Chase Extends Contract with First Marblehead Through 2010.

BOSTON -- First Marblehead (NYSE: FMD) today announced that Chase Education Finance has extended their contract through 2010 for both school channel and direct-to-consumer loans.

Chase will continue to fund and market the loans under the programs, while First Marblehead will process the loans. Chase will also sell such loans into First Marblehead-arranged securitizations.

"This long-term agreement allows us to build on the tremendous success we have experienced with Chase and Bank One since 2001," said Jack L. Kopnisky, President and Chief Executive Officer of First Marblehead. "We look forward to working with Chase over the next several years to expand their direct-to-consumer marketing efforts while also ramping up our school channel volumes as demand for private loans continues to increase nationwide."

"First Marblehead continues to be an important business partner for Chase," said Robert D. Moore, Chief Executive Officer of Chase Education Finance. "This furthers our commitment to significantly grow our private student loan business."

About The First Marblehead Corporation

First Marblehead is a leading provider of outsourcing services for private, non-governmental education lending. 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.

This is a "Safe Harbor" Statement under the Private Securities Litigation Reform Act of 1995. Any forward-looking statements contained herein, including statements related to our outlook for the industry, our continued relationships with our banks and other marketing partners, and our performance for fiscal year 2006 and beyond, are based upon the Company's historical performance and on current plans, estimates and expectations. The inclusion of this forward-looking information should not be regarded as a representation by us or any other person that the future plans, estimates or expectations contemplated by us will be achieved. These forward-looking statements represent First Marblehead's expectations as of November 10, 2005. Subsequent events may cause our expectations to change, and we disclaim any obligation to update the forward-looking statements in the future. You are cautioned that matters subject to forward-looking statements involve known and unknown risks and uncertainties, including economic, regulatory and competitive and other factors that may cause First Marblehead's performance or achievements to be materially different than those expressed or implied by forward-looking statements. Important factors that could cause First Marblehead's actual results to differ from its expectations include the factors set forth under the caption "Factors That May Affect Future Results" in First Marblehead's quarterly report on Form 10-Q filed with the Securities and Exchange Commission on November 8, 2005. These risks could cause actual results of the industry or our actual results for fiscal year 2006 and beyond to differ materially from those expressed in any forward-looking statement made by or on behalf of the Company.