Notice of Change in unitholding of Directors and Substantial Unitholders

Remarks
Acquisition of Securities via market transaction Immediately after the transaction

No. of ordinary voting shares/units held: 1000000 (Direct Interest); 0 (Deemed Interest) As a percentage of total no. of ordinary voting shares/units: 0.15700000 (Direct Interest); 0.00000000 (Deemed Interest)

The percentage of unitholdings are calculated based on 637,456,577 units in issue.

Remarks
Acquisition of Securities via market transaction Immediately after the transaction

No. of ordinary voting shares/units held: 500000 (Direct Interest); 0 (Deemed Interest) As a percentage of total no. of ordinary voting shares/units: 0.07800000 (Direct Interest); 0.00000000 (Deemed Interest)

The percentage of unitholdings are calculated based on 637,456,577 units in issue.

Remarks
Type of securities which are subject of the transaction On 23 June 2015, Alan Hatton was granted an award of 2,333,334 units ("Performance Units 2014") in First Ship Lease Trust from units held by FSL Trust Management Pte Ltd, subject to certain terms and conditions. The Performance Units 2014 have now vested. Accordingly, 2,333,334 units have been transferred from FSL Trust Management Pte. Ltd. to Alan Hatton. Vesting of share awards Immediately after the transaction

No. of ordinary voting shares/units held: 2333334 (Direct Interest); 0 (Deemed Interest) As a percentage of total no. of ordinary voting shares/units: 0.37000000 (Direct Interest); 0.00000000 (Deemed Interest) Award of Performance Units 2014 0

The percentage of unitholdings are calculated based on 637,456,577 units in issue.

Remarks
On 23 June 2015, Alan Hatton, CEO of First Ship Lease Trust, was granted an award of 2,333,334 units ("Performance Units 2014") in First Ship Lease Trust from units held by FSL Trust Management Pte. Ltd., subject to certain terms and conditions. The Performance Units 2014 have now vested. Accordingly, 2,333,334 units have been transferred from FSL Trust Management Pte. Ltd. to Alan Hatton. Immediately after the transaction

No. of ordinary voting shares/units held: 154430600 (Direct Interest); 3788766 (Deemed Interest) As a percentage of total no. of ordinary voting shares/units: 24.23000000 (Direct Interest); 0.59000000 (Deemed Interest)

FSL Holdings Pte. Ltd. ("FSLH") is the 100% shareholder of FSL Asset Management Pte. Ltd., which in turn wholly-owns FSL Trust Management Pte. Ltd. FSLH is therefore deemed to be interested in 3,788,766 units held by FSL Trust Management Pte. Ltd.. FSL Holdings Pte. Ltd. is a wholly-owned subsidiary of Godan GMBH, which in turn, is a wholly-owned subsidiary of HSH Nordbank AG. The percentage of unitholdings are calculated based on 637,456,577 units in issue.

Remarks
On 23 June 2015, Alan Hatton, CEO of First Ship Lease Trust, was granted an award of 2,333,334 units ("Performance Units 2014") in First Ship Lease Trust from units held by FSL Trust Management Pte. Ltd., subject to certain terms and conditions. The Performance Units 2014 have now vested. Accordingly, 2,333,334 units have been transferred from FSL Trust Management Pte. Ltd. to Alan Hatton. Immediately after the transaction

No. of ordinary voting shares/units held: 0 (Direct Interest); 158219366 (Deemed Interest) As a percentage of total no. of ordinary voting shares/units: 0.00000000 (Direct Interest); 24.82000000 (Deemed Interest)

Godan GMBH is the sole shareholder of FSL Holdings Pte. Ltd. ("FSLH"). Therefore, Godan GMBH is deemed to be interested in all the units held by (i) FSLH and (ii) FSLH's indirect subsidiary, FSL Trust Management Pte. Ltd. in First Ship Lease Trust. FSL Holdings Pte. Ltd. is a wholly-owned subsidiary of Godan GMBH, which in turn, is a wholly-owned subsidiary of HSH Nordbank AG. The percentage of unitholdings are calculated based on 637,456,577 units in issue.

Remarks
On 23 June 2015, Alan Hatton, CEO of First Ship Lease Trust, was granted an award of 2,333,334 units ("Performance Units 2014") in First Ship Lease Trust from units held by FSL Trust Management Pte. Ltd., subject to certain terms and conditions. The Performance Units 2014 have now vested. Accordingly, 2,333,334 units have been transferred from FSL Trust Management Pte. Ltd. to Alan Hatton. Immediately after the transaction

No. of ordinary voting shares/units held: 0 (Direct Interest); 158219366 (Deemed Interest) As a percentage of total no. of ordinary voting shares/units: 0.00000000 (Direct Interest); 24.82000000 (Deemed Interest)

HSH Nordbank AG is the holding company of Godan GMBH, which is the sole shareholder of FSL Holdings Pte. Ltd. ("FSLH"). Therefore, HSH Nordbank AG is deemed to be interested in all the units held by (i) FSLH and (ii) FSLH's indirect subsidiary, FSL Trust Management Pte. Ltd. in First Ship Lease Trust. FSL Holdings Pte. Ltd. is a wholly-owned subsidiary of Godan GMBH, which in turn, is a wholly-owned subsidiary of HSH Nordbank AG. The percentage of unitholdings are calculated based on 637,456,577 units in issue.