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                    GASLOG	
  LTD	
  
	
  
	
     Third	
  Quarter	
  Earnings	
  Presenta7on	
  2012	
  
	
                   21	
  November	
  2012	
  
	
  
	
  
	
  
	
  
 	
  Forward	
  Looking	
  Statements	
  
This	
   presenta6on	
   contains	
   “forward-­‐looking	
   statements”	
   as	
   defined	
   in	
   the	
   Private	
   Securi6es	
   Li6ga6on	
   Reform	
   Act	
   of	
   1995.	
  	
   The	
   reader	
  
is	
   cau6oned	
   not	
   to	
   rely	
   on	
   these	
   forward-­‐looking	
   statements.	
  	
   These	
   statements	
   are	
   based	
   on	
   current	
   expecta6ons	
   of	
   future	
   events.	
  	
   If	
  
underlying	
   assump6ons	
   prove	
   inaccurate	
   or	
   unknown	
   risks	
   or	
   uncertain6es	
   materialize,	
   actual	
   results	
   could	
   vary	
   materially	
   from	
   our	
  
expecta6ons	
  and	
  projec6ons.	
  	
  Risks	
  and	
  uncertain6es	
  include,	
  but	
  are	
  not	
  limited	
  to,	
  general	
  LNG	
  and	
  LNG	
  shipping	
  market	
  condi6ons	
  
and	
  trends,	
  including	
  charter	
  rates,	
  ship	
  values,	
  factors	
  affec6ng	
  supply	
  and	
  demand	
  and	
  opportuni6es	
  for	
  the	
  profitable	
  opera6ons	
  of	
  
LNG	
   carriers;	
   our	
   con6nued	
   ability	
   to	
   enter	
   into	
   mul6-­‐year	
   6me	
   charters	
   with	
   our	
   customers;	
   our	
   contracted	
   charter	
   revenue;	
   our	
  
customers’	
   performance	
   of	
   their	
   obliga6ons	
   under	
   our	
   6me	
   charters	
   and	
   other	
   contracts;	
   the	
   effect	
   of	
   the	
   worldwide	
   economic	
  
slowdown;	
  future	
  opera6ng	
  or	
  financial	
  results	
  and	
  future	
  revenue	
  and	
  expenses;	
  our	
  future	
  financial	
  condi6on	
  and	
  liquidity;	
  our	
  ability	
  
to	
   obtain	
   financing	
   to	
   fund	
   capital	
   expenditures,	
   acquisi6ons	
   and	
   other	
   corporate	
   ac6vi6es,	
   and	
   funding	
   by	
   banks	
   of	
   their	
   financial	
  
commitments;	
   future,	
   pending	
   or	
   recent	
   acquisi6ons	
   of	
   ships	
   or	
   other	
   assets,	
   business	
   strategy,	
   areas	
   of	
   possible	
   expansion	
   and	
  
expected	
   capital	
   spending	
   or	
   opera6ng	
   expenses;	
   our	
   ability	
   to	
   enter	
   into	
   shipbuilding	
   contracts	
   for	
   newbuilding	
   ships	
   and	
   our	
  
expecta6ons	
   about	
   the	
   availability	
   of	
   exis6ng	
   LNG	
   carriers	
   to	
   purchase,	
   as	
   well	
   as	
   our	
   ability	
   to	
   consummate	
   any	
   such	
   acquisi6ons;	
   our	
  
expecta6ons	
  about	
  the	
  6me	
  that	
  it	
  may	
  take	
  to	
  construct	
  and	
  deliver	
  newbuilding	
  ships	
  and	
  the	
  useful	
  lives	
  of	
  our	
  ships;	
  number	
  of	
  off-­‐
hire	
  days,	
  drydocking	
  requirements	
  and	
  insurance	
  costs;	
  our	
  an6cipated	
  general	
  and	
  administra6ve	
  expenses;	
  fluctua6ons	
  in	
  currencies	
  
and	
   interest	
   rates;	
   our	
   ability	
   to	
   maintain	
   long-­‐term	
   rela6onships	
   with	
   major	
   energy	
   companies;	
   expira6on	
   dates	
   and	
   extensions	
   of	
  
charters;	
   our	
   ability	
   to	
   maximize	
   the	
   use	
   of	
   our	
   ships,	
   including	
   the	
   re-­‐employment	
   or	
   disposal	
   of	
   ships	
   no	
   longer	
   under	
   mul6-­‐year	
  
charter	
   commitments;	
   environmental	
   and	
   regulatory	
   condi6ons,	
   including	
   changes	
   in	
   laws	
   and	
   regula6ons	
   or	
   ac6ons	
   taken	
   by	
  
regulatory	
   authori6es;	
   risks	
   inherent	
   in	
   ship	
   opera6on,	
   including	
   the	
   discharge	
   of	
   pollutants;	
   availability	
   of	
   skilled	
   labor,	
   ship	
   crews	
   and	
  
management;	
  poten6al	
  disrup6on	
  of	
  shipping	
  routes	
  due	
  to	
  accidents,	
  poli6cal	
  events,	
  piracy	
  or	
  acts	
  by	
  terrorists;	
  and	
  poten6al	
  liability	
  
from	
  future	
  li6ga6on.	
  A	
  further	
  list	
  and	
  descrip6on	
  of	
  these	
  risks,	
  uncertain6es	
  and	
  other	
  factors	
  can	
  be	
  found	
  in	
  our	
  Prospectus	
  filed	
  
April	
  2,	
  2012.	
  	
  Copies	
  of	
  the	
  Prospectus,	
  as	
  well	
  as	
  subsequent	
  filings,	
  are	
  available	
  online	
  at	
  www.sec.gov	
  or	
  on	
  request	
  from	
  us.	
  	
  We	
  do	
  
not	
  undertake	
  to	
  update	
  any	
  forward-­‐looking	
  statements	
  as	
  a	
  result	
  of	
  new	
  informa6on	
  or	
  future	
  events	
  or	
  developments.	
  
	
  
The	
  declara6on	
  and	
  payment	
  of	
  dividends	
  is	
  at	
  all	
  6mes	
  subject	
  to	
  the	
  discre6on	
  of	
  our	
  Board	
  of	
  Directors	
  and	
  will	
  depend	
  on,	
  among	
  
other	
  things,	
  our	
  earnings,	
  financial	
  condi6on,	
  cash	
  requirements	
  and	
  availability,	
  restric6ons	
  in	
  our	
  credit	
  facili6es	
  and	
  the	
  provisions	
  of	
  
Bermuda	
  law	
  and	
  such	
  other	
  factors	
  as	
  the	
  Board	
  of	
  Directors	
  may	
  deem	
  advisable.	
  	
  
	
  
                                                                                                             2	
  
 	
  Agenda	
  


  • 	
  Highlights	
  

  • 	
  Financial	
  Highlights	
  

  • 	
  Business	
  Overview	
  	
  

  • 	
  Market	
  Update	
  

  • 	
  Summary	
  




                                       3	
  
 	
  Highlights	
  
•  For	
  the	
  third	
  quarter,	
  GasLog	
  reports	
  Adjusted	
  EBITDA*	
  of	
  $9.7	
  million,	
  Adjusted	
  Profit*	
  of	
  $4.0	
  
   million	
  and	
  Profit	
  of	
  $2.9	
  million.	
  

•  Adjusted	
  EPS*	
  of	
  $0.06	
  	
  and	
  EPS	
  of	
  $0.05	
  for	
  the	
  third	
  quarter	
  of	
  2012.	
  	
  

•  Quarterly	
  dividend	
  of	
  $0.11	
  per	
  common	
  	
  
	
  	
  	
  	
  	
  share	
  is	
  payable	
  on	
  December	
  17,	
  2012.	
  	
  
	
  
•  Con6nued	
  strong	
  fundamentals	
  for	
  the	
  LNG	
  industry.	
  	
  

•  100%	
  u6liza6on	
  of	
  GasLog	
  Savannah	
  &	
  GasLog	
  Singapore	
  during	
  Q3-­‐2012.	
  

•  The	
  8	
  LNG	
  newbuildings	
  are	
  on	
  schedule	
  and	
  within	
  budget.	
  

•  62%	
  of	
  the	
  floa6ng	
  interest	
  rate	
  exposure	
  on	
  our	
  fully	
  funded	
  debt	
  program	
  has	
  been	
  hedged	
  at	
  
   a	
   weighted	
   average	
   interest	
   rate	
   of	
   approximately	
   4.3%	
   (incl.	
   margin)	
   as	
   of	
   September	
   30,	
  
   2012.	
  



*	
  See	
  Annex	
  1	
  for	
  reconcilia6on	
  of	
  Adjusted	
  EBITDA,	
  Adjusted	
  Profit	
  and	
  Adjusted	
  EPS	
  
                                                                                                                     4	
  
 	
  Financial	
  Highlights	
  
                                                                                                                      9 months                                                 3 months
                          (USD%'000)                                                                     Q3%2012%                    Q3%2011                      Q3%2012%                    Q3%2011                     2011                       2010

                          Revenues                                                                              50,244                     48,675                        16,935                      15,918                  66,471                      39,832
                                      1	
  
                          EBITDA                                                                                19,238                     30,576                          8,624                     10,028                  36,139                      21,076

                          Adjusted%EBITDA 1	
                                                                   26,389                     30,770                          9,745                     10,271

                          Share%of%Profit%of%Associate                                                              761                      1,019                                3                      362                   1,312                       1,460

                          Net%Financials% 2	
                                                                 ,14,915                       ,7,139                        ,4,158                     ,2,482                 ,12,314                       ,4,925

                          Profit%                                                                                1,543                     14,057                          2,924                      4,572                  13,723                        9,591

                          Adjusted%Profit% 1	
                                                                   8,694                     14,251                          4,045                      4,814

                          EPS,%diluted%($/share)                                                                   0.03                        0.37                          0.05                        0.12                    0.36                        0.25

                                                                            1	
  
                          Adjusted%EPS,%diluted%($/share)                                                          0.16                        0.37                          0.06                        0.12

                          Average%Number%of%Vessels:
                          Owned                                                                                    2.00                        2.00                          2.00                        2.00                    2.00                        1.00
                          Managed                                                                                  14.0                        14.0                          14.0                        14.0                    14.0                        10.3

                          Ownership%Segment:
                          Time%Charter%Equivalent%rates%pr.%day%                                                76,885                     76,205                        76,886                      76,511                  76,378                      76,086
                          ($/day)


                          Utilisation                                                                            100%                        100%                          100%                       100%                     100%                        100%

1.     See	
  Annex	
  1	
  for	
  reconcilia6on	
  of	
  EBITDA,	
  Adjusted	
  EBITDA,	
  Adjusted	
  Net	
  Profit	
  and	
  Adjusted	
  EPS.	
  	
  	
  	
  In	
  2012,	
  Adjusted	
  EBITDA,	
  Adjusted	
  Net	
  Profit	
  and	
  Adjusted	
  EPS,	
  exclude	
  
       the	
   non-­‐cash	
   loss	
   caused	
   primarily	
   from	
   mark-­‐to-­‐market	
   valua6on	
   of	
   interest	
   rate	
   swaps	
   ($7.0	
   million	
   for	
   the	
   9	
   months	
   and	
   $1.7	
   million	
   for	
   the	
   3	
   months)	
   and	
   foreign	
  
       exchange	
  differences	
  ($0.2	
  million	
  loss	
  for	
  the	
  9	
  months	
  and	
  $0.6	
  million	
  gain	
  for	
  the	
  3	
  months).	
  
2.                                                                                                                                     5	
  
       Net	
  Financials	
  represents	
  financial	
  costs,	
  financial	
  income,	
  and	
  loss	
  on	
  interest	
  rate	
  swaps,	
  net.	
  
 	
  Financial	
  Highlights	
  
         (USD%'000)                                                  30*Sep*12%   31*Dec*11%   31*Dec*10%
         Assets

         Non*current%assets
         Goodwill                                                        9,511        9,511        9,511
         Investment2in2associate                                         7,289        6,528        7,003
         Tangible2fixed2assets                                         430,150      438,902      450,265
         Deferred2financing2costs                                       21,850       14,289            0
         Other2nonEcurrent2assets                                        3,846          872            0
         Vessels2under2construction                                    196,072      109,070       18,700
         Total%non*current%assets                                      668,719      579,172      485,479

         Current%assets
         Trade2and2other2receivables                                     2,192        2,683          822
         Dividends2receivable2and2due2from2related2parties                 392        1,274        1,276
         Inventories                                                       493          425          383
         Prepayments2and2other2current2assets                              588        3,366          775
         Short2term2investments                                        211,799            0            0
         Cash2and2cash2equivalents                                      26,737       20,093       23,270
         Total%current%assets                                          242,202       27,841       26,526

         Total%assets                                                  910,921      607,013      512,005


                                                             6	
  
 	
  Financial	
  Highlights	
  
                (USD%'000)                                           30*Sep*12%   31*Dec*11%   31*Dec*10%
                Equity%&%Liabilities

                Equity
                Share&capital                                              629          391          391
                Contributed&surplus                                    628,919      300,716      199,635
                Reserves                                               ?12,217        1,744       ?1,816
                Accumulated&deficit                                    ?10,895      ?12,437      ?26,477
                Equity%attributable%to%owners%of%the%Group             606,435      290,414      171,733
                Non?controlling&interest                                     0            0        9,199
                Total%equity                                           606,435      290,414      180,932

                Current%liabilities
                Trade&accounts&payable                                   1,012        1,705        1,397
                Ship&management&creditors                                   13        1,102        6,886
                Amounts&due&to&related&parties                              98          114          172
                Derivative&financial&instruments                         5,900        3,451        2,560
                Other&payables&and&accruals                              7,187       18,541        6,986
                Loans&?&current&portion                                 23,999       24,277       22,640
                Total%current%liabilities                               38,209       49,190       40,641

                Non*current%liabilities
                Derivative&financial&instruments                        26,775        5,101        2,835
                Loans&?&non?current&portion                            236,985      256,788      287,597
                Advances&from&related&parties                                0            0            0
                Other&non?current&liabilities                            2,517        5,520            0
                Total%non*current%liabilities                          266,277      267,409      290,432

                Total%equity%&%liabilities                             910,921      607,013      512,005


                                                             7	
  
 	
  Financial	
  Highlights	
  

The	
  following	
  table	
  summarizes	
  GasLog’s	
  contracted	
  revenues	
  and	
  vessel	
  u6liza6on	
  as	
  of	
  October	
  
1,	
  2012,	
  within	
  the	
  Vessel	
  Ownership	
  segment.	
  
	
  
                                                                                                               2012                      2013                 2014                    2015                  2016(                 Total
                                                                                                                                                                                                            2021

 Contracted*time*charter*revenues 1	
                                                      (USD%million)    *****************14* 2	
     ********133*        ********215*          ***********211*         ********622*          ****1,195*
 Total*contracted*days                                                                        (days)                       184                1,742               2,831                    2,768                7,945              15,470
 Total*available*days                                                                         (days)                       184                1,742               2,832                    3,532             19,303                27,593
 Total*unfixed*days                                                                           (days)                          B                    B                   1                      764            11,358                12,123
 Percentage*of*total*contracted*days/total*                                                    (pct.)                   100%                  100%                100%                       78%                  41%                 56%
 available*days*for*the*ten*ships



 Please	
  refer	
  to	
  the	
  Q3-­‐2012	
  6-­‐K	
  filing	
  for	
  further	
  details.	
  	
  	
  

 1	
   Revenue	
   calcula6ons	
   assume	
   365	
   revenue	
   days	
   per	
   annum,	
   with	
   30	
   off-­‐hire	
   days	
   when	
   the	
   ship	
   undergoes	
   scheduled	
   drydocking.	
   Two	
   of	
   our	
   ships	
   are	
  

 scheduled	
  to	
  be	
  drydocked	
  in	
  2015,	
  three	
  are	
  scheduled	
  to	
  be	
  drydocked	
  in	
  2018	
  and	
  one	
  is	
  scheduled	
  to	
  be	
  drydocked	
  in	
  2019.	
  
 	
  
 2	
  Contracted	
  revenue	
  for	
  the	
  full	
  year	
  ending	
  December	
  31,	
  2012	
  is	
  $	
  56	
  million.	
  




                                                                                                                          8	
  
 	
  Financial	
  Highlights	
  
                                                                                                                                            Expected
                                                                                                                         Loan               Drawdown
              Ship                          Built                               Bank                                (USD millions)             Date                    Maturity                     Hedged pct. 3	
  
  GasLog Savannah                           2010                                 DSF                                     $149¹                   N/A                       2020                          100%

  GasLog Singapore                          2010                      DnB, NBG, UBS                                      $114¹                   N/A                       2014

  Hull 1946                                 2013                          DnB, KEXIM                                      $136                Q1 2013                      20252                         70.6%

  Hull 1947                                 2013                         DnB, KEXIM                                       $136                Q1 2013                      20252                         70.6%

  Hull 2016                                 2013                     Nordea, ABN, Citi                                    $139                Q2 2013                      2019
                                                                                                                                                                                                         98.7%
  Hull 2017                                 2013                     Nordea, ABN, Citi                                    $139                Q3 2013                      2019

  Hull 2041                                 2013                         Credit Suisse                                    $144                Q4 2013                      2020                          75.0%

  Hull 2042                                 2014             DnB, SEB, CBA, ING, DSF                                      $143                Q1 2014                2021 / 2022

                                                                                                                                                                                                         32.9%
  Hull 2043                                 2014             DnB, SEB, CBA, ING, DSF                                      $146                Q4 2014                2021 / 2022                                       In total ~62%
                                                                                                                                                                                                                       covered at 4.30%
                                                                                                                                                                                                                       all-in fixed
  Hull 2044                                 2015             DnB, SEB, CBA, ING, DSF                                      $146                Q1 2015                2021 / 2022
                                                                                                                                                                                                                       interest
1.  Outstanding Balance as of September 30, 2012.
2.  Lenders have a put option that gives them the right to request repayment of the facility in full on the fifth anniversary of the delivery of the first ship serving as collateral under the facility.
3.  Represents the portion of the loan bearing interest at a floating rate that has been hedged to a fixed rate by way of an interest rate swap. Please refer to note 13 of the financial statements included in our Q3-2012 6-K filing for
    details surrounding the Interest Rate Swaps.

                                                                                                                        9	
  
 	
  Business	
  Overview	
  
                                                 Capacity
                  Ship          Owned   Built    (mcbm)     Propulsion    Charterer   2012 2013 2014 2015 2016 2017 2018 2019 2020
Methane Nile Eagle              25 %    2007      145,000     Steam

GasLog Savannah                 100 %   2010      155,000     TFDE¹

GasLog Singapore                100 %   2010      155,000     TFDE

Hull 1946                       100 %   2013      155,000     TFDE

Hull 1947                       100 %   2013      155,000     TFDE

Hull 2016                       100 %   2013      155,000     TFDE

Hull 2017                       100 %   2013      155,000     TFDE

Hull 2041                       100 %   2013      155,000     TFDE

Hull 2042                       100 %   2014      155,000     TFDE

Hull 2043                       100 %   2014      155,000     TFDE

Hull 2044                       100 %   2015      155,000     TFDE
                 2
Option 1                                2015      155,000     TFDE
                 2
Option 2                                2015      155,000     TFDE


                                  Firm Charter          Charterer Optional Period        Under Discussions for Charter


1. Tri -fuel Diesel Electric.
2. Options expire in 2012.



                                                                          10	
  
 	
  Market	
  Update	
  

LNG	
   shipping	
   con6nued	
   to	
   benefit	
   from	
   strong	
   industry	
   fundamentals.	
   Spot	
   rates	
   somened	
   in	
  
Q3-­‐2012,	
  but	
  remain	
  at	
  historically	
  high	
  levels;	
  suppor6ng	
  op6mism	
  for	
  longer-­‐term	
  forward-­‐rates.	
  


We	
  expect	
  LNG	
  produc6on	
  to	
  increase.	
  Developments	
  in	
  Q3-­‐2012	
  include:	
  
	
  
•  Cheniere	
   Energy	
   took	
   final	
   investment	
   decision	
   (“FID”)	
   on	
   the	
   construc6on	
   of	
   the	
   first	
   two	
  
     trains	
  at	
  its	
  Sabine	
  Pass,	
  Louisiana,	
  LNG	
  export	
  project,	
  for	
  a	
  planned	
  start-­‐up	
  as	
  early	
  as	
  2015.	
  	
  

•  Australia	
  Pacific	
  LNG	
  (led	
  by	
  ConocoPhilips	
  and	
  Origin	
  Energy)	
  (Australia)	
  took	
  FID	
  on	
  a	
  2nd	
  train	
  
   of	
  4.5	
  mtpa	
  capacity,	
  for	
  a	
  planned	
  start-­‐up	
  in	
  2016.	
  

•  Further	
  increases	
  in	
  discoveries	
  and	
  gas	
  reserves	
  in	
  East	
  Africa.	
  




                                                                               11	
  
 	
  Market	
  Update	
  (cont.)	
  
                                            500#
                                                                                         Projected#Global#LNG#Produc?on#Capacity#

                                            450#
                                                                                                                                                                                                                                                                          South#East#Asia#


                                            400#                                                                                                                                                                                                                          Middle#East#

                                                                                                                                                                                                                                                                          North#America#
                              LNG#(mtpa)#




                                            350#
                                                                                                                                                                                                                                                                           Africa#

                                                                                                                                                                                                                                                                          Russia#
                                            300#
                                                                                                                                                                                                                                                                           Australia#

                                                                                                                                                                                                                                                                          Exis?ng#
                                            250#



                                            200#
                                               2011#                2012#                  2013#                  2014#                 2015#                  2016#                 2017#                  2018#                  2019#                 2020#

The	
  aoached	
  chart	
  was	
  prepared	
  using	
  informa6on	
  from	
  external	
  sources	
  as	
  well	
  as	
  GasLog's	
  internal	
  es6mates.	
  	
  The	
  chart	
  is	
  based	
  on	
  numerous	
  variables	
  and	
  assump6ons,	
  including	
  assump6ons	
  as	
  to	
  
certain	
  business	
  decisions	
  that	
  other	
  companies	
  will	
  make,	
  and	
  is	
  therefore	
  inherently	
  specula6ve.	
  	
  As	
  a	
  result,	
  future	
  produc6on	
  capacity	
  will	
  likely	
  differ	
  and	
  may	
  differ	
  materially	
  from	
  the	
  informa6on	
  
presented	
  in	
  the	
  chart.	
  	
  GasLog	
  will	
  not	
  update	
  the	
  chart	
  	
  to	
  reflect	
  circumstances	
  exis6ng	
  amer	
  the	
  date	
  the	
  informa6on	
  was	
  generated	
  or	
  to	
  reflect	
  the	
  occurrence	
  of	
  future	
  events.	
  
                                                                                                                                                               12	
  
 	
  Summary	
  

  Q3-­‐2012	
  financials	
  beoer	
  than	
  expecta6ons	
  *	
  
  	
  
  2012-­‐2015	
  contracted	
  revenue	
  is	
  expected	
  to	
  be	
  on-­‐track,	
  with	
  our	
  newbuilding	
  
  orderbook	
  on	
  6me	
  and	
  on	
  budget.	
  
  	
  	
  
  GasLog	
  is	
  paying	
  a	
  quarterly	
  dividend	
  of	
  $0.11	
  per	
  share	
  on	
  December	
  17,	
  2012.	
  
  	
  
  Con6nued	
  strong	
  fundamentals	
  for	
  the	
  LNG	
  industry.	
  	
  

  GasLog’s	
  strengths	
  come	
  from:	
  
     •  Significant	
  contracted	
  revenues	
  from	
  credit-­‐worthy	
  counterparts.	
  
           •  A	
  fully	
  funded	
  newbuilding	
  program.	
  	
  	
  
           •  A	
  young,	
  pure-­‐play	
  LNG	
  shipping	
  fleet	
  with	
  the	
  latest	
  technology.	
  
           •  A	
  leading	
  technical	
  plaqorm	
  delivering	
  strong	
  opera6onal	
  performance. 	
  	
  
           	
  
*	
  Excluding	
  non-­‐cash	
  loss	
  on	
  interest	
  rate	
  swaps	
  and	
  foreign	
  exchange	
  gains	
  	
  (mainly	
  unrealized).	
  
                                                                                                                       13	
  
 	
  Annex	
  1	
  –	
  reconcilia6on	
  /	
  non-­‐GAAP	
  measures	
  


Non-­‐GAAP	
  Financial	
  Measure	
  
	
  
EBITDA	
  represents	
  earnings	
  before	
  interest	
  income	
  and	
  expense,	
  taxes,	
  deprecia6on	
  and	
  amor6za6on.	
  Adjusted	
  EBITDA	
  represents	
  EBITDA	
  before	
  loss	
  on	
  interest	
  rate	
  swaps	
  and	
  
foreign	
   exchange	
   gains/losses.	
   Adjusted	
   Profit/(loss)	
   and	
   Adjusted	
   EPS	
   represent	
   earnings	
   and	
   earnings	
   per	
   share,	
   respec6vely,	
   before	
   loss	
   on	
   interest	
   rate	
   swaps	
   and	
   foreign	
  
exchange	
  gains/losses.	
  EBITDA,	
  Adjusted	
  EBITDA,	
  Adjusted	
  Profit/(loss)	
  and	
  Adjusted	
  EPS,	
  which	
  are	
  non-­‐GAAP	
  financial	
  measures,	
  are	
  used	
  as	
  supplemental	
  financial	
  measures	
  by	
  
management	
  and	
  external	
  users	
  of	
  financial	
  statements,	
  such	
  as	
  investors,	
  to	
  assess	
  our	
  financial	
  and	
  opera6ng	
  performance.	
  We	
  believe	
  that	
  these	
  non-­‐GAAP	
  financial	
  measures	
  
assist	
  our	
  management	
  and	
  investors	
  by	
  increasing	
  the	
  comparability	
  of	
  our	
  performance	
  from	
  period	
  to	
  period.	
  We	
  believe	
  that	
  including	
  EBITDA,	
  Adjusted	
  EBITDA,	
  Adjusted	
  
Profit/(loss)	
   and	
   Adjusted	
   EPS	
   assists	
   our	
   management	
   and	
   investors	
   in	
   (i)	
   understanding	
   and	
   analyzing	
   the	
   results	
   of	
   our	
   opera6ng	
   and	
   business	
   performance,	
   (ii)	
   selec6ng	
  
between	
   inves6ng	
   in	
   us	
   and	
   other	
   investment	
   alterna6ves	
   and	
   (iii)	
   monitoring	
   our	
   ongoing	
   financial	
   and	
   opera6onal	
   strength	
   in	
   assessing	
   whether	
   to	
   con6nue	
   to	
   hold	
   our	
  
common	
  shares.	
  This	
  increased	
  comparability	
  is	
  achieved	
  by	
  excluding	
  the	
  poten6ally	
  disparate	
  effects	
  between	
  periods	
  of,	
  in	
  the	
  case	
  of	
  EBITDA	
  and	
  Adjusted	
  EBITDA,	
  interest,	
  
taxes,	
  deprecia6on	
  and	
  amor6za6on	
  and,	
  and	
  in	
  the	
  case	
  of	
  Adjusted	
  EBITDA,	
  Adjusted	
  Profit/(loss)	
  and	
  Adjusted	
  EPS,	
  loss	
  on	
  interest	
  rate	
  swaps	
  and	
  foreign	
  exchange	
  gains/
losses,	
  which	
  items	
  are	
  affected	
  by	
  various	
  and	
  possibly	
  changing	
  financing	
  methods,	
  capital	
  structure	
  and	
  historical	
  cost	
  basis	
  and	
  which	
  items	
  may	
  significantly	
  affect	
  results	
  of	
  
opera6ons	
  between	
  periods.	
  
	
  	
  
EBITDA,	
   Adjusted	
   EBITDA,	
   Adjusted	
   Profit/(loss)	
   and	
   Adjusted	
   EPS	
   have	
   limita6ons	
   as	
   analy6cal	
   tools	
   and	
   should	
   not	
   be	
   considered	
   as	
   alterna6ves	
   to,	
   or	
   as	
   subs6tutes	
   for,	
   profit,	
  
profit	
  from	
  opera6ons,	
  earnings	
  per	
  share	
  or	
  any	
  other	
  measure	
  of	
  financial	
  performance	
  presented	
  in	
  accordance	
  with	
  IFRS.	
  These	
  non-­‐GAAP	
  financial	
  measures	
  exclude	
  some,	
  
but	
  not	
  all,	
  items	
  that	
  affect	
  profit,	
  and	
  these	
  measures	
  may	
  vary	
  among	
  companies.	
  In	
  evalua6ng	
  Adjusted	
  EBITDA,	
  Adjusted	
  Profit/(loss)	
  and	
  Adjusted	
  EPS,	
  you	
  should	
  be	
  aware	
  
that	
  in	
  the	
  future	
  we	
  may	
  incur	
  expenses	
  that	
  are	
  the	
  same	
  as	
  or	
  similar	
  to	
  some	
  of	
  the	
  adjustments	
  in	
  this	
  presenta6on.	
  Our	
  presenta6on	
  of	
  Adjusted	
  EBITDA,	
  Adjusted	
  Profit/
(loss)	
  and	
  Adjusted	
  EPS	
  should	
  not	
  be	
  construed	
  as	
  an	
  inference	
  that	
  our	
  future	
  results	
  will	
  be	
  unaffected	
  by	
  the	
  excluded	
  items.	
  Therefore,	
  the	
  non-­‐GAAP	
  financial	
  measures	
  as	
  
presented	
  below	
  may	
  not	
  be	
  comparable	
  to	
  similarly	
  6tled	
  measures	
  of	
  other	
  companies	
  in	
  the	
  shipping	
  or	
  other	
  industries.	
  




                                                                                                                                        14	
  
 	
  Annex	
  1	
  -­‐	
  reconcilia6on	
  (cont.)	
  
           Reconciliation of EBITDA and Adjusted EBITDA to Profit for the three and nine month periods ended:
           (All amounts expressed in U.S. Dollars)


                                                                           For the three months ended                              For the nine months ended

                                                                 September 30, 2011               September 30, 2012     September 30, 2011         September 30, 2012

           Profit for the period                                            4,571,575                        2,923,994            14,056,658                    1,542,931
           Depreciation of fixed assets                                     3,206,858                        3,288,480              9,612,638                   9,773,311
           Financial costs                                                  2,262,006                        2,892,817              6,947,506                   8,846,897
           Financial income                                                  (12,265)                        (481,265)               (41,170)                   (925,124)


           EBITDA                                                          10,028,174                        8,624,026             30,575,632                  19,238,015


           Loss on interest rate swaps, net                                   232,639                        1,746,781                232,639                   6,993,147
           Foreign exchange (gains)/losses                                     9,892                         (625,791)               (38,718)                   157,644


           Adjusted EBITDA                                                 10,270,705                        9,745,016             30,769,553                  26,388,806




           Reconciliation of EBITDA to Profit for the years ended:
           (All amounts expressed in U.S. Dollars)

                                                                 December 31, 2010                December 31, 2011
           Profit for the year                                              9,590,852                       13,722,678
           Depreciation of fixed assets                                     6,560,381                       12,827,284
           Financial costs                                                  5,046,117                        9,631,262
           Financial income                                                  (121,050)                        (41,679)


           EBITDA                                                          21,076,300                       36,139,545




                                                                                         15	
  
 	
  Annex	
  1	
  -­‐	
  reconcilia6on	
  (cont.)	
  



 Reconciliation of Adjusted Profit to Profit for the three and nine month periods ended:
  (All amounts expressed in U.S. Dollars)
                                                                               For the three months ended                            For the nine months ended
                                                                    September 30, 2011              September 30, 2012     September 30, 2011         September 30, 2012
 Profit for the period                                                         4,571,575                      2,923,994             14,056,658                   1,542,931
 Loss on interest rate swaps, net                                                232,639                      1,746,781                232,639                   6,993,147
 Foreign exchange (gains)/losses                                                   9,892                       (625,791)               (38,718)                  157,644


 Adjusted Profit                                                               4,814,106                      4,044,984              14,250,579                  8,693,722
 Non-controlling interest                                                              —                             —                 316,973                         —


 Adjusted Profit attributable to owners of the Group                           4,814,106                      4,044,984             14,567,552                   8,693,722




                                                                                           16	
  
 	
  Annex	
  1	
  -­‐	
  reconcilia6on	
  (cont.)	
  

  Reconciliation of Adjusted Earnings Per Share to Earnings Per Share for the three and nine month periods ended:
  (All amounts expressed in U.S. Dollars)
                                                                                             For the three months ended                                  For the nine months ended
                                                                                 September 30, 2011                 September 30, 2012       September 30, 2011            September 30, 2012
     Profit for the period attributable to owners of the Group                                4,571,575                         2,923,994              14,373,631                      1,542,931
     Less: Earnings allocated to manager shares and subsidiary manager
                                                                                               379,777                                   —               1,242,669                        22,704
     shares


     Earnings attributable to the owners of common shares used in the
                                                                                              4,191,798                         2,923,994              13,130,962                      1,520,227
     calculation of basic EPS
     Weighted average number of shares outstanding                                           35,853,200                        62,863,166              35,751,628                     53,820,841


     EPS                                                                                           0.12                              0.05                     0.37                          0.03




     Adjusted profit for the period attributable to owners of the Group                       4,814,106                         4,044,984              14,567,552                      8,693,722
     Less: Adjusted earnings allocated to manager shares and subsidiary
                                                                                               399,924                                   —               1,259,282                       127,926
     manager shares


     Adjusted earnings attributable to the owners of common shares used
                                                                                              4,414,182                         4,044,984              13,308,270                      8,565,796
     in the calculation of basic EPS
     Weighted average number of shares outstanding                                           35,853,200                        62,863,166              35,751,628                     53,820,841


     Adjusted EPS                                                                                  0.12                              0.06                     0.37                          0.16




                                                                                                      17	
  

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GasLog Q3 2012 results presentation

  • 1.         GASLOG  LTD       Third  Quarter  Earnings  Presenta7on  2012     21  November  2012          
  • 2.    Forward  Looking  Statements   This   presenta6on   contains   “forward-­‐looking   statements”   as   defined   in   the   Private   Securi6es   Li6ga6on   Reform   Act   of   1995.     The   reader   is   cau6oned   not   to   rely   on   these   forward-­‐looking   statements.     These   statements   are   based   on   current   expecta6ons   of   future   events.     If   underlying   assump6ons   prove   inaccurate   or   unknown   risks   or   uncertain6es   materialize,   actual   results   could   vary   materially   from   our   expecta6ons  and  projec6ons.    Risks  and  uncertain6es  include,  but  are  not  limited  to,  general  LNG  and  LNG  shipping  market  condi6ons   and  trends,  including  charter  rates,  ship  values,  factors  affec6ng  supply  and  demand  and  opportuni6es  for  the  profitable  opera6ons  of   LNG   carriers;   our   con6nued   ability   to   enter   into   mul6-­‐year   6me   charters   with   our   customers;   our   contracted   charter   revenue;   our   customers’   performance   of   their   obliga6ons   under   our   6me   charters   and   other   contracts;   the   effect   of   the   worldwide   economic   slowdown;  future  opera6ng  or  financial  results  and  future  revenue  and  expenses;  our  future  financial  condi6on  and  liquidity;  our  ability   to   obtain   financing   to   fund   capital   expenditures,   acquisi6ons   and   other   corporate   ac6vi6es,   and   funding   by   banks   of   their   financial   commitments;   future,   pending   or   recent   acquisi6ons   of   ships   or   other   assets,   business   strategy,   areas   of   possible   expansion   and   expected   capital   spending   or   opera6ng   expenses;   our   ability   to   enter   into   shipbuilding   contracts   for   newbuilding   ships   and   our   expecta6ons   about   the   availability   of   exis6ng   LNG   carriers   to   purchase,   as   well   as   our   ability   to   consummate   any   such   acquisi6ons;   our   expecta6ons  about  the  6me  that  it  may  take  to  construct  and  deliver  newbuilding  ships  and  the  useful  lives  of  our  ships;  number  of  off-­‐ hire  days,  drydocking  requirements  and  insurance  costs;  our  an6cipated  general  and  administra6ve  expenses;  fluctua6ons  in  currencies   and   interest   rates;   our   ability   to   maintain   long-­‐term   rela6onships   with   major   energy   companies;   expira6on   dates   and   extensions   of   charters;   our   ability   to   maximize   the   use   of   our   ships,   including   the   re-­‐employment   or   disposal   of   ships   no   longer   under   mul6-­‐year   charter   commitments;   environmental   and   regulatory   condi6ons,   including   changes   in   laws   and   regula6ons   or   ac6ons   taken   by   regulatory   authori6es;   risks   inherent   in   ship   opera6on,   including   the   discharge   of   pollutants;   availability   of   skilled   labor,   ship   crews   and   management;  poten6al  disrup6on  of  shipping  routes  due  to  accidents,  poli6cal  events,  piracy  or  acts  by  terrorists;  and  poten6al  liability   from  future  li6ga6on.  A  further  list  and  descrip6on  of  these  risks,  uncertain6es  and  other  factors  can  be  found  in  our  Prospectus  filed   April  2,  2012.    Copies  of  the  Prospectus,  as  well  as  subsequent  filings,  are  available  online  at  www.sec.gov  or  on  request  from  us.    We  do   not  undertake  to  update  any  forward-­‐looking  statements  as  a  result  of  new  informa6on  or  future  events  or  developments.     The  declara6on  and  payment  of  dividends  is  at  all  6mes  subject  to  the  discre6on  of  our  Board  of  Directors  and  will  depend  on,  among   other  things,  our  earnings,  financial  condi6on,  cash  requirements  and  availability,  restric6ons  in  our  credit  facili6es  and  the  provisions  of   Bermuda  law  and  such  other  factors  as  the  Board  of  Directors  may  deem  advisable.       2  
  • 3.    Agenda   •   Highlights   •   Financial  Highlights   •   Business  Overview     •   Market  Update   •   Summary   3  
  • 4.    Highlights   •  For  the  third  quarter,  GasLog  reports  Adjusted  EBITDA*  of  $9.7  million,  Adjusted  Profit*  of  $4.0   million  and  Profit  of  $2.9  million.   •  Adjusted  EPS*  of  $0.06    and  EPS  of  $0.05  for  the  third  quarter  of  2012.     •  Quarterly  dividend  of  $0.11  per  common              share  is  payable  on  December  17,  2012.       •  Con6nued  strong  fundamentals  for  the  LNG  industry.     •  100%  u6liza6on  of  GasLog  Savannah  &  GasLog  Singapore  during  Q3-­‐2012.   •  The  8  LNG  newbuildings  are  on  schedule  and  within  budget.   •  62%  of  the  floa6ng  interest  rate  exposure  on  our  fully  funded  debt  program  has  been  hedged  at   a   weighted   average   interest   rate   of   approximately   4.3%   (incl.   margin)   as   of   September   30,   2012.   *  See  Annex  1  for  reconcilia6on  of  Adjusted  EBITDA,  Adjusted  Profit  and  Adjusted  EPS   4  
  • 5.    Financial  Highlights   9 months 3 months (USD%'000) Q3%2012% Q3%2011 Q3%2012% Q3%2011 2011 2010 Revenues 50,244 48,675 16,935 15,918 66,471 39,832 1   EBITDA 19,238 30,576 8,624 10,028 36,139 21,076 Adjusted%EBITDA 1   26,389 30,770 9,745 10,271 Share%of%Profit%of%Associate 761 1,019 3 362 1,312 1,460 Net%Financials% 2   ,14,915 ,7,139 ,4,158 ,2,482 ,12,314 ,4,925 Profit% 1,543 14,057 2,924 4,572 13,723 9,591 Adjusted%Profit% 1   8,694 14,251 4,045 4,814 EPS,%diluted%($/share) 0.03 0.37 0.05 0.12 0.36 0.25 1   Adjusted%EPS,%diluted%($/share) 0.16 0.37 0.06 0.12 Average%Number%of%Vessels: Owned 2.00 2.00 2.00 2.00 2.00 1.00 Managed 14.0 14.0 14.0 14.0 14.0 10.3 Ownership%Segment: Time%Charter%Equivalent%rates%pr.%day% 76,885 76,205 76,886 76,511 76,378 76,086 ($/day) Utilisation 100% 100% 100% 100% 100% 100% 1.  See  Annex  1  for  reconcilia6on  of  EBITDA,  Adjusted  EBITDA,  Adjusted  Net  Profit  and  Adjusted  EPS.        In  2012,  Adjusted  EBITDA,  Adjusted  Net  Profit  and  Adjusted  EPS,  exclude   the   non-­‐cash   loss   caused   primarily   from   mark-­‐to-­‐market   valua6on   of   interest   rate   swaps   ($7.0   million   for   the   9   months   and   $1.7   million   for   the   3   months)   and   foreign   exchange  differences  ($0.2  million  loss  for  the  9  months  and  $0.6  million  gain  for  the  3  months).   2.  5   Net  Financials  represents  financial  costs,  financial  income,  and  loss  on  interest  rate  swaps,  net.  
  • 6.    Financial  Highlights   (USD%'000) 30*Sep*12% 31*Dec*11% 31*Dec*10% Assets Non*current%assets Goodwill 9,511 9,511 9,511 Investment2in2associate 7,289 6,528 7,003 Tangible2fixed2assets 430,150 438,902 450,265 Deferred2financing2costs 21,850 14,289 0 Other2nonEcurrent2assets 3,846 872 0 Vessels2under2construction 196,072 109,070 18,700 Total%non*current%assets 668,719 579,172 485,479 Current%assets Trade2and2other2receivables 2,192 2,683 822 Dividends2receivable2and2due2from2related2parties 392 1,274 1,276 Inventories 493 425 383 Prepayments2and2other2current2assets 588 3,366 775 Short2term2investments 211,799 0 0 Cash2and2cash2equivalents 26,737 20,093 23,270 Total%current%assets 242,202 27,841 26,526 Total%assets 910,921 607,013 512,005 6  
  • 7.    Financial  Highlights   (USD%'000) 30*Sep*12% 31*Dec*11% 31*Dec*10% Equity%&%Liabilities Equity Share&capital 629 391 391 Contributed&surplus 628,919 300,716 199,635 Reserves ?12,217 1,744 ?1,816 Accumulated&deficit ?10,895 ?12,437 ?26,477 Equity%attributable%to%owners%of%the%Group 606,435 290,414 171,733 Non?controlling&interest 0 0 9,199 Total%equity 606,435 290,414 180,932 Current%liabilities Trade&accounts&payable 1,012 1,705 1,397 Ship&management&creditors 13 1,102 6,886 Amounts&due&to&related&parties 98 114 172 Derivative&financial&instruments 5,900 3,451 2,560 Other&payables&and&accruals 7,187 18,541 6,986 Loans&?&current&portion 23,999 24,277 22,640 Total%current%liabilities 38,209 49,190 40,641 Non*current%liabilities Derivative&financial&instruments 26,775 5,101 2,835 Loans&?&non?current&portion 236,985 256,788 287,597 Advances&from&related&parties 0 0 0 Other&non?current&liabilities 2,517 5,520 0 Total%non*current%liabilities 266,277 267,409 290,432 Total%equity%&%liabilities 910,921 607,013 512,005 7  
  • 8.    Financial  Highlights   The  following  table  summarizes  GasLog’s  contracted  revenues  and  vessel  u6liza6on  as  of  October   1,  2012,  within  the  Vessel  Ownership  segment.     2012 2013 2014 2015 2016( Total 2021 Contracted*time*charter*revenues 1   (USD%million) *****************14* 2   ********133* ********215* ***********211* ********622* ****1,195* Total*contracted*days (days) 184 1,742 2,831 2,768 7,945 15,470 Total*available*days (days) 184 1,742 2,832 3,532 19,303 27,593 Total*unfixed*days (days) B B 1 764 11,358 12,123 Percentage*of*total*contracted*days/total* (pct.) 100% 100% 100% 78% 41% 56% available*days*for*the*ten*ships Please  refer  to  the  Q3-­‐2012  6-­‐K  filing  for  further  details.       1   Revenue   calcula6ons   assume   365   revenue   days   per   annum,   with   30   off-­‐hire   days   when   the   ship   undergoes   scheduled   drydocking.   Two   of   our   ships   are   scheduled  to  be  drydocked  in  2015,  three  are  scheduled  to  be  drydocked  in  2018  and  one  is  scheduled  to  be  drydocked  in  2019.     2  Contracted  revenue  for  the  full  year  ending  December  31,  2012  is  $  56  million.   8  
  • 9.    Financial  Highlights   Expected Loan Drawdown Ship Built Bank (USD millions) Date Maturity Hedged pct. 3   GasLog Savannah 2010 DSF $149¹ N/A 2020 100% GasLog Singapore 2010 DnB, NBG, UBS $114¹ N/A 2014 Hull 1946 2013 DnB, KEXIM $136 Q1 2013 20252 70.6% Hull 1947 2013 DnB, KEXIM $136 Q1 2013 20252 70.6% Hull 2016 2013 Nordea, ABN, Citi $139 Q2 2013 2019 98.7% Hull 2017 2013 Nordea, ABN, Citi $139 Q3 2013 2019 Hull 2041 2013 Credit Suisse $144 Q4 2013 2020 75.0% Hull 2042 2014 DnB, SEB, CBA, ING, DSF $143 Q1 2014 2021 / 2022 32.9% Hull 2043 2014 DnB, SEB, CBA, ING, DSF $146 Q4 2014 2021 / 2022 In total ~62% covered at 4.30% all-in fixed Hull 2044 2015 DnB, SEB, CBA, ING, DSF $146 Q1 2015 2021 / 2022 interest 1.  Outstanding Balance as of September 30, 2012. 2.  Lenders have a put option that gives them the right to request repayment of the facility in full on the fifth anniversary of the delivery of the first ship serving as collateral under the facility. 3.  Represents the portion of the loan bearing interest at a floating rate that has been hedged to a fixed rate by way of an interest rate swap. Please refer to note 13 of the financial statements included in our Q3-2012 6-K filing for details surrounding the Interest Rate Swaps. 9  
  • 10.    Business  Overview   Capacity Ship Owned Built (mcbm) Propulsion Charterer 2012 2013 2014 2015 2016 2017 2018 2019 2020 Methane Nile Eagle 25 % 2007 145,000 Steam GasLog Savannah 100 % 2010 155,000 TFDE¹ GasLog Singapore 100 % 2010 155,000 TFDE Hull 1946 100 % 2013 155,000 TFDE Hull 1947 100 % 2013 155,000 TFDE Hull 2016 100 % 2013 155,000 TFDE Hull 2017 100 % 2013 155,000 TFDE Hull 2041 100 % 2013 155,000 TFDE Hull 2042 100 % 2014 155,000 TFDE Hull 2043 100 % 2014 155,000 TFDE Hull 2044 100 % 2015 155,000 TFDE 2 Option 1 2015 155,000 TFDE 2 Option 2 2015 155,000 TFDE Firm Charter Charterer Optional Period Under Discussions for Charter 1. Tri -fuel Diesel Electric. 2. Options expire in 2012. 10  
  • 11.    Market  Update   LNG   shipping   con6nued   to   benefit   from   strong   industry   fundamentals.   Spot   rates   somened   in   Q3-­‐2012,  but  remain  at  historically  high  levels;  suppor6ng  op6mism  for  longer-­‐term  forward-­‐rates.   We  expect  LNG  produc6on  to  increase.  Developments  in  Q3-­‐2012  include:     •  Cheniere   Energy   took   final   investment   decision   (“FID”)   on   the   construc6on   of   the   first   two   trains  at  its  Sabine  Pass,  Louisiana,  LNG  export  project,  for  a  planned  start-­‐up  as  early  as  2015.     •  Australia  Pacific  LNG  (led  by  ConocoPhilips  and  Origin  Energy)  (Australia)  took  FID  on  a  2nd  train   of  4.5  mtpa  capacity,  for  a  planned  start-­‐up  in  2016.   •  Further  increases  in  discoveries  and  gas  reserves  in  East  Africa.   11  
  • 12.    Market  Update  (cont.)   500# Projected#Global#LNG#Produc?on#Capacity# 450# South#East#Asia# 400# Middle#East# North#America# LNG#(mtpa)# 350# Africa# Russia# 300# Australia# Exis?ng# 250# 200# 2011# 2012# 2013# 2014# 2015# 2016# 2017# 2018# 2019# 2020# The  aoached  chart  was  prepared  using  informa6on  from  external  sources  as  well  as  GasLog's  internal  es6mates.    The  chart  is  based  on  numerous  variables  and  assump6ons,  including  assump6ons  as  to   certain  business  decisions  that  other  companies  will  make,  and  is  therefore  inherently  specula6ve.    As  a  result,  future  produc6on  capacity  will  likely  differ  and  may  differ  materially  from  the  informa6on   presented  in  the  chart.    GasLog  will  not  update  the  chart    to  reflect  circumstances  exis6ng  amer  the  date  the  informa6on  was  generated  or  to  reflect  the  occurrence  of  future  events.   12  
  • 13.    Summary   Q3-­‐2012  financials  beoer  than  expecta6ons  *     2012-­‐2015  contracted  revenue  is  expected  to  be  on-­‐track,  with  our  newbuilding   orderbook  on  6me  and  on  budget.       GasLog  is  paying  a  quarterly  dividend  of  $0.11  per  share  on  December  17,  2012.     Con6nued  strong  fundamentals  for  the  LNG  industry.     GasLog’s  strengths  come  from:   •  Significant  contracted  revenues  from  credit-­‐worthy  counterparts.   •  A  fully  funded  newbuilding  program.       •  A  young,  pure-­‐play  LNG  shipping  fleet  with  the  latest  technology.   •  A  leading  technical  plaqorm  delivering  strong  opera6onal  performance.       *  Excluding  non-­‐cash  loss  on  interest  rate  swaps  and  foreign  exchange  gains    (mainly  unrealized).   13  
  • 14.    Annex  1  –  reconcilia6on  /  non-­‐GAAP  measures   Non-­‐GAAP  Financial  Measure     EBITDA  represents  earnings  before  interest  income  and  expense,  taxes,  deprecia6on  and  amor6za6on.  Adjusted  EBITDA  represents  EBITDA  before  loss  on  interest  rate  swaps  and   foreign   exchange   gains/losses.   Adjusted   Profit/(loss)   and   Adjusted   EPS   represent   earnings   and   earnings   per   share,   respec6vely,   before   loss   on   interest   rate   swaps   and   foreign   exchange  gains/losses.  EBITDA,  Adjusted  EBITDA,  Adjusted  Profit/(loss)  and  Adjusted  EPS,  which  are  non-­‐GAAP  financial  measures,  are  used  as  supplemental  financial  measures  by   management  and  external  users  of  financial  statements,  such  as  investors,  to  assess  our  financial  and  opera6ng  performance.  We  believe  that  these  non-­‐GAAP  financial  measures   assist  our  management  and  investors  by  increasing  the  comparability  of  our  performance  from  period  to  period.  We  believe  that  including  EBITDA,  Adjusted  EBITDA,  Adjusted   Profit/(loss)   and   Adjusted   EPS   assists   our   management   and   investors   in   (i)   understanding   and   analyzing   the   results   of   our   opera6ng   and   business   performance,   (ii)   selec6ng   between   inves6ng   in   us   and   other   investment   alterna6ves   and   (iii)   monitoring   our   ongoing   financial   and   opera6onal   strength   in   assessing   whether   to   con6nue   to   hold   our   common  shares.  This  increased  comparability  is  achieved  by  excluding  the  poten6ally  disparate  effects  between  periods  of,  in  the  case  of  EBITDA  and  Adjusted  EBITDA,  interest,   taxes,  deprecia6on  and  amor6za6on  and,  and  in  the  case  of  Adjusted  EBITDA,  Adjusted  Profit/(loss)  and  Adjusted  EPS,  loss  on  interest  rate  swaps  and  foreign  exchange  gains/ losses,  which  items  are  affected  by  various  and  possibly  changing  financing  methods,  capital  structure  and  historical  cost  basis  and  which  items  may  significantly  affect  results  of   opera6ons  between  periods.       EBITDA,   Adjusted   EBITDA,   Adjusted   Profit/(loss)   and   Adjusted   EPS   have   limita6ons   as   analy6cal   tools   and   should   not   be   considered   as   alterna6ves   to,   or   as   subs6tutes   for,   profit,   profit  from  opera6ons,  earnings  per  share  or  any  other  measure  of  financial  performance  presented  in  accordance  with  IFRS.  These  non-­‐GAAP  financial  measures  exclude  some,   but  not  all,  items  that  affect  profit,  and  these  measures  may  vary  among  companies.  In  evalua6ng  Adjusted  EBITDA,  Adjusted  Profit/(loss)  and  Adjusted  EPS,  you  should  be  aware   that  in  the  future  we  may  incur  expenses  that  are  the  same  as  or  similar  to  some  of  the  adjustments  in  this  presenta6on.  Our  presenta6on  of  Adjusted  EBITDA,  Adjusted  Profit/ (loss)  and  Adjusted  EPS  should  not  be  construed  as  an  inference  that  our  future  results  will  be  unaffected  by  the  excluded  items.  Therefore,  the  non-­‐GAAP  financial  measures  as   presented  below  may  not  be  comparable  to  similarly  6tled  measures  of  other  companies  in  the  shipping  or  other  industries.   14  
  • 15.    Annex  1  -­‐  reconcilia6on  (cont.)   Reconciliation of EBITDA and Adjusted EBITDA to Profit for the three and nine month periods ended: (All amounts expressed in U.S. Dollars) For the three months ended For the nine months ended September 30, 2011 September 30, 2012 September 30, 2011 September 30, 2012 Profit for the period 4,571,575 2,923,994 14,056,658 1,542,931 Depreciation of fixed assets 3,206,858 3,288,480 9,612,638 9,773,311 Financial costs 2,262,006 2,892,817 6,947,506 8,846,897 Financial income (12,265) (481,265) (41,170) (925,124) EBITDA 10,028,174 8,624,026 30,575,632 19,238,015 Loss on interest rate swaps, net 232,639 1,746,781 232,639 6,993,147 Foreign exchange (gains)/losses 9,892 (625,791) (38,718) 157,644 Adjusted EBITDA 10,270,705 9,745,016 30,769,553 26,388,806 Reconciliation of EBITDA to Profit for the years ended: (All amounts expressed in U.S. Dollars) December 31, 2010 December 31, 2011 Profit for the year 9,590,852 13,722,678 Depreciation of fixed assets 6,560,381 12,827,284 Financial costs 5,046,117 9,631,262 Financial income (121,050) (41,679) EBITDA 21,076,300 36,139,545 15  
  • 16.    Annex  1  -­‐  reconcilia6on  (cont.)   Reconciliation of Adjusted Profit to Profit for the three and nine month periods ended: (All amounts expressed in U.S. Dollars) For the three months ended For the nine months ended September 30, 2011 September 30, 2012 September 30, 2011 September 30, 2012 Profit for the period 4,571,575 2,923,994 14,056,658 1,542,931 Loss on interest rate swaps, net 232,639 1,746,781 232,639 6,993,147 Foreign exchange (gains)/losses 9,892 (625,791) (38,718) 157,644 Adjusted Profit 4,814,106 4,044,984 14,250,579 8,693,722 Non-controlling interest — — 316,973 — Adjusted Profit attributable to owners of the Group 4,814,106 4,044,984 14,567,552 8,693,722 16  
  • 17.    Annex  1  -­‐  reconcilia6on  (cont.)   Reconciliation of Adjusted Earnings Per Share to Earnings Per Share for the three and nine month periods ended: (All amounts expressed in U.S. Dollars) For the three months ended For the nine months ended September 30, 2011 September 30, 2012 September 30, 2011 September 30, 2012 Profit for the period attributable to owners of the Group 4,571,575 2,923,994 14,373,631 1,542,931 Less: Earnings allocated to manager shares and subsidiary manager 379,777 — 1,242,669 22,704 shares Earnings attributable to the owners of common shares used in the 4,191,798 2,923,994 13,130,962 1,520,227 calculation of basic EPS Weighted average number of shares outstanding 35,853,200 62,863,166 35,751,628 53,820,841 EPS 0.12 0.05 0.37 0.03 Adjusted profit for the period attributable to owners of the Group 4,814,106 4,044,984 14,567,552 8,693,722 Less: Adjusted earnings allocated to manager shares and subsidiary 399,924 — 1,259,282 127,926 manager shares Adjusted earnings attributable to the owners of common shares used 4,414,182 4,044,984 13,308,270 8,565,796 in the calculation of basic EPS Weighted average number of shares outstanding 35,853,200 62,863,166 35,751,628 53,820,841 Adjusted EPS 0.12 0.06 0.37 0.16 17