First Ship Lease Trust : Half Year 2023 Financial Results Presentation

Half Year 2023 Financial Results

3 August 2023

DISCLAIMER

This communication may contain forward-looking statements with respect to current expectations and forecasts of the financial condition and performance as well as the operations and business of First Ship Lease Trust ("FSL Trust" or the "Trust"). Forward-looking statements include expectations or forecasts of future events, statements about the beliefs, plans, objectives, intentions, assumptions and other statements of FSL Trust Management Pte. Ltd. (the "Trustee- Manager"), as trustee-manager of the Trust, that are not historical facts. Such forward-looking statements involve known and unknown risks, uncertainties and other factors which may cause the actual results or performance of FSL Trust to be materially different from any future results or performance expressed or implied by such forward-looking statements. Such forward-looking statements are based on numerous assumptions regarding, amongst others, the Trust's present and future business strategy, access to financing, and the political and economic environment in which FSL Trust will operate in the future.

Readers/Recipients are, therefore, cautioned not to place undue reliance on these forward-looking statements. Neither FSL Trust, nor the Trustee-Manager undertake any obligation to publicly release the result of any revisions to these forward-looking statements to reflect events or circumstances after the date of this communication to reflect the occurrence of unanticipated events. While due care has been used in the preparation of forecast information, actual results may vary in a materially positive or negative manner. Forecasts and hypothetical examples are subject to uncertainty and contingencies outside the Trust's and/or the Trustee-Manager's control.

Unless stated otherwise, all information in this communication is as of the date of this communication. The information contained in this communication has not been independently verified and furthermore include unaudited financial information. Certain information, statistics and charts contained in this communication have been derived from third party sources. Such information, statistics and charts have not been prepared specifically for the purposes of this communication and neither the Trust, nor the Trustee-Manager have undertaken any independent verification of the accuracy or completeness of such information, statistics and charts. No representations or warranties, express or implied are given in, or in respect of the accuracy or completeness of any information included in this communication and no reliance should be placed in any such information.

The past performance of FSL Trust is not indicative of its future performance. Similarly, the past performance of the Trustee-Manager is not indicative of its future performance. The value of the units of FSL Trust (the "Units") and any income derived may increase or decrease. The Units are not obligations of, deposits in, or guaranteed by, FSL Trust and/or the Trustee-Manager or any of its affiliates.

Unitholders should note that there is no right to request or demand FSL Trust and/or the Trustee-Manager to redeem or purchase Units. The Units are listed on the Mainboard of the Singapore Stock Exchange Securities Trading Limited (SGX-ST) and may be traded there. However, a liquid market for the trading of the Units is not guaranteed.

This communication is presented in summary form for information purposes only and does not purport to be complete nor to constitute or form part of, and should not be construed as, an advice, recommendation, offer to sell or an invitation, solicitation, or inducement to purchase or subscribe for Units.

Before acting on any information you should consider the appropriateness of the information contained in this communication and, in particular, you should seek independent financial, legal, etc. advice. All and any investment in the Units involve risks, including, but not limited to, the risk of adverse or unanticipated market, financial or political developments, currency risk in international transactions and the total loss of the investment. Neither the Trust, nor the Trustee- Manager shall be held liable for any losses suffered whatsoever from the investment in the Units.

Half Year 2023 Financial Results

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HALF YEAR 2023 HIGHLIGHTS

OPERATIONAL

FINANCIAL

• Declining tanker markets in face of macro-economic uncertainties
• • Tanker market sentiment has weakened from record high as seen at the end of 2022. However still at historically satisfactory levels
  • High macro-economic risks, triggered by geopolitical tensions, high inflation and weak consumer confidence
  • Sale and Purchase market remains at historically high levels
• Fleet utilisation of 100.0%
• Up to US$ 28.6m of contracted future revenue
• • US$ 22.8m of firm contracted future revenue
  • US$ 5.8m of optional contracted future revenue
• Net profit of US$ 1.8m(1) in the first half of 2023
• • First half of 2023 net profit US$ 0.4m lower than previous year (US$ 2.2m net profit)(1)
• Adjusted EBITDA(2) of US$ 3.0m(1) in the first half of 2023
• • First half of 2023 adjusted EBITDA(2) US$ 0.1m lower than previous year (US$ 3.1m)(1)
• Healthy capital structure
• • Strong liquidity position of US$ 31.5m(1)
  • Outstanding loan of US$ 12.1m(1)

Note(s): (1) Unaudited

1. Excluding gains/losses from the disposal of vessels and vessel impairments

Half Year 2023 Financial Results

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OPERATING PERFORMANCE REVIEW:

ADJUSTED EBITDA BY EMPLOYMENT TYPE (IN US$m)(1)OWNERSHIP DAYS BY EMPLOYMENT TYPE

+/-0%

-14%

3.7

3.2

1,448

1,448

Bareboat Charter

1H/2022 1H/2023

Bareboat Charter

1H/2022 1H/2023

• Stable adjusted EBITDA(1) and ownership days for bareboat charters

Note(s): (1) Excluding gains/losses from the disposal of vessels and vessel impairments
Half Year 2023 Financial Results	4

FLEET EMPLOYMENT:

CONTRACTED REVENUE UP TO US$ 28.6 MILLION(1)

CONTRACTED REVENUE (IN US$m)(1)	EMPLOYMENT UPDATE
		> Cumbrian Fisher, in continuation
		of it's present charter extended
		for a further 11 months with
		expiry November 2024.

	8.1
			6.0
4.0					1.4	1.9	1.9
					1.7			0.6
					1.1	1.1	0.8
2023	2024	2025	2026	2027	2028	2029
		Firm Periods		Optional Period(s) or Early Termination Option(s)

Note(s): (1) As at 30 June 2023

Half Year 2023 Financial Results

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