Asset Acquisitions And Disposals :: Update On The Chemical Tanker FSL London

FSL TRUST MANAGEMENT PTE. LTD.

(As Trustee-Manager of First Ship Lease Trust)

(Company Registration No. 200702265R)

(Incorporated in Singapore)

UPDATE ON THE CHEMICAL TANKER FSL LONDON

The Board of Directors (the "Board") of FSL Trust Management Pte. Ltd., as trustee-manager (the "Trustee-Manager") of First Ship Lease Trust (the "Trust"), refers to its announcements dated 3 December 2021 and 21 March 2022 in relation to the cancellation of the memorandum of agreement to sell the vessel FSL London (the "Vessel") to an unaffiliated third party by mutual agreement following delays in the delivery schedule as a result of a customs investigation concerning the specifications of a cargo the Vessel carried for a customer. The Board wishes to update that the local customs authorities in India have released the Vessel and the Vessel is en route to Singapore now. The Trustee-Manager continues to pursue damage claims against the charterer of the Vessel for the delays caused by the carriage of the particular cargo loaded by the charterer and destined for India, the attendant investigations of the cargo, and the vessel being held by the customs authorities in India.

By Order of the Board

FSL Trust Management Pte. Ltd. (Company registration no. 200702265R)

as Trustee-Manager of First Ship Lease Trust

Mr Efstathios Topouzoglou

Non-Independent,Non-Executive Chairman

9 June 2022