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Stock Exchange Announcements and Reports

Notice Of A Substantial Shareholder's Interest

BackJul 20, 2007

>> PART I

1. Date of notice to issuer * 17-07-2007

2. Name of Substantial Shareholder * Deutsche Bank AG

3.	Please tick one or more appropriate box(es): *
	Notice of a Change in the Percentage Level of a Substantial Shareholder's Interest or Cessation of Interest. [Please complete Part III and IV]

>> PART II

1. Date of change of [Select Option]

2. Name of Registered Holder

3. Circumstance(s) giving rise to the interest or change in interest [Select Option]

# Please specify details

4. Information relating to shares held in the name of the Registered Holder

No. of [Select Option] held before the change
As a percentage of issued share capital	%

No. of N.A. which are subject of this notice
As a percentage of issued share capital	%

Amount of consideration (excluding brokerage and stamp duties) per share paid or received

No. of N.A. held after the change
As a percentage of issued share capital	%

>> PART III

1. Date of change of Deemed Interest 13-07-2007

2. The change in the percentage level From 13.21 % To 12.99 %

3. Circumstance(s) giving rise to the interest or change in interest Sales in Open Market at Own Discretion

# Please specify details

A statement of whether the change in the percentage level is the result of a transaction or a series of transactions:

The change in the percentage level is the result of a series of transactions, details of which as follows:-

Sell First Ship Lease Trust 1,074,000 units at 0.990 on 13-Jul-07
Buy First Ship Lease Trust 1,000 units at 0.991 on 13-Jul-07

>> PART IV

1.	Holdings of Substantial Shareholder , including direct and deemed interest :

	Direct	Deemed
No. of shares held before the change	0	66,053,000
As a percentage of issued share capital	0.00 %	13.21 %
No. of shares held after the change	0	64,980,000
As a percentage of issued share capital	0.00 %	12.99 %