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The following diagram illustrates the relationship between FSL Trust, the Trustee-Manager, the Sponsor
and the Unitholders upon the completion of the IPO:
FSL TRUST STRUCTURE
Holding of
Units
Singapore Tax Exempt
Distributions
Ownership
Trustee and incentive fees
Repayments on any
shareholder’s loan, dividends,
and share buybacks
Lease income
Ownership
Lease
Management fees
100% owned
1 Acts on behalf of
Unitholders
2 Management and
trustee services
1
2
* Post exercise of over-allotment
option (as of 24 April 2007)
Unitholders
Public – 70%*
Sponsor – 30%*
FSL TRUST
Special Purpose
Companies (SPCs)
Vessels
Lessees
Sponsor
First Ship Lease
Pte. Ltd.
Trustee-Manager
FSL Trust
Management
Pte. Ltd.
FIRST SHIP LEASE TRUST | ANNUAL REPORT 2007
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