SLM Completes C$200M Note Offering

On December 7, 2004, SLM Corp. completed the sale of C$200 million aggregate principal amount of 4.30 per cent notes due 2009. The notes were offered on a private placement basis by RBC Dominion Securities Inc., Scotia Capital Inc. and Merrill Lynch International Inc. (the dealers) in certain Canadian provinces pursuant to an offering circular of SLM dated March 24, 2004, as amended and supplemented by a pricing supplement and Canadian wrapper dated November 30, 2004.

SLM was represented by its assistant general counsel, Eric Watson. The dealers were represented by Stikeman Elliott LLP, with a team that included James Davis and Sherry Roth.