FIRST SHIP LEASE TRUST

First Ship Lease Trust ("FSL Trust") is a business trust established on 19 March 2007 under the Business Trusts Act, Chapter 31A of Singapore. FSL Trust is managed by its trustee-manager, FSL Trust Management Pte Ltd which is responsible for safeguarding the interests of Unitholders and for investment and financing strategies, asset acquisition and disposal policies, and the overall management of the business of FSL Trust. The overall objective of FSL Trust is to provide long-term non-tax driven leasing services across major maritime segments. Specifically, FSL Trust engages in the business of providing leasing services on a bareboat charter basis to the international shipping industry, and owns and invests in a portfolio of lease assets across various sub-sectors of this industry. FSL Trust’s assets may be leased to international ship operators under operating leases in the form of bareboat charters, whereby each lessee has possession of the asset and pays rent to the lessor of the asset for the right to use the asset. FSL Trust may also lease its assets under finance leases. FSL Trust’s main objective is to derive a stable income stream from its portfolio of lease assets. The lease assets in FSL Trust’s portfolio will comprise long-term bareboat charters of commercial ocean-going transportation vessels to customers. Upon the listing of FSL Trust, the initial portfolio of vessels owned by FSL Trust will comprise four containerships, four product tankers, three chemical tankers and two dry bulk carriers with an average vessel age of approximately five years, and bareboat charters with an average remaining term of approximately nine years (excluding extensions and early buyout options). Moving forward, FSL Trust intends to seek additional accretive leasing transactions in order to grow its business.