Investor Presentaiton

Navient Stafford & PLUS Loan Prepayments • . Annualized CPRs for Stafford/PLUS ABS trusts have decreased from pre-2008 levels as incentives for borrowers to consolidate have declined Higher prepayment activity in mid-2012 was related to the short-term availability of the Special Direct Consolidation Loan program Prepayments increases occurred in 2015 and 2018 as we exercised our option to purchase assets from selected transactions to mitigate the risk that certain tranches might remain outstanding past their legal final maturity dates Historical Stafford/PLUS ABS CPRs by Issuance Vintage 70% 60% 50% 40% 30% 20% Quarterly CPR* 10% 0% -10% © 2021 Navient Solutions, LLC. All rights reserved. 2Q2004 4Q2004 2Q2005 4Q2005 2Q2006 4Q2006 * Quarterly CPR assumes School and Grace loans are not scheduled to make payments. Deferment, Forbearance and Repayment loans are scheduled to make payments. 2Q2007 4Q2007 2Q2008 4Q2008 2Q2009 4Q2009 2Q2010 4Q2010 2Q2011 4Q2011 2Q2012 4Q2012 2Q2013 4Q2013 2Q2014 4Q2014 2Q2015 4Q2015 2Q2016 4Q2016 2Q2017 4Q2017 2Q2018 4Q2018 2Q2019 4Q2019 2Q2020 4Q2020 2002 2003 2004 -2005 2006 2007 ⚫2008 2010 2012 2013 2014 -2015 2016 2017 2018 2019 III 25

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