EX-99.1 2 d768453dex991.htm EX-99.1

2014 2 Investor Deck August 4, 2014 nd Exhibit 99.1 Quarter

Forward-Looking Statements; Non-GAAP Financial Measures Confidential and proprietary information © 2014 Navient Solutions, Inc. All rights reserved. 2 The following information is current as of August 4, 2014 (unless otherwise noted) and should be read in connection with the Registration Statement on Form 10, as amended (the “Form 10”), filed by Navient Corporation (“Navient”) with the Securities and Exchange Commission (the “SEC”) on April 10, 2014 and subsequent reports filed by Navient with the SEC. Definitions for capitalized terms in this presentation not defined herein can be found in the Form 10. This presentation contains forward-looking statements and information based on management’s current expectations as of the date of this presentation. Statements that are not historical fact, including statements about the beliefs and expectations of Navient and statements that assume or are dependent upon future events, are forward-looking statements. Forward-looking statements are subject to risks, uncertainties, assumptions and other factors that may cause actual results to be materially different from those reflected in such forward-looking statements. These factors include, among others: the risks and uncertainties set forth in Item 1A “Risk Factors” and elsewhere in the Form 10, and the subsequent filings of Navient with the SEC; increases in financing costs; limits on liquidity; increases in costs associated with compliance with laws and regulations; changes in accounting standards and the impact of related changes in significant accounting estimates; any adverse outcomes in any significant litigation to which Navient is a party; credit risk associated with exposure to third parties, including counterparties to derivative transactions; and changes in the terms of student loans and the educational credit marketplace (including changes resulting from new laws and the implementation of existing laws). Navient could also be affected by, among other things: changes in its funding costs and reductions to its credit ratings or the credit ratings of the United States of America; failures of its operating systems or infrastructure, including those of third-party vendors; damage to its reputation; failures to successfully implement cost-cutting and adverse effects of such initiatives on its business; risks associated with the recently completed separation of Navient from SLM Corporation, including failure to achieve the expected benefits of the separation; changes in law and regulations with respect to the student lending business and financial institutions generally; increased competition from other loan servicers; the creditworthiness of its customers; changes in the general interest rate environment, including the rate relationships among relevant money-market instruments and those of its earning assets vs. its funding arrangements; changes in general economic conditions; the company’s ability to successfully effectuate any acquisitions and other strategic initiatives; and changes in the demand for debt management services. The preparation of Navient’s consolidated financial statements also requires management to make certain estimates and assumptions, including estimates and assumptions about future events. These estimates or assumptions may prove to be incorrect. All forward-looking statements contained in this release are qualified by these cautionary statements and are made only as of the date of this release. Navient does not undertake any obligation to update or revise these forward-looking statements to conform the statement to actual results or changes in expectations. Navient reports financial results on a GAAP basis and also provides certain core earnings performance measures. When compared to GAAP results, core earnings exclude the impact of: (1) the financial results of the consumer banking business for historical periods prior to the April 30, 2014 spin-off as well as related restructuring and reorganization expenses incurred in connection with the spin-off; (2) unrealized, mark-to-market gains/losses on derivatives; and (3) goodwill and acquired intangible asset amortization and impairment. Navient provides core earnings measures because this is what management uses when making management decisions regarding Navient’s performance and the allocation of corporate resources. Navient core earnings are not defined terms within GAAP and may not be comparable to similarly titled measures reported by other companies. For additional information, see “Core Earnings — Definition and Limitations” in Navient’s second quarter earnings release for a further discussion and a complete reconciliation between GAAP net income and core earnings.

Navient Corporation Overview Confidential and proprietary information © 2014 Navient Solutions, Inc. All rights reserved. 3

About Us We are the leading education loan management, servicing and asset recovery company Key Businesses • FFELP Loan Portfolio • Private Education Loan Portfolio • Largest Education Loan Servicer (FFELP, ED, private) • Asset Recovery Services • Guarantor Servicing • Student Assistance and Outreach Solutions Financial Statistics As of 06/30/14 ($ billions) Assets FFELP Loans Private Loans Secured Debt Senior Unsecured Debt Total Equity $143.0 $99.7 $30.3 $115.6 $17.5 $4.0 Regulatory Status Department of Education and CFPB supervision Confidential and proprietary information © 2014 Navient Solutions, Inc. All rights reserved. 4

Operating Results “Core Earning” Basis (In millions, except per share amounts) Q2 14 Q1 14 Q2 13 Net income $241 $142 $447 EPS $0.56 $0.33 $1.00 Adjusted EPS 1,2 $0.56 $0.49 $0.52 Operating expenses (excluding remediation reserve ¹) $195 $207 $185 Provision $155 $146 $202 Average total student loans $131,875 $133,854 $145,510 Gains from sales of residual interests - - $257 Gains from sales of subsidiaries - - $38 Debt repurchase gains - - $19 Confidential and proprietary information © 2014 Navient Solutions, Inc. All rights reserved. 5 1 Excludes $0 million, $111 million, and $0 million, respectively, related to additional reserves recorded for regulatory matters. 2 Excludes Q2 13 impact of items to improve shareholder value of $257 million of gains from sales of residual interests in FFELP securitization trusts, $38 million after-tax gains from sales of subsidiaries, and $19 million of gains from debt repurchases

FFELP Loans Segment “Core Earnings” Basis • $257 million pre-tax gain from residual interest sales in Q2 13 (In millions) Q2 14 Q1 14 Q2 13 Net income $72 $64 $238 Average FFELP Loans $100,467 $102,329 $112,891 FFELP Loan spread 0.98% 0.95% 0.97% Charge-off rate 0.08% 0.12% 0.10% Greater than 90-day delinquency rate 7.0% 7.3% 8.1% Confidential and proprietary information © 2014 Navient Solutions, Inc. All rights reserved. 6

FFELP Loans Segment Portfolio Characteristics • Largest holder of FFELP Loans, $100 billion portfolio • 97-98% of portfolio is government guaranteed • 86% of portfolio funded to term with securitizations • Fully integrated servicing and asset recovery support operations Confidential and proprietary information © 2014 Navient Solutions, Inc. All rights reserved. 7

FFELP Loans Segment Credit Quality “Core Earnings” Basis Confidential and proprietary information © 2014 Navient Solutions, Inc. All rights reserved. 8 FFELP Education Loan Portfolio June 30, 2014 June 30, 2013 Balance % Balance % Loans in-school/grace/deferment $11,794 $15,120 Loans in forbearance 14,929 15,018 Loans in repayment and percentage of each status Loans current 61,438 85.2% 64,261 84.3% Loans delinquent 31-60 days 3,531 4.9% 3,682 4.8% Loans delinquent 61-90 days 2,112 2.9% 2,109 2.8% Loans delinqent greater than 90 days 5,033 7.0% 6,186 8.1% Total FFELP Loans in repayment 72,114 100% 76,238 100% Total FFELP Loans, gross $98,837 $106,376 Percentage of FFELP Loans in repayment 73.0% 71.7% Delinquencies as a percentage of FFELP Loans in repayment 14.8% 15.7% Loans in forbearance as a percentage of loans in repayment and forbearance 17.2% 16.5%

Federal Student Loan Market Source: Department of Education, U.S. Department of Education FY 2013 Agency Financial Report, Navient Outstanding Government Student Loan Market Distribution FFYE 9/30/2013 ($ in billions) FDLP, $614 FFELP Loans, $158 FFELP owned by Navient, $106 FFELP owned by ED, $146 Confidential and proprietary information © 2014 Navient Solutions, Inc. All rights reserved. 9

Top Holders of FFELP Loans Excluding Navient Top Ten Not-For-Profit Holders of FFELP Loans Lender $’s in Billions Brazos $8.7 PHEAA $7.3 Access Group $4.1 Northstar $3.4 MOHELA $2.9 EdSouth $2.4 College Foundation $2.4 SC Student Loan $2.4 Edsouth Services $1.8 KHESLC $1.3 Total Not-For-Profit $34 Top Ten For-Profit Holders of FFELP Loans Lender $’s in Billions Nelnet $25.2 Wells Fargo $12.9 Chase $7.5 PNC $6.1 CLC $5.7 Goal Financial $5.6 SunTrust $5.5 Student Loan Express $3.6 Bank of America $3.6 U.S. Bank $3.0 Total For-Profit $75 *Source: Sallie Mae 9/30/2013 estimates based on US ED Top 100 Holder 2013 and 2012 report Confidential and proprietary information © 2014 Navient Solutions, Inc. All rights reserved. 10

Private Education Loans Segment “Core Earnings” Basis Confidential and proprietary information © 2014 Navient Solutions, Inc. All rights reserved. 11 (In millions, except FICO score) Q2 14 Q1 14 Q2 13 Net income $86 $74 $61 Average Private Education Loans $31,408 $31,525 $32,619 Private Education Loan spread 4.10% 4.01% 4.10% Provision for loan losses $145 $136 $189 Charge-offs $166 $218 $212 Charge-off rate 2.5% 3.3% 3.0% Total delinquency rate 7.1% 7.8% 8.4% Greater than 90-day delinquency rate 3.2% 3.9% 4.0% Forbearance rate 4.2% 4.3% 3.9%

Private Education Loans Segment Portfolio Characteristics • $30 billion portfolio • 23% of Navient’s total student loan portfolio • Approximately 64% of portfolio has a cosigner, typically a parent • Average FICO at origination of 718 • Higher education loans typically non-dischargeable in bankruptcy • Integrated underwriting, servicing and collections Confidential and proprietary information © 2014 Navient Solutions, Inc. All rights reserved. 12

Private Education Loans Segment Credit Quality “Core Earnings” Basis Confidential and proprietary information © 2014 Navient Solutions, Inc. All rights reserved. 13 Private Education Loan Portfolio June 30, 2014 June 30, 2013 Balance % Balance % Loans in-school/grace/deferment $3,375 $3,599 Loans in forbearance 1,201 1,156 Loans in repayment and percentage of each status Loans current 25,202 92.9% 26,141 91.6% Loans delinquent 31-60 days 670 2.5% 774 2.7% Loans delinquent 61-90 days 391 1.4% 486 1.7% Loans delinqent greater than 90 days 873 3.2% 1,144 4.0% Total Private Education Loans in repayment 27,136 100% 28,545 100% Total Private Education Loans, gross $31,712 $33,300 Percentage of Private Education Loans in repayment 85.6% 85.7% Delinquencies as a percentage of Private Education Loans in repayment 7.1% 8.4% Loans in forbearance as a percentage of loans in repayment and forbearance 4.2% 3.9%

Private Education Loans Segment High Quality Portfolio Private Credit: % of Portfolio Outstanding by Segment Private Credit Charge-Off Rate by Segment Confidential and proprietary information © 2014 Navient Solutions, Inc. All rights reserved. 14 2.7% 2.3% 2.1% 1.8% 1.8% 6.7% 6.8% 5.6% 5.4% 4.6% 3.9% 10.4% 21.3% 17.3% 12.6% 11.1% 9.4% 8.2% 6.3% 5.6% 4.3% 3.9% 3.1% 0% 5% 10% 15% 20% 25% 2008 2009 2010 2011 2012 2013 YTD 2014 Low Risk Moderate Risk Elevated Risk Overall Portfolio 57% 59% 60% 61% 64% 66% 67% 28% 29% 29% 29% 27% 25% 25% 14% 13% 11% 11% 10% 9% 8% 0% 10% 20% 30% 40% 50% 60% 70% 80% 90% 100% Dec 08 Dec 09 Dec 10 Dec 11 Dec 12 Dec 13 Jun 14 Low Risk Moderate Risk Elevated Risk 2.8% 2.9% 1.0% 2.6% 2.9% Low Risk = Smart Option, Legacy Traditional Cosigned, and Law/MBA/MED/CT/Other Moderate Risk = Legacy Traditional Non-Cosigned Elevated Risk = Non-Traditional

Private Education Loans Segment Default Performance • Seasoned portfolio with 91% of loans having made more than 12 payments • The probability of default substantially diminishes as the number of payments and years of seasoning increases 57% 11% 7% 5% 3% 3% 2% 2% 2% 2% 2% 2% 1% 1% 1% 57% 69% 76% 80% 84% 86% 88% 90% 92% 94% 96% 98% 99% 99% 100% 0% 50% 100% 12 24 36 48 60 72 84 96 108 120 132 144 156 168 180 # Payments Made Defaults Per Payments Made Cumulative Defaults Confidential and proprietary information © 2014 Navient Solutions, Inc. All rights reserved. 15 Historical Defaults by Payments Made

Loan Seasoning – “Core Earnings” Basis June 30, 2014 Traditional Portfolio Monthly Scheduled Payments Due Loan Status 0-12 payments 13-24 payments 25-36 payments 37-48 payments More than 48 payments Total Not Yet in Repayment 3,036 Loans in Forbearance 461 17.5% 178 4.8% 153 3.6% 114 2.6% 153 1.4% 1,059 4.1% Loans in Repayment- Current 1,853 70.3% 3,187 86.2% 3,768 89.3% 3,971 91.9% 10,588 95.1% 23,367 89.8% Loans in Repayment- Delinq 31-60 days 114 4.3% 108 2.9% 103 2.5% 87 2.0% 149 1.3% 561 2.2% Loans in Repayment- Delinq 61-90 days 64 2.4% 66 1.8% 63 1.5% 47 1.1% 82 0.8% 322 1.2% Loans in Repayment- Delinq 90 + days 145 5.5% 160 4.3% 132 3.1% 103 2.4% 157 1.4% 697 2.7% Total Loans in Repayment or Forbearance $ 2,637 100% $ 3,699 100% $ 4,219 100% $ 4,322 100% $ 11,129 100% $ 26,007 100% Charge-offs as a % of loans in repayment 5.0% 3.8% 2.2% 1.8% 1.0% 2.1% Non-Traditional Portfolio Monthly Scheduled Payments Due Loan Status 0-12 payments 13-24 payments 25-36 payments 37-48 payments More than 48 payments Total Not Yet in Repayment 339 Loans in Forbearance 76 20.2% 22 5.7% 16 4.5% 11 3.4% 17 1.9% 142 6.1% Loans in Repayment- Current 216 57.7% 276 72.1% 280 78.3% 262 82.3% 801 89.2% 1,835 78.7% Loans in Repayment- Delinq 31-60 days 27 7.2% 23 5.9% 19 5.4% 13 4.2% 27 3.0% 109 4.7% Loans in Repayment- Delinq 61-90 days 16 4.3% 15 4.0% 12 3.3% 9 2.8% 17 1.9% 69 3.0% Loans in Repayment- Delinq 90 + days 40 10.6% 47 12.3% 30 8.5% 23 7.3% 36 4.0% 176 7.5% Total Loans in Repayment or Forbearance $ 375 100% $ 383 100% $ 357 100% $ 318 100% $ 898 100% $ 2,331 100% Charge-offs as a % of loans in repayment 12.8% 12.0% 6.7% 4.7% 3.3% 6.8% Total Monthly Scheduled Payments Due Loan Status 0-12 payments 13-24 payments 25-36 payments 37-48 payments More than 48 payments Total Not Yet in Repayment 3,375 Loans in Forbearance 537 17.8% 200 4.9% 169 3.7% 125 2.7% 170 1.4% 1,201 4.2% Loans in Repayment- Current 2,069 68.7% 3,463 84.8% 4,048 88.5% 4,233 91.2% 11,389 94.7% 25,202 88.9% Loans in Repayment- Delinq 31-60 days 141 4.7% 131 3.2% 122 2.7% 100 2.2% 176 1.5% 670 2.4% Loans in Repayment- Delinq 61-90 days 80 2.6% 81 2.0% 75 1.6% 56 1.2% 99 0.8% 391 1.4% Loans in Repayment- Delinq 90 + days 185 6.2% 207 5.1% 162 3.5% 126 2.7% 193 1.6% 873 3.1% Total Loans in Repayment or Forbearance $ 3,012 100% $ 4,082 100% $ 4,576 100% $ 4,640 100% $ 12,027 100% $ 28,337 100% Charge-offs as a % of loans in repayment 6.0% 4.6% 2.6% 2.0% 1.2% 2.5% Confidential and proprietary information © 2014 Navient Solutions, Inc. All rights reserved. 16

June 30, 2013 Traditional Portfolio Monthly Scheduled Payments Due Loan Status 0-12 payments 13-24 payments 25-36 payments 37-48 payments More than 48 payments Total Not Yet in Repayment 3,203 Loans in Forbearance 496 10.2% 169 3.8% 148 3.0% 86 1.9% 113 1.3% 1,012 3.7% Loans in Repayment- Current 3,683 76.1% 3,860 87.4% 4,410 90.1% 4,134 93.0% 8,110 95.2% 24,197 89.2% Loans in Repayment- Delinq 31-60 days 193 4.0% 122 2.7% 113 2.3% 84 1.9% 121 1.4% 633 2.3% Loans in Repayment- Delinq 61-90 days 133 2.8% 74 1.7% 71 1.4% 45 1.0% 64 0.8% 387 1.5% Loans in Repayment- Delinq 90 + days 334 6.9% 194 4.4% 155 3.2% 95 2.2% 114 1.3% 892 3.3% Total Loans in Repayment or Forbearance $ 4,839 100% $ 4,419 100% $ 4,897 100% $ 4,444 100% $ 8,522 100% $ 27,120 100% Charge-offs as a % of loans in repayment 6.8% 2.8% 2.0% 1.2% 0.9% 2.4% Non-Traditional Portfolio Monthly Scheduled Payments Due Loan Status 0-12 payments 13-24 payments 25-36 payments 37-48 payments More than 48 payments Total Not Yet in Repayment 396 Loans in Forbearance 86 12.3% 22 5.2% 13 3.4% 10 2.8% 13 1.7% 144 5.6% Loans in Repayment- Current 409 58.5% 305 71.9% 298 78.7% 282 83.2% 650 87.8% 1,944 75.3% Loans in Repayment- Delinq 31-60 days 52 7.5% 26 6.1% 20 5.1% 15 4.4% 28 3.8% 141 5.5% Loans in Repayment- Delinq 61-90 days 43 6.2% 19 4.5% 13 3.5% 9 2.7% 15 2.1% 99 3.8% Loans in Repayment- Delinq 90 + days 108 15.5% 52 12.3% 35 9.3% 23 6.9% 34 4.6% 252 9.8% Total Loans in Repayment or Forbearance $ 698 100% $ 424 100% $ 379 100% $ 339 100% $ 740 100% $ 2,580 100% Charge-offs as a % of loans in repayment 17.3% 10.2% 6.9% 4.5% 3.0% 9.2% Total Monthly Scheduled Payments Due Loan Status 0-12 payments 13-24 payments 25-36 payments 37-48 payments More than 48 payments Total Not Yet in Repayment 3,599 Loans in Forbearance 582 10.5% 191 3.9% 161 3.1% 96 2.0% 126 1.4% 1,156 3.9% Loans in Repayment- Current 4,092 73.9% 4,165 86.0% 4,708 89.2% 4,416 92.3% 8,760 94.6% 26,141 88.0% Loans in Repayment- Delinq 31-60 days 245 4.4% 148 3.1% 133 2.5% 99 2.1% 149 1.6% 774 2.6% Loans in Repayment- Delinq 61-90 days 176 3.2% 93 1.9% 84 1.6% 54 1.1% 79 0.8% 486 1.6% Loans in Repayment- Delinq 90 + days 442 8.0% 246 5.1% 190 3.6% 118 2.5% 148 1.6% 1,144 3.9% Total Loans in Repayment or Forbearance $ 5,537 100% $ 4,843 100% $ 5,276 100% $ 4,783 100% $ 9,262 100% $ 29,701 100% Charge-offs as a % of loans in repayment 8.4% 3.5% 2.3% 1.5% 1.1% 3.0% Confidential and proprietary information © 2014 Navient Solutions, Inc. All rights reserved. 17 Loan Seasoning – “Core Earnings” Basis

Business Services Segment “Core Earnings” Basis • Net income in Q2 13 includes $38 million after-tax gain recognized on the sale of a subsidiary (In millions) Q2 14 Q1 14 Q2 13 Net income $130 $116 $168 Federal loans serviced ($’s in billions) $272 $271 $245 Third-party loan servicing revenue $40 $40 $33 Asset recovery revenue $132 $111 $109 Department of Education accounts serviced 5.8 5.8 5.2 Contingency asset recovery receivables $16,298 $15,901 $14,607 Confidential and proprietary information © 2014 Navient Solutions, Inc. All rights reserved. 18

Business Services Segment Federal Loan Servicing & Customer Success • Largest servicer of federal student loans • Federal loans serviced by Navient have a 30% better cohort default rate • Direct Loan borrowers serviced by Navient are more likely to be in income-based repayment plans • We promote awareness through more than 50 million communications annually • Every week we help nearly 1,200 borrowers rehabilitate their loans $300 $275 $250 $225 $200 $175 $150 2011 2012 2013 June 2014 Confidential and proprietary information © 2014 Navient Solutions, Inc. All rights reserved. 19 Federal Loans Serviced by Navient

Business Services Segment Asset Recovery • Requires little capital and generates high returns on equity • Consistent top performer on the Department of Education collections contract • Successfully performing on over 300 state, local and federal contracts • Providing collection services for over 1,000 schools • Multiple Asset Classes - Education loans - Government receivables - Taxes - Court/Municipal - Schools Contingency Asset Recovery Receivables Confidential and proprietary information © 2014 Navient Solutions, Inc. All rights reserved. 20 $0 $2 $4 $6 $8 $10 $12 $14 $16 $18 2011 2012 2013 June 2014 Student Loans Other

Funding and Liquidity Confidential and proprietary information © 2014 Navient Solutions, Inc. All rights reserved. 21

2014 Capital Markets Summary • Issued $2.7 billion of FFELP ABS • Closed on an $8 billion FFELP ABCP facility • Refinanced $1.1 billion of FFELP reset notes to term • Issued $1.1 billion of Private ABS • Closed on a $1 billion Private ABCP facility • Issued $850 million of long-term unsecured debt • Returned $392 million to shareholders through share repurchases and dividends (1) • Maintained strong capital position (1) As of June 30, 2014 Confidential and proprietary information © 2014 Navient Solutions, Inc. All rights reserved. 22

Secured Funding • Navient is among the largest issuers of ABS globally, having issued over $250 billion of Private and FFELP ABS transactions to date • Over $107 billion of securitizations on balance sheet • Additional capacity under FFELP secured facilities is $10.7 billion • Additional capacity under Private Education Loan secured facilities is $1 billion 2013 Issuance Issuer Total ($mm) Asset Class 1 Citi 12,325 Credit Card 2 Ford 12,080 Auto 3 Navient (1) 9,600 Student Loan 4 Chase 7,685 Credit Card 5 Santander 7,567 Auto 6 Nissan 6,641 Auto 7 Hyundai 6,479 Auto 8 Honda 5,500 Auto 9 Ally Bank 5,202 Auto 10 AmeriCredit 5,080 Auto 11 Discover 4,550 Credit Card 12 GE 4,530 Credit Card / Equipment 13 Mercedes-Benz 4,302 Auto 14 Ally Financial 4,125 Auto 15 Volkswagen 4,000 Auto 16 CarMax 3,965 Auto 17 CNH 3,925 Equipment 18 Nelnet 3,220 Student Loan 19 Springleaf 3,204 Consumer Loan 20 World Omni 2,781 Auto (1) Previous issuing entities: SLM Student Loan Trust and SLM Private Education Loan Trust (Bloomberg ticker: SLMA) Source: Informa Global Confidential and proprietary information © 2014 Navient Solutions, Inc. All rights reserved. 23

Recent FFELP ABS Transactions Issue $747M NAVSL Trust 2014-1 $992M SLM Trust 2014-2 $994M SLM Trust 2014-1 Pricing Date May 20, 2014 March 18, 2014 January 15, 2014 Collateral US Govt. Guaranteed or Insured FFELP Stafford, Plus and Consolidation Loans US Govt. Guaranteed or Insured FFELP Stafford and Plus Loans US Govt. Guaranteed or Insured FFELP Stafford and Plus Loans Prepayment Speed (1) 6% CPR Stafford / 4% CPR Consolidation 6% Constant Prepayment Rate 6% Constant Prepayment Rate Tranching Rating Amt WAL (1) Pricing (2) A-1 Aaa $216 1.3 L+25 A-2 Aaa $101 3.3 L+31 A-3 Aaa $350 6.8 L+51 A-4 Aaa $60 10.6 L+75 B Aa1 $20 10.6 L+190 Rating Amt WAL (1) Pricing (2) A-1 Aaa $268 1.3 L+25 A-2 Aaa $191 3.3 L+35 A-3 Aaa $506 6.8 L+59 B Aa1 $27 9.1 L+190 Rating Amt WAL (1) Pricing (2) A-1 Aaa $272 1.3 L+28 A-2 Aaa $184 3.3 L+38 A-3 Aaa $511 6.8 L+60 B Aa1 $27 9.2 L+210 (1) Estimated based on a variety of assumptions concerning loan repayment behavior, as more fully described in the related prospectus, which may be obtained at https://www.navient.com/about/investors/debtasset/. Actual average life may vary significantly from estimates. (2) Pricing represents the yield to expected call. Confidential and proprietary information © 2014 Navient Solutions, Inc. All rights reserved. 24

Recent Private Education Loan ABS Transactions Issue $463M NAVSL Trust 2014-CT $676M SLM Trust 2014-A $624M SLM Trust 2013-C Pricing Date July 15, 2014 February 25, 2014 September 18, 2013 Collateral Private Education Loans Private Education Loans Private Education Loans Prepayment Speed (1) 6% 4% 4% Tranching Rating Amt WAL (1) Pricing A-1 Aaa B A Total Rating Amt WAL (1) Pricing (2) A-1 Aaa A-2A Aaa A-2B Aaa A-3 Aaa B A Total Rating Amt WAL (1) Pricing (2) A-1 Aaa A-2A Aaa A-2B Aaa B A Total (1) Estimated based on a variety of assumptions concerning loan repayment behavior, as more fully described in the related prospectus, which may be obtained at https://www.navient.com/about/investors/debtasset/slmsltrusts/. Actual average life may vary significantly from estimates. (2) Yield on fixed rate A-2 tranches were 2.59% and 2.96% for 2014-A and 2013-C, respectively. Yield on fixed rate B tranches were 4.73% and 4.86% for 2014-A and 2013-C, respectively. Confidential and proprietary information © 2014 Navient Solutions, Inc. All rights reserved. $394 $69 $463 2.2 6.6 2.9 L+70 L+215 L+118 $355 $77 $77 $100 $67 $676 1.8 4.6 4.6 6.4 7.2 3.6 L+60 s+115 L+115 Not offered s+225 L+132 $300 $131 $131 $67 $624 1.8 4.5 4.5 5.9 3.3 L+85 s+135 L+140 s+275 L+147 25

Unsecured Debt Fitch Moody’s S&P Senior Unsecured Debt BB Ba3 BB Outlook Stable Stable Stable Confidential and proprietary information © 2014 Navient Solutions, Inc. All rights reserved. 26 $0.6 $1.5 $2.3 $1.8 $2.8 $2.5 $1.6 $0.1 $4.5 2014 2015 2016 2017 2018 2019 2020 2021 2022+ Maturity Table As of June 30, 2014 (par value, $ in billions)

Education Loan Portfolio Generates Significant Cash Flows *Floor cash flows projected using 6/30/14 yield curve. These projections are based on internal estimates and assumptions and are subject to ongoing review and modification. These projections may prove to be incorrect. • Over $36 billion of estimated future cash flows - Highly predictable - Includes ~$11 billion of overcollateralization to be released from residuals - Continuing low interest rate environment will increase future floor revenue • ~20 year remaining life • Significant pool of cash available for shareholder distributions Confidential and proprietary information © 2014 Navient Solutions, Inc. All rights reserved. 27 Projected Life of Loan Cash Flows* As of June 30, 2014 FFELP Cash Flows Secured Residual (including O/C) $7.1 Floor 1.9 Servicing 4.0 Total Secured $13.0 Unencumbered $1.9 Total FFELP Cash Flows $14.9 Private Credit Cash Flows Secured Residual (including O/C) $12.8 Servicing 1.3 $14.1 Unencumbered $7.5 Total Private Cash Flows $21.6 Combined Cash Flows $36.5 Total Secured

FFELP Cash Flows Highly Predictable as of 6/30/14 2H 2014 2015 2016 2017 2018 2019 2020 2021 Projected FFELP Average Balance $95,247 $89,240 $80,752 $72,614 $65,178 $57,821 $50,777 $44,106 Projected Excess Spread $406 $843 $800 $712 $646 $575 $501 $448 Projected Servicing Revenue $256 $489 $451 $413 $377 $338 $297 $256 Projected Total Revenue $662 $1,332 $1,251 $1,124 $1,023 $913 $798 $703 2022 2023 2024 2025 2026 2027 2028 2029+ Projected FFELP Average Balance $37,831 $32,075 $26,858 $22,649 $18,940 $15,406 $12,060 $4,444 Projected Excess Spread $403 $349 $292 $242 $215 $187 $156 $384 Projected Servicing Revenue $216 $180 $148 $124 $104 $86 $68 $161 Projected Total Revenue $620 $530 $440 $365 $319 $272 $224 $545 • Total Cash Flows from Projected Excess Spread = $7.1 Billion • Total Cash Flows from Projected Servicing Revenues = $4.0 Billion Assumptions No Floor Income, CPR/CDR = Stafford & Plus (4.0%), Consolidation (3.0%) * These projections are based on internal estimates and assumptions and are subject to ongoing review and modification. These projections may prove to be incorrect. Confidential and proprietary information © 2014 Navient Solutions, Inc. All rights reserved. 28

Secured Cash Flow Note: Totals may not add due to rounding * Net residual represents excess distribution, net of payments on floor contracts and receipts from basis swaps Confidential and proprietary information © 2014 Navient Solutions, Inc. All rights reserved. 29 Servicing (Cash Paid) Net Residual* (Excess Distributions) Net Cash Flow Servicing (Cash Paid) Total Proceeds from Residual Sales Total Private Credit Total FFELP and Private Credit Term FFELP Other Secured FFELP Total FFELP Term Private Credit Other Secured Financings FFELP FFELP Term Securitized Other Secured FFELP Total FFELP Other Secured Financings Total Private Credit Total FFELP and Private Credit Average Principal Balances $ in Millions Residual (Excess Distribution) Net Cash Flow Private Credit Private Credit Term Securitized 2Q14 YTD 2013 2012 2011 2Q14 YTD 2013 2012 2011 170 $ 95,055 11,085 $ 106,140 $ 26,037 1,106 $ 507 476 $ 2,182 $ 198 9 $ 377 $ 3,148 1,199 $ 589 $ 27,143 $ 133,283 $ 563 568 $ 189 28 2 $ 2,065 715 $ 1,846 $ 219 $ 109,509 29,466 $ 138,975 $ 25,619 233 $ 25,853 $ 164,828 $ 526 $ 2,088 $ 181 103 22 $ 2,394 628 934 $ 306 $ 104,913 $ 127,184 $ 25,111 $ 26,987 $ 154,171 22,271 1,875 $ 95 $ 244 319 66 117 6 $ 218 $ 847 $ 629 $ 89,887 6,340 $ 96,227 $ 24,623 1,446 $ 122,296 $ 26,069

FFELP ABS Appendix Confidential and proprietary information © 2014 Navient Solutions, Inc. All rights reserved. 30

Recent FFELP ABS Issuance Characteristics • Issue size of $500M to $1.5B • Tranches or pass-through denominated in US$ • Triple-A rated senior notes make up to 97% of issue structure • Floating rate tied to 1 month LIBOR • Amortizing tranches with 1 to 15(+) year average lives • Navient Solutions, Inc. is servicer or master servicer • Insurance or guarantee of underlying collateral insulates bondholders from virtually any loss of principal (1) • Typically non-dischargeable in bankruptcy • Formerly a 20% risk-weighted asset, now a <10% risk-weighted under Basel II’s IRB methodology • Offer significantly higher yields than government agency securities with comparable risk profiles (1) Principal and accrued interest on underlying FFELP loan collateral carry insurance or guarantee of 97%-100% dependent on origination year and on meeting the servicing requirements of the U.S. Department of Education. Collateral Characteristics FFELP ABS Transaction Features Confidential and proprietary information © 2014 Navient Solutions, Inc. All rights reserved. 31

FFELP Loan Program Characteristics (1) Aggregate loan limit for a Dependent Undergraduate is $31,000 Note: As of July 1, 2011 . Parameter Subsidized Stafford Unsubsidized Stafford PLUS/Grad PLUS Unsubsidized Consolidation Borrower Student Student Parents or Graduate Students Student or Parents Student or Parents Needs Based Yes No No N/A N/A Federal Guarantee of Principal and Accrued Interest 97 - 100% 97 - 100% 97 - 100% 97 - 100% 97 - 100% Interest Subsidy Payments Yes No No Yes No Special Allowance Payments (SAP) Yes Yes If cap is reached Yes Yes Repayment Term 120 months 120 months 120 months Up to 360 months Up to 360 months Aggregate Loan Limit Undergraduate: $23,000 Graduate: $65,500 Undergraduate¹: $57,500 Graduate: $138,500 None None None Confidential and proprietary information © 2014 Navient Solutions, Inc. All rights reserved. 32 Subsidized Consolidation

• Annualized CPRs for Stafford/PLUS ABS trusts have decreased significantly as incentives for borrowers to consolidate have declined • After a temporary increase in mid 2012 due to the Special Direct Consolidation Loan program, CPRs decreased in the fourth quarter Navient Stafford & PLUS Loan Prepayments Confidential and proprietary information © 2014 Navient Solutions, Inc. All rights reserved. 33 -10% 0% 10% 20% 30% 40% 50% 60% 70% Historical Stafford/PLUS ABS CPRs by Issuance Vintage 2002 2003 2004 2005 2006 2007 2008 2010 2012 2013 2014 * Quarterly CPR assumes School and Grace loans are not scheduled to make payments. Deferment, Forbearance and Repayment loans are scheduled to make payments.

Navient Consolidation Loan Prepayments • CPRs for Consolidation ABS trusts declined significantly following legislation effective in 2006 that prevented in-school and re-consolidation of borrowers’ loans • After a temporary increase in mid 2012 due to the Special Direct Consolidation Loan program, CPRs decreased in the fourth quarter * Quarterly CPR assumes School and Grace loans are not scheduled to make payments. Deferment, Forbearance and Repayment loans are scheduled to make payments. Historical Consolidation ABS CPRs by Issuance Vintage Confidential and proprietary information © 2014 Navient Solutions, Inc. All rights reserved. 34 25% 20% 15% 10% 5% 0% -5% 2002 2003 2004 2005 2006 2007 2009 2011 2012

Confidential and proprietary information © 2014 Navient Solutions, Inc. All rights reserved. 35 Private Education Loan ABS Appendix

Confidential and proprietary information © 2014 Navient Solutions, Inc. All rights reserved. 36 Recent Private Education Loan ABS Issuance Characteristics Private Education Loan ABS Transaction Features Collateral Characteristics • Issue size of $500M to $1.5B • Triple-A rated senior notes, Single-A rated subordinated notes • 20-30% Triple-A overcollateralization • Amortizing tranches with 1 to 10 year average lives • Fixed rate or floating rate tied to 1 month LIBOR • Complies with European risk retention (5% retention) • Navient Solutions, Inc. is servicer or master servicer • Collateralized by loans made to students and parents to fund college tuition, room and board • Underwritten using FICO, Custom Scorecard & judgmental criteria w/risk based pricing • 70-80% with cosigners, typically a parent • Many seasoned assets benefiting from proven payment history • Typically non-dischargeable in bankruptcy

Confidential and proprietary information © 2014 Navient Solutions, Inc. All rights reserved. 37 Navient Private Education Loan Programs Smart Option Undergraduate/Graduate/ Med/Law/MBA Direct-to-Consumer (DTC) Consolidation Career Training Origination Channel School School Direct-to-Consumer Lender School Typical Borrower Student Student Student College Graduates Student Typical Co-signer Parent Parent Parent Parent Parent, Spouse Typical Loan $10k avg orig bal, 10 yr avg term, in-school payments of interest only, $25 or fully deferred $10k avg orig bal, 15 yr term, deferred payments $12k avg orig bal, 15 yr term, deferred payments $43k avg orig bal, 15-30 year term depending on balance, immediate repayment $9k avg orig bal, up to 15 yr term, immediate payments Origination Period March 2009 to April 2014 All history through 2014 2004 through 2008 2006 through 2008 1998 through 2014 Certification and Disbursement School certified and disbursed School certified and disbursed Borrower self-certified, disbursed to borrower Proceeds to lender to pay off loans being consolidated School certified and disbursed Borrower Underwriting FICO, custom credit score model, and judgmental underwriting Primarily FICO Primarily FICO FICO and Debt-to-Income FICO, Debt-to-Income and judgmental underwriting Borrowing Limits $200,000 $100,000 Undergraduate, $150,000 Graduate $130,000 $400,000 Cost of attendance plus up to $6,000 for expenses Current ABS Sec. Criteria For-Profit; FICO 670 For-Profit; FICO 670 FICO 670 For-Profit; FICO 670 FICO 670 Non-Profit; FICO 640 Non-Profit; FICO 640 Non-Profit; FICO 640 School UW No No No No Yes Historical Risk-Based Pricing L + 2% to L + 14% P-1.5% to P+7.5% P+1% to P+6.5% P - 0.5% to P + 6.5% P+0% to P+9% L+0% to L+15% L+6% to L+12% L+6.5% to L+14% Dischargeable in Bankruptcy No No No No Yes Additional Characteristics Made to students and parents primarily through college financial aid offices to fund 2- year, 4-year and graduate school college tuition, room and board Also available on a limited basis to students and parents to fund non-degree granting secondary education, including community college, part time, technical and trade school programs Both Title IV and non-Title IV schools (1) Made to students and parents through college financial aid offices to fund 2-year, 4-year and graduate school college tuition, room and board Signature, Excel, Law, Med and MBA Loan brands Title IV schools only (1) Freshmen must have a co- signer with limited exceptions Co-signer stability test (minimum 3 year repayment history) Terms and underwriting criteria similar to Undergraduate, Graduate, Med/Law/MBA with primary differences being: Marketing channel No school certification Disbursement of proceeds directly to borrower Title IV schools only (1) Freshmen must have a co- signer with limited exceptions Co-signer stability test (minimum 3 year repayment history) Loans made to students and parents to refinance one or more private education loans Student must provide proof of graduation in order to obtain loan Loans made to students and parents to fund non-degree granting secondary education, including community college, part time, technical, trade school and tutorial programs Both Title IV and non-Title IV schools (1) (1) Title IV Institutions are post-secondary institutions that have a written agreement with the Secretary of Education that allows the institution to participate in any of the Title IV federal student financial assistance programs and the National Early Intervention Scholarship and Partnership (NEISP) programs.

Navient Private Education Trusts (1) Smart Option loans subject to interim interest only and $25 fixed monthly payments are classified as in Repayment. (2) Assumes Prime/LIBOR spread of 3.00% for all transactions. Confidential and proprietary information © 2014 Navient Solutions, Inc. All rights reserved. 38 09-CT 10-A 10-B 10-C 11-A 11-B 11-C 12-A 12-B 12-C 12-D 12-E 13-A 13-B 13-C 14-A 14-CT Bond Amount ($mil) 590 1,550 869 1,701 562 825 721 547 891 1,135 640 976 1,108 1,135 624 676 463 Initial AAA Enhancement (%) 37% 23% 45% 37% 21% 18% 24% 27% 26% 25% 25% 21% 26% 22% 28% 24% 30% Total Enhancement (%) 37% 23% 45% 37% 21% 18% 24% 27% 26% 25% 25% 21% 15% 13% 20% 15% 17% Loan Program (%) Signature/Law/MBA/Med -- 76% 46% 89% 88% 91% 71% 61% 48% 43% 37% 35% 26% 29% 26% 19% -- Smart Option -- -- -- -- -- -- 10% 20% 30% 40% 45% 48% 63% 63% 64% 63% -- Consolidation -- 1% 8% 11% -- -- 7% 6% 9% 5% 5% 5% 3% 5% -- 6% -- Direct to Consumer -- 10% 20% -- 9% 6% 12% 12% 12% 12% 12% 12% 8% 3% 10% 12% -- Career Training 100% 13% 26% -- 3% 3% 0% 1% 1% -- -- -- -- -- -- -- 100% Total 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% Payment Status (%) (1) School, Grace, Deferment 0% 63% 12% 36% 55% 55% 45% 37% 38% 40% 39% 44% 59% 62% 63% 49% 0% Repayment 98% 32% 85% 60% 43% 43% 52% 60% 60% 57% 59% 54% 39% 36% 36% 50% 99% Forbearance 2% 5% 3% 3% 2% 3% 2% 2% 2% 3% 2% 2% 2% 2% 1% 1% 1% Wtd Avg Term to Maturity (Mo.) 141 190 169 194 192 189 182 171 164 151 144 148 144 146 143 150 104 % Loans with Cosigner 70% 72% 65% 62% 72% 75% 71% 75% 77% 79% 80% 80% 80% 80% 81% 82% 71% % Loans with No Cosigner 30% 28% 35% 38% 28% 25% 29% 25% 23% 21% 20% 20% 20% 20% 19% 18% 29% Wtd Avg FICO at Origination 747 739 734 727 737 736 733 735 736 737 740 733 741 740 740 742 743 Wtd Avg Recent FICO at Issuance 725 725 732 713 723 722 720 724 726 728 730 722 733 734 733 741 726 WA FICO (Cosigner at Origination) 753 749 744 742 747 745 744 745 745 745 748 741 751 750 749 750 749 WA FICO (Cosigner at Rescored) 734 739 740 733 736 731 734 732 734 735 738 728 745 746 745 750 735 WA FICO (Borrower at Origination) 734 714 712 701 709 710 704 705 705 707 710 702 703 702 705 707 728 WA FICO (Borrower at Rescored) 703 691 716 679 690 695 688 700 700 702 698 696 683 684 682 701 701 Wtd Avg LIBOR Equivalent Margin (2) 7.19% 7.09% 5.48% 4.89% 7.40% 7.21% 6.37% 6.74% 6.98% 7.14% 7.18% 7.46% 6.63% 6.64% 6.88% 6.60% 7.01%

Confidential and proprietary information © 2014 Navient Solutions, Inc. All rights reserved. 39 • Constant prepayment rates increased in 2007 due to the introduction of Private Education Consolidation loans, then declined following SLM’s decision to suspend its consolidation loan program in 2008 0 2 4 6 8 10 12 14 2002-A 2003-A 2003-B 2003-C 2004-A 2004-B 2005-A 2005-B 2006-A 2006-B 2006-C 2007-A 2010-A 2010-B 2010-C 2011-A 2011-B 2011-C 2012-A 2012-B 2012-C 2012-D 2012-E 2013-A 2013-B 2013-C Navient Private Education Loan Trusts – Prepayment Analysis

Confidential and proprietary information © 2014 Navient Solutions, Inc. All rights reserved. 40 Cohort Default Triangles • The following cohort default triangles provide loan performance information for certain Private Education Loans of Navient Corporation and its consolidated subsidiaries that meet such subsidiaries’ current securitization criteria (including those criteria listed below): - Program types include Undergraduate/Graduate(1), Direct-to-Consumer (“DTC”) (2) , Career Training (3) and Private Consolidation Loans - FICO scores are based on the greater of the borrower and cosigner scores as of a date near the loan application and must be at least: • Undergraduate/Graduate at not-for-profit schools: 640 • Undergraduate/Graduate at for-profit schools: 670 • DTC loans: 670 • Career Training loans: 670 • Private Consolidation loans: 640 - Excludes loans made at selected schools that have historically experienced higher rates of default • The cohort default triangles are not representative of the characteristics of the portfolio of Private Education Loans of Navient Corporation and its consolidated subsidiaries as a whole or any particular securitization trust (1) Undergraduate/Graduate loans marketed under the Signature Student Loan brand. (2) Direct-to-Consumer Loans marketed under the Tuition Answer brand. (3) Career Training loans provide eligible borrowers financing at technical, trade, K-12 or tutoring schools.

Confidential and proprietary information © 2014 Navient Solutions, Inc. All rights reserved. 41 Cohort Default Triangles • The cohort default triangles featured on subsequent slides are segmented by loan program type, FICO score, cosigner status, and school type • Terms and calculations used in the cohort default triangles are defined below: - Repayment Year – The calendar year loans entered repayment - Disbursed Principal Entering Repayment – The amount of principal entering repayment in a given year, based on disbursed principal prior to any interest capitalization - Years in Repayment – Measured in years between repayment start date and default date. Zero represents defaults that occurred prior to the start of repayment. - Periodic Defaults – Defaulted principal in each Year in Repayment as a percentage of the disbursed principal entering repayment in each Repayment Year • Defaulted principal includes any interest capitalization that occurred prior to default • Defaulted principal is not reduced by any amounts recovered after the loan defaulted • Because the numerator includes capitalized interest while the denominator does not, default rates are higher than if the numerator and denominator both included capitalized interest - Total – The sum of Periodic Defaults across Years in Repayment for each Repayment Year

Confidential and proprietary information © 2014 Navient Solutions, Inc. All rights reserved. 42 Cohort Default Triangles Note: Data as of 6/30/14. (1) Undergraduate/Graduate loans marketed under the Signature Student Loan brand. (2) Periodic Defaults for the most recent two calendar Years in Repayment are for a partial year. (3) Numerator is the amount of principal in each cohort that defaulted in each Year in Repayment. Denominator is the amount of disbursed principal for that Repayment Year. Undergraduate/Graduate (1) Disbursed Principal Entering Repayment Year Repayment ($m) 0 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 Total 1998 $11 0.0% 0.0% 0.0% 0.0% 0.0% 0.1% 0.4% 0.8% 0.4% 0.2% 1.5% 0.7% 0.4% 0.3% 0.0% 0.1% 5.0% 1999 $28 0.0% 0.0% 0.0% 0.1% 0.9% 0.6% 1.4% 0.4% 0.3% 1.0% 0.5% 0.2% 0.7% 0.3% 0.1% 0.4% 6.9% 2000 $70 0.0% 0.0% 0.0% 0.6% 1.1% 1.3% 0.6% 0.9% 1.5% 1.5% 1.0% 0.8% 0.4% 0.5% 0.2% 0.0% 10.6% 2001 $187 0.0% 0.0% 0.1% 1.1% 1.4% 0.9% 1.8% 1.3% 2.3% 1.9% 1.5% 0.8% 0.6% 0.3% 0.0% 13.8% 2002 $386 0.0% 0.2% 0.2% 1.2% 1.1% 1.8% 1.6% 2.3% 1.9% 1.3% 0.9% 0.6% 0.5% 0.0% 13.8% 2003 $682 0.0% 0.2% 0.6% 0.9% 1.9% 1.6% 2.7% 2.4% 1.8% 1.2% 0.8% 0.5% 0.0% 14.5% 2004 $1,132 0.0% 0.2% 0.3% 1.9% 1.8% 3.0% 2.9% 1.8% 1.4% 1.1% 0.6% 0.1% 15.0% 2005 $1,537 0.0% 0.0% 0.4% 2.5% 3.7% 3.4% 2.1% 1.6% 1.2% 0.7% 0.0% 15.7% 2006 $2,013 0.0% 0.1% 1.6% 3.7% 3.7% 2.5% 1.8% 1.4% 0.8% 0.0% 15.7% 2007 $2,451 0.0% 0.4% 3.5% 4.6% 3.0% 2.0% 1.7% 1.1% 0.0% 16.4% 2008 $2,933 0.0% 2.3% 4.2% 3.9% 2.6% 2.2% 1.3% 0.1% 16.6% 2009 $3,241 0.0% 3.4% 3.7% 3.6% 2.6% 1.5% 0.1% 14.9% 2010 $2,769 0.0% 3.6% 3.8% 3.5% 1.6% 0.1% 12.6% 2011 $1,870 0.0% 3.0% 4.5% 1.9% 0.1% 9.5% 2012 $1,101 0.0% 2.9% 3.2% 0.2% 6.4% 2013 $528 0.0% 1.8% 0.3% 2.1% Periodic Defaults by Years in Repayment (2),(3)

Confidential and proprietary information © 2014 Navient Solutions, Inc. All rights reserved. 43 Cohort Default Triangles Undergraduate/Graduate (1) Without Co-signer Undergraduate/Graduate (1) With Co-signer Note: Data as of 6/30/14. (1) Undergraduate/Graduate loans marketed under the Signature Student Loan brand. (2) Periodic Defaults for the most recent two calendar Years in Repayment are for a partial year. (3) Numerator is the amount of principal in each cohort that defaulted in each Year in Repayment. Denominator is the amount of disbursed principal for that Repayment Year. Disbursed Principal Entering Repayment Year Repayment ($m) 0 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 Total 1998 $6 0.0% 0.0% 0.0% 0.0% 0.0% 0.1% 0.6% 1.0% 0.4% 0.0% 0.2% 1.1% 0.1% 0.0% 0.0% 0.1% 3.6% 1999 $14 0.0% 0.0% 0.0% 0.0% 0.4% 0.1% 0.9% 0.4% 0.2% 0.1% 0.4% 0.0% 0.1% 0.1% 0.1% 0.2% 3.0% 2000 $37 0.0% 0.0% 0.0% 0.5% 0.5% 0.7% 0.7% 0.4% 0.7% 1.2% 0.8% 0.9% 0.2% 0.5% 0.2% 0.0% 7.4% 2001 $90 0.0% 0.0% 0.1% 0.7% 0.9% 0.6% 1.2% 1.0% 1.7% 1.4% 1.1% 0.8% 0.4% 0.2% 0.0% 10.1% 2002 $196 0.0% 0.2% 0.1% 0.8% 0.6% 1.4% 0.8% 1.9% 1.5% 1.1% 0.7% 0.6% 0.4% 0.0% 10.3% 2003 $367 0.0% 0.1% 0.3% 0.6% 0.9% 1.1% 2.2% 1.9% 1.4% 0.9% 0.7% 0.4% 0.0% 10.5% 2004 $632 0.0% 0.2% 0.2% 1.0% 1.0% 2.2% 2.1% 1.4% 1.1% 0.9% 0.5% 0.0% 10.6% 2005 $844 0.0% 0.0% 0.2% 1.4% 2.4% 2.3% 1.6% 1.2% 0.9% 0.6% 0.0% 10.7% 2006 $1,121 0.0% 0.0% 0.7% 2.4% 2.4% 1.8% 1.3% 1.1% 0.7% 0.0% 10.4% 2007 $1,408 0.0% 0.2% 2.0% 2.9% 2.0% 1.5% 1.2% 0.9% 0.0% 10.8% 2008 $1,758 0.0% 1.2% 2.6% 2.7% 1.8% 1.6% 1.0% 0.1% 10.9% 2009 $2,075 0.0% 2.0% 2.4% 2.4% 1.8% 1.1% 0.1% 9.8% 2010 $1,853 0.0% 2.1% 2.3% 2.3% 1.1% 0.1% 7.9% 2011 $1,352 0.0% 1.6% 2.7% 1.2% 0.1% 5.6% 2012 $848 0.0% 1.7% 2.0% 0.1% 3.9% 2013 $404 0.0% 1.1% 0.2% 1.3% Periodic Defaults by Years in Repayment (2),(3) Disbursed Principal Entering Repayment Year Repayment ($m) 0 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 Total 1998 $5 0.0% 0.0% 0.0% 0.0% 0.0% 0.2% 0.2% 0.6% 0.4% 0.4% 3.1% 0.2% 0.8% 0.7% 0.0% 0.2% 6.8% 1999 $14 0.0% 0.0% 0.0% 0.3% 1.3% 1.1% 1.9% 0.4% 0.3% 1.8% 0.6% 0.5% 1.4% 0.6% 0.1% 0.6% 10.9% 2000 $33 0.0% 0.0% 0.0% 0.8% 1.7% 2.1% 0.6% 1.5% 2.3% 2.0% 1.1% 0.7% 0.7% 0.4% 0.3% 0.0% 14.1% 2001 $97 0.0% 0.0% 0.1% 1.5% 1.9% 1.2% 2.3% 1.5% 2.9% 2.3% 1.8% 0.9% 0.7% 0.3% 0.0% 17.3% 2002 $190 0.0% 0.2% 0.2% 1.6% 1.7% 2.3% 2.4% 2.8% 2.4% 1.5% 1.1% 0.6% 0.6% 0.0% 17.4% 2003 $315 0.0% 0.2% 0.9% 1.4% 2.9% 2.3% 3.3% 3.0% 2.3% 1.5% 0.8% 0.5% 0.0% 19.2% 2004 $499 0.0% 0.3% 0.4% 3.1% 2.8% 4.1% 3.8% 2.3% 1.7% 1.3% 0.7% 0.1% 20.6% 2005 $694 0.0% 0.1% 0.7% 3.9% 5.3% 4.7% 2.7% 2.1% 1.6% 0.8% 0.1% 21.8% 2006 $892 0.0% 0.2% 2.7% 5.3% 5.4% 3.4% 2.3% 1.9% 1.0% 0.1% 22.3% 2007 $1,043 0.0% 0.8% 5.5% 6.9% 4.3% 2.8% 2.4% 1.4% 0.0% 24.1% 2008 $1,175 0.1% 4.0% 6.5% 5.9% 3.8% 3.0% 1.7% 0.1% 25.1% 2009 $1,165 0.0% 6.0% 6.0% 5.7% 3.9% 2.2% 0.1% 23.9% 2010 $916 0.0% 6.7% 6.8% 6.0% 2.5% 0.1% 22.2% 2011 $518 0.0% 6.7% 9.0% 3.7% 0.3% 19.8% 2012 $252 0.1% 7.1% 7.2% 0.3% 14.7% 2013 $124 0.1% 4.0% 0.8% 4.9% Periodic Defaults by Years in Repayment (2),(3)

Confidential and proprietary information © 2014 Navient Solutions, Inc. All rights reserved. 44 Cohort Default Triangles Note: Data as of 6/30/14. (1) Undergraduate/Graduate loans marketed under the Signature Student Loan brand. (2) Periodic Defaults for the most recent two calendar Years in Repayment are for a partial year. (3) Numerator is the amount of principal in each cohort that defaulted in each Year in Repayment. Denominator is the amount of disbursed principal for that Repayment Year. Undergraduate/Graduate (1) Non-Profit Undergraduate/Graduate (1) For-Profit Disbursed Principal Entering Repayment Year Repayment ($m) 0 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 Total 1998 $11 0.0% 0.0% 0.0% 0.0% 0.0% 0.2% 0.4% 0.4% 0.4% 0.2% 1.1% 0.7% 0.3% 0.3% 0.0% 0.1% 4.2% 1999 $26 0.0% 0.0% 0.0% 0.0% 0.8% 0.5% 1.2% 0.4% 0.3% 1.0% 0.5% 0.2% 0.5% 0.4% 0.1% 0.3% 6.2% 2000 $68 0.0% 0.0% 0.0% 0.6% 1.0% 1.4% 0.5% 0.9% 1.4% 1.3% 1.0% 0.8% 0.5% 0.5% 0.3% 0.0% 10.2% 2001 $180 0.0% 0.0% 0.1% 1.0% 1.4% 0.9% 1.7% 1.2% 2.4% 1.8% 1.5% 0.8% 0.6% 0.3% 0.0% 13.5% 2002 $360 0.0% 0.2% 0.2% 1.2% 1.0% 1.8% 1.6% 2.3% 2.0% 1.3% 0.9% 0.6% 0.5% 0.0% 13.6% 2003 $630 0.0% 0.2% 0.6% 0.8% 1.8% 1.6% 2.6% 2.4% 1.7% 1.1% 0.7% 0.5% 0.0% 14.0% 2004 $1,006 0.0% 0.2% 0.2% 1.8% 1.6% 2.9% 2.6% 1.7% 1.3% 1.1% 0.5% 0.1% 14.1% 2005 $1,362 0.0% 0.0% 0.4% 2.4% 3.5% 3.2% 2.0% 1.5% 1.2% 0.7% 0.0% 14.9% 2006 $1,766 0.0% 0.1% 1.5% 3.5% 3.6% 2.4% 1.7% 1.4% 0.8% 0.0% 15.0% 2007 $2,103 0.0% 0.4% 3.4% 4.3% 2.8% 2.0% 1.7% 1.1% 0.0% 15.7% 2008 $2,457 0.0% 2.2% 3.9% 3.6% 2.4% 2.1% 1.2% 0.1% 15.6% 2009 $2,686 0.0% 3.2% 3.4% 3.4% 2.4% 1.4% 0.1% 14.0% 2010 $2,378 0.0% 3.4% 3.7% 3.3% 1.5% 0.1% 12.0% 2011 $1,664 0.0% 2.8% 4.2% 1.8% 0.1% 9.0% 2012 $1,002 0.0% 2.8% 3.0% 0.1% 6.0% 2013 $481 0.0% 1.7% 0.3% 2.0% Periodic Defaults by Years in Repayment (2),(3) Disbursed Principal Entering Repayment Year Repayment ($m) 0 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 Total 1998 $0.36 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 13.6% 0.0% 0.0% 12.6% 0.0% 5.1% 0.0% 0.4% 0.0% 31.7% 1999 $2 0.0% 0.0% 0.0% 2.3% 1.4% 2.1% 4.8% 0.0% 0.0% 0.0% 0.0% 0.9% 5.3% 0.0% 0.0% 2.5% 19.3% 2000 $2 0.0% 0.0% 0.0% 0.0% 2.8% 0.7% 3.2% 3.2% 3.7% 8.9% 0.0% 1.6% 0.0% 0.0% 0.0% 0.0% 24.3% 2001 $7 0.0% 0.1% 0.1% 4.7% 2.2% 1.1% 4.3% 2.2% 0.8% 3.5% 1.5% 1.8% 0.4% 0.0% 0.0% 22.8% 2002 $27 0.0% 0.0% 0.3% 1.9% 2.2% 2.1% 2.0% 2.8% 1.8% 1.3% 0.8% 0.7% 0.6% 0.0% 16.6% 2003 $52 0.0% 0.2% 0.7% 2.4% 2.7% 2.2% 3.8% 3.0% 2.4% 1.6% 0.9% 0.5% 0.0% 20.5% 2004 $126 0.0% 0.3% 0.6% 3.2% 3.0% 3.9% 4.6% 2.3% 1.8% 1.4% 0.9% 0.1% 22.2% 2005 $175 0.0% 0.0% 0.7% 3.7% 5.3% 4.9% 2.7% 1.9% 1.3% 1.0% 0.1% 21.7% 2006 $246 0.0% 0.2% 2.1% 4.9% 5.0% 3.2% 2.1% 1.9% 1.1% 0.0% 20.6% 2007 $348 0.0% 0.5% 4.3% 6.5% 4.0% 2.5% 2.1% 1.4% 0.1% 21.3% 2008 $475 0.0% 3.0% 5.9% 5.6% 3.1% 2.5% 1.6% 0.1% 21.7% 2009 $554 0.0% 4.3% 5.1% 4.3% 3.3% 1.9% 0.1% 19.0% 2010 $391 0.1% 4.7% 4.7% 4.8% 2.2% 0.3% 16.7% 2011 $206 0.1% 4.5% 6.4% 2.7% 0.4% 14.0% 2012 $99 0.1% 4.1% 5.3% 0.4% 9.9% 2013 $47 0.2% 2.6% 0.5% 3.3% Periodic Defaults by Years in Repayment (2),(3)

45 Confidential and proprietary information © 2014 Navient Solutions, Inc. All rights reserved. Undergraduate/Graduate (1) Loans, FICO 740-850 (2) Undergraduate/Graduate (1) Loans, FICO 700-739 (2) Note: Data as of 6/30/14. (1) Undergraduate/Graduate loans marketed under the Signature Student Loan brand. (2) FICO scores are based on the greater of the borrower and co-borrower scores as of a date near the loan application. (3) Periodic Defaults for the most recent two calendar Years in Repayment are for a partial year. (4) Numerator is the amount of principal in each cohort that defaulted in each Year in Repayment. Denominator is the amount of disbursed principal for that Repayment Year. Disbursed Principal Entering Repayment Year Repayment ($m) 0 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 Total 1998 $3 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.5% 2.2% 0.0% 0.0% 0.0% 0.0% 0.1% 0.7% 0.0% 0.0% 3.5% 1999 $8 0.0% 0.0% 0.0% 0.0% 0.5% 0.4% 0.7% 0.0% 0.3% 1.5% 0.7% 0.1% 0.8% 0.1% 0.0% 0.0% 5.1% 2000 $20 0.0% 0.0% 0.0% 0.4% 0.7% 1.3% 0.8% 1.1% 0.8% 1.3% 0.7% 0.6% 0.4% 0.8% 0.2% 0.0% 9.0% 2001 $54 0.0% 0.0% 0.1% 0.9% 1.2% 0.5% 1.4% 0.9% 1.9% 1.4% 1.2% 0.9% 0.5% 0.2% 0.0% 11.2% 2002 $111 0.0% 0.1% 0.1% 1.1% 1.0% 1.7% 1.4% 2.2% 1.4% 1.3% 0.8% 0.5% 0.4% 0.0% 12.0% 2003 $194 0.0% 0.2% 0.5% 0.8% 1.5% 1.5% 2.4% 1.9% 1.8% 1.2% 0.7% 0.5% 0.0% 13.0% 2004 $321 0.0% 0.2% 0.2% 1.7% 1.5% 2.5% 2.8% 1.8% 1.4% 1.0% 0.5% 0.0% 13.8% 2005 $439 0.0% 0.0% 0.4% 2.2% 3.3% 2.9% 2.1% 1.4% 1.1% 0.7% 0.0% 14.2% 2006 $553 0.0% 0.1% 1.3% 3.1% 3.4% 2.4% 1.7% 1.2% 0.8% 0.0% 14.0% 2007 $659 0.0% 0.3% 2.8% 4.1% 2.7% 1.7% 1.6% 1.1% 0.0% 14.4% 2008 $782 0.0% 2.0% 3.8% 3.5% 2.4% 2.0% 1.2% 0.1% 15.0% 2009 $875 0.0% 3.0% 3.5% 3.4% 2.6% 1.5% 0.1% 14.1% 2010 $731 0.0% 3.4% 3.8% 3.3% 1.5% 0.1% 12.2% 2011 $482 0.0% 2.8% 4.2% 1.8% 0.2% 9.1% 2012 $281 0.1% 2.7% 3.0% 0.2% 5.9% 2013 $134 0.0% 1.5% 0.3% 1.9% Periodic Defaults by Years in Repayment Disbursed Principal Entering Repayment Year Repayment ($m) 0 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 Total 1998 $3 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.2% 0.0% 0.4% 0.4% 0.9% 0.9% 0.0% 0.0% 0.0% 0.0% 2.8% 1999 $6 0.0% 0.0% 0.0% 0.0% 0.5% 0.3% 1.7% 0.5% 0.2% 0.2% 0.0% 0.2% 0.0% 0.4% 0.0% 0.8% 4.9% 2000 $22 0.0% 0.0% 0.0% 0.3% 0.4% 0.4% 0.2% 0.3% 1.0% 1.0% 0.4% 0.5% 0.0% 0.2% 0.1% 0.0% 4.9% 2001 $64 0.0% 0.0% 0.0% 0.5% 0.4% 0.4% 1.1% 0.8% 1.0% 0.7% 0.6% 0.7% 0.4% 0.2% 0.0% 6.8% 2002 $137 0.0% 0.2% 0.1% 0.5% 0.4% 0.8% 0.6% 1.1% 0.9% 0.6% 0.5% 0.4% 0.2% 0.0% 6.4% 2003 $248 0.0% 0.1% 0.2% 0.4% 0.6% 0.7% 1.2% 1.4% 0.8% 0.7% 0.6% 0.3% 0.0% 7.1% 2004 $424 0.0% 0.1% 0.1% 0.7% 0.7% 1.4% 1.3% 0.9% 0.8% 0.7% 0.4% 0.0% 7.2% 2005 $574 0.0% 0.0% 0.2% 1.0% 1.5% 1.5% 1.1% 0.9% 0.6% 0.5% 0.0% 7.2% 2006 $761 0.0% 0.0% 0.5% 1.4% 1.5% 1.1% 0.8% 0.7% 0.5% 0.0% 6.5% 2007 $937 0.0% 0.1% 1.2% 1.6% 1.1% 1.0% 0.8% 0.6% 0.0% 6.4% 2008 $1,130 0.0% 0.7% 1.5% 1.4% 1.0% 1.0% 0.6% 0.0% 6.3% 2009 $1,325 0.0% 1.2% 1.4% 1.4% 1.2% 0.7% 0.0% 6.0% 2010 $1,186 0.0% 1.4% 1.5% 1.6% 0.9% 0.0% 5.4% 2011 $831 0.0% 1.1% 1.8% 0.8% 0.1% 3.8% 2012 $506 0.0% 1.3% 1.3% 0.1% 2.7% 2013 $245 0.0% 0.8% 0.2% 1.0% Periodic Defaults by Years in Repayment (3),(4) (3),(4) Cohort Default Triangles

46 Cohort Default Triangles Note: Data as of 6/30/14. (1) Undergraduate/Graduate loans marketed under the Signature Student Loan brand. (2) FICO scores are based on the greater of the borrower and co-borrower scores as of a date near the loan application. (3) Periodic Defaults for the most recent two calendar Years in Repayment are for a partial year. (4) Numerator is the amount of principal in each cohort that defaulted in each Year in Repayment. Denominator is the amount of disbursed principal for that Repayment Year. Undergraduate/Graduate (1) Loans, FICO 670-699 (2) Undergraduate/Graduate (1) Loans, FICO 640-669 (2) Confidential and proprietary information © 2014 Navient Solutions, Inc. All rights reserved. Disbursed Principal Entering Repayment Year Repayment ($m) 0 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 Total 1998 $3 0.0% 0.0% 0.0% 0.0% 0.0% 0.6% 0.6% 0.3% 0.5% 0.3% 2.8% 0.0% 0.5% 0.3% 0.1% 0.3% 6.2% 1999 $7 0.0% 0.0% 0.0% 0.5% 1.4% 0.5% 1.3% 0.3% 0.3% 0.1% 0.7% 0.5% 1.3% 0.4% 0.0% 0.3% 7.6% 2000 $14 0.0% 0.0% 0.0% 0.9% 1.4% 1.9% 0.2% 1.0% 0.9% 1.4% 1.4% 1.0% 0.9% 0.4% 0.6% 0.0% 12.0% 2001 $37 0.0% 0.0% 0.1% 1.3% 2.1% 1.5% 1.9% 1.6% 2.7% 2.9% 2.0% 0.8% 0.6% 0.3% 0.0% 17.8% 2002 $77 0.0% 0.2% 0.3% 1.6% 1.8% 2.4% 2.4% 2.9% 2.7% 1.6% 1.1% 0.7% 0.6% 0.0% 18.4% 2003 $134 0.0% 0.1% 0.8% 1.3% 2.8% 2.2% 3.7% 3.3% 2.2% 1.3% 0.7% 0.5% 0.0% 18.9% 2004 $222 0.0% 0.3% 0.5% 2.9% 2.6% 4.2% 3.8% 2.3% 1.7% 1.3% 0.6% 0.1% 20.3% 2005 $298 0.0% 0.1% 0.7% 3.8% 5.2% 4.9% 2.7% 1.9% 1.5% 0.8% 0.1% 21.8% 2006 $402 0.0% 0.2% 2.6% 5.5% 5.6% 3.6% 2.4% 1.9% 1.1% 0.1% 22.9% 2007 $504 0.0% 0.7% 5.6% 7.4% 4.8% 3.0% 2.4% 1.4% 0.0% 25.3% 2008 $623 0.0% 3.8% 6.9% 6.4% 3.8% 3.1% 1.9% 0.1% 26.0% 2009 $662 0.1% 5.7% 6.1% 6.0% 3.9% 2.3% 0.1% 24.2% 2010 $543 0.0% 6.2% 6.2% 5.7% 2.4% 0.1% 20.7% 2011 $355 0.0% 5.0% 7.8% 3.2% 0.3% 16.3% 2012 $199 0.1% 4.8% 5.7% 0.2% 10.9% 2013 $94 0.0% 3.3% 0.5% 3.8% Periodic Defaults by Years in Repayment (3),(4) Disbursed Principal Entering Repayment Year Repayment ($m) 0 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 Total 1998 $2 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.3% 0.5% 0.9% 0.0% 2.9% 2.3% 1.3% 0.2% 0.0% 0.3% 8.6% 1999 $6 0.0% 0.0% 0.0% 0.0% 1.1% 1.3% 2.3% 0.9% 0.3% 2.1% 0.5% 0.1% 0.7% 0.5% 0.4% 0.5% 10.7% 2000 $14 0.0% 0.0% 0.0% 1.3% 2.5% 2.3% 1.4% 1.6% 3.8% 3.0% 1.9% 1.5% 0.7% 0.5% 0.2% 0.0% 20.7% 2001 $32 0.0% 0.0% 0.1% 2.3% 2.9% 2.0% 3.4% 2.6% 5.2% 3.8% 2.8% 1.1% 1.0% 0.5% 0.0% 27.7% 2002 $61 0.0% 0.2% 0.4% 2.7% 2.3% 3.9% 3.1% 4.6% 4.2% 2.4% 1.8% 1.2% 1.1% 0.0% 27.9% 2003 $107 0.0% 0.3% 1.3% 2.1% 4.1% 3.3% 5.4% 4.6% 3.5% 2.1% 1.4% 0.8% 0.0% 29.0% 2004 $165 0.0% 0.5% 0.5% 4.4% 3.9% 6.4% 5.7% 3.5% 2.4% 2.0% 1.1% 0.1% 30.6% 2005 $226 0.0% 0.1% 0.9% 5.4% 8.2% 7.0% 3.8% 3.3% 2.3% 1.3% 0.0% 32.2% 2006 $296 0.0% 0.2% 3.7% 8.1% 7.8% 4.8% 3.5% 2.9% 1.5% 0.1% 32.7% 2007 $351 0.0% 1.1% 8.0% 9.8% 6.0% 4.0% 3.4% 2.0% 0.1% 34.3% 2008 $398 0.0% 5.4% 8.5% 8.1% 5.3% 4.2% 2.5% 0.1% 34.1% 2009 $378 0.0% 8.2% 8.0% 7.3% 4.9% 2.9% 0.1% 31.4% 2010 $310 0.0% 8.0% 8.4% 7.8% 3.0% 0.1% 27.3% 2011 $202 0.0% 7.7% 10.2% 4.2% 0.1% 22.3% 2012 $114 0.0% 7.5% 8.0% 0.3% 15.8% 2013 $54 0.0% 4.4% 0.6% 5.0% Periodic Defaults by Years in Repayment (3),(4)

Confidential and proprietary information © 2014 Navient Solutions, Inc. All rights reserved. 47 Cohort Default Triangles Private Consolidation Loans Without Co-signer Private Consolidation Loans With Co-signer Note: Data as of 6/30/14. (1) Periodic Defaults for the most recent two calendar Years in Repayment are for a partial year. (2) Numerator is the amount of principal in each cohort that defaulted in each Year in Repayment. Denominator is the amount of disbursed principal for that Repayment Year. Disbursed Principal Entering Repayment Year Repayment ($m) 0 1 2 3 4 5 6 7 8 9 Total 2006 $125 0.0% 0.4% 0.9% 1.5% 1.7% 1.5% 1.0% 1.1% 0.8% 0.0% 9.0% 2007 $295 0.0% 0.0% 0.9% 1.0% 1.3% 1.0% 1.0% 0.7% 0.1% 5.9% 2008 $133 0.0% 0.2% 1.7% 2.1% 1.8% 1.7% 1.9% 0.2% 9.5% Periodic Defaults by Years in Repayment (1),(2) Disbursed Principal Entering Repayment Year Repayment ($m) 0 1 2 3 4 5 6 7 8 9 Total 2006 $249 0.0% 0.1% 0.1% 0.5% 0.6% 0.6% 0.4% 0.3% 0.3% 0.0% 2.9% 2007 $675 0.0% 0.0% 0.2% 0.4% 0.6% 0.4% 0.4% 0.4% 0.0% 2.4% 2008 $376 0.0% 0.1% 0.4% 0.7% 0.6% 0.6% 0.5% 0.1% 2.9% Periodic Defaults by Years in Repayment (1),(2)

Confidential and proprietary information © 2014 Navient Solutions, Inc. All rights reserved. 48 Note: Data as of 6/30/14. (1) FICO scores are based on the greater of the borrower and co-borrower scores as of a date near the loan application. (2) Periodic Defaults for the most recent two calendar Years in Repayment are for a partial year. (3) Numerator is the amount of principal in each cohort that defaulted in each Year in Repayment. Denominator is the amount of disbursed principal for that Repayment Year. DTC With Co-signer, FICO 670 (1) DTC Without Co-signer, FICO 670 (1) Disbursed Principal Entering Repayment Year Repayment ($m) 0 1 2 3 4 5 6 7 8 9 10 11 Total 2004 $8 0.0% 0.0% 0.0% 0.0% 0.0% 0.2% 0.1% 0.4% 0.0% 0.2% 0.0% 0.0% 0.9% 2005 $65 0.0% 0.1% 0.8% 0.7% 1.4% 2.1% 1.2% 0.9% 0.8% 0.9% 0.0% 9.0% 2006 $139 0.0% 0.7% 1.8% 4.4% 4.8% 2.4% 2.0% 2.0% 1.0% 0.1% 19.2% 2007 $245 0.0% 0.6% 4.7% 6.2% 4.2% 2.7% 2.6% 1.7% 0.0% 22.7% 2008 $369 0.0% 2.8% 5.9% 4.9% 3.6% 2.8% 2.0% 0.1% 22.1% 2009 $396 0.0% 3.7% 4.1% 4.0% 3.2% 2.1% 0.1% 17.1% 2010 $314 0.0% 3.6% 4.1% 4.7% 2.5% 0.3% 15.1% 2011 $192 0.1% 3.7% 5.2% 3.3% 0.3% 12.6% 2012 $104 0.0% 3.3% 5.0% 0.6% 8.8% 2013 $23 0.0% 1.2% 0.5% 1.7% Periodic Defaults by Years in Repayment (2),(3) Disbursed Principal Entering Repayment Year Repayment ($m) 0 1 2 3 4 5 6 7 8 9 10 11 Total 2004 $2 0.0% 0.0% 1.6% 1.2% 0.6% 4.7% 2.2% 3.0% 1.2% 4.2% 0.0% 0.0% 18.8% 2005 $19 0.0% 1.0% 2.1% 2.4% 4.1% 6.5% 2.8% 1.6% 1.0% 1.2% 0.0% 22.7% 2006 $66 0.0% 1.4% 2.5% 6.6% 6.4% 4.0% 2.7% 2.6% 1.2% 0.0% 27.4% 2007 $158 0.0% 1.0% 5.8% 8.1% 4.6% 3.8% 3.3% 1.9% 0.0% 28.5% 2008 $255 0.0% 3.7% 7.9% 7.3% 4.2% 4.0% 2.2% 0.1% 29.4% 2009 $234 0.0% 6.7% 6.3% 6.9% 5.1% 2.8% 0.1% 28.0% 2010 $152 0.1% 8.3% 7.0% 8.7% 3.6% 0.3% 28.0% 2011 $88 0.1% 7.8% 10.1% 5.1% 0.5% 23.7% 2012 $47 0.0% 6.2% 7.7% 0.8% 14.7% 2013 $5 0.0% 3.2% 0.6% 3.8% Periodic Defaults by Years in Repayment (2),(3) Cohort Default Triangles

Confidential and proprietary information © 2014 Navient Solutions, Inc. All rights reserved. 49 Cohort Default Triangles Note: Data as of 6/30/14. (1) FICO scores are based on the greater of the borrower and co-borrower scores as of a date near the loan application. (2) Periodic Defaults for the most recent two calendar Years in Repayment are for a partial year. (3) Numerator is the amount of principal in each cohort that defaulted in each Year in Repayment. Denominator is the amount of disbursed principal for that Repayment Year. Career Training Loans, 670+ FICO (1) Disbursed Principal Entering Repayment Year Repayment ($m) 0 1 2 3 4 5 6 7 8 9 10 11 12 Total 2003 $291 0.0% 0.4% 1.4% 1.6% 1.8% 1.4% 1.3% 1.0% 0.8% 0.5% 0.4% 0.2% 0.0% 11.0% 2004 $382 0.0% 0.4% 1.5% 2.3% 1.7% 1.8% 1.7% 1.1% 0.8% 0.5% 0.3% 0.0% 12.2% 2005 $513 0.0% 0.3% 2.2% 2.2% 2.5% 2.1% 1.5% 1.0% 0.8% 0.5% 0.1% 13.2% 2006 $630 0.0% 0.4% 2.5% 3.5% 3.2% 2.2% 1.5% 1.0% 0.7% 0.1% 15.2% 2007 $672 0.0% 0.5% 3.5% 3.9% 3.0% 1.8% 1.3% 0.9% 0.1% 15.0% 2008 $581 0.0% 0.6% 4.3% 3.6% 2.2% 1.5% 1.1% 0.1% 13.4% 2009 $169 0.0% 0.2% 2.1% 2.1% 1.5% 1.0% 0.2% 7.1% 2010 $19 0.0% 0.6% 1.2% 1.0% 0.5% 0.2% 3.4% Periodic Defaults by Years in Repayment (2),(3)

Confidential and proprietary information © 2014 Navient Solutions, Inc. All rights reserved. 50 Navient Corporation Appendix

Confidential and proprietary information © 2014 Navient Solutions, Inc. All rights reserved. 51 GAAP Results (In millions, except per share amounts) Q2 14 Q1 14 Q2 13 Net income $307 $219 $543 EPS $0.71 $0.49 $1.20 Operating expenses $211 $366 $244 Provision $165 $185 $201 Average total student loans $134,737 $142,679 $152,135

Confidential and proprietary information © 2014 Navient Solutions, Inc. All rights reserved. 52 Differences between “Core Earnings” and GAAP “Core Earnings” adjustments to GAAP: GAAP net income $ 307 Net impact of SLM BankCo 36 Net impact of derivative accounting (150) Net impact of goodwill and acquired intangible assets 2 Net income tax effect 46 Total “Core Earnings” adjustments to GAAP (66) “Core Earnings” net income $241 Quarter ended June 30, 2014 ($ in millions)

Confidential and proprietary information © 2014 Navient Solutions, Inc. All rights reserved. 53 Changes for Investors A consistent platform, team, and management Source: Navient, Navient Form 10 filed April 10, 2014. Before Separation After Separation Parent Company SLM Corporation Navient Corporation Headquarters Newark, DE Newark, DE Issuing Entity SLM Student Loan Trust 201X-A Navient Student Loan Trust 201X-A SLABS Bloomberg Ticker SLMA NAVSL Depositor SLM Funding LLC Navient Funding, LLC Sponsor, Servicer, and Administrator Sallie Mae, Inc. Navient Solutions, Inc. Servicing Employees ~2,100 ~2,100 Customers Serviced (mm) 13+ 12+ Total Loans Serviced ($ bn) ~300 ~300 Investment Corp Holding Residual Interests Sallie Mae Investment Corporation Navient Investment Corporation

54 https://www.navient.com/about/investors/ Investor Relations Website Confidential and proprietary information © 2014 Navient Solutions, Inc. All rights reserved. SLM / NAVI student loan trust data (Debt/asset backed securities – SLM / NAVI Student Loan Trusts) SLM / NAVI student loan performance by trust – Issue details Archived and historical webcasts, transcripts and investor presentations Additional information (Webcasts and presentations) Prospectus for public transactions and Rule 144A transactions are available through underwriters Current rates Distribution factors Current and historical monthly distribution reports Since issued CPR – monthly CPR data by trust since issuance Historical trust performance – monthly charge-off, delinquency, loan status, CPR, etc. by trust Quarterly distribution factors Accrued interest factors Static pool information – detailed portfolio stratifications by trust as of the cutoff date