LISTING SUPPLEMENT $189000000 Class A-1 Notes $342100000 ...

The Education Resources Institute, Inc. and Subsidiary
Consolidated Statements of Financial Position
March 31, 2004 and 2003
2004 2003
Assets
Cash and equivalents
Cash $ 10,455,500 $ 7,077,125
Marketable securities treated as equivalents 1,172,085 6,732,709
Total cash and equivalents 11,627,585 13,809,834
Investments
Marketable Securities 125,131,804 67,194,456
Restricted cash and equivalents 29,835,657 14,427,610
Total investments 154,967,461 81,622,066
Receivables
Guarantee fees 31,985,249 18,725,054
Residual interest in securitized portfolios 23,105,577 12,571,665
Accrued interest 645,204 1,108,802
Other 409,207 468,653
Total receivables 56,145,237 32,874,174
Notes receivable 6,175,098 6,835,411
Prepaid expenses and other assets, net 571,889 599,404
Student loans
Student loans receivable 16,105,861 22,372,367
Receivables recoverable on claim payments 31,356,679 27,096,110
Total student loans 47,462,540 49,468,477
Total assets $ 276,949,810 $ 185,209,366
Liabilities and Net Assets
Accounts payable and accrued expenses $ 907,834 $ 669,703
Due to First Marblehead Education Resources 2,866,330 1,909,875
Accrued pension liability 376,674 184,851
Deferred revenue - other 1,228,139 1,330,252
Deferred guarantee fees 14,759,816 10,665,494
Loan loss reserves 167,511,689 102,055,746
Bonds payable 14,050,000 20,850,000
Total liabilities 201,700,482 137,665,921
Net assets
Unrestricted:
Undesignated 59,956,100 32,543,445
Board-designated 13,293,228 13,000,000
Permanently restricted 2,000,000 2,000,000
Total net assets 75,249,328 47,543,445
Total liabilities and net assets $ 276,949,810 $ 185,209,366
TF-22