© 2007 First Marblehead CorporationThe information contained herein is subject to change without notice

The FirstMarbleheadCorporation

New Employee Orientation

Slide 2

Getting Started at First Marblehead Corporation Our goals for today…

— Welcome! (Gift)

— Introductions: Getting to know one another

— Where we work and who works where

— Overview of Union Federal Savings Bank

— Understanding your environment:

• Your facility • Your space• Dress code• Benefits overview• Incentive programs• Employee discounts

— Getting started: • Learning & Development @FirstMarblehead• The Online Learning Center • Forms

— Answer your questions

Slide 3

Introductions

Who are you and where did you come from? What brought you to First Marblehead?

Share an interesting fact about yourself with the group, such as interests, hobbies, travels, family, background, etc.

Where will you be going after orientation? What is your role here at First Marblehead?

Slide 4

Our Mission Statement…

How do we do this?— Using our services, our clients can offer student borrowers

access to customized, competitive student loan products.

— In fiscal 2006, we assisted our clients in originating over $3.4 billion in private student loans.

Who do we work with?

— Clients of First Marblehead's private education loan facilitation services range from large banks to membership organizations to colleges and universities.

We will be the best provider of financial solutions that help students achieve their dreams.

Slide 5

The First Marblehead Corporation….Where we work and who works where!

Marblehead, MA

When the company started up in 1991, this was the original and only site (hence the name!)

It didn’t take long to out grow this space and in December, 2003 we closed our office in this historic site on the ocean.

Slide 6

Where do we work?

Prudential CenterBoston, MA29th & 34th floors

Park Square BuildingBoston, MA4th, 5th & 6th floors

One Cabot RoadMedford, MA2nd & 3rd floors

Today we occupy four sites…

Union Federal Savings Bank

North Providence, RI

Slide 7

Which groups work in the Prudential Building (PRU)?

Business Continuity/Disaster Recovery

Business Development

Corporate Compliance

Compliance & Audit

Corporate Law

Corporate Planning

Executive Group

Facilities

Finance

First Marblehead Data Services,

Inc.

Human Resources

Marketing

Product Strategy

Risk Management

Strategic Alliances

Strategy, Corporate Development & Market Research

Slide 8

Which groups work in the Park Square Building (PSB)?

Corporate Audit & Investigations

Client Services

Facilities

Finance

Human Resources

Information Technology

Slide 9

Which groups work in the Medford location (OCR)?

Client Services

Facilities

Human Resources

Information Technology

Loan Operations

Slide 10

Overview of our work in North Providence (UFSB)

Union Federal Savings Bank (UFSB) was acquired by First

Marblehead on November 30, 2006.

$40 million asset community bank with a single branch.

Banking channel which provides deposit and loan

services to retail customers.

Slide 11

Understanding your environment: Your space

We work in an environment that is physically open as possible to:

— Facilitate the flow of information— Sustain an open culture— Promote collaboration

Space guidelines: Due to our open environment, please be mindful of the neatness of your workspace.

Slide 12

Understanding your environment: Your space

At your desk you’ll find:

— A fully configured computer (desktop or laptop), with your user ID, intranet user ID, and passwords

— Your phone, activated and ready to use with your voicemail password and instructions (dial 9 to get an outside line)

Slide 13

Understanding your environment: Dress code and badge We strive to maintain a businesslike, yet comfortable environment.

Please dress in business casual attire. Please avoid wearing the following:

• Jeans*

• Sneakers

• Flip flops

• Tank tops

• Sweats

• Other forms of casual dress

Appropriate attire includes clothes that are clean, without holes, fit properly and cover midriffs & shoulders.

ID badge must be worn at all times.

*Jeans may be worn on Friday’s at the Park Square and Medford buildings.

Slide 14

Understanding your environment: Your facility

At all of our locations, for your comfort and enjoyment we have:

coffee, tea and filtered drinking water available

reduced price vending machines where you can purchase sodas, juices, and snacks

kitchen/galley areas available with refrigerators and microwaves for breaks and lunch

Note: There are also some additional comforts at the Medford/OCR location.

Wellington Grill – full service cafeteria located on the 1st floor

Fitness Center – free to all employees based in OCR

Parking – free to all employees

Slide 15

Understanding your benefits

You will be invited to a comprehensive benefits overview to fully acquaint you with all of you benefit options. Here is a quick overview.

— Our health plan: Blue Cross Blue Shield of MA

— Our dental plan: Delta Dental Premier

— Our life/disability insurance plans: MetLife

— Employee stock purchase plan: ticker symbol FMD

— 401(k): Fidelity

— Paid holidays, vacation and floater days

Slide 16

Incentive Programs: Employee Referral Bonus Program

Employee Referral Bonus Program (ERP)

Program available to regular full-time employees only.

- Director level and above and HR employees are not eligible.

Bonus is paid as taxable income and is payable immediately after the referred employee starts! No waiting period!

The referral bonus is $1,000 but may vary depending on the position.

Upon completion, submit the ERP form to Human Resources for payment.

For more information, please visit our corporate intranet site at https://fmc.webexone.com

Slide 17

Incentive Programs: Tuition Reimbursement ProgramTuition Reimbursement Program

All regular full-time employees that have at least six months of service and are considered in good standing are eligible for tuition reimbursement.

Reimbursement is 100% of the cost of tuition, up to $1,312.50 per course, or $5,250 per year.

The fee will be reimbursed upon receipt of proof of successful completion and a grade of “C” or better is attained.

All courses must be considered work related and be approved by the Senior Vice President of your Division and by Human Resources prior to registration.

For more information or Education Assistance forms, please contact the Human Resources department.

For more information, please visit our corporate intranet site at https://fmc.webexone.com

Slide 18

Employee Discounts

Commuting tax benefit

Employees are offered MBTA/Charlie Card pre-taxed benefit up to $110 per month; and/or

Parking pre-taxed up to $215/month

Fitcorp membership at a reduced rate

Waive $25 initiation fee

$35 monthly fee instead of $85

Slide 19

Employee Discounts

Boston Sports Clubs membership at a reduced rate

— Waive $129 initiation fee

— $59.95/month for a passport membership

— Enroll by going to www.companiesgetfit.com

For more information, please visit our corporate intranet site athttps://fmc.webexone.com

Slide 20

Employee Discounts

Corporate Movie Club— Movie ticket entertainment discount

Employees wishing to purchase tickets at a discount can have the amount deducted from their paycheck.

For more information, please visit our corporate intranet site at https://fmc.webexone.com

Slide 21

Enough about us…let’s talk about you

Now that we have provided some background about First Marblehead, let’s discuss how you will become a part of our team!

Slide 22

Where do we go from here

We view new employee orientation as a process, not an event…

So you will be hearing from us throughout your first six months at First Marblehead to help you meet your fellow associates, learn about our business, and begin to grow your skills.

Slide 23

Today and the next two weeks

You will get your building ID badge and tour your facility.

You’ll be contacted by your manager or HR to review the time management process.

You will access the First Marblehead Online Learning Center (ePath Campus) to read and familiarize yourself with:

Information Security Policy and complete a short test

Insider Trading Policy and complete an affirmation

*There will also be some optional courses which we recommend you take

You will be invited to attend a Benefits Overview training with Linda Haley, Benefits Manager or Diane Soucy, Senior Benefits Analyst.

You will receive an email from the Helpdesk with login instructions for the Intranet (https://fmc.webexone.com)

Slide 25

Learning & Development @FirstMarblehead

First Marblehead is about education so learning is extremely important to us!— The L&D Portal is a virtual campus where you'll find the

classroom, online and other resources that support your growth and development within our Company. 

— Access: • Go to the First Marblehead Intranet:

https://fmc.webexone.com

• Click on Learning

Slide 26

Learning & Development @FirstMarblehead

Slide 27

New Employee Home

Access the programs that introduce our business model and organization, as well as the courses that fulfill our corporate governance and compliance requirements.

Slide 28

New Employee Home

You will also find an overview of your next six months. Click on a blue arrow for more information about a

topic. Managers and supervisors can click on a link on the

bottom of the page for additional information.

Slide 29

First Marblehead Online Learning Center

First Marblehead’s Online Learning Center allows you to:— Enhance your career growth through Web-Based Training — Review and understand critical company policies and procedures

When you log on to the Online Learning Center, your home page displays training and corporate policies that are specifically for you

A complete history of allyour training activity ismaintained in your History page.

Slide 30

Log on to Online Learning Center

Log on by typing the following URL:

The Login screen displays:

Your login information will be found in your First Marblehead Corporation folder.

Questions? Send an email to: OnlineLearning@firstmarblehead.com

Slide 31

First Marblehead Online Learning Center

Remember, by the end of your second week at First Marblehead, you must log into the Online Learning Center and complete:

— The Information Security Policy course

— The Insider Trading Policy course

The following courses are optional but it is strongly recommended that you review:

— Introduction to the First Marblehead Online Learning Center

— The Business Overview

— Your Workspace

— Student Loan Marketplace

Slide 32

Your first quarter at First Marblehead

You will be invited to a New Employee Luncheon with First Marblehead’s CEO, Jack Kopnisky.

You will attend the following classroom trainings:

Life of the Loan

Code of Conduct

Slide 33

Your first six months: Managers and Supervisors

In addition to the courses listed in the previous slide, managers and supervisors will also complete the following:

— Classroom training• Managing at First Marblehead

• Employee Development Planning Workshop

• People Skills

— Online training• Performance Management

• Purchasing Policy and Procedure

Slide 34

Reviewing your forms

I-9 with a photo copy of your employment eligibility documents

Payroll

— W-4 Federal Tax Withholdings Form

— M-4 Massachusetts Tax Withholdings Form

— Direct Deposit with voided check

— ADP iPay Statements

— Non-exempt employees are paid weekly (in arrears) – every Friday

— Exempt employees are paid semi-monthly (current) – the 15th & last business day each month

Equal Opportunity Information

Life and Disability Beneficiary Form

Emergency Contact Information

Slide 35

What questions can I answer for you?