Navient to Acquire Earnest

Refinancing education loans is an attractive. opportunity ● ● ● ● Overview Large addressable market New student loan originations over next 10 years projected to be significantly over $1 trillion ² Opportunity to originate and acquire assets from multiple channels/originators Graduation, employment and proven cash flows meaningfully reduce credit risk Earnest enhances our ability to protect Navient legacy portfolio from external consolidators Non-compete for in-school Private Education Loan originations ends December 31, 2018 Estimated Outstanding Education Loan Market¹ Federal Loans not owned by Navient, $1,202 $1.4 Trillion as of FFYE 9/30/2016 ($ in billions) FFELP loans owned by Navient, $90 Private Education Loans owned by Navient, $24 Private Education Loans not owned by Navient, $78 ¹ Source: Navient estimates for total outstanding Federal Loans based on FSA Data Center, Portfolio Summary, September 30, 2016; Navient estimates for total outstanding Private Education Loans based on "The MeasureOne Private Student Loan Report" December, 2016; Navient 10Q filings 2 Assumes annual growth rate of 3.5% -5.0% for both federal and private student loans beginning in 2016-2017 academic year based on historical growth in cost of tuition per The College Board "Trends in College Pricing 2016" and historical loan originations per the Federal Student Aid Portfolio Summary Confidential and proprietary information 2017 Navient Solutions, LLC. All rights reserved. 5

View entire presentation