First Ship Lease Trust To Distribute US2.23 cents for Q3

FIRST SHIP LEASE TRUST TO DISTRIBUTE US$11.15 MILLION TO UNITHOLDERS FOR 3Q FY07
• Distribution – US2.23¢ per unit (4.7% higher than IPO projection)
• Revenue – US$12.8 million (10.7% higher than IPO projection)

Singapore, 18 October 2007 – FSL Trust Management Pte. Ltd. ("FSLTM"), trustee-manager of First Ship Lease Trust ("FSL Trust"), today announced a total distribution of US$11.15 million to unitholders of FSL Trust for the third quarter ended 30 September 2007 ("3Q FY07"). This represents 100% of the amount available for distribution.

Based on 500 million outstanding units, the Distribution Per Unit ("DPU") is US2.23¢, 4.7% higher than the DPU of US2.13¢ projected at the time of FSL Trust’s Initial Public Offering ("IPO") in March 2007.