First Marblehead Announces Ralph James Resignation; Former President W

    Business Editors

    BOSTON--(BUSINESS WIRE)--April 18, 2005--The First Marblehead Corporation (NYSE: FMD), a leading provider of outsourcing services for private, non-governmental education lending, today announced its Vice Chairman, Ralph James, will be leaving the firm to pursue other interests. Mr. James previously served as the Company's President and Chief Operating Officer before reducing his responsibilities in November 2004 and assuming the role of Vice Chairman.
    Daniel Meyers, Chairman and CEO of First Marblehead, said, "On behalf of the firm, I want to express our deep appreciation for all that Ralph has done to help us grow our business and attain our leadership position in the private student loan market. Ralph was instrumental in developing our relationship with TERI, spearheaded our integration efforts following our acquisition of TERI's loan processing operations, and managed the growth of those operations to where it is today. I personally wish Ralph well in all of his future endeavors."

    About First Marblehead Corporation

    First Marblehead provides outsourcing services for private, non-governmental, education lending in the United States. The Company helps meet the growing demand for private education loans by providing national and regional financial institutions and educational institutions, as well as businesses and other enterprises, with an integrated suite of design, implementation and securitization services for student loan programs tailored to meet the needs of their respective customers, students, employees and members.

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CONTACT: First Marblehead Corporation Donald R. Peck, 617-638-2000 or Porter, LeVay & Rose, Inc. Investor Relations: Cheryl Schneider, 212-564-4700 or Editorial: Jeff Myhre, 212-564-4700 or Media Relations: Tom Gibson, 201-476-0322

KEYWORD: MASSACHUSETTS INDUSTRY KEYWORD: BANKING MANAGEMENT CHANGES SOURCE: First Marblehead Corporation

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