
Employees Operating Assets
USA Funds Independent Responsibilities
Cash and Stock
Operating Contract
Sallie Mae
SMS - Hawaii
Membership Transferred to Trustees 1/02