EX-99.3 4 exhibit993.htm SUPPLEMENTAL PRESENTATION exhibit993.htm
Exhibit 99.3

 
Forward-Looking Statements
 
Statements in this presentation regarding First Marblehead’s expectations and future performance, including with regard to the future performance of securitization trusts that First Marblehead has facilitated (the “Trusts”), as well as any other statements that are not purely historical, constitute forward-looking statements for purposes of the safe harbor provisions of The Private Securities Litigation Reform Act of 1995. These forward-looking statements are based on our historical performance, the historical performance of the Trusts, and on our plans, estimates and expectations as of November 3, 2011. The inclusion of this forward-looking information should not be regarded as a representation by us or any other person that the future results, plans, projections, estimates or expectations contemplated will actually be achieved. You are cautioned that matters subject to forward-looking statements involve known and unknown risks and uncertainties, including economic, legislative, regulatory, competitive and other factors, which may cause actual results, including the performance of the Trusts and resulting cash flows, or the timing of events, to be materially different than those expressed or implied by our forward-looking statements. Important factors that could cause or contribute to such differences include: degradation of credit quality, credit enhancement or performance of the Trusts’ loan portfolios; economic, legislative, regulatory, competitive and other factors affecting default, recovery and prepayment rates on the Trusts’ loan portfolios, including general economic conditions, the consumer credit environment, interest rates and unemployment rates; collections and risk mitigation strategies and programs, which may affect recovery rates and relative rates of forbearance, delinquency, and default; borrower defaults and the Trusts’ ability to recover principal and interest from such borrowers; capital market receptivity to private education loan asset-backed securities; distributions from time to time pursuant to the plan of reorganization of The Education Resources Institute, Inc., the former third-party guarantor of the Trusts’ underlying loans; changes to bankruptcy laws that could affect the non-dischargeable status of education-related loans; and the other factors set forth under the caption “risk factors” in our annual report on Form 10-K filed with the Securities and Exchange Commission on September 8, 2011. We specifically disclaim any obligation to update any forward-looking statements as a result of developments occurring after November 3, 2011.
 
Disclaimer
The information in this presentation is intended to provide a broad overview of a portfolio of private education loans previously facilitated by First Marblehead. Neither First Marblehead nor any other party is offering any securities by making this presentation or soliciting any action based upon the information provided. Nothing in this presentation should be relied upon as a representation by First Marblehead, or any other person, as to the future performance of any securitization trust described in this presentation or as to any securities that may be issued in the future. The information contained herein is intended to be illustrative only, and historical collateral pools may not be representative of any future collateral pool. Investing in our common stock involves a high degree of risk. Prior to purchasing any shares, you should carefully consider the risks and uncertainties described in the reports we file from time to time with the Securities and Exchange Commission.
 
 
 
 
 
Trust parity ratios
As of September 30, 2011
NCMSLT
Parity
Ratio:
trust assets
(loan pool
balance plus
trust
accounts)
divided by
liabilities
(bonds
outstanding)
Months Since Inception
2003-1
2004-1
2005-1
2005-2
2005-3
2006-1
2004-2
2006-2
2006-
4
2007-
2
2007-3, 2007-4
2007-
1
2006-
3
 
 
 
 
 
 
 
 
Net recovery rates
As of September 30, 2011
Net
Recoveries:
recoveries
(either in the
form of cash or
repurchased
loans) net of
collection
costs.
Note: 2002 Vintage recovery rates experienced volatility in certain months due to a small balance of defaulted loans that experienced a delay in recovery.
 
 
 
 
Six month rolling prepayment rates
Updated through September 30, 2011*
*Average prepayment rate during preceding six month period. NCMSLT as of June 30, 2011 (most recent quarterly reporting date). NCSLT 2003-1 as of July 31,
 2011 (most recent quarterly reporting date). NCSLT 2004-1 as of August 31, 2011 (most recent quarterly reporting date).
 
 
 
 
NCSLT Trust payment status
As of September 30, 2011
Source: First Marblehead
 
 
 
 
 
Payment Status by Risk Segment1
NCMSLT as of September 30, 2011
(1) Please refer to our most recent Form 10-K, filed September 8, 2011, for a description of credit risk segments
(2) Outstanding aggregate principal and capitalized interest balance as of September 30, 2011
(3) Loans “not in repayment” include loans in deferment or forbearance status as of September 30, 2011
Segment Distribution by Original Loan Amount
Segment Distribution by Outstanding Loan Amount2
 
 
 
Payment Status by Risk Segment1
NCSLT 2003-1 as of September 30, 2011
Segment Distribution by Original Loan Amount
Segment Distribution by Outstanding Loan Amount2
(1) Please refer to our most recent Form 10-K, filed September 8, 2011, for a description of credit risk segments
(2) Outstanding aggregate principal and capitalized interest balance as of September 30, 2011
(3) Loans “not in repayment” include loans in deferment or forbearance status as of September 30, 2011
 
 
 
Payment Status by Risk Segment1
NCSLT 2004-1 as of September 30, 2011
Segment Distribution by Original Loan Amount
Segment Distribution by Outstanding Loan Amount2
(1) Please refer to our most recent Form 10-K, filed September 8, 2011, for a description of credit risk segments
(2) Outstanding aggregate principal and capitalized interest balance as of September 30, 2011
(3) Loans “not in repayment” include loans in deferment or forbearance status as of September 30, 2011
 
 
 
Payment Status by Risk Segment1
NCSLT 2004-2 as of September 30, 2011
Segment Distribution by Original Loan Amount
Segment Distribution by Outstanding Loan Amount2
(1) Please refer to our most recent Form 10-K, filed September 8, 2011, for a description of credit risk segments
(2) Outstanding aggregate principal and capitalized interest balance as of September 30, 2011
(3) Loans “not in repayment” include loans in deferment or forbearance status as of September 30, 2011
 
 
 
Payment Status by Risk Segment1
NCSLT 2005-1 as of September 30, 2011
Segment Distribution by Original Loan Amount
Segment Distribution by Outstanding Loan Amount2
(1) Please refer to our most recent Form 10-K, filed September 8, 2011, for a description of credit risk segments
(2) Outstanding aggregate principal and capitalized interest balance as of September 30, 2011
(3) Loans “not in repayment” include loans in deferment or forbearance status as of September 30, 2011
 
 
 
Payment Status by Risk Segment1
NCSLT 2005-2 as of September 30, 2011
Segment Distribution by Original Loan Amount
Segment Distribution by Outstanding Loan Amount2
(1) Please refer to our most recent Form 10-K, filed September 8, 2011, for a description of credit risk segments
(2) Outstanding aggregate principal and capitalized interest balance as of September 30, 2011
(3) Loans “not in repayment” include loans in deferment or forbearance status as of September 30, 2011
 
 
 
Payment Status by Risk Segment1
NCSLT 2005-3 as of September 30, 2011
Segment Distribution by Original Loan Amount
Segment Distribution by Outstanding Loan Amount2
(1) Please refer to our most recent Form 10-K, filed September 8, 2011, for a description of credit risk segments
(2) Outstanding aggregate principal and capitalized interest balance as of September 30, 2011
(3) Loans “not in repayment” include loans in deferment or forbearance status as of September 30, 2011
 
 
 
Payment Status by Risk Segment1
NCSLT 2006-1 as of September 30, 2011
Segment Distribution by Original Loan Amount
Segment Distribution by Outstanding Loan Amount2
(1) Please refer to our most recent Form 10-K, filed September 8, 2011, for a description of credit risk segments
(2) Outstanding aggregate principal and capitalized interest balance as of September 30, 2011
(3) Loans “not in repayment” include loans in deferment or forbearance status as of September 30, 2011
 
 
 
Payment Status by Risk Segment1
NCSLT 2006-2 as of September 30, 2011
Segment Distribution by Original Loan Amount
Segment Distribution by Outstanding Loan Amount2
(1) Please refer to our most recent Form 10-K, filed September 8, 2011, for a description of credit risk segments
(2) Outstanding aggregate principal and capitalized interest balance as of September 30, 2011
(3) Loans “not in repayment” include loans in deferment or forbearance status as of September 30, 2011
 
 
 
Payment Status by Risk Segment1
NCSLT 2006-3 as of September 30, 2011
Segment Distribution by Original Loan Amount
Segment Distribution by Outstanding Loan Amount2
(1) Please refer to our most recent Form 10-K, filed September 8, 2011, for a description of credit risk segments
(2) Outstanding aggregate principal and capitalized interest balance as of September 30, 2011
(3) Loans “not in repayment” include loans in deferment or forbearance status as of September 30, 2011
 
 
 
Payment Status by Risk Segment1
NCSLT 2006-4 as of September 30, 2011
Segment Distribution by Original Loan Amount
Segment Distribution by Outstanding Loan Amount2
(1) Please refer to our most recent Form 10-K, filed September 8, 2011, for a description of credit risk segments
(2) Outstanding aggregate principal and capitalized interest balance as of September 30, 2011
(3) Loans “not in repayment” include loans in deferment or forbearance status as of September 30, 2011
 
 
 
Payment Status by Risk Segment1
NCSLT 2007-1 as of September 30, 2011
Segment Distribution by Original Loan Amount
Segment Distribution by Outstanding Loan Amount2
(1) Please refer to our most recent Form 10-K, filed September 8, 2011, for a description of credit risk segments
(2) Outstanding aggregate principal and capitalized interest balance as of September 30, 2011
(3) Loans “not in repayment” include loans in deferment or forbearance status as of September 30, 2011
 
 
 
Payment Status by Risk Segment1
NCSLT 2007-2 as of September 30, 2011
Segment Distribution by Original Loan Amount
Segment Distribution by Outstanding Loan Amount2
(1) Please refer to our most recent Form 10-K, filed September 8, 2011, for a description of credit risk segments
(2) Outstanding aggregate principal and capitalized interest balance as of September 30, 2011
(3) Loans “not in repayment” include loans in deferment or forbearance status as of September 30, 2011
 
 
 
Payment Status by Risk Segment1
NCSLT 2007-3 as of September 30, 2011
Segment Distribution by Original Loan Amount
Segment Distribution by Outstanding Loan Amount2
(1) Please refer to our most recent Form 10-K, filed September 8, 2011, for a description of credit risk segments
(2) Outstanding aggregate principal and capitalized interest balance as of September 30, 2011
(3) Loans “not in repayment” include loans in deferment or forbearance status as of September 30, 2011
 
 
 
Payment Status by Risk Segment1
NCSLT 2007-4 as of September 30, 2011
Segment Distribution by Original Loan Amount
Segment Distribution by Outstanding Loan Amount2
(1) Please refer to our most recent Form 10-K, filed September 8, 2011, for a description of credit risk segments
(2) Outstanding aggregate principal and capitalized interest balance as of September 30, 2011
(3) Loans “not in repayment” include loans in deferment or forbearance status as of September 30, 2011