Liquidity and FinancingAs of March 31, 2012, GasLog had consolidated cash and cash equivalents of $8.3 million. Subsequent to March 31, 2012, the cash position has improved significantly with the net proceeds from GasLog’s IPO completed on April 4, 2012. As of March 31, 2012, GasLog had an aggregate of $276.3 million of indebtedness outstanding under two credit agreements, of which $25.1 million is repayable within one year. GasLog’s current commitments for capital expenditures are related to the eight LNG carriers on order, which have a gross aggregate contract price of approximately $1.55 billion. As of March 31, 2012, the total remaining balance of the contract prices of the eight newbuildings on order was $1.42 billion, for which there are $1.13 billion of undrawn credit facilities in addition to the approximately $309.9 million net proceeds from GasLog’s IPO and concurrent private placement completed on April 4, 2012. Interest Rate Swaps As of March 31, 2012, GasLog has entered into eight interest rate swap agreements for a total notional amount of $559.3 million. This is in relation to the outstanding indebtedness of $276.3 million and the new loan agreements of $1.13billion in aggregate that will be drawn by GasLog upon delivery of the respective ships. In total 40% of GasLog’s floating interest rate exposure has been hedged at a weighted average interest rate of approximately 4.4% (including margin) as of March 31, 2012. In April and May 2012, GasLog entered into seven interest rate swap agreements for a total notional amount of $312 million in relation to loan agreements of $984.5 million in aggregate that will be drawn upon delivery of the related ships. Accordingly, 62% of the floating interest rate exposure had then been hedged at a weighted average interest rate of approximately 4.3% (including margin).