Continuation Sheet

                                     Form 4

                       Statement of Beneficial Ownership

     Explanation of Responses:

     (1) Pro rata distribution from Interlaken Investment Partners, L.P.
("Investment Partners") to its partners of 2,387,795 shares of common stock of
First Marblehead Corporation, which distribution includes distribution of
638,773 shares to the reporting person, in his individual capacity, 407,596 to
Interlaken Investment Management Partners, L.P. ("Investment Management") and
63,878 shares to The Berkley Foundation, Inc. ("The Berkley Foundation").

     (2) Includes 7,808,165 shares held by Investment Partners, 407,596 shares
held by Management Partners and 63,878 shares held by The Berkley Foundation.
The reporting person is the President of The Berkley Foundation and may be
deemed to be the beneficial owner of the 63,878 shares of Common Stock held by
The Berkley Foundation. The reporting person is the President and the sole
general partner of Investment Management which is the sole general manager of
Investment Partners. As such, the reporting person indirectly controls
Investment Partners and Investment Management and may be deemed to have the
beneficial ownership of 7,808,165 shares and 407,596 shares held by Investment
Partners and Investment Management, respectively. The reporting person disclaims
beneficial ownership of all shares of common stock owned by The Berkley
Foundation, Investment Partners and Management Partners except, in each case, to
the extent of any indirect pecuniary interest therein. In prior reports, the
reporting person reported beneficial ownership of 10,195,960 shares held by
Investment Partners.