Exhibit 99.1

ANNEX A

THE TRUST STUDENT LOAN POOL

The trust student loans owned by the trust were originally selected from a portfolio of consolidation student loans owned by SLMA, VG Funding and Navient ELC by employing several criteria, including requirements that each trust student loan as of the original statistical cutoff date (and with respect to each additional trust student loan as of its related subsequent cutoff date):

·	was guaranteed as to principal and interest by a guaranty agency under a guarantee agreement and the guaranty agency was, in turn, reinsured by the Department of Education in accordance with the FFELP;

·	contained terms in accordance with those required by the FFELP, the guarantee agreements and other applicable requirements;

·	was fully disbursed;

·	was not more than 210 days past due;

·	did not have a borrower who was noted in the related records of the servicer as being currently involved in a bankruptcy proceeding; and

·	had special allowance payments, if any, based on the three-month commercial paper rate or the 91-day Treasury bill rate.

No trust student loan as of the applicable cutoff date was subject to any prior obligation to sell that loan to a third party.

Unless otherwise specified, all information with respect to the trust student loans is presented as of August 31, 2015, which is the statistical disclosure date.

The following tables provide a description of specified characteristics of the trust student loans as of the statistical disclosure date.  The aggregate outstanding principal balance of the loans in each of the following tables includes the principal balance due from borrowers, plus accrued interest of $3,939,785 to be capitalized as of the statistical disclosure date.  Percentages and dollar amounts in any table may not total 100% or whole dollars due to rounding.  The following tables also contain information concerning the total number of loans and total number of borrowers in the portfolio of trust student loans.  For ease of administration, the servicer separates a consolidation loan on its system into two separate loan segments representing subsidized and unsubsidized segments of the same loan.  The following tables reflect those loan segments within the number of loans.  In addition, 17 borrowers have more than one trust student loan.

The distribution by weighted average interest rate applicable to the trust student loans on any date following the statistical disclosure date may vary significantly from that in the following tables as a result of variations in the effective rates of interest applicable to the trust student loans and in rates of principal reduction.  Moreover, the information below about the weighted average remaining term to maturity of the trust student loans as of the statistical disclosure date may vary significantly from the actual term to maturity of any of the trust student loans as a result of prepayments or the granting of deferment and forbearance periods.

 

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The following tables also contain information concerning the total number of loans and the total number of borrowers in the portfolio of trust student loans.

Percentages and dollar amounts in any table may not total 100% of the trust student loan balance, as applicable, due to rounding.

 

COMPOSITION OF THE TRUST STUDENT LOANS AS OF THE STATISTICAL DISCLOSURE DATE
Aggregate Outstanding Principal Balance		$	1,252,866,122
Aggregate Outstanding Principal Balance – Treasury Bill		$	191,171,842
Percentage of Aggregate Outstanding Principal Balance – Treasury Bill			15.26	%
Aggregate Outstanding Principal Balance – One-Month LIBOR		$	1,061,694,280
Percentage of Aggregate Outstanding Principal Balance – One-Month LIBOR			84.74	%
Number of Borrowers			35,559
Average Outstanding Principal Balance Per Borrower		$	35,233
Number of Loans			59,817
Average Outstanding Principal Balance Per Loan – Treasury Bill		$	26,361
Average Outstanding Principal Balance Per Loan – One-Month LIBOR		$	20,198
Weighted Average Remaining Term to Scheduled Maturity		208 months
Weighted Average Annual Interest Rate			4.76	%

 

 

We determined the weighted average remaining term to maturity shown in the table from the statistical disclosure date to the stated maturity date of the applicable trust student loan without giving effect to any deferment or forbearance periods that may be granted in the future.  See Appendix A to the preliminary remarketing memorandum.

The weighted average annual borrower interest rate shown in the table is exclusive of special allowance payments.  The weighted average spread for special allowance payments to the 91-day Treasury bill rate was 3.11% as of the statistical disclosure date.

The weighted average spread for special allowance payments to the one-month LIBOR rate was 2.64% as of the statistical disclosure date.  See "Special Allowance Payments" in Appendix A to the preliminary remarketing memorandum.

For these purposes, the 91-day Treasury bill rate is the weighted average per annum discount rate, expressed on a bond equivalent basis and applied on a daily basis, for direct obligations of the United States with a maturity of thirteen weeks, as reported by the U.S. Department of the Treasury.

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DISTRIBUTION OF THE TRUST STUDENT LOANS BY BORROWER INTEREST RATES AS OF THE STATISTICAL DISCLOSURE DATE
Interest Rates		Number of Loans				Aggregate Outstanding Principal Balance				Percent of Pool by Outstanding Principal Balance
Less than or equal to 3.00%			9,404				159,381,907				12.7	%
3.01% to 3.50%			12,810				209,870,908				16.8
3.51% to 4.00%			11,977				245,227,097				19.6
4.01% to 4.50%			12,731				251,980,343				20.1
4.51% to 5.00%			1,894				55,222,047				4.4
5.01% to 5.50%			767				24,400,331				1.9
5.51% to 6.00%			810				28,671,049				2.3
6.01% to 6.50%			630				21,407,276				1.7
6.51% to 7.00%			779				23,025,127				1.8
7.01% to 7.50%			735				21,877,368				1.7
7.51% to 8.00%			2,761				73,430,259				5.9
8.01% to 8.50%			1,861				50,515,988				4.0
Equal to or greater than 8.51%			2,658				87,856,421				7.0
Total			59,817			$	1,252,866,122				100.0	%

 

We determined the interest rates shown in the table above using the interest rates applicable to the trust student loans as of the statistical disclosure date.  Because trust student loans with different interest rates are likely to be repaid at different rates, this information is not likely to remain applicable to the trust student loans after the statistical disclosure date.  See Appendix A to the preliminary remarketing memorandum and "The Student Loan Pools – The Student Loan Marketing Association's Student Loan Financing Business" in the prospectus.

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DISTRIBUTION OF THE TRUST STUDENT LOANS BY OUTSTANDING PRINCIPAL BALANCE PER BORROWER AS OF THE STATISTICAL DISCLOSURE DATE
Range of Outstanding Principal Balance		Number of Borrowers				Aggregate Outstanding Principal Balance				Percent of Pool by Outstanding Principal Balance
Less than $5,000.00			5,225			$	15,368,553				1.2	%
$  5,000.00-$ 9,999.99			4,286				31,797,637				2.5
$10,000.00-$14,999.99			4,425				54,770,548				4.4
$15,000.00-$19,999.99			3,184				55,105,392				4.4
$20,000.00-$24,999.99			2,469				55,575,244				4.4
$25,000.00-$29,999.99			2,281				62,629,865				5.0
$30,000.00-$34,999.99			1,891				61,273,056				4.9
$35,000.00-$39,999.99			1,419				53,137,998				4.2
$40,000.00-$44,999.99			1,355				57,589,925				4.6
$45,000.00-$49,999.99			1,092				51,752,133				4.1
$50,000.00-$54,999.99			983				51,488,830				4.1
$55,000.00-$59,999.99			809				46,479,895				3.7
$60,000.00-$64,999.99			737				46,010,730				3.7
$65,000.00-$69,999.99			600				40,448,576				3.2
$70,000.00-$74,999.99			551				39,950,841				3.2
$75,000.00-$79,999.99			465				36,020,502				2.9
$80,000.00-$84,999.99			408				33,619,048				2.7
$85,000.00-$89,999.99			320				28,007,523				2.2
$90,000.00-$94,999.99			334				30,860,727				2.5
$95,000.00-$99,999.99			260				25,333,282				2.0
$100,000.00 and above			2,465				375,645,817				30.0
Total			35,559			$	1,252,866,122				100.0	%

 

 

DISTRIBUTION OF THE TRUST STUDENT LOANS BY DELINQUENCY STATUS AS OF THE STATISTICAL DISCLOSURE DATE
Number of Days Delinquent		Number of Loans				Aggregate Outstanding Principal Balance				Percent of Pool by Outstanding Principal Balance
0-30 days			55,954			$	1,142,449,666				91.2	%
31-60 days			1,301				35,484,215				2.8
61-90 days			655				20,073,395				1.6
91-120 days			456				12,667,267				1.0
121-150 days			364				10,049,221				0.8
151-180 days			256				7,722,224				0.6
181-210 days			178				4,999,928				0.4
Greater than 210 days			653				19,420,206				1.6
Total			59,817			$	1,252,866,122				100.0	%

 

 

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DISTRIBUTION OF THE TRUST STUDENT LOANS BY REMAINING TERM TO SCHEDULED MATURITY AS OF THE STATISTICAL DISCLOSURE DATE
Number of Months Remaining to Scheduled Maturity		Number of Loans				Aggregate Outstanding Principal Balance				Percent of Pool by Outstanding Principal Balance
0 to 3			91			$	62,159				*
4 to 12			634				642,645				0.1	%
13 to 24			734				2,204,381				0.2
25 to 36			855				4,022,548				0.3
37 to 48			5,437				16,710,627				1.3
49 to 60			2,373				12,544,083				1.0
61 to 72			1,653				11,739,113				0.9
73 to 84			1,522				13,460,621				1.1
85 to 96			1,302				13,255,568				1.1
97 to 108			6,569				54,881,329				4.4
109 to 120			3,097				34,253,531				2.7
121 to 132			3,495				74,784,271				6.0
133 to 144			2,618				65,893,968				5.3
145 to 156			1,807				43,524,599				3.5
157 to 168			5,032				91,182,291				7.3
169 to 180			2,759				55,240,369				4.4
181 to 192			1,646				37,436,997				3.0
193 to 204			1,237				30,644,232				2.4
205 to 216			1,131				30,591,119				2.4
217 to 228			4,818				148,155,582				11.8
229 to 240			2,672				86,412,924				6.9
241 to 252			1,603				59,197,388				4.7
253 to 264			1,229				53,628,289				4.3
265 to 276			973				43,733,557				3.5
277 to 288			1,019				49,979,423				4.0
289 to 300			1,086				54,013,891				4.3
301 to 312			722				40,537,290				3.2
313 to 324			333				22,366,513				1.8
325 to 336			279				17,454,343				1.4
337 to 348			258				17,406,777				1.4
349 to 360			488				38,462,418				3.1
361 and above			345				28,443,278				2.3
Total			59,817			$	1,252,866,122				100.0	%
* Represents a percentage greater than 0% but less than 0.05%.

 

We have determined the number of months remaining to scheduled maturity shown in the table from the statistical disclosure date to the stated maturity date of the applicable trust student loan without giving effect to any deferment or forbearance periods that may be granted in the future.  See Appendix A to the preliminary remarketing memorandum and "The Student Loan Pools – The Student Loan Marketing Association's Student Loan Financing Business" in the prospectus.

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DISTRIBUTION OF THE TRUST STUDENT LOANS BY CURRENT BORROWER PAYMENT STATUS AS OF THE STATISTICAL DISCLOSURE DATE
Current Borrower Payment Status		Number of Loans				Aggregate Outstanding Principal Balance				Percent of Pool by Outstanding Principal Balance
Deferment			2,948			$	76,414,641				6.1	%
Forbearance			3,608				120,983,285				9.7
Repayment
First year in repayment			1,483				63,267,596				5.0
Second year in repayment			1,081				42,797,657				3.4
Third year in repayment			1,283				45,725,177				3.6
More than 3 years in repayment			49,414				903,677,765				72.1
Total			59,817			$	1,252,866,122				100.0	%

 

Current borrower payment status refers to the status of the borrower of each trust student loan as of the statistical disclosure date.  The borrower:

·	may have temporarily ceased repaying the loan through a deferment or a forbearance period; or

·	may be currently required to repay the loan – repayment.

See Appendix A to the preliminary remarketing memorandum and "The Student Loan Pools – The Student Loan Marketing Association's Student Loan Financing Business" in the prospectus.

The weighted average number of months in repayment for all trust student loans currently in repayment is approximately 96.5 calculated as the term to maturity at the commencement of repayment less the number of months remaining to scheduled maturity as of the statistical disclosure date.

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We have determined the scheduled weighted average remaining months in status shown in the previous table without giving effect to any deferment or forbearance periods that may be granted in the future.  Of the $76,414,641aggregate outstanding principal balance of the trust student loans in deferment as of the statistical disclosure date, $40,393,678 or approximately 52.9% of such loans are to borrowers who had not graduated as of that date.  We expect that a significant portion of these loans could qualify for additional deferments or forbearances at the end of their current deferment periods as the related borrowers continue their education beyond their current degree programs.  As a result, the overall duration of any applicable deferment and forbearance periods as well as the likelihood of future deferment and forbearance periods within this pool of trust student loans is likely to be higher than in other pools of student loans without similar numbers of in-school consolidation loans.  See Appendix A to the preliminary remarketing memorandum.

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GEOGRAPHIC DISTRIBUTION OF THE TRUST STUDENT LOANS AS OF THE STATISTICAL DISCLOSURE DATE
State		Number of Loans				Aggregate Outstanding Principal Balance				Percent of Pool by Outstanding Principal Balance
Alabama			473			$	12,681,238				1.0	%
Alaska			103				2,817,010				0.2
Arizona			1,321				29,429,365				2.3
Arkansas			325				5,617,103				0.4
California			6,731				155,201,717				12.4
Colorado			1,043				21,045,022				1.7
Connecticut			936				17,887,594				1.4
Delaware			183				4,341,684				0.3
District of Columbia			371				7,090,155				0.6
Florida			3,918				92,052,452				7.3
Georgia			1,821				49,186,215				3.9
Hawaii			260				6,220,502				0.5
Idaho			180				4,347,180				0.3
Illinois			2,499				48,896,533				3.9
Indiana			1,741				30,415,186				2.4
Iowa			278				5,047,082				0.4
Kansas			1,265				18,267,256				1.5
Kentucky			375				7,169,175				0.6
Louisiana			1,606				35,384,624				2.8
Maine			162				2,964,460				0.2
Maryland			1,846				40,718,552				3.3
Massachusetts			2,186				37,226,051				3.0
Michigan			1,120				26,610,449				2.1
Minnesota			801				15,273,305				1.2
Mississippi			489				11,089,830				0.9
Missouri			1,289				23,034,347				1.8
Montana			88				1,926,767				0.2
Nebraska			160				3,776,031				0.3
Nevada			351				6,999,417				0.6
New Hampshire			295				5,750,497				0.5
New Jersey			1,699				38,512,311				3.1
New Mexico			218				4,558,759				0.4
New York			4,386				91,816,964				7.3
North Carolina			1,221				25,720,754				2.1
North Dakota			57				1,490,298				0.1
Ohio			1,877				35,998,712				2.9
Oklahoma			1,232				23,642,247				1.9
Oregon			879				15,953,937				1.3
Pennsylvania			2,379				44,598,331				3.6
Rhode Island			162				3,710,247				0.3
South Carolina			530				13,035,423				1.0
South Dakota			62				1,395,017				0.1
Tennessee			730				15,419,312				1.2
Texas			4,533				94,396,807				7.5
Utah			212				5,429,913				0.4
Vermont			83				1,299,110				0.1
Virginia			1,886				34,786,287				2.8
Washington			1,769				33,885,170				2.7
West Virginia			322				6,399,537				0.5
Wisconsin			652				13,871,448				1.1
Wyoming			61				1,891,072				0.2
Other			651				16,587,665				1.3
Total			59,817			$	1,252,866,122				100.0	%

 

 

 

 

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We have based the geographic distribution shown in the table on the billing addresses of the borrowers of the trust student loans shown on the servicer's records as of the statistical disclosure date.

Each of the trust student loans provides or will provide for the amortization of its outstanding principal balance over a series of regular payments.  Except as described below, each regular payment consists of an installment of interest which is calculated on the basis of the outstanding principal balance of the trust student loan.  The amount received is applied first to interest accrued to the date of payment and the balance of the payment, if any, is applied to reduce the unpaid principal balance.  Accordingly, if a borrower pays a regular installment before its scheduled due date, the portion of the payment allocable to interest for the period since the preceding payment was made will be less than it would have been had the payment been made as scheduled, and the portion of the payment applied to reduce the unpaid principal balance will be correspondingly greater.  Conversely, if a borrower pays a monthly installment after its scheduled due date, the portion of the payment allocable to interest for the period since the preceding payment was made will be greater than it would have been had the payment been made as scheduled, and the portion of the payment applied to reduce the unpaid principal balance will be correspondingly less.

In either case, subject to any applicable deferment periods or forbearance periods, and except as provided below, the borrower pays a regular installment until the final scheduled payment date, at which time the amount of the final installment is increased or decreased as necessary to repay the then outstanding principal balance of that trust student loan.

The servicer makes available to borrowers of student loans it holds (including the trust student loans) payment terms that may result in the lengthening of the remaining term of the student loans.  For example, not all of the loans sold to the trust provide for level payments throughout the repayment term of the loans.  Some student loans provide for interest only payments to be made for a designated portion of the term of the loans, with amortization of the principal of the loans occurring only when payments increase in the latter stage of the term of the loans.  Other loans provide for a graduated phase in of the amortization of principal with a greater portion of principal amortization being required in the latter stages than would be the case if amortization were on a level payment basis.  The servicer also offers an income-sensitive repayment plan, under which repayments are based on the borrower's income.  Under that plan, ultimate repayment may be delayed up to five years.  Borrowers under trust student loans will continue to be eligible for the graduated payment and income-sensitive repayment plans.  These programs are applicable to the trust student loans and may be offered by the servicer to related borrowers at its discretion.

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The following table provides certain information about trust student loans subject to the repayment terms described in the preceding paragraphs.

With respect to interest-only loans, as of the statistical disclosure date, there are 1,587 loans with an aggregate outstanding principal balance of $65,042,463 currently in an interest-only period.  These interest-only loans represent approximately 5.2% of the aggregate outstanding principal balance of the trust student loans.  Interest-only periods range up to 48 months in overall length.

The servicer may in the future offer repayment terms similar to those described above to borrowers of trust student loans who are not entitled to these repayment terms as of the statistical disclosure date.  If repayment terms are offered to and accepted by those borrowers, the weighted average life of the securities could be lengthened.

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Guaranty Agencies for the Trust Student Loans.  The eligible lender trustee has entered into a separate guarantee agreement with each of the guaranty agencies listed below, under which each of the guarantors has agreed to serve as guarantor for specified trust student loans.

The following table provides information with respect to the portion of the trust student loans guaranteed by each guarantor.

 

DISTRIBUTION OF THE TRUST STUDENT LOANS BY GUARANTY AGENCY AS OF THE STATISTICAL DISCLOSURE DATE
Name of Guaranty Agency		Number of Loans				Aggregate Outstanding Principal Balance				Percent of Pool by Outstanding Principal Balance
American Student Assistance			2,893			$	47,675,222				3.8	%
College Assist			48				1,346,991				0.1
Educational Credit Management Corporation			942				21,931,442				1.8
Florida Office Of Student Financial Assistance			875				12,815,166				1.0
Great Lakes Higher Education Corporation			788				17,975,138				1.4
Illinois Student Assistance Commission			2,079				37,399,129				3.0
Kentucky Higher Education Assistance Authority			125				2,433,500				0.2
Louisiana Office Of Student Financial Assistance			572				11,111,646				0.9
Michigan Guaranty Agency			580				11,458,820				0.9
Montana Guaranteed Student Loan Program			3				14,060				*
Nebraska National Student Loan Program			5				150,909				*
New Jersey Higher Education Student Assistance Authority			2,251				34,963,649				2.8
New York State Higher Education Services Corporation			6,335				123,976,734				9.9
Northwest Education Loan Association			464				11,214,390				0.9
Oklahoma Guaranteed Student Loan Program			1,247				22,076,029				1.8
Pennsylvania Higher Education Assistance Agency			6,188				109,174,663				8.7
Tennessee Student Assistance Corporation			110				3,372,490				0.3
Texas Guaranteed Student Loan Corporation			5,312				110,571,361				8.8
United Student Aid Funds, Inc.			29,000				673,204,783				53.7
Total			59,817			$	1,252,866,122				100.0	%
*     Represents a percentage greater than 0% but less than 0.05%.

 

 

 

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SIGNIFICANT GUARANTOR INFORMATION

The information shown for the Significant Guarantor relates to all student loans, including but not limited to initial trust student loans, guaranteed by the Significant Guarantor.

We obtained the following information from various sources, including from the Significant Guarantor and/or from the Department of Education. None of the depositor, the sellers, the servicer, their affiliates or the remarketing agent has audited or independently verified this information for accuracy or completeness.

UNITED STUDENT AID FUNDS, INC.

United Student Aid Funds, Inc. ("USA Funds") was organized as a private, nonprofit corporation under the General Corporation Law of the State of Delaware in 1960.  In accordance with its Certificate of Incorporation, USA Funds: (i) maintains facilities for the provision of guarantee services with respect to approved education loans made to or for the benefit of eligible students attending approved educational institutions; (ii) guaranteed education loans made pursuant to certain loan programs under the Higher Education Act, as well as loans made under certain private loan programs; and (iii) serves as the designated guarantor for education-loan programs under the Higher Education Act of 1965, as amended ("the Act") in Arizona, Hawaii and certain Pacific Islands, Indiana, Kansas, Maryland, Mississippi, Nevada and Wyoming.

USA Funds contracts with Navient Solutions, Inc. and Student Assistance Corporation. Student Assistance Corporation is a wholly owned subsidiary of Navient Solutions, Inc. Navient Solutions, Inc. and its subsidiaries are not sponsored by nor are they agencies of the United States of America.

Effective December 13, 2004, USA Funds became the sole member of the Northwest Education Loan Association, a guarantor serving the states of Washington, Idaho and the Northwest.

For the purpose of providing loan guarantees under the Act, USA Funds has entered into various agreements (collectively, the "Federal Reinsurance Agreements") with the U.S. Secretary of Education (the "Secretary"). Pursuant to the Federal Reinsurance Agreements, USA Funds serves as a "guaranty agency" as defined in Section 435(j) of the Act. The Act allows the Secretary, after giving the guaranty agency notice and the opportunity for a hearing, to terminate the Federal Reinsurance Agreements if the Secretary determines that the administrative or financial condition of the guaranty agency jeopardizes the agency's continued ability to perform its responsibilities under its guaranty agreement, it is necessary to protect the federal financial interest, or to ensure the continued availability of loans to student- or parent- borrowers.

Reinsurance is paid to USA Funds by the Secretary in accordance with a formula based on the annual default rate of loans guaranteed by USA Funds under the Act and the disbursement date of loans. The rate of reinsurance ranges from 100 percent to 75 percent of USA Funds' losses on default-claim payments made to lenders. The Higher Education Amendments of 1998

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(the "1998 Reauthorization Law") reduced the reinsurance coverage for loans in default made on or after Oct. 1, 1998, to a range from 95 percent to 75 percent based upon the annual default claims rate of the guaranty agency. Reinsurance on non-default claims remains at 100 percent.

The 1998 Reauthorization Law requires guaranty agencies to establish two (2) separate funds, a federal reserve fund (property of the United States) and an agency operating fund (property of the guaranty agency). The federal reserve fund is to be used to pay lender claims and to pay a default-aversion fee to the agency operating fund. The agency operating fund is to be used by the guaranty agency to pay its operating expenses.

On March, 30, 2010, President Obama signed into law the Health Care and Education Reconciliation Act of 2010 (Public Law 111-152), which ended the origination and guarantee of new loans under the Federal Family Education Loan Program, effective for loans whose first disbursement was after June 30, 2010. As a result of the statute, USA Funds will continue to administer a portfolio of outstanding FFELP loans, but no longer may guarantee new federal student loans.

As of September 30, 2014, USA Funds held net assets on behalf of the federal reserve fund of approximately $157 million. Through September 30, 2014, the outstanding, unpaid, aggregate amount of principal and interest on loans that had been directly guaranteed by USA Funds under the Federal Family Education Loan Program was approximately $56.8 billion.  Also, as of September 30, 2014, USA Funds had operating fund assets totaling almost $1.3 billion, which includes the $157 million of net assets held on behalf of the Federal Reserve Fund.

USA Funds' "reserve ratio" complies with the U.S. Department of Education definition, which is determined by dividing the fund balance reserves in a guarantor's federal reserve fund, by the total amount of loans outstanding. Following this formula, the reserve ratio for the federal reserve fund administered by USA Funds for the last five fiscal years was as follows:

USA Funds' "recovery rate," which provides a measure of the effectiveness of the collection efforts against defaulted borrowers after the guarantee claim has been satisfied, is determined by dividing the amount recovered from borrowers by USA Funds during the fiscal year by the aggregate amount of default claims paid by USA Funds outstanding at the end of the prior fiscal year. For the last five fiscal years, the "recovery rate" was as follows:

 

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USA Funds' "loss rate" represents the percentage of claims purchased from lenders but not covered by reinsurance. For the last five fiscal years, the "loss rate" was as follows:

In addition, USA Funds' "claims rate" represents the percentage of federal reinsurance claims paid by the Secretary during any fiscal year, less amounts remitted to the Secretary for defaulted loans that are rehabilitated relative to USA Funds' existing portfolio of loans in repayment at the end of the prior fiscal year. For the last five fiscal years, the "claims rate" was as follows:

USA Funds is headquartered in Fishers, Indiana. USA Funds will provide a copy of its most recent annual report upon receipt of a written request directed to its headquarters at P.O. Box 6028, Indianapolis, Indiana 46206-6028, Attention: Vice President, Corporate and Marketing Communications.

A-15

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