First Marblehead 10Q 2008 Q3 Quarterly report | FMD Filing

Forward-Looking

Statements

Statements in this presentation regarding First Marblehead’s future expectations, performance and financial projections,

including with regard to projected future cash flows and the future performance of securitization trusts, as well as any other

statements that are not purely historical, constitute forward looking statements for purposes of the safe harbor provisions of

The Private Securities Litigation Reform Act of 1995. These forward-looking statements are based on our plans, estimates

and expectations as of May 8, 2008. The inclusion of this forward-looking information should not be regarded as a

representation by us or any other person that the future results, plans, projections, estimates or expectations contemplated

will actually be achieved. You are cautioned that matters subject to forward-looking statements involve known and unknown

risks and uncertainties, including economic, legislative, regulatory, competitive and other factors, which may cause actual

results, including the performance of the trusts and resulting cash flows, or the timing of events, to be materially different

than those expressed or implied by our forward-looking statements. Important factors that could cause or contribute to such

differences

include:

degradation

credit

quality

performance

the

trusts’

loan

portfolios;

the

inability

The

Education

Resources Institute, Inc. (TERI), the third party guarantor of the underlying loans, which has filed a voluntary petition for

reorganization

under

federal

bankruptcy

laws,

meet

its

guaranty

obligations;

the

inability

Ambac

Assurance

Corporation,

which

provides

credit

enhancement

for

certain

securitization

trusts,

meet

its

obligations;

variance

between

the actual performance of securitization trusts and the key assumptions we have used in preparing the projected cash flows;

the

effects

the

TERI

reorganization

TERI's

performance

its

collections

functions

with

regard

delinquent

and

defaulted

loans;

and

the

other

factors

set

forth

under

the

caption

“risk

factors”

our

quarterly

report

Form

10-Q

filed

with

the Securities and Exchange Commission on February 11, 2008. Important factors that could cause or contribute to

differences

between

the

actual

performance

the

securitization

trusts

and

our

key

assumptions

include

economic,

regulatory, competitive and other factors affecting prepayment, default and recovery rates on the underlying securitized loan

portfolio, and interest rate trends, including the projected cost of funding for auction rate notes. We specifically disclaim any

obligation to update any forward-looking statements as a result of developments occurring after May 8, 2008.

Disclaimer

The information in this presentation is intended to provide a broad overview of our securitized portfolio. Neither First

Marblehead nor any other party is offering any securities by making this presentation or soliciting any action based upon the

information provided.

Nothing in this presentation should be relied upon as a representation by First Marblehead, or any other person, as to the

future

performance

any

securitization

trust

described

this

presentation

any

securities

that

may

issued

in the

future. The information contained herein is intended to be illustrative only, and historical collateral pools may not be

representative of any future collateral pool. Neither First Marblehead nor any other person is obligated to update the

information contained herein.

Investing in our common stock involves a high degree of risk. Prior to purchasing any shares, you should carefully

consider

the

risks

and

uncertainties

described

the

reports

file

from

time

with

the

Securities

and

Exchange

Commission.

Exhibit 99.2

Direct to Consumer

School Channel

FY 2003

FY 2004

FY 2005

FY 2006

FY 2007

$0.7

$1.4

$2.2

$2.9

$3.9

66.5%

33.5%

69.5%

30.5%

72.6%

27.4%

70.9%

29.1%

76.8%

23.2%

82.9%

17.1%

$4.3

FY 2008*

Loans Available for Securitization by Fiscal Year

*FY 2008 Volume represents Q1, Q2 and Q3 FY 2008 only.

Trust parity ratios

As of March 31, 2008

Parity Ratio:

trust assets

(loan pool

balance plus

trust

accounts)

divided by

liabilities

(bonds

outstanding)

As of December 31, 2007 (most recently quarterly reporting date)

As of January 31, 2008 (most recent quarterly reporting date)

As of February 29, 2008 (most recent quarterly reporting date)

90%

92%

94%

96%

98%

100%

102%

NCMSLT (closed: 11/01/01)

2003-1 (closed: 12/11/03)

2004-1 (closed: 06/10/04)

2004-2 (closed: 10/28/04)

2005-1 (closed: 02/23/05)

2005-2 (closed: 06/09/05)

2005-3 (closed: 10/12/05)

2006-1 (closed: 03/09/06)

2006-2 (closed 06/08/06)

2006-3 (closed 09/28/06)

2006-4 (closed 12/07/06)

2007-1 (closed: 03/08/07)

2007-2 (closed: 06/14/07)

2007-3 (closed: 09/20/07)

2007-4 (closed: 09/20/07)

NCMSLT¹

2003-1²

2004-2

2004-1³

2005-1

2005-2

2005-3

2006-1

2006-2

2006-3

2007-1

2006-4

2007-2

2007-3, 2007-4

Months Since Inception

Net recovery rates

As of March 31, 2008

Net

Recoveries:

recoveries

(either in the

form of cash

repurchased

loans) net of

collection

costs. FMC

assumes a

48% net

recovery rate

for residual

valuation

purposes.

Note: 2002 Vintage recovery rates experienced volatility in certain months due to a small balance of defaulted loans that experienced a delay in recovery.

FMC Net Recovery Rates (by Year of Default)

0.0%

5.0%

10.0%

15.0%

20.0%

25.0%

30.0%

35.0%

40.0%

45.0%

50.0%

Months Since Default

2002

2003

2004

2005

2006

2007

Weighted Average

Projected Net Recovery

FICO Scores for disbursed volume by fiscal year

Decisioned FICO Distribution

By Fiscal Year

10%

12%

15%

12%

14%

39%

37%

35%

25%

24%

21%

22%

10%

20%

30%

40%

50%

60%

70%

80%

90%

100%

2005

2006

2007

2008*

760-850

700-759

680-699

660-679

620-659

Decisioned FICO Distribution - School Channel

By Fiscal Year

12%

11%

41%

40%

39%

32%

31%

33%

10%

20%

30%

40%

50%

60%

70%

80%

90%

100%

2005

2006

2007

2008*

760-850

700-759

680-699

660-679

620-659

Decisioned

FICO Scores:

FICO score

that is

reflective of

decision on

cosigner,

student, or

borrower

without

cosigner

*2008 represents Q1, Q2 and Q3 FY 2008 only.

Decisioned FICO Distribution - Direct to Consumer

By Fiscal Year

13%

15%

17%

16%

13%

14%

15%

38%

36%

34%

35%

22%

21%

19%

10%

20%

30%

40%

50%

60%

70%

80%

90%

100%

2005

2006

2007

2008*

760-850

700-759

680-699

660-679

620-659

FMC FICO score distribution

Sources: First Marblehead, www.myfico.com

Decisioned FICO Distribution for Loans Booked in CY 2007 - CY 2008

10%

33%

30%

24%

32%

31%

25%

33%

32%

24%

26%

35%

30%

12%

15%

18%

27%

13%

10%

15%

20%

25%

30%

35%

40%

up to 499

500 - 549

550 - 599

600 - 649

650 - 699

700 - 749

750 - 799

800+

FICO Score Range

CY 2007

January-08

February-08

March-08

National Distribution of FICO Scores

NCSLT Trust Payment Status

As of March 31, 2008

Source: First Marblehead

10%

20%

30%

40%

50%

60%

70%

80%

90%

100%

NCSLT Trust

Deferment - P&I

Deferment - Principal Only

Forbearance

Repayment

Six month rolling prepayment rates

Updated through March 31, 2008*

*Average prepayment rate during preceding six month period. NCMSLT as of December 31, 2007 (most recently quarterly reporting date). NCSLT 2003-1 as of January

31, 2008 (most recent quarterly reporting date). NCSLT 2004-1 as of February 29, 2008 (most recent quarterly reporting date)

Months Since

Inception

NCMSLT

NCSLT 2003-1

NCSLT 2004-1

NCSLT 2004-2

NCSLT 2005-1

NCSLT 2005-2

NCSLT 2005-3

NCSLT 2006-1

NCSLT 2006-2

NCSLT 2006-3

NCSLT 2006-4

NCSLT 2007-1

NCSLT 2007-2

NCSLT 2007-3

NCSLT 2007-4

2.8%

2.7%

3.2%

3.1%

3.6%

3.3%

3.6%

3.2%

2.8%

2.5%

#N/A

2.9%

3.1%

3.2%

3.5%

3.2%

3.9%

3.3%

2.9%

3.0%

2.7%

2.6%

3.9%

2.7%

#N/A

2.8%

3.1%

3.3%

3.7%

3.2%

3.8%

3.2%

2.9%

3.1%

#N/A

2.7%

3.0%

3.3%

3.1%

3.8%

3.9%

3.1%

3.9%

3.1%

3.0%

3.1%

#N/A

3.0%

3.4%

3.3%

4.0%

3.8%

3.3%

4.0%

3.1%

3.0%

3.3%

3.6%

2.7%

#N/A

3.1%

3.6%

3.3%

4.4%

4.0%

3.3%

3.9%

3.2%

3.1%

#N/A

2.8%

3.1%

3.8%

3.5%

4.5%

3.9%

3.5%

4.1%

3.2%

3.1%

#N/A

3.2%

3.7%

3.8%

4.7%

4.2%

3.7%

3.3%

2.9%

2.8%

#N/A

3.4%

3.8%

4.2%

4.9%

4.2%

3.7%

3.8%

3.4%

#N/A

3.6%

3.2%

3.8%

4.4%

4.9%

4.3%

3.8%

3.9%

3.6%

#N/A

3.2%

4.0%

4.5%

5.0%

4.5%

3.6%

4.0%

3.7%

2.7%

#N/A

3.1%

4.3%

4.7%

4.9%

4.5%

3.6%

4.1%

#N/A

4.2%

3.2%

4.6%

5.2%

5.0%

4.6%

3.8%

4.2%

#N/A

3.2%

5.2%

5.3%

5.1%

4.4%

4.0%

4.6%

2.8%

2.9%

#N/A

3.5%

5.3%

5.6%

5.0%

4.5%

4.2%

#N/A

4.0%

3.9%

5.6%

5.8%

5.1%

4.7%

4.5%

#N/A

4.2%

5.9%

6.1%

5.0%

4.7%

4.8%

3.2%

3.8%

#N/A

4.7%

6.0%

5.0%

#N/A

4.8%

6.3%

5.9%

4.8%

5.0%

#N/A

5.4%

6.2%

6.0%

4.9%

5.4%

3.3%

4.0%

#N/A

5.6%

6.7%

5.8%

5.3%

#N/A

6.2%

5.8%

6.8%

5.8%

5.6%

#N/A

6.1%

6.8%

5.5%

5.9%

3.2%

3.9%

#N/A

6.2%

6.8%

5.9%

6.1%

#N/A

6.6%

6.5%

6.0%

6.5%

#N/A

6.2%

6.6%

6.1%

3.3%

4.8%

#N/A

6.2%

6.1%

6.3%

#N/A

7.0%

6.3%

6.1%

6.3%

#N/A

6.2%

6.6%

3.3%

6.2%

#N/A

6.2%

#N/A

7.2%

5.8%

6.6%

#N/A

6.0%

6.9%

3.5%

7.2%

#N/A

6.2%

7.4%

#N/A

7.3%

6.3%

#N/A

6.3%

3.8%

7.3%

#N/A

6.6%

#N/A

7.1%

#N/A

3.9%

7.0%

#N/A

7.1%

#N/A

4.8%

7.1%

#N/A

5.4%

7.6%

#N/A

5.5%

#N/A

6.4%

#N/A

7.5%

#N/A

7.8%

#N/A

7.9%

#N/A

7.6%

#N/A

7.0%

#N/A

6.7%

#N/A

7.2%

Six Month Rolling CPR by Trust

0.0%

0.5%

1.0%

1.5%

2.0%

2.5%

3.0%

3.5%

4.0%

4.5%

5.0%

5.5%

6.0%

6.5%

7.0%

7.5%

8.0%

8.5%

9.0%

9.5%

10.0%

Months Since Trust Inception

NCMSLT

NCSLT 2003-1

NCLST 2004-1

NCSLT 2004-2

NCSLT 2005-1

NCSLT 2005-2

NCSLT 2005-3

NCSLT 2006-1

NCSLT 2006-2

NCSLT 2006-3

NCSLT 2006-4

NCSLT 2007-1

NCSLT 2007-2

NCSLT 2007-3

NCSLT 2007-4

Projected future cash flow stream

As of Q1, Q2 and Q3 Fiscal Year 2008 (in $millions)

$50

$100

$150

$200

$250

$300

$500

$1,000

$1,500

$2,000

$2,500

Annual Residuals ($M) (Total = $2,083 M)

Annual ASAFs ($M) (Total = $228 M)

Cumulative Cash Flow (Total = $2,311)

$50

$100

$150

$200

$250

$300

$500

$1,000

$1,500

$2,000

$2,500

Annual Residuals ($M) (Total = $1,743 M)

Annual ASAFs ($M) (Total = $215 M)

Cumulative Cash Flow (Total = $1,959 M)

Note:

Cash

flows

not

utilize

‘Present

Value’

methodology

and

are

pre-tax.

Certain

older

trusts,

whose

impact

the

analysis

would

immaterial,

are

excluded.

Please

refer

the

most

recent

10-Q

SEC

filing

our

website

(www.firstmarblehead.com)

for

important

information

regarding

the

Critical

Accounting Policies and Estimates used to prepare this projection.

These

charts

illustrate the

projected

amount and

timing of

Residual

and

Additional

Structural

Advisory

Fee cash

flow

payments to

FMC, based

upon trust

valuation

assumptions

as of

03/31/2008,

12/31/2007,

and

09/30/2007

December 31, 2007

September 30, 2007

March 31, 2008

$50

$100

$150

$200

$250

$300

$350

$400

$500

$1,000

$1,500

$2,000

$2,500

Annual Residuals ($M) (Total = $2,134M)

Annual ASAFs ($M) (Total = $309M)

Cumulative Cash Flow (Total = $2,444M)

Positive
Negative
Uncertain
Constraining
Legalese
Litigous
Readability	H.S. junior Avg

First Marblehead (FMD) Inactive 10-Q2008 Q3 Quarterly report

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