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Distributions

Distribution per unit in US cents
Period 1Q 2Q 3Q 4Q Full Year
2007 2.30* 2.23 2.42 6.95
2008 2.59 2.80 3.05 3.08 11.52
2009 2.45 2.45 1.50 1.50 7.90
2010 1.50 0.95 0.95 0.95 4.35
2011 0.95 0.95 0.95 0.10 2.95
2012 0.10 - - - 0.10
2013 - - - - -
2014 - - - - -
2015 - - -

* This was the actual distribution for the period 19 March 2007 to 30 June 2007.

Information and Schedule of Distribution Payout

FSL Trust's distributions are declared in US Dollars and on a quarterly basis, with the amount1 calculated as at 31 March, 30 June, 30 September and 31 December each year for the three-month period ending on each of the said dates. All distributions will be paid within 75 days after the end of each distribution period.

The amount to be distributed for each quarter will be announced together with FSL Trust's quarterly Financial Results and Dividend Announcements, usually in January (for Q4 of previous year), April, July and October respectively.

The following information on distribution will be declared in the said announcement:

* Actual amount of the distribution per unit ("DPU") in US cents
* The books closure date
* The date of payment of the distribution

There is no taxation on distributions to investors, both retail & institutional. There is no Singapore withholding tax on distributions to foreign unitholders. For U.S. tax purposes, FSL Trust is a PFIC (Passive Foreign Investment Company). U.S. persons who are unitholders should consult a professional expert on the tax implications of their investment in FSL Trust.

1The Net Distributable Amount is derived from net lease income and after-tax interest income less management fees, financing costs and other trust expenses (excluding incentive fees, depreciation and certain amortization of debt up-front fees but including upfront initial direct costs associated with any vessel acquisitions).

Currency Election for Distributions

Unitholders may elect to receive distributions in either Singapore Dollar or US Dollar, but not a combination of both. CDP-registered unitholders will be paid in the Singapore Dollar equivalent of the US Dollar distribution declared, unless the unitholder elects to receive it in US dollars.

The USD-to-SGD foreign exchange rate is fixed about one week before the payment date of the distribution. Neither CDP, the Trustee-Manager nor FSL Trust will be liable for any loss howsoever arising from the conversion of the distributions payable to unitholders from US Dollar into Singapore Dollar.

Unitholders who wish to receive their distributions in US Dollar should submit to the CDP a “Currency Election Notice”, which will be sent to each eligible CDP-registered unitholder.