The documents and statements contained in, or directly accessible from, this website regarding First Marblehead's strategy, product offerings, future financial and operating transactions and results, projected costs, future market position, liquidity, prospects, plans and outlook, 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 upon our historical performance and our plans, intentions, estimates and expectations as of the date such statement was first made. The words "anticipates," "believes," "estimates," "expects," "intends," "may," "plans," "observe," "would" and similar expressions are intended to identify forward-looking statements, although not all forward-looking statements contain these identifying words. We cannot guaranty that we will actually achieve the plans, intentions, estimates or expectations expressed or implied in our forward-looking statements. Matters subject to forward-looking statements involve a number of known and unknown risks and uncertainties, including economic, legislative, regulatory, competitive and other factors, which may cause our actual financial or operational results, or the timing of events, to differ materially from those expressed or implied by such forward-looking statements. Important factors that could cause or contribute to such differences include: market acceptance of, and demand for, our Monogram Platform and fee-based service offerings, including our success in negotiating loan program agreements with additional clients; the successful sales and marketing of Monogram-based loan offerings, including the volume of loan applications and the extent to which loan applications ultimately result in disbursed loans; the volume, timing and performance of disbursed loans; the size and structure of any credit enhancement provided by First Marblehead in connection with our Monogram Platform; the successful sales and marketing of the products and services offered by Tuition Management Systems LLC and Cology LLC; other changes to our business model or business effects, including the effects of industry, economic or political conditions outside of our control; capital markets conditions and our ability to structure securitizations or alternative financings; the size, structure and timing of any such securitizations or alternative financings; our ability to further reduce our operating expenses without adversely affecting our business; the outcome of the review by the Joint Committee on Taxation of the decision by the Internal Revenue Service ("IRS") not to challenge the federal tax refunds we previously received in the amounts of $176.6 million and $45.1 million and any reconsideration by the IRS as a result of the review by the Joint Committee on Taxation; resolution of litigation and regulatory proceedings pertaining to our Massachusetts state income tax returns; the planned dissolution of Union Federal Savings Bank, including the timing of any such dissolution, and any costs relating to the planned dissolution or a decision not to proceed with the planned dissolution for any reason, including, without limitation, the failure to receive the necessary regulatory approvals; First Marblehead's and Firstmark Services' ability to transition loan processing services to Firstmark Services; the possibility that First Marblehead may be unable to achieve expected operating efficiencies following the transition of services to Firstmark Services within the expected time-frames or at all; Firstmark Services' success in delivering loan origination services to First Marblehead and its lender clients; customer loss and business disruption (including, without limitation, difficulties in maintaining relationships with customers or clients) that are greater than expected following the transition of services; the estimates and assumptions we make in preparing our financial statements, including quantitative and qualitative factors used to estimate the fair value of service revenue receivables and deposits for participation interest accounts; and the other factors set forth under the caption "Risk Factors" in our most recent annual report on Form 10-K and subsequent reports filed with the Securities and Exchange Commission. Important factors that could cause or contribute to future adjustments to the estimates and assumptions we make in preparing our financial statements include: actual transactions or market observations relating to asset-backed securities, loan portfolios or corporate debt securities; variance between our performance assumptions and the actual performance of the loan portfolios held by the GATE Trusts, Union Federal or First Marblehead's clients (the "Portfolios"); economic, legislative, regulatory, competitive and other factors affecting discount, default, recovery and prepayment rates on the Portfolios, including general economic conditions, the consumer credit environment and unemployment rates; management's determination of which qualitative and quantitative factors should be weighed in our estimates, and the weight to be given to such factors; capital market receptivity to securities backed by private student loans; interest rate trends; the outcome of the review by the Joint Committee on Taxation of the IRS's decision to not challenge the federal tax refunds we previously received and any reconsideration by the IRS as a result of the review by the Joint Committee on Taxation; the resolution of litigation pending before the Massachusetts Appellate Tax Board in the cases pertaining to our Massachusetts state income tax returns for the taxable years ended June 30, 2008 and 2009; and the planned dissolution of Union Federal, including the timing of any such dissolution, and any costs relating to the planned dissolution or a decision not to proceed with the planned dissolution for any reason, including, without limitation, the failure to receive the necessary regulatory approvals. We specifically disclaim any obligation to update any forward-looking statements as a result of developments occurring after the date such statement was first made, even if our estimates or assumptions change, and you should not rely on those statements as representing our views as of any date subsequent to the date such statement was first made.