1. Innovations in Higher Education Financing and Repayment Rob Lavet General Counsel, SoFi Tonio DeSorrento General Counsel,PAVE 1

2. Innovations in Higher Education Financing and Repayment NCHER Spring Convention 2013 Robert Lavet General Counsel Social Finance, Inc. (“SoFi”) 2 © 2013 SoFi, Inc. Confidential Information; do not copy or distribute

3. An introduction to © 2013 SoFi, Inc. Confidential Information; do not copy or distribute 3 Mission: Transform the challenged $1 trillion student loan industry by providing lower cost education alternatives through alumni- supported, school-specific lending funds. Founding: SoFi was founded in 2011 by a group of alumni from the Stanford Graduate School of Business Sloan Masters program. Team: Driven by an experienced team of finance and business professionals, SoFi has over 65 employees in 8 locations. Strong governance: SoFi’s board includes Nobel Laureate and former Stanford GSB Dean Mike Spence, Baseline’s Steve Anderson, Renren’s Joe Chen and insurance veteran Tom Hutton. Demonstrable execution: $300 million in loan demand since May 2012 ($100 million funded, $200 million waiting list). Well-Funded: $79M corporate fundraising closed in September 2012 provides strong balance sheet support.

4. Education costs have increased significantly, resulting in more student debt 4 Market Problem Government loans dominate the market and can be expensive Consumer Price Index 3.98% annual increase Cost of Education 6.52% annual increase Source: Bureau of Labor Statistics and US Department of Labor Source: College Board © 2013 SoFi, Inc. Confidential Information; do not copy or distribute 6.8% Federal Direct Unsubsidized 7.9% Federal Plus SoFi Avg. Expected Rate 6.25 % Addressable Market 2/3 of Total

5. The SoFi Model © 2013 SoFi, Inc. Confidential Information; do not copy or distribute Note: SoFi funds are not affiliated with, sponsored or endorsed by the colleges or universities.

6. The SoFi Value © 2013 SoFi, Inc. Confidential Information; do not copy or distribute 6 Connects supportive alumni and students on SoFi platform, leading to fewer defaults Extends alumni and educational network Features significant annual savings through lower rates Value to Borrowers Presents a competitive fixed income investment return and an attractive total return backed by high quality private student loans Enhances connections to universities and educationally- focused institutions Provides extremely low risk of principal loss Value to Investors

7. © 2013 SoFi, Inc. Confidential Information; do not copy or distribute Stronger connections within a community add value and reduce defaults. 7 Career Mentorship Networking Entrepreneur Program Investors Attractive yield Social impact Borrowers Better Rates Community Ties School Community The SoFi Community Difference

8. Default Rates Default rates vary materially among schools Estimated annual default rate by school type Notes:  Source: http://studentaid.ed.gov/about/data-center/student/default. Public, private, and for-profit rates reflect federal student loans at four-year institutions. SoFi School Profile reflects current target institutions and programs.  Illustrated SoFi School Profile annual default rates are calculated using an average consisting of 3-Year Cohort Default Rates for the 2005-09 Cohorts and the 2-Year Cohort Default Rate for the 2010 Cohort. Given that loans cannot go into default until 270 days into the first year of repayment, implied annual default rates are calculated by dividing 3-Year CDRs by two while 2-Year CDRs are unadjusted and considered a proxy for one year of defaults. Non-SoFi annual default rates based on most recent 3-Year CDRs. Three-year cohort defaults prior to 2009 were released through a trial program of the Department of Education. © 2013 SoFi, Inc. Confidential Information; do not copy or distribute 8

9. SoFi’s Community in Action! © 2013 SoFi, Inc. Confidential Information; do not copy or distribute Career Mentorship: SoFi is currently hard at work to place 4 of our recently unemployed borrowers into new jobs. Our community of borrowers and lenders has been quick to step up and offer job leads and introductions. 9 Networking: The SoFi Supper Club is a new community event that offers exclusive networking with a notable person in an intimate dinner setting. Our most recent Supper Club featured Mike Cassidy – a serial entrepreneur & Director at Google X Labs Entrepreneur Program: SoFi connects like-minded borrowers and investors in support of new business creation. Borrowers get 6-month student loan forbearance to pursue their ventures free of loan payments. Investors make an impact by mentoring and advising budding entrepreneurs.

10. A SoFi Entrepreneur © 2013 SoFi, Inc. Confidential Information; do not copy or distribute 10 Benny is a SoFi Entrepreneur from our pilot class As a graduate of the Chicago Booth MBA program, Benny was able to Refinance his student loans with SoFi in 2012 Benny is the co-founder of GoodApril: an online tax- planning and advice service Since being admitted to the Entrepreneur Program, Benny has met with several SoFi executives, practiced his pitch in front of panels of investors, and been recognized publicly on our website and in our press coverage. Meet Benny:

11. General Counsel for SoFi © 2013 SoFi, Inc. Confidential Information; do not copy or distribute 11 Meet Robert: Rob Lavet is responsible for managing all legal affairs for SoFi and its affiliate entities. Prior to joining SoFi, he served as a Principal in the Education and Litigation practice groups of the Washington, DC law firm of Powers Pyles Sutter & Verville (PPSV) where he represented financial institutions and post-secondary institutions on a wide variety of regulatory, litigation and transactional matters. Prior to PPSV, Rob served as General Counsel to Sallie Mae, a Fortune 300 company and the largest provider of education finance. At Sallie Mae Rob was responsible for all legal affairs of Sallie Mae and its subsidiaries as well as Corporate Compliance and Loan Servicing Policy. Before his 16 year career with Sallie Mae, Rob served as a Partner in the Washington D.C. law firm of Cole Corette & Abrutyn specializing in corporate and securities litigation, and before that as a Trial Attorney for the United States Department of Justice. He has served as member of the Board of Directors of the Association of Corporate Counsel, and was President of the Washington Metropolitan Area Corporate Counsel Association (WMACCA) in 2001. He was named a top Washington D.C. lawyer in 2007 and received the Career Achievement Award from WMACCA. Rob graduated cum laude from the University of Pennsylvania with a B.A. in economics and obtained his J.D., cum laude, from Georgetown University Law Center.

12. Experienced Team © 2013 SoFi, Inc. Confidential Information; do not copy or distribute 12

13. SoFi Press “SoFi marks a sort of evolution… to help students tap their own social networks to help fund their education...” “SoFi is disrupting the world of student loans with better rates to student borrowers and superior returns to alumni lenders…” © 2013 SoFi, Inc. Confidential Information; do not copy or distribute 13

14. A PRIMER 5.22.2013

15. WE ARE A BUSINESS WITH A SOCIAL MISSION We represent a generation of young people striving to do work that matters and accomplished leaders who recognize the value of investing in them. Our prospects are rebuilding the economy and reinvigorating our culture, but need financial flexibility and wisdom from those whose footsteps they follow. Now, we’ve created a new way to make that happen – an opportunity both pragmatic and visionary. We’re asking you to join us. OUR MISSION ©2013 15

16. WE HAVE FOUND AN OPPORTUNIT Y AT THE INTERSECTIO N OF 3 MAJOR TRENDS ©2013 12 3 In the wake of the 2008 financial crisis, society is looking for financial solutions built on trust and human connections instead of debt to faceless institutions Young people want to do work that matters but unprecedented student debt - $111b added every year – prevents flexibility to find their niche A growing pool of capital from institutions and individuals seeks investments that yield social impact, financial reward, and the chance to interact NEW ECONOMIC REALITIES STUDENT DEBT + UNDEREMPLOYMENT INVESTMENT GOING SOCIAL 16

17. OUR SOLUTION IS A COMMUNITY WHERE… ©2013 PROSPECTSBACKERS Ambitious and creative young people who could achieve more with the right funding and professional wisdom behind them Accomplished individuals who want to put their money, experience and connections to good use in a new way MEET …and come together in an innovative social-financial agreement that’s designed to unlock potential and create a long-term sense of shared purpose 17

18. BACKERS AND PROSPECTS ARE LINKED BY AN INNOVATIVE SOCIAL-FINANCIAL AGREEMENT ©2013 1 1 2 2 Backers provide upfront funding that prospects can use for things like: Over time, backers can help prospects do work that matters by providing: 3 3 Every month, prospects reward their backers with an agreed percentage of earnings 18

19. ©2013 WE ARE AT THE “PILOT” STAGE OF OUR DEPLOYMEN T TIMELINE JANUARY 2012 Pave is founded and begins technical, legal, and regulatory R&D on the platform and prospect-backer agreement. DECEMBER 2012 Pave launches publicly with a pilot website featuring 8 initial “teams” JANUARY 2013 Within its first month, Pave receives unanimously positive press from media outlets such as Fast Company, CNN Money, GigaOM, Mashable, GOOD Magazine, PSFK, American Banker, and The Chronicle of Higher Education. SPRING 2013 Pave is collecting information from thousands of potential prospects and backers. Some are being “fast tracked” through a high-touch curation and pairing process. MID 2013 Pave will fully open its platform to the public 19

20. WE HAVE VALIDATED THE MARKET BY SURVEYING OVER 2,400 POTENTIAL PROSPECTS AND BACKERS ©2013 20

21. WE HAVE VALIDATED THE MARKET BY SURVEYING OVER 2,400 POTENTIAL PROSPECTS AND BACKERS ©2013 21

22. ©2013 22 TONIO DESORRENTO is general counsel of Pave.com, a Manhattan- based startup on the forefront of many financial regulatory issues. Tonio came to Pave from Orrick, Herrington & Sutcliffe LLP, where he was an attorney in the Washington, D.C. office. At Orrick Tonio represented large bank and nonbank lenders in banking, capital markets, securities and finance matters. In addition Tonio developed and funded new private education finance, consumer finance, securities and financial technology products with a variety of startup clients. Tonio is a graduate of the U.S. Naval Academy and Georgetown University Law Center. Previously Tonio was a member of the legal department at Sallie Mae and a U.S. Marine. MEET TONIO