First Ship Lease Trust

Presentation of Inaugural Results– for period 19 March 2007 to 30 June 2007

19 July 2007

2

Certain statements in this presentation concerning our future growth prospects are forward-looking

statements, which 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 and uncertainties regarding our earnings, our ability

to manage concentration and lessee credit risks, our ability to lease out or dispose vessels, ability to

implement our investment strategy, dependence on credit facilities and new equity from capital markets

to execute our investment strategy, insufficient insurance to cover losses from inherent operational

risks in the industry, lower lease rates from older vessels, dependence on key personnel, FSL’s

controlling stake in the FSL Trust, short operating history, lack of historical financial history for the

Trust, risk of government requisitions during periods of emergency or war, possibility of pirate or

terrorist attacks, competition in the industry, political instability where the vessels are flagged or

operate, cyclicality of the industry and fluctuations in vessel values.

First Ship Lease Trust may, from time to time, make additional written and oral forward-looking

statements, including our reports to shareholders. The company does not undertake to update any

forward-looking statement that may be made from time to time by or on behalf of the Trust

Section I

Results Highlights

4

Highlights

Revenue of US$12.7 million3.8% higher than IPO projection of US$12.2 million

DPU of 2.30 US cents2.2% higher than IPO projection of 2.25 US cents

Three product tankers acquired for the portfolio in June 2007

Additional 0.17 US cents in DPU for FY07

Additional 0.30 US cents in DPU for FY08

47% of targeted DPU increase in FY08 is booked

Revenue of US$12.7 million3.8% higher than IPO projection of US$12.2 million

DPU of 2.30 US cents2.2% higher than IPO projection of 2.25 US cents

Three product tankers acquired for the portfolio in June 2007

Additional 0.17 US cents in DPU for FY07

Additional 0.30 US cents in DPU for FY08

47% of targeted DPU increase in FY08 is booked

Section II

About FSL Trust

6

FSL Trust’s management team

Philip Clausius

Chief Executive Officer

Previously with Schoeller Holdings (co-founded FSL)

15 years of financial and operational experience in the shipping industry

Chief Executive Officer

Previously with Schoeller Holdings (co-founded FSL)

15 years of financial and operational experience in the shipping industry

Cheong Chee Tham

Chief Financial Officer

Previously with SIA group (joined FSL in October 2005)

More than 16 years experience in accounting, leasing and asset financing

Chief Financial Officer

Previously with SIA group (joined FSL in October 2005)

More than 16 years experience in accounting, leasing and asset financing

Kwa Lay San

Chief Risk Officer

Previously with DBS Bank (joined FSL in May 2006)

Over 10 years of experience in banking and ship financing

Chief Risk Officer

Previously with DBS Bank (joined FSL in May 2006)

Over 10 years of experience in banking and ship financing

RonaldDal Bello

Senior Vice President and Head of Sales, West of Suez, based in Zurich

Previously with GE Commercial Finance (joined FSL in April 2006)

16 years of experience in ship financing and shipping industry

Senior Vice President and Head of Sales, West of Suez, based in Zurich

Previously with GE Commercial Finance (joined FSL in April 2006)

16 years of experience in ship financing and shipping industry

7

Introduction to FSL Trust

FSL Trust is …FSL Trust is … FSL Trust is not …FSL Trust is not …

Leasing Company

Origination & Structuring Risk management

Capital management

1 2

3

ShippingCompany

Operating risk Shipping cycle risk

Regulatory risk

1 2

3

Long-term stable lease income with minimum lease term of 7 years

No exposure to operating costs

No exposure to technical / vessel downtime

Responsible for operating costs and is directly exposed to escalation of such costs

Exposure to technical / vessel downtime risk

Bareboat charter modelBareboat charter model Time charter modelTime charter model

8

Structure at IPO

- IPO on the SGX in March 2007 to raise US$ 333.2 million in Primary proceeds

- Initial lease portfolio of 13 vessels

- No debt at IPO; committed credit facility of US$250 million available for growing assets

- Sponsor shareholders include Schoeller Holdings Ltd, HSH Nordbank AG and HVB AG

- Strong Trust board, including eminent independent directors: Mr Wong Meng Meng, Mr Phang Thim Fatt and Mr Michael Montesano III

UNITHOLDERS(1): Public 68%Sponsor 32%

SPONSOR

FSL TRUST TRUSTEE-MANAGER

Special Purpose Companies (SPCs)

VESSELS

LESSEES

1 Public and Sponsor shareholding, post exercise of greenshoe, is 69.87% and 30.13% respectively

9

An attractive business model

Focus

Focus on accretive asset growth

Robust risk management

practices

Attractive and stable distribution

yield of initial portfolio

Strong Sponsor

commitment

Lease portfolio diversified across sub-sectors and

customers

No Singapore tax on

distributions to Unitholders

10

Our growth strategy

Drive rapidgrowth in the

portfolioFocus

on long-termbareboatcharters

Maintainconservative

financialstructure

Maintain disciplined approach to portfolio and

risk management

Maintainhigh quality

and modernasset

portfolio

Section III

Acquisition of James Fisher Vessels

12

Business update: 3 product tankers acquired on 1 June 2007

Vessel acquisitions announced

Acquisition of three product tankers for a sale and leaseback to James Fisher & Sons Plc (“James Fisher”)

New ships (2 vessels were delivered in 2006 and one in 2007); advanced technical design

Bahamas flagged; generally deployed in the British Isles with oil majors

Total consideration of US$45 million

James Fisher has option to sell and leaseback a fourth sister vessel by 30 June 2008

Acquisition of three product tankers for a sale and leaseback to James Fisher & Sons Plc (“James Fisher”)

New ships (2 vessels were delivered in 2006 and one in 2007); advanced technical design

Bahamas flagged; generally deployed in the British Isles with oil majors

Total consideration of US$45 million

James Fisher has option to sell and leaseback a fourth sister vessel by 30 June 2008

With long term

charters in place

Minimum base lease term of 10 years

James Fisher has lease extension options and purchase options

Accretive to DPU

Minimum base lease term of 10 years

James Fisher has lease extension options and purchase options

Accretive to DPU

Financing plan

Financed by drawdown on existing credit facility

Interest rate swapped to fixed on drawdown

Financed by drawdown on existing credit facility

Interest rate swapped to fixed on drawdown

13

Chemical tanker28%

Product tanker23%

Dry bulk carrier14%

Container ship35%

Chemical tanker31%

Product tanker15%

Dry bulk carrier16%

Container ship38%

James Fisher15%

Schoeller Holdings

13%

Berlian Laju Tanker31%

Siba Ships16%

Evergreen Marine25%

James Fisher23%Schoeller

Holdings12%

Berlian Laju Tanker28%

Siba Ships14%

Evergreen Marine23%

Original revenue breakdown by lessee

Positive impact on lease portfolio

Original revenue breakdown by lessee New revenue breakdown by lessee (+3 vessels)New revenue breakdown by lessee (+3 vessels)

Original revenue breakdown by vessel typeOriginal revenue breakdown by vessel type New revenue breakdown by vessel type (+3 vessels)New revenue breakdown by vessel type (+3 vessels)

14

Chemicaltanker29%

Producttanker28%

Dry bulkcarrier15%

Containership28%

JamesFisher28%Schoeller

Holdings10%

Berlian LajuTanker29%

Siba Ships15%

EvergreenMarine18%

Original net book value breakdown by lessee

Positive impact on lease portfolio

Original net book value breakdown by lessee New net book value breakdown by lessee

(+3 vessels)New net book value breakdown by lessee

(+3 vessels)

Original net book value breakdown by vessel typeOriginal net book value breakdown by vessel typeNew net book value breakdown by vessel type

(+3 vessels)New net book value breakdown by vessel type

(+3 vessels)

Chemicaltanker32%

Producttanker21%

Dry bulkcarrier16%

Containership31%

JamesFisher21%

SchoellerHoldings

11%

Berlian LajuTanker32%

Siba Ships16%

EvergreenMarine20%

Section IV

Results for Period Ended 30 June 2007

16

Summary of Results

Revenue (US$’000)Revenue (US$’000) Net Profit after tax (US$’000)Net Profit after tax (US$’000)

46412,208

12,672

Projection Actual

2,310 2,307

Projection Actual

17

Summary of Results

DPU for Period ended 30 Jun 07 (US Cents)(normalised on a quarterly basis)

DPU for Period ended 30 Jun 07 (US Cents)(normalised on a quarterly basis) DPU Projection for Q3 & Q4 07 (US Cents)1DPU Projection for Q3 & Q4 07 (US Cents)1

2.192.13 0.06

Projection Actual

2.22 2.22

Q3 07 Q4 07

1 includes additional contribution of 0.075 US cents per quarter from new James Fisher vessels and gains from cross-currency swaps at IPO and assuming no new acquisitions during Q3 and Q4 2007

18

DPU Target Achieved

2.237 2.237

2.343 2.343

Q1 08 Q2 08 Q3 08 Q4 08

5% growthtarget

4.2% growth achieved

10% growth target

4.2% growth achieved

Quarterly benchmark

DPU2

Achieved DPU1

1 DPU of 2.22 US cents achieved following the acquisition of three new vessels from James Fisher and gains from cross-currency swaps at IPO, and assuming no acquisitions in Q3 and Q4 2007.2 Quarterly benchmark DPU of 2.13 US cents as indicated in the IPO Prospectus.

19

Financial Results for the Period Ended 30 June 2007

Consolidated Income StatementConsolidated Income Statement

Increase/Actual Projection (Decrease)

US$’000 US$’000 %

Revenue 12,672 12,208 3.8Depreciation -9,161 -8,854 3.5Management fees -507 -488 3.9Trustee fees -25 -25 -Other expenses -276 -316 -12.7Finance income 98 67 46.3Finance expense -472 -269 75.5Net profit before tax 2,329 2,323 0.3Income tax expense -22 -13 69.2Net profit after tax 2,307 2,310 -0.1

Group19 March 2007 to

30-Jun-07

20

Financial Results for the Period Ended 30 June 2007

Consolidated Cash Flow StatementConsolidated Cash Flow Statement

Actual19 March 2007 to 30

June 2007US$'000

Cash flows from operating activities:Net profit before tax 2,329

Adjustments for: Vessel depreciation 9,161 Amortisation of upfront fees and initial direct costs 77Operating profit before working capital changes 11,567Working capital changes 276Unrealised exchange differences, net -

Cash flows from operations 11,843

Income tax paid (3)Net cash provided by operating activities 11,840

Net cash used in investing activities (516,879)

Net cash from financing activities 522,356

Net increase in cash and cash equivalents 17,317Cash and cash equivalents at end of period 17,317

21

Financial Results for the Period Ended 30 June 2007

Consolidated Balance SheetConsolidated Balance Sheet

Group Trust

US$’000 US$’000

ASSETS

Non-current assets 508,409 504,759

Current assets 18,826 16,555

Total assets 527,235 521,314

LIABILITIES

Non-current liability 43,857 43,857

Current liabilities 3,191 880

Total liabilities 47,048 44,737

Net assets 480,187 476,577

UNITHOLDERS’ FUNDS 480,187 476,577

Actual

30-Jun-07

Section V

Conclusion

23

Looking ahead: leverage our strengths to continue executing our strategy

Focus

Strong support from the Sponsor and its substantial

shareholders

No conflict of interest with

potential lessees

Well positioned in the growing non tax-driven

ship leasing market

Competitive capital structure and cost of capital

Flexibility in structuring

transactions

Extensive shippingexpertise and wide Industry contacts

Q & A

Section VI

Appendix

26

Dividend growth and subordination

1 Annualised yield based on closing price of US$0.98 per unit on Wednesday, 18 July 2007.2 Revised target DPU for FY 2007 following acquisition of three vessels in June 2007 and gains from cross-currency swaps.3 Net Distributable Amount less any Retained Distributable Amount and excluding non-recurring income and related costs, as at the end of relevant quarter per unit then in issue.4 Quarterly benchmark DPU of 2.13 US cents as indicated in the IPO Prospectus.

Distribution thresholds

and subordination

2.237

2.343 2.343

2.450 2.450

2.2202 2.22022.237

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

Targ

eted

min

imum

DAU

3

(US

cen

ts)

Quarterly benchmark

DPU4

5% growth

10% growth

15% growth

9.13%1

yield

9.56%1

yield

10.00%1

yield

9.06%1

yield

27

Incentive fee structure that aligns Trustee-Manager’s and Unitholders’ interests

Growth in DAU1 Sponsor Incentive Fee % DAU received by Unitholders

0% 100.00%

98.85%2

95.31%3

94.12%4

10% of excess over 15%

10% of excess between 15% - 30% 20% of excess over 30%

10% of excess between 15% - 30%20% of excess between 30% - 60%

25% of excess over 60%

% DAU received by

T-M

0%-15% 0.00%

1.15%2

4.69%3

5.88%4

15%- 30%

60%+

30-60%

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