Navient to Acquire Earnest

Continued focus on capital allocation priorities Maintain discipline on balance sheet, invest in growth and return excess capital to shareholders Common Dividend Growth Opportunities Leverage Ratios Share Repurchase ● Growth of Student Loan Refinance portfolio • Continue to pursue attractive portfolio and servicing acquisitions, as well as fee businesses Annual dividend of $0.64 per share ● Maintain TNA ratio ¹ between 1.2x and 1.3x, building book value Return additional excess capital and cash flows to shareholders through share repurchases 1 The tangible net asset (TNA) ratio equals GAAP tangible assets less secured debt and other liabilities adjusted for the impact of derivative accounting under GAAP and unamortized net floor premiums divided by unsecured debt. Confidential and proprietary information 2017 Navient Solutions, LLC. All rights reserved. ||| 7

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