First Ship Lease TrustInvestor PresentationFebruary 2009

FSL Trust Management Pte. Ltd.As Trustee‐Manager for FSL Trust

1

DisclaimerCertain statements in this presentation may constitute forward looking statements. Forward looking statements includestatements concerning plans, objectives, goals, strategies, future events or performance, and underlying assumptions andother statements, which are other than statements of historical facts. The words “believe,” “anticipate,” “intend,”“estimate,” “forecast,” “project,” “plan,” “potential,” “may,” “should,” “expect,” “pending” and similar expressions identifyforward looking statement.

Forward looking statements also include statements about our future growth prospects. Forward looking statements,involve a number of risks, and uncertainties that could cause actual results to differ materially from those in such forward-looking statements. The risks and uncertainties relating to these statements include, but are not limited to, risks anduncertainties regarding our earnings, our ability to manage concentration and lessee credit risks, our ability to lease out ordispose vessels, ability to implement our investment strategy, dependence on credit facilities and new equity from capitalmarkets to execute our investment strategy, insufficient insurance to cover losses from inherent operational risks in theindustry, lower lease rates from older vessels, dependence on key personnel, First Ship Lease Pte. Ltd.’s controlling stakein the First Ship Lease Trust (“FSLT”), short operating history, lack of historical financial history for the Trust, risk ofgovernment requisitions during periods of emergency or war, possibility of pirate or terrorist attacks, competition in theindustry, political instability where the vessels are flagged or operate, cyclicality of the industry and fluctuations in vesselvalues. For further information, please see the documents and reports that we file with the Singapore Stock Exchange.

First Ship Lease Trust may, from time to time, make additional written and oral forward looking statements, including ourreports to unitholders. We do not undertake to update any forward-looking statement that may be made from time to timeby or on behalf of First Ship Lease Trust.

2

Content

Page

1. FSL Trust Overview 4

2. Senior Management 5

3. Business Model: Shipping Trust 6

4. Lowest Risk Ship Leasing Model 7

5. Lease Offering and Lease Pricing 8

6. Risk Management 9

7. Lease Portfolio 10

8. Progressive DPU growth 16

9. Credit Facilities 17

10. Recent Updates 18

11. Summary 20

12. Appendix 21

3

Business : Set up as a Singapore business trust(1) to provide ship leasing services on a long‐term bareboat charter basis to the international shipping industry

Sponsor : FSL HOLDINGS PTE. LTDKey shareholders include:

Trustee‐manager : FSL Trust Management Pte. Ltd. (majority owned by the Sponsor)

Listing : Ordinary units listed on SGX‐ST since 27 March 07ADR quoted on International OTCQX (FSHPY) since 29 Oct 08

Market Cap(2) : S$201 million (US$135million)

FSL Trust Overview

(1) On 19 March 2007; (2) As at  9 Feb 2009

Schoeller Holdings Ltd

4

Senior Management Philip Clausius, President and Chief Executive OfficerCo‐founded FSL. Previously with Schoeller Holdings17 years of financial and operational experience in the shipping industry working in Germany, Greece, Cyprus, New York and Singapore

Vijay Kamath, VP and Head of Sales, East of SuezPreviously with National Bank of Fujairah. Joined FSL in May 0815 years of experience in Shipping & Ship Finance working in Mumbai and Dubai

Cheong Chee Tham, Senior VP and Chief Financial Officer 12 years with the Singapore Airlines Group, joined FSL in Oct 05More than 17 years of experience in accounting, leasing and asset financing

Kwa Lay San, Senior VP and Chief Risk Officer11 years with DBS Bank, joined FSL in May 0613 years of experience in Corporate Banking with focus on Credit & Transportation

Ronald Dal Bello, Senior VP and Head of Sales, West of Suez, based in ZurichPreviously with GE Commercial Finance, joined FSL in April 0618 years of experience in Structured & Ship Finance

5

Business Model: Shipping Trust

Sponsor

FSL Trust owns and leases vessels to maritimecompanies (lessees) on a long‐term bareboatcharter basis

Lessees pay lease rent to FSL Trust (lessor) for rightto use the vessels during the lease term. Lesseesare responsible for the costs and expenses incurredin operating the vessels

FSL Trust aims to achieve growth through cash flowaccretive vessel acquisitions with long‐termbareboat charters

FSL Trust’s main objective is to derive long‐term,stable income streams from its lease portfolio tosupport stable distributions* to its unitholders

• 23 vessels in portfolio

• Only bareboat charters, FSL Trust does not operate the vessels

• Base lease term of at least 7 years at lease inception

• Total distributions to unitholders:US$34.8m in FY07^ US$ 57.7m in FY08

^ FSL Trust’s operating period for FY07 was 19 March 07 to 31 Dec 07

Note: FSL Trust is a “Passive Foreign Investment Company” (PFIC) for U.S. income tax purposes*: Net of interest expense, management fees and Trust overheads

6

Lowest Risk Ship Leasing Model

Lessors Operators

Charter Type

Business Risks

Bareboat Charter

(FSL Trust)

Time Charter

Voyage Charter / Billof Lading / Contract of 

Affreightment

‐ Credit Risk

‐ Residual Risk * *‐ Technical Risk

‐ Operating Cost Risk

‐ Voyage Cost Risk

‐ Shipping Cycle Risk

*  Risks associated with Trustee‐Manager’s ability to lease out and re‐lease vessels on expiration or termination of the initial lease

Leasing on a bareboat charter basis does not expose the lessor to the business risks associated with the costs and expenses of operating the vessels

7

Lease Offering and Lease Pricing

* Depending on prevailing interest rates and industry credit  spreadIRR: Internal rate of return

Offering to potential lessees

100% financing and longer lease tenure than traditional financing

Flexibility in structuring transaction to meet lessees’ needs:Purchase options, residual upside sharing, lease extension options, fixed& floating rate lease options

Off‐balance sheet treatment for lessees

Funding diversification for lessees

Lease PricingAverage lease IRR (unlevered) target* of between 9% and 10%

Average asset yield target* of between 12% and 14%

Based on risk‐adjusted pricing model

8

Risk Management

Headed by Chief Risk Officer

To better manage portfolio risk profile and stability of cash flows from lease portfolio

Based on proprietary internal risk management protocols, modelled after Standard & Poor‘s methodology

Key functions

Risk assessment: Assess credit risks, asset risks and concentration risks prior to entering a transaction

Risk monitoring: Monitors ongoing risks through regular review and dialogue with lessees

Risk hedging: Use of risk hedging instruments to manage interest rate and foreign exchange risks

9

Lease Portfolio:

Modern and young fleet23 modern and high quality vessels with average age of 3.7 years

Well diversified portfolioDiversified vessel type across 5 different sub‐sectorsDiversified across 8 different lesseesStaggered lease term expiry schedule, earliest lease expiry in 2014

Long‐term secure cash flowsUS$858 million remaining contracted revenue8.7 years average remaining lease period (exclude extension periods and early buy‐out options)All vessels in portfolio are fully funded;  No acquisitions without funding in place

Remaining lease period and average vessel age are on dollar‐weighted basis by net book value;All data as at 31 Dec 2008

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Lease Portfolio:

Chemical Tankers3 vessels (about 19,900 dwt each) leased to Berlian Laju Tanker

Product Tankers7 vessels leased to James Fisher

2 vessels (1A Super Ice Class, about 47,000 dwt ) leased to Groda / Rosneft

Crude Oil Tankers2 vessels (Aframax class) leased to Geden Lines

Containerships3  vessels (4250 TEU) leased to Yang Ming

2 vessels (4,229 TEU) leased to Evergreen

2 vessels (1,221 TEU) to Schoeller Holdings

Dry Bulk Carriers2  vessels (46,693 dwt) leased to Siba Ships

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as at 31 Dec 2008

Lease Portfolio:Average of 8.7 years^ remaining lease life

Base Lease Term Extension Option

12

2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022

Cumbrian Fisher

Clyde Fisher

Shannon Fisher

Solway Fisher

YM Subic

Cape Falcon

Ever Radiant

Ever Respect

Pertiwi

Pujawati

Prita Dewi

Fomalhaut

Eltanin

Seniority

Speciality

Superiority

Nika I

Verona I

Aqua

Action

YM Eminence

YM Elixir

YM Enhancer

^ as at 31 Dec 200812

Revenue by Vessel Type Revenue by LesseeTotal Number of Vessels: 23 Number of Lessees: 8

Annualised revenue: US$101 million

38%

26%

15%

14%

7%

Containerships

Product tankers

Crude oil tankers

Chemical tankers

Dry bulk carriers

20%15%

15%

14%

12%11%

7%

6%

Yang MingGeden Lines

Groda/Rosneft

James FisherEvergreen Marine

BerlianLaju Tanker

Schoeller Holdings

Siba Ships

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Lease Portfolio:Revenue diversification

101.3 101.3 101.3 101.5 101.796.3

79.6

62.8

51.3

33.1

20.1

10.6

0.0

2.318.7

32.9 34.1

22.9

11.9

7.6

4.82.7

0

20

40

60

80

100

120

2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022

All in US$ million

Base Term With Extension

Total Revenue

101.3 101.3 101.3 101.5 101.7 98.6 98.3 95.7 85.4 56.0 32.0 18.3 4.8 2.7

^ Based on current portfolio of 23 vessels as at 31 Dec 200814

Remaining contracted revenue of US$858 million^

Lease Portfolio:Long-term secure cash flow

Lease Portfolio:Growth Track Record

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16 1618 18

20

23 23

27 Mar 07 (IPO)

2Q07 3Q07 4Q07 1Q08 2Q08 3Q08 4Q08

Number of Vessels in Portfolio

15

12.1 12.815.1

16.6

20.723.7

25.7

2Q07 3Q07 4Q07 1Q08 2Q08 3Q08 4Q08

Revenue (US$m)

Progressive DPU growth

2.19 2.232.42

2.592.80

3.05 3.08

2Q FY07 (Normalised)

3Q FY07 4Q FY07 1Q FY08 2Q FY08 3Q FY08 4Q FY08

DPU (US ¢)

• DPU guidance for 1Q09 is US2.45¢, representing 75~80% of expected distributable cash flows

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Credit Facilities

Tranche Facility Amount

Margin above US$ 3‐month LIBOR

Term Loan Maturity

A US$250m 1.0% 7‐yr, revolving credit facility (non‐amortizing)

27 Mar 2014

B US$200m 1.2% 4‐yr, revolving credit facility (non‐amortizing)

2 April 2012

C US$65m 1.2% 4‐yr, revolving credit facility.Amortize linearly from US$65m to US$35m on a quarterly basis starting from Sep 2010 to its maturity on 2 Apri2012.

2 April 2012

FSL Trust’s Debt‐to‐Equity ratio as at 31 Dec 2008 is 1.22*

* includes hedging reserves

17

Recent Updates

FY 2008: Total distributions of US$57.65m (DPU of US11.52¢)Actual DPU exceeds projection (at IPO) every quarter since 2Q FY07

4Q08 DPU of US3.08 cts compared to US2.42cts in 4Q FY07

Lease portfolio All lessees have been prompt in their lease payments; No indications that any lessee will have near‐term issue in meeting its payment obligations to FSL Trust

All vessels are fully financed; There is no commited capital expenditure that requires additional funding

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Recent Updates

Credit facilitiesNo loan maturity for at least three years from 31 December 2008

FSL Trust is in full compliance with all its loan covenants 

Charter‐free valuation of vessel portfolio  completed in Oct 08 is US$896m, representing 175% of total indebtedness of US$513mMinimum coverage ratio is 145%.  Next scheduled valuation in Nov 09

Distribution policy for FY 2009Reduce payout ratio from 100% to increase financial flexibility going forward

Provide DPU guidance on a quarterly basis

1Q FY09 DPU guidance of US2.45 cents (75~80% of distributable cash flow)

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Summary

FSL Trust is a robust business that delivers performance and consistent distributions despite a challenging environment

Well‐positioned in the economic and shipping markets

Long‐term secure cash flows

No unfunded capital expenditure

No near‐term refinancing risk

Moving forward, we will ‐

improve balance sheet strength through disciplined capital management approach

continue to seek growth opportunities

reinforce our relationship with existing and potential customers, lenders and the capital markets

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Appendixi. Comparison between different structures 22

ii. FSL Trust Structure 24

iii. Tax Regime 25

iv. Board of Directors 26

v. Investment Advisory Committee 27

vi. Trustee‐Manager’s Fees 28

vii. Trustee‐Manager’s Incentive Fees 29

viii. Minimum Distribution Growth & Subordination 30

ix. FSL Trust Unitholders’ Profile 31

x. FSL Trust’s Lessees 32

xi. FSL Trust’s Lenders 33

xii. Financial Summary 34

xiii. Vessel Portfolio 36

xiv. Lease Portfolio:  NBV by vessel and lessees 39

xv. Depreciation Policy 40

xvi. Analyst Coverage 41

xvii. Contacts 42

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Corporate StructureComparison between different structures

Appendix

Source: Deutsche Bank, October 2007

22

Corporate StructureComparison between different structures

Appendix

Source: Deutsche Bank, October 2007

23

Corporate StructureFSL Trust Structure

Appendix

SPONSORFSL HOLDINGS PTE. LTD

TRUSTEE‐MANAGERFSL Trust Management Pte Ltd

UNITHOLDERSPublic – 70%Sponsor – 30%

FSL TRUST

Special Purpose Companies (SPCs)

VESSELS

LESSEES

100% owned

Management Fees

Holdings of Units Singapore Tax Exempt Distributions

Ownership

Lease Income

Ownership

(1)Acts on behalf of Unitholders

(2)Management & Trustee services

Lease

Trustee and Incentive Fees

Repayments on any shareholder’s loan, dividends, and share buy backs

24

AppendixTax RegimeAppendix

No Taxation on Lease Income. (FSL Trust is granted Maritime Finance Incentive status in Singapore)

No taxation on distributions for Singapore investors (retail & institutional).

No Singapore withholding tax on distributions to foreign unitholders.

FSL Trust is a Passive Foreign Investment Company(PFIC), for U.S. income tax purposes.

25

AppendixBoard of DirectorsAppendix

(From Left to Right:)Mr Phang Thim Fatt, Mr Philip Clausius, Mr Wong Meng Meng, Mr Michael John Montesano III, and Mr Cheong Chee Tham

Mr. Wong Meng MengIndependent Director and Chairman of the Board• Appointed 13 February 2007• Currently consultant to Wong Partnership• More than 30 years experience in legal industry

Dr. Michael John Montesano III (Ph.D, Yale)Independent Director• Appointed 13 February 2007• Currently Visiting Research Fellow at the Institute of

Southeast Asian Studies in Singapore• Written widely on Southeast Asian affairs and on the

region’s modern social, economic, and business history.

Mr. Phang Thim FattIndependent Director• Appointed 13 February 2007• Currently Deputy Managing Director and CFO of of BOC

Aviation Pte. Ltd. a wholly owned subsidiary of Bank ofChina and the largest aircraft lessor based in Asia.

• Has extensive experience in corporate finance, treasurymanagement, risk controls and lease financing to theaviation industry.

* Mr Philip Clausius and Mr. Cheong Chee Thamare Non‐Independent Directors. Please refer to page 5 for their short biography

26

Investment Advisory Committee

From top left hand side and clockwise:Mr Torsten Temp, Mr Heinrich Schoeller, Mr Peter M. Klopfer, Mr Ulf Gänger,

Mr. Peter Klopfer• Director of the Sponsor. Co‐founded First Ship Lease Ltd in 2002. 

• Currently President of P.M. KlopferShipbrokers, Inc. which he founded in 1991.

• More than 40 years of experience in the shipping industry.

• Formerly a line manager in Hellenic Lines Limited (1965 – 1973), Joint Managing Partner of LQM Associates, Inc (1979 –1981), Partner in Jacq. Pierot Jr. & Sons, Inc. (1981 – 1989) and Chairman and CEO of Finanshuset (USA) Inc (1989 – 1991). 

Mr. Ulf Gänger• Director of the Sponsor.• More than 40 years of experience in the shipping industry.

• Currently active business consultant to several shipping companies and HSH Nordbank AG. 

• Formerly a member of the Board of managing directors at HSH Nordbank, responsible for shipping, commodity trade and corporate finance.

Mr. Heinrich Schoeller• Director of the Sponsor.• Currently Chairman of Schoeller Holdings Limited, which he founded in 1978. SchoellerHoldings Limited engages in a range of businesses, including ship owning, ship management, liner services and hotel services

• Formerly a superintendent in C.F. AhrenkielGmbH (1970 – 1972), managing director of Hanseatic Shipmanagement Ltd (1972 – 1976) and technical director of C.F. Ahrenkiel GmbH (1977 – 1981). He was awarded the Cyprus Maritime Award in 2005 by the government of Cyprus for his contribution to the Cyprus shipping industry. 

Mr. Torsten Temp• Director of the Sponsor.• Currently Executive VP and Global Head of Shipping at Bayerische Hypo‐und Vereinsbank. 

• Formerly Assistant to the Board of Directors of Bayerische Hypo‐ und Vereinsbank (1993 – 1995), headed a team in the structured finance department of Bayerische Hypo‐ und Vereinsbank (1995 – 2000) and the corporate banking division of Vereins‐und Westbank AG (2000 – 2005). 

Appendix

2727

Trustee-Manager’s Fees

Management fee

4.00% of cash lease rental, net of any other commissions or deductions by third parties

Trustee fee 0.02% per annum of the value of the Trust Property

Acquisition fee 1.00% of vessel acquisition cost

0.5% of vessel disposal proceeds, excluding proceeds from exercise of original purchase or early buyout options

Divestment fee

Incentive fee Incentive fee based on the achievement in quarterly DAU growth over the quarterly benchmark DPU

Appendix

28

Trustee-Manager’s Incentive Fees

Growth in DAU1 Trustee‐Manager’s Incentive Fee % DAU* received by Unitholders

% DAU* received by 

T‐M

0%‐15% 0% 100.00% 0.00%

15%‐ 30% 10% of excess over 15% 98.85%2 1.15%2

30%‐60% 10% of excess between 15% ‐ 30% 20% of excess over 30%

95.31%3 4.69%3

60%+ 10% of excess between 15% ‐ 30%

20% of excess between 30% ‐ 60% 

25% of excess over 60%

94.12%4 5.88%4

1 from 2007 quarterly benchmark DPU of 2.130 US cents2 Based on 30% DAU growth3 Based on 60% DAU growth4 Based on 70% DAU growth

* DAU ‐ refers to the distribution arising from incremental lease revenues.  It excludes proceeds from sale of vessels and funds from borrowings.

Appendix

29

1 Quarterly benchmark DPU of 2.13 US cents as indicated in the IPO Prospectus.

Distribution thresholds & subordination

2.452.45

2.3432.343

2.2372.237

2.132.13

1.8

1.9

2.0

2.1

2.2

2.3

2.4

2.5

Q3 07 Q4 07 Q1 08 Q2 08 Q3 08 Q4 08 Q1 09 Q2 09

DPU

(U

S ce

nts) 5%

growth

10% growth

15% growth

Subordination Threshold

Original quarterly benchmark DPU1

Minimum Distribution Growth & Subordination Appendix

30

FSL Trust Unitholders’ Profile

30%

9%8%6%

15%

32%

Total Outstanding Units as at 31 Dec 2008: 501,270,000

SponsorFSL Holdings Pte Ltd

AIG

DWS

Penta

Retail Investors

InstitutionalInvestors

Appendix

31

FSL Trust’s Lessees

Geden Lines Siba Ships S.p.A.

James Fisher & Sons plcPT Berlian Laju

Tanker TbkYang Ming Marine

Transport CorporationEvergreen Marine

Corp. (Taiwan) Ltd.

Schoeller Holdings Ltd

GRODA

Groda Shipping & Transportation Ltd / OJSC

Rosneft Oil Company

• Leading liquid bulk transporter and world’s 3rd

largest chemical tanker operator

• Listed on Jakarta and SGX

• Leading marine services and specialist engineering service provider

• Listed on London Stock Exchange

• World’s 15th largest container liner company

• Listed on Taiwan Stock Exchange

• World’s 4th largest container liner company

• Listed on Taiwan Stock Exchange

Source: company websites, AXS-Alphaliner (Feb 2009)

• Privately held, Cyprus-based investment company founded by its Chairman, Mr Schoeller

• Diverse business portfolio with more than 8000 employees worldwide

• Privately held, Turkey-based company founded in 1975

• Part of Çukurova Group, one of the largest conglomerate groups in Turkey

• Privately held Italian company that specializes in the transportation of live animals .

• Manages the fleet owned by the Balzarini family

• Groda is a privately held company• Rosneft is a leading Russian

energy company and is 75% state-owned

• Rosneft is listed on the RTS Exchange, Moscow and London Stock Exchanges

Appendix

32

FSL Trust’s Lenders

FSL Trust’s lenders areBayerische Hypo‐und Vereinsbank AG, S’pore Branch

Bank of Tokyo‐Mitsubishi UFJ Co. Ltd, S’pore Branch

KfW

Landesbank Hessen‐Thüringen Girozentrale

OCBC Bank

Sumitomo Mitsui Banking Corporation

Appendix

33

Financial Summary:Consolidated Income Statement

Note 1: The decrease in profit after tax was because FSL Trust was capitalised solely by equity at its IPO. As new vesselsare acquired and financed 100% by debt, the net profit of FSL Trust will fall as the interest expense and depreciationcharges of the acquired vessels exceed the lease rentals.

Appendix

4QFY08US$’000

4QFY07US$’000

Change%

FY 2008US$’000

Revenue 25,662 15,079 70.2 86,621

Depreciation (15,509) (10,360) 49.7 (54,744)

Management fees (1,023) (609) 68.0 (3,496)

Trustee fees (44) (28) 57.1 (151)

Incentive fees (590) ‐ 100.0 (1,458)

Other trust expenses (231) (443) (47.9) (2,655)

Finance income (63) 193 (132.6) 1,111

Finance expenses (7,834) (1,914) 309.3 (20,449)

Profit before tax 368 1,918 (80.8) 4,779

Income tax write‐back/ (expense) 88 (36) 344.4 44

Profit after tax(1) 456 1,882 (75.8) 4,823

34

Financial Summary:Consolidated Balance Sheet Appendix

As at 31 Dec 08US$’000

As at 31 Dec 07US$’000

Non‐Current Assets 905,604 609,806

Current Assets 27,061 19,428

Total Assets 932,665 629,234

Equity attributable to unitholders of FSL Trust 378,170 459,410

Non‐Current Liabilities 509,229 158,091

Current Liabilities 45,266 11,733

Total Liabilities 554,495 169,824

Total Equity and Liabilities 932,665 629,234

35

AppendixFinancial Summary:Consolidated Cash Flow Statements

4QFY08US$’000

4QFY07US$’000

FY2008US$’000

Operating activities:

Net profit before tax 368 1,918 4,779

Adjustments for:

Vessel depreciation, other fees and expenses  24,057 12,033 75,804

Operating Profit before working capital changes 24,425 13,951 80,583

Changes in working capital (466) 1,872 140

Cash generated from operations 23,959 15,823 80,723

Income taxes paid ‐ ‐ (1)

Cash flows from operating activities 23,959 15,823 80,722

Cash flows from investing activities (70,611) (114,321) (353,461)

Cash flows from financing activities 48,964 101,331 280,972

Net increase in cash and cash equivalent 2,312 2,833 8,233

Cash and cash equivalents at beginning of period 24,404 15,650 18,483

Cash and cash equivalents at end of period 26,716 18,483 26,716

Appendix

36

Vessel Portfolio: as at 31 December 2008 Appendix

Vessel Capacity Year Built Classification Builder Vessel Flag LesseeCrude Oil TankerAqua 115,000 DWT 2007 Det Norske Veritas Samsung Heavy 

Industries, KoreaSingapore /Malta

Geden

Action 115,000 DWT 2007 Det Norske Veritas Samsung Heavy Industries, Korea

Singapore /Malta

Geden

Product TankerNika I 47,470 DWT 2005 Det Norske Veritas Hyundai Mipo, 

KoreaSingapore/ Cyprus

Groda / Rosneft

Verona I 47,496 DWT 2006 Det Norske Veritas Hyundai Mipo, Korea

Singapore/ Cyprus

Groda / Rosneft

Clyde Fisher 12,984 DWT 2005 Lloyd's Register Samho, South Korea Bahamas James Fisher

Cumbrian Fisher 12,921 DWT 2004 Lloyd's Register Samho, South Korea Bahamas James Fisher

Shannon Fisher 5,421 DWT 2006 Lloyd's Register Damen Galati, Romania

Bahamas James Fisher

Solway Fisher 5,421 DWT 2006 Lloyd's Register Damen Galati, Romania

Bahamas James Fisher

Speciality 4,426 DWT 2006 Lloyd's Register Qingshan Shipyard, Wuhan,PRC

Bahamas James Fisher

Seniority 4,426 DWT 2006 Lloyd's Register Qingshan Shipyard, Wuhan,PRC

Bahamas James Fisher

Superiority 4,426 DWT 2007 Lloyd's Register Qingshan Shipyard, Wuhan,PRC

Bahamas James Fisher

Chemical TankerPrita Dewi 19,998 DWT  2006 Nippon Kaiji Kyokai Shin Kurushima, 

JapanSingapore  Berlian Laju Tanker

Pertiwi 19,970 DWT  2006 Nippon Kaiji Kyokai Usuki Shipyard, Japan

Singapore  Berlian Laju Tanker

Pujawati 19,900 DWT  2006 Nippon Kaiji Kyokai Usuki Shipyard, Japan

Singapore  Berlian Laju Tanker

37

Current Portfolio as at 30 June 2008Vessel Portfolio: as at 31 December 2008 Appendix

Vessel Capacity Year Built Classification Builder Vessel Flag LesseeDry Bulk CarrierEltanin 46,693 DWT 1999 American Bureau of 

ShippingSanoyas Hishino Meisho, Japan

Singapore Siba Ships

Fomalhaut 46,685 DWT 1999 American Bureau of Shipping

Sanoyas Hishino Meisho, Japan

Singapore Siba Ships

ContainershipYM Eminence 4,250 TEU 2008 Lloyd’s Register of 

ShippingCSBC Corporation, Taiwan

Liberia Yang Ming Marine

YM Elixir 4,250 TEU 2008 Lloyd’s Register of Shipping

CSBC Corporation, Taiwan

Liberia Yang Ming Marine

YM Enhancer 4,250 TEU 2008 Lloyd’s Register of Shipping

CSBC Corporation, Taiwan

Liberia Yang Ming Marine

Ever Radiant 4,229 TEU 1994 Nippon Kaiji Kyokai Mitsubishi Heavy Industries, Japan

Panama Evergreen Marine

Ever Respect 4,229 TEU 1995 Nippon Kaiji Kyokai Mitsubishi Heavy Industries, Japan

Panama Evergreen Marine

YM Subic 1,221 TEU  2003 Germanischer Lloyd Peene Werft, Germany

Marshall Islands

Schoeller Holdings

Cape Falcon 1,221 TEU  2003 Germanischer Lloyd Peene Werft, Germany

Marshall Islands

Schoeller Holdings

38

Lease Portfolio:NBV by vessel and lessees

NBV as at 31 Dec 2008: US$900 million

37%

26%

15%

15%

7%

Containerships

Product tankers

Crude oil tankers

Chemical tankers

Dry bulk carriers

23%15%

12%

15%

9%

14%

7%

5%

Yang Ming Geden Lines

Groda/Rosneft

James FisherEvergreen Marine

BerlianLaju Tanker

Schoeller Holdings

Siba Ships

NBV by Vessel Type NBV by LesseeTotal Number of Vessels: 23 Number of Lessees: 8

39

Appendix

FSL Trust depreciates its vessels on a straight‐line basis to their estimated residual value at the end of the base lease term.

FST Trust depreciates its vessels on an accelerated basis compared to typical shipping companies.

100%

50%

50 1510 20 25

Typical Shipping Companies’

depreciation profile

FSL Trust ’s Depreciation

Profile

Vessel Value

Useful Economic Life

Real Vessel Depreciation

Profile

Depreciation PolicyAppendix

FSL Trust’s assumed base lease term

40

Firm Analyst Email

Cazenove Asia Leong Wai Mun WaiMun.Leong@cazenoveasia.com

Dahlman Rose & Co., LLC  Omar Nokta onokta@dahlmanrose.com

DBS Vickers Survio Sarkar suvro@dbsvickers.com

Deutsche Bank Joe Liew joe.liew@db.com

HSH NordBank AG Stefan Gäde stefan.gaede@hsh‐nordbank.com

JP Morgan Harsh Wardhan Modi harsh.w.modi@jpmorgan.com

OCBC Investment Research Meenal Kumar MeenalK@ocbc‐research.com

SIAS Research Raveen Kuhadas raveen@siasresearch.com

UOB Kay Hian Esther Sim esthersim@uobkayhian.com

Analyst CoverageAppendix

41

ContactsAppendix

FSL Trust Management Pte. Ltd., (as Trustee‐Manager for First Ship Lease Trust)• Chen Fung Leng, Tel: +65 6500‐9085, Email: FLChen@firstshiplease.com

Weber Shandwick Worldwide (except United States)• Danny Cham, Tel:+65 6825‐8044, Email: dcham@webershandwick.com• Ivan Tan, Tel: +65 6825‐8027, Email: itan@webershandwick.com

IGB Group (United States)• Michael Cimini, Tel: +1 212‐477‐8261, Email: mcimini@igbir.com• Leon Berman, Tel: +1 212‐477‐8438, Email: Iberman@igbir.com

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