ABS East Conference Investor Presentation - 2 Forward-Looking Statements Statements in this presentation regarding First Marblehead’s strategy, future financial and operational results, competitive position, future opportunities and platform, and the future performance of loan portfolios that First Marblehead has previously facilitated, including projected forbearance, prepayment, delinquency and default rates, 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 historical performance, the historical performance of the securitization trusts that we have facilitated (the “Trusts”), and on our plans, estimates and expectations as of October 14, 2011. 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 expressed or implied by us 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 financial or operational results, including the performance of the Trusts and facilitated loan volumes, or the timing of events, including loan defaults, 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: market acceptance of and demand for our Monogram platform and fee-based service offerings; our success in designing, implementing and commercializing private education loan programs through Union Federal Savings Bank, including receipt of and compliance with regulatory approvals and conditions with respect to such programs; the successful marketing and sales of our clients’ Monogram-based loan offerings; the volume, timing and performance of facilitated loans; the size and structure of any credit enhancement provided by us in connection with our Monogram platform; capital market receptivity to private student loan asset-backed securities and our ability to structure securitizations or alternative financings; the size, structure and timing of any such securitizations or alternative financings; our success in realizing the anticipated benefits of our acquisition of Tuition Management Systems, LLC; economic, legislative, regulatory, competitive and other factors affecting discount, default, recovery and prepayment rates on private student loan portfolios, including general economic conditions, the consumer credit environment, interest rates and unemployment rates; borrower defaults and the Trusts’ ability to recover principal and interest from such borrowers, including the effectiveness of various risk mitigation strategies, such as alternative payment plans; any investigation, audit, claim, regulatory action or suit relating to the transfer of the trust certificate of NC Residuals Owner Trust or the asset services agreement between the purchaser and us, including as a result of the audit being conducted by the Internal Revenue Service relating to tax refunds previously received; resolution of pending litigation pertaining to our Massachusetts state income tax returns; management’s determination of which qualitative and quantitative factors, including macroeconomic indicators and historical experience, should be weighted in our projections, and the weight to be given to each such factor; and the other factors set forth under the caption "risk factors" in our annual report on Form 10-K filed with the Securities and Exchange Commission on September 8, 2011. We specifically disclaim any obligation to update any forward-looking statements as a result of developments occurring after October 14, 2011. Disclaimer The information in this presentation is intended to provide a broad overview of a portfolio of private education loans previously facilitated by First Marblehead. 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 of any securitization trust described in this presentation or as to any securities that may be 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. growth prospects, liquidity, the demand for private education loans, the characteristics and performance of future loan pools based on our Monogram ® | 
