Business UpdateAs of June 30, 2012, the eight ships under construction at Samsung Heavy Industries were on schedule and within budget. Of these eight ships, two were launched during Q2 2012 and are on schedule for delivery during Q1 2013. In total, five of the eight ships have now progressed to steel cutting stage or beyond. The two ships in the water in GasLog’s existing fleet, currently on multi-year charters to a subsidiary of BG Group plc, performed without any off-hire during the quarter ended June 30, 2012, thereby achieving full utilization for the period. As of June 30, 2012, two of the newbuildings remain uncommitted and GasLog continues to hold options for two additional LNG carriers at Samsung Heavy Industries. LNG Industry Update GasLog believes the current supply and demand dynamics of the LNG industry are positive for LNG shipping. There continues to be progress on new production projects, and recent announcements in the LNG industry regarding new LNG production projects are expected to create increased requirements for LNG carriers. Notable events in the second quarter of 2012 include Malaysia’s Petronas announcing the contracting of a floating LNG production unit for 2015 delivery, and in Australia, the Pluto LNG project commenced LNG production. The addition of US exports and the potential for East African LNG development would support further strong demand for LNG carriers. The spot market for LNG shipping remains firm on a historical basis, and we expect this firmness to be reflected in the longer-term charter market. GasLog believes the robust development of new LNG supply projects and growing global demand for natural gas is likely to drive the need for more LNG carriers. LNG project developers are typically large multinational oil and gas companies with exacting standards for safety and reliability. GasLog believes first class charterers will continue to engage experienced LNG shipowners to provide high quality LNG carriers for multi-year charter requirements.