NAVIENT CORPORATION

Ticker: NAVI CUSIP: 63938C108 Class: Common Stock

KESTREL INVESTMENT MANAGEMENT CORP's Holding History (CIK: 0000917579)

Note: Option positions (PUT/CALL) are excluded.

Q1 2015

Shares 580,000 Value ($000) $11,791 Avg Close $20.55 Range $17.16 - $22.41

Q4 2014

Shares 580,000 Value ($000) $12,534 Avg Close $19.99 Range $16.98 - $22.71

Q3 2014

Shares 580,000 Value ($000) $10,272 Avg Close $17.60 Range $16.76 - $18.28

Q2 2014

Shares 580,000 Value ($000) $10,272 Avg Close $16.58 Range $15.00 - $17.98

Period	Shares	Value ($000)	Average Close	Price Range
Q1 2015	580,000	$11,791	$20.55	$17.16 - $22.41
Q4 2014	580,000	$12,534	$19.99	$16.98 - $22.71
Q3 2014	580,000	$10,272	$17.60	$16.76 - $18.28
Q2 2014	580,000	$10,272	$16.58	$15.00 - $17.98