First Ship Lease Trust : 1st Quarter 2022 Financial Results Presentation

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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.

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1ST QUARTER 2022 HIGHLIGHTS

•  Improvement in the tanker market sentiment, but uncertainties remain > Releases from SPR supporting, whilst increase in oil production in the ME remains slow > Elevated geopolitical risks due to the Ukraine-war

•  Fleet utilisation of 91% > Impacted by the situation with FSL London

•  Net profit of US$ 0.2m(1)

  > Compared to a net profit of US$ 0.1m in the preceding 4th quarter 2021

•  Adjusted EBITDA of US$ 1.7m(1)(2)

  > Compared to an adjusted EBITDA of US$ 1.4m in the preceding 4th quarter 2021

•  Up to US$ 33.8m of contracted future revenue > US$ 26.7m of firm contracted future revenue > US$ 7.1m of optional contracted future revenue

•  Healthy capital structure > Low net leverage of 2.0x net interest-bearing debt to adjusted EBITDA(1)(2) > Low gearing of 24% and strong equity ratio of 80%(1)

Note(s): (1) Unaudited (2) Excluding gains/losses from the disposal of vessels and vessel impairments

OPERATING PERFORMANCE REVIEW:

RIGHT DIRECTION BUT CHEMICAL TANKER WEIGHS ON RESULTS

Product TankerChemical Tanker Crude Oil TankerSpecialisedProduct TankerChemical Tanker Crude Oil Tanker

Tanker

TankerQ1/2021Q1/2022

Q1/2021Q1/2022

Note(s): (1 ) Excluding gains/losses from the disposal of vessels and vessel impairments

OPERATING PERFORMANCE REVIEW (CONT'D):

RIGHT DIRECTION BUT CHEMICAL TANKER WEIGHS ON RESULTS

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

Time Charter

Spot & Pool

Bareboat CharterTime Charter

Spot & Pool

Q1/2021Q1/2022

Q1/2021Q1/2022

> Increase in adjusted EBITDA(1) and ownership days for bareboat charters following the Pelican Fisher-acquisition

>

Decline in adjusted EBITDA(1) and ownership days for time charters following maturity of the charters for the chemical tankers in summer 2021 and subsequent switch to spot trading amid unsatisfactory period charter markets and sale of one unit

> Result from spot and pool trading vessels adversely impacted by FSL London being held in India, despite improved results for product tanker and crude oil tanker

Note(s): (1 ) Excluding gains/losses from the disposal of vessels and vessel impairments

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