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FINANCIALS
Report of the Trustee-Manager of First Ship Lease Trust .22
Statement by Trustee-Manager .24
Statement by the Chief Executive Officer .25
Independent Auditors’ Report .26
Balance Sheets .27
Consolidated Income Statement .28
Consolidated Statement of Changes in Unitholders’ Funds .29
Consolidated Cash Flow Statement .30
Notes to the Financial Statements .31
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 of the Unitholders .71
Proxy Form .73
FIRST SHIP LEASE TRUST | ANNUAL REPORT 2007
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