13D Filing: Canyon Capital Advisors and Navient Corp (NAVI)

This Schedule 13D is filed by:

(i) Canyon Capital Advisors LLC (“CCA”), with
respect to the shares of Common Stock directly held by certain managed accounts with respect to which it acts as investment advisor,
including Canyon Value Realization Fund, L.P. (“VRF”), The Canyon Value Realization Master Fund (Cayman), L.P.
(“CVRF”), Canyon Value Realization Fund MAC 18, Ltd. (“CVRFM”), Canyon Balanced Master Fund,
Ltd. (“CBEF”), Canyon-GRF Master Fund II, L.P. (“GRF2”), Canyon Distressed Opportunity Master
Fund II, L.P. (“CDOF2016”), EP Canyon Ltd. (“PERMIO”) and Canyon NZ-DOF Investing, L.P. (“NZ-TRADING”)
(collectively, the “Accounts”);

(ii) Mr. Mitchell R. Julis (“Mr. Julis”), with
respect to the shares of Common Stock directly held by the Accounts; and

(iii) Mr. Joshua S. Friedman (“Mr. Friedman”),
with respect to the shares of Common Stock directly held by the Accounts.

Messrs. Julis and Friedman manage CCA and control entities which
own 100% of CCA.

The foregoing persons are hereinafter sometimes collectively referred
to as the “Reporting Persons.” Any disclosures herein with respect to persons other than the Reporting Persons are
made on information and belief after making inquiry to the appropriate party.

The filing of this statement
shall not be deemed an admission that any Reporting Person is the beneficial owner of the securities reported herein for purposes
of Section 13 of the Securities Act of 1934, as amended, or otherwise. Each of Mr. Julis, Mr. Friedman expressly disclaims beneficial
ownership of any of the securities held by the Accounts.