FSL Trust is a Singapore registered business trust, constituted under a deed of trust (dated 19 March 2007) and principally regulated by the Business Trust Act and the Securities and Futures Act. FSL Trust is listed on the Main Board of the Singapore Exchange since 27 March 2007 and its ADRs are quoted on OTCQX since 29 October 2008. The Sponsor of FSL Trust is FSL Holdings Pte. Ltd. FSL Trust is managed by the Trustee-Manager, FSL Trust Management Pte Ltd. ("FSLTM"). FSLTM is responsible for safeguarding the interests of Unitholders and for investment and financing strategies, asset acquisition and disposal policies, and the overall management of the business of FSL Trust.

FSL Trust engages in the business of owning and investing in a lease portfolio of vessels, which are leased to international maritime operators on long-term bareboat charter basis. FSL Trust is not a shipping company but an alternative financing solution provider to the shipping industry. It is focused on the sale-and-leaseback of vessels on long-term bareboat charter basis, whereby it purchases a vessel from counterparty (lessee), and leases it back concurrently to the lessee for a pre-agreed period and lease rental rate. The lease rental rates of FSL Trust's leases are not correlated to the shipping rates in the spot markets.

FSL Trust has minimal exposure to the fluctuations of the shipping cycle as it has no operating expenses relating to ship operation/voyage and its cash flows are secured through long-term leases of the vessels in its portfolio. The objective of FSL Trust is to derive stable income streams from its lease portfolio of vessels that would support regular and stable distributions to its Unitholders. It intends to seek future growth and diversification of its portfolio through cash flow accretive acquisitions of vessels.