Roy Jacobs & Associates Investigating First Marblehead Corp.

NEW YORK, April 3, 2008 LAWFUEL — Roy Jacobs & Associates announces that it is investigating possible securities law violations regarding the accuracy of First Marblehead Corp’s. (“First Marblehead”
or the “Company”) (NYSE:FMD) student loan default rate and related matters.

The Company securitizes student loans, repackages them and sells them in the secondary market to investors. The Company’s revenues are generated in substantial part through loan securitizations. Over the past few years, First Marblehead has completed a loan securitization in each quarter. The Company has repeatedly stated that its student loan default rate was in line with the Company’s expectations. On October 25, 2007, in a conference call with analysts and investors, First Marblehead executives assured the market that the Company was on track to effect a loan securitization in its 2008 second quarter.

Then, on December 3, 2007, after the market closed, Moody’s announced that it was putting a large number of First Marblehead’s student loans under review for possible downgrade, because private student loans were defaulting at increased rates. In addition, Moody’s said it was placing on review for possible downgrade The Education Resources Institute (“TERI”), which provides insurance for all of the student loans securitized by First Marblehead. On December 4, 2007, analysts at Sandler O’Neill downgraded First Marblehead based on liquidity and credit concerns. Sandler O’Neill also said that it was unlikely that the Company would securitize any loans in its second quarter.

First Marblehead shares have declined from nearly $40 per share to under $10 per share, wiping out hundreds of millions of dollars in shareholder value. This firm is investigating whether investors may have been misled by First Marblehead’s management with regard to the default rates on the Company’s private student loan portfolio, the Company’s ability to complete a loan securitization in the second quarter of 2008, and whether TERI has the resources of a bona fide insurer.

If you purchased First Marblehead shares from August 10, 2007 through December 4, 2007 and are interested in discussing your rights free of charge, please contact Roy L. Jacobs. Mr. Jacobs will speak with you personally at no cost or obligation.

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