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Unitholders of First Ship Lease Trust
We have audited the financial statements of First Ship Lease Trust (the “Trust”) (constituted in the Republic of Singapore
pursuant to a trust deed dated 19 March 2007) and its subsidiaries (the “Group”), which comprise the balance sheets of the
Group and the Trust as at 31 December 2007, the income statement, statement of changes in unitholders’ funds and cash
flow statement of the Group for the period from 19 March 2007 (date of constitution) to 31 December 2007, and a summary of
significant accounting policies and other explanatory notes, as set out on pages 27 to 56.
Trustee-Manager’s responsibilities for the financial statements
The Trustee-Manager is responsible for the preparation and fair presentation of these financial statements in accordance with the
provisions of the Singapore Business Trusts Act (the “Act”) and International Financial Reporting Standards. This responsibility
includes: designing, implementing and maintaining internal control relevant to the preparation and fair presentation of financial
statements that are free from material misstatement, whether due to fraud or error; selecting and applying appropriate accounting
policies; and making accounting estimates that are reasonable in the circumstances.
Auditors’ responsibility
Our responsibility is to express an opinion on these financial statements based on our audit. We conducted our audit in accordance
with International Standards on Auditing. Those standards require that we comply with ethical requirements and plan and
perform the audit to obtain reasonable assurance about whether the financial statements are free from material misstatement.
An audit involves performing procedures to obtain audit evidence about the amounts and disclosures in the financial statements.
The procedures selected depend on the auditor’s judgement, including the assessment of the risks of material misstatement of
the financial statements, whether due to fraud or error. In making those risk assessments, the auditor considers internal control
relevant to the Trust’s preparation and fair presentation of the financial statements in order to design audit procedures that are
appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the Trust’s internal
control. An audit also includes evaluating the appropriateness of accounting policies used and the reasonableness of accounting
estimates made by the Trustee-Manager, as well as evaluating the overall presentation of the financial statements.
We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinion.
Opinion
In our opinion:
(a) the consolidated financial statements of the Group and the balance sheet of the Trust are properly drawn up in accordance
with the provisions of the Act and International Financial Reporting Standards to give a true and fair view of the state of
affairs of the Group and of the Trust as at 31 December 2007 and the results, changes in unitholders’ funds and cash flows
of the Group for the period from 19 March 2007 (date of constitution) to 31 December 2007; and
(b) the accounting and other records required by the Act to be kept by the Trust and by those subsidiaries incorporated in
Singapore of which we are the auditors have been properly kept in accordance with the provisions of the Act.
KPMG
Certified Public Accountants
Singapore
29 February 2008
Independent auditors’ report
.26
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