Letter to the Chairman of the Board of the Student Loan Marketing Association Requesting Election of Directors by Stockholders

Dear Mr. McCabe:

I have today determined that sufficient common stock of the Student Loan Marketing Association has been purchased by educational institutions and hanks or other financial institutions. Therefore, I request you to proceed with the election of directors by the stockholders. Enclosed herewith is the memorandum of determination.

Let me take this opportunity to thank you and all the members of the Interim Board of Directors for your efforts in guiding the Student Loan Marketing Association during its initial period of operation. I look forward to the future growth of the Association as an important source of funds for lenders who provide loans to postsecondary students.

Sincerely,

GERALD R. FORD

Enclosure

[Mr. Edward A. McCabe, Chairman of the Board, Student Loan Marketing Association, 1750 K Street, N.W., Washington, D.C. 20006]