Distribution Currency Election Notice

Distributions will be declared in US dollars. For holders of Units that are held through CDP, the distributions will be paid in the Singapore dollar equivalent of the US dollar distribution declared, unless the Unitholder elects to receive the distributions in US dollars by submitting to the CDP a "Distribution Election Notice" by the closing date for election which will be specified in the "Distribution Election Notice".

The "Distribution Election Notice" will be sent to each Unitholder holding Units through the CDP, who is eligible to receive the relevant distributions. For the distributions to be paid in Singapore dollars, the Trustee-Manager will make the necessary arrangements to convert the distributions in US dollars into Singapore dollars (taking into account the cost of exchange) at the prevailing market exchange rate. Neither the 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 dollars into Singapore dollars.

Save for approved depository agents (acting as nominees of their individual customers), each Unitholder may elect to receive distributions in either Singapore dollars or US dollars and shall not be able to elect to receive distributions partially in US dollars and partially in Singapore dollars. The distributions will be made on a quarterly basis, with the amount 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.

If you have any question relating to the distribution currency election notice, please do not hesitate to contact the FSL Trust investor relations team at investors@firstshiplease.com or telephone +65 6836 3000.