Singapore Exchange Ltd. · SGX:S68

Singapore Exchange — First Ship Lease Trust — Q2 2015 Earnings Presentation

12 slides from Singapore Exchange's earnings presentation, Aug 5, 2015

1. Slide 1: FSL Trust 2Q FY2015 Financial Results

   F S L Tr u s t 2Q FY2015 Financial Results 5 August 2015

2. Slide 2: Key milestones in 2015

   Key milestones in 2015  Announced compliance with the original 2011 loan agreement in January  Gain of US$1.7 million from the disposal of TORM shares in January  Secured a new two-year time charter agreement with Tesoro on improved rates for FSL Hong Kong in April  Strengthened the Board throug

3. Slide 3: 2QFY15 – Key financial highlights

   2QFY15 – Key financial highlights  Net cash generated from operations increased by 32.2% year-on-year to US$17.0 million  Generated profit of US$6.2 million, more than 500% improvement from corresponding period  Revenue growth of 19.9% from US$22.9 million to US$27.5 million in 2QFY15  Overall o

4. Slide 4: Performance review

   Performance review Inc/(Dec) US$’000 2QFY15 2QFY14 % Revenue 27,514 22,945 19.9 Operating profit 8,482 4,938 71.8 Profit/(Loss) for the quarter 6,155 1,000 515.5 Net cash generated from 16,972 12,838 32.2 operations Debt outstanding 296,192 317,642 (6.75)  Revenue increased due to Trust’s improved

5. Slide 5: Fleet deployment by revenue

   Fleet deployment by revenue (1) Floating rate BBC 21% Fixed rate BBC 50% Pool/RSA/Spot 20% Time charter 9% Note 1: BBCE revenue for the 3 months ended 30 June 2015 5

6. Slide 6: Operational performance

   Operational performance BBCE revenue by vessel type (US$ million) MR 1.6 (19%) (2 vessels) 1.3 Feeder container 1.6 (56%) (2 vessels) 0.7 Aframax 1.1 100% (2 vessels) 2.2 Stainless-steel 1.7 chemical tanker 12% (3 vessels) 1.9 LR2 1.9 132% (2 vessels) 4.4 Specialised tanker 3.0 (17%) (7 vessels) 2.5

7. Slide 7: Lease maturity of vessels

   Lease maturity of vessels 2015 2016 2017 2018 2019 2020 2021 2022 2023 Cumbrian Fisher Clyde Fisher Shannon Fisher Vessels on Solway Fisher fixed-rate Speciality bareboat Product Tanker Seniority charters Superiority TORM Margrethe Market-rate bareboat charter TORM Marie FSL Hamburg Fixed-rate time

8. Slide 8: Revenue backlog

   Revenue backlog Remaining contracted revenue stood at US$187 million (1) as of 30 June 2015 30 51 20 11 29 25 21 2015 2016 2017 3 Years: 2018 - 2020 Bareboat charter Time charter Note 1: Based on revenue from 12 bareboat charters (excluding the TORM charters on variable rates) and from time charter

9. Slide 9: Scheduled dry docks for FY2015

   Scheduled dry docks for FY2015 FSL managed fleet - Vessels planned for dry docking Vessel Date FSL Hamburg 4Q FY2015 FSL Singapore 4Q FY2015 Latest dry dock Vessel Date FSL London 4Q FY2014 9

10. Slide 10: Upcoming scheduled redeliveries

    Upcoming scheduled Scheduled redeliveries Redeliveries as at 3QFY14 2015 2016 2017 Ever Radiant Containership Ever Respect Shannon Fisher Product tanker Solway Fisher  Four vessels on fixed rate bareboat charters redelivering in 2016 10

11. Slide 11: Summary and outlook

    Summary and outlook  Summary  Strong financial performance achieved while maintaining good momentum – significant increase in profit and net cash generated  Secured new time charters contracts for four tankers, all on improved rates  Outlook  Outlook for the Trust continues to improve, however

12. Slide 12: Thank You

    Thank You

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