Page 2 - ar2007

CONTENTS
Performance Highlights .02
Letter to Unitholders .04
About First Ship Lease Trust .08
Trustee-Manager .10
FSL Trust Structure .11
Competitive Strengths .12
Board of Directors .14
Investment Advisory Committee .16
Senior Management Team .17
Lease Portfolio Overview .18
Financials .21
Corporate Information .57
Corporate Governance Report .58
Lease Portfolio Terms .64
Unit Price and Trading Volume .67
Additional Information .68
Statistics of Unitholdings .69
Notice of Annual General Meeting .71
Proxy Form .73