ARREST OF ‘VERONA I’

Singapore, 5 June 2010 - FSL Trust Management Pte. Ltd. (“FSLTM”), Trustee-Manager of First Ship Lease Trust (“FSL Trust” or the “Trust”) refers to the earlier announcements (1) on 4 May 2010 and 11 May 2010. FSLTM wishes to inform that it has been notified that Singapore-based Daxin Petroleum Pte Ltd (“Daxin”) has arrested the vessel ‘Verona I’ on 4 June 2010 at Shimotsu, Japan on the basis that Daxin has not been paid for bunkers supplied to ‘Verona I’. The amount claimed is unknown at the time of this announcement.

As previously announced, the lessee of the vessel ‘Verona I’ has not made full lease rental payments to the Trust from May 2010. The lessee of the vessel ‘Verona I’ is Mesino Shipping Company Limited, an affiliate of Groda Shipping & Transportation Ltd.

FSLTM intends to defend its position vigorously and is currently exploring all available legal options. The immediate focus will be on securing the release of the vessel. Typically, by posting the required security, the release of an arrested vessel can be arranged reasonably quickly so as not to disrupt the normal operations of that vessel.

FSLTM will make further announcements as and when there are material developments in this matter.

About First Ship Lease Trust
(Bloomberg: FSLT SP; Reuters: FSLT.SI; OTCQX: FSHPY)
First Ship Lease Trust (“FSL Trust” or the “Trust”) is a provider of leasing services on a long-term bareboat charter basis to the international shipping industry. The Trust has a diversified portfolio of 23 modern and high quality vessels, consisting of seven containerships, nine product tankers, three chemical tankers, two dry bulk carriers and two crude oil tankers. FSL Trust is listed on the main board of the Singapore Exchange Securities Trading Limited (SGX-ST) and its American Depository Receipts are quoted on the PrimeQX tier of International OTCQX. FSL Trust is a component stock of the FTSE ST Maritime Index.

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(1) Press Release “First Ship Lease Trust requested to take re-delivery of two vessels ‘Verona I’ and ‘Nika I’”, dated 4 May 2010 and “First Ship Lease Trust provides update on the re-delivery of ‘Verona I’ and ‘Nika I’, dated 11 May 2010.

First Ship Lease Trust