<!DOCTYPE HTML PUBLIC "-//W3C//DTD HTML 4.0 Transitional//EN">
<HTML xmlns="http://www.w3.org/TR/REC-html40" xmlns:v =
"urn:schemas-microsoft-com:vml" xmlns:o =
"urn:schemas-microsoft-com:office:office" xmlns:w =
"urn:schemas-microsoft-com:office:word" xmlns:ns6 =
"http://schemas.microsoft.com/office/2004/12/omml"><HEAD>
<META http-equiv=Content-Type content="text/html; charset=us-ascii">
<META content="MSHTML 6.00.6000.16809" name=GENERATOR>
<STYLE>@font-face {
font-family: Calibri;
}
@page Section1 {size: 8.5in 11.0in; margin: 1.0in 1.0in 1.0in 1.0in; }
A:link {
mso-style-priority: 99
}
SPAN.MSOHYPERLINK {
mso-style-priority: 99
}
A:visited {
mso-style-priority: 99
}
SPAN.MSOHYPERLINKFOLLOWED {
mso-style-priority: 99
}
P.MsoNormal {
FONT-SIZE: 11pt; MARGIN: 0in 0in 0pt; FONT-FAMILY: Calibri
}
LI.MsoNormal {
FONT-SIZE: 11pt; MARGIN: 0in 0in 0pt; FONT-FAMILY: Calibri
}
DIV.MsoNormal {
FONT-SIZE: 11pt; MARGIN: 0in 0in 0pt; FONT-FAMILY: Calibri
}
A:link {
COLOR: blue; TEXT-DECORATION: underline
}
SPAN.MsoHyperlink {
COLOR: blue; TEXT-DECORATION: underline
}
A:visited {
COLOR: purple; TEXT-DECORATION: underline
}
SPAN.MsoHyperlinkFollowed {
COLOR: purple; TEXT-DECORATION: underline
}
SPAN.EmailStyle17 {
COLOR: windowtext; FONT-FAMILY: Calibri; mso-style-type: personal
}
SPAN.EmailStyle18 {
COLOR: navy; FONT-FAMILY: Arial; mso-style-type: personal
}
SPAN.EmailStyle19 {
COLOR: navy; FONT-FAMILY: Arial; mso-style-type: personal-reply
}
DIV.Section1 {
page: Section1
}
</STYLE>
<!--[if gte mso 9]><xml>
<o:shapedefaults v:ext="edit" spidmax="1026" />
</xml><![endif]--><!--[if gte mso 9]><xml>
<o:shapelayout v:ext="edit">
<o:idmap v:ext="edit" data="1" />
</o:shapelayout></xml><![endif]--></HEAD>
<BODY lang=EN-US vLink=purple link=blue>
<DIV dir=ltr align=left><FONT face=Arial color=#0000ff size=2><SPAN
class=407191121-22042009>For those of you interested in the Asset Backed
Commercial Paper (ABCP) Conduit Program, attached is the final Agreed Upon
Procedures (AUP) guide. </SPAN></FONT></DIV>
<DIV dir=ltr align=left><FONT face=Arial color=#0000ff size=2><SPAN
class=407191121-22042009></SPAN></FONT> </DIV>
<DIV dir=ltr align=left><FONT face=Arial color=#0000ff size=2><SPAN
class=407191121-22042009>Let me know if you have any
questions.</SPAN></FONT></DIV>
<DIV dir=ltr align=left><FONT face=Arial color=#0000ff size=2><SPAN
class=407191121-22042009></SPAN></FONT> </DIV>
<DIV dir=ltr align=left><FONT face=Arial color=#0000ff size=2><SPAN
class=407191121-22042009>Rick</SPAN></FONT></DIV><BR>
<DIV class=OutlookMessageHeader lang=en-us dir=ltr align=left>
<HR tabIndex=-1>
<FONT face=Tahoma size=2><B>From:</B> Mowdy, Mary <BR><B>Sent:</B> Wednesday,
April 22, 2009 1:47 PM<BR><B>To:</B> Edington, Rick<BR><B>Subject:</B> FW:
Transmittal of Issued Dept. of Education Agreed Upon Procedures (AUP) Guide for
the ECASLA Asset Backed Commercial Paper (ABCP) Conduit Put Program - Compliance
with Selected Criteria for Putable Loans<BR><B>Importance:</B>
High<BR></FONT><BR></DIV>
<DIV></DIV>
<DIV dir=ltr align=left> </DIV><BR>
<DIV class=OutlookMessageHeader lang=en-us dir=ltr align=left>
<HR tabIndex=-1>
<FONT face=Tahoma size=2><B>From:</B> StraightA Issuer
[mailto:StraightA.Issuer@bmo.com] <BR><B>Sent:</B> Wednesday, April 22, 2009
1:37 PM<BR><B>To:</B> StraightA Issuer<BR><B>Subject:</B> FW: Transmittal of
Issued Dept. of Education Agreed Upon Procedures (AUP) Guide for the ECASLA
Asset Backed Commercial Paper (ABCP) Conduit Put Program - Compliance with
Selected Criteria for Putable Loans<BR><B>Importance:</B>
High<BR></FONT><BR></DIV>
<DIV></DIV>
<DIV class=Section1>
<P class=MsoNormal><FONT face=Arial size=2><SPAN
style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">Dear Student Loan
Industry,<o:p></o:p></SPAN></FONT></P>
<P class=MsoNormal><FONT face=Arial size=2><SPAN
style="FONT-SIZE: 10pt; FONT-FAMILY: Arial"><o:p> </o:p></SPAN></FONT></P>
<P class=MsoNormal><FONT face=Arial size=2><SPAN
style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">Please find attached the
Department’s issuance of the final AUP guide pursuant to Straight-A
documentation.<o:p></o:p></SPAN></FONT></P>
<P class=MsoNormal><FONT face=Calibri color=navy size=2><SPAN
style="FONT-SIZE: 11pt; COLOR: navy"><o:p> </o:p></SPAN></FONT></P>
<P class=MsoNormal><U><FONT face=Calibri size=2><SPAN
style="FONT-SIZE: 11pt">Please see the verbage included from the Department
below:<o:p></o:p></SPAN></FONT></U></P>
<P class=MsoNormal><FONT face=Calibri color=navy size=2><SPAN
style="FONT-SIZE: 11pt; COLOR: navy"><o:p> </o:p></SPAN></FONT></P>
<P class=MsoNormal><FONT face=Calibri size=2><SPAN
style="FONT-SIZE: 11pt">Attached are PDF and Word versions of the U.S.
Department of Education’s <I><SPAN style="FONT-STYLE: italic">Agreed Upon
Procedures (AUP) Attestation Engagement Guide for the</SPAN></I> <I><SPAN
style="FONT-STYLE: italic">Ensuring Continued Access to Student Loans Act of
2008 (ECASLA) Asset-Backed Commercial Paper (ABCP) Conduit Put Program for
Seller’s and Eligible Direct Issuer’s Compliance with Selected Criteria for
Putable Loans. </SPAN></I>This Guide provides the requirements for AUP
engagements for a Seller or Eligible Direct Issuer that participates in the ABCP
Conduit Put Program. The Guide has been issued today, April 22,
2009.<o:p></o:p></SPAN></FONT></P>
<P class=MsoNormal><FONT face=Calibri size=2><SPAN
style="FONT-SIZE: 11pt"><o:p> </o:p></SPAN></FONT></P>
<P class=MsoNormal><FONT face=Calibri size=2><SPAN
style="FONT-SIZE: 11pt">Issued engagements must completely conform to the
attached final issued version of this AUP Guide.<o:p></o:p></SPAN></FONT></P>
<P class=MsoNormal><FONT face=Calibri size=2><SPAN
style="FONT-SIZE: 11pt"><o:p> </o:p></SPAN></FONT></P>
<P class=MsoNormal><FONT face=Calibri size=2><SPAN style="FONT-SIZE: 11pt">We
will post this guide at our website as item C.13 at: <A
href="http://www.ed.gov/about/offices/list/oig/nonfed/sfa.html">http://www.ed.gov/about/offices/list/oig/nonfed/sfa.html</A>
Posting could take 24-48 hours. <o:p></o:p></SPAN></FONT></P>
<P class=MsoNormal><FONT face=Calibri size=2><SPAN
style="FONT-SIZE: 11pt"><o:p> </o:p></SPAN></FONT></P></DIV></BODY></HTML>